Brighthouse Funds Trust II

Asset Derivatives

Risk Exposure

Statement of Assets &
Liabilities Location

Fair Value

Unrealized appreciation on futures contracts (a)

N-CSRS 1 d770394dncsrs.htm BRIGHTHOUSE FUNDS TRUST II Brighthouse Funds Trust II

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


		Investment Company Act file number: 811-3618


		BRIGHTHOUSE FUNDS TRUST II


		(Exact name of registrant as specified in charter)

		One Financial Center Boston, MA 02111

		(Address of principal executive offices)(Zip code)


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

Michael P. Lawlor, Esq. -------------------------- c/o Brighthouse Investment Advisers, LLC One Financial Center Boston, MA 02111		Brian D. 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, 2019 through June 30, 2019

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, 2019, the Class A, B and E shares of the Baillie Gifford International Stock Portfolio returned 20.50%, 20.21%, and 20.32%, respectively. The Portfolio’s benchmark, the MSCI All Country World (“ACWI”) ex-U.S. Index¹, returned 13.60%.

MARKET ENVIRONMENT / CONDITIONS

Market returns in the first half of 2019 have been almost universally positive. Whether for risk assets or safe havens, increasing expectation of stimulus to preserve the long economic expansion across developed markets was buoying sentiment. In international equities, markets recorded double digit returns across the board with the standout regional market being Canada (21%) within an overall market return of 13.6% for the MSCI ACWI ex-U.S. Index. Robust returns can be a cause for cheer, but there are some signs that economic activity is moderating, such as weak manufacturing and employment numbers from Germany. With interest rates already low by historic standards, there is also a question as to how much leverage can be exerted through further stimulus.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio comfortably outperformed its benchmark during the reporting period. Positive stock contributors included MercadoLibre (Argentina), the Latin American ecommerce retailer. The company has been investing heavily in its logistics network. On a recent roadshow, the company shared with investors the positive impact that this investment is now having. In addition to the larger delivery companies, small independent counterparts are now taking deliveries from MercadoLibre fulfilment centers. The longer-term ambition is to shift away from the ‘drop-ship’ network to one where consumers get deliveries direct to their door. The average delivery time is now under three days and the drop-ship delivery time less than four days, an improvement of two days from a year ago. The overall positive impact on service levels and customer satisfaction serves to increase the network effects of the business.

DSV (Denmark), a freight forwarding business, also contributed to performance during the period. DSV looks well on track to complete its recent deal for competitor Panalpina (Switzerland) with little anti-trust opposition to the deal closing. In addition to allocating capital to selective merger and acquisition (“M&A”) opportunities, the company has continued to deliver excellent organic results on the remainder of its business; in the first quarter’s reporting, earnings before interest and tax (EBIT) exceeded expectations by 10%, which is impressive during a period where a lot of management time was taken up with the Panalpina acquisition.

Edenred (France), the prepaid corporate services business, has for some time been converting a sizeable portion of its business to a digital platform. This switch remains a key growth driver for the business on several fronts; it allows the company to target smaller clients across several divisions, it facilitates innovation for mobile payment solutions, like Apple Pay, and it enables payment services for meal delivery platforms like UberEats. The company has highlighted recently that its home markets of Europe may be approaching a point where it is more challenging to replicate historic organic growth. However, growth opportunities remain in Latin America, with Brazil continuing to grow strongly in both Employee Benefits and Fleet Management.

In terms of negative contributions to performance, Ryanair (Ireland), the low-cost airline detracted over the period. We regard Ryanair as a classic example of a through cycle winner; it looks to invest and grow as others retrench, and take market share while others suffer, in the hope of emerging stronger when conditions are more favorable. We are at one such juncture currently. Passenger demand in Europe is weak, oil prices are volatile, and competition is under cost pressure. In the face of all this, Ryanair is adding capacity to increase pressure on its competitors. Whilst this will mean lower profitability for Ryanair in the short term, we believe it should enable the company to take more market share and has the potential to take capacity out of the industry in the long term.

In common with many banks in Europe, Bankinter (Spain) continues to suffer under the weight of market expectations surrounding a lack of growth in the European banking segment and the potential for increased threat from challenger banks and/or bank disintermediation. Bankinter recently acquired the banking operations of EVO Banco in Spain and its consumer credit lending business, Avantcard in Ireland. EVO has a young saver profile relative to legacy Bankinter and as such will be integrated with Bankinters digital business, Coinc. Avantcard adds geographic diversification to a segment (consumer credit) where Bankinter have been growing steadily in Spain for several years.

Japan Exchange (Japan), the stock exchange business, detracted from performance in the period. The company reported a revenue decline of 11% and operating profit that fell 19%, in large part due to lower trading volume and lower fee revenue. In its outlook for the full year 2019, the company indicated further profit decline due to higher costs for technology investment. Our long-term enthusiasm is undiminished however. With its near monopoly position, the company’s earnings are robust, if cyclical. Continued M&A activity, most recently the Tokyo Commodity Exchange, serves only to strengthen the company’s competitive position. And finally, the company has committed to returning excess capital to shareholders.

There were a number of changes to the Portfolio in the period. Typically, the turnover in the Portfolio is low. The Portfolio Managers have a long-term investment horizon and typically hold stocks in excess of five years. However, we do alter the Portfolio where we believe that fundamentals for existing holdings have changed, where valuation levels provide entry or exit opportunities and where we feel that the balance of future growth opportunities justifies selling a holding to fund a new purchase. Recent examples of these decisions are described below.

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Managed by Baillie Gifford Overseas Limited

Portfolio Manager Commentary*—(Continued)

During the period, we added several new holdings to the Portfolio and sold or reduced a number of holdings to fund those purchases. We took a new holding in IMCD (Netherlands). IMCD is a distributor of chemicals which is a fragmented market within which we believe that IMCD has the opportunity to grow share. We also purchased a holding in freight forwarder and logistics company Kuehne & Nagel (Switzerland). We believe that there is an opportunity for the freight forwarding industry to consolidate with the larger companies that are able to invest in the complex IT systems and physical network that global logistics delivery requires taking share from the smaller players. We also took a holding in food delivery business Takeaway.com (Netherlands) which was partially funded by a reduction of U.K. food delivery company Just Eat (U.K.). Takeaway.com has leading positions in markets across Northern and Central Europe, chief among these Germany. While an immature company still in investment mode, we believe the combination of first mover advantage, strong growth and improving network effects make the company an attractive investment for a small part of the Portfolio.

The Portfolio Managers sold out of James Hardie (Australia), the building materials company most known for concrete siding, particularly in the U.S. The company is dominant within the segment but is facing competition from engineered wood siding and we believe that this will restrict future growth. We also sold Hon Hai Precision (Taiwan) which had been a long term holding within the Portfolio. The sheer scale of the company’s outsourced manufacturing is impressive, but it has become increasingly reliant on large contracts from clients such as Apple, Dell and Sony, with an accompanying erosion of pricing power.

The Portfolio Managers select stocks for the Portfolio based on the fundamental attractions of the companies themselves. The companies selected for the Portfolio will typically have strong competitive advantages, sustainably high returns relative to the market average and be more cash generative and less leveraged than the market. The Portfolio Managers hope to find investment opportunities for the Portfolio that will be long term holdings, usually more than five years, which means that trading in the Portfolio will generally be relatively infrequent. The Portfolio Managers do not change the Portfolio in response to short term market and economic conditions or determine which investments to buy for the Portfolio by regard to the regional, sector or industry weightings of the benchmark, although they do monitor diversification by reference to the benchmark, amongst other factors.

Consequently, the weightings of the Portfolio relative to the benchmark are not indicative of a view on individual markets or industries, but an aggregation of the individual companies that the Portfolio Managers have selected. At period end, the Portfolio maintained an underweight in Emerging Markets, Developed Asia and Canada and overweight in the U.K. and Europe. At sector level, the Portfolio was most overweight in Industrials and Consumer Discretionary stocks. The Portfolio was most underweight in Energy and Health Care. At industry level, the Portfolio was overweight in the Internet and Direct Marketing industry, Capital Markets and Machinery. In industry terms, the Portfolio was underweight in Banks, Oil and Gas & Consumable Fuels and Pharmaceuticals.

Angus Franklin

Jenny Tabberer

Tom Walsh

Portfolio Managers

Baillie Gifford Overseas Limited

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

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Baillie Gifford International Stock Portfolio
Class A		20.50		3.34		5.53		6.92
Class B		20.21		3.02		5.27		6.65
Class E		20.32		3.20		5.37		6.76
MSCI All Country World ex-U.S. Index		13.60		1.29		2.16		6.54

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, 2019

Top Holdings


	% of Net Assets
MercadoLibre, Inc.		3.4
Taiwan Semiconductor Manufacturing Co., Ltd.		3.1
AIA Group, Ltd.		2.8
SAP SE		2.7
Rio Tinto plc		2.6
Samsung Electronics Co., Ltd.		2.4
Deutsche Boerse AG		2.3
Nestle S.A.		2.2
Edenred		2.2
Constellation Software, Inc.		2.0

Top Countries


	% of Net Assets
United Kingdom		13.7
Japan		11.0
Germany		8.6
France		5.1
Switzerland		4.6
Canada		4.4
Hong Kong		4.4
Ireland		4.3
China		4.3
Netherlands		3.7

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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, 2019 through June 30, 2019.

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, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.72	%	$	1,000.00	$	1,205.00	$	3.94
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61

Class B (a)	Actual		0.97	%	$	1,000.00	$	1,202.10	$	5.30
	Hypothetical*		0.97	%	$	1,000.00	$	1,019.98	$	4.86

Class E (a)	Actual		0.87	%	$	1,000.00	$	1,203.20	$	4.75
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36

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

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

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

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—98.1% of Net Assets


Security Description	Shares		Value

Argentina—3.5%
MercadoLibre, Inc. (a)		107,587	$	65,818,499


Australia—2.0%
Cochlear, Ltd.		133,110		19,362,727
CSL, Ltd.		128,925		19,504,405

				38,867,132


Brazil—1.5%
Itau Unibanco Holding S.A. (ADR)		1,766,501		16,640,440
Kroton Educacional S.A.		3,892,500		11,120,125

				27,760,565


Canada—4.4%
Constellation Software, Inc.		41,121		38,756,515
Fairfax Financial Holdings, Ltd.		69,779		34,249,284
Ritchie Bros. Auctioneers, Inc. (b)		349,103		11,597,202

				84,603,001


China—4.3%
Alibaba Group Holding, Ltd. (ADR) (a)		212,157		35,950,004
Tencent Holdings, Ltd.		689,000		31,170,715
Tencent Music Entertainment Group (ADR) (a) (b)		990,107		14,841,704

				81,962,423


Denmark—2.5%
DSV A/S		281,274		27,615,271
Novozymes A/S - B Shares		425,980		19,862,608

				47,477,879


Finland—2.4%
Kone Oyj - Class B		523,064		30,871,537
Sampo Oyj - A Shares		307,017		14,488,983

				45,360,520


France—5.1%
Danone S.A. (b)		229,690		19,480,093
Edenred (b)		806,483		41,144,792
EssilorLuxottica S.A.		115,390		15,083,583
Legrand S.A.		305,933		22,417,668

				98,126,136


Germany—8.6%
Continental AG		86,481		12,608,375
Deutsche Boerse AG		311,888		44,118,198
MTU Aero Engines AG		97,682		23,304,861
SAP SE		368,380		50,637,914
Scout24 AG (a)		641,761		34,054,551

				164,723,899


Hong Kong—4.4%
AIA Group, Ltd.		4,902,600		53,000,261
Hong Kong Exchanges and Clearing, Ltd.		887,900		31,383,634

				84,383,895


India—1.7%
Housing Development Finance Corp., Ltd.		1,036,003		32,934,772


Ireland—4.3%
CRH plc		734,120		23,923,117
Kingspan Group plc		558,286		30,321,131
Ryanair Holdings plc (ADR) (a)		439,688		28,201,588

				82,445,836


Japan—11.0%
Denso Corp.		391,200		16,490,176
FANUC Corp.		102,200		18,971,809
Japan Exchange Group, Inc.		1,821,800		29,023,342
Nidec Corp.		225,400		30,929,932
Shimano, Inc.		168,300		25,007,132
SMC Corp.		75,000		28,079,758
Sony Corp.		391,800		20,471,134
Sumitomo Mitsui Trust Holdings, Inc.		535,900		19,466,423
Toyota Tsusho Corp.		682,700		20,744,037

				209,183,743


Netherlands—3.7%
ASML Holding NV		89,447		18,700,435
Heineken Holding NV		282,373		29,642,408
IMCD NV		171,320		15,723,507
Takeaway.com NV (a)		74,814		7,021,551

				71,087,901


Panama—1.2%
Copa Holdings S.A. - Class A		232,558		22,690,684


Peru—1.2%
Credicorp, Ltd.		98,649		22,581,743


Russia—0.7%
Magnit PJSC (GDR)		854,138		12,448,252


Singapore—1.5%
United Overseas Bank, Ltd.		1,453,664		28,086,636


South Africa—2.8%
Discovery, Ltd.		2,018,864		21,393,484
Naspers, Ltd. - N Shares		133,280		32,378,245

				53,771,729


South Korea—3.0%
NAVER Corp.		123,865		12,227,960
Samsung Electronics Co., Ltd.		1,120,217		45,673,461

				57,901,421


Spain—2.8%
Bankinter S.A.		2,446,407		16,854,090
Grifols S.A. (b)		469,966		13,886,800
Industria de Diseno Textil S.A.		758,250		22,781,750

				53,522,640

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares/ Principal Amount*		Value

Sweden—2.7%
Atlas Copco AB - B Shares		1,133,325	$	32,516,631
Epiroc AB - Class B		1,991,170		19,724,796

				52,241,427


Switzerland—4.6%
Cie Financiere Richemont S.A.		261,839		22,223,323
Credit Suisse Group AG (a)		1,409,531		16,913,103
Kuehne & Nagel International AG		50,742		7,532,676
Nestle S.A.		405,056		41,934,934

				88,604,036


Taiwan—3.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		7,637,000		58,259,098


United Kingdom—13.7%
ASOS plc (a) (b)		435,440		14,108,170
boohoo Group plc (a)		6,528,432		17,609,935
Burberry Group plc		700,171		16,611,067
Experian plc		1,077,508		32,710,532
Hargreaves Lansdown plc		1,051,606		25,658,325
Howden Joinery Group plc		1,885,672		12,142,055
Just Eat plc (a)		2,332,116		18,519,187
Prudential plc		1,397,048		30,428,643
Rio Tinto plc		816,723		50,387,739
St. James’s Place plc		1,039,748		14,526,098
Unilever NV		462,930		28,198,939

				260,900,690


United States—1.4%
Pricesmart, Inc.		25,052		1,280,658
Spotify Technology S.A. (a)		170,107		24,873,046

				26,153,704

Total Common Stocks (Cost $1,435,084,809)				1,871,898,261


Preferred Stock—0.3%

Spain—0.3%
Grifols S.A. - Class B (Cost $6,362,013)		261,847		5,494,673


Short-Term Investment—1.1%

Repurchase Agreement—1.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $22,081,422; collateralized by U.S. Treasury Inflation Indexed Note at 0.125%, maturing 01/15/22, with a market value of $22,525,925.		22,079,214		22,079,214

Total Short-Term Investments (Cost $22,079,214)				22,079,214

Securities Lending Reinvestments (c)—1.9%
Security Description	Principal Amount*		Value

Commercial Paper—0.1%
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (d)		1,000,000	$	1,000,199
Starbird Funding Corp. 2.600%, 07/01/19		999,802		999,795

				1,999,994


Repurchase Agreements—1.8%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $5,332,794; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $5,438,407.		5,331,772		5,331,772
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.460%, due on 07/01/19 with a maturity value of $5,001,025; collateralized by various Common Stock with an aggregate market value of $5,500,002.		5,000,000		5,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $3,600,780; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $3,672,001.		3,600,000		3,600,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $500,115; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $510,003.		500,000		500,000
Goldman Sachs & Co. Repurchase Agreement dated 06/28/19 at 2.510%, due on 07/01/19 with a maturity value of $5,001,046; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% - 5.500%, maturity dates ranging from 09/20/26 - 04/20/49, and an aggregate market value of $5,100,000.		5,000,000		5,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $2,500,527; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $2,560,088.		2,500,000		2,500,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $5,002,489; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $5,471,560.		5,000,000		5,000,000

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $4,100,844; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $4,418,029.		4,100,000	$	4,100,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $300,146; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $323,270.		300,000		300,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $2,000,972; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,155,136.		2,000,000		2,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $1,000,486; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,077,568.		1,000,000		1,000,000

				34,331,772

Total Securities Lending Reinvestments (Cost $36,331,772)				36,331,766

Total Investments—101.4% (Cost $1,499,857,808)				1,935,803,914
Other assets and liabilities (net)—(1.4)%				(27,379,882	)

Net Assets—100.0%			$	1,908,424,032


*		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, 2019, the market value of securities loaned was $36,544,356 and the collateral received consisted of cash in the amount of $36,331,573 and non-cash collateral with a value of $1,515,367. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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, 2019 (Unaudited)	% of Net Assets
Internet & Direct Marketing Retail		10.0
Capital Markets		8.5
Insurance		8.0
Machinery		6.8
Banks		5.4
Software		4.7
Interactive Media & Services		4.1
Semiconductors & Semiconductor Equipment		4.0
Food Products		3.2
Textiles, Apparel & Luxury Goods		2.8

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2019 (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. A reconciliation of Level 3 securities, if any, will 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, 2019:


Description	Level 1		Level 2			Level 3		Total
Common Stocks
Argentina	$	65,818,499	$	—		$	—	$	65,818,499
Australia		—		38,867,132			—		38,867,132
Brazil		27,760,565		—			—		27,760,565
Canada		84,603,001		—			—		84,603,001
China		50,791,708		31,170,715			—		81,962,423
Denmark		—		47,477,879			—		47,477,879
Finland		—		45,360,520			—		45,360,520
France		—		98,126,136			—		98,126,136
Germany		—		164,723,899			—		164,723,899
Hong Kong		—		84,383,895			—		84,383,895
India		—		32,934,772			—		32,934,772
Ireland		28,201,588		54,244,248			—		82,445,836
Japan		—		209,183,743			—		209,183,743
Netherlands		—		71,087,901			—		71,087,901
Panama		22,690,684		—			—		22,690,684
Peru		22,581,743		—			—		22,581,743
Russia		—		12,448,252			—		12,448,252
Singapore		—		28,086,636			—		28,086,636
South Africa		—		53,771,729			—		53,771,729
South Korea		—		57,901,421			—		57,901,421
Spain		—		53,522,640			—		53,522,640
Sweden		—		52,241,427			—		52,241,427
Switzerland		—		88,604,036			—		88,604,036
Taiwan		—		58,259,098			—		58,259,098
United Kingdom		—		260,900,690			—		260,900,690
United States		26,153,704		—			—		26,153,704
Total Common Stocks		328,601,492		1,543,296,769			—		1,871,898,261
Total Preferred Stock*		—		5,494,673			—		5,494,673
Total Short-Term Investment*		—		22,079,214			—		22,079,214
Total Securities Lending Reinvestments*		—		36,331,766			—		36,331,766
Total Investments	$	328,601,492	$	1,607,202,422		$	—	$	1,935,803,914

Collateral for Securities Loaned (Liability)	$	—	$	(36,331,573	)	$	—	$	(36,331,573	)


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	1,935,803,914
Cash denominated in foreign currencies (c)		4,577,444
Receivable for:
Investments sold		18,823,949
Fund shares sold		16,213
Dividends and interest		5,460,222

Total Assets		1,964,681,742
Liabilities
Collateral for securities loaned		36,331,573
Payables for:
Investments purchased		15,594,921
Fund shares redeemed		2,447,110
Accrued Expenses:
Management fees		1,024,201
Distribution and service fees		63,745
Deferred trustees’ fees		152,930
Other expenses		643,230

Total Liabilities		56,257,710

Net Assets	$	1,908,424,032

Net Assets Consist of:
Paid in surplus	$	1,405,893,357
Distributable earnings (Accumulated losses)		502,530,675

Net Assets	$	1,908,424,032

Net Assets
Class A	$	1,582,924,521
Class B		307,468,833
Class E		18,030,678
Capital Shares Outstanding*
Class A		128,507,285
Class B		25,359,160
Class E		1,479,194
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.32
Class B		12.12
Class E		12.19


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $1,499,857,808.
(b)		Includes securities loaned at value of $36,544,356.
(c)		Identified cost of cash denominated in foreign currencies was $4,575,017.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	26,602,498
Interest (b)		98,518
Securities lending income		237,323

Total investment income		26,938,339
Expenses
Management fees		7,318,358
Administration fees		37,721
Custodian and accounting fees		255,047
Distribution and service fees—Class B		374,430
Distribution and service fees—Class E		13,127
Audit and tax services		27,345
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		55,314
Insurance		6,293
Miscellaneous		32,560

Total expenses		8,173,981
Less management fee waiver		(1,138,863	)

Net expenses		7,035,118

Net Investment Income		19,903,221

Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		49,809,725
Foreign currency transactions		(191,055	)

Net realized gain		49,618,670

Net change in unrealized appreciation on:
Investments		271,721,360
Foreign currency transactions		38,849

Net change in unrealized appreciation		271,760,209

Net realized and unrealized gain		321,378,879

Net Increase in Net Assets From Operations	$	341,282,100


(a)		Net of foreign withholding taxes of $2,838,952.
(b)		Net of foreign withholding taxes of $8.

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	19,903,221		$	23,224,608
Net realized gain		49,618,670			110,399,034
Net change in unrealized appreciation (depreciation)		271,760,209			(473,126,044	)

Increase (decrease) in net assets from operations		341,282,100			(339,502,402	)

From Distributions to Shareholders
Class A		(111,818,886	)		(18,443,225	)
Class B		(21,250,233	)		(3,023,120	)
Class E		(1,257,065	)		(196,972	)

Total distributions		(134,326,184	)		(21,663,317	)

Increase (decrease) in net assets from capital share transactions		(125,561	)		214,440,920

Total increase (decrease) in net assets		206,830,355			(146,724,799	)

Net Assets
Beginning of period		1,701,593,677			1,848,318,476

End of period	$	1,908,424,032		$	1,701,593,677

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		173,864		$	2,158,552			23,146,832		$	301,855,134
Reinvestments		9,357,229			111,818,886			1,382,551			18,443,225
Redemptions		(8,714,110	)		(110,092,477	)		(6,247,029	)		(85,040,301	)

Net increase		816,983		$	3,884,961			18,282,354		$	235,258,058

Class B
Sales		288,070		$	3,444,617			2,251,320		$	28,354,279
Reinvestments		1,806,993			21,250,233			230,070			3,023,120
Redemptions		(2,325,307	)		(28,563,368	)		(3,877,975	)		(50,053,323	)

Net decrease		(230,244	)	$	(3,868,518	)		(1,396,585	)	$	(18,675,924	)

Class E
Sales		12,516		$	151,591			155,694		$	1,929,102
Reinvestments		106,351			1,257,065			14,911			196,972
Redemptions		(126,506	)		(1,550,660	)		(328,351	)		(4,267,288	)

Net decrease		(7,639	)	$	(142,004	)		(157,746	)	$	(2,141,214	)

Increase (decrease) derived from capital shares transactions				$	(125,561	)				$	214,440,920

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	11.02		$	13.43		$	10.06		$	9.71		$	10.07		$	10.54

Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.16			0.15			0.15	(b)		0.16			0.16
Net realized and unrealized gain (loss)		2.10			(2.42	)		3.37			0.36			(0.34	)		(0.48	)

Total income (loss) from investment operations		2.23			(2.26	)		3.52			0.51			(0.18	)		(0.32	)

Less Distributions
Distributions from net investment income		(0.17	)		(0.15	)		(0.15	)		(0.16	)		(0.18	)		(0.15	)
Distributions from net realized capital gains		(0.76	)		0.00			0.00			0.00			0.00			0.00

Total distributions		(0.93	)		(0.15	)		(0.15	)		(0.16	)		(0.18	)		(0.15	)

Net Asset Value, End of Period	$	12.32		$	11.02		$	13.43		$	10.06		$	9.71		$	10.07

Total Return (%) (c)		20.50	(d)		(17.01	)		35.15			5.38			(1.97	)		(3.10	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(e)		0.85			0.85			0.85			0.87			0.87
Net ratio of expenses to average net assets (%) (f)		0.72	(e)		0.72			0.73			0.73			0.74			0.75
Ratio of net investment income to average net assets (%)		2.20	(e)		1.28			1.24			1.49	(b)		1.56			1.58
Portfolio turnover rate (%)		7	(d)		23			8			11			12			8
Net assets, end of period (in millions)	$	1,582.9		$	1,407.8		$	1,469.7		$	1,315.2		$	1,361.8		$	1,490.0

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.85		$	13.22		$	9.90		$	9.56		$	9.91		$	10.38

Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.14			0.12			0.12	(b)		0.13			0.14
Net realized and unrealized gain (loss)		2.05			(2.39	)		3.32			0.35			(0.33	)		(0.48	)

Total income (loss) from investment operations		2.17			(2.25	)		3.44			0.47			(0.20	)		(0.34	)

Less Distributions
Distributions from net investment income		(0.14	)		(0.12	)		(0.12	)		(0.13	)		(0.15	)		(0.13	)
Distributions from net realized capital gains		(0.76	)		0.00			0.00			0.00			0.00			0.00

Total distributions		(0.90	)		(0.12	)		(0.12	)		(0.13	)		(0.15	)		(0.13	)

Net Asset Value, End of Period	$	12.12		$	10.85		$	13.22		$	9.90		$	9.56		$	9.91

Total Return (%) (c)		20.21	(d)		(17.19	)		34.89			5.05			(2.17	)		(3.34	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.09	(e)		1.10			1.10			1.10			1.12			1.12
Net ratio of expenses to average net assets (%) (f)		0.97	(e)		0.97			0.98			0.98			0.99			1.00
Ratio of net investment income to average net assets (%)		1.95	(e)		1.09			0.99			1.25	(b)		1.31			1.32
Portfolio turnover rate (%)		7	(d)		23			8			11			12			8
Net assets, end of period (in millions)	$	307.5		$	277.6		$	356.7		$	318.6		$	336.0		$	387.3

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.91		$	13.29		$	9.96		$	9.61		$	9.97		$	10.43

Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.15			0.13			0.13	(b)		0.14			0.15
Net realized and unrealized gain (loss)		2.07			(2.40	)		3.33			0.36			(0.34	)		(0.48	)

Total income (loss) from investment operations		2.19			(2.25	)		3.46			0.49			(0.20	)		(0.33	)

Less Distributions
Distributions from net investment income		(0.15	)		(0.13	)		(0.13	)		(0.14	)		(0.16	)		(0.13	)
Distributions from net realized capital gains		(0.76	)		0.00			0.00			0.00			0.00			0.00

Total distributions		(0.91	)		(0.13	)		(0.13	)		(0.14	)		(0.16	)		(0.13	)

Net Asset Value, End of Period	$	12.19		$	10.91		$	13.29		$	9.96		$	9.61		$	9.97

Total Return (%) (c)		20.32	(d)		(17.09	)		34.92			5.24			(2.15	)		(3.19	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.99	(e)		1.00			1.00			1.00			1.02			1.02
Net ratio of expenses to average net assets (%) (f)		0.87	(e)		0.87			0.88			0.88			0.89			0.90
Ratio of net investment income to average net assets (%)		2.05	(e)		1.19			1.08			1.34	(b)		1.42			1.43
Portfolio turnover rate (%)		7	(d)		23			8			11			12			8
Net assets, end of period (in millions)	$	18.0		$	16.2		$	21.9		$	18.6		$	19.8		$	22.8


(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).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, 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, 2019 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 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.

BHFTII-13

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2019—(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.

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.

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

BHFTII-14

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances. 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, 2019, 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, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $22,079,214. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $34,331,772. 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, 2019.

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 U.S. 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 U.S. 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, 2019 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, 2019 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, 2019.

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, 2019—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, 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 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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	127,412,893	$	0	$	247,986,933

BHFTII-16

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019	% per annum			Average Daily Net Assets
$7,318,358		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 29, 2019 to April 29, 2020, 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 April 30, 2018 to April 30, 2019. Amounts waived for the six months ended June 30, 2019 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.

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

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019 was as follows:


Cost basis of investments	$	1,502,259,749

Gross unrealized appreciation		491,048,941
Gross unrealized depreciation		(57,504,776	)

Net unrealized appreciation (depreciation)	$	433,544,165

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$21,663,317	$	21,289,034	$	—	$	—	$	21,663,317	$	21,289,034

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$23,928,391	$	109,988,369	$	161,805,946	$	—	$	295,722,706

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, 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.

As of December 31, 2018, the Portfolio had no accumulated capital losses.

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, 2019, the Class A, B and E shares of the BlackRock Bond Income Portfolio returned 6.90%, 6.77%, and 6.82%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 6.11%.

MARKET ENVIRONMENT / CONDITIONS

After 2018 delivered the unusual outcome of both global equities and global bonds suffering negative returns, 2019 began in much more upbeat fashion, with many asset classes rebounding strongly in an environment of low volatility. A steady rally in government bonds accelerated into a marked repricing in March after the Federal Reserve (the “Fed”) delivered a dovish surprise at its meeting and European manufacturing activity slumped far more than feared. Despite being close to achieving its dual targets of full employment and stable inflation, the Fed’s rate-setting committee slashed its projections of rate hikes this year from two to zero as policymakers cited global risks that could impact the domestic economy. These include trade disputes, slowing activity in China and Europe, and potential spillovers from Brexit, the U.K.’s exit from the European Union (the “E.U.”). Fed Chair Jerome Powell reinforced the central bank’s patient stance to adjusting policy and guided that interest rates could be on hold for “some time”.

The Fed turned dovish late last year but in March went further than expected in realigning policy to tackle global risks weighing on the domestic economy. Policymakers reiterated that the Fed would continue to be patient with respect to monetary policy, as they downgraded their estimate of growth this year to 2.1%, from 2.3% projected in December. Fed Chair Jerome Powell guided that interest rates could be on hold for “some time” as the committee slashed its projections of rate hikes this year from two to zero. The Fed also provided more details of its plan to end balance sheet reduction, explaining that caps on monthly redemptions will begin to be lowered starting in May, and would conclude at the end of September.

The Fed led a tide of dovishness over the quarter as central banks either held back on tightening monetary policy or introduced new stimulus in the face of broad-based signs of economic downturn. The European Central Bank (the “ECB”) indicated that it would not now be raising interest rates until next year and unveiled a new program of cheap loans for banks. Policymakers in Australia and Canada also adopted a wait-and-see approach. The Bank of England remained constrained to inaction pending clarity over the U.K.’s exit from the E.U., but sharply downgraded its estimate of domestic growth this year. China signaled a willingness to ease monetary and fiscal policies to support expansion.

Coming into second quarter of the year, strong performances in April and June were enough to offset negative sentiment in May and leave many asset classes in positive returns territory over the second quarter. An easing of geopolitical tensions in April proved short-lived as the U.S.-China trade negotiations collapsed in May, sparking a trade war and broader struggle for technological supremacy. Heightened tensions in the Gulf weighed further on risk sentiment after the U.S. mobilized military resources to the region, re-imposed sanctions on Iran and came within minutes of launching missile strikes in retaliation at the shooting down of a U.S. drone. Brexit returned to center stage in Europe and forced the resignation of U.K. Prime Minister Theresa May as she proved unable to break the parliamentary deadlock and as the ruling Conservative party was trounced in the European parliament elections.

Major central banks responded to the persistent weakness by moving decisively more dovish. The Fed’s statement and “dot plot” of interest rate expectations shifted more than expected, and markets firmly anticipate rate cuts before year-end. The ECB arguably surpassed the Fed with its accommodation as President Mario Draghi stated: “In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required.” He added that further cuts in interest rates remain part of the bank’s tools and that asset purchases still have considerable headroom.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The main drivers of positive performance for the first half of the year were the Portfolio’s overweight in duration positioning, U.S. investment grade credit, and U.S. municipals, as well as our allocations in securitized assets, such as non-agency residential mortgages and collateralized loan obligations. Our small overweight in emerging market debt also contributed positively to performance over the period. The main detractors to performance were our overweight in agency mortgages, and tactical positions in global sovereign bonds.

We started increasing duration from the beginning of 2019. By the end of the first quarter, we held a small overweight in duration (5.8 years versus 5.5 years for the Index) as we believed a dovish shift in the monetary policy stance and near-neutral policy rate should keep U.S. interest rates range-bound in the near-term. In the first quarter, we held a modest steepening bias (a greater weight on shorter term yields and underweights to longer maturity yields) on the yield curve in the Portfolio.

After the aggressive re-pricing in spread assets towards the end of last year, we used the opportunity to add in investment grade credit overweight in the first quarter, as we thought the sector would benefit from an environment with lower volatility and produce high quality income in the Portfolio. On the other hand, we took down our allocation to high yield credit and maintained an up-in-quality bias in the sector. In emerging markets, we added opportunistically, mostly in local currency debt, as we saw a dovish Fed taking off upward pressure from the U.S. dollar and allowing for easier local monetary policy as well.

Into the second quarter of 2019, we maintained our mantra of owning more duration in the Portfolio. We continued to believe that duration serves as a good hedge in the Portfolio as the Fed remained committed to underwriting the economic expansion and to an easing monetary policy.

BHFTII-1

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

Given the attractive valuation level, we added exposure in agency mortgages and ended the period with an overweight to the asset class. We continued to hold a core allocation to specified mortgages pools versus short positions in TBAs (To Be Announced mortgages, a contract whereby the investor will take ownership of a yet to be determined pool of mortgages in the future) under our relative value strategy. We also added to our inflation-protected bond allocation at attractive entry levels as the sector underperformed other risk assets for the quarter and as a partial hedge as well in the Portfolio.

Additionally, we tactically reduced some exposures in U.S. investment grade credit on the back of tight valuations and a less favorable outlook compared to the beginning of the year. Overall, we still preferred owning higher quality carry assets in the Portfolio, while hedged by a duration overweight. In emerging markets, we trimmed some risk (mostly in foreign currency debt) in May when geopolitical uncertainties elevated, and started slightly adding back in June, while holding an overall cautious stance in the sector. At period end we favored exposures in local rate and specific country stories where real rates are high, and held moderately long positions in external debt.

The Portfolio employed derivatives as a tool in seeking efficient management of the Portfolio. During the period, the use of derivatives provided exposures through means believed to be advantageous to the Portfolio, including achieving various market exposures and reducing certain risks, and these derivatives performed as expected.

Rick Rieder

Bob Miller

David Rogal

Portfolio Managers

BlackRock Advisors, LLC

BHFTII-2

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
BlackRock Bond Income Portfolio
Class A		6.90		8.01		3.27		4.77
Class B		6.77		7.74		3.01		4.51
Class E		6.82		7.85		3.11		4.62
Bloomberg Barclays U.S. Aggregate Bond Index		6.11		7.87		2.95		3.90

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 COMPOSITION AS OF JUNE 30, 2019

Top Sectors


	% of Net Assets
U.S. Treasury & Government Agencies		43.7
Corporate Bonds & Notes		34.4
Asset-Backed Securities		11.5
Municipals		6.3
Mortgage-Backed Securities		5.4
Foreign Government		3.7
Floating Rate Loans		1.2
Preferred Stocks		0.1
Purchased Options		—

BHFTII-3

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


BlackRock Bond Income Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period January 1, 2019 to June 30, 2019**
Class A	Actual		0.39	%	$	1,000.00	$	1,069.00	$	2.00
	Hypothetical*		0.39	%	$	1,000.00	$	1,022.86	$	1.96

Class B	Actual		0.64	%	$	1,000.00	$	1,067.70	$	3.28
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.62	$	3.21

Class E	Actual		0.54	%	$	1,000.00	$	1,068.20	$	2.77
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.12	$	2.71

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

BHFTII-4

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

U.S. Treasury & Government Agencies—43.7% of Net Assets


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—32.1%
Fannie Mae 15 Yr. Pool
2.000%, 10/01/31		240,400	$	237,960
2.000%, 11/01/31		2,958,732		2,928,699
2.000%, 12/01/31		315,740		312,535
2.000%, 03/01/32		1,881,302		1,862,205
2.500%, 09/01/27		266,448		268,561
2.500%, 02/01/28		31,377		31,641
2.500%, 04/01/28		77,015		77,663
2.500%, 08/01/28		215,040		216,847
2.500%, 01/01/30		1,136,772		1,145,366
2.500%, 02/01/30		138,880		139,955
2.500%, 03/01/30		234,890		236,651
2.500%, 07/01/30		834,861		841,048
2.500%, 08/01/30		2,764,724		2,785,484
2.500%, 09/01/30		1,345,040		1,355,128
2.500%, 11/01/30		2,787,029		2,807,946
2.500%, 03/01/31		156,596		157,816
2.500%, 06/01/31		766,922		772,921
2.500%, 07/01/31		426,332		429,667
2.500%, 08/01/31		71,026		71,526
2.500%, 10/01/31		3,726,071		3,754,672
2.500%, 11/01/31		2,330,113		2,348,596
2.500%, 02/01/32		110,851		111,684
2.500%, 03/01/32		364,673		367,689
2.500%, 08/01/32		2,723,863		2,744,161
2.500%, 02/01/33		4,798,199		4,834,202
3.000%, 04/01/28		170,576		174,568
3.000%, 05/01/28		202,769		207,479
3.000%, 10/01/28		359,887		367,967
3.000%, 11/01/28		2,684,223		2,746,920
3.000%, 12/01/28		808,156		825,277
3.000%, 01/01/29		287,090		293,585
3.000%, 04/01/29		1,122,533		1,145,008
3.000%, 05/01/29		1,638,821		1,672,793
3.000%, 08/01/29		1,717,815		1,754,415
3.000%, 10/01/29		475,853		487,605
3.000%, 03/01/30		970,386		994,310
3.000%, 04/01/30		809,502		828,357
3.000%, 05/01/30		1,231,841		1,261,271
3.000%, 07/01/30		987,133		1,010,312
3.000%, 08/01/30		4,519,514		4,624,138
3.000%, 09/01/30		1,093,422		1,118,603
3.000%, 08/01/31		4,464,240		4,561,990
3.000%, 09/01/31		460,453		471,221
3.000%, 03/01/32		960,891		982,623
3.000%, TBA (a)		7,944,000		8,097,961
3.500%, 08/01/28		438,907		454,585
3.500%, 10/01/28		2,903,198		3,018,953
3.500%, 11/01/28		2,847,683		2,953,728
3.500%, 02/01/29		4,109,909		4,259,890
3.500%, 04/01/29		1,022,418		1,059,724
3.500%, 05/01/29		2,828,616		2,938,238
3.500%, 06/01/29		2,084,253		2,169,746
3.500%, 07/01/29		1,089,230		1,125,608
3.500%, 09/01/29		174,425		181,624

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool
3.500%, 08/01/30		850,749		886,437
3.500%, 11/01/32		210,675		219,678
3.500%, 01/01/33		138,600		144,521
4.000%, 10/01/33		12,313,990		13,002,908
4.500%, 12/01/20		80,250		81,910
4.500%, 02/01/25		269,076		277,660
4.500%, 04/01/25		58,598		61,502
4.500%, 07/01/25		217,288		227,999
4.500%, 06/01/26		1,405,951		1,475,291
Fannie Mae 20 Yr. Pool
3.000%, 10/01/36		107,392		109,389
3.000%, 11/01/36		1,088,722		1,110,669
3.000%, 12/01/36		1,620,731		1,653,686
5.000%, 05/01/23		1,360		1,437
Fannie Mae 30 Yr. Pool
3.000%, 12/01/42		6,720,734		6,857,055
3.000%, 01/01/43		4,567,417		4,656,399
3.000%, 02/01/43		2,178,091		2,222,702
3.000%, 03/01/43		17,658,871		17,980,601
3.000%, 04/01/43		12,032,347		12,256,119
3.000%, 05/01/43		16,140,019		16,462,660
3.000%, 06/01/43		2,091,435		2,136,116
3.000%, 07/01/43		1,184,745		1,204,595
3.000%, 08/01/43		959,441		975,535
3.000%, 06/01/46		744,359		759,682
3.000%, 08/01/46		80,030		81,768
3.000%, 09/01/46		1,135,355		1,158,550
3.000%, 11/01/46		3,930,844		4,006,669
3.000%, 01/01/47		383,630		391,489
3.000%, 02/01/47		939,336		957,662
3.000%, 03/01/47		3,066,284		3,121,068
3.000%, TBA (a)		26,198,837		26,410,367
3.500%, 01/01/42		696,210		721,552
3.500%, 04/01/42		419,462		435,098
3.500%, 05/01/42		308,547		319,952
3.500%, 06/01/42		713,438		740,874
3.500%, 07/01/42		111,059		115,265
3.500%, 08/01/42		186,834		193,911
3.500%, 10/01/42		960,585		997,235
3.500%, 11/01/42		2,173,143		2,255,465
3.500%, 12/01/42		1,117,508		1,159,732
3.500%, 02/01/43		1,337,720		1,394,057
3.500%, 03/01/43		1,418,866		1,477,182
3.500%, 04/01/43		45,007		46,712
3.500%, 05/01/43		258,739		269,102
3.500%, 06/01/43		1,113,313		1,154,570
3.500%, 07/01/43		8,822,513		9,197,302
3.500%, 08/01/43		6,610,621		6,892,206
3.500%, 09/01/43		102,399		106,878
3.500%, 11/01/43		1,132,173		1,179,949
3.500%, 01/01/44		1,017,466		1,059,122
3.500%, 05/01/44		11,832,696		12,387,838
3.500%, 06/01/44		9,740,751		10,109,983
3.500%, 07/01/44		48,578		50,625
3.500%, 02/01/45		980,450		1,017,492

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.500%, 07/01/45		2,994,754	$	3,109,797
3.500%, 10/01/45		1,500,858		1,555,782
3.500%, 11/01/45		3,155,096		3,293,431
3.500%, 12/01/45		757,053		790,833
3.500%, 03/01/46		1,081,103		1,119,994
3.500%, 04/01/46		1,622,018		1,676,246
3.500%, 05/01/46		677,744		702,124
3.500%, 06/01/46		3,020,786		3,129,911
3.500%, 08/01/46		1,435,318		1,486,752
3.500%, 09/01/46		1,513,397		1,575,123
3.500%, 11/01/46		2,784,865		2,905,819
3.500%, 12/01/46		3,305,932		3,442,734
3.500%, 01/01/47		7,164,807		7,487,444
3.500%, 02/01/47		559,916		583,876
3.500%, 05/01/47		1,924,779		2,004,335
3.500%, 06/01/47		1,161,231		1,208,082
3.500%, 07/01/47		816,851		850,840
3.500%, 09/01/47		824,471		857,806
3.500%, 10/01/47		250,065		260,458
3.500%, 11/01/47		1,406,890		1,466,820
3.500%, 12/01/47		9,474,779		9,846,216
3.500%, 01/01/48		6,188,204		6,428,946
4.000%, 08/01/33		1,003,631		1,036,837
4.000%, 06/01/39		820,290		864,693
4.000%, 12/01/39		73,880		77,868
4.000%, 07/01/40		972,967		1,025,515
4.000%, 08/01/40		1,767,430		1,863,580
4.000%, 10/01/40		4,808,780		5,070,345
4.000%, 11/01/40		311,676		328,635
4.000%, 12/01/40		1,633,341		1,722,148
4.000%, 04/01/41		155,709		164,182
4.000%, 09/01/41		3,966,408		4,182,152
4.000%, 10/01/41		289,983		305,765
4.000%, 12/01/41		1,107,478		1,183,291
4.000%, 01/01/42		1,089,303		1,148,585
4.000%, 02/01/42		2,779,885		2,931,180
4.000%, 05/01/42		1,087,541		1,153,385
4.000%, 06/01/42		549,787		579,439
4.000%, 07/01/42		3,939,817		4,203,803
4.000%, 08/01/42		302,046		318,485
4.000%, 09/01/42		732,311		772,145
4.000%, 12/01/42		2,105,616		2,237,955
4.000%, 01/01/43		905,975		955,168
4.000%, 03/01/43		187,391		198,268
4.000%, 10/01/43		673,639		710,217
4.000%, 11/01/43		3,088,919		3,300,610
4.000%, 01/01/44		2,334,827		2,494,829
4.000%, 02/01/44		2,244,069		2,395,719
4.000%, 05/01/44		3,284,863		3,509,831
4.000%, 07/01/44		214,823		224,695
4.000%, 08/01/44		738,732		789,327
4.000%, 12/01/44		2,045,391		2,174,172
4.000%, 01/01/45		345,643		367,714
4.000%, 02/01/45		1,057,558		1,121,560
4.000%, 03/01/45		891,346		937,332

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 04/01/45		861,990		917,838
4.000%, 05/01/45		817,021		867,843
4.000%, 10/01/45		5,543,282		5,899,224
4.000%, 11/01/45		2,034,464		2,169,330
4.000%, 12/01/45		4,230,778		4,490,257
4.000%, 01/01/46		4,442,871		4,666,662
4.000%, 02/01/46		1,482,573		1,570,404
4.000%, 06/01/46		3,463,045		3,625,574
4.000%, 11/01/46		257,632		275,276
4.000%, 01/01/47		375,921		401,625
4.000%, 03/01/47		6,486,432		6,847,831
4.000%, 08/01/47		959,496		1,010,361
4.000%, 03/01/48		2,483,955		2,652,659
4.000%, 04/01/48		1,548,004		1,652,104
4.000%, 08/01/48		9,875,121		10,378,550
4.000%, TBA (a)		31,157,000		32,194,552
4.500%, 08/01/39		1,191,579		1,279,019
4.500%, 11/01/39		369,807		398,127
4.500%, 01/01/40		37,491		40,336
4.500%, 04/01/40		83,237		89,506
4.500%, 05/01/40		217,093		233,148
4.500%, 06/01/40		205,102		220,271
4.500%, 07/01/40		409,968		440,290
4.500%, 08/01/40		2,788,505		2,994,515
4.500%, 11/01/40		769,411		825,991
4.500%, 07/01/41		236,611		254,114
4.500%, 08/01/41		32,668		34,128
4.500%, 09/01/41		818,625		879,183
4.500%, 10/01/41		173,580		186,688
4.500%, 01/01/42		162,246		174,189
4.500%, 06/01/42		81,795		85,575
4.500%, 08/01/42		964,894		1,036,188
4.500%, 09/01/42		2,522,035		2,708,279
4.500%, 09/01/43		1,044,180		1,117,059
4.500%, 10/01/43		1,294,224		1,379,642
4.500%, 11/01/43		2,816,831		3,071,833
4.500%, 12/01/43		1,434,157		1,530,743
4.500%, 01/01/44		1,594,756		1,706,562
4.500%, 06/01/44		5,649,002		6,075,144
4.500%, 07/01/45		1,607,078		1,736,803
4.500%, 09/01/45		694,888		754,272
4.500%, 11/01/45		2,608,591		2,807,990
4.500%, 12/01/45		1,129,370		1,208,001
4.500%, 07/01/46		3,972,122		4,330,130
4.500%, 09/01/46		589,449		642,731
4.500%, 09/01/47		82,476		86,930
4.500%, 10/01/47		569,997		609,752
4.500%, 11/01/47		4,495,905		4,801,585
4.500%, 12/01/47		66,511		70,387
4.500%, 01/01/48		3,914,627		4,181,225
4.500%, 02/01/48		121,389		127,785
4.500%, 03/01/48		221,698		234,024
4.500%, 04/01/48		1,330,573		1,448,662
4.500%, 05/01/48		29,319,124		31,518,909
4.500%, 07/01/48		254,046		271,293

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.500%, 08/01/48		3,372,544	$	3,633,162
4.500%, 11/01/48		2,455,868		2,622,214
4.500%, 02/01/49		22,756,460		24,666,760
4.500%, 05/01/49		11,335,219		12,350,663
4.500%, TBA (a)		46,018,000		48,069,572
5.000%, 11/01/32		3,472		3,713
5.000%, 09/01/35		186,549		202,630
5.000%, 06/01/39		8,092,070		8,843,924
5.000%, 04/01/41		23,542		24,883
5.000%, 07/01/41		364,139		395,635
5.000%, 08/01/41		297,114		318,868
5.000%, 01/01/42		50,553		53,419
5.000%, TBA (a)		1,922,000		2,031,190
5.500%, 11/01/32		915,527		1,002,201
5.500%, 12/01/32		155,997		170,019
5.500%, 01/01/33		576,658		625,219
5.500%, 12/01/33		209,340		229,034
5.500%, 05/01/34		1,644,777		1,826,998
5.500%, 08/01/37		1,709,920		1,899,393
5.500%, 02/01/38		253,457		279,330
5.500%, 03/01/38		184,172		202,508
5.500%, 04/01/38		109,675		116,900
5.500%, 06/01/38		247,521		267,241
5.500%, 12/01/38		115,351		123,011
5.500%, 01/01/39		262,599		289,966
5.500%, 08/01/39		186,902		205,640
5.500%, 12/01/39		377,864		406,695
5.500%, 04/01/40		64,496		69,707
5.500%, 04/01/41		263,532		286,304
6.000%, 02/01/34		189,664		214,969
6.000%, 08/01/34		143,134		162,256
6.000%, 04/01/35		2,246,936		2,546,895
6.000%, 06/01/36		285,617		323,647
6.000%, 02/01/38		472,652		534,720
6.000%, 03/01/38		143,170		162,353
6.000%, 05/01/38		467,619		530,286
6.000%, 10/01/38		572,590		649,312
6.000%, 12/01/38		173,864		197,158
6.000%, 04/01/40		1,828,394		2,073,409
6.000%, 09/01/40		193,278		219,184
6.000%, 06/01/41		432,406		490,345
6.500%, 05/01/40		2,626,062		3,075,484
Fannie Mae Pool
4.000%, 01/01/41		399,841		422,819
Fannie Mae REMICS (CMO)
5.000%, 04/25/35		37,732		39,355
Freddie Mac 15 Yr. Gold Pool
2.500%, 04/01/27		106,799		107,755
2.500%, 10/01/28		382,321		385,748
2.500%, 08/01/29		851,996		858,919
2.500%, 12/01/29		239,362		241,182
2.500%, 05/01/30		976,773		984,638
2.500%, 07/01/30		651,044		656,249
2.500%, 08/01/30		2,262,955		2,281,173
2.500%, 09/01/30		2,462,559		2,482,372

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 15 Yr. Gold Pool
2.500%, 04/01/31		1,744,062		1,758,090
3.000%, 01/01/30		690,746		706,046
3.000%, 04/01/30		3,685,324		3,771,108
3.000%, 05/01/30		615,387		630,948
3.000%, 06/01/30		26,014		26,636
3.000%, 07/01/30		1,374,247		1,406,358
3.000%, 08/01/30		445,461		455,983
Freddie Mac 30 Yr. Gold Pool
3.000%, 12/01/42		2,485,601		2,534,973
3.000%, 01/01/43		1,654,974		1,683,763
3.000%, 03/01/43		3,527,214		3,588,261
3.000%, 07/01/43		10,328,443		10,540,059
3.000%, 12/01/46		2,876,377		2,931,423
3.500%, 04/01/42		2,115,826		2,199,777
3.500%, 05/01/42		103,878		107,749
3.500%, 08/01/42		2,567,223		2,670,639
3.500%, 10/01/42		125,834		130,365
3.500%, 11/01/42		983,291		1,021,077
3.500%, 01/01/43		1,203,927		1,250,215
3.500%, 06/01/43		294,726		306,076
3.500%, 12/01/43		4,665,286		4,844,678
3.500%, 01/01/44		21,274,539		22,178,355
3.500%, 04/01/44		2,097,345		2,190,352
3.500%, 05/01/44		516,513		539,795
3.500%, 06/01/44		374,038		389,203
3.500%, 07/01/44		110,000		115,218
3.500%, 08/01/44		398,558		416,235
3.500%, 09/01/44		827,741		864,842
3.500%, 11/01/44		21,837		22,646
3.500%, 01/01/45		157,245		163,003
3.500%, 05/01/45		234,479		243,045
3.500%, 06/01/45		206,494		214,056
3.500%, 07/01/45		5,667		5,875
3.500%, 08/01/45		6,120,551		6,392,102
3.500%, 09/01/45		176,949		185,219
3.500%, 10/01/45		22,428		23,249
3.500%, 01/01/46		1,016,730		1,053,955
3.500%, 02/01/46		70,597		73,182
3.500%, 03/01/46		722,211		748,653
3.500%, 05/01/46		836,712		867,347
3.500%, 07/01/46		7,534,211		7,855,646
3.500%, 03/01/47		2,112,410		2,204,246
3.500%, 07/01/47		323,954		338,314
3.500%, 10/01/47		1,293,529		1,353,594
3.500%, 12/01/47		1,609,706		1,679,856
3.500%, 01/01/48		534,673		556,050
4.000%, 08/01/40		273,781		288,830
4.000%, 09/01/40		296,805		313,051
4.000%, 10/01/40		134,761		142,212
4.000%, 11/01/40		583,996		616,310
4.000%, 04/01/41		15,741		16,608
4.000%, 10/01/41		507,861		538,066
4.000%, 09/01/43		415,175		442,383
4.000%, 04/01/44		921,892		977,153
4.000%, 07/01/44		310,814		327,868

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (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%, 08/01/44		2,998,561	$	3,194,938
4.000%, 02/01/45		271,323		284,383
4.000%, 09/01/45		1,175,338		1,231,915
4.000%, 10/01/45		1,710,541		1,802,506
4.000%, 12/01/45		11,121,691		11,637,928
4.000%, 08/01/47		2,145,173		2,285,439
4.500%, 02/01/39		1,060,738		1,138,199
4.500%, 08/01/39		949,188		1,019,581
4.500%, 12/01/39		238,226		256,013
4.500%, 07/01/40		74,879		80,469
4.500%, 05/01/41		1,482,217		1,592,880
4.500%, 05/01/42		1,384,517		1,487,529
4.500%, 10/01/43		789,963		842,420
4.500%, 12/01/43		1,695,851		1,824,470
4.500%, 04/01/47		2,864,775		3,046,380
4.500%, 05/01/47		1,089,323		1,171,978
4.500%, 07/01/47		2,639,663		2,826,179
4.500%, 07/01/48		3,984,477		4,285,171
4.500%, 08/01/48		9,986,548		10,739,864
4.500%, 02/01/49		4,865,209		5,231,993
4.500%, 04/01/49		2,568,792		2,744,156
5.000%, 10/01/41		595,396		646,827
5.000%, 11/01/41		4,946,493		5,337,645
5.500%, 02/01/35		135,285		150,342
5.500%, 09/01/39		162,649		176,805
5.500%, 01/01/40		93,505		99,817
5.500%, 07/01/40		25,020		26,700
5.500%, 06/01/41		2,012,170		2,215,519
Freddie Mac Gold Pool
3.000%, 09/01/27		532,477		542,996
3.000%, 07/01/28		274,804		280,220
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
0.983%, 06/25/27 (b) (c)		2,619,760		135,385
2.770%, 05/25/25		1,110,000		1,136,688
3.347%, 11/25/26 (b)		490,000		521,411
3.444%, 12/25/27		210,000		225,477
3.531%, 07/25/23 (b)		500,000		526,502
3.590%, 01/25/25 (b)		291,000		310,460
3.683%, 10/25/25 (b)		453,000		480,873
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)
4.554%, 1M LIBOR + 2.150%, 12/25/30 (144A) (b)		409,231		408,250
6.854%, 1M LIBOR + 4.450%, 03/25/30 (b)		682,210		739,086
FREMF Mortgage Trust (CMO)
4.117%, 05/25/50 (144A) (b)		275,556		288,159
4.189%, 04/25/48 (144A) (b)		360,000		377,303
4.373%, 08/25/50 (144A) (b)		440,000		465,265
FRESB Mortgage Trust (CMO)
3.480%, 06/25/28 (b)		714,277		750,635
3.660%, 06/25/28 (b)		421,586		448,424
Ginnie Mae I 30 Yr. Pool
3.000%, 02/15/45		1,229,936		1,255,857
3.500%, 01/15/42		365,946		379,833
3.500%, 02/15/42		147,967		153,319
3.500%, 04/15/42		283,444		293,984

Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
3.500%, 05/15/42		328,573		341,896
3.500%, 08/15/42		447,329		464,691
3.500%, 11/15/42		273,779		283,823
3.500%, 12/15/42		996,879		1,037,204
3.500%, 01/15/43		394,495		407,761
3.500%, 02/15/43		687,316		713,704
3.500%, 03/15/43		360,335		373,398
3.500%, 04/15/43		2,008,164		2,085,247
3.500%, 05/15/43		2,204,458		2,289,098
3.500%, 06/15/43		606,745		631,288
3.500%, 07/15/43		2,133,905		2,220,180
4.000%, 03/15/41		755,936		802,915
4.000%, 12/15/41		25,007		26,074
4.500%, 02/15/42		9,319,783		10,045,372
4.500%, 03/15/47		143,746		155,047
4.500%, 04/15/47		368,794		397,817
4.500%, 05/15/47		132,562		142,999
5.000%, 12/15/38		261,650		287,867
5.000%, 07/15/39		603,946		664,125
5.000%, 10/15/39		341,384		375,708
5.000%, 09/15/40		23,608		25,967
5.000%, 12/15/40		840,079		924,210
5.500%, 04/15/33		23,781		26,833
6.500%, 04/15/33		44,068		48,410
8.500%, 05/15/22		377		378
Ginnie Mae II 30 Yr. Pool
3.000%, 12/20/44		153,144		156,949
3.000%, 04/20/45		2,965,467		3,034,216
3.000%, 06/20/45		7,734,908		7,914,233
3.000%, 07/20/45		80,521		82,388
3.000%, 08/20/45		80,829		82,703
3.000%, 10/20/45		962,923		985,249
3.000%, 12/20/45		84,111		86,061
3.000%, 04/20/46		17,094,600		17,490,304
3.000%, 05/20/46		121,603		124,460
3.000%, 06/20/46		2,779,008		2,842,568
3.000%, 07/20/46		5,727,284		5,860,010
3.000%, 08/20/46		1,082,002		1,107,080
3.000%, 09/20/46		10,539,144		10,789,869
3.000%, 10/20/46		417,717		427,402
3.000%, 11/20/46		271,374		277,667
3.000%, 12/20/46		1,031,845		1,055,769
3.000%, TBA (a)		11,726,500		11,963,809
3.500%, 04/20/43		1,966,433		2,050,384
3.500%, 05/20/43		1,056,994		1,102,085
3.500%, 07/20/43		82,267		85,751
3.500%, 02/20/44		2,444,181		2,534,942
3.500%, 05/20/45		676,227		700,989
3.500%, 05/20/46		1,477,848		1,528,933
3.500%, 09/20/46		552,534		571,635
3.500%, 10/20/46		2,179,095		2,253,765
3.500%, TBA (a)		78,379,496		80,902,381
4.000%, 04/20/39		44,205		46,821
4.000%, 07/20/39		322,552		341,585
4.000%, 09/20/40		88,668		93,901

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.000%, 10/20/40		994,760	$	1,053,554
4.000%, 11/20/40		555,093		587,879
4.000%, 12/20/40		2,082,010		2,204,955
4.000%, 01/20/41		1,827,161		1,935,072
4.000%, 02/20/41		32,175		34,074
4.000%, 07/20/43		173,215		183,312
4.000%, 08/20/44		708,945		747,368
4.000%, 10/20/46		153,361		160,638
4.000%, TBA (a)		53,208,500		55,156,014
4.500%, 12/20/39		73,432		78,338
4.500%, 01/20/40		91,839		97,980
4.500%, 02/20/40		72,088		76,909
4.500%, 05/20/40		4,866		5,191
4.500%, 07/20/48		9,877,211		10,319,178
4.500%, 09/20/48		910,354		961,017
4.500%, TBA (a)		13,573,500		14,147,988
5.000%, 10/20/33		757,048		820,993
5.000%, 10/20/39		258,206		283,433
5.000%, 07/20/42		320,436		352,339
5.000%, TBA (a)		8,793,000		9,191,209
Government National Mortgage Association (CMO)
0.562%, 06/16/53 (b) (c)		1,275,649		29,956
0.689%, 02/16/50 (b) (c)		1,751,045		79,227
0.726%, 03/16/55 (b) (c)		3,442,067		174,409
0.737%, 11/16/53 (b) (c)		1,038,906		35,099
0.794%, 09/16/51 (b) (c)		16,936,427		901,125
0.825%, 08/16/41 (c)		3,013,590		42,260
0.877%, 04/16/57 (b) (c)		3,712,893		234,979
0.890%, 09/16/55 (b) (c)		2,137,924		142,138
0.926%, 08/15/58 (b) (c)		3,573,480		266,730
0.952%, 09/16/56 (b) (c)		1,349,264		100,965
0.964%, 02/16/58 (b) (c)		5,254,932		378,936
0.997%, 09/16/58 (b) (c)		1,982,020		161,854
1.000%, 02/16/39 (c)		2,104,044		12,522
1.002%, 08/16/58 (b) (c)		3,765,437		285,835
1.032%, 05/16/58 (b) (c)		2,566,101		196,245
1.062%, 12/16/57 (b) (c)		3,694,761		295,428
1.123%, 04/16/58 (b) (c)		1,531,067		119,090
2.000%, 03/16/35		194,090		183,099
2.250%, 12/16/38		305,022		294,340

				1,112,600,788


U.S. Treasury—11.6%
U.S. Treasury Bonds 2.875%, 05/15/43		5,710,000		6,101,447
2.875%, 11/15/46		5,480,000		5,856,964
3.000%, 02/15/48		5,480,000		5,994,392
3.000%, 02/15/49 (d)		7,130,000		7,819,605
3.125%, 02/15/43		5,710,000		6,361,520
3.625%, 08/15/43 (d)		5,710,000		6,886,572
3.750%, 11/15/43 (d)		5,710,000		7,023,077
4.250%, 05/15/39		1,490,000		1,947,477
4.375%, 11/15/39		1,490,000		1,979,314
4.500%, 08/15/39		1,490,000		2,010,918
U.S. Treasury Inflation Indexed Notes
0.500%, 04/15/24 (e)		107,306,354		108,645,876

U.S. Treasury—(Continued)
U.S. Treasury Notes 1.125%, 07/31/21		24,690,000		24,364,979
1.500%, 01/31/22		21,940,000		21,811,445
1.500%, 08/15/26 (d)		15,910,000		15,494,848
1.750%, 04/30/22		20,860,000		20,871,408
2.000%, 07/31/20		21,940,000		21,953,712
2.000%, 05/31/24		10,980,000		11,103,525
2.000%, 02/15/25		13,710,000		13,842,816
2.125%, 12/31/22		10,980,000		11,126,257
2.125%, 03/31/24		11,100,000		11,279,941
2.125%, 07/31/24		10,980,000		11,160,570
2.125%, 05/15/25		12,080,000		12,277,244
2.250%, 03/31/21		15,830,000		15,949,962
2.250%, 08/15/27		10,980,000		11,238,630
2.500%, 12/31/20		16,460,000		16,616,884
2.625%, 02/15/29		3,300,000		3,478,020
2.750%, 05/31/23		10,980,000		11,395,610
2.875%, 08/15/28		3,300,000		3,544,406
3.125%, 11/15/28		3,300,000		3,617,625

				401,755,044

Total U.S. Treasury & Government Agencies (Cost $1,493,963,233)				1,514,355,832


Corporate Bonds & Notes—34.4%

Advertising—0.0%
ACE03 MH1 B2
Zero Coupon, 08/15/30		614,343		471,508


Aerospace/Defense—1.5%
Airbus SE
3.950%, 04/10/47 (144A)		1,005,000		1,087,208
BAE Systems Holdings, Inc.
2.850%, 12/15/20 (144A)		319,000		320,184
3.850%, 12/15/25 (144A)		1,765,000		1,843,898
4.750%, 10/07/44 (144A)		132,000		146,230
Boeing Co. (The)
2.800%, 03/01/27		6,000		6,033
3.375%, 06/15/46		237,000		226,365
3.500%, 03/01/39		295,000		294,415
3.600%, 05/01/34		605,000		631,089
3.825%, 03/01/59		220,000		222,727
General Dynamics Corp.
3.750%, 05/15/28		1,015,000		1,110,443
Harris Corp.
2.700%, 04/27/20		706,000		706,697
3.832%, 04/27/25		2,000		2,103
4.400%, 06/15/28		2,713,000		2,962,976
5.054%, 04/27/45		995,000		1,165,552
L3 Technologies, Inc.
3.850%, 06/15/23 (f)		3,810,000		3,973,871
3.850%, 12/15/26		2,155,000		2,254,850
4.400%, 06/15/28		340,000		371,140
Lockheed Martin Corp. 2.900%, 03/01/25		336,000		345,473

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Aerospace/Defense—(Continued)
Lockheed Martin Corp.
3.550%, 01/15/26		794,000	$	843,752
3.600%, 03/01/35		5,351,000		5,579,610
3.800%, 03/01/45		330,000		351,544
4.070%, 12/15/42		1,720,000		1,903,551
Northrop Grumman Corp. 2.930%, 01/15/25		3,065,000		3,125,301
3.250%, 01/15/28		3,027,000		3,105,811
3.850%, 04/15/45		690,000		710,261
4.030%, 10/15/47		1,065,000		1,133,169
4.750%, 06/01/43		247,000		286,155
Raytheon Co. 4.200%, 12/15/44		415,000		455,495
4.700%, 12/15/41		487,000		567,051
7.000%, 11/01/28		1,810,000		2,357,287
7.200%, 08/15/27		620,000		811,251
United Technologies Corp. 1.950%, 11/01/21		3,825,000		3,792,953
4.125%, 11/16/28		2,962,000		3,252,450
4.500%, 06/01/42		2,315,000		2,613,664
5.400%, 05/01/35		315,000		380,664
5.700%, 04/15/40		283,000		358,653
6.125%, 07/15/38		986,000		1,306,540

				50,606,416


Agriculture—0.5%
Altria Group, Inc. 4.000%, 01/31/24		2,440,000		2,555,866
4.400%, 02/14/26		220,000		235,172
4.800%, 02/14/29		1,160,000		1,251,169
5.375%, 01/31/44		1,940,000		2,078,449
5.800%, 02/14/39		1,010,000		1,133,912
6.200%, 02/14/59		170,000		193,533
BAT International Finance plc 3.950%, 06/15/25 (144A)		2,265,000		2,343,120
Philip Morris International, Inc. 2.500%, 08/22/22		537,000		538,879
2.875%, 05/01/24		730,000		740,743
4.500%, 03/20/42		235,000		252,808
Reynolds American, Inc. 4.450%, 06/12/25		5,615,000		5,950,925
5.850%, 08/15/45		203,000		218,672

				17,493,248


Airlines—0.8%
Air Canada Pass-Through Trust 3.300%, 01/15/30 (144A)		588,538		592,702
3.700%, 01/15/26 (144A)		9,511		9,477
5.000%, 12/15/23 (144A)		388,799		405,867
American Airlines Group, Inc. 4.625%, 03/01/20 (144A)		2,214,000		2,227,837
American Airlines Pass-Through Trust 3.000%, 10/15/28		1,200,157		1,196,783
3.200%, 06/15/28		482,350		486,064
3.350%, 10/15/29		532,529		537,848

Airlines—(Continued)
American Airlines Pass-Through Trust
3.600%, 09/22/27		277,967		287,028
3.650%, 02/15/29		362,700		375,698
3.700%, 05/01/23		217,345		218,475
3.700%, 10/15/25		453,941		452,006
3.750%, 10/15/25		23,420		23,574
4.375%, 10/01/22		19,430		19,835
4.400%, 09/22/23		1,831,698		1,881,520
4.950%, 02/15/25		391,158		409,008
5.250%, 01/15/24		1,108,412		1,168,210
Azul Investments LLP 5.875%, 10/26/24 (144A)		200,000		197,000
Delta Air Lines Pass-Through Trust 3.204%, 10/25/25		1,255,000		1,299,108
Delta Air Lines, Inc. 2.600%, 12/04/20		185,000		184,802
2.875%, 03/13/20		8,220,000		8,229,741
3.400%, 04/19/21		265,000		268,921
Gol Finance, Inc. 7.000%, 01/31/25 (144A) (f)		856,000		834,600
Latam Finance, Ltd. 7.000%, 03/01/26 (144A)		561,000		585,684
Turkish Airlines Pass-Through Trust 4.200%, 03/15/27 (144A)		1,021,272		930,992
U.S. Airways Pass-Through Trust 5.375%, 11/15/21		156,551		163,022
6.750%, 06/03/21		41,901		44,452
United Airlines Pass-Through Trust 2.875%, 10/07/28		490,737		485,928
3.100%, 07/07/28		80,114		80,438
3.450%, 12/01/27		196,637		201,710
3.500%, 03/01/30		265,300		270,954
3.650%, 10/07/25		74,080		74,289
3.650%, 01/07/26		90,521		90,544
4.150%, 08/25/31		765,000		820,382
4.600%, 03/01/26		575,073		596,443
4.625%, 09/03/22		135,180		139,114
4.750%, 04/11/22		294,473		303,337

				26,093,393


Auto Manufacturers—1.0%
Daimler Finance North America LLC 3.100%, 05/04/20 (144A)		3,130,000		3,146,514
3.350%, 05/04/21 (144A)		1,270,000		1,287,566
Ford Motor Credit Co. LLC 2.979%, 08/03/22		2,125,000		2,101,718
3.096%, 05/04/23		1,930,000		1,901,028
3.157%, 08/04/20		500,000		501,793
3.200%, 01/15/21		1,026,000		1,028,950
3.219%, 01/09/22		4,520,000		4,524,398
3.336%, 03/18/21		205,000		205,874
5.750%, 02/01/21 (f)		2,714,000		2,825,325
General Motors Co. 5.400%, 04/01/48		220,000		214,336
6.250%, 10/02/43		620,000		659,399
6.600%, 04/01/36		665,000		736,158

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Auto Manufacturers—(Continued)
General Motors Financial Co., Inc. 3.150%, 06/30/22		660,000	$	664,013
4.000%, 01/15/25		2,576,000		2,614,717
4.000%, 10/06/26		390,000		393,261
Hyundai Capital America 2.550%, 04/03/20 (144A)		8,645,000		8,629,919
3.950%, 02/01/22 (144A)		965,000		990,276
Hyundai Capital Services, Inc. 3.000%, 08/29/22 (144A)		1,220,000		1,222,369
Toyota Motor Credit Corp. 3.050%, 01/11/28		762,000		785,732
3.650%, 01/08/29		420,000		453,771

				34,887,117


Auto Parts & Equipment—0.0%
Aptiv plc 4.250%, 01/15/26		364,000		382,676


Banks—9.5%
Australia & New Zealand Banking Group, Ltd. 2.550%, 11/23/21		269,000		270,813
Banco Espirito Santo S.A. 4.000%, 01/21/19 (EUR) (g) (i)		200,000		50,032
Banco Mercantil del Norte S.A. 6.875%, 5Y H15 + 5.035%, 07/06/22 (144A) (b)		251,000		254,439
7.625%, 10Y H15 + 5.353%, 01/10/28 (144A) (b)		251,000		256,648
Banco Santander S.A. 2.706%, 06/27/24		1,400,000		1,403,080
3.306%, 06/27/29		800,000		804,910
3.848%, 04/12/23		2,000,000		2,075,416
Bank of America Corp. 2.328%, 3M LIBOR + 0.630%, 10/01/21 (b)		10,082,000		10,068,014
2.625%, 10/19/20		1,475,000		1,480,530
2.816%, 3M LIBOR + 0.930%, 07/21/23 (b)		2,045,000		2,064,706
3.124%, 3M LIBOR + 1.160%, 01/20/23 (b)		39,000		39,612
3.300%, 01/11/23		640,000		659,751
3.366%, 3M LIBOR + 0.810%, 01/23/26 (b)		73,000		75,287
3.419%, 3M LIBOR + 1.040%, 12/20/28 (b)		7,845,000		8,078,567
3.458%, 3M LIBOR + 0.970%, 03/15/25 (b)		1,688,000		1,751,167
3.499%, 3M LIBOR + 0.630%, 05/17/22 (b)		2,359,000		2,405,618
3.500%, 04/19/26		445,000		465,814
3.705%, 3M LIBOR + 1.512%, 04/24/28 (b)		5,855,000		6,149,168
3.824%, 3M LIBOR + 1.575%, 01/20/28 (b)		3,790,000		4,010,474
3.950%, 04/21/25		172,000		180,254
3.970%, 3M LIBOR + 1.070%, 03/05/29 (b)		263,000		281,143
3.974%, 3M LIBOR + 1.210%, 02/07/30 (b)		480,000		514,069
4.183%, 11/25/27		315,000		334,156
4.200%, 08/26/24		758,000		805,876
4.450%, 03/03/26		3,022,000		3,258,441
5.875%, 3M LIBOR + 2.931%, 03/15/28 (b) (f)		3,550,000		3,705,490
Bank of Montreal 1.900%, 08/27/21		57,000		56,628
2.900%, 03/26/22		379,000		384,970
3.100%, 04/13/21 (f)		118,000		119,789

Banks—(Continued)
Bank of New York Mellon Corp. (The) 2.500%, 04/15/21		104,000		104,546
2.800%, 05/04/26		285,000		287,687
3.442%, 3M LIBOR + 1.069%, 02/07/28 (b)		1,339,000		1,393,649
3.500%, 04/28/23		270,000		281,476
4.625%, 3M LIBOR + 3.131%, 09/20/26 (b)		1,770,000		1,762,407
4.950%, 3M LIBOR + 3.420%, 06/20/20 (b)		830,000		839,993
Barclays plc 4.950%, 01/10/47		1,061,000		1,117,315
4.972%, 3M LIBOR + 1.902%, 05/16/29 (b)		2,460,000		2,622,574
BNP Paribas S.A. 3.500%, 03/01/23 (144A)		4,050,000		4,164,562
4.705%, 3M LIBOR + 2.235%, 01/10/25 (144A) (b)		965,000		1,037,054
7.000%, 5Y USD ICE Swap + 3.980%, 08/16/28 (144A) (b)		1,635,000		1,745,363
7.375%, 5Y USD Swap + 5.150%, 08/19/25 (144A) (b)		2,175,000		2,416,969
7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (b)		2,645,000		2,800,394
Capital One Financial Corp. 4.750%, 07/15/21		142,000		148,397
Citibank N.A. 3.400%, 07/23/21		3,390,000		3,461,192
3.650%, 01/23/24		6,845,000		7,191,862
Citigroup, Inc. 2.500%, 07/29/19		3,634,000		3,634,369
2.900%, 12/08/21		485,000		489,869
3.352%, 3M LIBOR + 0.897%, 04/24/25 (b)		134,000		138,355
3.668%, 3M LIBOR + 1.390%, 07/24/28 (b)		4,270,000		4,454,219
3.887%, 3M LIBOR + 1.563%, 01/10/28 (b)		3,870,000		4,092,609
4.400%, 06/10/25		1,530,000		1,632,832
4.450%, 09/29/27		1,425,000		1,535,601
Citizens Bank N.A. 2.250%, 03/02/20		6,026,000		6,020,463
Credit Agricole S.A. 8.125%, 5Y USD ICE Swap + 6.185%, 12/23/25 (144A) (b)		2,550,000		2,949,034
Credit Suisse Group AG 2.997%, 3M LIBOR + 1.200%, 12/14/23 (144A) (b)		3,250,000		3,276,357
4.207%, 3M LIBOR + 1.240%, 06/12/24 (144A) (b)		2,265,000		2,378,286
7.250%, 5Y USD ICE Swap + 4.332%, 09/12/25 (144A) (b)		3,000,000		3,225,000
7.500%, 5Y USD Swap + 4.600%, 07/17/23 (144A) (b)		3,000,000		3,220,710
Credit Suisse Group Funding Guernsey, Ltd. 3.800%, 09/15/22		1,223,000		1,267,419
Danske Bank A/S 5.000%, 01/12/22 (144A)		2,490,000		2,603,902
5.375%, 01/12/24 (144A)		2,330,000		2,517,330
Deutsche Bank AG 2.700%, 07/13/20		3,595,000		3,579,560
2.950%, 08/20/20		325,000		322,607
4.250%, 10/14/21		1,010,000		1,023,264
Fifth Third Bancorp 3.650%, 01/25/24		610,000		640,957

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Banks—(Continued)
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21		4,120,000	$	4,112,174
2.550%, 10/23/19		4,660,000		4,661,686
2.750%, 09/15/20		1,326,000		1,331,181
2.905%, 3M LIBOR + 0.990%, 07/24/23 (b)		24,000		24,223
3.688%, 3M LIBOR + 1.170%, 05/15/26 (b)		1,310,000		1,291,667
3.691%, 3M LIBOR + 1.510%, 06/05/28 (b)		4,245,000		4,383,953
3.850%, 01/26/27		2,575,000		2,691,578
4.017%, 3M LIBOR + 1.373%, 10/31/38 (b)		995,000		1,024,277
4.223%, 3M LIBOR + 1.301%, 05/01/29 (b)		525,000		562,726
5.250%, 07/27/21		8,000		8,449
HSBC Holdings plc 3.950%, 3M LIBOR + 0.987%, 05/18/24 (b)		745,000		779,143
3.973%, 3M LIBOR + 1.610%, 05/22/30 (b)		220,000		229,536
4.041%, 3M LIBOR + 1.546%, 03/13/28 (b)		3,080,000		3,234,030
5.100%, 04/05/21		1,600,000		1,671,692
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (b)		3,575,000		3,655,437
6.500%, 5Y USD ICE Swap + 3.606%, 03/23/28 (b)		290,000		304,001
HSBC USA, Inc. 2.350%, 03/05/20		4,175,000		4,175,047
ING Groep NV 3.550%, 04/09/24		1,435,000		1,483,723
4.100%, 10/02/23		4,065,000		4,292,392
Itau Unibanco Holding S.A. 6.125%, 5Y H15 + 3.981%, 12/12/22 (144A) (b)		400,000		407,300
6.500%, 5Y H15 + 3.863%, 03/19/23 (144A) (b)		200,000		204,960
JPMorgan Chase & Co. 2.550%, 03/01/21		1,969,000		1,972,825
2.700%, 05/18/23		837,000		845,262
2.972%, 01/15/23		3,474,000		3,520,559
3.207%, 3M LIBOR + 0.695%, 04/01/23 (b)		5,300,000		5,406,435
3.220%, 3M LIBOR + 1.155%, 03/01/25 (b)		12,000		12,340
3.250%, 09/23/22		23,000		23,620
3.509%, 3M LIBOR + 0.945%, 01/23/29 (b)		49,000		51,007
3.514%, 3M LIBOR + 0.610%, 06/18/22 (b)		1,280,000		1,307,678
3.540%, 3M LIBOR + 1.380%, 05/01/28 (b)		5,990,000		6,232,241
3.559%, 1M LIBOR + 0.730%, 04/23/24 (b)		735,000		761,736
3.702%, 3M LIBOR + 1.160%, 05/06/30 (b)		935,000		985,424
3.782%, 3M LIBOR + 1.337%, 02/01/28 (b)		7,660,000		8,116,989
3.797%, 3M LIBOR + 0.890%, 07/23/24 (b)		3,998,000		4,192,845
3.882%, 3M LIBOR + 1.360%, 07/24/38 (b)		588,000		615,786
4.023%, 3M LIBOR + 1.000%, 12/05/24 (b)		4,622,000		4,907,955
4.125%, 12/15/26		435,000		465,383
4.203%, 3M LIBOR + 1.260%, 07/23/29 (b)		2,210,000		2,415,148
4.452%, 3M LIBOR + 1.330%, 12/05/29 (b)		36,000		40,038
4.625%, 05/10/21		1,731,000		1,801,609
KeyBank N.A. 3.350%, 06/15/21		440,000		448,900
KeyCorp 4.150%, 10/29/25		356,000		385,441
Lloyds Banking Group plc 3.750%, 01/11/27		1,715,000		1,746,991
4.450%, 05/08/25		235,000		250,056
Mitsubishi UFJ Financial Group, Inc. 2.665%, 07/25/22		60,000		60,330

Banks—(Continued)
Mitsubishi UFJ Financial Group, Inc.
2.998%, 02/22/22		256,000		259,932
3.287%, 07/25/27		278,000		287,041
3.455%, 03/02/23		8,320,000		8,550,607
3.535%, 07/26/21		265,000		270,882
3.850%, 03/01/26		375,000		397,813
4.050%, 09/11/28		340,000		372,664
Mizuho Financial Group, Inc. 2.273%, 09/13/21		942,000		938,665
2.632%, 04/12/21 (144A)		1,805,000		1,810,189
2.953%, 02/28/22		7,655,000		7,740,506
Morgan Stanley 2.750%, 05/19/22		4,417,000		4,462,850
3.591%, 3M LIBOR + 1.340%, 07/22/28 (b)		5,530,000		5,755,519
3.625%, 01/20/27		6,130,000		6,438,650
3.772%, 3M LIBOR + 1.140%, 01/24/29 (b) (f)		3,093,000		3,258,709
6.250%, 08/09/26		1,661,000		1,992,396
Nordea Bank Abp 2.125%, 05/29/20 (144A)		2,810,000		2,803,860
6.625%, 5Y H15 + 4.110%, 03/26/26 (144A) (b)		1,930,000		2,036,150
Royal Bank of Scotland Group plc 3.498%, 3M LIBOR + 1.480%, 05/15/23 (b)		1,370,000		1,384,802
4.445%, 3M LIBOR + 1.871%, 05/08/30 (b)		240,000		248,953
4.892%, 3M LIBOR + 1.754%, 05/18/29 (b)		310,000		330,880
5.076%, 3M LIBOR + 1.905%, 01/27/30 (b)		315,000		341,472
Santander UK Group Holdings plc 2.875%, 08/05/21		1,905,000		1,906,086
Santander UK plc 5.000%, 11/07/23 (144A)		3,760,000		3,965,474
Standard Chartered plc 4.247%, 3M LIBOR + 1.150%, 01/20/23 (144A) (b)		4,865,000		5,019,320
State Street Corp. 2.650%, 05/19/26		1,071,000		1,073,141
5.250%, 3M LIBOR + 3.597%, 09/15/20 (b)		840,000		861,664
5.625%, 3M LIBOR + 2.539%, 12/15/23 (b)		2,815,000		2,852,186
Sumitomo Mitsui Trust Bank, Ltd. 1.950%, 09/19/19 (144A)		5,465,000		5,458,825
SunTrust Bank 2.800%, 05/17/22		1,100,000		1,113,867
Svenska Handelsbanken AB 1.875%, 09/07/21		1,200,000		1,190,328
3.350%, 05/24/21		530,000		539,721
Toronto-Dominion Bank (The) 3.500%, 07/19/23		1,020,000		1,069,664
U.S. Bancorp 2.950%, 07/15/22		1,400,000		1,427,873
U.S. Bank N.A. 3.104%, 3M LIBOR + 0.290%, 05/21/21 (b)		1,050,000		1,057,269
UBS Group Funding Switzerland AG 2.859%, 3M LIBOR + 0.954%, 08/15/23 (144A) (b)		3,575,000		3,607,582
2.950%, 09/24/20 (144A)		675,000		679,369
4.125%, 09/24/25 (144A)		2,330,000		2,485,261
7.000%, 5Y USD Swap + 4.344%, 01/31/24 (144A) (b)		3,070,000		3,258,038
Wells Fargo & Co. 2.100%, 07/26/21		200,000		198,974

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Banks—(Continued)
Wells Fargo & Co.
2.500%, 03/04/21		4,185,000	$	4,193,135
2.600%, 07/22/20		785,000		787,538
2.625%, 07/22/22 (f)		2,744,000		2,764,863
3.000%, 04/22/26		770,000		778,632
3.500%, 03/08/22		747,000		768,347
3.550%, 09/29/25		147,000		153,374
3.584%, 3M LIBOR + 1.310%, 05/22/28 (b)		3,197,000		3,339,415
3.750%, 01/24/24		6,024,000		6,330,914
Wells Fargo Bank N.A. 3.325%, 3M LIBOR + 0.490%, 07/23/21 (b)		350,000		353,292
3.550%, 08/14/23		2,165,000		2,258,440

				328,653,950


Beverages—0.6%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.700%, 02/01/36		6,620,000		7,279,792
4.900%, 02/01/46		1,587,000		1,763,896
Anheuser-Busch InBev Worldwide, Inc. 4.750%, 01/23/29		5,560,000		6,298,167
Keurig Dr Pepper, Inc. 3.551%, 05/25/21		840,000		857,714
4.057%, 05/25/23		1,227,000		1,287,694
PepsiCo, Inc. 3.450%, 10/06/46		815,000		836,960
4.000%, 05/02/47 (f)		925,000		1,039,596

				19,363,819


Biotechnology—0.4%
Amgen, Inc. 4.400%, 05/01/45		2,213,000		2,353,095
Baxalta, Inc. 5.250%, 06/23/45		268,000		321,997
Celgene Corp. 2.750%, 02/15/23		1,543,000		1,556,130
3.250%, 08/15/22		1,160,000		1,192,107
3.250%, 02/20/23		1,910,000		1,956,953
3.550%, 08/15/22		1,130,000		1,169,548
3.625%, 05/15/24		14,000		14,692
3.950%, 10/15/20		240,000		244,620
Gilead Sciences, Inc. 3.500%, 02/01/25		2,205,000		2,312,149
4.000%, 09/01/36		516,000		543,418
4.600%, 09/01/35		1,040,000		1,169,923
4.800%, 04/01/44		239,000		272,059
University of Texas System 3.672%, 04/01/49		1,512,000		1,554,508

				14,661,199


Building Materials—0.0%
Cemex S.A.B. de C.V. 3.720%, 03/15/20		141,000		140,569
Johnson Controls International plc 4.625%, 07/02/44		455,000		466,586

Building Materials—(Continued)
Johnson Controls International plc
5.125%, 09/14/45		47,000		51,285

				658,440


Chemicals—0.5%
Air Liquide Finance S.A. 2.500%, 09/27/26 (144A)		291,000		286,144
Braskem Netherlands Finance B.V. 4.500%, 01/10/28 (144A)		466,000		471,359
Cydsa S.A.B. de C.V. 6.250%, 10/04/27 (144A)		840,000		838,748
Dow Chemical Co. (The) 3.000%, 11/15/22		79,000		80,059
3.150%, 05/15/24 (144A) (f)		840,000		856,303
3.625%, 05/15/26 (144A)		810,000		839,453
4.375%, 11/15/42		1,509,000		1,524,676
4.550%, 11/30/25 (144A)		230,000		250,393
9.000%, 04/01/21		1,125,000		1,248,180
DuPont de Nemours, Inc. 4.493%, 11/15/25		4,562,000		5,045,166
5.419%, 11/15/48		3,060,000		3,720,154
SABIC Capital II B.V. 4.000%, 10/10/23 (144A)		527,000		547,421
Sherwin-Williams Co. (The) 4.000%, 12/15/42		240,000		232,505
4.500%, 06/01/47		330,000		351,576
Sociedad Quimica y Minera de Chile S.A. 4.250%, 05/07/29 (144A)		429,000		451,737

				16,743,874


Commercial Services—0.3%
Adani Ports & Special Economic Zone, Ltd. 4.375%, 07/03/29 (144A)		272,000		275,740
George Washington University (The) 4.126%, 09/15/48		986,000		1,105,885
RELX Capital, Inc. 3.500%, 03/16/23		2,215,000		2,286,612
4.000%, 03/18/29		1,430,000		1,510,170
Total System Services, Inc. 3.750%, 06/01/23		595,000		613,922
3.800%, 04/01/21		550,000		560,045
4.800%, 04/01/26		2,510,000		2,756,855
University of Notre Dame du Lac 3.394%, 02/15/48		800,000		820,665
University of Southern California 3.028%, 10/01/39		115,000		112,803
Wesleyan University 4.781%, 07/01/2116		536,000		602,822

				10,645,519


Computers—0.5%
Apple, Inc. 2.700%, 05/13/22 (f)		331,000		336,997
3.000%, 02/09/24		1,525,000		1,575,857
3.450%, 02/09/45		408,000		406,480

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Computers—(Continued)
Apple, Inc.
3.850%, 05/04/43		5,276,000	$	5,598,839
4.375%, 05/13/45		295,000		335,838
Dell International LLC / EMC Corp. 4.420%, 06/15/21 (144A)		1,055,000		1,086,496
4.900%, 10/01/26 (144A)		210,000		218,971
IBM Credit LLC 3.450%, 11/30/20		1,370,000		1,392,483
International Business Machines Corp. 2.900%, 11/01/21		592,000		600,637
3.000%, 05/15/24		430,000		441,628
3.300%, 05/15/26		4,465,000		4,622,987
3.625%, 02/12/24		500,000		525,720
4.150%, 05/15/39 (f)		485,000		516,882
4.700%, 02/19/46		115,000		131,440

				17,791,255


Diversified Financial Services—0.8%
American Express Co. 2.500%, 08/01/22		1,288,000		1,295,720
3.125%, 05/20/26		2,100,000		2,155,221
3.700%, 08/03/23		1,295,000		1,358,832
4.200%, 11/06/25		905,000		987,837
American Express Credit Corp. 2.250%, 08/15/19		1,959,000		1,958,557
2.250%, 05/05/21		242,000		242,010
Capital One Financial Corp. 3.450%, 04/30/21		510,000		519,133
3.750%, 03/09/27		680,000		701,666
3.900%, 01/29/24		3,482,000		3,655,844
Charles Schwab Corp. (The) 3.200%, 03/02/27		800,000		823,633
CME Group, Inc. 3.000%, 09/15/22		16,000		16,420
3.750%, 06/15/28		85,000		92,580
Credito Real S.A.B. de C.V. 9.125%, 5Y H15 + 7.026%, 11/29/22 (144A) (b)		200,000		202,152
Credivalores-Crediservicios SAS 9.750%, 07/27/22 (144A)		655,000		644,527
Discover Financial Services 4.100%, 02/09/27		383,000		398,792
GE Capital International Funding Co. 4.418%, 11/15/35		1,915,000		1,888,496
Intercontinental Exchange, Inc. 3.100%, 09/15/27		500,000		509,745
3.750%, 12/01/25		580,000		619,489
3.750%, 09/21/28		1,350,000		1,454,456
4.250%, 09/21/48		255,000		284,047
Mastercard, Inc. 2.950%, 11/21/26		495,000		510,120
2.950%, 06/01/29		1,955,000		2,017,464
3.650%, 06/01/49		350,000		370,905
Synchrony Financial 2.700%, 02/03/20		1,079,000		1,079,067
4.375%, 03/19/24		440,000		460,534

Diversified Financial Services—(Continued)
Tarjeta Naranja S.A. 51.583%, BADLAR + 3.500%, 04/11/22 (144A) (b)		1,016,000		325,120
Unifin Financiera S.A.B. de C.V. 8.875%, 5Y H15 + 6.308%, 01/29/25 (144A) (b)		529,000		485,363
Visa, Inc. 4.150%, 12/14/35		876,000		1,007,284
4.300%, 12/14/45		525,000		620,594

				26,685,608


Electric—2.5%
AEP Texas, Inc. 3.950%, 06/01/28		2,490,000		2,660,135
AEP Transmission Co. LLC 4.250%, 09/15/48		1,165,000		1,276,842
AES Panama SRL 6.000%, 06/25/22 (144A)		213,000		219,124
Alabama Power Co. 3.750%, 03/01/45		1,220,000		1,251,969
4.150%, 08/15/44		240,000		258,604
4.300%, 07/15/48 (f)		1,215,000		1,360,499
Alliant Energy Finance LLC 3.750%, 06/15/23 (144A)		525,000		545,020
Ameren Illinois Co. 3.800%, 05/15/28		800,000		857,473
Baltimore Gas & Electric Co. 3.500%, 08/15/46		990,000		980,884
3.750%, 08/15/47		715,000		729,392
4.250%, 09/15/48		580,000		642,244
Berkshire Hathaway Energy Co. 5.950%, 05/15/37		54,000		70,293
6.125%, 04/01/36		106,000		141,722
Black Hills Corp. 3.950%, 01/15/26		525,000		547,359
CenterPoint Energy Houston Electric LLC 3.550%, 08/01/42		135,000		135,182
3.950%, 03/01/48		410,000		441,298
Commonwealth Edison Co. 2.950%, 08/15/27		330,000		334,483
Consumers Energy Co. 3.375%, 08/15/23		12,000		12,460
3.750%, 02/15/50		785,000		826,266
3.800%, 11/15/28		152,000		165,991
3.950%, 07/15/47		175,000		189,046
4.050%, 05/15/48		390,000		429,582
Dayton Power & Light Co. 3.950%, 06/15/49 (144A)		1,020,000		1,051,191
DTE Electric Co. 4.050%, 05/15/48		1,538,000		1,704,355
DTE Energy Co. 3.700%, 08/01/23		820,000		854,450
Duke Energy Carolinas LLC 3.050%, 03/15/23		255,000		262,484
3.700%, 12/01/47		1,035,000		1,055,807
3.875%, 03/15/46		245,000		257,153
3.950%, 11/15/28		1,320,000		1,436,201
3.950%, 03/15/48		474,000		499,430

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Electric—(Continued)
Duke Energy Carolinas LLC
4.000%, 09/30/42		175,000	$	187,694
5.300%, 02/15/40		425,000		529,133
Duke Energy Florida LLC 3.400%, 10/01/46		570,000		555,824
3.800%, 07/15/28		815,000		877,654
6.400%, 06/15/38		755,000		1,056,452
Duke Energy Ohio, Inc. 3.650%, 02/01/29		2,450,000		2,639,137
Duke Energy Progress LLC 3.000%, 09/15/21		480,000		487,861
3.250%, 08/15/25		1,145,000		1,189,078
3.700%, 09/01/28		2,540,000		2,717,806
4.100%, 05/15/42		910,000		974,557
4.100%, 03/15/43		390,000		418,371
Entergy Corp. 2.950%, 09/01/26		160,000		159,975
Entergy Louisiana LLC 4.200%, 09/01/48		1,355,000		1,496,928
5.400%, 11/01/24		405,000		466,248
Eskom Holdings SOC, Ltd. 5.750%, 01/26/21 (144A) (f)		720,000		725,748
6.750%, 08/06/23 (144A)		628,000		657,310
7.125%, 02/11/25 (144A)		664,000		695,730
Eversource Energy 2.900%, 10/01/24		405,000		411,468
Exelon Corp. 4.450%, 04/15/46		300,000		318,897
4.950%, 06/15/35		331,000		370,072
FirstEnergy Transmission LLC 4.350%, 01/15/25 (144A)		3,915,000		4,199,760
4.550%, 04/01/49 (144A)		885,000		966,725
Florida Power & Light Co. 2.965%, 3M LIBOR + 0.400%, 05/06/22 (b)		6,495,000		6,497,945
3.950%, 03/01/48		1,278,000		1,396,951
4.125%, 06/01/48		1,320,000		1,479,551
Generacion Mediterranea S.A. / Generacion Frias S.A. / Central Termica Roca S.A. 9.625%, 07/27/23 (144A)		766,000		641,533
Indiana Michigan Power Co. 3.750%, 07/01/47		335,000		338,202
Inkia Energy, Ltd. 5.875%, 11/09/27 (144A)		349,000		358,165
Kansas City Power & Light Co. 4.200%, 03/15/48		1,210,000		1,323,435
Mid-Atlantic Interstate Transmission LLC 4.100%, 05/15/28 (144A)		445,000		473,562
MidAmerican Energy Co. 4.400%, 10/15/44		857,000		974,648
Northern States Power Co. 3.400%, 08/15/42 (f)		1,370,000		1,352,960
4.000%, 08/15/45		590,000		627,820
4.200%, 09/01/48		630,000		681,398
NRG Energy, Inc. 3.750%, 06/15/24 (144A)		130,000		133,493
4.450%, 06/15/29 (144A)		440,000		457,581

Electric—(Continued)
NSTAR Electric Co. 3.200%, 05/15/27		273,000		281,086
Ohio Power Co. 4.000%, 06/01/49		605,000		650,956
6.600%, 02/15/33		955,000		1,296,098
Oklahoma Gas & Electric Co. 3.300%, 03/15/30		2,175,000		2,208,940
Oncor Electric Delivery Co. LLC 3.700%, 11/15/28 (144A) (f)		1,020,000		1,097,890
3.800%, 09/30/47		380,000		396,912
3.800%, 06/01/49 (144A)		290,000		305,683
4.100%, 11/15/48		135,000		150,886
4.550%, 12/01/41		655,000		761,405
Orazul Energy Egenor S. en C. por A. 5.625%, 04/28/27 (144A)		549,000		558,388
PacifiCorp 4.125%, 01/15/49		1,771,000		1,951,140
Public Service Electric & Gas Co. 3.650%, 09/01/28		1,780,000		1,907,244
Southwestern Public Service Co. 3.750%, 06/15/49		265,000		268,746
Stoneway Capital Corp. 10.000%, 03/01/27		609,908		574,844
10.000%, 03/01/27 (144A)		1,189,274		1,120,903
Tampa Electric Co. 4.300%, 06/15/48		260,000		278,175
4.450%, 06/15/49		680,000		757,437
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A)		1,975,000		2,086,737
Union Electric Co. 3.500%, 03/15/29		1,050,000		1,111,881
Virginia Electric & Power Co. 2.750%, 03/15/23		1,525,000		1,546,092
3.500%, 03/15/27		2,276,000		2,397,030
4.000%, 01/15/43		1,650,000		1,741,413
4.000%, 11/15/46		1,555,000		1,639,720
Vistra Operations Co. LLC 4.300%, 07/15/29 (144A)		1,165,000		1,181,805

				86,308,022


Electronics—0.1%
Agilent Technologies, Inc. 3.050%, 09/22/26		2,080,000		2,098,236
3.875%, 07/15/23		172,000		179,835
Amphenol Corp. 4.350%, 06/01/29		153,000		165,978
Honeywell International, Inc. 3.812%, 11/21/47		395,000		420,927
Tyco Electronics Group S.A. 3.125%, 08/15/27		645,000		646,076
3.450%, 08/01/24		101,000		104,821

				3,615,873

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Engineering & Construction—0.0%
Aeropuertos Dominicanos Siglo S.A. 6.750%, 03/30/29 (144A)		279,000	$	293,299


Environmental Control—0.2%
Republic Services, Inc. 2.900%, 07/01/26		750,000		753,699
3.950%, 05/15/28		1,540,000		1,660,490
4.750%, 05/15/23		1,484,000		1,601,306
Waste Management, Inc. 3.125%, 03/01/25		280,000		289,201
3.900%, 03/01/35		462,000		493,385
4.000%, 07/15/39		1,550,000		1,664,483
4.150%, 07/15/49		855,000		938,818

				7,401,382


Food—0.1%
BRF GmbH 4.350%, 09/29/26 (144A) (f)		582,000		561,630
Grupo Bimbo S.A.B. de C.V. 5.950%, 5Y H15 + 3.280%, 04/17/23 (144A) (b)		519,000		544,898
Marfrig Holdings Europe B.V. 8.000%, 06/08/23 (144A)		512,000		533,120
Tyson Foods, Inc. 3.550%, 06/02/27		930,000		963,399
4.000%, 03/01/26		505,000		536,798
5.100%, 09/28/48		200,000		225,571

				3,365,416


Forest Products & Paper—0.2%
Celulosa Arauco y Constitucion S.A. 4.250%, 04/30/29 (144A)		325,000		341,900
Eldorado Intl. Finance GmbH 8.625%, 06/16/21 (144A)		609,000		638,765
Georgia-Pacific LLC 3.600%, 03/01/25 (144A)		228,000		239,299
3.734%, 07/15/23 (144A)		1,071,000		1,120,437
5.400%, 11/01/20 (144A)		935,000		972,332
7.375%, 12/01/25		160,000		202,590
7.750%, 11/15/29		350,000		495,388
International Paper Co. 6.000%, 11/15/41		1,100,000		1,288,212
Klabin Finance S.A. 4.875%, 09/19/27 (144A)		1,024,000		1,043,200
Suzano Austria GmbH 5.000%, 01/15/30 (144A)		200,000		202,810
6.000%, 01/15/29 (144A)		881,000		960,290
7.000%, 03/16/47 (144A)		514,000		584,675

				8,089,898


Gas—0.1%
Atmos Energy Corp. 4.125%, 03/15/49		380,000		419,187
Dominion Energy Gas Holdings LLC 4.600%, 12/15/44		370,000		413,396

Gas—(Continued)
Dominion Energy Gas Holdings LLC
4.800%, 11/01/43		265,000		298,525
NiSource, Inc. 3.490%, 05/15/27		1,825,000		1,886,934

				3,018,042


Healthcare-Products—0.5%
Abbott Laboratories 3.400%, 11/30/23		350,000		364,937
3.750%, 11/30/26		3,709,000		4,008,527
Becton Dickinson & Co. 2.675%, 12/15/19		3,000,000		3,000,909
3.300%, 03/01/23		20,000		20,219
Covidien International Finance S.A. 2.950%, 06/15/23		870,000		890,286
Medtronic, Inc. 3.500%, 03/15/25		1,650,000		1,749,073
4.375%, 03/15/35		3,410,000		3,923,638
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26		4,120,000		4,147,520

				18,105,109


Healthcare-Services—0.9%
Aetna, Inc. 4.125%, 11/15/42		475,000		443,925
4.500%, 05/15/42		881,000		871,802
4.750%, 03/15/44		690,000		702,657
Anthem, Inc. 3.500%, 08/15/24		175,000		181,651
4.101%, 03/01/28		555,000		592,136
Baylor Scott & White Holdings 4.185%, 11/15/45		775,000		851,111
CHRISTUS Health 4.341%, 07/01/28		842,000		935,146
Cigna Holding Co. 3.250%, 04/15/25		902,000		916,717
CommonSpirit Health 4.350%, 11/01/42		550,000		552,409
Dignity Health 2.637%, 11/01/19		760,000		759,169
3.812%, 11/01/24		470,000		494,753
HCA, Inc. 4.125%, 06/15/29		820,000		839,062
4.500%, 02/15/27		49,000		52,256
4.750%, 05/01/23		1,529,000		1,629,656
5.000%, 03/15/24		1,220,000		1,328,513
5.250%, 04/15/25		2,510,000		2,782,361
5.250%, 06/15/26		241,000		266,742
5.875%, 03/15/22		1,990,000		2,174,317
Kaiser Foundation Hospitals 3.500%, 04/01/22		837,000		865,841
Laboratory Corp. of America Holdings 2.625%, 02/01/20		1,583,000		1,583,940
Montefiore Obligated Group 5.246%, 11/01/48		980,000		1,085,936

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Healthcare-Services—(Continued)
Ochsner Clinic Foundation 5.897%, 05/15/45		617,000	$	804,808
PeaceHealth Obligated Group 4.787%, 11/15/48		131,000		158,078
Providence St Joseph Health Obligated Group 3.930%, 10/01/48		708,000		740,395
SSM Health Care Corp. 3.688%, 06/01/23		953,000		993,200
Sutter Health 3.695%, 08/15/28		925,000		986,932
Tenet Healthcare Corp. 4.750%, 06/01/20		101,000		102,010
6.000%, 10/01/20		411,000		423,844
UnitedHealth Group, Inc. 3.100%, 03/15/26		305,000		313,999
3.700%, 12/15/25		1,055,000		1,122,878
3.750%, 07/15/25		4,257,000		4,548,764
3.750%, 10/15/47		804,000		823,069
3.850%, 06/15/28		384,000		415,842
4.450%, 12/15/48		255,000		291,920
4.625%, 07/15/35		192,000		220,703
4.625%, 11/15/41		596,000		678,725
5.950%, 02/15/41		58,000		76,539

				32,611,806


Holding Companies-Diversified—0.0%
Grupo KUO S.A.B. de C.V. 5.750%, 07/07/27 (144A)		1,068,000		1,084,020


Household Durables—0.0%
William Lyon Homes, Inc. 6.000%, 09/01/23		360,000		365,400


Household Products/Wares—0.0%
Clorox Co. (The) 3.100%, 10/01/27		260,000		266,066


Insurance—0.6%
Ambac Assurance Corp. 5.100%, 06/07/20 (144A)		162,922		230,534
Ambac LSNI LLC 7.319%, 3M LIBOR + 5.000%, 02/12/23 (144A) (b)		991,286		1,007,394
Aon Corp. 3.750%, 05/02/29		2,050,000		2,137,696
4.500%, 12/15/28		2,285,000		2,513,675
Aon plc 4.750%, 05/15/45 (f)		325,000		362,748
AXA Equitable Holdings, Inc. 3.900%, 04/20/23		260,000		270,781
5.000%, 04/20/48		410,000		422,601
Berkshire Hathaway Finance Corp. 4.250%, 01/15/49		425,000		477,593
Hartford Financial Services Group, Inc. (The) 4.300%, 04/15/43		325,000		343,263

Insurance—(Continued)
Marsh & McLennan Cos., Inc. 3.500%, 06/03/24		2,605,000		2,714,993
4.050%, 10/15/23		680,000		717,222
4.200%, 03/01/48 (f)		1,215,000		1,291,778
4.350%, 01/30/47		51,000		55,236
4.375%, 03/15/29		1,278,000		1,412,219
Principal Financial Group, Inc. 3.700%, 05/15/29		595,000		623,157
Prudential Financial, Inc. 3.878%, 03/27/28		1,790,000		1,945,097
Travelers Cos., Inc. (The) 4.600%, 08/01/43		795,000		941,002
6.250%, 06/15/37		15,000		20,640
Trinity Acquisition plc 4.400%, 03/15/26		515,000		547,573
Willis North America, Inc. 3.600%, 05/15/24		2,565,000		2,650,747

				20,685,949


Internet—0.1%
Alibaba Group Holding, Ltd. 3.600%, 11/28/24		1,400,000		1,459,676
Amazon.com, Inc. 3.875%, 08/22/37		1,650,000		1,818,797
Baidu, Inc. 4.375%, 05/14/24		915,000		969,653

				4,248,126


Iron/Steel—0.1%
ArcelorMittal 4.550%, 03/11/26		157,000		165,852
6.125%, 06/01/25		13,000		14,771
Evraz plc 5.250%, 04/02/24 (144A)		488,000		507,793
Novolipetsk Steel Via Steel Funding DAC 4.700%, 05/30/26 (144A)		513,000		523,350
Nucor Corp. 5.200%, 08/01/43		356,000		423,016
Steel Dynamics, Inc. 5.125%, 10/01/21		1,086,000		1,097,316
Vale Overseas, Ltd. 4.375%, 01/11/22 (f)		409,000		421,376

				3,153,474


Machinery-Diversified—0.0%
CNH Industrial NV 3.850%, 11/15/27		270,000		269,495


Media—1.4%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.579%, 07/23/20		1,140,000		1,150,061
4.500%, 02/01/24		1,685,000		1,793,464
4.908%, 07/23/25		2,202,000		2,389,282

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Media—(Continued)
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
5.375%, 04/01/38		620,000	$	663,380
6.384%, 10/23/35		4,053,000		4,756,387
6.484%, 10/23/45		1,790,000		2,107,156
Comcast Corp. 3.150%, 03/01/26		2,245,000		2,319,113
3.200%, 07/15/36		4,806,000		4,668,304
3.300%, 10/01/20		4,085,000		4,138,981
3.400%, 07/15/46		1,575,000		1,508,360
4.150%, 10/15/28		372,000		410,022
4.250%, 10/15/30		420,000		467,802
4.400%, 08/15/35		970,000		1,079,520
4.600%, 10/15/38		180,000		205,919
4.950%, 10/15/58		630,000		767,831
6.500%, 11/15/35		220,000		297,922
COX Communications, Inc. 3.150%, 08/15/24 (144A)		3,269,000		3,312,503
3.350%, 09/15/26 (144A)		241,000		243,511
Discovery Communications LLC 3.800%, 03/13/24		1,465,000		1,519,798
4.950%, 05/15/42		150,000		151,409
5.200%, 09/20/47		476,000		501,910
5.300%, 05/15/49		155,000		166,554
Fox Corp. 4.030%, 01/25/24 (144A)		590,000		627,276
4.709%, 01/25/29 (144A) (f)		985,000		1,098,864
Grupo Televisa S.A.B. 5.250%, 05/24/49		774,000		802,167
NBCUniversal Media LLC 4.450%, 01/15/43		915,000		1,002,781
5.950%, 04/01/41		920,000		1,207,034
6.400%, 04/30/40		31,000		41,906
Sirius XM Radio, Inc. 4.625%, 07/15/24 (144A)		388,000		397,033
Time Warner Cable LLC 4.125%, 02/15/21		580,000		590,671
4.500%, 09/15/42		161,000		151,274
5.000%, 02/01/20		1,055,000		1,068,845
5.500%, 09/01/41		588,000		615,915
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 5.000%, 01/15/25 (144A)		200,000		206,000
Viacom, Inc. 6.875%, 04/30/36		800,000		1,012,858
Walt Disney Co. (The) 5.400%, 10/01/43 (144A)		335,000		436,412
6.150%, 03/01/37 (144A)		1,050,000		1,425,346
6.200%, 12/15/34 (144A)		157,000		212,721
6.400%, 12/15/35 (144A)		1,284,000		1,759,677
6.650%, 11/15/37 (144A)		51,000		73,219
6.900%, 08/15/39 (144A)		70,000		103,075
Warner Media LLC 7.625%, 04/15/31		500,000		666,437

				48,118,700


Mining—0.1%
Anglo American Capital plc 3.625%, 09/11/24 (144A)		2,075,000		2,118,475
4.750%, 04/10/27 (144A)		1,100,000		1,164,627
Barrick Gold Corp. 5.250%, 04/01/42		580,000		680,185
BHP Billiton Finance USA, Ltd. 4.125%, 02/24/42		344,000		379,484
5.000%, 09/30/43		291,000		363,312
Largo Resources, Ltd. 9.250%, 06/01/21 (144A)		96,000		100,550

				4,806,633


Miscellaneous Manufacturing—0.2%
3M Co. 2.875%, 10/15/27		345,000		349,413
3.000%, 08/07/25		840,000		864,547
3.375%, 03/01/29		925,000		974,631
General Electric Co. 4.125%, 10/09/42		1,900,000		1,748,180
4.500%, 03/11/44		479,000		466,014
Textron, Inc. 3.650%, 03/15/27		640,000		655,249
3.900%, 09/17/29		1,337,000		1,397,821

				6,455,855


Oil & Gas—1.4%
Anadarko Petroleum Corp.
Zero Coupon, 10/10/36		3,000,000		1,415,653
BP Capital Markets America, Inc. 3.119%, 05/04/26		670,000		682,501
3.790%, 02/06/24		1,190,000		1,261,004
3.796%, 09/21/25		1,980,000		2,111,773
Cimarex Energy Co. 3.900%, 05/15/27		1,370,000		1,407,269
4.375%, 06/01/24		2,330,000		2,470,708
Concho Resources, Inc. 3.750%, 10/01/27		850,000		880,591
Continental Resources, Inc. 3.800%, 06/01/24		1,265,000		1,300,114
4.500%, 04/15/23		4,690,000		4,925,965
Devon Energy Corp. 4.000%, 07/15/21		9,000		9,230
5.850%, 12/15/25		1,200,000		1,428,791
Diamondback Energy, Inc. 4.750%, 11/01/24		450,000		461,812
Endeavor Energy Resources L.P. / EER Finance, Inc. 5.500%, 01/30/26 (144A)		250,000		259,062
EOG Resources, Inc. 3.900%, 04/01/35		130,000		136,511
4.150%, 01/15/26		262,000		285,206
Frontera Energy Corp. 9.700%, 06/25/23 (144A)		358,000		381,270
Gran Tierra Energy, Inc. 7.750%, 05/23/27 (144A)		412,000		405,408

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Oil & Gas—(Continued)
Hess Corp. 5.800%, 04/01/47		620,000	$	692,995
Marathon Petroleum Corp. 4.750%, 12/15/23		735,000		792,525
5.850%, 12/15/45		360,000		396,738
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.350%, 12/01/21 (144A)		316,142		312,980
Odebrecht Offshore Drilling Finance, Ltd. 6.720%, 12/01/22 (144A)		337,943		324,429
7.720%, PIK, 12/01/26 (144A) (h)		12,555		3,141
Petrobras Global Finance B.V. 7.250%, 03/17/44		1,852,000		2,071,481
8.750%, 05/23/26		540,000		666,830
Petroleos Mexicanos 5.350%, 02/12/28		1,529,000		1,391,543
5.625%, 01/23/46		1,255,000		1,010,902
6.375%, 02/04/21 (f)		1,277,000		1,310,202
6.500%, 03/13/27		10,084,000		9,944,841
6.750%, 09/21/47		127,000		113,093
6.875%, 08/04/26		1,143,000		1,155,001
Puma International Financing S.A. 5.000%, 01/24/26 (144A)		806,000		697,748
Saudi Arabian Oil Co. 3.500%, 04/16/29 (144A)		1,495,000		1,513,430
Shell International Finance B.V. 3.250%, 05/11/25		723,000		756,120
3.625%, 08/21/42		660,000		680,093
4.125%, 05/11/35		1,931,000		2,144,790
4.550%, 08/12/43		470,000		549,920
Transocean, Inc. 9.000%, 07/15/23 (144A)		509,000		542,085
Valero Energy Corp. 3.400%, 09/15/26		939,000		957,149
3.650%, 03/15/25		601,000		623,170

				48,474,074


Oil & Gas Services—0.2%
Halliburton Co. 3.800%, 11/15/25 (f)		5,305,000		5,559,984
5.000%, 11/15/45		234,000		255,033
Odebrecht Oil & Gas Finance, Ltd. Zero Coupon, 07/29/19 (144A)		63,301		538
Schlumberger Holdings Corp. 3.900%, 05/17/28 (144A)		2,250,000		2,338,059

				8,153,614


Packaging & Containers—0.0%
Klabin Austria GmbH 5.750%, 04/03/29 (144A) (f)		423,000		451,129


Pharmaceuticals—1.5%
AbbVie, Inc. 2.300%, 05/14/21		650,000		647,815
4.500%, 05/14/35		3,235,000		3,323,618

Pharmaceuticals—(Continued)
Allergan Funding SCS 3.800%, 03/15/25		4,818,000		4,997,575
4.550%, 03/15/35		2,115,000		2,133,819
Bayer U.S. Finance II LLC 2.850%, 04/15/25 (144A)		1,900,000		1,789,949
3.375%, 07/15/24 (144A)		285,000		286,448
3.600%, 07/15/42 (144A)		570,000		452,020
4.400%, 07/15/44 (144A)		7,000		6,523
Bayer U.S. Finance LLC 3.875%, 12/15/23 (144A)		1,000,000		1,036,076
Bristol-Myers Squibb Co. 3.200%, 06/15/26 (144A)		3,870,000		4,015,307
4.125%, 06/15/39 (144A)		395,000		427,866
Cigna Corp. 4.375%, 10/15/28 (144A)		1,990,000		2,146,184
4.800%, 08/15/38 (144A)		15,000		16,151
CVS Health Corp. 2.750%, 12/01/22		235,000		235,700
3.700%, 03/09/23		2,397,000		2,474,532
4.780%, 03/25/38		100,000		104,227
5.050%, 03/25/48		515,000		547,736
5.125%, 07/20/45		3,242,000		3,457,469
Eli Lilly & Co. 3.875%, 03/15/39		150,000		162,581
4.150%, 03/15/59		810,000		887,879
Express Scripts Holding Co. 3.900%, 02/15/22		695,000		718,205
GlaxoSmithKline Capital plc 3.375%, 06/01/29		1,375,000		1,453,246
GlaxoSmithKline Capital, Inc. 3.875%, 05/15/28		840,000		918,973
Johnson & Johnson 2.450%, 03/01/26		425,000		427,629
3.625%, 03/03/37		119,000		127,260
Merck & Co., Inc. 3.600%, 09/15/42		245,000		250,178
3.700%, 02/10/45		25,000		26,412
4.000%, 03/07/49		345,000		383,015
Novartis Capital Corp. 3.100%, 05/17/27		960,000		995,918
3.400%, 05/06/24		960,000		1,009,033
4.400%, 05/06/44		220,000		257,233
Pfizer, Inc. 4.100%, 09/15/38		208,000		229,188
4.200%, 09/15/48		2,000		2,248
4.300%, 06/15/43		94,000		105,843
Shire Acquisitions Investments Ireland DAC 1.900%, 09/23/19		6,480,000		6,469,956
2.875%, 09/23/23		352,000		355,295
3.200%, 09/23/26		1,982,000		2,001,467
Takeda Pharmaceutical Co., Ltd. 4.400%, 11/26/23 (144A)		1,035,000		1,108,493
5.000%, 11/26/28 (144A)		2,515,000		2,847,644
Teva Pharmaceutical Finance IV LLC 2.250%, 03/18/20		255,000		252,578

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Pharmaceuticals—(Continued)
Wyeth LLC 5.950%, 04/01/37		1,685,000	$	2,231,665
6.450%, 02/01/24		275,000		324,596

				51,645,550


Pipelines—2.3%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp. 4.250%, 12/01/27		4,635,000		4,893,826
5.200%, 12/01/47		1,240,000		1,311,525
5.250%, 01/15/25		100,000		105,796
5.500%, 10/15/19		2,260,000		2,270,507
Boardwalk Pipelines L.P. 4.800%, 05/03/29		425,000		443,350
Enbridge, Inc. 2.900%, 07/15/22 (f)		690,000		699,924
3.700%, 07/15/27		1,196,000		1,234,712
5.500%, 3M LIBOR + 3.418%, 07/15/77 (b)		1,510,000		1,460,110
Energy Transfer Operating L.P. 5.875%, 01/15/24		2,740,000		3,045,179
6.050%, 06/01/41		50,000		55,933
6.125%, 12/15/45		466,000		533,484
6.500%, 02/01/42		2,650,000		3,129,839
Enterprise Products Operating LLC
3.900%, 02/15/24		344,000		364,541
4.450%, 02/15/43		1,384,000		1,443,804
4.800%, 02/01/49		1,000		1,118
5.100%, 02/15/45		445,000		508,940
6.650%, 10/15/34		45,000		59,437
6.875%, 03/01/33		591,000		791,308
Kinder Morgan Energy Partners L.P.
5.000%, 03/01/43		190,000		199,067
5.800%, 03/15/35		585,000		674,406
6.375%, 03/01/41		260,000		313,870
6.500%, 02/01/37		910,000		1,092,048
6.950%, 01/15/38		170,000		217,792
Kinder Morgan, Inc.
3.050%, 12/01/19		2,040,000		2,043,657
3.150%, 01/15/23		2,530,000		2,572,703
4.300%, 03/01/28 (f)		2,339,000		2,504,347
5.050%, 02/15/46		3,265,000		3,559,463
5.550%, 06/01/45		170,000		196,575
MPLX L.P.
4.000%, 02/15/25		660,000		688,847
4.125%, 03/01/27		5,101,000		5,337,510
4.875%, 12/01/24		2,624,000		2,855,029
5.200%, 03/01/47		388,000		420,438
5.500%, 02/15/49		96,000		108,617
Northwest Pipeline LLC
4.000%, 04/01/27		2,735,000		2,862,350
Plains All American Pipeline L.P. / PAA Finance Corp.
3.650%, 06/01/22		280,000		286,701
Sabine Pass Liquefaction LLC
5.000%, 03/15/27		1,580,000		1,731,719
5.625%, 04/15/23		1,860,000		2,025,155

Pipelines—(Continued)
Sabine Pass Liquefaction LLC
5.625%, 03/01/25		3,414,000		3,821,989
5.750%, 05/15/24		3,380,000		3,757,565
5.875%, 06/30/26		1,871,000		2,137,302
Spectra Energy Partners L.P.
4.500%, 03/15/45		1,625,000		1,714,952
Sunoco Logistics Partners Operations L.P.
5.350%, 05/15/45		735,000		763,608
5.400%, 10/01/47		979,000		1,040,051
Texas Eastern Transmission L.P.
3.500%, 01/15/28 (144A)		1,240,000		1,259,510
4.150%, 01/15/48 (144A)		625,000		637,113
TransCanada PipeLines, Ltd.
4.250%, 05/15/28		825,000		890,765
4.875%, 01/15/26		2,815,000		3,105,772
5.850%, 03/15/36		265,000		318,285
6.100%, 06/01/40		1,170,000		1,463,419
Transcontinental Gas Pipe Line Co. LLC
4.000%, 03/15/28		1,750,000		1,825,669
4.600%, 03/15/48		240,000		254,378
7.850%, 02/01/26		895,000		1,142,355
Transportadora de Gas Internacional S.A. ESP
5.550%, 11/01/28 (144A)		427,000		479,734
Western Midstream Operating L.P.
4.000%, 07/01/22		710,000		719,005
4.650%, 07/01/26		391,000		396,255
Williams Cos., Inc. (The)
3.750%, 06/15/27		800,000		826,588
4.550%, 06/24/24		680,000		732,291
5.750%, 06/24/44		590,000		687,899
7.500%, 01/15/31		470,000		607,802

				80,625,934


Real Estate Investment Trusts—0.3%
American Tower Corp.
3.000%, 06/15/23		15,000		15,139
3.375%, 05/15/24		624,000		641,604
4.400%, 02/15/26		11,000		11,882
CC Holdings GS V LLC / Crown Castle GS III Corp.
3.849%, 04/15/23		716,000		747,764
Crown Castle International Corp.
3.200%, 09/01/24		2,930,000		2,990,627
3.400%, 02/15/21		13,000		13,175
3.650%, 09/01/27		480,000		494,082
3.700%, 06/15/26		1,420,000		1,474,125
4.300%, 02/15/29		266,000		285,987
4.875%, 04/15/22		56,000		59,540
PLA Administradora Industrial S de RL de C.V.
5.250%, 11/10/22 (144A)		519,000		538,463
Realty Income Corp.
4.125%, 10/15/26		770,000		831,894
Trust F/1401
4.869%, 01/15/30 (144A)		433,000		436,334
6.390%, 01/15/50 (144A)		414,000		424,180

				8,964,796

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Retail—0.6%
Dollar General Corp.
4.125%, 05/01/28		52,000	$	55,317
Home Depot, Inc. (The)
2.800%, 09/14/27		349,000		353,834
2.950%, 06/15/29		530,000		542,825
3.500%, 09/15/56		515,000		507,591
3.900%, 12/06/28		425,000		468,527
4.200%, 04/01/43		130,000		144,340
4.500%, 12/06/48		265,000		312,828
5.400%, 09/15/40		423,000		531,321
5.875%, 12/16/36		409,000		542,243
5.950%, 04/01/41		202,000		273,602
Lowe’s Cos., Inc.
4.050%, 05/03/47		115,000		113,974
4.375%, 09/15/45		1,405,000		1,462,329
McDonald’s Corp.
3.625%, 05/01/43		255,000		245,030
3.700%, 01/30/26		1,185,000		1,259,271
3.700%, 02/15/42		575,000		561,532
4.450%, 03/01/47		355,000		388,852
4.875%, 12/09/45		1,965,000		2,263,612
6.300%, 03/01/38		130,000		169,174
Walgreens Boots Alliance, Inc.
3.450%, 06/01/26		4,560,000		4,605,568
4.800%, 11/18/44		114,000		113,486
Walmart, Inc.
3.250%, 07/08/29		1,456,000		1,535,087
3.550%, 06/26/25		1,370,000		1,463,009
3.950%, 06/28/38		1,439,000		1,601,882
4.000%, 04/11/43		716,000		786,450

			20,301,684


Semiconductors—1.1%
Analog Devices, Inc.
3.500%, 12/05/26		835,000		850,587
3.900%, 12/15/25		248,000		261,798
5.300%, 12/15/45		138,000		159,297
Applied Materials, Inc.
3.300%, 04/01/27		2,041,000		2,126,588
3.900%, 10/01/25		436,000		467,701
4.350%, 04/01/47		1,667,000		1,859,972
5.100%, 10/01/35		714,000		864,555
5.850%, 06/15/41		150,000		193,298
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
2.375%, 01/15/20		1,782,000		1,778,862
3.125%, 01/15/25		745,000		727,700
3.625%, 01/15/24		1,250,000		1,262,683
3.875%, 01/15/27		1,660,000		1,627,420
Broadcom, Inc.
4.250%, 04/15/26 (144A)		2,865,000		2,902,476
Intel Corp.
4.800%, 10/01/41 (f)		645,000		760,399
KLA Tencor Corp.
4.100%, 03/15/29		2,465,000		2,597,960
5.000%, 03/15/49		1,030,000		1,146,066

Semiconductors —(Continued)
Lam Research Corp.
2.750%, 03/15/20		1,335,000		1,336,139
3.750%, 03/15/26		1,325,000		1,390,603
4.875%, 03/15/49		740,000		819,259
NVIDIA Corp. 3.200%, 09/16/26		2,905,000		2,970,343
NXP B.V. / NXP Funding LLC 3.875%, 09/01/22 (144A)		221,000		227,241
3.875%, 06/18/26 (144A)		655,000		671,573
4.125%, 06/01/21 (144A)		3,362,000		3,439,662
4.300%, 06/18/29 (144A)		905,000		933,429
4.625%, 06/15/22 (144A)		715,000		748,963
4.625%, 06/01/23 (144A)		2,290,000		2,413,889
QUALCOMM, Inc. 4.650%, 05/20/35		1,305,000		1,456,050
Texas Instruments, Inc. 2.250%, 05/01/23		550,000		550,837
4.150%, 05/15/48		320,000		364,793

			36,910,143


Software—0.9%
Autodesk, Inc. 3.500%, 06/15/27		2,500,000		2,525,641
Fidelity National Information Services, Inc. 3.000%, 08/15/26		3,820,000		3,863,710
4.500%, 08/15/46		15,000		15,788
4.750%, 05/15/48		1,035,000		1,152,166
Fiserv, Inc. 3.200%, 07/01/26		3,860,000		3,937,169
3.850%, 06/01/25		440,000		465,457
4.200%, 10/01/28		1,830,000		1,982,869
Microsoft Corp. 3.450%, 08/08/36		4,100,000		4,334,536
3.500%, 02/12/35		1,614,000		1,717,877
3.700%, 08/08/46		3,415,000		3,673,201
Oracle Corp. 2.500%, 10/15/22		235,000		237,424
2.650%, 07/15/26		980,000		984,325
3.250%, 11/15/27		249,000		260,616
3.400%, 07/08/24		1,130,000		1,183,712
3.800%, 11/15/37		224,000		236,962
3.850%, 07/15/36		157,000		166,416
3.900%, 05/15/35		1,422,000		1,538,219
4.000%, 07/15/46		1,830,000		1,962,182
4.000%, 11/15/47		258,000		276,944
4.500%, 07/08/44		66,000		75,382

			30,590,596


Telecommunications—1.8%
AT&T, Inc.
Zero Coupon, 11/27/22 (144A)		4,000,000		3,651,134
3.200%, 03/01/22		21,000		21,445
3.400%, 05/15/25		82,000		84,251
3.600%, 07/15/25 (f)		820,000		849,827
3.800%, 03/15/22		2,000		2,074

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Telecommunications—(Continued)
AT&T, Inc.
4.125%, 02/17/26		385,000	$	409,393
4.300%, 02/15/30		6,299,000		6,726,397
4.350%, 06/15/45		2,464,000		2,452,617
4.500%, 05/15/35		1,569,000		1,642,862
4.650%, 06/01/44		440,000		451,912
4.800%, 06/15/44		135,000		142,429
4.850%, 07/15/45		1,980,000		2,108,564
5.150%, 02/15/50		669,000		736,276
5.300%, 08/15/58		115,000		128,838
6.000%, 08/15/40		1,383,000		1,642,242
6.350%, 03/15/40		132,000		162,428
Axtel S.A.B. de CV 6.375%, 11/14/24 (144A) (f)		386,000		393,241
C&W Senior Financing DAC 6.875%, 09/15/27 (144A) (f)		878,000		906,623
Cisco Systems, Inc. 2.950%, 02/28/26		144,000		148,397
Corning, Inc. 3.700%, 11/15/23		215,000		224,098
4.375%, 11/15/57		410,000		398,195
Deutsche Telekom International Finance B.V. 3.600%, 01/19/27 (144A)		175,000		179,333
4.375%, 06/21/28 (144A)		151,000		164,462
Digicel Group Two, Ltd. 8.250%, 09/30/22 (144A)		318,329		68,441
9.125%, PIK, 04/01/24 (144A) (h)		387,651		79,468
Empresa Nacional de Telecomunicaciones S.A. 4.750%, 08/01/26 (144A)		311,000		328,296
Juniper Networks, Inc. 3.300%, 06/15/20 (f)		1,478,000		1,486,625
Millicom International Cellular S.A. 6.625%, 10/15/26 (144A) (f)		300,000		326,970
Oi S.A. 10.000%, PIK, 07/27/25 (h)		1,029,000		1,006,850
Saudi Telecom Co. 3.890%, 05/13/29 (144A)		416,000		429,354
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		2,068,312		2,068,312
Verizon Communications, Inc. 3.073%, 3M LIBOR + 0.550%, 05/22/20 (b)		2,420,000		2,429,204
3.850%, 11/01/42		261,000		266,409
4.125%, 03/16/27		10,495,000		11,424,465
4.125%, 08/15/46		195,000		203,320
4.272%, 01/15/36		5,326,000		5,763,694
4.500%, 08/10/33		2,750,000		3,095,931
4.812%, 03/15/39		92,000		105,858
4.862%, 08/21/46		150,000		174,575
5.250%, 03/16/37		1,200,000		1,434,129
6.550%, 09/15/43		20,000		27,604
Vodafone Group plc 3.750%, 01/16/24		644,000		674,165
4.125%, 05/30/25 (f)		1,250,000		1,331,401
5.250%, 05/30/48 (f)		905,000		1,000,555
6.150%, 02/27/37		1,395,000		1,693,267
7.000%, 5Y USD ICE Swap + 4.873%, 04/04/79 (b)		2,535,000		2,736,138

				61,782,069


Transportation—0.7%
Burlington Northern Santa Fe LLC 3.000%, 03/15/23		406,000		416,126
3.000%, 04/01/25		175,000		180,012
4.150%, 04/01/45		930,000		1,038,173
4.550%, 09/01/44		548,000		634,179
4.950%, 09/15/41		58,000		69,376
5.050%, 03/01/41		399,000		483,499
5.150%, 09/01/43		160,000		198,620
5.750%, 05/01/40		639,000		841,511
6.150%, 05/01/37		226,000		303,570
CSX Corp. 4.250%, 03/15/29		475,000		528,793
4.250%, 11/01/66		635,000		654,677
4.750%, 11/15/48		560,000		651,536
6.150%, 05/01/37		220,000		283,981
FedEx Corp. 3.875%, 08/01/42		2,984,000		2,799,632
3.900%, 02/01/35		559,000		561,291
4.100%, 04/15/43		40,000		38,735
Norfolk Southern Corp. 2.900%, 06/15/26		1,310,000		1,334,189
3.650%, 08/01/25		1,125,000		1,185,586
3.950%, 10/01/42		125,000		128,773
4.050%, 08/15/52		630,000		659,712
4.100%, 05/15/49		465,000		496,356
Rumo Luxembourg S.a.r.l. 5.875%, 01/18/25 (144A) (f)		679,000		719,927
Ryder System, Inc. 3.450%, 11/15/21		120,000		122,580
Union Pacific Corp. 2.750%, 03/01/26		1,262,000		1,267,455
3.150%, 03/01/24		1,150,000		1,185,194
3.375%, 02/01/35		698,000		694,422
3.600%, 09/15/37		1,363,000		1,383,771
3.799%, 10/01/51		283,000		283,437
3.875%, 02/01/55		976,000		972,948
4.375%, 09/10/38		57,000		63,079
4.750%, 09/15/41		780,000		886,150
Union Pacific Railroad Co. Pass-Through Trust 3.227%, 05/14/26		706,286		730,785
United Parcel Service, Inc. 2.350%, 05/16/22		7,000		7,040
3.400%, 03/15/29		1,180,000		1,245,838

				23,050,953


Trucking & Leasing—0.1%
GATX Corp. 2.600%, 03/30/20		1,747,000		1,745,353
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 3.400%, 11/15/26 (144A) (f)		1,667,000		1,664,718
4.200%, 04/01/27 (144A)		1,023,000		1,062,927

				4,472,998

Total Corporate Bonds & Notes (Cost $1,143,815,984)				1,192,824,127

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Assets-Backed Securities—11.5%


Security Description	Principal Amount*		Value

Asset-Backed - Home Equity—0.9%
ACE Securities Corp. Home Equity Loan Trust 2.534%, 1M LIBOR + 0.130%, 05/25/37 (b)		1,166,487	$	322,543
Bayview Financial Revolving Asset Trust 3.402%, 1M LIBOR + 1.000%, 05/28/39 (144A) (b)		6,850,914		5,923,473
3.402%, 1M LIBOR + 1.000%, 12/28/40 (144A) (b)		447,998		433,131
Bear Stearns Asset-Backed Securities Trust 2.754%, 1M LIBOR + 0.350%, 04/25/37 (b)		2,541,694		2,167,083
3.604%, 1M LIBOR + 1.200%, 01/25/36 (b)		60,208		60,099
4.129%, 1M LIBOR + 1.725%, 08/25/34 (b)		88,478		88,492
Citigroup Mortgage Loan Trust 2.604%, 1M LIBOR + 0.200%, 05/25/37 (b)		2,567,514		1,890,735
2.674%, 1M LIBOR + 0.270%, 05/25/37 (b)		1,166,277		867,036
Countrywide Asset-Backed Certificates 2.724%, 1M LIBOR + 0.320%, 10/25/36 (b)		1,093,720		1,051,526
Countrywide Home Equity Loan Trust 6.155%, 06/25/35		377,135		409,174
Home Equity Mortgage Loan Asset-Backed Trust 4.429%, 1M LIBOR + 2.025%, 07/25/34 (b)		251,620		253,113
Home Equity Mortgage Trust 5.867%, 07/25/36		707,526		220,512
Home Loan Mortgage Loan Trust 3.114%, 1M LIBOR + 0.720%, 04/15/36 (b)		786,703		731,719
Irwin Home Equity Loan Trust 6.530%, 09/25/37 (144A)		209,426		207,629
MASTR Asset-Backed Securities Trust 2.554%, 1M LIBOR + 0.150%, 06/25/36 (b)		919,567		517,103
2.664%, 1M LIBOR + 0.260%, 06/25/36 (144A) (b)		593,203		532,353
2.684%, 1M LIBOR + 0.280%, 05/25/37 (b)		621,846		542,855
MCM Capital LLC
Zero Coupon, 05/28/58 (144A)		3,065,077		429,111
4.000%, 05/28/58 (144A)		1,818,256		1,818,918
Morgan Stanley ABS Capital I, Inc. Trust 2.534%, 1M LIBOR + 0.130%, 11/25/36 (b)		4,652,586		2,778,685
Nationstar Home Equity Loan Trust 2.584%, 1M LIBOR + 0.180%, 06/25/37 (b)		80,929		80,665
Option One Mortgage Loan Trust 2.614%, 1M LIBOR + 0.210%, 03/25/37 (b)		930,000		640,810
5.820%, 03/25/37		4,314,359		4,388,297
5.866%, 01/25/37		2,296,341		2,197,923
Securitized Asset Backed Receivables LLC Trust 2.594%, 1M LIBOR + 0.190%, 11/25/36 (144A) (b)		1,004,846		587,948
Security National Mortgage Loan Trust 2.754%, 1M LIBOR + 0.350%, 04/25/37 (144A) (b)		260,241		257,235
WaMu Asset-Backed Certificates WaMu Trust 2.654%, 1M LIBOR + 0.250%, 04/25/37 (b)		3,230,581		1,699,973
2.764%, 1M LIBOR + 0.360%, 04/25/37 (b)		343,249		183,531
Yale Mortgage Loan Trust 2.804%, 1M LIBOR + 0.400%, 06/25/37 (144A) (b)		887,053		371,706

				31,653,378


Asset-Backed - Manufactured Housing—0.5%
Bank of America Manufactured Housing Contract Trust 7.070%, 02/10/22 (b)		470,000		371,514
7.930%, 12/10/25 (b)		4,000,000		2,415,208

Asset-Backed - Manufactured Housing—(Continued)
BCMSC Trust 7.575%, 06/15/30 (b)		1,270,292		438,356
7.830%, 06/15/30 (b)		1,178,847		420,493
8.290%, 06/15/30 (b)		850,435		321,171
Conseco Finance Corp. 6.280%, 09/01/30		416,128		441,604
6.830%, 04/01/30 (b)		139,917		127,722
6.980%, 09/01/30 (b)		1,028,134		908,598
7.500%, 03/01/30 (b)		455,025		313,073
7.860%, 03/01/30 (b)		622,315		443,085
Conseco Finance Securitizations Corp. 7.960%, 05/01/31		958,369		537,646
7.970%, 05/01/32		2,292,599		968,747
8.060%, 09/01/29 (b)		653,785		290,242
8.200%, 05/01/31		1,751,200		1,010,301
Credit Suisse First Boston Mortgage Securities Corp. 8.100%, 09/25/31 (b)		720,000		768,993
Credit-Based Asset Servicing & Securitization LLC 6.250%, 10/25/36 (144A)		344,000		353,476
Greenpoint Manufactured Housing 8.290%, 12/15/29 (b)		440,000		469,581
9.230%, 12/15/29 (b)		523,458		440,844
Lehman ABS Manufactured Housing Contract Trust 6.630%, 04/15/40 (b)		2,324,947		2,455,110
Oakwood Mortgage Investors, Inc. 6.930%, 09/15/31 (b)		251,367		210,025
7.620%, 06/15/32 (b)		806,619		685,597
Origen Manufactured Housing Contract Trust 3.594%, 1M LIBOR + 1.200%, 10/15/37 (144A) (b)		788,864		775,244
7.820%, 03/15/32 (b)		339,067		341,629

				15,508,259


Asset-Backed - Other—9.7%
ACIS CLO, Ltd. 3.999%, 3M LIBOR + 1.420%, 05/01/26 (144A) (b)		560,000		560,938
Ajax Mortgage Loan Trust
Zero Coupon, 02/26/57 (144A)		968,343		271,136
Zero Coupon, 06/25/57 (144A)		1,454,163		1,455,975
Zero Coupon, 08/25/57 (144A)		1,112,524		898,820
Zero Coupon, 12/25/57 (144A) (b)		1,702,682		766,207
Zero Coupon, 04/25/58 (144A) (c)		790,893		458,718
Zero Coupon, 06/25/58 (144A) (b)		590,985		176,468
Zero Coupon, 08/25/58 (144A) (b)		821,869		460,247
Zero Coupon, 11/25/58 (144A)		1,616,397		805,155
3.750%, 08/25/57 (144A) (b)		4,318,514		4,339,335
3.750%, 12/25/57 (144A)		3,389,750		3,481,402
3.750%, 08/25/58 (144A) (b)		3,258,902		3,211,302
3.850%, 04/25/58 (144A)		3,050,446		3,107,032
3.950%, 10/25/58 (144A) (b)		1,810,125		1,819,216
4.375%, 06/25/57 (144A) (b)		4,374,976		4,425,112
4.375%, 06/25/58 (144A) (b)		1,356,994		1,371,930
4.375%, 11/25/58 (144A) (b)		4,731,539		4,791,113
5.250%, 06/25/57 (144A) (b)		567,000		584,570
5.250%, 08/25/57 (144A) (b)		440,000		431,213
5.250%, 06/25/58 (144A) (b)		230,000		236,883
5.250%, 11/25/58 (144A) (b)		667,953		687,943

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Assets-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Asset-Backed - Other—(Continued)
Allegro CLO IV, Ltd. 3.453%, 3M LIBOR + 1.150%, 01/15/30 (144A) (b)		1,550,000	$	1,550,000
4.003%, 3M LIBOR + 1.700%, 01/15/30 (144A) (b)		600,000		600,000
Allegro CLO, Ltd. 3.672%, 3M LIBOR + 1.080%, 10/21/28 (144A) (b)		1,370,000		1,368,149
3.841%, 3M LIBOR + 1.240%, 10/16/30 (144A) (b)		400,000		400,018
ALM, Ltd. 2.604%, 3M LIBOR + 1.250%, 10/18/27 (144A) (b)		900,000		896,245
3.212%, 3M LIBOR + 0.890%, 04/16/27 (144A) (b)		360,000		359,758
3.511%, 3M LIBOR + 0.910%, 10/18/27 (144A) (b)		1,450,000		1,449,546
3.997%, 3M LIBOR + 1.400%, 07/15/26 (144A) (b)		1,055,000		1,046,352
4.007%, 3M LIBOR + 1.410%, 10/15/28 (144A) (b)		790,000		789,736
4.087%, 3M LIBOR + 1.490%, 10/15/28 (144A) (b)		2,310,000		2,309,570
4.097%, 3M LIBOR + 1.500%, 07/15/27 (144A) (b)		1,810,000		1,802,782
4.251%, 3M LIBOR + 1.650%, 04/16/27 (144A) (b)		1,385,000		1,367,109
4.497%, 3M LIBOR + 1.900%, 07/15/27 (144A) (b)		720,000		718,548
AMMC CLO, Ltd. 3.745%, 3M LIBOR + 1.200%, 11/10/30 (144A) (b)		500,000		497,875
Anchorage Capital CLO, Ltd. 3.847%, 3M LIBOR + 1.250%, 10/13/30 (144A) (b)		835,000		834,694
3.867%, 3M LIBOR + 1.270%, 07/15/30 (144A) (b)		710,000		709,086
3.897%, 3M LIBOR + 1.300%, 10/15/27 (144A) (b)		1,130,000		1,121,291
4.047%, 3M LIBOR + 1.450%, 01/15/30 (144A) (b)		2,410,000		2,376,405
4.082%, 3M LIBOR + 1.500%, 01/28/31 (144A) (b)		1,270,000		1,255,809
4.182%, 3M LIBOR + 1.600%, 07/28/28 (144A) (b)		800,000		799,182
4.297%, 3M LIBOR + 1.700%, 10/15/27 (144A) (b)		250,000		247,272
4.432%, 3M LIBOR + 1.850%, 01/28/31 (144A) (b)		1,390,000		1,342,465
4.447%, 3M LIBOR + 1.850%, 01/15/30 (144A) (b)		1,010,000		979,230
4.747%, 3M LIBOR + 2.150%, 10/13/30 (144A) (b)		590,000		578,355
Apidos CLO 3.572%, 3M LIBOR + 0.980%, 01/19/25 (144A) (b)		99,379		99,361
Arbor Realty Collateralized Loan Obligation, Ltd. 3.384%, 1M LIBOR + 0.990%, 12/15/27 (144A) (b)		1,200,000		1,201,121
Arbor Realty Commercial Real Estate Notes, Ltd. 3.384%, 1M LIBOR + 0.990%, 08/15/27 (144A) (b)		570,000		570,530
Ares CLO, Ltd. 3.767%, 3M LIBOR + 1.170%, 10/15/30 (144A) (b)		390,000		389,293
Atrium 4.242%, 3M LIBOR + 1.650%, 04/22/27 (144A) (b)		1,119,000		1,103,297
Avery Point CLO, Ltd. 3.568%, 3M LIBOR + 0.980%, 07/17/26 (144A) (b)		902,316		902,826
3.680%, 3M LIBOR + 1.100%, 04/25/26 (144A) (b)		4,813,496		4,812,640
Avery Point VII CLO, Ltd. 3.443%, 3M LIBOR + 1.140%, 01/15/28 (144A) (b)		1,740,000		1,740,000
B2R Mortgage Trust 2.524%, 05/15/48 (144A)		69,895		69,608
3.336%, 11/15/48 (144A)		279,355		279,605
Babson CLO, Ltd. 3.782%, 3M LIBOR + 1.190%, 10/20/30 (144A) (b)		870,000		866,836
3.992%, 3M LIBOR + 1.400%, 01/20/31 (144A) (b)		250,000		246,149
Battalion CLO, Ltd. 3.778%, 3M LIBOR + 1.250%, 01/24/29 (144A) (b)		5,660,000		5,661,277
BDS, Ltd. 3.794%, 1M LIBOR + 1.400%, 12/15/35 (144A) (b)		1,270,000		1,275,135

Asset-Backed - Other—(Continued)
Benefit Street Partners CLO, Ltd. 3.381%, 3M LIBOR + 0.780%, 07/18/27 (144A) (b)		820,000		817,587
3.682%, 3M LIBOR + 1.090%, 04/20/31 (144A) (b)		440,000		436,407
3.692%, 3M LIBOR + 1.100%, 01/20/31 (144A) (b)		2,000,000		1,989,738
3.841%, 3M LIBOR + 1.240%, 10/18/29 (144A) (b)		3,800,000		3,803,568
BlueMountain CLO, Ltd. 3.772%, 3M LIBOR + 1.180%, 10/22/30 (144A) (b)		760,000		758,947
3.822%, 3M LIBOR + 1.230%, 01/20/29 (144A) (b)		1,570,000		1,572,385
Bowman Park CLO, Ltd. 3.704%, 3M LIBOR + 1.180%, 11/23/25 (144A) (b)		967,387		967,651
C-BASS Trust 2.564%, 1M LIBOR + 0.160%, 10/25/36 (b)		260,624		200,685
Carlyle Global Market Strategies CLO, Ltd. 3.491%, 3M LIBOR + 0.890%, 01/18/29 (144A) (b)		510,000		506,677
3.558%, 3M LIBOR + 0.970%, 04/17/31 (144A) (b)		970,000		958,756
3.632%, 3M LIBOR + 1.050%, 07/27/31 (144A) (b)		4,100,000		4,065,052
4.182%, 3M LIBOR + 1.600%, 07/28/28 (144A) (b)		640,000		639,688
Carlyle U.S. CLO, Ltd. 3.777%, 3M LIBOR + 1.180%, 01/15/30 (144A) (b)		1,550,000		1,547,763
Carrington Mortgage Loan Trust 2.524%, 1M LIBOR + 0.120%, 10/25/36 (b)		442,425		342,354
2.564%, 1M LIBOR + 0.160%, 10/25/36 (b)		576,016		509,851
2.624%, 1M LIBOR + 0.220%, 10/25/36 (b)		730,000		503,655
2.644%, 1M LIBOR + 0.240%, 08/25/36 (b)		4,800,000		3,753,137
CBAM, Ltd. 3.842%, 3M LIBOR + 1.250%, 07/20/30 (144A) (b)		2,000,000		1,999,962
4.338%, 3M LIBOR + 1.750%, 10/17/29 (144A) (b)		1,020,000		1,018,963
Cedar Funding CLO, Ltd.
3.572%, 3M LIBOR + 0.980%, 04/20/31 (144A) (b)		380,000		376,577
3.682%, 3M LIBOR + 1.090%, 10/20/28 (144A) (b)		3,680,000		3,675,860
3.688%, 3M LIBOR + 1.100%, 07/17/31 (144A) (b)		770,000		765,810
3.838%, 3M LIBOR + 1.250%, 10/17/30 (144A) (b)		5,150,000		5,142,847
Cedar Funding II CLO, Ltd. 3.683%, 3M LIBOR + 1.230%, 06/09/30 (144A) (b)		434,000		434,211
Cent CLO, Ltd. 3.667%, 3M LIBOR + 1.070%, 10/15/26 (144A) (b)		1,130,000		1,128,641
Chase Funding Trust 6.333%, 04/25/32		271,982		277,002
CIFC Funding, Ltd. 3.600%, 3M LIBOR + 1.000%, 04/18/31 (144A) (b)		589,000		582,135
4.351%, 3M LIBOR + 1.750%, 07/16/30 (144A) (b)		250,000		249,251
Citicorp Residential Mortgage Trust 5.017%, 06/25/37		1,030,000		1,001,810
Citigroup Mortgage Loan Trust, Inc. 2.724%, 1M LIBOR + 0.320%, 11/25/36 (b)		990,000		872,642
Countrywide Asset-Backed Certificates 2.564%, 1M LIBOR + 0.160%, 12/25/35 (b)		1,692,955		1,673,977
2.624%, 1M LIBOR + 0.220%, 12/25/25 (b)		62,687		70,299
Countrywide Asset-Backed Certificates Trust 2.564%, 1M LIBOR + 0.160%, 09/25/46 (b)		104,517		103,110
Countrywide Revolving Home Equity Loan Resecuritization Trust 2.694%, 1M LIBOR + 0.300%, 12/15/33 (144A) (b)		533,512		490,074
Countrywide Revolving Home Equity Loan Trust 2.574%, 1M LIBOR + 0.180%, 05/15/35 (b)		306,200		296,645

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Assets-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Asset-Backed - Other—(Continued)
Credit-Based Asset Servicing & Securitization LLC 3.426%, 12/25/36		199,336	$	183,028
CWABS Asset-Backed Certificates Trust 5.669%, 05/25/36 (b)		348,217		354,363
5.690%, 05/25/36 (b)		1,290,276		1,281,642
CWHEQ Revolving Home Equity Loan Resuritization Trust 2.634%, 1M LIBOR + 0.240%, 12/15/35 (144A) (b)		355,063		343,654
CWHEQ Revolving Home Equity Loan Trust 2.544%, 1M LIBOR + 0.150%, 11/15/36 (b)		696,001		571,869
DCP Rights LLC 5.463%, 10/25/44 (144A)		6,615,155		6,948,219
Dorchester Park CLO DAC 4.042%, 3M LIBOR + 1.450%, 04/20/28 (144A) (b)		934,000		920,641
Dryden CLO, Ltd. 3.717%, 3M LIBOR + 1.120%, 01/15/31 (144A) (b)		6,020,000		6,004,354
Dryden Senior Loan Fund 3.497%, 3M LIBOR + 0.900%, 10/15/27 (144A) (b)		1,630,000		1,625,839
3.718%, 3M LIBOR + 1.200%, 08/15/30 (144A) (b)		2,205,000		2,202,910
4.447%, 3M LIBOR + 1.850%, 10/15/27 (144A) (b)		660,000		656,786
Elm CLO, Ltd. 3.758%, 3M LIBOR + 1.170%, 01/17/29 (144A) (b)		3,680,000		3,680,342
4.338%, 3M LIBOR + 1.750%, 01/17/29 (144A) (b)		490,000		490,045
Finance of America Structured Securities Trust 6.000%, 09/25/28 (144A) (b)		596,000		589,563
First Franklin Mortgage Loan Trust 2.544%, 1M LIBOR + 0.140%, 12/25/36 (b)		5,197,024		3,013,782
2.554%, 1M LIBOR + 0.150%, 12/25/36 (b)		2,962,455		2,597,642
2.614%, 1M LIBOR + 0.210%, 12/25/36 (b)		9,560,250		5,619,914
Flatiron CLO, Ltd. 3.487%, 3M LIBOR + 0.890%, 04/15/27 (144A) (b)		970,000		970,002
Fremont Home Loan Trust 2.544%, 1M LIBOR + 0.140%, 02/25/37 (b)		2,382,366		1,827,496
Galaxy CLO, Ltd. 4.198%, 3M LIBOR + 1.680%, 11/15/26 (144A) (b)		430,000		424,416
GE-WMC Asset-Backed Pass-Through Certificates 2.654%, 1M LIBOR + 0.250%, 12/25/35 (b)		158,037		157,555
Greystone Commercial Real Estate Notes, Ltd. 3.944%, 1M LIBOR + 1.550%, 03/15/27 (144A) (b)		400,000		401,342
Highbridge Loan Management, Ltd. 3.565%, 3M LIBOR + 1.000%, 02/05/31 (144A) (b)		1,390,000		1,373,472
Home Equity Mortgage Loan Asset-Backed Trust 2.604%, 1M LIBOR + 0.200%, 07/25/37 (b)		1,113,104		761,694
ICG U.S. CLO, Ltd. 3.732%, 3M LIBOR + 1.140%, 10/19/28 (144A) (b)		1,065,000		1,063,586
Invitation Homes Trust 4.394%, 1M LIBOR + 2.000%, 07/17/37 (144A) (b)		712,107		713,221
KKR CLO, Ltd. 3.694%, 3M LIBOR + 1.250%, 01/20/29 (144A) (b)		802,000		802,026
Knollwood CDO, Ltd. 4.355%, 3M LIBOR + 3.200%, 01/10/39 (144A) (b)		925,858		1
LCM, Ltd. 3.632%, 3M LIBOR + 1.040%, 10/20/27 (144A) (b)		1,010,000		1,012,000
3.662%, 3M LIBOR + 1.070%, 01/20/31 (144A) (b)		2,590,000		2,572,129
Legacy Mortgage Asset Trust 4.000%, 12/28/54 (144A)		2,887,632		2,900,909

Asset-Backed - Other—(Continued)
Lehman ABS Mortgage Loan Trust 2.494%, 1M LIBOR + 0.090%, 06/25/37 (144A) (b)		200,016		144,804
Lendmark Funding Trust 2.830%, 12/22/25 (144A)		5,115,130		5,101,017
Litigation Fee Residual Funding LLC 4.000%, 10/30/27 (144A)		2,148,334		2,140,268
LoanCore Issuer, Ltd. 3.524%, 1M LIBOR + 1.130%, 05/15/28 (144A) (b)		2,210,000		2,214,131
Long Beach Mortgage Loan Trust 2.514%, 1M LIBOR + 0.110%, 10/25/36 (b)		546,052		233,178
2.554%, 1M LIBOR + 0.150%, 06/25/36 (b)		610,214		337,938
2.564%, 1M LIBOR + 0.160%, 05/25/36 (b)		3,529,190		1,545,478
2.564%, 1M LIBOR + 0.160%, 10/25/36 (b)		2,169,790		935,405
2.564%, 1M LIBOR + 0.160%, 11/25/36 (b)		2,638,273		1,181,644
2.584%, 1M LIBOR + 0.180%, 03/25/46 (b)		1,143,384		915,844
2.624%, 1M LIBOR + 0.220%, 11/25/36 (b)		776,319		351,900
2.664%, 1M LIBOR + 0.260%, 05/25/36 (b)		2,450,824		1,101,955
Madison Park Funding, Ltd. 3.542%, 3M LIBOR + 0.950%, 04/19/30 (144A) (b)		1,330,000		1,320,715
3.659%, 3M LIBOR + 1.220%, 01/20/29 (144A) (b)		2,260,000		2,260,000
3.754%, 3M LIBOR + 1.250%, 01/22/28 (144A) (b)		1,320,000		1,319,984
3.782%, 3M LIBOR + 1.200%, 07/29/30 (144A) (b)		2,030,000		2,029,610
3.782%, 3M LIBOR + 1.190%, 10/21/30 (144A) (b)		5,000,000		4,993,020
Marathon CRE Issuer, Ltd. 3.544%, 1M LIBOR + 1.150%, 06/15/28 (144A) (b)		510,000		510,000
Marble Point CLO, Ltd. 3.781%, 3M LIBOR + 1.180%, 12/18/30 (144A) (b)		580,000		577,013
Mariner Finance Issuance Trust 2.960%, 07/20/32 (144A)		3,470,000		3,469,346
3.510%, 07/20/32 (144A)		560,000		559,885
4.010%, 07/20/32 (144A)		490,000		489,971
Merrill Lynch First Franklin Mortgage Loan Trust 2.644%, 1M LIBOR + 0.240%, 05/25/37 (b)		10,469,525		7,921,265
Mountain Hawk II CLO, Ltd. 4.192%, 3M LIBOR + 1.600%, 07/20/24 (144A) (b)		1,138,000		1,137,289
MP CLO, Ltd. 3.842%, 3M LIBOR + 1.250%, 10/20/30 (144A) (b)		1,010,000		1,006,298
Neuberger Berman Loan Advisers CLO, Ltd. 3.771%, 3M LIBOR + 1.170%, 10/18/30 (144A) (b)		1,770,000		1,766,766
Nomura Asset Acceptance Corp. Alternative Loan Trust 2.804%, 1M LIBOR + 0.400%, 10/25/36 (144A) (b)		311,152		290,593
OCP CLO, Ltd. 3.406%, 3M LIBOR + 0.820%, 10/26/27 (144A) (b)		270,000		269,095
3.563%, 3M LIBOR + 1.260%, 07/15/30 (144A) (b)		3,270,000		3,269,693
3.666%, 3M LIBOR + 1.080%, 04/26/31 (144A) (b)		160,000		158,617
3.721%, 3M LIBOR + 1.120%, 10/18/28 (144A) (b)		2,366,000		2,366,123
4.470%, 3M LIBOR + 1.950%, 11/20/30 (144A) (b)		250,000		244,456
Octagon Investment Partners, Ltd. 3.561%, 3M LIBOR + 0.960%, 04/16/31 (144A) (b)		2,210,000		2,185,602
3.580%, 3M LIBOR + 1.000%, 01/25/31 (144A) (b)		3,420,000		3,386,679
3.608%, 3M LIBOR + 1.020%, 07/17/30 (144A) (b)		3,370,000		3,338,002
3.782%, 3M LIBOR + 1.190%, 01/20/31 (144A) (b)		430,000		429,376
OFSI Fund, Ltd. 3.501%, 3M LIBOR + 0.900%, 10/18/26 (144A) (b)		596,699		596,450
3.727%, 3M LIBOR + 1.130%, 03/20/25 (144A) (b)		4,190,000		4,188,747

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Assets-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Asset-Backed - Other—(Continued)
OHA Loan Funding, Ltd. 3.564%, 3M LIBOR + 1.040%, 05/23/31 (144A) (b)		5,670,000	$	5,636,451
3.928%, 3M LIBOR + 1.410%, 08/15/29 (144A) (b)		540,000		541,552
OZLM Funding, Ltd. 3.842%, 3M LIBOR + 1.250%, 10/22/30 (144A) (b)		10,705,000		10,672,885
5.592%, 3M LIBOR + 3.000%, 01/22/29 (144A) (b)		3,950,000		3,951,011
OZLM, Ltd. 3.817%, 3M LIBOR + 1.220%, 11/22/30 (144A) (b)		690,000		690,268
4.082%, 3M LIBOR + 1.490%, 01/20/29 (144A) (b)		1,950,000		1,950,521
4.297%, 3M LIBOR + 1.700%, 01/15/29 (144A) (b)		2,570,000		2,561,200
4.492%, 3M LIBOR + 1.900%, 01/20/31 (144A) (b)		320,000		308,620
4.692%, 3M LIBOR + 2.100%, 01/20/29 (144A) (b)		810,000		810,048
Palmer Square CLO, Ltd. 3.631%, 3M LIBOR + 1.030%, 04/18/31 (144A) (b)		1,040,000		1,028,550
3.701%, 3M LIBOR + 1.100%, 07/16/31 (144A) (b)		1,240,000		1,228,768
3.718%, 3M LIBOR + 1.130%, 01/17/31 (144A) (b)		1,312,000		1,305,454
3.742%, 3M LIBOR + 1.220%, 05/21/29 (144A) (b)		2,600,000		2,598,700
3.868%, 3M LIBOR + 1.350%, 08/15/26 (144A) (b)		945,000		938,414
4.172%, 3M LIBOR + 1.650%, 05/21/29 (144A) (b)		570,000		569,430
Parallel Ltd. 4.342%, 3M LIBOR + 1.750%, 07/20/27 (144A) (b)		350,000		344,295
Progress Residential Trust 2.740%, 06/12/32 (144A)		1,108,983		1,107,983
2.768%, 08/17/34 (144A)		927,022		932,702
4.778%, 03/17/35 (144A)		120,000		122,351
6.643%, 11/12/32 (144A)		250,000		252,715
PRPM LLC 4.250%, 01/25/22 (144A)		66,253		66,960
Race Point CLO, Ltd. 3.807%, 3M LIBOR + 1.210%, 10/15/30 (144A) (b)		1,170,000		1,163,257
Regatta VI Funding, Ltd. 3.672%, 3M LIBOR + 1.080%, 07/20/28 (144A) (b)		2,910,000		2,906,924
Riserva CLO, Ltd. 3.538%, 3M LIBOR + 1.140%, 10/18/28 (144A) (b)		1,110,000		1,109,445
Rockford Tower CLO, Ltd. 3.782%, 3M LIBOR + 1.190%, 10/20/30 (144A) (b)		2,590,000		2,581,422
3.967%, 3M LIBOR + 1.370%, 04/15/29 (144A) (b)		3,550,000		3,550,266
4.347%, 3M LIBOR + 1.750%, 10/15/29 (144A) (b)		1,590,000		1,583,945
4.397%, 3M LIBOR + 1.800%, 04/15/29 (144A) (b)		1,500,000		1,499,971
4.897%, 3M LIBOR + 2.300%, 10/15/29 (144A) (b)		310,000		307,009
RR 3, Ltd. 3.687%, 3M LIBOR + 1.090%, 01/15/30 (144A) (b)		560,000		555,575
RR 6, Ltd. 3.626%, 3M LIBOR + 1.250%, 04/15/30 (144A) (b)		2,360,000		2,357,048
SG Mortgage Securities Trust 2.614%, 1M LIBOR + 0.210%, 10/25/36 (b)		570,000		464,201
Silver Creek CLO, Ltd. 3.832%, 3M LIBOR + 1.240%, 07/20/30 (144A) (b)		1,330,000		1,329,513
Sound Point CLO II, Ltd. 3.656%, 3M LIBOR + 1.070%, 01/26/31 (144A) (b)		500,000		494,550
Sound Point CLO, Ltd. 3.879%, 3M LIBOR + 1.400%, 04/15/32 (144A) (b)		4,840,000		4,839,782
4.122%, 3M LIBOR + 1.530%, 01/23/29 (144A) (b)		3,080,000		3,080,705
Soundview Home Loan Trust 3.199%, 1M LIBOR + 0.795%, 01/25/35 (b)		23,158		22,907
Steele Creek CLO, Ltd. 3.847%, 3M LIBOR + 1.250%, 01/15/30 (144A) (b)		670,000		671,175

Asset-Backed - Other—(Continued)
Symphony CLO, Ltd. 3.627%, 3M LIBOR + 1.030%, 10/15/25 (144A) (b)		7,178,693		7,178,736
Symphony Credit Opportunities 3.777%, 3M LIBOR + 1.180%, 07/15/28 (144A) (b)		660,000		660,028
TCI-Flatiron CLO,Ltd. 3.725%, 3M LIBOR + 1.200%, 11/18/30 (144A) (b)		1,080,000		1,078,595
TIAA CLO, Ltd. 3.751%, 3M LIBOR + 1.150%, 01/16/31 (144A) (b)		571,000		568,058
3.872%, 3M LIBOR + 1.280%, 04/20/29 (144A) (b)		900,000		901,889
TICP CLO, Ltd. 4.076%, 3M LIBOR + 1.700%, 01/15/29 (144A) (b)		1,270,000		1,269,153
Towd Point Mortgage Trust 3.404%, 1M LIBOR + 1.000%, 05/25/58 (144A) (b)		560,840		564,089
4.250%, 11/25/58 (144A) (b)		840,000		865,079
4.500%, 11/25/58 (144A) (b)		2,110,000		2,193,184
Tricon American Homes Trust 4.564%, 05/17/37 (144A)		260,000		271,857
4.960%, 05/17/37 (144A)		180,000		186,685
5.104%, 01/17/36 (144A)		340,000		353,200
Venture CLO, Ltd. 3.671%, 3M LIBOR + 1.070%, 07/18/31 (144A) (b)		420,000		416,060
Vericrest Opportunity Loan Trust 3.967%, 02/25/49 (144A)		416,124		420,034
3.967%, 03/25/49 (144A)		2,526,701		2,544,952
Vibrant CLO, Ltd. 4.142%, 3M LIBOR + 1.550%, 01/20/29 (144A) (b)		1,020,000		1,020,594
Voya CLO, Ltd. 3.727%, 3M LIBOR + 1.130%, 10/15/30 (144A) (b)		1,020,000		1,016,919
Washington Mutural Asset-Backed Certificates Trust 2.559%, 1M LIBOR + 0.155%, 10/25/36 (b)		873,509		706,520
2.584%, 1M LIBOR + 0.180%, 09/25/36 (b)		2,218,927		1,038,136
2.624%, 1M LIBOR + 0.220%, 02/25/37 (b)		2,168,509		940,156
Wellfleet CLO, Ltd. 3.912%, 3M LIBOR + 1.320%, 04/20/29 (144A) (b)		850,000		850,035
West CLO, Ltd. 3.725%, 3M LIBOR + 1.160%, 11/07/25 (144A) (b)		248,856		248,766
Westcott Park CLO, Ltd. 3.684%, 3M LIBOR + 1.210%, 07/20/28 (144A) (b)		1,370,000		1,370,071
York CLO, Ltd. 2.727%, 3M LIBOR + 1.630%, 01/20/30 (144A) (b)		800,000		803,226
3.842%, 3M LIBOR + 1.250%, 10/20/29 (144A) (b)		630,000		630,833
4.342%, 3M LIBOR + 1.750%, 10/20/29 (144A) (b)		850,000		849,132

				335,926,746


Asset-Backed - Student Loan—0.4%
Navient Private Education Loan Trust 4.144%, 1M LIBOR + 1.750%, 10/17/44 (144A) (b)		4,595,000		4,623,824
Scholar Funding Trust 3.052%, 1M LIBOR + 0.650%, 01/30/45 (144A) (b)		4,208,230		4,158,475
SLM Private Credit Student Loan Trust 2.740%, 3M LIBOR + 0.330%, 03/15/24 (b)		2,466,561		2,458,595
SLM Private Education Loan Trust 2.500%, 03/15/47 (144A)		507,276		507,127
3.000%, 05/16/44 (144A)		970,000		969,360
3.794%, 1M LIBOR + 1.400%, 10/15/31 (144A) (b)		244,996		245,240

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Assets-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Asset-Backed - Student Loan—(Continued)
SMB Private Education Loan Trust 3.500%, 12/17/40 (144A)		1,340,000	$	1,369,622

				14,332,243

Total Asset-Backed Securities (Cost $393,561,979)				397,420,626


Municipals — 6.3%
Aldine Independent School Distict 5.000%, 02/15/43		240,000		286,118
American Municipal Power, Inc., Build America Bonds 6.449%, 02/15/44		355,000		500,344
7.834%, 02/15/41		425,000		673,625
Arizona Health Facilities Authority 2.546%, 3M LIBOR, 01/01/37 (b)		780,000		765,437
Arizona State University 5.000%, 07/01/43		330,000		391,552
Atlanta GA Water & Wastewater Revenue 5.000%, 11/01/41		500,000		601,930
Aurora, CO Water Revenue 5.000%, 08/01/41		1,020,000		1,202,509
5.000%, 08/01/46		1,190,000		1,397,334
Austin TX Water & Wastewater System Rev. 5.000%, 11/15/43		500,000		567,410
Bay Area Toll Bridge Authority, Build America Bonds 6.918%, 04/01/40		1,575,000		2,270,425
7.043%, 04/01/50		4,800,000		7,747,536
Berks County Industrial Development Authority 5.000%, 11/01/47		510,000		584,373
5.000%, 11/01/50		480,000		548,669
Buckeye Tobacco Settlement Financing Authority 5.875%, 06/01/47		2,100,000		2,055,333
California Health Facilities Financing Authority 5.000%, 08/15/33		495,000		598,500
Series A 5.000%, 08/15/47		500,000		582,405
Series A2 5.000%, 11/01/47		400,000		569,596
California Pollution Control Financing Authority 5.000%, 11/21/45 (144A)		450,000		480,411
California State Public Works Board, Build America Bond 8.361%, 10/01/34		760,000		1,175,773
Canaveral Port Authority
5.000%, 06/01/45		520,000		601,687
5.000%, 06/01/48		520,000		614,692
Central Puget Sound Regional Transit Authority 5.000%, 11/01/50		510,000		583,491
Central Texas Regional Mobility Authority
5.000%, 01/01/45		350,000		392,532
5.000%, 01/01/46		350,000		395,042
Chesapeake Bay Bridge & Tunnel District
5.000%, 07/01/41		360,000		421,985
5.000%, 07/01/51		275,000		310,054
City & County of Denver
5.000%, 08/01/48		610,000		712,620
Series A 5.000%, 08/01/44		850,000		993,616
City of Columbia SC Waterworks & Sewer System Revenue 5.000%, 02/01/42		390,000		470,824
City of New York NY 3.760%, 12/01/27		730,000		795,423
Clark County, NV, Airport Revenue
Series B 5.000%, 07/01/32		190,000		240,350
5.000%, 07/01/33		190,000		239,163
5.000%, 07/01/35		400,000		499,400
5.000%, 07/01/40		200,000		245,602
5.000%, 07/01/41		520,000		636,428
5.000%, 07/01/42		680,000		830,198
Colorado Health Facilities Authority 5.250%, 02/01/31		325,000		343,060
Commonwealth Financing Authority
4.144%, 06/01/38		730,000		790,751
Series A 3.807%, 06/01/41		2,705,000		2,837,788
3.864%, 06/01/38		720,000		757,058
Commonwealth of Puerto Rico 8.000%, 07/01/35 (g)		5,000,000		2,587,500
Connecticut State Health & Educational Facility Authority 5.000%, 07/01/45		1,640,000		1,821,667
County of King WA Sewer Revenue
5.000%, 07/01/47		520,000		589,789
Dallas Area Rapid Transit
5.000%, 12/01/41		680,000		788,079
5.000%, 12/01/46		920,000		1,062,444
DuBois Hospital Authority 5.000%, 07/15/43		360,000		415,591
Dutchess County Local Development Corp. 5.000%, 07/01/46		1,025,000		1,167,660
Grand Parkway Transportation Corp. 5.000%, 10/01/43		940,000		1,119,258
Grant County Public Utility District No. 2 4.584%, 01/01/40		315,000		370,714
Great Lakes Water Authority Water Supply System Revenue 5.250%, 07/01/33		150,000		180,870
Idaho Health Facilities Authority 5.000%, 12/01/47		320,000		375,347
Indiana Finance Authority 5.000%, 10/01/45		870,000		986,624
Indiana Housing & Community Development Authority 3.800%, 07/01/38		260,000		276,250
JobsOhio Beverage System 3.985%, 01/01/29		1,335,000		1,453,147
Kansas City Industrial Development Authority 5.000%, 03/01/49		1,150,000		1,358,300
Kentucky Economic Development Finance Authority 5.250%, 06/01/50		330,000		363,597
Kentucky Turnpike Authority 5.000%, 07/01/20		370,000		382,994
Las Vegas Valley Water District 5.000%, 06/01/46		300,000		348,483
Lexington County Health Services District, Inc. 5.000%, 11/01/41		300,000		342,630

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Municipals—(Continued)


Security Description	Principal Amount*		Value
Los Angeles, CA Community College District, Build America Bond 6.600%, 08/01/42		1,565,000	$	2,338,360
Los Angeles, CA Department of Water & Power Revenue, Build America Bond 6.603%, 07/01/50		445,000		700,724
Los Angeles, CA Unified School District, Build America Bond 6.758%, 07/01/34		2,020,000		2,769,885
Louisiana Public Facilities Authority 5.000%, 07/01/48		340,000		401,061
Louisville & Jefferson County Metropolitan Sewer District 5.000%, 05/15/25		540,000		646,191
Maryland Stadium Authority 5.000%, 05/01/41		460,000		534,405
Massachusetts Bay Transportation Authority
5.000%, 07/01/39		320,000		383,910
5.000%, 07/01/40		340,000		406,745
Massachusetts Development Finance Agency
5.000%, 07/01/43		680,000		792,336
5.000%, 07/01/47		500,000		577,670
5.000%, 07/01/48		760,000		881,661
5.000%, 07/01/53		720,000		831,031
Massachusetts Educational Financing Authority 5.000%, 01/01/22		500,000		539,775
Massachusetts Housing Finance Agency
4.500%, 12/01/39		265,000		276,856
4.500%, 12/01/48		330,000		351,024
4.600%, 12/01/44		285,000		298,677
Massachusetts Port Authority 5.000%, 07/01/43		460,000		529,561
Massachusetts Water Resources Authority 5.000%, 08/01/40		270,000		320,082
Matagorda County TX 2.600%, 11/01/29		650,000		657,651
Mesquite Independent School District 5.000%, 08/15/42		570,000		668,411
Metropolitan Atlanta Rapid Transit Authority Series A 5.000%, 07/01/41		650,000		752,128
Series B 5.000%, 07/01/45		400,000		468,568
Metropolitan Government of Nashville & Davidson County, Health & Educational Facilities Board
5.000%, 07/01/40		260,000		299,710
5.000%, 07/01/46		690,000		788,863
Metropolitan St. Louis Sewer District
5.000%, 05/01/42		710,000		845,113
Series A 5.000%, 05/01/47		650,000		770,562
Metropolitan Transportation Authority
5.000%, 11/15/45		250,000		283,965
Series B 5.000%, 11/15/52		820,000		975,160
Series B1 5.000%, 05/15/22		2,480,000		2,728,322
Metropolitan Transportation Authority, Build America Bonds
6.668%, 11/15/39		170,000		237,442
Metropolitan Transportation Authority, Build America Bonds
6.687%, 11/15/40		590,000		824,678
6.814%, 11/15/40		330,000		464,604
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Build America Bonds
5.000%, 10/01/32		890,000		1,053,164
7.462%, 10/01/46		560,000		887,634
Miami-Dade County, FL Aviation Revenue
3.354%, 10/01/29		195,000		204,202
3.454%, 10/01/30		355,000		369,917
3.504%, 10/01/31		330,000		342,491
5.000%, 10/01/38		1,025,000		1,167,803
5.000%, 10/01/40		500,000		584,735
Series C 4.062%, 10/01/31		495,000		539,144
Miami-Dade County, FL Educational Facilities Authority 5.000%, 04/01/53		450,000		522,284
Michigan Finance Authority
5.000%, 11/15/41		330,000		381,414
5.000%, 12/01/47		1,810,000		1,967,072
Michigan State Housing Development Authority
3.550%, 10/01/33		300,000		315,594
4.000%, 10/01/43		290,000		307,487
4.050%, 10/01/48		140,000		147,988
4.150%, 10/01/53		690,000		726,335
Mississippi State Hospital Equipment & Facilities Authority, Baptist Memorial Health Care
5.000%, 09/01/46		630,000		699,565
Missouri State Health & Educational Facilities Authority Revenue
5.000%, 11/15/29		340,000		403,543
Municipal Electric Authority of Georgia, Build America Bond
6.637%, 04/01/57		476,000		571,881
New Hope Cultural Education Facilities Finance Corp.
5.000%, 08/15/47		380,000		444,440
New Jersey State Turnpike Authority, Build America Bond
7.414%, 01/01/40		492,000		761,099
New Jersey Transportation Trust Fund Authority
5.000%, 06/15/29		380,000		444,505
Series C
5.754%, 12/15/28		815,000		937,894
New Orleans Aviation Board
5.000%, 01/01/40		530,000		589,811
New York City Housing Development Corp
3.700%, 11/01/38		320,000		334,662
3.850%, 11/01/43		950,000		994,489
4.000%, 11/01/53		1,010,000		1,060,944
New York City Transitional Finance Authority Building Aid Revenue
5.000%, 07/15/40		370,000		428,719
New York City Transitional Finance Authority Future Tax Secured Revenue
3.050%, 05/01/27		1,670,000		1,729,819
3.550%, 05/01/25		1,475,000		1,574,695
3.650%, 11/01/24		945,000		995,898
New York City Transitional Finance Authority Future Tax Secured Revenue
3.750%, 11/01/25		945,000		995,406

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Municipals—(Continued)


Security Description	Principal Amount*		Value
New York City Transitional Finance Authority Future Tax Secured Revenue
3.900%, 08/01/31		1,310,000	$	1,415,337
5.000%, 05/01/36		390,000		462,134
Series C 3.350%, 11/01/30		1,495,000		1,595,613
New York City Water & Sewer System
5.375%, 06/15/43		2,360,000		2,500,320
5.500%, 06/15/43		2,825,000		3,002,382
5.882%, 06/15/44		270,000		381,378
New York City Water & Sewer System, Build America Bonds
5.440%, 06/15/43		505,000		672,680
5.750%, 06/15/41		675,000		944,163
New York Convention Center Development Corp.
5.000%, 11/15/40		370,000		432,286
5.000%, 11/15/46		920,000		1,078,516
New York State Dormitory Authority
5.000%, 02/15/36		620,000		747,305
5.000%, 02/15/37		360,000		432,536
5.000%, 02/15/38		330,000		395,393
5.000%, 02/15/40		380,000		453,203
New York State Dormitory Authority, Build America Bond
5.389%, 03/15/40		355,000		441,482
New York State Urban Development Corp.
3.120%, 03/15/25		980,000		1,021,817
3.250%, 03/15/25		640,000		667,546
3.320%, 03/15/29		1,285,000		1,356,754
New York Transportation Development Corp.
5.000%, 07/01/46		340,000		373,221
5.250%, 01/01/50		2,060,000		2,281,265
North Carolina Department of Transportation
5.000%, 06/30/54		1,000,000		1,091,260
North Carolina Turnpike Authority
5.000%, 01/01/35		360,000		436,968
Ohio Turnpike & Infrastructure Commission
5.000%, 02/15/48		550,000		601,552
Orange County Local Transportation Authority, Build America Bond
6.908%, 02/15/41		1,420,000		2,014,582
Oregon School Boards Association
4.759%, 06/30/28		2,650,000		2,953,054
Series B 5.550%, 06/30/28		1,735,000		2,057,675
5.680%, 06/30/28		1,235,000		1,488,867
Pennsylvania Economic Development Financing Authority
5.000%, 12/31/38		510,000		577,723
Pennsylvania Turnpike Commission
5.000%, 12/01/46		320,000		367,165
Series A 5.000%, 12/01/48		3,300,000		3,939,837
Series B 5.000%, 12/01/43		1,010,000		1,203,354
Series B1 5.250%, 06/01/47		560,000		649,886
Port Authority of New York & New Jersey
4.458%, 10/01/62		1,290,000		1,543,601
4.960%, 08/01/46		1,350,000		1,723,950
5.000%, 11/15/47		290,000		341,127
Port of Seattle
5.000%, 05/01/43		260,000		300,378
Public Power Generation Agency Revenue
5.000%, 01/01/35		360,000		418,910
Regents of the University of California Medical Center Pooled Revenue, Build America Bonds
6.583%, 05/15/49		1,455,000		2,085,815
Series L 5.000%, 05/15/47		460,000		531,249
Riverside, CA, Electric Revenue, Buld America Bond
7.605%, 10/01/40		525,000		820,297
Royal Oak Hospital Finance Authority
5.000%, 09/01/39		450,000		498,137
Sacramento County Sanitation Districts Financing Authority
2.219%, 3M LIBOR, x 0.67 + 0.530%, 12/01/35 (b)		2,220,000		2,187,077
Salt Lake City Corp. Airport Revenue
5.000%, 07/01/47		1,510,000		1,755,940
Salt River Arizona Project Agricultural Improvement & Power District
5.000%, 01/01/36		520,000		638,773
Series A 5.000%, 12/01/45		1,870,000		2,158,017
San Antonio TX Electric & Gas Systems Revenue
5.000%, 02/01/48		250,000		275,130
San Antonio Water System
5.000%, 05/15/39		530,000		610,899
San Antonio, TX Electric & Gas Systems Revenue, Build Amereica Bond
5.808%, 02/01/41		875,000		1,202,303
San Diego County Regional Airport Authority
5.000%, 07/01/47		470,000		557,279
San Diego Public Facilities Financing Authority
5.000%, 05/15/39		475,000		563,944
San Francisco City & County Airport Comm-San Francisco International Airport
5.000%, 05/01/46		980,000		1,126,059
San Jose Redevelopment Agency Successor Agency
2.958%, 08/01/24		1,195,000		1,237,733
South Carolina Ports Authority
5.000%, 07/01/55		260,000		301,426
South Carolina Public Service Authority
2.388%, 12/01/23		2,205,000		2,186,235
State of California
3.349%, 07/01/29		2,045,000		2,167,659
4.600%, 04/01/38		3,765,000		4,111,229
Series B 2.650%, 04/01/26		2,495,000		2,555,953
State of California General Obligation Unlimited, Build America Bonds
7.300%, 10/01/39		860,000		1,292,709
7.350%, 11/01/39		300,000		453,597
7.500%, 04/01/34		1,125,000		1,698,075
7.550%, 04/01/39		1,375,000		2,176,790
State of Connecticut
Series A 2.990%, 01/15/23		885,000		902,426
3.310%, 01/15/26		1,445,000		1,515,545
5.850%, 03/15/32		1,445,000		1,858,443

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Municipals—(Continued)


Security Description	Principal Amount*		Value
State of Illinois
Series A 5.000%, 05/01/20		400,000	$	410,832
5.000%, 12/01/24		250,000		282,740
Series D 5.000%, 11/01/22		240,000		262,615
5.000%, 11/01/24		1,280,000		1,445,478
5.000%, 11/01/25		3,440,000		3,910,798
5.000%, 11/01/26		1,000,000		1,148,130
State of Illinois, General Obligation Unlimited
5.100%, 06/01/33		5,145,000		5,418,097
State of Missouri
3.086%, 09/15/51		1,230,000		1,147,012
3.651%, 01/15/46		170,000		177,769
State of Ohio
5.000%, 05/01/36		1,015,000		1,180,516
5.000%, 05/01/37		760,000		881,760
State of Oregon
5.892%, 06/01/27		1,900,000		2,296,245
State of Texas
5.000%, 04/01/40		380,000		445,827
5.000%, 04/01/43		610,000		713,279
State of Virginia
5.000%, 12/01/40		270,000		327,534
State of Washington General Obligation Unlimited
5.000%, 08/01/40		1,300,000		1,515,760
5.000%, 02/01/41		610,000		718,800
5.000%, 08/01/41		400,000		475,592
State of Wisconsin
3.154%, 05/01/27		690,000		721,781
5.000%, 05/01/36		490,000		571,075
5.000%, 05/01/38		500,000		578,380
Series A 5.000%, 05/01/25		500,000		599,310
Sumter Landing Community Development District
4.172%, 10/01/47		385,000		425,321
Tennessee Housing Development Agency
3.750%, 07/01/38		280,000		297,032
3.850%, 07/01/43		130,000		136,572
3.950%, 01/01/49		100,000		105,257
Texas Municipal Gas Acquisition & Supply Corp. I
6.250%, 12/15/26		260,000		303,800
Texas Private Activity Bond Surface Transportation Corp.
5.000%, 12/31/55		170,000		186,839
Tobacco Settlement Finance Authority
7.467%, 06/01/47		1,180,000		1,190,502
Tobacco Settlement Financing Corp.
6.706%, 06/01/46		270,000		254,702
TSASC, Inc.
5.000%, 06/01/41		560,000		609,773
University of California CA, Revenue
3.063%, 07/01/25		665,000		690,556
4.601%, 05/15/31		650,000		741,936
4.858%, 05/15/12		239,000		290,093
University of Houston
5.000%, 02/15/36		1,040,000		1,217,611
University of Oregon
5.000%, 04/01/46		380,000		443,194
University of Texas
2.836%, 05/15/27		805,000		824,537
University of Texas System
5.000%, 08/15/39		400,000		498,208
Virginia Small Business Financing Authority
5.000%, 12/31/52		710,000		798,452
5.000%, 12/31/56		720,000		807,545
Washington Metropolitan Area Transit Authority
5.000%, 07/01/36		290,000		349,064
Washington State Convention Center Public Facilities District
5.000%, 07/01/58		470,000		543,282
Water Revenue Authority of Georgia, Build America Bond
5.000%, 11/01/40		250,000		289,053
Weld County School District No. 2
5.250%, 12/01/41		560,000		671,642
West Virginia Hospital Finance Authority
5.000%, 06/01/20		390,000		401,903
5.000%, 06/01/21		390,000		414,738
5.000%, 06/01/22		425,000		465,384
5.000%, 06/01/23		355,000		398,960
5.000%, 06/01/24		375,000		432,296
Wisconsin Health & Educational Facilities Authority 5.000%, 12/15/44		310,000		342,690

Total Municipals (Cost $211,112,585)				218,725,984


Mortgage-Backed Securities—5.4%

Collateralized Mortgage Obligations—1.9%
Alternative Loan Trust 6.000%, 04/25/37		143,272		102,312
American Home Mortgage Assets Trust 3.424%, 12M MTA + 0.920%, 11/25/46 (b)		290,451		144,822
3.444%, 12M MTA + 0.940%, 10/25/46 (b)		498,748		445,979
APS Resecuritization Trust 5.004%, 1M LIBOR + 2.600%, 04/27/47 (144A) (b)		591,622		601,435
5.254%, 1M LIBOR + 2.850%, 09/27/46 (144A) (b)		2,620,737		2,704,184
Ari Investments LLC 4.480%, 01/06/25 (i)		977,998		977,998
Banc of America Alternative Loan Trust 5.500%, 10/25/35		1,087,418		1,104,358
Bear Stearns Asset-Backed Securities Trust 6.250%, 12/25/35		2,041,095		2,017,206
6.250%, 02/25/36		2,832,312		2,635,179
CCRE Commercial Mortgage 4.637%, 01/15/39		728,000		805,122
Chase Mortgage Finance Trust 6.000%, 12/25/37		8,970,610		6,627,682
CIM Trust 3.015%, 06/25/57 (144A) (b)		586,189		586,069
4.000%, 02/25/49 (144A) (b)		1,647,676		1,686,442
Countrywide Alternative Loan Trust 2.544%, 1M LIBOR + 0.140%, 04/25/47 (b)		784,446		745,237
2.573%, 1M LIBOR + 0.190%, 03/20/47 (b)		1,684,274		1,449,715
2.583%, 1M LIBOR + 0.200%, 07/20/46 (b)		2,754,565		2,158,991
2.594%, 1M LIBOR + 0.190%, 10/25/46 (b)		1,064,290		1,038,848
2.614%, 1M LIBOR + 0.210%, 07/25/46 (b)		1,362,005		1,320,901

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Mortgage-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Collateralized Mortgage Obligations—(Continued)
Countrywide Alternative Loan Trust
2.634%, 1M LIBOR + 0.230%, 11/25/36 (b)		550,803	$	448,237
2.754%, 1M LIBOR + 0.350%, 06/25/35 (b)		1,545,540		1,350,051
3.004%, 1M LIBOR + 0.600%, 01/25/36 (b)		588,114		508,162
4.234%, 12M MTA + 1.730%, 11/25/46 (b)		3,004,627		2,639,932
5.500%, 04/25/37		855,058		675,979
6.000%, 05/25/37		2,945,895		2,018,646
Countrywide Home Loan Mortgage Pass-Through Trust 3.464%, 12M MTA + 0.960%, 04/25/46 (b)		3,959,436		1,959,912
Credit Suisse Mortgage Capital Certificates 2.790%, 1M LIBOR + 0.180%, 03/27/36 (144A) (b)		2,054,245		1,781,410
3.830%, 08/26/58 (144A)		1,584,364		1,599,198
6.500%, 10/27/37 (144A)		2,615,084		1,501,767
CSFB Mortgage-Backed Pass-Through Certificates 3.754%, 1M LIBOR + 1.350%, 11/25/35 (b)		446,727		142,230
Deutsche ALT-A Securities Mortgage Loan Trust 2.574%, 1M LIBOR + 0.170%, 08/25/47 (b)		500,629		344,653
Deutsche ALT-A Securities, Inc. Alternate Loan Trust 2.930%, 1M LIBOR + 0.500%, 01/27/37 (144A) (b)		92,585		88,152
GreenPoint Mortgage Funding Trust 4.504%, 12M MTA + 2.000%, 03/25/36 (b)		198,276		195,134
GSR Mortgage Loan Trust 6.000%, 07/25/37		665,981		589,800
IndyMac INDX Mortgage Loan Trust 3.745%, 09/25/37 (b)		885,872		633,065
JPMorgan Alternative Loan Trust 2.614%, 1M LIBOR + 0.210%, 03/25/37 (b)		1,225,299		1,162,229
4.349%, 05/25/37 (b)		297,090		270,294
JPMorgan Mortgage Trust 6.500%, 08/25/36		266,126		192,060
LSTAR Securities Investment Trust 3.940%, 1M LIBOR + 1.500%, 04/01/24 (144A) (b)		1,306,217		1,338,125
MASTR Resecuritization Trust 2.864%, 08/25/37 (144A) (b)		453,558		307,971
MCM Capital LLC
Zero Coupon, 10/25/28		5,190,051		1,141,811
4.000%, 10/25/28		3,323,573		3,331,125
Merrill Lynch Mortgage Investors Trust 4.514%, 05/25/36 (b)		1,391,233		1,273,303
Mortgage Loan Resecuritization Trust 2.780%, 1M LIBOR + 0.340%, 04/16/36 (144A) (b)		3,652,913		3,190,255
New Residential Mortgage Loan Trust 4.250%, 12/25/57 (144A) (b)		626,782		651,121
4.335%, 02/26/24 (144A)		1,916,029		1,943,477
Nomura Asset Acceptance Corp. Alternative Loan Trust 6.634%, 05/25/36		259,303		100,119
Seasoned Credit Risk Transfer Trust
Zero Coupon, 07/25/56 (144A) (j)		829,296		71,372
1.088%, 07/25/56 (144A) (b) (c)		1,101,680		133,485
4.750%, 07/25/56 (144A) (b)		540,000		549,021
4.750%, 05/25/57 (b)		150,000		146,622
6.324%, 05/25/57 (b)		168,954		91,144
Structured Adjustable Rate Mortgage Loan Trust 4.113%, 04/25/36 (b)		347,182		290,527
4.420%, 04/25/47 (b)		900,756		664,635

Collateralized Mortgage Obligations—(Continued)
Structured Asset Mortgage Investments Trust 2.594%, 1M LIBOR + 0.190%, 06/25/36 (b)		1,383,585		1,332,698
2.614%, 1M LIBOR + 0.210%, 05/25/46 (b)		266,423		229,531
2.634%, 1M LIBOR + 0.230%, 02/25/36 (b)		1,818,261		1,777,648
Voyager OPTONE Delaware Trust 5.193%, 1M LIBOR, 02/25/38 (144A) (b) (c)		3,601,577		1,340,668

				65,158,049


Commercial Mortgage-Backed Securities—3.5%
AOA Mortgage Trust 3.110%, 12/13/29 (144A) (b)		460,000		459,598
AREIT Trust 3.251%, 1M LIBOR + 0.850%, 02/14/35 (144A) (b)		61,254		61,218
Ashford Hospitality Trust, Inc. 4.494%, 1M LIBOR + 2.100%, 04/15/35 (144A) (b)		640,000		642,597
Atrium Hotel Portfolio Trust 4.344%, 1M LIBOR + 1.950%, 12/15/36 (144A) (b)		1,540,000		1,544,312
5.444%, 1M LIBOR + 3.050%, 12/15/36 (144A) (b)		286,038		288,181
BAMLL Commercial Mortgage Securities Trust 3.716%, 04/14/33 (144A) (b)		250,000		249,123
3.727%, 08/14/34 (144A) (b)		2,470,000		2,360,577
3.794%, 1M LIBOR + 1.400%, 11/15/33 (144A) (b)		510,000		508,403
3.894%, 1M LIBOR + 1.500%, 11/15/32 (144A) (b)		300,000		300,000
4.394%, 1M LIBOR + 2.000%, 11/15/32 (144A) (b)		630,000		630,000
Banc of America Commercial Mortgage Trust 0.781%, 02/15/50 (b) (c)		4,070,000		179,960
1.437%, 02/15/50 (144A) (b) (c)		2,000,000		167,360
5.482%, 01/15/49 (b)		141,911		142,368
Bancorp Commercial Mortgage Trust (The) 3.244%, 1M LIBOR + 0.850%, 01/15/33 (144A) (b)		564,535		561,902
Barclays Commercial Mortgage Trust 1.349%, 05/15/52 (b) (c)		4,733,000		503,513
3.000%, 05/15/52 (144A)		285,000		252,003
4.178%, 05/15/52		364,000		375,459
Bayview Commercial Asset Trust 2.654%, 1M LIBOR + 0.250%, 10/25/36 (144A) (b)		214,326		204,924
2.704%, 1M LIBOR + 0.300%, 01/25/36 (144A) (b)		121,397		117,060
2.704%, 1M LIBOR + 0.300%, 10/25/36 (144A) (b)		218,086		209,014
2.764%, 1M LIBOR + 0.360%, 04/25/36 (144A) (b)		140,421		135,448
2.854%, 1M LIBOR + 0.450%, 01/25/36 (144A) (b)		90,373		87,159
3.904%, 1M LIBOR + 1.500%, 12/25/37 (144A) (b)		720,000		616,586
BB-UBS Trust 0.730%, 11/05/36 (144A) (b) (c)		85,480,000		2,663,531
4.160%, 11/05/36 (144A) (b)		330,000		328,453
BBCMS Mortgage Trust 3.116%, 1M LIBOR + 0.722%, 03/15/37 (144A) (b)		280,000		278,947
Bear Stearns Commercial Mortgage Securities Trust 5.513%, 01/12/45 (b)		265,064		264,404
Benchmark Mortgage Trust 1.215%, 03/15/52 (b) (c)		5,794,909		479,598
4.971%, 03/15/52 (b)		799,000		890,259
BHMS Mortgage Trust 3.644%, 1M LIBOR + 1.250%, 07/15/35 (144A) (b)		780,000		780,234
BWAY Mortgage Trust 3.446%, 03/10/33 (144A)		1,495,000		1,527,347

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Mortgage-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Commercial Mortgage-Backed Securities—(Continued)
BWAY Mortgage Trust
3.454%, 03/10/33 (144A)		2,690,000	$	2,819,274
3.633%, 03/10/33 (144A)		600,000		611,620
BX Commercial Mortgage Trust 5.394%, 1M LIBOR + 3.000%, 11/15/35 (144A) (b)		3,597,708		3,608,941
BXP Trust 3.670%, 08/13/37 (144A) (b)		760,000		730,735
CCRESG Commercial Mortgage Trust 5.671%, 04/10/29 (144A) (b)		230,000		235,477
CD Commercial Mortgage Trust 3.514%, 05/10/50 (b)		10,000		10,581
CD Mortgage Trust 3.631%, 02/10/50		350,000		373,040
5.648%, 10/15/48		330,136		342,912
CFCRE Commercial Mortgage Trust 0.889%, 05/10/58 (b) (c)		2,370,000		108,438
CGDBB Commercial Mortgage Trust 3.184%, 1M LIBOR + 0.790%, 07/15/32 (144A) (b)		1,490,000		1,490,002
3.994%, 1M LIBOR + 1.600%, 07/15/32 (144A) (b)		1,110,000		1,112,091
4.544%, 1M LIBOR + 2.150%, 07/15/32 (144A) (b)		1,680,000		1,679,999
CHC Commercial Mortgage Trust 3.900%, 1M LIBOR + 1.500%, 06/15/34 (144A) (b)		1,698,000		1,698,000
Citigroup Commercial Mortgage Trust 4.995%, 04/15/49 (b)		40,000		43,085
CLNS Trust 5.912%, 1M LIBOR + 3.500%, 06/11/32 (144A) (b)		291,000		292,454
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.168%, 02/10/35 (144A) (b) (c)		60,958,000		327,954
1.193%, 03/10/46 (b) (c)		24,807,122		696,219
3.183%, 02/10/48		513,000		531,721
3.285%, 10/10/36 (144A) (b)		270,000		257,295
3.550%, 07/15/47		550,000		574,722
3.696%, 08/10/48		320,000		340,871
3.796%, 08/10/47		540,000		574,653
3.807%, 05/10/48 (144A) (b)		730,000		728,742
3.977%, 05/10/47		1,394,000		1,492,298
4.006%, 04/10/47		400,000		426,756
4.051%, 04/10/47		1,896,000		2,028,695
4.236%, 02/10/47 (b)		320,000		344,526
4.443%, 07/10/48 (b)		1,600,000		1,668,537
4.580%, 12/10/47 (b)		420,000		440,893
4.695%, 08/10/48 (b)		1,256,000		1,305,410
5.904%, 06/10/44 (144A) (b)		159,885		163,231
Commercial Mortgage Trust 3.807%, 05/10/48 (144A) (b)		1,740,000		1,741,759
Core Industrial Trust 3.077%, 02/10/34 (144A)		1,975,068		2,022,507
3.977%, 02/10/34 (144A) (b)		2,360,000		2,413,549
Credit Suisse First Boston Mortgage Securities Corp. 4.952%, 07/15/37 (b)		2,329		2,329
5.234%, 10/15/39 (144A) (b)		250,000		249,618
Credit Suisse Mortgage Capital Certificates Trust 3.344%, 1M LIBOR + 0.950%, 12/15/30 (144A) (b)		280,000		278,940
CSAIL Commercial Mortgage Trust 0.219%, 11/15/50 (b) (c)		3,940,000		65,987

Commercial Mortgage-Backed Securities—(Continued)
CSAIL Commercial Mortgage Trust
1.573%, 06/15/52 (b) (c)		11,798,000		1,464,678
3.000%, 03/15/52 (144A)		347,808		304,890
3.329%, 06/15/52		620,000		642,667
3.504%, 06/15/57		320,000		334,585
4.053%, 03/15/52		996,000		1,093,169
4.237%, 06/15/52 (b)		160,000		165,540
5.056%, 11/15/51 (b)		300,000		327,485
5.147%, 03/15/52 (b)		744,740		807,422
DBJPM Mortgage Trust 1.000%, 06/10/50 (b) (c)		2,060,000		127,423
3.276%, 05/10/49		240,000		249,958
DBUBS Mortgage Trust 3.452%, 10/10/34 (144A)		850,000		891,057
3.648%, 10/10/34 (144A) (b)		1,710,000		1,711,231
Eleven Madison Trust Mortgage Trust 3.673%, 09/10/35 (144A) (b)		440,000		465,783
Exantas Capital Corp., Ltd. 3.894%, 1M LIBOR + 1.500%, 04/15/36 (144A) (b)		940,000		940,882
GPMT, Ltd. 3.283%, 1M LIBOR + 0.900%, 11/21/35 (144A) (b)		532,967		532,967
GS Mortgage Securities Corp. II 3.550%, 12/10/27 (144A) (b)		11,042,358		11,006,241
5.366%, 05/03/32 (144A)		840,000		965,373
GS Mortgage Securities Corp. Trust 2.856%, 05/10/34 (144A)		710,000		712,904
3.694%, 1M LIBOR + 1.300%, 07/15/32 (144A) (b)		80,000		79,753
3.894%, 1M LIBOR + 1.500%, 07/15/32 (144A) (b)		170,000		169,947
4.194%, 1M LIBOR + 1.800%, 07/15/32 (144A) (b)		70,000		69,695
4.894%, 1M LIBOR + 2.500%, 07/15/32 (144A) (b)		30,000		29,802
GS Mortgage Securities Trust 3.000%, 08/10/50 (144A)		240,000		214,594
3.650%, 1M LIBOR + 1.200%, 06/15/38 (144A) (b)		332,000		332,216
3.931%, 09/10/47		800,000		854,427
3.932%, 10/10/35 (144A) (b)		340,000		341,059
3.980%, 02/10/48		160,000		167,160
4.325%, 1M LIBOR + 1.875%, 06/15/36 (144A) (b)		950,000		947,931
4.529%, 04/10/47 (b)		50,000		51,655
4.557%, 07/10/48 (b)		500,000		527,200
HMH Trust 3.062%, 07/05/31 (144A)		1,210,000		1,225,681
Hudson Yards Mortgage Trust 3.557%, 07/10/39 (144A) (b)		1,460,000		1,408,692
IMT Trust 3.478%, 06/15/34 (144A)		540,000		565,233
3.613%, 06/15/34 (144A) (b)		570,000		574,484
JPMBB Commercial Mortgage Securities Trust 0.909%, 05/15/48 (b) (c)		1,094,991		29,524
1.010%, 09/15/47 (b) (c)		1,478,703		52,794
3.775%, 08/15/47		550,000		581,506
3.801%, 09/15/47		220,000		233,124
4.271%, 12/15/48 (144A) (b)		300,000		298,164
JPMCC Commercial Mortgage Securities Trust 3.490%, 07/15/50		320,000		336,858
4.050%, 03/15/50 (b)		330,000		338,441
4.050%, 09/15/50		110,000		115,887
4.800%, 03/15/50 (144A) (b)		650,000		664,383

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Mortgage-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Commercial Mortgage-Backed Securities—(Continued)
JPMDB Commercial Mortgage Securities Trust 0.750%, 12/15/49 (144A) (b) (c)		2,067,000	$	97,961
JPMorgan Chase Commercial Mortgage Securities Trust 0.652%, 04/15/46 (b) (c)		4,900,000		95,210
0.750%, 08/15/49 (144A) (b) (c)		5,300,000		246,196
1.000%, 1M LIBOR + 1.300%, 07/15/36 (144A) (b)		984,000		983,996
2.949%, 10/06/38 (144A) (b)		1,670,000		1,696,079
3.694%, 1M LIBOR + 1.300%, 06/15/45 (144A) (b)		130,000		132,354
3.750%, 06/13/52		716,000		719,102
3.783%, 06/05/39 (144A) (b)		336,000		340,024
4.394%, 01/15/49 (b)		970,000		980,439
KNDL Mortgage Trust 4.194%, 1M LIBOR + 1.800%, 05/15/36 (144A) (b)		2,728,000		2,727,989
Lehman Brothers Small Balance Commercial Mortgage Trust 2.654%, 1M LIBOR + 0.250%, 03/25/37 (144A) (b)		480,821		467,033
LSTAR Commercial Mortgage Trust 1.265%, 03/10/50 (144A) (b) (c)		887,774		38,421
3.273%, 04/20/48 (144A) (b)		590,000		599,695
Merrill Lynch Mortgage Trust 6.527%, 09/12/42 (144A) (b)		490,000		496,108
Morgan Stanley Bank of America Merrill Lynch Trust 1.333%, 12/15/47 (144A) (b) (c)		1,810,000		96,705
1.568%, 11/15/49 (b) (c)		1,085,161		82,430
3.060%, 10/15/48 (144A)		322,000		298,130
3.892%, 06/15/47		3,000,000		3,192,058
4.268%, 07/15/50 (144A) (b)		297,000		289,948
4.558%, 05/15/50 (b)		300,000		318,138
4.678%, 10/15/48 (b)		170,000		181,351
Morgan Stanley Capital Trust 1.198%, 03/15/52 (b) (c)		2,397,269		198,422
2.359%, 06/15/50 (144A) (b) (c)		1,190,000		174,190
2.546%, 06/15/50 (144A)		1,510,000		1,310,120
3.417%, 06/15/52		434,000		454,246
3.560%, 07/13/29 (144A) (b)		540,000		535,994
4.071%, 03/15/52		403,000		444,819
4.165%, 05/15/48 (144A) (b)		110,000		106,190
4.165%, 05/15/48 (b)		150,000		154,776
4.344%, 1M LIBOR + 1.950%, 11/15/34 (144A) (b)		330,000		331,706
4.944%, 1M LIBOR + 2.550%, 07/15/35 (144A) (b)		290,000		293,056
4.994%, 1M LIBOR + 2.600%, 11/15/34 (144A) (b)		1,977,000		1,968,235
5.444%, 1M LIBOR + 3.050%, 11/15/34 (144A) (b)		391,000		394,175
Natixis Commercial Mortgage Securities Trust 3.390%, 1M LIBOR + 0.950%, 06/15/35 (144A) (b)		230,405		229,679
4.272%, 05/15/39 (144A) (b)		960,000		969,606
Olympic Tower Mortgage Trust 0.511%, 05/10/39 (144A) (b) (c)		13,300,000		378,358
4.077%, 05/10/39 (144A) (b)		1,049,000		1,025,373
One Market Plaza Trust
Zero Coupon, 02/10/32 (144A) (b) (c)		4,222,000		4
0.218%, 02/10/32 (144A) (b) (c)		21,110,000		81,062
Park Avenue Mortgage Trust 3.931%, 1M LIBOR + 1.537%, 09/15/34 (144A) (b)		500,000		500,934
4.513%, 1M LIBOR + 2.119%, 09/15/34 (144A) (b)		1,750,000		1,754,384
Park Avenue Trust 0.271%, 06/05/37 (144A) (b) (c)		5,000,000		70,088
3.779%, 06/05/37 (144A) (b)		207,000		202,247

Commercial Mortgage-Backed Securities—(Continued)
PFP, Ltd. 3.371%, 1M LIBOR + 0.970%, 04/14/36 (144A) (b)		389,500		389,622
3.821%, 1M LIBOR + 1.420%, 04/14/36 (144A) (b)		230,000		230,072
Prima Capital CRE Securitization, Ltd. 4.000%, 08/24/40 (144A)		1,740,000		1,728,634
4.000%, 08/24/49 (144A)		260,000		259,228
UBS Commercial Mortgage Trust 1.183%, 12/15/51 (b) (c)		1,435,554		108,465
Velocity Commercial Capital Loan Trust 3.661%, 10/25/46 (b)		150,000		154,492
4.240%, 11/25/47 (144A) (b)		201,112		203,441
4.450%, 05/25/47 (144A) (b)		150,000		151,628
4.458%, 10/25/46 (b)		100,000		102,047
5.000%, 11/25/47 (144A) (b)		117,578		118,990
5.350%, 05/25/47 (144A) (b)		150,000		154,211
5.498%, 10/25/46 (b)		140,000		146,789
7.226%, 10/25/46 (b)		160,000		168,882
Wells Fargo Commercial Mortgage Trust 0.921%, 05/15/51 (b) (c)		3,973,633		213,040
1.057%, 12/15/48 (b) (c)		1,301,913		59,103
1.405%, 08/15/49 (144A) (b) (c)		1,430,000		104,805
1.635%, 05/15/52 (b) (c)		5,627,181		611,658
2.600%, 11/15/50 (144A) (b)		505,000		431,182
3.148%, 05/15/48		94,000		97,079
3.241%, 12/15/48 (144A)		483,000		422,864
3.261%, 1M LIBOR + 0.850%, 12/13/31 (144A) (b)		490,000		488,202
3.540%, 05/15/48		260,000		273,860
3.664%, 09/15/58		400,000		424,517
3.718%, 12/15/48		190,000		202,461
3.751%, 12/15/48 (b)		35,000		34,697
3.809%, 12/15/48		630,000		675,101
3.874%, 06/15/36 (144A) (b)		270,000		289,102
4.499%, 09/15/50 (144A) (b)		150,000		148,144
4.551%, 1M LIBOR + 2.157%, 12/15/36 (144A) (b)		266,126		265,723
WF-RBS Commercial Mortgage Trust 3.344%, 1M LIBOR + 0.950%, 03/15/44 (144A) (b)		15,971		16,009
3.678%, 08/15/47		595,000		628,392
3.915%, 09/15/57 (b)		1,540,000		1,531,573

				121,088,908

Total Mortgage-Backed Securities (Cost $186,251,444)				186,246,957


Foreign Government—3.7%

Sovereign—3.7%
Argentine Republic Government International Bonds 4.625%, 01/11/23		515,000		413,035
6.875%, 01/11/48 (f)		1,277,000		944,993
7.125%, 07/06/36		250,000		193,252
Bonos de la Nacion Argentina con Ajuste por CER 4.000%, 03/06/20 (ARS) (e)		12,117,000		412,453
Brazilian Government International Bond 4.500%, 05/30/29 (f)		4,392,000		4,510,584
Colombia Government International Bond 3.875%, 04/25/27		8,170,000		8,521,310

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Foreign Government—(Continued)


Security Description	Principal Amount*		Value

Sovereign—(Continued)
Egypt Government International Bonds 4.750%, 04/11/25 (144A) (EUR)		711,000	$	824,712
4.750%, 04/16/26 (144A) (EUR)		502,000		573,541
5.750%, 04/29/20		1,166,000		1,184,607
6.375%, 04/11/31 (144A) (EUR)		632,000		729,993
6.875%, 04/30/40		831,000		792,691
8.700%, 03/01/49 (144A)		535,000		575,125
French Republic Government Bond OAT 1.500%, 05/25/50 (144A) (EUR)		16,110,000		21,084,768
Hungary Government International Bond 5.375%, 03/25/24		2,054,000		2,315,474
Indonesia Government International Bond 4.100%, 04/24/28		1,470,000		1,552,365
Indonesia Treasury Bonds 7.375%, 05/15/48 (IDR)		25,274,000,000		1,583,259
8.250%, 05/15/29 (IDR)		107,396,000,000		8,058,026
8.375%, 03/15/34 (IDR)		28,764,000,000		2,158,191
8.375%, 04/15/39 (IDR)		48,499,000,000		3,570,268
Mexican Bonos 7.500%, 06/03/27 (MXN)		18,052,300		938,696
7.750%, 11/23/34 (MXN)		13,471,800		704,847
7.750%, 11/13/42 (MXN)		30,700,000		1,586,123
8.500%, 05/31/29 (MXN)		65,352,000		3,620,828
10.000%, 11/20/36 (MXN)		20,000,000		1,264,151
Mexico Government International Bond 4.150%, 03/28/27		11,493,000		12,042,825
Nigeria Government International Bond 9.248%, 01/21/49		826,000		934,740
Panama Government International Bond 3.875%, 03/17/28		3,307,000		3,530,256
Peruvian Government International Bond 4.125%, 08/25/27		2,856,000		3,180,185
Philippine Government International Bond 3.000%, 02/01/28		5,114,000		5,251,311
Qatar Government International Bond 4.817%, 03/14/49 (144A)		909,000		1,041,750
Republic of South Africa Government Bonds 6.250%, 03/31/36 (ZAR)		95,360,000		4,983,710
9.000%, 01/31/40 (ZAR)		65,797,000		4,398,308
Russian Federal Bond - OFZ 6.900%, 05/23/29 (RUB)		406,245,000		6,254,128
8.500%, 09/17/31 (RUB)		398,186,000		6,877,428
Saudi Government International Bonds 4.500%, 10/26/46		569,000		578,202
5.000%, 04/17/49		950,000		1,040,250
South Africa Government Bond 8.750%, 01/31/44 (ZAR)		32,441,000		2,097,779
Turkey Government International Bond 7.625%, 04/26/29		1,235,000		1,264,640
Ukraine Government International Bond 9.750%, 11/01/28		1,229,000		1,387,234
Uruguay Government International Bond 4.375%, 10/27/27 (e)		3,790,000		4,093,238

Total Foreign Government (Cost $122,186,374)				127,069,276


Floating Rate Loans (k)—1.2%
Security Description	Principal Amount*		Value

Commercial Services—0.2%
Goldman Sachs Lending Partners, LLC
Term Loan A, 8.459%, 1M LIBOR + 1.750%, 08/26/20 (i)		1,424,059		1,416,939
Term Loan B, 8.659%, 1M LIBOR + 2.100%, 08/26/20 (i)		3,401,295		3,384,288

				4,801,227


Distribution/Wholesale—0.3%
Chimera Special Holding LLC
Term Loan, 4.430%, 1M LIBOR + 2.000%, 10/04/19		9,416,361		9,416,361


Diversified Financial Services—0.7%
Caliber Home Loans, Inc.
Revolver, 5.590%, 1M LIBOR + 3.000%, 04/24/21 (l)		5,350,000		5,336,625
LSTAR 19-1 Securities Financing
Term Loan, 4.440%, 3M LIBOR + 2.000%, 05/30/22 (m) (n)		7,405,911		7,405,911
RNTR Seer Financing
Term Loan, 2.345%, 12/20/21 (m) (n)		1,840,000		1,840,000
Roundpoint Mortgage Servicing Corp.
Term Loan, 5.818%, 1M LIBOR + 3.375%, 08/08/20 (l) (m) (n)		8,397,567		8,400,086

				22,982,622


Entertainment —0.0%
Stars Group Holdings B.V. (The)
Incremental Term Loan, 5.830%, 3M LIBOR + 3.500%, 07/10/25		1,260,251		1,261,826


Iron/Steel—0.0%
Samarco Mineracao S.A.
Fixed Rate Term Loan, 03/25/20 (g)		543,000		403,856


Pipelines—0.0%
AL Midcoast Holdings, LLC
Term Loan B, 7.830%, 3M LIBOR + 5.500%, 07/31/25		1,091,750		1,095,389


Retail—0.0%
Foundation Building Materials Holding Co. LLC
Term Loan B, 5.402%, 1M LIBOR + 3.000%, 08/13/25		1,169,125		1,162,915


Telecommunications—0.0%
Intelsat Jackson Holdings S.A.
Term Loan B4, 01/02/24 (o)		342,231		344,199

Total Floating Rate Loans (Cost $41,534,084)				41,468,395

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Preferred Stock—0.1%


Security Description	Shares/ Principal Amount*		Value

Media — 0.1%
NBCUniversal Enterprise, Inc. , 5.250%, 03/19/21 (144A) (Cost $3,818,056)		3,745,000	$	3,834,880


Common Stock—0.0%

Household Durables—0.0%
Beazer Homes USA, Inc. (p) (Cost $115,733)		11,871		114,080


Escrow Shares—0.0%

Savings & Loans—0.0%
Washington Mutual Bank (m) (n)		5,027,000		1
Washington Mutual Bank (m) (n)		1,310,000		0
Washington Mutual Bank (m) (n)		2,440,000		0

Total Escrow Shares (Cost $0)				1


Short-Term Investment—1.3%

Repurchase Agreement—1.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $45,227,173; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $46,131,254.		45,222,651		45,222,651

Total Short-Term Investments (Cost $45,222,651)				45,222,651


Securities Lending Reinvestments (q)—0.9%

Certificates of Deposit—0.4%
Canadian Imperial Bank of Commerce 2.660%, 1M LIBOR + 0.270%, 07/19/19 (b)		2,000,000		2,000,176
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (b)		2,000,000		2,000,578
Toronto-Dominion Bank 2.604%, 1M LIBOR + 0.210%, 09/17/19 (b)		5,000,000		5,001,780
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (b)		2,000,000		2,000,270
Wells Fargo Bank N.A. 2.721%, 3M LIBOR + 0.140%, 07/11/19 (b)		5,000,000		4,999,758

				16,002,562


Commercial Paper — 0.1%
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (b)		1,000,000		1,000,199
Starbird Funding Corp. 2.600%, 07/01/19		999,802		999,795

				1,999,994


Repurchase Agreements — 0.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $2,977,639; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $3,036,610		2,977,068		2,977,068
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $5,338,887; collateralized by various Common Stock with an aggregate market value of $5,830,000		5,300,000		5,300,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $1,511,633; collateralized by various Common Stock with an aggregate market value of $1,650,409		1,500,000		1,500,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $700,152; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $714,000		700,000		700,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $100,023; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $102,001		100,000		100,000
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $400,084; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $409,614		400,000		400,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $1,300,268; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,400,839.		1,300,000		1,300,000

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (q)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements —(Continued)
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $1,200,247; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,293,082.		1,200,000	$	1,200,000

				13,477,068

Total Securities Lending Reinvestments (Cost $31,477,068)				31,479,624

Total Purchased Options—0.0% (r) (Cost $1,634,837)				998,050

Total Investments—108.5% (Cost $3,674,694,028)				3,759,760,483

Unfunded Loan Commitments—(0.1)% (Cost $(4,206,810))				(4,206,810	)

Net Investments—108.4% (Cost $3,670,487,218)				3,755,553,673
Other assets and liabilities (net)—(8.4)%				(291,523,297	)

Net Assets—100.0%			$	3,464,030,376


*		Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(b)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(c)		Interest only security.
(d)		All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2019, the market value of securities pledged was $7,663,711.
(e)		Principal amount of security is adjusted for inflation.
(f)		All or a portion of the security was held on loan. As of June 30, 2019, the market value of securities loaned was $30,496,214 and the collateral received consisted of cash in the amount of $31,476,870. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(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)		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, 2019, the market value of restricted securities was $5,829,257, which is 0.2% of net assets. See details shown in the Restricted Securities table that follows.
(j)		Principal 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 generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(l)		Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(m)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(n)		Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, these securities represent 0.5% of net assets.
(o)		This loan will settle after June 30, 2019, at which time the interest rate will be determined.
(p)		Non-income producing security.
(q)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(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, 2019, the market value of 144A securities was $642,532,114, which is 18.5% of net assets.


Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Ari Investments LLC, 4.480%, 01/06/25		12/14/17	$	977,998	$	977,998	$	977,998
Banco Espirito Santo S.A., 4.000%, 01/21/19		12/12/14		200,000		248,512		50,032
Goldman Sachs Lending Partners, LLC, 8.459%, 08/26/20		07/30/18		1,424,059		1,424,059		1,416,939
Goldman Sachs Lending Partners, LLC, 8.659%, 08/26/20		07/30/18		3,401,295		3,401,295		3,384,288

							$	5,829,257

BHFTII-36

See accompanying notes to financial statements.

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

TBA Forward Sale Commitments


Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		2.500	%		TBA	$	(3,047,200	)	$	(3,048,137	)	$	(3,066,959	)
Fannie Mae 15 Yr. Pool		3.500	%		TBA		(4,098,000	)		(4,194,687	)		(4,229,686	)
Fannie Mae 15 Yr. Pool		4.000	%		TBA		(6,820,000	)		(7,060,298	)		(7,080,279	)
Fannie Mae 30 Yr. Pool		3.500	%		TBA		(9,308,994	)		(9,489,356	)		(9,514,083	)
Fannie Mae 30 Yr. Pool		3.500	%		TBA		(81,300,000	)		(83,001,141	)		(83,069,039	)
Fannie Mae 30 Yr. Pool		5.500	%		TBA		(1,670,000	)		(1,784,356	)		(1,781,309	)
Fannie Mae 30 Yr. Pool		6.000	%		TBA		(2,002,000	)		(2,171,857	)		(2,192,034	)
Ginnie Mae I 30 Yr. Pool		4.500	%		TBA		(3,100,000	)		(3,249,188	)		(3,264,385	)

Totals									$	(113,999,020	)	$	(114,197,774	)

Forward Foreign Currency Exchange Contracts


Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ARS	12,173,000	BNP		08/21/19		USD	259,000	$	7,210
ARS	16,037,100	CBNA		09/03/19		USD	346,000		(1,259	)
BRL	2,676,043	BNP		07/02/19		USD	698,305		(1,409	)
BRL	3,980,900	BOA		07/02/19		USD	1,034,000		2,706
BRL	2,541,990	CBNA		07/02/19		USD	660,000		1,985
BRL	2,651,961	CSI		07/02/19		USD	692,020		(1,397	)
BRL	3,979,866	CSI		07/02/19		USD	1,038,533		(2,096	)
BRL	6,620,280	CSI		07/02/19		USD	1,727,540		(3,487	)
BRL	6,715,740	CSI		07/02/19		USD	1,720,000		28,913
BRL	2,056,673	GSI		07/02/19		USD	516,000		19,599
BRL	111,636	MSIP		07/02/19		USD	29,000		72
BRL	2,002,768	MSIP		07/02/19		USD	522,616		(1,055	)
BRL	2,689,510	MSIP		07/02/19		USD	691,000		9,402
BRL	2,659,816	CSI		08/02/19		USD	689,000		1,700
BRL	3,991,654	CSI		08/02/19		USD	1,034,000		2,551
BRL	6,639,888	CSI		08/02/19		USD	1,720,000		4,243
BRL	21,653,190	MSIP		09/18/19		USD	5,580,000		17,516
CAD	920,326	BNP		09/18/19		USD	687,000		16,777
CAD	1,294,646	CBNA		09/18/19		USD	988,000		2,021
CLP	479,880,000	MSIP		07/24/19		USD	688,000		20,413
COP	2,255,421,000	UBSA		07/17/19		USD	687,000		14,254
EUR	17,459,000	UBSA		07/03/19		USD	19,866,596		(12,269	)
IDR	15,172,300,000	BNP		07/16/19		USD	1,061,000		11,317
IDR	50,049,705,000	BOA		07/24/19		USD	3,489,000		45,147
IDR	37,317,515,378	CBNA		07/24/19		USD	2,633,688		1,404
JPY	1,218,331,697	BOA		09/18/19		USD	11,374,000		(9,670	)
JPY	1,217,674,734	MSIP		09/18/19		USD	11,374,000		(15,798	)
JPY	304,685,313	SCB		09/18/19		USD	2,824,000		18,038
KRW	1,211,124,200	BOA		07/24/19		USD	1,034,000		15,592
MXN	13,225,837	BOA		07/24/19		USD	688,000		(1,395	)
MXN	16,733,534	BOA		07/24/19		USD	867,000		1,704
MXN	32,234,677	BBP		07/24/19		USD	1,676,314		(2,884	)
MXN	19,827,674	CBNA		07/24/19		USD	1,034,000		(4,667	)
MXN	26,617,473	JPMC		07/24/19		USD	1,383,000		(1,182	)
MXN	13,153,975	MSIP		07/24/19		USD	689,000		(6,125	)
MXN	13,216,609	MSIP		07/24/19		USD	685,000		1,126
PLN	837,095	BNP		07/24/19		USD	220,067		4,273
PLN	3,886,703	BOA		07/24/19		USD	1,034,000		7,628
PLN	2,092,397	DBAG		07/24/19		USD	550,168		10,590
PLN	341,405	JPMC		07/24/19		USD	89,765		1,731

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)


Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
RUB	43,745,625	DBAG		07/24/19		USD	693,000	$	(3,388	)
SEK	26,053,829	BOA		09/18/19		USD	2,824,000		(2,862	)
TRY	2,019,864	UBSA		07/08/19		USD	343,882		3,607
TRY	1,659,062	UBSA		07/10/19		USD	261,000		24,102
TRY	4,065,958	BNP		07/24/19		USD	689,000		4,339
TRY	2,033,788	BOA		07/24/19		USD	346,000		808
TRY	6,070,598	BOA		07/24/19		USD	1,037,000		(1,824	)
TWD	21,747,680	BNP		07/05/19		USD	688,000		12,323
TWD	5,564,018	UBSA		07/05/19		USD	177,138		2,035
ZAR	9,099,447	CBNA		07/08/19		USD	627,600		17,951
ZAR	3,165,235	BNP		07/24/19		USD	219,822		4,291
ZAR	9,859,108	BNP		07/24/19		USD	689,000		9,070
ZAR	14,795,688	BNP		07/24/19		USD	1,034,000		13,602
ZAR	7,896,023	BOA		07/24/19		USD	531,000		28,074
ZAR	7,916,514	BOA		07/24/19		USD	549,556		10,969
ZAR	3,165,111	MSIP		07/24/19		USD	219,822		4,282
ZAR	645,272	UBSA		07/24/19		USD	44,800		888
ZAR	5,018,970	UBSA		07/24/19		USD	344,000		11,366
ZAR	49,725,396	BOA		08/21/19		USD	3,507,841		762

Contracts to Deliver
ARS	42,271,000	BOA		08/21/19		USD	820,000		(104,419	)
BRL	2,676,043	BNP		07/02/19		USD	692,110		(4,785	)
BRL	3,980,900	BOA		07/02/19		USD	1,038,803		2,097
BRL	2,541,990	CBNA		07/02/19		USD	663,324		1,339
BRL	6,715,740	CSI		07/02/19		USD	1,752,450		3,537
BRL	6,620,280	CSI		07/02/19		USD	1,720,000		(4,054	)
BRL	3,979,866	CSI		07/02/19		USD	1,034,000		(2,437	)
BRL	2,651,961	CSI		07/02/19		USD	689,000		(1,624	)
BRL	2,056,673	GSI		07/02/19		USD	536,682		1,083
BRL	2,689,510	MSIP		07/02/19		USD	701,819		1,416
BRL	2,002,768	MSIP		07/02/19		USD	514,890		(6,671	)
BRL	111,636	MSIP		07/02/19		USD	29,131		59
CAD	1,317,664	BOA		09/18/19		USD	988,000		(19,623	)
CAD	910,373	BOA		09/18/19		USD	687,000		(9,166	)
CLP	465,913,600	CSI		07/24/19		USD	688,000		204
COP	2,199,162,570	HSBC		07/17/19		USD	687,000		3,237
EUR	5,741,000	GSI		07/03/19		USD	6,484,382		(44,267	)
EUR	6,025,000	SSBT		07/03/19		USD	6,757,076		(94,537	)
EUR	5,883,000	SSBT		07/03/19		USD	6,602,290		(87,841	)
EUR	17,459,000	UBSA		08/06/19		USD	19,921,592		12,013
EUR	1,343,000	BOA		09/09/19		USD	1,527,021		(8,400	)
EUR	489,471	JPMC		09/09/19		USD	552,477		(7,125	)
IDR	9,778,977,000	UBSA		07/15/19		USD	689,000		(2,216	)
IDR	7,682,701,000	JPMC		07/16/19		USD	530,500		(12,482	)
IDR	7,758,562,500	UBSA		07/16/19		USD	530,500		(17,844	)
IDR	37,780,254,360	BOA		07/24/19		USD	2,633,688		(34,079	)
IDR	37,081,058,100	CBNA		07/24/19		USD	2,617,000		(1,395	)
IDR	12,525,408,000	JPMC		07/24/19		USD	872,000		(12,453	)
IDR	9,870,816,000	UBSA		07/24/19		USD	687,000		(10,005	)
IDR	61,442,311,731	CBNA		08/07/19		USD	4,176,169		(155,525	)
IDR	21,620,576,420	GSI		08/08/19		USD	1,484,930		(39,145	)
IDR	1,127,096,760	UBSA		08/08/19		USD	77,565		(1,886	)
IDR	61,442,311,731	CBNA		08/14/19		USD	4,156,422		(171,701	)
JPY	303,356,904	JPMC		09/18/19		USD	2,824,000		(5,646	)
KRW	1,397,362,200	BNP		07/24/19		USD	1,209,000		(1,991	)

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)


Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
KRW	798,105,000	BNP		07/24/19		USD	691,000	$	(659	)
KRW	1,595,089,300	BOA		07/24/19		USD	1,379,000		(3,346	)
MXN	15,703,457	BNP		07/24/19		USD	816,000		772
MXN	9,129,152	BNP		07/24/19		USD	474,314		384
MXN	1,606,860	BNP		07/24/19		USD	83,486		67
MXN	846,515	BNP		07/24/19		USD	44,000		54
MXN	13,213,298	BOA		07/24/19		USD	689,000		3,045
MXN	12,276,303	BOA		07/24/19		USD	637,200		(111	)
MXN	9,924,771	BOA		07/24/19		USD	515,000		(234	)
MXN	9,351,574	BBP		07/24/19		USD	486,314		837
MXN	13,149,703	CBNA		07/24/19		USD	689,000		6,347
MXN	13,242,269	DBAG		07/24/19		USD	687,000		(459	)
MXN	47,790,748	BBP		08/21/19		USD	2,470,036		526
MXN	30,454,000	BBP		08/21/19		USD	1,576,921		3,260
NOK	56,424,000	UBSA		07/03/19		USD	6,458,845		(155,800	)
PLN	3,206,365	DBAG		07/24/19		USD	860,000		701
RUB	43,728,300	BNP		07/24/19		USD	693,000		3,661
RUB	108,853,541	HSBC		08/07/19		USD	1,689,603		(22,961	)
RUB	81,976,430	HSBC		08/07/19		USD	1,255,632		(34,082	)
RUB	38,603,831	HSBC		08/07/19		USD	584,906		(22,438	)
RUB	67,861,570	MSIP		08/07/19		USD	1,039,642		(28,007	)
RUB	54,637,251	MSIP		08/07/19		USD	827,524		(32,070	)
RUB	28,346,918	MSIP		08/07/19		USD	430,102		(15,873	)
RUB	28,250,000	MSIP		08/07/19		USD	427,221		(17,229	)
SEK	25,957,643	BOA		09/18/19		USD	2,824,000		13,277
SGD	15,377,307	HSBC		09/18/19		USD	11,374,000		(4,702	)
TRY	2,025,014	CBNA		07/08/19		USD	343,882		(4,493	)
TRY	1,703,286	BNP		07/10/19		USD	261,000		(31,702	)
TRY	2,054,592	CBNA		07/24/19		USD	344,000		(6,355	)
TWD	27,070,168	BNP		07/05/19		USD	865,138		(6,580	)
TWD	350,774,160	BOA		09/18/19		USD	11,374,000		30,870
ZAR	6,039,152	BNP		07/08/19		USD	417,400		(11,041	)
ZAR	3,055,670	GSI		07/08/19		USD	210,200		(6,581	)
ZAR	5,067,755	BNP		07/24/19		USD	343,000		(15,820	)
ZAR	5,057,403	BNP		07/24/19		USD	344,000		(14,087	)
ZAR	14,663,154	BOA		07/24/19		USD	1,034,000		(4,218	)
ZAR	5,579,861	GSI		07/24/19		USD	386,500		(8,580	)
ZAR	14,678,250	HSBC		07/24/19		USD	1,034,000		(5,287	)
ZAR	7,144,037	UBSA		07/24/19		USD	490,500		(15,330	)
ZAR	43,694	UBSA		07/24/19		USD	3,000		(94	)
ZAR	60,079,000	BNP		08/21/19		USD	4,104,667		(134,482	)
ZAR	83,548,907	BOA		08/21/19		USD	5,662,336		(232,839	)

Cross Currency Contracts to Buy
CHF	6,050,000	CBNA		09/18/19		JPY	663,790,875		49,194
CHF	2,422,000	CBNA		09/18/19		JPY	267,737,568		1,022
JPY	312,280,885	CBNA		09/18/19		CHF	2,824,000		(215	)
JPY	180,261,732	HSBC		09/18/19		CHF	1,645,000		(15,461	)
JPY	438,756,821	HSBC		09/18/19		CHF	4,003,000		(36,675	)
NOK	55,000,000	CBNA		07/03/19		SEK	60,258,660		(41,879	)
NZD	7,060,000	BOA		09/18/19		SEK	43,255,766		66,044
SEK	21,737,740	BOA		09/18/19		NZD	3,530,000		(21,127	)
SEK	21,734,210	BOA		09/18/19		NZD	3,530,000		(21,509	)

Net Unrealized Depreciation								$	(1,284,983	)

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Futures Contracts


Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Euro-Bund Futures		09/06/19		588			EUR	101,571,120		$	395,834
Euro-Buxl 30 Year Bond Futures		09/06/19		75			EUR	15,217,500			297,377
U.S. Treasury Note 2 Year Futures		09/30/19		2,231			USD	480,065,884			390,256
U.S. Treasury Note 5 Year Futures		09/30/19		2,560			USD	302,480,000			2,167,921
U.S. Treasury Note Ultra 10 Year Futures		09/19/19		429			USD	59,255,625			500,986
U.S. Treasury Ultra Long Bond Futures		09/19/19		1,011			USD	179,515,688			5,258,277

Futures Contracts—Short
U.S. Treasury Long Bond Futures		09/19/19		(213	)		USD	(33,141,469	)		(682,994	)
U.S. Treasury Note 10 Year Futures		09/19/19		(1,327	)		USD	(169,814,531	)		(2,434,265	)

Net Unrealized Appreciation										$	5,893,392

Purchased Options


Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
AUD Call/USD Put	AUD	0.705	HSBC		07/31/19		1,483,000		AUD	1,483,000	$	6,361	$	6,361	$	—
BRL Call/USD Put	BRL	3.870	DBAG		07/11/19		1,373,000		USD	1,373,000		4,627		7,816		3,189
BRL Call/USD Put	BRL	3.780	DBAG		07/11/19		1,373,000		USD	1,373,000		9,555		4,873		(4,682	)
BRL Call/USD Put	BRL	4.020	BOA		07/19/19		1,375,000		USD	1,375,000		21,781		66,341		44,560
EUR Call/USD Put	EUR	1.153	BOA		08/01/19		83,335,500		EUR	83,335,500		342,845		318,586		(24,259	)
IDR Call/USD Put	IDR	14,400.000	DBAG		07/11/19		1,385,000		USD	1,385,000		10,484		25,779		15,295
IDR Call/USD Put	IDR	14,100.000	BNP		07/11/19		2,077,000		USD	2,077,000		4,154		6,875		2,721
KRW Call/USD Put	KRW	1,180.000	BNP		07/01/19		1,720,000		USD	1,720,000		5,125		18,849		13,724
KRW Call/USD Put	KRW	1,165.000	JPMC		07/05/19		1,388,000		USD	1,388,000		13,186		11,862		(1,324	)
KRW Call/USD Put	KRW	1,150.000	JPMC		07/05/19		2,083,000		USD	2,083,000		2,270		4,147		1,877
KRW Call/USD Put	KRW	1,140.000	MSIP		07/05/19		2,083,000		USD	2,083,000		3,377		1,046		(2,331	)
KRW Call/USD Put	KRW	1,125.000	HSBC		08/12/19		6,213,000		USD	6,213,000		11,805		9,742		(2,063	)
KRW Call/USD Put	KRW	1,125.000	DBAG		08/23/19		1,382,000		USD	1,382,000		4,415		3,099		(1,316	)
KRW Call/USD Put	KRW	1,125.000	JPMC		09/03/19		8,636,000		USD	8,636,000		13,299		23,999		10,700
MXN Call/USD Put	MXN	19.000	BOA		07/02/19		1,032,000		USD	1,032,000		4,396		604		(3,792	)
MXN Call/USD Put	MXN	19.060	DBAG		07/09/19		1,386,000		USD	1,386,000		4,940		3,906		(1,034	)
PLN Call/USD Put	PLN	3.750	JPMC		07/03/19		1,379,000		USD	1,379,000		4,206		8,885		4,679
USD Call/AUD Put	AUD	0.682	BOA		07/03/19		1,494,000		AUD	1,494,000		5,679		26		(5,653	)
USD Call/AUD Put	AUD	0.682	BNP		07/03/19		1,493,000		AUD	1,493,000		1,922		26		(1,896	)
USD Call/BRL Put	BRL	4.000	MSIP		07/01/19		1,222,000		USD	1,222,000		1,809		1		(1,808	)
USD Call/CAD Put	CAD	1.355	BOA		07/19/19		1,379,000		USD	1,379,000		2,219		69		(2,150	)
USD Call/CAD Put	CAD	1.325	BOA		07/30/19		1,382,000		USD	1,382,000		3,371		2,694		(677	)
USD Call/CNH Put	CNH	7.030	HSBC		07/26/19		261,699,000		USD	261,699,000		447,505		371,351		(76,154	)
CNH Call/USD Put	CNH	7.100	DBAG		08/09/19		77,000		USD	77,000		8,509		4,291		(4,218	)
USD Call/GBP Put	GBP	1.250	BBP		07/15/19		28,406,000		GBP	28,406,000		579,970		24,314		(555,656	)
USD Call/KRW Put	KRW	1,195.000	MSIP		07/05/19		694,000		USD	694,000		122		40		(82	)
USD Call/TRY Put	TRY	6.650	DBAG		07/12/19		882,000		USD	882,000		28,669		163		(28,506	)
USD Call/TWD Put	TWD	31.200	HSBC		07/11/19		1,391,000		USD	1,391,000		5,468		2,569		(2,899	)
USD Call/TWD Put	TWD	31.600	BNP		07/11/19		1,739,000		USD	1,739,000		2,487		603		(1,884	)
USD Call/TWD Put	TWD	31.500	BNP		07/18/19		1,723,000		USD	1,723,000		12,802		1,587		(11,215	)
USD Call/TWD Put	TWD	31.100	BOA		07/24/19		1,728,000		USD	1,728,000		6,121		6,853		732
USD Call/TWD Put	TWD	31.100	JPMC		07/30/19		8,639,000		USD	8,639,000		39,048		38,383		(665	)

Totals											$	1,612,527	$	975,740	$	(636,787	)


Equity Options	Strike Price		Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - Caesars Entertainment Corp.	$	12.000		01/17/20		541		USD	54,100	$	22,310	$	22,310	$	—

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Written Options


Foreign Currency Options	Strike Price			Counterparty		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
BRL Call/USD Put		BRL	3.920		BOA		07/19/19		(2,063,000	)		USD	(2,063,000	)	$	(14,816	)	$	(53,902	)	$	(39,086	)
IDR Call/USD Put		IDR	14,100.000		DBAG		07/11/19		(2,077,000	)		USD	(2,077,000	)		(4,383	)		(6,875	)		(2,492	)
KRW Call/USD Put		KRW	1,140.000		JPMC		07/05/19		(2,083,000	)		USD	(2,083,000	)		(4,874	)		(1,046	)		3,828
USD Call/AUD Put		AUD	0.682		CBNA		07/03/19		(2,987,000	)		AUD	(2,987,000	)		(8,566	)		(52	)		8,514
USD Call/AUD Put		AUD	0.688		HSBC		07/31/19		(1,483,000	)		AUD	(1,483,000	)		(2,327	)		(2,327	)		—
USD Call/BRL Put		BRL	4.000		DBAG		07/01/19		(1,222,000	)		USD	(1,222,000	)		(18,796	)		(1	)		18,795
USD Call/BRL Put		BRL	3.950		DBAG		07/11/19		(1,373,000	)		USD	(1,373,000	)		(9,324	)		(3,125	)		6,199
USD Call/CNH Put		CNH	6.960		HSBC		07/26/19		(87,233,000	)		USD	(87,233,000	)		(238,582	)		(226,719	)		11,863
USD Call/GBP Put		GBP	1.250		CBNA		07/15/19		(28,406,000	)		GBP	(28,406,000	)		(223,561	)		(24,314	)		199,247
USD Call/KRW Put		KRW	1,195.000		JPMC		07/05/19		(694,000	)		USD	(694,000	)		(2,977	)		(40	)		2,937
USD Call/KRW Put		KRW	1,195.000		DBAG		08/23/19		(1,382,000	)		USD	(1,382,000	)		(3,143	)		(3,465	)		(322	)
USD Call/TRY Put		TRY	7.200		DBAG		07/12/19		(882,000	)		USD	(882,000	)		(16,811	)		(8	)		16,803
USD Call/TWD Put		TWD	31.600		HSBC		07/11/19		(1,739,000	)		USD	(1,739,000	)		(2,686	)		(603	)		2,083
USD Call/TWD Put		TWD	31.600		BOA		08/22/19		(1,728,000	)		USD	(1,728,000	)		(3,368	)		(4,007	)		(639	)

Totals															$	(554,214	)	$	(326,484	)	$	227,730

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/ (Depreciation)⁽¹⁾
Pay	1-Day CDI	Maturity	8.270%	Maturity		01/02/23		JPMC		BRL	16,183,229	$	201,609		$	—	$	201,609
Pay	1-Day CDI	Maturity	8.490%	Maturity		01/02/25		CBNA		BRL	18,175,776		275,475			—		275,475
Pay	28-Day TIIE	Monthly	6.270%	Monthly		12/05/25		BOA		MXN	2,209,451		(6,542	)		—		(6,542	)
Pay	28-Day TIIE	Monthly	6.325%	Monthly		07/17/25		CBNA		MXN	19,973,500		(52,468	)		—		(52,468	)
Receive	28-Day TIIE	Monthly	6.307%	Monthly		08/11/25		DBAG		MXN	74,533,884		201,662			—		201,662
Receive	28-Day TIIE	Monthly	6.310%	Monthly		08/11/25		BOA		MXN	20,079,000		54,178			—		54,178
Receive	28-Day TIIE	Monthly	6.310%	Monthly		08/11/25		BOA		MXN	20,079,000		54,178			—		54,178

Totals												$	728,092		$	—	$	728,092

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		Unrealized Appreciation/ (Depreciation)
Pay	28-Day TIIE	Monthly	6.320%	Monthly		07/17/25		MXN	40,086,000	$	(106,197	)	$	—	$	(106,197	)
Pay	28-Day TIIE	Monthly	7.810%	Monthly		05/27/24		MXN	85,491,000		98,343			78		98,265
Pay	28-Day TIIE	Monthly	8.125%	Monthly		02/02/24		MXN	45,812,597		80,447			40		80,407
Pay	28-Day TIIE	Monthly	8.135%	Monthly		02/05/24		MXN	32,923,797		58,599			29		58,570
Pay	28-Day TIIE	Monthly	8.206%	Monthly		10/07/20		MXN	188,281,000		44,173			107		44,066
Pay	28-Day TIIE	Monthly	8.390%	Monthly		01/18/24		MXN	87,301,243		199,861			75		199,786
Pay	3M CDOR	Semi-Annually	1.710%	Semi-Annually		06/20/21		CAD	115,930,000		(123,468	)		2,125		(125,593	)
Pay	3M LIBOR	Quarterly	2.131%	Semi-Annually		08/25/25		USD	1,285,000		24,332			—		24,332
Receive	28-Day TIIE	Monthly	7.105%	Monthly		10/14/22		MXN	48,327,742		14,778			46		14,732
Receive	28-Day TIIE	Monthly	7.110%	Monthly		10/14/22		MXN	36,666,258		10,928			35		10,893
Receive	3M JIBAR	Quarterly	6.730%	Quarterly		09/18/21		ZAR	135,588,000		(8,585	)		154		(8,739	)
Receive	3M JIBAR	Quarterly	6.740%	Quarterly		09/18/21		ZAR	135,588,000		(10,352	)		154		(10,506	)
Receive	3M LIBOR	Semi-Annually	2.272%	Quarterly		09/11/25		USD	955,000		(26,024	)		—		(26,024	)
Receive	3M LIBOR	Semi-Annually	2.915%	Quarterly		08/23/26		USD	110,000		(7,896	)		2		(7,898	)
Receive	3M LIBOR	Semi-Annually	3.156%	Quarterly		10/03/28		USD	1,279,000		(133,080	)		24		(133,104	)
Receive	6M EURIBOR	Annually	0.139%	Semi-Annually		08/15/28		EUR	17,388,000		(46,761	)		435		(47,196	)
Receive	6M EURIBOR	Annually	0.150%	Semi-Annually		08/15/28		EUR	17,388,000		(65,455	)		435		(65,890	)
Receive	6M EURIBOR	Annually	0.157%	Semi-Annually		08/15/28		EUR	34,355,000		(154,760	)		854		(155,614	)

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (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		Unrealized Appreciation/ (Depreciation)
Receive	6M EURIBOR	Annually	0.198%	Semi-Annually		08/15/28		EUR	34,355,000	$	(300,516	)	$	852	$	(301,368	)
Receive	CPURNSA	Maturity	2.145%	Maturity		04/15/29		USD	35,365,000		(721,922	)		1,411		(723,333	)

Totals										$	(1,173,555	)	$	6,856	$	(1,180,411	)

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, 2019^(b)			Notional Amount^(c)			Market Value			Upfront Premiums Received			Unrealized Depreciation
CDX.NA.IG.32.V1		(1.000	%)		Quarterly		06/20/24		0.549	%		USD	86,492,000	$	(1,867,968	)	$	(1,785,302	)	$	(82,666	)

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


Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2019^(b)		Notional Amount^(c)			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Argentine Republic Government International Bond 7.500%, due 04/22/26		(5.000%)		Quarterly		06/20/24	BBP		9.720%		USD	283,000	$	46,439		$	37,722	$	8,717
Argentine Republic Government International Bond 7.500%, due 04/22/26		(5.000%)		Quarterly		06/20/24	GSI		9.720%		USD	163,000		26,748			20,744		6,004
Argentine Republic Government International Bond 7.500%, due 04/22/26		(1.000%)		Quarterly		06/20/24	HSBC		9.720%		USD	300,000		49,229			37,219		12,010
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly		06/20/24	BNP		1.496%		USD	5,190,000		119,803			166,621		(46,818)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly		06/20/24	BNP		1.496%		USD	1,620,000		37,395			52,009		(14,614)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly		06/20/24	CBNA		1.496%		USD	9,576,793		221,066			286,322		(65,256)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly		06/20/24	CBNA		1.496%		USD	5,473,000		126,336			177,795		(51,459)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly		06/20/24	CBNA		1.496%		USD	1,443,000		33,310			46,877		(13,567)
Mexico Government International Bond 7.500%, due 04/08/33		(1.000%)		Quarterly		06/20/20	JPMC		0.361%		USD	3,824,276		(23,935	)		33,407		(57,342)
Mexico Government International Bond 7.500%, due 04/08/33		(1.000%)		Quarterly		09/20/20	BOA		0.425%		USD	3,824,276		(26,976	)		50,241		(77,217)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000%)		Quarterly		06/20/24	CBNA		1.110%		USD	4,425,306		22,821			74,058		(51,237)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000%)		Quarterly		06/20/24	CBNA		1.110%		USD	1,196,970		6,173			20,032		(13,859)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000%)		Quarterly		06/20/24	HSBC		1.110%		USD	7,109,620		36,663			122,570		(85,907)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000%)		Quarterly		06/20/24	HSBC		1.110%		USD	1,923,030		9,917			33,153		(23,236)
Philippines Government International Bond 10.625%, due 03/16/25		(1.000%)		Quarterly		06/20/24	CBNA		0.481%		USD	5,396,000		(133,401	)		(81,792)		(51,609)
Qatar Government International Bond 9.750%, due 06/15/30		(1.000%)		Quarterly		06/20/24	MSIP		0.635%		USD	1,051,000		(18,288	)		(15,320)		(2,968)
Republic of Colombia 10.375%, due 01/28/33		(1.000%)		Quarterly		06/20/24	CBNA		0.912%		USD	6,796,713		(28,392	)		63,406		(91,798)
Republic of South Africa Government International Bond 5.500%, due 03/09/20		(1.000%)		Quarterly		06/20/24	GSI		1.673%		USD	6,911,295		215,340			292,377		(77,037)
Transocean, Inc. 3.800%, due 10/15/22		(1.000%)		Quarterly		06/20/22	MSIP		3.630%		USD	509,000		36,748			49,085		(12,337)

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2019^(b)		Notional Amount^(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Turkey Government International Bond 11.850%, due 01/15/30		(1.000%)		Quarterly		06/20/24	BNP		3.950%		USD	1,490,000	$	188,860	$	141,778	$	47,082
Turkey Government International Bond 11.280%, due 01/15/30		(1.000%)		Quarterly		06/20/24	MSIP		3.950%		USD	1,706,800		216,340		163,799		52,541

Totals													$	1,162,196	$	1,772,103	$	(609,907)

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, 2019^(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		0.361%		USD	3,824,276	$	23,935	$	(38,756)	$	62,691
Mexico Government International Bond 7.500%, due 04/08/33		1.000%		Quarterly		09/20/20	JPMC		0.425%		USD	3,824,276		26,976		(43,741)		70,717

Totals													$	50,911	$	(82,497)	$	133,408

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, 2019^(b)			Notional Amount^(c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Depreciation
CMBX.NA.AAA.V6		(0.500	%)		Monthly		05/11/63		DBAG		0.000	%		USD	1,001,000	$	(8,618	)	$	145		$	(8,763	)
CMBX.NA.AAA.V6		(0.500	%)		Monthly		05/11/63		DBAG		0.000	%		USD	2,340,000		(20,146	)		(883	)		(19,263	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58		CSI		0.000	%		USD	1,610,000		(16,374	)		19,805			(36,179	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58		DBAG		0.000	%		USD	1,280,000		(13,018	)		15,972			(28,990	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58		MSIP		0.000	%		USD	900,000		(9,153	)		11,071			(20,224	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58		MSIP		0.000	%		USD	1,090,000		(11,085	)		13,409			(24,494	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58		MSIP		0.000	%		USD	1,960,000		(19,933	)		26,423			(46,356	)
CMBX.NA.BBB-.V6		(3.000	%)		Monthly		05/11/63		JPMC		0.000	%		USD	340,000		34,133			34,298			(165	)
CMBX.NA.BBB-.V9		(3.000	%)		Monthly		09/17/58		CBNA		0.000	%		USD	500,000		16,540			17,562			(1,022	)
CMBX.NA.BBB-.V9		(3.000	%)		Monthly		09/17/58		MSIP		0.000	%		USD	105,000		3,473			6,039			(2,566	)

Totals																$	(44,181	)	$	143,841		$	(188,022	)

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, 2019^(b)			Notional Amount^(c)			Market Value			Upfront Premium Received			Unrealized Appreciation/ (Depreciation)
CMBX.NA.A.V10		2.000	%		Monthly		11/17/59		DBAG		0.000	%		USD	1,310,000	$	11,970		$	(59,736	)	$	71,706
CMBX.NA.A.V10		2.000	%		Monthly		11/17/59		DBAG		0.000	%		USD	660,000		6,031			(30,601	)		36,632
CMBX.NA.A.V8		2.000	%		Monthly		10/17/57		GSI		0.000	%		USD	559,000		8,291			(32,019	)		40,310
CMBX.NA.AAA.V7		0.500	%		Monthly		01/17/47		CSI		0.000	%		USD	5,000,000		53,921			(156,398	)		210,319
CMBX.NA.AM.V4		0.500	%		Monthly		02/17/51		DBAG		0.000	%		USD	2,370,000		(12,601	)		(359,977	)		347,376
CMBX.NA.BBB-.V10		3.000	%		Monthly		11/17/59		JPMC		0.000	%		USD	40,000		(1,282	)		(3,575	)		2,293
CMBX.NA.BBB-.V6		3.000	%		Monthly		05/11/63		CSI		0.000	%		USD	340,000		(34,133	)		(28,925	)		(5,208	)
CMBX.NA.BBB-.V9		3.000	%		Monthly		09/17/58		DBAG		0.000	%		USD	467,000		(15,448	)		(57,312	)		41,864
CMBX.NA.BBB-.V9		3.000	%		Monthly		09/17/58		JPMC		0.000	%		USD	272,000		(8,998	)		(24,444	)		15,446
CMBX.NA.BBB-.V9		3.000	%		Monthly		09/17/58		MSIP		0.000	%		USD	58,000		(1,919	)		(3,502	)		1,583
CMBX.NA.BBB-.V9		3.000	%		Monthly		09/17/58		MSIP		0.000	%		USD	250,000		(8,270	)		(12,620	)		4,350

Totals																$	(2,438	)	$	(769,109	)	$	766,671

See accompanying notes to financial statements.

BHFTII-43

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)


(a)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)	The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)		If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(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.
(SCB)—	Standard Chartered Bank
(SSBT)—	State Street Bank and Trust
(UBSA)—		UBS AG

Currencies


(ARS)—	Argentine Peso
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(CLP)—	Chilean Peso
(COP)—	Colombian Peso
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(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
(CDI)—		Brazil Interbank Deposit Rate
(CDOR)—		Canadian Dollar Offered Rate
(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
(CPURNSA)—		U.S. Consumer Price Index for All Urban Consumers Non-Seasonally Adjusted
(EURIBOR)—		Euro InterBank Offered Rate
(H15)—		U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(JIBAR)—		Johannesburg Interbank Agreed Rate
(LIBOR)—		London Interbank Offered Rate
(PRIME)—		U.S. Federal Reserve Prime Rate
(TIIE)—		Mexican Interbank Equilibrium Interest Rate

Other Abbreviations


(CDO)—		Collateralized Debt Obligation
(CLO)—		Collateralized Loan Obligation
(CMO)—		Collateralized Mortgage Obligation
(IRS)—		Interest Rate Swap
(REMIC)—		Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

BHFTII-44

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,514,355,832		$	—	$	1,514,355,832
Total Corporate Bonds & Notes*		—			1,192,824,127			—		1,192,824,127
Total Asset-Backed Securities*		—			397,420,626			—		397,420,626
Total Municipals*		—			218,725,984			—		218,725,984
Total Mortgage-Backed Securities*		—			186,246,957			—		186,246,957
Total Foreign Government*		—			127,069,276			—		127,069,276
Floating Rate Loans
Commercial Services		—			4,801,227			—		4,801,227
Distribution/Wholesale		—			9,416,361			—		9,416,361
Diversified Financial Services (Less Unfunded Loan Commitments of $4,206,810)		—			4,101,261			14,674,551		18,775,812
Entertainment		—			1,261,826			—		1,261,826
Iron/Steel		—			403,856			—		403,856
Pipelines		—			1,095,389			—		1,095,389
Retail		—			1,162,915			—		1,162,915
Telecommunications		—			344,199			—		344,199
Total Floating Rate Loans (Less Unfunded Loan Commitments of $4,206,810)		—			22,587,034			14,674,551		37,261,585
Total Preferred Stock*		—			3,834,880			—		3,834,880
Total Common Stock*		114,080			—			—		114,080
Total Escrow Shares*		—			—			1		1
Total Short-Term Investment*		—			45,222,651			—		45,222,651
Total Securities Lending Reinvestments*		—			31,479,624			—		31,479,624
Purchased Options
Foreign Currency Options at Value		—			975,740			—		975,740
Equity Options at Value		22,310			—			—		22,310
Total Purchased Options	$	22,310		$	975,740		$	—	$	998,050
Total Net Investments (Less Unfunded Loan Commitments of $4,206,810)	$	136,390		$	3,740,742,731		$	14,674,552	$	3,755,553,673

Collateral for Securities Loaned (Liability)	$	—		$	(31,476,870	)	$	—	$	(31,476,870	)
TBA Forward Sales Commitments	$	—		$	(114,197,774	)	$	—	$	(114,197,774	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	621,427		$	—	$	621,427
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(1,906,410	)		—		(1,906,410	)
Total Forward Contracts	$	—		$	(1,284,983	)	$	—	$	(1,284,983	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	9,010,651		$	—		$	—	$	9,010,651
Futures Contracts (Unrealized Depreciation)		(3,117,259	)		—			—		(3,117,259	)
Total Futures Contracts	$	5,893,392		$	—		$	—	$	5,893,392

See accompanying notes to financial statements.

BHFTII-45

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1		Level 2			Level 3		Total
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	531,051		$	—	$	531,051
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(1,794,128	)		—		(1,794,128	)
Total Centrally Cleared Swap Contracts	$	—	$	(1,263,077	)	$	—	$	(1,263,077	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	2,365,560		$	—	$	2,365,560
OTC Swap Contracts at Value (Liabilities)		—		(470,980	)		—		(470,980	)
Total OTC Swap Contracts	$	—	$	1,894,580		$	—	$	1,894,580
Written Options
Foreign Currency Options at Value	$	—	$	(326,484	)	$	—	$	(326,484	)
Total Written Options	$	—	$	(326,484	)	$	—	$	(326,484	)


*		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, 2019 is not presented.

Transfers from Level 3 to Level 2 in the amount of $14,506,003 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-46

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b) (c)	$	3,755,553,673
Cash denominated in foreign currencies (d)		13,508,506
Cash collateral (e)		4,673,458
OTC swap contracts at market value (f)		2,365,560
Unrealized appreciation on forward foreign currency exchange contracts		621,427
Receivable for:
Investments sold		18,618,492
TBA securities sold (g)		435,732,847
Fund shares sold		637,855
Principal paydowns		921
Interest		24,407,237
Interest on OTC swap contracts		18,559
Other assets		3,936

Total Assets		4,256,142,471
Liabilities
Due to custodian		1,437,246
Written options at value (h)		326,484
TBA Forward sales commitments, at value		114,197,774
OTC swap contracts at market value (i)		470,980
Cash collateral for OTC swap contracts		1,469,464
Unrealized depreciation on forward foreign currency exchange contracts		1,906,410
Collateral for securities loaned		31,476,870
Payables for:
Investments purchased		27,686,870
TBA securities purchased (g)		608,966,867
Fund shares redeemed		570,922
Foreign taxes		82,289
Variation margin on futures contracts		215,051
Variation margin on centrally cleared swap contracts		309,093
Premium on purchased options		410,564
Interest on forward sales commitments		264,926
Interest on OTC swap contracts		37,177
Accrued Expenses:
Management fees		954,141
Distribution and service fees		107,868
Deferred trustees’ fees		126,763
Other expenses		1,094,336

Total Liabilities		792,112,095

Net Assets	$	3,464,030,376

Net Assets Consist of:
Paid in surplus	$	3,443,469,126
Distributable earnings (Accumulated losses) (j)		20,561,250

Net Assets	$	3,464,030,376

Net Assets
Class A	$	2,897,446,112
Class B		468,747,016
Class E		97,837,248
Capital Shares Outstanding*
Class A		27,348,492
Class B		4,505,566
Class E		931,807
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	105.95
Class B		104.04
Class E		105.00


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $3,670,487,218.
(b)		Includes securities loaned at value of $30,496,214.
(c)		Investments at value is net of unfunded loan commitments of $4,206,810.
(d)		Identified cost of cash denominated in foreign currencies was $13,268,010.
(e)		Includes collateral of $70,000 for OTC swap contracts and $4,603,458 for centrally cleared swap contracts.
(f)		Net premium paid on OTC swap contracts was $1,418,809.
(g)		Included within TBA securities sold is $202,269,243 related to TBA forward sale commitments and included within TBA securities purchased is $102,040,970 related to TBA forward sale commitments.
(h)		Premiums received on written options were $554,214.
(i)		Net premium received on OTC swap contracts was $354,471.
(j)		Includes foreign capital gains tax of $82,289.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Interest (a)	$	64,429,652
Securities lending income		112,272

Total investment income		64,541,924
Expenses
Management fees		5,810,638
Administration fees		67,944
Custodian and accounting fees		445,845
Distribution and service fees—Class B		567,252
Distribution and service fees—Class E		71,781
Interest expense		190,498
Audit and tax services		62,683
Legal		22,464
Trustees’ fees and expenses		31,323
Shareholder reporting		117,266
Insurance		11,980
Miscellaneous		14,936

Total expenses		7,414,610

Net Investment Income		57,127,314

Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		19,702,043
Purchased options		(2,912,828	)
Futures contracts		29,162,123
Written options		1,846,749
Swap contracts		(1,401,524	)
Foreign currency transactions		1,237,327
Forward foreign currency transactions		(5,015,311	)

Net realized gain		42,618,579

Net change in unrealized appreciation (depreciation) on:
Investments (b)		136,825,453
Purchased options		(1,035,062	)
Futures contracts		(5,878,126	)
Written options		844,861
Swap contracts		(849,742	)
Foreign currency transactions		(311,579	)
Forward foreign currency transactions		2,010,192

Net change in unrealized appreciation		131,605,997

Net realized and unrealized gain		174,224,576

Net Increase in Net Assets From Operations	$	231,351,890


(a)		Net of foreign withholding taxes of $48,563.
(b)		Includes change in foreign capital gains tax of $(82,178).

See accompanying notes to financial statements.

BHFTII-47

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	57,127,314		$	119,227,382
Net realized gain (loss)		42,618,579			(88,257,786	)
Net change in unrealized appreciation (depreciation)		131,605,997			(51,116,751	)

Increase (decrease) in net assets from operations		231,351,890			(20,147,155	)

From Distributions to Shareholders
Class A		(106,888,496	)		(107,235,041	)
Class B		(16,439,729	)		(15,497,327	)
Class E		(3,492,655	)		(3,386,449	)

Total distributions		(126,820,880	)		(126,118,817	)

Decrease in net assets from capital share transactions		(170,084,594	)		(205,016,090	)

Total decrease in net assets		(65,553,584	)		(351,282,062	)

Net Assets
Beginning of period		3,529,583,960			3,880,866,022

End of period	$	3,464,030,376		$	3,529,583,960

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		182,100		$	19,240,361			777,927		$	81,978,175
Reinvestments		1,020,805			106,888,496			1,058,171			107,235,041
Redemptions		(2,776,490	)		(293,901,279	)		(3,363,241	)		(345,154,048	)

Net decrease		(1,573,585	)	$	(167,772,422	)		(1,527,143	)	$	(155,940,832	)

Class B
Sales		220,113		$	22,813,673			333,450		$	33,923,102
Reinvestments		159,857			16,439,729			155,627			15,497,327
Redemptions		(384,996	)		(39,750,406	)		(879,364	)		(88,986,835	)

Net decrease		(5,026	)	$	(497,004	)		(390,287	)	$	(39,566,406	)

Class E
Sales		30,201		$	3,175,058			42,286		$	4,357,181
Reinvestments		33,656			3,492,655			33,709			3,386,449
Redemptions		(81,066	)		(8,482,881	)		(168,813	)		(17,252,482	)

Net decrease		(17,209	)	$	(1,815,168	)		(92,818	)	$	(9,508,852	)

Decrease derived from capital shares transactions				$	(170,084,594	)				$	(205,016,090	)

See accompanying notes to financial statements.

BHFTII-48

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	102.94		$	106.93		$	106.00		$	106.14		$	110.97		$	107.33

Income (Loss) from Investment Operations
Net investment income (a)		1.75			3.33			3.18			2.76	(b)		2.73			3.18
Net realized and unrealized gain (loss)		5.31			(3.77	)		1.13			0.61			(2.08	)		4.28

Total income (loss) from investment operations		7.06			(0.44	)		4.31			3.37			0.65			7.46

Less Distributions
Distributions from net investment income		(4.05	)		(3.55	)		(3.38	)		(3.51	)		(4.24	)		(3.82	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(1.24	)		0.00

Total distributions		(4.05	)		(3.55	)		(3.38	)		(3.51	)		(5.48	)		(3.82	)

Net Asset Value, End of Period	$	105.95		$	102.94		$	106.93		$	106.00		$	106.14		$	110.97

Total Return (%) (c)		6.90	(d)		(0.36	)		4.10			3.12			0.59			7.08

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.39	(e)		0.43			0.51			0.37			0.36			0.35
Gross ratio of expenses to average net assets excluding interest expense (%)		0.38	(e)		0.37			0.37			0.36			0.36			0.35
Net ratio of expenses to average net assets (%) (f)		0.39	(e)		0.43			0.51			0.37			0.36			0.35
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.38	(e)		0.37			0.37			0.36			0.36			0.35
Ratio of net investment income to average net assets (%)		3.34	(e)		3.22			2.98			2.56	(b)		2.50			2.91
Portfolio turnover rate (%)		262	(d)(g)		439	(g)		615	(g)		571	(g)		824	(g)		679	(g)
Net assets, end of period (in millions)	$	2,897.4		$	2,977.2		$	3,256.0		$	3,187.2		$	3,178.0		$	3,686.9

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	101.01		$	104.98		$	104.12		$	104.31		$	109.16		$	105.64

Income (Loss) from Investment Operations
Net investment income (a)		1.59			3.02			2.86			2.45	(b)		2.42			2.87
Net realized and unrealized gain (loss)		5.21			(3.71	)		1.11			0.59			(2.05	)		4.20

Total income (loss) from investment operations		6.80			(0.69	)		3.97			3.04			0.37			7.07

Less Distributions
Distributions from net investment income		(3.77	)		(3.28	)		(3.11	)		(3.23	)		(3.98	)		(3.55	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(1.24	)		0.00

Total distributions		(3.77	)		(3.28	)		(3.11	)		(3.23	)		(5.22	)		(3.55	)

Net Asset Value, End of Period	$	104.04		$	101.01		$	104.98		$	104.12		$	104.31		$	109.16

Total Return (%) (c)		6.77	(d)		(0.62	)		3.85			2.86			0.34			6.81

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64	(e)		0.68			0.76			0.62			0.61			0.60
Gross ratio of expenses to average net assets excluding interest expense (%)		0.63	(e)		0.62			0.62			0.61			0.61			0.60
Net ratio of expenses to average net assets (%) (f)		0.64	(e)		0.68			0.76			0.62			0.61			0.60
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.63	(e)		0.62			0.62			0.61			0.61			0.60
Ratio of net investment income to average net assets (%)		3.09	(e)		2.97			2.73			2.31	(b)		2.26			2.67
Portfolio turnover rate (%)		262	(d)(g)		439	(g)		615	(g)		571	(g)		824	(g)		679	(g)
Net assets, end of period (in millions)	$	468.7		$	455.6		$	514.5		$	516.4		$	514.1		$	519.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-49

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights


Selected per share data
	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	101.96		$	105.94		$	105.03		$	105.18		$	110.00		$	106.41

Income (Loss) from Investment Operations
Net investment income (a)		1.65			3.15			2.99			2.57	(b)		2.55			3.00
Net realized and unrealized gain (loss)		5.26			(3.75	)		1.12			0.60			(2.07	)		4.23

Total income (loss) from investment operations		6.91			(0.60	)		4.11			3.17			0.48			7.23

Less Distributions
Distributions from net investment income		(3.87	)		(3.38	)		(3.20	)		(3.32	)		(4.06	)		(3.64	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(1.24	)		0.00

Total distributions		(3.87	)		(3.38	)		(3.20	)		(3.32	)		(5.30	)		(3.64	)

Net Asset Value, End of Period	$	105.00		$	101.96		$	105.94		$	105.03		$	105.18		$	110.00

Total Return (%) (c)		6.82	(d)		(0.52	)		3.95			2.98			0.44			6.92

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(e)		0.58			0.65			0.52			0.51			0.50
Gross ratio of expenses to average net assets excluding interest expense (%)		0.53	(e)		0.52			0.52			0.51			0.51			0.50
Net ratio of expenses to average net assets (%) (f)		0.54	(e)		0.58			0.65			0.52			0.51			0.50
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.53	(e)		0.52			0.52			0.51			0.51			0.50
Ratio of net investment income to average net assets (%)		3.19	(e)		3.07			2.82			2.40	(b)		2.35			2.78
Portfolio turnover rate (%)		262	(d)(g)		439	(g)		615	(g)		571	(g)		824	(g)		679	(g)
Net assets, end of period (in millions)	$	97.8		$	96.8		$	110.4		$	117.2		$	126.2		$	143.8


(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 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 41%, 92%, 168%, 178%, 278% and 276% for the six months ended June 30, 2019 and for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying notes to financial statements.

BHFTII-50

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2019 (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 Bond Income Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

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.

BHFTII-51

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2019—(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.

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.

BHFTII-52

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

Due to Custodian - Pursuant to the custodian agreement, the Custodian 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 the Custodian at the current rate of interest charged by the Custodian for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2019, the Portfolio had a payment of $1,437,246 due to the Custodian 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, 2019. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2019. The Portfolio’s average overdraft advances during the six months ended June 30, 2019 were not significant.

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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

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.

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

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2019, the Portfolio had open unfunded loan commitments of $4,206,810. At June 30, 2019, the Portfolio had sufficient cash and/or securities to cover these commitments.

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.

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.

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 will occur beyond the customary settlement period. 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 Portfolio 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.

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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, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $45,222,651. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $13,477,068. 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, 2019.

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

For the six months ended June 30, 2019, the Portfolio had an outstanding reverse repurchase agreement balance for 52 days. The average amount of borrowings was $50,361,434 and the annualized weighted average interest rate was 2.60% during the 52 day period. There were no outstanding reverse repurchase agreements as of June 30, 2019.

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Notes to Financial Statements—June 30, 2019—(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.


	Remaining Contractual Maturity of the Agreements As of June 30, 2019
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(28,011,047	)	$	—	$	—	$	—	$	(28,011,047	)
Foreign Government		(3,465,823	)	$	—	$	—	$	—		(3,465,823	)
Total	$	(31,476,870	)	$	—	$	—	$	—	$	(31,476,870	)
Total Borrowings	$	(31,476,870	)	$	—	$	—	$	—	$	(31,476,870	)
Gross amount of recognized liabilities for securities lending transactions										$	(31,476,870	)

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.

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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.

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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 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.

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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 equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2019, 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”; (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; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. 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.

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.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2019 by category of risk exposure:


	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	OTC swap contracts at market value (a)	$	787,102	OTC swap contracts at market value (a)	$	59,010
	Unrealized appreciation on centrally cleared swap contracts (b) (d)		531,051	Unrealized depreciation on centrally cleared swap contracts (b) (d)		1,711,462
	Unrealized appreciation on futures contracts (c) (d)		9,010,651	Unrealized depreciation on futures contracts (c) (d)		3,117,259
Credit	OTC swap contracts at market value (a)		1,578,458	OTC swap contracts at market value (a)		411,970
				Unrealized depreciation on centrally cleared swap contracts (b) (d)		82,666
Equity	Investments at market value (d) (e)		22,310
Foreign Exchange	Investments at market value (e)		975,740
	Unrealized appreciation on forward foreign currency exchange contracts		621,427	Unrealized depreciation on forward foreign currency exchange contracts		1,906,410
				Written options at value		326,484

		$	13,526,739		$	7,615,261


(a)		Excludes OTC swap interest receivable of $18,559 and OTC swap interest payable of $37,177.
(b)		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.
(c)		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.
(d)		Financial instrument not subject to a master netting agreement.
(e)		Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

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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 master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2019.


Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	756,187	$	(566,249	)	$	(80,000	)	$	109,938
Barclays Bank plc		75,376		(2,884	)		(72,492	)		—
BNP Paribas S.A.		462,138		(222,556	)		(239,582	)		—
Citibank N.A.		782,984		(626,116	)		(156,868	)		—
Credit Suisse International		95,069		(65,602	)		(20,000	)		9,467
Deutsche Bank AG		280,881		(87,152	)		(70,751	)		122,978
Goldman Sachs International		271,061		(98,573	)		(172,488	)		—
HSBC Bank plc		489,069		(371,255	)		—			117,814
JPMorgan Chase Bank N.A.		351,725		(74,189	)		(200,000	)		77,536
Morgan Stanley & Co. International plc		311,934		(191,476	)		(100,000	)		20,458
Standard Chartered Bank		18,038		—			—			18,038
UBS AG		68,265		(68,265	)		—			—

	$	3,962,727	$	(2,374,317	)	$	(1,112,181	)	$	476,229


Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	566,249	$	(566,249	)	$	—		$	—
Barclays Bank plc		2,884		(2,884	)		—			—
BNP Paribas S.A.		222,556		(222,556	)		—			—
Citibank N.A.		626,116		(626,116	)		—			—
Credit Suisse International		65,602		(65,602	)		—			—
Deutsche Bank AG		87,152		(87,152	)		—			—
Goldman Sachs International		98,573		(98,573	)		—			—
HSBC Bank plc		371,255		(371,255	)		—			—
JPMorgan Chase Bank N.A.		74,189		(74,189	)		—			—
Morgan Stanley & Co. International plc		191,476		(191,476	)		—			—
State Street Bank and Trust		182,378		—			—			182,378
UBS AG		215,444		(68,265	)		(50,000	)		97,179

	$	2,703,874	$	(2,374,317	)	$	(50,000	)	$	279,557


*		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, 2019:


Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Purchased options	$	(630,625	)	$	—		$	(2,282,203	)	$	(2,912,828	)
Forward foreign currency transactions		—			—			(5,015,311	)		(5,015,311	)
Futures contracts		29,162,123			—			—			29,162,123
Swap contracts		(211,159	)		(1,199,802	)		9,437			(1,401,524	)
Written options		(35,421	)		—			1,882,170			1,846,749

	$	28,284,918		$	(1,199,802	)	$	(5,405,907	)	$	21,679,209

BHFTII-60

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Purchased options	$	(715,951	)	$	—		$	(319,111	)	$	(1,035,062	)
Forward foreign currency transactions		—			—			2,010,192			2,010,192
Futures contracts		(5,878,126	)		—			—			(5,878,126	)
Swap contracts		(392,244	)		(485,790	)		28,292			(849,742	)
Written options		577,050			—			267,811			844,861

	$	(6,409,271	)	$	(485,790	)	$	1,987,184		$	(4,907,877	)

For the six months ended June 30, 2019, 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	$	329,908,472
Forward foreign currency transactions		444,850,128
Futures contracts long		1,338,919,682
Futures contracts short		(417,186,807	)
Swap contracts		530,174,169
Written options		(392,223,856	)


‡		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:

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-61

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2019—(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.

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$8,265,883,162	$	918,999,412	$	8,345,062,381	$	1,052,247,274

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2019 were as follows:


Purchases	Sales
$7,718,914,287	$	7,739,383,911

The Portfolio engaged in security transactions with other accounts managed by BlackRock Advisors, LLC, the subadviser to the Portfolio, that amounted to $2,461,713 in purchases and $2,328,526 in sales of investments, which are included above, and resulted in realized gains of $108,646.

6. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$5,810,638		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

BHFTII-62

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.


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

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

An identical agreement was in place for the period April 30, 2018 to April 30, 2019. No fees were waived for the six months ended June 30, 2019.

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.

7. Contractual Obligations

BHFTII-63

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	3,566,418,153

Gross unrealized appreciation		122,906,852
Gross unrealized depreciation		(36,429,531	)

Net unrealized appreciation (depreciation)	$	86,477,321

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$126,118,817	$	119,285,236	$	—	$	—	$	126,118,817	$	119,285,236

As of December 31, 2018, 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			Accumulated Capital Losses			Total
$126,610,528	$	—	$	(57,696,157	)	$	(152,772,496	)	$	(83,858,125	)

As of December 31, 2018, the Portfolio had short-term accumulated capital losses of $92,349,595 and long-term accumulated capital losses of $60,422,901.

BHFTII-64

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A, B and E shares of the BlackRock Capital Appreciation Portfolio returned 23.96%, 23.81%, and 23.88%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 21.49%.

MARKET ENVIRONMENT / CONDITIONS

Following the December selloff, U.S. equities took a sharp U-turn, with the S&P 500 Index returning 18.54% on a year-to-date basis. In the first quarter of the year, fears of an economic slowdown eased as a result of better-than-anticipated corporate earnings and a pause in the Federal Reserve’s policy normalization. In the second quarter, equities pulled back in May as concerns over the US-China trade war escalated. However, following the G-20 summit in June, stocks recovered their losses on the news of progress in trade negotiations and the continued dovish stance of the Federal Reserve. On a year-to-date basis, all sectors in the Index were up, with Information Technology and Consumer Discretionary gaining the most, and Health Care and Energy the least.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the 6-month period, stock selection in Industrials, Consumer Discretionary, and Health Care contributed to relative performance while selection in Financials and Communication Services detracted.

The largest sector contributor to relative performance over the period was Industrials, where stock selection in the professional services and industrial conglomerates sub-sectors had the strongest positive impact on results. Notably, an overweight position in CoStar Group, within professional services, as well as not owning 3M and an overweight to Roper Technologies, within industrial conglomerates, contributed to relative results. Secondly, stock selection in the Consumer Discretionary sector added to relative results, led by the internet & direct marketing retail sub-sector where an overweight to Amazon and an off-benchmark position in Brazilian e-commerce giant, MercadoLibre, drove results. Lastly, Health Care was a key contributor to relative results, where an underweight to biotechnology, which underperformed during the period, and security selection in the pharmaceuticals sub-sector, notably not holding Eli Lilly & Company and Bristol-Myers Squibb, had the strongest positive impact on performance.

The largest detractor over the period was Financials, where not owning any companies in the insurance sub-sector detracted from results as several insurance names, such as the Progressive Corporation and AON PLC, outperformed. Communication Services was also a key detractor, led by stock selection in interactive media & services, particularly an underweight to Facebook, which outperformed during the period, and an off-benchmark position in Tencent which underperformed. Other notable detractors during the period include overweight positions in Centene Corporation and United Healthcare, as well as an underweight position in Apple.

Due to a combination of trading activity and market movement during the period, Industrials and Information Technology saw the largest changes in active positioning. The Portfolio shifted from holding a large active underweight to being overweight Industrials, largely due to an increase in the overweight to the professional services sub-sector and a reduction in the underweight to the aerospace & defense industry. By contrast, the Portfolio’s active overweight to Information Technology shifted to an underweight due to a decrease in the overweight to software and an increase in the active underweight to the communication equipment industry.

The largest sector overweight in the Portfolio as of June 30, 2019 was Consumer Discretionary, followed by Materials. Information Technology and Consumer Staples were the largest underweights.

Lawrence Kemp

Portfolio Manager

BlackRock Advisors, LLC

BHFTII-1

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
BlackRock Capital Appreciation Portfolio
Class A		23.96		10.95		14.38		15.16
Class B		23.81		10.69		14.09		14.88
Class E		23.88		10.81		14.20		14.99
Russell 1000 Growth Index		21.49		11.57		13.39		16.28

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Amazon.com, Inc.		8.7
Microsoft Corp.		5.6
Visa, Inc. - Class A		4.9
MasterCard, Inc. - Class A		4.3
UnitedHealth Group, Inc.		3.1
Netflix, Inc.		3.0
CoStar Group, Inc.		2.9
Salesforce.com, Inc.		2.9
Alphabet, Inc. - Class A		2.7
Adobe, Inc.		2.6

Top Sectors


	% of Net Assets
Information Technology		33.3
Consumer Discretionary		16.8
Health Care		15.7
Communication Services		12.4
Industrials		11.0
Financials		3.6
Materials		2.9
Consumer Staples		2.2
Real Estate		1.8

BHFTII-2

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


BlackRock Capital Appreciation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.63	%	$	1,000.00	$	1,239.60	$	3.50
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

Class B (a)	Actual		0.88	%	$	1,000.00	$	1,238.10	$	4.88
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

Class E (a)	Actual		0.78	%	$	1,000.00	$	1,238.80	$	4.33
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91

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

(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

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—99.0% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—2.4%
Boeing Co. (The)		116,688	$	42,475,599


Automobiles—0.3%
Ferrari NV		34,792		5,616,125


Beverages—2.2%
Constellation Brands, Inc. - Class A (a)		198,158		39,025,237


Biotechnology—1.1%
Vertex Pharmaceuticals, Inc. (b)		100,926		18,507,810


Capital Markets—3.6%
CME Group, Inc.		152,730		29,646,420
S&P Global, Inc.		149,497		34,053,922

				63,700,342


Chemicals—1.6%
Linde plc		14,071		2,825,457
Sherwin-Williams Co. (The) (a)		54,523		24,987,346

				27,812,803


Construction Materials—1.3%
Vulcan Materials Co. (a)		172,896		23,740,350


Electronic Equipment, Instruments & Components—0.8%
Keysight Technologies, Inc. (b)		161,238		14,480,785


Entertainment—3.0%
Netflix, Inc. (b)		142,655		52,400,035


Equity Real Estate Investment Trusts—1.8%
SBA Communications Corp. (b)		143,210		32,199,336


Health Care Equipment & Supplies—7.0%
Align Technology, Inc. (b)		126,969		34,751,415
Becton Dickinson & Co.		88,466		22,294,317
Boston Scientific Corp. (b)		822,780		35,363,084
Intuitive Surgical, Inc. (b)		57,569		30,197,819

				122,606,635


Health Care Providers & Services—3.6%
Centene Corp. (b)		173,262		9,085,859
UnitedHealth Group, Inc.		220,896		53,900,833

				62,986,692


Hotels, Restaurants & Leisure—1.3%
Domino’s Pizza, Inc. (a)		82,369		22,921,645


Industrial Conglomerates—2.0%
Honeywell International, Inc.		67,639		11,809,093
Roper Technologies, Inc. (a)		61,863		22,657,942

				34,467,035


Interactive Media & Services—9.4%
Alphabet, Inc. - Class A (b)		43,249		46,830,017
Facebook, Inc. - Class A (b)		212,789		41,068,277
IAC/InterActiveCorp (b)		168,373		36,626,179
Tencent Holdings, Ltd.		885,500		40,060,477

				164,584,950


Internet & Direct Marketing Retail—13.1%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		149,768		25,378,188
Amazon.com, Inc. (b)		80,958		153,304,497
Booking Holdings, Inc. (a) (b)		5,215		9,776,613
MercadoLibre, Inc. (b)		67,220		41,123,179

				229,582,477


IT Services—10.8%
MasterCard, Inc. - Class A (a)		286,420		75,766,683
PayPal Holdings, Inc. (b)		241,786		27,674,825
Visa, Inc. - Class A		500,842		86,921,129

				190,362,637


Life Sciences Tools & Services—3.1%
Illumina, Inc. (a) (b)		79,479		29,260,194
IQVIA Holdings, Inc. (b)		154,454		24,851,649

				54,111,843


Machinery—1.0%
Xylem, Inc. (a)		219,469		18,356,387


Pharmaceuticals—1.0%
Zoetis, Inc.		155,290		17,623,862


Professional Services—4.0%
CoStar Group, Inc. (a) (b)		93,030		51,544,202
TransUnion		246,158		18,095,074

				69,639,276


Road & Rail—1.6%
Union Pacific Corp.		164,574		27,831,109


Semiconductors & Semiconductor Equipment—2.9%
ASML Holding NV		165,315		34,373,948
Xilinx, Inc. (a)		147,498		17,392,964

				51,766,912


Software—18.0%
Adobe, Inc. (a) (b)		154,474		45,515,764
Autodesk, Inc. (b)		144,326		23,510,706
Intuit, Inc. (a)		164,537		42,998,454
Microsoft Corp.		738,721		98,959,065
PTC, Inc. (a) (b)		183,258		16,449,238
Salesforce.com, Inc. (b)		338,933		51,426,304
ServiceNow, Inc. (b)		136,589		37,503,242

				316,362,773

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares/ Principal Amount*		Value

Specialty Retail—1.1%
Burlington Stores, Inc. (a) (b)		112,891	$	19,208,404


Textiles, Apparel & Luxury Goods—1.0%
NIKE, Inc. - Class B		204,771		17,190,525

Total Common Stocks (Cost $1,185,872,000)				1,739,561,584


Preferred Stock—0.7%

Software—0.7%
Palantir Technologies, Inc. - Series I , (b) (c) (d) (e) (Cost $15,555,194)		2,537,552		12,027,996


Short-Term Investment—0.4%

Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $6,812,141; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $6,950,934.		6,811,459		6,811,459

Total Short-Term Investments (Cost $6,811,459)				6,811,459


Securities Lending Reinvestments (f)—15.1%

Bank Note—0.1%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (g)		2,000,000		2,009,009


Certificates of Deposit—9.6%
ABN AMRO Bank NV Zero Coupon, 07/05/19		9,912,326		9,995,300
Banco Del Estado De Chile New York 2.564%, 1M LIBOR + 0.160%, 11/22/19 (g)		2,000,000		2,000,170
2.592%, 1M LIBOR + 0.180%, 10/09/19 (g)		5,000,000		5,000,705
Banco Santander S.A. 2.600%, 07/05/19		5,000,000		5,000,260
Bank of Montreal (Chicago) 2.512%, 1M LIBOR + 0.100%, 10/11/19 (g)		5,000,000		5,000,165
2.751%, 1M LIBOR + 0.330%, 08/06/19 (g)		2,000,000		2,000,574
Bank of Nova Scotia 2.564%, 1M LIBOR + 0.170%, 05/15/20 (g)		3,000,000		2,999,724
2.762%, 3M LIBOR + 0.170%, 01/09/20 (g)		2,000,000		2,001,554
Barclays Bank plc 2.950%, 08/02/19		8,000,000		8,004,208
BNP Paribas S.A. New York 2.615%, 3M LIBOR + 0.050%, 11/06/19 (g)		2,000,000		2,000,736
Canadian Imperial Bank of Commerce 2.644%, 1M LIBOR + 0.250%, 10/15/19 (g)		2,000,000		2,000,658
2.660%, 1M LIBOR + 0.270%, 07/19/19 (g)		2,000,000		2,000,176

Certificates of Deposit—(Continued)
Chiba Bank, Ltd. 2.400%, 09/19/19		3,000,000	$	3,000,060
2.450%, 08/12/19		2,000,000		2,000,316
China Construction Bank Corp. 2.670%, 07/18/19		2,000,000		2,000,308
Commonwealth Bank of Australia 2.569%, 1M LIBOR + 0.175%, 04/16/20 (g)		3,000,000		3,000,570
2.621%, 1M LIBOR + 0.210%, 09/13/19 (g)		2,000,000		2,000,640
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (g)		3,000,000		3,001,176
Credit Industriel et Commercial 2.687%, 3M LIBOR + 0.090%, 10/15/19 (g)		2,000,000		2,000,554
Credit Suisse AG 2.561%, 1M LIBOR + 0.130%, 11/04/19 (g)		2,000,000		1,999,868
DZ Bank AG New York Zero Coupon, 07/05/19		7,947,498		7,996,240
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (g)		3,000,000		2,999,760
Industrial & Commercial Bank of China, Ltd. 2.630%, 08/28/19		3,000,000		3,000,984
KBC Bank NV Zero Coupon, 07/10/19		3,978,533		3,997,880
Zero Coupon, 10/25/19		7,896,000		7,941,078
Mizuho Bank, Ltd. 2.524%, 1M LIBOR + 0.120%, 11/27/19 (g)		6,000,000		6,001,542
MUFG Bank Ltd. 2.574%, 1M LIBOR + 0.170%, 02/24/20 (g)		2,000,000		2,000,006
2.800%, 07/16/19		4,000,000		4,000,800
National Australia Bank, Ltd. 2.602%, 1M LIBOR + 0.190%, 04/08/20 (g)		3,000,000		3,000,690
Nationwide Building Society Zero Coupon, 08/01/19		6,941,311		6,984,530
Norinchukin Bank, London Zero Coupon, 07/09/19		1,986,842		1,998,540
Rabobank International London 2.592%, 1M LIBOR + 0.190%, 04/24/20 (g)		7,000,000		7,002,870
Societe Generale 2.723%, 3M LIBOR + 0.200%, 08/21/19 (g)		5,001,966		5,002,985
2.730%, FEDEFF PRV + 0.350%, 06/19/20 (g)		3,000,000		2,999,991
Standard Chartered Bank 2.660%, 08/23/19		8,000,000		8,003,704
Sumitomo Mitsui Banking Corp. 2.589%, 1M LIBOR + 0.170%, 08/07/19 (g)		4,000,028		4,000,420
Sumitomo Mitsui Trust Bank, Ltd. 2.564%, 1M LIBOR + 0.160%, 10/23/19 (g)		5,000,000		5,000,950
2.689%, 3M LIBOR + 0.100%, 07/08/19 (g)		2,000,000		2,000,144
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 10/17/19		1,973,515		1,985,780
Svenska Handelsbanken AB 2.702%, 1M LIBOR + 0.300%, 10/31/19 (g)		2,000,000		2,001,458
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (g)		1,000,000		1,000,135
Wells Fargo Bank N.A. 2.721%, 3M LIBOR + 0.140%, 07/11/19 (g)		4,000,000		3,999,806
2.796%, 3M LIBOR + 0.210%, 10/25/19 (g)		2,000,000		2,001,586

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (g)		6,000,000	$	5,999,966

				167,929,567


Commercial Paper—2.7%
Agricultural Bank of China 2.570%, 09/11/19		3,974,014		3,978,472
Bank of China, Ltd. 2.640%, 09/09/19		993,400		994,724
2.670%, 07/16/19		5,959,950		5,992,218
2.670%, 07/17/19		2,979,975		2,995,893
China Construction Bank Corp. 2.620%, 09/03/19		993,304		995,219
2.650%, 07/26/19		1,987,044		1,995,966
2.685%, 07/03/19		1,986,575		1,999,276
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (g)		5,000,000		5,001,265
LMA S.A. & LMA Americas, Corp. 2.570%, 08/14/19		1,982,867		1,993,648
2.610%, 10/03/19		1,973,465		1,986,830
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (g)		2,000,000		1,999,990
Starbird Funding Corp. 2.600%, 07/01/19		3,999,195		3,999,180
Thunder Bay Funding LLC 2.540%, 1M LIBOR + 0.100%, 12/05/19 (g)		2,000,000		2,000,104
Toyota Motor Credit Corp. 2.620%, 08/29/19		9,871,183		9,959,450
Westpac Banking Corp. 2.552%, 1M LIBOR + 0.150%, 05/29/20 (g)		1,999,657		2,000,006

				47,892,241


Repurchase Agreements—2.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $10,986,378; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $11,203,958.		10,984,273		10,984,273
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $1,208,805; collateralized by various Common Stock with an aggregate market value of $1,320,000.		1,200,000		1,200,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $7,558,163; collateralized by various Common Stock with an aggregate market value of $8,252,043.		7,500,000		7,500,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $2,005,269; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000

Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $100,268; collateralized by various Common Stock with an aggregate market value of $110,000.		100,000		100,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $2,600,563; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $2,652,000.		2,600,000		2,600,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $300,069; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $306,002.		300,000		300,000
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $1,600,337; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $1,638,457.		1,600,000		1,600,000
Societe Generale Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $5,501,132; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $5,926,625.		5,500,000		5,500,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $5,001,029; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $5,387,840.		5,000,000		5,000,000

				36,784,273


Time Deposit—0.6%
Royal Bank of Canada 2.500%, 07/01/19		10,000,000		10,000,000

Total Securities Lending Reinvestments (Cost $264,571,217)				264,615,090

Total Investments—115.2% (Cost $1,472,809,870)				2,023,016,129
Other assets and liabilities (net)—(15.2)%				(266,587,951	)

Net Assets—100.0%			$	1,756,428,178

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)


*		Principal amount stated in U.S. dollars unless otherwise noted.
(a)		All or a portion of the security was held on loan. As of June 30, 2019, the market value of securities loaned was $262,363,629 and the collateral received consisted of cash in the amount of $264,122,922. 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, 2019, these securities represent 0.7% of net assets.
(d)		Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2019, the market value of restricted securities was $12,027,996, which is 0.7% of net assets. See details shown in the Restricted Securities table that follows.
(e)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(g)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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.


Restricted Securities	Acquisition Date		Shares		Cost		Value
Palantir Technologies, Inc. - Series I		02/07/14		2,537,552	$	15,555,194	$	12,027,996

Glossary of Abbreviations

Other Abbreviations


(ADR)—		American Depositary Receipt
(FEDEFF PRV)—		Effective Federal Funds Rate
(LIBOR)—		London Interbank Offered Rate
(SOFR)—		Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	42,475,599	$	—		$	—	$	42,475,599
Automobiles		5,616,125		—			—		5,616,125
Beverages		39,025,237		—			—		39,025,237
Biotechnology		18,507,810		—			—		18,507,810
Capital Markets		63,700,342		—			—		63,700,342
Chemicals		27,812,803		—			—		27,812,803
Construction Materials		23,740,350		—			—		23,740,350
Electronic Equipment, Instruments & Components		14,480,785		—			—		14,480,785
Entertainment		52,400,035		—			—		52,400,035
Equity Real Estate Investment Trusts		32,199,336		—			—		32,199,336
Health Care Equipment & Supplies		122,606,635		—			—		122,606,635
Health Care Providers & Services		62,986,692		—			—		62,986,692
Hotels, Restaurants & Leisure		22,921,645		—			—		22,921,645
Industrial Conglomerates		34,467,035		—			—		34,467,035
Interactive Media & Services		124,524,473		40,060,477			—		164,584,950
Internet & Direct Marketing Retail		229,582,477		—			—		229,582,477
IT Services		190,362,637		—			—		190,362,637
Life Sciences Tools & Services		54,111,843		—			—		54,111,843
Machinery		18,356,387		—			—		18,356,387
Pharmaceuticals		17,623,862		—			—		17,623,862
Professional Services		69,639,276		—			—		69,639,276
Road & Rail		27,831,109		—			—		27,831,109
Semiconductors & Semiconductor Equipment		51,766,912		—			—		51,766,912
Software		316,362,773		—			—		316,362,773
Specialty Retail		19,208,404		—			—		19,208,404
Textiles, Apparel & Luxury Goods		17,190,525		—			—		17,190,525
Total Common Stocks		1,699,501,107		40,060,477			—		1,739,561,584
Total Preferred Stock*		—		—			12,027,996		12,027,996
Total Short-Term Investment*		—		6,811,459			—		6,811,459
Total Securities Lending Reinvestments*		—		264,615,090			—		264,615,090
Total Investments	$	1,699,501,107	$	311,487,026		$	12,027,996	$	2,023,016,129

Collateral for Securities Loaned (Liability)	$	—	$	(264,122,922	)	$	—	$	(264,122,922	)


*		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, 2019 is not presented.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	2,023,016,129
Cash denominated in foreign currencies (c)		56
Receivable for:
Investments sold		189,472
Fund shares sold		115,031

Total Assets		2,023,320,688
Liabilities
Collateral for securities loaned		264,122,922
Payables for:
Fund shares redeemed		1,263,107
Accrued Expenses:
Management fees		853,907
Distribution and service fees		46,870
Deferred trustees’ fees		128,892
Other expenses		476,812

Total Liabilities		266,892,510

Net Assets	$	1,756,428,178

Net Assets Consist of:
Paid in surplus	$	1,091,654,293
Distributable earnings (Accumulated losses)		664,773,885

Net Assets	$	1,756,428,178

Net Assets
Class A	$	1,506,540,126
Class B		206,816,167
Class E		43,071,885
Capital Shares Outstanding*
Class A		37,405,422
Class B		5,384,727
Class E		1,094,311
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	40.28
Class B		38.41
Class E		39.36


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $1,472,809,870.
(b)		Includes securities loaned at value of $262,363,629.
(c)		Identified cost of cash denominated in foreign currencies was $56.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	5,346,340
Interest		47,902
Securities lending income		318,242

Total investment income		5,712,484
Expenses
Management fees		5,888,599
Administration fees		35,185
Custodian and accounting fees		60,005
Distribution and service fees—Class B		244,849
Distribution and service fees—Class E		31,269
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,323
Shareholder reporting		56,157
Insurance		5,816
Miscellaneous		10,551

Total expenses		6,408,363
Less management fee waiver		(785,274	)

Net expenses		5,623,089

Net Investment Income		89,395

Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		115,294,275
Foreign currency transactions		(888	)

Net realized gain		115,293,387

Net change in unrealized appreciation on:
Investments		244,342,111
Foreign currency transactions		47

Net change in unrealized appreciation		244,342,158

Net realized and unrealized gain		359,635,545

Net Increase in Net Assets From Operations	$	359,724,940


(a)		Net of foreign withholding taxes of $183,465.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	89,395		$	3,213,838
Net realized gain		115,293,387			280,553,153
Net change in unrealized appreciation (depreciation)		244,342,158			(203,139,928	)

Increase in net assets from operations		359,724,940			80,627,063

From Distributions to Shareholders
Class A		(243,275,511	)		(207,685,022	)
Class B		(34,215,072	)		(25,627,882	)
Class E		(7,013,573	)		(5,905,674	)

Total distributions		(284,504,156	)		(239,218,578	)

Increase (decrease) in net assets from capital share transactions		141,533,336			(187,845,257	)

Total increase (decrease) in net assets		216,754,120			(346,436,772	)

Net Assets
Beginning of period		1,539,674,058			1,886,110,830

End of period	$	1,756,428,178		$	1,539,674,058

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		253,179		$	11,099,585			541,953		$	24,324,099
Reinvestments		6,165,117			243,275,511			4,701,947			207,685,022
Redemptions		(3,201,454	)		(142,039,477	)		(9,310,034	)		(432,378,880	)

Net increase (decrease)		3,216,842		$	112,335,619			(4,066,134	)	$	(200,369,759	)

Class B
Sales		344,236		$	14,443,744			676,125		$	28,743,042
Reinvestments		909,008			34,215,072			603,435			25,627,882
Redemptions		(526,047	)		(22,358,047	)		(999,607	)		(43,641,060	)

Net increase		727,197		$	26,300,769			279,953		$	10,729,864

Class E
Sales		77,167		$	3,334,435			230,760		$	10,279,382
Reinvestments		181,840			7,013,573			136,295			5,905,674
Redemptions		(171,846	)		(7,451,060	)		(328,183	)		(14,390,418	)

Net increase		87,161		$	2,896,948			38,872		$	1,794,638

Increase (decrease) derived from capital shares transactions				$	141,533,336					$	(187,845,257	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	38.83		$	43.42		$	33.23		$	36.50		$	41.19		$	37.85

Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.09			0.08			0.04	(b)		0.01			0.01
Net realized and unrealized gain (loss)		9.14			1.74			11.06			(0.15	)		2.69			3.35

Total income (loss) from investment operations		9.15			1.83			11.14			(0.11	)		2.70			3.36

Less Distributions
Distributions from net investment income		(0.10	)		(0.06	)		(0.04	)		0.00			0.00			(0.02	)
Distributions from net realized capital gains		(7.60	)		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00

Total distributions		(7.70	)		(6.42	)		(0.95	)		(3.16	)		(7.39	)		(0.02	)

Net Asset Value, End of Period	$	40.28		$	38.83		$	43.42		$	33.23		$	36.50		$	41.19

Total Return (%) (c)		23.96	(d)		2.43			33.93			0.09			6.28			8.90

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73	(e)		0.72			0.72			0.72			0.71			0.71
Net ratio of expenses to average net assets (%) (f)		0.63	(e)		0.63			0.63			0.66			0.66			0.71
Ratio of net investment income to average net assets (%)		0.04	(e)		0.21			0.20			0.13	(b)		0.03			0.02
Portfolio turnover rate (%)		23	(d)		45			48			87			70			99
Net assets, end of period (in millions)	$	1,506.5		$	1,327.7		$	1,661.1		$	1,505.8		$	1,609.7		$	1,781.3

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	37.29		$	41.96		$	32.19		$	35.54		$	40.38		$	37.17

Income (Loss) from Investment Operations
Net investment loss (a)		(0.04	)		(0.02	)		(0.02	)		(0.04	)(b)		(0.08	)		(0.09	)
Net realized and unrealized gain (loss)		8.76			1.71			10.70			(0.15	)		2.63			3.30

Total income (loss) from investment operations		8.72			1.69			10.68			(0.19	)		2.55			3.21

Less Distributions
Distributions from net realized capital gains		(7.60	)		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00

Total distributions		(7.60	)		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00

Net Asset Value, End of Period	$	38.41		$	37.29		$	41.96		$	32.19		$	35.54		$	40.38

Total Return (%) (c)		23.81	(d)		2.18			33.57			(0.15	)		6.01			8.64

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98	(e)		0.97			0.97			0.97			0.96			0.96
Net ratio of expenses to average net assets (%) (f)		0.88	(e)		0.88			0.88			0.91			0.91			0.96
Ratio of net investment loss to average net assets (%)		(0.21	)(e)		(0.04	)		(0.05	)		(0.12	)(b)		(0.22	)		(0.23	)
Portfolio turnover rate (%)		23	(d)		45			48			87			70			99
Net assets, end of period (in millions)	$	206.8		$	173.7		$	183.7		$	161.6		$	177.9		$	184.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights


Selected per share data
	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	38.06		$	42.68		$	32.69		$	36.01		$	40.79		$	37.51

Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		0.03			0.02			(0.01	)(b)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		8.95			1.71			10.88			(0.15	)		2.66			3.33

Total income (loss) from investment operations		8.93			1.74			10.90			(0.16	)		2.61			3.28

Less Distributions
Distributions from net investment income		(0.03	)		0.00			0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(7.60	)		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00

Total distributions		(7.63	)		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00

Net Asset Value, End of Period	$	39.36		$	38.06		$	42.68		$	32.69		$	36.01		$	40.79

Total Return (%) (c)		23.88	(d)		2.26			33.73			(0.06	)		6.11			8.74

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88	(e)		0.87			0.87			0.87			0.86			0.86
Net ratio of expenses to average net assets (%) (f)		0.78	(e)		0.78			0.78			0.81			0.81			0.86
Ratio of net investment income (loss) to average net assets (%)		(0.10	)(e)		0.06			0.05			(0.02	)(b)		(0.12	)		(0.13	)
Portfolio turnover rate (%)		23	(d)		45			48			87			70			99
Net assets, end of period (in millions)	$	43.1		$	38.3		$	41.3		$	34.1		$	40.8		$	41.5


(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).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $6,811,459. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $36,784,273. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, 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:

BHFTII-15

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	383,771,246	$	0	$	499,407,966

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, 2019	% per annum			Average Daily Net Assets
$5,888,599		0.730	%	Of the first $1 billion
		0.650	%	On amounts in excess of $1 billion

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 29, 2019 to April 29, 2020, 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
0.115%		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

BHFTII-16

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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

Transfer Agency Agreement - 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”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “Plan”) relating to Class B and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B and Class E shares of the Trust. Each Portfolio may not offer shares of each Class. The Plan also authorizes the Trust, on behalf of each of its Portfolios, may pay the Distributor a distribution Fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B and Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares and 0.15% of average daily net assets in the case of Class E shares. The Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2019 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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	1,473,163,388

Gross unrealized appreciation		562,374,338
Gross unrealized depreciation		(12,521,597	)

Net unrealized appreciation (depreciation)	$	549,852,741

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$60,299,781	$	1,710,196	$	178,918,797	$	42,903,729	$	239,218,578	$	44,613,925

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$4,424,289	$	279,731,996	$	305,510,630	$	—	$	589,666,915

BHFTII-17

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-18

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A, B and E shares of the BlackRock Ultra-Short Term Bond Portfolio returned 1.19%, 1.07%, and 1.11%, respectively. The Portfolio’s benchmark, the Bank of America/Merrill Lynch 3-month T-Bill Index¹, returned 1.24%.

MARKET ENVIRONMENT / CONDITIONS

Portfolio positioning during the first half of 2019 was influenced by the Federal Open Market Committee’s (“FOMC”) pivot to an overtly “patient” stance with regards to monetary policy and accommodation removal adopted by the FOMC during the first quarter. As we moved through the first half of the year, dovish rhetoric from the FOMC intensified, highlighted by Federal Reserve Chairman Powell’s commitment to utilizing policy to maintain the current economic expansion. This led us to believe that the cycle of policy accommodation removal has ended and the next move by the FOMC will be a rate cut relatively soon. Positioning also encompassed our expectation for somewhat lower bank funding needs and increased volatility in U.S. Treasury bill supply. Demand for short term credit investments from non-traditional buyers, coupled with significant flows into prime funds and ultrashort bond funds fueled by the flat yield curve, continued to prove a dominant technical force in the front end credit market. These factors pressured 3 month LIBOR (London Interbank Offered Rate) to fall from 2.81% on December 31st to 2.32% at the end of June. The LIBOR curve was inverted by 0.22% as measured from 1 month to 1 year on June 30th compared with a positive slope of 0.51% at year end.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the period, the Portfolio added fixed rate commercial paper and certificates of deposit at yields of 2.18% to 2.92% with final maturities of 3 months to 13 months, 0.54% above current overnight levels to 0.20% below current overnight levels. Floating rate investments with final maturities of 3 months to 1 year were added at spreads of 0.13% to 0.32% over 1 month LIBOR and 0.0% to 0.24% over 3 month LIBOR. The Portfolio also added floating rate certificates of deposit linked to SOFR (Secured Overnight Financing Rate) at spreads of 0.30% to 0.51% over the index. The inversion of the LIBOR yield curve and tightening of credit spreads that resulted from the increasingly dovish rhetoric by the FOMC led to price appreciation, particularly in fixed rate investments with longer durations. While this price appreciation was additive to return, proceeds of maturing securities were reinvested at significantly lower yields, negatively impacting the income generating capacity of the Portfolio. The tightening of the spread between 1 month and 3 month LIBOR over the period increased the relative attractiveness of securities linked to the 1 month LIBOR index.

As an expression of our strategy, the Weighted Average Maturity of the Portfolio increased from 27 days in December to 54 days at the end of June while the Weighted Average Life was increased from 73 days to 79 days over the period. The allocation to floating rate instruments decreased from 36% at the end of December to 25% at the end of June and was comprised of securities indexed off of SOFR (1%), 1-month LIBOR (13%) and 3-month LIBOR (11%). These contributed 0.66% to gross yield while fixed rate investments contributed the balance.

Rich Mejzak

Eric Hiatt

Edward Ingold

Portfolio Managers

BlackRock Advisors, LLC

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
BlackRock Ultra-Short Term Bond Portfolio
Class A		1.19		2.21		0.84		0.43
Class B		1.07		1.95		0.67		0.34
Class E		1.11		2.05		0.74		0.37
Bank of America/Merrill Lynch 3-Month T-Bill Index		1.24		2.31		0.87		0.49

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 COMPOSITION AS OF JUNE 30, 2019

Top Issuers


	% of Net Assets
JPMorgan Securities, Inc.		9.1
Mizuho Securities U.S.A.		3.8
Bank of America Securities, Inc.		3.4
Landesbank Baden-Wuettertemberg		3.1
Ontario Teachers’ Cadillac Fairview Properties Trust		3.1
Old Line Funding LLC		3.0
Sumitomo Mitsui Trust Bank, Ltd. (NY)		3.0
BNG Bank N.V.		2.8
Regency Market No. 1 LLC		2.8
CPPIB Capital, Inc.		2.8

BHFTII-2

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


BlackRock Ultra-Short Term Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.37	%	$	1,000.00	$	1,011.90	$	1.85
	Hypothetical*		0.37	%	$	1,000.00	$	1,022.96	$	1.86

Class B (a)	Actual		0.62	%	$	1,000.00	$	1,010.70	$	3.09
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11

Class E (a)	Actual		0.52	%	$	1,000.00	$	1,011.10	$	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.

(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, 2019 (Unaudited)

Short-Term Investments—100.0% of Net Assets


Security Description	Principal Amount*		Value

Certificate of Deposit—29.3%
Bank of Montreal (Chicago) 2.814%, 1M LIBOR + 0.420%, 01/17/20 (a)		3,500,000	$	3,506,548
Bank of Nova Scotia (Houston) 2.587%, 3M LIBOR + 0.200%, 09/20/19 (a)		8,000,000		8,003,680
BNP Paribas S.A. (NY)
2.180%, 12/24/19		7,000,000		6,999,952
2.501%, 3M LIBOR + 0.190%, 09/27/19 (a)		5,000,000		4,997,250
Canadian Imperial Bank of Commerce (NY)
2.704%, 1M LIBOR + 0.310%, 07/16/19 (a)		7,000,000		7,001,056
2.704%, 1M LIBOR + 0.300%, 07/25/19 (a)		6,000,000		6,000,760
Credit Suisse AG
2.690%, SOFR + 0.450%, 11/04/19 (a)		4,000,000		4,004,294
2.700%, SOFR + 0.450%, 05/01/20 (a)		7,000,000		7,017,289
2.720%, SOFR + 0.450%, 06/19/20 (a)		6,000,000		6,000,000
DNB Bank ASA 2.601%, 3M LIBOR + 0.000%, 10/16/19 (a)		7,000,000		6,999,984
KBC Bank NV 2.603%, 07/10/19		7,000,000		6,994,381
Macquarie Bank, Ltd. 2.682%, 05/07/20 (a)		7,000,000		7,001,144
Mizuho Bank, Ltd. (NY)
2.532%, 1M LIBOR + 0.150%, 11/18/19 (a)		6,000,000		6,001,456
2.593%, 3M LIBOR + 0.010%, 07/30/19 (a)		10,000,000		10,000,005
Mizuho Securities U.S.A. 2.400%, 07/05/19		25,000,000		25,000,024
MUFG Bank, Ltd.
2.684%, 1M LIBOR + 0.280%, 08/22/19 (a)		5,000,000		5,002,133
2.685%, 3M LIBOR + 0.140%, 05/11/20 (a)		4,500,000		4,499,976
2.705%, 3M LIBOR + 0.180%, 02/24/20 (a)		4,300,000		4,301,642
National Bank of Canada (NY) 2.542%, 1M LIBOR + 0.130%, 12/11/19 (a)		8,000,000		8,002,597
Natixis (NY)
2.650%, 12/17/19		8,000,000		8,015,698
2.720%, 04/03/20		7,000,000		7,028,918
Natixis S.A. 2.720%, 3M LIBOR + 0.100%, 06/05/20 (a)		4,000,000		3,998,795
Royal Bank of Canada (NY)
2.704%, 1M LIBOR + 0.310%, 08/16/19 (a)		8,000,000		8,003,322
2.930%, SOFR + 0.510%, 01/09/20 (a)		6,500,000		6,510,771
Skandinaviska Enskilda Banken AB
2.604%, 3M LIBOR + 0.020%, 10/11/19 (a)		5,000,000		4,999,992
2.620%, 3M LIBOR + 0.020%, 10/21/19 (a)		10,000,000		10,011,765
Standard Chartered Bank 2.542%, 3M LIBOR + 0.100%, 10/31/19 (a)		10,000,000		10,002,719
Sumitomo Mitsui Banking Corp.
2.553%, 11/12/19 (a)		10,000,000		9,999,852
2.641%, 10/18/19 (a)		8,000,000		7,999,979
Sumitomo Mitsui Trust Bank, Ltd. (NY)
2.610%, 1M LIBOR + 0.210%, 10/04/19 (a)		8,000,000		8,005,872
2.711%, 3M LIBOR + 0.190%, 02/25/20 (a)		4,000,000		4,001,018
2.725%, 3M LIBOR + 0.200%, 08/16/19 (a)		4,000,000		4,000,609
2.832%, 3M LIBOR + 0.235%, 01/15/20 (a)		8,000,000		8,005,716

				237,919,197


Commercial Paper—58.2%
Albion Capital Corp.
Zero Coupon, 07/01/19 (b)		16,207,000		16,203,798
Antalis S.A.
1.656%, 07/03/19 (b)		6,000,000		5,997,975
1.988%, 07/05/19 (b)		7,000,000		6,996,693
Banque et Caisse d’Epargne de L’Etat Zero Coupon, 07/01/19 (b)		7,000,000		6,998,629
Banque Federative du Credit Mutuel S.A. 2.694%, 12/02/19 (b)		6,000,000		5,941,928
Barclays Bank plc 2.580%, 09/10/19 (b)		8,000,000		8,004,067
Bedford Row Funding Corp. 2.780%, 1M LIBOR + 0.340%, 08/02/19 (a)		5,000,000		5,001,660
Bennington Sark Capital Co. LLC
Zero Coupon, 07/01/19 (b)		12,226,000		12,223,524
2.175%, 07/08/19 (b)		9,855,000		9,848,348
BNG Bank N.V. 1.217%, 07/02/19 (b)		23,082,000		23,075,971
BPCE 2.676%, 10/01/19 (b)		3,500,000		3,479,496
Caisse des Depots et Consignations 2.331%, 07/23/19 (b)		13,039,000		13,018,237
CDP Financial, Inc.
2.537%, 11/05/19 (b)		10,000,000		9,914,669
2.555%, 10/28/19 (b)		10,000,000		9,919,717
Chariot Funding LLC 2.648%, 10/07/19 (b)		5,000,000		4,967,273
Charta LLC 2.705%, 07/22/19 (b)		10,000,000		9,984,280
CPPIB Capital, Inc.
2.373%, 08/06/19 (b)		13,000,000		12,966,721
2.706%, 03/09/20 (b)		10,000,000		9,834,108
Credit Industriel et Commercial (NY)
2.636%, 02/10/20 (b)		6,000,000		5,918,090
2.823%, 11/07/19 (b)		5,000,000		4,958,781
2.857%, 08/01/19 (b)		8,000,000		7,982,178
Crown Point Capital Co. LLC 2.640%, 08/05/19 (b)		10,000,000		10,002,397
Federation des Caisses Desjardins du Quebec
2.469%, 1M LIBOR + 0.220%, 08/16/19 (a)		10,000,000		9,967,524
2.631%, 1M LIBOR + 0.220%, 08/13/19 (a)		5,300,000		5,301,495
2.782%, 1M LIBOR + 0.370%, 12/10/19 (a)		7,000,000		7,009,585
Landesbank Baden-Wuettertemberg 1.232%, 07/02/19 (b)		25,000,000		24,993,114
Liberty Funding LLC 2.439%, 09/06/19 (b)		11,000,000		10,950,014
Mizuho Securities U.S.A. 2.500%, 09/04/19 (b)		6,000,000		6,002,609
Mont Blanc Capital Corp.
1.683%, 07/03/19 (b)		9,000,000		8,996,962
2.474%, 10/04/19 (b)		11,065,000		10,993,492
Nederlandse Waterschapsbank NV 2.381%, 08/05/19 (b)		15,000,000		14,961,952
Nestle Finance International, Ltd. 2.585%, 08/21/19 (b)		10,000,000		9,966,070

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, 2019 (Unaudited)

Short-Term Investments—(Continued)


Security Description	Principal Amount*		Value

Commercial Paper—(Continued)
NRW Bank 1.217%, 07/02/19 (b)		8,000,000	$	7,997,920
Old Line Funding LLC
2.541%, 1M LIBOR + 0.340%, 08/27/19 (a)		8,500,000		8,467,700
2.652%, 1M LIBOR + 0.340%, 07/25/19 (a)		9,000,000		8,984,246
2.835%, 1M LIBOR + 0.340%, 08/14/19 (a)		7,000,000		6,978,962
Ontario Teachers’ Cadillac Fairview Properties Trust
2.555%, 01/08/20 (b)		7,000,000		6,920,067
2.556%, 10/30/19 (b)		10,000,000		9,926,668
2.616%, 01/02/20 (b)		8,000,000		7,911,473
Province of Alberta Canada 2.540%, 11/14/19 (b)		6,000,000		5,946,161
Regency Market No. 1 LLC 2.292%, 07/15/19 (b)		23,000,000		22,973,640
Ridgefield Funding Co. LLC 2.494%, 08/07/19 (b)		10,207,000		10,179,861
Suncorp Group, Ltd. 2.354%, 12/16/19 (b)		8,000,000		7,904,240
Toronto-Dominion Bank 2.540%, 09/05/19 (b)		12,000,000		12,003,693
2.612%, 06/10/20 (b)		6,000,000		5,999,792
Toyota Motor Credit Corp. 2.631%, 1M LIBOR + 0.200%, 01/07/20 (a)		5,000,000		5,000,252
UBS AG 2.662%, 1M LIBOR + 0.260%, 08/28/19 (a)		5,500,000		5,502,417
2.739%, 3M LIBOR + 0.320%, 12/19/19 (a)		4,000,000		4,005,202
2.759%, 3M LIBOR + 0.180%, 08/01/19 (144A) (a)		5,000,000		5,000,657
2.840%, 1M LIBOR + 0.400%, 07/02/19 (144A) (a)		5,000,000		5,000,242
Westpac Banking Corp. 2.732%, 1M LIBOR + 0.320%, 11/08/19 (a)		7,000,000		7,006,603
2.759%, 3M LIBOR + 0.180%, 11/01/19 (a)		6,000,000		6,003,550

				472,094,703


Repurchase Agreements—12.5%
Bank of America Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.480%, due on 07/01/19 with a maturity value of $27,617,706; collateralized by U.S. Treasury Floating Rate Note at 2.141%, maturing 10/31/20, with a market value of $28,055,696.		27,612,000		27,612,000

Repurchase Agreements—(Continued)
JPMorgan Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $74,015,602; collateralized by U.S. Treasury Strips with zero coupon, maturity dates ranging from 05/15/32 - 11/15/45, with a market value of $75,480,000.		74,000,000		74,000,000

				101,612,000

Total Short-Term Investments (Cost $811,383,261)				811,625,900

Total Investments—100.0% (Cost $811,383,261)				811,625,900
Other assets and liabilities (net)—0.0%				(138,830	)

Net Assets—100.0%			$	811,487,070


*		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, 2019. 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, 2019, the market value of 144A securities was $10,000,899, which is 1.2% of net assets.
(LIBOR)—		London Interbank Offered Rate
(SOFR)—		Secured Overnight Financing 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, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Total Short-Term Investments*	$	—	$	811,625,900	$	—	$	811,625,900
Total Investments	$	—	$	811,625,900	$	—	$	811,625,900


*		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, 2019 (Unaudited)


Assets
Investments at value (a)	$	710,013,900
Repurchase Agreement at value which equals cost		101,612,000
Cash		13,065
Receivable for:
Fund shares sold		235,347
Interest		1,029,182

Total Assets		812,903,494
Liabilities
Payables for:
Fund shares redeemed		808,445
Accrued Expenses:
Management fees		245,492
Distribution and service fees		91,588
Deferred trustees’ fees		126,757
Other expenses		144,142

Total Liabilities		1,416,424

Net Assets	$	811,487,070

Net Assets Consist of:
Paid in surplus	$	802,738,916
Distributable earnings (Accumulated losses)		8,748,154

Net Assets	$	811,487,070

Net Assets
Class A	$	327,135,136
Class B		389,152,798
Class E		95,199,136
Capital Shares Outstanding*
Class A		3,240,862
Class B		3,854,430
Class E		942,690
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	100.94
Class B		100.96
Class E		100.99


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments, excluding repurchase agreement, was $709,771,261.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Interest	$	10,779,646

Total investment income		10,779,646
Expenses
Management fees		1,407,967
Administration fees		20,795
Custodian and accounting fees		29,836
Distribution and service fees—Class B		490,056
Distribution and service fees—Class E		72,265
Audit and tax services		16,080
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		41,567
Insurance		2,508
Miscellaneous		6,094

Total expenses		2,140,954
Less management fee waiver		(100,569	)

Net expenses		2,040,385

Net Investment Income		8,739,261

Net Realized and Unrealized Gain
Net realized gain on investments		2,212

Net change in unrealized appreciation on investments		301,842

Net realized and unrealized gain		304,054

Net Increase in Net Assets From Operations	$	9,043,315

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,739,261		$	13,330,483
Net realized gain		2,212			4,146
Net change in unrealized appreciation (depreciation)		301,842			(14,880	)

Increase in net assets from operations		9,043,315			13,319,749

From Distributions to Shareholders
Class A		(5,802,067	)		(3,163,167	)
Class B		(5,979,578	)		(2,959,848	)
Class E		(1,547,936	)		(916,931	)

Total distributions		(13,329,581	)		(7,039,946	)

Decrease in net assets from capital share transactions		(3,130,899	)		(31,264,205	)

Total decrease in net assets		(7,417,165	)		(24,984,402	)

Net Assets
Beginning of period		818,904,235			843,888,637

End of period	$	811,487,070		$	818,904,235

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		646,129		$	65,821,236			1,271,421		$	128,523,646
Reinvestments		57,549			5,802,067			31,481			3,163,167
Redemptions		(494,380	)		(50,397,385	)		(1,332,136	)		(134,694,295	)

Net increase (decrease)		209,298		$	21,225,918			(29,234	)	$	(3,007,482	)

Class B
Sales		667,621		$	67,976,194			1,727,443		$	174,497,711
Reinvestments		59,292			5,979,578			29,448			2,959,848
Redemptions		(937,491	)		(95,464,772	)		(1,841,534	)		(185,896,483	)

Net decrease		(210,578	)	$	(21,509,000	)		(84,643	)	$	(8,438,924	)

Class E
Sales		92,797		$	9,449,201			172,508		$	17,426,393
Reinvestments		15,346			1,547,936			9,123			916,931
Redemptions		(135,805	)		(13,844,954	)		(377,825	)		(38,161,123	)

Net decrease		(27,662	)	$	(2,847,817	)		(196,194	)	$	(19,817,799	)

Decrease derived from capital shares transactions				$	(3,130,899	)				$	(31,264,205	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	101.58		$	100.82		$	100.28		$	100.00		$	100.00		$	100.00

Income (Loss) from Investment Operations
Net investment income (a)		1.17			1.81			0.92			0.32	(b)		0.00	(c)		0.00
Net realized and unrealized gain (loss)		0.03			0.00	(d)		(0.03	)		0.03			0.00			0.00

Total income (loss) from investment operations		1.20			1.81			0.89			0.35			0.00	(c)		0.00

Less Distributions
Distributions from net investment income		(1.84	)		(1.04	)		(0.35	)		(0.07	)		(0.00	)(e)		0.00
Distributions from net realized capital gains		0.00			(0.01	)		(0.00	)(f)		(0.00	)(f)		0.00			0.00

Total distributions		(1.84	)		(1.05	)		(0.35	)		(0.07	)		(0.00	)(e)		0.00

Net Asset Value, End of Period	$	100.94		$	101.58		$	100.82		$	100.28		$	100.00		$	100.00

Total Return (%) (g)		1.19	(h)		1.81			0.89			0.35			0.00			0.00

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.39	(i)		0.39			0.39			0.38			0.37			0.37
Net ratio of expenses to average net assets (%) (j)		0.37	(i)		0.36			0.36			0.35			0.25			0.20
Ratio of net investment income to average net assets (%)		2.31	(i)		1.79			0.91			0.32	(b)		0.00	(k)		0.00
Portfolio turnover rate (%)		0	(h)(l)		0	(l)		0	(l)		0	(l)		N/A			N/A
Net assets, end of period (in millions)	$	327.1		$	307.9		$	308.6		$	355.2		$	406.8		$	483.7

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	101.46		$	100.68		$	100.11		$	100.00		$	100.00		$	100.00

Income (Loss) from Investment Operations
Net investment income (a)		1.04			1.55			0.66			0.08	(b)		0.00			0.00
Net realized and unrealized gain (loss)		0.04			0.00	(d)		(0.02	)		0.03			0.00			0.00

Total income (loss) from investment operations		1.08			1.55			0.64			0.11			0.00			0.00

Less Distributions
Distributions from net investment income		(1.58	)		(0.76	)		(0.07	)		(0.00	)(e)		0.00			0.00
Distributions from net realized capital gains		0.00			(0.01	)		(0.00	)(f)		(0.00	)(f)		0.00			0.00

Total distributions		(1.58	)		(0.77	)		(0.07	)		(0.00	)		0.00			0.00

Net Asset Value, End of Period	$	100.96		$	101.46		$	100.68		$	100.11		$	100.00		$	100.00

Total Return (%) (g)		1.07	(h)		1.55			0.63			0.11			0.00			0.00

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64	(i)		0.64			0.64			0.63			0.62			0.62
Net ratio of expenses to average net assets (%) (j)		0.62	(i)		0.61			0.61			0.59			0.25			0.20
Ratio of net investment income to average net assets (%)		2.06	(i)		1.53			0.66			0.08	(b)		0.00			0.00
Portfolio turnover rate (%)		0	(h)(l)		0	(l)		0	(l)		0	(l)		N/A			N/A
Net assets, end of period (in millions)	$	389.2		$	412.5		$	417.8		$	479.6		$	547.0		$	554.2

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015		2014
Net Asset Value, Beginning of Period	$	101.53		$	100.74		$	100.18		$	100.00		$	100.00	$	100.00

Income (Loss) from Investment Operations
Net investment income (a)		1.09			1.64			0.76			0.17	(b)		0.00		0.00
Net realized and unrealized gain (loss)		0.04			0.02			(0.03	)		0.03			0.00		0.00

Total income (loss) from investment operations		1.13			1.66			0.73			0.20			0.00		0.00

Less Distributions
Distributions from net investment income		(1.67	)		(0.86	)		(0.17	)		(0.02	)		0.00		0.00
Distributions from net realized capital gains		0.00			(0.01	)		(0.00	)(f)		(0.00	)(f)		0.00		0.00

Total distributions		(1.67	)		(0.87	)		(0.17	)		(0.02	)		0.00		0.00

Net Asset Value, End of Period	$	100.99		$	101.53		$	100.74		$	100.18		$	100.00	$	100.00

Total Return (%) (g)		1.11	(h)		1.66			0.73			0.20			0.00		0.00

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(i)		0.54			0.54			0.53			0.52		0.52
Net ratio of expenses to average net assets (%) (j)		0.52	(i)		0.51			0.51			0.50			0.25		0.20
Ratio of net investment income to average net assets (%)		2.16	(i)		1.62			0.76			0.17	(b)		0.00		0.00
Portfolio turnover rate (%)		0	(h)(l)		0	(l)		0	(l)		0	(l)		N/A		N/A
Net assets, end of period (in millions)	$	95.2		$	98.5		$	117.5		$	137.4		$	154.2	$	175.5


(a)		Per share amounts based on average shares outstanding during the period.
(b)		Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and 0.01% of average net assets, respectively.
(c)		Net investment income (loss) was less than $0.01.
(d)		Net realized and unrealized gain (loss) on investments was less than $0.01.
(e)		Distributions from net investment income were less than $0.01.
(f)		Distributions from net realized capital gains were less than $0.01.
(g)		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.
(h)		Periods less than one year are not computed on an annualized basis.
(i)		Computed on an annualized basis.
(j)		Includes the effects of the management fee waivers and voluntary distribution & service fee waiver (see Note 4 of the Notes to Financial Statements).
(k)		Ratio of net investment income (loss) to average net assets was less than 0.01%.
(l)		There were no long term transactions during the six months ended June 30, 2019 and the years ended December 31, 2018, 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, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

At June 30, 2019, the Portfolio had investments in repurchase agreements with a gross value of $101,612,000, 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, 2019.

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.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

4. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average daily net assets
$1,407,967		0.350	%	Of the first $1 billion
		0.300	%	Of amount in excess of $1 billion


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

For the period April 30, 2018 to April 30, 2019, an identical expense agreement was in place. Amounts waived for the six months ended June 30, 2019 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 (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “Plan”) relating to Class B and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B and Class E shares of the Trust. Each Portfolio may not offer shares of each Class. The Plan also authorizes the Trust, on behalf of each of its Portfolios, may pay the Distributor a distribution Fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B and Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares and 0.15% of average daily net assets in the case of Class E shares. The Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the average daily net assets attributable to the Class B, Class D, Class E and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The Plan also authorizes the Trust, on behalf of each of its Portfolios, may pay the Distributor a Distribution Fee at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares and 0.30% of average daily net assets in the case of Class G shares. The Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2019 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

5. Contractual Obligations

6. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	811,383,262

Gross unrealized appreciation		295,358
Gross unrealized depreciation		(52,720	)

Net unrealized appreciation (depreciation)	$	242,638

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$7,039,946	$	1,735,590	$	—	$	—	$	7,039,946	$	1,735,590

As of December 31, 2018, 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			Accumulated Capital Losses		Total
$13,214,833	$	—	$	(59,204	)	$	—	$	13,155,629

As of December 31, 2018, the Portfolio had no accumulated capital losses.

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, 2019, the Class A, B and E shares of the Brighthouse/Artisan Mid Cap Value Portfolio returned 17.72%, 17.57%, and 17.63%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 18.02%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. economy clocked a tenth straight year of expansion, tying the post-war record of 120 months set during the 1991-2001 expansion, even as some indicators flashed warnings signs. The yield curve, as measured by the difference between long-term and short-term U.S. Treasury yields, inverted, historically a portent of recession. Among the Group of 7 (“G7”) economies, manufacturing activity deteriorated materially. Citing the effects of the U.S.-China trade war, slowing overseas growth and fading stimulus from the 2017 tax cuts, the Federal Reserve paused rate hikes and announced it would end its balance-sheet unwind sooner than expected, while signaling that rate cuts may begin as early as July.

Similarly, the European Central Bank (“ECB”) stated it would maintain negative interest rates and announced a series of cheap long-term loans for banks. The Chinese government sought to counter trade-related weakness with aggressive fiscal and monetary stimulus. The Chinese economy is estimated to have grown 6.2% in the second quarter, its slowest pace in 27 years.

All the central bank intervention was heartily welcomed by equity markets, which ended the first half of 2019 the same way they started: rallying. In January, markets bounced back strongly after a year-end sell off. Similarly, June was a good month for equities. After some hiccups in May, the S&P 500 Index made a new all-time high on June 20th. In fact, for the S&P 500 Index, the first six months of 2019 were the best first half since 1997.

For the mid cap value space specifically, the Russell Midcap Value Index was up 18.02% over the first half of the year, led by the Information Technology (“IT”), Industrials and Financials sectors, on a total return basis. All sectors enjoyed double digit total returns with the lone exception of Consumer Staples.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio slightly underperformed the Russell Midcap Value Index over the first half of the year on a net-of-fees basis. Overall, below benchmark allocations to the IT sector, above benchmark exposure to Consumer Discretionary names, and cash balances weighed on relative returns. Stock selection was itself a positive contributor to relative returns, particularly in the Financials and Health Care sectors.

Our biggest detractors included Qurate, a video and internet commerce business that owns the QVC^® network (formerly known as Liberty Interactive QVC), and The Kroger Company, a grocer.

In the Consumer Discretionary sector, television and online retailer Qurate was a detractor from relative returns. Weighing broadly on investor sentiment was both a worse-than-expected earnings report and a growing realization that management planned to engage more aggressively than was anticipated in digital platform retailing. Unlike the successful TV and telephone model of QVC’s past, this transition would likely cut into margins—customer acquisition is expensive and pricing power on the Internet is generally weaker.

The roadmap for the Restock Kroger initiative may be faltering as investors pushed down the stock on fears that management’s turnaround plan would take longer than anticipated or simply prove unsuccessful. Consequently, Kroger was a top detractor in the first half of the year. The bulk of the weakness came over a two-day span in early March when it appeared that management was getting further, rather than closer, to fulfilling 2018’s promise of $400 million in incremental operating profit growth and $6.5 billion in cumulative free cash flow by 2020. Year-over-year earnings growth softened, and gross margins compressed. However, we believe the earnings weakness is a near-term event, resulting from investments in the supply chain and pricing that should ultimately help the company accelerate back toward its goals. We remained keenly aware of how critical management’s execution of this initiative is to the stock’s success and have therefore monitored developments closely.

Among the top five detractors in the Portfolio were new purchases in the first half of 2019—Thor Industries, E*TRADE Financial and Lions Gate Entertainment. This phenomenon is consistent with our process and philosophy. We seek to invest in companies that are out of favor, where the market’s valuation is driven by a fear or uncertainty, creating an opportunity for value investors to acquire stakes in quality franchises at discounted prices. It is not uncommon for these discounts to continue to widen as we initiate and build our positions.

Thor Industries manufactures recreational vehicles, primarily, under several brands including the industry’s most recognizable one: Airstream. A recent expansion into the European market (by way of acquisition) and excess inventory concerns pressured valuations lower, allowing us to purchase an industry-leading franchise that meets our margin of safety criteria. We believe Thor consistently delivers value over the economic cycle—in fact, we have owned it in previous cycles—though working off the inventory overhang may weigh on the stock price over the next several quarters.

E*TRADE operates a best-in-class technology platform for online brokerage, making a strong presence in the burgeoning robo-advisory space. Management changes and falling interest rates weighed on valuations and brought this name into our view. With new personnel in place, E*TRADE is hitting on key performance benchmarks the Board put in place in 2016.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Managed by Artisan Partners Limited Partnership

Portfolio Manager Commentary*—(Continued)

Another new purchase in the first half was NetApp, an enterprise data storage and solutions company with a specialization in all-flash (i.e., solid-state) storage. After an unfocused period of weak growth that led the board to oust the CEO in 2015, the company has been transforming its business from exclusively storage systems to compete in the broader enterprise cloud computing space. Given NetApp’s relatively new entry into this highly competitive industry, it has many doubters, and valuations have been discounted. It’s certainly a difficult transformation for management, but the strong balance sheet and healthy stock buyback program, record of technological innovation, and until now, a lack of concerted product and service marketing, suggested this was an undervalued stock with potential.

The Portfolio’s top contributor was Dentsply Sirona, a global dental products manufacturer and distributor resulting from an all-stock merger-of-equals that took place in February 2016 between Sirona Technologies (digital tech) and Dentsply (dental supplies). The management team at the time mishandled the merger; subsequently, the board of directors reorganized the management team. There is now an extensive turnaround effort underway. Before we took up our position, the market sentiment toward the name was negative amid all the mismanagement and turnover. Since then, the restructuring has gone well, execution risk has diminished, and the stock has outperformed. This name is exemplary of our approach: we had followed the business for a long while and waited patiently for the valuation to come to us. We like the company’s steady, recurring, market-leading consumables business that serves the dentist office at every patient visit. That, along with management’s new-found commitment to prudent capital management, was reflected in the rising valuation.

Airplane leasing firm Air Lease Corp was another top contributor over the trailing six months. Demand for air travel from the global emerging middle class, along with the rise of ultra-low-cost carriers, has provided secular tailwinds to the business. Air Lease maintains a young fleet of high-demand, fuel-efficient, low-operational-cost aircraft, and we believe management has positioned the company as the industry leader.

A top contributor, consumer financial services company Synchrony Financial, benefited from its contract renewals with major partners (e.g., Sam’s Club, Amazon, Qurate, eBay and Walgreens). Additionally, share prices appreciated based on expectations of hearty stock repurchases. Adding to this momentum was a solid balance sheet, improving credit metrics and a record of profitability. Synchrony’s low valuation combined with healthy business fundamentals and strong capital return were favorable for the stock price.

Regarding the Portfolio sales over the period, we closed property and casualty insurer Alleghany Corp because its valuations extended beyond what we determined to be justified for the underlying business. We sold independent energy company Hess based on our diminished view of the exploration & production industry. We had been selling our position over time on the sustained lag between the stock’s price and the prevailing oil price. The business is just too dependent upon the commodity price to make a meaningful change in our negative view of the industry. Our desire is to put cash to work in favor of better ideas. Online travel research company TripAdvisor had reached valuations that we believed were full relative to the underlying business’ capabilities. Recent earnings success was rooted in efforts to trim marketing expenses and boost margins. We didn’t believe that these improvements were sustainable and we exited our position. Our decisions are always made from the bottom-up, without regard to index construction. Sector allocations are necessarily a byproduct of our stock selections.

At period-end, the Portfolio maintained above-benchmark positions in the Financials, Materials, Communications Services, Industrials, and Consumer Discretionary sectors. Health Care, Energy, Utilities, Real Estate, Consumer Staples, and IT holdings were below the benchmark’s average weights for the period.

James C. Kieffer

Daniel L. Kane

Thomas A. Reynolds IV

Craig Inman

Portfolio Managers

Artisan Partners Limited Partnership

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Brighthouse/Artisan Mid Cap Value Portfolio
Class A		17.72		0.85		4.52		11.95
Class B		17.57		0.60		4.26		11.67
Class E		17.63		0.70		4.36		11.78
Russell Midcap Value Index		18.02		3.68		6.72		14.56

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Celanese Corp.		3.6
Air Lease Corp.		3.2
Analog Devices, Inc.		3.0
Torchmark Corp.		2.9
M&T Bank Corp.		2.9
AutoNation, Inc.		2.8
Arch Capital Group, Ltd.		2.8
AMERCO		2.8
GCI Liberty, Inc. - Class A		2.7
Gentex Corp.		2.6

Top Sectors


	% of Net Assets
Financials		27.1
Consumer Discretionary		14.7
Industrials		14.0
Communication Services		12.9
Materials		7.8
Information Technology		6.4
Health Care		4.3
Real Estate		3.4
Energy		3.3
Consumer Staples		2.3

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Brighthouse/Artisan Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.82	%	$	1,000.00	$	1,177.20	$	4.43
	Hypothetical*		0.82	%	$	1,000.00	$	1,020.73	$	4.11

Class B (a)	Actual		1.07	%	$	1,000.00	$	1,175.70	$	5.77
	Hypothetical*		1.07	%	$	1,000.00	$	1,019.49	$	5.36

Class E (a)	Actual		0.97	%	$	1,000.00	$	1,176.30	$	5.23
	Hypothetical*		0.97	%	$	1,000.00	$	1,019.98	$	4.86

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

(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, 2019 (Unaudited)

Common Stocks—96.2% of Net Assets


Security Description	Shares		Value

Auto Components—4.1%
Delphi Technologies plc		712,948	$	14,258,960
Gentex Corp. (a)		988,268		24,321,275

				38,580,235


Automobiles—2.6%
Thor Industries, Inc. (a)		412,673		24,120,737


Banks—9.3%
BOK Financial Corp.		178,080		13,441,478
Fifth Third Bancorp		620,006		17,298,167
M&T Bank Corp.		157,764		26,830,924
Pinnacle Financial Partners, Inc. (a)		257,440		14,797,651
SunTrust Banks, Inc.		229,442		14,420,430

				86,788,650


Capital Markets—3.0%
E*Trade Financial Corp.		404,772		18,052,831
Intercontinental Exchange, Inc.		115,964		9,965,946

				28,018,777


Chemicals—7.8%
Axalta Coating Systems, Ltd. (a) (b)		707,486		21,061,858
Celanese Corp.		314,248		33,875,934
Nutrien, Ltd. (a)		339,136		18,130,211

				73,068,003


Construction & Engineering—3.4%
Fluor Corp.		371,348		12,510,714
Jacobs Engineering Group, Inc.		223,699		18,877,959

				31,388,673


Consumer Finance—2.5%
Synchrony Financial		661,753		22,942,977


Diversified Consumer Services—2.5%
H&R Block, Inc. (a)		788,865		23,113,745


Diversified Telecommunication Services—2.7%
GCI Liberty, Inc. - Class A (a) (b)		405,727		24,935,981


Electronic Equipment, Instruments & Components—1.8%
Arrow Electronics, Inc. (b)		232,254		16,552,743


Entertainment—1.8%
Lions Gate Entertainment Corp. - Class A (a)		586,625		7,186,156
Lions Gate Entertainment Corp. - Class B		813,587		9,445,745

				16,631,901


Equity Real Estate Investment Trusts—3.4%
Equity Commonwealth		597,599		19,433,919
STORE Capital Corp.		276,387		9,173,285
Weyerhaeuser Co.		108,379		2,854,703

				31,461,907


Food & Staples Retailing—2.3%
Kroger Co. (The) (a)		1,005,357		21,826,300


Health Care Equipment & Supplies—2.4%
DENTSPLY SIRONA, Inc. (a)		390,470		22,787,829


Health Care Providers & Services—1.9%
AmerisourceBergen Corp.		204,398		17,426,973


Insurance—12.4%
Aon plc		118,601		22,887,621
Arch Capital Group, Ltd. (b)		715,092		26,515,611
Fairfax Financial Holdings, Ltd.		10,044		4,918,748
Loews Corp.		290,431		15,877,863
Progressive Corp. (The)		224,694		17,959,791
Torchmark Corp.		303,313		27,134,381

				115,294,015


Interactive Media & Services—2.0%
IAC/InterActiveCorp (b)		83,590		18,183,333


Internet & Direct Marketing Retail—2.6%
Expedia Group, Inc. (a)		90,004		11,973,232
Liberty Expedia Holdings, Inc. - Class A (b)		257,515		12,306,642
Qurate Retail, Inc. (b)		21,754		269,532

				24,549,406


Marine—2.4%
Kirby Corp. (a) (b)		288,212		22,768,748


Media—6.5%
CBS Corp. - Class B		407,663		20,342,384
News Corp. - Class A		1,262,102		17,025,756
Omnicom Group, Inc. (a)		286,251		23,458,269

				60,826,409


Oil, Gas & Consumable Fuels—3.2%
Apache Corp. (a)		186,977		5,416,724
Cimarex Energy Co.		141,768		8,411,095
Devon Energy Corp.		326,340		9,307,217
Marathon Petroleum Corp.		127,800		7,141,464

				30,276,500


Road & Rail—4.9%
AMERCO (a)		68,084		25,773,198
Ryder System, Inc. (a)		347,408		20,253,887

				46,027,085


Semiconductors & Semiconductor Equipment—3.0%
Analog Devices, Inc.		251,719		28,411,524


Specialty Retail—2.9%
AutoNation, Inc. (a) (b)		633,626		26,574,274

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares/ Principal Amount*		Value

Technology Hardware, Storage & Peripherals—1.6%
NetApp, Inc.		243,291	$	15,011,055


Trading Companies & Distributors—3.2%
Air Lease Corp. (a)		724,909		29,967,738

Total Common Stocks (Cost $693,085,053)				897,535,518


Short-Term Investment—3.5%

Repurchase Agreement—3.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $32,996,160; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $33,653,380.		32,992,861		32,992,861

Total Short-Term Investments (Cost $32,992,861)				32,992,861


Securities Lending Reinvestments (c)—20.1%

Bank Note—0.2%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (d)		1,500,000		1,506,757


Certificates of Deposit—14.1%
Banco Santander S.A. 2.590%, 07/16/19		3,000,000		3,000,387
2.600%, 07/05/19		2,000,000		2,000,104
Bank of Montreal (Chicago) 2.512%, 1M LIBOR + 0.100%, 10/11/19 (d)		5,000,000		5,000,165
2.751%, 1M LIBOR + 0.330%, 08/06/19 (d)		2,000,000		2,000,574
Bank of Nova Scotia 2.564%, 1M LIBOR + 0.170%, 05/15/20 (d)		2,000,000		1,999,818
2.762%, 3M LIBOR + 0.170%, 01/09/20 (d)		2,000,000		2,001,554
Barclays Bank plc 2.950%, 08/02/19		5,000,000		5,002,630
BNP Paribas S.A. New York 2.534%, 1M LIBOR + 0.140%, 09/16/19 (d)		1,000,000		1,000,042
Canadian Imperial Bank of Commerce 2.644%, 1M LIBOR + 0.250%, 10/15/19 (d)		5,000,000		5,001,645
2.660%, 1M LIBOR + 0.270%, 07/19/19 (d)		1,000,000		1,000,088
China Construction Bank Corp. 2.630%, 08/30/19		3,000,000		3,000,912
2.670%, 07/18/19		4,000,000		4,000,616
Commonwealth Bank of Australia 2.569%, 1M LIBOR + 0.175%, 04/16/20 (d)		4,000,000		4,000,760
2.621%, 1M LIBOR + 0.210%, 09/13/19 (d)		1,500,000		1,500,480
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (d)		4,000,000		4,001,568
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (d)		2,000,000		2,001,012
Credit Industriel et Commercial 2.600%, 1M LIBOR + 0.160%, 01/03/20 (d)		2,000,000		2,000,322
2.687%, 3M LIBOR + 0.090%, 10/15/19 (d)		2,500,000		2,500,693

Certificates of Deposit—(Continued)
Credit Suisse AG 2.580%, 1M LIBOR + 0.140%, 10/02/19 (d)		5,000,000		5,000,020
HSBC Bank USA, N.A. 2.565%, 3M LIBOR, 08/05/19 (d)		4,000,000		3,999,680
Industrial & Commercial Bank of China, Ltd. 2.620%, 09/03/19		1,000,000		1,000,158
2.630%, 08/28/19		5,000,000		5,001,640
KBC Bank NV Zero Coupon, 07/10/19		1,989,266		1,998,940
Zero Coupon, 10/25/19		5,922,000		5,955,808
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 07/17/19		2,980,412		2,996,250
Zero Coupon, 08/09/19		1,986,950		1,994,540
Mizuho Bank, Ltd. 2.524%, 1M LIBOR + 0.120%, 11/27/19 (d)		1,000,000		1,000,257
MUFG Bank Ltd. 2.574%, 1M LIBOR + 0.170%, 02/24/20 (d)		2,000,000		2,000,006
2.800%, 07/16/19		1,000,000		1,000,200
Nationwide Building Society Zero Coupon, 08/01/19		1,983,232		1,995,580
Rabobank International London 2.592%, 1M LIBOR + 0.190%, 04/24/20 (d)		5,000,000		5,002,050
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		3,000,000		3,000,867
Societe Generale 2.723%, 3M LIBOR + 0.200%, 08/21/19 (d)		4,001,573		4,002,388
Standard Chartered Bank 2.524%, 1M LIBOR + 0.130%, 11/15/19 (d)		3,000,000		3,000,108
2.660%, 08/23/19		4,000,000		4,001,852
Sumitomo Mitsui Banking Corp. 2.542%, 1M LIBOR + 0.130%, 12/09/19 (d)		2,000,000		2,000,098
Sumitomo Mitsui Trust Bank, Ltd. 2.600%, 07/05/19		4,000,000		4,000,164
2.689%, 3M LIBOR + 0.100%, 07/08/19 (d)		2,000,000		2,000,144
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 10/17/19		1,973,515		1,985,780
Svenska Handelsbanken AB 2.792%, 1M LIBOR + 0.380%, 12/10/19 (d)		2,000,000		2,002,466
Toronto-Dominion Bank 2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		2,000,000		2,000,712
2.611%, 1M LIBOR + 0.180%, 06/03/20 (d)		2,000,000		1,999,956
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (d)		1,000,000		1,000,135
Wells Fargo Bank N.A. 2.721%, 3M LIBOR + 0.140%, 07/11/19 (d)		7,000,000		6,999,661
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (d)		4,000,000		3,999,978

				131,952,808


Commercial Paper—2.7%
Agricultural Bank of China 2.570%, 09/11/19		2,980,511		2,983,854
Bank of China, Ltd. 2.670%, 07/16/19		4,966,625		4,993,515
2.670%, 07/17/19		1,986,650		1,997,262

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, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Commercial Paper—(Continued)
China Construction Bank Corp. 2.660%, 07/19/19		1,986,404	$	1,996,970
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (d)		4,000,000		4,000,796
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (d)		4,000,000		4,001,012
Starbird Funding Corp. 2.600%, 07/01/19		2,999,399		2,999,385
Toyota Motor Credit Corp. 2.620%, 08/29/19		1,974,237		1,991,890

				24,964,684


Repurchase Agreements—2.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $2,309,360; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $2,355,096.		2,308,917		2,308,917
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $2,015,510; collateralized by various Common Stock with an aggregate market value of $2,200,545.		2,000,000		2,000,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $3,007,904; collateralized by various Common Stock with an aggregate market value of $3,300,000.		3,000,000		3,000,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $1,002,683; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $2,800,607; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $2,856,001.		2,800,000		2,800,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $300,069; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $306,002.		300,000		300,000
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $1,700,358; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $1,740,860.		1,700,000		1,700,000

Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $5,201,070; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $5,603,354.		5,200,000		5,200,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $4,700,967; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $5,064,570.		4,700,000		4,700,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $1,000,486; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,077,568.		1,000,000		1,000,000

				24,008,917


Time Deposit—0.5%
Royal Bank of Canada 2.500%, 07/01/19		5,000,000		5,000,000

Total Securities Lending Reinvestments (Cost $187,395,287)				187,433,166

Total Investments—119.8% (Cost $913,473,201)				1,117,961,545
Other assets and liabilities (net)—(19.8)%				(184,908,317	)

Net Assets—100.0%			$	933,053,228


*		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, 2019, the market value of securities loaned was $185,084,210 and the collateral received consisted of cash in the amount of $187,239,692. 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, 2019.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	897,535,518	$	—		$	—	$	897,535,518
Total Short-Term Investment*		—		32,992,861			—		32,992,861
Total Securities Lending Reinvestments*		—		187,433,166			—		187,433,166
Total Investments	$	897,535,518	$	220,426,027		$	—	$	1,117,961,545

Collateral for Securities Loaned (Liability)	$	—	$	(187,239,692	)	$	—	$	(187,239,692	)


*		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, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	1,117,961,545
Receivable for:
Investments sold		2,899,660
Fund shares sold		14,757
Dividends and interest		1,046,037

Total Assets		1,121,921,999
Liabilities
Collateral for securities loaned		187,239,692
Payables for:
Investments purchased		241,066
Fund shares redeemed		428,762
Accrued Expenses:
Management fees		579,154
Distribution and service fees		73,365
Deferred trustees’ fees		126,819
Other expenses		179,913

Total Liabilities		188,868,771

Net Assets	$	933,053,228

Net Assets Consist of:
Paid in surplus	$	695,710,919
Distributable earnings (Accumulated losses)		237,342,309

Net Assets	$	933,053,228

Net Assets
Class A	$	539,764,338
Class B		325,679,576
Class E		67,609,314
Capital Shares Outstanding*
Class A		2,473,037
Class B		1,553,775
Class E		316,185
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	218.26
Class B		209.61
Class E		213.83


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $913,473,201.
(b)		Includes securities loaned at value of $185,084,210.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	6,827,534
Interest		297,015
Securities lending income		263,260

Total investment income		7,387,809
Expenses
Management fees		3,731,376
Administration fees		22,507
Custodian and accounting fees		31,780
Distribution and service fees—Class B		400,036
Distribution and service fees—Class E		50,147
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,323
Shareholder reporting		62,480
Insurance		3,162
Miscellaneous		8,151

Total expenses		4,385,571
Less management fee waiver		(202,728	)
Less broker commission recapture		(7,870	)

Net expenses		4,174,973

Net Investment Income		3,212,836

Net Realized and Unrealized Gain
Net realized gain on investments		31,205,541

Net change in unrealized appreciation on investments		110,958,491

Net realized and unrealized gain		142,164,032

Net Increase in Net Assets From Operations	$	145,376,868


(a)		Net of foreign withholding taxes of $59,087.

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,212,836		$	6,194,021
Net realized gain		31,205,541			107,093,791
Net change in unrealized appreciation (depreciation)		110,958,491			(239,582,018	)

Increase (decrease) in net assets from operations		145,376,868			(126,294,206	)

From Distributions to Shareholders
Class A		(65,739,722	)		(33,856,446	)
Class B		(40,372,394	)		(21,308,286	)
Class E		(8,300,233	)		(4,423,964	)

Total distributions		(114,412,349	)		(59,588,696	)

Increase (decrease) in net assets from capital share transactions		71,214,629			(130,302,350	)

Total increase (decrease) in net assets		102,179,148			(316,185,252	)

Net Assets
Beginning of period		830,874,080			1,147,059,332

End of period	$	933,053,228		$	830,874,080

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		8,987		$	2,127,547			32,409		$	7,937,023
Reinvestments		310,108			65,739,722			135,751			33,856,446
Redemptions		(94,255	)		(22,411,563	)		(529,905	)		(135,797,046	)

Net increase (decrease)		224,840		$	45,455,706			(361,745	)	$	(94,003,577	)

Class B
Sales		19,097		$	4,280,045			37,916		$	8,956,383
Reinvestments		198,283			40,372,394			88,530			21,308,286
Redemptions		(98,803	)		(22,561,893	)		(252,369	)		(61,489,870	)

Net increase (decrease)		118,577		$	22,090,546			(125,923	)	$	(31,225,201	)

Class E
Sales		1,654		$	375,206			9,182		$	2,128,318
Reinvestments		39,963			8,300,233			18,061			4,423,964
Redemptions		(21,471	)		(5,007,062	)		(46,968	)		(11,625,854	)

Net increase (decrease)		20,146		$	3,668,377			(19,725	)	$	(5,073,572	)

Increase (decrease) derived from capital shares transactions				$	71,214,629					$	(130,302,350	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	211.86		$	259.07		$	231.28		$	213.79		$	271.79		$	268.60

Income (Loss) from Investment Operations
Net investment income (a)		0.94			1.75			1.54			1.74	(b)		2.26			2.89
Net realized and unrealized gain (loss)		35.70			(33.63	)		27.96			43.82			(23.66	)		2.25

Total income (loss) from investment operations		36.64			(31.88	)		29.50			45.56			(21.40	)		5.14

Less Distributions
Distributions from net investment income		(1.85	)		(1.62	)		(1.71	)		(2.56	)		(3.17	)		(1.95	)
Distributions from net realized capital gains		(28.39	)		(13.71	)		0.00			(25.51	)		(33.43	)		0.00

Total distributions		(30.24	)		(15.33	)		(1.71	)		(28.07	)		(36.60	)		(1.95	)

Net Asset Value, End of Period	$	218.26		$	211.86		$	259.07		$	231.28		$	213.79		$	271.79

Total Return (%) (c)		17.72	(d)		(13.20	)		12.82			22.96			(9.44	)		1.93

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86	(e)		0.85			0.85			0.85			0.84			0.84
Net ratio of expenses to average net assets (%) (f)		0.82	(e)		0.81			0.85			0.85			0.84			0.84
Ratio of net investment income to average net assets (%)		0.81	(e)		0.70			0.64			0.80	(b)		0.91			1.07
Portfolio turnover rate (%)		11	(d)		23			21			31			31			25
Net assets, end of period (in millions)	$	539.8		$	476.3		$	676.2		$	652.0		$	739.1		$	853.7

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	204.18		$	250.17		$	223.41		$	207.30		$	264.50		$	261.50

Income (Loss) from Investment Operations
Net investment income (a)		0.63			1.09			0.90			1.16	(b)		1.59			2.15
Net realized and unrealized gain (loss)		34.38			(32.43	)		27.01			42.40			(22.95	)		2.21

Total income (loss) from investment operations		35.01			(31.34	)		27.91			43.56			(21.36	)		4.36

Less Distributions
Distributions from net investment income		(1.19	)		(0.94	)		(1.15	)		(1.94	)		(2.41	)		(1.36	)
Distributions from net realized capital gains		(28.39	)		(13.71	)		0.00			(25.51	)		(33.43	)		0.00

Total distributions		(29.58	)		(14.65	)		(1.15	)		(27.45	)		(35.84	)		(1.36	)

Net Asset Value, End of Period	$	209.61		$	204.18		$	250.17		$	223.41		$	207.30		$	264.50

Total Return (%) (c)		17.57	(d)		(13.42	)		12.54			22.65			(9.66	)		1.67

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11	(e)		1.10			1.10			1.10			1.09			1.09
Net ratio of expenses to average net assets (%) (f)		1.07	(e)		1.06			1.10			1.10			1.09			1.09
Ratio of net investment income to average net assets (%)		0.55	(e)		0.45			0.39			0.55	(b)		0.66			0.82
Portfolio turnover rate (%)		11	(d)		23			21			31			31			25
Net assets, end of period (in millions)	$	325.7		$	293.0		$	390.5		$	404.3		$	358.7		$	446.3

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	207.89		$	254.48		$	227.21		$	210.43		$	267.99		$	264.86

Income (Loss) from Investment Operations
Net investment income (a)		0.75			1.36			1.15			1.40	(b)		1.85			2.43
Net realized and unrealized gain (loss)		35.03			(33.02	)		27.48			43.07			(23.28	)		2.25

Total income (loss) from investment operations		35.78			(31.66	)		28.63			44.47			(21.43	)		4.68

Less Distributions
Distributions from net investment income		(1.45	)		(1.22	)		(1.36	)		(2.18	)		(2.70	)		(1.55	)
Distributions from net realized capital gains		(28.39	)		(13.71	)		0.00			(25.51	)		(33.43	)		0.00

Total distributions		(29.84	)		(14.93	)		(1.36	)		(27.69	)		(36.13	)		(1.55	)

Net Asset Value, End of Period	$	213.83		$	207.89		$	254.48		$	227.21		$	210.43		$	267.99

Total Return (%) (c)		17.63	(d)		(13.33	)		12.65			22.78			(9.58	)		1.78

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01	(e)		1.00			1.00			1.00			0.99			0.99
Net ratio of expenses to average net assets (%) (f)		0.97	(e)		0.96			1.00			1.00			0.99			0.99
Ratio of net investment income to average net assets (%)		0.65	(e)		0.55			0.49			0.65	(b)		0.76			0.91
Portfolio turnover rate (%)		11	(d)		23			21			31			31			25
Net assets, end of period (in millions)	$	67.6		$	61.5		$	80.4		$	82.4		$	75.8		$	95.1


(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 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 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/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

Investment Valuation and Fair Value Measurements - The Portfolio values its 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.

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.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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

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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $32,992,861. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $24,008,917. 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, 2019.

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.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, with a contractual maturity of overnight and continuous.

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.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2019—(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:

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.

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	94,879,149	$	0	$	134,137,802

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$3,731,376		0.820	%	Of the first $1 billion
		0.780	%	On amounts in excess of $1 billion

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

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2019 to April 29, 2020, 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 April 30, 2018 through April 30, 2019. Amounts waived for the six months ended June 30, 2019 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.

6. Contractual Obligations

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	914,539,839

Gross unrealized appreciation		242,960,281
Gross unrealized depreciation		(39,538,575	)

Net unrealized appreciation (depreciation)	$	203,421,706

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$5,318,818	$	7,030,473	$	54,269,878	$	—	$	59,588,696	$	7,030,473

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$9,892,574	$	104,133,695	$	92,463,215	$	—	$	206,489,484

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.

As of December 31, 2018, the Portfolio had no accumulated capital losses.

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, 2019, the Class A and B shares of the Brighthouse Asset Allocation 20 Portfolio returned 8.31% and 8.18%, respectively. The Portfolio’s benchmark, the Dow Jones Conservative Index¹, returned 5.56%.

MARKET ENVIRONMENT / CONDITIONS

A mid-term election, a hawkish Federal Reserve (the “Fed”) and uncertainty about the direction of the global economy had investors on edge and led to a nerve-racking finish to 2018, with the S&P 500 Index delivering the worst quarterly return since 2011 in the fourth quarter. However, with election results essentially as predicted (Republicans retaining their Senate majority and Democrats seizing control of the House) and with economic news being no worse than what was already priced into the market, the stage was set for equities to reach even higher.

That catalyst for continued equity growth turned out to be a significant change in Fed rhetoric, which changed from “interest rates might be a long way from normal” in October of 2018, to a “slower pace of rate increases” in January of 2019, and ended with a June statement implying an interest rate cut if economic conditions (including the U.S.-China trade war), warranted it. The Fed stance was not without issues though. It is one of those peculiar times where bad economic news may be perversely good for equities and vice versa, as market participants hope for a cut in interest rates which, in turn, stimulate equities. For instance, concerns about a slowing global economy and the escalating trade war between the U.S. and China (which precipitated a market drop of 7% during the month of May), completely reversed after the Fed’s June statement, which signaled upcoming potential interest rate cuts exactly because of slowing economic growth. One interesting development was new research indicating that the long-term historical relationship between inflation and unemployment has changed (low unemployment is expected to lead to upwards wage pressure which then leads to inflation). As a result, the Fed now believes that the level of unemployment causing inflation is permanently lower than it was in the past—meaning, the Fed doesn’t need to raise interest rates (to combat inflation) as early in the cycle as expected.

The global economy is still seeing moderate economic growth, although the pace is slowing, according to IMF, Fed and ECB statements earlier this year. The central theme from all three organizations was the ongoing trade war, as increasing levels of tariffs between countries slows down trade and, consequently, global growth. Another concern is the (still unresolved) issue of Brexit (the U.K.’s decision to leave the European Union) and its impact on growth in Europe. After years of negotiations between the U.K. and the E.U., the two parties are yet to come to an agreement that the government in the U.K. will accept. The failure to come to an agreement led to numerous votes of confidence (a vote showing whether a majority continues to support the policy of a leader) and resulted in U.K. Prime Minister Theresa May’s resignation. She was replaced by U.S.-born Boris Johnson, a controversial figure in British politics. Johnson, who was Mayor of London from 2008-2016, as well as a long-time E.U.-skeptic, is now the central figure in a change of leadership that reduces the already slim chances of an orderly Brexit occurring.

Meanwhile in the U.S., unemployment sits at 3.7%, near 50-year lows, and is trending downwards. This bodes well for continued consumer spending strength (consumption drives almost 70% of the U.S. economy). Additionally, the housing market is showing signs of improvement after experiencing headwinds in 2018, the result of too many years of above-average increases in home prices and rising mortgage rates as both price increases and mortgage rates have attenuated in 2019. Consequently, the economy is expected to extend its already existing record for the longest expansion in history (GDP has been growing for the past 121 consecutive months), with growth expected to come in at a moderate pace of 2.5% for the year.

Backed by these and other robust economic stats along with a “dovish” Fed, investors realized above-average returns across most asset classes. The S&P 500 Index was up 18.5% during the first six months of the year and had its best half-year since 1997. Foreign Developed and Emerging Markets equities did well too, coming in at 14.0% and 10.6% respectively, as measured by the MSCI EAFE and MSCI Emerging Markets indices. Fixed income did outstanding as well, with Emerging Market bonds, High Yield bonds and Investment Grade bonds all delivering around 10% for the period, helped by a large appetite for risk and falling rates. Asia credit returns, which is an important driver of the Emerging Markets bond index, had its best first half-year on record, and U.S. High Yield bonds had their best first half in 10 years. As a result, if history is any guide, it is reasonable to expect smaller gains for the remainder of the year (and possibly increased levels of volatility), as uncertainty regarding central bank guidelines, trade wars and a general sense of geopolitical instability conspires to potentially slow the global economy.

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 outperformed the Dow Jones Conservative Index. The main drivers of performance were overweights to High Yield Bonds and U.S. Core Bonds at the expense of Cash and Foreign Bonds, and strong-performing underlying U.S. and Non-U.S. equity portfolios.

The underlying Fixed Income portfolios subtracted from relative performance over the first half of 2019. The worst performer was the Brighthouse/Templeton International Bond Portfolio, which underperformed its benchmark by 2.1%. The biggest detractors from performance resulted from underweighted duration exposure in the U.S., Europe and Japan, in addition to an overweight to the Argentine peso. The Brighthouse/Eaton Vance Floating Rate Portfolio also

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

underperformed for the period, returning 1.1% less than its benchmark. Performance was hurt by its cash holdings as the loan market advanced 5.7%, as well as security selection within Financial Intermediaries, Retailers and Oil & Gas industries. On the other hand, the Western Asset Management Strategic Bond Opportunities portfolio outperformed its benchmark by 3.6% for the period. The Portfolio benefitted from its allocation to corporate bonds as spreads tightened for both Investment Grade and High Yield securities. In addition, the portfolio benefitted from an overweight exposure to U.S. duration, as interest rates fell significantly over the first six months of the year.

The overall contribution from the underlying U.S. Equity portfolios added to relative performance for the period. Within the Portfolio’s Large Cap sleeve, the BlackRock Capital Appreciation Portfolio stood out as it outperformed its benchmark by 2.5%. The portfolio benefitted from strong security selection within the Industrials and Consumer Discretionary sectors, in addition to an underweight to the Biotechnology sub-sector of Healthcare. The MFS Value Portfolio was another positive contributor to relative performance as it outperformed its benchmark by 2.3%. The primary drivers of performance were security selection within the Financials and Consumer Staples sectors and an overweight to Industrials. The Portfolio’s Mid Cap sleeve experienced an unusual case where both portfolios (the Brighthouse/Artisan Mid Cap Value Portfolio and the T. Rowe Price Mid Cap Growth Portfolio) underperformed their respective benchmarks (the Russell Midcap Value Index and the Russell Midcap Growth Index). Interestingly, however, in aggregate the combination was still able to outperform the Brighthouse Asset Allocation 20 Portfolio’s Mid Cap benchmark, the Dow Jones U.S. TSM Mid Cap Index. This discrepancy is a result of the many ways that the Mid Cap equity asset class is defined. As such, the best relative performance within the underlying Mid Cap equity portfolios was the Brighthouse/Artisan Mid Cap Value Portfolio, which underperformed its benchmark by 0.3%. The underperformance resulted from overweights to Cash and Consumer Discretionary, and an underweight to Technology. Within the Small Cap sleeve, the Neuberger Berman Genesis Portfolio delivered the strongest relative performance as it outperformed its benchmark by 9.1% during the first six months of the year. The portfolio benefitted from its significant tilt towards Growth and Quality stocks versus its benchmark, along with favorable security selection in nine out of ten sectors.

The Non-U.S. equity portfolios overall contributed to relative performance. The strongest relative performance came from the Baillie Gifford International Stock Portfolio, which outperformed its benchmark by 6.9% for the period. The main drivers of performance were security selection within the Consumer Discretionary, Industrials, Technology and Basic Materials sectors, as well as an overweight to Technology and an underweight to Communication Services. The Brighthouse/Artisan International Portfolio was another strong performer, exceeding its benchmark by 6.4%. The outperformance was driven by security selection, particularly within the Financials, Materials and Industrials sectors. The Van Eck Global Natural Resources Portfolio, however, underperformed its benchmark by 1.6%. The underperformance was primarily a result of underweight positioning to and security selection within the Oil & Gas Storage & Transportation sector, and overweight positioning and security selection in the Oil & Gas Exploration & Production sector.

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 20 Portfolio
Class A		8.31		6.36		3.61		6.12
Class B		8.18		6.22		3.37		5.86
Dow Jones Conservative Index		5.56		4.87		2.46		4.45

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Western Asset Management U.S. Government Portfolio (Class A)		13.0
BlackRock Bond Income Portfolio (Class A)		12.2
PIMCO Total Return Portfolio (Class A)		12.0
TCW Core Fixed Income Portfolio (Class A)		9.5
PIMCO Inflation Protected Bond Portfolio (Class A)		9.0
JPMorgan Core Bond Portfolio (Class A)		7.7
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		5.0
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		5.0
MFS Value Portfolio (Class A)		2.3
Invesco Comstock Portfolio (Class A)		2.0

Asset Allocation


	% of Net Assets
Investment Grade Fixed Income		68.5
U.S. Large Cap Equities		10.8
High Yield Fixed Income		7.5
International Developed Market Equities		4.8
International Fixed Income		3.5
U.S. Small Cap Equities		2.3
Global Equities		1.5
U.S. Mid Cap Equities		0.5
Real Estate Equities		0.5
Emerging Market Equities		0.3

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Brighthouse Asset Allocation 20 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a) (b)	Actual		0.62	%	$	1,000.00	$	1,083.10	$	3.20
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11

Class B (a) (b)	Actual		0.87	%	$	1,000.00	$	1,081.80	$	4.49
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36

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

(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, 2019 (Unaudited)

Mutual Funds—100.1% of Net Assets


Security Description	Shares		Value

Affiliated Investment Companies—100.1%
AB International Bond Portfolio (Class A) (a) (c)		1,103,833	$	11,347,400
Baillie Gifford International Stock Portfolio (Class A) (b)		692,728		8,534,406
BlackRock Bond Income Portfolio (Class A) (b)		655,959		69,498,872
BlackRock Capital Appreciation Portfolio (Class A) (b)		105,861		4,263,026
BlackRock High Yield Portfolio (Class A) (a)		378,716		2,836,579
Brighthouse Small Cap Value Portfolio (Class A) (a)		199,599		2,862,253
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (a)		131,529		1,419,194
Brighthouse/Artisan International Portfolio (Class A) (a)		484,727		5,676,153
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		6,554		1,430,344
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		1,137,885		11,344,716
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		2,995,219		28,364,724
Brighthouse/Templeton International Bond Portfolio (Class A) (a)		880,853		8,509,036
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		302,794		9,931,637
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		410,047		5,691,457
Clarion Global Real Estate Portfolio (Class A) (a)		234,453		2,834,540
Harris Oakmark International Portfolio (Class A) (a)		695,454		8,574,952
Invesco Comstock Portfolio (Class A) (a)		875,224		11,377,915
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio) (a)		66,717		1,430,418
Jennison Growth Portfolio (Class A) (b)		286,396		4,258,712
JPMorgan Core Bond Portfolio (Class A) (a)		4,340,453		43,968,787
JPMorgan Small Cap Value Portfolio (Class A) (a)		205,783		2,856,270
MFS Research International Portfolio (Class A) (a)		357,500		4,261,398
MFS Value Portfolio (Class A) (b)		853,226		12,781,330

Affiliated Investment Companies—(Continued)
Neuberger Berman Genesis Portfolio (Class A) (b)		146,623		2,876,748
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		5,204,278		51,053,968
PIMCO Total Return Portfolio (Class A) (a)		5,794,168		68,081,479
T. Rowe Price Large Cap Growth Portfolio (Class A) (b)		202,057		4,257,337
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		297,423		8,515,218
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		134,127		1,425,773
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		189,163		4,293,998
TCW Core Fixed Income Portfolio (Class A) (a)		5,268,076		53,892,420
Van Eck Global Natural Resources Portfolio (Class A) (b)		827,459		7,132,695
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		2,142,808		28,370,773
Western Asset Management U.S. Government Portfolio (Class A) (b)		6,341,059		73,746,519

Total Mutual Funds (Cost $579,937,716)				567,701,047

Total Investments—100.1% (Cost $579,937,716)				567,701,047
Other assets and liabilities (net)—(0.1)%				(322,910	)

Net Assets—100.0%			$	567,378,137


(a)		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.)
(b)		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.)
(c)		Non-income producing security.

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	567,701,047	$	—	$	—	$	567,701,047
Total Investments	$	567,701,047	$	—	$	—	$	567,701,047

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Affiliated investments at value (a)	$	567,701,047
Receivable for:
Affiliated investments sold		86,316
Fund shares sold		3,135,190
Due from investment adviser		24,046

Total Assets		570,946,599
Liabilities
Payables for:
Affiliated investments purchased		2,698,149
Fund shares redeemed		523,356
Accrued Expenses:
Management fees		44,825
Distribution and service fees		108,262
Deferred trustees’ fees		127,036
Other expenses		66,834

Total Liabilities		3,568,462

Net Assets	$	567,378,137

Net Assets Consist of:
Paid in surplus	$	560,074,825
Distributable earnings (Accumulated losses)		7,303,312

Net Assets	$	567,378,137

Net Assets
Class A	$	33,549,424
Class B		533,828,713
Capital Shares Outstanding*
Class A		3,125,558
Class B		50,090,672
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.73
Class B		10.66


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of affiliated investments was $579,937,716.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends from affiliated investments	$	17,734,702

Total investment income		17,734,702
Expenses
Management fees		267,619
Administration fees		15,120
Custodian and accounting fees		14,033
Distribution and service fees—Class B		644,005
Audit and tax services		15,979
Legal		22,462
Trustees’ fees and expenses		31,324
Miscellaneous		4,184

Total expenses		1,014,726
Less expenses reimbursed by the Adviser		(96,544	)

Net expenses		918,182

Net Investment Income		16,816,520

Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		1,159,747
Capital gain distributions from affiliated investments		9,886,033

Net realized gain		11,045,780

Net change in unrealized appreciation on affiliated investments		15,640,483

Net realized and unrealized gain		26,686,263

Net Increase in Net Assets From Operations	$	43,502,783

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	16,816,520		$	11,724,875
Net realized gain		11,045,780			10,224,892
Net change in unrealized appreciation (depreciation)		15,640,483			(36,944,994	)

Increase (decrease) in net assets from operations		43,502,783			(14,995,227	)

From Distributions to Shareholders
Class A		(1,435,709	)		(1,362,443	)
Class B		(21,321,612	)		(18,915,897	)

Total distributions		(22,757,321	)		(20,278,340	)

Increase (decrease) in net assets from capital share transactions		5,347,405			(51,852,688	)

Total increase (decrease) in net assets		26,092,867			(87,126,255	)

Net Assets
Beginning of period		541,285,270			628,411,525

End of period	$	567,378,137		$	541,285,270

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		153,742		$	1,655,101			296,749		$	3,178,060
Reinvestments		135,444			1,435,709			129,141			1,362,443
Redemptions		(409,771	)		(4,387,018	)		(766,471	)		(8,214,828	)

Net decrease		(120,585	)	$	(1,296,208	)		(340,581	)	$	(3,674,325	)

Class B
Sales		3,704,121		$	39,648,065			6,089,194		$	64,558,745
Reinvestments		2,024,844			21,321,612			1,806,676			18,915,897
Redemptions		(5,090,741	)		(54,326,064	)		(12,378,058	)		(131,653,005	)

Net increase (decrease)		638,224		$	6,643,613			(4,482,188	)	$	(48,178,363	)

Increase (decrease) derived from capital shares transactions				$	5,347,405					$	(51,852,688	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.35		$	11.01		$	10.69		$	10.94		$	11.59		$	12.05

Income (Loss) from Investment Operations
Net investment income (a)		0.34			0.24			0.23			0.23			0.36			0.25
Net realized and unrealized gain (loss)		0.52			(0.50	)		0.53			0.28			(0.38	)		0.29

Total income (loss) from investment operations		0.86			(0.26	)		0.76			0.51			(0.02	)		0.54

Less Distributions
Distributions from net investment income		(0.27	)		(0.26	)		(0.26	)		(0.39	)		(0.27	)		(0.50	)
Distributions from net realized capital gains		(0.21	)		(0.14	)		(0.18	)		(0.37	)		(0.36	)		(0.50	)

Total distributions		(0.48	)		(0.40	)		(0.44	)		(0.76	)		(0.63	)		(1.00	)

Net Asset Value, End of Period	$	10.73		$	10.35		$	11.01		$	10.69		$	10.94		$	11.59

Total Return (%) (b)		8.31	(c)		(2.41	)		7.16			4.76			(0.23	)		4.73

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.14	(e)		0.13			0.12			0.12			0.11			0.12
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)		3.08	(e)(h)		2.26			2.13			2.15			3.20			2.17
Portfolio turnover rate (%)		9	(c)		11			11			14			21			16
Net assets, end of period (in millions)	$	33.5		$	33.6		$	39.5		$	41.2		$	47.5		$	50.1

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.27		$	10.92		$	10.60		$	10.85		$	11.51		$	11.97

Income (Loss) from Investment Operations
Net investment income (a)		0.32			0.21			0.20			0.20			0.33			0.22
Net realized and unrealized gain (loss)		0.52			(0.49	)		0.53			0.28			(0.39	)		0.28

Total income (loss) from investment operations		0.84			(0.28	)		0.73			0.48			(0.06	)		0.50

Less Distributions
Distributions from net investment income		(0.24	)		(0.23	)		(0.23	)		(0.36	)		(0.24	)		(0.46	)
Distributions from net realized capital gains		(0.21	)		(0.14	)		(0.18	)		(0.37	)		(0.36	)		(0.50	)

Total distributions		(0.45	)		(0.37	)		(0.41	)		(0.73	)		(0.60	)		(0.96	)

Net Asset Value, End of Period	$	10.66		$	10.27		$	10.92		$	10.60		$	10.85		$	11.51

Total Return (%) (b)		8.18	(c)		(2.61	)		6.93			4.53			(0.59	)		4.47

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.39	(e)		0.38			0.37			0.37			0.36			0.37
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)		2.86	(e)(h)		2.00			1.86			1.83			2.89			1.89
Portfolio turnover rate (%)		9	(c)		11			11			14			21			16
Net assets, end of period (in millions)	$	533.8		$	507.7		$	588.9		$	624.2		$	615.4		$	653.6


(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, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, 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 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 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 - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation 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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2019, 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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	59,577,119	$	0	$	50,281,186

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, 2019	% per annum			Average Daily Net Assets
$267,619		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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

Expense Limitation Agreement - Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, Brighthouse Investment Advisers has contractually agreed, from April 30, 2019 to April 30, 2020, 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, 2019 to April 30, 2020 are 0.10% and 0.35% for Class A and B, respectively.

As of June 30, 2019, 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 $153,825. The amount of expenses deferred in 2019 subject to repayment until December 31, 2024 was $96,544.

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-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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, 2019 were as follows:


Security Description	Market Value December 31, 2018		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2019
AB International Bond Portfolio (Class A)	$	—	$	11,310,051	$	(273,201	)	$	2,685		$	307,865		$	11,347,400
Baillie Gifford International Stock Portfolio (Class A)		7,794,061		1,151,599		(1,349,053	)		275,787			662,012			8,534,406
BlackRock Bond Income Portfolio (Class A)		68,792,124		3,890,074		(5,217,442	)		(81,688	)		2,115,804			69,498,872
BlackRock Capital Appreciation Portfolio (Class A)		3,859,282		961,961		(765,728	)		206,610			901			4,263,026
BlackRock High Yield Portfolio (Class A)		2,670,236		262,619		(188,090	)		(17,117	)		108,931			2,836,579
Brighthouse Small Cap Value Portfolio (Class A)		2,530,236		552,556		(390,303	)		68,415			101,349			2,862,253
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		1,341,626		161,769		(257,782	)		53,863			119,718			1,419,194
Brighthouse/Artisan International Portfolio (Class A)		5,240,577		291,763		(787,154	)		172,397			758,570			5,676,153
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		1,269,972		309,336		(199,523	)		28,191			22,368			1,430,344
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		10,644,984		1,052,810		(321,103	)		7,352			(39,327	)		11,344,716
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		27,334,441		2,042,767		(960,130	)		(36,148	)		(16,206	)		28,364,724
Brighthouse/Templeton International Bond Portfolio (Class A)		13,623,528		1,283,194		(6,161,707	)		161,620			(397,599	)		8,509,036
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		9,047,815		1,289,345		(1,297,344	)		209,806			682,015			9,931,637
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		5,118,534		1,036,909		(781,222	)		44,873			272,363			5,691,457
Clarion Global Real Estate Portfolio (Class A)		2,616,631		243,123		(355,964	)		(13,204	)		343,954			2,834,540
Harris Oakmark International Portfolio (Class A)		7,782,316		2,097,264		(1,483,191	)		84,001			94,562			8,574,952
Invesco Comstock Portfolio (Class A)		10,122,560		2,544,436		(1,190,222	)		172,091			(270,950	)		11,377,915
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio)		1,292,524		306,803		(247,512	)		39,955			38,648			1,430,418
Jennison Growth Portfolio (Class A)		3,867,555		971,583		(738,347	)		173,577			(15,656	)		4,258,712
JPMorgan Core Bond Portfolio (Class A)		46,843,016		2,751,905		(6,245,373	)		(225,406	)		844,645			43,968,787
JPMorgan Small Cap Value Portfolio (Class A)		2,506,672		715,501		(334,904	)		48,422			(79,421	)		2,856,270
MFS Research International Portfolio (Class A)		3,927,887		444,462		(527,326	)		37,646			378,729			4,261,398
MFS Value Portfolio (Class A)		11,446,498		1,789,294		(1,484,709	)		96,292			933,955			12,781,330
Neuberger Berman Genesis Portfolio (Class A)		2,533,029		633,686		(467,789	)		109,241			68,581			2,876,748
PIMCO Inflation Protected Bond Portfolio (Class A)		49,327,398		3,070,319		(2,600,632	)		(342,909	)		1,599,792			51,053,968
PIMCO Total Return Portfolio (Class A)		66,021,441		3,594,186		(3,621,369	)		(139,888	)		2,227,109			68,081,479
T. Rowe Price Large Cap Growth Portfolio (Class A)		3,855,885		946,202		(665,711	)		103,726			17,235			4,257,337
T. Rowe Price Large Cap Value Portfolio (Class A)		7,644,734		1,682,175		(872,898	)		6,846			54,361			8,515,218
T. Rowe Price Mid Cap Growth Portfolio (Class A)		1,286,232		311,710		(247,276	)		(120	)		75,227			1,425,773
T. Rowe Price Small Cap Growth Portfolio (Class A)		3,791,221		954,270		(761,338	)		27,134			282,711			4,293,998
TCW Core Fixed Income Portfolio (Class A)		52,362,562		3,202,080		(2,995,735	)		61,171			1,262,342			53,892,420
Van Eck Global Natural Resources Portfolio (Class A)		6,293,879		1,303,643		(1,279,508	)		(153,497	)		968,178			7,132,695
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		27,298,107		2,027,423		(2,168,187	)		(6,505	)		1,219,935			28,370,773
Western Asset Management U.S. Government Portfolio (Class A)		71,517,321		4,390,301		(3,043,413	)		(15,472	)		897,782			73,746,519

	$	541,604,884	$	59,577,119	$	(50,281,186	)	$	1,159,747		$	15,640,483		$	567,701,047


Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held June 30, 2019
AB International Bond Portfolio (Class A)	$	—	$	—		1,103,833
Baillie Gifford International Stock Portfolio (Class A)		495,174		112,362		692,728
BlackRock Bond Income Portfolio (Class A)		—		2,555,649		655,959
BlackRock Capital Appreciation Portfolio (Class A)		674,645		8,872		105,861
BlackRock High Yield Portfolio (Class A)		—		168,019		378,716
Brighthouse Small Cap Value Portfolio (Class A)		239,334		32,653		199,599
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		—		26,942		131,529
Brighthouse/Artisan International Portfolio (Class A)		—		79,442		484,727
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		163,127		10,643		6,554
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		520,937		1,137,885
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		991,085		2,995,219
Brighthouse/Templeton International Bond Portfolio (Class A)		15,943		694,300		880,853

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held June 30, 2019
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)	$	789,601	$	156,606		302,794
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		644,657		64,646		410,047
Clarion Global Real Estate Portfolio (Class A)		—		92,062		234,453
Harris Oakmark International Portfolio (Class A)		649,851		206,600		695,454
Invesco Comstock Portfolio (Class A)		1,344,150		266,892		875,224
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio)		175,824		14,881		66,717
Jennison Growth Portfolio (Class A)		615,155		18,804		286,396
JPMorgan Core Bond Portfolio (Class A)		—		2,043,654		4,340,453
JPMorgan Small Cap Value Portfolio (Class A)		288,517		38,576		205,783
MFS Research International Portfolio (Class A)		192,647		67,052		357,500
MFS Value Portfolio (Class A)		833,044		242,611		853,226
Neuberger Berman Genesis Portfolio (Class A)		378,838		6,569		146,623
PIMCO Inflation Protected Bond Portfolio (Class A)		—		1,805,015		5,204,278
PIMCO Total Return Portfolio (Class A)		—		2,061,992		5,794,168
T. Rowe Price Large Cap Growth Portfolio (Class A)		627,497		17,717		202,057
T. Rowe Price Large Cap Value Portfolio (Class A)		967,384		193,477		297,423
T. Rowe Price Mid Cap Growth Portfolio (Class A)		221,465		3,640		134,127
T. Rowe Price Small Cap Growth Portfolio (Class A)		569,180		1,982		189,163
TCW Core Fixed Income Portfolio (Class A)		—		1,831,230		5,268,076
Van Eck Global Natural Resources Portfolio (Class A)		—		43,892		827,459
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		1,367,057		2,142,808
Western Asset Management U.S. Government Portfolio (Class A)		—		1,988,843		6,341,059

	$	9,886,033	$	17,734,702

7. Contractual Obligations

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	587,764,131

Gross unrealized appreciation		4,583,102
Gross unrealized depreciation		(24,646,186	)

Net unrealized appreciation (depreciation)	$	(20,063,084	)

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$12,901,925	$	13,366,308	$	7,376,415	$	10,280,105	$	20,278,340	$	23,646,413

As of December 31, 2018, 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			Accumulated Capital Losses		Total
$12,048,267	$	10,325,067	$	(35,703,568	)	$	—	$	(13,330,234	)

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, 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.

As of December 31, 2018, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A and B shares of the Brighthouse Asset Allocation 40 Portfolio returned 10.67% and 10.48%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Conservative Index¹, returned 9.29%.

MARKET ENVIRONMENT / CONDITIONS

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 outperformed the Dow Jones Moderately Conservative Index. The main drivers of performance were overweights to High Yield Bonds and U.S. Core Bonds at the expense of Cash and Foreign Bonds, and strong-performing underlying U.S. and Non-U.S. equity portfolios.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

underperformed for the period, returning 1.1% less than its benchmark. Performance was hurt by its cash holdings as the loan market advanced 5.7%, as well as security selection within Financial Intermediaries, Retailers and Oil & Gas industries. On the other hand, the Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 3.6% for the period. The portfolio benefitted from its allocation to corporate bonds as spreads tightened for both Investment Grade and High Yield securities. In addition, the portfolio benefitted from an overweight exposure to U.S. duration, as interest rates fell significantly over the first six months of the year.

The overall contribution from the underlying U.S. Equity portfolios added to relative performance for the period. Within the Portfolio’s Large Cap sleeve, the BlackRock Capital Appreciation Portfolio stood out as it outperformed its benchmark by 2.5%. The portfolio benefitted from strong security selection within the Industrials and Consumer Discretionary sectors, in addition to an underweight to the Biotechnology sub-sector of Healthcare. The MFS Value Portfolio was another positive contributor to relative performance as it outperformed its benchmark by 2.3%. The primary drivers of performance were security selection within the Financials and Consumer Staples sectors and an overweight to Industrials. The ClearBridge Aggressive Growth Portfolio was a detractor from relative performance as the portfolio returned 8.5% less than its benchmark. Leading drivers of underperformance were security selection within the Technology and Healthcare sectors, and overweights to Energy and Healthcare. Within the Mid Cap sleeve, the Wells Capital Management Mid Cap Value Portfolio stood out, as it outperformed its benchmark by 4.3%. The largest contributors to performance were strong security selection within the Industrials, Materials and Real Estate sectors. Within the Small Cap sleeve, the Neuberger Berman Genesis Portfolio delivered the strongest relative performance as it outperformed its benchmark by 9.1% during the first six months of the year. The portfolio benefitted from its significant tilt towards Growth and Quality stocks versus it benchmark, along with favorable security selection in nine out of ten sectors.

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 40 Portfolio
Class A		10.67		6.17		4.56		7.75
Class B		10.48		5.94		4.30		7.49
Dow Jones Moderately Conservative Index		9.29		5.99		4.07		6.73

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
PIMCO Total Return Portfolio (Class A)		9.1
BlackRock Bond Income Portfolio (Class A)		9.1
Western Asset Management U.S. Government Portfolio (Class A)		8.0
TCW Core Fixed Income Portfolio (Class A)		6.8
PIMCO Inflation Protected Bond Portfolio (Class A)		6.0
MFS Value Portfolio (Class A)		4.0
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		4.0
AB International Bond Portfolio (Class A)		3.9
JPMorgan Core Bond Portfolio (Class A)		3.8
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		3.8

Asset Allocation


	% of Net Assets
Investment Grade Fixed Income		45.7
U.S. Large Cap Equities		22.6
International Developed Market Equities		9.2
International Fixed Income		6.9
High Yield Fixed Income		6.5
U.S. Small Cap Equities		3.5
Global Equities		2.9
Emerging Market Equities		1.0
U.S. Mid Cap Equities		1.0
Real Estate Equities		0.7

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Brighthouse Asset Allocation 40 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.60	%	$	1,000.00	$	1,106.70	$	3.13
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01

Class B (a)	Actual		0.85	%	$	1,000.00	$	1,104.80	$	4.44
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.58	$	4.26

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

(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, 2019 (Unaudited)

Mutual Funds—100.0% of Net Assets


Security Description	Shares		Value

Affiliated Investment Companies—100.0%
AB International Bond Portfolio (Class A) (a) (c)		21,031,599	$	216,204,833
Baillie Gifford International Stock Portfolio (Class A) (b)		12,391,582		152,664,286
BlackRock Bond Income Portfolio (Class A) (b)		4,696,940		497,640,741
BlackRock Capital Appreciation Portfolio (Class A) (b)		2,396,073		96,489,872
BlackRock High Yield Portfolio (Class A) (a)		3,685,869		27,607,156
Brighthouse Small Cap Value Portfolio (Class A) (a)		2,867,255		41,116,444
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (a)		2,556,263		27,582,082
Brighthouse/Artisan International Portfolio (Class A) (a)		9,424,872		110,365,246
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		63,350		13,826,169
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		10,972,095		109,391,783
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		17,428,133		165,044,419
Brighthouse/Templeton International Bond Portfolio (Class A) (a)		17,001,867		164,238,038
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		6,309,122		206,939,203
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		8,985,601		124,720,147
Clarion Global Real Estate Portfolio (Class A) (a)		3,374,693		40,800,036
ClearBridge Aggressive Growth Portfolio (Class A) (a)		3,487,304		54,506,562
Harris Oakmark International Portfolio (Class A) (a)		12,811,114		157,961,030
Invesco Comstock Portfolio (Class A) (a)		13,715,836		178,305,862
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio) (a)		2,589,424		55,517,253
Invesco Small Cap Growth Portfolio (Class A) (a)		2,180,685		27,585,662
Jennison Growth Portfolio (Class A) (b)		4,632,599		68,886,740
JPMorgan Core Bond Portfolio (Class A) (a)		20,459,294		207,252,645
JPMorgan Small Cap Value Portfolio (Class A) (a)		2,847,876		39,528,525
MFS Research International Portfolio (Class A) (a)		6,985,545		83,267,692
MFS Value Portfolio (Class A) (b)		14,796,592		221,652,945

Affiliated Investment Companies—(Continued)
Neuberger Berman Genesis Portfolio (Class A) (b)		1,414,892		27,760,174
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		33,757,284		331,158,952
PIMCO Total Return Portfolio (Class A) (a)		42,363,499		497,771,110
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) (c)		2,632,523		25,746,070
T. Rowe Price Large Cap Growth Portfolio (Class A) (b)		4,581,509		96,532,392
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		6,772,003		193,882,451
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		2,611,214		27,757,204
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		2,445,737		55,518,220
TCW Core Fixed Income Portfolio (Class A) (a)		36,445,769		372,840,213
Van Eck Global Natural Resources Portfolio (Class A) (b)		12,222,053		105,354,093
Wells Capital Management Mid Cap Value Portfolio (Class A) (a)		1,183,187		13,878,789
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		16,727,461		221,471,585
Western Asset Management U.S. Government Portfolio (Class A) (b)		37,936,778		441,204,732

Total Mutual Funds (Cost $5,535,007,941)				5,499,971,356

Total Investments—100.0% (Cost $5,535,007,941)				5,499,971,356
Other assets and liabilities (net) — 0.0%				(1,632,193	)

Net Assets—100.0%			$	5,498,339,163


(a)		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.)
(b)		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.)
(c)		Non-income producing security.

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	5,499,971,356	$	—	$	—	$	5,499,971,356
Total Investments	$	5,499,971,356	$	—	$	—	$	5,499,971,356

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Affiliated investments at value (a)	$	5,499,971,356
Receivable for:
Affiliated investments sold		2,746,169
Fund shares sold		344,180

Total Assets		5,503,061,705
Liabilities
Payables for:
Fund shares redeemed		3,090,349
Accrued Expenses:
Management fees		254,547
Distribution and service fees		1,103,316
Deferred trustees’ fees		209,139
Other expenses		65,191

Total Liabilities		4,722,542

Net Assets	$	5,498,339,163

Net Assets Consist of:
Paid in surplus	$	5,226,161,438
Distributable earnings (Accumulated losses)		272,177,725

Net Assets	$	5,498,339,163

Net Assets
Class A	$	74,688,802
Class B		5,423,650,361
Capital Shares Outstanding*
Class A		6,709,359
Class B		492,063,446
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.13
Class B		11.02


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of affiliated investments was $5,535,007,941.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends from affiliated investments	$	149,292,889

Total investment income		149,292,889
Expenses
Management fees		1,544,900
Administration fees		15,120
Custodian and accounting fees		14,033
Distribution and service fees—Class B		6,702,356
Audit and tax services		15,979
Legal		22,462
Trustees’ fees and expenses		31,324
Miscellaneous		6,318

Total expenses		8,352,492

Net Investment Income		140,940,397

Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		12,780,812
Capital gain distributions from affiliated investments		196,393,272

Net realized gain		209,174,084

Net change in unrealized appreciation on affiliated investments		196,271,280

Net realized and unrealized gain		405,445,364

Net Increase in Net Assets From Operations	$	546,385,761

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	140,940,397		$	107,983,988
Net realized gain		209,174,084			278,105,731
Net change in unrealized appreciation (depreciation)		196,271,280			(637,581,474	)

Increase (decrease) in net assets from operations		546,385,761			(251,491,755	)

From Distributions to Shareholders
Class A		(5,467,613	)		(4,220,610	)
Class B		(383,043,682	)		(298,083,813	)

Total distributions		(388,511,295	)		(302,304,423	)

Increase (decrease) in net assets from capital share transactions		338,523			(639,583,107	)

Total increase (decrease) in net assets		158,212,989			(1,193,379,285	)

Net Assets
Beginning of period		5,340,126,174			6,533,505,459

End of period	$	5,498,339,163		$	5,340,126,174

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		278,205		$	3,223,420			428,778		$	4,993,500
Reinvestments		499,325			5,467,613			370,554			4,220,610
Redemptions		(692,152	)		(7,920,575	)		(1,324,000	)		(15,273,783	)

Net increase (decrease)		85,378		$	770,458			(524,668	)	$	(6,059,673	)

Class B
Sales		2,562,271		$	29,035,800			4,016,490		$	46,082,631
Reinvestments		35,336,133			383,043,682			26,425,870			298,083,813
Redemptions		(36,417,284	)		(412,511,417	)		(85,161,873	)		(977,689,878	)

Net increase (decrease)		1,481,120		$	(431,935	)		(54,719,513	)	$	(633,523,434	)

Increase (decrease) derived from capital shares transactions				$	338,523					$	(639,583,107	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.85		$	11.95		$	11.36		$	11.90		$	12.74		$	12.99

Income (Loss) from Investment Operations
Net investment income (a)		0.31			0.24			0.22			0.23			0.36			0.24
Net realized and unrealized gain (loss)		0.84			(0.72	)		1.00			0.48			(0.44	)		0.40

Total income (loss) from investment operations		1.15			(0.48	)		1.22			0.71			(0.08	)		0.64

Less Distributions
Distributions from net investment income		(0.29	)		(0.27	)		(0.26	)		(0.46	)		(0.06	)		(0.41	)
Distributions from net realized capital gains		(0.58	)		(0.35	)		(0.37	)		(0.79	)		(0.70	)		(0.48	)

Total distributions		(0.87	)		(0.62	)		(0.63	)		(1.25	)		(0.76	)		(0.89	)

Net Asset Value, End of Period	$	11.13		$	10.85		$	11.95		$	11.36		$	11.90		$	12.74

Total Return (%) (b)		10.67	(c)		(4.25	)		11.01			6.33			(0.78	)		5.16

Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.06	(e)		0.06			0.06			0.06			0.06			0.06
Ratio of net investment income to average net assets (%) (f)		2.69	(e)(g)		2.04			1.91			1.97			2.85			1.92
Portfolio turnover rate (%)		11	(c)		8			6			8			16			15
Net assets, end of period (in millions)	$	74.7		$	71.9		$	85.4		$	91.0		$	102.6		$	112.9

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.74		$	11.82		$	11.25		$	11.79		$	12.64		$	12.89

Income (Loss) from Investment Operations
Net investment income (a)		0.29			0.21			0.20			0.19			0.32			0.03
Net realized and unrealized gain (loss)		0.82			(0.71	)		0.97			0.49			(0.43	)		0.57

Total income (loss) from investment operations		1.11			(0.50	)		1.17			0.68			(0.11	)		0.60

Less Distributions
Distributions from net investment income		(0.25	)		(0.23	)		(0.23	)		(0.43	)		(0.04	)		(0.37	)
Distributions from net realized capital gains		(0.58	)		(0.35	)		(0.37	)		(0.79	)		(0.70	)		(0.48	)

Total distributions		(0.83	)		(0.58	)		(0.60	)		(1.22	)		(0.74	)		(0.85	)

Net Asset Value, End of Period	$	11.02		$	10.74		$	11.82		$	11.25		$	11.79		$	12.64

Total Return (%) (b)		10.48	(c)		(4.40	)		10.64			6.09			(1.07	)		4.93

Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.31	(e)		0.31			0.31			0.31			0.31			0.31
Ratio of net investment income to average net assets (%) (f)		2.41	(e)(g)		1.79			1.70			1.71			2.62			0.21
Portfolio turnover rate (%)		11	(c)		8			6			8			16			15
Net assets, end of period (in millions)	$	5,423.7		$	5,268.2		$	6,448.1		$	6,730.2		$	7,152.6		$	8,304.3


(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)		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, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019, 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:

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	596,603,197	$	0	$	647,459,938

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, 2019	% per annum			Average Daily Net Assets
$1,544,900		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2019—(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.

6. Transactions in Securities of Affiliated Issuers


Security Description	Market Value December 31, 2018		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2019
AB International Bond Portfolio (Class A)	$	—	$	210,555,550	$	(242,983	)	$	3,415		$	5,888,851		$	216,204,833
Baillie Gifford International Stock Portfolio (Class A)		139,257,024		10,773,145		(14,485,121	)		4,638,870			12,480,368			152,664,286
BlackRock Bond Income Portfolio (Class A)		533,710,269		18,585,874		(70,429,551	)		(79,844	)		15,853,993			497,640,741
BlackRock Capital Appreciation Portfolio (Class A)		87,160,546		15,737,960		(11,037,677	)		4,411,847			217,196			96,489,872
BlackRock High Yield Portfolio (Class A)		27,146,742		1,654,720		(2,152,927	)		(203,351	)		1,161,972			27,607,156
Brighthouse Small Cap Value Portfolio (Class A)		35,567,384		4,023,959		(766,289	)		105,939			2,185,451			41,116,444
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		54,720,784		526,319		(34,900,642	)		680,670			6,554,951			27,582,082
Brighthouse/Artisan International Portfolio (Class A)		101,941,774		1,576,777		(11,447,304	)		1,349,224			16,944,775			110,365,246
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		12,257,347		1,682,962		(600,669	)		161,924			324,605			13,826,169
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		108,532,056		5,140,678		(4,102,704	)		141,119			(319,366	)		109,391,783
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		166,680,563		5,881,248		(7,312,665	)		(279,742	)		75,015			165,044,419
Brighthouse/Templeton International Bond Portfolio (Class A)		166,009,059		13,911,018		(7,343,690	)		(1,182,628	)		(7,155,721	)		164,238,038
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		194,468,723		20,061,688		(26,705,149	)		(4,343,095	)		23,457,036			206,939,203
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		112,272,012		15,644,518		(10,208,836	)		1,370,332			5,642,121			124,720,147
Clarion Global Real Estate Portfolio (Class A)		39,834,280		1,368,533		(5,439,401	)		722,795			4,313,829			40,800,036
ClearBridge Aggressive Growth Portfolio (Class A)		49,286,917		7,835,135		(1,193,348	)		503,933			(1,926,075	)		54,506,562
Harris Oakmark International Portfolio (Class A)		146,758,327		15,800,339		(8,369,348	)		1,231,392			2,540,320			157,961,030
Invesco Comstock Portfolio (Class A)		158,184,610		25,364,790		(3,440,415	)		1,462,879			(3,266,002	)		178,305,862
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio)		49,370,040		7,326,042		(4,311,024	)		736,210			2,395,985			55,517,253
Invesco Small Cap Growth Portfolio (Class A)		23,376,242		4,643,799		(927,518	)		148,538			344,601			27,585,662
Jennison Growth Portfolio (Class A)		61,809,689		10,223,131		(5,747,092	)		918,292			1,682,720			68,886,740
JPMorgan Core Bond Portfolio (Class A)		365,954,687		9,836,062		(175,344,494	)		(2,368,772	)		9,175,162			207,252,645

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Security Description	Market Value December 31, 2018		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2019
JPMorgan Small Cap Value Portfolio (Class A)	$	35,609,472	$	4,638,702	$	(182,423	)	$	(6,657	)	$	(530,569	)	$	39,528,525
MFS Research International Portfolio (Class A)		76,013,485		5,093,433		(6,012,161	)		1,031,314			7,141,621			83,267,692
MFS Value Portfolio (Class A)		202,102,099		18,824,775		(17,384,787	)		1,917,530			16,193,328			221,652,945
Neuberger Berman Genesis Portfolio (Class A)		24,357,032		3,739,362		(2,051,091	)		1,013,182			701,689			27,760,174
PIMCO Inflation Protected Bond Portfolio (Class A)		334,273,380		11,897,532		(23,552,645	)		(4,192,063	)		12,732,748			331,158,952
PIMCO Total Return Portfolio (Class A)		504,738,262		15,339,279		(38,108,718	)		(1,046,880	)		16,849,167			497,771,110
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		26,324,723		—			—			(578,653	)		25,746,070
T. Rowe Price Large Cap Growth Portfolio (Class A)		88,601,222		14,653,006		(9,714,629	)		737,405			2,255,388			96,532,392
T. Rowe Price Large Cap Value Portfolio (Class A)		177,452,100		26,562,200		(11,738,552	)		4,246,177			(2,639,474	)		193,882,451
T. Rowe Price Mid Cap Growth Portfolio (Class A)		25,506,291		4,451,730		(3,701,402	)		480,262			1,020,323			27,757,204
T. Rowe Price Small Cap Growth Portfolio (Class A)		47,646,700		7,897,454		(3,850,539	)		191,546			3,633,059			55,518,220
TCW Core Fixed Income Portfolio (Class A)		422,309,103		12,925,730		(73,154,273	)		1,710,113			9,049,540			372,840,213
Van Eck Global Natural Resources Portfolio (Class A)		85,506,644		12,699,863		(3,583,030	)		(1,224,527	)		11,955,143			105,354,093
Wells Capital Management Mid Cap Value Portfolio (Class A)		12,553,092		513,647		(1,407,634	)		(207,321	)		2,427,005			13,878,789
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		221,922,821		10,757,017		(21,122,962	)		(1,645,401	)		11,560,110			221,471,585
Western Asset Management U.S. Government Portfolio (Class A)		448,885,227		12,130,497		(25,386,245	)		(353,815	)		5,929,068			441,204,732

	$	5,341,776,005	$	596,603,197	$	(647,459,938	)	$	12,780,812		$	196,271,280		$	5,499,971,356


Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2019
AB International Bond Portfolio (Class A)	$	—	$	—		21,031,599
Baillie Gifford International Stock Portfolio (Class A)		8,773,913		1,990,915		12,391,582
BlackRock Bond Income Portfolio (Class A)		—		18,478,514		4,696,940
BlackRock Capital Appreciation Portfolio (Class A)		15,532,561		204,269		2,396,073
BlackRock High Yield Portfolio (Class A)		—		1,654,196		3,685,869
Brighthouse Small Cap Value Portfolio (Class A)		3,449,521		470,625		2,867,255
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		—		509,520		2,556,263
Brighthouse/Artisan International Portfolio (Class A)		—		1,566,039		9,424,872
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		1,574,412		102,724		63,350
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		5,127,345		10,972,095
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		5,843,366		17,428,133
Brighthouse/Templeton International Bond Portfolio (Class A)		311,296		13,556,924		17,001,867
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		16,738,751		3,319,891		6,309,122
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		14,215,792		1,425,561		8,985,601
Clarion Global Real Estate Portfolio (Class A)		—		1,358,831		3,374,693
ClearBridge Aggressive Growth Portfolio (Class A)		7,237,770		569,997		3,487,304
Harris Oakmark International Portfolio (Class A)		11,922,634		3,790,432		12,811,114
Invesco Comstock Portfolio (Class A)		21,111,837		4,191,924		13,715,836
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio)		6,750,486		571,315		2,589,424
Invesco Small Cap Growth Portfolio (Class A)		4,247,510		—		2,180,685
Jennison Growth Portfolio (Class A)		9,918,654		303,191		4,632,599
JPMorgan Core Bond Portfolio (Class A)		—		9,733,770		20,459,294
JPMorgan Small Cap Value Portfolio (Class A)		4,066,201		543,663		2,847,876
MFS Research International Portfolio (Class A)		3,774,981		1,313,907		6,985,545
MFS Value Portfolio (Class A)		14,568,094		4,242,734		14,796,592
Neuberger Berman Genesis Portfolio (Class A)		3,668,244		63,604		1,414,892
PIMCO Inflation Protected Bond Portfolio (Class A)		—		11,841,992		33,757,284
PIMCO Total Return Portfolio (Class A)		—		15,223,617		42,363,499
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		—		2,632,523
T. Rowe Price Large Cap Growth Portfolio (Class A)		14,249,429		402,327		4,581,509
T. Rowe Price Large Cap Value Portfolio (Class A)		22,127,615		4,425,523		6,772,003
T. Rowe Price Mid Cap Growth Portfolio (Class A)		4,375,942		71,921		2,611,214
T. Rowe Price Small Cap Growth Portfolio (Class A)		7,392,118		25,741		2,445,737
TCW Core Fixed Income Portfolio (Class A)		—		12,808,005		36,445,769
Van Eck Global Natural Resources Portfolio (Class A)		—		643,511		12,222,053
Wells Capital Management Mid Cap Value Portfolio (Class A)		385,511		127,347		1,183,187

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2019
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)	$	—	$	10,756,250		16,727,461
Western Asset Management U.S. Government Portfolio (Class A)		—		12,033,398		37,936,778

	$	196,393,272	$	149,292,889

7. Contractual Obligations

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	5,576,737,168

Gross unrealized appreciation		122,509,240
Gross unrealized depreciation		(199,275,052	)

Net unrealized appreciation (depreciation)	$	(76,765,812	)

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$120,439,849	$	132,423,201	$	181,864,574	$	205,645,657	$	302,304,423	$	338,068,858

As of December 31, 2018, 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			Accumulated Capital Losses		Total
$118,029,169	$	269,506,978	$	(273,037,092	)	$	—	$	114,499,055

As of December 31, 2018, 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 months ended June 30, 2019, the Class A and B shares of the Brighthouse Asset Allocation 60 Portfolio returned 13.05% and 12.90%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 12.03%.

MARKET ENVIRONMENT / CONDITIONS

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. The main drivers of performance were overweights to High Yield Bonds and U.S. Core Bonds at the expense of Cash and Foreign Bonds, an underweight to Emerging Markets equities, and strong-performing underlying U.S. and Non-U.S. equity portfolios.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

underperformed for the period, returning 1.1% less than its benchmark. Performance was hurt by its cash holdings as the loan market advanced 5.7%, as well as security selection within Financial Intermediaries, Retailers and Oil & Gas industries. On the other hand, the Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 3.6% for the period. The portfolio benefitted from its allocation to corporate bonds as spreads tightened for both Investment Grade and High Yield securities. In addition, the portfolio benefitted from an overweight exposure to U.S. duration, as interest rates fell significantly over the first six months of the year.

The overall contribution from the underlying U.S. Equity portfolios added to relative performance for the period. Within the Portfolio’s Large Cap sleeve, the BlackRock Capital Appreciation Portfolio stood out as it outperformed its benchmark by 2.5%. The portfolio benefitted from strong security selection within the Industrials and Consumer Discretionary sectors, in addition to an underweight to the Biotechnology sub-sector of Healthcare. The MFS Value Portfolio was another positive contributor to relative performance as it outperformed its benchmark by 2.3%. The primary drivers of performance were security selection within the Financials and Consumer Staples sectors and an overweight to Industrials. The ClearBridge Aggressive Growth Portfolio was a detractor from relative performance as the portfolio returned 8.5% less than its benchmark. Leading drivers of underperformance were security selection within the Technology and Healthcare sectors, and overweights to Energy and Healthcare. Within the Mid Cap sleeve, the Wells Capital Management Mid Cap Value Portfolio stood out, as it outperformed its benchmark by 4.3%. The largest contributors to performance were strong security selection within the Industrials, Materials and Real Estate sectors. Within the Small Cap sleeve, the Neuberger Berman Genesis Portfolio delivered the strongest relative performance as it outperformed its benchmark by 9.1% during the first six months of the year. The portfolio benefitted from its significant tilt towards Growth and Quality stocks versus its benchmark, along with favorable security selection in nine out of ten sectors.

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 60 Portfolio
Class A		13.05		5.67		5.51		9.30
Class B		12.90		5.49		5.25		9.04
Dow Jones Moderate Index		12.03		5.72		5.32		8.71

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		6.3
PIMCO Total Return Portfolio (Class A)		6.0
MFS Value Portfolio (Class A)		5.6
TCW Core Fixed Income Portfolio (Class A)		4.7
T. Rowe Price Large Cap Value Portfolio (Class A)		4.5
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		4.5
Invesco Comstock Portfolio (Class A)		4.3
Western Asset Management U.S. Government Portfolio (Class A)		4.0
Harris Oakmark International Portfolio (Class A)		3.6
Baillie Gifford International Stock Portfolio (Class A)		3.5

Asset Allocation


	% of Net Assets
U.S. Large Cap Equities		33.5
Investment Grade Fixed Income		28.0
International Developed Market Equities		13.2
International Fixed Income		6.4
U.S. Small Cap Equities		6.0
High Yield Fixed Income		4.6
Global Equities		3.9
Emerging Market Equities		1.7
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

Actual Expenses

Hypothetical Example for Comparison Purposes


Brighthouse Asset Allocation 60 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.63	%	$	1,000.00	$	1,130.50	$	3.33
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

Class B (a)	Actual		0.88	%	$	1,000.00	$	1,129.00	$	4.65
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

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

(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, 2019 (Unaudited)

Mutual Funds—100.0% of Net Assets


Security Description	Shares		Value

Affiliated Investment Companies—100.0%
AB International Bond Portfolio (Class A) (a) (c)		42,186,339	$	433,675,568
Baillie Gifford International Stock Portfolio (Class A) (b)		36,154,881		445,428,139
BlackRock Bond Income Portfolio (Class A) (b)		7,462,113		790,610,903
BlackRock Capital Appreciation Portfolio (Class A) (b)		8,664,027		348,900,375
BlackRock High Yield Portfolio (Class A) (a)		10,114,862		75,760,319
Brighthouse Small Cap Value Portfolio (Class A) (a)		11,007,400		157,846,109
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (a)		11,753,742		126,822,872
Brighthouse/Artisan International Portfolio (Class A) (a)		32,508,217		380,671,216
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		145,682		31,795,145
Brighthouse/Dimensional International Small Company Portfolio (Class A) (b)		11,074,684		122,818,247
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		24,942,686		248,678,577
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		26,423,848		250,233,842
Brighthouse/Templeton International Bond Portfolio (Class A) (a)		38,722,795		374,062,204
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		17,359,245		569,383,231
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		27,520,060		381,978,434
Clarion Global Real Estate Portfolio (Class A) (a)		15,442,551		186,700,445
ClearBridge Aggressive Growth Portfolio (Class A) (a)		22,144,022		346,111,062
Harris Oakmark International Portfolio (Class A) (a)		36,910,566		455,107,284
Invesco Comstock Portfolio (Class A) (a)		41,259,138		536,368,800
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio) (a)		5,945,898		127,480,060
Invesco Small Cap Growth Portfolio (Class A) (a)		12,569,017		158,998,070
Jennison Growth Portfolio (Class A) (b)		27,697,335		411,859,373
JPMorgan Core Bond Portfolio (Class A) (a)		24,950,150		252,745,018
JPMorgan Small Cap Value Portfolio (Class A) (a)		6,542,914		90,815,644
Loomis Sayles Small Cap Growth Portfolio (Class A) (b)		4,740,412		63,948,156
MFS Research International Portfolio (Class A) (a)		21,340,494		254,378,684

Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (b)		46,669,969		699,116,137
Neuberger Berman Genesis Portfolio (Class A) (b)		4,878,418		95,714,554
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		38,538,057		378,058,341
PIMCO Total Return Portfolio (Class A) (a)		64,576,985		758,779,575
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) (c)		9,051,115		88,519,907
T. Rowe Price Large Cap Growth Portfolio (Class A) (b)		16,560,510		348,929,953
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		19,994,436		572,440,706
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		8,994,471		95,611,229
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		8,434,406		191,461,011
TCW Core Fixed Income Portfolio (Class A) (a)		57,429,511		587,503,899
Van Eck Global Natural Resources Portfolio (Class A) (b)		42,121,954		363,091,240
Wells Capital Management Mid Cap Value Portfolio (Class A) (a)		2,718,873		31,892,385
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		19,135,669		253,356,252
Western Asset Management U.S. Government Portfolio (Class A) (b)		43,211,782		502,553,029

Total Mutual Funds (Cost $12,609,915,171)				12,590,205,995

Total Investments—100.0% (Cost $12,609,915,171)				12,590,205,995
Other assets and liabilities (net)—0.0%				(3,251,132	)

Net Assets—100.0%			$	12,586,954,863


(a)		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.)
(b)		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.)
(c)		Non-income producing security.

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	12,590,205,995	$	—	$	—	$	12,590,205,995
Total Investments	$	12,590,205,995	$	—	$	—	$	12,590,205,995

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Affiliated investments at value (a)	$	12,590,205,995
Receivable for:
Affiliated investments sold		4,546,840
Fund shares sold		372,494

Total Assets		12,595,125,329
Liabilities
Payables for:
Fund shares redeemed		4,919,334
Accrued Expenses:
Management fees		539,777
Distribution and service fees		2,480,722
Deferred trustees’ fees		168,087
Other expenses		62,546

Total Liabilities		8,170,466

Net Assets	$	12,586,954,863

Net Assets Consist of:
Paid in surplus	$	11,653,758,598
Distributable earnings (Accumulated losses)		933,196,265

Net Assets	$	12,586,954,863

Net Assets
Class A	$	317,622,944
Class B		12,269,331,919
Capital Shares Outstanding*
Class A		27,655,988
Class B		1,073,538,436
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.48
Class B		11.43


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of affiliated investments was $12,609,915,171.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends from affiliated investments	$	283,434,786

Total investment income		283,434,786
Expenses
Management fees		3,278,000
Administration fees		15,120
Custodian and accounting fees		14,033
Distribution and service fees—Class B		15,074,114
Audit and tax services		15,979
Legal		22,462
Trustees’ fees and expenses		31,324
Miscellaneous		9,043

Total expenses		18,460,075

Net Investment Income		264,974,711

Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		62,881,372
Capital gain distributions from affiliated investments		690,730,389

Net realized gain		753,611,761

Net change in unrealized appreciation on affiliated investments		484,796,478

Net realized and unrealized gain		1,238,408,239

Net Increase in Net Assets From Operations	$	1,503,382,950

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	264,974,711		$	207,490,761
Net realized gain		753,611,761			1,024,406,185
Net change in unrealized appreciation (depreciation)		484,796,478			(2,005,059,968	)

Increase (decrease) in net assets from operations		1,503,382,950			(773,163,022	)

From Distributions to Shareholders
Class A		(31,612,012	)		(18,769,198	)
Class B		(1,201,449,993	)		(726,631,786	)

Total distributions		(1,233,062,005	)		(745,400,984	)

Increase (decrease) in net assets from capital share transactions		418,095,742			(1,115,055,027	)

Total increase (decrease) in net assets		688,416,687			(2,633,619,033	)

Net Assets
Beginning of period		11,898,538,176			14,532,157,209

End of period	$	12,586,954,863		$	11,898,538,176

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		459,832		$	5,566,665			1,420,550		$	17,773,311
Reinvestments		2,809,956			31,612,012			1,532,179			18,769,198
Redemptions		(1,672,609	)		(20,384,306	)		(3,848,173	)		(47,749,437	)

Net increase (decrease)		1,597,179		$	16,794,371			(895,444	)	$	(11,206,928	)

Class B
Sales		3,548,242		$	42,940,271			7,906,396		$	98,073,809
Reinvestments		107,272,321			1,201,449,993			59,608,842			726,631,786
Redemptions		(69,918,812	)		(843,088,893	)		(156,425,620	)		(1,928,553,694	)

Net increase (decrease)		40,901,751		$	401,301,371			(88,910,382	)	$	(1,103,848,099	)

Increase (decrease) derived from capital shares transactions				$	418,095,742					$	(1,115,055,027	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	11.30		$	12.72		$	11.76		$	12.50		$	13.57		$	13.74

Income (Loss) from Investment Operations
Net investment income (a)		0.27			0.22			0.21			0.21			0.32			0.21
Net realized and unrealized gain (loss)		1.18			(0.92	)		1.50			0.63			(0.41	)		0.48

Total income (loss) from investment operations		1.45			(0.70	)		1.71			0.84			(0.09	)		0.69

Less Distributions
Distributions from net investment income		(0.28	)		(0.24	)		(0.25	)		(0.43	)		(0.10	)		(0.32	)
Distributions from net realized capital gains		(0.99	)		(0.48	)		(0.50	)		(1.15	)		(0.88	)		(0.54	)

Total distributions		(1.27	)		(0.72	)		(0.75	)		(1.58	)		(0.98	)		(0.86	)

Net Asset Value, End of Period	$	11.48		$	11.30		$	12.72		$	11.76		$	12.50		$	13.57

Total Return (%) (b)		13.05	(c)		(5.93	)		14.93			7.47			(0.99	)		5.29

Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.05	(e)		0.05			0.05			0.05			0.05			0.05
Ratio of net investment income to average net assets (%) (f)		2.24	(e)(g)		1.76			1.68			1.74			2.40			1.58
Portfolio turnover rate (%)		11	(c)		10			6			10			15			16
Net assets, end of period (in millions)	$	317.6		$	294.6		$	343.0		$	331.2		$	330.1		$	353.0

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	11.24		$	12.65		$	11.69		$	12.44		$	13.52		$	13.69

Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.19			0.17			0.18			0.28			0.05
Net realized and unrealized gain (loss)		1.16			(0.91	)		1.51			0.62			(0.41	)		0.61

Total income (loss) from investment operations		1.42			(0.72	)		1.68			0.80			(0.13	)		0.66

Less Distributions
Distributions from net investment income		(0.24	)		(0.21	)		(0.22	)		(0.40	)		(0.07	)		(0.29	)
Distributions from net realized capital gains		(0.99	)		(0.48	)		(0.50	)		(1.15	)		(0.88	)		(0.54	)

Total distributions		(1.23	)		(0.69	)		(0.72	)		(1.55	)		(0.95	)		(0.83	)

Net Asset Value, End of Period	$	11.43		$	11.24		$	12.65		$	11.69		$	12.44		$	13.52

Total Return (%) (b)		12.90	(c)		(6.12	)		14.73			7.11			(1.27	)		5.05

Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.30	(e)		0.30			0.30			0.30			0.30			0.30
Ratio of net investment income to average net assets (%) (f)		1.97	(e)(g)		1.51			1.43			1.52			2.15			0.39
Portfolio turnover rate (%)		11	(c)		10			6			10			15			16
Net assets, end of period (in millions)	$	12,269.3		$	11,604.0		$	14,189.2		$	13,904.3		$	14,389.8		$	16,127.1


(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)		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, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	1,526,787,930	$	0	$	1,386,068,678

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$3,278,000		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2019—(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.

6. Transactions in Securities of Affiliated Issuers


Security Description	Market Value December 31, 2018		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2019
AB International Bond Portfolio (Class A)	$	—	$	422,256,158	$	(398,132	)	$	5,497		$	11,812,045		$	433,675,568
Baillie Gifford International Stock Portfolio (Class A)		402,871,658		31,530,469		(38,454,140	)		12,333,949			37,146,203			445,428,139
BlackRock Bond Income Portfolio (Class A)		827,888,891		29,189,446		(90,984,297	)		(74,190	)		24,591,053			790,610,903
BlackRock Capital Appreciation Portfolio (Class A)		316,743,365		56,673,803		(41,403,050	)		9,055,574			7,830,683			348,900,375
BlackRock High Yield Portfolio (Class A)		73,664,465		4,519,815		(5,017,584	)		(738,323	)		3,331,946			75,760,319
Brighthouse Small Cap Value Portfolio (Class A)		136,447,791		15,100,535		(2,448,921	)		237,655			8,509,049			157,846,109
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		217,898,576		2,370,678		(122,090,555	)		1,744,514			26,899,659			126,822,872
Brighthouse/Artisan International Portfolio (Class A)		348,744,037		5,382,256		(36,087,391	)		4,209,919			58,422,395			380,671,216
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		28,282,577		3,859,427		(1,467,531	)		10,311			1,110,361			31,795,145
Brighthouse/Dimensional International Small Company Portfolio (Class A)		109,891,634		12,869,639		(415,028	)		(64,990	)		536,992			122,818,247
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		245,703,237		11,666,586		(8,238,130	)		272,227			(725,343	)		248,678,577
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		251,719,522		8,860,477		(10,024,993	)		(379,378	)		58,214			250,233,842
Brighthouse/Templeton International Bond Portfolio (Class A)		376,099,228		31,595,143		(14,552,183	)		(46,563	)		(19,033,421	)		374,062,204
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		534,783,394		55,058,441		(72,793,405	)		(1,300,601	)		53,635,402			569,383,231
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		345,194,281		47,835,547		(32,629,638	)		4,320,993			17,257,251			381,978,434
Clarion Global Real Estate Portfolio (Class A)		181,294,730		6,195,237		(23,661,898	)		3,430,763			19,441,613			186,700,445
ClearBridge Aggressive Growth Portfolio (Class A)		313,161,040		49,612,430		(7,605,138	)		3,837,621			(12,894,891	)		346,111,062
Harris Oakmark International Portfolio (Class A)		416,914,858		45,494,903		(17,240,474	)		(586,246	)		10,524,243			455,107,284
Invesco Comstock Portfolio (Class A)		478,102,286		76,172,261		(12,768,012	)		4,131,865			(9,269,600	)		536,368,800
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio)		113,932,054		16,839,399		(10,508,995	)		1,710,283			5,507,319			127,480,060
Invesco Small Cap Growth Portfolio (Class A)		134,432,508		24,538,731		(2,597,571	)		(499,010	)		3,123,412			158,998,070
Jennison Growth Portfolio (Class A)		371,702,530		61,273,671		(36,609,193	)		4,207,124			11,285,241			411,859,373

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Security Description	Market Value December 31, 2018		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2019
JPMorgan Core Bond Portfolio (Class A)	$	574,572,601	$	11,810,882	$	(345,545,992	)	$	(3,287,377	)	$	15,194,904		$	252,745,018
JPMorgan Small Cap Value Portfolio (Class A)		81,894,192		10,639,037		(497,982	)		(3,858	)		(1,215,745	)		90,815,644
Loomis Sayles Small Cap Growth Portfolio (Class A)		54,871,365		10,172,298		(2,937,252	)		207,290			1,634,455			63,948,156
MFS Research International Portfolio (Class A)		234,172,234		15,551,129		(20,463,164	)		1,723,380			23,395,105			254,378,684
MFS Value Portfolio (Class A)		637,665,993		59,147,538		(54,874,852	)		9,825,637			47,351,821			699,116,137
Neuberger Berman Genesis Portfolio (Class A)		84,706,611		12,934,394		(7,864,689	)		3,185,749			2,752,489			95,714,554
PIMCO Inflation Protected Bond Portfolio (Class A)		378,569,532		13,462,032		(23,687,938	)		(2,641,699	)		12,356,414			378,058,341
PIMCO Total Return Portfolio (Class A)		762,567,933		23,081,742		(50,832,830	)		(3,316,341	)		27,279,071			758,779,575
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		90,509,012		—			—			(1,989,105	)		88,519,907
T. Rowe Price Large Cap Growth Portfolio (Class A)		320,573,717		53,077,326		(35,231,154	)		477,362			10,032,702			348,929,953
T. Rowe Price Large Cap Value Portfolio (Class A)		523,482,105		78,181,460		(34,025,637	)		9,165,199			(4,362,421	)		572,440,706
T. Rowe Price Mid Cap Growth Portfolio (Class A)		87,975,168		15,302,911		(12,800,355	)		502,748			4,630,757			95,611,229
T. Rowe Price Small Cap Growth Portfolio (Class A)		165,365,981		25,683,823		(12,755,579	)		1,803,261			11,363,525			191,461,011
TCW Core Fixed Income Portfolio (Class A)		689,656,135		20,080,492		(139,983,387	)		3,437,126			14,313,533			587,503,899
Van Eck Global Natural Resources Portfolio (Class A)		291,348,421		41,161,869		(5,683,342	)		(1,713,591	)		37,977,883			363,091,240
Wells Capital Management Mid Cap Value Portfolio (Class A)		28,867,206		1,170,445		(3,235,636	)		(869,505	)		5,959,875			31,892,385
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		251,113,515		12,245,774		(21,250,069	)		(1,089,192	)		12,336,224			253,356,252
Western Asset Management U.S. Government Portfolio (Class A)		508,933,522		13,680,714		(26,402,561	)		(343,811	)		6,685,165			502,553,029

	$	11,901,808,893	$	1,526,787,930	$	(1,386,068,678	)	$	62,881,372		$	484,796,478		$	12,590,205,995


Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2019
AB International Bond Portfolio (Class A)	$	—	$	—		42,186,339
Baillie Gifford International Stock Portfolio (Class A)		25,692,609		5,829,986		36,154,881
BlackRock Bond Income Portfolio (Class A)		—		29,184,204		7,462,113
BlackRock Capital Appreciation Portfolio (Class A)		55,936,602		735,621		8,664,027
BlackRock High Yield Portfolio (Class A)		—		4,519,815		10,114,862
Brighthouse Small Cap Value Portfolio (Class A)		13,242,591		1,806,711		11,007,400
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		—		2,364,225		11,753,742
Brighthouse/Artisan International Portfolio (Class A)		—		5,377,734		32,508,217
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		3,620,504		236,223		145,682
Brighthouse/Dimensional International Small Company Portfolio (Class A)		11,044,508		1,576,370		11,074,684
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		11,654,903		24,942,686
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		8,849,283		26,423,848
Brighthouse/Templeton International Bond Portfolio (Class A)		708,867		30,871,157		38,722,795
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		45,945,759		9,112,682		17,359,245
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		43,470,474		4,359,224		27,520,060
Clarion Global Real Estate Portfolio (Class A)		—		6,194,775		15,442,551
ClearBridge Aggressive Growth Portfolio (Class A)		45,955,957		3,619,172		22,144,022
Harris Oakmark International Portfolio (Class A)		34,348,596		10,920,073		36,910,566
Invesco Comstock Portfolio (Class A)		63,506,677		12,609,755		41,259,138
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio)		15,516,409		1,313,204		5,945,898
Invesco Small Cap Growth Portfolio (Class A)		24,492,584		—		12,569,017
Jennison Growth Portfolio (Class A)		59,435,275		1,816,799		27,697,335
JPMorgan Core Bond Portfolio (Class A)		—		11,803,421		24,950,150
JPMorgan Small Cap Value Portfolio (Class A)		9,341,525		1,248,991		6,542,914
Loomis Sayles Small Cap Growth Portfolio (Class A)		10,159,026		—		4,740,412
MFS Research International Portfolio (Class A)		11,535,551		4,015,024		21,340,494
MFS Value Portfolio (Class A)		45,804,977		13,339,997		46,669,969
Neuberger Berman Genesis Portfolio (Class A)		12,704,613		220,287		4,878,418
PIMCO Inflation Protected Bond Portfolio (Class A)		—		13,459,941		38,538,057
PIMCO Total Return Portfolio (Class A)		—		23,073,835		64,576,985
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		—		9,051,115
T. Rowe Price Large Cap Growth Portfolio (Class A)		51,619,768		1,457,467		16,560,510
T. Rowe Price Large Cap Value Portfolio (Class A)		65,150,989		13,030,198		19,994,436
T. Rowe Price Mid Cap Growth Portfolio (Class A)		15,055,451		247,444		8,994,471
T. Rowe Price Small Cap Growth Portfolio (Class A)		25,561,323		89,013		8,434,406

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2019
TCW Core Fixed Income Portfolio (Class A)	$	—	$	20,071,629		57,429,511
Van Eck Global Natural Resources Portfolio (Class A)		—		2,217,641		42,121,954
Wells Capital Management Mid Cap Value Portfolio (Class A)		879,754		290,609		2,718,873
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		12,245,774		19,135,669
Western Asset Management U.S. Government Portfolio (Class A)		—		13,671,599		43,211,782

	$	690,730,389	$	283,434,786

7. Contractual Obligations

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	12,673,662,050

Gross unrealized appreciation		381,463,579
Gross unrealized depreciation		(464,919,634	)

Net unrealized appreciation (depreciation)	$	(83,456,055	)

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$224,544,990	$	250,142,858	$	520,855,994	$	572,489,486	$	745,400,984	$	822,632,344

As of December 31, 2018, 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			Accumulated Capital Losses		Total
$240,895,972	$	990,385,737	$	(568,252,534	)	$	—	$	663,029,175

As of December 31, 2018, 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, 2019, the Class A and B shares of the Brighthouse Asset Allocation 80 Portfolio returned 15.75% and 15.52%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Index¹, returned 14.60%.

MARKET ENVIRONMENT / CONDITIONS

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. The main drivers of performance were overweights to High Yield Bonds at the expense of Foreign Bonds, an underweight to Emerging Markets equities, and strong-performing underlying U.S. and Non-U.S. equity portfolios.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

underperformed for the period, returning 1.1% less than its benchmark. Performance was hurt by its cash holdings as the loan market advanced 5.7%, as well as security selection within Financial Intermediaries, Retailers and Oil & Gas industries. On the other hand, the Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 3.6% for the period. The portfolio benefitted from its allocation to corporate bonds as spreads tightened for both Investment Grade and High Yield securities. In addition, the portfolio benefitted from an overweight exposure to U.S. duration, as interest rates fell significantly over the first six months of the year.

The overall contribution from the underlying U.S. Equity portfolios added to relative performance for the period. Within the Portfolio’s Large Cap sleeve, the BlackRock Capital Appreciation Portfolio stood out as it outperformed its benchmark by 2.5%. The portfolio benefitted from strong security selection within the Industrials and Consumer Discretionary sectors, in addition to an underweight to the Biotechnology sub-sector of Healthcare. The MFS Value Portfolio was another positive contributor to relative performance as it outperformed its benchmark by 2.3%. The primary drivers of performance were security selection within the Financials and Consumer Staples sectors and an overweight to Industrials. The ClearBridge Aggressive Growth Portfolio was a detractor from relative performance as the portfolio returned 8.5% less than its benchmark. Leading drivers of underperformance were security selection within the Technology and Healthcare sectors, and overweights to Energy and Healthcare. Within the Mid Cap sleeve, the Morgan Stanley Discovery Portfolio, in particular, stood out, as it outperformed its benchmark by 17.6% for the period. Security selection within the Technology sector was by far the strongest contributor to the outperformance, but the portfolio also benefitted from security selection within the Healthcare, Consumer Discretionary, Financials and Communication Services sectors. Within the Small Cap sleeve, the Neuberger Berman Genesis Portfolio delivered the strongest relative performance as it outperformed its benchmark by 9.1% during the first six months of the year. The portfolio benefitted from its significant tilt towards Growth and Quality stocks versus its benchmark, along with favorable security selection in nine out of ten sectors.

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 80 Portfolio
Class A		15.75		5.12		6.38		10.74
Class B		15.52		4.86		6.10		10.46
Dow Jones Moderately Aggressive Index		14.60		5.21		6.23		10.45

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
MFS Value Portfolio (Class A)		6.1
Invesco Comstock Portfolio (Class A)		5.5
T. Rowe Price Large Cap Value Portfolio (Class A)		5.3
Jennison Growth Portfolio (Class A)		5.0
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		5.0
Harris Oakmark International Portfolio (Class A)		4.6
ClearBridge Aggressive Growth Portfolio (Class A)		4.5
Baillie Gifford International Stock Portfolio (Class A)		4.3
T. Rowe Price Large Cap Growth Portfolio (Class A)		4.3
Brighthouse/Artisan International Portfolio (Class A)		3.8

Asset Allocation


	% of Net Assets
U.S. Large Cap Equities		42.6
International Developed Market Equities		17.7
Investment Grade Fixed Income		10.5
U.S. Small Cap Equities		8.5
Global Equities		4.9
International Fixed Income		4.4
High Yield Fixed Income		3.5
U.S. Mid Cap Equities		3.0
Real Estate Equities		2.5
Emerging Market Equities		2.4

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Brighthouse Asset Allocation 80 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.69	%	$	1,000.00	$	1,157.50	$	3.69
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46

Class B (a)	Actual		0.94	%	$	1,000.00	$	1,155.20	$	5.02
	Hypothetical*		0.94	%	$	1,000.00	$	1,020.13	$	4.71

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

(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, 2019 (Unaudited)

Mutual Funds—100.0% of Net Assets


Security Description	Shares		Value

Affiliated Investment Companies—100.0%
AB International Bond Portfolio (Class A) (a) (c)		14,700,805	$	151,124,276
Baillie Gifford International Stock Portfolio (Class A) (b)		35,661,317		439,347,426
BlackRock Bond Income Portfolio (Class A) (b)		2,654,840		281,280,347
BlackRock Capital Appreciation Portfolio (Class A) (b)		8,332,130		335,534,879
BlackRock High Yield Portfolio (Class A) (a)		6,812,613		51,026,473
Brighthouse Small Cap Value Portfolio (Class A) (a)		12,539,124		179,811,037
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (a)		11,960,408		129,052,799
Brighthouse/Artisan International Portfolio (Class A) (a)		33,047,842		386,990,235
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		118,401		25,841,090
Brighthouse/Dimensional International Small Company Portfolio (Class A) (b)		17,823,240		197,659,732
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		10,004,823		99,748,085
Brighthouse/Templeton International Bond Portfolio (Class A) (a)		30,965,628		299,127,968
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		15,680,990		514,336,457
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		26,059,650		361,707,943
Clarion Global Real Estate Portfolio (Class A) (a)		20,840,800		251,965,275
ClearBridge Aggressive Growth Portfolio (Class A) (a)		29,511,408		461,263,312
Frontier Mid Cap Growth Portfolio (Class A) (b)		1,464,606		51,598,057
Harris Oakmark International Portfolio (Class A) (a)		38,213,700		471,174,927
Invesco Comstock Portfolio (Class A) (a)		43,501,805		565,523,464
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio)		7,241,929		155,266,958
Invesco Small Cap Growth Portfolio (Class A) (a)		18,391,335		232,650,386
Jennison Growth Portfolio (Class A) (b)		34,683,478		515,743,313
JPMorgan Core Bond Portfolio (Class A) (a)		10,076,007		102,069,947
JPMorgan Small Cap Value Portfolio (Class A) (a)		10,632,879		147,584,363
Loomis Sayles Small Cap Growth Portfolio (Class A) (b)		9,628,759		129,891,963
MFS Research International Portfolio (Class A) (a)		26,002,037		309,944,276

Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (b)		41,349,236		619,411,558
Morgan Stanley Discovery Portfolio (formerly, Morgan Stanley Mid Cap Growth Portfolio) (Class A) (a)		1,131,080		25,302,264
Neuberger Berman Genesis Portfolio (Class A) (b)		1,320,616		25,910,484
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		15,512,196		152,174,647
PIMCO Total Return Portfolio (Class A) (a)		26,011,976		305,640,718
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) (c)		12,278,293		120,081,710
T. Rowe Price Large Cap Growth Portfolio (Class A) (b)		20,813,590		438,542,340
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		18,924,414		541,805,980
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		9,741,204		103,548,999
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		6,854,051		155,586,966
TCW Core Fixed Income Portfolio (Class A) (a)		22,432,807		229,487,617
Van Eck Global Natural Resources Portfolio (Class A) (b)		39,815,773		343,211,963
Wells Capital Management Mid Cap Value Portfolio (Class A) (a)		8,823,023		103,494,063
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		15,503,165		205,261,908

Total Mutual Funds (Cost $10,146,284,588)				10,216,726,205

Total Investments—100.0% (Cost $10,146,284,588)				10,216,726,205
Other assets and liabilities (net)—0.0%				(2,672,073	)

Net Assets—100.0%			$	10,214,054,132


(a)		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.)
(b)		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.)
(c)		Non-income producing security.

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	10,216,726,205	$	—	$	—	$	10,216,726,205
Total Investments	$	10,216,726,205	$	—	$	—	$	10,216,726,205

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Affiliated investments at value (a)	$	10,216,726,205
Receivable for:
Affiliated investments sold		7,628,384
Fund shares sold		280,866

Total Assets		10,224,635,455
Liabilities
Payables for:
Fund shares redeemed		7,909,250
Accrued Expenses:
Management fees		441,958
Distribution and service fees		1,970,572
Deferred trustees’ fees		196,347
Other expenses		63,196

Total Liabilities		10,581,323

Net Assets	$	10,214,054,132

Net Assets Consist of:
Paid in surplus	$	9,201,361,136
Distributable earnings (Accumulated losses)		1,012,692,996

Net Assets	$	10,214,054,132

Net Assets
Class A	$	423,678,686
Class B		9,790,375,446
Capital Shares Outstanding*
Class A		33,680,882
Class B		781,772,491
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.58
Class B		12.52


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of affiliated investments was $10,146,284,588.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends from affiliated investments	$	189,311,188

Total investment income		189,311,188
Expenses
Management fees		2,683,040
Administration fees		15,120
Custodian and accounting fees		14,033
Distribution and service fees—Class B		11,975,544
Audit and tax services		15,979
Legal		22,462
Trustees’ fees and expenses		31,324
Miscellaneous		7,902

Total expenses		14,765,404

Net Investment Income		174,545,784

Net Realized and Unrealized Gain
Net realized gain on:
Affiliated investments		92,818,041
Capital gain distributions from affiliated investments		761,862,190

Net realized gain		854,680,231

Net change in unrealized appreciation on affiliated investments		408,865,818

Net realized and unrealized gain		1,263,546,049

Net Increase in Net Assets From Operations	$	1,438,091,833

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	174,545,784		$	139,488,636
Net realized gain		854,680,231			1,072,507,955
Net change in unrealized appreciation (depreciation)		408,865,818			(2,026,791,738	)

Increase (decrease) in net assets from operations		1,438,091,833			(814,795,147	)

From Distributions to Shareholders
Class A		(50,128,614	)		(25,505,012	)
Class B		(1,142,580,570	)		(608,846,005	)

Total distributions		(1,192,709,184	)		(634,351,017	)

Increase (decrease) in net assets from capital share transactions		571,668,104			(709,937,897	)

Total increase (decrease) in net assets		817,050,753			(2,159,084,061	)

Net Assets
Beginning of period		9,397,003,379			11,556,087,440

End of period	$	10,214,054,132		$	9,397,003,379

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		458,499		$	6,209,560			1,097,538		$	15,311,141
Reinvestments		4,082,135			50,128,614			1,837,537			25,505,012
Redemptions		(1,452,680	)		(19,625,121	)		(2,970,353	)		(41,468,195	)

Net increase (decrease)		3,087,954		$	36,713,053			(35,278	)	$	(652,042	)

Class B
Sales		1,900,968		$	25,545,971			7,738,944		$	107,874,422
Reinvestments		93,500,865			1,142,580,570			44,055,427			608,846,005
Redemptions		(47,134,214	)		(633,171,490	)		(102,741,883	)		(1,426,006,282	)

Net increase (decrease)		48,267,619		$	534,955,051			(50,947,512	)	$	(709,285,855	)

Increase (decrease) derived from capital shares transactions				$	571,668,104					$	(709,937,897	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	12.36		$	14.25		$	12.86		$	13.98		$	14.92		$	14.41

Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.21			0.19			0.20			0.29			0.18
Net realized and unrealized gain (loss)		1.66			(1.25	)		2.22			0.82			(0.47	)		0.60

Total income (loss) from investment operations		1.91			(1.04	)		2.41			1.02			(0.18	)		0.78

Less Distributions
Distributions from net investment income		(0.28	)		(0.22	)		(0.25	)		(0.46	)		(0.08	)		(0.27	)
Distributions from net realized capital gains		(1.41	)		(0.63	)		(0.77	)		(1.68	)		(0.68	)		0.00

Total distributions		(1.69	)		(0.85	)		(1.02	)		(2.14	)		(0.76	)		(0.27	)

Net Asset Value, End of Period	$	12.58		$	12.36		$	14.25		$	12.86		$	13.98		$	14.92

Total Return (%) (b)		15.75	(c)		(7.91	)		19.44			8.43			(1.50	)		5.53

Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.06	(e)		0.06			0.06			0.06			0.05			0.06
Ratio of net investment income to average net assets (%) (f)		1.84	(e)(g)		1.50			1.42			1.55			1.96			1.26
Portfolio turnover rate (%)		9	(c)		11			7			10			13			22
Net assets, end of period (in millions)	$	423.7		$	378.2		$	436.4		$	398.2		$	386.4		$	395.4

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	12.30		$	14.18		$	12.80		$	13.92		$	14.86		$	14.36

Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.17			0.16			0.17			0.25			0.02
Net realized and unrealized gain (loss)		1.64			(1.23	)		2.21			0.81			(0.46	)		0.72

Total income (loss) from investment operations		1.87			(1.06	)		2.37			0.98			(0.21	)		0.74

Less Distributions
Distributions from net investment income		(0.24	)		(0.19	)		(0.22	)		(0.42	)		(0.05	)		(0.24	)
Distributions from net realized capital gains		(1.41	)		(0.63	)		(0.77	)		(1.68	)		(0.68	)		0.00

Total distributions		(1.65	)		(0.82	)		(0.99	)		(2.10	)		(0.73	)		(0.24	)

Net Asset Value, End of Period	$	12.52		$	12.30		$	14.18		$	12.80		$	13.92		$	14.86

Total Return (%) (b)		15.52	(c)		(8.11	)		19.16			8.14			(1.70	)		5.23

Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.31	(e)		0.31			0.31			0.31			0.30			0.31
Ratio of net investment income to average net assets (%) (f)		1.57	(e)(g)		1.26			1.17			1.32			1.73			0.14
Portfolio turnover rate (%)		9	(c)		11			7			10			13			22
Net assets, end of period (in millions)	$	9,790.4		$	9,018.8		$	11,119.7		$	10,460.0		$	10,742.1		$	12,034.0


(a)		Per share amounts based on average shares outstanding during the period.
(b)		Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)		Periods less than one year are not computed on an annualized basis.
(d)		The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)		Computed on an annualized basis.
(f)		Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)		The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	1,257,346,887	$	0	$	941,954,424

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$2,683,040		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2019—(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.

6. Transactions in Securities of Affiliated Issuers


Security Description	Market Value December 31, 2018		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2019
AB International Bond Portfolio (Class A)	$	—	$	147,321,833	$	(317,872	)	$	4,100		$	4,116,215		$	151,124,276
Baillie Gifford International Stock Portfolio (Class A)		393,454,288		31,202,297		(33,531,716	)		10,746,854			37,475,703			439,347,426
BlackRock Bond Income Portfolio (Class A)		303,824,270		10,435,313		(42,098,617	)		(2,531,756	)		11,651,137			281,280,347
BlackRock Capital Appreciation Portfolio (Class A)		306,162,925		54,325,556		(41,270,208	)		10,860,700			5,455,906			335,534,879
BlackRock High Yield Portfolio (Class A)		48,936,926		3,038,638		(2,655,101	)		(192,311	)		1,898,321			51,026,473
Brighthouse Small Cap Value Portfolio (Class A)		155,842,236		17,163,906		(3,221,683	)		(46,515	)		10,073,093			179,811,037
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		248,254,199		2,418,853		(154,566,842	)		4,406,043			28,540,546			129,052,799
Brighthouse/Artisan International Portfolio (Class A)		353,551,365		5,446,052		(35,397,384	)		4,004,941			59,385,261			386,990,235
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		22,939,023		3,144,757		(1,129,603	)		(10,139	)		897,052			25,841,090
Brighthouse/Dimensional International Small Company Portfolio (Class A)		177,186,144		20,467,087		(781,173	)		(137,741	)		925,415			197,659,732
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		97,953,659		4,710,535		(2,697,655	)		(9,324	)		(209,130	)		99,748,085
Brighthouse/Templeton International Bond Portfolio (Class A)		299,329,928		25,380,038		(10,248,911	)		247,232			(15,580,319	)		299,127,968
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		478,162,554		49,565,546		(60,146,696	)		203,051			46,552,002			514,336,457
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		327,385,142		45,246,789		(31,355,900	)		4,098,091			16,333,821			361,707,943
Clarion Global Real Estate Portfolio (Class A)		241,620,426		8,375,314		(28,482,684	)		6,986,488			23,465,731			251,965,275
ClearBridge Aggressive Growth Portfolio (Class A)		416,817,092		66,084,953		(9,435,076	)		5,106,456			(17,310,113	)		461,263,312
Frontier Mid Cap Growth Portfolio (Class A)		47,115,951		6,487,958		(6,547,696	)		1,224,335			3,317,509			51,598,057
Harris Oakmark International Portfolio (Class A)		424,847,183		47,087,750		(9,909,989	)		(307,735	)		9,457,718			471,174,927
Invesco Comstock Portfolio (Class A)		505,261,790		80,271,442		(14,723,958	)		4,735,889			(10,021,699	)		565,523,464
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio)		139,502,183		20,602,494		(13,588,554	)		2,067,293			6,683,542			155,266,958
Invesco Small Cap Growth Portfolio (Class A)		198,481,951		35,953,215		(5,860,049	)		(1,261,610	)		5,336,879			232,650,386
Jennison Growth Portfolio (Class A)		470,133,848		76,732,594		(50,612,919	)		12,153,436			7,336,354			515,743,313

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Security Description	Market Value December 31, 2018		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2019
JPMorgan Core Bond Portfolio (Class A)	$	203,051,494	$	4,821,425	$	(109,847,899	)	$	1,454,236		$	2,590,691		$	102,069,947
JPMorgan Small Cap Value Portfolio (Class A)		133,537,968		17,263,187		(1,306,627	)		46,612			(1,956,777	)		147,584,363
Loomis Sayles Small Cap Growth Portfolio (Class A)		112,711,869		20,603,553		(7,377,665	)		1,214,479			2,739,727			129,891,963
MFS Research International Portfolio (Class A)		285,499,601		18,900,504		(24,953,709	)		5,933,242			24,564,638			309,944,276
MFS Value Portfolio (Class A)		561,880,026		52,265,043		(45,072,219	)		9,629,727			40,708,981			619,411,558
Morgan Stanley Discovery Portfolio (Class A) (formerly, Morgan Stanley Mid Cap Growth Portfolio)		23,038,433		4,337,092		(7,004,155	)		3,137,576			1,793,318			25,302,264
Neuberger Berman Genesis Portfolio (Class A)		23,034,144		3,502,477		(2,242,938	)		751,345			865,456			25,910,484
PIMCO Inflation Protected Bond Portfolio (Class A)		150,548,399		5,461,028		(7,696,623	)		(1,019,217	)		4,881,060			152,174,647
PIMCO Total Return Portfolio (Class A)		303,275,663		9,389,004		(16,597,872	)		(638,296	)		10,212,219			305,640,718
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		122,809,805		(29,103	)		(1,759	)		(2,697,233	)		120,081,710
T. Rowe Price Large Cap Growth Portfolio (Class A)		402,312,232		66,633,292		(43,270,993	)		3,791,896			9,075,913			438,542,340
T. Rowe Price Large Cap Value Portfolio (Class A)		492,938,379		73,883,874		(29,385,813	)		8,003,948			(3,634,408	)		541,805,980
T. Rowe Price Mid Cap Growth Portfolio (Class A)		94,826,970		16,565,352		(13,298,298	)		1,515,318			3,939,657			103,548,999
T. Rowe Price Small Cap Growth Portfolio (Class A)		135,614,362		20,852,982		(11,748,615	)		1,647,158			9,221,079			155,586,966
TCW Core Fixed Income Portfolio (Class A)		253,864,643		7,909,896		(38,818,055	)		972,510			5,558,623			229,487,617
Van Eck Global Natural Resources Portfolio (Class A)		273,659,357		36,993,054		(1,297,182	)		(386,298	)		34,243,032			343,211,963
Wells Capital Management Mid Cap Value Portfolio (Class A)		93,426,350		3,791,269		(10,176,089	)		(2,888,067	)		19,340,600			103,494,063
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		199,666,910		9,901,130		(13,250,283	)		(2,694,147	)		11,638,298			205,261,908

	$	9,399,649,883	$	1,257,346,887	$	(941,954,424	)	$	92,818,041		$	408,865,818		$	10,216,726,205


Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held June 30, 2019
AB International Bond Portfolio (Class A)	$	—	$	—		14,700,805
Baillie Gifford International Stock Portfolio (Class A)		25,425,607		5,769,399		35,661,317
BlackRock Bond Income Portfolio (Class A)		—		10,356,511		2,654,840
BlackRock Capital Appreciation Portfolio (Class A)		53,620,396		705,160		8,332,130
BlackRock High Yield Portfolio (Class A)		—		3,037,873		6,812,613
Brighthouse Small Cap Value Portfolio (Class A)		15,085,443		2,058,134		12,539,124
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		—		2,408,858		11,960,408
Brighthouse/Artisan International Portfolio (Class A)		—		5,444,367		33,047,842
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		2,951,252		192,557		118,401
Brighthouse/Dimensional International Small Company Portfolio (Class A)		17,774,466		2,536,931		17,823,240
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		4,677,011		10,004,823
Brighthouse/Templeton International Bond Portfolio (Class A)		566,861		24,686,802		30,965,628
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		41,361,989		8,203,557		15,680,990
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		41,122,217		4,123,740		26,059,650
Clarion Global Real Estate Portfolio (Class A)		—		8,344,435		20,840,800
ClearBridge Aggressive Growth Portfolio (Class A)		61,245,414		4,823,265		29,511,408
Frontier Mid Cap Growth Portfolio (Class A)		6,487,808		—		1,464,606
Harris Oakmark International Portfolio (Class A)		35,561,318		11,305,621		38,213,700
Invesco Comstock Portfolio (Class A)		66,958,753		13,295,193		43,501,805
Invesco Global Equity Portfolio (Class A) (formerly, Oppenheimer Global Equity Portfolio)		18,992,412		1,607,390		7,241,929
Invesco Small Cap Growth Portfolio (Class A)		35,920,380		—		18,391,335
Jennison Growth Portfolio (Class A)		74,456,627		2,275,967		34,683,478
JPMorgan Core Bond Portfolio (Class A)		—		4,759,739		10,076,007
JPMorgan Small Cap Value Portfolio (Class A)		15,180,999		2,029,745		10,632,879
Loomis Sayles Small Cap Growth Portfolio (Class A)		20,593,068		—		9,628,759
MFS Research International Portfolio (Class A)		14,020,557		4,879,947		26,002,037
MFS Value Portfolio (Class A)		40,469,798		11,786,209		41,349,236
Morgan Stanley Discovery Portfolio (Class A) (formerly, Morgan Stanley Mid Cap Growth Portfolio)		4,335,688		—		1,131,080
Neuberger Berman Genesis Portfolio (Class A)		3,441,837		59,678		1,320,616
PIMCO Inflation Protected Bond Portfolio (Class A)		—		5,421,167		15,512,196
PIMCO Total Return Portfolio (Class A)		—		9,293,290		26,011,976
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		—		12,278,293
T. Rowe Price Large Cap Growth Portfolio (Class A)		64,803,585		1,829,706		20,813,590
T. Rowe Price Large Cap Value Portfolio (Class A)		61,569,895		12,313,979		18,924,414

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held June 30, 2019
T. Rowe Price Mid Cap Growth Portfolio (Class A)	$	16,297,494	$	267,858		9,741,204
T. Rowe Price Small Cap Growth Portfolio (Class A)		20,768,827		72,323		6,854,051
TCW Core Fixed Income Portfolio (Class A)		—		7,833,086		22,432,807
Van Eck Global Natural Resources Portfolio (Class A)		—		2,096,203		39,815,773
Wells Capital Management Mid Cap Value Portfolio (Class A)		2,849,499		941,276		8,823,023
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		9,874,211		15,503,165

	$	761,862,190	$	189,311,188

7. Contractual Obligations

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	10,231,996,316

Gross unrealized appreciation		448,919,007
Gross unrealized depreciation		(464,189,118	)

Net unrealized appreciation (depreciation)	$	(15,270,111	)

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$144,740,754	$	175,067,879	$	489,610,263	$	616,533,214	$	634,351,017	$	791,601,093

As of December 31, 2018, 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			Accumulated Capital Losses		Total
$176,563,535	$	1,015,075,045	$	(424,135,929	)	$	—	$	767,502,651

As of December 31, 2018, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTII-13

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, 2019, the Class A and B shares of the Brighthouse/Dimensional International Small Company Portfolio returned 11.90% and 11.78%, respectively. The Portfolio’s benchmark, the MSCI World ex-U.S. Small Cap Index¹, returned 12.88%.

MARKET ENVIRONMENT / CONDITIONS

In U.S. dollar terms, developed ex-U.S. markets had positive performance for the six-month period, trailing the U.S. market but outperforming emerging markets. The MSCI World ex-USA IM Index (net dividends) returned 14.4%, as compared to 18.7% for the Russell 3000 Index and 10.1% for the MSCI Emerging Markets IM Index (net dividends). Some developed ex-U.S. market currencies, such as the Canadian dollar and the Japanese yen, appreciated relative to the U.S. dollar, while others, such as the Swedish krona and the euro, depreciated.

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, smaller market cap stocks underperformed larger market cap stocks. Large cap stocks (MSCI World ex-U.S. Index, net dividends) returned 14.6%. Small cap stocks (MSCI World ex- U.S. Small Cap Index, net dividends) returned 12.9%, and the smallest market cap stocks, micro caps (MSCI World ex-U.S. Micro Cap Index, net dividends), had the lowest return of 10.0%.

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, 2019, the Portfolio underperformed its benchmark by 98 basis points net of fees.

With micro-cap stocks underperforming small cap stocks for the period, the Portfolio’s greater allocation to micro caps detracted from relative performance. The Portfolio’s exclusion of stocks with the lowest profitability and highest relative price also detracted from relative performance, as those securities outperformed. The Portfolio’s general exclusion of Real Estate Investment Trusts (“REITs”) had a negative impact on relative performance, as REITs outperformed the overall index. Overall, currency movements had a positive impact on the US dollar-denominated returns of the developed ex-U.S. market.

The Portfolio held over 3,900 securities as of June 30, 2019 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.

Jed Fogdall

Arun Keswani

Mary Phillips

Bhanu Singh

Portfolio Managers

Dimensional Fund Advisors LP

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Brighthouse/Dimensional International Small Company Portfolio
Class A		11.90		—8.24		2.89		8.83
Class B		11.78		—8.46		2.64		8.56
MSCI World ex-U.S. Small Cap Index		12.88		—6.17		3.39		9.19

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.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Galapagos NV		0.3
Rheinmetall AG		0.3
Auto Trader Group plc		0.3
Ingenico Group S.A.		0.3
PSP Swiss Property AG		0.3
Intermediate Capital Group plc		0.2
Cellnex Telecom S.A.		0.2
Tate & Lyle plc		0.2
Rubis SCA		0.2
Hiscox, Ltd.		0.2

Top Countries


	% of Net Assets
Japan		22.5
United Kingdom		15.9
Canada		8.5
Australia		6.9
Germany		6.8
Switzerland		5.1
France		4.4
Italy		4.0
Netherlands		3.2
Sweden		3.2

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Brighthouse/Dimensional International Small Company Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.93	%	$	1,000.00	$	1,119.00	$	4.89
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.18	$	4.66

Class B (a)	Actual		1.18	%	$	1,000.00	$	1,117.80	$	6.20
	Hypothetical*		1.18	%	$	1,000.00	$	1,018.94	$	5.91

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

(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, 2019 (Unaudited)

Common Stocks—99.2% of Net Assets


Security Description	Shares		Value

Australia—6.9%
A2B Australia, Ltd.		55,813	$	69,154
Accent Group, Ltd.		90,942		88,561
Adairs, Ltd.		20,017		19,990
Adelaide Brighton, Ltd.		118,950		337,975
AED Oil, Ltd. (a) (b) (d)		93,946		0
Ainsworth Game Technology, Ltd.		51,616		24,243
Alkane Resources, Ltd. (a)		120,355		38,497
Alliance Aviation Services, Ltd.		5,808		10,537
ALS, Ltd.		85,609		443,580
Altium, Ltd.		27,873		669,832
AMA Group, Ltd.		111,029		111,544
Amaysim Australia, Ltd. (a)		29,484		15,342
Ansell, Ltd.		36,143		682,565
AP Eagers, Ltd.		9,996		68,749
Appen, Ltd.		32,399		639,425
ARB Corp., Ltd.		28,061		359,044
Ardent Leisure Group, Ltd. (a)		113,950		84,135
ARQ Group, Ltd.		41,278		20,249
Asaleo Care, Ltd. (a)		98,648		62,761
AUB Group, Ltd.		29,816		218,350
Aurelia Metals, Ltd. (a)		169,705		58,897
Ausdrill, Ltd.		186,432		239,183
Austal, Ltd.		86,940		209,125
Australian Agricultural Co., Ltd. (a)		192,359		134,397
Australian Finance Group, Ltd.		25,492		28,150
Australian Pharmaceutical Industries, Ltd.		174,311		161,850
Auswide Bank, Ltd.		9,275		33,411
Automotive Holdings Group, Ltd.		101,744		200,328
Aveo Group		125,167		165,340
AVJennings, Ltd.		10,332		3,917
Baby Bunting Group, Ltd.		5,851		8,894
Bank of Queensland, Ltd.		95,984		642,644
Bapcor, Ltd.		64,983		254,950
Beach Energy, Ltd.		518,333		731,050
Bega Cheese, Ltd.		77,553		260,437
Bellamy’s Australia, Ltd. (a)		26,287		153,793
Bingo Industries, Ltd.		74,763		118,849
Blackmores, Ltd.		4,893		309,086
Blue Sky Alternative Investments, Ltd. (a) (b) (d)		6,725		873
Bravura Solutions, Ltd.		59,470		203,152
Breville Group, Ltd.		34,410		395,849
Brickworks, Ltd.		5,923		67,789
Bubs Australia, Ltd. (a)		5,279		4,176
Buru Energy, Ltd. (a)		72,570		13,763
BWX, Ltd.		2,270		2,912
Capitol Health, Ltd.		260,324		42,107
Capral, Ltd.		136,176		9,568
Cardno, Ltd. (a)		69,333		46,001
Carnarvon Petroleum, Ltd. (a)		317,906		134,299
carsales.com, Ltd.		79,391		755,478
Cash Converters International, Ltd. (a)		152,939		17,439
Cedar Woods Properties, Ltd.		27,273		109,221
Centuria Capital Group		31,034		38,465
Champion Iron, Ltd. (a)		8,384		17,744
Citadel Group, Ltd. (The)		4,283		13,858
Cleanaway Waste Management, Ltd.		491,537		805,422
Clinuvel Pharmaceuticals, Ltd.		6,994		165,900

Australia—(Continued)
Clover Corp., Ltd.		39,945		54,175
CML Group, Ltd.		38,067		12,165
Codan, Ltd.		27,939		68,080
Collection House, Ltd.		40,783		34,658
Collins Foods, Ltd.		30,579		178,242
Cooper Energy, Ltd. (a)		552,999		210,492
Corporate Travel Management, Ltd.		22,148		350,559
Costa Group Holdings, Ltd.		73,544		209,206
Credit Corp. Group, Ltd.		17,158		319,916
CSG, Ltd. (a)		85,825		10,541
CSR, Ltd.		239,936		659,755
Cudeco, Ltd. (a) (b) (d)		51,210		1,585
Dacian Gold, Ltd. (a)		26,247		9,814
Data #3, Ltd.		55,471		82,620
Decmil Group, Ltd.		78,588		49,919
Dicker Data, Ltd.		5,634		21,307
Domain Holdings Australia, Ltd.		96,746		216,367
Domino’s Pizza Enterprises, Ltd.		10,373		274,499
Downer EDI, Ltd.		64,528		314,290
DuluxGroup, Ltd.		144,897		948,347
DWS, Ltd.		36,847		30,299
Eclipx Group, Ltd.		26,542		24,453
Elders, Ltd.		37,690		164,697
Electro Optic Systems Holdings, Ltd. (a)		20,983		61,911
Emeco Holdings, Ltd. (a)		76,020		110,706
EML Payments, Ltd. (a)		49,831		103,961
Energy World Corp., Ltd. (a)		325,379		13,473
EQT Holdings, Ltd.		3,062		63,731
ERM Power, Ltd.		49,991		65,632
Estia Health, Ltd.		39,193		72,728
Euroz, Ltd.		23,559		20,612
Event Hospitality and Entertainment, Ltd.		38,556		338,293
FAR, Ltd. (a)		653,097		31,691
Fiducian Group, Ltd.		3,121		11,306
Finbar Group, Ltd.		6,909		4,072
Fleetwood Corp., Ltd. (a)		35,042		41,806
FlexiGroup, Ltd.		60,577		69,377
Freedom Foods Group, Ltd.		5,221		18,632
G8 Education, Ltd.		158,694		338,157
Galaxy Resources, Ltd. (a)		98,235		84,644
Genworth Mortgage Insurance Australia, Ltd.		58,063		114,686
Gold Road Resources, Ltd. (a)		211,954		147,468
GrainCorp, Ltd. - Class A		83,590		468,268
Grange Resources, Ltd.		120,000		21,935
Greenland Minerals Ltd. (a)		349,524		33,194
GUD Holdings, Ltd.		39,734		279,934
GWA Group, Ltd.		92,856		223,331
Hansen Technologies, Ltd.		50,238		138,613
Harvey Norman Holdings, Ltd.		37,419		107,146
Hastings Technology Metals, Ltd. (a)		99,951		10,580
Healius, Ltd.		291,166		617,918
Horizon Oil, Ltd. (a)		652,736		48,115
HT&E, Ltd.		109,386		135,394
HUB24, Ltd.		12,409		103,692
Huon Aquaculture Group, Ltd.		2,742		8,672
IDM International, Ltd. (a) (b) (d)		1,969		0
IDP Education, Ltd.		15,657		194,539

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Australia—(Continued)
Iluka Resources, Ltd.		55,847	$	423,257
Imdex, Ltd.		100,165		91,901
IMF Bentham, Ltd. (a)		62,005		127,297
Independence Group NL		126,275		419,587
Infigen Energy, Ltd.		343,467		114,801
Infomedia, Ltd.		131,353		157,262
Inghams Group, Ltd.		61,587		174,021
Integral Diagnostics, Ltd.		19,790		43,911
Integrated Research, Ltd.		28,972		67,184
International Ferro Metals, Ltd. (a) (b) (d)		82,765		0
Invocare, Ltd.		40,710		457,211
IOOF Holdings, Ltd.		118,246		430,067
IPH, Ltd.		43,902		230,199
Iress, Ltd.		54,057		529,530
iSelect, Ltd. (a)		46,213		19,953
iSentia Group, Ltd. (a)		28,120		4,456
IVE Group, Ltd.		19,754		28,584
Japara Healthcare, Ltd.		32,040		25,336
JB Hi-Fi, Ltd.		46,350		842,174
Jumbo Interactive, Ltd.		12,118		172,019
Jupiter Mines, Ltd.		172,194		41,789
Karoon Energy, Ltd. (a)		75,600		50,723
Kingsgate Consolidated, Ltd. (a)		121,238		20,846
Kogan.com, Ltd.		15,239		50,934
Lifestyle Communities, Ltd.		10,784		50,264
Link Administration Holdings, Ltd.		48,258		169,965
Lovisa Holdings, Ltd.		11,216		89,645
Lycopodium, Ltd.		6,179		21,006
Lynas Corp., Ltd. (a)		171,099		309,030
MACA, Ltd.		56,351		35,599
Macmahon Holdings, Ltd. (a)		380,170		49,383
MaxiTRANS Industries, Ltd.		59,013		12,054
Mayne Pharma Group, Ltd. (a)		452,144		162,225
McMillan Shakespeare, Ltd.		29,453		253,127
McPherson’s, Ltd.		34,460		29,167
Medusa Mining, Ltd. (a)		60,972		24,580
Metals X, Ltd. (a)		84,827		14,604
Metcash, Ltd.		385,184		696,268
Millennium Minerals, Ltd. (a)		63,242		4,902
Mincor Resources NL (a)		127,276		39,361
Mineral Resources, Ltd.		41,091		433,103
MMA Offshore, Ltd. (a)		200,470		24,576
Moelis Australia, Ltd.		8,784		23,787
Monadelphous Group, Ltd.		40,177		531,325
Monash IVF Group, Ltd.		21,931		21,531
Money3 Corp., Ltd.		25,929		38,628
Morning Star Gold NL (a) (b) (d)		33,455		0
Mortgage Choice, Ltd.		48,689		37,214
Mount Gibson Iron, Ltd.		406,465		292,577
Myer Holdings, Ltd. (a)		355,143		135,818
MyState, Ltd.		13,575		42,795
Navigator Global Investments, Ltd.		45,623		126,336
Navitas, Ltd. (a)		85,117		348,081
NetComm Wireless, Ltd. (a)		18,166		14,029
Netwealth Group, Ltd.		9,081		51,086
New Hope Corp., Ltd.		32,928		62,760
NEXTDC, Ltd. (a)		82,224		374,958

Australia—(Continued)
nib holdings, Ltd.		171,993		927,282
Nick Scali, Ltd.		21,771		95,836
Nine Entertainment Co. Holdings, Ltd.		529,025		697,487
NRW Holdings, Ltd.		120,820		213,727
Nufarm, Ltd.		112,275		323,877
OceanaGold Corp.		177,811		486,093
OFX Group, Ltd.		99,303		96,841
OM Holdings, Ltd.		21,506		12,374
Onevue Holdings, Ltd. (a)		33,268		9,697
oOh!media, Ltd.		55,990		153,732
Orora, Ltd.		310,992		708,143
OZ Minerals, Ltd.		134,369		948,659
Pacific Current Group, Ltd.		8,717		27,874
Pacific Niugini, Ltd. (a)		76,910		10,779
Pacific Smiles Group, Ltd.		13,431		11,006
Pact Group Holdings, Ltd.		32,535		63,868
Panoramic Resources, Ltd. (a)		180,452		37,465
Paragon Care, Ltd.		45,405		13,232
Peet, Ltd.		88,199		69,363
Pendal Group, Ltd.		62,285		313,459
Perpetual, Ltd.		17,753		527,451
Perseus Mining, Ltd. (a)		231,401		95,356
Platinum Asset Management, Ltd.		71,195		242,839
Pluton Resources, Ltd. (a) (b) (d)		48,332		0
Praemium, Ltd. (a)		98,955		27,761
Premier Investments, Ltd.		44,992		480,313
Prime Media Group, Ltd. (a)		93,371		13,742
Pro Medicus, Ltd.		13,002		231,448
PWR Holdings, Ltd.		5,725		16,596
Qube Holdings, Ltd.		167,852		358,602
Quintis, Ltd. (a) (b) (d)		106,522		0
RCR Tomlinson, Ltd. (a) (b) (d)		113,813		0
Reckon, Ltd.		36,898		14,509
Regis Healthcare, Ltd.		44,832		82,754
Regis Resources, Ltd.		180,703		671,883
Reject Shop, Ltd. (The)		12,421		15,959
Resolute Mining, Ltd.		277,334		260,990
Rhipe, Ltd.		12,338		24,879
Ridley Corp., Ltd.		123,003		102,861
RPMGlobal Holdings, Ltd. (a)		4,190		1,708
Ruralco Holdings, Ltd.		9,291		27,132
Salmat, Ltd.		45,807		15,762
Sandfire Resources NL		45,376		213,842
Saracen Mineral Holdings, Ltd. (a)		349,701		905,142
SeaLink Travel Group, Ltd.		11,458		30,681
Select Harvests, Ltd.		35,131		178,902
Senex Energy, Ltd. (a)		400,753		100,127
Servcorp, Ltd.		21,215		52,291
Service Stream, Ltd.		79,474		156,984
Seven Group Holdings, Ltd.		7,838		102,151
Seven West Media, Ltd. (a)		408,410		133,699
SG Fleet Group, Ltd.		24,267		50,348
Sheffield Resources, Ltd. (a)		47,049		11,921
Sigma Healthcare, Ltd.		560,969		218,863
Silver Chef, Ltd. (a)		8,928		1,935
Silver Lake Resources, Ltd. (a)		141,935		124,819
SmartGroup Corp., Ltd.		22,008		128,985

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Australia—(Continued)
Southern Cross Media Group, Ltd.		229,061	$	201,382
Spark Infrastructure Group		426,801		728,379
SpeedCast International, Ltd.		65,225		159,878
SRG Global, Ltd.		9,380		3,264
St. Barbara, Ltd.		266,331		549,837
Stanmore Coal, Ltd.		11,240		11,259
Steadfast Group, Ltd.		198,774		490,540
Strike Energy, Ltd. (a)		253,760		10,708
Sundance Energy Australia, Ltd. (a)		204,616		39,941
Sunland Group, Ltd.		40,150		47,880
Super Retail Group, Ltd.		65,652		379,538
Superloop, Ltd. (a)		12,038		13,034
Syrah Resources, Ltd. (a)		15,666		9,679
Syrah Resources, Ltd. (a)		78,330		48,492
Tassal Group, Ltd.		80,622		277,722
Technology One, Ltd.		85,252		472,249
Thorn Group, Ltd. (a)		62,916		13,450
Tiger Resources, Ltd. (a) (b) (d)		591,241		222
Troy Resources, Ltd. (a)		106,145		7,155
Villa World, Ltd.		37,045		57,501
Village Roadshow, Ltd. (a)		38,999		77,215
Virgin Australia Holdings, Ltd. (a)		442,369		52,861
Virgin Australia International Holding, Ltd. (a) (b) (d)		968,773		1
Virtus Health, Ltd.		37,091		117,232
Vista Group International, Ltd.		24,156		98,241
Vita Group, Ltd.		30,359		27,822
Vocus Group, Ltd. (a)		160,338		369,118
Webjet, Ltd.		33,524		320,512
Western Areas, Ltd.		118,029		163,155
Westgold Resources, Ltd. (a)		37,679		49,618
Whitehaven Coal, Ltd.		31,220		80,660
WPP AUNZ, Ltd.		131,382		44,305

				43,682,758


Austria—1.3%
A-TEC Industries AG (b) (d)		1		0
Agrana Beteiligungs AG		5,812		126,434
ams AG (a)		13,391		525,125
Andritz AG		17,690		666,827
Austria Technologie & Systemtechnik AG		14,133		255,870
CA Immobilien Anlagen AG		20,949		769,153
DO & Co. AG		2,435		234,801
EVN AG		12,657		191,413
FACC AG		6,291		88,286
Flughafen Wien AG		267		11,977
IMMOFINANZ AG (a)		25,753		670,656
Kapsch TrafficCom AG		1,870		68,048
Lenzing AG		3,209		357,631
Mayr Melnhof Karton AG		3,211		404,396
Oberbank AG		198		21,479
Oesterreichische Post AG		10,088		338,987
Palfinger AG		5,204		159,776
POLYTEC Holding AG (e)		8,428		83,767
Porr AG (e)		2,048		45,181
Rosenbauer International AG		1,615		78,052
S IMMO AG (e)		23,207		501,458

Austria—(Continued)
S&T AG		14,298		332,969
Schoeller-Bleckmann Oilfield Equipment AG		3,509		297,687
Semperit AG Holding (a) (e)		5,443		80,371
Strabag SE		6,827		236,301
Telekom Austria AG (a)		37,440		282,524
UBM Development AG		1,207		52,909
UNIQA Insurance Group AG		36,921		344,057
Vienna Insurance Group AG Wiener Versicherung Gruppe		10,841		277,998
Wienerberger AG		39,101		965,594
Zumtobel Group AG (a)		13,016		102,109

				8,571,836


Belgium—1.8%
Ackermans & van Haaren NV		7,373		1,106,367
AGFA-Gevaert NV (a)		67,517		262,454
Atenor		1,089		91,138
Banque Nationale de Belgique		88		229,195
Barco NV		4,866		1,026,248
Bekaert S.A.		11,685		313,727
Biocartis NV (a) (e)		10,340		122,328
bpost S.A.		18,928		179,430
Cie d’Entreprises CFE (e)		3,200		303,491
Cie Immobiliere de Belgique S.A.		1,276		85,607
D’ieteren S.A.		8,787		403,694
Deceuninck NV		27,313		62,733
Econocom Group S.A.		39,556		141,398
Elia System Operator S.A. (e)		11,909		877,066
Euronav NV		38,347		359,329
EVS Broadcast Equipment S.A.		4,761		110,589
Exmar NV (a)		10,339		65,822
Fagron		12,062		244,936
Galapagos NV (a)		16,401		2,115,795
GIMV NV		3,198		201,828
Ion Beam Applications (a) (e)		6,507		98,405
Jensen-Group NV		1,035		38,108
Kinepolis Group NV		5,586		305,132
Lotus Bakeries NV		96		256,537
MDxHealth (a) (e)		8,434		11,857
Melexis NV (e)		5,431		367,508
Nyrstar NV (a) (e)		26,926		6,422
Ontex Group NV		16,729		269,416
Orange Belgium S.A.		13,209		262,023
Oxurion NV (a)		12,685		55,003
Picanol		1,096		82,211
Recticel S.A.		18,423		166,143
Resilux NV		229		35,154
Roularta Media Group NV		1,629		24,534
Sioen Industries NV		3,002		81,929
Sipef S.A. (e)		3,358		160,757
Telenet Group Holding NV		3,472		193,639
TER Beke S.A.		141		19,480
Tessenderlo Group S.A. (a)		13,457		449,129
Van de Velde NV		1,970		61,479
Viohalco S.A. (a)		45,397		222,686

				11,470,727

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Canada—8.5%
5N Plus, Inc. (a) (e)		33,732	$	68,518
Absolute Software Corp.		18,754		114,281
Acadian Timber Corp.		3,800		47,792
Advantage Oil & Gas, Ltd. (a) (e)		91,030		113,305
Aecon Group, Inc.		30,622		448,264
AG Growth International, Inc.		5,820		244,435
AGF Management, Ltd. - Class B		32,280		128,178
Aimia, Inc. (a) (e)		48,671		141,975
AirBoss of America Corp.		3,761		24,354
AKITA Drilling, Ltd. - Class A		3,414		6,518
Alamos Gold, Inc. - Class A		128,019		772,288
Alaris Royalty Corp. (e)		16,654		239,213
Alcanna, Inc.		12,660		57,715
Alexco Resource Corp. (a)		22,734		26,040
Algoma Central Corp.		4,410		44,789
Alio Gold, Inc. (a)		5,966		4,601
Altius Minerals Corp.		12,660		122,970
Altus Group, Ltd.		8,988		220,110
Americas Silver Corp. (a)		4,400		10,214
Amerigo Resources, Ltd. (a)		35,000		19,243
Andrew Peller, Ltd. - Class A		11,417		119,876
ARC Resources, Ltd. (e)		70,730		346,210
Aritzia, Inc. (a)		17,337		222,149
Asanko Gold, Inc. (a)		23,027		14,595
Athabasca Oil Corp. (a) (e)		144,824		81,837
ATS Automation Tooling Systems, Inc. (a)		31,233		508,009
AutoCanada, Inc. (e)		8,428		73,883
B2Gold Corp. (a)		261,745		795,499
Badger Daylighting, Ltd.		12,862		469,281
Baytex Energy Corp. (a) (e)		166,118		257,508
Birchcliff Energy, Ltd.		80,388		159,604
Bird Construction, Inc.		18,612		80,301
Black Diamond Group, Ltd. (a)		19,812		31,014
BMTC Group, Inc.		5,387		51,873
BNK Petroleum, Inc. (a)		17,500		2,940
Bonavista Energy Corp.		75,351		28,194
Bonterra Energy Corp. (e)		12,499		51,636
Boralex, Inc. - Class A		22,918		344,588
Bridgemarq Real Estate Services		3,500		39,850
Calfrac Well Services, Ltd. (a) (e)		35,593		56,534
Calian Group, Ltd.		2,846		73,348
Canaccord Genuity Group, Inc.		54,653		250,405
Canacol Energy, Ltd. (a) (e)		40,661		136,618
Canadian Western Bank		32,028		730,538
Canfor Corp. (a)		17,141		139,139
Canfor Pulp Products, Inc.		15,297		125,455
CanWel Building Materials Group, Ltd. (e)		19,304		71,494
Capital Power Corp.		41,208		948,739
Capstone Mining Corp. (a)		117,839		53,091
Cardinal Energy, Ltd. (e)		32,459		59,487
Cascades, Inc. (e)		35,836		288,428
Celestica, Inc. (a)		38,585		263,411
Celestica, Inc. (U.S. Listed Shares) (a)		223		1,523
Centerra Gold, Inc. (a)		65,485		461,053
Cervus Equipment Corp.		2,998		27,793
CES Energy Solutions Corp.		90,181		166,651
Chesswood Group, Ltd.		4,400		33,767

Canada—(Continued)
Cineplex, Inc.		19,436		341,212
Clairvest Group, Inc.		200		7,827
Clearwater Seafoods, Inc.		10,644		41,818
Cogeco Communications, Inc.		5,136		369,370
Cogeco, Inc.		2,309		147,333
Colliers International Group, Inc.		10,661		762,239
Computer Modelling Group, Ltd.		28,920		160,771
Conifex Timber, Inc. (a)		3,500		2,913
Continental Gold, Inc. (a)		51,600		149,337
Copper Mountain Mining Corp. (a)		63,622		40,810
Corby Spirit and Wine, Ltd.		3,957		54,843
Corridor Resources, Inc. (a)		21,385		10,778
Corus Entertainment, Inc. - B Shares		31,990		149,989
Cott Corp.		45,705		610,075
Cott Corp. (U.S. Listed Shares)		2,000		26,700
Crescent Point Energy Corp.		21,037		69,558
Crew Energy, Inc. (a)		69,029		42,697
CRH Medical Corp. (a)		27,305		82,152
Delphi Energy Corp. (a) (e)		95,850		10,979
Denison Mines Corp. (a) (e)		247,548		132,323
Descartes Systems Group, Inc. (The) (a)		18,229		674,426
Detour Gold Corp. (a)		51,570		650,557
DHX Media, Ltd. (a) (e)		41,896		59,506
DIRTT Environmental Solutions (a)		17,310		98,476
Dorel Industries, Inc. - Class B		12,134		98,310
DREAM Unlimited Corp. - Class A		14,371		79,781
Dundee Precious Metals, Inc. (a)		45,872		170,941
E-L Financial Corp., Ltd.		377		214,474
Echelon Financial Holdings, Inc.		900		3,773
ECN Capital Corp.		87,631		282,389
EcoSynthetix, Inc. (a)		800		1,875
Eldorado Gold Corp. (a)		55,258		321,113
Element Fleet Management Corp.		109,572		799,899
Endeavour Silver Corp. (a) (e)		49,248		101,538
Enerflex, Ltd.		29,289		381,335
Enerplus Corp. (e)		56,230		422,943
Enghouse Systems, Ltd.		14,178		374,926
Ensign Energy Services, Inc.		51,526		168,796
Entertainment One, Ltd.		113,037		569,937
Equitable Group, Inc.		4,209		233,310
ERO Copper Corp. (a)		7,390		125,165
Essential Energy Services Trust (a) (e)		53,526		12,671
Evertz Technologies, Ltd.		10,149		141,980
Exchange Income Corp.		2,651		77,331
Exco Technologies, Ltd.		13,332		78,900
EXFO, Inc. (a)		85		327
Extendicare, Inc.		34,956		223,955
Fiera Capital Corp.		16,619		143,150
Finning International, Inc.		1,200		21,873
Firm Capital Mortgage Investment Corp.		9,574		98,917
First Majestic Silver Corp. (a) (e)		42,360		334,468
First Mining Gold Corp. (a)		50,000		8,591
First National Financial Corp. (e)		4,907		117,097
FirstService Corp.		7,950		764,919
Fission Uranium Corp. (a) (e)		114,725		42,051
Fortuna Silver Mines, Inc. (a)		60,121		171,243
Freehold Royalties, Ltd.		35,012		226,453

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Canada—(Continued)
Gamehost, Inc.		4,952	$	36,567
GDI Integrated Facility Services, Inc. (a)		1,400		29,132
Gear Energy, Ltd. (a)		34,663		15,088
Genesis Land Development Corp.		14,348		26,515
Genworth MI Canada, Inc. (e)		15,602		493,717
Gibson Energy, Inc.		41,125		733,281
Glacier Media, Inc. (a)		9,600		5,498
GMP Capital, Inc. (e)		28,336		49,118
Goeasy, Ltd.		3,895		157,638
GoldMoney, Inc. (a) (e)		11,000		18,312
Gran Tierra Energy, Inc. (a)		112,213		175,661
Great Canadian Gaming Corp. (a)		20,308		688,538
Great Panther Silver, Ltd. (a)		73,540		62,896
Guardian Capital Group, Ltd. - Class A		3,800		70,948
Guyana Goldfields, Inc. (a)		57,547		45,262
Hanfeng Evergreen, Inc. (a) (b) (d)		12,100		0
Heroux-Devtek, Inc. (a)		14,606		213,700
High Arctic Energy Services, Inc.		3,900		9,887
High Liner Foods, Inc.		8,307		56,393
Home Capital Group, Inc. (a) (e)		23,902		353,908
Horizon North Logistics, Inc.		54,212		76,999
HudBay Minerals, Inc.		103,103		558,207
Hudson’s Bay Co. (e)		35,831		262,669
IAMGOLD Corp. (a)		162,515		549,762
IBI Group, Inc. (a)		5,900		22,527
Imperial Metals Corp. (a) (e)		18,151		35,206
Indigo Books & Music, Inc. (a)		1,986		11,935
Information Services Corp.		2,900		35,653
Innergex Renewable Energy, Inc.		40,708		433,332
InPlay Oil Corp. (a)		7,800		3,455
Interfor Corp. (a)		31,992		340,551
International Petroleum Corp. (a)		25,919		115,389
International Tower Hill Mines, Ltd. (a)		21,604		12,208
Intertain Group, Ltd. (The) (a)		800		7,166
Intertape Polymer Group, Inc.		23,413		329,146
Invesque, Inc.		9,800		71,050
Ivanhoe Mines, Ltd. - Class A (a) (e)		149,994		476,481
Jamieson Wellness, Inc.		11,072		170,026
Just Energy Group, Inc.		50,690		217,926
K-Bro Linen, Inc.		3,219		98,324
Kelt Exploration, Ltd. (a)		58,951		175,563
Kinaxis, Inc. (a)		7,097		442,604
Kinder Morgan Canada, Ltd.		3,100		27,626
Kingsway Financial Services, Inc. (a) (e)		8,765		21,474
Knight Therapeutics, Inc. (a)		40,310		237,634
KP Tissue, Inc.		1,400		8,670
Labrador Iron Ore Royalty Corp.		19,200		513,447
Largo Resources, Ltd. (a) (e)		83,173		114,958
Lassonde Industries, Inc. - Class A		600		90,113
Laurentian Bank of Canada		14,283		490,588
Leagold Mining Corp. (a)		9,400		14,284
Leon’s Furniture, Ltd.		9,639		111,144
Lightstream Resources, Ltd. (a) (b) (d)		108,373		0
Linamar Corp.		12,601		470,342
Lucara Diamond Corp.		110,136		132,881
Lundin Gold, Inc. (a)		11,400		57,107
Magellan Aerospace Corp.		5,794		72,118

Canada—(Continued)
Mainstreet Equity Corp. (a)		2,561		109,496
Major Drilling Group International, Inc. (a)		36,670		118,448
Manitok Energy, Inc. (a) (b) (d)		122		0
Maple Leaf Foods, Inc.		13,880		303,981
Martinrea International, Inc.		32,289		267,770
Maxim Power Corp. (a)		2,800		4,020
Mediagrif Interactive Technologies, Inc.		4,176		23,438
Medical Facilities Corp.		12,861		121,681
MEG Energy Corp. (a)		66,854		256,277
Melcor Developments, Ltd.		3,120		30,377
Morguard Corp.		1,400		200,237
Morneau Shepell, Inc.		18,485		417,396
Mountain Province Diamonds, Inc.		1,600		1,576
MTY Food Group, Inc.		6,320		315,433
Mullen Group, Ltd.		37,792		274,158
New Gold, Inc. (a)		156,948		152,208
NFI Group, Inc.		13,236		372,959
Norbord, Inc.		9,625		238,576
North American Construction Group, Ltd.		14,743		158,851
North West Co., Inc. (The)		16,971		387,357
Northland Power, Inc.		25,777		501,938
NuVista Energy, Ltd. (a)		59,117		117,823
Obsidian Energy, Ltd. (a)		23,312		27,770
Osisko Gold Royalties, Ltd.		35,481		369,834
Osisko Mining, Inc. (a)		12,300		30,995
Painted Pony Energy, Ltd. (a) (e)		38,738		28,398
Pan American Silver Corp.		71,358		922,524
Paramount Resources, Ltd. - Class A (a) (e)		19,290		96,189
Parex Resources, Inc. (a)		55,359		888,162
Park Lawn Corp.		5,056		111,077
Pason Systems, Inc.		22,516		326,336
Pengrowth Energy Corp. (a) (e)		183,295		68,584
Peyto Exploration & Development Corp. (e)		38,891		116,416
Photon Control, Inc. (a)		20,200		17,893
PHX Energy Services Corp. (a)		12,350		27,255
Pinnacle Renewable Energy, Inc.		2,300		17,072
Pivot Technology Solutions, Inc.		4,800		5,168
Pizza Pizza Royalty Corp.		6,998		53,385
Points International, Ltd. (a)		5,320		66,137
Polaris Infrastructure, Inc.		4,000		44,962
Pollard Banknote, Ltd.		2,090		38,543
Polymet Mining Corp. (a) (e)		38,355		16,109
PrairieSky Royalty, Ltd.		816		11,465
Precision Drilling Corp. (a)		103,898		195,173
Premier Gold Mines, Ltd. (a)		47,868		74,568
Premium Brands Holdings Corp. (e)		8,225		562,193
Pretium Resources, Inc. (a)		47,067		470,472
Pulse Seismic, Inc. (a)		15,720		26,529
Quarterhill, Inc.		58,061		62,515
Questerre Energy Corp. - Class A (a) (e)		83,569		15,316
Real Matters, Inc. (a)		7,600		39,754
Recipe Unlimited Corp.		4,150		83,662
Reitmans Canada, Ltd. - Class A		20,566		44,287
Richelieu Hardware, Ltd. (e)		18,490		311,614
Rocky Mountain Dealerships, Inc.		5,738		34,221
Rogers Sugar, Inc.		35,106		150,391
Roxgold, Inc. (a)		66,400		54,761

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Canada—(Continued)
Russel Metals, Inc.		24,422	$	412,146
Sabina Gold & Silver Corp. (a)		57,206		58,099
Sandstorm Gold, Ltd. (a) (e)		58,462		324,553
Savaria Corp. (e)		10,600		109,031
Secure Energy Services, Inc.		55,376		301,924
SEMAFO, Inc. (a)		123,983		488,528
Seven Generations Energy, Ltd. - Class A (a)		17,835		87,435
ShawCor, Ltd.		21,791		304,846
Sienna Senior Living, Inc.		22,176		329,368
Sierra Wireless, Inc. (a) (e)		16,910		204,668
Sleep Country Canada Holdings, Inc.		12,404		179,967
Sprott, Inc.		60,427		155,503
SSR Mining, Inc. (a)		37,551		513,851
Stantec, Inc.		30,013		720,330
Stelco Holdings, Inc.		4,155		48,227
Stella-Jones, Inc.		13,794		497,808
STEP Energy Services, Ltd. (a)		6,800		9,762
Storm Resources, Ltd. (a)		11,300		15,618
Stornoway Diamond Corp. (a)		70,074		1,338
Strad, Inc. (a)		10,641		12,595
Street Capital Group, Inc. (a)		5,900		2,974
Stuart Olson, Inc.		11,157		28,882
SunOpta, Inc. (a)		26,392		86,862
Superior Plus Corp.		52,215		532,696
Surge Energy, Inc. (e)		85,275		83,351
Tamarack Valley Energy, Ltd. (a)		69,684		111,213
Taseko Mines, Ltd. (a)		108,786		57,319
TeraGo, Inc. (a)		4,100		34,439
Teranga Gold Corp. (a)		32,418		99,268
Tervita Corp. (a)		3,508		18,216
TFI International, Inc.		25,823		781,463
Tidewater Midstream and Infrastructure, Ltd. (e)		58,200		63,553
Timbercreek Financial Corp.		20,843		151,044
TMX Group, Ltd.		1,645		114,436
TORC Oil & Gas, Ltd.		47,624		148,740
Torex Gold Resources, Inc. (a)		23,594		242,507
Total Energy Services, Inc.		17,786		112,185
TransAlta Corp.		97,104		631,764
TransAlta Renewables, Inc.		28,608		302,563
Transcontinental, Inc. - Class A		26,130		291,120
TransGlobe Energy Corp.		36,372		50,827
Trevali Mining Corp. (a)		90,600		19,372
Trican Well Service, Ltd. (a) (e)		101,707		90,869
Tricon Capital Group, Inc.		46,139		352,327
Trisura Group, Ltd. (a)		1,000		22,901
Uni-Select, Inc.		13,271		125,864
Valener, Inc.		16,303		321,441
Vecima Networks, Inc.		2,500		17,086
Vermilion Energy, Inc.		4,045		87,878
VersaBank		2,000		10,889
Wajax Corp.		7,885		94,713
Wesdome Gold Mines, Ltd. (a)		56,007		230,520
Western Forest Products, Inc. (e)		145,247		177,462
WestJet Airlines, Ltd.		861		20,211
Westshore Terminals Investment Corp.		18,288		306,953
Whitecap Resources, Inc. (e)		109,367		354,939
Winpak, Ltd.		8,852		292,014

Canada—(Continued)
Yamana Gold, Inc.		316,181		801,589
Yangarra Resources, Ltd. (a)		24,087		41,385
Yellow Pages, Ltd. (a) (e)		6,975		37,710
Zenith Capital Corp. (b) (d)		12,830		794

				53,894,534


China—0.3%
APT Satellite Holdings, Ltd.		164,250		66,754
Asia Satellite Telecommunications Holdings, Ltd.		58,500		70,326
BeijingWest Industries International, Ltd.		41,200		3,476
BOE Varitronix, Ltd.		137,000		40,185
Bund Center Investment, Ltd.		138,000		56,613
CGN Mining Co., Ltd.		145,000		6,410
China Display Optoelectronics Technology Holdings, Ltd. (a)		136,000		10,221
China Gold International Resources Corp., Ltd. (a)		79,013		98,951
China Ludao Technology Co., Ltd. (a)		56,000		7,390
China New Higher Education Group, Ltd.		99,000		38,573
China Shandong Hi-Speed Financial Group, Ltd. (a)		648,000		26,962
China Sunsine Chemical Holdings, Ltd.		35,000		29,502
Chong Hing Bank, Ltd.		47,000		79,822
CITIC Telecom International Holdings, Ltd.		467,000		184,878
FIH Mobile, Ltd. (a) (e)		799,000		89,104
First Sponsor Group, Ltd.		9,490		9,327
Fountain SET Holdings, Ltd.		422,000		64,747
Goodbaby International Holdings, Ltd.		193,000		43,765
Guangnan Holdings, Ltd.		264,000		31,403
Guotai Junan International Holdings, Ltd.		724,600		125,375
Leyou Technologies Holdings, Ltd. (a)		160,000		47,968
Mega Expo Holdings, Ltd.		305,000		81,426
Microport Scientific Corp.		7,000		5,206
Neo-Neon Holdings, Ltd. (a)		322,500		25,179
Shenwan Hongyuan HK, Ltd.		172,500		30,751
SITC International Holdings Co., Ltd.		298,000		305,093

				1,579,407


Colombia—0.0%
Frontera Energy Corp.		3,075		31,794


Denmark—2.0%
Agat Ejendomme A/S (a)		37,491		23,299
ALK-Abello A/S (a)		2,089		487,605
Alm Brand A/S		28,684		253,246
Ambu A/S - Class B		33,588		544,115
Bang & Olufsen A/S (a)		10,209		71,081
Bavarian Nordic A/S (a)		10,666		263,779
Brodrene Hartmann A/S		663		31,919
Columbus A/S		20,865		39,409
D/S Norden A/S (e)		10,815		155,599
DFDS A/S (e)		11,185		474,252
FLSmidth & Co. A/S		15,133		684,762
H+H International A/S - Class B (a)		5,958		95,143
Harboes Bryggeri A/S - Class B		1,454		16,827
IC Group A/S		3,209		19,065
ISS A/S		28,362		856,269
Jeudan A/S		410		64,331
Jyske Bank A/S		22,289		772,392

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Denmark—(Continued)
Matas A/S		8,890	$	96,410
Nilfisk Holding A/S (a)		9,691		270,827
NKT A/S (a)		6,820		105,062
NNIT A/S		2,656		51,249
Pandora A/S		7,974		283,724
Parken Sport & Entertainment A/S		2,351		41,555
PER Aarsleff Holding A/S		8,472		301,960
Ringkjoebing Landbobank A/S		9,911		643,287
Rockwool International A/S - B Shares		2,173		555,014
Royal Unibrew A/S		15,546		1,135,779
RTX A/S		3,387		81,562
Scandinavian Tobacco Group A/S		15,853		184,793
Schouw & Co. A/S		5,566		423,912
SimCorp A/S		13,316		1,287,837
Solar A/S - B Shares		2,435		117,228
Spar Nord Bank A/S		32,428		285,023
Sydbank A/S (e)		26,018		495,903
Tivoli A/S		719		74,902
Topdanmark A/S		22,026		1,242,082
Tryg A/S		732		23,795
United International Enterprises		850		169,363
Veloxis Pharmaceuticals A/S (a) (e)		115,226		45,646
Vestjysk Bank A/S (a)		132,795		85,381
Zealand Pharma A/S (a)		7,520		163,448

				13,018,835


Faeroe Islands—0.0%
BankNordik P/F		628		10,428


Finland—2.5%
Aktia Bank Oyj		9,111		89,442
Alma Media Oyj		22,695		151,228
Apetit Oyj		1,205		11,811
Asiakastieto Group Oyj		3,615		118,390
Aspo Oyj		8,414		86,491
Atria Oyj		4,065		35,731
BasWare Oyj (a)		3,525		72,796
Bittium Oyj		8,034		57,005
Cargotec Oyj - B Shares		12,591		477,957
Caverion Oyj		36,589		286,603
Citycon Oyj		29,399		306,390
Cramo Oyj		10,190		241,874
Digia Oyj		3,254		12,358
F-Secure Oyj (a)		35,820		101,158
Ferratum Oyj		2,093		24,535
Finnair Oyj		24,728		197,121
Fiskars Oyj Abp		17,515		287,144
HKScan Oyj - A Shares (a)		6,704		12,333
Huhtamaki Oyj		34,101		1,402,302
Ilkka-Yhtyma Oyj		5,725		23,436
Kemira Oyj		41,153		605,560
Kesko Oyj - A Shares		1,323		70,875
Kesko Oyj - B Shares		18,443		1,025,748
Konecranes Oyj		16,662		636,125
Lassila & Tikanoja Oyj		12,398		202,450
Metsa Board Oyj		86,501		464,504

Finland—(Continued)
Metso Oyj		30,309		1,190,923
Nokian Renkaat Oyj		38,871		1,213,873
Olvi Oyj - A Shares		6,303		245,117
Oriola-KD Oyj - B Shares		53,692		122,751
Orion Oyj - Class A		8,256		300,019
Orion Oyj - Class B		30,379		1,113,814
Outokumpu Oyj		102,277		348,976
Outotec Oyj (a)		52,402		276,841
Ponsse Oyj		3,208		115,999
QT Group Oyj (a)		2,605		39,028
Raisio Oyj - V Shares		55,399		182,997
Ramirent Oyj		31,090		316,064
Rapala VMC Oyj		8,902		30,569
Raute Oyj - A Shares		72		1,859
Revenio Group Oyj		5,251		119,400
Sanoma Oyj		31,912		307,915
Stockmann Oyj Abp - B Shares (a)		11,956		29,973
Teleste Oyj		2,149		14,418
Tieto Oyj		21,736		644,028
Tikkurila Oyj		12,873		216,655
Tokmanni Group Corp.		16,448		149,995
Uponor Oyj		19,661		213,582
Vaisala Oyj - A Shares		6,772		168,651
Valmet Oyj		37,354		932,326
YIT Oyj		55,499		341,642

				15,638,782


France—4.4%
ABC Arbitrage		5,883		42,747
Actia Group		4,338		20,678
Adocia (a)		1,803		37,532
Air France-KLM (a)		60,287		579,454
Akka Technologies S.A.		3,906		281,166
AKWEL		3,301		60,437
Albioma S.A.		13,155		348,681
Altamir Amboise		9,152		168,698
Alten S.A.		8,662		1,038,247
Altran Technologies S.A.		70,743		1,122,690
Amplitude Surgical SAS (a)		2,894		6,518
APRIL S.A.		8,341		204,933
Assystem		4,398		178,828
Aubay		2,423		86,462
Axway Software S.A.		2,132		31,566
Baikowski SAS (a)		234		4,231
Bastide le Confort Medical		1,345		59,098
Beneteau S.A.		15,076		165,891
Bigben Interactive (e)		4,507		60,779
Boiron S.A.		2,586		109,832
Bonduelle SCA (e)		6,799		222,648
Bourbon S.A. (a)		1,528		3,641
Burelle S.A. (e)		117		113,092
Casino Guichard Perrachon S.A. (e)		6,523		222,537
Catering International Services		541		7,725
Cegedim S.A. (a)		2,643		80,696
CGG S.A. (a)		179,336		338,399
Chargeurs S.A.		7,775		154,189

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

France—(Continued)
Cie des Alpes		4,122	$	114,138
Cie Plastic Omnium S.A.		14,727		384,058
Coface S.A.		31,535		318,467
Derichebourg S.A.		33,761		129,774
Devoteam S.A.		1,974		236,153
Electricite de Strasbourg S.A.		329		40,409
Elior Group S.A.		35,740		492,387
Elis S.A. (e)		34,437		624,650
Eramet		3,022		201,606
Esso S.A. Francaise		1,341		37,512
Etablissements Maurel et Prom		5,328		17,663
Europcar Groupe S.A.		25,144		179,140
Eutelsat Communications S.A.		54,694		1,022,994
Exel Industries - A Shares		618		33,393
Fleury Michon S.A.		461		19,774
Fnac Darty S.A. (a)		6,777		504,946
Gaztransport Et Technigaz S.A.		5,684		569,798
GEA		165		18,774
GL Events		4,878		127,867
Groupe Crit		1,062		71,612
Groupe Gorge		2,544		47,252
Groupe Open		1,736		35,077
Guerbet		2,188		118,552
Haulotte Group S.A.		5,337		43,209
HERIGE SADCS		235		6,713
HEXAOM		1,526		63,423
ID Logistics Group (a)		863		153,284
Imerys S.A.		6,375		339,549
Ingenico Group S.A.		18,646		1,649,262
Interparfums S.A.		452		21,664
IPSOS		12,134		320,128
Jacquet Metal Service (e)		7,099		145,793
Kaufman & Broad S.A.		7,068		270,523
Korian S.A.		21,040		802,127
Lagardere SCA		36,064		939,116
Lanson-BCC		15		495
Latecoere SACA (a)		26,469		86,673
Laurent-Perrier		1,367		139,273
Le Belier		490		16,934
Lectra		9,223		236,447
Linedata Services		1,348		40,926
LISI		8,732		282,496
LNA Sante S.A.		1,768		88,660
Maisons du Monde S.A.		12,472		298,024
Manitou BF S.A.		3,893		120,581
Manutan International		589		46,882
Mersen S.A.		8,483		325,581
METabolic EXplorer S.A. (a)		6,035		10,511
Metropole Television S.A.		8,342		158,186
Mr. Bricolage		601		2,734
Neopost S.A.		13,609		291,095
Nexans S.A.		10,974		368,427
Nexity S.A.		12,995		561,538
Nicox (a)		1,834		10,426
NRJ Group		9,690		78,893
Oeneo S.A.		8,136		95,290
Onxeo S.A. (a)		8,671		7,454

France—(Continued)
Onxeo S.A. (a) (e)		4,566		3,965
Pierre & Vacances S.A. (a)		2,596		46,210
Plastivaloire		1,576		11,516
PSB Industries S.A.		234		7,557
Rallye S.A. (e)		9,791		78,474
Recylex S.A. (a) (e)		3,335		13,161
Rexel S.A.		101,834		1,292,979
Robertet S.A.		154		111,924
Rothschild & Co.		3,204		103,997
Rubis SCA		26,600		1,497,894
Samse S.A.		107		17,714
Savencia S.A.		2,303		172,903
Seche Environnement S.A.		1,555		62,220
Societe BIC S.A.		8,476		646,669
Societe des Bains de Mer et du Cercle des Etrangers a Monaco (a)		16		986
Societe Marseillaise du Tunnel Prado-Carenage S.A.		293		6,253
Societe pour l’Informatique Industrielle		1,546		40,435
Societe Television Francaise 1		21,284		224,691
Soitec (a)		5,935		650,547
Solocal Group (a) (e)		199,719		206,369
Somfy S.A.		2,325		224,443
Sopra Steria Group		5,161		601,615
SPIE S.A.		38,727		719,248
STEF S.A.		1,145		96,304
Sword Group		2,775		95,301
Synergie S.A.		3,366		121,523
Tarkett S.A.		9,688		227,685
Technicolor S.A. (a)		88,305		81,745
Thermador Groupe		2,351		153,213
Total Gabon		324		50,291
Touax S.A. (a)		1,706		9,971
Transgene S.A. (a)		4,504		12,553
Trigano S.A.		3,132		286,014
Union Financiere de France BQE S.A.		1,257		26,718
Vallourec S.A. (a) (e)		67,733		195,448
Vetoquinol S.A.		1,341		88,441
Vicat S.A.		5,581		277,426
VIEL & Cie S.A.		4,205		23,907
Vilmorin & Cie S.A.		2,655		151,857
Virbac S.A. (a)		500		95,632
Vranken-Pommery Monopole S.A.		958		24,957

				27,880,464


Georgia—0.0%
Bank of Georgia Group plc		12,777		243,245


Germany—6.6%
7C Solarparken AG		7,180		23,922
Aareal Bank AG		26,928		709,386
Adler Modemaerkte AG		2,828		9,939
ADLER Real Estate AG		13,449		171,586
ADO Properties S.A.		8,814		364,612
ADVA Optical Networking SE (a)		16,388		119,822
AIXTRON SE (a)		21,680		206,932
All for One Steeb AG		498		26,334
Allgeier SE		2,942		87,038

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Germany—(Continued)
Amadeus Fire AG		1,986	$	270,788
Atoss Software AG		435		67,710
Aurubis AG		14,317		697,301
Basler AG		1,467		83,406
Bauer AG		4,696		129,762
BayWa AG		305		10,483
BayWa AG		5,731		165,851
Bechtle AG		8,996		1,033,165
Bertrandt AG		2,036		144,696
bet-at-home.com AG		1,222		77,131
Bijou Brigitte AG		1,603		73,085
Bilfinger SE		10,033		324,687
Borussia Dortmund GmbH & Co. KGaA (Xetra Exchange)		26,420		248,243
CANCOM SE		11,386		604,885
CECONOMY AG (a)		47,148		289,183
CENIT AG		3,413		50,445
CENTROTEC Sustainable AG		2,777		39,467
Cewe Stiftung & Co. KGaA		2,303		227,889
Comdirect Bank AG		13,399		150,856
CompuGroup Medical SE		7,545		609,139
Corestate Capital Holding S.A. (a)		4,473		152,842
CropEnergies AG		9,235		65,106
CTS Eventim AG & Co. KGaA		18,055		840,224
Data Modul AG		138		11,611
DEAG Deutsche Entertainment AG (a)		5,771		28,021
Delticom AG (a)		1,562		8,703
Deutsche Beteiligungs AG		4,443		171,577
Deutsche Euroshop AG		14,792		408,749
Deutsche Pfandbriefbank AG		45,896		552,153
Deutz AG		47,320		461,131
DIC Asset AG		19,505		225,014
DMG Mori AG		8,171		405,098
Dr. Hoenle AG		2,084		140,743
Draegerwerk AG & Co. KGaA		1,062		50,912
Duerr AG		16,259		554,089
Eckert & Ziegler AG		1,547		182,242
Elmos Semiconductor AG		5,394		134,937
ElringKlinger AG (a)		11,206		67,888
Energiekontor AG		2,559		50,340
Evotec AG (a)		28,244		789,418
Fielmann AG		7,053		511,876
First Sensor AG		2,791		89,021
FORTEC Elektronik AG		253		6,218
Francotyp-Postalia Holding AG		3,300		13,359
Freenet AG		49,368		987,676
FUCHS Petrolub SE		2,565		91,437
GEA Group AG		37,604		1,068,330
Gerresheimer AG		10,086		743,156
Gesco AG		4,563		125,108
GFT Technologies SE		5,932		47,376
Grand City Properties S.A.		33,731		770,946
GRENKE AG		2,922		313,654
H&R GmbH & Co. KGaA (a)		4,195		32,331
Hamburger Hafen und Logistik AG		8,624		228,109
Hapag-Lloyd AG		1,007		44,114
Hawesko Holding AG		223		9,023
Heidelberger Druckmaschinen AG (a)		100,140		160,729

Germany—(Continued)
Hella GmbH & Co. KGaA		9,701		479,611
HolidayCheck Group AG		11,101		33,586
Hornbach Baumarkt AG		2,209		43,376
Hornbach Holding AG & Co. KGaA		1,234		70,090
Hugo Boss AG		20,336		1,355,282
Indus Holding AG		9,327		419,585
Isra Vision AG		5,995		267,087
IVU Traffic Technologies AG		7,646		79,185
Jenoptik AG		16,366		530,603
K&S AG		59,897		1,116,136
Kloeckner & Co. SE		34,891		209,261
Koenig & Bauer AG		4,373		180,304
Krones AG		5,091		410,728
KSB SE & Co. KGaA		82		28,159
KWS Saat SE		3,725		271,899
LANXESS AG		24,759		1,471,300
Leifheit AG		2,964		69,935
Leoni AG (a)		12,471		206,325
LPKF Laser & Electronics AG (a)		5,659		48,905
Manz AG (a)		1,272		33,924
Medigene AG (a)		2,446		20,652
METRO AG		11,232		205,370
MLP SE		20,985		99,099
Nemetschek SE		17,163		1,033,375
Nexus AG		5,744		216,786
Nordex SE (a)		23,261		321,008
Norma Group SE		10,781		446,721
OHB SE		2,315		88,053
OSRAM Licht AG		23,399		770,563
Paragon GmbH & Co. KGaA		357		8,464
Patrizia Immobilien AG		19,307		399,559
Pfeiffer Vacuum Technology AG		2,734		400,781
PNE Wind AG		24,548		69,522
Progress-Werk Oberkirch AG		822		27,570
ProSiebenSat.1 Media SE		39,293		617,255
PSI Software AG		3,465		70,265
QSC AG		33,186		51,396
R Stahl AG (a)		1,594		47,539
Rheinmetall AG		14,082		1,723,761
Rhoen Klinikum AG		15,358		469,376
RIB Software SE		11,764		241,293
Rocket Internet SE (a)		20,003		576,824
SAF-Holland S.A.		22,056		255,815
Salzgitter AG		12,083		345,963
Schaltbau Holding AG (a)		2,019		64,560
Scout24 AG (a)		22,299		1,183,279
Secunet Security Networks AG		391		50,984
SGL Carbon SE (a)		8,945		72,725
Siltronic AG		5,638		412,229
Sixt SE		4,968		532,147
SMA Solar Technology AG (a)		3,992		116,115
SMT Scharf AG (a)		1,117		17,609
Softing AG		3,104		25,704
Software AG		18,372		630,902
Stabilus S.A.		6,982		323,921
STRATEC SE		1,395		90,325
Stroeer SE & Co. KGaA		9,061		680,942

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Germany—(Continued)
Suedzucker AG		26,310	$	445,466
Surteco SE		2,209		63,803
Suss Microtec AG (a)		6,216		66,476
TAG Immobilien AG (a)		40,314		931,678
Takkt AG		11,656		169,641
Technotrans AG		2,427		60,024
Tele Columbus AG (a)		1,323		2,657
TLG Immobilien AG		28,741		841,719
Traffic Systems SE		1,794		30,293
VERBIO Vereinigte BioEnergie AG		9,187		81,379
Vossloh AG		4,712		173,064
Wacker Chemie AG		3,414		270,114
Wacker Neuson SE		10,071		253,094
Washtec AG		4,180		284,234
Wuestenrot & Wuerttembergische AG		3,373		72,567
XING SE		988		422,036
Zeal Network SE		2,439		54,804

				41,817,786


Ghana—0.2%
Tullow Oil plc		488,272		1,306,811


Greenland—0.0%
Gronlandsbanken A/S		140		11,624


Guernsey, Channel Islands—0.0%
Raven Russia, Ltd. (a)		127,088		58,816


Hong Kong—2.6%
Aeon Credit Service Asia Co., Ltd.		44,000		39,451
Agritrade Resources, Ltd. (e)		630,000		91,136
Alco Holdings, Ltd.		136,000		8,353
Allied Group, Ltd.		22,000		117,580
Allied Properties HK, Ltd.		944,024		206,440
APAC Resources, Ltd.		70,825		9,504
Applied Development Holdings, Ltd. (a)		390,000		17,220
Arts Optical International Holdings, Ltd.		16,000		3,584
Asia Financial Holdings, Ltd.		254,000		142,742
Asia Standard International Group, Ltd.		296,000		55,947
ASM Pacific Technology, Ltd.		4,400		45,111
Associated International Hotels, Ltd.		14,000		40,235
Auto Italia Holdings (a)		175,000		1,506
Ban Loong Holdings, Ltd. (a)		344,000		11,001
Bel Global Resources Holdings, Ltd. (a) (b) (d)		520,000		0
Best Food Holding Co., Ltd.		112,000		16,336
Bison Finance Group, Ltd. (a)		74,000		11,175
BOCOM International Holdings Co., Ltd.		117,000		19,792
Boill Healthcare Holdings, Ltd. (a)		960,000		13,754
Bonjour Holdings, Ltd. (a)		615,000		14,558
Bossini International Holdings, Ltd.		302,000		8,852
Bright Smart Securities & Commodities Group, Ltd.		176,000		35,419
Brightoil Petroleum Holdings, Ltd. (a) (b) (d)		591,000		85,113
Brockman Mining, Ltd. (a)		2,516,770		44,461
Build King Holdings, Ltd.		160,000		21,416
Burwill Holdings, Ltd. (a)		1,566,000		21,327
Cafe de Coral Holdings, Ltd.		116,000		345,293

Hong Kong—(Continued)
Camsing International Holding, Ltd.		124,000		113,877
Century City International Holdings, Ltd.		616,000		51,820
Chen Hsong Holdings		150,000		53,421
Cheuk Nang Holdings, Ltd.		97,511		49,556
Chevalier International Holdings, Ltd.		75,139		113,599
China Baoli Technologies Holdings, Ltd. (a)		285,000		3,611
China Energy Development Holdings, Ltd. (a)		3,670,000		70,544
China Flavors & Fragrances Co., Ltd.		71,446		17,108
China Medical & HealthCare Group, Ltd. (a)		400,000		8,686
China Motor Bus Co., Ltd.		1,200		18,812
China Solar Energy Holdings, Ltd. (a) (b) (d)		162,000		700
China Star Entertainment, Ltd.		378,000		39,715
China Strategic Holdings, Ltd. (a)		4,927,500		42,826
China Ting Group Holdings, Ltd. (a)		318,550		12,276
China Tonghai International Financial, Ltd. (a)		180,000		9,746
Chinese Estates Holdings, Ltd.		118,500		107,146
Chinney Investment, Ltd.		8,000		2,715
Chow Sang Sang Holdings International, Ltd.		119,000		176,586
Chuang’s China Investments, Ltd.		511,500		32,362
Chuang’s Consortium International, Ltd.		382,357		84,527
CK Life Sciences International Holdings, Inc.		1,594,000		88,890
CMIC Ocean En-Tech Holding Co., Ltd. (a)		216,000		9,302
CNT Group, Ltd.		246,000		9,447
Common Splendor International Health Industry Group, Ltd. (a)		518,000		34,540
Continental Holdings, Ltd.		220,000		2,450
Convoy Global Holdings, Ltd. (a) (b) (d)		1,314,000		5,265
Cosmopolitan International Holdings, Ltd. (a)		258,000		58,106
Cowell e Holdings, Inc.		120,000		21,534
CP Lotus Corp. (a)		1,750,000		23,108
Crocodile Garments		216,000		19,657
Cross-Harbour Holdings, Ltd. (The)		127,063		179,432
CSI Properties, Ltd.		2,574,023		128,549
CST Group, Ltd. (a)		8,984,000		18,401
Dah Sing Banking Group, Ltd.		172,671		311,108
Dah Sing Financial Holdings, Ltd.		66,260		309,728
Dan Form Holdings Co., Ltd.		88,000		19,355
Dickson Concepts International, Ltd.		131,000		72,353
Digital Domain Holdings, Ltd. (a)		1,760,000		25,702
Dingyi Group Investment, Ltd. (a)		185,000		8,776
DMX Technologies Group, Ltd. (a) (b) (d)		186,000		0
Dynamic Holdings, Ltd.		20,000		19,959
Eagle Nice International Holdings, Ltd.		120,000		35,628
EcoGreen International Group, Ltd.		118,800		23,845
eForce Holdings, Ltd. (a)		128,000		2,821
Emperor Capital Group, Ltd.		984,000		36,439
Emperor Entertainment Hotel, Ltd.		235,000		48,995
Emperor International Holdings, Ltd.		529,250		136,572
Emperor Watch & Jewellery, Ltd.		1,520,000		39,899
Energy International Investments Holdings, Ltd. (a)		580,000		11,932
ENM Holdings, Ltd. (a)		556,000		55,575
EPI Holdings, Ltd. (a)		570,000		6,138
Esprit Holdings, Ltd. (a)		833,950		159,036
Fairwood Holdings, Ltd.		26,500		91,271
Far East Consortium International, Ltd.		541,832		249,786
Far East Holdings International, Ltd. (a)		150,000		6,578
First Pacific Co., Ltd.		596,000		241,378
Freeman FinTech Corp., Ltd. (a)		180,000		4,317

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Hong Kong—(Continued)
Future Bright Holdings, Ltd.		156,000	$	8,595
Future World Financial Holdings, Ltd. (a)		12,575		129
G-Resources Group, Ltd. (a)		10,474,800		84,302
Genting Hong Kong, Ltd.		162,000		21,542
Get Nice Financial Group, Ltd.		104,000		12,215
Get Nice Holdings, Ltd.		2,574,000		87,401
Giordano International, Ltd.		482,000		211,124
Global Brands Group Holding, Ltd.		126,000		11,287
Glorious Sun Enterprises, Ltd.		393,000		43,255
Gold Peak Industries Holdings, Ltd.		277,714		28,145
Gold-Finance Holdings, Ltd. (a) (b) (d)		214,000		1,972
Golden Resources Development International, Ltd.		370,000		27,478
Good Resources Holdings, Ltd. (a)		420,000		6,865
GR Properties, Ltd. (a)		150,000		25,922
Great Eagle Holdings, Ltd.		56,571		243,228
Great Harvest Maeta Group Holdings, Ltd. (a)		52,500		11,685
Greentech Technology International, Ltd. (a)		360,000		2,681
Guoan International, Ltd. (a)		674,000		6,371
Haitong International Securities Group, Ltd.		570,562		186,656
Hang Lung Group, Ltd.		30,000		83,222
Hanison Construction Holdings, Ltd.		148,009		25,542
Hao Tian Development Group, Ltd. (a)		1,001,000		28,548
Harbour Centre Development, Ltd.		88,000		161,140
HKBN, Ltd.		203,500		367,185
HKR International, Ltd.		366,080		183,520
Hon Kwok Land Investment Co., Ltd.		140,000		70,495
Hong Kong Economic Times Holdings, Ltd.		50,000		10,509
Hong Kong Ferry Holdings Co., Ltd.		39,000		41,995
Hong Kong Finance Investment Holding Group, Ltd. (a)		262,000		29,863
Hong Kong Television Network, Ltd. (a)		165,000		94,939
Hongkong & Shanghai Hotels (The)		109,500		142,824
Hongkong Chinese, Ltd.		866,000		117,403
Hsin Chong Group Holdings, Ltd. (a) (b) (d)		918,000		30,848
Huarong Investment Stock Corp., Ltd. (a)		175,000		8,977
Hung Hing Printing Group, Ltd.		252,000		33,129
Hutchison Port Holdings Trust - Class U		150,500		34,686
Hutchison Telecommunications Hong Kong Holdings, Ltd.		526,000		123,974
Imagi International Holdings, Ltd. (a)		90,112		23,376
International Housewares Retail Co., Ltd.		134,000		39,121
IPE Group, Ltd.		285,000		31,376
IRC, Ltd. (a)		936,000		26,181
IT, Ltd.		220,000		92,722
ITC Properties Group, Ltd.		172,615		40,616
Jacobson Pharma Corp., Ltd.		90,000		17,602
Johnson Electric Holdings, Ltd.		106,875		228,498
Kader Holdings Co., Ltd.		224,000		22,943
Kaisa Health Group Holdings, Ltd. (a)		770,000		17,895
Kam Hing International Holdings, Ltd.		196,000		14,553
Karrie International Holdings, Ltd.		140,000		20,212
Keck Seng Investments		72,000		42,880
Kerry Logistics Network, Ltd.		124,000		223,344
Kin Yat Holdings, Ltd.		46,000		5,871
Kingmaker Footwear Holdings, Ltd.		102,000		16,174
Kingston Financial Group, Ltd.		162,000		32,853
Kiu Hung International Holdings, Ltd. (a)		2,070,000		9,277
Kowloon Development Co., Ltd.		159,000		209,380
Kwan On Holdings, Ltd. (a)		50,000		3,648

Hong Kong—(Continued)
Lai Sun Development Co., Ltd.		109,413		161,781
Lai Sun Garment International, Ltd.		99,760		138,689
Lam Soon Hong Kong, Ltd.		15,000		29,700
Landing International Development, Ltd. (a)		310,800		43,060
Landsea Green Group Co., Ltd. (a)		268,000		31,873
Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		99,000		38,168
Lerthai Group, Ltd. (a)		18,000		16,913
Li & Fung, Ltd.		1,430,000		249,449
Lifestyle International Holdings, Ltd.		181,500		264,803
Lippo China Resources, Ltd.		2,106,000		44,157
Lippo, Ltd.		122,000		49,976
Liu Chong Hing Investment, Ltd.		86,000		136,622
Luk Fook Holdings International, Ltd.		135,000		423,693
Luks Group Vietnam Holdings Co., Ltd.		68,000		15,506
Lung Kee Bermuda Holdings		90,000		33,597
Magnificent Hotel Investment, Ltd.		1,310,000		28,977
Man Wah Holdings, Ltd.		382,400		168,663
Mandarin Oriental International, Ltd.		40,000		71,246
Mason Group Holdings, Ltd. (a)		6,925,000		108,246
Matrix Holdings, Ltd.		36,000		3,456
Mei Ah Entertainment Group, Ltd. (a)		400,000		9,673
Melco International Development, Ltd.		121,000		268,996
Midland Holdings, Ltd.		178,010		31,484
Ming Fai International Holdings, Ltd.		145,000		18,191
Miramar Hotel & Investment		45,000		98,516
Mongolian Mining Corp. (a)		661,000		8,023
Nameson Holdings, Ltd.		130,000		9,158
National Electronic Holdings, Ltd.		182,600		28,257
New Century Group Hong Kong, Ltd. (a)		912,000		13,659
New Times Energy Corp., Ltd. (a)		459,450		4,692
Newocean Energy Holdings, Ltd. (a)		398,000		90,151
Noble Century Investment Holdings, Ltd. (a)		72,000		5,349
OP Financial, Ltd.		240,000		60,324
Orange Sky Golden Harvest Entertainment Holdings, Ltd. (a)		375,882		11,559
Oriental Watch Holdings		215,600		63,909
Oshidori International Holdings, Ltd.		1,068,000		132,741
Pacific Andes International Holdings, Ltd. (a) (b) (d)		1,819,984		6,384
Pacific Basin Shipping, Ltd.		1,232,000		225,761
Pacific Textiles Holdings, Ltd.		240,000		189,898
Paliburg Holdings, Ltd.		208,000		81,582
Paradise Entertainment, Ltd.		168,000		25,581
PC Partner Group, Ltd.		54,000		14,902
Perfect Shape Medical, Ltd.		108,000		42,452
Pico Far East Holdings, Ltd.		318,000		107,753
Playmates Holdings, Ltd.		460,000		66,699
Playmates Toys, Ltd. (a)		236,000		18,379
Polytec Asset Holdings, Ltd.		580,900		74,177
Public Financial Holdings, Ltd.		166,000		71,205
PYI Corp., Ltd. (a)		2,140,366		30,110
Quali-Smart Holdings, Ltd. (a)		122,000		8,427
Rare Earth Magnesium Technology Group Holdings, Ltd.		500,000		16,645
Realord Group Holdings, Ltd. (a)		116,000		67,417
Regal Hotels International Holdings, Ltd.		126,000		78,975
Regina Miracle International Holdings, Ltd.		71,000		56,489
Sa Sa International Holdings, Ltd. (e)		271,844		78,034
Samson Holding, Ltd. (a)		146,000		7,285

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Hong Kong—(Continued)
SAS Dragon Holdings, Ltd.		140,000	$	40,905
SEA Holdings, Ltd.		103,896		139,454
Shun Ho Property Investments, Ltd.		21,615		7,537
Shun Tak Holdings, Ltd.		659,500		262,849
Silver Base Group Holdings, Ltd. (a)		474,000		17,563
Sincere Watch Hong Kong, Ltd. (a)		250,000		5,445
Sing Tao News Corp., Ltd.		276,000		30,320
Singamas Container Holdings, Ltd.		724,000		108,635
SIS International Holdings		16,000		6,083
Sitoy Group Holdings, Ltd.		111,000		21,319
SmarTone Telecommunications Holdings, Ltd.		142,388		135,700
SOCAM Development, Ltd. (a)		41,987		11,057
Solartech International Holdings, Ltd. (a)		660,000		4,902
Solomon Systech International, Ltd. (a)		920,000		24,693
Soundwill Holdings, Ltd.		41,500		56,856
South China Holdings Co., Ltd. (a)		1,240,000		28,573
Stella International Holdings, Ltd.		161,500		272,538
Success Universe Group, Ltd. (a)		240,000		7,652
Summit Ascent Holdings, Ltd. (a)		126,000		26,166
Sun Hing Vision Group Holdings, Ltd.		42,000		14,839
Sun Hung Kai & Co., Ltd.		270,440		126,441
SUNeVision Holdings, Ltd.		57,000		49,639
Synergy Group Holdings International, Ltd. (a)		112,000		10,697
TAI Cheung Holdings, Ltd.		206,000		208,858
Tai United Holdings, Ltd.		200,000		5,619
Talent Property Group, Ltd. (a)		420,000		2,576
Tan Chong International, Ltd.		63,000		19,598
Tao Heung Holdings, Ltd.		204,000		37,869
Television Broadcasts, Ltd.		123,500		206,638
Texwinca Holdings, Ltd.		300,000		91,826
TK Group Holdings, Ltd.		62,000		30,649
Tom Group, Ltd. (a)		214,000		42,801
Tradelink Electronic Commerce, Ltd.		256,000		41,301
Transport International Holdings, Ltd.		99,764		293,108
Trinity, Ltd. (a)		466,000		19,947
Tsui Wah Holdings, Ltd.		136,000		11,471
Union Medical Healthcare, Ltd.		32,000		23,899
United Laboratories International Holdings, Ltd. (The)		241,000		129,473
Up Energy Development Group, Ltd. (a) (b) (d)		92,000		285
Upbest Group, Ltd.		16,000		2,089
Value Convergence Holdings, Ltd. (a)		204,000		14,376
Value Partners Group, Ltd.		112,000		74,842
Valuetronics Holdings, Ltd.		89,790		45,455
Vedan International Holdings, Ltd.		296,000		29,179
Victory City International Holdings Ltd. (a)		83,944		7,204
VPower Group International Holdings, Ltd.		78,000		27,962
VSTECS Holdings, Ltd.		307,200		172,877
VTech Holdings, Ltd.		37,200		332,978
Wai Kee Holdings, Ltd.		54,000		33,776
Wang On Group, Ltd.		2,200,000		24,448
We Solutions, Ltd. (a)		348,000		18,935
Win Hanverky Holdings, Ltd.		332,000		39,062
Winfull Group Holdings, Ltd.		528,000		6,687
Wing On Co. International, Ltd.		46,000		146,626
Wing Tai Properties, Ltd.		232,000		160,642
Wonderful Sky Financial Group Holdings, Ltd. (a)		44,000		6,408
Xinyi Glass Holdings, Ltd.		20,000		21,016

Hong Kong—(Continued)
Yat Sing Holdings, Ltd. (a)		410,000		6,880
YGM Trading, Ltd.		46,000		43,281
YT Realty Group, Ltd.		43,002		12,707
YTO Express Holdings, Ltd.		18,000		6,018
Yunfeng Financial Group, Ltd. (a)		34,000		18,176
Zhaobangji Properties Holdings, Ltd. (a)		16,000		17,727

				16,707,529


Ireland—0.4%
Bank of Ireland Group plc		12,098		63,421
C&C Group plc		95,793		426,200
Cairn Homes plc (a)		19,293		26,353
Datalex plc		4,783		4,079
FBD Holdings plc		10,350		99,304
Glanbia plc		41,020		666,643
Greencore Group plc		133,987		372,668
Hostelworld Group plc		2,650		5,998
IFG Group plc (a)		44,002		105,073
Independent News & Media plc (a)		35,056		4,146
Irish Continental Group plc		22,664		112,369
Permanent TSB Group Holdings plc (a)		6,751		9,366
San Leon Energy plc (a)		15,061		7,220
Tarsus Group plc		19,110		104,067
UDG Healthcare plc		56,914		578,330

				2,585,237


Isle of Man—0.0%
Hansard Global plc		2,566		1,516
Strix Group plc		27,212		55,172

				56,688


Israel—1.3%
Adgar Investment and Development, Ltd.		7,358		13,294
ADO Group, Ltd. (a)		4,642		69,653
Afcon Holdings, Ltd.		771		37,139
Africa Israel Properties, Ltd. (a)		4,653		150,024
Africa Israel Residences, Ltd.		880		18,346
Airport City, Ltd. (a)		24,304		446,302
Allot, Ltd. (a)		10,216		72,889
Alony Hetz Properties & Investments, Ltd.		13,483		175,040
Alrov Properties and Lodgings, Ltd.		3,141		117,653
Amot Investments, Ltd.		25,066		166,602
Arad, Ltd.		2,224		29,825
Arko Holdings, Ltd. (a)		99,131		39,646
Ashtrom Group, Ltd.		3,487		26,874
Ashtrom Properties, Ltd.		11,444		61,918
Atreyu Capital Markets, Ltd.		2,021		26,540
AudioCodes, Ltd.		7,905		119,905
Avgol Industries 1953, Ltd. (a)		27,883		29,065
Azorim-Investment Development & Construction Co., Ltd. (a)		23,712		29,217
Bayside Land Corp.		205		108,419
Bet Shemesh Engines Holdings, Ltd.		2,139		58,409
Big Shopping Centers, Ltd. (a)		1,031		74,547
BioLine RX, Ltd. (a)		16,296		6,112
Blue Square Real Estate, Ltd.		1,674		72,929

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Israel—(Continued)
Brainsway, Ltd. (a)		2,193	$	11,381
Camtek, Ltd.		5,058		43,414
Cellcom Israel, Ltd. (a)		13,058		37,467
Ceragon Networks, Ltd. (a) (b) (d)		14,799		43,361
Clal Biotechnology Industries, Ltd. (a)		17,579		10,322
Clal Insurance Enterprises Holdings, Ltd. (a)		7,114		118,728
Cohen Development Gas & Oil, Ltd.		767		18,281
Compugen, Ltd. (a)		18,461		73,069
Danel Adir Yeoshua, Ltd.		1,227		80,100
Delek Automotive Systems, Ltd.		10,535		48,592
Delek Group, Ltd.		453		77,976
Delta-Galil Industries, Ltd.		4,030		118,713
Dexia Israel Bank, Ltd.		150		31,344
Direct Insurance Financial Investments, Ltd.		5,852		64,654
Dor Alon Energy in Israel, Ltd.		766		12,452
El Al Israel Airlines (a)		77,291		20,098
Electra Consumer Products 1970, Ltd.		3,289		40,253
Electra Real Estate, Ltd. (a)		4,280		16,347
Electra, Ltd.		652		183,063
Elron Electronic Industries, Ltd. (a)		7,585		12,375
Energix-Renewable Energies, Ltd. (a)		36,656		73,975
Enlight Renewable Energy, Ltd. (a)		95,911		75,962
Equital, Ltd. (a)		7,709		241,973
Evogene, Ltd. (a)		5,090		7,994
First International Bank of Israel, Ltd. (a)		6,630		167,859
FMS Enterprises Migun, Ltd.		1,438		36,090
Formula Systems 1985, Ltd.		2,928		150,944
Fox Wizel, Ltd.		2,684		76,919
Gilat Satellite Networks, Ltd.		9,844		84,392
Hadera Paper, Ltd.		1,104		75,853
Hamlet Israel-Canada, Ltd.		1,610		28,932
Harel Insurance Investments & Financial Services, Ltd.		37,219		279,400
Hilan, Ltd.		4,800		156,347
IDI Insurance Co., Ltd.		2,042		79,897
IES Holdings, Ltd.		569		33,479
Industrial Buildings Corp., Ltd. (a)		50,025		99,227
Inrom Construction Industries, Ltd.		15,928		55,884
Intercure, Ltd. (a)		10,321		21,087
Israel Canada T.R., Ltd.		23,885		27,704
Israel Land Development Co., Ltd. (The)		3,950		35,582
Isras Investment Co., Ltd.		454		71,361
Issta Lines, Ltd.		1,175		20,372
Itamar Medical, Ltd. (a)		5,429		1,812
Kamada, Ltd. (a)		11,729		63,401
Kerur Holdings, Ltd.		1,544		40,522
Klil Industries, Ltd.		315		26,583
Maabarot Products, Ltd.		3,435		35,600
Magic Software Enterprises, Ltd.		9,462		85,868
Malam - Team, Ltd.		335		42,122
Matrix IT, Ltd.		10,787		155,438
Maytronics, Ltd.		14,096		97,355
Mediterranean Towers, Ltd.		731		1,485
Mega Or Holdings, Ltd.		4,941		91,101
Meitav Dash Investments, Ltd.		8,613		31,354
Melisron, Ltd.		2,418		130,314
Menora Mivtachim Holdings, Ltd.		11,310		171,961
Migdal Insurance & Financial Holding, Ltd.		74,479		78,115

Israel—(Continued)
Mivtach Shamir Holdings, Ltd.		1,966		32,955
Naphtha Israel Petroleum Corp., Ltd.		14,775		96,531
Nawi Brothers, Ltd. (a)		4,888		28,856
Neto ME Holdings, Ltd.		788		67,028
Nova Measuring Instruments, Ltd. (a)		8,789		219,607
NR Spuntech Industries, Ltd.		3,848		9,585
Oil Refineries, Ltd. (a)		418,554		214,812
One Software Technologies, Ltd.		900		49,281
OPC Energy, Ltd.		7,174		56,968
Partner Communications Co., Ltd. (a)		29,635		126,763
Paz Oil Co., Ltd.		2,185		307,234
Perion Network, Ltd. (a)		1,082		3,015
Phoenix Holdings, Ltd. (The)		20,176		122,276
Plasson Industries, Ltd.		1,729		73,573
Priortech, Ltd. (a)		1,133		12,381
Rami Levi Chain Stores Hashikma Marketing, Ltd.		2,198		114,641
Redhill Biopharma, Ltd. (a)		52,754		34,059
Scope Metals Group, Ltd.		1,844		43,248
Shapir Engineering & Industry, Ltd.		27,416		100,454
Shikun & Binui, Ltd.		73,332		213,952
Shufersal, Ltd.		36,453		242,849
Summit Real Estate Holdings, Ltd.		6,446		62,244
Suny Cellular Communication, Ltd. (a)		16,495		8,836
Tadiran Holdings, Ltd.		568		18,444
Union Bank of Israel (a)		7,545		35,885
YH Dimri Construction & Development, Ltd.		1,237		24,100

				8,286,179


Italy—4.0%
A/S Roma S.p.A. (a)		31,585		18,101
A2A S.p.A.		414,700		719,059
ACEA S.p.A.		23,394		445,102
Aeffe S.p.A. (a)		11,359		23,345
Amplifon S.p.A.		30,504		712,937
Anima Holding S.p.A.		75,475		256,438
Aquafil S.p.A.		3,537		33,342
Arnoldo Mondadori Editore S.p.A. (a)		63,913		115,093
Ascopiave S.p.A.		28,294		121,614
Autogrill S.p.A.		41,121		430,573
Autostrade Meridionali S.p.A.		381		13,873
Avio S.p.A.		4,587		75,663
Azimut Holding S.p.A. (e)		40,388		777,514
B&C Speakers S.p.A.		1,431		19,526
Banca Carige S.p.A. (a) (b) (d)		156,432		196
Banca Farmafactoring S.p.A.		30,879		171,846
Banca Finnat Euramerica S.p.A.		50,851		17,324
Banca Generali S.p.A.		18,858		543,484
Banca IFIS S.p.A.		7,714		104,210
Banca Mediolanum S.p.A.		8,269		60,882
Banca Popolare dell’Emilia Romagna SC (e)		202,667		825,712
Banca Popolare di Sondrio Scarl		173,614		385,313
Banca Profilo S.p.A.		117,883		20,602
Banca Sistema S.p.A.		9,271		12,524
Banco BPM S.p.A. (a) (e)		488,208		993,703
Banco di Desio e della Brianza S.p.A.		20,306		44,128
BasicNet S.p.A.		7,658		41,374

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Italy—(Continued)
BE		29,207	$	33,004
Biesse S.p.A. (e)		6,021		77,228
Brembo S.p.A. (e)		45,165		520,284
Brunello Cucinelli S.p.A.		9,914		334,363
Buzzi Unicem S.p.A.		27,815		563,401
Cairo Communication S.p.A.		24,474		73,526
Cementir Holding S.p.A.		21,979		159,245
Cerved Group S.p.A.		48,374		428,400
CIR-Compagnie Industriali Riunite S.p.A.		157,057		167,987
Credito Emiliano S.p.A.		35,381		170,535
Credito Valtellinese S.p.A. (a)		2,927,424		188,076
d’Amico International Shipping S.A. (a)		115,150		12,295
Danieli & C Officine Meccaniche S.p.A.		4,846		88,685
Datalogic S.p.A.		8,028		159,021
De’Longhi S.p.A.		18,916		382,082
DeA Capital S.p.A.		32,300		46,824
DiaSorin S.p.A.		6,231		723,406
doBank S.p.A.		5,568		73,985
El.En. S.p.A.		2,807		58,233
Elica S.p.A. (a)		11,044		25,303
Emak S.p.A. (e)		23,063		25,738
Enav S.p.A.		45,852		260,200
ERG S.p.A.		21,603		442,166
Esprinet S.p.A.		14,507		52,881
Eurotech S.p.A. (a)		13,076		72,111
Falck Renewables S.p.A.		49,296		206,953
Fiera Milano S.p.A.		10,587		44,651
Fincantieri S.p.A. (a)		93,136		104,316
FNM S.p.A.		55,327		31,219
Geox S.p.A. (e)		34,378		49,880
Gruppo Editoriale L’Espresso S.p.A. (a) (e)		52,528		17,710
Gruppo MutuiOnline S.p.A.		7,677		136,647
Hera S.p.A.		272,570		1,043,197
IMMSI S.p.A. (a)		100,436		62,431
Industria Macchine Automatiche S.p.A. (e)		5,461		452,377
Infrastrutture Wireless Italiane S.p.A.		15,225		148,992
Intek Group S.p.A. (a)		80,757		28,467
Interpump Group S.p.A.		22,700		697,233
Iren S.p.A.		231,134		600,209
Italgas S.p.A.		151,950		1,020,162
Italmobiliare S.p.A.		3,185		76,779
IVS Group S.A.		3,278		37,833
Juventus Football Club S.p.A. (a) (e)		147,435		247,120
La Doria S.p.A.		3,877		40,065
Leonardo S.p.A.		16,073		203,693
LU-VE S.p.A.		1,991		25,680
Maire Tecnimont S.p.A. (e)		42,334		137,200
MARR S.p.A.		13,428		306,143
Massimo Zanetti Beverage Group S.p.A.		3,423		22,808
Mediaset S.p.A. (a) (e)		192,042		627,817
Openjobmetis S.p.A. agenzia per il lavoro		1,209		9,896
OVS S.p.A. (a) (e)		43,274		74,123
Piaggio & C S.p.A.		71,430		209,531
Prima Industrie S.p.A.		1,853		31,437
Prysmian S.p.A.		802		16,552
RAI Way S.p.A.		21,139		126,436
Reno de Medici S.p.A.		46,743		32,848

Italy—(Continued)
Reply S.p.A.		6,572		447,303
Retelit S.p.A.		36,769		58,622
Rizzoli Corriere Della Sera Mediagroup S.p.A.		39,016		41,348
Sabaf S.p.A.		3,059		47,484
SAES Getters S.p.A.		951		22,181
Safilo Group S.p.A. (a)		12,212		12,803
Saipem S.p.A. (a)		191,240		955,154
Salini Impregilo S.p.A. (a) (e)		70,140		141,548
Salvatore Ferragamo S.p.A. (e)		16,352		389,315
Saras S.p.A.		155,019		233,014
Servizi Italia S.p.A.		1,701		5,996
Sesa S.p.A.		2,065		66,686
Societa Cattolica di Assicurazioni SC		61,974		554,252
Societa Iniziative Autostradali e Servizi S.p.A.		25,981		481,846
Sogefi S.p.A. (a) (e)		24,822		35,197
SOL S.p.A.		11,001		139,273
Tamburi Investment Partners S.p.A.		36,575		233,317
Technogym S.p.A.		25,428		283,116
Tinexta S.p.A. (a)		6,919		103,423
Tiscali S.p.A. (a)		802,477		10,603
Tod’s S.p.A. (e)		3,954		184,589
Trevi Finanziaria Industriale S.p.A. (a)		31,414		8,856
TXT e-solutions S.p.A.		980		9,127
Uni Land S.p.A. (a) (b) (d)		4,937		0
Unieuro S.p.A.		3,192		51,105
Unione di Banche Italiane S.p.A. (e)		325,151		887,350
Unipol Gruppo Finanziario S.p.A.		136,625		664,004
UnipolSai Assicurazioni S.p.A.		113,501		291,094
Zignago Vetro S.p.A.		11,476		138,979

				25,490,447


Japan—22.5%
77 Bank, Ltd. (The)		15,300		225,629
A&A Material Corp.		1,200		11,351
A&D Co., Ltd.		6,000		44,100
A/S One Corp.		2,900		240,631
Abist Co., Ltd.		600		14,173
Achilles Corp.		6,500		118,649
Ad-sol Nissin Corp.		900		13,059
Adastria Co., Ltd.		9,240		198,308
ADEKA Corp.		26,000		385,307
Adtec Plasma Technology Co., Ltd.		600		4,111
Advan Co., Ltd.		6,700		65,947
Advance Create Co., Ltd.		800		12,893
Advanex, Inc.		900		14,155
Advantage Risk Management Co., Ltd.		1,300		8,404
Adventure, Inc.		600		20,450
Aeon Delight Co., Ltd.		2,500		74,130
Aeon Fantasy Co., Ltd.		2,400		49,843
Aeon Hokkaido Corp.		2,600		17,644
Aeria, Inc. (a)		2,200		17,344
Ahresty Corp.		9,200		47,661
Ai Holdings Corp.		12,200		197,469
Aichi Bank, Ltd. (The)		2,600		89,184
Aichi Corp.		10,800		69,898
Aichi Steel Corp.		4,300		125,518

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Aichi Tokei Denki Co., Ltd.		1,900	$	73,352
Aida Engineering, Ltd.		20,700		160,392
Aiful Corp. (a)		86,000		176,113
Aiphone Co., Ltd.		4,600		68,819
Airport Facilities Co., Ltd.		7,500		35,184
Aisan Industry Co., Ltd.		10,400		65,699
AIT Corp.		2,200		20,125
Aizawa Securities Co., Ltd.		13,800		79,544
Ajis Co., Ltd.		500		14,790
Akatsuki, Inc.		500		26,973
Akebono Brake Industry Co., Ltd. (a)		32,600		31,841
Akita Bank, Ltd. (The)		6,200		117,419
Albis Co., Ltd.		800		17,100
Alconix Corp.		6,400		84,699
Alinco, Inc.		5,800		52,204
Allied Telesis Holdings KK (a)		13,900		9,046
Alpen Co., Ltd. (e)		7,000		99,176
Alpha Corp.		2,200		24,701
Alpha Systems, Inc.		3,140		81,491
Alps Logistics Co., Ltd.		6,000		42,343
Altech Corp.		5,720		87,269
Amano Corp.		12,700		351,346
Amiyaki Tei Co., Ltd.		1,100		34,216
Amuse, Inc.		800		18,404
Anabuki Kosan, Inc.		400		10,576
Anest Iwata Corp.		10,400		92,835
Anicom Holdings, Inc.		4,500		161,546
AOI Electronics Co., Ltd.		1,100		22,248
AOI TYO Holdings, Inc.		6,428		41,020
AOKI Holdings, Inc.		15,900		157,711
Aomori Bank, Ltd. (The)		6,900		169,305
Aoyama Trading Co., Ltd.		14,500		284,757
Aoyama Zaisan Networks Co., Ltd.		1,400		18,433
Apaman Co., Ltd.		2,100		15,003
Arakawa Chemical Industries, Ltd.		6,600		86,245
Arata Corp.		4,200		143,077
Araya Industrial Co., Ltd.		2,600		36,283
Arcland Sakamoto Co., Ltd.		10,600		130,090
Arcland Service Holdings Co., Ltd.		2,800		48,060
Arcs Co., Ltd.		13,364		267,114
Arealink Co., Ltd.		3,100		27,573
Argo Graphics, Inc.		5,600		123,631
Arisawa Manufacturing Co., Ltd.		14,300		117,993
Arrk Corp. (a)		22,600		21,328
Artnature, Inc.		5,000		29,261
Asahi Broadcasting Corp.		2,400		15,928
Asahi Co., Ltd.		4,500		50,834
Asahi Diamond Industrial Co., Ltd.		21,200		129,911
Asahi Holdings, Inc.		9,000		182,785
Asahi Kogyosha Co., Ltd.		1,700		46,011
Asahi Net, Inc.		5,000		34,025
Asahi Printing Co., Ltd.		400		3,863
ASAHI YUKIZAI Corp.		5,000		64,323
Asahipen Corp.		400		6,332
Asante, Inc.		800		15,607
Asanuma Corp.		2,400		77,390
Asax Co., Ltd.		5,400		28,043

Japan—(Continued)
Ashimori Industry Co., Ltd.		1,600		24,114
ASKA Pharmaceutical Co., Ltd.		7,500		87,628
ASKUL Corp.		1,400		29,978
Asukanet Co., Ltd.		1,300		17,281
Asunaro Aoki Construction Co., Ltd.		5,800		43,656
Ateam, Inc.		2,900		30,664
Atom Corp.		19,200		170,094
Atrae, Inc. (a)		1,200		28,212
Atsugi Co., Ltd.		6,100		49,998
Aucfan Co., Ltd. (a)		1,700		13,810
Aucnet, Inc.		700		8,277
Autobacs Seven Co., Ltd.		22,700		374,858
Avant Corp.		1,000		18,772
Avex, Inc.		12,000		152,604
Awa Bank, Ltd. (The)		14,600		348,962
Axell Corp. (a)		3,800		21,895
Axial Retailing, Inc.		5,100		175,538
Azia Co., Ltd.		1,500		16,401
Bando Chemical Industries, Ltd.		15,400		145,758
Bank of Iwate, Ltd. (The)		6,000		156,204
Bank of Kochi, Ltd. (The)		1,600		11,167
Bank of Nagoya, Ltd. (The) (e)		5,400		170,519
Bank of Okinawa, Ltd. (The)		9,160		279,408
Bank of Saga, Ltd. (The)		6,100		87,449
Bank of the Ryukyus, Ltd.		15,800		169,222
Baroque Japan, Ltd.		1,100		9,075
BayCurrent Consulting, Inc.		3,700		143,769
Beenos, Inc.		1,100		17,163
Belc Co., Ltd.		2,800		135,980
Bell System24 Holdings, Inc.		7,900		109,399
Belluna Co., Ltd.		13,800		94,353
Bengo4.com, Inc. (a)		1,200		59,223
Billing System Corp.		1,000		10,118
Biofermin Pharmaceutical Co., Ltd.		500		10,451
BML, Inc.		7,600		216,224
Bookoff Group Holdings, Ltd.		4,700		46,950
Bourbon Corp.		600		9,405
BP Castrol KK		2,600		33,036
Br Holdings Corp.		7,400		22,903
BrainPad, Inc. (a)		1,100		65,516
Broadleaf Co., Ltd.		24,600		121,793
BRONCO BILLY Co., Ltd.		2,400		48,626
Bull-Dog Sauce Co., Ltd.		600		12,454
Bunka Shutter Co., Ltd.		19,000		144,301
Business Brain Showa-Ota, Inc.		800		16,506
C Uyemura & Co., Ltd.		2,800		160,261
C.I. Takiron Corp.		18,000		112,674
CAC Holdings Corp.		6,200		86,501
Can Do Co., Ltd.		3,500		51,730
Canare Electric Co., Ltd.		800		13,944
Canon Electronics, Inc.		7,400		124,677
Capital Asset Planning, Inc.		800		10,057
Career Design Center Co., Ltd.		1,600		23,391
CareerIndex, Inc. (a)		1,600		12,127
Carlit Holdings Co., Ltd.		7,300		42,814
Carta Holdings, Inc.		3,200		38,896
Cawachi, Ltd.		5,700		105,442

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Central Automotive Products, Ltd.		2,300	$	39,182
Central Glass Co., Ltd.		15,000		333,771
Central Security Patrols Co., Ltd.		1,600		74,079
Central Sports Co., Ltd.		2,400		69,185
Ceres, Inc.		1,100		19,419
Charm Care Corp.		1,600		24,722
Chiba Kogyo Bank, Ltd. (The)		16,000		39,542
Chikaranomoto Holdings Co., Ltd.		1,000		6,674
Chilled & Frozen Logistics Holdings Co., Ltd.		2,800		34,480
CHIMNEY Co., Ltd.		1,400		30,712
Chino Corp.		2,700		32,063
Chiyoda Co., Ltd.		5,800		84,890
Chiyoda Integre Co., Ltd.		4,600		84,572
Chofu Seisakusho Co., Ltd.		5,700		113,182
Chori Co., Ltd.		5,000		79,759
Choushimaru Co., Ltd.		1,200		12,565
Chubu Shiryo Co., Ltd.		7,900		89,631
Chudenko Corp.		8,600		179,027
Chuetsu Pulp & Paper Co., Ltd.		3,500		47,381
Chugai Mining Co., Ltd. (a)		68,200		12,652
Chugai Ro Co., Ltd.		2,900		43,595
Chugoku Bank, Ltd. (The)		3,500		30,947
Chugoku Marine Paints, Ltd.		22,000		189,254
Chukyo Bank, Ltd. (The)		3,900		80,374
Chuo Gyorui Co., Ltd.		200		4,914
Chuo Spring Co., Ltd.		1,400		37,995
Citizen Watch Co., Ltd.		46,700		240,141
CKD Corp.		17,300		176,318
Cleanup Corp.		7,300		37,398
CMIC Holdings Co., Ltd.		3,900		74,654
CMK Corp.		18,200		106,107
Coco’s Japan Co., Ltd.		1,800		24,834
Cocokara fine, Inc.		5,700		295,906
COLOPL, Inc.		11,000		66,558
Colowide Co., Ltd.		14,200		272,236
Como Co., Ltd.		400		8,548
Computer Engineering & Consulting, Ltd.		9,600		211,775
Computer Institute of Japan, Ltd.		2,000		18,671
Comture Corp.		2,700		96,400
CONEXIO Corp.		4,600		58,443
Core Corp.		2,500		37,687
Corona Corp.		5,600		51,173
Cosel Co., Ltd.		9,900		105,791
Cosmo Energy Holdings Co., Ltd.		11,100		251,160
Cosmos Initia Co., Ltd.		3,500		16,224
Cota Co., Ltd.		2,640		27,978
CRE, Inc.		1,500		14,342
Create Medic Co., Ltd.		1,800		15,304
Create Restaurants Holdings, Inc.		9,500		118,368
Create SD Holdings Co., Ltd.		6,000		140,975
Creek & River Co., Ltd.		1,300		14,382
Cresco, Ltd.		2,000		64,301
CRI Middleware Co., Ltd. (a)		800		16,560
CTI Engineering Co., Ltd.		4,800		66,939
CTS Co., Ltd.		8,900		56,637
Cube System, Inc.		4,700		34,290
Cyber Com Co., Ltd.		1,100		19,912

Japan—(Continued)
Cyberstep, Inc. (a)		1,200		9,870
Cybozu, Inc.		6,400		72,570
Dai Nippon Toryo Co., Ltd.		9,400		90,874
Dai-Dan Co., Ltd.		6,000		127,987
Dai-ichi Seiko Co., Ltd.		3,100		35,975
Daibiru Corp.		19,800		184,547
Daido Kogyo Co., Ltd.		2,000		15,551
Daido Metal Co., Ltd.		11,200		68,931
Daido Steel Co., Ltd.		4,000		152,124
Daidoh, Ltd.		10,800		28,163
Daihatsu Diesel Manufacturing Co., Ltd.		9,000		56,758
Daihen Corp.		7,200		206,979
Daiho Corp.		5,000		125,499
Daiichi Jitsugyo Co., Ltd.		2,800		80,151
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		5,000		39,781
Daiken Corp.		4,800		98,119
Daiken Medical Co., Ltd.		4,400		25,130
Daiki Aluminium Industry Co., Ltd.		9,000		63,133
Daiki Axis Co., Ltd.		1,300		10,285
Daiko Denshi Tsushin, Ltd.		1,300		6,452
Daikoku Denki Co., Ltd.		2,700		32,419
Daikokutenbussan Co., Ltd.		1,900		60,511
Daikyonishikawa Corp.		7,700		61,307
Dainichi Co., Ltd.		4,100		23,262
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		5,000		140,707
Daio Paper Corp.		14,000		165,100
Daiseki Co., Ltd.		10,700		268,325
Daiseki Eco. Solution Co., Ltd.		2,400		13,953
Daishi Hokuetsu Financial Group, Inc.		15,100		387,692
Daishinku Corp.		2,600		27,382
Daisue Construction Co., Ltd.		2,300		19,789
Daito Bank, Ltd. (The)		5,200		26,479
Daito Pharmaceutical Co., Ltd.		3,960		121,254
Daitron Co., Ltd.		2,400		27,395
Daiwa Industries, Ltd.		11,000		114,805
Daiwabo Holdings Co., Ltd.		6,100		290,977
Daiyu Lic Holdings Co., Ltd.		1,700		13,600
DCM Holdings Co., Ltd.		37,900		372,577
DD Holdings Co., Ltd.		1,500		29,697
Dear Life Co., Ltd.		4,700		19,292
Denki Kogyo Co., Ltd.		4,200		124,531
Densan System Co., Ltd.		1,700		51,868
Denyo Co., Ltd.		4,800		64,527
Descente, Ltd.		5,100		89,690
Dexerials Corp.		15,300		98,687
Digital Arts, Inc.		2,600		229,697
Digital Information Technologies Corp.		1,300		21,678
Dip Corp.		8,100		135,915
DKK-Toa Corp.		1,500		11,771
DKS Co., Ltd.		3,600		119,549
DMG Mori Co., Ltd. (e)		27,200		437,606
DMW Corp.		700		13,693
Doshisha Co., Ltd.		8,200		129,313
Double Standard, Inc.		700		28,084
Doutor Nichires Holdings Co., Ltd.		11,500		218,046
Dowa Holdings Co., Ltd.		4,400		141,684
DSB Co., Ltd.		5,300		24,639

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
DTS Corp.		13,200	$	275,642
Duskin Co., Ltd.		13,700		360,604
DyDo Group Holdings, Inc.		2,700		115,848
Dynic Corp.		3,200		21,910
E-Guardian, Inc.		2,400		41,196
Eagle Industry Co., Ltd.		7,800		76,313
Earth Corp.		600		26,870
EAT&Co, Ltd.		1,400		21,124
Ebara Jitsugyo Co., Ltd.		2,500		46,102
Ebase Co., Ltd.		1,400		14,581
Eco’s Co., Ltd.		800		10,315
EDION Corp.		28,900		268,809
EF-ON, Inc.		4,100		30,511
eGuarantee, Inc.		8,200		98,620
Ehime Bank, Ltd. (The)		11,400		110,093
Eidai Co., Ltd.		10,000		30,548
Eiken Chemical Co., Ltd.		9,200		146,106
Eizo Corp.		6,300		223,878
Elan Corp.		3,200		52,486
Elecom Co., Ltd.		5,100		172,927
Elematec Corp.		8,000		76,069
EM Systems Co., Ltd.		4,500		68,917
en-japan, Inc.		7,300		285,214
Endo Lighting Corp.		2,600		17,760
Enigmo, Inc. (a)		3,200		72,054
Enplas Corp.		3,400		101,141
Enshu, Ltd.		2,300		24,179
EPS Holdings, Inc.		7,900		122,943
eRex Co., Ltd.		8,000		85,726
ES-Con Japan, Ltd.		7,900		49,067
Escrow Agent Japan, Inc.		5,100		12,334
ESPEC Corp.		7,100		154,859
Evolable Asia Corp. (a)		1,800		39,278
Excel Co., Ltd.		2,500		35,230
Exedy Corp.		11,600		243,577
Extreme Co., Ltd.		700		11,745
F&M Co., Ltd.		1,600		17,848
F-Tech, Inc.		3,600		25,169
F@N Communications, Inc.		9,600		50,073
Faith, Inc.		2,680		25,014
FALCO HOLDINGS Co., Ltd.		3,100		48,754
FCC Co., Ltd.		12,600		264,420
FDK Corp. (a)		2,500		20,561
Feed One Co., Ltd.		41,380		71,525
Ferrotec Holdings Corp.		10,400		82,529
FFRI, Inc. (a)		1,000		45,412
FIDEA Holdings Co., Ltd.		62,510		66,642
Fields Corp.		6,000		28,122
Financial Products Group Co., Ltd.		20,000		165,649
FINDEX, Inc.		3,900		31,914
First Brothers Co., Ltd.		900		8,202
First Juken Co., Ltd.		3,400		37,249
First-corp, Inc.		1,600		11,595
Fixstars Corp.		2,700		49,854
FJ Next Co., Ltd.		2,300		22,222
Forval Corp.		1,900		15,783
Foster Electric Co., Ltd.		8,800		127,024

Japan—(Continued)
France Bed Holdings Co., Ltd.		9,300		83,520
Freebit Co., Ltd.		2,100		23,182
Freund Corp.		2,400		19,268
Fronteo, Inc.		6,000		19,641
FTGroup Co., Ltd.		1,500		20,610
Fudo Tetra Corp.		6,030		73,264
Fuji Co., Ltd.		6,700		113,155
Fuji Corp.		12,100		154,349
Fuji Corp., Ltd.		8,600		58,121
Fuji Corp/Miyagi		600		11,548
Fuji Kyuko Co., Ltd.		3,900		140,718
Fuji Oil Co., Ltd.		21,100		51,670
Fuji Pharma Co., Ltd.		4,600		59,515
Fuji Seal International, Inc.		2,700		82,879
Fujibo Holdings, Inc.		3,700		79,695
Fujicco Co., Ltd.		7,100		134,372
Fujikura Kasei Co., Ltd.		9,500		49,702
Fujikura Rubber, Ltd.		5,800		22,543
Fujikura, Ltd.		69,700		262,756
Fujimi, Inc.		900		18,457
Fujimori Kogyo Co., Ltd.		4,800		128,605
Fujio Food System Co., Ltd.		600		14,352
Fujisash Co., Ltd.		24,500		19,592
Fujishoji Co., Ltd.		1,300		11,424
Fujita Kanko, Inc.		2,000		50,186
Fujitec Co., Ltd.		19,500		255,504
Fujitsu Frontech, Ltd.		4,500		42,116
Fujitsu General, Ltd.		15,200		242,171
Fujiya Co., Ltd.		2,000		36,171
FuKoKu Co., Ltd.		5,100		34,310
Fukuda Corp.		1,600		68,105
Fukuda Denshi Co., Ltd.		300		20,171
Fukui Bank, Ltd. (The)		9,200		119,882
Fukui Computer Holdings, Inc.		2,700		62,524
Fukushima Bank, Ltd. (The)		11,200		26,029
Fukushima Industries Corp.		4,200		138,347
Fukuyama Transporting Co., Ltd.		5,000		181,424
FULLCAST Holdings Co., Ltd.		5,500		117,374
Funai Electric Co., Ltd. (a)		7,900		57,628
Funai Soken Holdings, Inc.		10,770		261,185
Furukawa Battery Co., Ltd. (The)		5,000		29,938
Furukawa Co., Ltd.		10,500		136,461
Furukawa Electric Co., Ltd.		600		17,744
Furuno Electric Co., Ltd.		10,500		98,638
Furusato Industries, Ltd.		3,700		48,614
Furuya Metal Co., Ltd.		400		12,373
Furyu Corp.		2,400		25,354
Fuso Chemical Co., Ltd.		4,600		91,559
Fuso Pharmaceutical Industries, Ltd.		2,600		44,948
Futaba Corp.		10,200		133,209
Futaba Industrial Co., Ltd.		19,600		107,511
Future Corp.		8,400		165,890
Fuyo General Lease Co., Ltd.		5,600		319,466
G-7 Holdings, Inc.		1,400		39,293
G-Tekt Corp.		7,700		109,172
Gakken Holdings Co., Ltd.		1,600		75,452
Gakkyusha Co., Ltd.		1,700		19,733

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Gakujo Co., Ltd.		1,700	$	18,795
GCA Corp.		5,800		37,044
Gecoss Corp.		4,600		40,664
Genki Sushi Co., Ltd.		1,600		46,003
Genky DrugStores Co., Ltd.		2,400		57,716
Geo Holdings Corp.		12,300		157,704
Gfoot Co., Ltd.		2,100		12,515
Giken, Ltd.		3,500		109,896
GL Sciences, Inc.		1,000		12,880
GLOBERIDE, Inc.		3,500		108,871
Glory, Ltd.		8,900		236,696
GMO Click Holdings, Inc.		4,300		25,360
GMO Cloud K.K.		700		19,693
GMO internet, Inc.		10,700		194,440
Godo Steel, Ltd.		4,100		75,032
Goldcrest Co., Ltd.		7,230		127,619
Golf Digest Online, Inc.		900		5,048
Grace Technology, Inc.		900		21,712
Grandy House Corp.		3,600		15,650
Gree, Inc.		26,400		123,069
Greens Co., Ltd.		1,000		14,106
GS Yuasa Corp.		13,200		256,575
GSI Creos Corp.		2,800		30,659
Gun-Ei Chemical Industry Co., Ltd.		1,800		40,548
Gunma Bank, Ltd. (The)		4,600		16,161
Gunosy, Inc. (a)		3,100		52,147
Gunze, Ltd.		6,900		297,397
Gurunavi, Inc.		8,500		52,587
H-One Co., Ltd.		6,000		42,554
H2O Retailing Corp.		18,900		218,231
HABA Laboratories, Inc.		700		54,047
Hagihara Industries, Inc.		4,000		48,695
Hakudo Co., Ltd.		1,500		18,875
Hakuto Co., Ltd.		5,900		66,255
Hakuyosha Co., Ltd.		800		21,104
Halows Co., Ltd.		600		12,319
Hamakyorex Co., Ltd.		5,600		197,910
Hamee Corp.		1,800		12,106
Hanwa Co., Ltd.		12,800		345,531
Happinet Corp.		5,000		61,375
Hard Off Corp. Co., Ltd.		3,700		23,115
Harima Chemicals Group, Inc.		7,100		68,026
Haruyama Holdings, Inc.		5,400		39,861
Hazama Ando Corp.		54,490		365,199
Hearts United Group Co., Ltd.		2,600		25,344
Heiwa Real Estate Co., Ltd.		14,400		294,618
Heiwado Co., Ltd.		11,200		199,032
Helios Techno Holding Co., Ltd.		2,900		16,766
HI-LEX Corp.		7,700		124,572
Hibiya Engineering, Ltd.		7,800		136,026
Hiday Hidaka Corp.		6,396		122,769
Himaraya Co., Ltd.		2,600		20,120
Hinokiya Group Co., Ltd.		1,500		29,693
Hioki EE Corp.		2,300		74,775
Hirakawa Hewtech Corp.		800		8,966
Hiramatsu, Inc.		14,800		48,294
Hirano Tecseed Co., Ltd.		500		7,793

Japan—(Continued)
Hirata Corp.		1,700		98,420
Hirose Tusyo, Inc.		300		5,136
Hiroshima Gas Co., Ltd.		3,600		11,046
Hisaka Works, Ltd.		9,600		77,674
Hitachi Maxell, Ltd.		13,700		187,631
Hitachi Zosen Corp.		61,600		226,152
Hito Communications Holdings, Inc.		1,700		28,248
Hochiki Corp.		4,600		57,034
Hodogaya Chemical Co., Ltd.		1,800		48,608
Hogy Medical Co., Ltd.		7,100		210,300
Hokkaido Electric Power Co., Inc.		40,100		224,619
Hokkaido Gas Co., Ltd.		5,400		72,373
Hokkan Holdings, Ltd.		5,000		79,241
Hokko Chemical Industry Co., Ltd.		8,000		36,318
Hokkoku Bank, Ltd. (The)		10,100		283,530
Hokuetsu Corp.		47,900		259,066
Hokuetsu Industries Co., Ltd.		7,000		78,848
Hokuhoku Financial Group, Inc.		23,700		247,040
Hokuriku Electric Industry Co., Ltd.		2,800		24,809
Hokuriku Electric Power Co. (a)		43,600		316,404
Hokuriku Electrical Construction Co., Ltd.		3,000		24,266
Hokuriku Gas Co., Ltd.		1,000		26,296
Hokuto Corp.		7,100		119,783
Honda Tsushin Kogyo Co., Ltd.		6,100		27,610
Honeys Holdings Co., Ltd.		6,930		76,363
Honma Golf, Ltd.		27,000		23,437
Hoosiers Holdings Co., Ltd.		8,000		44,790
Hosiden Corp.		20,000		222,358
Hosokawa Micron Corp.		2,200		93,097
Hotland Co., Ltd. (a)		900		12,797
House Do Co., Ltd.		600		7,764
Howa Machinery, Ltd.		5,700		44,910
HUB Co., Ltd.		1,200		13,086
Hyakugo Bank, Ltd. (The)		88,000		272,538
Hyakujushi Bank, Ltd. (The)		9,800		196,423
I K K, Inc.		3,100		19,835
I’rom Group Co., Ltd.		2,700		38,642
I-Net Corp.		3,520		38,541
I.K Co., Ltd.		900		3,295
Ibiden Co., Ltd.		11,100		194,826
IBJ Leasing Co., Ltd.		7,200		180,676
IBJ, Inc.		4,900		41,027
Ichibanya Co., Ltd.		2,700		120,156
Ichigo, Inc.		60,000		176,520
Ichiken Co., Ltd.		2,400		36,944
Ichikoh Industries, Ltd.		9,000		59,608
ICHINEN HOLDINGS Co., Ltd.		7,400		76,429
Ichiyoshi Securities Co., Ltd.		12,600		85,365
Icom, Inc.		3,800		85,803
ID Holdings Corp.		2,600		28,128
Idec Corp.		7,500		141,184
IDOM, Inc.		20,400		54,848
Ihara Science Corp.		1,800		22,251
Iino Kaiun Kaisha, Ltd.		32,200		107,509
IJT Technology Holdings Co., Ltd.		9,000		42,097
Ikegami Tsushinki Co., Ltd.		2,600		26,780
Imagica Group, Inc.		4,500		26,041

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Imasen Electric Industrial		7,200	$	61,715
Imuraya Group Co., Ltd.		2,200		41,853
Inaba Denki Sangyo Co., Ltd.		8,100		340,506
Inaba Seisakusho Co., Ltd.		2,100		27,545
Inabata & Co., Ltd.		17,700		227,070
Inageya Co., Ltd.		9,700		120,487
Ines Corp.		9,500		101,464
Infocom Corp.		8,000		182,541
Infomart Corp.		15,400		241,146
Information Services International-Dentsu, Ltd.		4,300		137,572
Innotech Corp.		8,200		65,269
Insource Co., Ltd.		1,000		23,927
Intage Holdings, Inc.		11,600		101,388
Intelligent Wave, Inc.		3,400		28,007
Inter Action Corp.		1,700		23,266
Internet Initiative Japan, Inc.		9,800		184,062
Inui Global Logistics Co., Ltd.		5,355		41,481
IR Japan Holdings, Ltd.		1,400		33,821
Iriso Electronics Co., Ltd.		5,000		252,458
Ise Chemicals Corp.		1,000		30,055
Iseki & Co., Ltd.		7,400		104,922
Ishihara Sangyo Kaisha, Ltd.		12,200		143,434
Ishii Iron Works Co., Ltd.		900		16,513
Ishizuka Glass Co., Ltd.		500		10,093
Isolite Insulating Products Co., Ltd.		2,900		12,221
Istyle, Inc. (a) (e)		9,800		68,100
ITbook Holdings Co., Ltd. (a)		3,900		11,424
Itfor, Inc.		6,800		52,042
Itochu Enex Co., Ltd.		19,400		155,663
Itochu-Shokuhin Co., Ltd.		2,400		103,438
Itoham Yonekyu Holdings, Inc.		2,600		17,687
Itoki Corp.		15,600		63,930
Itokuro, Inc. (a)		800		10,282
IwaiCosmo Holdings, Inc.		7,900		86,913
Iwaki & Co., Ltd.		9,000		40,950
Iwaki Co., Ltd.		1,300		12,987
Iwasaki Electric Co., Ltd.		2,500		29,411
Iwatani Corp.		9,600		333,450
Iwatsuka Confectionery Co., Ltd.		500		18,250
Iyo Bank, Ltd. (The)		16,000		80,960
J Trust Co., Ltd. (e)		14,700		66,084
J-Oil Mills, Inc.		4,000		144,089
JAC Recruitment Co., Ltd.		2,300		54,283
Jaccs Co., Ltd.		2,200		43,864
Jafco Co., Ltd.		7,900		290,088
Jalux, Inc.		2,400		61,279
Jamco Corp.		3,400		66,573
Janome Sewing Machine Co., Ltd.		7,099		29,598
Japan Asia Investment Co., Ltd. (a)		4,900		13,667
Japan Asset Marketing Co., Ltd. (a)		29,300		24,764
Japan Aviation Electronics Industry, Ltd.		12,000		176,761
Japan Best Rescue System Co., Ltd.		4,700		62,524
Japan Cash Machine Co., Ltd.		2,100		21,505
Japan Display, Inc. (a) (e)		81,900		54,357
Japan Elevator Service Holdings Co., Ltd.		3,400		86,271
Japan Foundation Engineering Co., Ltd.		10,200		31,834
Japan Investment Adviser Co., Ltd.		3,200		53,017

Japan—(Continued)
Japan Lifeline Co., Ltd.		14,200		230,393
Japan Material Co., Ltd.		11,900		170,357
Japan Meat Co., Ltd.		2,000		32,908
Japan Medical Dynamic Marketing, Inc.		5,200		69,427
Japan Oil Transportation Co., Ltd.		700		18,438
Japan Petroleum Exploration Co., Ltd.		10,200		238,394
Japan Property Management Center Co., Ltd.		2,000		20,617
Japan Pulp & Paper Co., Ltd.		3,700		122,917
Japan Securities Finance Co., Ltd.		11,300		57,714
Japan Steel Works, Ltd. (The)		13,000		218,107
Japan Transcity Corp.		12,000		52,597
Japan Wool Textile Co., Ltd. (The)		19,700		153,965
Jastec Co., Ltd.		5,100		46,129
JBCC Holdings, Inc.		7,000		94,673
JCU Corp.		6,400		117,657
Jeol, Ltd.		11,000		246,781
JFLA Holdings, Inc.		3,100		10,666
JIG-SAW, Inc. (a)		900		48,293
Jimoto Holdings, Inc.		67,900		60,597
JINS, Inc.		4,200		233,670
JK Holdings Co., Ltd.		5,600		29,020
JMS Co., Ltd.		7,500		48,273
Joban Kosan Co., Ltd.		1,700		25,537
Joshin Denki Co., Ltd.		7,000		138,397
Joyful Honda Co., Ltd.		4,900		56,154
JP-Holdings, Inc.		17,900		48,985
JSP Corp.		5,100		97,293
Juki Corp.		11,200		103,615
Juroku Bank, Ltd. (The)		12,200		248,983
Justsystems Corp.		6,200		202,093
JVC Kenwood Corp.		53,300		123,448
K&O Energy Group, Inc.		5,400		75,129
Kadokawa Dwango (a)		12,508		169,548
Kadoya Sesame Mills, Inc.		500		18,180
Kaga Electronics Co., Ltd.		7,200		104,034
Kakiyasu Honten Co., Ltd.		3,800		72,704
Kamakura Shinsho, Ltd.		2,400		31,382
Kameda Seika Co., Ltd.		4,100		183,161
Kamei Corp.		8,700		90,559
Kanaden Corp.		7,200		86,980
Kanagawa Chuo Kotsu Co., Ltd.		2,400		82,730
Kanamic Network Co., Ltd.		800		16,659
Kanamoto Co., Ltd.		8,800		228,252
Kandenko Co., Ltd.		8,200		68,612
Kanematsu Corp.		29,800		330,990
Kanematsu Electronics, Ltd.		3,900		108,069
Kanemi Co., Ltd.		100		2,881
Kansai Mirai Financial Group, Inc.		23,031		147,970
Kansai Super Market, Ltd.		2,000		20,085
Kanto Denka Kogyo Co., Ltd.		15,000		105,057
Kappa Create Co., Ltd.		4,400		55,691
Kasai Kogyo Co., Ltd.		8,600		63,377
Katakura & Co-op Agri Corp.		1,600		15,575
Katakura Industries Co., Ltd.		9,500		113,797
Kato Sangyo Co., Ltd.		7,100		216,016
Kato Works Co., Ltd.		3,800		70,955
Kawada Technologies, Inc.		1,500		111,925

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Kawai Musical Instruments Manufacturing Co., Ltd.		2,600	$	75,968
Kawasaki Kinkai Kisen Kaisha, Ltd.		700		17,513
Kawasaki Kisen Kaisha, Ltd. (a) (e)		16,100		196,111
Kawasumi Laboratories, Inc.		4,900		32,980
KeePer Technical Laboratory Co., Ltd.		1,500		19,133
Keihanshin Building Co., Ltd.		14,500		133,829
Keihin Co., Ltd./Minato-Ku Tokyo Japan		2,300		25,778
Keihin Corp.		15,600		224,111
Keiyo Bank, Ltd. (The)		44,500		260,767
Keiyo Co., Ltd.		14,400		61,945
Kenedix, Inc.		59,200		295,396
Kenko Mayonnaise Co., Ltd.		4,100		85,540
KEY Coffee, Inc.		6,700		131,197
KFC Holdings Japan, Ltd.		4,000		74,050
KH Neochem Co., Ltd.		7,500		184,289
Ki-Star Real Estate Co., Ltd.		1,300		19,828
Kimoto Co., Ltd.		14,900		22,370
Kimura Chemical Plants Co., Ltd.		3,300		10,977
King Jim Co., Ltd.		5,800		43,902
Kinki Sharyo Co., Ltd. (The) (a)		1,200		19,695
Kintetsu Department Store Co., Ltd.		1,900		56,295
Kintetsu World Express, Inc.		10,800		141,221
Kirindo Holdings Co., Ltd.		2,500		39,878
Kissei Pharmaceutical Co., Ltd.		8,100		202,809
Kita-Nippon Bank, Ltd. (The)		2,900		45,606
Kitagawa Iron Works Co., Ltd.		3,100		60,572
Kitano Construction Corp.		1,400		33,525
Kitanotatsujin Corp. (e)		7,600		39,683
Kito Corp.		5,900		91,293
Kitz Corp.		31,200		218,998
Kiyo Bank, Ltd. (The)		25,000		319,268
KLab, Inc. (a) (e)		10,600		90,431
KNT-CT Holdings Co., Ltd. (a)		3,300		41,078
Koa Corp.		10,200		132,285
Koatsu Gas Kogyo Co., Ltd.		11,100		87,168
Kobe Electric Railway Co., Ltd. (a)		800		29,276
Kobelco Eco-Solutions Co., Ltd.		1,200		19,922
Kohnan Shoji Co., Ltd.		10,400		216,505
Kohsoku Corp.		4,000		41,384
Koike Sanso Kogyo Co., Ltd.		700		15,098
Kojima Co., Ltd. (a)		12,000		53,024
Kokusai Co., Ltd.		3,400		20,458
Kokuyo Co., Ltd.		15,200		213,113
KOMAIHALTEC, Inc.		1,800		28,438
Komatsu Seiren Co., Ltd.		10,200		76,272
Komatsu Wall Industry Co., Ltd.		2,700		44,894
KOMEDA Holdings Co., Ltd.		11,100		209,330
Komehyo Co., Ltd.		1,300		11,935
Komeri Co., Ltd.		12,300		251,724
Komori Corp.		18,900		205,726
Konaka Co., Ltd.		7,300		27,391
Kondotec, Inc.		7,900		67,547
Konishi Co., Ltd.		9,900		147,430
Konoike Transport Co., Ltd.		3,200		50,517
Kosaido Co., Ltd. (a)		3,700		21,957
Koshidaka Holdings Co., Ltd.		10,000		140,780
Kotobuki Spirits Co., Ltd.		6,000		281,341

Japan—(Continued)
Kourakuen Holdings Corp. (e)		2,900		74,631
Kozo Keikaku Engineering, Inc.		700		14,272
Krosaki Harima Corp.		1,900		108,498
KRS Corp.		2,200		39,945
KU Holdings Co., Ltd.		8,000		64,036
Kumagai Gumi Co., Ltd.		9,100		269,427
Kumiai Chemical Industry Co., Ltd.		21,195		153,607
Kura Corp.		3,300		140,953
Kurabo Industries, Ltd.		7,600		135,190
Kureha Corp.		5,200		356,380
Kurimoto, Ltd.		3,500		47,229
Kushikatsu Tanaka Holdings Co.		1,100		20,762
KYB Corp. (a)		7,400		209,164
Kyoden Co., Ltd.		6,500		21,967
Kyodo Printing Co., Ltd.		3,000		75,842
Kyoei Steel, Ltd.		6,100		107,650
Kyokuto Boeki Kaisha, Ltd.		1,800		24,303
Kyokuto Kaihatsu Kogyo Co., Ltd.		11,400		142,236
Kyokuto Securities Co., Ltd.		7,600		61,885
Kyokuyo Co., Ltd.		3,500		93,162
KYORIN Holdings, Inc.		15,500		275,032
Kyoritsu Maintenance Co., Ltd.		4,218		197,341
Kyoritsu Printing Co., Ltd.		6,800		11,049
Kyosan Electric Manufacturing Co., Ltd.		16,000		55,662
Kyowa Electronic Instruments Co., Ltd.		8,000		30,782
Kyowa Leather Cloth Co., Ltd.		3,300		23,701
Kyushu Financial Group, Inc.		15,000		59,466
LAC Co., Ltd.		5,900		95,930
Lacto Japan Co., Ltd.		1,400		46,282
Land Business Co., Ltd.		1,700		12,264
Lasertec Corp.		6,900		274,064
LEC, Inc.		8,800		93,870
Leopalace21 Corp. (a) (e)		82,400		213,179
Life Corp.		4,400		88,349
LIFULL Co., Ltd.		17,000		79,010
Like Co., Ltd.		2,100		26,968
Linical Co., Ltd.		2,600		24,082
Link And Motivation, Inc. (e)		8,900		50,103
Lintec Corp.		8,400		175,458
Litalico, Inc. (a)		900		15,714
LIXIL VIVA Corp.		5,200		60,401
Look Holdings, Inc.		2,200		25,937
M&A Capital Partners Co., Ltd. (a)		1,800		97,672
Macnica Fuji Electronics Holdings, Inc.		14,550		193,070
Macromill, Inc.		8,000		95,877
Maeda Kosen Co., Ltd.		5,700		104,699
Maeda Road Construction Co., Ltd.		10,900		229,869
Maezawa Kasei Industries Co., Ltd.		5,700		55,667
Maezawa Kyuso Industries Co., Ltd.		3,900		69,511
Makino Milling Machine Co., Ltd.		8,000		324,127
Mamezou Holdings Co., Ltd.		4,800		56,600
Mamiya-Op Co., Ltd.		1,900		16,065
Mandom Corp.		6,400		155,224
Mani, Inc.		4,300		276,448
MarkLines Co., Ltd.		1,600		27,522
Mars Engineering Corp.		3,600		66,189
Marubun Corp.		8,200		42,170

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Marudai Food Co., Ltd.		7,600	$	142,949
Marufuji Sheet Piling Co., Ltd.		1,300		26,681
Maruha Nichiro Corp.		9,300		272,735
Maruka Machinery Co., Ltd.		900		16,162
Marumae Co., Ltd.		1,000		6,668
Marusan Securities Co., Ltd.		15,700		81,578
Maruwa Co., Ltd.		3,700		203,223
Maruwa Unyu Kikan Co., Ltd.		1,100		48,582
Maruyama Manufacturing Co., Inc.		1,500		15,486
Maruzen CHI Holdings Co., Ltd.		11,900		41,780
Maruzen Co. Ltd/Taito ward		900		19,402
Maruzen Showa Unyu Co., Ltd.		4,600		146,221
Marvelous, Inc.		9,500		72,344
Matching Service Japan Co., Ltd.		1,200		17,513
Matsuda Sangyo Co., Ltd.		5,900		80,650
Matsui Construction Co., Ltd.		7,800		44,426
Matsuya Co., Ltd.		8,800		69,925
Matsuya Foods Co., Ltd.		2,500		75,918
Max Co., Ltd.		11,000		159,210
Maxvalu Nishinihon Co., Ltd.		2,400		38,138
Maxvalu Tokai Co., Ltd.		3,500		64,125
MCJ Co., Ltd.		14,000		102,766
MEC Co., Ltd.		5,800		58,635
Media Do Holdings Co., Ltd.		1,700		47,823
Medical Data Vision Co., Ltd. (a) (e)		3,800		46,333
Medical System Network Co., Ltd.		5,300		25,922
Medius Holdings Co., Ltd. (e)		1,800		11,410
MedPeer, Inc. (a)		3,200		42,279
Megachips Corp.		4,800		60,890
Megmilk Snow Brand Co., Ltd.		10,000		219,562
Meidensha Corp.		11,600		181,911
Meiji Shipping Co., Ltd.		8,500		24,322
Meiko Electronics Co., Ltd. (e)		7,500		123,249
Meiko Network Japan Co., Ltd.		7,200		63,848
Meisei Industrial Co., Ltd.		13,500		90,394
Meitec Corp.		7,700		398,085
Meito Sangyo Co., Ltd.		3,000		39,054
Meiwa Corp.		8,100		27,709
Meiwa Estate Co., Ltd.		5,200		26,524
Members Co., Ltd.		1,800		32,394
Menicon Co., Ltd.		4,100		135,324
Mercuria Investment Co., Ltd.		2,100		15,021
Metaps, Inc. (a)		1,600		18,259
METAWATER Co., Ltd.		1,300		40,282
Michinoku Bank, Ltd. (The)		5,700		86,983
Micronics Japan Co., Ltd.		5,800		51,361
Mie Kotsu Group Holdings, Inc.		6,200		33,102
Mikuni Corp.		3,000		10,286
Milbon Co., Ltd.		7,320		355,622
MIMAKI ENGINEERING Co., Ltd.		1,900		10,983
Mimasu Semiconductor Industry Co., Ltd.		6,800		101,906
Ministop Co., Ltd.		5,400		77,656
Miraca Holdings, Inc.		14,400		328,056
Miraial Co., Ltd.		2,900		33,913
Mirait Holdings Corp.		24,080		357,484
Miroku Jyoho Service Co., Ltd.		5,900		185,670
Misawa Homes Co., Ltd.		6,700		62,867

Japan—(Continued)
Mitani Corp.		6,900		357,615
Mitani Sekisan Co., Ltd.		4,100		103,581
Mito Securities Co., Ltd.		24,000		43,519
Mitsuba Corp.		12,300		74,925
Mitsubishi Logisnext Co., Ltd.		8,000		85,577
Mitsubishi Paper Mills, Ltd.		12,000		62,056
Mitsubishi Pencil Co., Ltd.		4,100		65,827
Mitsubishi Research Institute, Inc.		2,000		62,481
Mitsubishi Shokuhin Co., Ltd.		4,800		125,784
Mitsubishi Steel Manufacturing Co., Ltd.		5,900		69,413
Mitsuboshi Belting, Ltd.		8,500		150,617
Mitsui Engineering & Shipbuilding Co., Ltd. (a)		30,000		277,385
Mitsui High-Tec, Inc.		9,500		104,660
Mitsui Matsushima Co., Ltd.		5,200		64,923
Mitsui Mining & Smelting Co., Ltd.		11,600		278,792
Mitsui Sugar Co., Ltd.		6,100		126,231
Mitsui-Soko Holdings Co., Ltd.		7,400		106,728
Mitsumura Printing Co., Ltd.		500		9,122
Mitsuuroko Group Holdings Co., Ltd.		12,900		93,721
Mixi, Inc.		6,100		122,174
Miyaji Engineering Group, Inc.		1,800		29,228
Miyazaki Bank, Ltd. (The)		6,000		133,954
Miyoshi Oil & Fat Co., Ltd.		2,800		27,221
Mizuho Medy Co., Ltd.		500		10,742
Mizuno Corp.		6,600		149,470
Mochida Pharmaceutical Co., Ltd.		1,500		63,938
Modec, Inc.		5,100		144,507
Monex Group, Inc.		65,600		232,029
Money Partners Group Co., Ltd.		7,100		19,552
Monogatari Corp. (The)		1,700		135,688
MORESCO Corp.		2,500		33,837
Morinaga Milk Industry Co., Ltd.		10,400		410,870
Morita Holdings Corp.		11,200		196,462
Morozoff, Ltd.		900		41,470
Mory Industries, Inc.		2,800		50,654
Moshi Moshi Hotline, Inc.		6,600		77,598
Mr. Max Holdings, Ltd.		10,500		43,331
MTI, Ltd.		9,200		65,299
Mugen Estate Co., Ltd.		400		2,074
Murakami Corp.		3,000		65,209
Musashi Seimitsu Industry Co., Ltd.		15,800		203,713
Musashino Bank, Ltd. (The)		11,200		212,052
Mutoh Holdings Co., Ltd.		900		14,218
Mynet, Inc. (a)		1,000		6,637
N Field Co., Ltd.		1,300		8,502
NAC Co., Ltd.		3,600		31,508
Nachi-Fujikoshi Corp.		6,000		248,954
Nafco Co., Ltd.		1,400		19,021
Nagaileben Co., Ltd.		4,600		101,168
Nagano Bank, Ltd. (The)		3,500		58,190
Nagano Keiki Co., Ltd.		4,200		29,085
Nagase & Co., Ltd.		10,300		154,898
Nagatanien Holdings Co., Ltd.		4,000		77,665
Nagawa Co., Ltd.		2,800		130,876
Naigai Trans Line, Ltd.		1,100		12,153
Nakabayashi Co., Ltd.		5,500		27,153
Nakamuraya Co., Ltd.		1,600		60,290

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Nakanishi, Inc.		13,000	$	238,540
Nakano Corp.		4,000		15,868
Nakano Refrigerators Co., Ltd.		300		17,529
Nakayama Steel Works, Ltd.		6,300		27,306
Nakayamafuku Co., Ltd.		2,000		10,236
Namura Shipbuilding Co., Ltd.		18,956		53,324
Nanto Bank, Ltd. (The)		9,200		199,990
Narasaki Sangyo Co., Ltd.		800		12,326
Natori Co., Ltd.		2,600		37,850
NEC Capital Solutions, Ltd.		3,800		63,126
NEC Networks & System Integration Corp.		7,800		199,400
Neturen Co., Ltd.		9,800		78,710
New Japan Chemical Co., Ltd. (a)		9,900		19,071
Nextage Co., Ltd.		5,900		59,704
Nexyz Group Corp.		2,500		50,308
NF Corp.		1,600		29,150
NHK Spring Co., Ltd.		2,200		16,955
Nice Holdings, Inc. (a)		3,100		14,965
Nichi-iko Pharmaceutical Co., Ltd.		13,200		144,614
Nichia Steel Works, Ltd.		13,000		40,138
Nichias Corp.		16,500		297,623
Nichiban Co., Ltd.		4,000		80,117
Nichicon Corp.		20,100		164,122
Nichiden Corp.		5,200		90,376
Nichiha Corp.		9,000		251,685
NichiiGakkan Co., Ltd.		11,800		172,156
Nichimo Co., Ltd.		1,600		25,547
Nichireki Co., Ltd.		9,000		83,469
Nichirin Co., Ltd.		700		9,775
Nihon Chouzai Co., Ltd.		1,660		51,303
Nihon Dempa Kogyo Co., Ltd. (a)		7,600		35,037
Nihon Eslead Corp.		2,700		39,784
Nihon Flush Co., Ltd.		3,000		69,497
Nihon House Holdings Co., Ltd.		15,000		58,003
Nihon Kagaku Sangyo Co., Ltd.		3,000		28,502
Nihon Nohyaku Co., Ltd. (e)		14,000		54,161
Nihon Parkerizing Co., Ltd.		22,900		254,699
Nihon Plast Co., Ltd.		2,500		15,906
Nihon Tokushu Toryo Co., Ltd.		2,900		37,651
Nihon Yamamura Glass Co., Ltd.		3,800		48,419
Nikkato Corp.		1,700		10,179
Nikkiso Co., Ltd.		18,600		248,392
Nikko Co., Ltd.		1,800		46,368
Nikkon Holdings Co., Ltd.		16,100		370,631
Nippon Air Conditioning Services Co., Ltd.		9,600		61,571
Nippon Beet Sugar Manufacturing Co., Ltd.		4,500		83,931
Nippon Carbide Industries Co., Inc.		2,300		28,165
Nippon Carbon Co., Ltd. (e)		3,000		115,409
Nippon Chemi-Con Corp.		5,900		86,570
Nippon Chemical Industrial Co., Ltd.		3,000		57,708
Nippon Chemiphar Co., Ltd.		800		21,277
Nippon Coke & Engineering Co., Ltd.		71,000		60,131
Nippon Commercial Development Co., Ltd.		2,500		33,480
Nippon Computer Dynamics Co., Ltd.		1,700		13,108
Nippon Concept Corp.		1,500		17,804
Nippon Concrete Industries Co., Ltd.		14,000		36,323
Nippon Denko Co., Ltd. (e)		43,865		84,111

Japan—(Continued)
Nippon Densetsu Kogyo Co., Ltd.		12,500		251,489
Nippon Felt Co., Ltd.		8,600		35,799
Nippon Filcon Co., Ltd.		5,200		23,748
Nippon Fine Chemical Co., Ltd.		4,300		48,323
Nippon Flour Mills Co., Ltd.		22,500		360,188
Nippon Gas Co., Ltd.		9,300		237,249
Nippon Hume Corp.		8,200		52,582
Nippon Kanzai Co., Ltd.		4,800		81,348
Nippon Kinzoku Co., Ltd.		1,900		16,149
Nippon Kodoshi Corp.		1,600		20,411
Nippon Koei Co., Ltd.		5,000		110,135
Nippon Koshuha Steel Co., Ltd.		3,100		13,086
Nippon Light Metal Holdings Co., Ltd.		198,000		429,312
Nippon Paper Industries Co., Ltd.		3,300		58,539
Nippon Parking Development Co., Ltd.		65,100		102,818
Nippon Pillar Packing Co., Ltd.		6,500		62,751
Nippon Piston Ring Co., Ltd.		3,200		41,330
Nippon Rietec Co., Ltd.		5,800		76,950
Nippon Road Co., Ltd. (The)		2,700		151,848
Nippon Seiki Co., Ltd.		15,000		257,958
Nippon Seisen Co., Ltd.		1,200		28,513
Nippon Sharyo, Ltd. (a)		2,600		64,075
Nippon Sheet Glass Co., Ltd.		33,000		225,331
Nippon Signal Co., Ltd.		18,700		216,840
Nippon Soda Co., Ltd.		9,200		233,902
Nippon Steel Trading Corp.		5,196		214,504
Nippon Suisan Kaisha, Ltd.		5,500		34,160
Nippon Systemware Co., Ltd.		1,300		31,403
Nippon Thompson Co., Ltd.		23,200		104,920
Nippon Yakin Kogyo Co., Ltd. (e)		54,000		113,205
Nipro Corp.		14,500		161,016
Nishi-Nippon Financial Holdings, Inc.		25,200		181,807
Nishi-Nippon Railroad Co., Ltd.		6,400		136,744
Nishikawa Rubber Co., Ltd.		1,200		19,028
Nishimatsu Construction Co., Ltd.		19,400		374,861
Nishimatsuya Chain Co., Ltd.		11,800		91,361
Nishimoto Co., Ltd.		300		10,093
Nishio Rent All Co., Ltd.		4,400		124,522
Nissan Shatai Co., Ltd.		1,300		12,665
Nissan Tokyo Sales Holdings Co., Ltd.		11,000		27,831
Nissei ASB Machine Co., Ltd.		2,800		67,204
Nissei Corp.		3,700		42,574
Nissei Plastic Industrial Co., Ltd.		6,000		52,527
Nissha Co., Ltd.		7,200		74,057
Nisshin Fudosan Co.		12,300		53,170
Nisshin Oillio Group, Ltd. (The)		10,200		285,941
Nisshinbo Holdings, Inc.		41,320		317,975
Nissin Corp.		6,000		98,827
Nissin Electric Co., Ltd.		14,800		161,868
Nissin Kogyo Co., Ltd.		15,200		209,773
Nissin Sugar Co., Ltd.		1,800		30,721
Nissui Pharmaceutical Co., Ltd.		5,100		56,982
Nitta Corp.		6,800		193,099
Nitta Gelatin, Inc.		4,500		29,052
Nittan Valve Co., Ltd.		6,300		17,134
Nittetsu Mining Co., Ltd.		2,200		95,383
Nitto Boseki Co., Ltd.		9,800		207,803

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Nitto Fuji Flour Milling Co., Ltd.		400	$	21,473
Nitto Kogyo Corp.		9,000		172,725
Nitto Kohki Co., Ltd.		4,100		80,473
Nitto Seiko Co., Ltd.		12,500		64,778
Nittoc Construction Co., Ltd.		11,050		59,498
NJS Co., Ltd.		3,300		51,552
Noevir Holdings Co., Ltd.		2,200		120,529
Nohmi Bosai, Ltd.		7,000		149,800
Nojima Corp.		6,300		102,969
Nomura Co., Ltd.		22,000		275,262
Noritake Co., Ltd.		4,200		176,438
Noritsu Koki Co., Ltd.		5,200		101,786
Noritz Corp.		11,400		136,684
North Pacific Bank, Ltd.		122,400		291,641
NS Tool Co., Ltd.		1,900		37,713
NS United Kaiun Kaisha, Ltd.		4,100		84,438
NSD Co., Ltd.		10,670		308,899
NTN Corp.		34,100		101,669
Nuflare Technology, Inc.		800		49,172
OAK Capital Corp.		15,500		19,928
Oat Agrio Co., Ltd.		200		2,518
Obara Group, Inc.		3,500		118,721
Odelic Co., Ltd.		1,000		36,071
Oenon Holdings, Inc.		21,000		67,336
Ogaki Kyoritsu Bank, Ltd. (The)		12,500		275,017
Ohara, Inc.		600		7,890
Ohashi Technica, Inc.		4,600		60,606
Ohba Co., Ltd.		2,200		12,264
Ohsho Food Service Corp.		3,600		211,029
Oiles Corp.		8,000		117,379
Oisix ra daichi, Inc. (a)		2,100		28,739
Oita Bank, Ltd. (The)		5,700		159,513
Okabe Co., Ltd.		14,000		122,539
Okada Aiyon Corp.		1,900		22,076
Okamoto Industries, Inc.		3,200		144,029
Okamoto Machine Tool Works, Ltd.		1,400		32,398
Okamura Corp.		21,800		218,122
Okasan Securities Group, Inc.		29,000		106,261
Okaya Electric Industries Co., Ltd.		5,800		20,216
Oki Electric Industry Co., Ltd.		22,700		283,984
Okinawa Cellular Telephone Co.		4,400		139,648
Okinawa Electric Power Co., Inc. (The)		16,883		259,781
OKK Corp.		3,100		21,777
OKUMA Corp.		4,600		236,898
Okumura Corp.		11,400		349,096
Okura Industrial Co., Ltd.		3,000		46,081
Okuwa Co., Ltd.		10,000		98,391
Olympic Group Corp.		4,900		30,071
ONO Sokki Co., Ltd.		4,200		21,699
Onoken Co., Ltd.		6,500		82,763
Onward Holdings Co., Ltd.		49,000		270,648
Ootoya Holdings Co., Ltd.		600		11,936
Open Door, Inc. (a)		1,300		33,691
Optex Group Co., Ltd.		9,400		118,461
Organo Corp.		2,800		93,323
Orient Corp.		10,700		11,402
Origin Co., Ltd.		3,400		45,719

Japan—(Continued)
Oro Co., Ltd.		1,200		27,370
Osaka Organic Chemical Industry, Ltd.		5,900		54,693
Osaka Soda Co., Ltd.		5,000		125,106
Osaka Steel Co., Ltd.		5,900		96,091
OSAKA Titanium Technologies Co., Ltd.		5,500		89,240
Osaki Electric Co., Ltd.		11,000		71,625
OSG Corp.		11,000		217,510
OSJB Holdings Corp.		29,700		73,440
Otsuka Kagu, Ltd. (a) (e)		5,500		12,226
OUG Holdings, Inc.		700		16,787
Outsourcing, Inc.		26,300		320,094
Oyo Corp.		7,400		74,760
Ozu Corp.		600		9,347
Pacific Industrial Co., Ltd.		16,700		240,751
Pacific Metals Co., Ltd.		6,100		126,339
Pack Corp. (The)		4,600		140,572
Pal Group Holdings Co., Ltd.		3,800		114,910
PAPYLESS Co., Ltd.		700		12,488
Paraca, Inc.		300		5,570
Paramount Bed Holdings Co., Ltd.		6,000		228,854
Parco Co., Ltd.		8,100		81,490
Paris Miki Holdings, Inc.		10,600		32,919
Pasona Group, Inc.		6,200		86,830
PC Depot Corp.		4,600		18,257
PCI Holdings, Inc.		900		17,014
Pegasus Sewing Machine Manufacturing Co., Ltd.		1,300		6,806
Penta-Ocean Construction Co., Ltd.		67,100		329,459
Pepper Food Service Co., Ltd. (e)		2,700		43,967
Pharma Foods International Co., Ltd. (a)		2,500		11,147
Phil Co., Inc. (a)		500		14,986
PIA Corp.		1,400		60,246
Pickles Corp.		800		17,414
Pilot Corp.		3,100		120,584
Piolax, Inc.		10,500		183,807
Plenus Co., Ltd.		7,800		127,180
Poletowin Pitcrew Holdings, Inc.		7,900		83,492
Press Kogyo Co., Ltd.		37,000		168,068
Pressance Corp.		10,400		142,837
Prestige International, Inc.		13,400		199,517
Prima Meat Packers, Ltd.		9,600		183,285
Pro-Ship, Inc.		1,400		15,836
Pronexus, Inc.		6,700		69,394
Proto Corp.		8,800		82,895
PS Mitsubishi Construction Co., Ltd.		8,800		48,977
Punch Industry Co., Ltd.		2,700		14,109
Qol Co., Ltd.		5,900		91,158
Quick Co., Ltd.		2,500		36,114
Raccoon Co., Ltd.		2,300		13,535
Raito Kogyo Co., Ltd.		16,900		216,133
Rakus Co., Ltd.		2,900		70,290
Rasa Industries, Ltd.		2,600		34,664
Raysum Co., Ltd.		5,300		49,082
RECOMM Co., Ltd.		14,500		17,565
Remixpoint, Inc. (a)		6,300		25,362
Renaissance, Inc.		3,400		55,566
RENOVA, Inc. (a)		4,800		34,865
Renown, Inc. (a)		29,200		27,397

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Resort Solution Co., Ltd.		400	$	14,146
Resorttrust, Inc.		16,700		256,102
Restar Holdings Corp.		8,700		126,001
Retail Partners Co., Ltd.		1,300		14,333
Rheon Automatic Machinery Co., Ltd.		5,000		85,507
Rhythm Watch Co., Ltd.		2,500		32,248
Riberesute Corp.		4,300		31,657
Ricoh Leasing Co., Ltd.		5,600		170,928
Ride On Express Holdings Co., Ltd.		1,700		18,731
Right On Co., Ltd.		5,900		39,591
Riken Corp.		3,500		133,850
Riken Keiki Co., Ltd.		6,000		109,735
Riken Technos Corp.		15,000		72,270
Riken Vitamin Co., Ltd.		2,700		84,615
Ringer Hut Co., Ltd.		6,000		124,186
Rion Co., Ltd.		2,200		41,514
Riso Kagaku Corp.		9,458		150,976
Riso Kyoiku Co., Ltd.		34,770		145,694
Rock Field Co., Ltd.		6,600		86,442
Rokko Butter Co., Ltd.		3,600		61,216
Roland DG Corp.		3,000		67,379
Rorze Corp.		1,900		40,310
Round One Corp.		22,000		279,482
Royal Holdings Co., Ltd.		8,300		205,195
Rozetta Corp. (a)		1,400		47,219
RS Technologies Co., Ltd.		1,500		40,007
Ryobi, Ltd.		9,400		178,272
Ryoden Corp.		4,500		66,934
Ryosan Co., Ltd.		10,800		252,675
Ryoyo Electro Corp.		7,800		128,172
S Foods, Inc.		4,100		139,223
S&B Foods, Inc.		1,200		44,813
S-Pool, Inc.		700		17,895
Sac’s Bar Holdings, Inc.		6,850		62,347
Sagami Rubber Industries Co., Ltd.		1,800		29,267
Saibu Gas Co., Ltd.		12,200		238,819
Saizeriya Co., Ltd.		9,200		200,031
Sakai Chemical Industry Co., Ltd.		6,000		142,084
Sakai Heavy Industries, Ltd.		1,400		33,110
Sakai Moving Service Co., Ltd.		2,600		153,389
Sakai Ovex Co., Ltd.		1,600		25,669
Sakata INX Corp.		11,800		111,244
Sakura Internet, Inc.		4,400		20,622
Sala Corp.		12,900		69,452
SAMTY Co., Ltd.		6,000		91,396
San Holdings, Inc.		1,400		30,889
San ju San Financial Group, Inc.		7,870		108,279
San-A Co., Ltd.		5,700		227,485
San-Ai Oil Co., Ltd.		20,000		194,605
San-In Godo Bank, Ltd. (The)		59,000		379,142
Sanden Holdings Corp. (a)		8,400		41,748
Sanei Architecture Planning Co., Ltd.		3,500		49,750
Sangetsu Corp.		14,800		272,715
Sanix, Inc. (a)		7,800		16,606
Sanken Electric Co., Ltd.		7,400		155,258
Sanki Engineering Co., Ltd.		17,900		207,782
Sanko Metal Industrial Co., Ltd.		1,000		22,281

Japan—(Continued)
Sankyo Frontier Co., Ltd.		1,000		30,820
Sankyo Seiko Co., Ltd.		13,400		64,576
Sankyo Tateyama, Inc.		9,600		105,235
Sanoh Industrial Co., Ltd.		10,100		43,143
Sansei Technologies, Inc.		800		9,048
Sansha Electric Manufacturing Co., Ltd.		2,700		21,137
Sanshin Electronics Co., Ltd.		8,500		143,186
Sanyo Chemical Industries, Ltd.		4,200		221,042
Sanyo Denki Co., Ltd.		1,800		72,379
Sanyo Electric Railway Co., Ltd.		4,800		93,118
Sanyo Housing Nagoya Co., Ltd.		3,000		24,876
Sanyo Industries, Ltd.		1,300		21,465
Sanyo Shokai, Ltd.		5,100		72,718
Sanyo Special Steel Co., Ltd.		8,600		119,281
Sanyo Trading Co., Ltd.		1,300		28,522
Sapporo Holdings, Ltd.		13,200		278,376
Sata Construction Co., Ltd.		2,600		9,208
Sato Holdings Corp.		6,900		175,457
Sato Restaurant Systems Co., Ltd.		3,900		36,057
Sato Shoji Corp.		6,500		53,131
Satori Electric Co., Ltd.		5,500		44,725
Sawada Holdings Co., Ltd.		10,300		77,085
Saxa Holdings, Inc.		2,400		41,828
SBS Holdings, Inc.		6,900		97,548
Scala, Inc.		5,700		48,060
SCREEN Holdings Co., Ltd.		4,100		172,066
Scroll Corp.		13,100		40,300
SEC Carbon, Ltd.		200		18,334
Secom Joshinetsu Co., Ltd.		945		30,867
Seed Co., Ltd.		1,700		17,341
Seika Corp.		4,200		50,871
Seikagaku Corp.		6,200		71,256
Seikitokyu Kogyo Co., Ltd.		12,500		73,855
Seiko Holdings Corp.		8,800		179,748
Seiko PMC Corp.		1,500		10,525
Seiren Co., Ltd.		19,100		266,535
Sekisui Jushi Corp.		10,200		199,383
Sekisui Plastics Co., Ltd.		10,300		71,878
Senko Group Holdings Co., Ltd.		31,000		245,216
Senshu Electric Co., Ltd.		2,400		59,991
Senshu Ikeda Holdings, Inc.		84,000		155,327
Senshukai Co., Ltd. (a)		11,000		27,311
SFP Holdings Co., Ltd.		1,500		25,057
Shibaura Electronics Co., Ltd.		2,800		75,555
Shibaura Mechatronics Corp.		900		22,635
Shibusawa Warehouse Co., Ltd. (The)		4,200		64,918
Shibuya Corp.		4,800		131,100
Shidax Corp. (a)		9,600		23,093
SHIFT, Inc. (a)		1,300		67,709
Shiga Bank, Ltd. (The)		17,800		414,136
Shikibo, Ltd.		4,700		42,096
Shikoku Bank, Ltd. (The)		14,000		117,396
Shikoku Chemicals Corp.		13,000		136,218
Shima Seiki Manufacturing, Ltd.		4,900		144,914
Shimachu Co., Ltd.		19,600		456,361
Shimane Bank, Ltd. (The)		2,500		16,772
Shimizu Bank, Ltd. (The)		3,400		57,228

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Shimojima Co., Ltd.		6,300	$	63,126
Shin Nippon Air Technologies Co., Ltd.		4,600		73,014
Shin Nippon Biomedical Laboratories, Ltd.		5,300		34,398
Shin-Etsu Polymer Co., Ltd.		16,900		122,897
Shin-Keisei Electric Railway Co., Ltd.		2,900		53,479
Shinagawa Refractories Co., Ltd.		2,000		54,966
Shindengen Electric Manufacturing Co., Ltd.		2,800		95,907
Shinkawa, Ltd. (a)		5,300		18,998
Shinko Electric Industries Co., Ltd.		27,600		234,802
Shinko Plantech Co., Ltd.		16,100		189,311
Shinko Shoji Co., Ltd.		7,700		136,105
Shinmaywa Industries, Ltd.		34,000		433,152
Shinnihon Corp.		10,200		84,558
Shinoken Group Co., Ltd.		7,100		51,030
Shinsho Corp.		1,400		29,703
Shinwa Co., Ltd.		3,900		78,355
Ship Healthcare Holdings, Inc.		2,600		112,368
Shizuki Electric Co., Inc.		8,000		41,883
Shizuoka Gas Co., Ltd.		21,300		162,705
Shobunsha Publications, Inc. (a)		4,800		15,241
Shoei Co., Ltd.		3,100		123,261
Shoei Foods Corp.		3,400		105,570
Shofu, Inc.		3,900		49,529
Shoko Co., Ltd. (a)		1,900		11,214
Showa Aircraft Industry Co., Ltd.		4,000		48,958
Showa Corp.		17,600		237,996
Showa Sangyo Co., Ltd.		6,600		184,800
SIGMAXYZ, Inc.		3,300		38,070
Siix Corp.		9,600		113,719
Sinanen Holdings Co., Ltd.		2,900		49,300
Sinfonia Technology Co., Ltd.		8,400		96,418
Sinko Industries, Ltd.		6,400		93,285
Sintokogio, Ltd.		16,800		147,294
SK-Electronics Co., Ltd.		400		7,745
SKY Perfect JSAT Holdings, Inc.		38,100		149,177
SMK Corp.		2,300		57,523
SMS Co., Ltd.		16,100		380,349
Snow Peak, Inc.		2,200		29,376
SNT Corp.		15,600		45,826
Soda Nikka Co., Ltd.		7,000		37,806
Sodick Co., Ltd.		16,800		145,528
Soft99 Corp.		5,100		44,792
Softbank Technology Corp.		3,200		69,554
Softbrain Co., Ltd.		3,500		15,365
Softcreate Holdings Corp.		1,600		22,236
Software Service, Inc.		1,200		115,856
Sogo Medical Holdings Co., Ltd.		4,800		75,102
Solasto Corp.		8,400		73,297
SoldOut, Inc.		800		17,042
Soliton Systems KK		600		5,430
Sotoh Co., Ltd.		3,100		27,701
Sourcenext Corp. (e)		11,800		43,373
Space Co., Ltd.		5,060		55,102
Space Value Holdings Co., Ltd.		9,000		42,198
Sparx Group Co., Ltd.		35,900		75,971
SPK Corp.		1,700		37,749
SRA Holdings		3,100		75,651

Japan—(Continued)
ST Corp.		700		10,943
St. Marc Holdings Co., Ltd.		5,100		108,724
Star Mica Holdings Co., Ltd.		2,400		33,747
Star Micronics Co., Ltd.		7,700		100,445
Starts Corp., Inc.		7,500		177,031
Starzen Co., Ltd.		2,500		96,755
Stella Chemifa Corp.		3,600		100,556
Step Co., Ltd.		4,100		55,214
Strike Co., Ltd.		2,200		41,283
Studio Alice Co., Ltd.		2,900		54,839
Subaru Enterprise Co., Ltd.		100		5,749
Sugimoto & Co., Ltd.		3,800		72,020
Sumida Corp.		6,300		67,894
Suminoe Textile Co., Ltd.		2,300		63,140
Sumitomo Bakelite Co., Ltd.		1,300		46,581
Sumitomo Densetsu Co., Ltd.		5,400		85,874
Sumitomo Mitsui Construction Co., Ltd.		52,060		288,938
Sumitomo Osaka Cement Co., Ltd.		9,800		390,037
Sumitomo Precision Products Co., Ltd.		1,200		31,086
Sumitomo Riko Co., Ltd.		15,300		119,701
Sumitomo Seika Chemicals Co., Ltd.		3,200		97,405
Sumitomo Warehouse Co., Ltd. (The)		26,500		340,346
Sun Frontier Fudousan Co., Ltd.		8,600		81,349
Sun-Wa Technos Corp.		3,900		30,902
Suncall Corp.		8,300		38,873
Sushiro Global Holdings, Ltd.		2,500		149,229
SWCC Showa Holdings Co., Ltd.		7,600		58,026
System Information Co., Ltd.		2,800		24,692
System Research Co., Ltd.		600		19,672
Systena Corp.		20,000		328,123
Syuppin Co., Ltd.		6,100		45,969
T Hasegawa Co., Ltd.		8,400		150,137
T RAD Co., Ltd.		2,900		51,272
T&K Toka Co., Ltd.		8,600		76,223
T-Gaia Corp.		6,500		123,086
Tachi-S Co., Ltd.		10,300		132,654
Tachibana Eletech Co., Ltd.		5,640		88,012
Tachikawa Corp.		1,200		14,824
Tadano, Ltd.		22,800		240,260
Taihei Dengyo Kaisha, Ltd.		6,000		120,748
Taiheiyo Kouhatsu, Inc.		2,100		14,385
Taiho Kogyo Co., Ltd.		6,400		49,157
Taikisha, Ltd.		9,100		274,916
Taiko Bank, Ltd. (The)		3,100		47,997
Taisei Lamick Co., Ltd.		2,200		56,432
Taiyo Holdings Co., Ltd.		5,300		160,178
Takachiho Koheki Co., Ltd.		400		3,697
Takagi Seiko Corp.		600		14,254
Takamatsu Construction Group Co., Ltd.		5,400		108,844
Takamiya Co., Ltd.		5,200		37,302
Takano Co., Ltd.		4,600		32,697
Takaoka Toko Co., Ltd.		4,365		49,011
Takara Leben Co., Ltd.		28,600		101,863
Takara Printing Co., Ltd.		1,300		19,514
Takara Standard Co., Ltd.		14,400		228,295
Takasago International Corp.		5,400		147,566
Takasago Thermal Engineering Co., Ltd.		16,800		278,600

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Takashima & Co., Ltd.		2,500	$	38,798
Takashimaya Co., Ltd.		2,100		23,048
Take And Give Needs Co., Ltd.		4,010		40,062
Takeei Corp.		8,200		69,043
Takemoto Yohki Co., Ltd.		1,200		13,927
Takeuchi Manufacturing Co., Ltd.		10,000		179,627
Takihyo Co., Ltd.		2,000		33,338
Takisawa Machine Tool Co., Ltd.		2,200		28,765
Takuma Co., Ltd.		14,200		176,883
Tama Home Co., Ltd. (e)		5,900		58,837
Tamron Co., Ltd.		6,000		123,190
Tamura Corp.		26,000		137,379
Tanseisha Co., Ltd.		11,750		136,639
Tateru, Inc. (a) (e)		3,600		5,599
Tatsuta Electric Wire and Cable Co., Ltd.		17,000		75,141
Tayca Corp.		6,000		137,735
Tazmo Co., Ltd.		900		6,968
TBK Co., Ltd.		8,000		28,895
TDC Soft, Inc.		4,900		39,267
TechMatrix Corp.		2,900		54,540
TECHNO ASSOCIE Co., Ltd.		300		3,541
Techno Medica Co., Ltd.		2,400		47,225
Techno Ryowa, Ltd.		4,800		34,945
TechnoPro Holdings, Inc.		3,700		197,188
Tecnos Japan, Inc.		2,000		10,493
Teikoku Electric Manufacturing Co., Ltd.		8,200		96,264
Teikoku Sen-I Co., Ltd.		2,600		50,776
Teikoku Tsushin Kogyo Co., Ltd.		3,000		31,089
Tenma Corp.		6,200		105,056
Tenpos Holdings Co., Ltd.		700		13,505
Teraoka Seisakusho Co., Ltd.		200		890
Terilogy Co., Ltd. (a) (e)		1,600		13,356
Tigers Polymer Corp.		2,200		11,562
TKC Corp.		6,700		297,119
Toa Corp.		9,600		114,566
Toa Corp.		5,800		87,743
Toa Oil Co., Ltd.		3,200		54,618
TOA ROAD Corp.		1,800		53,270
Toabo Corp.		3,400		14,370
Toagosei Co., Ltd.		37,000		389,929
Tobishima Corp.		5,560		68,969
TOC Co., Ltd.		15,800		95,067
Tocalo Co., Ltd.		19,200		140,857
Tochigi Bank, Ltd. (The)		38,200		61,242
Toda Corp.		2,500		13,867
Toda Kogyo Corp.		1,100		21,944
Toei Animation Co., Ltd.		2,400		111,519
Toei Co., Ltd.		1,200		167,002
Toell Co., Ltd.		3,100		20,426
Toenec Corp.		3,200		92,540
Toho Bank, Ltd. (The)		83,000		197,648
Toho Co., Ltd.		2,700		49,860
Toho Holdings Co., Ltd.		7,900		177,330
Toho Titanium Co., Ltd.		7,600		77,361
Toho Zinc Co., Ltd.		5,000		116,100
Tohoku Bank, Ltd. (The)		4,700		45,246
Tohokushinsha Film Corp.		4,800		26,417

Japan—(Continued)
Tohto Suisan Co., Ltd.		1,400		33,431
Tokai Corp.		7,800		165,413
TOKAI Holdings Corp.		23,700		200,716
Tokai Lease Co., Ltd.		1,600		24,888
Tokai Rika Co., Ltd.		10,300		170,354
Tokai Tokyo Financial Holdings, Inc.		51,400		157,312
Token Corp.		2,460		139,268
Tokushu Tokai Paper Co., Ltd.		3,300		115,631
Tokuyama Corp.		12,600		341,488
Tokyo Base Co., Ltd. (a)		2,200		16,820
Tokyo Dome Corp.		31,000		293,488
Tokyo Electron Device, Ltd.		2,400		42,127
Tokyo Energy & Systems, Inc.		8,000		67,834
Tokyo Individualized Educational Institute, Inc.		1,400		12,082
Tokyo Keiki, Inc.		4,200		37,462
Tokyo Ohka Kogyo Co., Ltd. (e)		13,100		410,650
Tokyo Rakutenchi Co., Ltd.		1,300		60,694
Tokyo Rope Manufacturing Co., Ltd.		4,600		42,710
Tokyo Sangyo Co., Ltd.		12,000		55,462
Tokyo Seimitsu Co., Ltd.		13,800		356,319
Tokyo Steel Manufacturing Co., Ltd.		36,800		278,682
Tokyo Tekko Co., Ltd.		3,400		38,295
Tokyo Theatres Co., Inc.		2,900		35,826
Tokyo TY Financial Group, Inc.		9,724		153,033
Tokyotokeiba Co., Ltd.		3,900		120,219
Tokyu Construction Co., Ltd.		8,400		56,879
Tokyu Recreation Co., Ltd.		1,200		54,846
Toli Corp.		20,000		44,422
Tomato Bank, Ltd.		4,200		39,869
Tomen Devices Corp.		1,500		31,558
Tomoe Corp.		12,500		43,466
Tomoe Engineering Co., Ltd.		2,100		45,457
Tomoegawa Co., Ltd.		2,400		18,990
Tomoku Co., Ltd.		5,400		87,488
TOMONY Holdings, Inc.		56,900		191,577
Tomy Co., Ltd.		22,400		260,982
Tonami Holdings Co., Ltd.		2,200		114,870
Topcon Corp.		24,100		302,405
Toppan Forms Co., Ltd.		19,800		155,962
Topre Corp.		11,900		198,307
Topy Industries, Ltd.		6,800		159,845
Toridolll Holdings Corp.		6,900		131,977
Torigoe Co., Ltd. (The)		7,100		56,391
Torii Pharmaceutical Co., Ltd.		3,600		86,830
Torikizoku Co., Ltd.		900		18,727
Torishima Pump Manufacturing Co., Ltd.		7,700		75,662
Tosei Corp.		13,200		119,259
Toshiba Machine Co., Ltd.		8,400		193,398
Toshiba Plant Systems & Services Corp.		8,100		152,526
Toshiba TEC Corp.		3,600		100,499
Tosho Co., Ltd.		4,800		121,864
Tosho Printing Co., Ltd.		7,000		84,346
Totetsu Kogyo Co., Ltd.		8,400		229,045
Tottori Bank, Ltd. (The)		3,700		47,661
Toukei Computer Co., Ltd.		1,400		40,245
Tow Co., Ltd.		5,500		39,414
Towa Bank, Ltd. (The)		11,500		73,265

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Towa Corp.		8,000	$	58,508
Towa Pharmaceutical Co., Ltd.		8,400		213,811
Toyo Construction Co., Ltd.		25,499		99,846
Toyo Corp.		9,600		84,835
Toyo Denki Seizo KK		3,200		39,027
Toyo Engineering Corp. (a)		7,600		35,956
Toyo Gosei Co., Ltd.		800		14,140
Toyo Ink SC Holdings Co., Ltd.		15,200		329,216
Toyo Kanetsu KK		3,800		72,635
Toyo Machinery & Metal Co., Ltd.		6,000		32,850
Toyo Securities Co., Ltd.		23,000		25,244
Toyo Sugar Refining Co., Ltd.		900		8,354
Toyo Tanso Co., Ltd.		4,600		92,094
Toyo Tire Corp.		12,100		159,461
Toyo Wharf & Warehouse Co., Ltd.		2,500		31,707
Toyobo Co., Ltd.		33,200		397,272
TPR Co., Ltd.		7,300		124,377
Trancom Co., Ltd.		2,300		132,814
Transaction Co., Ltd.		1,400		11,846
Tri Chemical Laboratories, Inc.		1,500		63,384
Trusco Nakayama Corp.		9,500		203,933
Trust Tech, Inc.		6,000		85,465
TSI Holdings Co., Ltd.		28,205		168,988
Tsubaki Nakashima Co., Ltd.		7,100		116,553
Tsubakimoto Chain Co.		9,000		294,683
Tsubakimoto Kogyo Co., Ltd.		1,600		47,517
Tsudakoma Corp.		1,600		23,076
Tsugami Corp.		17,000		146,296
Tsukada Global Holdings, Inc.		7,200		39,727
Tsukamoto Corp. Co., Ltd.		2,100		20,462
Tsukishima Kikai Co., Ltd.		8,600		98,553
Tsukuba Bank, Ltd.		34,500		54,230
Tsukui Corp.		18,800		90,266
Tsurumi Manufacturing Co., Ltd.		6,100		110,866
Tsutsumi Jewelry Co., Ltd.		3,200		56,230
TV Asahi Holdings Corp.		2,600		42,039
TV Tokyo Holdings Corp.		3,700		80,489
TYK Corp.		6,000		16,538
UACJ Corp.		10,685		182,456
Uchida Yoko Co., Ltd.		4,200		138,246
Ueki Corp.		1,100		22,076
Ulvac, Inc.		10,300		327,780
UMC Electronics Co., Ltd.		700		8,768
Umenohana Co., Ltd. (a)		600		14,075
Uniden Holdings Corp. (a)		2,500		43,370
UNIMAT Retirement Community Co., Ltd.		1,600		25,256
Union Tool Co.		3,400		95,746
Unipres Corp.		13,900		228,963
United Arrows, Ltd.		6,000		187,587
United Super Markets Holdings, Inc.		20,700		181,404
UNITED, Inc.		3,100		42,708
Unitika, Ltd. (a)		15,600		56,049
Unizo Holdings Co., Ltd.		7,800		133,631
Usen-Next Holdings Co., Ltd. (a)		2,700		18,690
Ushio, Inc.		39,000		503,445
UT Group Co., Ltd. (e)		7,600		185,372
Utoc Corp.		5,100		22,541

Japan—(Continued)
Uzabase, Inc. (a)		1,100		25,085
V Technology Co., Ltd.		2,000		91,829
V-Cube, Inc. (a)		2,100		11,264
Valor Holdings Co., Ltd.		11,800		245,295
Valqua, Ltd.		6,000		126,222
Value HR Co., Ltd.		500		15,257
ValueCommerce Co., Ltd.		5,000		114,717
Vector, Inc. (a)		7,500		71,693
VIA Holdings, Inc. (a)		1,600		8,809
Village Vanguard Co., Ltd.		2,300		20,288
VINX Corp.		1,000		11,095
Vision, Inc. (a)		1,400		63,263
Vital KSK Holdings, Inc.		14,200		134,579
VT Holdings Co., Ltd.		24,300		95,016
Wacoal Holdings Corp.		10,900		282,528
Wacom Co., Ltd.		32,800		108,461
Wakachiku Construction Co., Ltd.		4,600		58,391
Wakamoto Pharmaceutical Co., Ltd. (a)		9,000		21,650
Wakita & Co., Ltd.		15,300		148,410
Warabeya Nichiyo Holdings Co., Ltd. (e)		5,000		77,158
Waseda Academy Co., Ltd.		1,400		10,046
Watahan & Co., Ltd.		1,600		36,279
WATAMI Co., Ltd.		7,600		101,033
Watts Co., Ltd.		1,900		11,958
WDB Holdings Co., Ltd.		2,200		54,887
Weathernews, Inc.		2,100		64,875
West Holdings Corp.		7,200		72,982
Will Group, Inc.		4,200		34,971
WIN-Partners Co., Ltd.		3,700		39,431
Wood One Co., Ltd.		2,600		22,929
World Holdings Co., Ltd.		2,500		39,096
Wowow, Inc.		2,200		54,236
Xebio Holdings Co., Ltd.		8,700		98,989
Y.A.C. Holdings Co., Ltd.		3,900		33,085
YA-MAN, Ltd.		6,200		50,965
Yachiyo Industry Co., Ltd.		3,900		23,609
Yahagi Construction Co., Ltd.		10,900		71,272
Yaizu Suisankagaku Industry Co., Ltd.		4,400		44,026
Yakuodo Co., Ltd.		2,900		64,162
YAMABIKO Corp.		12,800		111,597
YAMADA Consulting Group Co., Ltd.		3,100		57,510
Yamagata Bank, Ltd. (The)		10,400		155,975
Yamaguchi Financial Group, Inc.		3,700		25,323
Yamaichi Electronics Co., Ltd.		8,200		73,848
Yamanashi Chuo Bank, Ltd. (The)		11,800		127,332
Yamatane Corp.		3,400		43,265
Yamato Corp.		6,600		34,149
Yamato International, Inc.		6,700		25,624
Yamato Kogyo Co., Ltd.		7,900		230,871
Yamaura Corp.		2,800		21,447
Yamaya Corp.		1,150		22,736
Yamazawa Co., Ltd.		1,000		15,194
Yamazen Corp.		19,500		187,997
Yaoko Co., Ltd. (e)		2,800		126,547
Yashima Denki Co., Ltd.		7,500		57,650
Yasuda Logistics Corp.		7,400		59,523
Yasunaga Corp.		1,700		22,337

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Yellow Hat, Ltd.		11,600	$	155,099
Yodogawa Steel Works, Ltd.		7,600		148,056
Yokogawa Bridge Holdings Corp.		12,800		207,418
Yokohama Reito Co., Ltd.		16,800		155,865
Yokowo Co., Ltd.		5,200		107,052
Yomeishu Seizo Co., Ltd.		3,000		54,709
Yomiuri Land Co., Ltd.		1,300		59,911
Yondenko Corp.		1,600		40,405
Yondoshi Holdings, Inc.		4,600		105,784
Yorozu Corp.		7,900		99,224
Yossix Co., Ltd.		400		9,317
Yotai Refractories Co., Ltd.		2,200		11,272
Yuasa Funashoku Co., Ltd.		1,300		44,565
Yuasa Trading Co., Ltd.		5,800		162,425
Yuken Kogyo Co., Ltd.		1,700		25,988
Yume No. Machi Souzou Iinkai Co., Ltd.		3,500		51,239
Yumeshin Holdings Co., Ltd. (e)		13,100		93,665
Yurtec Corp.		12,000		82,656
Yushiro Chemical Industry Co., Ltd.		3,700		44,600
Yutaka Giken Co., Ltd.		600		9,522
Zappallas, Inc. (a)		4,900		16,203
Zenrin Co., Ltd.		10,950		193,558
ZIGExN Co., Ltd.		17,200		126,331
Zojirushi Corp. (e)		9,800		104,819
Zuiko Corp.		1,000		33,109
Zuken, Inc.		5,400		90,406

				143,456,621


Jersey, Channel Islands—0.1%
Centamin plc		392,183		570,645
Highland Gold Mining, Ltd.		32,781		84,886

				655,531


Jordan—0.0%
Hikma Pharmaceuticals plc		9,177		201,268


Kazakhstan—0.1%
KAZ Minerals plc		42,164		324,595


Liechtenstein—0.1%
Liechtensteinische Landesbank AG		2,973		189,042
VP Bank AG		955		154,381

				343,423


Luxembourg—0.1%
APERAM S.A.		21,182		598,203
L’Occitane International S.A.		80,750		159,524

				757,727


Macau—0.0%
Macau Legend Development, Ltd. (a)		585,000		82,316


Malta—0.1%
Kindred Group plc		61,427		521,050


Monaco—0.1%
Endeavour Mining Corp. (a)		21,215		345,875


Netherlands—3.2%
Aalberts NV		34,547		1,358,202
Accell Group		11,356		313,119
Altice Europe NV - Class A (a)		57,865		208,016
AMG Advanced Metallurgical Group NV (e)		11,371		353,060
Amsterdam Commodities NV		6,535		139,260
Arcadis NV		36,067		684,960
Argenx SE (a)		9,661		1,360,471
ASM International NV		19,662		1,281,113
ASR Nederland NV		1,172		47,712
Atrium European Real Estate, Ltd. (a)		66,764		248,782
Basic-Fit NV (a)		7,027		247,313
BE Semiconductor Industries NV		37,120		956,418
Beter Bed Holding NV (a)		5,373		13,809
BinckBank NV		28,201		202,348
Boskalis Westminster		23,702		547,469
Brack Capital Properties NV (a)		716		67,740
Brunel International NV (e)		9,034		132,594
Corbion NV		20,382		664,490
Euronext NV		16,910		1,279,723
Flow Traders		9,083		265,240
ForFarmers NV		6,572		55,526
Fugro NV (a) (e)		22,630		194,618
Funcom NV (a)		17,843		29,544
GrandVision NV		8,544		198,600
Heijmans NV (a)		11,179		110,401
Hunter Douglas NV		2,423		169,452
IMCD NV		14,955		1,372,549
Intertrust NV		15,775		325,636
KAS Bank NV		6,580		92,779
Kendrion NV		4,209		90,178
Koninklijke BAM Groep NV		115,981		516,662
Koninklijke Vopak NV		16,477		761,395
Lucas Bols B.V. (a)		1,325		21,696
Nederland Apparatenfabriek		2,241		123,103
New World Resources plc - A Shares (a) (b) (d)		11,898		0
OCI NV (a)		13,220		362,931
Ordina NV		44,115		90,324
PostNL NV (e)		195,310		338,414
Rhi Magnesita NV		6,294		386,448
SBM Offshore NV		72,035		1,394,418
Shop Apotheke Europe NV (a)		2,106		82,463
SIF Holding NV (e)		1,259		14,403
Signify NV (e)		27,832		822,914
Sligro Food Group NV		10,629		396,013
SNS REAAL NV (b) (d)		105,329		0
Takeaway.com NV (a)		6,682		627,129
TKH Group NV		13,932		864,267
TomTom NV (a)		28,915		332,907
Van Lanschot Kempen NV		3,940		89,431
Wessanen		31,675		410,240

				20,646,280

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

New Zealand—0.7%
Abano Healthcare Group, Ltd.		880	$	2,070
Air New Zealand, Ltd.		72,051		128,422
Briscoe Group, Ltd.		13,123		29,703
Chorus, Ltd.		132,195		506,376
Ebos Group, Ltd.		4,025		62,616
Eroad, Ltd. (a)		4,808		9,679
Freightways, Ltd.		38,693		219,195
Genesis Energy, Ltd.		71,444		166,642
Gentrack Group, Ltd.		7,810		32,553
Hallenstein Glasson Holdings, Ltd.		19,012		66,434
Heartland Group Holdings, Ltd.		86,209		95,658
Infratil, Ltd.		204,135		636,279
Investore Property, Ltd. (REIT)		15,456		19,405
Kathmandu Holdings, Ltd.		24,348		36,013
Mainfreight, Ltd.		15,752		431,228
Metlifecare, Ltd.		34,148		100,722
Metro Performance Glass, Ltd.		8,816		2,251
Michael Hill International, Ltd.		82,929		30,677
New Zealand Refining Co., Ltd. (The)		39,302		55,154
NZME, Ltd.		71,247		24,991
NZX, Ltd.		83,876		63,159
Oceania Healthcare, Ltd.		57,658		40,239
Pacific Edge, Ltd. (a)		17,353		2,442
PGG Wrightson, Ltd.		58,545		20,868
Port of Tauranga, Ltd.		28,401		121,148
Pushpay Holdings, Ltd. (a)		22,159		57,225
Restaurant Brands New Zealand, Ltd. (a)		7,507		47,188
Rubicon, Ltd. (a)		9,922		1,266
Sanford, Ltd.		2,904		13,469
Scales Corp., Ltd.		20,336		64,242
Serko, Ltd. (a)		3,960		11,315
Skellerup Holdings, Ltd.		47,582		76,725
SKY Network Television, Ltd.		114,579		90,876
SKYCITY Entertainment Group, Ltd.		173,489		441,901
Steel & Tube Holdings, Ltd.		51,732		33,988
Summerset Group Holdings, Ltd.		32,970		123,433
Synlait Milk, Ltd. (a)		14,388		89,013
Tourism Holdings, Ltd.		25,309		64,307
TOWER, Ltd. (a)		59,836		30,536
Trustpower, Ltd.		13,980		69,503
Turners Automotive Group, Ltd.		8,394		13,202
Warehouse Group, Ltd. (The)		39,693		53,876
Z Energy, Ltd.		71,583		303,192

				4,489,181


Norway—0.9%
ABG Sundal Collier Holding ASA (a)		134,443		58,934
AF Gruppen ASA		4,034		79,440
Akastor ASA (a)		47,184		64,372
Aker Solutions ASA (a)		37,475		153,724
American Shipping Co. ASA (a)		19,821		81,672
Archer, Ltd. (a)		19,287		10,314
Atea ASA (a)		21,200		288,260
Avance Gas Holding, Ltd. (a)		14,826		41,461
Axactor SE (a)		39,265		86,160
B2Holding ASA		20,790		22,954

Norway—(Continued)
Bionor Pharma ASA		6,972		30,671
Bonheur ASA		10,311		210,325
Borregaard ASA		26,596		307,998
BW Offshore, Ltd. (a)		33,722		205,693
Data Respons ASA		17,251		65,867
DNO ASA		182,446		331,737
DOF ASA (a) (e)		47,311		18,561
Europris ASA		62,298		193,165
Frontline, Ltd. (a)		24,306		197,173
Grieg Seafood ASA		13,378		185,631
Hexagon Composites ASA (a)		28,187		118,899
Hoegh LNG Holdings, Ltd. (e)		16,807		69,152
IDEX Corp. (a)		53,185		9,826
Itera ASA		17,553		16,109
Kongsberg Automotive ASA (a)		176,177		128,018
Kvaerner ASA		60,872		98,076
Magnora ASA		16,466		14,199
NEL ASA (a) (e)		307,998		249,823
Next Biometrics Group (a)		560		327
Nordic Nanovector ASA (a) (e)		11,170		42,152
Nordic Semiconductor ASA (a)		45,822		192,495
Norway Royal Salmon ASA		3,915		83,011
Norwegian Air Shuttle ASA (a) (e)		26,268		109,983
Norwegian Finans Holding ASA (a)		24,477		177,994
Norwegian Property ASA		2,620		3,656
Ocean Yield ASA (e)		12,183		81,683
Odfjell Drilling, Ltd. (a)		25,648		78,181
Odfjell SE - A Shares (a)		1,949		5,890
Olav Thon Eiendomsselskap ASA		2,986		50,409
Otello Corp. ASA (a)		27,717		48,081
Panoro Energy ASA (a)		16,444		32,564
PGS ASA (a)		92,194		144,383
PhotoCure ASA (a)		5,477		27,572
ProSafe SE (a)		16,437		21,382
Protector Forsikring ASA (a)		20,253		132,350
Q-Free ASA (a)		24,256		20,743
Sbanken ASA		18,903		161,514
Scatec Solar ASA		26,893		268,893
Selvaag Bolig ASA		14,928		76,996
Solstad Offshore ASA (a) (e)		53,910		9,819
Spectrum ASA		12,979		100,373
Stolt-Nielsen, Ltd.		7,397		90,000
Treasure ASA		21,003		33,023
Veidekke ASA		28,524		277,230
Wilh Wilhelmsen Holding ASA - Class A		4,777		79,516
XXL ASA (e)		17,225		57,666

				5,746,100


Peru—0.0%
Hochschild Mining plc		95,965		233,531


Philippines—0.0%
Del Monte Pacific, Ltd. (a)		77,636		8,663


Portugal—0.4%
Altri SGPS S.A.		27,747		192,909

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Portugal—(Continued)
Banco Comercial Portugues S.A. - Class R		2,143,248	$	662,729
Banco Espirito Santo S.A. (a) (b) (d)		89,078		0
CTT-Correios de Portugal S.A. (e)		47,697		114,876
Mota-Engil SGPS S.A.		40,942		88,702
Navigator Co. S.A. (The)		71,289		272,229
NOS SGPS S.A.		74,998		492,854
Novabase SGPS S.A.		7,827		21,358
REN - Redes Energeticas Nacionais SGPS S.A.		122,322		335,334
Semapa-Sociedade de Investimento e Gestao		4,163		58,604
Sonae Capital SGPS S.A.		11,637		9,646
Sonae SGPS S.A.		280,308		270,769
Teixeira Duarte S.A. (a)		9,907		1,113

				2,521,123


Russia—0.0%
Petropavlovsk plc (a)		987,975		123,139


Singapore—1.2%
Abterra, Ltd. (a) (b) (d)		51,720		279
Accordia Golf Trust		145,200		56,942
AEM Holdings, Ltd.		46,900		35,786
Ascendas India Trust		237,000		238,224
Avarga, Ltd.		46,000		6,665
Baker Technology, Ltd.		33,200		10,573
Banyan Tree Holdings, Ltd.		97,700		35,751
Best World International, Ltd. (b) (d)		80,000		80,414
Bonvests Holdings, Ltd.		18,000		17,029
Boustead Projects, Ltd.		24,607		16,901
Boustead Singapore, Ltd.		82,025		47,307
BreadTalk Group, Ltd.		54,200		29,881
Bukit Sembawang Estates, Ltd.		69,100		294,704
BW LPG, Ltd. (a)		31,059		151,554
Centurion Corp., Ltd.		98,400		29,128
China Aviation Oil Singapore Corp., Ltd.		94,800		92,706
Chip Eng Seng Corp., Ltd.		157,000		83,564
Chuan Hup Holdings, Ltd.		125,000		24,931
CITIC Envirotech, Ltd.		207,500		46,943
CNQC International Holdings, Ltd.		82,500		16,921
COSCO Shipping International Singapore Co., Ltd. (a)		332,100		77,540
Creative Technology, Ltd. (a)		16,300		44,980
CSE Global, Ltd.		197,000		70,749
CW Group Holdings, Ltd. (b) (d)		106,000		588
Delfi, Ltd.		66,000		63,404
Dyna-Mac Holdings, Ltd. (a)		98,000		7,907
Elec & Eltek International Co., Ltd.		23,000		31,723
Ezion Holdings, Ltd. (a) (b) (d)		753,729		17,994
Ezra Holdings, Ltd. (a) (b) (d)		1,000,703		7,599
Far East Orchard, Ltd.		74,044		65,139
First Resources, Ltd.		109,100		128,208
Food Empire Holdings, Ltd.		54,000		19,574
Fragrance Group, Ltd.		752,800		69,679
Fraser and Neave, Ltd.		15,900		20,097
Frencken Group, Ltd.		45,900		22,248
Fu Yu Corp., Ltd.		98,800		15,010
Gallant Venture, Ltd. (a)		126,000		11,359
Geo Energy Resources, Ltd.		155,000		17,537

Singapore—(Continued)
GK Goh Holdings, Ltd.		12,000		7,540
GL, Ltd.		188,000		109,889
Golden Agri-Resources, Ltd.		988,100		211,846
Golden Energy & Resources, Ltd.		69,000		10,965
GuocoLand, Ltd.		44,400		65,687
Halcyon Agri Corp., Ltd. (a)		188,713		66,314
Hanwell Holdings, Ltd.		19,000		2,880
Haw Par Corp., Ltd.		23,800		248,444
Hi-P International, Ltd.		50,200		51,534
Hiap Hoe, Ltd.		58,000		35,152
Ho Bee Land, Ltd.		67,200		118,214
Hong Fok Corp., Ltd.		146,740		91,686
Hong Leong Asia, Ltd. (a)		82,000		32,768
Hong Leong Finance, Ltd.		18,500		37,201
Hotel Grand Central, Ltd.		25,900		24,886
Hour Glass, Ltd. (The)		129,000		72,945
Hwa Hong Corp., Ltd.		138,000		31,132
Hyflux, Ltd. (a) (b) (d)		179,500		5,385
iFAST Corp., Ltd.		25,500		20,354
IGG, Inc.		300,000		333,383
Indofood Agri Resources, Ltd.		152,000		31,528
Japfa, Ltd.		89,700		35,088
k1 Ventures, Ltd. (a) (b) (d)		80,800		0
Kenon Holdings, Ltd.		3,549		75,236
Keppel Infrastructure Trust		723,718		270,157
Koh Brothers Group, Ltd.		97,000		15,417
KSH Holdings, Ltd.		25,700		7,801
Lian Beng Group, Ltd.		116,900		40,708
Low Keng Huat Singapore, Ltd.		122,600		45,760
Lum Chang Holdings, Ltd.		115,000		28,917
Metro Holdings, Ltd.		141,600		105,767
Mewah International, Inc.		110,000		22,389
Midas Holdings, Ltd. (a) (b) (d)		452,000		12,027
mm2 Asia, Ltd. (a)		149,800		25,469
NSL, Ltd.		15,000		11,643
Overseas Union Enterprise, Ltd.		119,200		132,307
Oxley Holdings, Ltd.		200,317		48,872
Pan-United Corp., Ltd.		53,750		12,318
Penguin International, Ltd.		64,333		21,455
Q&M Dental Group Singapore, Ltd.		41,800		15,140
QAF, Ltd.		74,167		40,067
Raffles Education Corp., Ltd. (a)		500,206		30,679
Raffles Medical Group, Ltd.		182,160		140,177
RHT Health Trust		84,400		1,123
Rickmers Maritime (a) (b) (d)		110,000		0
Riverstone Holdings, Ltd.		76,400		55,341
Roxy-Pacific Holdings, Ltd.		94,325		26,492
SBS Transit, Ltd.		40,500		123,045
Sembcorp Industries, Ltd.		13,600		24,296
Sembcorp Marine, Ltd. (a)		107,000		119,937
Sheng Siong Group, Ltd.		133,900		108,821
SHS Holdings, Ltd.		47,000		6,218
SIA Engineering Co., Ltd.		65,700		121,914
SIIC Environment Holdings, Ltd.		167,400		34,023
Sinarmas Land, Ltd.		618,500		114,334
Sing Holdings, Ltd.		82,000		23,675
Singapore Post, Ltd.		335,900		235,885

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Singapore—(Continued)
Singapore Press Holdings, Ltd.		203,100	$	367,177
Singapore Reinsurance Corp., Ltd.		1,000		214
Stamford Land Corp., Ltd.		278,000		98,627
StarHub, Ltd.		125,900		143,321
Sunningdale Tech, Ltd.		41,100		41,985
Swiber Holdings, Ltd. (a) (b) (d)		117,749		1,775
Tuan Sing Holdings, Ltd.		173,421		44,235
UMS Holdings, Ltd.		116,250		54,160
United Engineers, Ltd.		138,000		263,217
United Industrial Corp., Ltd.		13,600		29,556
United Overseas Insurance, Ltd.		4,000		20,990
UOB-Kay Hian Holdings, Ltd.		142,259		126,307
Venture Corp., Ltd.		7,900		95,174
Vicom, Ltd.		4,600		23,290
Wee Hur Holdings, Ltd.		85,000		13,213
Wing Tai Holdings, Ltd.		159,621		244,276
XP Power, Ltd.		4,479		125,711
Yeo Hiap Seng, Ltd.		19,712		13,137
Yongnam Holdings, Ltd. (a)		241,875		30,770

				7,486,904


South Africa—0.0%
Caledonia Mining Corp. plc		1,300		7,694
Mediclinic International plc		11,173		43,411
Petra Diamonds, Ltd. (a)		279,686		69,732
Sibanye Gold, Ltd. (a)		12,029		14,208

				135,045


Spain—2.3%
Acciona S.A.		7,805		837,849
Acerinox S.A.		70,013		703,067
Alantra Partners S.A.		4,852		81,616
Almirall S.A.		20,984		387,319
Amper S.A. (a)		224,339		64,996
Applus Services S.A.		33,014		449,166
Atresmedia Corp. de Medios de Comunicacion S.A.		21,362		104,501
Azkoyen S.A.		1,608		12,713
Bolsas y Mercados Espanoles SHMSF S.A.		27,936		683,935
Caja de Ahorros del Mediterraneo (a) (b) (d)		14,621		0
Cellnex Telecom S.A. (a)		41,922		1,551,886
Cia de Distribucion Integral Logista Holdings S.A.		11,001		249,426
Cie Automotive S.A.		17,266		499,938
Construcciones y Auxiliar de Ferrocarriles S.A.		5,880		269,465
Duro Felguera S.A. (a)		925,200		8,942
Ebro Foods S.A.		25,801		552,155
eDreams ODIGEO S.A. (a)		17,603		77,269
Elecnor S.A.		11,262		148,546
Enagas S.A.		11,482		306,780
Ence Energia y Celulosa S.A		61,968		279,454
Ercros S.A.		60,314		138,702
Euskaltel S.A.		13,752		127,484
Faes Farma S.A.		136,445		643,952
Fluidra S.A. (a)		16,366		216,242
Fomento de Construcciones y Contratas S.A.		4,576		60,953
Global Dominion Access S.A. (a)		25,444		130,346
Grupo Catalana Occidente S.A.		20,412		754,411

Spain—(Continued)
Grupo Empresarial San Jose S.A. (a)		8,320		73,801
Grupo Ezentis S.A. (a)		78,251		45,737
Iberpapel Gestion S.A.		1,128		35,657
Indra Sistemas S.A. (a)		42,149		426,124
Laboratorios Farmaceuticos Rovi S.A.		3,511		80,194
Liberbank S.A.		410,152		176,870
Masmovil Ibercom S.A. (a)		10,030		223,557
Mediaset Espana Comunicacion S.A.		49,361		359,391
Melia Hotels International S.A.		24,250		231,917
Miquel y Costas & Miquel S.A.		11,154		194,328
Obrascon Huarte Lain S.A. (a) (e)		35,775		45,659
Parques Reunidos Servicios Centrales S.A. Unipersonal		1,039		16,448
Pharma Mar S.A. (a)		72,263		148,242
Prim S.A.		3,013		40,779
Promotora de Informaciones S.A. - Class A (a)		111,443		182,318
Prosegur Cia de Seguridad S.A.		54,905		258,185
Quabit Inmobiliaria S.A. (a)		21,835		27,201
Realia Business S.A. (a)		143,011		151,241
Sacyr S.A.		119,046		289,153
Solaria Energia y Medio Ambiente S.A. (a)		19,439		111,305
Talgo S.A. (a)		18,100		112,707
Tecnicas Reunidas S.A.		11,115		285,875
Tubacex S.A.		28,250		89,116
Vidrala S.A.		7,634		718,790
Viscofan S.A.		14,797		774,996
Vocento S.A.		18,128		26,176
Zardoya Otis S.A.		41,270		313,498

				14,780,378


Sweden—3.2%
AcadeMedia AB (a)		4,298		24,243
AddLife AB - Class B		7,312		228,404
AddNode Group AB		7,307		121,118
AddTech AB - B Shares		21,786		661,643
AF AB - B Shares		26,024		589,230
Ahlstrom-Munksjo Oyj		17,418		286,786
Alimak Group AB		10,425		160,123
Arise AB (a)		4,852		12,227
Arjo AB - B Shares		41,654		188,831
Atrium Ljungberg AB - B Shares		10,176		183,752
Attendo AB		20,278		88,001
Avanza Bank Holding AB		38,300		292,533
BE Group AB		1,962		9,275
Beijer Alma AB		15,250		202,982
Beijer Electronics Group AB		7,843		45,275
Beijer Ref AB		18,141		437,930
Bergman & Beving AB - B Shares		12,796		139,026
Besqab AB		1,061		13,938
Betsson AB (a)		41,330		253,064
Bilia AB - A Shares		34,008		307,013
BillerudKorsnas AB		11,161		148,540
BioGaia AB - B Shares		6,083		281,871
Biotage AB		18,332		214,992
Bjorn Borg AB (a)		9,936		28,783
Bonava AB		928		11,643
Bonava AB - B Shares		18,068		226,933

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Sweden—(Continued)
Bravida Holding AB		51,786	$	459,368
Bufab AB		9,902		113,732
Bulten AB		6,239		49,052
Bure Equity AB		18,672		318,892
Byggmax Group AB (a)		18,326		73,207
Catena AB		6,561		206,080
Clas Ohlson AB - B Shares		13,900		138,138
Cloetta AB - B Shares		92,493		300,179
Coor Service Management Holding AB		6,617		61,212
Corem Property Group AB - B Shares		40,507		72,575
Dios Fastigheter AB		38,354		283,883
Dometic Group AB		22,651		227,159
Doro AB (a)		3,391		12,420
Duni AB		14,094		192,146
Dustin Group AB		18,741		172,392
Eastnine AB		7,088		81,463
Elanders AB - B Shares		1,453		13,602
Eltel AB (a)		11,729		29,654
Enea AB (a)		4,082		61,325
eWork Group AB		2,864		22,962
Fagerhult AB (e)		19,392		128,422
FastPartner AB		7,445		60,138
Fingerprint Cards AB - Class B (a) (e)		28,890		51,184
GHP Specialty Care AB		7,172		10,639
Granges AB		23,241		266,304
Gunnebo AB		12,816		34,070
Haldex AB		16,480		101,227
Heba Fastighets AB		3,306		29,906
Hembla AB (a)		5,814		113,303
Hemfosa Fastigheter AB		45,756		432,386
HIQ International AB (a)		13,747		77,342
HMS Networks AB		7,891		151,424
Hoist Finance AB (a)		3,999		19,457
Holmen AB - B Shares		4,535		96,750
Humana AB		6,890		41,759
Inwido AB		16,291		112,893
ITAB Shop Concept AB - Class B (a)		1,944		6,113
JM AB		23,748		546,027
KappAhl AB		29,980		45,489
Klovern AB - B Shares (e)		158,702		249,652
Know It AB		9,489		218,466
Kungsleden AB		56,456		465,718
Lagercrantz Group AB - B Shares		21,001		298,934
Lindab International AB		38,985		448,421
Loomis AB - Class B		18,603		639,468
Medivir AB - B Shares (a) (e)		10,470		27,018
Mekonomen AB (e)		9,225		76,843
Momentum Group AB - Class B		12,796		159,851
MQ Holding AB (a)		27,336		6,010
Mycronic AB		25,742		312,713
Nederman Holding AB		6,476		79,229
Net Insight AB - Class B (a)		74,697		14,222
NetEnt AB (a)		74,590		238,778
New Wave Group AB - B Shares		19,643		136,655
Nobia AB		40,224		234,352
Nobina AB		33,657		208,779
Nolato AB - B Shares		9,452		576,666

Sweden—(Continued)
Nordic Waterproofing Holding		3,742		33,730
NP3 Fastigheter AB		11,449		99,369
Nyfosa AB (a)		48,024		301,277
OEM International AB - B Shares		3,800		101,721
Opus Group AB		92,554		60,632
Peab AB		53,678		459,212
Platzer Fastigheter Holding AB - Class B		11,785		109,195
Pricer AB - B Shares		32,212		46,416
Proact IT Group AB		2,832		71,260
Qliro Group AB (a)		24,348		30,624
Ratos AB - B Shares		45,770		127,090
RaySearch Laboratories AB (a)		10,154		145,001
Recipharm AB - B Shares (e)		12,287		150,052
Rottneros AB		26,936		33,649
Sagax AB - Class B		17,585		166,028
SAS AB (a) (e)		95,090		126,895
Scandi Standard AB		19,443		133,754
Scandic Hotels Group AB		17,969		158,416
Sectra AB - B Shares (a)		6,258		227,069
Semcon AB		5,540		32,993
Sensys Gatso Group AB (a)		223,283		38,593
Sintercast AB		599		10,192
SkiStar AB		18,152		223,295
Sweco AB - B Shares		9,523		261,592
Systemair AB		5,455		75,657
Thule Group AB		32,103		793,126
Troax Group AB		11,469		117,333
VBG Group AB - B Shares		1,361		24,478
Vitrolife AB		17,061		332,738
Wallenstam AB - B Shares		9,820		103,847
Wihlborgs Fastigheter AB		53,876		780,948

				20,140,387


Switzerland—5.1%
Allreal Holding AG (a)		4,553		783,509
ALSO Holding AG (a)		1,640		234,536
APG SGA S.A.		468		132,530
Arbonia AG (a)		12,618		167,289
Aryzta AG (a)		230,151		263,524
Ascom Holding AG		12,379		162,334
Autoneum Holding AG (e)		1,187		170,992
Bachem Holding AG - Class B		82		10,836
Banque Cantonale de Geneve		750		154,429
Banque Cantonale Vaudoise		305		237,461
Belimo Holding AG		131		804,623
Bell Food Group AG (a)		880		243,759
Bellevue Group AG		3,322		72,469
Berner Kantonalbank AG		1,950		464,437
BFW Liegenschaften AG (a)		528		23,360
BKW AG		5,103		340,835
Bobst Group S.A. (e)		3,743		276,596
Bossard Holding AG - Class A		2,139		332,640
Bucher Industries AG		2,604		897,445
Burckhardt Compression Holding AG		216		57,494
Burkhalter Holding AG		1,291		101,816
Calida Holding AG (a)		2,002		57,413

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Switzerland—(Continued)
Carlo Gavazzi Holding AG		48	$	13,299
Cembra Money Bank AG		7,937		766,148
Cham Group AG (a)		113		48,043
Cicor Technologies, Ltd. (a)		644		34,966
Cie Financiere Tradition S.A.		595		61,866
Coltene Holding AG		1,308		118,609
Conzzeta AG		325		275,932
Daetwyler Holding AG		2,353		358,205
DKSH Holding AG		4,025		235,863
dormakaba Holding AG (a)		923		668,989
Dufry AG (a)		3,547		300,460
EDAG Engineering Group AG (a)		3,171		42,908
EFG International AG (a)		20,307		140,695
Emmi AG		773		722,996
Energiedienst Holding AG		3,530		112,458
Evolva Holding S.A. (a)		36,339		7,217
Feintool International Holding AG (a) (e)		588		41,803
Fenix Outdoor International AG		1,091		117,303
Ferrexpo plc		89,833		316,397
Flughafen Zurich AG		3,471		653,009
Forbo Holding AG		346		611,679
GAM Holding AG (a)		68,723		318,347
Georg Fischer AG		1,301		1,243,643
Gurit Holding AG		164		172,046
Helvetia Holding AG		9,021		1,133,508
Hiag Immobilien Holding AG		1,331		159,546
Highlight Communications AG (a)		7,829		38,470
HOCHDORF Holding AG (a)		174		19,254
Huber & Suhner AG		4,851		409,049
Implenia AG (e)		6,413		189,756
Inficon Holding AG		600		366,048
Interroll Holding AG		226		567,858
Intershop Holding AG		416		211,850
Investis Holding S.A. (a)		322		22,438
IWG plc		206,169		894,010
Jungfraubahn Holding AG		188		27,498
Kardex AG		2,247		392,736
Komax Holding AG (a) (e)		1,292		287,260
Kudelski S.A. (a) (e)		13,221		87,362
Lastminute.com NV (a)		1,492		42,947
LEM Holding S.A.		246		345,971
Luzerner Kantonalbank AG		1,452		655,958
MCH Group AG (a)		831		19,658
Meier Tobler Group AG (a)		872		14,364
Metall Zug AG - B Shares		66		148,659
Mikron Holding AG (a)		474		4,398
Mobilezone Holding AG (a)		11,899		121,622
Mobimo Holding AG (a)		2,761		733,939
OC Oerlikon Corp. AG		68,290		833,967
Orascom Development Holding AG (a)		5,250		80,557
Orell Fuessli Holding AG		428		39,941
Orior AG (a) (e)		2,240		189,301
Panalpina Welttransport Holding AG (a)		2,930		674,831
Phoenix Mecano AG		274		123,502
Plazza AG - Class A		497		125,751
PSP Swiss Property AG		13,666		1,597,356
Resurs Holding AB		23,894		142,296

Switzerland—(Continued)
Rieter Holding AG		1,344		204,616
Romande Energie Holding S.A.		111		138,733
Schaffner Holding AG (a)		238		54,100
Schmolz & Bickenbach AG (a)		161,565		77,481
Schweiter Technologies AG		381		358,367
SFS Group AG		3,820		325,634
Siegfried Holding AG (a)		1,321		460,138
St. Galler Kantonalbank AG		1,123		506,037
Sulzer AG		5,258		574,783
Sunrise Communications Group AG (a)		10,006		746,770
Swiss Prime Site AG		2,143		187,102
Swissquote Group Holding S.A.		3,968		168,952
Tamedia AG		904		98,480
Tecan Group AG		54		14,007
U-Blox Holding AG (a) (e)		2,262		192,115
Valiant Holding AG		5,102		554,010
Valora Holding AG (a)		1,467		373,126
VAT Group AG (a)		8,590		1,058,299
Vaudoise Assurances Holding S.A.		423		216,662
Vetropack Holding AG		88		187,052
Von Roll Holding AG (a)		16,704		20,193
Vontobel Holding AG		9,780		544,057
VZ Holding AG		691		189,354
Walliser Kantonalbank		1,160		132,484
Warteck Invest AG (a)		43		82,352
Ypsomed Holding AG (a) (e)		1,361		187,391
Zehnder Group AG		3,984		145,197
Zug Estates Holding AG - B Shares (a)		83		154,760
Zuger Kantonalbank AG		59		381,949

				32,409,070


Turkey—0.0%
Global Ports Holding plc		3,344		14,985


United Arab Emirates—0.0%
Lamprell plc (a)		100,553		80,708


United Kingdom—15.9%
4imprint Group plc		7,338		251,451
888 Holdings plc		86,183		178,411
A.G. Barr plc		45,463		535,225
AA plc		210,707		129,261
Acacia Mining plc (a)		69,634		157,112
Advanced Medical Solutions Group plc		3,307		12,615
Afren plc (a) (b) (d)		251,096		0
Aggreko plc		71,942		721,816
Air Partner plc		4,960		4,799
Alliance Pharma plc		8,664		7,483
Amerisur Resources plc (a)		93,968		15,369
Anglo Pacific Group plc		45,747		120,404
Anglo-Eastern Plantations plc		5,782		35,172
Arrow Global Group plc		59,836		172,684
Ascential plc		3,642		16,497
Ashmore Group plc		106,400		689,042
ASOS plc (a)		2,250		72,900
Auto Trader Group plc		239,399		1,668,459

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

United Kingdom—(Continued)
AVEVA Group plc		1,694	$	86,966
Avon Rubber plc		11,857		205,148
B&M European Value Retail S.A.		211,609		897,485
Babcock International Group plc		92,719		539,616
Balfour Beatty plc		232,244		714,742
BBA Aviation plc		400,738		1,437,497
BCA Marketplace plc		8,929		27,625
Beazley plc		148,099		1,039,636
Begbies Traynor Group plc		12,000		11,205
Bellway plc		40,936		1,447,945
Bloomsbury Publishing plc		25,349		73,087
Bodycote plc		84,979		892,052
boohoo Group plc (a)		180,823		487,756
Bovis Homes Group plc		60,601		796,582
Braemar Shipping Services plc		7,120		17,181
Brewin Dolphin Holdings plc		106,430		413,142
Britvic plc		83,065		938,062
BTG plc (a)		65,897		699,015
Cairn Energy plc (a)		234,247		516,719
Capita plc (a)		17,105		22,909
Capital & Counties Properties plc		209,181		576,180
Carclo plc (a)		16,990		4,237
Card Factory plc		103,756		232,211
CareTech Holdings plc		13,900		65,925
Carpetright plc (a)		40,521		8,133
Carr’s Group plc		19,239		38,358
Castings plc		2,870		15,429
Centaur Media plc		92,526		54,626
Charles Taylor plc		17,127		48,678
Chemring Group plc		123,138		287,838
Chesnara plc		58,648		246,336
Cineworld Group plc		191,264		617,222
City of London Investment Group plc		6,851		35,288
Clarkson plc		8,219		262,754
Clipper Logistics plc		11,008		39,392
Close Brothers Group plc		58,401		1,050,895
CLS Holdings plc		60,694		165,452
CMC Markets plc		42,124		48,144
Cobham plc (a)		743,389		1,007,939
Computacenter plc		29,696		503,095
Concentric AB		16,079		240,909
Connect Group plc (a)		78,147		37,124
Consort Medical plc		22,450		242,736
ConvaTec Group plc		212,877		394,207
Costain Group plc		35,950		79,709
Countryside Properties plc		111,017		421,362
Countrywide plc (a)		6,402		342
Cranswick plc		19,204		632,154
Crest Nicholson Holdings plc		66,688		302,883
CYBG plc		190,655		465,681
Daejan Holdings plc		2,195		154,790
Daily Mail & General Trust plc		48,943		486,381
Dart Group plc		3,865		41,018
De La Rue plc		36,480		141,351
Debenhams plc (a) (b) (d) (e)		426,182		9,904
Devro plc		61,396		161,396
DFS Furniture plc		24,217		78,193

United Kingdom—(Continued)
Dialight plc (a)		5,140		32,058
Dialog Semiconductor plc (a)		25,587		1,032,210
Dignity plc		19,579		161,181
Diploma plc		39,240		763,559
DiscoverIE Group plc		19,500		103,866
Dixons Carphone plc		175,794		244,368
Domino’s Pizza Group plc		168,480		595,690
Drax Group plc		137,597		454,730
Dunelm Group plc		31,911		372,843
EI Group plc (a)		245,184		612,944
EKF Diagnostics Holdings plc (a)		33,004		13,886
Eland Oil & Gas plc (a)		7,992		11,973
Electrocomponents plc		151,487		1,217,541
Elementis plc		202,330		364,760
EMIS Group plc		6,475		100,017
EnQuest plc (a)		832,061		209,858
Equiniti Group plc		68,818		192,329
Essentra plc		87,048		475,782
Euromoney Institutional Investor plc		32,940		545,856
FDM Group Holdings plc		12,113		143,409
Fevertree Drinks plc		18,799		555,383
Findel plc (a)		17,439		55,840
Firstgroup plc (a)		445,353		552,905
Flex LNG, Ltd. (a)		4,057		47,889
Flowtech Fluidpower plc		6,703		11,563
Forterra plc		43,179		162,514
Foxtons Group plc (a)		74,860		50,373
Fuller Smith & Turner plc - Class A		7,667		104,517
FW Thorpe plc		6,310		25,391
G4S plc		436,844		1,156,859
Galliford Try plc		49,848		399,126
Games Workshop Group plc		11,160		703,880
Gamma Communications plc		1,155		16,867
Gem Diamonds, Ltd. (a)		44,142		43,142
Genel Energy plc		14,530		35,768
Genus plc		3,398		114,630
Georgia Capital plc (a)		7,105		98,375
Go-Ahead Group plc		16,658		417,190
Gocompare.Com Group plc		86,389		102,650
Gooch & Housego plc		2,212		32,484
Goodwin plc		188		8,219
Grafton Group plc		88,160		905,279
Grainger plc		159,150		496,685
Greene King plc		121,167		952,359
Greggs plc		34,690		1,012,442
Gulf Keystone Petroleum, Ltd.		64,377		184,932
GVC Holdings plc		5,947		49,232
Gym Group plc (The)		41,701		129,624
Halfords Group plc		89,687		256,182
Hastings Group Holdings plc		68,571		170,631
Hays plc		461,035		919,854
Headlam Group plc		43,642		266,484
Helical plc		47,664		223,357
Henry Boot plc		8,542		26,784
Hill & Smith Holdings plc		29,060		432,174
Hilton Food Group plc		9,722		119,522
Hiscox, Ltd.		69,440		1,496,101

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

United Kingdom—(Continued)
Hollywood Bowl Group plc		29,996	$	85,304
HomeServe plc		89,792		1,353,592
Horizon Discovery Group plc (a) (e)		25,090		49,702
Howden Joinery Group plc		213,311		1,373,534
Hunting plc		52,837		343,630
Huntsworth plc		92,591		114,435
Hurricane Energy plc (a) (e)		60,919		40,800
Ibstock plc		118,333		365,743
IDOX plc (a)		30,485		13,434
IG Group Holdings plc		127,101		942,999
IGas Energy plc (a)		18,467		13,347
IMI plc		81,384		1,075,053
Inchcape plc		161,511		1,263,523
Indivior plc (a)		173,858		94,282
Inmarsat plc		94,184		651,348
Intermediate Capital Group plc		88,839		1,561,982
International Personal Finance plc		79,366		120,963
iomart Group plc		2,899		11,933
IP Group plc (a)		147,458		139,927
ITE Group plc		253,088		230,181
J.D. Wetherspoon plc		28,929		524,515
James Fisher & Sons plc		20,005		486,718
JD Sports Fashion plc		100,296		749,030
John Laing Group plc		31,550		158,034
John Menzies plc		26,664		153,782
John Wood Group plc		141,076		814,973
Johnson Service Group plc		32,984		62,386
Joules Group plc		3,224		10,380
JPJ Group PLC (a)		21,152		198,938
Jupiter Fund Management plc		124,588		669,595
Just Group plc (a)		46,856		33,542
Kainos Group plc		18,245		151,299
Kcom Group plc		172,562		245,539
Keller Group plc		25,571		199,596
Kier Group plc (e)		50,507		68,232
Kin & Carta plc		66,431		88,588
Lancashire Holdings, Ltd.		70,812		619,754
Liontrust Asset Management plc		1,332		12,146
Lookers plc		131,372		84,922
Low & Bonar plc		75,589		5,760
LSL Property Services plc		24,253		64,678
Luceco plc		38,430		52,345
M&C Saatchi plc		3,677		16,345
Majestic Wine plc		10,364		33,827
Man Group plc		598,620		1,184,418
Marshalls plc		73,997		642,724
Marston’s plc		258,409		383,628
McBride plc (a)		63,975		64,978
McCarthy & Stone plc		25,888		45,053
McColl’s Retail Group plc		12,767		11,317
Mears Group plc		41,542		138,850
Meggitt plc		154,944		1,032,507
Merlin Entertainments plc		200,200		1,141,878
Metro Bank plc (a)		2,816		18,883
Midwich Group plc		1,526		11,189
Millennium & Copthorne Hotels plc		54,328		472,582
Mitchells & Butlers plc (a)		85,514		311,358

United Kingdom—(Continued)
Mitie Group plc		135,619		252,868
MJ Gleeson plc		13,112		121,305
Moneysupermarket.com Group plc		163,514		857,238
Morgan Advanced Materials plc		105,477		373,582
Morgan Sindall Group plc		17,569		276,603
Morses Club plc		6,380		11,251
Mortgage Advice Bureau Holdings, Ltd.		4,434		33,523
Mothercare plc (a)		102,238		27,649
Motorpoint group plc		14,323		40,928
N Brown Group plc		73,957		122,378
National Express Group plc		203,273		1,037,031
NCC Group plc		82,122		170,998
Next Fifteen Communications Group plc		4,175		33,730
Non-Standard Finance plc		79,101		36,179
Norcros plc		4,719		13,315
Northgate plc		53,383		235,600
Numis Corp. plc		4,113		14,129
On the Beach Group plc		36,264		219,960
OneSavings Bank plc		62,111		286,596
Oxford Instruments plc		16,508		270,522
Pagegroup plc		105,272		687,613
Pan African Resources plc (a)		316,147		40,122
Paragon Banking Group plc		88,923		496,122
Park Group plc		23,099		19,672
Parkmead Group plc (The) (a)		28,991		19,255
PayPoint plc		23,440		288,782
Pendragon plc		345,188		71,233
Pennon Group plc		142,268		1,342,135
Petrofac, Ltd.		76,214		416,243
Pets at Home Group plc		67,442		160,265
Phoenix Group Holdings plc		120,822		1,090,391
Photo-Me International plc		89,030		109,175
Playtech plc		80,273		436,068
Polar Capital Holdings plc		3,314		25,290
Polypipe Group plc		68,575		387,554
Porvair plc		8,570		63,338
Premier Asset Management Group plc		9,032		22,399
Premier Foods plc (a) (e)		334,879		143,576
Premier Oil plc (a) (e)		245,706		239,985
Provident Financial plc		22,978		120,543
PZ Cussons plc		102,110		277,868
QinetiQ Group plc		183,469		651,011
Quilter plc		324,572		580,649
Rank Group plc		40,547		81,873
Rathbone Brothers plc		15,068		425,951
REA Holdings plc (a)		1,120		1,900
Redde plc		10,004		13,390
Redrow plc		93,432		646,274
Renew Holdings plc		6,035		31,807
Renewi plc		221,260		81,202
Renishaw plc		12,189		659,158
Renold plc (a)		64,766		29,202
Restaurant Group plc (The)		166,434		279,202
Revolution Bars Group plc		5,460		4,437
Ricardo plc		13,452		129,737
Rightmove plc		122,881		834,955
River & Mercantile Group plc		112		387

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

United Kingdom—(Continued)
RM plc		43,283	$	131,457
Robert Walters plc		16,356		134,978
Rotork plc		262,065		1,054,307
Royal Mail plc		33,745		91,025
RPC Group plc		140,988		1,419,148
RPS Group plc		100,537		137,250
S&U plc		343		10,386
Saga plc		127,724		64,747
Savannah Petroleum plc (a)		60,736		13,457
Savills plc		62,765		715,969
Scapa Group plc		15,602		36,883
SDL plc		33,826		219,012
Secure Trust Bank plc		458		8,304
Senior plc		166,890		458,358
Serica Energy plc (a)		8,726		14,111
Severfield plc		100,890		88,138
SIG plc		252,797		417,192
Sirius Minerals plc (a)		252,943		47,287
Smart Metering Systems plc		5,630		38,027
Soco International plc		50,968		45,176
Softcat plc		34,705		429,678
Spectris plc		40,479		1,480,930
Speedy Hire plc		205,988		164,813
Spire Healthcare Group plc		6,876		10,474
Spirent Communications plc		217,958		423,614
Sportech plc (a)		20,264		8,542
Sports Direct International plc (a)		49,099		172,640
SSP Group plc		132,276		1,153,774
St. Modwen Properties plc		86,555		481,862
Stagecoach Group plc		163,409		263,681
SThree plc		40,191		145,302
Stobart Group, Ltd.		80,421		113,314
Stock Spirits Group plc		27,770		77,820
STV Group plc		7,121		31,398
Superdry plc		18,185		106,514
Synthomer plc		88,503		420,933
T. Clarke plc		15,381		23,383
TalkTalk Telecom Group plc (e)		201,309		285,748
Tate & Lyle plc		163,836		1,536,355
Ted Baker plc		9,974		102,693
Telecom Plus plc		21,709		388,747
Telit Communications plc (a)		33,381		67,830
Thomas Cook Group plc (a) (e)		438,591		73,204
Topps Tiles plc		61,961		51,939
TORM plc (a)		6,490		56,371
TP ICAP plc		203,445		775,340
Travis Perkins plc		80,024		1,298,252
Trifast plc		20,432		59,372
Trinity Mirror plc		157,693		156,293
TT electronics plc		79,682		234,153
U & I Group plc		54,856		95,002
Ultra Electronics Holdings plc		27,882		585,527
Urban & Civic plc		5,854		24,650
Vectura Group plc (a)		245,376		270,486
Vertu Motors plc		35,216		17,977
Vesuvius plc		95,731		668,619
Victrex plc		29,970		827,032

United Kingdom—(Continued)
Vitec Group plc (The)		10,351		149,715
Volex plc (a)		20,438		24,968
Volution Group plc		23,180		53,115
Vp plc		4,147		45,258
Watkin Jones plc		4,237		11,115
Weir Group plc (The)		247		4,852
WH Smith plc		35,182		880,247
William Hill plc		315,264		619,206
Wincanton plc		44,811		151,316
Xaar plc		18,088		18,839

				101,579,664


United States—0.4%
Aeterna Zentaris, Inc. (a)		2,400		6,983
Alacer Gold Corp. (a)		102,778		357,100
Argonaut Gold, Inc. (a)		66,123		89,877
BRP, Inc.		3,005		107,391
Burford Capital, Ltd.		13,154		259,093
Energy Fuels, Inc. (a) (e)		19,715		61,273
Epsilon Energy, Ltd. (a)		10,928		40,980
Golden Star Resources, Ltd. (a) (e)		28,192		114,099
Ormat Technologies, Inc.		1		35
PureTech Health plc (a)		30,589		88,649
REC Silicon ASA (a) (e)		643,607		44,714
Reliance Worldwide Corp., Ltd.		180,174		446,213
Samsonite International S.A. (a)		93,600		215,263
Sims Metal Management, Ltd.		81,887		625,888
Tom Tailor Holding SE (a)		8,518		22,374
Varia US Properties AG		781		29,217

				2,509,149

Total Common Stocks (Cost $587,405,103)				631,936,640


Preferred Stocks—0.2%

Germany—0.2%
Biotest AG		5,357		133,720
Draegerwerk AG & Co. KGaA		2,545		160,562
FUCHS Petrolub SE		4,131		162,435
Jungheinrich AG		14,450		445,283
Sixt SE		4,716		344,057
Sto SE & Co. KGaA		301		33,742
Villeroy & Boch AG		505		8,561

Total Preferred Stocks (Cost $1,208,642)				1,288,360


Rights—0.0%

Australia—0.0%
Centrebet International, Ltd. (Litigation Units)		9,600		0


Austria—0.0%
Intercell AG, Expires 05/16/13 (a) (b) (d)		24,163		0

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, 2019 (Unaudited)

Rights—(Continued)


Security Description	Shares/ Principal Amount*		Value

Canada —0.0%
Pan American Silver Corp., Expires 02/22/29		78,950	$	27,900


Hong Kong—0.0%
Fortune Oil CVR (b) (d)		575,627		0


Spain—0.0%
Sacyr S.A., Expires 07/05/19 (a)		119,046		7,120

Total Rights (Cost $27,903)				35,020


Warrant—0.0%

Canada—0.0%
Tervita Corp., Expires 07/19/20 (a)		733		3


China—0.0%
First Sponsor Group, Ltd., Expires 05/30/24 (a)		949		64


Singapore—0.0%
Ezion Holdings, Ltd., Expires 04/16/23 (a)		309,737		0

Total Warrants (Cost $0)				67


Short-Term Investment—0.2%

Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $1,523,273; collateralized by U.S. Treasury Inflation Indexed Note at 0.125%, maturing 01/15/22, with a market value of $1,553,705.		1,523,120		1,523,120

Total Short-Term Investments (Cost $1,523,120)				1,523,120


Securities Lending Reinvestments (f)—2.6%

Certificate of Deposit—0.1%
Wells Fargo Bank N.A. 2.796%, 3M LIBOR + 0.210%, 10/25/19 (c)		500,000		500,397


Commercial Paper—0.1%
Starbird Funding Corp. 2.600%, 07/01/19		399,921		399,918


Repurchase Agreements—2.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $1,983,594; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $2,022,878.		1,983,214		1,983,214

Repurchase Agreements—(Continued)
BofA Securities, Inc.
Repurchase Agreement dated 06/28/19 at 2.460%, due on 07/01/19 with a maturity value of $3,000,615; collateralized by various Common Stock with an aggregate market value of $3,300,001.		3,000,000		3,000,000
Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $302,201; collateralized by various Common Stock with an aggregate market value of $330,000.		300,000		300,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $2,100,455; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $2,142,000.		2,100,000		2,100,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $200,046; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $204,001.		200,000		200,000
Goldman Sachs & Co. Repurchase Agreement dated 06/28/19 at 2.510%, due on 07/01/19 with a maturity value of $3,000,628; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% - 5.500%, maturity dates ranging from 09/20/26 - 04/20/49, and an aggregate market value of $3,060,000.		3,000,000		3,000,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $1,300,274; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $1,331,246.		1,300,000		1,300,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $500,249; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $547,156.		500,000		500,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $2,000,412; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,155,136.		2,000,000		2,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $600,292; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $646,541.		600,000		600,000

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, 2019 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $300,146; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $323,270.		300,000	$	300,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $225,109; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $242,453.		225,000		225,000

				15,508,214

Total Securities Lending Reinvestments (Cost $16,408,214)				16,408,529

Total Investments—102.2% (Cost $606,572,982)				651,191,736
Other assets and liabilities (net)—(2.2)%				(13,857,032	)

Net Assets—100.0%			$	637,334,704


*		Principal amount stated in U.S. dollars unless otherwise noted.
(a)		Non-income producing security.
(b)		Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, these securities represent less than 0.05% of net assets.
(c)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)		All or a portion of the security was held on loan. As of June 30, 2019, the market value of securities loaned was $21,321,596 and the collateral received consisted of cash in the amount of $16,408,134 and non-cash collateral with a value of $7,266,560. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(f)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(LIBOR)—		London Interbank Offered Rate


Ten Largest Industries as of June 30, 2019 (Unaudited)	% of Net Assets
Machinery		6.6
Real Estate Management & Development		5.1
Metals & Mining		5.0
Hotels, Restaurants & Leisure		3.7
Banks		3.7
Capital Markets		3.6
Electronic Equipment, Instruments & Components		3.2
Food Products		3.1
Chemicals		3.1
Construction & Engineering		3.0

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	486,093	$	43,193,984	$	2,681	$	43,682,758
Austria		—		8,571,836		0		8,571,836
Belgium		2,115,795		9,354,932		—		11,470,727
Canada		53,323,803		569,937		794		53,894,534
China		98,951		1,480,456		—		1,579,407
Colombia		31,794		—		—		31,794
Denmark		—		13,018,835		—		13,018,835
Faeroe Islands		—		10,428		—		10,428
Finland		—		15,638,782		—		15,638,782
France		—		27,880,464		—		27,880,464
Georgia		—		243,245		—		243,245
Germany		—		41,817,786		—		41,817,786
Ghana		—		1,306,811		—		1,306,811
Greenland		—		11,624		—		11,624
Guernsey, Channel Islands		—		58,816		—		58,816
Hong Kong		909,194		15,667,768		130,567		16,707,529
Ireland		109,152		2,476,085		—		2,585,237
Isle of Man		—		56,688		—		56,688
Israel		—		8,242,818		43,361		8,286,179
Italy		—		25,490,251		196		25,490,447
Japan		33,747		143,422,874		—		143,456,621
Jersey, Channel Islands		—		655,531		—		655,531
Jordan		—		201,268		—		201,268
Kazakhstan		—		324,595		—		324,595
Liechtenstein		—		343,423		—		343,423
Luxembourg		—		757,727		—		757,727
Macau		—		82,316		—		82,316
Malta		—		521,050		—		521,050
Monaco		345,875		—		—		345,875
Netherlands		—		20,646,280		0		20,646,280
New Zealand		—		4,489,181		—		4,489,181
Norway		197,173		5,548,927		—		5,746,100
Peru		—		233,531		—		233,531
Philippines		—		8,663		—		8,663
Portugal		—		2,521,123		0		2,521,123
Russia		—		123,139		—		123,139
Singapore		145,637		7,215,206		126,061		7,486,904
South Africa		7,694		127,351		—		135,045
Spain		—		14,780,378		0		14,780,378
Sweden		—		20,140,387		—		20,140,387

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1		Level 2			Level 3		Total
Switzerland	$	—	$	32,409,070		$	—	$	32,409,070
Turkey		—		14,985			—		14,985
United Arab Emirates		—		80,708			—		80,708
United Kingdom		1,184,418		100,385,342			9,904		101,579,664
United States		777,703		1,731,446			—		2,509,149
Total Common Stocks		59,767,029		571,856,047			313,564		631,936,640
Total Preferred Stocks*		—		1,288,360			—		1,288,360
Rights
Australia		—		0			—		0
Austria		—		—			0		0
Canada		—		27,900			—		27,900
Hong Kong		—		—			0		0
Spain		7,120		—			—		7,120
Total Rights		7,120		27,900			0		35,020
Warrant
Canada		3		—			—		3
China		64		—			—		64
Singapore		—		0			—		0
Total Warrants		67		0			—		67
Total Short-Term Investment*		—		1,523,120			—		1,523,120
Total Securities Lending Reinvestments*		—		16,408,529			—		16,408,529
Total Investments	$	59,774,216	$	591,103,956		$	313,564	$	651,191,736

Collateral for Securities Loaned (Liability)	$	—	$	(16,408,134	)	$	—	$	(16,408,134	)


*		See Schedule of Investments for additional detailed categorizations.

Transfers from Level 1 and Level 2 to Level 3 in the amount of $411,297 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-43

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	651,191,736
Cash		4,360
Cash denominated in foreign currencies (c)		1,542,180
Receivable for:
Investments sold		348,301
Fund shares sold		1,609
Dividends and interest		2,026,786

Total Assets		655,114,972
Liabilities
Collateral for securities loaned		16,408,134
Payables for:
Investments purchased		317,101
Fund shares redeemed		14,904
Accrued Expenses:
Management fees		408,405
Distribution and service fees		16,317
Deferred trustees’ fees		127,036
Other expenses		488,371

Total Liabilities		17,780,268

Net Assets	$	637,334,704

Net Assets Consist of:
Paid in surplus	$	580,386,875
Distributable earnings (Accumulated losses)		56,947,829

Net Assets	$	637,334,704

Net Assets
Class A	$	555,772,131
Class B		81,562,573
Capital Shares Outstanding*
Class A		50,113,181
Class B		7,402,308
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.09
Class B		11.02


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $606,572,982.
(b)		Includes securities loaned at value of $21,321,596.
(c)		Identified cost of cash denominated in foreign currencies was $1,541,716.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	11,316,360
Interest		10,463
Securities lending income		300,342

Total investment income		11,627,165
Expenses
Management fees		2,495,026
Administration fees		17,752
Custodian and accounting fees		214,119
Distribution and service fees—Class B		99,887
Audit and tax services		35,258
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		18,635
Insurance		2,211
Miscellaneous		50,591

Total expenses		2,987,265
Less management fee waiver		(24,795	)

Net expenses		2,962,470

Net Investment Income		8,664,695

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		13,251,038
Foreign currency transactions		(506	)

Net realized gain		13,250,532

Net change in unrealized appreciation on:
Investments		45,733,602
Foreign currency transactions		10,977

Net change in unrealized appreciation		45,744,579

Net realized and unrealized gain		58,995,111

Net Increase in Net Assets From Operations	$	67,659,806


(a)		Net of foreign withholding taxes of $1,140,330.

See accompanying notes to financial statements.

BHFTII-44

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,664,695		$	10,962,384
Net realized gain		13,250,532			58,402,984
Net change in unrealized appreciation (depreciation)		45,744,579			(213,558,039	)

Increase (decrease) in net assets from operations		67,659,806			(144,192,671	)

From Distributions to Shareholders
Class A		(57,110,318	)		(57,475,651	)
Class B		(8,215,822	)		(8,473,897	)

Total distributions		(65,326,140	)		(65,949,548	)

Increase in net assets from capital share transactions		64,651,150			39,417,154

Total increase (decrease) in net assets		66,984,816			(170,725,065	)

Net Assets
Beginning of period		570,349,888			741,074,953

End of period	$	637,334,704		$	570,349,888

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		246,224		$	2,964,686			1,060,226		$	14,397,420
Reinvestments		5,249,110			57,110,318			4,087,884			57,475,651
Redemptions		(141,590	)		(1,771,480	)		(2,666,574	)		(41,240,441	)

Net increase		5,353,744		$	58,303,524			2,481,536		$	30,632,630

Class B
Sales		297,040		$	3,480,196			1,316,690		$	18,323,356
Reinvestments		760,021			8,215,822			606,145			8,473,897
Redemptions		(448,888	)		(5,348,392	)		(1,271,511	)		(18,012,729	)

Net increase		608,173		$	6,347,626			651,324		$	8,784,524

Increase derived from capital shares transactions				$	64,651,150					$	39,417,154

See accompanying notes to financial statements.

BHFTII-45

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	11.07		$	15.32		$	12.57		$	12.97		$	14.84		$	16.83

Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.23			0.22			0.28	(b)		0.25			0.26
Net realized and unrealized gain (loss)		1.12			(3.05	)		3.52			0.44			0.78			(1.28	)

Total income (loss) from investment operations		1.29			(2.82	)		3.74			0.72			1.03			(1.02	)

Less Distributions
Distributions from net investment income		(0.16	)		(0.40	)		(0.32	)		(0.29	)		(0.31	)		(0.38	)
Distributions from net realized capital gains		(1.11	)		(1.03	)		(0.67	)		(0.83	)		(2.59	)		(0.59	)

Total distributions		(1.27	)		(1.43	)		(0.99	)		(1.12	)		(2.90	)		(0.97	)

Net Asset Value, End of Period	$	11.09		$	11.07		$	15.32		$	12.57		$	12.97		$	14.84

Total Return (%) (c)		11.90	(d)		(20.37	)		30.82			6.00	(e)		6.08			(6.50	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.94	(f)		0.93			0.92			0.93			0.95			0.98
Net ratio of expenses to average net assets (%) (g)		0.93	(f)		0.92			0.91			0.92			0.94			0.97
Ratio of net investment income to average net assets (%)		2.84	(f)		1.64			1.56			2.26	(b)		1.78			1.58
Portfolio turnover rate (%)		7	(d)		16			5			8			12			10
Net assets, end of period (in millions)	$	555.8		$	495.7		$	647.6		$	585.6		$	604.2		$	606.4

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.99		$	15.22		$	12.50		$	12.89		$	14.77		$	16.75

Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.19			0.18			0.25	(b)		0.21			0.21
Net realized and unrealized gain (loss)		1.12			(3.02	)		3.50			0.44			0.77			(1.26	)

Total income (loss) from investment operations		1.27			(2.83	)		3.68			0.69			0.98			(1.05	)

Less Distributions
Distributions from net investment income		(0.13	)		(0.37	)		(0.29	)		(0.25	)		(0.27	)		(0.34	)
Distributions from net realized capital gains		(1.11	)		(1.03	)		(0.67	)		(0.83	)		(2.59	)		(0.59	)

Total distributions		(1.24	)		(1.40	)		(0.96	)		(1.08	)		(2.86	)		(0.93	)

Net Asset Value, End of Period	$	11.02		$	10.99		$	15.22		$	12.50		$	12.89		$	14.77

Total Return (%) (c)		11.78	(d)		(20.56	)		30.45			5.83	(e)		5.76			(6.69	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.18	(f)		1.18			1.17			1.18			1.20			1.23
Net ratio of expenses to average net assets (%) (g)		1.18	(f)		1.17			1.16			1.17			1.19			1.22
Ratio of net investment income to average net assets (%)		2.57	(f)		1.39			1.29			2.01	(b)		1.50			1.32
Portfolio turnover rate (%)		7	(d)		16			5			8			12			10
Net assets, end of period (in millions)	$	81.6		$	74.7		$	93.5		$	76.3		$	81.2		$	74.5


(a)		Per share amounts based on average shares outstanding during the period.
(b)		Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.02 per share and 0.14% of average net assets, respectively.
(c)		Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)		Periods less than one year are not computed on an annualized basis.
(e)		Includes the impact of the non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which enhanced the performance of the Portfolio. 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-46

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, 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

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.

BHFTII-47

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

BHFTII-48

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $1,523,120. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $15,508,214. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, 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:

BHFTII-49

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	51,805,899	$	0	$	43,281,346

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$2,495,026		0.850	%	Of the first $100 million
		0.800	%	On amounts in excess of $100 million

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.

BHFTII-50

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


% per annum reduction		Average Daily Net Assets
0.050%		Of the first $100 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.

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”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “Plan”) relating to Class B shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B shares of the Trust. Each Portfolio may not offer shares of each Class. The Plan also authorizes the Trust, on behalf of each of its Portfolios, may pay the Distributor a distribution Fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares. The Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2019 are shown as Distribution and service fees in the Statement of Operations.

6. Contractual Obligations

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	615,729,593

Gross unrealized appreciation		166,851,003
Gross unrealized depreciation		(131,388,860	)

Net unrealized appreciation (depreciation)	$	35,462,143

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$19,890,152	$	18,121,381	$	46,059,396	$	30,338,564	$	65,949,548	$	48,459,945

BHFTII-51

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

As of December 31, 2018, 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			Accumulated Capital Losses		Total
$8,253,264	$	56,747,079	$	(10,274,264	)	$	—	$	54,726,079

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-52

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, 2019, the Class A, B and E shares of the Brighthouse/Wellington Balanced Portfolio returned 14.92%, 14.85%, and 14.83%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg Barclays U.S. Aggregate Bond Index², returned 18.54% and 6.11%, respectively. The Blended Index³, a blend of S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%), returned 13.64%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose during the six-month period ended June 30, 2019. During the first quarter 2019, U.S. equities rallied to their largest quarterly gain since 2009, buoyed by a dovish shift in Federal Reserve (the “Fed”) policy and guidance, optimism for a U.S.-China trade deal, relatively strong fourth-quarter earnings, and corporate buybacks. The Fed left its benchmark interest rate unchanged during the quarter, signaling a more patient approach toward future policy-rate adjustments in response to slowing economic growth and muted inflation. The Fed also announced that balance-sheet normalization would begin to slow in May and conclude in September 2019. During the second quarter, unresolved U.S. trade frictions with China, Mexico, Japan, and the European Union led to unsettled markets and raised concerns about the potential risks to U.S. economic growth such as increasing cost pressures, supply chain disruptions, and waning business confidence and investment plans. Tensions between the U.S. and China were particularly volatile, with negotiations abruptly breaking down in May prior to the two countries agreeing to halt incremental tariffs and resume trade negotiations when they met at the Group of 20 (G20) conference in June. In its June policy statement, the Fed highlighted its expectations for sustained economic growth, a strong labor market, and muted inflation pressures, but noted that increasing uncertainties to their outlook have strengthened the case for additional policy accommodation. Market sentiment was bolstered by better-than-expected first-quarter earnings despite concerns about peak margins and slowing growth.

Within the S&P 500 Index, all 11 sectors posted positive results for the six months ended June 30, 2019. Information Technology (+27.1%) and Consumer Discretionary (+21.8%) were the top performing sectors.

Over the period, global fixed income markets generated positive returns. Sovereign yields declined in most markets following dovish pivots by the Fed and European Central Bank (the “ECB”). Market sentiment soured at times over ongoing tensions between the U.S. and its trading partners, but corporate bond spreads tightened over the period following optimism over trade negotiations, supportive economic data, and expectations for central bank easing to reduce the costs of an adverse scenario in which trade, investment, and manufacturing dampen growth. Inflation showed no meaningful acceleration even as wage growth edged higher and oil prices posted a strong recovery. Central banks across most developed and emerging market countries eased monetary policy and/or signaled their intention to do so, thus supporting financial conditions. The U.S. dollar ended mixed as dovish monetary policy developments balanced global growth slowdown concerns. In the U.S., first quarter Gross Domestic Product (“GDP”) slowed to a 2.2% annualized rate, housing activity softened, and inflation moderated, though wage growth accelerated.

Most spread sectors generated positive excess returns over the period. On an excess return basis, Emerging Markets Debt, Investment Grade Corporate Bonds, and High Yield posted positive results as credit spreads tightened.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio outperformed its Blended Index for the period ended June 30, 2019.

The equity portion of the Portfolio outperformed its benchmark, the S&P 500 Index, for the six-month period ended June 30, 2019. Strong stock selection within the Information Technology, Financials and Industrials sectors contributed the most to relative outperformance. This was partially offset by weaker stock selection within the Consumer Staples, Utilities, and Communication Services sectors.

Among the equity Portfolio’s largest individual contributors was not holding benchmark constituents Berkshire Hathaway (Financials) and AbbVie, Inc. (Health Care), as well as an out-of-benchmark position in Wayfair (Consumer Discretionary). We sold our position in Wayfair during the period. Top relative detractors included our out-of-benchmark position in Teva Pharmaceuticals (Health Care), an underweight to Apple (Information Technology), and an overweight to Bristol-Myers Squibb (Health Care).

The fixed income portion of the Portfolio outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, for the first six months of the 2019 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 (“RMBS”), and Collateralized Loan Obligations (“CLOs”)—all contributed positively to returns. The Portfolio was positioned for rising inflation expectations by holding an allocation to Treasury Inflation Protected Securities (“TIPS”), which detracted slightly from performance as inflation expectations moderated. Allocations to High Yield and Bank Loans positively impacted relative returns as spread sectors benefited from signs of progress in U.S.-China trade talks and supportive economic fundamentals. The Portfolio’s duration/yield curve positioning had a negative impact on performance, due to a drop in global sovereign yields.

During the period, the fixed income portion of the Portfolio used Treasury futures, swaps, and options to manage duration and yield

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

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. Both High Yield and Investment Grade CDS positions were additive to relative performance during the period.

As a reminder, the equity portion of the Portfolio is managed in an industry-neutral structure relative to the benchmark, which promotes stock selection as the primary driver of performance. On an absolute basis, the Portfolio ended the period with the most exposure to the Information Technology, Health Care, and Financials sectors.

At period end, the analyst team remained focused on fundamental stock research. In the software industry, they found a number of holdings in cloud-based customer relationship management tools that became essential to enterprise performance. We believed that semiconductors could benefit from the upcoming “5G” cycle but are also subject to ongoing tariff risks. As such, the analyst team looked to invest in companies with advanced memory technology and less exposure to the Chinese supply chain. They also found opportunities in financial technology companies specializing in electronic payments, modernizing asset management technology, and providing financial data and security to consumers. Within Consumer Staples, the analyst team re-positioned away from riskier areas of the sector to more stable, long-term compounding companies. We look to invest in companies that can take advantage of scale to capitalize on emerging trends and divest from failing businesses while also returning profits to shareholders. We hold market leaders across the food, beverages, and household product industries, which we believe have strong balance sheets and durable business models.

At the end of the period, the fixed income portion of the Portfolio had a near neutral duration posture. The Portfolio continued to be positioned for rising inflation expectations by maintaining an allocation to TIPS. The Portfolio was slightly underweight to Investment Grade Credit by the end of the period, in favor of Bank Loans, Contingent Convertibles, and Emerging Markets Debt. The Portfolio continued to be overweight to securitized sectors (CMBS, RMBS and CLOs), as we believed that positive consumer and commercial real estate fundamentals should continue to support most structured finance sectors.

At the end of the period, the Portfolio’s asset allocation breakdown was approximately a 61% allocation to equity and a 39% allocation to fixed income, which represented a marginal increase in the equity allocation and decrease in the fixed income allocation from the beginning of the period.

Mary Pryshlak

Jonathan White

Joseph F. Marvan

Robert D. Burn

Campe Goodman

Portfolio Managers

Wellington Management Company LLP

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX, THE BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX AND THE BLENDED INDEX

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Brighthouse/Wellington Balanced Portfolio
Class A		14.92		8.99		7.80		10.63
Class B		14.85		8.76		7.54		10.35
Class E		14.83		8.83		7.63		10.46
S&P 500 Index		18.54		10.42		10.71		14.70
Bloomberg Barclays U.S. Aggregate Bond Index		6.11		7.87		2.95		3.90
Blended Index		13.64		9.87		7.75		10.50

¹ The 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 COMPOSITION AS OF JUNE 30, 2019

Top Equity Sectors


	% of Net Assets
Information Technology		11.5
Health Care		8.5
Financials		7.2
Consumer Discretionary		7.2
Communication Services		6.6

Top Fixed Income Sectors


	% of Net Assets
U.S. Treasury & Government Agencies		22.0
Corporate Bonds & Notes		11.8
Asset-Backed Securities		5.5
Mortgage-Backed Securities		4.8
Floating Rate Loans		0.9

Top Equity Holdings


	% of Net Assets
Amazon.com, Inc.		2.5
Microsoft Corp.		2.5
Alphabet, Inc.		1.7
Bank of America Corp.		1.6
Apple, Inc.		1.5

Top Fixed Income Issuers


	% of Net Assets
Fannie Mae 30 Yr. Pool		7.2
U.S. Treasury Bonds		3.8
Ginnie Mae II 30 Yr. Pool		2.8
Freddie Mac 30 Yr. Gold Pool		1.8
U.S. Treasury Inflation Indexed Notes		1.3

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Brighthouse/Wellington Balanced Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period January 1, 2019 to June 30, 2019**
Class A (a)	Actual		0.51	%	$	1,000.00	$	1,149.20	$	2.72
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56

Class B (a)	Actual		0.76	%	$	1,000.00	$	1,148.50	$	4.05
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81

Class E (a)	Actual		0.66	%	$	1,000.00	$	1,148.30	$	3.52
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.52	$	3.31

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

(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, 2019 (Unaudited)

Common Stocks—60.7% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—2.2%
Boeing Co. (The)		26,621	$	9,690,310
L3Harris Technologies, Inc. (a)		22,117		4,182,988
Lockheed Martin Corp.		23,500		8,543,190
Raytheon Co.		28,903		5,025,654

				27,442,142


Airlines—0.1%
JetBlue Airways Corp. (b)		93,625		1,731,126


Banks—1.9%
Bank of America Corp.		705,804		20,468,316
SVB Financial Group (b)		12,870		2,890,473

				23,358,789


Beverages—1.4%
Coca-Cola Co. (The)		290,772		14,806,110
Monster Beverage Corp. (b)		43,524		2,778,137

				17,584,247


Biotechnology—0.8%
Alder Biopharmaceuticals, Inc. (a) (b)		15,000		176,550
Alnylam Pharmaceuticals, Inc. (b)		3,611		262,014
Arcus Biosciences, Inc. (a) (b)		11,888		94,510
Assembly Biosciences, Inc. (a) (b)		7,799		105,208
Atreca, Inc. - Class A (b)		9,909		186,686
Audentes Therapeutics, Inc. (b)		7,239		274,069
Biohaven Pharmaceutical Holding Co., Ltd. (b)		6,019		263,572
Bluebird Bio, Inc. (a) (b)		5,638		717,154
Calithera Biosciences, Inc. (b)		14,741		57,490
Coherus Biosciences, Inc. (a) (b)		17,707		391,325
CytomX Therapeutics, Inc. (a) (b)		14,000		157,080
Forty Seven, Inc. (a) (b)		25,145		266,537
G1 Therapeutics, Inc. (b)		17,983		551,359
Global Blood Therapeutics, Inc. (a) (b)		9,639		507,011
GlycoMimetics, Inc. (b)		19,232		229,245
Heron Therapeutics, Inc. (a) (b)		8,762		162,886
Incyte Corp. (b)		6,062		515,028
Jounce Therapeutics, Inc. (b)		8,043		39,813
Karyopharm Therapeutics, Inc. (a) (b)		29,147		174,591
Medicines Co. (The) (a) (b)		22,013		802,814
Momenta Pharmaceuticals, Inc. (b)		17,000		211,650
Myovant Sciences, Ltd. (b)		23,549		213,118
Neon Therapeutics, Inc. (a) (b)		6,879		32,606
PhaseBio Pharmaceuticals, Inc. (b)		8,100		106,272
Ra Pharmaceuticals, Inc. (b)		20,912		628,824
Radius Health, Inc. (b)		12,031		293,075
Rigel Pharmaceuticals, Inc. (b)		41,463		108,218
Seattle Genetics, Inc. (a) (b)		16,178		1,119,679
Stoke Therapeutics, Inc. (b)		5,600		163,352
Syndax Pharmaceuticals, Inc. (b)		26,685		248,437
Vertex Pharmaceuticals, Inc. (b)		6,524		1,196,371

				10,256,544


Capital Markets—1.5%
Ares Management Corp. - Class A		112,168		2,935,437
Blucora, Inc. (b)		112,761		3,424,552

Capital Markets —(Continued)
Hamilton Lane, Inc. - Class A		42,465		2,423,053
Raymond James Financial, Inc.		26,501		2,240,659
TD Ameritrade Holding Corp.		166,399		8,306,638

				19,330,339


Chemicals—1.3%
Cabot Corp.		61,581		2,938,030
Celanese Corp.		18,536		1,998,181
FMC Corp.		31,539		2,616,160
Linde plc		22,468		4,511,574
Livent Corp. (b)		43,807		303,144
PPG Industries, Inc.		33,235		3,878,857

				16,245,946


Commercial Services & Supplies—0.3%
Waste Management, Inc.		37,814		4,362,601


Construction & Engineering—0.2%
Dycom Industries, Inc. (b)		23,399		1,377,499
Granite Construction, Inc. (a)		14,603		703,573

				2,081,072


Construction Materials—0.1%
Martin Marietta Materials, Inc.		828		190,531
Vulcan Materials Co.		5,006		687,374

				877,905


Consumer Finance—0.5%
American Express Co.		37,181		4,589,623
OneMain Holdings, Inc.		64,661		2,186,188

				6,775,811


Containers & Packaging—0.6%
Ball Corp. (a)		69,231		4,845,478
International Paper Co.		46,891		2,031,318

				6,876,796


Diversified Consumer Services—0.1%
Houghton Mifflin Harcourt Co. (b)		113,460		653,530


Diversified Financial Services—0.3%
AXA Equitable Holdings, Inc.		76,950		1,608,255
Voya Financial, Inc.		47,807		2,643,727

				4,251,982


Diversified Telecommunication Services—1.0%
Verizon Communications, Inc. (a)		227,712		13,009,187


Electric Utilities—1.2%
Avangrid, Inc.		54,183		2,736,242
Edison International		77,925		5,252,924
Exelon Corp.		92,017		4,411,295
NextEra Energy, Inc.		12,744		2,610,736
PG&E Corp. (a) (b)		22,320		511,574

				15,522,771

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Electrical Equipment—0.3%
AMETEK, Inc.		30,057	$	2,730,378
Nvent Electric plc		42,037		1,042,097

				3,772,475


Energy Equipment & Services—0.4%
Schlumberger, Ltd.		111,396		4,426,877


Entertainment—0.9%
Liberty Media Corp.-Liberty Formula One - Class C (a) (b)		49,839		1,864,477
Netflix, Inc. (b)		12,355		4,538,239
Sciplay Corp. - Class A (b)		67,300		922,683
Spotify Technology S.A. (b)		4,492		656,820
Walt Disney Co. (The)		22,753		3,177,229

				11,159,448


Equity Real Estate Investment Trusts—2.0%
Alexandria Real Estate Equities, Inc.		24,199		3,414,237
American Tower Corp.		43,417		8,876,606
Camden Property Trust		27,006		2,819,156
Equinix, Inc.		12,987		6,549,214
HCP, Inc.		63,659		2,035,815
STORE Capital Corp.		41,976		1,393,183

				25,088,211


Food Products—0.4%
Mondelez International, Inc. - Class A		98,694		5,319,607


Gas Utilities—0.2%
UGI Corp.		38,052		2,032,357


Health Care Equipment & Supplies—2.8%
Abbott Laboratories		147,729		12,424,009
Baxter International, Inc.		40,483		3,315,558
Boston Scientific Corp. (b)		219,507		9,434,411
Danaher Corp.		40,711		5,818,416
NuVasive, Inc. (b)		61,406		3,594,707

				34,587,101


Health Care Providers & Services—1.6%
Anthem, Inc.		30,446		8,592,166
HCA Healthcare, Inc.		26,889		3,634,586
UnitedHealth Group, Inc.		29,280		7,144,613

				19,371,365


Hotels, Restaurants & Leisure—1.4%
Hyatt Hotels Corp. - Class A		40,762		3,103,211
McDonald’s Corp.		63,142		13,112,068
MGM Resorts International (a)		52,061		1,487,383

				17,702,662


Household Products—1.0%
Procter & Gamble Co. (The)		119,390		13,091,113


Independent Power and Renewable Electricity Producers—0.3%
NRG Energy, Inc.		124,433		4,370,087


Security Description	Shares		Value

Industrial Conglomerates—0.2%
3M Co.		5,588		968,624
General Electric Co.		88,006		924,063

				1,892,687


Insurance—2.8%
American International Group, Inc.		99,771		5,315,799
Assurant, Inc.		43,354		4,611,999
Assured Guaranty, Ltd.		105,561		4,442,007
Athene Holding, Ltd. - Class A (b)		75,386		3,246,121
Hartford Financial Services Group, Inc. (The)		89,308		4,976,242
Marsh & McLennan Cos., Inc.		55,602		5,546,299
Progressive Corp. (The)		34,712		2,774,530
Prudential Financial, Inc.		26,991		2,726,091
Trupanion, Inc. (a) (b)		41,726		1,507,560

				35,146,648


Interactive Media & Services—3.1%
Alphabet, Inc. - Class A (b)		19,260		20,854,728
Facebook, Inc. - Class A (b)		93,405		18,027,165

				38,881,893


Internet & Direct Marketing Retail—3.0%
Amazon.com, Inc. (b)		16,429		31,110,447
Expedia Group, Inc.		51,202		6,811,402

				37,921,849


IT Services—3.0%
FleetCor Technologies, Inc. (b)		16,971		4,766,305
Genpact, Ltd.		55,586		2,117,271
Global Payments, Inc. (a)		42,787		6,851,482
GoDaddy, Inc. - Class A (b)		57,489		4,032,853
PayPal Holdings, Inc. (b)		42,821		4,901,292
Total System Services, Inc.		11,986		1,537,444
Visa, Inc. - Class A		60,428		10,487,280
WEX, Inc. (b)		11,471		2,387,115

				37,081,042


Life Sciences Tools & Services—0.7%
Adaptive Biotechnologies Corp. (b)		9,100		439,530
Thermo Fisher Scientific, Inc.		28,587		8,395,430

				8,834,960


Machinery—1.7%
AGCO Corp.		5,034		390,487
Caterpillar, Inc.		16,459		2,243,197
Deere & Co.		13,850		2,295,084
Fortive Corp.		31,227		2,545,625
Gardner Denver Holdings, Inc. (b)		69,012		2,387,815
Greenbrier Cos., Inc. (The)		19,126		581,431
Illinois Tool Works, Inc.		22,462		3,387,494
Ingersoll-Rand plc		34,887		4,419,136
Rexnord Corp. (b)		11,919		360,192
Wabtec Corp. (a)		29,364		2,107,161

				20,717,622

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Marine—0.0%
Kirby Corp. (b)		7,205	$	569,195


Media—1.5%
Charter Communications, Inc. - Class A (b)		13,995		5,530,544
Comcast Corp. - Class A		296,297		12,527,437
New York Times Co. (The) - Class A (a)		19,769		644,865

				18,702,846


Metals & Mining—0.1%
Alcoa Corp. (b)		10,319		241,568
Carpenter Technology Corp.		8,602		412,724
Freeport-McMoRan, Inc.		16,208		188,175
Southern Copper Corp.		5,391		209,440
Steel Dynamics, Inc.		14,222		429,504

				1,481,411


Multi-Utilities—0.8%
National Grid plc (ADR) (a)		18,421		979,629
Sempra Energy		61,438		8,444,039

				9,423,668


Oil, Gas & Consumable Fuels—2.9%
Chevron Corp.		47,521		5,913,513
Concho Resources, Inc.		13,943		1,438,639
Diamondback Energy, Inc.		17,738		1,932,910
Encana Corp.		293,274		1,504,496
Exxon Mobil Corp.		179,606		13,763,208
Marathon Petroleum Corp.		69,582		3,888,242
Noble Energy, Inc.		76,806		1,720,454
Paragon Offshore Finance Co. - Class A (b) (o)		162		152
Paragon Offshore Finance Co. - Class B (b) (o)		81		2,349
TC Energy Corp.		114,373		5,663,751
Templar Energy LLC (b) (d) (e) (o)		2,426		0

				35,827,714


Pharmaceuticals—2.7%
Aerie Pharmaceuticals, Inc. (a) (b)		13,052		385,687
Allergan plc		32,784		5,489,025
AstraZeneca plc (ADR)		185,213		7,645,593
Bristol-Myers Squibb Co. (a)		111,360		5,050,176
Dermira, Inc. (b)		61,823		591,028
Elanco Animal Health, Inc. (b)		18,132		612,861
Kala Pharmaceuticals, Inc. (b)		17,700		112,926
Mylan NV (b)		36,912		702,804
MyoKardia, Inc. (a) (b)		10,435		523,211
Nektar Therapeutics (a) (b)		30,626		1,089,673
Odonate Therapeutics, Inc. (b)		13,213		484,785
Pfizer, Inc.		183,247		7,938,260
Revance Therapeutics, Inc. (b)		27,646		358,569
Teva Pharmaceutical Industries, Ltd. (ADR) (b)		204,798		1,890,285
Tricida, Inc. (b)		13,150		518,899
WAVE Life Sciences, Ltd. (a) (b)		8,100		211,329

				33,605,111


Professional Services—1.0%
Equifax, Inc. (a)		8,526		1,153,056
IHS Markit, Ltd. (b)		121,165		7,720,634

Security Description	Shares		Value

Professional Services—(Continued)
TransUnion		17,022		1,251,287
TriNet Group, Inc. (b)		26,017		1,763,953

				11,888,930


Road & Rail—0.4%
Norfolk Southern Corp.		23,471		4,678,474


Semiconductors & Semiconductor Equipment—2.3%
Advanced Micro Devices, Inc. (a) (b)		163,557		4,967,226
First Solar, Inc. (a) (b)		17,845		1,172,060
Intel Corp.		101,048		4,837,168
KLA-Tencor Corp.		12,895		1,524,189
Marvell Technology Group, Ltd.		228,260		5,448,566
Micron Technology, Inc. (b)		84,397		3,256,880
Teradyne, Inc.		21,677		1,038,545
Texas Instruments, Inc.		35,969		4,127,802
Xilinx, Inc.		15,437		1,820,331

				28,192,767


Software—4.5%
Adobe, Inc. (b)		8,576		2,526,918
Atlassian Corp. plc - Class A (b)		1,364		178,466
Autodesk, Inc. (b)		6,527		1,063,248
Ceridian HCM Holding, Inc. (a) (b)		10,900		547,180
Guidewire Software, Inc. (b)		12,306		1,247,582
Microsoft Corp.		229,287		30,715,287
Salesforce.com, Inc. (b)		32,085		4,868,257
ServiceNow, Inc. (b)		6,015		1,651,539
Splunk, Inc. (b)		7,013		881,885
SS&C Technologies Holdings, Inc.		124,927		7,197,044
SVMK, Inc. (a) (b)		114,500		1,890,395
Workday, Inc. - Class A (b)		13,467		2,768,546

				55,536,347


Specialty Retail—1.7%
Burlington Stores, Inc. (b)		56,577		9,626,576
Lowe’s Cos., Inc.		57,960		5,848,744
TJX Cos., Inc. (The)		99,718		5,273,088

				20,748,408


Technology Hardware, Storage & Peripherals—1.8%
Apple, Inc.		93,752		18,555,396
Western Digital Corp. (a)		80,196		3,813,320

				22,368,716


Textiles, Apparel & Luxury Goods—1.0%
NIKE, Inc. - Class B		59,063		4,958,339
Under Armour, Inc. - Class A (a) (b)		183,367		4,648,354
Under Armour, Inc. - Class C (b)		157,182		3,489,440

				13,096,133


Thrifts & Mortgage Finance—0.1%
MGIC Investment Corp. (b)		104,049		1,367,204

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Tobacco—0.5%
Philip Morris International, Inc.		86,149	$	6,765,281


Trading Companies & Distributors—0.1%
Triton International, Ltd.		27,440		898,934

Total Common Stocks (Cost $625,454,788)				756,909,931


U.S. Treasury & Government Agencies—22.0%

Agency Sponsored Mortgage - Backed—16.6%
Fannie Mae 15 Yr. Pool 2.500%, TBA (f)		6,410,000		6,451,565
3.000%, 07/01/28		1,293,341		1,322,533
3.000%, 02/01/31		159,682		163,183
3.000%, TBA (f)		1,878,000		1,914,397
4.000%, 04/01/26		31,915		33,471
4.000%, 02/01/29		738,815		768,595
4.500%, 06/01/24		162,005		167,165
4.500%, 02/01/25		38,386		39,610
4.500%, 04/01/25		6,511		6,834
4.500%, 07/01/25		31,688		33,250
4.500%, 06/01/26		673,566		706,786
5.000%, TBA (f)		500,000		510,996
Fannie Mae 20 Yr. Pool 3.000%, 03/01/37		813,150		827,770
Fannie Mae 30 Yr. Pool 3.000%, 02/01/43		684,117		698,129
3.000%, 03/01/43		878,779		896,452
3.000%, 04/01/43		822,068		838,669
3.000%, 05/01/43		2,217,862		2,261,770
3.000%, 06/01/43		263,165		268,814
3.000%, TBA (f)		32,840,000		33,105,151
3.500%, 03/01/43		44,707		46,414
3.500%, 05/01/43		83,578		86,769
3.500%, 07/01/43		205,909		213,769
3.500%, 08/01/43		369,072		383,160
3.500%, 10/01/44		356,464		371,071
3.500%, 02/01/45		430,941		444,564
3.500%, 09/01/46		831,788		856,277
3.500%, 10/01/46		357,315		367,855
3.500%, 11/01/46		236,612		246,131
3.500%, 09/01/47		328,308		338,484
3.500%, 12/01/47		182,620		188,396
3.500%, 01/01/48		1,297,522		1,333,453
3.500%, 02/01/48		260,418		268,806
3.500%, TBA (f)		6,407,000		6,548,154
4.000%, 10/01/40		735,152		775,151
4.000%, 11/01/40		337,191		355,462
4.000%, 12/01/40		245,218		258,560
4.000%, 02/01/41		117,663		124,065
4.000%, 03/01/41		280,205		295,447
4.000%, 08/01/42		153,899		162,276
4.000%, 09/01/42		236,045		248,892
4.000%, 03/01/45		41,225		43,109
4.000%, 07/01/45		213,763		225,967
4.000%, 05/01/46		123,215		128,847

Security Description	Shares		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 06/01/46		289,422		302,648
4.000%, 04/01/47		302,039		319,536
4.000%, 07/01/48		2,455,652		2,542,653
4.000%, 09/01/48		949,760		985,269
4.000%, 02/01/49		1,261,885		1,313,365
4.000%, TBA (f)		16,155,000		16,692,974
4.500%, 10/01/40		665,161		714,351
4.500%, 09/01/41		78,086		83,862
4.500%, 10/01/41		292,379		313,984
4.500%, 08/01/42		99,817		107,192
4.500%, 09/01/43		1,626,063		1,736,556
4.500%, 10/01/43		203,999		217,366
4.500%, 12/01/43		166,762		177,993
4.500%, 01/01/44		516,004		554,806
4.500%, TBA (f)		7,125,000		7,444,651
5.000%, 04/01/33		2,778		3,014
5.000%, 07/01/33		8,783		9,517
5.000%, 09/01/33		142,380		154,559
5.000%, 11/01/33		36,984		40,155
5.000%, 12/01/33		14,914		16,189
5.000%, 02/01/34		6,673		7,249
5.000%, 03/01/34		3,173		3,449
5.000%, 04/01/34		3,019		3,283
5.000%, 06/01/34		3,117		3,396
5.000%, 07/01/34		43,263		47,202
5.000%, 10/01/34		109,117		118,450
5.000%, 07/01/35		75,914		82,553
5.000%, 10/01/35		83,641		90,857
5.000%, 12/01/35		65,877		71,915
5.000%, 08/01/36		59,783		65,182
5.000%, 07/01/37		33,004		35,832
5.000%, 07/01/41		60,690		65,939
5.000%, 08/01/41		28,297		30,368
5.500%, 08/01/28		23,483		25,030
5.500%, 04/01/33		39,978		44,080
5.500%, 08/01/37		235,310		261,384
5.500%, 04/01/41		20,272		22,023
6.000%, 03/01/28		1,690		1,850
6.000%, 05/01/28		1,580		1,730
6.000%, 02/01/34		160,927		182,398
6.000%, 08/01/34		86,335		97,869
6.000%, 04/01/35		726,282		823,239
6.000%, 02/01/38		59,082		66,840
6.000%, 03/01/38		17,896		20,294
6.000%, 05/01/38		58,450		66,283
6.000%, 10/01/38		17,588		19,945
6.000%, 12/01/38		21,289		24,142
6.000%, TBA (f)		1,000,000		1,094,922
6.500%, 05/01/40		408,249		478,117
Fannie Mae ARM Pool 4.605%, 12M LIBOR + 1.819%, 09/01/41 (g)		68,076		71,273
4.681%, 12M LIBOR + 1.804%, 12/01/40 (g)		62,353		65,348
4.686%, 12M LIBOR + 1.773%, 06/01/41 (g)		115,107		120,251
4.811%, 12M LIBOR + 1.750%, 03/01/41 (g)		46,432		48,574
4.903%, 12M LIBOR + 1.820%, 03/01/41 (g)		10,709		11,260

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Shares		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Connecticut Avenue Securities (CMO) 3.124%, 1M LIBOR + 0.720%, 01/25/31 (g)		748,085	$	748,346
5.954%, 1M LIBOR + 3.550%, 07/25/29 (g)		390,000		412,802
6.754%, 1M LIBOR + 4.350%, 05/25/29 (g)		777,662		830,001
7.304%, 1M LIBOR + 4.900%, 11/25/24 (g)		258,579		285,174
8.104%, 1M LIBOR + 5.700%, 04/25/28 (g)		140,121		155,605
8.404%, 1M LIBOR + 6.000%, 09/25/28 (g)		122,335		135,204
Fannie Mae Interest Strip (CMO) 2.000%, 09/25/39		380,725		367,431
4.000%, 05/25/27 (h)		268,265		22,623
Fannie Mae Pool 2.390%, 09/01/28		125,000		125,092
2.430%, 08/01/26		200,000		200,989
3.025%, 11/01/29		400,000		416,932
3.240%, 12/01/26		80,380		84,937
3.350%, 05/01/29		380,000		404,188
3.410%, 08/01/27		471,693		504,387
3.500%, 09/01/57		2,006,084		2,060,230
3.500%, 05/01/58		1,205,306		1,237,838
3.660%, 02/01/29		461,902		500,797
3.800%, 02/01/29		1,330,000		1,463,033
3.890%, 05/01/30		99,290		109,059
3.960%, 05/01/34		41,629		46,580
4.000%, 06/01/41		881,659		929,746
4.500%, 01/01/51		1,633,141		1,737,474
Fannie Mae REMICS (CMO) Zero Coupon, 03/25/36 (i)		25,915		22,164
Zero Coupon, 06/25/36 (i)		214,540		189,724
1.640%, 05/25/46 (g) (h)		630,259		33,018
1.750%, 12/25/42		504,944		500,015
1.772%, 04/25/55 (g) (h)		623,910		36,368
1.800%, 06/25/55 (g) (h)		502,309		27,344
1.882%, 08/25/44 (g) (h)		592,383		33,406
2.000%, 08/25/43		249,997		243,027
2.500%, 06/25/28 (h)		156,184		10,855
3.000%, 02/25/27 (h)		398,062		24,305
3.000%, 09/25/27 (h)		144,657		10,713
3.000%, 01/25/28 (h)		943,688		66,859
3.000%, 05/25/47		403,591		411,802
3.000%, 09/25/47		1,323,564		1,348,262
3.000%, 06/25/48		1,193,210		1,215,827
3.000%, 10/25/48		983,724		999,705
3.500%, 05/25/27 (h)		403,207		35,260
3.500%, 10/25/27 (h)		249,265		22,729
3.500%, 05/25/30 (h)		267,774		28,740
3.500%, 08/25/30 (h)		81,372		8,423
3.500%, 02/25/31 (h)		193,688		14,557
3.500%, 09/25/35 (h)		174,946		22,006
3.500%, 04/25/46		146,910		158,361
3.500%, 10/25/46 (h)		161,025		31,980
3.500%, 11/25/47		1,081,132		1,132,387
3.500%, 02/25/48		335,240		346,861
3.500%, 04/25/48		701,456		745,011
3.500%, 12/25/58		1,290,486		1,343,374
4.000%, 03/25/42 (h)		119,174		14,517
4.000%, 05/25/42 (h)		744,199		96,033
4.000%, 11/25/42 (h)		65,082		9,458

Security Description	Shares		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae REMICS (CMO)
4.500%, 07/25/27 (h)		124,977		10,684
5.468%, 05/25/42 (g) (h)		62,416		6,065
5.500%, 04/25/35		310,899		353,263
5.500%, 04/25/37		117,291		132,128
5.500%, 09/25/44 (h)		526,147		114,889
5.500%, 06/25/48 (h)		562,766		123,486
6.000%, 01/25/42 (h)		538,827		87,108
6.000%, 09/25/47 (h)		358,244		83,516
Fannie Mae-ACES (CMO) 2.355%, 01/25/22 (g) (h)		874,098		22,153
3.329%, 10/25/23 (g)		478,880		500,018
5.000%, 06/25/48 (h)		813,332		149,156
Freddie Mac 15 Yr. Gold Pool 3.000%, 07/01/28		542,856		555,092
3.000%, 08/01/29		322,221		330,361
3.000%, 04/01/33		968,093		987,895
Freddie Mac 20 Yr. Gold Pool 3.000%, 11/01/36		1,118,475		1,136,171
3.000%, 01/01/37		829,350		842,468
3.500%, 08/01/34		714,383		740,792
5.000%, 03/01/27		66,983		70,819
5.000%, 02/01/28		175,932		186,007
5.000%, 03/01/28		92,653		97,959
5.000%, 05/01/28		337,896		357,245
5.000%, 05/01/30		329,512		348,617
Freddie Mac 30 Yr. Gold Pool 3.000%, 12/01/44		17,213		17,487
3.000%, 08/01/46		1,607,164		1,628,666
3.000%, 10/01/46		1,627,245		1,648,763
3.000%, 11/01/46		2,467,308		2,505,827
3.000%, 12/01/46		779,539		791,271
3.000%, 01/01/47		887,771		898,276
3.500%, 08/01/42		111,089		115,819
3.500%, 11/01/42		167,342		173,789
3.500%, 06/01/46		268,755		277,021
3.500%, 10/01/47		1,248,370		1,285,594
3.500%, 03/01/48		634,830		658,808
3.500%, TBA (f)		7,490,000		7,659,695
4.000%, 05/01/42		737,946		778,500
4.000%, 08/01/42		191,942		202,516
4.000%, 09/01/42		276,782		292,031
4.000%, 07/01/44		66,202		69,414
4.000%, 02/01/46		297,498		311,292
4.000%, 09/01/48		189,765		196,993
4.500%, 09/01/43		105,155		112,621
4.500%, 11/01/43		932,747		996,979
5.000%, 03/01/38		62,190		67,907
5.000%, 05/01/39		6,829		7,410
5.000%, 06/01/41		386,257		419,960
5.000%, TBA (f)		580,000		613,381
5.500%, 07/01/33		106,733		116,382
5.500%, 04/01/39		42,442		46,379
5.500%, 06/01/41		159,380		175,487
Freddie Mac ARM Non-Gold Pool 5.025%, 12M LIBOR + 1.900%, 02/01/41 (g)		76,201		79,980

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Shares		Value

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.743%, 03/25/27 (g) (h)		4,360,270	$	179,160
1.568%, 06/25/22 (g) (h)		1,764,524		64,585
1.748%, 03/25/22 (g) (h)		1,278,106		47,936
Freddie Mac REMICS (CMO)
Zero Coupon, 11/15/36 (i)		23,996		21,826
1.750%, 10/15/42		451,027		441,016
2.500%, 05/15/28 (h)		167,965		12,213
3.000%, 03/15/28 (h)		463,888		32,555
3.000%, 05/15/32 (h)		213,919		13,123
3.000%, 03/15/33 (h)		162,810		18,149
3.000%, 08/15/43		1,056,000		1,069,068
3.000%, 05/15/46		520,192		530,540
3.250%, 11/15/41		263,322		271,086
3.500%, 06/15/26 (h)		232,040		11,816
3.500%, 09/15/26 (h)		84,531		7,087
3.500%, 03/15/27 (h)		141,120		10,546
3.500%, 03/15/41 (h)		273,912		28,531
4.000%, 07/15/27 (h)		537,208		43,350
4.000%, 03/15/28 (h)		258,385		20,586
4.000%, 06/15/28 (h)		141,029		11,978
4.000%, 07/15/30 (h)		364,100		34,116
4.000%, 11/15/40		232,000		252,286
4.750%, 07/15/39		452,815		499,728
5.000%, 09/15/33 (h)		216,631		36,591
5.500%, 08/15/33		54,858		61,342
5.500%, 07/15/36		121,844		136,929
5.500%, 06/15/46		161,372		182,623
6.500%, 07/15/36		160,757		181,169
FREMF Mortgage Trust (CMO) 3.159%, 10/25/47 (144A) (g)		770,000		768,680
5.445%, 09/25/43 (144A) (g)		855,000		875,145
FREMF Multifamily Aggregation Risk Transfer Trust 2.724%, 1M LIBOR + 0.320%, 02/25/20 (g)		1,650,000		1,649,631
Ginnie Mae I 30 Yr. Pool 3.000%, 12/15/44		24,046		24,601
3.000%, 02/15/45		68,355		69,781
3.000%, 04/15/45		894,826		913,489
3.000%, 05/15/45		1,055,392		1,077,404
3.000%, 07/15/45		30,430		31,065
4.000%, 09/15/42		761,641		808,740
4.500%, 04/15/41		535,308		577,028
4.500%, 02/15/42		1,163,082		1,253,634
5.000%, 12/15/38		40,034		44,045
5.000%, 04/15/39		772,174		849,652
5.000%, 07/15/39		71,332		78,440
5.000%, 12/15/40		108,631		119,510
5.500%, 12/15/40		397,278		439,031
Ginnie Mae II 30 Yr. Pool 3.000%, TBA (f)		2,585,000		2,640,234
3.500%, 08/20/47		338,526		349,918
3.500%, TBA (f)		18,958,000		19,572,887
4.000%, 11/20/47		278,256		293,905
4.000%, 03/20/48		1,011,380		1,056,756
4.000%, 04/20/49		1,293,770		1,341,764
4.000%, TBA (f)		5,187,000		5,376,852

Security Description	Shares		Value

Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.500%, 01/20/46		116,113		122,980
4.500%, TBA (f)		2,225,000		2,319,171
5.000%, 10/20/39		18,074		19,840
5.000%, 02/20/49		1,231,803		1,292,720
5.000%, TBA (f)		270,000		282,228
Government National Mortgage Association (CMO) 0.780%, 02/16/53 (g) (h)		1,970,997		95,533
1.750%, 09/20/43		429,518		421,130
2.000%, 01/20/42		411,767		406,473
2.500%, 12/16/39		360,779		365,960
2.500%, 07/20/41		599,540		606,438
3.000%, 09/20/28 (h)		180,847		14,269
3.000%, 02/16/43 (h)		119,439		17,562
3.000%, 10/20/47		330,738		337,486
3.500%, 02/16/27 (h)		74,488		6,198
3.500%, 03/20/27 (h)		187,812		17,013
3.500%, 10/20/29 (h)		1,023,528		110,948
3.500%, 07/20/40 (h)		191,602		16,939
3.500%, 02/20/41 (h)		271,829		26,249
3.500%, 04/20/42 (h)		479,398		44,195
3.500%, 10/20/42 (h)		725,441		119,703
3.500%, 05/20/43 (h)		102,918		14,723
3.500%, 07/20/43 (h)		380,094		51,168
4.000%, 12/16/26 (h)		51,047		4,528
4.000%, 05/20/29 (h)		773,067		71,427
4.000%, 05/16/42 (h)		82,700		11,838
4.000%, 03/20/43 (h)		136,898		28,148
4.000%, 01/20/44 (h)		62,521		12,584
4.000%, 11/20/44 (h)		1,012,821		149,105
4.000%, 03/20/47 (h)		499,538		79,896
4.000%, 07/20/47 (h)		757,199		125,024
4.500%, 04/20/45 (h)		218,135		48,471
5.000%, 02/16/40 (h)		575,132		121,977
5.000%, 10/16/41 (h)		303,520		49,342
5.000%, 12/20/43 (h)		600,928		127,098
5.000%, 01/16/47 (h)		142,013		29,807
5.500%, 03/20/39 (h)		405,260		88,488
5.500%, 02/16/47 (h)		390,247		82,771
5.500%, 02/20/47 (h)		241,053		49,193
6.000%, 09/20/40 (h)		437,807		98,591
6.000%, 02/20/46 (h)		371,272		78,309

				206,972,735


U.S. Treasury—5.4%
U.S. Treasury Bonds 2.250%, 08/15/46		915,000		863,281
2.875%, 11/15/46 (j)		1,600,000		1,710,063
3.000%, 11/15/45 (j) (k)		1,980,000		2,164,310
3.000%, 02/15/47 (k)		1,500,000		1,642,910
3.000%, 02/15/48 (k)		2,840,000		3,106,583
3.000%, 08/15/48		950,000		1,040,324
3.125%, 02/15/43		1,695,000		1,888,402
3.125%, 08/15/44 (k)		24,060,000		26,817,502
3.125%, 05/15/48		1,880,000		2,106,702
3.750%, 11/15/43 (k)		4,885,000		6,008,359

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Shares		Value

U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Notes 0.250%, 01/15/25 (l) (m)		8,654,731	$	8,664,449
0.625%, 01/15/26 (l)		3,645,267		3,732,803
0.875%, 01/15/29 (l)		3,951,391		4,159,654
U.S. Treasury Notes 2.875%, 05/31/25		4,195,000		4,439,490

				68,344,832

Total U.S. Treasury & Government Agencies (Cost $271,953,696)				275,317,567


Corporate Bonds & Notes—11.8%

Aerospace/Defense—0.2%
Lockheed Martin Corp. 4.090%, 09/15/52		300,000		333,124
United Technologies Corp. 2.800%, 05/04/24		25,000		25,361
3.650%, 08/16/23		1,050,000		1,099,212
3.950%, 08/16/25		345,000		371,890
4.625%, 11/16/48		90,000		104,872

				1,934,459


Agriculture—0.3%
Altria Group, Inc. 2.625%, 09/16/26		140,000		134,231
2.850%, 08/09/22		350,000		353,569
3.800%, 02/14/24		175,000		182,342
3.875%, 09/16/46		190,000		168,633
4.400%, 02/14/26		190,000		203,103
5.800%, 02/14/39		940,000		1,055,324
5.950%, 02/14/49		485,000		551,561
BAT Capital Corp. 3.222%, 08/15/24		80,000		80,649
4.390%, 08/15/37		720,000		684,387
Imperial Brands Finance plc 3.750%, 07/21/22 (144A)		310,000		319,043

				3,732,842


Airlines—0.0%
Delta Air Lines, Inc. 3.625%, 03/15/22		185,000		188,100
3.800%, 04/19/23		250,000		256,550

				444,650


Apparel—0.0%
William Carter Co. (The) 5.625%, 03/15/27 (144A)		50,000		52,375


Auto Manufacturers—0.3%
Daimler Canada Finance, Inc. 2.848%, 3M CDOR + 0.830%, 07/08/19 (CAD) (g)		635,000		484,807
Ford Motor Co. 4.750%, 01/15/43		130,000		113,112
5.291%, 12/08/46		140,000		130,306

Security Description	Principal Amount*		Value

Auto Manufacturers—(Continued)
Ford Motor Credit Co. LLC 3.815%, 11/02/27		200,000		191,533
5.113%, 05/03/29		200,000		204,430
General Motors Co. 5.200%, 04/01/45		135,000		129,766
5.950%, 04/01/49		175,000		183,795
6.250%, 10/02/43		195,000		207,392
6.750%, 04/01/46		250,000		282,645
General Motors Financial Co., Inc. 3.700%, 05/09/23		300,000		304,362
3.872%, 3M LIBOR + 1.270%, 10/04/19 (g)		100,000		100,239
3.950%, 04/13/24		165,000		168,498
4.157%, 3M LIBOR + 1.560%, 01/15/20 (g)		200,000		201,159
Toyota Motor Credit Corp. 2.668%, 3M LIBOR + 0.140%, 11/14/19 (g)		100,000		100,034
VW Credit Canada, Inc. 2.500%, 10/01/19 (CAD)		550,000		420,294

				3,222,372


Auto Parts & Equipment—0.0%
Goodyear Tire & Rubber Co. (The) 5.000%, 05/31/26 (a)		60,000		59,100


Banks—3.2%
Banco Bilbao Vizcaya Argentaria S.A. 6.125%, 5Y USD Swap + 3.870%, 11/16/27 (g)		800,000		753,000
8.875%, 5Y EUR Swap + 9.177%, 04/14/21 (EUR) (g)		200,000		253,289
Banco de Sabadell S.A. 6.500%, 5Y EUR Swap + 6.414%, 05/18/22 (EUR) (g)		600,000		680,099
Bank of America Corp. 3.124%, 3M LIBOR + 1.160%, 01/20/23 (g)		260,000		264,078
3.366%, 3M LIBOR + 0.810%, 01/23/26 (g)		1,255,000		1,294,319
3.419%, 3M LIBOR + 1.040%, 12/20/28 (g)		118,000		121,513
3.705%, 3M LIBOR + 1.512%, 04/24/28 (g)		1,045,000		1,097,503
3.974%, 3M LIBOR + 1.210%, 02/07/30 (g)		405,000		433,746
4.000%, 04/01/24		133,000		141,661
4.000%, 01/22/25		595,000		625,490
4.125%, 01/22/24		265,000		283,299
7.750%, 05/14/38		630,000		929,036
Bank of China Hong Kong, Ltd. 5.550%, 02/11/20		100,000		101,754
Bank of Nova Scotia (The) 3.099%, 3M LIBOR + 0.620%, 12/05/19 (g)		175,000		175,453
Barclays plc 3.932%, 3M LIBOR + 1.610%, 05/07/25 (g)		355,000		361,126
BNP Paribas S.A. 5.125%, 5Y USD Swap + 2.838%, 11/15/27 (144A) (g)		325,000		308,750
7.375%, 5Y USD Swap + 5.150%, 08/19/25 (144A) (g)		325,000		361,156
7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (g)		390,000		412,913
BPCE S.A. 3.000%, 05/22/22 (144A)		255,000		257,313
CaixaBank S.A. 6.750%, 5Y EUR Swap + 6.498%, 06/13/24 (EUR) (g)		200,000		245,583
Citigroup, Inc. 2.795%, 3M BBSW + 1.250%, 08/07/19 (AUD) (g)		270,000		189,797
3.200%, 10/21/26		660,000		673,422

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Banks—(Continued)
Citigroup, Inc.
3.352%, 3M LIBOR + 0.897%, 04/24/25 (g)		545,000	$	562,713
3.374%, 3M LIBOR + 0.790%, 01/10/20 (g)		200,000		200,603
3.520%, 3M LIBOR + 1.151%, 10/27/28 (g)		230,000		237,238
3.625%, 3M LIBOR + 1.100%, 05/17/24 (g)		680,000		686,428
3.980%, 3M LIBOR + 1.338%, 03/20/30 (g)		1,175,000		1,255,488
4.075%, 3M LIBOR + 1.192%, 04/23/29 (g)		165,000		177,136
4.450%, 09/29/27		215,000		231,687
4.650%, 07/30/45		9,000		10,379
Credit Agricole S.A. 8.125%, 5Y USD ICE Swap + 6.185%, 12/23/25 (144A) (g)		725,000		838,451
Credit Suisse Group AG 6.250%, 5Y USD Swap + 3.455%, 12/18/24 (144A) (g)		1,120,000		1,166,200
7.500%, 5Y USD Swap + 4.600%, 07/17/23 (144A) (g)		200,000		214,714
Danske Bank A/S 5.000%, 01/12/22 (144A)		430,000		449,670
5.375%, 01/12/24 (144A)		450,000		486,180
5.875%, 5Y EUR Swap + 5.471%, 04/06/22 (EUR) (g)		200,000		239,928
Goldman Sachs Bank USA 3.067%, SOFR + 0.600%, 05/24/21 (g)		210,000		210,208
Goldman Sachs Group, Inc. (The) 2.876%, 3M LIBOR + 0.821%, 10/31/22 (g)		255,000		257,026
2.905%, 3M LIBOR + 0.990%, 07/24/23 (g)		1,085,000		1,095,102
3.250%, 3M LIBOR + 0.800%, 12/13/19 (g)		100,000		100,312
3.814%, 3M LIBOR + 1.158%, 04/23/29 (g)		735,000		765,421
4.017%, 3M LIBOR + 1.373%, 10/31/38 (g)		410,000		422,064
4.223%, 3M LIBOR + 1.301%, 05/01/29 (g)		45,000		48,234
6.250%, 02/01/41		245,000		328,327
6.750%, 10/01/37		410,000		536,580
HSBC Holdings plc 2.950%, 05/25/21		255,000		257,229
3.400%, 03/08/21		565,000		573,553
4.583%, 3M LIBOR + 1.535%, 06/19/29 (g)		260,000		283,908
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (g)		575,000		587,938
Industrial & Commercial Bank of China, Ltd. 3.294%, 3M LIBOR + 0.770%, 05/23/20 (g)		250,000		250,323
Intesa Sanpaolo S.p.A. 3.375%, 01/12/23 (144A)		215,000		214,152
7.750%, 5Y EUR Swap + 7.192%, 01/11/27 (EUR) (g)		400,000		511,926
JPMorgan Chase & Co. 3.220%, 3M LIBOR + 1.155%, 03/01/25 (g)		550,000		565,568
3.509%, 3M LIBOR + 0.945%, 01/23/29 (g)		525,000		546,504
3.702%, 3M LIBOR + 1.160%, 05/06/30 (g)		390,000		411,033
3.797%, 3M LIBOR + 0.890%, 07/23/24 (g)		435,000		456,200
3.811%, 3M LIBOR + 1.230%, 10/24/23 (g)		155,000		157,343
3.960%, 3M LIBOR + 1.245%, 01/29/27 (g)		1,475,000		1,576,872
4.005%, 3M LIBOR + 1.120%, 04/23/29 (g)		410,000		442,065
Landsbanki Islands
Zero Coupon, 08/25/20 (d) (e) (n)		320,000		0
Morgan Stanley 2.500%, 04/21/21		680,000		681,154
2.750%, 05/19/22		295,000		298,062
3.125%, 07/27/26		180,000		183,348
3.332%, 3M LIBOR + 0.740%, 07/23/19 (g)		100,000		100,048
3.591%, 3M LIBOR + 1.340%, 07/22/28 (g)		1,010,000		1,051,189

Security Description	Principal Amount*		Value

Banks—(Continued)
Morgan Stanley
3.625%, 01/20/27		685,000		719,490
3.722%, 3M LIBOR + 1.140%, 01/27/20 (g)		50,000		50,276
4.000%, 07/23/25		180,000		192,687
4.350%, 09/08/26		95,000		101,830
5.000%, 11/24/25		322,000		356,267
Royal Bank of Canada 2.800%, 04/29/22		935,000		949,227
Santander Holdings USA, Inc. 3.700%, 03/28/22		365,000		373,739
Societe Generale S.A. 7.375%, 5Y USD Swap + 6.238%, 09/13/21 (144A) (g)		650,000		683,345
Standard Chartered plc 7.500%, 5Y USD Swap + 6.301%, 04/02/22 (g)		400,000		423,000
UBS Group Funding Switzerland AG 2.650%, 02/01/22 (144A)		420,000		421,983
5.750%, 5Y EUR Swap + 5.287%, 02/19/22 (EUR) (g)		250,000		312,874
6.875%, 5Y USD ICE Swap + 5.497%, 03/22/21 (g)		250,000		260,000
7.000%, 5Y USD Swap + 4.344%, 01/31/24 (144A) (g)		200,000		212,250
7.000%, 5Y USD Swap + 4.866%, 02/19/25 (g)		200,000		219,000
7.125%, 5Y USD Swap + 5.464%, 02/19/20 (g)		270,000		275,063
UniCredit S.p.A. 5.375%, 5Y EUR Swap + 4.925%, 06/03/25 (EUR) (g)		200,000		206,952
6.572%, 01/14/22 (144A)		605,000		642,966
6.625%, 5Y EUR Swap + 6.387%, 06/03/23 (EUR) (g)		250,000		282,854
Wells Fargo & Co. 2.625%, 07/22/22 (a)		595,000		599,524
3.000%, 04/22/26		310,000		313,475
3.000%, 10/23/26 (a)		200,000		202,117
3.069%, 01/24/23		960,000		974,578
3.584%, 3M LIBOR + 1.310%, 05/22/28 (g)		505,000		527,496
3.750%, 01/24/24		645,000		677,862
4.900%, 11/17/45		290,000		336,432
Westpac Banking Corp. 2.250%, 07/31/19 (CAD)		330,000		252,021

				40,200,112


Beverages—0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.700%, 02/01/36		50,000		54,983
Anheuser-Busch InBev Worldwide, Inc. 3.750%, 07/15/42		544,000		517,914
4.150%, 01/23/25		360,000		389,591
4.600%, 04/15/48		265,000		284,572
4.750%, 04/15/58		310,000		327,419
5.450%, 01/23/39		1,703,000		2,023,113
Constellation Brands, Inc. 2.650%, 11/07/22		260,000		260,786
4.400%, 11/15/25		300,000		326,560
4.750%, 12/01/25		433,000		477,967

				4,662,905

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Biotechnology—0.0%
Amgen, Inc. 2.650%, 05/11/22		295,000	$	297,105
Baxalta, Inc. 3.600%, 06/23/22		17,000		17,439
Gilead Sciences, Inc. 3.250%, 09/01/22		135,000		138,651

				453,195


Building Materials—0.0%
Standard Industries, Inc. 5.000%, 02/15/27 (144A)		10,000		10,125
6.000%, 10/15/25 (144A)		220,000		233,475

				243,600


Chemicals—0.3%
Chemours Co. (The) 5.375%, 05/15/27		60,000		57,150
DowDuPont, Inc. 4.205%, 11/15/23		785,000		840,017
4.725%, 11/15/28		535,000		604,325
Methanex Corp. 4.250%, 12/01/24		325,000		331,016
5.650%, 12/01/44		120,000		115,147
Nutrien, Ltd. 4.200%, 04/01/29		100,000		107,912
Olin Corp. 5.125%, 09/15/27		60,000		61,575
SABIC Capital II B.V. 4.000%, 10/10/23 (144A)		360,000		373,950
Sherwin-Williams Co. (The) 3.450%, 06/01/27		395,000		406,350
Syngenta Finance NV 4.892%, 04/24/25 (144A)		385,000		401,594
Versum Materials, Inc. 5.500%, 09/30/24 (144A)		60,000		64,275

				3,363,311


Commercial Services—0.2%
Acwa Power Management & Investments One, Ltd. 5.950%, 12/15/39 (144A)		1,269,000		1,313,415
IHS Markit, Ltd. 4.125%, 08/01/23		1,195,000		1,242,322
Service Corp. International 5.125%, 06/01/29		25,000		26,313
United Rentals North America, Inc. 4.875%, 01/15/28		65,000		66,300
5.500%, 07/15/25		110,000		114,537

				2,762,887


Computers—0.2%
Apple, Inc. 3.450%, 02/09/45		215,000		214,199
Hewlett Packard Enterprise Co. 6.350%, 10/15/45		50,000		55,351
IBM Credit LLC 2.994%, 3M LIBOR + 0.470%, 11/30/20 (g)		515,000		517,781

Security Description	Principal Amount*		Value

Computers—(Continued)
International Business Machines Corp. 3.000%, 05/15/24		455,000		467,304
3.300%, 05/15/26		710,000		735,122
3.500%, 05/15/29		710,000		742,197
Western Digital Corp. 4.750%, 02/15/26 (a)		41,000		40,223

				2,772,177


Distribution/Wholesale—0.0%
HD Supply, Inc. 5.375%, 10/15/26 (144A)		50,000		52,750


Diversified Financial Services—0.3%
American Express Co. 3.400%, 02/27/23		500,000		517,425
Capital One Financial Corp. 3.295%, 3M LIBOR + 0.760%, 05/12/20 (g)		255,000		256,065
3.900%, 01/29/24		390,000		409,471
GE Capital Australia Funding Pty, Ltd. 5.000%, 09/26/19 (AUD)		140,000		98,919
GE Capital Canada Funding Co. 5.680%, 09/10/19 (CAD)		645,000		495,806
GE Capital UK Funding Unlimited Co. 4.375%, 07/31/19 (GBP)		150,000		190,902
GTP Acquisition Partners I LLC 3.482%, 06/15/50 (144A)		1,355,000		1,397,309
Navient Corp. 5.875%, 03/25/21		20,000		20,738
Wells Fargo Canada Corp. 2.944%, 07/25/19 (CAD)		420,000		320,971

				3,707,606


Electric—0.5%
AES Corp.
4.500%, 03/15/23		45,000		46,237
4.875%, 05/15/23		20,000		20,351
5.125%, 09/01/27		10,000		10,550
Berkshire Hathaway Energy Co. 3.250%, 04/15/28		245,000		252,840
DTE Energy Co. 1.500%, 10/01/19		250,000		249,391
Duke Energy Carolinas LLC 4.250%, 12/15/41		275,000		302,352
Duke Energy Florida LLC 3.400%, 10/01/46		305,000		297,415
Duke Energy Progress LLC 4.375%, 03/30/44		320,000		356,895
Exelon Corp. 2.450%, 04/15/21		80,000		79,957
2.850%, 06/15/20		480,000		481,787
3.950%, 06/15/25		585,000		624,303
Fortis, Inc. 2.100%, 10/04/21		135,000		133,802
Georgia Power Co. 2.000%, 09/08/20		848,000		843,074
IPALCO Enterprises, Inc. 3.700%, 09/01/24		335,000		346,608

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Electric—(Continued)
NextEra Energy Capital Holdings, Inc. 3.150%, 04/01/24		590,000	$	605,447
Oncor Electric Delivery Co. LLC 5.750%, 03/15/29		110,000		135,913
Public Service Enterprise Group, Inc. 2.875%, 06/15/24		415,000		418,877
Sempra Energy 2.400%, 02/01/20		325,000		324,900
South Carolina Electric & Gas Co. 4.250%, 08/15/28		140,000		155,561
Southern Co. (The) 2.950%, 07/01/23		130,000		131,829
3.250%, 07/01/26		335,000		340,089

				6,158,178


Electronics—0.0%
Fortive Corp. 2.350%, 06/15/21		205,000		204,537
Sensata Technologies B.V. 5.000%, 10/01/25 (144A)		120,000		125,100

				329,637


Engineering & Construction—0.2%
Fluor Corp. 4.250%, 09/15/28		505,000		522,019
Heathrow Funding, Ltd. 4.000%, 07/03/19 (144A) (CAD)		425,000		324,623
International Airport Finance S.A. 12.000%, 03/15/33 (144A)		940,000		1,043,400

				1,890,042


Entertainment—0.0%
WMG Acquisition Corp. 4.875%, 11/01/24 (144A)		120,000		122,850
5.000%, 08/01/23 (144A)		40,000		40,800

				163,650


Environmental Control—0.0%
Clean Harbors, Inc. 4.875%, 07/15/27 (144A)		35,000		35,572
5.125%, 07/15/29 (144A)		25,000		25,500
Waste Management, Inc. 3.200%, 06/15/26		295,000		306,827
3.450%, 06/15/29		95,000		99,913

				467,812


Food—0.2%
Conagra Brands, Inc. 3.342%, 3M LIBOR + 0.750%, 10/22/20 (g)		155,000		155,025
4.300%, 05/01/24		175,000		185,513
4.600%, 11/01/25		55,000		59,839
Kraft Heinz Foods Co. 3.000%, 06/01/26		825,000		802,477
4.375%, 06/01/46		40,000		37,963
NBM U.S. Holdings, Inc. 7.000%, 05/14/26 (144A)		1,200,000		1,261,800

Security Description	Principal Amount*		Value

Food—(Continued)
TreeHouse Foods, Inc. 6.000%, 02/15/24 (144A)		60,000		62,389

				2,565,006


Food Service—0.0%
Aramark Services, Inc. 5.000%, 02/01/28 (144A) (a)		200,000		205,750


Forest Products & Paper—0.2%
Suzano Austria GmbH 5.000%, 01/15/30 (144A)		1,480,000		1,500,794
6.000%, 01/15/29 (144A)		545,000		594,050

				2,094,844


Gas—0.0%
AmeriGas Partners L.P. / AmeriGas Finance Corp. 5.875%, 08/20/26		95,000		100,700


Healthcare-Products—0.2%
Becton Dickinson & Co. 3.363%, 06/06/24		925,000		955,087
3.700%, 06/06/27		232,000		242,322
Boston Scientific Corp. 4.000%, 03/01/28		505,000		542,480
Thermo Fisher Scientific, Inc. 3.000%, 04/15/23		180,000		184,512

				1,924,401


Healthcare-Services—0.2%
Aetna, Inc. 2.800%, 06/15/23		155,000		155,872
Anthem, Inc. 3.500%, 08/15/24		430,000		446,343
3.650%, 12/01/27		140,000		145,431
4.625%, 05/15/42		170,000		184,867
CHS/Community Health Systems, Inc. 5.125%, 08/01/21 (a)		110,000		107,525
6.250%, 03/31/23		30,000		28,875
Cigna Corp. 2.760%, 3M LIBOR + 0.350%, 03/17/20 (144A) (g)		200,000		200,161
HCA, Inc. 4.125%, 06/15/29		510,000		521,855
Tenet Healthcare Corp. 6.000%, 10/01/20		75,000		77,344
UnitedHealth Group, Inc. 3.700%, 12/15/25		200,000		212,868
3.750%, 07/15/25		240,000		256,449
4.750%, 07/15/45		70,000		83,187

				2,420,777


Home Builders—0.0%
Lennar Corp. 4.750%, 11/29/27		125,000		131,563
PulteGroup, Inc. 5.500%, 03/01/26		60,000		64,800

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Home Builders—(Continued)
Toll Brothers Finance Corp. 4.875%, 11/15/25		130,000	$	135,687

				332,050


Insurance—0.1%
CNO Financial Group, Inc. 5.250%, 05/30/25		175,000		188,563
Genworth Holdings, Inc. 4.900%, 08/15/23		90,000		77,400
Marsh & McLennan Cos., Inc. 3.875%, 03/15/24		330,000		349,890
4.375%, 03/15/29		205,000		226,530
4.750%, 03/15/39		245,000		280,790
Massachusetts Mutual Life Insurance Co. 8.875%, 06/01/39 (144A)		52,000		85,233
MGIC Investment Corp. 5.750%, 08/15/23		90,000		97,650
Unum Group 4.000%, 06/15/29		145,000		148,586
Willis North America, Inc. 3.600%, 05/15/24		210,000		217,020

				1,671,662


Internet—0.3%
Alibaba Group Holding, Ltd. 3.400%, 12/06/27		810,000		822,536
4.200%, 12/06/47		200,000		210,034
Amazon.com, Inc. 2.800%, 08/22/24		155,000		159,542
3.875%, 08/22/37		555,000		611,777
Tencent Holdings, Ltd. 2.985%, 01/19/23 (144A)		530,000		534,057
3.595%, 01/19/28 (144A)		250,000		255,133
3.975%, 04/11/29 (144A)		700,000		731,066

				3,324,145


Iron/Steel—0.1%
Commercial Metals Co. 5.375%, 07/15/27		60,000		59,700
Steel Dynamics, Inc. 5.500%, 10/01/24		65,000		67,356
Vale Overseas, Ltd. 6.250%, 08/10/26		515,000		585,014
6.875%, 11/10/39		75,000		90,015

				802,085


Leisure Time—0.0%
VOC Escrow, Ltd. 5.000%, 02/15/28 (144A)		30,000		30,412


Lodging—0.0%
Hilton Domestic Operating Co., Inc. 5.125%, 05/01/26		100,000		104,375

Security Description	Principal Amount*		Value

Lodging—(Continued)
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 5.250%, 05/15/27 (144A) (a)		10,000		10,037
5.500%, 03/01/25 (144A)		20,000		20,656

				135,068


Machinery-Construction & Mining—0.0%
BWX Technologies, Inc. 5.375%, 07/15/26 (144A)		30,000		30,974
Oshkosh Corp. 5.375%, 03/01/25		75,000		77,812

				108,786


Media—0.6%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125%, 05/01/27 (144A)		15,000		15,530
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.200%, 03/15/28		235,000		244,000
4.908%, 07/23/25		145,000		157,332
5.750%, 04/01/48		360,000		397,942
6.484%, 10/23/45		690,000		812,256
Comcast Corp. 3.150%, 03/01/26		405,000		418,370
3.200%, 07/15/36		100,000		97,135
3.950%, 10/15/25		210,000		226,432
4.049%, 11/01/52		45,000		47,719
4.150%, 10/15/28		190,000		209,420
4.250%, 10/15/30		135,000		150,365
4.600%, 10/15/38		240,000		274,558
4.950%, 10/15/58		195,000		237,662
COX Communications, Inc. 3.150%, 08/15/24 (144A)		868,000		879,551
Discovery Communications LLC 3.800%, 03/13/24		204,000		211,631
3.950%, 06/15/25		217,000		224,754
4.900%, 03/11/26		190,000		208,030
5.000%, 09/20/37		265,000		276,579
5.300%, 05/15/49		90,000		96,709
6.350%, 06/01/40		420,000		492,780
DISH DBS Corp. 5.875%, 11/15/24 (a)		130,000		123,013
Fox Corp. 4.030%, 01/25/24 (144A)		575,000		611,328
Liberty Interactive LLC 8.250%, 02/01/30		40,000		39,900
Time Warner Cable LLC 4.500%, 09/15/42		400,000		375,836
Viacom, Inc. 4.250%, 09/01/23		550,000		581,624
4.375%, 03/15/43		168,000		164,170
5.875%, 3M LIBOR + 3.895%, 02/28/57 (g)		10,000		10,205
6.250%, 3M LIBOR + 3.899%, 02/28/57 (g)		15,000		15,525
Videotron, Ltd. 5.375%, 06/15/24 (144A)		145,000		155,150

				7,755,506

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Mining—0.1%
Anglo American Capital plc 4.750%, 04/10/27 (144A)		200,000	$	211,751
4.875%, 05/14/25 (144A)		520,000		560,015
Glencore Funding LLC 4.875%, 03/12/29 (144A)		740,000		779,377
Kaiser Aluminum Corp. 5.875%, 05/15/24		140,000		145,600

				1,696,743


Miscellaneous Manufacturing—0.0%
Ingersoll-Rand Global Holding Co., Ltd. 2.900%, 02/21/21		210,000		211,375


Oil & Gas—0.6%
Canadian Natural Resources, Ltd. 2.600%, 12/03/19 (CAD)		310,000		237,284
3.850%, 06/01/27		715,000		742,353
Cimarex Energy Co. 4.375%, 03/15/29		595,000		631,469
Continental Resources, Inc. 3.800%, 06/01/24		135,000		138,747
4.900%, 06/01/44		10,000		10,480
5.000%, 09/15/22		44,000		44,345
Encana Corp. 3.900%, 11/15/21		250,000		256,002
Hess Corp. 5.600%, 02/15/41		55,000		59,407
6.000%, 01/15/40		10,000		10,944
7.125%, 03/15/33		552,000		676,168
7.300%, 08/15/31		150,000		184,039
Kerr-McGee Corp. 6.950%, 07/01/24		370,000		433,423
Marathon Oil Corp. 3.850%, 06/01/25		130,000		134,701
Marathon Petroleum Corp. 3.800%, 04/01/28		75,000		76,195
Medco Oak Tree Pte, Ltd. 7.375%, 05/14/26 (144A)		640,000		641,838
MEG Energy Corp. 6.500%, 01/15/25 (144A)		65,000		65,325
Noble Energy, Inc. 5.050%, 11/15/44		390,000		414,424
Petroleos Mexicanos 6.000%, 03/05/20		150,000		151,875
6.750%, 09/21/47		351,000		312,565
QEP Resources, Inc. 5.250%, 05/01/23		80,000		77,000
Saudi Arabian Oil Co. 2.875%, 04/16/24 (144A)		400,000		402,398
SM Energy Co. 6.125%, 11/15/22		55,000		54,588
6.750%, 09/15/26		15,000		14,063
Sunoco L.P. / Sunoco Finance Corp. 5.500%, 02/15/26		60,000		62,475
Tullow Oil plc 7.000%, 03/01/25 (144A)		500,000		508,125

Security Description	Principal Amount*		Value

Oil & Gas—(Continued)
Valero Energy Corp. 4.000%, 04/01/29		145,000		151,732
4.350%, 06/01/28		290,000		310,247
WPX Energy, Inc. 5.250%, 09/15/24		125,000		127,813
YPF S.A. 16.500%, 05/09/22 (144A) (ARS)		19,392,845		278,480

				7,208,505


Packaging & Containers—0.1%
Owens-Brockway Glass Container, Inc. 5.875%, 08/15/23 (144A)		150,000		161,782
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, 07/15/23 (144A)		75,000		76,406
WRKCo, Inc. 4.650%, 03/15/26		540,000		587,035

				825,223


Pharmaceuticals—0.6%
Allergan Finance LLC 4.625%, 10/01/42		255,000		254,063
Allergan Funding SCS 3.450%, 03/15/22		245,000		250,075
Bausch Health Cos., Inc. 7.000%, 03/15/24 (144A)		30,000		31,878
Bayer U.S. Finance LLC 4.250%, 12/15/25 (144A)		850,000		898,833
Bristol-Myers Squibb Co. 3.400%, 07/26/29 (144A)		315,000		329,451
Cigna Corp. 4.125%, 11/15/25 (144A)		230,000		244,264
4.375%, 10/15/28 (144A)		1,685,000		1,817,246
CVS Health Corp. 3.875%, 07/20/25		324,000		338,333
4.100%, 03/25/25		710,000		748,430
5.050%, 03/25/48		345,000		366,930
5.125%, 07/20/45		315,000		335,935
GlaxoSmithKline Capital, Inc. 3.625%, 05/15/25		620,000		659,490
Mylan NV 5.250%, 06/15/46		145,000		135,535
Mylan, Inc. 4.550%, 04/15/28		240,000		235,210
5.200%, 04/15/48		125,000		115,309
Shire Acquisitions Investments Ireland DAC 2.400%, 09/23/21		355,000		354,263
Teva Pharmaceutical Finance Netherlands III B.V. 2.800%, 07/21/23		650,000		563,875
Valeant Pharmaceuticals International, Inc. 6.500%, 03/15/22 (144A)		65,000		67,356

				7,746,476


Pipelines—0.5%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp. 4.250%, 12/01/27		350,000		369,545
6.250%, 10/15/22		41,000		42,025

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Pipelines—(Continued)
DCP Midstream Operating L.P. 3.875%, 03/15/23		20,000	$	20,150
4.950%, 04/01/22		26,000		26,975
5.600%, 04/01/44		50,000		47,000
Enbridge, Inc. 4.770%, 09/02/19 (CAD)		470,000		360,442
Energy Transfer Operating L.P. 4.200%, 09/15/23		70,000		73,358
4.500%, 04/15/24		235,000		249,955
5.250%, 04/15/29		700,000		782,806
5.500%, 06/01/27		120,000		134,085
6.250%, 04/15/49		85,000		100,612
Energy Transfer Partners L.P. 5.950%, 10/01/43		20,000		21,987
Enterprise Products Operating LLC 3.125%, 07/31/29		345,000		346,780
EQM Midstream Partners L.P. 4.125%, 12/01/26		247,000		238,835
5.500%, 07/15/28		270,000		284,607
EQT Midstream Partners L.P. 4.750%, 07/15/23		40,000		41,458
MPLX L.P. 4.125%, 03/01/27		240,000		251,128
4.700%, 04/15/48		230,000		235,267
5.200%, 03/01/47		65,000		70,434
Sabine Pass Liquefaction LLC 4.200%, 03/15/28		50,000		52,491
Sunoco Logistics Partners Operations L.P. 4.000%, 10/01/27		220,000		226,549
5.300%, 04/01/44		35,000		36,164
5.350%, 05/15/45		35,000		36,362
Texas Eastern Transmission L.P. 2.800%, 10/15/22 (144A)		420,000		419,287
3.500%, 01/15/28 (144A)		100,000		101,573
TransCanada PipeLines, Ltd. 4.625%, 03/01/34		415,000		460,379
4.750%, 05/15/38		130,000		142,390
6.100%, 06/01/40		40,000		50,031
Transcontinental Gas Pipe Line Co. LLC 4.000%, 03/15/28		105,000		109,540
Valero Energy Partners L.P. 4.500%, 03/15/28		425,000		450,512
Western Gas Partners L.P. 4.500%, 03/01/28		485,000		484,007
4.750%, 08/15/28		260,000		262,873
5.500%, 08/15/48		25,000		23,702
Williams Partners L.P. 4.300%, 03/04/24		105,000		111,478

				6,664,787


Real Estate Investment Trusts—0.1%
American Tower Corp. 3.800%, 08/15/29		295,000		304,066
Equinix, Inc. 5.875%, 01/15/26		135,000		142,931

Security Description	Principal Amount*		Value

Real Estate Investment Trusts—(Continued)
GLP Capital L.P. / GLP Financing II, Inc. 5.300%, 01/15/29		290,000		312,548
5.375%, 04/15/26		60,000		64,877
HCP, Inc. 3.250%, 07/15/26		165,000		165,647

				990,069


Retail—0.2%
Dollar Tree, Inc. 3.288%, 3M LIBOR + 0.700%, 04/17/20 (g)		90,000		90,010
Lowe’s Cos., Inc. 3.375%, 09/15/25		700,000		726,981
3.700%, 04/15/46		60,000		56,433
McDonald’s Corp. 3.350%, 04/01/23 (a)		380,000		394,140
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.875%, 03/01/27		75,000		75,187
Walmart, Inc. 3.400%, 06/26/23		660,000		693,037

				2,035,788


Semiconductors—0.5%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.125%, 01/15/25		300,000		293,034
3.625%, 01/15/24		935,000		944,487
3.875%, 01/15/27		1,185,000		1,161,742
Broadcom, Inc. 4.750%, 04/15/29 (144A)		855,000		876,096
Entegris, Inc. 4.625%, 02/10/26 (144A)		75,000		75,563
Intel Corp. 4.100%, 05/19/46		185,000		203,546
Microchip Technology, Inc. 4.333%, 06/01/23		355,000		369,563
Micron Technology, Inc. 4.975%, 02/06/26		1,155,000		1,218,209
NXP B.V. / NXP Funding LLC 4.875%, 03/01/24 (144A)		1,175,000		1,259,271
Qorvo, Inc. 5.500%, 07/15/26		60,000		63,498

				6,465,009


Software—0.2%
CDK Global, Inc. 5.875%, 06/15/26		5,000		5,294
Fidelity National Information Services, Inc. 4.250%, 05/15/28		180,000		196,170
First Data Corp. 5.000%, 01/15/24 (144A)		40,000		40,980
5.375%, 08/15/23 (144A)		90,000		91,620
Fiserv, Inc. 3.200%, 07/01/26		390,000		397,797

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Software—(Continued)
Microsoft Corp. 3.700%, 08/08/46		195,000	$	209,743
3.950%, 08/08/56		290,000		320,710
MSCI, Inc. 5.250%, 11/15/24 (144A)		75,000		77,437
5.750%, 08/15/25 (144A)		65,000		68,250
Open Text Corp. 5.875%, 06/01/26 (144A)		115,000		121,647
Oracle Corp. 4.000%, 11/15/47		180,000		193,217
Quintiles IMS, Inc. 4.875%, 05/15/23 (144A)		95,000		97,494

				1,820,359


Telecommunications—0.7%
AT&T, Inc. 2.950%, 07/15/26		70,000		69,483
3.247%, 3M LIBOR + 0.650%, 01/15/20 (g)		155,000		155,383
3.800%, 02/15/27		520,000		540,239
3.875%, 01/15/26		70,000		73,168
4.100%, 02/15/28		260,000		275,445
4.250%, 03/01/27		150,000		160,567
4.300%, 02/15/30		676,000		721,868
4.350%, 03/01/29		535,000		573,941
5.150%, 03/15/42		164,000		179,084
Nokia Oyj 6.625%, 05/15/39		110,000		120,691
Sprint Corp. 7.125%, 06/15/24		100,000		106,030
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 5.152%, 03/20/28 (144A)		1,140,000		1,174,200
Telecom Italia Capital S.A. 6.000%, 09/30/34		45,000		45,900
7.721%, 06/04/38		50,000		56,375
Telefonica Celular del Paraguay S.A. 5.875%, 04/15/27 (144A)		530,000		552,525
Telefonica Emisiones S.A.U. 4.665%, 03/06/38		150,000		155,760
4.895%, 03/06/48		335,000		355,366
5.520%, 03/01/49		515,000		595,743
Verizon Communications, Inc. 3.073%, 3M LIBOR + 0.550%, 05/22/20 (g)		155,000		155,589
3.875%, 02/08/29		215,000		230,497
4.400%, 11/01/34		535,000		592,689
4.500%, 08/10/33		775,000		872,490
5.250%, 03/16/37		210,000		250,973
Vodafone Group plc 4.375%, 05/30/28		815,000		880,186

				8,894,192


Transportation—0.1%
CSX Corp. 3.250%, 06/01/27		475,000		490,148

Security Description	Principal Amount*		Value

Transportation—(Continued)
Union Pacific Corp. 4.375%, 09/10/38		660,000		730,390

				1,220,538


Trucking & Leasing—0.1%
Avolon Holdings Funding, Ltd. 4.375%, 05/01/26 (144A)		340,000		349,928
DAE Funding LLC 4.500%, 08/01/22 (144A)		15,000		15,225
5.000%, 08/01/24 (144A)		15,000		15,619
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 3.450%, 07/01/24 (144A)		510,000		525,286

				906,058

Total Corporate Bonds & Notes (Cost $141,267,631)				146,829,974


Asset-Backed Securities—5.5%

Asset-Backed - Automobile—0.1%
CIG Auto Receivables Trust 2.710%, 05/15/23 (144A)		95,129		95,063
Credit Acceptance Auto Loan Trust 2.650%, 06/15/26 (144A)		545,000		545,931
Skopos Auto Receivables Trust 3.190%, 09/15/21 (144A)		233,259		233,371
Westlake Automobile Receivables Trust 3.280%, 12/15/22 (144A)		1,015,000		1,024,485

				1,898,850


Asset-Backed - Home Equity—0.2%
GSAA Home Equity Trust 2.454%, 1M LIBOR + 0.050%, 12/25/46 (g)		81,524		54,301
2.504%, 1M LIBOR + 0.100%, 03/25/37 (g)		874,047		407,699
2.644%, 1M LIBOR + 0.240%, 11/25/36 (g)		247,871		135,979
2.704%, 1M LIBOR + 0.300%, 03/25/36 (g)		876,833		622,595
5.985%, 06/25/36 (g)		538,471		244,970
Morgan Stanley ABS Capital I, Inc. Trust 2.554%, 1M LIBOR + 0.150%, 06/25/36 (g)		12,188		9,958
Renaissance Home Equity Loan Trust 6.120%, 11/25/36 (p)		249,723		144,904
Soundview Home Loan Trust 2.654%, 1M LIBOR + 0.250%, 11/25/36 (g)		485,000		453,775

				2,074,181


Asset-Backed - Other—5.2%
Anchorage Capital CLO, Ltd. 4.107%, 3M LIBOR + 1.510%, 01/15/29 (144A) (g)		760,744		760,743
Apex Credit CLO, Ltd. 4.051%, 3M LIBOR + 1.470%, 04/24/29 (144A) (g)		1,315,000		1,314,406
Apidos CLO 3.572%, 3M LIBOR + 0.980%, 01/19/25 (144A) (g)		148,240		148,213
Atlas Senior Loan Fund, Ltd. 3.631%, 3M LIBOR + 0.870%, 04/20/28 (144A) (g)		1,375,000		1,368,722

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Asset-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Asset-Backed - Other—(Continued)
Avant Loans Funding Trust 3.420%, 01/18/22 (144A)		630,844	$	632,918
Avery Point CLO, Ltd. 3.680%, 3M LIBOR + 1.100%, 04/25/26 (144A) (g)		840,635		840,485
3.721%, 3M LIBOR + 1.120%, 01/18/25 (144A) (g)		427,272		427,807
Babson CLO, Ltd. 3.742%, 3M LIBOR + 1.150%, 07/20/25 (144A) (g)		210,867		210,890
Bayview Opportunity Master Fund Trust 3.500%, 01/28/55 (144A) (g)		537,951		547,419
3.500%, 06/28/57 (144A)		630,512		641,759
3.500%, 07/28/57 (144A) (g)		1,217,850		1,243,071
3.500%, 10/28/57 (144A) (g)		1,148,590		1,173,816
3.500%, 01/28/58 (144A) (g)		825,169		840,784
4.000%, 11/28/53 (144A) (g)		475,271		489,832
4.000%, 10/28/64 (144A) (g)		915,746		943,993
Benefit Street Partners CLO, Ltd. 3.401%, 3M LIBOR + 0.800%, 10/18/29 (144A) (g)		62,500		62,469
3.847%, 3M LIBOR + 1.250%, 07/15/29 (144A) (g)		320,000		320,380
Carlyle Global Market Strategies CLO, Ltd. 3.362%, 3M LIBOR + 0.780%, 04/27/27 (144A) (g)		1,425,000		1,421,155
CIFC Funding, Ltd. 3.451%, 3M LIBOR + 0.850%, 07/16/30 (144A) (g)		165,220		165,232
Cirrus Funding, Ltd. 4.800%, 01/25/37 (144A)		940,000		998,829
CLUB Credit Trust 2.610%, 01/15/24 (144A)		216,025		215,584
Domino’s Pizza Master Issuer LLC 4.116%, 07/25/48 (144A)		693,000		713,658
Dryden Senior Loan Fund 3.338%, 3M LIBOR + 0.820%, 11/15/28 (144A) (g)		745,000		742,029
3.397%, 3M LIBOR + 0.800%, 07/15/30 (144A) (g)		342,500		342,329
3.497%, 3M LIBOR + 0.900%, 04/15/29 (144A) (g)		1,470,000		1,457,190
Finance America Mortgage Loan Trust 3.454%, 1M LIBOR + 1.050%, 09/25/33 (g)		67,807		66,996
Fremont Home Loan Trust 3.454%, 1M LIBOR + 1.050%, 12/25/33 (g)		64,805		64,303
GMACM Home Equity Loan Trust 2.904%, 1M LIBOR + 0.500%, 10/25/34 (144A) (g)		33,105		32,391
KKR CLO, Ltd. 3.937%, 3M LIBOR + 1.340%, 04/15/29 (144A) (g)		1,260,000		1,260,071
Knollwood CDO, Ltd. 4.355%, 3M LIBOR + 3.200%, 01/10/39 (144A) (g)		679,407		1
LCM, Ltd. 3.632%, 3M LIBOR + 1.040%, 10/20/27 (144A) (g)		1,075,000		1,077,128
Legacy Mortgage Asset Trust 4.000%, 03/25/58 (144A) (p)		1,574,158		1,588,622
Lendmark Funding Trust 2.830%, 12/22/25 (144A)		660,017		658,196
Madison Park Funding, Ltd. 3.752%, 3M LIBOR + 1.160%, 07/23/29 (144A) (g)		1,341,000		1,340,308
3.852%, 3M LIBOR + 1.260%, 07/20/26 (144A) (g)		1,043,139		1,044,331
Magnetite, Ltd. 3.580%, 3M LIBOR + 1.000%, 07/25/26 (144A) (g)		888,551		889,215
4.080%, 3M LIBOR + 1.500%, 07/25/26 (144A) (g)		995,000		995,507
Marlette Funding Trust 2.360%, 12/15/24 (144A)		40,864		40,852

Security Description	Principal Amount*		Value

Asset-Backed - Other—(Continued)
MFRA Trust 3.352%, 11/25/47 (144A) (p)		1,344,088		1,338,076
Mill City Mortgage Loan Trust 3.500%, 08/25/58 (144A) (g)		946,920		971,410
3.500%, 04/25/66 (144A) (g)		1,630,000		1,651,754
Neuberger Berman CLO, Ltd. 3.397%, 3M LIBOR + 0.800%, 01/15/28 (144A) (g)		1,480,000		1,472,631
New Residential Advance Receivables Trust 3.214%, 02/15/51 (144A)		1,065,000		1,076,649
New Residential Mortgage LLC 3.790%, 07/25/54 (144A)		1,293,578		1,325,080
NRZ Advance Receivables Trust 3.107%, 12/15/50 (144A)		1,195,000		1,204,635
NRZ Excess Spread-Collateralized Notes 3.193%, 01/25/23 (144A)		839,717		843,776
3.265%, 02/25/23 (144A)		524,691		528,286
Oak Hill Advisors Residential Loan Trust 3.000%, 06/25/57 (144A) (p)		247,641		247,182
OCP CLO, Ltd. 3.438%, 3M LIBOR + 0.850%, 04/17/27 (144A) (g)		1,230,000		1,228,460
OneMain Financial Issuance Trust 2.370%, 09/14/32 (144A)		1,648,000		1,644,689
OZLM Funding, Ltd. 3.492%, 3M LIBOR + 0.900%, 07/22/29 (144A) (g)		31,250		31,253
OZLM, Ltd. 3.598%, 3M LIBOR + 1.010%, 07/17/29 (144A) (g)		335,000		332,644
3.633%, 3M LIBOR + 1.050%, 04/30/27 (144A) (g)		1,360,000		1,357,644
PRPM LLC 4.000%, 08/25/23 (144A) (g)		857,642		865,525
Regional Management Issuance Trust 3.830%, 07/15/27 (144A)		950,000		956,218
SBA Tower Trust 2.898%, 10/15/44 (144A) (p)		845,000		844,988
3.168%, 04/09/47 (144A)		995,000		1,002,341
Seneca Park CLO, Ltd. 3.708%, 3M LIBOR + 1.120%, 07/17/26 (144A) (g)		718,863		719,113
Shackleton CLO, Ltd. 3.608%, 3M LIBOR + 1.020%, 07/17/28 (144A) (g)		1,100,000		1,097,140
SoFi Consumer Loan Program LLC 2.500%, 05/26/26 (144A)		213,585		213,732
2.770%, 05/25/26 (144A)		108,226		108,423
3.090%, 10/27/25 (144A)		162,290		162,892
3.280%, 01/26/26 (144A)		167,655		168,997
Sound Point CLO, Ltd. 3.482%, 3M LIBOR + 0.890%, 01/20/28 (144A) (g)		1,440,000		1,432,858
3.982%, 3M LIBOR + 1.390%, 01/23/29 (144A) (g)		505,000		505,909
Springleaf Funding Trust 2.680%, 07/15/30 (144A)		1,705,000		1,708,448
2.900%, 11/15/29 (144A)		650,815		651,455
SPS Servicer Advance Receivables Trust 2.750%, 11/15/49 (144A)		874,286		874,271
3.620%, 10/17/50 (144A)		315,000		319,436
Symphony CLO, Ltd. 3.877%, 3M LIBOR + 1.280%, 07/14/26 (144A) (g)		1,147,471		1,147,930

BHFTII-19

See accompanying notes to financial statements.

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Asset-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Asset-Backed - Other—(Continued)
Towd Point Mortgage Trust 2.750%, 02/25/55 (144A) (g)		131,049	$	131,520
2.750%, 08/25/55 (144A) (g)		532,601		535,586
2.750%, 04/25/57 (144A) (g)		384,869		385,484
2.750%, 06/25/57 (144A) (g)		1,091,396		1,096,236
3.000%, 03/25/54 (144A) (g)		30,508		30,594
3.004%, 1M LIBOR + 0.600%, 02/25/57 (144A) (g)		928,267		925,585
Treman Park CLO, Ltd. 3.662%, 3M LIBOR + 1.070%, 10/20/28 (144A) (g)		1,300,000		1,301,154
Vericrest Opportunity Loan Trust LLC 3.125%, 09/25/47 (144A) (p)		217,872		218,377
VOLT LXIV LLC 3.375%, 10/25/47 (144A) (p)		925,468		928,361
VOLT LXVI 4.336%, 05/25/48 (144A) (p)		603,918		609,343
VOLT LXX LLC 4.115%, 09/25/48 (144A) (p)		712,736		719,500
VOLT LXXI LLC 3.967%, 09/25/48 (144A) (p)		392,640		395,642
Voya CLO, Ltd. 3.501%, 3M LIBOR + 0.900%, 01/18/29 (144A) (g)		1,610,000		1,599,699
Wendys Funding LLC 3.884%, 03/15/48 (144A)		428,475		430,309
Wingstop Funding LLC 4.970%, 12/05/48 (144A)		403,988		424,583

				64,847,452

Total Asset-Backed Securities (Cost $69,330,827)				68,820,483


Mortgage-Backed Securities—4.8%

Collateralized Mortgage Obligations—3.1%
Adjustable Rate Mortgage Trust 2.904%, 1M LIBOR + 0.500%, 01/25/36 (g)		153,658		145,573
2.944%, 1M LIBOR + 0.540%, 11/25/35 (g)		150,116		150,523
Angel Oak Mortgage Trust LLC 2.930%, 05/25/59 (144A) (g)		1,658,744		1,667,086
3.628%, 03/25/49 (144A) (g)		415,482		420,812
3.920%, 11/25/48 (144A) (g)		1,357,761		1,384,689
Arroyo Mortgage Trust 3.347%, 04/25/49 (144A) (g)		1,647,072		1,669,911
Bear Stearns Adjustable Rate Mortgage Trust 4.292%, 07/25/36 (g)		303,183		286,181
Bear Stearns ALT-A Trust 2.884%, 1M LIBOR + 0.480%, 02/25/36 (g)		620,532		603,006
Bear Stearns Mortgage Funding Trust 2.584%, 1M LIBOR + 0.180%, 10/25/36 (g)		176,664		166,753
2.604%, 1M LIBOR + 0.200%, 02/25/37 (g)		573,114		605,779
CIM Trust 3.000%, 04/25/57 (144A) (g)		1,133,006		1,140,617
Civic Mortgage LLC 3.892%, 06/25/22 (144A) (p)		133,457		133,176
COLT Funding LLC 3.705%, 03/25/49 (144A) (g)		490,149		497,805

Security Description	Principal Amount*		Value

Collateralized Mortgage Obligations—(Continued)
COLT Mortgage Loan Trust 3.337%, 05/25/49 (144A) (g)		825,749		838,733
Countrywide Alternative Loan Trust 2.854%, 1M LIBOR + 0.450%, 04/25/35 (g)		228,317		208,934
2.944%, 1M LIBOR + 0.540%, 01/25/36 (g)		123,505		119,968
3.204%, 1M LIBOR + 0.800%, 12/25/35 (g)		158,517		138,852
3.854%, 12M MTA + 1.350%, 08/25/35 (g)		286,458		258,832
5.500%, 11/25/35		617,041		528,534
Countrywide Home Loan Mortgage Pass-Through Trust 2.604%, 1M LIBOR + 0.200%, 04/25/46 (g)		296,390		256,197
3.084%, 1M LIBOR + 0.680%, 02/25/35 (g)		123,876		118,815
4.025%, 09/25/47 (g)		405,170		382,373
4.126%, 06/20/35 (g)		15,363		15,667
Credit Suisse Mortgage Capital Certificates Trust 3.250%, 04/25/47 (144A) (g)		512,099		512,651
Deephaven Residential Mortgage Trust 2.453%, 06/25/47 (144A) (g)		217,638		217,480
3.558%, 04/25/59 (144A) (g)		851,567		860,613
3.789%, 08/25/58 (144A) (g)		1,094,936		1,108,909
Deutsche ALT-A Securities Mortgage Loan Trust 2.554%, 1M LIBOR + 0.150%, 12/25/36 (g)		358,903		320,477
GreenPoint Mortgage Funding Trust 3.904%, 12M MTA + 1.400%, 10/25/45 (g)		215,641		186,018
GSR Mortgage Loan Trust 2.704%, 1M LIBOR + 0.300%, 01/25/37 (g)		671,682		342,277
4.396%, 01/25/36 (g)		433,951		438,091
6.000%, 07/25/37		244,846		216,838
Home Re, Ltd. 4.030%, 1M LIBOR + 1.600%, 10/25/28 (144A) (g)		690,000		688,840
IndyMac INDX Mortgage Loan Trust 4.169%, 10/25/35 (g)		36,975		35,227
JPMorgan Mortgage Trust 4.200%, 05/25/36 (g)		29,918		29,589
LSTAR Securities Investment Trust 3.940%, 1M LIBOR + 1.500%, 04/01/24 (144A) (g)		194,205		198,949
LSTAR Securities Investment, Ltd. 3.940%, 1M LIBOR + 1.500%, 04/01/24 (144A) (g)		526,892		526,642
3.940%, 1M LIBOR + 1.500%, 05/01/24 (144A) (g)		1,182,889		1,191,918
4.140%, 1M LIBOR + 1.700%, 03/01/24 (144A) (g)		648,261		649,903
MASTR Adjustable Rate Mortgages Trust 3.946%, 09/25/33 (g)		65,034		64,901
4.663%, 11/21/34 (g)		94,862		98,477
Metlife Securitization Trust 3.750%, 03/25/57 (144A) (g)		813,712		847,815
MFA Trust 2.588%, 02/25/57 (144A) (g)		259,684		259,109
Morgan Stanley Mortgage Loan Trust 4.296%, 05/25/36 (g)		202,536		149,896
New Residential Mortgage Loan Trust 3.154%, 1M LIBOR + 0.750%, 01/25/48 (144A) (g)		1,345,458		1,344,523
3.750%, 11/26/35 (144A) (g)		808,754		835,038
4.000%, 02/25/57 (144A) (g)		1,420,071		1,477,276
4.000%, 03/25/57 (144A) (g)		1,443,949		1,507,390
4.000%, 04/25/57 (144A) (g)		1,161,328		1,208,165

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Mortgage-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Collateralized Mortgage Obligations—(Continued)
New Residential Mortgage Loan Trust
4.000%, 05/25/57 (144A) (g)		943,195	$	985,304
4.000%, 09/25/57 (144A) (g)		1,123,723		1,154,368
Radnor RE, Ltd. 3.580%, 1M LIBOR + 1.200%, 06/25/29 (144A) (g)		1,200,000		1,200,000
Residential Accredit Loans, Inc. Trust
2.704%, 1M LIBOR + 0.300%, 04/25/36 (g)		573,978		543,596
6.000%, 12/25/35		241,737		237,749
RFMSI Trust
4.220%, 08/25/35 (g)		91,281		68,687
Seasoned Credit Risk Transfer Trust 3.500%, 11/25/57		480,706		506,445
3.500%, 03/25/58		1,378,523		1,403,024
3.500%, 07/25/58		1,309,474		1,377,729
3.500%, 08/25/58		256,201		269,663
Structured Adjustable Rate Mortgage Loan Trust 0.490%, 09/25/34 (g)		57,970		54,966
Verus Securitization Trust 3.211%, 04/25/59 (144A) (g)		824,722		831,112
3.677%, 06/01/58 (144A) (g)		897,188		907,367
WaMu Mortgage Pass-Through Certificates Trust 3.384%, 12M MTA + 0.880%, 10/25/46 (g)		224,204		210,184
3.742%, 06/25/37 (g)		132,098		125,278
Washington Mutual Mortgage Pass-Through Certificates 3.004%, 1M LIBOR + 0.600%, 07/25/36 (g)		103,086		69,288
Wells Fargo Mortgage-Backed Securities Trust 4.704%, 09/25/36 (g)		128,981		130,715
4.722%, 10/25/36 (g)		154,991		154,842
4.930%, 10/25/35 (g)		1,541,000		1,582,458

				38,868,603


Commercial Mortgage-Backed Securities—1.7%
BANK 0.882%, 11/15/50 (g) (h)		8,276,577		430,431
0.957%, 11/15/54 (g) (h)		991,647		54,700
1.053%, 05/15/62 (g) (h)		2,924,125		215,833
Benchmark Mortgage Trust 0.663%, 01/15/51 (g) (h)		2,486,082		89,873
0.693%, 07/15/51 (g) (h)		4,458,763		162,412
CAMB Commercial Mortgage Trust 4.944%, 1M LIBOR + 2.550%, 12/15/37 (144A) (g)		665,000		671,228
Citigroup Commercial Mortgage Trust 1.120%, 07/10/47 (g) (h)		3,919,075		161,180
1.242%, 04/10/48 (g) (h)		4,828,511		217,608
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.768%, 02/10/47 (g) (h)		2,860,804		68,876
0.840%, 08/10/46 (g) (h)		880,417		21,688
1.915%, 10/15/45 (g) (h)		385,235		16,724
2.540%, 12/10/45		250,000		251,973
2.853%, 10/15/45		180,000		181,715
3.101%, 03/10/46		145,000		148,214
3.213%, 03/10/46		263,809		271,314
3.424%, 03/10/31 (144A)		1,065,000		1,108,634
3.612%, 06/10/46 (g)		260,000		272,025
3.796%, 08/10/47		225,000		239,439
3.961%, 03/10/47		235,125		250,249

Security Description	Principal Amount*		Value

Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Pass-Through Certificates Mortgage Trust
4.074%, 02/10/47 (g)		115,000		123,065
4.205%, 08/10/46		100,035		106,832
4.210%, 08/10/46 (g)		175,000		187,416
4.236%, 02/10/47 (g)		190,000		204,563
4.720%, 10/15/45 (144A) (g)		210,000		52,951
4.750%, 10/15/45 (144A) (g)		355,000		200,028
Credit Suisse First Boston Mortgage Securities Corp. 4.877%, 04/15/37		2,306		2,256
CSAIL Commercial Mortgage Trust 0.925%, 06/15/57 (g) (h)		12,653,705		450,830
1.162%, 11/15/48 (g) (h)		1,129,556		48,905
1.946%, 01/15/49 (g) (h)		2,376,797		199,457
GS Mortgage Securities Corp. Trust 2.954%, 11/05/34 (144A)		1,200,000		1,223,958
GS Mortgage Securities Trust 0.115%, 07/10/46 (g) (h)		11,074,774		38,036
1.500%, 08/10/44 (144A) (g) (h)		983,119		20,716
3.674%, 04/10/47 (144A)		235,000		78,512
5.131%, 04/10/47 (144A) (g)		465,000		411,111
JPMBB Commercial Mortgage Securities Trust 0.841%, 09/15/47 (g) (h)		3,714,125		95,603
3.363%, 07/15/45		397,534		412,550
JPMorgan Chase Commercial Mortgage Securities Trust 2.733%, 10/15/45 (144A) (g)		400,000		254,162
4.529%, 12/15/47 (144A) (g)		130,000		113,621
Morgan Stanley Bank of America Merrill Lynch Trust 1.179%, 10/15/48 (g) (h)		864,913		43,810
1.235%, 12/15/47 (g) (h)		2,824,423		92,172
2.918%, 02/15/46		130,000		132,526
3.134%, 12/15/48		480,000		492,586
3.176%, 08/15/45		245,000		250,702
3.766%, 11/15/46		180,000		189,669
4.259%, 10/15/46 (g)		115,000		123,300
Morgan Stanley Capital Trust 1.601%, 06/15/50 (g) (h)		1,704,529		132,996
3.912%, 09/09/32 (144A)		1,140,000		1,213,664
5.282%, 07/15/49 (144A) (g)		265,000		237,793
5.767%, 10/12/52 (144A) (g)		11,699		2,925
MTRO Commercial Mortgage Trust 4.194%, 1M LIBOR + 1.800%, 12/15/33 (144A) (g)		565,000		565,530
SFAVE Commercial Mortgage Securities Trust 3.872%, 01/05/43 (144A) (g)		150,000		155,354
UBS Commercial Mortgage Trust 1.239%, 08/15/50 (g) (h)		984,094		66,977
UBS-Barclays Commercial Mortgage Trust 1.674%, 02/15/50 (g) (h)		5,671,968		500,824
2.850%, 12/10/45		325,000		330,652
3.091%, 08/10/49		645,000		659,743
3.185%, 03/10/46		240,000		246,980
3.244%, 1M LIBOR + 0.850%, 08/15/36 (144A) (g)		1,802,000		1,799,185
3.244%, 04/10/46		300,119		309,733
VNDO Mortgage Trust 2.996%, 11/15/30 (144A)		1,105,000		1,131,056
Wells Fargo Commercial Mortgage Trust 1.280%, 05/15/48 (g) (h)		3,809,655		164,011

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Mortgage-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Commercial Mortgage-Backed Securities—(Continued)
Wells Fargo Commercial Mortgage Trust
1.286%, 09/15/57 (g) (h)		8,242,960	$	342,361
2.918%, 10/15/45		316,257		322,767
4.236%, 05/15/48 (g)		80,000		77,847
WF-RBS Commercial Mortgage Trust 1.399%, 03/15/47 (g) (h)		1,842,057		80,827
2.870%, 11/15/45		349,099		354,712
2.875%, 12/15/45		175,000		177,905
3.016%, 11/15/47 (144A)		550,000		307,683
3.071%, 03/15/45		185,000		189,452
3.345%, 05/15/45		100,000		103,003
3.723%, 05/15/47		190,000		200,038
3.995%, 05/15/47		160,281		171,352
4.045%, 03/15/47		40,000		42,737
4.101%, 03/15/47		335,000		359,216
5.000%, 06/15/44 (144A) (g)		105,000		83,938
5.768%, 04/15/45 (144A) (g)		255,000		266,969

				20,981,683

Total Mortgage-Backed Securities (Cost $60,519,656)				59,850,286


Floating Rate Loans (q)—0.9%

Aerospace/Defense—0.0%
TransDigm, Inc. Term Loan E, 4.830%, 3M LIBOR + 2.500%, 05/30/25		149,119		146,016


Auto Manufacturers—0.0%
Navistar International Corp. 1st Lien Term Loan B, 5.910%, 1M LIBOR + 3.500%, 11/06/24		98,750		98,791
Panther BF Aggregator 2 L.P. Term Loan B, 04/30/26 (EUR) (r)		150,000		170,920
Term Loan B, 5.902%, 1M LIBOR + 3.500%, 04/30/26		115,000		114,195

				383,906


Auto Parts & Equipment—0.0%
Adient U.S. LLC Term Loan B, 6.852%, 05/06/24 (r)		100,000		97,729


Building Materials—0.0%
NCI Building Systems, Inc. Term Loan, 6.354%, 3M LIBOR + 3.750%, 04/12/25		99,000		96,525
Quikrete Holdings, Inc. 1st Lien Term Loan, 5.152%, 1M LIBOR + 2.750%, 11/15/23		125,000		123,037

				219,562


Chemicals—0.0%
HB Fuller Co. Term Loan B, 4.383%, 1M LIBOR + 2.000%, 10/20/24		88,105		86,783
Univar, Inc. Term Loan B, 4.652%, 1M LIBOR + 2.250%, 07/01/24		75,001		74,887

				161,670


Security Description	Principal Amount*		Value

Commercial Services—0.1%
Acosta Holdco, Inc. Term Loan, 5.652%, 1M LIBOR + 3.250%, 09/26/21		152,094		56,718
Allied Universal Holdco LLC Delayed Draw Term Loan, 06/26/26 (r)		10,237		10,227
Term Loan B, 06/26/26 (r)		103,399		103,292
APX Group, Inc. Term Loan B, 7.330%, 3M LIBOR + 5.000%, 04/01/24		99,250		95,032
Blitz F18-675 GmbH Term Loan B2, 3.750%, EURIBOR + 3.750%, 07/31/25 (EUR)		100,000		114,691
BrightView Landscapes LLC 1st Lien Term Loan B, 4.938%, 1M LIBOR + 2.500%, 08/15/25		215,774		215,909
Dun & Bradstreet Corp. (The) Term Loan, 7.404%, 1M LIBOR + 5.000%, 02/06/26		100,000		100,156
Financial & Risk U.S. Holdings, Inc. Term Loan, 6.152%, 1M LIBOR + 3.750%, 10/01/25		104,475		101,490
Jaguar Holding Co. II Term Loan, 4.902%, 1M LIBOR + 2.500%, 08/18/22		129,320		128,697
Nets Holding A/S Term Loan B1E, 3.250%, EURIBOR + 3.250%, 02/06/25 (EUR)		88,194		99,610
PSAV Holdings LLC 1st Lien Term Loan, 5.644%, 1M LIBOR + 3.250%, 03/01/25		172,998		168,453
WEX, Inc. Term Loan B3, 4.652%, 1M LIBOR + 2.250%, 05/15/26		407,429		406,580

				1,600,855


Computers—0.0%
Tempo Acquisition LLC Term Loan, 5.402%, 1M LIBOR + 3.000%, 05/01/24		205,800		205,157


Cosmetics/Personal Care—0.0%
Coty, Inc. Term Loan B, 4.669%, 1M LIBOR + 2.250%, 04/07/25		187,877		183,807
Revlon Consumer Products Corp. Term Loan B, 6.022%, 3M LIBOR + 3.500%, 09/07/23		138,774		116,541

				300,348


Diversified Consumer Services—0.0%
Weight Watchers International, Inc. Term Loan B, 7.350%, 3M LIBOR + 4.750%, 11/29/24		93,951		92,522


Diversified Financial Services—0.0%
AlixPartners LLP Term Loan B, 5.152%, 1M LIBOR + 2.750%, 04/04/24		175,950		175,793
Victory Capital Holdings, Inc. Term Loan B, 07/01/26 (r)		100,000		100,250

				276,043


Energy Equipment & Services—0.0%
Seadrill Partners Finco LLC Term Loan B, 8.330%, 3M LIBOR + 6.000%, 02/21/21		103,243		74,335


Entertainment—0.0%
Golden Entertainment, Inc. 1st Lien Term Loan, 5.410%, 1M LIBOR + 3.000%, 10/21/24		164,050		163,640

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Floating Rate Loans (q)—(Continued)


Security Description	Principal Amount*		Value

Food—0.0%
Post Holdings, Inc. Incremental Term Loan, 4.404%, 1M LIBOR + 2.000%, 05/24/24		98,213	$	97,888


Food Products—0.0%
Hostess Brands LLC Term Loan, 4.694%, 3M LIBOR + 2.250%, 08/03/22		107,265		106,757


Healthcare-Products—0.0%
Lifescan Global Corp. 1st Lien Term Loan, 8.660%, 3M LIBOR + 6.000%, 10/01/24		96,500		92,439


Healthcare-Services—0.0%
Envision Healthcare Corp. 1st Lien Term Loan, 6.152%, 1M LIBOR + 3.750%, 10/10/25		114,425		99,621
MPH Acquisition Holdings LLC Term Loan B, 5.080%, 3M LIBOR + 2.750%, 06/07/23		140,576		134,749

				234,370


Insurance—0.1%
Asurion LLC Term Loan B4, 5.402%, 2M LIBOR + 3.000%, 08/04/22		279,675		279,361
Camelot UK Holdco, Ltd. Term Loan, 5.652%, 1M LIBOR + 3.250%, 10/03/23		60,061		60,264
Hub International, Ltd. Term Loan B, 5.586%, 3M LIBOR + 3.000%, 04/25/25		118,800		116,034
Sedgwick Claims Management Services, Inc. Term Loan B, 5.652%, 1M LIBOR + 3.250%, 12/31/25		99,500		98,319
USI, Inc. Term Loan, 5.330%, 3M LIBOR + 3.000%, 05/16/24		103,163		100,777

				654,755


Internet—0.0%
Zayo Group LLC Incremental Term Loan, 4.652%, 1M LIBOR + 2.250%, 01/19/24		75,071		75,127


IT Services—0.0%
Blackhawk Network Holdings, Inc. 1st Lien Term Loan, 5.402%, 1M LIBOR + 3.000%, 06/15/25		198,497		197,345


Leisure Time—0.0%
Aristocrat Technologies, Inc. 1st Lien Term Loan, 4.342%, 3M LIBOR + 1.750%, 10/19/24		88,208		87,546
Delta 2 (LUX) S.a.r.l. Term Loan, 4.902%, 1M LIBOR + 2.500%, 02/01/24		241,686		236,651

				324,197


Life Sciences Tools & Services—0.0%
Syneos Health, Inc. Term Loan B, 4.402%, 1M LIBOR + 2.000%, 08/01/24		61,085		60,977


Security Description	Principal Amount*		Value

Lodging—0.0%
Boyd Gaming Corp. Term Loan B3, 4.622%, 1M LIBOR + 2.250%, 09/15/23		112,714		112,305
Caesars Entertainment Operating Co. Term Loan, 4.402%, 1M LIBOR + 2.000%, 10/06/24		157,600		156,733
Caesars Resort Collection LLC 1st Lien Term Loan B, 5.152%, 1M LIBOR + 2.750%, 12/22/24		109,621		107,742
Crown Finance U.S., Inc. Term Loan, 4.652%, 1M LIBOR + 2.250%, 02/28/25		82,209		80,960

				457,740


Machinery—0.0%
Circor International, Inc. 1st Lien Term Loan, 5.913%, 1M LIBOR + 3.500%, 12/11/24		99,135		99,135


Machinery-Construction & Mining—0.0%
Brookfield WEC Holdings, Inc. 1st Lien Term Loan, 5.902%, 1M LIBOR + 3.500%, 08/01/25		99,500		99,562


Machinery-Diversified—0.0%
Gardner Denver, Inc. Term Loan B, 5.152%, 1M LIBOR + 2.750%, 07/30/24		174,906		175,343


Media—0.1%
Altice France S.A. Term Loan B12, 6.082%, 1M LIBOR + 3.687%, 01/31/26		98,500		95,791
Gray Television, Inc. Term Loan C, 4.931%, 1M LIBOR + 2.500%, 01/02/26		99,500		99,447
Nexstar Broadcasting, Inc. Term Loan B4, 06/20/26 (r)		165,000		164,622
Univision Communications, Inc. Term Loan C5, 5.152%, 1M LIBOR + 2.750%, 03/15/24		142,759		136,169

				496,029


Miscellaneous Manufacturing—0.0%
CTC AcquiCo GmbH Term Loan B1, 2.500%, EURIBOR + 2.500%, 03/07/25 (EUR)		94,657		105,939


Office/Business Equipment—0.0%
Brand Energy & Infrastructure Services, Inc. Term Loan, 6.748%, 3M LIBOR + 4.250%, 06/21/24		147,000		142,884


Oil & Gas—0.1%
California Resources Corp. Term Loan, 12.777%, 1M LIBOR + 10.375%, 12/31/21		130,000		132,519
Fieldwood Energy LLC 1st Lien TL, 7.652%, 1M LIBOR + 5.250%, 04/11/22		249,780		232,712
Foresight Energy LLC 1st Lien Term Loan, 8.272%, 3M LIBOR + 5.750%, 03/28/22		184,254		150,535
Paragon Offshore Finance Co. Term Loan B, 07/18/21 (d) (e)		706		0

				515,766

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Floating Rate Loans (q)—(Continued)


Security Description	Principal Amount*		Value

Packaging & Containers—0.1%
Berry Global, Inc. Term Loan S, 4.162%, 1M LIBOR + 1.750%, 02/08/20		97,157	$	97,152
Term Loan U, 05/15/26 (r)		200,000		198,955
Flex Acquisition Co., Inc. 1st Lien Term Loan, 5.440%, 1M LIBOR + 3.000%, 12/29/23		97,148		92,551
Reynolds Group Holdings, Inc. Term Loan, 5.152%, 1M LIBOR + 2.750%, 02/05/23		251,766		250,235

				638,893


Pharmaceuticals—0.1%
Change Healthcare Holdings LLC Term Loan B, 5.152%, 1M LIBOR + 2.750%, 03/01/24		167,563		166,481
Endo Luxembourg Finance Co. I S.a.r.l. Term Loan B, 6.652%, 1M LIBOR + 4.250%, 04/29/24		166,600		156,708
Valeant Pharmaceuticals International, Inc. Term Loan B, 5.412%, 1M LIBOR + 3.000%, 06/02/25		155,704		155,801

				478,990


Real Estate Investment Trusts—0.0%
VICI Properties 1 LLC Term Loan B, 4.404%, 1M LIBOR + 2.000%, 12/20/24		195,455		193,602


Retail—0.1%
Bass Pro Group LLC Term Loan B, 7.402%, 1M LIBOR + 5.000%, 09/25/24		147,375		141,065
Harbor Freight Tools USA, Inc. Term Loan B, 4.902%, 1M LIBOR + 2.500%, 08/18/23		115,739		112,966
J. Crew Group, Inc. Term Loan B, 5.438%, 3M LIBOR + 3.000%, 03/05/21 (d) (e)		304,286		233,661
Neiman Marcus Group, Ltd. LLC Extended Term Loan, 8.472%, 3M LIBOR + 6.000%, 10/25/23		177,339		152,678
Staples, Inc. Term Loan, 7.601%, 3M LIBOR + 5.000%, 04/09/26		128,375		123,521

				763,891


Semiconductors & Semiconductor Equipment—0.0%
Microchip Technology, Inc. Term Loan B, 4.410%, 1M LIBOR + 2.000%, 05/29/25		57,489		57,302


Software—0.1%
Almonde, Inc. 1st Lien Term Loan, 6.101%, 1M LIBOR + 3.500%, 06/13/24		116,693		113,953
First Data Corp. Term Loan, 4.404%, 1M LIBOR + 2.000%, 07/08/22		270,627		270,627
Infor (U.S.), Inc. Term Loan B6, 5.080%, 3M LIBOR + 2.750%, 02/01/22		241,541		241,013
SS&C Technologies, Inc. Term Loan B5, 4.652%, 1M LIBOR + 2.250%, 04/16/25		99,240		98,993

				724,586


Security Description	Principal Amount*		Value

Telecommunications—0.1%
CenturyLink, Inc. Term Loan B, 5.152%, 1M LIBOR + 2.750%, 01/31/25		99,495		97,287
CSC Holdings LLC 1st Lien Term Loan, 4.644%, 1M LIBOR + 2.250%, 07/17/25		106,116		104,640
Sprint Communications, Inc. 1st Lien Term Loan B, 4.938%, 1M LIBOR + 2.500%, 02/02/24		332,350		327,919
Telenet Financing USD LLC Term Loan AN, 4.644%, 1M LIBOR + 2.250%, 08/15/26		100,000		99,073

				628,919


Transportation—0.0%
Savage Enterprises LLC 1st Lien Term Loan B, 6.920%, 1M LIBOR + 4.500%, 08/01/25		87,295		87,623

Total Floating Rate Loans (Cost $11,634,527)				11,231,842


Foreign Government—0.7%

Banks—0.1%
Banque Centrale de Tunisie International Bond 6.750%, 10/31/23 (144A) (EUR)		535,000		623,115


Sovereign—0.6%
Argentine Republic Government International Bond 5.250%, 01/15/28 (EUR)		370,000		304,909
Dominican Republic International Bond 6.400%, 06/05/49 (144A)		1,110,000		1,161,349
Egypt Government International Bond 8.500%, 01/31/47		200,000		211,744
Export-Import Bank of Korea 3.052%, 3M LIBOR + 0.460%, 10/21/19 (g)		200,000		200,032
Ghana Government International Bond 8.627%, 06/16/49 (144A) (l)		400,000		403,300
Hungary Government International Bond 6.375%, 03/29/21		160,000		170,784
Italy Buoni Ordinari del Tesoro BOT Zero Coupon, 07/12/19 (EUR)		100,000		113,716
Italy Buoni Poliennali Del Tesoro 4.250%, 09/01/19 (EUR)		360,000		412,261
Italy Certificati di Credito del Tesoro Zero Coupon, 10/30/19 (EUR)		90,000		102,371
0.969%, 6M EURIBOR + 1.200%, 11/15/19 (EUR) (g)		90,000		102,737
Japan Bank for International Cooperation 3.000%, 3M LIBOR + 0.480%, 06/01/20 (g)		200,000		200,838
Qatar Government International Bonds 4.000%, 03/14/29 (144A)		1,640,000		1,767,100
4.817%, 03/14/49 (144A)		1,165,000		1,335,136
Romanian Government International Bonds 4.625%, 04/03/49 (EUR)		240,000		329,508
4.625%, 04/03/49 (144A) (EUR)		277,000		380,307
6.125%, 01/22/44		394,000		499,558

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Foreign Government—(Continued)


Security Description	Principal Amount*		Value

Sovereign—(Continued)
Spain Letras del Tesoro Zero Coupon, 08/16/19 (EUR)		190,000	$	216,191

				7,911,841

Total Foreign Government (Cost $8,170,660)				8,534,956


Municipals—0.3%
Chicago Board of Education, General Obligation Unlimited, Build America Bonds 6.138%, 12/01/39		155,000		165,752
6.319%, 11/01/29		345,000		374,256
City of Chicago IL, General Obligation Unlimited 7.045%, 01/01/29		190,000		210,712
7.375%, 01/01/33		775,000		921,204
Municipal Electric Authority of Georgia, Build America Bond 6.637%, 04/01/57		361,000		433,716
State of Illinois 4.950%, 06/01/23		768,000		803,835
5.000%, 01/01/23		70,000		73,135
5.563%, 02/01/21		150,000		155,677
5.947%, 04/01/22		220,000		236,527

Total Municipals (Cost $3,199,583)				3,374,814


Short-Term Investments—2.3%

Certificate of Deposit—0.0%
Credit Agricole Corporate and Investment Bank 2.743%, 3M LIBOR + 0.400%, 09/24/20 (g)		125,000		125,075


Commercial Paper—0.1%
Bank of Nova Scotia 2.197%, 08/13/19 (CAD) (s)		275,000		209,521
ENEL Finance America LLC 2.731%, 07/30/19 (s)		350,000		349,209
Intesa Sanpaolo Funding LLC 2.846%, 08/09/19 (s)		500,000		498,376
Sinopec Century Bright Capital Investment, Ltd. 1.913%, 07/03/19 (s)		250,000		249,918

				1,307,024


Foreign Government—1.1%
Canadian Treasury Bills 1.648%, 07/17/19 (CAD) (s)		25,000		19,073
Egypt Treasury Bills 16.499%, 11/19/19 (EGP)(s)		2,275,000		127,970
17.179%, 10/15/19 (EGP)(s)		11,450,000		652,768
Japan Treasury Bills Zero Coupon, 07/01/19 (JPY)		154,100,000		1,429,300
Zero Coupon, 07/22/19 (JPY)		74,550,000		691,517
Zero Coupon, 08/05/19 (JPY)		210,850,000		1,955,949
Zero Coupon, 08/13/19 (JPY)		207,500,000		1,924,930
Zero Coupon, 08/19/19 (JPY)		174,750,000		1,621,150
Zero Coupon, 08/26/19 (JPY)		176,850,000		1,640,671

Security Description	Principal Amount*		Value

Foreign Government—(Continued)
Japan Treasury Bills
Zero Coupon, 09/02/19 (JPY)		160,200,000		1,486,242
Zero Coupon, 09/17/19 (JPY)		56,550,000		524,662
Zero Coupon, 09/30/19 (JPY)		151,700,000		1,407,408
Ontario Treasury Bills 1.783%, 07/17/19 (CAD) (s)		230,000		175,469
Quebec Treasury Bills 1.696%, 08/02/19 (CAD) (s)		140,000		106,717

				13,763,826


Repurchase Agreement—1.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $13,538,830; collateralized by U.S. Treasury Inflation Indexed Note at 0.125%, maturing 01/15/22, with a market value of $13,809,469.		13,537,476		13,537,476

Total Short-Term Investments (Cost $28,486,037)				28,733,401


Securities Lending Reinvestments (t)—4.3%

Certificates of Deposit—0.9%
Barclays Bank plc 2.950%, 08/02/19		1,000,000		1,000,526
BNP Paribas S.A. New York 2.534%, 1M LIBOR + 0.140%, 09/16/19 (g)		1,000,000		1,000,042
China Construction Bank Corp. 2.670%, 07/18/19		2,000,000		2,000,308
Industrial & Commercial Bank of China, Ltd. 2.620%, 09/03/19		2,000,000		2,000,316
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/09/19		993,475		997,270
Mizuho Bank, Ltd. 2.573%, 1M LIBOR + 0.160%, 09/12/19 (g)		1,000,000		1,000,258
Svenska Handelsbanken AB 2.792%, 1M LIBOR + 0.380%, 12/10/19 (g)		1,000,000		1,001,233
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (g)		2,000,000		2,000,270
Wells Fargo Bank N.A. 2.796%, 3M LIBOR + 0.210%, 10/25/19 (g)		500,000		500,396

				11,500,619


Commercial Paper—0.8%
Bank of China, Ltd. 2.640%, 09/09/19		993,400		994,724
2.670%, 07/16/19		993,325		998,703
China Construction Bank Corp. 2.685%, 07/03/19		1,986,575		1,999,276
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (g)		1,000,000		1,000,199
Royal Bank of Canada 2.757%, 3M LIBOR + 0.160%, 01/14/20 (g)		1,000,000		1,000,842
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (g)		2,000,000		1,999,990
Starbird Funding Corp. 2.600%, 07/01/19		999,802		999,795

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (t)—(Continued)


Security Description	Principal Amount*		Value

Commercial Paper—(Continued)
Toronto-Dominion Bank 2.780%, 1M LIBOR + 0.350%, 11/05/19 (g)		1,000,000	$	1,000,975

				9,994,504


Repurchase Agreements—2.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $3,778,393; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $3,853,222.		3,777,668		3,777,668
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.460%, due on 07/01/19 with a maturity value of $5,001,025; collateralized by various Common Stock with an aggregate market value of $5,500,002.		5,000,000		5,000,000
Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $1,410,272; collateralized by various Common Stock with an aggregate market value of $1,540,000.		1,400,000		1,400,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $1,007,755; collateralized by various Common Stock with an aggregate market value of $1,100,272.		1,000,000		1,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $350,939; collateralized by various Common Stock with an aggregate market value of $385,000.		350,000		350,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $1,100,238; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $1,122,000.		1,100,000		1,100,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $100,023; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $102,001.		100,000		100,000
Goldman Sachs & Co. Repurchase Agreement dated 06/28/19 at 2.510%, due on 07/01/19 with a maturity value of $5,001,046; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% - 5.500%, maturity dates ranging from 09/20/26 - 04/20/49, and an aggregate market value of $5,100,000.		5,000,000		5,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $700,148; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $716,825.		700,000		700,000

Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $5,002,489; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $5,471,560.		5,000,000		5,000,000
Societe Generale Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $2,000,412; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,155,136.		2,000,000		2,000,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $1,800,371; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,939,623.		1,800,000		1,800,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $2,000,972; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,155,136.		2,000,000		2,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $2,901,410; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $3,124,947.		2,900,000		2,900,000

				32,127,668

Total Securities Lending Reinvestments (Cost $53,618,360)				53,622,791

Total Purchased Options— 0.1% (c) (Cost $1,123,519)				1,070,865

Total Investments— 113.4% (Cost $1,274,759,284)				1,414,296,910
Other assets and liabilities (net) — (13.4)%				(166,784,393	)

Net Assets—100.0%			$	1,247,512,517


*		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, 2019, the market value of securities loaned was $53,821,222 and the collateral received consisted of cash in the amount of $53,594,245 and non-cash collateral with a value of $1,746,551. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)		Non-income producing security.
(c)		For a breakout of open positions, see details shown in the Purchased Options table that follows.
(d)		Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, these securities represent less than 0.05% of net assets.

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)


(e)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(g)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(h)		Interest only security.
(i)		Principal only security.
(j)		All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2019, the market value of securities pledged was $2,529,877.
(k)		All or a portion of the security was pledged as collateral against open OTC swap contracts. As of June 30, 2019, the market value of securities pledged was $1,703,181.
(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, 2019, the market value of securities pledged was $863,961.
(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, 2019, the market value of restricted securities was $2,501, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(p)		Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(q)		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 generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(r)		This loan will settle after June 30, 2019, at which time the interest rate will be determined.
(s)		The rate shown represents current yield to maturity.
(t)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(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, 2019, the market value of 144A securities was $142,821,150, which is 11.4% of net assets.


Restricted Securities	Acquisition Date		Shares		Cost		Value
Paragon Offshore Finance Co. - Class A		07/18/17		162	$	182	$	152
Paragon Offshore Finance Co. - Class B		07/18/17		81		1,580		2,349
Templar Energy LLC		10/12/16		2,426		24,262		0

							$	2,501

TBA Forward Sale Commitments


Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		3.500	%		TBA	$	(535,000	)	$	(552,032	)	$	(552,191	)
Fannie Mae 15 Yr. Pool		4.500	%		TBA		(1,300,000	)		(1,328,234	)		(1,326,051	)
Fannie Mae 30 Yr. Pool		5.000	%		TBA		(725,000	)		(765,102	)		(766,188	)

Totals									$	(2,645,368	)	$	(2,644,430	)

Forward Foreign Currency Exchange Contracts


Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CAD	185,000	HSBCU		07/17/19		USD	137,009	$	4,312
EUR	325,000	BNP		07/31/19		USD	371,416		(971	)
EUR	196,000	BOM		07/31/19		USD	223,608		(200	)

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)


Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	270,000	SSBT		08/07/19		USD	186,031	$	(3,756	)
AUD	140,000	NWM		09/26/19		USD	100,711		2,174
CAD	275,000	DBAG		07/03/19		USD	206,770		(3,231	)
CAD	150,000	DBAG		07/03/19		USD	113,303		(1,243	)
CAD	635,000	MSIP		07/08/19		USD	482,055		(2,917	)
CAD	415,000	GSI		07/17/19		USD	314,079		(2,938	)
CAD	25,000	SCB		07/17/19		USD	18,510		(587	)
CAD	420,000	SSBT		07/25/19		USD	318,154		(2,743	)
CAD	330,000	HSBCU		07/31/19		USD	246,421		(5,747	)
CAD	140,000	GSI		08/02/19		USD	103,992		(2,994	)
CAD	275,000	DBAG		08/13/19		USD	208,229		(1,955	)
CAD	415,000	BNP		09/03/19		USD	310,319		(6,964	)
CAD	55,000	BNP		09/03/19		USD	40,855		(1,195	)
CAD	410,000	CBNA		09/10/19		USD	306,862		(6,631	)
CAD	100,000	CBNA		09/10/19		USD	76,358		(103	)
CAD	135,000	NWM		09/10/19		USD	101,943		(1,280	)
CAD	410,000	GSI		10/01/19		USD	308,676		(4,911	)
CAD	140,000	UBSA		10/01/19		USD	104,886		(2,193	)
CAD	310,000	GSI		12/03/19		USD	235,048		(2,211	)
EUR	100,000	HSBCU		07/12/19		USD	115,069		1,263
EUR	3,331,032	GSI		07/31/19		USD	3,806,181		9,360
EUR	190,000	BNP		08/16/19		USD	220,915		4,084
EUR	80,000	BOA		09/03/19		USD	90,243		(1,178	)
EUR	175,000	JPMC		09/03/19		USD	196,431		(3,552	)
EUR	105,000	JPMC		09/03/19		USD	119,677		(313	)
EUR	1,192,000	BNP		09/18/19		USD	1,359,775		(3,935	)
EUR	208,000	BNP		09/18/19		USD	238,573		610
EUR	85,000	BBP		09/18/19		USD	97,249		5
EUR	90,000	MSIP		10/30/19		USD	103,008		(284	)
EUR	90,000	MSIP		11/15/19		USD	103,123		(295	)
GBP	150,000	NWM		07/31/19		USD	194,724		3,953
JPY	154,100,000	MSIP		07/01/19		USD	1,402,143		(27,157	)
JPY	500,000,000	SSBT		07/11/19		USD	4,557,017		(83,933	)
JPY	74,550,000	JPMC		07/22/19		USD	672,402		(20,141	)
JPY	210,850,000	JPMC		08/05/19		USD	1,930,392		(30,367	)
JPY	160,400,000	JPMC		08/13/19		USD	1,471,707		(20,713	)
JPY	47,100,000	SSBT		08/13/19		USD	436,198		(2,038	)
JPY	174,750,000	JPMC		08/19/19		USD	1,604,053		(22,549	)
JPY	176,850,000	JPMC		08/26/19		USD	1,624,713		(22,220	)
JPY	160,200,000	JPMC		09/03/19		USD	1,478,078		(14,612	)
JPY	56,550,000	JPMC		09/17/19		USD	525,630		(1,817	)
JPY	151,700,000	JPMC		09/30/19		USD	1,417,954		1,701

Net Unrealized Depreciation								$	(282,412	)

Futures Contracts


Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value			Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond Futures		09/19/19		38		USD	5,912,563	$	146,651
U.S. Treasury Note 10 Year Futures		09/19/19		2		USD	255,938		106
U.S. Treasury Note 2 Year Futures		09/30/19		523		USD	112,538,977		348,072
U.S. Treasury Note 5 Year Futures		09/30/19		287		USD	33,910,844		420,113

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Futures Contracts—(Continued)


Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Euro-Buxl 30 Year Bond Futures		09/06/19		(1	)		EUR	(202,900	)	$	(115	)
U.S. Treasury Note Ultra 10 Year Futures		09/19/19		(93	)		USD	(12,845,625	)		(259,545	)
U.S. Treasury Ultra Long Bond Futures		09/19/19		(29	)		USD	(5,149,313	)		(163,040	)

Net Unrealized Appreciation										$	492,242

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 Appreciation/ (Depreciation)
Call - OTC - 30 Year IRS		2.450%			BBP		3M LIBOR		Pay		08/02/27		1,450,000		USD	1,450,000	$	209,074	$	210,390	$	1,316
Call - OTC - 30 Year IRS		2.450%			JPMC		3M LIBOR		Pay		08/02/27		1,330,000		USD	1,330,000		136,591		192,978		56,387
Call - OTC - 30 Year IRS		2.450%			BOA		3M LIBOR		Pay		08/02/27		1,260,000		USD	1,260,000		108,360		182,822		74,462
Put - OTC - 30 Year IRS		2.450%			JPMC		3M LIBOR		Receive		08/02/27		1,330,000		USD	1,330,000		262,808		159,559		(103,249	)
Put - OTC - 30 Year IRS		2.450%			BBP		3M LIBOR		Receive		08/02/27		1,450,000		USD	1,450,000		118,146		173,955		55,809
Put - OTC - 30 Year IRS		2.450	%		BOA		3M LIBOR		Receive		08/02/27		1,260,000		USD	1,260,000		288,540		151,161		(137,379	)

Totals																	$	1,123,519	$	1,070,865	$	(52,654	)

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/ (Depreciation)
Receive	12M CPURNSA		Annually	1.810%	Annually		09/04/25		BOA		USD	3,803,000	$	3,968		$	—	$	3,968
Receive	12M CPURNSA		Maturity	2.004%	Maturity		01/15/23		DBAG		USD	7,825,000		(75,918	)		3,081		(78,999	)

Totals													$	(71,950	)	$	3,081	$	(75,031	)

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/
(Received)

Unrealized
Appreciation⁽¹⁾

Pay

3M LIBOR

Quarterly

12/20/19

MSIP

iBoxx USD Liquid
Investment Grade
Index

USD 4,820,000

71,432

—

71,432

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)
Receive	12M FEDRC		Annually	1.625%	Annually		11/14/26		USD	2,610,000	$	11,298		$	—	$	11,298
Receive	3M LIBOR		Semi-Annually	1.861%	Quarterly		06/21/24		USD	3,705,000		(17,183	)		—		(17,183	)
Receive	3M LIBOR		Semi-Annually	2.000%	Quarterly		03/21/23		USD	2,825,000		(26,595	)		14,481		(41,076	)
Receive	3M LIBOR		Semi-Annually	2.257%	Quarterly		06/21/49		USD	1,125,000		(10,292	)		—		(10,292	)
Receive	3M LIBOR		Semi-Annually	2.358%	Quarterly		04/09/24		USD	8,625,000		(238,102	)		—		(238,102	)
Receive	3M LIBOR		Semi-Annually	2.359%	Quarterly		04/09/24		USD	6,055,000		(167,432	)		—		(167,432	)
Receive	3M LIBOR		Semi-Annually	2.360%	Quarterly		04/09/24		USD	6,470,000		(179,204	)		—		(179,204	)
Receive	3M LIBOR		Semi-Annually	2.363%	Quarterly		04/09/24		USD	6,295,000		(175,079	)		—		(175,079	)

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (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	2.386%	Quarterly		05/31/49		USD	375,000	$	(14,338	)	$	—		$	(14,338	)
Receive	3M LIBOR		Semi-Annually	2.750%	Quarterly		12/20/47		USD	3,955,000		(463,110	)		(89,207	)		(373,903	)
Receive	3M LIBOR		Semi-Annually	2.791%	Quarterly		09/30/25		USD	6,043,000		(352,002	)		—			(352,002	)
Receive	3M LIBOR		Semi-Annually	2.873%	Quarterly		01/28/49		USD	150,000		(22,157	)		—			(22,157	)
Receive	3M LIBOR		Semi-Annually	2.884%	Quarterly		12/31/48		USD	300,000		(45,117	)		—			(45,117	)

Totals											$	(1,699,313	)	$	(74,726	)	$	(1,624,587	)

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, 2019^(b)			Notional Amount^(c)			Market Value			Upfront Premiums Received			Unrealized Depreciation
CDX.NA.HY.32.V1	(5.000%)		Quarterly	06/20/24		3.259	%		USD	1,611,000	$	(122,323	)	$	(112,091	)	$	(10,232	)
CDX.NA.IG.32.V1	(1.000%)		Quarterly	06/20/24		0.549	%		USD	10,521,000		(227,222	)		(202,720	)		(24,502	)

Totals											$	(349,545	)	$	(314,811	)	$	(34,734	)

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, 2019^(b)			Notional Amount^(c)			Market Value			Upfront Premiums Received			Unrealized Appreciation
CDX.EM.31.V1	1.000%		Quarterly	06/20/24		1.690	%		USD	3,130,000	$	(98,344	)	$	(106,598	)	$	8,254

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, 2019^(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	152,032	$	9,122	$	21,007		$	(11,885	)
PRIMEX.ARM.2 (e )	(4.580%)		Monthly	12/25/37		MSIP		0.000	%		USD	281,563		—		(597	)		597

Totals													$	9,122	$	20,410		$	(11,288	)

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, 2019^(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	152,032	$	(9,122	)	$	(4,122	)	$	(5,000	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	CSI		0.000	%		USD	91,000		(18,860	)		(15,473	)		(3,387	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	CSI		0.000	%		USD	265,000		(54,922	)		(39,508	)		(15,414	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	CSI		0.000	%		USD	270,000		(55,959	)		(53,314	)		(2,645	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	CSI		0.000	%		USD	460,000		(95,337	)		(85,670	)		(9,667	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	CSI		0.000	%		USD	465,000		(96,373	)		(86,601	)		(9,772	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	CSI		0.000	%		USD	465,000		(96,373	)		(86,601	)		(9,772	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	CSI		0.000	%		USD	465,000		(96,373	)		(86,601	)		(9,772	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	CSI		0.000	%		USD	645,000		(133,679	)		(135,820	)		2,141
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	GSI		0.000	%		USD	304,000		(63,005	)		(50,355	)		(12,650	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	GSI		0.000	%		USD	530,000		(109,845	)		(58,813	)		(51,032	)
CMBX.NA.BB.6	5.000%		Monthly	05/11/63	MSIP		0.000	%		USD	190,000		(39,378	)		(35,385	)		(3,993	)
CMBX.NA.BB.8	5.000%		Monthly	10/17/57	CSI		0.000	%		USD	550,000		(78,625	)		(156,166	)		77,541
CMBX.NA.BB.8	5.000%		Monthly	10/17/57	GSI		0.000	%		USD	241,000		(34,452	)		(59,417	)		24,965

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (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, 2019^(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	$	(82,914	)	$	(181,510	)	$	98,596
CMBX.NA.BB.8	5.000%		Monthly	10/17/57	MSIP		0.000	%		USD	1,289,000		(184,270	)		(365,997	)		181,727
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	CSI		0.000	%		USD	185,000		(18,573	)		(26,509	)		7,936
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	DBAG		0.000	%		USD	170,000		(17,066	)		(25,789	)		8,723
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	GSI		0.000	%		USD	660,000		(66,259	)		(74,951	)		8,692
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	MSIP		0.000	%		USD	90,000		(9,035	)		(8,030	)		(1,005	)
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	MSIP		0.000	%		USD	830,000		(83,326	)		(124,759	)		41,433
PRIMEX.ARM.2 (e )	4.580%		Monthly	12/25/37	JPMC		0.000	%		USD	281,563		—			8,295			(8,295	)

Totals												$	(1,443,746	)	$	(1,753,096	)	$	309,350


(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.
(e)		Significant unobservable inputs were used in the valuation of this position; i.e. Level 3.
(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.
(BOM)—		Bank of Montreal
(CBNA)—		Citibank N.A.
(CSI)—		Credit Suisse International
(DBAG)—		Deutsche Bank AG
(GSI)—		Goldman Sachs International
(HSBCU)—		HSBC Bank USA
(JPMC)—		JPMorgan Chase Bank N.A.
(MSIP)—		Morgan Stanley & Co. International plc
(NWM)—		Natwest Markets plc
(SCB)—		Standard Chartered Bank
(SSBT)—		State Street Bank and Trust
(UBSA)—		UBS AG

Currencies


(ARS)—		Argentine Peso
(AUD)—		Australian Dollar
(CAD)—		Canadian Dollar
(EGP)—		Egyptian Pound
(EUR)—		Euro
(GBP)—		British Pound
(JPY)—		Japanese Yen
(USD)—		United States Dollar

Index Abbreviations


(ABX.HE.PEN.AAA) —		Markit Asset-Backed Home Equity Penultimate AAA Rated Index
(BBSW)—		Australian Bank Bill Swap Rate
(CDOR)—		Canadian Dollar Offered Rate
(CDX.EM)—		Markit Emerging Market CDS Index
(CDX.NA.HY)—		Markit North America High Yield CDS Index
(CDX.NA.IG)—		Markit North America Investment Grade CDS Index
(CMBX)—		Commercial Mortgage-Backed Index
(CMBX.NA.BB)—		Markit North America BB Rated CMBS Index
(CMBX.NA.BBB-)—		Markit North America BBB- Rated CMBS Index
(CPURNSA)—		U.S. Consumer Price Index for All Urban Consumers Non-Seasonally Adjusted
(EURIBOR)—		Euro Interbank Offered Rate
(FEDRC)—		U.S. Federal Funds Rate Compounded
(ICE)—		Intercontinental Exchange, Inc.
(LIBOR)—		London Interbank Offered Rate
(MTA)—		Monthly Treasury Average Index
(PRIMEX.ARM)—		Markit PrimeX Adjustable Rate Mortgage Index
(SOFR)—		Secured Overnight Financing Rate

Other Abbreviations


(ARM)—		Adjustable-Rate Mortgage
(ACES)—		Alternative Credit Enhancement Securities
(ADR)—		American Depositary Receipt
(CDO)—		Collateralized Debt Obligation
(CDS)—		Credit Default Swap
(CLO)—		Collateralized Loan Obligation
(CMO)—		Collateralized Mortgage Obligation
(IRS)—		Interest Rate Swap
(REMIC)—		Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	27,442,142	$	—	$	—	$	27,442,142
Airlines		1,731,126		—		—		1,731,126
Banks		23,358,789		—		—		23,358,789
Beverages		17,584,247		—		—		17,584,247
Biotechnology		10,256,544		—		—		10,256,544
Capital Markets		19,330,339		—		—		19,330,339
Chemicals		16,245,946		—		—		16,245,946
Commercial Services & Supplies		4,362,601		—		—		4,362,601
Construction & Engineering		2,081,072		—		—		2,081,072
Construction Materials		877,905		—		—		877,905
Consumer Finance		6,775,811		—		—		6,775,811
Containers & Packaging		6,876,796		—		—		6,876,796
Diversified Consumer Services		653,530		—		—		653,530
Diversified Financial Services		4,251,982		—		—		4,251,982
Diversified Telecommunication Services		13,009,187		—		—		13,009,187
Electric Utilities		15,522,771		—		—		15,522,771
Electrical Equipment		3,772,475		—		—		3,772,475
Energy Equipment & Services		4,426,877		—		—		4,426,877
Entertainment		11,159,448		—		—		11,159,448
Equity Real Estate Investment Trusts		25,088,211		—		—		25,088,211
Food Products		5,319,607		—		—		5,319,607
Gas Utilities		2,032,357		—		—		2,032,357
Health Care Equipment & Supplies		34,587,101		—		—		34,587,101
Health Care Providers & Services		19,371,365		—		—		19,371,365
Hotels, Restaurants & Leisure		17,702,662		—		—		17,702,662
Household Products		13,091,113		—		—		13,091,113
Independent Power and Renewable Electricity Producers		4,370,087		—		—		4,370,087
Industrial Conglomerates		1,892,687		—		—		1,892,687
Insurance		35,146,648		—		—		35,146,648
Interactive Media & Services		38,881,893		—		—		38,881,893
Internet & Direct Marketing Retail		37,921,849		—		—		37,921,849
IT Services		37,081,042		—		—		37,081,042
Life Sciences Tools & Services		8,834,960		—		—		8,834,960
Machinery		20,717,622		—		—		20,717,622
Marine		569,195		—		—		569,195
Media		18,702,846		—		—		18,702,846
Metals & Mining		1,481,411		—		—		1,481,411
Multi-Utilities		9,423,668		—		—		9,423,668
Oil, Gas & Consumable Fuels		35,825,213		2,501		0		35,827,714
Pharmaceuticals		33,605,111		—		—		33,605,111
Professional Services		11,888,930		—		—		11,888,930

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1		Level 2		Level 3		Total
Road & Rail	$	4,678,474	$	—	$	—	$	4,678,474
Semiconductors & Semiconductor Equipment		28,192,767		—		—		28,192,767
Software		55,536,347		—		—		55,536,347
Specialty Retail		20,748,408		—		—		20,748,408
Technology Hardware, Storage & Peripherals		22,368,716		—		—		22,368,716
Textiles, Apparel & Luxury Goods		13,096,133		—		—		13,096,133
Thrifts & Mortgage Finance		1,367,204		—		—		1,367,204
Tobacco		6,765,281		—		—		6,765,281
Trading Companies & Distributors		898,934		—		—		898,934
Total Common Stocks		756,907,430		2,501		0		756,909,931
Total U.S. Treasury & Government Agencies*		—		275,317,567		—		275,317,567
Corporate Bonds & Notes
Aerospace/Defense		—		1,934,459		—		1,934,459
Agriculture		—		3,732,842		—		3,732,842
Airlines		—		444,650		—		444,650
Apparel		—		52,375		—		52,375
Auto Manufacturers		—		3,222,372		—		3,222,372
Auto Parts & Equipment		—		59,100		—		59,100
Banks		—		40,200,112		0		40,200,112
Beverages		—		4,662,905		—		4,662,905
Biotechnology		—		453,195		—		453,195
Building Materials		—		243,600		—		243,600
Chemicals		—		3,363,311		—		3,363,311
Commercial Services		—		2,762,887		—		2,762,887
Computers		—		2,772,177		—		2,772,177
Distribution/Wholesale		—		52,750		—		52,750
Diversified Financial Services		—		3,707,606		—		3,707,606
Electric		—		6,158,178		—		6,158,178
Electronics		—		329,637		—		329,637
Engineering & Construction		—		1,890,042		—		1,890,042
Entertainment		—		163,650		—		163,650
Environmental Control		—		467,812		—		467,812
Food		—		2,565,006		—		2,565,006
Food Service		—		205,750		—		205,750
Forest Products & Paper		—		2,094,844		—		2,094,844
Gas		—		100,700		—		100,700
Healthcare-Products		—		1,924,401		—		1,924,401
Healthcare-Services		—		2,420,777		—		2,420,777
Home Builders		—		332,050		—		332,050
Insurance		—		1,671,662		—		1,671,662
Internet		—		3,324,145		—		3,324,145
Iron/Steel		—		802,085		—		802,085
Leisure Time		—		30,412		—		30,412
Lodging		—		135,068		—		135,068
Machinery-Construction & Mining		—		108,786		—		108,786
Media		—		7,755,506		—		7,755,506
Mining		—		1,696,743		—		1,696,743
Miscellaneous Manufacturing		—		211,375		—		211,375
Oil & Gas		—		7,208,505		—		7,208,505
Packaging & Containers		—		825,223		—		825,223
Pharmaceuticals		—		7,746,476		—		7,746,476
Pipelines		—		6,664,787		—		6,664,787
Real Estate Investment Trusts		—		990,069		—		990,069
Retail		—		2,035,788		—		2,035,788
Semiconductors		—		6,465,009		—		6,465,009
Software		—		1,820,359		—		1,820,359
Telecommunications		—		8,894,192		—		8,894,192

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1		Level 2			Level 3		Total
Transportation	$	—	$	1,220,538		$	—	$	1,220,538
Trucking & Leasing		—		906,058			—		906,058
Total Corporate Bonds & Notes		—		146,829,974			0		146,829,974
Total Asset-Backed Securities*		—		68,820,483			—		68,820,483
Total Mortgage-Backed Securities*		—		59,850,286			—		59,850,286
Floating Rate Loans
Aerospace/Defense		—		146,016			—		146,016
Auto Manufacturers		—		383,906			—		383,906
Auto Parts & Equipment		—		97,729			—		97,729
Building Materials		—		219,562			—		219,562
Chemicals		—		161,670			—		161,670
Commercial Services		—		1,600,855			—		1,600,855
Computers		—		205,157			—		205,157
Cosmetics/Personal Care		—		300,348			—		300,348
Diversified Consumer Services		—		92,522			—		92,522
Diversified Financial Services		—		276,043			—		276,043
Energy Equipment & Services		—		74,335			—		74,335
Entertainment		—		163,640			—		163,640
Food		—		97,888			—		97,888
Food Products		—		106,757			—		106,757
Healthcare-Products		—		92,439			—		92,439
Healthcare-Services		—		234,370			—		234,370
Insurance		—		654,755			—		654,755
Internet		—		75,127			—		75,127
IT Services		—		197,345			—		197,345
Leisure Time		—		324,197			—		324,197
Life Sciences Tools & Services		—		60,977			—		60,977
Lodging		—		457,740			—		457,740
Machinery		—		99,135			—		99,135
Machinery-Construction & Mining		—		99,562			—		99,562
Machinery-Diversified		—		175,343			—		175,343
Media		—		496,029			—		496,029
Miscellaneous Manufacturing		—		105,939			—		105,939
Office/Business Equipment		—		142,884			—		142,884
Oil & Gas		—		515,766			0		515,766
Packaging & Containers		—		638,893			—		638,893
Pharmaceuticals		—		478,990			—		478,990
Real Estate Investment Trusts		—		193,602			—		193,602
Retail		—		530,230			233,661		763,891
Semiconductors & Semiconductor Equipment		—		57,302			—		57,302
Software		—		724,586			—		724,586
Telecommunications		—		628,919			—		628,919
Transportation		—		87,623			—		87,623
Total Floating Rate Loans		—		10,998,181			233,661		11,231,842
Total Foreign Government*		—		8,534,956			—		8,534,956
Total Municipals*		—		3,374,814			—		3,374,814
Total Short-Term Investments*		—		28,733,401			—		28,733,401
Total Securities Lending Reinvestments*		—		53,622,791			—		53,622,791
Purchased Options at Value		—		1,070,865			—		1,070,865
Total Investments	$	756,907,430	$	657,155,819		$	233,661	$	1,414,296,910

Collateral for Securities Loaned (Liability)	$	—	$	(53,594,245	)	$	—	$	(53,594,245	)
TBA Forward Sales Commitments	$	—	$	(2,644,430	)	$	—	$	(2,644,430	)

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1			Level 2			Level 3		Total
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	27,462		$	—	$	27,462
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(309,874	)		—		(309,874	)
Total Forward Contracts	$	—		$	(282,412	)	$	—	$	(282,412	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	914,942		$	—		$	—	$	914,942
Futures Contracts (Unrealized Depreciation)		(422,700	)		—			—		(422,700	)
Total Futures Contracts	$	492,242		$	—		$	—	$	492,242
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	19,552		$	—	$	19,552
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(1,670,619	)		—		(1,670,619	)
Total Centrally Cleared Swap Contracts	$	—		$	(1,651,067	)	$	—	$	(1,651,067	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	84,522		$	0	$	84,522
OTC Swap Contracts at Value (Liabilities)		—			(1,519,664	)		—		(1,519,664	)
Total OTC Swap Contracts	$	—		$	(1,435,142	)	$	—	$	(1,435,142	)


*		See Schedule of Investments for additional detailed categorizations.

Transfers from Level 3 to Level 2 in the amount of $(27,463) were due to the initiation of a broker or vendor providing a price which resulted in the availability of significant observable inputs.

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	1,414,296,910
Cash		200,776
Cash denominated in foreign currencies (c)		4,817,508
OTC swap contracts at market value (d)		84,522
Unrealized appreciation on forward foreign currency exchange contracts		27,462
Receivable for:
Investments sold		6,311,205
TBA securities sold (e)		77,072,989
Fund shares sold		112,828
Principal paydowns		16,606
Dividends and interest		3,810,362
Interest on OTC swap contracts		48,219
Variation margin on centrally cleared swap contracts		31,826

Total Assets		1,506,831,213
Liabilities
TBA Forward sales commitments, at value		2,644,430
OTC swap contracts at market value (f)		1,519,664
Unrealized depreciation on forward foreign currency exchange contracts		309,874
Collateral for securities loaned		53,594,245
Payables for:
Investments purchased		10,107,957
TBA securities purchased (e)		188,016,750
Fund shares redeemed		576,133
Variation margin on futures contracts		20,280
Premium on purchased options		1,290,894
Interest on OTC swap contracts		4,515
Accrued Expenses:
Management fees		434,776
Distribution and service fees		16,120
Deferred trustees’ fees		128,210
Other expenses		654,848

Total Liabilities		259,318,696

Net Assets	$	1,247,512,517

Net Assets Consist of:
Paid in surplus	$	1,085,869,174
Distributable earnings (Accumulated losses)		161,643,343

Net Assets	$	1,247,512,517

Net Assets
Class A	$	1,155,744,689
Class B		62,967,588
Class E		28,800,240
Capital Shares Outstanding*
Class A		61,462,003
Class B		3,369,808
Class E		1,534,786
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.80
Class B		18.69
Class E		18.76


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $1,274,759,284.
(b)		Includes securities loaned at value of $53,821,222.
(c)		Identified cost of cash denominated in foreign currencies was $4,783,908.
(d)		Net premium paid on OTC swap contracts was $28,705.
(e)		Included within TBA securities sold is $5,379,733 related to TBA forward sale commitments and included within TBA securities purchased is $2,175,208 related to TBA forward sale commitments.
(f)		Net premium received on OTC swap contracts was $1,758,310.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	5,813,623
Interest		8,796,804
Securities lending income		137,282

Total investment income		14,747,709
Expenses
Management fees		2,778,958
Administration fees		30,529
Custodian and accounting fees		225,597
Distribution and service fees—Class B		75,317
Distribution and service fees—Class E		21,168
Audit and tax services		54,924
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		108,617
Insurance		4,007
Miscellaneous		9,669

Total expenses		3,362,572
Less management fee waiver		(177,970	)
Less broker commission recapture		(3,550	)

Net expenses		3,181,052

Net Investment Income		11,566,657

Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments (b)		12,207,814
Purchased options		(229,946	)
Futures contracts		4,360,099
Written options		(28,598	)
Swap contracts		(1,445,590	)
Foreign currency transactions		174,522
Forward foreign currency transactions		(34,574	)

Net realized gain		15,003,727

Net change in unrealized appreciation (depreciation) on:
Investments		141,958,222
Purchased options		128,922
Futures contracts		(1,057,713	)
Written options		45,596
Swap contracts		(409,213	)
Foreign currency transactions		(110,473	)
Forward foreign currency transactions		28,134

Net change in unrealized appreciation		140,583,475

Net realized and unrealized gain		155,587,202

Net Increase in Net Assets From Operations	$	167,153,859


(a)		Net of foreign withholding taxes of $25,005.
(b)		Net of foreign capital gains tax of $5,570.

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	11,566,657		$	23,652,613
Net realized gain		15,003,727			75,558,169
Net change in unrealized appreciation (depreciation)		140,583,475			(142,319,130	)

Increase (decrease) in net assets from operations		167,153,859			(43,108,348	)

From Distributions to Shareholders
Class A		(93,294,606	)		(108,001,794	)
Class B		(4,898,789	)		(5,815,748	)
Class E		(2,291,042	)		(2,808,549	)

Total distributions		(100,484,437	)		(116,626,091	)

Increase (decrease) in net assets from capital share transactions		45,618,134			(2,290,481	)

Total increase (decrease) in net assets		112,287,556			(162,024,920	)

Net Assets
Beginning of period		1,135,224,961			1,297,249,881

End of period	$	1,247,512,517		$	1,135,224,961

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		386,846		$	7,406,830			816,982		$	16,360,943
Reinvestments		5,062,106			93,294,606			5,693,294			108,001,794
Redemptions		(2,951,147	)		(57,058,700	)		(6,222,593	)		(121,906,443	)

Net increase		2,497,805		$	43,642,736			287,683		$	2,456,294

Class B
Sales		125,411		$	2,370,816			166,988		$	3,267,332
Reinvestments		267,547			4,898,789			308,364			5,815,748
Redemptions		(258,186	)		(4,939,239	)		(640,333	)		(12,596,842	)

Net increase (decrease)		134,772		$	2,330,366			(164,981	)	$	(3,513,762	)

Class E
Sales		17,360		$	341,236			27,556		$	537,191
Reinvestments		124,581			2,291,042			148,365			2,808,549
Redemptions		(156,139	)		(2,987,246	)		(233,060	)		(4,578,753	)

Net decrease		(14,198	)	$	(354,968	)		(57,139	)	$	(1,233,013	)

Increase (decrease) derived from capital shares transactions				$	45,618,134					$	(2,290,481	)

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	17.82		$	20.38		$	18.49		$	18.66		$	22.29		$	20.59

Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.37			0.35			0.37	(b)		0.38			0.39
Net realized and unrealized gain (loss)		2.43			(1.02	)		2.40			0.88			0.24			1.73

Total income (loss) from investment operations		2.62			(0.65	)		2.75			1.25			0.62			2.12

Less Distributions
Distributions from net investment income		(0.44	)		(0.36	)		(0.38	)		(0.53	)		(0.45	)		(0.42	)
Distributions from net realized capital gains		(1.20	)		(1.55	)		(0.48	)		(0.89	)		(3.80	)		0.00

Total distributions		(1.64	)		(1.91	)		(0.86	)		(1.42	)		(4.25	)		(0.42	)

Net Asset Value, End of Period	$	18.80		$	17.82		$	20.38		$	18.49		$	18.66		$	22.29

Total Return (%) (c)		14.92	(d)		(3.76	)		15.14			6.99			2.58			10.55

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(e)		0.53			0.54			0.55			0.54			0.53
Gross ratio of expenses to average net assets excluding interest expense (%)		0.54	(e)		0.53			0.54			0.55			0.54			0.53
Net ratio of expenses to average net assets (%) (f) (g)		0.51	(e)		0.50			0.51			0.52			0.51			0.50
Net ratio of expenses to average net assets excluding interest expense (%) (f) (g)		0.51	(e)		0.50			0.51			0.52			0.51			0.50
Ratio of net investment income to average net assets (%)		1.94	(e)		1.89			1.78			2.02	(b)		1.87			1.81
Portfolio turnover rate (%)		181	(d)(h)		341	(h)		342	(h)		405	(h)		299	(h)		413	(h)
Net assets, end of period (in millions)	$	1,155.7		$	1,050.5		$	1,195.7		$	1,135.6		$	1,168.2		$	1,250.6

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	17.69		$	20.24		$	18.37		$	18.54		$	22.17		$	20.48

Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.32			0.30			0.32	(b)		0.33			0.33
Net realized and unrealized gain (loss)		2.43			(1.01	)		2.38			0.88			0.23			1.73

Total income (loss) from investment operations		2.59			(0.69	)		2.68			1.20			0.56			2.06

Less Distributions
Distributions from net investment income		(0.39	)		(0.31	)		(0.33	)		(0.48	)		(0.39	)		(0.37	)
Distributions from net realized capital gains		(1.20	)		(1.55	)		(0.48	)		(0.89	)		(3.80	)		0.00

Total distributions		(1.59	)		(1.86	)		(0.81	)		(1.37	)		(4.19	)		(0.37	)

Net Asset Value, End of Period	$	18.69		$	17.69		$	20.24		$	18.37		$	18.54		$	22.17

Total Return (%) (c)		14.85	(d)		(4.01	)		14.85			6.74			2.29			10.28

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(e)		0.78			0.79			0.80			0.79			0.78
Gross ratio of expenses to average net assets excluding interest expense (%)		0.79	(e)		0.78			0.79			0.80			0.79			0.78
Net ratio of expenses to average net assets (%) (f) (g)		0.76	(e)		0.75			0.76			0.77			0.76			0.75
Net ratio of expenses to average net assets excluding interest expense (%) (f) (g)		0.76	(e)		0.75			0.76			0.77			0.76			0.75
Ratio of net investment income to average net assets (%)		1.69	(e)		1.64			1.53			1.77	(b)		1.62			1.56
Portfolio turnover rate (%)		181	(d)(h)		341	(h)		342	(h)		405	(h)		299	(h)		413	(h)
Net assets, end of period (in millions)	$	63.0		$	57.2		$	68.8		$	66.4		$	66.6		$	71.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights


Selected per share data
	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	17.77		$	20.33		$	18.44		$	18.61		$	22.24		$	20.54

Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.34			0.32			0.34	(b)		0.35			0.35
Net realized and unrealized gain (loss)		2.43			(1.02	)		2.40			0.87			0.23			1.74

Total income (loss) from investment operations		2.60			(0.68	)		2.72			1.21			0.58			2.09

Less Distributions
Distributions from net investment income		(0.41	)		(0.33	)		(0.35	)		(0.49	)		(0.41	)		(0.39	)
Distributions from net realized capital gains		(1.20	)		(1.55	)		(0.48	)		(0.89	)		(3.80	)		0.00

Total distributions		(1.61	)		(1.88	)		(0.83	)		(1.38	)		(4.21	)		(0.39	)

Net Asset Value, End of Period	$	18.76		$	17.77		$	20.33		$	18.44		$	18.61		$	22.24

Total Return (%) (c)		14.83	(d)		(3.88	)		14.95			6.83			2.41			10.41

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69	(e)		0.68			0.69			0.70			0.69			0.68
Gross ratio of expenses to average net assets excluding interest expense (%)		0.69	(e)		0.68			0.69			0.70			0.69			0.68
Net ratio of expenses to average net assets (%) (f) (g)		0.66	(e)		0.65			0.66			0.67			0.66			0.65
Net ratio of expenses to average net assets excluding interest expense (%) (f) (g)		0.66	(e)		0.65			0.66			0.67			0.66			0.65
Ratio of net investment income to average net assets (%)		1.78	(e)		1.74			1.63			1.87	(b)		1.72			1.66
Portfolio turnover rate (%)		181	(d)(h)		341	(h)		342	(h)		405	(h)		299	(h)		413	(h)
Net assets, end of period (in millions)	$	28.8		$	27.5		$	32.6		$	30.9		$	32.4		$	36.1


(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 0.04% 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).
(g)		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, 2019 and for the years ended December 31, 2018 through 2014. (see Note 6 of the Notes to Financial Statements).
(h)		Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 31% 62%, 74%, 58%, 71%, and 163% for the six months ended June 30, 2019 and years ended December 31, 2018, 2017, 2016, 2015, and 2014, respectively.

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-40

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

BHFTII-41

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-42

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

BHFTII-43

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $13,537,476. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $32,127,668. 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, 2019.


	Remaining Contractual Maturity of the Agreements As of June 30, 2019
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(51,788,002	)	$	—	$	—	$	—	$	(51,788,002	)
Corporate Bonds & Notes		(1,806,243	)		—		—		—		(1,806,243	)
Total	$	(53,594,245	)	$	—	$	—	$	—	$	(53,594,245	)
Total Borrowings	$	(53,594,245	)	$	—	$	—	$	—	$	(53,594,245	)
Gross amount of recognized liabilities for securities lending transactions										$	(53,594,245	)

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.

BHFTII-44

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

3. Investments in Derivative Instruments

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 tend 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.

BHFTII-45

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

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.

BHFTII-46

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

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.

BHFTII-47

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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 the 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 the 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.

Spreadlock Swap Contracts – The Portfolio may invest in spreadlock swap contracts. These contracts involve commitments to pay or receive a settlement amount calculated as the spread difference between two interest rate curves and a fixed spread at a specific forward date determined at the beginning of the contract. Settlement amounts paid or received are recorded as a realized gain or loss on the Statements of Operations at the determination date.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2019 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)	$	1,070,865
	OTC swap contracts at market value (b)		3,968	OTC swap contracts at market value (b)	$	75,918
	Unrealized appreciation on centrally cleared swap contracts (c) (e)		11,298	Unrealized depreciation on centrally cleared swap contracts (c) (e)		1,635,885
	Unrealized appreciation on futures contracts (d) (e)		914,942	Unrealized depreciation on futures contracts (d) (e)		422,700
Credit	OTC swap contracts at market value (b)		80,554	OTC swap contracts at market value (b)		1,443,746
	Unrealized appreciation on centrally cleared swap contracts (c) (e)		8,254	Unrealized depreciation on centrally cleared swap contracts (c) (e)		34,734
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		27,462	Unrealized depreciation on forward foreign currency exchange contracts		309,874

Total		$	2,117,343		$	3,922,857


(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 $48,219 and OTC swap interest payable of $4,515.
(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.

BHFTII-48

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Bank of America N.A.	$	337,951	$	(1,178	)	$	—	$	336,773
Barclays Bank plc		384,350		(9,122	)		—		375,228
BNP Paribas S.A.		4,694		(4,694	)		—		—
Goldman Sachs International		9,360		(9,360	)		—		—
HSBC Bank USA		5,575		(5,575	)		—		—
JPMorgan Chase Bank N.A.		363,360		(136,284	)		—		227,076
Morgan Stanley & Co. International plc		71,432		(71,432	)		—		—
NatWest Markets plc		6,127		(1,280	)		—		4,847

	$	1,182,849	$	(238,925	)	$	—	$	943,924

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, 2019.


Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	1,178	$	(1,178	)	$	—		$	—
Bank of Montreal		200		—			—			200
Barclays Bank plc		9,122		(9,122	)		—			—
BNP Paribas S.A.		13,065		(4,694	)		—			8,371
Citibank N.A.		6,734		—			—			6,734
Credit Suisse International		745,074		—			(745,074	)		—
Deutsche Bank AG		99,413		—			(82,040	)		17,373
Goldman Sachs International		369,529		(9,360	)		(360,169	)		—
HSBC Bank USA		5,747		(5,575	)		—			172
JPMorgan Chase Bank N.A.		136,284		(136,284	)		—			—
Morgan Stanley & Co. International plc		346,662		(71,432	)		(275,230	)		—
NatWest Markets plc		1,280		(1,280	)		—			—
Standard Chartered Bank		587		—			—			587
State Street Bank and Trust		92,470		—			—			92,470
UBS AG		2,193		—			—			2,193

	$	1,829,538	$	(238,925	)	$	(1,462,513	)	$	128,100


*		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.


Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit		Equity		Foreign Exchange			Total
Purchased options	$	(229,946	)	$	—	$	—	$	—		$	(229,946	)
Forward foreign currency transactions		—			—		—		(34,574	)		(34,574	)
Futures contracts		3,109,767			—		1,250,332		—			4,360,099
Swap contracts		(1,446,927	)		1,337		—		—			(1,445,590	)
Written options		(308,069	)		279,471		—		—			(28,598	)

	$	1,124,825		$	280,808	$	1,250,332	$	(34,574	)	$	2,621,391

BHFTII-49

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit		Equity			Foreign Exchange		Total
Purchased options	$	128,922		$	—	$	—		$	—	$	128,922
Forward foreign currency transactions		—			—		—			28,134		28,134
Futures contracts		(1,011,695	)		—		(46,018	)		—		(1,057,713	)
Swap contracts		(1,257,178	)		847,965		—			—		(409,213	)
Written options		—			45,596		—			—		45,596

	$	(2,139,951	)	$	893,561	$	(46,018	)	$	28,134	$	(1,264,274	)

For the six months ended June 30, 2019, the average notional par or face amount outstanding for each derivative type was as follows:


Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	25,805,669
Futures contracts long		120,203,524
Futures contracts short		(15,592,895	)
Purchased options		29,061,333
Swap contracts		80,791,528
Written options		(71,840,000	)


‡		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:

BHFTII-50

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

5. Investment Transactions


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$2,025,269,431	$	284,143,622	$	2,021,866,591	$	339,586,905

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2019 were as follows:


Purchases	Sales
$1,943,368,099	$	1,956,245,767

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $3,587,609 in purchases and $50,805 in sales of investments, which are included above, and resulted in realized losses of $14,072.

6. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$2,778,958		0.500	%	Of the first $500 million
		0.450	%	Of the next $500 million
		0.400	%	On amounts in excess of $1 billion

BHFTII-51

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2019 to April 29, 2020, 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 April 30, 2018 to April 30, 2019. Amounts waived for the six months ended June 30, 2019 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. $177,970 was waived in the aggregate for the six months ended June 30, 2019 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.

7. Contractual Obligations

BHFTII-52

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	1,271,814,216

Gross unrealized appreciation		164,106,408
Gross unrealized depreciation		(27,654,757	)

Net unrealized appreciation (depreciation)	$	136,451,651

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$42,747,765	$	30,592,475	$	73,878,326	$	24,322,082	$	116,626,091	$	54,914,557

As of December 31, 2018, 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			Accumulated Capital Losses		Total
$28,095,055	$	72,125,746	$	(5,133,764	)	$	—	$	95,087,037

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-53

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, 2019, the Class A, B and E shares of the Brighthouse/Wellington Core Equity Opportunities Portfolio returned 20.94%, 20.79%, and 20.87%, respectively. The Portfolio’s benchmark, the Russell 1000 Index¹, returned 18.84%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose during the six-month period ended June 30, 2019. During the first quarter 2019, U.S. equities rallied to their largest quarterly gain since 2009, buoyed by a dovish shift in Federal Reserve (“Fed”) policy and guidance, optimism for a U.S.-China trade deal, relatively strong fourth-quarter earnings, and corporate buybacks. The Fed left its benchmark interest rate unchanged during the quarter, signaling a more patient approach toward future policy-rate adjustments in response to slowing economic growth and muted inflation. The Fed also announced that balance-sheet normalization would begin to slow in May and conclude in September 2019. During the second quarter, unresolved U.S. trade frictions with China, Mexico, Japan, and the European Union led to unsettled markets and raised concerns about the potential risks to U.S. economic growth such as increasing cost pressures, supply chain disruptions, and waning business confidence and investment plans. Tensions between the U.S. and China were particularly volatile, with negotiations abruptly breaking down in May prior to the two countries agreeing to halt incremental tariffs and resume trade negotiations when they met at the Group of 20 (“G20”) conference in June. In its June policy statement, the Fed highlighted its expectations for sustained economic growth, a strong labor market, and muted inflation pressures, but noted that increasing uncertainties to their outlook have strengthened the case for additional policy accommodation. Market sentiment was bolstered by better-than-expected first-quarter earnings despite concerns about peak margins and slowing growth.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio outperformed its benchmark, the Russell 1000 Index, for the six-month period ended June 30, 2019. Strong stock selection in Consumer Staples, Materials, and Health Care more than offset weaker security selection in Consumer Discretionary. Sector allocation, a result of the bottom-up stock selection process, detracted from relative performance due to the Portfolio’s underweight allocation to Information Technology (“IT”) and overweight allocations to Consumer Staples and Health Care.

The Portfolio’s positions in Danaher Corp. (Health Care), Ecolab Inc. (Materials), and Lockheed Martin (Industrials) were among the top relative contributors during the period. Not holding benchmark constituents Alphabet (Communication Services) and Berkshire Hathaway (Financials) also contributed to relative results. Danaher Corp. is a health care company that designs, manufactures, and markets professional, medical, industrial and commercial products and services. The stock continued to rise after the company reported first quarter earnings that beat estimates. We viewed Danaher Corp’s strong management team, diversified portfolio, and long-term fundamental roadmap favorably. In addition, the company’s end-market exposure to secular trends in life sciences and diagnostics offered higher recurring revenue streams, increasing free cash flow margins, and improving returns on capital. The company has strong free cash flow growth and a low dividend payout ratio so the dividend has a long runway to grow. This, coupled with a management team that is committed to growing the dividend, makes this a position that fits very well with our philosophy and process.

The Portfolio’s position in 3M (Industrials), UnitedHealth Group (Health Care) and Medtronic (Health Care) coupled with our decision to hold benchmark constituents Facebook (Communication Services) and Apple (IT) detracted from relative performance. Shares of 3M dropped after the company missed first quarter estimates by more than 10%. Operating income dropped in all five business units with revenue falling 12% in the electronics and energy unit and over 6% in the industrial unit. During the period, we trimmed the Portfolio’s 3M position following the disappointing results but did not eliminate it, as we believe the market overreacted to the downside. The company remains well diversified across end markets and geographies and we believe many of the current issues are short-term in nature.

At the end of the period, the Portfolio was most overweight the Consumer Staples, Industrials, and Health Care sectors, and most underweight the IT, Communication Services, and Energy sectors.

Donald J. Kilbride

Portfolio Manager

Wellington Management Company LLP

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Brighthouse/Wellington Core Equity Opportunities Portfolio
Class A		20.94		18.81		11.09		13.39
Class B		20.79		18.47		10.81		13.11
Class E		20.87		18.63		10.92		13.22
Russell 1000 Index		18.84		10.03		10.45		14.77

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
McDonald’s Corp.		4.1
Coca-Cola Co. (The)		3.7
American Tower Corp.		3.3
Medtronic plc		3.3
Microsoft Corp.		3.2
PepsiCo, Inc.		3.2
UnitedHealth Group, Inc.		3.0
Danaher Corp.		2.9
Johnson & Johnson		2.9
NIKE, Inc. - Class B		2.9

Top Sectors


	% of Net Assets
Industrials		18.9
Health Care		17.1
Consumer Staples		16.5
Consumer Discretionary		12.8
Financials		11.7
Information Technology		9.4
Real Estate		5.9
Materials		5.1
Energy		1.5

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Brighthouse/Wellington Core Equity Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.58	%	$	1,000.00	$	1,209.40	$	3.18
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91

Class B (a)	Actual		0.83	%	$	1,000.00	$	1,207.90	$	4.54
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16

Class E (a)	Actual		0.73	%	$	1,000.00	$	1,208.70	$	4.00
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66

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

(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/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—99.0% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—8.7%
General Dynamics Corp.		565,594	$	102,836,301
Lockheed Martin Corp. (a)		241,025		87,622,228
Northrop Grumman Corp. (a)		240,508		77,710,540
United Technologies Corp.		508,613		66,221,413

				334,390,482


Air Freight & Logistics—2.1%
United Parcel Service, Inc. - Class B (a)		784,252		80,989,704


Banks—2.3%
PNC Financial Services Group, Inc. (The)		643,413		88,327,737


Beverages—9.4%
Coca-Cola Co. (The)		2,806,379		142,900,819
Diageo plc		2,173,143		93,584,791
PepsiCo, Inc.		930,069		121,959,948

				358,445,558


Biotechnology—1.0%
Amgen, Inc.		214,149		39,463,378


Capital Markets—1.9%
BlackRock, Inc. (a)		153,832		72,193,358


Chemicals—5.1%
Ecolab, Inc.		497,494		98,225,215
Linde plc (a)		492,723		98,938,779

				197,163,994


Consumer Finance—2.6%
American Express Co. (a)		805,069		99,377,717


Equity Real Estate Investment Trusts—5.9%
American Tower Corp.		617,268		126,200,443
Public Storage (a)		427,311		101,772,661

				227,973,104


Food & Staples Retailing—2.6%
Costco Wholesale Corp.		382,782		101,153,971


Health Care Equipment & Supplies—8.8%
Baxter International, Inc.		1,247,657		102,183,108
Danaher Corp.		769,439		109,968,222
Medtronic plc		1,285,329		125,178,192

				337,329,522


Health Care Providers & Services—3.0%
UnitedHealth Group, Inc. (a)		468,092		114,219,129


Hotels, Restaurants & Leisure—4.1%
McDonald’s Corp.		750,762		155,903,237


Household Products—4.5%
Colgate-Palmolive Co. (a)		1,435,913		102,911,885

Household Products—(Continued)
Procter & Gamble Co. (The)		622,293		68,234,427

				171,146,312


Industrial Conglomerates—3.1%
3M Co. (a)		230,635		39,978,271
Honeywell International, Inc.		443,455		77,422,808

				117,401,079


Insurance—4.9%
Chubb, Ltd.		624,293		91,952,116
Marsh & McLennan Cos., Inc. (a)		956,730		95,433,817

				187,385,933


IT Services—6.2%
Accenture plc - Class A (a)		474,133		87,605,554
Automatic Data Processing, Inc.		298,653		49,376,301
Visa, Inc. - Class A (a)		581,822		100,975,208

				237,957,063


Oil, Gas & Consumable Fuels—1.5%
Exxon Mobil Corp. (a)		770,257		59,024,794


Pharmaceuticals—4.3%
Johnson & Johnson		786,027		109,477,840
Merck & Co., Inc.		676,876		56,756,053

				166,233,893


Road & Rail—5.0%
Canadian National Railway Co.		945,884		87,542,393
Union Pacific Corp.		604,049		102,150,726

				189,693,119


Software—3.2%
Microsoft Corp.		924,004		123,779,576


Specialty Retail—4.7%
Home Depot, Inc. (The) (a)		340,736		70,862,866
TJX Cos., Inc. (The) (a)		2,034,566		107,587,850

				178,450,716


Textiles, Apparel & Luxury Goods—4.1%
NIKE, Inc. - Class B		1,302,006		109,303,404
VF Corp.		556,152		48,579,877

				157,883,281

Total Common Stocks (Cost $2,764,431,274)				3,795,886,657


Escrow Shares—0.0%

Forest Products & Paper—0.0%
Sino-Forest Corp. (b) (c) (Cost $0)		5,844,000		0

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Short-Term Investments—0.5%


Security Description	Principal Amount*		Value

Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $6,001,369; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $6,121,125.	$	6,000,769	$	6,000,769


U.S. Treasury—0.3%
U.S. Treasury Bill 2.128%, 07/09/19 (d)		11,240,000		11,235,051

Total Short-Term Investments (Cost $17,234,874)				17,235,820


Securities Lending Reinvestments (e)—7.4%

Bank Note—0.1%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (f)		3,000,000		3,013,513


Certificates of Deposit—4.9%
ABN AMRO Bank NV Zero Coupon, 07/05/19		2,973,698		2,998,590
Banco Del Estado De Chile New York 2.592%, 1M LIBOR + 0.180%, 10/09/19 (f)		10,000,000		10,001,410
Banco Santander S.A. 2.600%, 07/05/19		5,000,000		5,000,260
Bank of Nova Scotia 2.762%, 3M LIBOR + 0.170%, 01/09/20 (f)		5,000,000		5,003,885
Barclays Bank plc
2.950%, 08/02/19		10,000,000		10,005,260
3.000%, 09/19/19		2,040,542		2,002,682
BNP Paribas S.A. New York
2.534%, 1M LIBOR + 0.140%, 09/16/19 (f)		2,000,000		2,000,084
2.615%, 3M LIBOR + 0.050%, 11/06/19 (f)		2,000,000		2,000,736
Canadian Imperial Bank of Commerce 2.644%, 1M LIBOR + 0.250%, 10/15/19 (f)		3,000,000		3,000,987
China Construction Bank Corp.
2.600%, 09/05/19		4,000,000		4,000,888
2.630%, 08/30/19		5,000,000		5,001,520
Commonwealth Bank of Australia
2.569%, 1M LIBOR + 0.175%, 04/16/20 (f)		4,000,000		4,000,760
2.621%, 1M LIBOR + 0.210%, 09/13/19 (f)		7,000,000		7,002,240
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (f)		10,000,000		10,003,920
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (f)		5,000,000		5,002,530
Credit Industriel et Commercial
2.590%, 1M LIBOR + 0.160%, 03/05/20 (f)		4,000,000		4,000,296
2.600%, 1M LIBOR + 0.160%, 01/03/20 (f)		5,000,000		5,000,805
Credit Suisse AG
2.580%, 1M LIBOR + 0.140%, 10/02/19 (f)		4,000,000		4,000,016
DZ Bank AG New York Zero Coupon, 07/05/19		11,921,247		11,994,360
Industrial & Commercial Bank of China, Ltd.
2.630%, 08/28/19		10,000,000		10,003,280
2.660%, 07/15/19		4,000,000		4,000,468
2.670%, 08/01/19		2,000,000		2,000,432

Certificates of Deposit—(Continued)
KBC Bank NV 2.610%, 07/02/19	$	8,000,000		8,000,000
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 08/09/19		3,973,900		3,989,080
2.562%, 1M LIBOR + 0.150%, 09/11/19 (f)		2,000,000		2,000,134
Mizuho Bank, Ltd. 2.573%, 1M LIBOR + 0.160%, 09/12/19 (f)		4,000,000		4,001,032
MUFG Bank Ltd.
2.574%, 1M LIBOR + 0.170%, 02/24/20 (f)		1,000,000		1,000,003
2.800%, 07/16/19		3,000,000		3,000,600
Societe Generale 2.723%, 3M LIBOR + 0.200%, 08/21/19 (f)		5,001,966		5,002,985
Standard Chartered Bank 2.660%, 08/23/19		10,000,000		10,004,630
Sumitomo Mitsui Banking Corp.
2.553%, 1M LIBOR + 0.140%, 11/12/19 (f)		5,000,000		5,000,595
2.589%, 1M LIBOR + 0.170%, 08/07/19 (f)		3,000,021		3,000,315
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 08/08/19		2,959,087		2,992,020
2.689%, 3M LIBOR + 0.100%, 07/08/19 (f)		5,000,000		5,000,360
Svenska Handelsbanken AB 2.702%, 1M LIBOR + 0.300%, 10/31/19 (f)		3,500,000		3,502,551
Toronto-Dominion Bank 2.611%, 1M LIBOR + 0.180%, 06/03/20 (f)		3,000,000		2,999,935
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (f)		1,000,000		1,000,135
Wells Fargo Bank N.A.
2.721%, 3M LIBOR + 0.140%, 07/11/19 (f)		4,000,000		3,999,806
2.796%, 3M LIBOR + 0.210%, 10/25/19 (f)		4,000,000		4,003,172

				186,522,762


Commercial Paper—2.0%
Bank of China, Ltd.
2.670%, 07/16/19		8,939,925		8,988,327
2.670%, 07/17/19		2,979,975		2,995,893
China Construction Bank Corp. 2.620%, 09/03/19		4,966,522		4,976,095
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (f)		12,000,000		12,002,388
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (f)		10,000,000		10,002,530
LMA S.A. & LMA Americas, Corp. 2.610%, 10/03/19		4,933,663		4,967,075
Societe Generale 2.812%, 3M LIBOR + 0.410%, 12/18/19 (f)		2,003,548		2,003,796
Starbird Funding Corp. 2.600%, 07/01/19		4,998,997		4,998,975
Toronto-Dominion Bank 2.780%, 1M LIBOR + 0.350%, 11/05/19 (f)		10,000,000		10,009,750
Toyota Motor Credit Corp.
2.620%, 08/29/19		11,845,420		11,951,340
Westpac Banking Corp. 2.552%, 1M LIBOR + 0.150%, 05/29/20 (f)		3,999,315		4,000,012

				76,896,181

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, 2019 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—0.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $3,915,184; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $3,992,722.	$	3,914,434	$	3,914,434
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $10,077,550; collateralized by various Common Stock with an aggregate market value of $11,002,724.		10,000,000		10,000,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $1,503,952; collateralized by various Common Stock with an aggregate market value of $1,650,000.		1,500,000		1,500,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $651,744; collateralized by various Common Stock with an aggregate market value of $715,000.		650,000		650,000

				16,064,434

Total Securities Lending Reinvestments (Cost $282,423,042)				282,496,890

Total Investments—106.9% (Cost $3,064,089,190)				4,095,619,367
Other assets and liabilities (net)—(6.9)%				(262,791,547	)

Net Assets—100.0%			$	3,832,827,820


*		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, 2019, the market value of securities loaned was $276,398,660 and the collateral received consisted of cash in the amount of $282,102,258. 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)		Non-income producing security.
(d)		The rate shown represents current yield to maturity.
(e)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(f)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(LIBOR)—		London Interbank Offered Rate

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, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	334,390,482	$	—		$	—	$	334,390,482
Air Freight & Logistics		80,989,704		—			—		80,989,704
Banks		88,327,737		—			—		88,327,737
Beverages		264,860,767		93,584,791			—		358,445,558
Biotechnology		39,463,378		—			—		39,463,378
Capital Markets		72,193,358		—			—		72,193,358
Chemicals		197,163,994		—			—		197,163,994
Consumer Finance		99,377,717		—			—		99,377,717
Equity Real Estate Investment Trusts		227,973,104		—			—		227,973,104
Food & Staples Retailing		101,153,971		—			—		101,153,971
Health Care Equipment & Supplies		337,329,522		—			—		337,329,522
Health Care Providers & Services		114,219,129		—			—		114,219,129
Hotels, Restaurants & Leisure		155,903,237		—			—		155,903,237
Household Products		171,146,312		—			—		171,146,312
Industrial Conglomerates		117,401,079		—			—		117,401,079
Insurance		187,385,933		—			—		187,385,933
IT Services		237,957,063		—			—		237,957,063
Oil, Gas & Consumable Fuels		59,024,794		—			—		59,024,794
Pharmaceuticals		166,233,893		—			—		166,233,893
Road & Rail		189,693,119		—			—		189,693,119
Software		123,779,576		—			—		123,779,576
Specialty Retail		178,450,716		—			—		178,450,716
Textiles, Apparel & Luxury Goods		157,883,281		—			—		157,883,281
Total Common Stocks		3,702,301,866		93,584,791			—		3,795,886,657
Total Escrow Shares*		—		—			0		0
Total Short-Term Investments*		—		17,235,820			—		17,235,820
Total Securities Lending Reinvestments*		—		282,496,890			—		282,496,890
Total Investments	$	3,702,301,866	$	393,317,501		$	0	$	4,095,619,367

Collateral for Securities Loaned (Liability)	$	—	$	(282,102,258	)	$	—	$	(282,102,258	)


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	4,095,619,367
Cash denominated in foreign currencies (c)		329,999
Receivable for:
Investments sold		19,261,939
Fund shares sold		125,792
Dividends and interest		4,142,107

Total Assets		4,119,479,204
Liabilities
Collateral for securities loaned		282,102,258
Payables for:
Fund shares redeemed		1,950,323
Accrued Expenses:
Management fees		1,739,358
Distribution and service fees		225,089
Deferred trustees’ fees		203,349
Other expenses		431,007

Total Liabilities		286,651,384

Net Assets	$	3,832,827,820

Net Assets Consist of:
Paid in surplus	$	2,630,957,031
Distributable earnings (Accumulated losses)		1,201,870,789

Net Assets	$	3,832,827,820

Net Assets
Class A	$	2,438,108,166
Class B		670,662,781
Class E		724,056,873
Capital Shares Outstanding*
Class A		74,336,388
Class B		20,729,727
Class E		22,303,120
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	32.80
Class B		32.35
Class E		32.46


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Includes securities loaned at value of $276,398,660.
(b)		Identified cost of investments was $3,064,089,190.
(c)		Identified cost of cash denominated in foreign currencies was $329,836.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	38,870,038
Interest		468,654
Securities lending income		425,881

Total investment income		39,764,573
Expenses
Management fees		13,047,787
Administration fees		68,029
Custodian and accounting fees		106,585
Distribution and service fees—Class B		804,633
Distribution and service fees—Class E		523,319
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,323
Shareholder reporting		117,589
Insurance		12,597
Miscellaneous		16,175

Total expenses		14,772,646
Less management fee waiver		(2,720,181	)
Less broker commission recapture		(3,269	)

Net expenses		12,049,196

Net Investment Income		27,715,377

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		152,639,630
Foreign currency transactions		(21,005	)

Net realized gain		152,618,625

Net change in unrealized appreciation on:
Investments		523,067,246
Foreign currency transactions		9,736

Net change in unrealized appreciation		523,076,982

Net realized and unrealized gain		675,695,607

Net Increase in Net Assets From Operations	$	703,410,984


(a)		Net of foreign withholding taxes of $114,946.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	27,715,377		$	58,629,225
Net realized gain		152,618,625			316,210,456
Net change in unrealized appreciation (depreciation)		523,076,982			(350,575,692	)

Increase in net assets from operations		703,410,984			24,263,989

From Distributions to Shareholders
Class A		(234,756,816	)		(181,538,032	)
Class B		(63,678,729	)		(47,981,086	)
Class E		(69,225,314	)		(52,615,965	)

Total distributions		(367,660,859	)		(282,135,083	)

Increase (decrease) in net assets from capital share transactions		17,123,081			(434,590,569	)

Total increase (decrease) in net assets		352,873,206			(692,461,663	)

Net Assets
Beginning of period		3,479,954,614			4,172,416,277

End of period	$	3,832,827,820		$	3,479,954,614

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		227,767		$	7,500,699			488,305		$	15,651,864
Reinvestments		7,238,878			234,756,816			5,837,236			181,538,032
Redemptions		(7,289,193	)		(245,247,868	)		(14,304,208	)		(461,190,687	)

Net increase (decrease)		177,452		$	(2,990,353	)		(7,978,667	)	$	(264,000,791	)

Class B
Sales		459,104		$	15,159,828			637,417		$	20,083,779
Reinvestments		1,990,582			63,678,729			1,561,885			47,981,086
Redemptions		(2,028,599	)		(66,962,670	)		(4,622,811	)		(146,895,703	)

Net increase (decrease)		421,087		$	11,875,887			(2,423,509	)	$	(78,830,838	)

Class E
Sales		60,682		$	1,999,330			118,913		$	3,787,893
Reinvestments		2,156,552			69,225,314			1,707,202			52,615,965
Redemptions		(1,899,393	)		(62,987,097	)		(4,652,051	)		(148,162,798	)

Net increase (decrease)		317,841		$	8,237,547			(2,825,936	)	$	(91,758,940	)

Increase (decrease) derived from capital shares transactions				$	17,123,081					$	(434,590,569	)

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	30.01		$	32.30		$	28.61		$	28.38		$	43.13		$	42.97

Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.50			0.52			0.48			0.58			0.72
Net realized and unrealized gain (loss)		5.98			(0.45	)		4.81			1.53			0.31			3.41

Total income (loss) from investment operations		6.24			0.05			5.33			2.01			0.89			4.13

Less Distributions
Distributions from net investment income		(0.57	)		(0.58	)		(0.49	)		(0.48	)		(0.77	)		(0.31	)
Distributions from net realized capital gains		(2.88	)		(1.76	)		(1.15	)		(1.30	)		(14.87	)		(3.66	)

Total distributions		(3.45	)		(2.34	)		(1.64	)		(1.78	)		(15.64	)		(3.97	)

Net Asset Value, End of Period	$	32.80		$	30.01		$	32.30		$	28.61		$	28.38		$	43.13

Total Return (%) (b)		20.94	(c)		(0.09	)		19.07			7.34			2.40			10.63

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(d)		0.72			0.72			0.72			0.72			0.73
Net ratio of expenses to average net assets (%) (e)(f)		0.58	(d)		0.57			0.57			0.58			0.58			0.59
Ratio of net investment income to average net assets (%)		1.57	(d)		1.54			1.72			1.70			1.72			1.74
Portfolio turnover rate (%)		7	(c)		22			13			32			25			105
Net assets, end of period (in millions)	$	2,438.1		$	2,225.6		$	2,653.5		$	2,538.2		$	2,113.5		$	2,352.1

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	29.60		$	31.89		$	28.26		$	28.06		$	42.79		$	42.66

Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.41			0.44			0.41			0.49			0.61
Net realized and unrealized gain (loss)		5.90			(0.44	)		4.75			1.50			0.31			3.38

Total income (loss) from investment operations		6.11			(0.03	)		5.19			1.91			0.80			3.99

Less Distributions
Distributions from net investment income		(0.48	)		(0.50	)		(0.41	)		(0.41	)		(0.66	)		(0.20	)
Distributions from net realized capital gains		(2.88	)		(1.76	)		(1.15	)		(1.30	)		(14.87	)		(3.66	)

Total distributions		(3.36	)		(2.26	)		(1.56	)		(1.71	)		(15.53	)		(3.86	)

Net Asset Value, End of Period	$	32.35		$	29.60		$	31.89		$	28.26		$	28.06		$	42.79

Total Return (%) (b)		20.79	(c)		(0.35	)		18.81			7.06			2.14			10.35

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(d)		0.97			0.97			0.97			0.97			0.98
Net ratio of expenses to average net assets (%) (e)(f)		0.83	(d)		0.82			0.82			0.83			0.83			0.84
Ratio of net investment income to average net assets (%)		1.32	(d)		1.29			1.47			1.44			1.47			1.49
Portfolio turnover rate (%)		7	(c)		22			13			32			25			105
Net assets, end of period (in millions)	$	670.7		$	601.2		$	725.0		$	691.8		$	611.0		$	693.7

Please see following page for Financial Highlights footnote legend.

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 E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	29.71		$	32.00		$	28.35		$	28.13		$	42.87		$	42.74

Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.44			0.47			0.43			0.53			0.65
Net realized and unrealized gain (loss)		5.92			(0.44	)		4.77			1.52			0.30			3.38

Total income (loss) from investment operations		6.15			0.00			5.24			1.95			0.83			4.03

Less Distributions
Distributions from net investment income		(0.52	)		(0.53	)		(0.44	)		(0.43	)		(0.70	)		(0.24	)
Distributions from net realized capital gains		(2.88	)		(1.76	)		(1.15	)		(1.30	)		(14.87	)		(3.66	)

Total distributions		(3.40	)		(2.29	)		(1.59	)		(1.73	)		(15.57	)		(3.90	)

Net Asset Value, End of Period	$	32.46		$	29.71		$	32.00		$	28.35		$	28.13		$	42.87

Total Return (%) (b)		20.87	(c)		(0.25	)		18.92			7.15			2.27			10.45

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(d)		0.87			0.87			0.87			0.87			0.88
Net ratio of expenses to average net assets (%) (e)(f)		0.73	(d)		0.72			0.72			0.73			0.73			0.74
Ratio of net investment income to average net assets (%)		1.42	(d)		1.39			1.57			1.54			1.57			1.59
Portfolio turnover rate (%)		7	(c)		22			13			32			25			105
Net assets, end of period (in millions)	$	724.1		$	653.2		$	794.0		$	775.8		$	829.2		$	952.4


(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)		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, 2019 and for each of the years ended December 31, 2018 through 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-11

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $6,000,769. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $16,064,434. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, with a contractual maturity of overnight and continuous.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(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:

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	270,439,845	$	0	$	539,477,142

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $6,021,639 in purchases and $3,805,932 in sales of investments, which are included above, and resulted in realized gains of $978,606.

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$13,047,787		0.750	%	Of the first $1 billion
		0.700	%	On the next $2 billion
		0.650	%	On amounts in excess of $3 billion

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


% per annum reduction		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 April 30, 2018 through April 30, 2019. Amounts waived for the six months ended June 30, 2019 amounted to $2,140,871 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. $579,310 was waived in the aggregate for the six months ended June 30, 2019 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.

6. Contractual Obligations

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	3,073,436,268

Gross unrealized appreciation		1,042,011,567
Gross unrealized depreciation		(19,828,468	)

Net unrealized appreciation (depreciation)	$	1,022,183,099

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$69,899,671	$	61,523,508	$	212,235,412	$	151,949,263	$	282,135,083	$	213,472,771

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$58,337,078	$	308,854,376	$	499,119,092	$	—	$	866,310,546

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.

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-17

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, 2019, the Class A, B, D and E shares of the Frontier Mid Cap Growth Portfolio returned 24.41%, 24.30%, 24.38%, and 24.30%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 26.08%.

MARKET ENVIRONMENT / CONDITIONS

Except for the month of May, the Russell Mid Cap Growth Index closed higher each month, allowing stocks to post solid gains during the period. The positive returns of the Index followed the 16% decline in the fourth quarter of 2018 when fears related to slowing global growth, rising interest rates and increasing trade tensions contributed to the market selloff. In May, leading indicators deteriorated again and trade talks with China collapsed resulting in both sides pledging to increase tariffs on additional goods.

In light of worsening economic data, growing trade tensions and persistent low inflation, the U.S. Federal Reserve (“Fed”) pivoted several times from slowing rate hikes, to pausing hikes, to a widely expected rate cut in the upcoming July meeting and more were anticipated in the second half of 2019. Globally, easing monetary policy in Europe and China also helped boost markets as central bankers around the world acknowledged the impact of slowing global economic growth. Finally, renewed hope of a trade deal drove the S&P 500 Index to new highs in June. This occurred despite earnings estimates for S&P 500 companies declining 3% for 2019 and 2020 during the most recent quarter while the index advanced 4.3% on expectations of easing monetary policies across major economies.

Against this backdrop of elevated volatility and new market highs, investors continued to prefer safe havens on one hand and high growth recurring revenue businesses on the other. Consequently, valuations in select areas of Information Technology (“IT”) and Consumer Staples continued their frothy advance. Nonetheless, the equity rally was quite broad based. A robust mergers and acquisitions (“M&A”) environment fueled by low interest rates and high valuations along with a red-hot initial public offering (“IPO”) market contributed impressive gains across all ten sectors of the Russell Mid cap Growth Index.

The bifurcated nature of the market rally rewarded investors applying a barbell allocation strategy as both defensives like REITs and Utilities reached new levels and high growth stocks continued to appreciate, now trading at valuations not seen since the early 2000’s. Meanwhile cyclicals lagged on the economic concerns and trade fears.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the six-month period, the Portfolio underperformed the Russell Midcap Growth Index. Broadly speaking, the Portfolio’s relative performance was hindered by negative stock selection in Consumer Discretionary and Financials offset partly by positive stock selection in Materials and IT.

In the Consumer Discretionary sector, the Portfolio’s largest detractor was luxury retailer Capri Holdings. The stock declined after the company lowered its June outlook due to weakness in its wholesale channel. Despite the near-term difficulty, Capri maintained its annual outlook as it makes progress in its retail channel and improves profitability of its Jimmy Choo and Versace brands. We were encouraged when even with this news management affirmed its long-term targets and later revealed management completed $20 million of insider buying to show conviction in the turnaround plan.

Within Financials, our investments in banks, such as Webster Financial Corporation and Texas Capital Bancshares reported solid earnings, but faced sentiment headwinds associated with dovish comments from the Fed.

The two largest detracting stocks from the Portfolio’s overall performance were Nutanix, Inc. and 2U, Inc. Cloud infrastructure provider Nutanix posted disappointing results due to sales execution missteps and headwinds from transitioning to a recurring software model from a hardware centric sales model. We still believe in Nutanix’s market opportunity, but have reduced our position due to the sales execution issues. 2U Inc., a provider of online degree programs for not-for-profit colleges and universities, declined after it lowered sales outlook due to admission policy changes at partner universities. While it will take time to absorb these challenges, it does not alter 2U’s long-term secular appeal of enabling high quality online education. We believe the company has reset expectations appropriately and at period end we continued to hold the position.

Switching to contributors, our long-held investment in Global Payments Inc. contributed to performance as the company reported better-than-expected results and subsequently announced a merger with Total System Services. While Global Payments remains a good investment on its own merit, the combination will enable the company to increase its earnings power significantly due to economies of scale and improved cross selling opportunities. Another one of our large holdings, Ball Corporation, exceeded expectations as strong demand for its specialty cans drove revenue growth while higher prices and tight expense controls improved profitability. Ball continues to demonstrate multiple levers to increase shareholder value as it deploys cash to buy back shares and increase dividends. One of our newer positions, KBR, contributed to performance after posting better-than-expected results in its government services business while increasing the pipeline in its technology business. Over the past few years, KBR has repositioned its business away from the volatile engineering and construction market to more stable government services and technology work. Investors are beginning to reward KBR for its improved business model.

At period end, we continued to focus on companies that we believed had strong secular appeal, were positioned to gain share in growth markets and had initiatives to support shareholder returns. At period end, the Portfolio was overweight Health Care and Financials.

BHFTII-1

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Managed by Frontier Capital Management Company, LLC

Portfolio Manager Commentary*—(Continued)

Within Health Care, we continued to see attractive innovation in medical technology, pharmaceutical and biotechnology areas. In Financials, we continued to like investment advisory businesses and financial technology companies. The Portfolio maintained underweight positions in IT, Communication Services, Consumer Staples and Industrials sectors.

Stephen M. Knightly

Christopher J. Scarpa

Ravi Dabas

Portfolio Managers

Frontier Capital Management Company, LLC

BHFTII-2

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Frontier Mid Cap Growth Portfolio
Class A		24.41		13.02		10.33		13.98
Class B		24.30		12.78		10.06		13.70
Class D		24.38		12.91		10.22		13.87
Class E		24.30		12.85		10.16		13.82
Russell Midcap Growth Index		26.08		13.95		11.11		16.02

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Global Payments, Inc.		4.0
Dollar General Corp.		2.8
Aon plc		2.7
Waste Connections, Inc.		2.6
WEX, Inc.		2.5
Ball Corp.		2.3
Cintas Corp.		2.2
Eldorado Resorts, Inc.		2.1
ServiceNow, Inc.		2.0
FMC Corp.		1.9

Top Sectors


	% of Net Assets
Information Technology		31.1
Consumer Discretionary		16.6
Health Care		15.8
Industrials		13.5
Financials		8.0
Materials		8.0
Communication Services		2.4
Energy		2.0
Real Estate		1.6

BHFTII-3

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Frontier Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.73	%	$	1,000.00	$	1,244.10	$	4.06
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66

Class B (a)	Actual		0.98	%	$	1,000.00	$	1,243.00	$	5.45
	Hypothetical*		0.98	%	$	1,000.00	$	1,019.94	$	4.91

Class D (a)	Actual		0.83	%	$	1,000.00	$	1,243.80	$	4.62
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16

Class E (a)	Actual		0.88	%	$	1,000.00	$	1,243.00	$	4.89
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

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

(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, 2019 (Unaudited)

Common Stocks—99.0% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—1.8%
BWX Technologies, Inc. (a)		143,927	$	7,498,597
L3Harris Technologies, Inc. (a)		74,257		14,044,226

				21,542,823


Airlines—0.9%
JetBlue Airways Corp. (a) (b)		605,788		11,201,020


Banks—1.1%
Texas Capital Bancshares, Inc. (b)		106,467		6,533,880
Webster Financial Corp.		146,446		6,995,725

				13,529,605


Biotechnology—4.4%
BioMarin Pharmaceutical, Inc. (b)		106,397		9,112,903
Exact Sciences Corp. (a) (b)		123,197		14,542,174
Exelixis, Inc. (b)		347,158		7,418,766
Incyte Corp. (b)		80,507		6,839,875
Sage Therapeutics, Inc. (a) (b)		41,844		7,661,218
Seattle Genetics, Inc. (a) (b)		102,189		7,072,501

				52,647,437


Capital Markets—4.2%
Evercore, Inc. - Class A (a)		92,142		8,161,017
KKR & Co., Inc. - Class A (a)		289,528		7,316,373
LPL Financial Holdings, Inc.		152,917		12,473,440
Moody’s Corp.		45,401		8,867,269
Nasdaq, Inc.		140,213		13,484,284

				50,302,383


Chemicals—3.4%
FMC Corp.		269,367		22,343,993
Sherwin-Williams Co. (The)		41,315		18,934,251

				41,278,244


Commercial Services & Supplies—5.3%
Cintas Corp. (a)		109,037		25,873,390
Stericycle, Inc. (a) (b)		136,476		6,516,729
Waste Connections, Inc.		331,228		31,658,772

				64,048,891


Construction Materials—1.4%
Vulcan Materials Co. (a)		126,206		17,329,346


Containers & Packaging—2.3%
Ball Corp.		392,321		27,458,547


Diversified Consumer Services—1.2%
Bright Horizons Family Solutions, Inc. (b)		98,580		14,872,765


Electrical Equipment—0.9%
Rockwell Automation, Inc.		63,460		10,396,652


Electronic Equipment, Instruments & Components—1.0%
Amphenol Corp. - Class A		118,627		11,381,074


Entertainment—1.4%
Electronic Arts, Inc. (b)		81,299		8,232,337
Live Nation Entertainment, Inc. (b)		125,040		8,283,900

				16,516,237


Equity Real Estate Investment Trusts—1.6%
SBA Communications Corp. (b)		83,838		18,850,136


Health Care Equipment & Supplies—9.2%
ABIOMED, Inc. (b)		24,538		6,391,903
Align Technology, Inc. (b)		28,507		7,802,366
Cooper Cos., Inc. (The)		54,019		18,198,461
Edwards Lifesciences Corp. (b)		92,626		17,111,727
IDEXX Laboratories, Inc. (b)		32,136		8,848,005
Insulet Corp. (a) (b)		71,392		8,522,777
Merit Medical Systems, Inc. (a) (b)		174,818		10,412,160
STERIS plc (a)		99,467		14,808,647
Teleflex, Inc.		54,798		18,146,358

				110,242,404


Hotels, Restaurants & Leisure—4.3%
Domino’s Pizza, Inc.		35,955		10,005,557
Eldorado Resorts, Inc. (a) (b)		543,619		25,044,527
Yum! Brands, Inc.		152,956		16,927,641

				51,977,725


Industrial Conglomerates—0.9%
Roper Technologies, Inc. (a)		29,283		10,725,191


Insurance—2.7%
Aon plc		168,607		32,537,779


Interactive Media & Services—1.0%
Twitter, Inc. (b)		339,474		11,847,643


IT Services—12.2%
DXC Technology Co.		114,330		6,305,300
Global Payments, Inc. (a)		296,018		47,401,362
InterXion Holding NV (b)		184,161		14,012,810
KBR, Inc.		868,053		21,649,242
Leidos Holdings, Inc.		126,385		10,091,842
WEX, Inc. (b)		142,665		29,688,587
Worldpay, Inc. - Class A (b)		138,465		16,968,886

				146,118,029


Life Sciences Tools & Services—2.0%
Illumina, Inc. (a) (b)		11,442		4,212,372
QIAGEN NV (b)		203,958		8,270,497
Waters Corp. (a) (b)		54,491		11,728,643

				24,211,512


Marine—0.5%
Kirby Corp. (a) (b)		70,180		5,544,220


Metals & Mining—0.8%
Allegheny Technologies, Inc. (a) (b)		399,853		10,076,296

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Multiline Retail—2.8%
Dollar General Corp.		247,135	$	33,402,767


Oil, Gas & Consumable Fuels—2.0%
Concho Resources, Inc.		124,232		12,818,258
Noble Energy, Inc.		480,893		10,772,003

				23,590,261


Pharmaceuticals—0.2%
Nektar Therapeutics (a) (b)		69,570		2,475,301


Professional Services—1.3%
IHS Markit, Ltd. (b)		251,420		16,020,482


Road & Rail—1.1%
Knight-Swift Transportation Holdings, Inc. (a)		387,491		12,725,204


Semiconductors & Semiconductor Equipment—7.2%
Advanced Micro Devices, Inc. (a) (b)		385,954		11,721,423
Lam Research Corp.		93,367		17,538,057
Marvell Technology Group, Ltd. (a)		709,604		16,938,247
Microchip Technology, Inc. (a)		180,653		15,662,615
Monolithic Power Systems, Inc.		57,193		7,765,666
Universal Display Corp.		30,750		5,782,845
Xilinx, Inc.		90,460		10,667,043

				86,075,896


Software—10.8%
2U, Inc. (a) (b)		225,096		8,472,614
Autodesk, Inc. (b)		106,362		17,326,370
Guidewire Software, Inc. (b)		64,514		6,540,429
Nutanix, Inc. - Class A (b)		210,799		5,468,126
Palo Alto Networks, Inc. (a) (b)		34,569		7,043,779
ServiceNow, Inc. (b)		87,111		23,918,067
Splunk, Inc. (b)		86,159		10,834,494
SS&C Technologies Holdings, Inc.		309,903		17,853,512
Workday, Inc. - Class A (b)		102,440		21,059,615
Zendesk, Inc. (a) (b)		123,929		11,033,399

				129,550,405


Specialty Retail—7.0%
Advance Auto Parts, Inc. (a)		50,085		7,720,102
Burlington Stores, Inc. (a) (b)		57,109		9,717,096
Carvana Co. (a) (b)		98,608		6,171,875
Floor & Decor Holdings, Inc. - Class A (a) (b)		157,819		6,612,616
O’Reilly Automotive, Inc. (a) (b)		55,094		20,347,316
Ross Stores, Inc.		162,648		16,121,670
Ulta Salon Cosmetics & Fragrance, Inc. (b)		47,966		16,638,926

				83,329,601


Textiles, Apparel & Luxury Goods—1.3%
Capri Holdings, Ltd. (a) (b)		283,034		9,815,619
Under Armour, Inc. - Class A (a) (b)		241,582		6,124,104

				15,939,723


Trading Companies & Distributors—0.8%
Beacon Roofing Supply, Inc. (a) (b)		245,403		9,011,198

Total Common Stocks (Cost $921,782,455)				1,186,756,797


Short-Term Investment—0.5%

Repurchase Agreement—0.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $6,049,824; collateralized by U.S. Treasury Inflation Indexed Note at 0.125%, maturing 01/15/22, with a market value of $6,175,559.		6,049,219		6,049,219

Total Short-Term Investments (Cost $6,049,219)				6,049,219


Securities Lending Reinvestments (c)—20.0%

Certificates of Deposit—13.8%
ABN AMRO Bank NV Zero Coupon, 07/05/19		3,964,930		3,998,120
Banco Del Estado De Chile New York 2.592%, 1M LIBOR + 0.180%, 10/09/19 (d)		5,000,000		5,000,705
Banco Santander S.A.
2.590%, 07/16/19		4,000,000		4,000,516
2.600%, 07/05/19		2,000,000		2,000,104
Bank of Montreal (Chicago)
2.590%, SOFR + 0.170%, 02/07/20 (d)		2,000,000		2,000,112
2.751%, 1M LIBOR + 0.330%, 08/06/19 (d)		4,000,000		4,001,148
Bank of Nova Scotia 2.762%, 3M LIBOR + 0.170%, 01/09/20 (d)		3,000,000		3,002,331
Barclays Bank plc 2.950%, 08/02/19		3,000,000		3,001,578
BNP Paribas S.A. New York
2.534%, 1M LIBOR + 0.140%, 09/16/19 (d)		1,000,000		1,000,042
2.615%, 3M LIBOR + 0.050%, 11/06/19 (d)		2,000,000		2,000,736
Canadian Imperial Bank of Commerce 2.644%, 1M LIBOR + 0.250%, 10/15/19 (d)		4,000,000		4,001,316
Chiba Bank, Ltd. 2.450%, 08/12/19		4,000,000		4,000,632
China Construction Bank Corp. 2.670%, 07/18/19		2,000,000		2,000,308
Commonwealth Bank of Australia
2.569%, 1M LIBOR + 0.175%, 04/16/20 (d)		3,000,000		3,000,570
2.621%, 1M LIBOR + 0.210%, 09/13/19 (d)		4,000,000		4,001,280
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (d)		5,000,000		5,001,960
Credit Industriel et Commercial
2.590%, 1M LIBOR + 0.160%, 03/05/20 (d)		4,000,000		4,000,296
2.600%, 1M LIBOR + 0.160%, 01/03/20 (d)		2,000,000		2,000,322
Credit Suisse AG
2.561%, 1M LIBOR + 0.130%, 11/04/19 (d)		4,000,000		3,999,736
2.580%, 1M LIBOR + 0.140%, 10/02/19 (d)		6,000,000		6,000,024

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
DZ Bank AG New York Zero Coupon, 07/05/19		4,967,186	$	4,997,650
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (d)		3,000,000		2,999,760
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		1,000,000		1,000,158
2.630%, 08/28/19		2,000,000		2,000,656
2.660%, 07/15/19		4,000,000		4,000,468
KBC Bank NV
Zero Coupon, 07/10/19		2,983,899		2,998,410
Zero Coupon, 10/25/19		6,909,000		6,948,443
2.610%, 07/02/19		2,000,000		2,000,000
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 08/09/19		1,986,950		1,994,540
Zero Coupon, 09/24/19		2,982,129		2,982,930
MUFG Bank Ltd. 2.574%, 1M LIBOR + 0.170%, 02/24/20 (d)		3,000,000		3,000,009
National Australia Bank, Ltd. 2.602%, 1M LIBOR + 0.190%, 04/08/20 (d)		1,000,000		1,000,230
Nationwide Building Society Zero Coupon, 08/01/19		3,966,464		3,991,160
Rabobank International London 2.592%, 1M LIBOR + 0.190%, 04/24/20 (d)		5,000,000		5,002,050
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		7,000,000		7,002,023
Societe Generale 2.723%, 3M LIBOR + 0.200%, 08/21/19 (d)		5,001,966		5,002,985
Standard Chartered Bank 2.660%, 08/23/19		6,000,000		6,002,778
Sumitomo Mitsui Banking Corp. 2.553%, 1M LIBOR + 0.140%, 11/12/19 (d)		2,000,000		2,000,238
Sumitomo Mitsui Trust Bank, Ltd.
2.600%, 07/05/19		5,000,000		5,000,205
2.689%, 3M LIBOR + 0.100%, 07/08/19 (d)		3,000,000		3,000,216
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 10/17/19		1,973,515		1,985,780
Svenska Handelsbanken AB 2.792%, 1M LIBOR + 0.380%, 12/10/19 (d)		2,000,000		2,002,466
Toronto-Dominion Bank
2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		5,000,000		5,001,780
2.611%, 1M LIBOR + 0.180%, 06/03/20 (d)		3,000,000		2,999,935
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (d)		1,000,000		1,000,135
Wells Fargo Bank N.A. 2.721%, 3M LIBOR + 0.140%, 07/11/19 (d)		7,000,000		6,999,660
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (d)		5,000,000		4,999,972

				165,926,473


Commercial Paper—3.3%
Agricultural Bank of China 2.610%, 08/14/19		4,966,650		4,984,585
Bank of China, Ltd. 2.670%, 07/16/19		2,979,975		2,996,109

Commercial Paper—(Continued)
China Construction Bank Corp.
2.620%, 09/03/19		993,304		995,219
2.660%, 07/19/19		1,986,404		1,996,970
HSBC Bank plc
2.722%, 1M LIBOR + 0.320%, 07/30/19 (d)		7,000,000		7,001,393
Industrial & Commercial Bank of China, Ltd. 2.610%, 08/20/19		1,986,660		1,992,612
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (d)		5,000,000		5,001,265
LMA S.A. & LMA Americas, Corp.
2.570%, 08/14/19		1,982,867		1,993,648
2.750%, 08/05/19		1,972,194		1,994,868
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (d)		1,000,000		999,995
Societe Generale 2.812%, 3M LIBOR + 0.410%, 12/18/19 (d)		1,001,774		1,001,898
Thunder Bay Funding LLC 2.540%, 1M LIBOR + 0.100%, 12/05/19 (d)		2,000,000		2,000,104
Toyota Motor Credit Corp. 2.620%, 08/29/19		3,948,473		3,983,780
Westpac Banking Corp. 2.552%, 1M LIBOR + 0.150%, 05/29/20 (d)		2,999,486		3,000,009

				39,942,455


Repurchase Agreements—2.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $1,577,548; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $1,608,791.		1,577,246		1,577,246
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $1,511,006; collateralized by various Common Stock with an aggregate market value of $1,650,000.		1,500,000		1,500,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $12,596,938; collateralized by various Common Stock with an aggregate market value of $13,753,405.		12,500,000		12,500,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $6,015,808; collateralized by various Common Stock with an aggregate market value of $6,600,000.		6,000,000		6,000,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $752,013; collateralized by various Common Stock with an aggregate market value of $825,000.		750,000		750,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $800,173; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $816,000.		800,000		800,000

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $100,023; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $102,001.		100,000	$	100,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $500,105; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $512,018.		500,000		500,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $5,002,489; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $5,471,560.		5,000,000		5,000,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $1,500,309; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,616,352.		1,500,000		1,500,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $1,400,288; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,508,595.		1,400,000		1,400,000

				31,627,246


Time Deposit—0.3%
Royal Bank of Canada 2.500%, 07/01/19		3,000,000		3,000,000

Total Securities Lending Reinvestments (Cost $240,457,763)				240,496,174

Total Investments—119.5% (Cost $1,168,289,437)				1,433,302,190
Other assets and liabilities (net)—(19.5)%				(234,031,389	)

Net Assets—100.0%			$	1,199,270,801


*		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, 2019, the market value of securities loaned was $243,031,850 and the collateral received consisted of cash in the amount of $240,181,074 and non-cash collateral with a value of $5,583,571. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)		Non-income producing security.
(c)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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
(SOFR)—		Secured Overnight Financing 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, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,186,756,797	$	—		$	—	$	1,186,756,797
Total Short-Term Investment*		—		6,049,219			—		6,049,219
Total Securities Lending Reinvestments*		—		240,496,174			—		240,496,174
Total Investments	$	1,186,756,797	$	246,545,393		$	—	$	1,433,302,190

Collateral for Securities Loaned (Liability)	$	—	$	(240,181,074	)	$	—	$	(240,181,074	)


*		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, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	1,433,302,190
Cash		33,819
Receivable for:
Investments sold		12,418,133
Fund shares sold		105,139
Dividends and interest		80,987

Total Assets		1,445,940,268
Liabilities
Collateral for securities loaned		240,181,074
Payables for:
Investments purchased		5,085,352
Fund shares redeemed		340,372
Accrued Expenses:
Management fees		668,001
Distribution and service fees		41,338
Deferred trustees’ fees		152,930
Other expenses		200,400

Total Liabilities		246,669,467

Net Assets	$	1,199,270,801

Net Assets Consist of:
Paid in surplus	$	865,179,450
Distributable earnings (Accumulated losses)		334,091,351

Net Assets	$	1,199,270,801

Net Assets
Class A	$	938,501,797
Class B		164,842,149
Class D		86,177,573
Class E		9,749,282
Capital Shares Outstanding*
Class A		26,636,663
Class B		5,340,128
Class D		2,512,536
Class E		286,359
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	35.23
Class B		30.87
Class D		34.30
Class E		34.05


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $1,168,289,437.
(b)		Includes securities loaned at value of $243,031,850.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	3,176,707
Interest		71,586
Securities lending income		420,767

Total investment income		3,669,060
Expenses
Management fees		4,127,162
Administration fees		26,496
Custodian and accounting fees		35,805
Distribution and service fees—Class B		202,012
Distribution and service fees—Class D		41,790
Distribution and service fees—Class E		7,008
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		77,652
Insurance		3,829
Miscellaneous		8,467

Total expenses		4,606,154
Less management fee waiver		(125,534	)
Less broker commission recapture		(43,553	)

Net expenses		4,437,067

Net Investment Loss		(768,007	)

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		70,383,020
Foreign currency transactions		(317	)

Net realized gain		70,382,703

Net change in unrealized appreciation on investments		176,591,385

Net realized and unrealized gain		246,974,088

Net Increase in Net Assets From Operations	$	246,206,081


(a)		Net of foreign withholding taxes of $15,955.

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(768,007	)	$	(1,449,052	)
Net realized gain		70,382,703			154,602,758
Net change in unrealized appreciation (depreciation)		176,591,385			(208,699,364	)

Increase (decrease) in net assets from operations		246,206,081			(55,545,658	)

From Distributions to Shareholders
Class A		(117,619,780	)		(100,990,172	)
Class B		(23,262,664	)		(20,876,824	)
Class D		(11,085,496	)		(9,718,488	)
Class E		(1,262,028	)		(1,120,838	)

Total distributions		(153,229,968	)		(132,706,322	)

Increase (decrease) in net assets from capital share transactions		79,889,484			(16,894,825	)

Total increase (decrease) in net assets		172,865,597			(205,146,805	)

Net Assets
Beginning of period		1,026,405,204			1,231,552,009

End of period	$	1,199,270,801		$	1,026,405,204

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		60,292		$	2,217,301			129,276		$	4,707,976
Reinvestments		3,403,350			117,619,780			2,724,310			100,990,172
Redemptions		(1,452,573	)		(54,732,237	)		(2,939,192	)		(112,278,708	)

Net increase (decrease)		2,011,069		$	65,104,844			(85,606	)	$	(6,580,560	)

Class B
Sales		142,850		$	4,804,057			211,910		$	6,928,761
Reinvestments		768,252			23,262,664			629,768			20,876,824
Redemptions		(571,748	)		(19,342,859	)		(1,061,625	)		(36,085,641	)

Net increase (decrease)		339,354		$	8,723,862			(219,947	)	$	(8,280,056	)

Class D
Sales		58,015		$	2,180,310			93,499		$	3,486,570
Reinvestments		329,533			11,085,496			268,096			9,718,488
Redemptions		(216,170	)		(7,989,011	)		(396,539	)		(14,656,325	)

Net increase (decrease)		171,378		$	5,276,795			(34,944	)	$	(1,451,267	)

Class E
Sales		7,809		$	284,704			5,863		$	209,812
Reinvestments		37,797			1,262,028			31,100			1,120,838
Redemptions		(21,059	)		(762,749	)		(52,135	)		(1,913,592	)

Net increase (decrease)		24,547		$	783,983			(15,172	)	$	(582,942	)

Increase (decrease) derived from capital shares transactions				$	79,889,484					$	(16,894,825	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	32.45		$	38.43		$	31.41		$	33.70		$	37.28		$	36.90

Income (Loss) from Investment Operations
Net investment loss (a)		(0.02	)		(0.03	)		(0.02	)		(0.00	)(b)(c)		(0.03	)		(0.05	)
Net realized and unrealized gain (loss)		7.84			(1.60	)		7.88			1.63			1.51			3.78

Total income (loss) from investment operations		7.82			(1.63	)		7.86			1.63			1.48			3.73

Less Distributions
Distributions from net realized capital gains		(5.04	)		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)

Total distributions		(5.04	)		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)

Net Asset Value, End of Period	$	35.23		$	32.45		$	38.43		$	31.41		$	33.70		$	37.28

Total Return (%) (d)		24.41	(e)		(5.64	)		25.26			5.40			2.88			11.14

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(f)		0.75			0.75			0.75			0.74			0.76
Net ratio of expenses to average net assets (%) (g)		0.73	(f)		0.73			0.73			0.73			0.73			0.75
Ratio of net investment loss to average net assets (%)		(0.09	)(f)		(0.08	)		(0.06	)		(0.00	)(b)(h)		(0.09	)		(0.13	)
Portfolio turnover rate (%)		30	(e)		44			31			40			60			48
Net assets, end of period (in millions)	$	938.5		$	799.0		$	949.7		$	863.5		$	878.5		$	831.2

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	28.97		$	34.83		$	28.61		$	31.11		$	34.85		$	34.79

Income (Loss) from Investment Operations
Net investment loss (a)		(0.06	)		(0.11	)		(0.10	)		(0.07	)(b)		(0.12	)		(0.13	)
Net realized and unrealized gain (loss)		7.00			(1.40	)		7.16			1.49			1.44			3.54

Total income (loss) from investment operations		6.94			(1.51	)		7.06			1.42			1.32			3.41

Less Distributions
Distributions from net realized capital gains		(5.04	)		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)

Total distributions		(5.04	)		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)

Net Asset Value, End of Period	$	30.87		$	28.97		$	34.83		$	28.61		$	31.11		$	34.85

Total Return (%) (d)		24.30	(e)		(5.90	)		24.93			5.16			2.60			10.88

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(f)		1.00			1.00			1.00			0.99			1.01
Net ratio of expenses to average net assets (%) (g)		0.98	(f)		0.98			0.98			0.98			0.98			1.00
Ratio of net investment loss to average net assets (%)		(0.34	)(f)		(0.33	)		(0.31	)		(0.25	)(b)		(0.35	)		(0.37	)
Portfolio turnover rate (%)		30	(e)		44			31			40			60			48
Net assets, end of period (in millions)	$	164.8		$	144.9		$	181.9		$	167.7		$	181.7		$	198.6

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	31.71		$	37.69		$	30.85		$	33.20		$	36.83		$	36.52

Income (Loss) from Investment Operations
Net investment loss (a)		(0.03	)		(0.06	)		(0.06	)		(0.03	)(b)		(0.07	)		(0.08	)
Net realized and unrealized gain (loss)		7.66			(1.57	)		7.74			1.60			1.50			3.74

Total income (loss) from investment operations		7.63			(1.63	)		7.68			1.57			1.43			3.66

Less Distributions
Distributions from net realized capital gains		(5.04	)		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)

Total distributions		(5.04	)		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)

Net Asset Value, End of Period	$	34.30		$	31.71		$	37.69		$	30.85		$	33.20		$	36.83

Total Return (%) (d)		24.38	(e)		(5.76	)		25.14			5.29			2.78			11.06

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(f)		0.85			0.85			0.85			0.84			0.86
Net ratio of expenses to average net assets (%) (g)		0.83	(f)		0.83			0.83			0.83			0.83			0.85
Ratio of net investment loss to average net assets (%)		(0.19	)(f)		(0.18	)		(0.16	)		(0.10	)(b)		(0.20	)		(0.22	)
Portfolio turnover rate (%)		30	(e)		44			31			40			60			48
Net assets, end of period (in millions)	$	86.2		$	74.2		$	89.6		$	82.3		$	89.8		$	101.3

	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	31.52		$	37.50		$	30.71		$	33.08		$	36.73		$	36.46

Income (Loss) from Investment Operations
Net investment loss (a)		(0.04	)		(0.08	)		(0.07	)		(0.05	)(b)		(0.09	)		(0.10	)
Net realized and unrealized gain (loss)		7.61			(1.55	)		7.70			1.60			1.50			3.72

Total income (loss) from investment operations		7.57			(1.63	)		7.63			1.55			1.41			3.62

Less Distributions
Distributions from net realized capital gains		(5.04	)		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)

Total distributions		(5.04	)		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)

Net Asset Value, End of Period	$	34.05		$	31.52		$	37.50		$	30.71		$	33.08		$	36.73

Total Return (%) (d)		24.30	(e)		(5.79	)		25.09			5.25			2.72			10.96

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90	(f)		0.90			0.90			0.90			0.89			0.91
Net ratio of expenses to average net assets (%) (g)		0.88	(f)		0.88			0.88			0.88			0.88			0.90
Ratio of net investment loss to average net assets (%)		(0.24	)(f)		(0.23	)		(0.21	)		(0.15	)(b)		(0.25	)		(0.28	)
Portfolio turnover rate (%)		30	(e)		44			31			40			60			48
Net assets, end of period (in millions)	$	9.7		$	8.3		$	10.4		$	9.4		$	10.3		$	11.2


(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 0.01% of average net assets, respectively.
(c)		Net investment income (loss) was less than $0.01.
(d)		Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)		Periods less than one year are not computed on an annualized basis.
(f)		Computed on an annualized basis.
(g)		Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)		Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, 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

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.

BHFTII-14

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

BHFTII-15

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $6,049,219. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $31,627,246. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, with a contractual maturity of overnight and continuous.

BHFTII-16

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(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:

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	340,779,035	$	0	$	414,567,767

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$4,127,162		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, 2019—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2019 to April 29, 2020, 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 agreement was in place for the period April 30, 2018 to April 30, 2019. Amounts waived for the six months ended June 30, 2019 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”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “Plan”) relating to Class B, Class D and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D and Class E shares of the Trust. Each Portfolio may not offer shares of each Class. The Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution Fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D and Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares and 0.15% of average daily net assets in the case of Class E shares. The Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2019 are shown as Distribution and service fees in the Statement of Operations.

6. Contractual Obligations

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	1,168,454,699

Gross unrealized appreciation		305,183,151
Gross unrealized depreciation		(40,335,660	)

Net unrealized appreciation (depreciation)	$	264,847,491

BHFTII-18

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$1,005,813	$	—	$	131,700,509	$	28,500,968	$	132,706,322	$	28,500,968

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$5,997,260	$	147,000,242	$	88,256,106	$	—	$	241,253,608

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.

As of December 31, 2018, the Portfolio had no accumulated capital losses.

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, 2019, the Class A, B and E shares of the Jennison Growth Portfolio returned 21.03%, 20.89%, and 20.92%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 21.49%.

MARKET ENVIRONMENT / CONDITIONS

Markets were volatile in the first half of 2019, initially rebounding from a sell-off in 2018’s final quarter that reflected mounting concerns about the risk of a major trade war with China, the pace of U.S. growth, decelerating expansion in non-U.S. economies, and U.S. interest rate increases. Fears subsided through the first four months of 2019, as the Federal Reserve signaled a pause in federal funds rate hikes, corporate earnings reports generally indicated continued strength, and sentiment grew that U.S.-China trade friction would be resolved. Markets abruptly changed course again in May as trade tensions—re-ignited by the threat of tariffs on essentially all U.S. imports from China, the U.S. government’s designation of Chinese telecommunications giant Huawei as a national security risk, and potential tariffs on Mexican goods—created uncertainty and concern. U.S. housing and auto sales remained weak. Strong employment supported continued slight wage gains and consistent levels of consumer demand. However, trade friction weighed on consumer and business sentiment, and led to reduced gross domestic product (“GDP”) growth estimates. China used policy stimulus to blunt the impact of slowing exports, supporting stable, approximately 6% GDP growth. Growth in Europe remained soft. The U.K. economy slipped further toward recession amid unresolved Brexit (the U.K. proposal to leave the European Union) rancor and uncertainty.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio slightly underperformed the Russell 1000 Growth Index on a net-of-fees basis over the six-month period ended June 30, 2019.

Consumer Discretionary holdings detracted from relative performance despite strength in Amazon (which continued to benefit from economies of scale and its platform-based business model), Alibaba (which has realized significant revenue synergies across its various segments, laying the groundwork for strong, durable top-line growth), Chipotle (where improved efficiencies and comparable-store sales recovery increased earnings growth), and Lululemon Athletica (whose products, brand positioning, integrated marketing, and online sales momentum drove strong customer traffic, sales conversion, and comparable store sales). Tesla was the largest relative performance detractor in the sector. Its decline was tied to ongoing controversy surrounding CEO Elon Musk and concerns about vehicle production volumes and sustained demand for the Model 3.

In Information Technology (“IT”), transformation of the enterprise has become a strategic imperative across many industries and companies. In our view, Portfolio holdings Microsoft, Adobe, and Workday offer mission-critical cloud applications and services that are changing fundamentally the way businesses operate. Payments companies continued to benefit from the long-term shift from cash to electronic transactions. MasterCard and Visa held strong market positions with high barriers to entry, pricing power, and solid operating leverage potential. PayPal offered innovative low-cost, high-security, easy-to-use digital payment options, especially for mobile and online transactions. Qualcomm declined on a negative U.S. District Court ruling in a case brought by the U.S. Federal Trade Commission. We did not believe this ruling threatened the recent multiyear patent licensing and chipset supply agreement with Apple.

In Communications Services, Netflix continued to raise its competitive barriers with investments in content, resulting in strong subscriber growth and increased pricing and operating leverage. Despite ongoing concern about data privacy, Facebook showed resilience, with solid engagement metrics and strong revenue growth, as advertisers continued to seek the reach and targeting Facebook provides. Video game publisher Activision Blizzard was hurt by signs of slowing growth momentum. The Portfolio’s position in Activision was eliminated during the period.

Consumer Staples positions were strong contributors to positive absolute and relative performance. Estée Lauder has enhanced its strong brand portfolio in the fast-growing luxury beauty care market with complementary acquisitions and subsequent brand development. Emerging markets, especially China, have been key drivers of the company’s growth. Costco Wholesale’s consistent stream of membership fee income allows for low prices and broad product selection, which lead to high inventory turnover.

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 2019’s first six months were largely stable. Relative to the Russell 1000Growth benchmark, the Portfolio’s biggest overweight was in IT; its biggest underweight was in Industrials.

Kathleen A. McCarragher

Spiros Segalas

Michael A. Del Balso

Blair Boyer

Natasha Kuhlkin

Rebecca Irwin

Portfolio Managers

Jennison Associates LLC

BHFTII-2

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Jennison Growth Portfolio
Class A		21.03		8.46		14.21		16.11
Class B		20.89		8.20		13.92		15.82
Class E		20.92		8.28		14.03		15.94
Russell 1000 Growth Index		21.49		11.57		13.39		16.28

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Amazon.com, Inc.		6.3
Microsoft Corp.		5.5
Alphabet, Inc.		5.1
MasterCard, Inc. - Class A		4.4
Netflix, Inc.		4.0
Salesforce.com, Inc.		3.8
Visa, Inc. - Class A		3.7
Facebook, Inc. - Class A		3.1
Adobe, Inc.		3.1
Apple, Inc.		3.1

Top Sectors


	% of Net Assets
Information Technology		38.1
Consumer Discretionary		18.7
Communication Services		15.7
Health Care		11.7
Industrials		7.4
Consumer Staples		3.9
Real Estate		1.6
Financials		1.6

BHFTII-3

Brighthouse Funds Trust II

Jennison Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Jennison Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.54	%	$	1,000.00	$	1,210.30	$	2.96
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.12	$	2.71

Class B (a)	Actual		0.79	%	$	1,000.00	$	1,208.90	$	4.33
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96

Class E (a)	Actual		0.69	%	$	1,000.00	$	1,209.20	$	3.78
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46

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

(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, 2019 (Unaudited)

Common Stocks—98.7% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—5.4%
Airbus SE		206,910	$	29,338,786
Boeing Co. (The)		201,518		73,354,567
Safran S.A.		300,821		44,079,744

				146,773,097


Automobiles—1.5%
Tesla, Inc. (a) (b)		179,966		40,215,202


Banks—0.6%
JPMorgan Chase & Co.		149,652		16,731,094


Biotechnology—4.6%
Alexion Pharmaceuticals, Inc. (a)		305,841		40,059,054
BioMarin Pharmaceutical, Inc. (a) (b)		295,631		25,320,795
Exact Sciences Corp. (a) (b)		75,180		8,874,247
Sage Therapeutics, Inc. (a) (b)		80,806		14,794,771
Vertex Pharmaceuticals, Inc. (a)		202,932		37,213,670

				126,262,537


Capital Markets—0.9%
S&P Global, Inc.		113,338		25,817,263


Entertainment—5.2%
Netflix, Inc. (a)		297,708		109,354,103
Walt Disney Co. (The)		234,677		32,770,296

				142,124,399


Equity Real Estate Investment Trusts—1.6%
American Tower Corp.		106,754		21,825,855
Crown Castle International Corp.		175,968		22,937,429

				44,763,284


Food & Staples Retailing—2.0%
Costco Wholesale Corp.		211,541		55,901,825


Health Care Equipment & Supplies—3.5%
Danaher Corp.		209,367		29,922,732
Edwards Lifesciences Corp. (a) (b)		144,839		26,757,557
Intuitive Surgical, Inc. (a)		75,001		39,341,774

				96,022,063


Hotels, Restaurants & Leisure—2.1%
Chipotle Mexican Grill, Inc. (a)		40,492		29,675,777
Marriott International, Inc. - Class A (b)		207,511		29,111,718

				58,787,495


Interactive Media & Services—10.6%
Alphabet, Inc. - Class A (a)		64,650		70,003,020
Alphabet, Inc. - Class C (a)		64,765		70,005,136
Facebook, Inc. - Class A (a)		445,684		86,017,012
Tencent Holdings, Ltd.		1,390,160		62,891,556

				288,916,724


Internet & Direct Marketing Retail—9.0%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		433,990		73,539,605
Amazon.com, Inc. (a)		90,955		172,235,117

				245,774,722


IT Services—13.3%
Adyen NV (a)		33,271		25,691,053
FleetCor Technologies, Inc. (a)		78,302		21,991,117
MasterCard, Inc. - Class A		452,056		119,582,374
PayPal Holdings, Inc. (a)		461,605		52,835,308
Square, Inc. - Class A (a)		411,980		29,880,909
Twilio, Inc. - Class A (a) (b)		93,323		12,724,591
Visa, Inc. - Class A (b)		579,429		100,559,903

				363,265,255


Life Sciences Tools & Services—2.0%
Illumina, Inc. (a) (b)		148,157		54,544,000


Personal Products—1.8%
Estee Lauder Cos., Inc. (The) - Class A		270,066		49,451,785


Pharmaceuticals—1.6%
AstraZeneca plc (ADR)		1,052,437		43,444,599


Road & Rail—2.0%
Uber Technologies, Inc. (a) (b)		253,296		11,747,869
Union Pacific Corp.		253,457		42,862,113

				54,609,982


Semiconductors & Semiconductor Equipment—4.0%
Broadcom, Inc.		130,434		37,546,731
NVIDIA Corp.		263,014		43,194,789
QUALCOMM, Inc.		377,834		28,741,833

				109,483,353


Software—17.8%
Adobe, Inc. (a)		290,277		85,530,118
Microsoft Corp.		1,117,618		149,716,107
Salesforce.com, Inc. (a)		677,534		102,802,234
SAP SE (ADR)		110,558		15,124,334
ServiceNow, Inc. (a) (b)		146,578		40,245,921
Splunk, Inc. (a) (b)		266,118		33,464,339
Workday, Inc. - Class A (a) (b)		295,553		60,759,786

				487,642,839


Specialty Retail—1.4%
Home Depot, Inc. (The) (b)		178,597		37,142,818


Technology Hardware, Storage & Peripherals—3.1%
Apple, Inc.		422,384		83,598,241


Textiles, Apparel & Luxury Goods—4.7%
Kering S.A.		69,317		41,004,109
lululemon athletica, Inc. (a)		188,184		33,912,639

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares/ Principal Amount*		Value

Textiles, Apparel & Luxury Goods—(Continued)
NIKE, Inc. - Class B		654,283	$	54,927,058

				129,843,806

Total Common Stocks (Cost $1,625,891,129)				2,701,116,383


Short-Term Investment—1.8%

Repurchase Agreement—1.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $48,092,144; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $49,050,953.		48,087,335		48,087,335

Total Short-Term Investments (Cost $48,087,335)				48,087,335


Securities Lending Reinvestments (c)—12.7%

Bank Note—0.1%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (d)		3,000,000		3,013,513


Certificates of Deposit—7.9%
ABN AMRO Bank NV Zero Coupon, 07/05/19		9,912,326		9,995,300
Banco Del Estado De Chile New York 2.592%, 1M LIBOR + 0.180%, 10/09/19 (d)		10,000,000		10,001,410
Banco Santander S.A. 2.590%, 07/16/19		5,000,000		5,000,645
Bank of Montreal (Chicago) 2.751%, 1M LIBOR + 0.330%, 08/06/19 (d)		8,000,000		8,002,296
Bank of Nova Scotia
2.564%, 1M LIBOR + 0.170%, 05/15/20 (d)		7,000,000		6,999,356
2.762%, 3M LIBOR + 0.170%, 01/09/20 (d)		5,000,000		5,003,885
Barclays Bank plc 3.000%, 09/19/19		5,101,355		5,006,705
BNP Paribas S.A. New York 2.534%, 1M LIBOR + 0.140%, 09/16/19 (d)		1,000,000		1,000,042
Canadian Imperial Bank of Commerce
2.644%, 1M LIBOR + 0.250%, 10/15/19 (d)		8,000,000		8,002,632
2.660%, 1M LIBOR + 0.270%, 07/19/19 (d)		2,000,000		2,000,176
Chiba Bank, Ltd. 2.450%, 08/12/19		2,000,000		2,000,316
China Construction Bank Corp. 2.670%, 07/18/19		2,000,000		2,000,308
Commonwealth Bank of Australia
2.569%, 1M LIBOR + 0.175%, 04/16/20 (d)		5,000,000		5,000,950
2.621%, 1M LIBOR + 0.210%, 09/13/19 (d)		4,500,000		4,501,440
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (d)		10,000,000		10,003,920
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (d)		5,000,000		5,002,530

Certificates of Deposit—(Continued)
Credit Industriel et Commercial
2.590%, 1M LIBOR + 0.160%, 03/05/20 (d)		4,000,000		4,000,296
2.687%, 3M LIBOR + 0.090%, 10/15/19 (d)		4,000,000		4,001,108
Credit Suisse AG 2.580%, 1M LIBOR + 0.140%, 10/02/19 (d)		7,000,000		7,000,028
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		2,000,000		2,000,316
2.630%, 08/28/19		8,000,000		8,002,624
2.660%, 07/15/19		3,000,000		3,000,351
2.670%, 07/25/19		1,000,000		1,000,194
KBC Bank NV Zero Coupon, 10/25/19		2,961,000		2,977,904
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 08/09/19		1,986,950		1,994,540
Zero Coupon, 09/24/19		3,976,172		3,977,240
Mizuho Bank, Ltd. 2.524%, 1M LIBOR + 0.120%, 11/27/19 (d)		4,000,000		4,001,028
MUFG Bank Ltd.
2.574%, 1M LIBOR + 0.170%, 02/24/20 (d)		2,000,000		2,000,006
2.800%, 07/16/19		4,000,000		4,000,800
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		6,000,000		6,001,734
Shizuoka Bank 2.570%, 08/06/19		4,000,000		4,000,828
Societe Generale
2.723%, 3M LIBOR + 0.200%, 08/21/19 (d)		7,002,752		7,004,179
2.730%, FEDEFF PRV + 0.350%, 06/19/20 (d)		4,000,000		3,999,988
Standard Chartered Bank 2.660%, 08/23/19		14,000,000		14,006,482
Sumitomo Mitsui Banking Corp. 2.553%, 1M LIBOR + 0.140%, 11/12/19 (d)		3,000,000		3,000,357
Sumitomo Mitsui Trust Bank, Ltd.
2.523%, 1M LIBOR + 0.140%, 11/20/19 (d)		5,000,000		5,000,500
2.689%, 3M LIBOR + 0.100%, 07/08/19 (d)		5,000,000		5,000,360
Svenska Handelsbanken AB
2.592%, 1M LIBOR + 0.180%, 06/05/20 (d)		3,000,000		3,000,570
2.702%, 1M LIBOR + 0.300%, 10/31/19 (d)		4,000,000		4,002,916
2.792%, 1M LIBOR + 0.380%, 12/10/19 (d)		5,000,000		5,006,165
Toronto-Dominion Bank
2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		3,000,000		3,001,068
2.611%, 1M LIBOR + 0.180%, 06/03/20 (d)		5,000,000		4,999,891
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (d)		10,000,000		9,999,944

				215,503,328


Commercial Paper—2.2%
Agricultural Bank of China 2.570%, 09/11/19		2,980,511		2,983,854
Bank of China, Ltd.
2.640%, 09/09/19		2,980,200		2,984,172
2.670%, 07/16/19		7,946,600		7,989,624
2.670%, 07/17/19		3,973,300		3,994,524
China Construction Bank Corp.
2.620%, 09/03/19		1,489,957		1,492,828
2.650%, 07/26/19		1,987,044		1,995,966
2.685%, 07/03/19		1,986,575		1,999,276

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Commercial Paper—(Continued)
Industrial & Commercial Bank of China, Ltd. 2.610%, 08/20/19		1,986,660	$	1,992,612
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (d)		5,000,000		5,001,265
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (d)		2,000,000		1,999,990
Starbird Funding Corp. 2.600%, 07/01/19		2,999,399		2,999,385
Thunder Bay Funding LLC
2.540%, 1M LIBOR + 0.100%, 12/05/19 (d)		4,000,000		4,000,208
Toronto-Dominion Bank 2.780%, 1M LIBOR + 0.350%, 11/05/19 (d)		2,000,000		2,001,950
Toyota Motor Credit Corp. 2.620%, 08/29/19		14,806,775		14,939,175
Westpac Banking Corp. 2.552%, 1M LIBOR + 0.150%, 05/29/20 (d)		3,999,315		4,000,012

				60,374,841


Repurchase Agreements—2.3%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $5,537,596; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $5,647,266.		5,536,535		5,536,535
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $4,533,018; collateralized by various Common Stock with an aggregate market value of $4,950,000.		4,500,000		4,500,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $15,116,325; collateralized by various Common Stock with an aggregate market value of $16,504,086.		15,000,000		15,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $8,021,078; collateralized by various Common Stock with an aggregate market value of $8,800,000.		8,000,000		8,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $4,701,018; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $4,794,001.		4,700,000		4,700,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $600,138; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $612,003.		600,000		600,000

Repurchase Agreements—(Continued)
NBC Global Finance, Ltd.
Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $2,800,590; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $2,867,299.		2,800,000		2,800,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $15,007,467; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $16,414,681.		15,000,000		15,000,000
Societe Generale Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $7,801,606; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $8,405,031.		7,800,000		7,800,000

				63,936,535


Time Deposit—0.2%
Royal Bank of Canada 2.500%, 07/01/19		7,000,000		7,000,000

Total Securities Lending Reinvestments (Cost $349,758,678)				349,828,217

Total Investments—113.2% (Cost $2,023,737,142)				3,099,031,935
Other assets and liabilities (net)—(13.2)%				(361,259,655	)

Net Assets—100.0%			$	2,737,772,280


*		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, 2019, the market value of securities loaned was $369,591,142 and the collateral received consisted of cash in the amount of $349,513,425 and non-cash collateral with a value of $29,444,127. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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-7

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)


(ADR)—		American Depositary Receipt
(FEDEFF PRV)—		Effective Federal Funds Rate


(LIBOR)—		London Interbank Offered Rate
(SOFR)—		Secured Overnight Financing Rate

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	73,354,567	$	73,418,530		$	—	$	146,773,097
Automobiles		40,215,202		—			—		40,215,202
Banks		16,731,094		—			—		16,731,094
Biotechnology		126,262,537		—			—		126,262,537
Capital Markets		25,817,263		—			—		25,817,263
Entertainment		142,124,399		—			—		142,124,399
Equity Real Estate Investment Trusts		44,763,284		—			—		44,763,284
Food & Staples Retailing		55,901,825		—			—		55,901,825
Health Care Equipment & Supplies		96,022,063		—			—		96,022,063
Hotels, Restaurants & Leisure		58,787,495		—			—		58,787,495
Interactive Media & Services		226,025,168		62,891,556			—		288,916,724
Internet & Direct Marketing Retail		245,774,722		—			—		245,774,722
IT Services		337,574,202		25,691,053			—		363,265,255
Life Sciences Tools & Services		54,544,000		—			—		54,544,000
Personal Products		49,451,785		—			—		49,451,785
Pharmaceuticals		43,444,599		—			—		43,444,599
Road & Rail		54,609,982		—			—		54,609,982
Semiconductors & Semiconductor Equipment		109,483,353		—			—		109,483,353
Software		487,642,839		—			—		487,642,839
Specialty Retail		37,142,818		—			—		37,142,818
Technology Hardware, Storage & Peripherals		83,598,241		—			—		83,598,241
Textiles, Apparel & Luxury Goods		88,839,697		41,004,109			—		129,843,806
Total Common Stocks		2,498,111,135		203,005,248			—		2,701,116,383
Total Short-Term Investment*		—		48,087,335			—		48,087,335
Total Securities Lending Reinvestments*		—		349,828,217			—		349,828,217
Total Investments	$	2,498,111,135	$	600,920,800		$	—	$	3,099,031,935

Collateral for Securities Loaned (Liability)	$	—	$	(349,513,425	)	$	—	$	(349,513,425	)


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	3,099,031,935
Receivable for:
Investments sold		17,070,470
Fund shares sold		178,716
Dividends and interest		634,654

Total Assets		3,116,915,775
Liabilities
Due to custodian		17,070,470
Collateral for securities loaned		349,513,425
Payables for:
Investments purchased		9,887,368
Fund shares redeemed		853,519
Accrued Expenses:
Management fees		1,138,432
Distribution and service fees		180,980
Deferred trustees’ fees		174,743
Other expenses		324,558

Total Liabilities		379,143,495

Net Assets	$	2,737,772,280

Net Assets Consist of:
Paid in surplus	$	1,467,168,894
Distributable earnings (Accumulated losses)		1,270,603,386

Net Assets	$	2,737,772,280

Net Assets
Class A	$	1,825,503,267
Class B		897,775,172
Class E		14,493,841
Capital Shares Outstanding*
Class A		122,765,637
Class B		61,577,095
Class E		982,560
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.87
Class B		14.58
Class E		14.75


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $2,023,737,142.
(b)		Includes securities loaned at value of $369,591,142.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	11,937,070
Interest		74,778
Securities lending income		584,368

Total investment income		12,596,216
Expenses
Management fees		7,982,051
Administration fees		50,941
Custodian and accounting fees		85,497
Distribution and service fees—Class B		1,092,520
Distribution and service fees—Class E		10,318
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		69,445
Insurance		9,244
Miscellaneous		20,476

Total expenses		9,396,425
Less management fee waiver		(1,063,651	)
Less broker commission recapture		(32,799	)

Net expenses		8,299,975

Net Investment Income		4,296,241

Net Realized and Unrealized Gain
Net realized gain on:
Investments		195,913,087
Foreign currency transactions		3,217

Net realized gain		195,916,304

Net change in unrealized appreciation on:
Investments		299,600,586
Foreign currency transactions		1,165

Net change in unrealized appreciation		299,601,751

Net realized and unrealized gain		495,518,055

Net Increase in Net Assets From Operations	$	499,814,296


(a)		Net of foreign withholding taxes of $272,363.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	4,296,241		$	10,147,286
Net realized gain		195,916,304			395,760,613
Net change in unrealized appreciation (depreciation)		299,601,751			(347,682,082	)

Increase in net assets from operations		499,814,296			58,225,817

From Distributions to Shareholders
Class A		(271,532,403	)		(285,901,316	)
Class B		(133,770,624	)		(135,875,410	)
Class E		(2,118,834	)		(2,173,787	)

Total distributions		(407,421,861	)		(423,950,513	)

Increase (decrease) in net assets from capital share transactions		218,701,098			(94,200,687	)

Total increase (decrease) in net assets		311,093,533			(459,925,383	)

Net Assets
Beginning of period		2,426,678,747			2,886,604,130

End of period	$	2,737,772,280		$	2,426,678,747

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		1,076,046		$	17,667,471			3,754,595		$	63,688,868
Reinvestments		18,843,331			271,532,403			17,099,361			285,901,316
Redemptions		(9,237,631	)		(152,564,626	)		(26,652,343	)		(471,395,522	)

Net increase (decrease)		10,681,746		$	136,635,248			(5,798,387	)	$	(121,805,338	)

Class B
Sales		1,723,894		$	27,331,208			4,409,354		$	72,845,490
Reinvestments		9,467,136			133,770,624			8,264,927			135,875,410
Redemptions		(4,981,835	)		(80,785,889	)		(10,768,477	)		(181,998,176	)

Net increase		6,209,195		$	80,315,943			1,905,804		$	26,722,724

Class E
Sales		90,307		$	1,462,968			238,032		$	4,078,585
Reinvestments		148,170			2,118,834			130,951			2,173,787
Redemptions		(113,498	)		(1,831,895	)		(320,539	)		(5,370,445	)

Net increase		124,979		$	1,749,907			48,444		$	881,927

Increase (decrease) derived from capital shares transactions				$	218,701,098					$	(94,200,687	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	14.50		$	16.85		$	13.25		$	15.30		$	16.23		$	15.82

Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.07			0.06			0.05			0.04			0.04
Net realized and unrealized gain (loss)		2.94			0.35			4.71			(0.16	)		1.67			1.26

Total income (loss) from investment operations		2.97			0.42			4.77			(0.11	)		1.71			1.30

Less Distributions
Distributions from net investment income		(0.08	)		(0.06	)		(0.05	)		(0.04	)		(0.05	)		(0.04	)
Distributions from net realized capital gains		(2.52	)		(2.71	)		(1.12	)		(1.90	)		(2.59	)		(0.85	)

Total distributions		(2.60	)		(2.77	)		(1.17	)		(1.94	)		(2.64	)		(0.89	)

Net Asset Value, End of Period	$	14.87		$	14.50		$	16.85		$	13.25		$	15.30		$	16.23

Total Return (%) (b)		21.03	(c)		0.35			37.32			0.17			10.78			9.06

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			0.54			0.55			0.54			0.54
Ratio of net investment income to average net assets (%)		0.41	(d)		0.44			0.36			0.35			0.27			0.26
Portfolio turnover rate (%)		17	(c)		26			35			25			28			25
Net assets, end of period (in millions)	$	1,825.5		$	1,625.6		$	1,986.1		$	1,786.2		$	1,897.1		$	2,047.5

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	14.24		$	16.59		$	13.06		$	15.11		$	16.05		$	15.66

Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.03			0.02			0.01			0.00	(f)		0.00	(f)
Net realized and unrealized gain (loss)		2.88			0.35			4.64			(0.16	)		1.65			1.25

Total income (loss) from investment operations		2.89			0.38			4.66			(0.15	)		1.65			1.25

Less Distributions
Distributions from net investment income		(0.03	)		(0.02	)		(0.01	)		(0.00	)(g)		(0.00	)(g)		(0.01	)
Distributions from net realized capital gains		(2.52	)		(2.71	)		(1.12	)		(1.90	)		(2.59	)		(0.85	)

Total distributions		(2.55	)		(2.73	)		(1.13	)		(1.90	)		(2.59	)		(0.86	)

Net Asset Value, End of Period	$	14.58		$	14.24		$	16.59		$	13.06		$	15.11		$	16.05

Total Return (%) (b)		20.89	(c)		0.11			36.99			(0.13	)		10.54			8.74

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			0.79			0.80			0.79			0.79
Ratio of net investment income to average net assets (%)		0.16	(d)		0.19			0.11			0.10			0.02			0.01
Portfolio turnover rate (%)		17	(c)		26			35			25			28			25
Net assets, end of period (in millions)	$	897.8		$	788.7		$	887.0		$	776.3		$	867.6		$	907.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights


Selected per share data
	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	14.39		$	16.74		$	13.17		$	15.22		$	16.15		$	15.75

Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.05			0.03			0.03			0.02			0.02
Net realized and unrealized gain (loss)		2.91			0.35			4.69			(0.16	)		1.66			1.25

Total income (loss) from investment operations		2.93			0.40			4.72			(0.13	)		1.68			1.27

Less Distributions
Distributions from net investment income		(0.05	)		(0.04	)		(0.03	)		(0.02	)		(0.02	)		(0.02	)
Distributions from net realized capital gains		(2.52	)		(2.71	)		(1.12	)		(1.90	)		(2.59	)		(0.85	)

Total distributions		(2.57	)		(2.75	)		(1.15	)		(1.92	)		(2.61	)		(0.87	)

Net Asset Value, End of Period	$	14.75		$	14.39		$	16.74		$	13.17		$	15.22		$	16.15

Total Return (%) (b)		20.92	(c)		0.22			37.12			(0.01	)		10.66			8.86

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			0.69			0.70			0.69			0.69
Ratio of net investment income to average net assets (%)		0.26	(d)		0.28			0.21			0.20			0.12			0.11
Portfolio turnover rate (%)		17	(c)		26			35			25			28			25
Net assets, end of period (in millions)	$	14.5		$	12.3		$	13.5		$	10.8		$	12.6		$	12.0


(a)		Per share amounts based on average shares outstanding during the period.
(b)		Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)		Periods less than one year are not computed on an annualized basis.
(d)		Computed on an annualized basis.
(e)		Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(f)		Net investment income (loss) was less than $0.01.
(g)		Distributions from net investment income were less than $0.01.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-13

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2019—(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.

BHFTII-14

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

Due to Custodian - Pursuant to the custodian agreement, the Custodian 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 the Custodian at the current rate of interest charged by the Custodian for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2019, the Portfolio had a payment of $17,070,470 due to the Custodian 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, 2019 If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2019. The Portfolio’s average overdraft advances during the period ended June 30, 2019 were not significant.

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $48,087,335. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $63,936,535. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, with a contractual maturity of overnight and continuous.

BHFTII-15

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2019—(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:

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	454,747,184	$	0	$	658,723,712

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$7,982,051		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-16

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2019—(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.


% per annum reduction		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 April 30, 2018 to April 30, 2019. Amounts waived for the six months ended June 30, 2019 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.

6. Contractual Obligations

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	2,028,157,162

Gross unrealized appreciation		1,094,410,034
Gross unrealized depreciation		(23,535,261	)

Net unrealized appreciation (depreciation)	$	1,070,874,773

BHFTII-17

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$10,269,055	$	6,823,313	$	413,681,458	$	197,511,795	$	423,950,513	$	204,335,108

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$9,759,883	$	397,334,198	$	771,277,525	$	—	$	1,178,371,606

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.

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-18

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, 2019, the Class A, B and E shares of the Loomis Sayles Small Cap Core Portfolio returned 19.52%, 19.38%, and 19.44%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 16.98%.

MARKET ENVIRONMENT / CONDITIONS

Stocks staged a remarkable rally to begin 2019, resulting in one of the best starts to a calendar year in decades regaining much of the ground lost during the fourth quarter of 2018. The rebound centered upon more dovish comments and policy from the Federal Reserve (“Fed”) regarding the path forward in interest rate normalization. This marked a notable reversal from the policy direction in late 2018, and seemed to stem from a modest downshift in global economic trends near the beginning of the year. With fears of potential Fed policy headwinds abated, interest rates declined across the yield curve and expanded valuation multiples drove equities higher. After a remarkable rally during the first nine weeks of 2019, U.S. stocks then trended flat to down through late May, reflecting softening global economic data, concerns over the Fed having “over tightened” in 2018, and heightened activity and rhetoric in regard to international trade and tariffs. By early June however, expectations for future easing by the Fed became the prevailing consensus belief, resulting in a downward shift in interest rates again and a re-steepening of the yield curve and a healthy recovery in stock prices to finish the quarter. U.S. stocks finished significantly higher for the period across all market cap ranges and investment styles. Of note was the outperformance of large cap stocks over small caps, with the S&P 500 Index up 18.5% for the period versus a 17.0% return of the small cap Russell 2000 Index, while growth stocks continued their dominance over value stocks across all market capitalizations. For the first six months of the year, small cap growth stocks as measured by the Russell 2000 Growth Index returned 20.4% compared to the Russell 2000 Value Index return of 13.5%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Loomis Sayles Small Cap Core Portfolio outperformed the Russell 2000 Index, net of fees, during the six months ended June 30, 2019. The Portfolio began the year with a slight performance advantage over the Index but as the second quarter unfolded, relative performance steadily improved as the market rewarded the stocks in the Portfolio. From a macro perspective, the Portfolio benefitted from being positioned in the upper half of the capitalization range as well as owning stocks with good profitability characteristics (such as high return on equity) while avoiding stocks with negative earnings which lagged the market. Over the six month period, stock selection was the primary driver of positive relative return versus the Index, while sector allocation had a small but positive effect. Good stock selection contributed to relative return in almost every economic sector with particular strength in the Industrials, Consumer Discretionary, Information Technology (“IT”) and Financials sectors while an overweight position in the Industrials and IT sectors added relative return as those were the two best performing sectors in the Index. The Health Care sector detracted from performance due to weak stock selection as did an overweight to the underperforming Consumer Staples sector.

The Portfolio’s top individual contributors include Euronet Worldwide, Armstrong World Industries and Catalent Inc. Euronet provides electronic financial transaction solutions worldwide offering money transfer (similar to Western Union) and managing ATM networks for itself and others. The company experienced strong performance in all of their operating segments, although electronic funds transfer has been especially strong in the wake of VISA permitting dynamic currency conversion on transactions globally. Armstrong World Industries is the global leader in commercial and residential ceiling and wall design and manufacturing. The stock performed well as a result of improving financial performance from new product introductions in its Mineral Fiber division, growing success from its Architectural Specialties division, and small acquisitions to complement its existing business. Catalent is the largest contract manufacturer of final dosage form drug compounds globally and has expanded its manufacturing and formulation expertise in biologics compounds. The company’s acquisition of Paragon Bioservices, a leading viral vector development and manufacturing company, was well received by investors.

The largest detractors to performance on a security level were Urban Outfitters, Green Dot Corporation and Vocera Communications. Urban Outfitters sells apparel and home merchandise mostly through its own retail stores and e-commerce sites. The company reported very disappointing first quarter results, and projected a weak financial outlook for the second quarter. Consumer finance company Green Dot reported results that were ahead of expectations for the most part, however guidance was disappointing. Growth was expected to moderate, particularly in active card users, and investors reacted negatively. Vocera Communications provides voice communication solutions for mobile workers primarily in the healthcare field. The cause of the downward volatility on the stock was a much more cautious view on 2019 revenue and earnings due to a product upgrade cycle and the possible disruption to the business as a result.

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 Arcosa Inc., Americold Realty Trust and ASGN Inc. Arcosa is a spin-off from Trinity Industries representing the specialty aggregates, rail components and inland barge construction businesses and stands to benefit from the expanding market for rail components and inland barges. Americold is the only publicly traded REIT focused on temperature controlled storage and food distribution and has created competitive advantages by using technology and logistics to become a value added part of the supply chain. ASGN is an IT and professional services staffing company and offers a differentiated service by providing project and budget tracking capabilities. Positions eliminated included:

BHFTII-1

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

CommVault Systems, Vocera Communications, and Green Dot Corp. CommVault provides mission critical software applications designed to protect and manage enterprise data and has been facing increasing competitive threats through new start-up companies in addition to challenges due to changes in the company’s sales force. The positions in Vocera Communications and Green Dot Corp were both sold after they triggered our stop-loss.

We manage the Portfolio in a bottom up fashion focusing on selecting stocks that fit our investment philosophy and process. The economic backdrop is a consideration in the analysis of each security’s investment potential, but we do not make portfolio or sector changes using a macro lens. Sector weight changes during the period ended June 30, 2019 were modest and reflected both our repositioning within the Portfolio as well as market impacts. As a result of individual stock selection, our weights in the IT and Financials sectors were reduced and our weights in the Industrials and Consumer Discretionary sectors increased.

Mark Burns

John Slavik

Joe Gatz

Jeff Schwatz

Portfolio Managers

Loomis, Sayles & Company, L.P.

BHFTII-2

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Core Portfolio
Class A		19.52		0.78		7.85		14.41
Class B		19.38		0.53		7.58		14.13
Class E		19.44		0.62		7.69		14.24
Russell 2000 Index		16.98		-3.31		7.06		13.45

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Harsco Corp.		1.2
ALLETE, Inc.		0.9
Viad Corp.		0.9
Apergy Corp.		0.9
Aerojet Rocketdyne Holdings, Inc.		0.8
Ingevity Corp.		0.8
Churchill Downs, Inc.		0.8
Nomad Foods, Ltd.		0.8
Chemical Financial Corp.		0.8
Littelfuse, Inc.		0.8

Top Sectors


	% of Net Assets
Industrials		19.9
Financials		18.6
Information Technology		16.1
Health Care		11.6
Consumer Discretionary		11.4
Real Estate		5.3
Consumer Staples		3.5
Utilities		3.4
Communication Services		2.9
Materials		2.9

BHFTII-3

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Loomis Sayles Small Cap Core Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.90	%	$	1,000.00	$	1,195.20	$	4.90
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.33	$	4.51

Class B (a)	Actual		1.15	%	$	1,000.00	$	1,193.80	$	6.26
	Hypothetical*		1.15	%	$	1,000.00	$	1,019.09	$	5.76

Class E (a)	Actual		1.05	%	$	1,000.00	$	1,194.40	$	5.71
	Hypothetical*		1.05	%	$	1,000.00	$	1,019.59	$	5.26

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

(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, 2019 (Unaudited)

Common Stocks—98.0% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—2.6%
AAR Corp.		30,384	$	1,117,827
Aerojet Rocketdyne Holdings, Inc. (a) (b)		80,335		3,596,598
Astronics Corp. (a)		27,856		1,120,368
BWX Technologies, Inc. (b)		28,779		1,499,386
Hexcel Corp.		23,186		1,875,284
Mercury Systems, Inc. (a)		27,880		1,961,358

				11,170,821


Air Freight & Logistics—0.2%
Air Transport Services Group, Inc. (a)		39,420		961,848


Auto Components—1.8%
Cooper Tire & Rubber Co. (b)		53,136		1,676,441
Fox Factory Holding Corp. (a)		34,239		2,825,060
LCI Industries		17,255		1,552,950
Stoneridge, Inc. (a)		44,914		1,417,036

				7,471,487


Banks—10.8%
Ameris Bancorp		50,596		1,982,857
BancorpSouth Bank		83,888		2,436,108
Bank OZK		39,676		1,193,851
Bryn Mawr Bank Corp.		59,197		2,209,232
Carolina Financial Corp.		27,114		951,430
Cathay General Bancorp		64,852		2,328,835
CenterState Bank Corp.		83,285		1,918,054
Chemical Financial Corp.		83,427		3,429,684
CVB Financial Corp.		110,656		2,327,096
First Financial Bancorp		90,458		2,190,893
First Financial Bankshares, Inc. (b)		55,236		1,700,716
Home BancShares, Inc. (b)		129,552		2,495,172
Iberiabank Corp.		35,130		2,664,610
PacWest Bancorp (b)		53,740		2,086,724
Pinnacle Financial Partners, Inc.		37,880		2,177,342
Popular, Inc.		57,298		3,107,843
Prosperity Bancshares, Inc.		42,944		2,836,451
Signature Bank		15,796		1,908,789
Texas Capital Bancshares, Inc. (a)		15,434		947,185
Triumph Bancorp, Inc. (a)		78,995		2,294,805
Wintrust Financial Corp.		40,182		2,939,715

				46,127,392


Beverages—0.5%
Cott Corp.		156,629		2,090,997


Biotechnology—2.1%
Aimmune Therapeutics, Inc. (a) (b)		38,854		808,940
Argenx SE (ADR) (a) (b)		10,965		1,552,425
Blueprint Medicines Corp. (a)		13,066		1,232,516
Genomic Health, Inc. (a)		21,044		1,224,129
Repligen Corp. (a) (b)		14,896		1,280,311
Ultragenyx Pharmaceutical, Inc. (a)		11,542		732,917
United Therapeutics Corp. (a)		12,826		1,001,198
Xencor, Inc. (a)		27,297		1,117,266

				8,949,702


Building Products—1.9%
AAON, Inc. (b)		32,092		1,610,377
American Woodmark Corp. (a)		16,146		1,366,274
Armstrong World Industries, Inc.		34,125		3,316,950
Trex Co., Inc. (a) (b)		24,639		1,766,616

				8,060,217


Capital Markets—1.0%
Donnelley Financial Solutions, Inc. (a)		122,388		1,632,656
Stifel Financial Corp.		46,489		2,745,640

				4,378,296


Chemicals—2.6%
AdvanSix, Inc. (a)		78,722		1,923,178
Ashland Global Holdings, Inc.		22,086		1,766,217
Cabot Corp.		40,908		1,951,721
Ingevity Corp. (a)		33,621		3,535,921
WR Grace & Co.		26,112		1,987,384

				11,164,421


Commercial Services & Supplies—2.7%
Clean Harbors, Inc. (a)		33,861		2,407,517
IAA, Inc. (a)		62,203		2,412,232
KAR Auction Services, Inc.		62,203		1,555,075
Kimball International, Inc. - Class B		74,366		1,296,200
Viad Corp.		58,200		3,855,168

				11,526,192


Communications Equipment—0.7%
Digi International, Inc. (a)		95,393		1,209,583
Viavi Solutions, Inc. (a)		119,300		1,585,497

				2,795,080


Construction & Engineering—0.8%
Arcosa, Inc.		66,800		2,513,684
Primoris Services Corp.		49,351		1,032,916

				3,546,600


Distributors—0.9%
Core-Mark Holding Co., Inc.		36,634		1,455,103
Pool Corp.		11,958		2,283,978

				3,739,081


Diversified Consumer Services—2.6%
Bright Horizons Family Solutions, Inc. (a)		11,154		1,682,804
Chegg, Inc. (a) (b)		44,132		1,703,054
frontdoor, Inc. (a)		47,665		2,075,811
Grand Canyon Education, Inc. (a)		18,671		2,184,880
Laureate Education, Inc. - Class A (a)		102,109		1,604,132
ServiceMaster Global Holdings, Inc. (a)		38,385		1,999,475

				11,250,156


Diversified Financial Services—0.6%
Cannae Holdings, Inc. (a)		89,256		2,586,639

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Diversified Telecommunication Services—1.4%
Bandwidth, Inc. - Class A (a)		15,167	$	1,137,828
Cogent Communications Holdings, Inc.		26,396		1,566,867
GCI Liberty, Inc. - Class A (a) (b)		53,435		3,284,115

				5,988,810


Electric Utilities—0.9%
ALLETE, Inc.		48,118		4,003,899


Electrical Equipment—0.9%
Generac Holdings, Inc. (a)		31,090		2,157,957
TPI Composites, Inc. (a) (b)		74,238		1,835,163

				3,993,120


Electronic Equipment, Instruments & Components—2.5%
Kimball Electronics, Inc. (a)		38,991		633,214
Littelfuse, Inc.		18,772		3,320,954
Methode Electronics, Inc.		57,982		1,656,546
Novanta, Inc. (a)		18,877		1,780,101
Rogers Corp. (a)		11,165		1,926,856
TTM Technologies, Inc. (a) (b)		142,903		1,457,611

				10,775,282


Energy Equipment & Services—1.7%
Apergy Corp. (a)		111,890		3,752,791
C&J Energy Services, Inc. (a)		56,440		664,863
Cactus, Inc. - Class A (a)		40,939		1,355,900
DMC Global, Inc.		12,270		777,304
KLX Energy Services Holdings, Inc. (a)		42,127		860,655

				7,411,513


Entertainment—0.6%
IMAX Corp. (a)		65,011		1,313,222
Liberty Braves Group - Class C (a)		46,198		1,292,158

				2,605,380


Equity Real Estate Investment Trusts—5.3%
American Campus Communities, Inc.		38,783		1,790,223
Americold Realty Trust		65,646		2,128,243
Corepoint Lodging, Inc.		64,095		794,137
CubeSmart		63,463		2,122,203
CyrusOne, Inc. (b)		31,272		1,805,020
Essential Properties Realty Trust, Inc.		87,305		1,749,592
JBG SMITH Properties		57,281		2,253,435
National Retail Properties, Inc. (b)		31,847		1,688,209
Outfront Media, Inc.		48,500		1,250,815
Retail Opportunity Investments Corp.		134,574		2,305,253
Rexford Industrial Realty, Inc.		65,662		2,650,775
Ryman Hospitality Properties, Inc.		25,498		2,067,633

				22,605,538


Food & Staples Retailing—0.3%
Chefs’ Warehouse, Inc. (The) (a)		34,553		1,211,774


Food Products—2.7%
Darling Ingredients, Inc. (a)		78,726		1,565,860

Food Products—(Continued)
Freshpet, Inc. (a) (b)		40,939		1,863,134
J&J Snack Foods Corp.		15,915		2,561,519
Nomad Foods, Ltd. (a)		162,805		3,477,515
Post Holdings, Inc. (a)		19,974		2,076,697

				11,544,725


Health Care Equipment & Supplies—3.8%
AtriCure, Inc. (a)		48,721		1,453,835
Avanos Medical, Inc. (a)		45,994		2,005,798
CONMED Corp.		19,565		1,674,177
Insulet Corp. (a) (b)		20,256		2,418,161
Merit Medical Systems, Inc. (a)		28,217		1,680,605
Penumbra, Inc. (a) (b)		7,255		1,160,800
Quidel Corp. (a)		27,030		1,603,420
Varex Imaging Corp. (a)		68,337		2,094,529
Wright Medical Group NV (a) (b)		63,887		1,905,110

				15,996,435


Health Care Providers & Services—1.5%
Amedisys, Inc. (a)		12,040		1,461,776
AMN Healthcare Services, Inc. (a)		35,597		1,931,137
BioTelemetry, Inc. (a)		24,590		1,184,009
LHC Group, Inc. (a) (b)		14,495		1,733,312

				6,310,234


Health Care Technology—0.7%
HMS Holdings Corp. (a)		36,920		1,195,839
Medidata Solutions, Inc. (a)		17,498		1,583,744

				2,779,583


Hotels, Restaurants & Leisure—2.9%
Churchill Downs, Inc.		30,462		3,505,262
Cracker Barrel Old Country Store, Inc. (b)		7,288		1,244,280
Marriott Vacations Worldwide Corp.		28,405		2,738,242
Planet Fitness, Inc. - Class A (a)		25,542		1,850,263
PlayAGS, Inc. (a)		54,350		1,057,108
Wingstop, Inc.		22,300		2,112,925

				12,508,080


Household Durables—0.5%
Helen of Troy, Ltd. (a) (b)		15,831		2,067,370


Independent Power and Renewable Electricity Producers—1.3%
NextEra Energy Partners LP (b)		56,995		2,750,009
Vistra Energy Corp.		114,360		2,589,110

				5,339,119


Industrial Conglomerates—0.5%
Raven Industries, Inc.		59,151		2,122,338


Insurance—4.3%
Employers Holdings, Inc.		65,494		2,768,431
First American Financial Corp.		48,823		2,621,795
Goosehead Insurance, Inc. - Class A (b)		43,869		2,096,938

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Insurance—(Continued)
James River Group Holdings, Ltd.		21,495	$	1,008,116
Kinsale Capital Group, Inc.		29,752		2,721,713
ProAssurance Corp.		47,449		1,713,384
Reinsurance Group of America, Inc.		19,152		2,988,287
Stewart Information Services Corp.		19,533		790,891
Trupanion, Inc. (a) (b)		42,826		1,547,303

				18,256,858


Internet & Direct Marketing Retail—0.3%
Qurate Retail, Inc. (a)		103,173		1,278,313


IT Services—5.5%
Conduent, Inc. (a)		145,416		1,394,540
CSG Systems International, Inc.		39,060		1,907,300
Euronet Worldwide, Inc. (a)		19,030		3,201,607
EVERTEC, Inc.		35,350		1,155,945
Evo Payments, Inc. - Class A (a) (b)		50,764		1,600,589
Genpact, Ltd.		82,491		3,142,082
InterXion Holding NV (a)		28,324		2,155,173
Perspecta, Inc.		82,286		1,926,315
Virtusa Corp. (a)		31,196		1,386,038
WEX, Inc. (a)		14,178		2,950,442
WNS Holdings, Ltd. (ADR) (a)		40,832		2,417,254

				23,237,285


Leisure Products—0.2%
Malibu Boats, Inc. - Class A (a)		23,161		899,805


Life Sciences Tools & Services—1.5%
Adaptive Biotechnologies Corp. (a)		17,617		850,901
Cambrex Corp. (a)		45,069		2,109,680
NeoGenomics, Inc. (a) (b)		59,750		1,310,915
PRA Health Sciences, Inc. (a)		20,954		2,077,589

				6,349,085


Machinery—5.8%
Alamo Group, Inc.		21,639		2,162,385
Albany International Corp. - Class A		26,264		2,177,548
Altra Industrial Motion Corp.		58,315		2,092,342
Chart Industries, Inc. (a)		21,881		1,682,211
Columbus McKinnon Corp.		60,543		2,540,990
Harsco Corp. (a)		185,783		5,097,885
John Bean Technologies Corp.		13,507		1,636,103
Kadant, Inc.		24,343		2,210,588
Kornit Digital, Ltd. (a)		47,020		1,488,653
Proto Labs, Inc. (a)		12,984		1,506,404
RBC Bearings, Inc. (a)		11,818		1,971,361

				24,566,470


Marine—0.4%
Kirby Corp. (a)		20,458		1,616,182


Media—0.9%
Gray Television, Inc. (a)		149,817		2,455,501
John Wiley & Sons, Inc. - Class A		30,665		1,406,297

				3,861,798


Metals & Mining—0.3%
Ferroglobe Representation & Warranty Insurance Trust (a)		141,548		0
Haynes International, Inc.		37,282		1,185,940

				1,185,940


Multi-Utilities—1.2%
MDU Resources Group, Inc.		81,083		2,091,941
NorthWestern Corp. (b)		42,410		3,059,882

				5,151,823


Multiline Retail—0.3%
Big Lots, Inc. (b)		50,203		1,436,308


Oil, Gas & Consumable Fuels—0.7%
SRC Energy, Inc. (a)		203,619		1,009,950
Viper Energy Partners LP		62,768		1,934,510

				2,944,460


Pharmaceuticals—2.1%
Catalent, Inc. (a)		55,032		2,983,285
Horizon Therapeutics plc (a)		44,280		1,065,377
MyoKardia, Inc. (a) (b)		14,297		716,852
Reata Pharmaceuticals, Inc. - Class A (a) (b)		10,358		977,277
Supernus Pharmaceuticals, Inc. (a)		70,814		2,343,235
Zogenix, Inc. (a)		17,649		843,269

				8,929,295


Professional Services—2.5%
ASGN, Inc. (a)		33,898		2,054,219
Clarivate Analytics plc (a) (b)		88,513		1,361,330
Huron Consulting Group, Inc. (a)		27,774		1,399,254
ICF International, Inc.		18,844		1,371,843
Insperity, Inc.		22,037		2,691,599
Korn/Ferry International		48,732		1,952,692

				10,830,937


Road & Rail—1.0%
Genesee & Wyoming, Inc. - Class A (a)		25,532		2,553,200
Old Dominion Freight Line, Inc.		11,243		1,678,130

				4,231,330


Semiconductors & Semiconductor Equipment—2.0%
Advanced Energy Industries, Inc. (a)		36,828		2,072,311
Mellanox Technologies, Ltd. (a)		18,748		2,074,841
Monolithic Power Systems, Inc.		12,229		1,660,454
Silicon Laboratories, Inc. (a)		15,512		1,603,941
Versum Materials, Inc.		22,528		1,161,994

				8,573,541


Software—5.1%
ACI Worldwide, Inc. (a)		37,928		1,302,448
Cornerstone OnDemand, Inc. (a)		18,442		1,068,345
Envestnet, Inc. (a)		26,248		1,794,576
Five9, Inc. (a)		35,588		1,825,308
Globant S.A. (a)		13,129		1,326,685

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Software—(Continued)
Guidewire Software, Inc. (a)		15,881	$	1,610,016
HubSpot, Inc. (a) (b)		9,898		1,687,807
LogMeIn, Inc.		18,215		1,342,081
Mimecast, Ltd. (a)		33,404		1,560,301
PROS Holdings, Inc. (a)		12,065		763,232
Q2 Holdings, Inc. (a)		25,221		1,925,876
Rapid7, Inc. (a)		33,446		1,934,517
RealPage, Inc. (a) (b)		28,857		1,698,234
Verint Systems, Inc. (a)		38,164		2,052,460

				21,891,886


Specialty Retail—1.2%
Aaron’s, Inc.		40,040		2,458,856
National Vision Holdings, Inc. (a) (b)		31,205		958,930
Urban Outfitters, Inc. (a)		68,424		1,556,646

				4,974,432


Technology Hardware, Storage & Peripherals—0.4%
Cray, Inc. (a)		42,608		1,483,611


Textiles, Apparel & Luxury Goods—0.7%
Columbia Sportswear Co.		18,400		1,842,944
Steven Madden, Ltd.		39,223		1,331,621

				3,174,565


Thrifts & Mortgage Finance—1.8%
Essent Group, Ltd. (a)		24,089		1,131,942
Federal Agricultural Mortgage Corp. - Class C		21,608		1,570,037
Meta Financial Group, Inc.		62,223		1,745,355
NMI Holdings, Inc. - Class A (a)		47,455		1,347,248
OceanFirst Financial Corp.		78,960		1,962,156

				7,756,738


Trading Companies & Distributors—0.5%
SiteOne Landscape Supply, Inc. (a) (b)		28,791		1,995,216

Total Common Stocks (Cost $294,705,654)				417,708,007


Short-Term Investment—2.1%

Repurchase Agreement—2.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $8,928,084; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $9,107,414.		8,927,192		8,927,192

Total Short-Term Investments (Cost $8,927,192)				8,927,192



Securities Lending Reinvestments (c)—9.7%
Security Description	Principal Amount*		Value

Certificates of Deposit—3.3%
Banco Santander S.A. 2.590%, 07/16/19		1,000,000	$	1,000,129
Barclays Bank plc 2.950%, 08/02/19		1,000,000		1,000,526
BNP Paribas S.A. New York 2.534%, 1M LIBOR + 0.140%, 09/16/19 (d)		1,500,000		1,500,063
2.615%, 3M LIBOR + 0.050%, 11/06/19 (d)		1,000,000		1,000,368
Credit Industriel et Commercial 2.600%, 1M LIBOR + 0.160%, 01/03/20 (d)		1,000,000		1,000,161
Industrial & Commercial Bank of China, Ltd. 2.630%, 08/28/19		1,000,000		1,000,328
2.670%, 07/25/19		1,000,000		1,000,194
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/09/19		993,475		997,270
Mizuho Bank, Ltd. 2.573%, 1M LIBOR + 0.160%, 09/12/19 (d)		1,000,000		1,000,258
Sumitomo Mitsui Trust Bank, Ltd. Zero Coupon, 08/08/19		986,362		997,340
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (d)		1,000,000		1,000,135
Wells Fargo Bank N.A. 2.721%, 3M LIBOR + 0.140%, 07/11/19 (d)		2,500,000		2,499,878

				13,996,650


Commercial Paper—1.3%
Bank of China, Ltd. 2.670%, 07/16/19		993,325		998,703
China Construction Bank Corp. 2.650%, 07/26/19		993,522		997,983
2.685%, 07/03/19		1,489,931		1,499,457
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (d)		1,000,000		1,000,199
Toronto-Dominion Bank 2.780%, 1M LIBOR + 0.350%, 11/05/19 (d)		1,000,000		1,000,975

				5,497,317


Repurchase Agreements—5.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $3,641,613; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $3,713,733.		3,640,915		3,640,915
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.460%, due on 07/01/19 with a maturity value of $3,000,615; collateralized by various Common Stock with an aggregate market value of $3,300,001.		3,000,000		3,000,000
Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $201,467; collateralized by various Common Stock with an aggregate market value of $220,000.		200,000		200,000

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, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $4,031,020; collateralized by various Common Stock with an aggregate market value of $4,401,090.		4,000,000	$	4,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $1,002,635; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $200,537; collateralized by various Common Stock with an aggregate market value of $220,000.		200,000		200,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $1,300,282; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $1,326,000.		1,300,000		1,300,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $100,023; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $102,001.		100,000		100,000
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $800,169; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $819,228.		800,000		800,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $2,000,996; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $2,188,624.		2,000,000		2,000,000
Societe Generale Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $2,200,453; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,370,650.		2,200,000		2,200,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $2,500,515; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,693,920.		2,500,000		2,500,000

Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of 1,000,486; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,077,568.		1,000,000		1,000,000

				21,940,915

Total Securities Lending Reinvestments (Cost $41,432,110)				41,434,882

Total Investments—109.8% (Cost $345,064,956)				468,070,081
Other assets and liabilities (net)—(9.8)%				(41,785,244	)

Net Assets—100.0%			$	426,284,837


*		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, 2019, the market value of securities loaned was $41,666,498 and the collateral received consisted of cash in the amount of $41,397,531 and non-cash collateral with a value of $859,805. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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
(LIBOR)—		London Interbank Offered Rate

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, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	11,170,821	$	—	$	—	$	11,170,821
Air Freight & Logistics		961,848		—		—		961,848
Auto Components		7,471,487		—		—		7,471,487
Banks		46,127,392		—		—		46,127,392
Beverages		2,090,997		—		—		2,090,997
Biotechnology		8,949,702		—		—		8,949,702
Building Products		8,060,217		—		—		8,060,217
Capital Markets		4,378,296		—		—		4,378,296
Chemicals		11,164,421		—		—		11,164,421
Commercial Services & Supplies		11,526,192		—		—		11,526,192
Communications Equipment		2,795,080		—		—		2,795,080
Construction & Engineering		3,546,600		—		—		3,546,600
Distributors		3,739,081		—		—		3,739,081
Diversified Consumer Services		11,250,156		—		—		11,250,156
Diversified Financial Services		2,586,639		—		—		2,586,639
Diversified Telecommunication Services		5,988,810		—		—		5,988,810
Electric Utilities		4,003,899		—		—		4,003,899
Electrical Equipment		3,993,120		—		—		3,993,120
Electronic Equipment, Instruments & Components		10,775,282		—		—		10,775,282
Energy Equipment & Services		7,411,513		—		—		7,411,513
Entertainment		2,605,380		—		—		2,605,380
Equity Real Estate Investment Trusts		20,855,946		—		—		20,855,946
Food & Staples Retailing		1,211,774		—		—		1,211,774
Food Products		11,544,725		—		—		11,544,725
Health Care Equipment & Supplies		15,996,435		—		—		15,996,435
Health Care Providers & Services		6,310,234		—		—		6,310,234
Health Care Technology		2,779,583		—		—		2,779,583
Hotels, Restaurants & Leisure		12,508,080		—		—		12,508,080
Household Durables		2,067,370		—		—		2,067,370
Independent Power and Renewable Electricity Producers		5,339,119		—		—		5,339,119
Industrial Conglomerates		2,122,338		—		—		2,122,338
Insurance		18,256,858		—		—		18,256,858
Internet & Direct Marketing Retail		1,278,313		—		—		1,278,313
IT Services		23,237,285		—		—		23,237,285
Leisure Products		899,805		—		—		899,805
Life Sciences Tools & Services		6,349,085		—		—		6,349,085
Machinery		24,566,470		—		—		24,566,470
Marine		1,616,182		—		—		1,616,182
Media		3,861,798		—		—		3,861,798
Metals & Mining		1,185,940		0		—		1,185,940
Multi-Utilities		5,151,823		—		—		5,151,823

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, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1		Level 2			Level 3		Total
Multiline Retail	$	1,436,308	$	—		$	—	$	1,436,308
Oil, Gas & Consumable Fuels		2,944,460		—			—		2,944,460
Pharmaceuticals		8,929,295		—			—		8,929,295
Professional Services		10,830,937		—			—		10,830,937
Real Estate Management & Development		1,749,592		—			—		1,749,592
Road & Rail		4,231,330		—			—		4,231,330
Semiconductors & Semiconductor Equipment		8,573,541		—			—		8,573,541
Software		21,891,886		—			—		21,891,886
Specialty Retail		4,974,432		—			—		4,974,432
Technology Hardware, Storage & Peripherals		1,483,611		—			—		1,483,611
Textiles, Apparel & Luxury Goods		3,174,565		—			—		3,174,565
Thrifts & Mortgage Finance		7,756,738		—			—		7,756,738
Trading Companies & Distributors		1,995,216		—			—		1,995,216
Total Common Stocks		417,708,007		0			—		417,708,007
Total Short-Term Investment*		—		8,927,192			—		8,927,192
Total Securities Lending Reinvestments*		—		41,434,882			—		41,434,882
Total Investments	$	417,708,007	$	50,362,074		$	—	$	468,070,081

Collateral for Securities Loaned (Liability)	$	—	$	(41,397,531	)	$	—	$	(41,397,531	)


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	468,070,081
Receivable for:
Investments sold		2,244,889
Fund shares sold		8,280
Dividends and interest		254,757

Total Assets		470,578,007
Liabilities
Collateral for securities loaned		41,397,531
Payables for:
Investments purchased		2,132,765
Fund shares redeemed		194,246
Accrued Expenses:
Management fees		280,932
Distribution and service fees		31,958
Deferred trustees’ fees		126,759
Other expenses		128,979

Total Liabilities		44,293,170

Net Assets	$	426,284,837

Net Assets Consist of:
Paid in surplus	$	288,486,467
Distributable earnings (Accumulated losses)		137,798,370

Net Assets	$	426,284,837

Net Assets
Class A	$	256,305,896
Class B		144,480,079
Class E		25,498,862
Capital Shares Outstanding*
Class A		1,024,398
Class B		615,666
Class E		105,722
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	250.20
Class B		234.67
Class E		241.19


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $345,064,956.
(b)		Includes securities loaned at value of $41,666,498.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	2,164,455
Interest		56,911
Securities lending income		141,094

Total investment income		2,362,460
Expenses
Management fees		1,874,544
Administration fees		14,483
Custodian and accounting fees		24,766
Distribution and service fees—Class B		178,963
Distribution and service fees—Class E		18,728
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,323
Shareholder reporting		35,743
Insurance		1,521
Miscellaneous		6,515

Total expenses		2,231,195
Less management fee waiver		(158,694	)
Less broker commission recapture		(7,990	)

Net expenses		2,064,511

Net Investment Income		297,949

Net Realized and Unrealized Gain
Net realized gain on investments		14,279,883

Net change in unrealized appreciation on investments		58,054,408

Net realized and unrealized gain		72,334,291

Net Increase in Net Assets From Operations	$	72,632,240


(a)		Net of foreign withholding taxes of $6,257.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	297,949		$	710,295
Net realized gain		14,279,883			43,535,043
Net change in unrealized appreciation (depreciation)		58,054,408			(89,313,058	)

Increase (decrease) in net assets from operations		72,632,240			(45,067,720	)

From Distributions to Shareholders
Class A		(25,884,110	)		(27,661,814	)
Class B		(15,417,579	)		(17,342,821	)
Class E		(2,653,527	)		(3,031,392	)

Total distributions		(43,955,216	)		(48,036,027	)

Increase (decrease) in net assets from capital share transactions		19,872,582			(4,654,482	)

Total increase (decrease) in net assets		48,549,606			(97,758,229	)

Net Assets
Beginning of period		377,735,231			475,493,460

End of period	$	426,284,837		$	377,735,231

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		6,576		$	1,718,906			16,347		$	4,466,196
Reinvestments		106,291			25,884,110			97,804			27,661,814
Redemptions		(47,840	)		(12,565,699	)		(100,405	)		(28,654,796	)

Net increase		65,027		$	15,037,317			13,746		$	3,473,214

Class B
Sales		6,813		$	1,629,220			19,187		$	4,858,923
Reinvestments		67,493			15,417,579			64,785			17,342,821
Redemptions		(52,757	)		(13,245,459	)		(104,241	)		(28,540,326	)

Net increase (decrease)		21,549		$	3,801,340			(20,269	)	$	(6,338,582	)

Class E
Sales		410		$	100,885			3,267		$	847,332
Reinvestments		11,303			2,653,527			11,062			3,031,392
Redemptions		(6,737	)		(1,720,487	)		(20,683	)		(5,667,838	)

Net increase (decrease)		4,976		$	1,033,925			(6,354	)	$	(1,789,114	)

Increase (decrease) derived from capital shares transactions				$	19,872,582					$	(4,654,482	)

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	233.39		$	290.82		$	270.77		$	250.78		$	290.12		$	322.61

Income (Loss) from Investment Operations
Net investment income (a)		0.31			0.72			0.48			1.15	(b)		1.19			0.91
Net realized and unrealized gain (loss)		44.49			(27.59	)		38.81			43.25			(2.32	)		8.06

Total income (loss) from investment operations		44.80			(26.87	)		39.29			44.40			(1.13	)		8.97

Less Distributions
Distributions from net investment income		(0.08	)		(0.06	)		(0.83	)		(0.85	)		(0.46	)		(0.14	)
Distributions from net realized capital gains		(27.91	)		(30.50	)		(18.41	)		(23.56	)		(37.75	)		(41.32	)

Total distributions		(27.99	)		(30.56	)		(19.24	)		(24.41	)		(38.21	)		(41.46	)

Net Asset Value, End of Period	$	250.20		$	233.39		$	290.82		$	270.77		$	250.78		$	290.12

Total Return (%) (c)		19.52	(d)		(11.07	)		15.24			19.27			(1.50	)		3.76

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98	(e)		0.96			0.96			0.96			0.96			0.96
Net ratio of expenses to average net assets (%) (f)		0.90	(e)		0.88			0.89			0.88			0.88			0.88
Ratio of net investment income to average net assets (%)		0.24	(e)		0.25			0.17			0.47	(b)		0.43			0.31
Portfolio turnover rate (%)		16	(d)		30			28			34			36			35
Net assets, end of period (in millions)	$	256.3		$	223.9		$	275.0		$	261.9		$	241.5		$	269.1

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	220.60		$	277.03		$	258.82		$	240.67		$	280.08		$	313.49

Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.00	)(g)		(0.21	)		0.51	(b)		0.48			0.18
Net realized and unrealized gain (loss)		42.00			(25.93	)		37.02			41.37			(2.14	)		7.73

Total income (loss) from investment operations		41.98			(25.93	)		36.81			41.88			(1.66	)		7.91

Less Distributions
Distributions from net investment income		0.00			0.00			(0.19	)		(0.17	)		0.00			0.00
Distributions from net realized capital gains		(27.91	)		(30.50	)		(18.41	)		(23.56	)		(37.75	)		(41.32	)

Total distributions		(27.91	)		(30.50	)		(18.60	)		(23.73	)		(37.75	)		(41.32	)

Net Asset Value, End of Period	$	234.67		$	220.60		$	277.03		$	258.82		$	240.67		$	280.08

Total Return (%) (c)		19.38	(d)		(11.30	)		14.96			18.97			(1.74	)		3.50

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.23	(e)		1.21			1.21			1.21			1.21			1.21
Net ratio of expenses to average net assets (%) (f)		1.15	(e)		1.13			1.14			1.13			1.13			1.13
Ratio of net investment income (loss) to average net assets (%)		(0.01	)(e)		(0.00	)(h)		(0.08	)		0.22	(b)		0.18			0.06
Portfolio turnover rate (%)		16	(d)		30			28			34			36			35
Net assets, end of period (in millions)	$	144.5		$	131.1		$	170.2		$	167.5		$	157.9		$	179.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights


Selected per share data
	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	225.95		$	282.79		$	263.82		$	244.89		$	284.11		$	317.10

Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.27			0.05			0.76	(b)		0.76			0.46
Net realized and unrealized gain (loss)		43.04			(26.61	)		37.77			42.15			(2.23	)		7.87

Total income (loss) from investment operations		43.15			(26.34	)		37.82			42.91			(1.47	)		8.33

Less Distributions
Distributions from net investment income		0.00			0.00			(0.44	)		(0.42	)		0.00			0.00
Distributions from net realized capital gains		(27.91	)		(30.50	)		(18.41	)		(23.56	)		(37.75	)		(41.32	)

Total distributions		(27.91	)		(30.50	)		(18.85	)		(23.98	)		(37.75	)		(41.32	)

Net Asset Value, End of Period	$	241.19		$	225.95		$	282.79		$	263.82		$	244.89		$	284.11

Total Return (%) (c)		19.44	(d)		(11.21	)		15.07			19.09			(1.64	)		3.60

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.13	(e)		1.11			1.11			1.11			1.11			1.11
Net ratio of expenses to average net assets (%) (f)		1.05	(e)		1.03			1.04			1.03			1.03			1.03
Ratio of net investment income to average net assets (%)		0.09	(e)		0.10			0.02			0.31	(b)		0.28			0.16
Portfolio turnover rate (%)		16	(d)		30			28			34			36			35
Net assets, end of period (in millions)	$	25.5		$	22.8		$	30.3		$	30.9		$	29.1		$	33.9


(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 $0.03 per share and 0.01% of average net assets, respectively.
(c)		Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)		Periods less than one year are not computed on an annualized basis.
(e)		Computed on an annualized basis.
(f)		Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)		Net investment income (loss) was less than $0.01.
(h)		Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-16

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-17

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $8,927,192. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $21,940,915. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, 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:

BHFTII-18

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	64,263,198	$	0	$	87,247,768

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$1,874,544		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.


% per annum reduction		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

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-19

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

6. Contractual Obligations

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	344,743,192

Gross unrealized appreciation		134,528,681
Gross unrealized depreciation		(11,201,792	)

Net unrealized appreciation (depreciation)	$	123,326,889

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$469,010	$	931,074	$	47,567,017	$	30,355,047	$	48,036,027	$	31,286,121

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$386,930	$	43,573,565	$	65,272,481	$	—	$	109,232,976

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.

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-20

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, 2019, the Class A, B and E shares of the Loomis Sayles Small Cap Growth Portfolio returned 22.00%, 21.85%, and 21.92%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 20.36%.

MARKET ENVIRONMENT / CONDITIONS

Stocks staged a remarkable rally to begin 2019, resulting in one of the best starts to a calendar year in decades regaining much of the ground lost during the fourth quarter of 2018. The rebound centered upon more dovish comments and policy from the Federal Reserve (the “Fed”) regarding the path forward in interest rate normalization. This marked a notable reversal from the policy direction in late 2018 and seemed to stem from a modest downshift in global economic trends near the beginning of the year. With fears of potential Fed policy headwinds abated, interest rates declined across the yield curve and expanded valuation multiples drove equities higher. After a remarkable rally during the first nine weeks of 2019, U.S. stocks then trended flat to down through late May, reflecting softening global economic data, concerns over the Fed having “over tightened” in 2018, and heightened activity and rhetoric regarding international trade and tariffs. By early June however, expectations for future easing by the Fed became the prevailing consensus belief, resulting in a downward shift in interest rates again and a re-steepening of the yield curve and a healthy recovery in stock prices to finish the quarter. U.S. stocks finished significantly higher for the period across all market cap ranges and investment styles. Of note was the outperformance of large cap stocks over small caps, with the S&P 500 Index up 18.5% for the period versus a 17.0% return of the small cap Russell 2000 Index, while growth stocks continued their dominance over value stocks across all market capitalizations. For the first six months of the year, small cap growth stocks as measured by the Russell 2000 Growth Index returned 20.4% compared to the Russell 2000 Value Index return of 13.5%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio posted a return of 22.00%, outperforming the Russell 2000 Growth Index over the first six months of the year. The excess returns were due primarily to stock selection within the Information Technology (“IT”) and Financials sectors. Stock selection in the Health Care sector detracted from performance.

The Portfolio’s top contributors to performance were Rapid7, Kinsale Capital Group and Q2 Holdings. Security software company Rapid7 reported strong results during the period as it continued to effectively execute its transition to a subscription-based revenue model. Kinsale Capital Group is a property and casualty insurance company focused on the excess and supply market. The company reported strong results with robust premium growth that accelerated as competition exited the market. Q2 Holdings, a cloud based digital banking software provider, was another strong performer. The company reported accelerating sales growth and expanded its addressable market through thoughtful acquisitions.

The largest detractors to performance were Green Dot Corporation, Vocera Communications and PlayAGS. Consumer finance company Green Dot reported results that were ahead of expectations, however, guidance was disappointing. The company’s growth was expected to moderate, particularly in active card users, and investors reacted negatively. Vocera Communications provides software and communications systems to health care facilities. The company provided disappointing guidance due to a product transition. Green Dot and Vocera were both sold after they triggered our stop-loss during the period. PlayAGS designs and supplies electronic gaming machines and other products to the gaming industry. The company reported revenues that were just short of expectations as weather and geographic mix of sales weighed on results.

There were some changes to the Portfolio’s sector weights during the six-month period ended June 30, 2019. The most significant absolute weighting change was to Industrials, where the exposure increased. This increase was due largely to market action, along with a new purchase in the air freight and logistics group. The relative weightings changed more over this time period, due largely to the Russell 2000 Growth Index rebalance, which happened on June 28, 2019. As a result of the rebalance, the Portfolio’s overweight to the Consumer Discretionary sector increased; an overweight to the IT sector decreased and an underweight to the Health Care sector

BHFTII-1

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

increased significantly. The majority of the underweight in the Health Care sector is due to the Portfolio’s underweight position in the biotechnology industry. As always, the sector weights in the Portfolio are the result of individual investment decisions.

Mark Burns

John Slavik

Portfolio Managers

Loomis, Sayles & Company L.P.

BHFTII-2

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Growth Portfolio
Class A		22.00		6.71		11.54		16.84
Class B		21.85		6.43		11.26		16.54
Class E		21.92		6.50		11.37		16.67
Russell 2000 Growth Index		20.36		-0.49		8.63		14.41

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Kinsale Capital Group, Inc.		1.9
Insulet Corp.		1.7
WNS Holdings, Ltd. (ADR)		1.7
Pool Corp.		1.6
Grand Canyon Education, Inc.		1.5
Albany International Corp. - Class A		1.5
Generac Holdings, Inc.		1.5
InterXion Holding NV		1.5
Wingstop, Inc.		1.5
Goosehead Insurance, Inc. - Class A		1.5

Top Sectors


	% of Net Assets
Health Care		23.7
Information Technology		22.3
Industrials		20.3
Consumer Discretionary		15.2
Financials		7.7
Communication Services		2.8
Energy		2.2
Consumer Staples		2.1
Materials		1.3

BHFTII-3

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Loomis Sayles Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.89	%	$	1,000.00	$	1,220.00	$	4.90
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46

Class B (a)	Actual		1.14	%	$	1,000.00	$	1,218.50	$	6.27
	Hypothetical*		1.14	%	$	1,000.00	$	1,019.14	$	5.71

Class E (a)	Actual		1.04	%	$	1,000.00	$	1,219.20	$	5.72
	Hypothetical*		1.04	%	$	1,000.00	$	1,019.64	$	5.21

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

(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 Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—97.7% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—4.2%
AAR Corp.		75,942	$	2,793,906
Astronics Corp. (a)		69,623		2,800,237
Hexcel Corp.		57,952		4,687,158
Mercury Systems, Inc. (a)		69,539		4,892,069

				15,173,370


Air Freight & Logistics—0.7%
Air Transport Services Group, Inc. (a)		98,528		2,404,083


Auto Components—1.5%
Fox Factory Holding Corp. (a)		23,984		1,978,920
Stoneridge, Inc. (a)		112,260		3,541,803

				5,520,723


Banks—0.8%
Chemical Financial Corp.		68,167		2,802,345


Biotechnology—5.6%
Aimmune Therapeutics, Inc. (a) (b)		97,112		2,021,872
Argenx SE (ADR) (a)		27,407		3,880,283
Blueprint Medicines Corp. (a)		32,658		3,080,629
Genomic Health, Inc. (a)		52,597		3,059,568
Repligen Corp. (a)		37,232		3,200,090
Ultragenyx Pharmaceutical, Inc. (a)		28,846		1,831,721
Xencor, Inc. (a)		68,226		2,792,490

				19,866,653


Building Products—2.4%
AAON, Inc. (b)		80,209		4,024,888
Trex Co., Inc. (a) (b)		61,583		4,415,501

				8,440,389


Chemicals—1.3%
Ingevity Corp. (a)		44,945		4,726,866


Construction & Engineering—0.7%
Primoris Services Corp.		123,350		2,581,716


Distributors—1.6%
Pool Corp.		29,888		5,708,608


Diversified Consumer Services—5.0%
Bright Horizons Family Solutions, Inc. (a)		27,878		4,205,954
Chegg, Inc. (a)		110,303		4,256,593
Grand Canyon Education, Inc. (a)		46,669		5,461,206
Laureate Education, Inc. - Class A (a)		255,213		4,009,396

				17,933,149


Diversified Telecommunication Services—1.9%
Bandwidth, Inc. - Class A (a)		37,910		2,844,008
Cogent Communications Holdings, Inc.		65,972		3,916,098

				6,760,106


Electrical Equipment—1.5%
Generac Holdings, Inc. (a)		77,707	$	5,393,643


Electronic Equipment, Instruments & Components—1.9%
Novanta, Inc. (a)		47,182		4,449,263
Rogers Corp. (a)		14,052		2,425,094

				6,874,357


Energy Equipment & Services—2.2%
Apergy Corp. (a)		75,983		2,548,470
Cactus, Inc. - Class A (a)		102,323		3,388,938
DMC Global, Inc.		30,547		1,935,152

				7,872,560


Entertainment—0.9%
IMAX Corp. (a)		162,490		3,282,298


Food & Staples Retailing—0.9%
Chefs’ Warehouse, Inc. (The) (a)		86,363		3,028,750


Food Products—1.3%
Freshpet, Inc. (a)		102,323		4,656,720


Health Care Equipment & Supplies—7.2%
AtriCure, Inc. (a)		121,770		3,633,617
CONMED Corp.		48,903		4,184,630
Insulet Corp. (a) (b)		50,628		6,043,970
Merit Medical Systems, Inc. (a)		70,529		4,200,707
Penumbra, Inc. (a) (b)		18,134		2,901,440
Wright Medical Group NV (a)		159,679		4,761,628

				25,725,992


Health Care Providers & Services—3.1%
Amedisys, Inc. (a)		30,093		3,653,591
BioTelemetry, Inc. (a)		61,460		2,959,299
LHC Group, Inc. (a)		36,232		4,332,623

				10,945,513


Health Care Technology—1.9%
HMS Holdings Corp. (a)		92,281		2,988,981
Medidata Solutions, Inc. (a)		43,735		3,958,455

				6,947,436


Hotels, Restaurants & Leisure—3.5%
Planet Fitness, Inc. - Class A (a)		63,839		4,624,497
PlayAGS, Inc. (a)		135,843		2,642,147
Wingstop, Inc.		55,735		5,280,891

				12,547,535


Insurance—5.1%
Goosehead Insurance, Inc. - Class A		109,647		5,241,126
James River Group Holdings, Ltd.		53,502		2,509,244
Kinsale Capital Group, Inc.		74,362		6,802,636
Trupanion, Inc. (a) (b)		107,041		3,867,391

				18,420,397

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

IT Services—6.1%
EVERTEC, Inc.		88,353	$	2,889,143
Evo Payments, Inc. - Class A (a)		126,879		4,000,495
InterXion Holding NV (a)		70,793		5,386,639
Virtusa Corp. (a)		77,973		3,464,341
WNS Holdings, Ltd. (ADR) (a)		102,056		6,041,715

				21,782,333


Leisure Products—0.6%
Malibu Boats, Inc. - Class A (a)		57,890		2,249,027


Life Sciences Tools & Services—3.0%
Adaptive Biotechnologies Corp. (a)		44,024		2,126,359
NeoGenomics, Inc. (a) (b)		149,340		3,276,520
PRA Health Sciences, Inc. (a)		52,372		5,192,684

				10,595,563


Machinery—7.5%
Albany International Corp. - Class A		65,622		5,440,720
Chart Industries, Inc. (a)		54,329		4,176,813
Harsco Corp. (a)		176,870		4,853,313
Kornit Digital, Ltd. (a)		117,523		3,720,778
Proto Labs, Inc. (a)		32,453		3,765,197
RBC Bearings, Inc. (a)		29,539		4,927,401

				26,884,222


Pharmaceuticals—3.1%
Horizon Therapeutics plc (a)		110,672		2,662,768
MyoKardia, Inc. (a) (b)		35,735		1,791,753
Reata Pharmaceuticals, Inc. - Class A (a)		25,856		2,439,513
Supernus Pharmaceuticals, Inc. (a)		58,874		1,948,141
Zogenix, Inc. (a)		44,100		2,107,098

				10,949,273


Professional Services—1.9%
Huron Consulting Group, Inc. (a)		69,419		3,497,329
ICF International, Inc.		47,099		3,428,807

				6,926,136


Semiconductors & Semiconductor Equipment—2.3%
Monolithic Power Systems, Inc.		30,565		4,150,116
Silicon Laboratories, Inc. (a)		38,771		4,008,921

				8,159,037


Software—12.0%
Cornerstone OnDemand, Inc. (a)		46,094		2,670,225
Envestnet, Inc. (a)		65,603		4,485,277
Five9, Inc. (a)		88,947		4,562,092
Globant S.A. (a)		32,816		3,316,057
Guidewire Software, Inc. (a)		39,694		4,024,178
HubSpot, Inc. (a) (b)		24,740		4,218,665
Mimecast, Ltd. (a)		83,491		3,899,864
PROS Holdings, Inc. (a)		30,028		1,899,571
Security Description	Shares/ Principal Amount*		Value

Software—(Continued)
Q2 Holdings, Inc. (a)		63,038		4,813,582
Rapid7, Inc. (a)		83,594		4,835,077
RealPage, Inc. (a)		72,126		4,244,615

				42,969,203


Specialty Retail—0.7%
National Vision Holdings, Inc. (a) (b)		77,677		2,387,014


Textiles, Apparel & Luxury Goods—2.2%
Columbia Sportswear Co.		45,992		4,606,559
Steven Madden, Ltd.		98,035		3,328,288

				7,934,847


Thrifts & Mortgage Finance—1.7%
Essent Group, Ltd. (a)		60,208		2,829,174
NMI Holdings, Inc. - Class A (a)		118,611		3,367,366

				6,196,540


Trading Companies & Distributors—1.4%
SiteOne Landscape Supply, Inc. (a) (b)		71,962		4,986,967

Total Common Stocks (Cost $241,341,335)				349,633,371


Short-Term Investment—3.3%

Repurchase Agreement—3.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $11,801,454; collateralized by U.S. Treasury Inflation Indexed Note at 0.125%, maturing 01/15/22, with a market value of $12,037,011.		11,800,274		11,800,274

Total Short-Term Investments (Cost $11,800,274)				11,800,274


Securities Lending Reinvestments (c)—9.2%

Certificates of Deposit—3.6%
Banco Santander S.A. 2.590%, 07/16/19		1,000,000		1,000,129
Barclays Bank plc 2.950%, 08/02/19		1,000,000		1,000,526
BNP Paribas S.A. New York
2.534%, 1M LIBOR + 0.140%, 09/16/19 (d)		1,000,000		1,000,042
2.615%, 3M LIBOR + 0.050%, 11/06/19 (d)		1,000,000		1,000,368
Credit Industriel et Commercial 2.600%, 1M LIBOR + 0.160%, 01/03/20 (d)		1,000,000		1,000,161
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		1,000,000		1,000,158
2.670%, 08/01/19		1,000,000		1,000,216
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/09/19		993,475		997,270

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, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
Mizuho Bank, Ltd. 2.573%, 1M LIBOR + 0.160%, 09/12/19 (d)		1,000,000	$	1,000,258
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (d)		1,500,000		1,500,202
Wells Fargo Bank N.A.
2.721%, 3M LIBOR + 0.140%, 07/11/19 (d)		2,000,000		1,999,903
2.796%, 3M LIBOR + 0.210%, 10/25/19 (d)		500,000		500,397

				12,999,630


Commercial Paper—1.1%
Bank of China, Ltd. 2.670%, 07/16/19		993,325		998,703
China Construction Bank Corp.
2.660%, 07/19/19		993,202		998,485
2.685%, 07/03/19		993,288		999,638
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (d)		1,000,000		1,000,199

				3,997,025


Repurchase Agreements—4.5%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $1,696,722; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $1,730,324.		1,696,397		1,696,397
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.460%, due on 07/01/19 with a maturity value of $2,000,410; collateralized by various Common Stock with an aggregate market value of $2,200,001.		2,000,000		2,000,000
Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $503,669; collateralized by various Common Stock with an aggregate market value of $550,000.		500,000		500,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $1,002,635; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $200,537; collateralized by various Common Stock with an aggregate market value of $220,000.		200,000		200,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $600,130; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $612,000.		600,000		600,000

Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $98,205; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $100,146.		98,182		98,182
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $400,084; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $409,614.		400,000		400,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $1,000,498; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $1,094,312.		1,000,000		1,000,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $1,500,747; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $1,641,468.		1,500,000		1,500,000
Societe Generale Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $1,200,247; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,293,082.		1,200,000		1,200,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $1,000,206; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,077,568.		1,000,000		1,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $1,000,486; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,077,568.		1,000,000		1,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $1,500,729; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,616,352.		1,500,000		1,500,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $1,200,583; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,293,082.		1,200,000		1,200,000

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, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $1,200,583; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,293,082.		1,200,000	$	1,200,000

				16,094,579

Total Securities Lending Reinvestments (Cost $33,089,221)				33,091,234

Total Investments—110.2% (Cost $286,230,830)				394,524,879
Other assets and liabilities (net)—(10.2)%				(36,476,585	)

Net Assets—100.0%			$	358,048,294


*		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, 2019, the market value of securities loaned was $32,845,327 and the collateral received consisted of cash in the amount of $33,067,868. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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
(LIBOR)—		London Interbank Offered Rate

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	349,633,371	$	—		$	—	$	349,633,371
Total Short-Term Investment*		—		11,800,274			—		11,800,274
Total Securities Lending Reinvestments*		—		33,091,234			—		33,091,234
Total Investments	$	349,633,371	$	44,891,508		$	—	$	394,524,879

Collateral for Securities Loaned (Liability)	$	—	$	(33,067,868	)	$	—	$	(33,067,868	)


*		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, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	394,524,879
Receivable for:
Investments sold		2,146,396
Fund shares sold		13,127
Dividends and interest		37,910

Total Assets		396,722,312
Liabilities
Collateral for securities loaned		33,067,868
Payables for:
Investments purchased		3,343,773
Fund shares redeemed		1,789,009
Accrued Expenses:
Management fees		232,394
Distribution and service fees		13,980
Deferred trustees’ fees		127,036
Other expenses		99,958

Total Liabilities		38,674,018

Net Assets	$	358,048,294

Net Assets Consist of:
Paid in surplus	$	230,063,977
Distributable earnings (Accumulated losses)		127,984,317

Net Assets	$	358,048,294

Net Assets
Class A	$	284,318,069
Class B		65,795,616
Class E		7,934,609
Capital Shares Outstanding*
Class A		21,082,235
Class B		5,355,227
Class E		619,614
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.49
Class B		12.29
Class E		12.81


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $286,230,830.
(b)		Includes securities loaned at value of $32,845,327.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends	$	567,646
Interest		75,489
Securities lending income		177,415

Total investment income		820,550
Expenses
Management fees		1,529,575
Administration fees		13,237
Custodian and accounting fees		20,026
Distribution and service fees—Class B		79,420
Distribution and service fees—Class E		5,821
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		18,786
Insurance		1,232
Miscellaneous		6,208

Total expenses		1,750,238
Less management fee waiver		(145,158	)
Less broker commission recapture		(4,997	)

Net expenses		1,600,083

Net Investment Loss		(779,533	)

Net Realized and Unrealized Gain
Net realized gain on investments		20,318,577

Net change in unrealized appreciation on investments		46,642,670

Net realized and unrealized gain		66,961,247

Net Increase in Net Assets From Operations	$	66,181,714

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(779,533	)	$	(496,277	)
Net realized gain		20,318,577			58,287,716
Net change in unrealized appreciation (depreciation)		46,642,670			(47,565,860	)

Increase in net assets from operations		66,181,714			10,225,579

From Distributions to Shareholders
Class A		(44,956,326	)		(38,694,674	)
Class B		(11,174,873	)		(9,723,909	)
Class E		(1,303,551	)		(1,049,323	)

Total distributions		(57,434,750	)		(49,467,906	)

Increase (decrease) in net assets from capital share transactions		44,096,019			(26,909,667	)

Total increase (decrease) in net assets		52,842,983			(66,151,994	)

Net Assets
Beginning of period		305,205,311			371,357,305

End of period	$	358,048,294		$	305,205,311

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		571,824		$	8,902,667			614,073		$	9,428,569
Reinvestments		3,458,179			44,956,326			2,486,804			38,694,674
Redemptions		(1,167,775	)		(17,254,911	)		(4,771,409	)		(76,231,596	)

Net increase (decrease)		2,862,228		$	36,604,082			(1,670,532	)	$	(28,108,353	)

Class B
Sales		154,547		$	2,094,855			576,123		$	8,362,589
Reinvestments		943,028			11,174,873			673,401			9,723,909
Redemptions		(471,034	)		(6,466,662	)		(1,220,790	)		(17,664,271	)

Net increase		626,541		$	6,803,066			28,734		$	422,227

Class E
Sales		18,152		$	261,545			123,531		$	1,861,145
Reinvestments		105,551			1,303,551			70,330			1,049,323
Redemptions		(61,153	)		(876,225	)		(145,020	)		(2,134,009	)

Net increase		62,550		$	688,871			48,841		$	776,459

Increase (decrease) derived from capital shares transactions				$	44,096,019					$	(26,909,667	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	13.19		$	14.98		$	12.36		$	13.07		$	14.70		$	16.55

Income (Loss) from Investment Operations
Net investment loss (a)		(0.03	)		(0.01	)		(0.06	)		(0.00	)(b)(c)		(0.04	)		(0.06	)
Net realized and unrealized gain		2.84			0.43			3.32			0.69			0.47			0.11

Total income (loss) from investment operations		2.81			0.42			3.26			0.69			0.43			0.05

Less Distributions
Distributions from net realized capital gains		(2.51	)		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)

Total distributions		(2.51	)		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)

Net Asset Value, End of Period	$	13.49		$	13.19		$	14.98		$	12.36		$	13.07		$	14.70

Total Return (%) (d)		22.00	(e)		0.55			27.04			6.21			1.73			1.22

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98	(f)		0.96			0.97			0.96			0.95			0.95
Net ratio of expenses to average net assets (%) (g)		0.89	(f)		0.88			0.88			0.87			0.86			0.86
Ratio of net investment loss to average net assets (%)		(0.41	)(f)		(0.09	)		(0.45	)		(0.00	)(c)(h)		(0.26	)		(0.40	)
Portfolio turnover rate (%)		23	(e)		44			40			53			64			56
Net assets, end of period (in millions)	$	284.3		$	240.4		$	298.0		$	280.6		$	310.7		$	355.8

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	12.22		$	14.05		$	11.66		$	12.43		$	14.11		$	16.01

Income (Loss) from Investment Operations
Net investment loss (a)		(0.04	)		(0.05	)		(0.09	)		(0.03	)(c)		(0.07	)		(0.09	)
Net realized and unrealized gain		2.62			0.43			3.12			0.66			0.45			0.09

Total income (loss) from investment operations		2.58			0.38			3.03			0.63			0.38			0.00

Less Distributions
Distributions from net realized capital gains		(2.51	)		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)

Total distributions		(2.51	)		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)

Net Asset Value, End of Period	$	12.29		$	12.22		$	14.05		$	11.66		$	12.43		$	14.11

Total Return (%) (d)		21.85	(e)		0.28			26.68			6.05			1.43			0.94

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.23	(f)		1.21			1.22			1.21			1.20			1.20
Net ratio of expenses to average net assets (%) (g)		1.14	(f)		1.13			1.13			1.12			1.11			1.11
Ratio of net investment loss to average net assets (%)		(0.66	)(f)		(0.33	)		(0.70	)		(0.25	)(c)		(0.51	)		(0.65	)
Portfolio turnover rate (%)		23	(e)		44			40			53			64			56
Net assets, end of period (in millions)	$	65.8		$	57.8		$	66.0		$	60.1		$	64.2		$	71.9

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	12.64		$	14.45		$	11.97		$	12.71		$	14.37		$	16.25

Income (Loss) from Investment Operations
Net investment loss (a)		(0.04	)		(0.03	)		(0.08	)		(0.02	)(c)		(0.06	)		(0.08	)
Net realized and unrealized gain		2.72			0.43			3.20			0.68			0.46			0.10

Total income (loss) from investment operations		2.68			0.40			3.12			0.66			0.40			0.02

Less Distributions
Distributions from net realized capital gains		(2.51	)		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)

Total distributions		(2.51	)		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)

Net Asset Value, End of Period	$	12.81		$	12.64		$	14.45		$	11.97		$	12.71		$	14.37

Total Return (%) (d)		21.92	(e)		0.43			26.74			6.16			1.55			1.05

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.13	(f)		1.11			1.12			1.11			1.10			1.10
Net ratio of expenses to average net assets (%) (g)		1.04	(f)		1.03			1.03			1.02			1.01			1.01
Ratio of net investment loss to average net assets (%)		(0.56	)(f)		(0.22	)		(0.60	)		(0.15	)(c)		(0.41	)		(0.55	)
Portfolio turnover rate (%)		23	(e)		44			40			53			64			56
Net assets, end of period (in millions)	$	7.9		$	7.0		$	7.3		$	6.4		$	6.7		$	7.4


(a)		Per share amounts based on average shares outstanding during the period.
(b)		Net investment income (loss) was less than $0.01.
(c)		Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(d)		Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)		Periods less than one year are not computed on an annualized basis.
(f)		Computed on an annualized basis.
(g)		Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)		Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $11,800,274. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $16,094,579. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, 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:

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	76,335,326	$	0	$	89,339,961

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$1,529,575		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 29, 2019 to April 29, 2020, 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 $100 million
0.100%		On the next $400 million
0.050%		On amounts in excess of $500 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.

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-16

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “Plan”) relating to Class B and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B and Class E shares of the Trust. Each Portfolio may not offer shares of each Class. The Plan also authorizes the Trust, on behalf of each of its Portfolios, may pay the Distributor a distribution Fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B and Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares and 0.15% of average daily net assets in the case of Class E shares. The Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2019 are shown as Distribution and service fees in the Statement of Operations.

6. Contractual Obligations

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	286,166,353

Gross unrealized appreciation		114,458,747
Gross unrealized depreciation		(6,100,221	)

Net unrealized appreciation (depreciation)	$	108,358,526

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$2,060,229	$	—	$	47,407,677	$	16,934,096	$	49,467,906	$	16,934,096

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$1,028,910	$	56,604,505	$	61,715,856	$	—	$	119,349,271

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-17

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A, B, E and G shares of the MetLife Aggregate Bond Index Portfolio returned 6.09%, 5.94%, 6.05%, and 5.94%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 6.11%.

MARKET ENVIRONMENT / CONDITIONS

The Federal Open Market Committee (the “FOMC”) met four times during the 6-month period with no change made to the Federal Funds Rate, ending the period in the 2.25%—2.50% target range. The FOMC noted that the labor market remained strong and that economic activity had risen at a moderate rate. Data suggested that while household spending appeared to pick up during the year, business fixed investment had been soft. The FOMC stated that they continue to view sustained expansion of economic activity, strong labor market conditions, and inflation near the 2% objective as the most likely outcomes. However, given uncertainties and muted inflation pressures, the FOMC stated that it intends to act as appropriate to sustain the expansion.

Markets rallied from a weak end to 2018 to close the first half of 2019 near record highs. Trade war concerns between the United States and China created volatility in the markets as news continuously changed from positive to negative. Employment remained steady and the unemployment rate continued to sit near record low levels. Manufacturing and industrial production also remained strong but weakened during the second quarter. The 3-month /10-year part of the U.S. Treasury curve inverted in May, while rates on aggregate decreased during the first half of 2019. The difference between the 10-year and 30-year U.S. Treasury increased from 0.33% to 0.52%, while the 2-year and 10-year differential decreased from 0.31% to 0.25%. The 10-year decreased 0.68% to 2.01% and the 30-year decreased 0.49% to 2.53%.

The Index returned 6.11% in the first half of 2019. Corporates were the best performing sector during the period, returning 9.85%. Asset Backed Securities was the worst performing sector during the period, returning 3.17%. Credit risk decreased slightly as option adjusted spreads narrowed 7 basis points across the Index. Corporate debt was the most sensitive, with sector spreads narrowing by 39 basis points and BBB-rated corporate spreads narrowing by 46 basis points.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio is managed utilizing a stratified sampling approach where the objective is to track the performance of the Index by holding a subset of Index constituents and neutralizing exposures across key characteristics (i.e., duration, term structure, high sector, sub-sector, quality). Factors that impact tracking error include sampling, transaction costs, and contributions and withdrawals.

Stacey Lituchy

Jason Chapin

Brian Leonard

Portfolio Managers

MetLife Investment Management, LLC

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
MetLife Aggregate Bond Index Portfolio
Class A		6.09		7.72		2.74		3.57
Class B		5.94		7.40		2.47		3.31
Class E		6.05		7.59		2.59		3.42
Class G		5.94		7.40		2.41		3.26
Bloomberg Barclays U.S. Aggregate Bond Index		6.11		7.87		2.95		3.90

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Sectors


	% of Net Assets
U.S. Treasury & Government Agencies		68.2
Corporate Bonds & Notes		26.8
Foreign Government		1.6
Mortgage-Backed Securities		1.3
Asset-Backed Securities		0.6
Municipals		0.5

BHFTII-2

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


MetLife Aggregate Bond Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.28	%	$	1,000.00	$	1,060.90	$	1.43
	Hypothetical*		0.28	%	$	1,000.00	$	1,023.41	$	1.40

Class B (a)	Actual		0.53	%	$	1,000.00	$	1,059.40	$	2.71
	Hypothetical*		0.53	%	$	1,000.00	$	1,022.17	$	2.66

Class E (a)	Actual		0.43	%	$	1,000.00	$	1,060.50	$	2.20
	Hypothetical*		0.43	%	$	1,000.00	$	1,022.66	$	2.16

Class G (a)	Actual		0.58	%	$	1,000.00	$	1,059.40	$	2.96
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91

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

(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, 2019 (Unaudited)

U.S. Treasury & Government Agencies—68.2% of Net Assets


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—27.9%
Fannie Mae 15 Yr. Pool
2.500%, 12/01/27		2,276,993	$	2,297,518
2.500%, 02/01/28		1,839,033		1,855,611
2.500%, 07/01/28		3,190,262		3,222,260
2.500%, 10/01/28		1,992,097		2,012,077
2.500%, 03/01/30		2,160,854		2,181,552
2.500%, 09/01/31		3,420,161		3,448,523
2.500%, 01/01/32		1,109,018		1,118,215
2.500%, 04/01/32		2,341,439		2,359,374
2.500%, 09/01/32		787,376		793,407
3.000%, 01/01/27		815,111		832,598
3.000%, 02/01/27		1,364,622		1,393,898
3.000%, 03/01/27		699,250		714,535
3.000%, 01/01/29		3,456,719		3,533,635
3.000%, 10/01/29		1,608,505		1,644,114
3.000%, 06/01/30		1,806,704		1,847,087
3.000%, 02/01/33		4,213,651		4,299,990
3.500%, 02/01/26		1,120,034		1,156,117
3.500%, 03/01/26		510,646		527,385
3.500%, 05/01/29		1,435,139		1,485,103
3.500%, 08/01/32		697,900		721,740
4.000%, 01/01/20		16,404		16,406
4.000%, 06/01/24		138,805		144,074
4.000%, 11/01/24		878,422		911,771
4.500%, 08/01/24		237,474		246,554
4.500%, 06/01/25		457,775		477,890
5.000%, 02/01/20		13,591		13,643
5.000%, 01/01/22		32,698		33,372
5.000%, 02/01/24		189,710		195,207
Fannie Mae 20 Yr. Pool
3.000%, 02/01/33		1,308,522		1,335,152
3.000%, 08/01/35		1,867,015		1,903,563
3.000%, 05/01/36		2,609,590		2,658,158
3.500%, 04/01/32		1,150,942		1,193,280
3.500%, 09/01/35		1,723,994		1,785,272
3.500%, 07/01/38		2,288,306		2,359,541
4.000%, 02/01/31		501,325		525,984
4.000%, 03/01/38		1,681,795		1,754,481
4.000%, 07/01/38		2,251,288		2,348,568
4.500%, 08/01/30		299,591		317,694
5.000%, 02/01/24		87,388		92,322
5.000%, 09/01/25		84,716		89,560
5.500%, 07/01/23		53,184		56,751
5.500%, 01/01/24		35,773		38,173
5.500%, 07/01/24		99,329		106,050
5.500%, 07/01/25		95,832		102,366
7.000%, 10/01/21		2,533		2,626
Fannie Mae 30 Yr. Pool
3.000%, 08/01/42		1,262,462		1,286,205
3.000%, 09/01/42		1,631,391		1,662,072
3.000%, 11/01/42		1,896,818		1,932,491
3.000%, 12/01/42		3,821,530		3,893,400
3.000%, 01/01/43		963,791		981,917
3.000%, 02/01/43		3,821,878		3,893,754
3.000%, 03/01/43		3,890,810		3,966,904
3.000%, 05/01/43		2,886,470		2,940,305


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.000%, 07/01/43		7,968,469	$	8,117,085
3.000%, 09/01/43		1,530,057		1,558,593
3.000%, 05/01/45		2,600,381		2,641,626
3.000%, 05/01/46		2,835,696		2,875,059
3.000%, 06/01/46		3,720,719		3,772,367
3.000%, 08/01/46		3,734,257		3,786,093
3.000%, 02/01/47		8,423,824		8,540,757
3.500%, 12/01/40		1,455,398		1,507,062
3.500%, 03/01/42		960,896		995,651
3.500%, 04/01/42		2,234,115		2,314,922
3.500%, 05/01/42		2,351,265		2,436,308
3.500%, 06/01/42		1,719,592		1,781,788
3.500%, 08/01/42		1,096,687		1,136,353
3.500%, 09/01/42		3,509,251		3,636,179
3.500%, 10/01/42		1,840,646		1,907,220
3.500%, 01/01/43		1,357,363		1,406,458
3.500%, 02/01/43		2,213,372		2,297,209
3.500%, 04/01/43		2,659,617		2,763,360
3.500%, 06/01/43		1,335,762		1,379,679
3.500%, 08/01/44		1,794,457		1,854,005
3.500%, 02/01/45		2,364,089		2,442,539
3.500%, 03/01/45		3,913,508		4,036,382
3.500%, 04/01/45		4,422,306		4,562,226
3.500%, 09/01/45		8,300,877		8,549,851
3.500%, 11/01/45		2,761,614		2,844,445
3.500%, 01/01/46		3,279,075		3,377,427
3.500%, 03/01/46		3,186,030		3,280,398
3.500%, 05/01/46		2,543,684		2,619,026
3.500%, 04/01/47		7,104,425		7,311,041
3.500%, 11/01/47		6,043,760		6,219,529
3.500%, 03/01/48		5,026,455		5,150,387
4.000%, 08/01/39		717,168		757,009
4.000%, 09/01/39		680,633		718,444
4.000%, 12/01/39		823,451		869,196
4.000%, 06/01/40		769,129		812,117
4.000%, 09/01/40		546,280		576,813
4.000%, 12/01/40		3,969,604		4,191,475
4.000%, 01/01/41		2,005,361		2,117,445
4.000%, 02/01/41		2,556,023		2,698,886
4.000%, 12/01/41		974,029		1,027,658
4.000%, 02/01/42		1,067,315		1,126,080
4.000%, 09/01/43		1,488,891		1,569,340
4.000%, 02/01/44		2,448,877		2,586,464
4.000%, 05/01/44		1,588,831		1,665,979
4.000%, 08/01/44		2,224,489		2,332,503
4.000%, 10/01/44		1,382,143		1,449,255
4.000%, 11/01/44		2,651,891		2,766,854
4.000%, 01/01/45		2,181,218		2,287,131
4.000%, 03/01/45		1,471,014		1,537,869
4.000%, 10/01/45		2,579,845		2,697,093
4.000%, 03/01/47		994,065		1,035,100
4.000%, 05/01/47		1,421,641		1,480,347
4.000%, 06/01/47		7,515,747		7,826,106
4.000%, 07/01/47		1,888,874		1,966,874
4.000%, 10/01/47		2,391,625		2,490,386

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 05/01/48		3,581,658	$	3,705,671
4.000%, 06/01/48		3,608,070		3,732,997
4.000%, 07/01/48		2,713,604		2,807,561
4.000%, 09/01/48		1,512,531		1,564,901
4.000%, 10/01/48		2,282,891		2,365,847
4.000%, 11/01/48		2,772,831		2,868,839
4.000%, 04/01/49		4,400,887		4,557,382
4.500%, 08/01/33		168,645		178,216
4.500%, 10/01/33		150,910		159,475
4.500%, 04/01/34		63,208		66,803
4.500%, 01/01/39		48,189		51,720
4.500%, 07/01/39		1,082,925		1,163,620
4.500%, 09/01/39		1,520,185		1,633,462
4.500%, 10/01/39		667,219		716,937
4.500%, 05/01/40		948,587		1,018,542
4.500%, 08/01/40		1,489,352		1,596,203
4.500%, 11/01/40		782,722		838,877
4.500%, 12/01/40		1,445,805		1,549,532
4.500%, 04/01/41		3,565,308		3,821,526
4.500%, 05/01/41		881,680		945,123
4.500%, 03/01/44		939,362		998,738
4.500%, 08/01/47		2,078,664		2,190,322
4.500%, 08/01/48		5,399,731		5,664,691
4.500%, 10/01/48		1,749,368		1,835,208
4.500%, 12/01/48		2,695,844		2,828,126
5.000%, 07/01/33		85,153		92,069
5.000%, 08/01/33		327,546		354,148
5.000%, 09/01/33		130,443		141,037
5.000%, 10/01/33		1,319,105		1,427,771
5.000%, 03/01/34		155,980		168,648
5.000%, 04/01/34		371,851		402,015
5.000%, 05/01/34		47,780		51,652
5.000%, 09/01/34		189,526		204,886
5.000%, 02/01/35		67,615		73,095
5.000%, 04/01/35		71,993		77,837
5.000%, 05/01/35		39,403		42,601
5.000%, 11/01/35		92,819		100,354
5.000%, 03/01/36		359,847		389,058
5.000%, 07/01/37		320,876		345,970
5.000%, 01/01/39		277,269		298,952
5.000%, 04/01/40		997,673		1,073,377
5.000%, 07/01/41		648,842		697,370
5.000%, 04/01/49		2,913,209		3,086,282
5.500%, 10/01/32		28,044		30,042
5.500%, 02/01/33		68,207		74,151
5.500%, 03/01/33		291,321		316,824
5.500%, 08/01/33		452,205		491,793
5.500%, 10/01/33		57,185		62,191
5.500%, 12/01/33		505,943		550,235
5.500%, 02/01/34		97,088		105,623
5.500%, 03/01/34		90,335		98,276
5.500%, 04/01/34		35,233		38,330
5.500%, 06/01/34		137,243		149,308
5.500%, 09/01/34		127,854		139,093
5.500%, 12/01/34		93,163		101,353


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.500%, 01/01/35		104,724	$	113,930
5.500%, 04/01/35		45,948		50,018
5.500%, 06/01/35		102,738		111,838
5.500%, 01/01/37		128,118		139,442
5.500%, 05/01/37		103,744		113,509
5.500%, 05/01/38		49,125		53,849
5.500%, 06/01/38		74,700		81,883
5.500%, 07/01/38		34,917		38,274
6.000%, 08/01/28		1,844		1,851
6.000%, 11/01/28		440		474
6.000%, 12/01/28		547		604
6.000%, 06/01/31		32,259		34,613
6.000%, 09/01/32		55,556		62,885
6.000%, 01/01/33		11,460		12,718
6.000%, 02/01/33		50,974		57,173
6.000%, 03/01/33		71,360		74,286
6.000%, 04/01/33		185,403		200,065
6.000%, 05/01/33		137,627		148,538
6.000%, 05/01/34		69,213		72,906
6.000%, 09/01/34		112,585		122,478
6.000%, 11/01/34		187,446		214,235
6.000%, 01/01/35		61,575		68,663
6.000%, 07/01/36		27,794		31,506
6.000%, 09/01/36		87,943		100,528
6.000%, 07/01/37		45,362		48,576
6.000%, 08/01/37		130,566		148,224
6.000%, 09/01/37		238,677		271,033
6.000%, 10/01/37		84,074		95,202
6.000%, 05/01/38		355,968		406,291
6.000%, 12/01/38		85,242		96,630
6.500%, 05/01/28		28,331		31,645
6.500%, 12/01/28		100,499		107,664
6.500%, 03/01/29		1,962		2,161
6.500%, 04/01/29		17,476		19,570
6.500%, 05/01/29		4,159		4,697
6.500%, 08/01/29		721		793
6.500%, 05/01/30		12,739		13,117
6.500%, 09/01/31		3,579		3,795
6.500%, 06/01/32		14,513		16,769
6.500%, 10/01/33		59,546		65,180
6.500%, 10/01/34		166,793		192,398
6.500%, 10/01/37		39,956		45,618
7.000%, 06/01/26		287		303
7.000%, 06/01/28		6,045		6,185
7.000%, 10/01/29		5,415		6,229
7.000%, 12/01/29		2,954		3,120
7.000%, 06/01/32		42,632		49,249
7.000%, 10/01/37		99,186		117,347
7.500%, 09/01/25		2,466		2,745
7.500%, 06/01/26		2,229		2,512
7.500%, 07/01/29		6,684		7,688
7.500%, 10/01/29		3,905		4,184
8.000%, 11/01/29		74		88
8.000%, 05/01/30		14,844		16,040
8.000%, 11/01/30		1,620		1,905

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (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		1,165	$	1,342
8.000%, 02/01/31		3,328		3,977
Freddie Mac 15 Yr. Gold Pool
2.500%, 12/01/27		1,010,471		1,020,109
2.500%, 02/01/28		1,709,143		1,727,173
2.500%, 04/01/28		1,438,162		1,453,333
2.500%, 12/01/29		2,183,122		2,205,321
2.500%, 01/01/31		2,885,246		2,914,428
2.500%, 01/01/32		4,484,201		4,523,751
3.000%, 03/01/27		771,496		788,443
3.000%, 05/01/27		1,027,305		1,050,325
3.000%, 11/01/28		1,300,373		1,330,013
3.000%, 12/01/29		2,331,056		2,383,914
3.000%, 05/01/31		2,815,637		2,876,131
3.000%, 10/01/32		1,580,289		1,613,564
3.500%, 12/01/25		787,490		815,086
3.500%, 05/01/26		282,030		291,363
3.500%, 09/01/30		1,904,828		1,971,398
4.000%, 05/01/25		396,678		412,170
4.000%, 08/01/25		192,627		200,149
4.000%, 10/01/25		222,412		231,098
4.500%, 08/01/19		45		45
5.500%, 01/01/24		165,488		172,868
Freddie Mac 20 Yr. Gold Pool
3.000%, 04/01/33		2,035,929		2,079,265
3.000%, 02/01/37		2,370,747		2,416,255
3.500%, 04/01/32		1,438,194		1,491,951
4.000%, 01/01/31		554,579		582,189
4.000%, 08/01/31		552,507		582,371
4.500%, 05/01/29		140,071		148,612
5.000%, 03/01/27		68,925		73,045
Freddie Mac 30 Yr. Gold Pool
3.000%, 10/01/42		1,978,404		2,016,780
3.000%, 01/01/43		1,889,804		1,926,462
3.000%, 03/01/43		5,056,751		5,154,285
3.000%, 04/01/43		3,379,914		3,444,940
3.000%, 06/01/43		1,644,423		1,676,060
3.000%, 07/01/43		2,974,847		3,032,079
3.000%, 06/01/45		3,386,396		3,442,124
3.000%, 06/01/46		3,676,066		3,729,265
3.000%, 11/01/46		3,885,535		3,941,765
3.000%, 01/01/47		6,239,936		6,330,239
3.000%, 01/01/48		1,835,726		1,857,684
3.500%, 01/01/42		1,042,538		1,081,376
3.500%, 03/01/42		945,267		980,008
3.500%, 08/01/42		2,496,073		2,587,812
3.500%, 02/01/43		1,369,746		1,420,088
3.500%, 05/01/43		2,109,519		2,184,391
3.500%, 06/01/43		1,238,064		1,282,006
3.500%, 06/01/44		1,521,237		1,572,666
3.500%, 10/01/44		1,638,965		1,694,374
3.500%, 11/01/44		2,320,667		2,405,077
3.500%, 12/01/44		2,210,285		2,285,009
3.500%, 05/01/45		2,733,862		2,817,494
3.500%, 08/01/45		3,062,692		3,176,689


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
3.500%, 11/01/45		2,920,687	$	3,010,034
3.500%, 12/01/45		1,768,285		1,822,379
3.500%, 03/01/46		5,423,159		5,588,168
3.500%, 06/01/47		3,252,048		3,348,582
3.500%, 08/01/47		2,086,487		2,148,423
3.500%, 10/01/47		2,600,757		2,677,958
3.500%, 11/01/47		2,568,457		2,644,699
3.500%, 02/01/48		5,383,281		5,543,079
3.500%, 04/01/49		3,440,970		3,521,550
4.000%, 06/01/39		523,094		552,463
4.000%, 12/01/39		759,837		802,528
4.000%, 11/01/40		834,794		881,964
4.000%, 04/01/41		831,328		877,627
4.000%, 09/01/41		875,366		924,118
4.000%, 10/01/41		1,945,088		2,053,417
4.000%, 11/01/41		775,171		818,343
4.000%, 10/01/43		2,385,744		2,516,204
4.000%, 07/01/44		2,315,310		2,429,210
4.000%, 10/01/44		1,755,023		1,841,360
4.000%, 07/01/45		2,761,290		2,888,536
4.000%, 01/01/46		2,784,263		2,912,567
4.000%, 02/01/46		1,494,279		1,563,138
4.000%, 06/01/47		3,371,007		3,512,423
4.000%, 10/01/47		1,618,658		1,686,562
4.000%, 11/01/47		1,612,543		1,680,190
4.000%, 03/01/48		2,549,886		2,656,855
4.000%, 05/01/48		1,773,858		1,836,338
4.000%, 10/01/48		2,282,228		2,366,521
4.000%, 11/01/48		2,737,324		2,833,741
4.000%, 01/01/49		1,837,262		1,901,975
4.000%, 02/01/49		1,865,308		1,931,009
4.500%, 10/01/35		247,948		262,140
4.500%, 06/01/38		382,121		403,993
4.500%, 02/01/39		284,571		305,610
4.500%, 03/01/39		248,627		267,302
4.500%, 04/01/39		433,741		466,321
4.500%, 09/01/39		463,749		498,583
4.500%, 10/01/39		1,245,361		1,338,905
4.500%, 11/01/39		353,324		379,864
4.500%, 01/01/40		236,099		253,834
4.500%, 05/01/40		476,661		511,167
4.500%, 11/01/40		766,537		822,028
4.500%, 02/01/41		154,278		165,486
4.500%, 05/01/41		410,922		440,776
4.500%, 06/01/41		304,460		326,579
4.500%, 12/01/43		682,615		727,881
4.500%, 12/01/45		860,847		915,871
4.500%, 08/01/47		2,103,141		2,217,664
4.500%, 08/01/48		1,281,344		1,345,039
4.500%, 10/01/48		2,175,857		2,284,019
4.500%, 12/01/48		1,754,869		1,835,308
4.500%, 01/01/49		1,792,965		1,875,150
5.000%, 10/01/33		405,846		439,103
5.000%, 03/01/34		57,365		62,074
5.000%, 08/01/35		275,748		298,357

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
5.000%, 09/01/35		109,140	$	118,089
5.000%, 10/01/35		89,973		97,350
5.000%, 01/01/36		306,101		331,199
5.000%, 04/01/38		182,498		196,884
5.000%, 11/01/39		895,607		965,932
5.000%, 05/01/40		1,160,418		1,249,334
5.500%, 06/01/34		180,347		196,361
5.500%, 10/01/35		129,342		140,904
5.500%, 12/01/35		310,636		338,404
5.500%, 01/01/36		243,423		265,183
5.500%, 12/01/37		226,757		246,915
5.500%, 04/01/38		996,087		1,092,717
5.500%, 07/01/38		108,966		119,537
5.500%, 08/01/38		308,225		338,126
6.000%, 11/01/28		4,561		4,992
6.000%, 12/01/28		3,458		3,826
6.000%, 04/01/29		1,700		1,840
6.000%, 06/01/31		1,784		1,941
6.000%, 07/01/31		450		508
6.000%, 09/01/31		49,701		52,575
6.000%, 11/01/32		16,109		18,170
6.000%, 06/01/34		64,090		69,427
6.000%, 11/01/35		62,361		70,465
6.000%, 02/01/36		80,013		86,964
6.000%, 08/01/36		28,571		32,506
6.000%, 10/01/36		91,342		104,051
6.000%, 11/01/36		45,112		49,180
6.000%, 01/01/37		44,553		49,509
6.000%, 02/01/38		102,663		116,266
6.000%, 11/01/39		830,953		949,914
6.000%, 04/01/40		284,112		329,051
6.500%, 02/01/30		4,557		5,021
6.500%, 08/01/31		5,397		6,220
6.500%, 10/01/31		6,226		6,618
6.500%, 11/01/31		11,354		13,118
6.500%, 03/01/32		247,731		286,254
6.500%, 04/01/32		209,762		242,884
6.500%, 09/01/36		238,760		282,125
6.500%, 11/01/37		79,339		92,054
7.000%, 12/01/27		763		863
7.000%, 11/01/28		2,051		2,343
7.000%, 04/01/29		1,988		2,279
7.000%, 05/01/29		565		622
7.000%, 06/01/29		5,031		5,360
7.000%, 07/01/29		601		653
7.000%, 01/01/31		38,834		40,560
7.500%, 08/01/24		5,804		5,833
7.500%, 10/01/27		4,843		5,500
7.500%, 10/01/29		7,449		8,717
7.500%, 05/01/30		10,432		11,924
8.000%, 02/01/27		2,006		2,307
8.000%, 10/01/28		3,519		4,040
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
3.060%, 07/25/23 (a)		4,800,000		4,967,668
3.117%, 06/25/27		2,000,000		2,097,389


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
3.171%, 10/25/24		975,000	$	1,020,991
3.187%, 09/25/27 (a)		1,265,000		1,333,553
3.194%, 07/25/27		685,000		722,038
3.780%, 10/25/28 (a)		4,000,000		4,407,575
3.920%, 09/25/28 (a)		2,900,000		3,228,853
Ginnie Mae I 15 Yr. Pool
3.000%, 08/15/28		1,468,458		1,501,923
5.000%, 10/15/20		30,809		31,165
5.000%, 01/15/21		25,514		25,618
Ginnie Mae I 30 Yr. Pool
3.000%, 11/15/42		1,815,078		1,861,289
3.000%, 12/15/42		1,461,586		1,498,797
3.000%, 02/15/43		1,166,693		1,196,396
3.000%, 03/15/43		1,378,252		1,416,139
3.000%, 05/15/43		1,951,673		2,005,323
3.000%, 07/15/43		1,285,055		1,320,380
3.500%, 01/15/42		1,745,496		1,817,607
3.500%, 02/15/42		564,282		589,317
3.500%, 03/15/42		1,267,166		1,323,384
3.500%, 05/15/42		801,571		837,133
3.500%, 09/15/42		1,098,078		1,146,794
3.500%, 05/15/43		1,427,364		1,486,629
4.000%, 07/15/39		1,209,455		1,270,779
4.000%, 07/15/40		733,974		773,006
4.000%, 03/15/41		400,828		424,122
4.000%, 10/15/41		1,053,409		1,114,627
4.500%, 01/15/39		174,203		185,284
4.500%, 04/15/39		565,002		600,911
4.500%, 05/15/39		1,093,844		1,163,363
4.500%, 08/15/39		503,946		535,975
4.500%, 01/15/40		525,065		558,436
4.500%, 04/15/40		447,871		479,292
4.500%, 02/15/41		146,948		156,016
4.500%, 04/15/41		324,011		342,370
5.000%, 12/15/35		183,198		195,586
5.000%, 12/15/36		68,588		73,190
5.000%, 01/15/39		575,647		619,653
5.000%, 02/15/39		110,261		118,691
5.000%, 08/15/39		749,738		806,936
5.000%, 09/15/39		173,842		187,105
5.000%, 12/15/39		390,461		420,249
5.000%, 05/15/40		596,666		642,256
5.500%, 03/15/36		127,932		138,996
5.500%, 01/15/37		205,269		226,440
5.500%, 11/15/37		283,777		320,785
5.500%, 09/15/38		50,498		53,960
5.500%, 08/15/39		541,477		613,194
6.000%, 01/15/29		2,111		2,321
6.000%, 01/15/33		129,210		148,869
6.000%, 03/15/35		138,736		161,250
6.000%, 12/15/35		101,470		117,755
6.000%, 06/15/36		83,207		94,812
6.000%, 09/15/36		97,958		112,416
6.000%, 07/15/38		610,766		715,241
6.500%, 05/15/23		738		741

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (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%, 02/15/27		16,528	$	18,128
6.500%, 07/15/28		7,192		7,958
6.500%, 08/15/28		6,800		7,543
6.500%, 11/15/28		4,849		5,473
6.500%, 12/15/28		7,564		8,149
6.500%, 07/15/29		1,753		1,834
6.500%, 05/15/36		103,524		120,138
7.000%, 01/15/28		915		1,029
7.000%, 05/15/28		4,764		5,041
7.000%, 06/15/28		5,861		6,693
7.000%, 10/15/28		6,011		6,785
7.000%, 09/15/29		1,673		1,701
7.000%, 01/15/31		1,159		1,213
7.000%, 03/15/31		630		684
7.000%, 07/15/31		254,543		300,901
7.000%, 08/15/31		46,075		54,688
7.000%, 02/15/32		7,576		7,690
7.000%, 07/15/32		13,038		15,603
8.000%, 08/15/26		2,113		2,387
8.000%, 09/15/26		2,028		2,249
8.000%, 06/15/29		19,250		20,985
9.000%, 11/15/24		996		1,030
Ginnie Mae II 30 Yr. Pool
3.000%, 12/20/42		1,696,553		1,746,662
3.000%, 03/20/43		2,474,396		2,543,312
3.000%, 12/20/44		2,130,701		2,186,096
3.000%, 04/20/45		1,994,021		2,042,903
3.000%, 08/20/45		3,038,698		3,113,189
3.000%, 11/20/45		1,723,305		1,765,551
3.000%, 01/20/46		3,014,838		3,088,745
3.000%, 09/20/46		3,490,284		3,571,531
3.000%, 10/20/46		3,543,334		3,625,816
3.000%, 11/20/46		3,678,820		3,764,456
3.000%, 01/20/47		3,731,488		3,818,350
3.000%, 04/20/47		1,516,871		1,551,014
3.000%, 02/20/48		2,780,332		2,842,915
3.500%, 12/20/41		1,025,142		1,073,534
3.500%, 03/20/42		2,005,930		2,098,780
3.500%, 08/20/42		992,536		1,038,478
3.500%, 01/20/43		2,857,624		2,989,896
3.500%, 04/20/43		1,173,106		1,225,902
3.500%, 05/20/43		2,004,519		2,092,971
3.500%, 07/20/44		2,544,598		2,655,113
3.500%, 02/20/45		2,755,709		2,875,393
3.500%, 06/20/45		1,754,960		1,824,692
3.500%, 08/20/45		4,106,958		4,270,146
3.500%, 09/20/45		4,747,060		4,935,682
3.500%, 10/20/45		2,808,999		2,920,613
3.500%, 12/20/45		2,492,141		2,591,165
3.500%, 01/20/46		2,477,377		2,575,814
3.500%, 02/20/46		2,042,902		2,124,075
3.500%, 06/20/46		2,388,088		2,473,923
3.500%, 02/20/47		3,968,316		4,110,949
3.500%, 03/20/47		3,580,245		3,704,662
3.500%, 06/20/47		4,637,604		4,798,764


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
3.500%, 09/20/47		1,661,129	$	1,718,855
3.500%, 12/20/47		7,840,832		8,113,308
3.500%, 10/20/48		959,864		991,906
3.500%, 05/20/49		1,995,955		2,063,997
4.000%, 11/20/40		973,753		1,027,408
4.000%, 12/20/40		1,136,396		1,202,746
4.000%, 05/20/43		1,844,808		1,969,560
4.000%, 11/20/43		687,388		726,407
4.000%, 02/20/44		2,537,817		2,733,643
4.000%, 04/20/44		962,377		1,015,135
4.000%, 05/20/44		1,169,538		1,233,653
4.000%, 09/20/44		1,833,944		1,934,481
4.000%, 10/20/44		2,620,669		2,764,335
4.000%, 11/20/44		508,932		536,832
4.000%, 10/20/45		2,097,716		2,208,740
4.000%, 11/20/45		1,104,124		1,162,561
4.000%, 02/20/47		2,852,960		2,984,341
4.000%, 03/20/47		600,799		628,466
4.000%, 04/20/47		2,461,108		2,570,618
4.000%, 05/20/47		2,677,559		2,796,700
4.000%, 09/20/47		2,306,825		2,409,469
4.000%, 07/20/48		2,139,484		2,219,626
4.000%, 08/20/48		1,496,489		1,552,545
4.000%, 09/20/48		2,737,481		2,840,022
4.000%, 11/20/48		4,358,528		4,521,791
4.500%, 08/20/40		806,614		857,893
4.500%, 12/20/40		525,449		558,853
4.500%, 04/20/41		444,655		473,041
4.500%, 03/20/42		371,547		395,266
4.500%, 10/20/43		558,177		596,261
4.500%, 02/20/44		1,117,542		1,193,791
4.500%, 04/20/45		1,011,478		1,080,490
4.500%, 03/20/47		1,363,912		1,439,311
4.500%, 11/20/47		1,467,324		1,541,183
4.500%, 08/20/48		9,495,591		9,907,972
4.500%, 03/20/49		1,982,859		2,068,972
5.000%, 08/20/40		367,017		398,824
5.000%, 10/20/40		379,210		412,074
5.000%, 06/20/44		849,811		923,457
5.000%, 10/20/48		2,193,825		2,298,051
5.000%, 01/20/49		1,960,633		2,053,781
6.500%, 06/20/31		14,855		17,188
6.500%, 11/20/38		309,658		366,824
7.500%, 02/20/28		1,558		1,757

				708,774,086


Federal Agencies—1.1%
Federal Home Loan Bank 3.000%, 10/12/21		9,700,000		9,954,198
Federal Home Loan Mortgage Corp.
1.125%, 08/12/21		5,200,000		5,126,212
1.375%, 05/01/20		2,645,000		2,629,500
Federal National Mortgage Association
2.125%, 04/24/26 (b)		3,500,000		3,517,885

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Federal Agencies—(Continued)
Federal National Mortgage Association
2.625%, 09/06/24 (b)		2,000,000	$	2,076,300
6.625%, 11/15/30 (b)		2,450,000		3,502,495
Tennessee Valley Authority 5.250%, 09/15/39 (b)		1,350,000		1,801,184

				28,607,774


U.S. Treasury—39.2%
U.S. Treasury Bonds
2.250%, 08/15/46		3,000,000		2,834,063
2.500%, 02/15/45		7,400,000		7,372,250
2.500%, 02/15/46		8,200,000		8,156,437
2.500%, 05/15/46		4,800,000		4,773,000
2.750%, 08/15/42		2,020,000		2,119,422
2.750%, 11/15/42		3,200,000		3,354,000
2.750%, 08/15/47		3,000,000		3,130,781
2.750%, 11/15/47 (b)		7,300,000		7,619,375
2.875%, 05/15/43		5,760,000		6,160,500
2.875%, 11/15/46		4,600,000		4,922,719
3.000%, 11/15/44		11,000,000		12,015,781
3.000%, 05/15/45 (b)		4,500,000		4,921,172
3.000%, 11/15/45		7,700,000		8,426,687
3.000%, 02/15/47		7,000,000		7,675,937
3.000%, 05/15/47		5,800,000		6,352,812
3.000%, 08/15/48 (b)		13,200,000		14,476,687
3.000%, 02/15/49 (b)		1,000,000		1,098,438
3.125%, 11/15/41		3,000,000		3,357,188
3.125%, 02/15/42		1,800,000		2,012,625
3.125%, 02/15/43 (b)		3,270,000		3,646,561
3.125%, 08/15/44		4,700,000		5,243,437
3.375%, 05/15/44		3,000,000		3,486,563
3.500%, 02/15/39		2,080,000		2,470,000
3.625%, 08/15/43		2,600,000		3,138,281
3.625%, 02/15/44		8,020,000		9,690,416
3.750%, 08/15/41		1,830,000		2,246,897
3.750%, 11/15/43 (b)		2,600,000		3,200,844
3.875%, 08/15/40		5,380,000		6,719,116
4.250%, 05/15/39		2,500,000		3,269,922
4.250%, 11/15/40		4,280,000		5,614,825
4.375%, 11/15/39		1,900,000		2,525,813
4.375%, 05/15/40		3,220,000		4,287,128
4.375%, 05/15/41		1,350,000		1,802,672
4.500%, 02/15/36 (b)		1,600,000		2,110,750
4.625%, 02/15/40		4,500,000		6,177,656
5.000%, 05/15/37		1,560,000		2,199,113
5.250%, 02/15/29		750,000		963,047
5.375%, 02/15/31 (b)		3,675,000		4,934,836
6.125%, 11/15/27		1,750,000		2,313,828
6.250%, 08/15/23		7,700,000		9,072,164
6.250%, 05/15/30		2,500,000		3,526,172
6.375%, 08/15/27		2,900,000		3,865,609
6.500%, 11/15/26		2,500,000		3,287,891
7.125%, 02/15/23 (b)		11,125,000		13,215,283
7.250%, 08/15/22 (b)		6,120,000		7,137,450
7.875%, 02/15/21 (b)		4,450,000		4,876,574


Security Description	Principal Amount*		Value

U.S. Treasury—(Continued)
U.S. Treasury Bonds
8.000%, 11/15/21		2,920,000	$	3,338,153
8.125%, 08/15/21		1,250,000		1,413,477
8.750%, 08/15/20		1,000,000		1,075,313
U.S. Treasury Notes
1.125%, 02/28/21		10,100,000		9,986,770
1.125%, 06/30/21 (b)		14,200,000		14,027,492
1.125%, 07/31/21		12,300,000		12,142,406
1.125%, 08/31/21		6,300,000		6,217,312
1.250%, 03/31/21		6,100,000		6,043,527
1.250%, 07/31/23		8,600,000		8,435,391
1.375%, 08/31/20		4,900,000		4,869,949
1.375%, 01/31/21		5,100,000		5,064,539
1.500%, 08/15/20 (b)		2,000,000		1,990,781
1.500%, 02/28/23 (b)		7,200,000		7,142,625
1.500%, 08/15/26		10,600,000		10,331,687
1.625%, 11/30/20		5,000,000		4,984,375
1.625%, 06/30/21		9,000,000		8,976,447
1.625%, 11/15/22		5,000,000		4,983,203
1.625%, 05/31/23		7,900,000		7,869,141
1.625%, 02/15/26		8,300,000		8,178,094
1.625%, 05/15/26		10,900,000		10,726,281
1.750%, 10/31/20 (b)		10,000,000		9,983,594
1.750%, 12/31/20 (b)		14,800,000		14,781,500
1.750%, 11/30/21		11,000,000		11,003,437
1.750%, 02/28/22		9,000,000		9,005,625
1.750%, 05/15/22		8,000,000		8,005,625
1.750%, 05/31/22		5,100,000		5,103,586
1.750%, 05/15/23 (b)		22,720,000		22,734,200
1.875%, 12/15/20 (b)		9,100,000		9,104,621
1.875%, 02/28/22		9,000,000		9,033,750
1.875%, 03/31/22 (b)		11,000,000		11,048,984
1.875%, 04/30/22 (b)		12,100,000		12,149,156
1.875%, 07/31/22		11,100,000		11,150,297
1.875%, 08/31/22		7,400,000		7,433,531
1.875%, 09/30/22		3,000,000		3,014,766
1.875%, 08/31/24		10,200,000		10,250,203
2.000%, 11/30/20		14,800,000		14,831,797
2.000%, 02/28/21		5,000,000		5,015,234
2.000%, 10/31/21		6,000,000		6,036,562
2.000%, 02/15/22		3,800,000		3,826,719
2.000%, 11/30/22		6,700,000		6,760,719
2.000%, 02/15/23		6,900,000		6,965,227
2.000%, 05/31/24 (b)		8,400,000		8,499,750
2.000%, 06/30/24 (b)		7,300,000		7,379,844
2.000%, 02/15/25 (b)		23,500,000		23,738,672
2.000%, 08/15/25		14,100,000		14,234,391
2.000%, 11/15/26		7,300,000		7,355,891
2.125%, 06/30/21 (b)		12,000,000		12,087,188
2.125%, 08/15/21		8,710,000		8,776,686
2.125%, 12/31/21		11,900,000		12,014,352
2.125%, 12/31/22		7,200,000		7,298,438
2.125%, 02/29/24 (b)		12,000,000		12,198,750
2.125%, 03/31/24 (b)		6,200,000		6,304,141
2.125%, 05/15/25		16,400,000		16,676,750
2.250%, 02/15/21 (b)		11,000,000		11,075,625

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

U.S. Treasury—(Continued)
U.S. Treasury Notes
2.250%, 03/31/21		9,000,000	$	9,070,664
2.250%, 04/30/21		10,000,000		10,085,156
2.250%, 07/31/21		13,000,000		13,130,000
2.250%, 11/15/24		18,100,000		18,521,391
2.250%, 11/15/25		10,800,000		11,060,719
2.250%, 02/15/27		9,900,000		10,145,953
2.250%, 08/15/27 (b)		2,100,000		2,150,859
2.250%, 11/15/27		7,600,000		7,780,500
2.375%, 12/31/20		7,600,000		7,660,266
2.375%, 04/15/21		5,000,000		5,051,172
2.375%, 08/15/24		15,900,000		16,364,578
2.375%, 05/15/27		8,000,000		8,271,250
2.375%, 05/15/29		1,900,000		1,962,344
2.500%, 06/30/20		3,000,000		3,016,055
2.500%, 08/15/23		14,400,000		14,836,500
2.500%, 05/15/24		10,000,000		10,344,531
2.625%, 08/15/20		6,000,000		6,047,109
2.625%, 11/15/20		4,000,000		4,041,250
2.625%, 12/31/23		6,900,000		7,160,367
2.625%, 02/15/29		10,000,000		10,545,312
2.750%, 08/31/23		4,800,000		4,994,250
2.750%, 09/30/20 (b)		16,000,000		16,169,375
2.750%, 11/15/23		19,335,000		20,149,185
2.750%, 02/15/24		12,400,000		12,949,281
2.750%, 02/28/25		6,900,000		7,248,773
2.750%, 02/15/28		9,100,000		9,675,859
2.875%, 05/15/28 (b)		12,900,000		13,853,391
2.875%, 08/15/28		6,000,000		6,448,125
3.125%, 11/15/28		8,000,000		8,775,000
3.625%, 02/15/21		1,500,000		1,543,066

				993,531,577

Total U.S. Treasury & Government Agencies (Cost $1,681,885,248)				1,730,913,437


Corporate Bonds & Notes—26.8%

Aerospace/Defense—0.6%
Boeing Co. (The) 7.250%, 06/15/25		460,000		573,252
General Dynamics Corp. 3.000%, 05/11/21		1,000,000		1,015,970
Lockheed Martin Corp.
3.550%, 01/15/26		1,000,000		1,063,390
4.090%, 09/15/52 (b)		3,454,000		3,836,807
Northrop Grumman Corp. 3.250%, 01/15/28		1,100,000		1,129,579
Northrop Grumman Systems Corp. 7.750%, 02/15/31		515,000		735,585
Raytheon Co. 3.125%, 10/15/20		1,000,000		1,010,970
United Technologies Corp.
3.125%, 05/04/27		2,000,000		2,056,560


Security Description	Principal Amount*		Value

Aerospace/Defense—(Continued)
United Technologies Corp.
4.500%, 06/01/42 (b)		2,645,000	$	2,982,607
7.500%, 09/15/29		200,000		275,462

				14,680,182


Agriculture—0.4%
Altria Group, Inc.
4.000%, 01/31/24 (b)		1,000,000		1,051,740
Archer-Daniels-Midland Co. 4.479%, 03/01/21 (b)		2,000,000		2,072,260
Philip Morris International, Inc. 3.250%, 11/10/24		2,000,000		2,068,320
Reynolds American, Inc. 4.450%, 06/12/25		3,800,000		4,030,774

				9,223,094


Auto Manufacturers—0.6%
American Honda Finance Corp. 2.300%, 09/09/26		1,100,000		1,068,881
Daimler Finance North America LLC 8.500%, 01/18/31 (b)		1,050,000		1,562,473
Ford Motor Co. 7.450%, 07/16/31 (b)		2,200,000		2,602,336
Ford Motor Credit Co. LLC 2.597%, 11/04/19		2,000,000		1,997,940
General Motors Financial Co., Inc.
3.200%, 07/06/21		2,000,000		2,014,620
4.350%, 01/17/27 (b)		3,200,000		3,261,920
Toyota Motor Credit Corp. 3.300%, 01/12/22 (b)		3,000,000		3,083,190

				15,591,360


Banks—6.1%
Bank of America Corp.
2.625%, 04/19/21		1,000,000		1,005,990
3.300%, 01/11/23		4,075,000		4,200,265
4.100%, 07/24/23 (b)		2,905,000		3,099,228
4.200%, 08/26/24 (b)		3,000,000		3,188,730
5.875%, 02/07/42		3,000,000		3,996,690
Bank of Montreal 1.900%, 08/27/21		1,000,000		993,040
Bank of Nova Scotia (The) 2.700%, 03/07/22 (b)		3,000,000		3,041,190
Barclays plc 4.375%, 01/12/26 (b)		3,500,000		3,633,490
BNP Paribas S.A. 5.000%, 01/15/21		1,225,000		1,274,282
Branch Banking & Trust Co. 2.850%, 04/01/21		3,400,000		3,430,396
Capital One N.A. 2.250%, 09/13/21		3,000,000		2,988,720
Citigroup, Inc.
2.700%, 03/30/21		2,000,000		2,009,980
3.200%, 10/21/26 (b)		1,700,000		1,734,918

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Banks—(Continued)
Citigroup, Inc.
4.750%, 05/18/46		4,400,000	$	4,977,720
5.375%, 08/09/20		2,200,000		2,270,818
Cooperatieve Rabobank UA 5.250%, 05/24/41		1,640,000		2,108,236
Credit Suisse AG 4.375%, 08/05/20		2,611,000		2,666,223
Credit Suisse Group Funding Guernsey, Ltd. 3.800%, 09/15/22		1,000,000		1,037,430
Deutsche Bank AG 4.250%, 10/14/21		900,000		912,024
Fifth Third Bancorp 8.250%, 03/01/38		1,175,000		1,734,089
Goldman Sachs Group, Inc. (The)
3.850%, 01/26/27 (b)		1,900,000		1,985,196
4.000%, 03/03/24		2,000,000		2,121,140
4.017%, 3M LIBOR + 1.373%, 10/31/38 (a)		2,000,000		2,059,180
4.223%, 3M LIBOR + 1.301%, 05/01/29 (a) (b)		1,900,000		2,033,551
6.125%, 02/15/33 (b)		2,075,000		2,681,564
HSBC Holdings plc
5.100%, 04/05/21		2,556,000		2,670,483
5.250%, 03/14/44 (b)		900,000		1,048,068
6.500%, 09/15/37		905,000		1,179,794
HSBC USA, Inc. 2.350%, 03/05/20		3,000,000		2,999,310
JPMorgan Chase & Co.
2.950%, 10/01/26		2,000,000		2,028,160
3.250%, 09/23/22		2,850,000		2,928,147
3.882%, 3M LIBOR + 1.360%, 07/24/38 (a)		2,100,000		2,198,070
3.900%, 07/15/25		4,700,000		5,017,344
4.950%, 03/25/20		2,650,000		2,700,191
KeyBank N.A. 3.300%, 06/01/25		3,800,000		3,969,138
KFW
1.625%, 03/15/21		5,500,000		5,477,945
2.375%, 08/25/21		1,945,000		1,968,515
2.750%, 09/08/20		2,300,000		2,320,516
Landwirtschaftliche Rentenbank 2.000%, 01/13/25		1,500,000		1,509,015
Lloyds Bank plc 6.375%, 01/21/21		1,500,000		1,588,890
Mitsubishi UFJ Financial Group, Inc.
2.998%, 02/22/22		1,900,000		1,927,018
3.850%, 03/01/26		1,000,000		1,064,530
Morgan Stanley
4.300%, 01/27/45		2,900,000		3,174,514
4.350%, 09/08/26		3,800,000		4,074,132
5.625%, 09/23/19		1,900,000		1,913,072
7.250%, 04/01/32		1,850,000		2,609,185
National Australia Bank, Ltd. 2.800%, 01/10/22 (b)		1,900,000		1,923,712
Oesterreichische Kontrollbank AG 2.875%, 03/13/23		1,300,000		1,347,177
PNC Bank N.A. 2.950%, 02/23/25 (b)		4,100,000		4,194,792


Security Description	Principal Amount*		Value

Banks—(Continued)
Royal Bank of Scotland Group plc
3.498%, 3M LIBOR + 1.480%, 05/15/23 (a)		1,000,000	$	1,010,260
3.875%, 09/12/23		1,000,000		1,026,590
Santander UK Group Holdings plc 2.875%, 08/05/21		1,500,000		1,502,505
Sumitomo Mitsui Financial Group, Inc. 2.632%, 07/14/26 (b)		4,700,000		4,668,745
Toronto-Dominion Bank (The) 3.500%, 07/19/23		3,000,000		3,146,520
U.S. Bancorp 3.600%, 09/11/24 (b)		3,000,000		3,158,130
UBS AG 4.875%, 08/04/20		3,500,000		3,597,825
Wells Fargo & Co.
2.600%, 07/22/20		4,000,000		4,010,880
3.000%, 01/22/21		3,400,000		3,431,518
3.000%, 10/23/26		2,000,000		2,020,680
Wells Fargo Bank N.A.
5.950%, 08/26/36		1,900,000		2,415,679
Westpac Banking Corp. 2.800%, 01/11/22		2,000,000		2,024,900

				155,030,040


Beverages—0.7%
Anheuser-Busch InBev Finance, Inc. 4.900%, 02/01/46		5,300,000		5,850,352
Anheuser-Busch InBev Worldwide, Inc.
4.439%, 10/06/48		1,165,000		1,218,438
5.550%, 01/23/49		1,900,000		2,323,073
Coca-Cola Co. (The)
3.150%, 11/15/20		280,000		283,878
3.200%, 11/01/23		3,000,000		3,138,420
Keurig Dr Pepper, Inc. 4.057%, 05/25/23		1,000,000		1,050,200
PepsiCo, Inc. 3.600%, 03/01/24 (b)		2,475,000		2,625,802

				16,490,163


Biotechnology—0.4%
Amgen, Inc.
2.600%, 08/19/26		3,200,000		3,156,800
3.625%, 05/22/24 (b)		1,200,000		1,259,316
Celgene Corp. 4.625%, 05/15/44		2,000,000		2,275,080
Gilead Sciences, Inc. 3.650%, 03/01/26 (b)		3,000,000		3,170,790

				9,861,986


Chemicals—0.3%
Dow Chemical Co. (The) 9.400%, 05/15/39		650,000		1,030,894
LyondellBasell Industries NV 4.625%, 02/26/55 (b)		1,400,000		1,408,722
Nutrien, Ltd. 4.875%, 03/30/20		970,000		986,684

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Chemicals—(Continued)
Praxair, Inc. 3.000%, 09/01/21 (b)		3,950,000	$	4,022,048

				7,448,348


Computers—0.6%
Apple, Inc.
2.250%, 02/23/21		3,000,000		3,009,660
2.400%, 05/03/23		2,072,000		2,093,984
4.450%, 05/06/44		944,000		1,083,212
4.650%, 02/23/46		2,700,000		3,203,631
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 (b)		1,400,000		1,531,362
International Business Machines Corp. 4.000%, 06/20/42		3,200,000		3,304,864

				14,226,713


Cosmetics/Personal Care—0.3%
Procter & Gamble Co. (The) 2.300%, 02/06/22		3,600,000		3,628,404
Unilever Capital Corp.
2.900%, 05/05/27		1,500,000		1,532,205
5.900%, 11/15/32 (b)		1,500,000		2,012,040

				7,172,649


Diversified Financial Services—0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.950%, 02/01/22 (b)		1,800,000		1,850,814
American Express Credit Corp. 3.300%, 05/03/27 (b)		3,000,000		3,148,500
BlackRock, Inc. 3.500%, 03/18/24 (b)		3,800,000		4,027,316
GE Capital International Funding Co. 4.418%, 11/15/35		2,700,000		2,672,325
Intercontinental Exchange, Inc. 3.750%, 12/01/25		1,000,000		1,067,390
Visa, Inc. 2.800%, 12/14/22 (b)		3,000,000		3,073,680

				15,840,025


Electric—1.8%
Connecticut Light & Power Co. (The) 4.000%, 04/01/48		1,000,000		1,095,470
Consolidated Edison Co. of New York, Inc. 3.950%, 03/01/43		3,070,000		3,187,796
Dominion Energy, Inc. 3.900%, 10/01/25		1,900,000		2,024,241
DTE Electric Co. 3.700%, 03/15/45		4,000,000		4,147,960
Duke Energy Carolinas LLC 5.300%, 02/15/40		2,000,000		2,491,020
Duke Energy Corp. 3.050%, 08/15/22		4,000,000		4,076,440
Entergy Louisiana LLC 4.000%, 03/15/33		1,000,000		1,101,380


Security Description	Principal Amount*		Value

Electric—(Continued)
Exelon Corp.
3.400%, 04/15/26 (b)		3,000,000	$	3,079,230
5.625%, 06/15/35		1,500,000		1,809,540
FirstEnergy Corp. 3.900%, 07/15/27		2,000,000		2,098,500
Florida Power & Light Co. 5.950%, 02/01/38		1,700,000		2,294,201
Georgia Power Co. 4.300%, 03/15/42		2,000,000		2,116,280
MidAmerican Energy Co. 4.250%, 07/15/49		1,500,000		1,703,340
Northern States Power Co. 6.250%, 06/01/36 (b)		2,200,000		2,950,860
Ohio Power Co. 5.375%, 10/01/21		1,640,000		1,750,962
Oncor Electric Delivery Co. LLC 7.000%, 05/01/32		950,000		1,331,549
PacifiCorp 2.950%, 02/01/22 (b)		2,800,000		2,851,520
PPL Capital Funding, Inc. 3.400%, 06/01/23		2,000,000		2,050,400
PSEG Power LLC
8.625%, 04/15/31		1,000,000		1,377,480
Sempra Energy 3.400%, 02/01/28		2,100,000		2,095,359

				45,633,528


Electrical Components & Equipment—0.0%
Emerson Electric Co. 2.625%, 12/01/21		1,000,000		1,009,540


Food—0.4%
General Mills, Inc. 4.200%, 04/17/28 (b)		1,500,000		1,619,685
Kraft Heinz Foods Co. 3.000%, 06/01/26 (b)		3,300,000		3,212,682
Kroger Co. (The) 3.300%, 01/15/21		1,900,000		1,923,959
Sysco Corp. 2.600%, 06/12/22		2,400,000		2,423,040
Tyson Foods, Inc. 3.550%, 06/02/27		1,200,000		1,239,948

				10,419,314


Forest Products & Paper—0.1%
Georgia-Pacific LLC 8.000%, 01/15/24		1,800,000		2,223,072
International Paper Co. 3.000%, 02/15/27 (b)		1,500,000		1,484,370

				3,707,442


Gas—0.1%
NiSource, Inc. 4.800%, 02/15/44		1,500,000		1,672,650

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Healthcare-Products—0.5%
Abbott Laboratories 4.750%, 11/30/36		3,000,000	$	3,549,450
Becton Dickinson & Co. 4.669%, 06/06/47		2,000,000		2,243,860
Medtronic, Inc. 4.625%, 03/15/45 (b)		3,000,000		3,627,450
Thermo Fisher Scientific, Inc. 4.150%, 02/01/24 (b)		3,445,000		3,690,284

				13,111,044


Healthcare-Services—0.5%
Aetna, Inc. 2.750%, 11/15/22		3,000,000		3,017,220
Anthem, Inc. 5.850%, 01/15/36 (b)		1,800,000		2,166,246
Laboratory Corp. of America Holdings 4.625%, 11/15/20		1,900,000		1,945,353
UnitedHealth Group, Inc.
3.750%, 07/15/25		3,600,000		3,843,828
4.250%, 06/15/48		1,000,000		1,109,040

				12,081,687


Insurance—0.8%
Aflac, Inc. 3.625%, 06/15/23		1,475,000		1,545,756
American International Group, Inc.
3.300%, 03/01/21		3,000,000		3,040,410
4.500%, 07/16/44		1,100,000		1,160,775
AXA S.A. 8.600%, 12/15/30 (b)		1,165,000		1,661,208
Berkshire Hathaway, Inc. 3.125%, 03/15/26 (b)		2,900,000		3,002,892
Chubb Corp. (The) 6.000%, 05/11/37		865,000		1,159,420
Chubb INA Holdings, Inc. 3.350%, 05/15/24		2,000,000		2,103,480
Hartford Financial Services Group, Inc. (The) 6.100%, 10/01/41		780,000		993,096
Marsh & McLennan Cos., Inc. 3.750%, 03/14/26 (b)		2,000,000		2,110,660
Principal Financial Group, Inc. 3.100%, 11/15/26 (b)		1,000,000		1,010,200
Prudential Financial, Inc. 5.700%, 12/14/36		1,525,000		1,935,530

				19,723,427


Internet—0.3%
Alibaba Group Holding, Ltd. 4.200%, 12/06/47 (b)		1,400,000		1,466,766
Amazon.com, Inc.
3.800%, 12/05/24		1,800,000		1,938,834
3.875%, 08/22/37		1,900,000		2,094,351


Security Description	Principal Amount*		Value

Internet—(Continued)
eBay, Inc. 3.600%, 06/05/27		1,500,000	$	1,537,875

				7,037,826


Iron/Steel—0.0%
Vale Overseas, Ltd. 6.875%, 11/21/36		528,000		634,054


Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp. 3.750%, 11/24/23		1,000,000		1,058,210
Caterpillar, Inc. 3.803%, 08/15/42 (b)		1,500,000		1,597,140

				2,655,350


Machinery-Diversified—0.1%
Deere & Co. 2.600%, 06/08/22		1,950,000		1,973,108


Media—1.0%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.464%, 07/23/22 (b)		2,800,000		2,939,860
6.484%, 10/23/45		900,000		1,070,253
Comcast Corp.
3.150%, 03/01/26 (b)		2,000,000		2,069,660
3.969%, 11/01/47		2,900,000		3,038,040
4.650%, 07/15/42		3,670,000		4,223,876
5.650%, 06/15/35		1,500,000		1,874,385
Discovery Communications LLC 6.350%, 06/01/40		1,800,000		2,123,172
Time Warner Cable LLC 6.550%, 05/01/37		100,000		114,865
Time Warner Entertainment Co. L.P. 8.375%, 03/15/23		380,000		450,444
TWDC Enterprises 18 Corp. 2.950%, 06/15/27 (b)		2,000,000		2,084,520
Viacom, Inc. 4.375%, 03/15/43		3,500,000		3,424,260
Walt Disney Co. (The) 6.550%, 03/15/33 (144A)		1,950,000		2,676,434

				26,089,769


Mining—0.2%
Newmont Mining Corp. 6.250%, 10/01/39		1,800,000		2,308,176
Rio Tinto Alcan, Inc. 6.125%, 12/15/33		1,751,000		2,342,803

				4,650,979


Miscellaneous Manufacturing—0.3%
3M Co. 3.625%, 10/15/47		1,000,000		1,002,470

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Miscellaneous Manufacturing—(Continued)
General Electric Co.
3.375%, 03/11/24		2,900,000	$	2,967,831
5.300%, 02/11/21		1,915,000		1,987,023
6.750%, 03/15/32		1,250,000		1,540,038
7.500%, 08/21/35		100,000		125,717
Ingersoll-Rand Luxembourg Finance S.A. 3.800%, 03/21/29		1,000,000		1,049,070

				8,672,149


Multi-National—1.4%
African Development Bank 2.625%, 03/22/21		1,000,000		1,012,720
Asian Development Bank
1.625%, 08/26/20 (b)		4,000,000		3,984,360
2.000%, 02/16/22		2,000,000		2,010,700
European Investment Bank
1.625%, 12/15/20		2,000,000		1,991,940
1.875%, 02/10/25 (b)		2,500,000		2,500,575
2.500%, 10/15/24 (b)		3,800,000		3,921,296
4.000%, 02/16/21		1,700,000		1,757,273
4.875%, 02/15/36		1,100,000		1,448,117
Inter-American Development Bank
2.125%, 01/15/25		6,000,000		6,071,340
2.375%, 07/07/27 (b)		1,500,000		1,535,490
7.000%, 06/15/25		200,000		251,878
International Bank for Reconstruction & Development
2.125%, 03/03/25		3,000,000		3,039,990
2.500%, 07/29/25		2,000,000		2,065,200
7.625%, 01/19/23		2,970,000		3,558,238
International Finance Corp. 1.125%, 07/20/21 (b)		1,600,000		1,578,368

				36,727,485


Oil & Gas—1.5%
Apache Finance Canada Corp. 7.750%, 12/15/29		100,000		126,396
BP Capital Markets America, Inc. 3.245%, 05/06/22 (b)		3,900,000		4,014,348
Burlington Resources LLC 5.950%, 10/15/36		1,550,000		2,021,727
Canadian Natural Resources, Ltd. 6.250%, 03/15/38		1,800,000		2,220,984
Chevron Corp. 3.191%, 06/24/23 (b)		2,025,000		2,102,173
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000		942,151
Equinor ASA 3.250%, 11/10/24 (b)		3,100,000		3,240,616
Exxon Mobil Corp. 3.176%, 03/15/24 (b)		2,900,000		3,027,571
Marathon Oil Corp. 6.600%, 10/01/37		2,000,000		2,468,020
Noble Energy, Inc. 3.900%, 11/15/24		4,200,000		4,380,054


Security Description	Principal Amount*		Value

Oil & Gas—(Continued)
Occidental Petroleum Corp. 3.400%, 04/15/26 (b)		1,000,000	$	1,020,660
Petroleos Mexicanos
4.875%, 01/24/22 (b)		1,900,000		1,895,117
6.625%, 06/15/35		3,400,000		3,131,128
6.750%, 09/21/47 (b)		1,700,000		1,505,146
Phillips 66 4.875%, 11/15/44		1,000,000		1,116,290
Shell International Finance B.V. 1.875%, 05/10/21		3,000,000		2,986,470
Total Capital International S.A. 2.700%, 01/25/23		1,500,000		1,522,110
Valero Energy Corp. 3.400%, 09/15/26		1,000,000		1,019,600

				38,740,561


Oil & Gas Services—0.2%
Halliburton Co. 3.500%, 08/01/23 (b)		4,000,000		4,135,240


Pharmaceuticals—1.5%
AbbVie, Inc. 4.400%, 11/06/42		3,200,000		3,152,704
Allergan Funding SCS 3.800%, 03/15/25 (b)		2,400,000		2,490,024
AstraZeneca plc 4.000%, 09/18/42		1,200,000		1,257,480
CVS Health Corp.
3.350%, 03/09/21		1,500,000		1,520,925
3.700%, 03/09/23		3,000,000		3,099,420
4.780%, 03/25/38		2,500,000		2,607,200
5.050%, 03/25/48		1,500,000		1,599,555
5.125%, 07/20/45		1,900,000		2,026,008
Express Scripts Holding Co.
4.500%, 02/25/26		2,700,000		2,911,410
6.125%, 11/15/41		313,000		384,683
GlaxoSmithKline Capital, Inc. 3.875%, 05/15/28		2,000,000		2,185,200
Johnson & Johnson
3.700%, 03/01/46 (b)		2,000,000		2,165,400
5.950%, 08/15/37		910,000		1,261,297
Merck & Co., Inc.
2.400%, 09/15/22		1,000,000		1,010,340
6.550%, 09/15/37		1,000,000		1,412,000
Merck Sharp & Dohme Corp. 5.950%, 12/01/28		300,000		375,915
Novartis Capital Corp. 4.400%, 04/24/20		900,000		915,660
Sanofi 4.000%, 03/29/21		1,275,000		1,313,747
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26 (b)		3,000,000		3,024,450
Wyeth LLC 5.950%, 04/01/37		3,300,000		4,376,196

				39,089,614

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Pipelines—1.0%
El Paso Natural Gas Co. LLC 8.375%, 06/15/32		220,000	$	293,434
Enbridge Energy Partners L.P. 5.875%, 10/15/25		3,000,000		3,478,140
Energy Transfer Operating L.P.
4.650%, 06/01/21		1,950,000		2,022,696
5.150%, 03/15/45		2,600,000		2,651,662
Enterprise Products Operating LLC 3.950%, 02/15/27		3,800,000		4,065,620
Kinder Morgan Energy Partners L.P. 6.500%, 02/01/37		2,000,000		2,404,960
MPLX L.P. 5.200%, 03/01/47 (b)		1,000,000		1,073,560
Sabine Pass Liquefaction LLC 5.625%, 04/15/23 (b)		2,700,000		2,938,248
Tennessee Gas Pipeline Co. LLC
7.000%, 10/15/28		1,050,000		1,310,883
7.625%, 04/01/37		640,000		837,638
TransCanada PipeLines, Ltd. 6.200%, 10/15/37		1,800,000		2,246,652
Williams Cos., Inc. (The) 3.750%, 06/15/27		2,500,000		2,583,675

				25,907,168


Real Estate Investment Trusts—0.6%
American Tower Corp. 3.000%, 06/15/23		2,100,000		2,129,589
Boston Properties L.P. 3.850%, 02/01/23		2,950,000		3,077,558
Digital Realty Trust L.P. 3.700%, 08/15/27		3,500,000		3,605,070
Simon Property Group L.P. 3.300%, 01/15/26		3,800,000		3,915,292
Ventas Realty L.P.
3.100%, 01/15/23		2,100,000		2,135,175
Welltower, Inc. 4.000%, 06/01/25		1,500,000		1,588,185

				16,450,869


Retail—0.7%
Home Depot, Inc. (The)
2.000%, 04/01/21		1,000,000		999,500
4.250%, 04/01/46		2,000,000		2,251,220
4.400%, 04/01/21 (b)		1,450,000		1,499,662
Lowe’s Cos., Inc. 4.050%, 05/03/47 (b)		1,500,000		1,493,130
McDonald’s Corp. 3.700%, 01/30/26 (b)		3,000,000		3,188,460
Target Corp.
4.000%, 07/01/42 (b)		1,000,000		1,086,480
6.350%, 11/01/32 (b)		708,000		963,390
Walmart, Inc.
2.550%, 04/11/23		4,000,000		4,055,240
5.250%, 09/01/35		935,000		1,188,217


Security Description	Principal Amount*		Value

Retail—(Continued)
Walmart, Inc. 4.050%, 06/29/48		900,000	$	1,030,410

				17,755,709


Semiconductors—0.4%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.000%, 01/15/22		3,100,000		3,109,176
Intel Corp.
2.700%, 12/15/22 (b)		2,000,000		2,035,640
3.734%, 12/08/47 (b)		1,000,000		1,038,420
QUALCOMM, Inc. 3.450%, 05/20/25 (b)		4,000,000		4,160,200

				10,343,436


Software—0.8%
Fiserv, Inc. 2.750%, 07/01/24		2,000,000		2,013,232
Microsoft Corp.
3.125%, 11/03/25 (b)		5,100,000		5,368,668
4.250%, 02/06/47		3,000,000		3,537,300
Oracle Corp.
1.900%, 09/15/21		1,800,000		1,790,532
2.500%, 10/15/22		2,100,000		2,121,861
4.125%, 05/15/45		4,200,000		4,552,002

				19,383,595


Telecommunications—1.4%
AT&T, Inc.
3.600%, 07/15/25		1,900,000		1,973,454
4.100%, 02/15/28 (b)		2,687,000		2,844,512
4.125%, 02/17/26		3,000,000		3,197,970
5.150%, 11/15/46		1,308,000		1,445,772
5.300%, 08/15/58		2,500,000		2,755,975
6.100%, 07/15/40		925,000		1,107,169
7.125%, 12/15/31		100,000		122,315
British Telecommunications plc 9.625%, 12/15/30		1,000,000		1,507,450
Cisco Systems, Inc.
2.500%, 09/20/26 (b)		1,200,000		1,209,108
5.500%, 01/15/40		2,000,000		2,633,820
Deutsche Telekom International Finance B.V. 8.750%, 06/15/30		1,000,000		1,435,890
Orange S.A. 5.500%, 02/06/44 (b)		1,000,000		1,239,820
Telefonica Emisiones S.A. 4.103%, 03/08/27		1,900,000		2,018,370
Verizon Communications, Inc.
3.376%, 02/15/25		2,078,000		2,169,245
4.812%, 03/15/39 (b)		3,927,000		4,511,691
5.012%, 04/15/49 (b)		2,032,000		2,417,470
Vodafone Group plc 6.150%, 02/27/37		2,170,000		2,621,599

				35,211,630

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Transportation—0.5%
Burlington Northern Santa Fe LLC 4.150%, 04/01/45		3,900,000	$	4,332,081
CSX Corp. 6.150%, 05/01/37		1,600,000		2,048,464
FedEx Corp. 4.550%, 04/01/46		1,000,000		1,024,700
Norfolk Southern Corp.
3.000%, 04/01/22 (b)		1,911,000		1,945,971
5.590%, 05/17/25		28,000		32,008
Union Pacific Corp.
4.500%, 09/10/48		900,000		1,021,509
6.625%, 02/01/29 (b)		1,200,000		1,536,060

				11,940,793

Total Corporate Bonds & Notes (Cost $652,836,491)				680,322,527


Foreign Government—1.6%

Electric—0.0%
Hydro-Quebec 8.400%, 01/15/22		1,000,000		1,154,090


Provincial—0.4%
Province of British Columbia Canada 2.000%, 10/23/22		1,970,000		1,978,294
Province of Nova Scotia Canada 9.250%, 03/01/20		250,000		261,440
Province of Ontario Canada
2.450%, 06/29/22		2,000,000		2,030,160
3.050%, 01/29/24		1,900,000		1,985,158
Province of Quebec Canada
2.500%, 04/20/26		2,000,000		2,042,220
7.500%, 07/15/23		350,000		421,788

				8,719,060


Sovereign—1.2%
Colombia Government International Bonds
5.000%, 06/15/45		1,000,000		1,105,480
8.125%, 05/21/24 (b)		1,500,000		1,848,960
Export Development Canada 2.000%, 05/17/22		1,000,000		1,005,590
Export-Import Bank of Korea 2.250%, 01/21/20		2,000,000		2,000,240
Japan Bank for International Cooperation 2.500%, 05/23/24		3,900,000		3,970,173
Mexico Government International Bonds
5.750%, 10/12/10 (b)		2,000,000		2,187,220
6.750%, 09/27/34 (b)		1,050,000		1,337,637
8.000%, 09/24/22		2,200,000		2,557,874
Panama Government International Bonds
4.500%, 05/15/47 (b)		1,400,000		1,580,992
5.200%, 01/30/20		1,370,000		1,392,180
Peruvian Government International Bond 8.750%, 11/21/33 (b)		1,450,000		2,343,316


Security Description	Principal Amount*		Value

Sovereign—(Continued)
Philippine Government International Bonds
3.950%, 01/20/40		2,100,000	$	2,345,007
5.000%, 01/13/37		1,740,000		2,181,456
Poland Government International Bond 3.250%, 04/06/26 (b)		2,000,000		2,115,680
Ukraine Government AID Bond 1.471%, 09/29/21		1,600,000		1,586,400
Uruguay Government International Bond 4.375%, 10/27/27		1,900,000		2,053,539

				31,611,744

Total Foreign Government (Cost $39,666,049)				41,484,894


Mortgage-Backed Securities—1.3%

Commercial Mortgage-Backed Securities—1.3%
Commercial Mortgage Pass-Through Certificates Mortgage Trust
3.765%, 02/10/49		1,539,000		1,643,923
3.902%, 07/10/50		1,835,000		1,963,491
Commercial Mortgage Trust 3.838%, 09/10/47		3,800,000		4,050,006
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,835,000		1,917,128
GS Mortgage Securities Trust
3.135%, 06/10/46		2,935,000		3,017,284
3.377%, 05/10/45		2,198,918		2,238,024
4.243%, 08/10/46		966,000		1,034,043
JPMBB Commercial Mortgage Securities Trust
3.598%, 11/15/48		3,900,000		4,141,834
3.801%, 08/15/48		1,534,000		1,638,823
Morgan Stanley Bank of America Merrill Lynch Trust
3.544%, 01/15/49		3,850,000		4,074,628
3.635%, 10/15/48		1,547,000		1,643,408
3.732%, 05/15/48		3,750,000		3,994,397
WF-RBS Commercial Mortgage Trust 3.488%, 06/15/46		1,054,000		1,088,003

Total Mortgage-Backed Securities (Cost $31,982,276)				32,444,992


Asset-Backed Securities—0.6%

Asset-Backed - Automobile—0.3%
Ally Auto Receivables Trust 1.990%, 11/15/21		2,990,000		2,981,987
AmeriCredit Automobile Receivables Trust 3.080%, 12/18/23		1,500,000		1,516,772
Ford Credit Auto Owner Trust 3.160%, 10/15/23		1,000,000		1,025,739
Honda Auto Receivables Owner Trust 1.330%, 11/18/22		1,011,000		1,006,926

				6,531,424

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Asset-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Asset-Backed - Credit Card—0.3%
Capital One Multi-Asset Execution Trust 1.660%, 06/17/24		3,000,000	$	2,975,428
Citibank Credit Card Issuance Trust 2.880%, 01/23/23		4,924,000		4,980,749

				7,956,177

Total Asset-Backed Securities (Cost $14,385,336)				14,487,601


Municipals—0.5%
Los Angeles, CA Unified School District, Build America Bond 6.758%, 07/01/34		660,000		905,012
Municipal Electric Authority of Georgia, Build America Bond 6.637%, 04/01/57		1,988,000		2,388,443
New Jersey State Turnpike Authority, Build America Bond 7.414%, 01/01/40		1,700,000		2,629,815
Oregon School Boards Association 5.680%, 06/30/28		1,900,000		2,290,564
State of California General Obligation Unlimited, Build America Bond 7.300%, 10/01/39		2,700,000		4,058,505
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		1,230,000		1,295,288

Total Municipals (Cost $11,418,295)				13,567,627


Short-Term Investments—0.5%

Discount Notes—0.2%
Federal Home Loan Bank
2.073%, 07/10/19 (c)		800,000		799,560
2.121%, 07/17/19 (c)		2,100,000		2,097,946
2.253%, 07/19/19 (c)		400,000		399,560
2.361%, 08/14/19 (c)		200,000		199,460

				3,496,526


U.S. Treasury—0.3%
U.S. Treasury Bills
0.971%, 07/02/19 (c)		3,300,000		3,299,822
2.067%, 08/13/19 (c)		2,700,000		2,693,360
2.187%, 07/18/19 (c)		2,100,000		2,097,966

				8,091,148

Total Short-Term Investments (Cost $11,587,276)				11,587,674


Securities Lending Reinvestments (d)—13.5%

Certificates of Deposit—6.7%
ABN AMRO Bank NV Zero Coupon, 07/05/19		5,947,395		5,997,180
Banco Del Estado De Chile New York
2.564%, 1M LIBOR + 0.160%, 11/22/19 (a)		4,000,000		4,000,340

Certificates of Deposit—(Continued)
Banco Del Estado De Chile New York
2.592%, 1M LIBOR + 0.180%, 10/09/19 (a)		2,000,000		2,000,282
Banco Santander S.A. 2.600%, 07/05/19		4,000,000		4,000,208
Bank of Montreal (Chicago)
2.512%, 1M LIBOR + 0.100%, 10/11/19 (a)		2,000,000		2,000,066
2.590%, SOFR + 0.170%, 02/07/20 (a)		1,000,000		1,000,056
2.751%, 1M LIBOR + 0.330%, 08/06/19 (a)		2,000,000		2,000,574
Bank of Nova Scotia 2.564%, 1M LIBOR + 0.170%, 05/15/20 (a)		10,000,000		9,999,080
Barclays Bank plc 3.000%, 09/19/19		2,040,542		2,002,682
BNP Paribas S.A. New York 2.615%, 3M LIBOR + 0.050%, 11/06/19 (a)		3,000,000		3,001,104
Canadian Imperial Bank of Commerce 2.660%, 1M LIBOR + 0.270%, 07/19/19 (a)		3,000,000		3,000,264
Chiba Bank, Ltd. 2.450%, 08/12/19		5,000,000		5,000,790
China Construction Bank Corp.
2.600%, 09/05/19		3,000,000		3,000,666
2.630%, 08/30/19		4,000,000		4,001,216
Commonwealth Bank of Australia 2.569%, 1M LIBOR + 0.175%, 04/16/20 (a)		5,000,000		5,000,950
Credit Industriel et Commercial
Zero Coupon, 08/01/19 (a)		1,970,832		1,995,580
2.590%, 1M LIBOR + 0.160%, 03/05/20 (a)		5,000,000		5,000,370
2.600%, 1M LIBOR + 0.160%, 01/03/20 (a)		2,000,000		2,000,322
Credit Suisse AG
2.561%, 1M LIBOR + 0.130%, 11/04/19 (a)		5,000,000		4,999,670
2.580%, 1M LIBOR + 0.140%, 10/02/19 (a)		6,000,000		6,000,024
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (a)		5,000,000		4,999,600
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		3,000,000		3,000,474
2.670%, 07/25/19		2,000,000		2,000,388
2.670%, 08/01/19		2,000,000		2,000,432
KBC Bank NV Zero Coupon, 10/25/19		4,935,000		4,963,174
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 07/17/19		1,986,941		1,997,500
Zero Coupon, 08/09/19		2,980,425		2,991,810
Mizuho Bank, Ltd. 2.524%, 1M LIBOR + 0.120%, 11/27/19 (a)		5,000,000		5,001,285
MUFG Bank Ltd. 2.574%, 1M LIBOR + 0.170%, 02/24/20 (a)		2,000,000		2,000,006
National Australia Bank, Ltd. 2.602%, 1M LIBOR + 0.190%, 04/08/20 (a)		1,000,000		1,000,230
Norinchukin Bank, New York Zero Coupon, 07/10/19		4,966,745		4,996,050
Rabobank International London 2.592%, 1M LIBOR + 0.190%, 04/24/20 (a)		4,000,000		4,001,640
Standard Chartered Bank
2.524%, 1M LIBOR + 0.130%, 11/15/19 (a)		6,000,000		6,000,216
2.660%, 08/23/19		5,000,000		5,002,315
Sumitomo Mitsui Banking Corp.
2.542%, 1M LIBOR + 0.130%, 12/09/19 (a)		2,000,000		2,000,098

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp.
2.553%, 1M LIBOR + 0.140%, 11/12/19 (a)		4,000,000	$	4,000,476
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 08/08/19		1,972,724		1,994,680
Zero Coupon, 10/25/19		986,807		992,380
2.523%, 1M LIBOR + 0.140%, 11/20/19 (a)		4,000,000		4,000,400
2.564%, 1M LIBOR + 0.160%, 10/23/19 (a)		3,000,000		3,000,570
2.600%, 07/05/19		2,000,000		2,000,082
Svenska Handelsbanken AB 2.592%, 1M LIBOR + 0.180%, 06/05/20 (a)		2,000,000		2,000,380
Toronto-Dominion Bank 2.611%, 1M LIBOR + 0.180%, 06/03/20 (a)		5,000,000		4,999,891
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (a)		4,000,000		4,000,540
Wells Fargo Bank N.A. 2.721%, 3M LIBOR + 0.140%, 07/11/19 (a)		10,000,000		9,999,515
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (a)		5,000,000		4,999,972

				169,945,528


Commercial Paper—2.6%
Agricultural Bank of China 2.610%, 08/13/19		9,933,300		9,966,750
Bank of China, Ltd.
2.640%, 09/09/19		1,986,800		1,989,448
2.670%, 07/17/19		3,973,300		3,994,524
China Construction Bank Corp.
2.620%, 09/03/19		4,966,522		4,976,095
2.650%, 07/26/19		1,987,044		1,995,966
2.660%, 07/19/19		1,986,404		1,996,970
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (a)		2,000,000		2,000,398
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (a)		10,000,000		10,002,530
LMA S.A. & LMA Americas, Corp.
2.570%, 08/14/19		4,957,167		4,984,120
2.750%, 08/05/19		2,958,292		2,992,302
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (a)		1,000,000		999,995
Societe Generale 2.812%, 3M LIBOR + 0.410%, 12/18/19 (a)		2,003,548		2,003,796
Starbird Funding Corp. 2.600%, 07/01/19		3,999,195		3,999,180
Thunder Bay Funding LLC 2.540%, 1M LIBOR + 0.100%, 12/05/19 (a)		4,000,000		4,000,208
Toyota Motor Credit Corp. 2.620%, 08/29/19		4,935,592		4,979,725
Westpac Banking Corp. 2.552%, 1M LIBOR + 0.150%, 05/29/20 (a)		4,999,143		5,000,015

				65,882,022


Master Demand Notes—0.2%
Natixis Financial Products LLC 2.710%, OBFR + 0.350%, 08/02/19 (a)		5,000,000		5,000,000


Repurchase Agreements—2.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $6,111,628; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $6,232,666.		6,110,457		6,110,457
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $4,130,083; collateralized by various Common Stock with an aggregate market value of $4,510,000.		4,100,000		4,100,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $7,018,443; collateralized by various Common Stock with an aggregate market value of $7,700,000.		7,000,000		7,000,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $1,504,025; collateralized by various Common Stock with an aggregate market value of $1,650,000.		1,500,000		1,500,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $8,201,777; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $8,364,002.		8,200,000		8,200,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $1,100,252; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $1,122,006.		1,100,000		1,100,000
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $5,001,054; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $5,120,177.		5,000,000		5,000,000
Repurchase Agreement dated 07/18/18 at 2.560%, due on 07/05/19 with a maturity value of $4,100,124; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $4,377,248.		4,000,000		4,000,000
Societe Generale Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $15,703,232; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $16,917,819.		15,700,000		15,700,000

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $14,202,923; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $15,301,467.		14,200,000	$	14,200,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $2,000,972; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,155,136.		2,000,000		2,000,000

				68,910,457


Time Deposits—1.3%
DZ Bank AG New York 2.380%, 07/01/19		7,370,000		7,370,000
Nordea Bank New York 2.310%, 07/01/19		15,000,000		15,000,000
Royal Bank of Canada 2.500%, 07/01/19		10,000,000		10,000,000

				32,370,000

Total Securities Lending Reinvestments (Cost $342,087,407)				342,108,007

Total Investments—113.0% (Cost $2,785,848,378)				2,866,916,759
Other assets and liabilities (net)—(13.0)%				(330,299,508	)

Net Assets—100.0%			$	2,536,617,251




*		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, 2019. 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, 2019, the market value of securities loaned was $329,910,647 and the collateral received consisted of cash in the amount of $341,754,177. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)		The rate shown represents current yield to maturity.
(d)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(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, 2019, the market value of 144A securities was $2,676,434, which is 0.1% of net assets.
(CMO)—		Collateralized Mortgage Obligation
(FEDEFF PRV)—		Effective Federal Funds Rate
(LIBOR)—		London Interbank Offered Rate
(OBFR)—		U.S. Overnight Bank Funding Rate
(SOFR)—		Secured Overnight Financing 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, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,730,913,437		$	—	$	1,730,913,437
Total Corporate Bonds & Notes*		—		680,322,527			—		680,322,527
Total Foreign Government*		—		41,484,894			—		41,484,894
Total Mortgage-Backed Securities*		—		32,444,992			—		32,444,992
Total Asset-Backed Securities*		—		14,487,601			—		14,487,601
Total Municipals*		—		13,567,627			—		13,567,627
Total Short-Term Investments*		—		11,587,674			—		11,587,674
Total Securities Lending Reinvestments*		—		342,108,007			—		342,108,007
Total Investments	$	—	$	2,866,916,759		$	—	$	2,866,916,759

Collateral for Securities Loaned (Liability)	$	—	$	(341,754,177	)	$	—	$	(341,754,177	)


*		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, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	2,866,916,759
Cash		53,632
Receivable for:
Investments sold		24,998,327
Fund shares sold		1,383,490
Interest		16,520,754

Total Assets		2,909,872,962
Liabilities
Collateral for securities loaned		341,754,177
Payables for:
Investments purchased		29,505,583
Fund shares redeemed		637,550
Accrued Expenses:
Management fees		501,837
Distribution and service fees		255,840
Deferred trustees’ fees		126,456
Other expenses		474,268

Total Liabilities		373,255,711

Net Assets	$	2,536,617,251

Net Assets Consist of:
Paid in surplus	$	2,508,071,662
Distributable earnings (Accumulated losses)		28,545,589

Net Assets	$	2,536,617,251

Net Assets
Class A	$	1,332,185,347
Class B		825,338,161
Class E		51,679,428
Class G		327,414,315
Capital Shares Outstanding*
Class A		122,886,468
Class B		77,762,089
Class E		4,791,645
Class G		30,969,930
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.84
Class B		10.61
Class E		10.79
Class G		10.57


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $2,785,848,378.
(b)		Includes securities loaned at value of $329,910,647.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Interest	$	36,681,805
Securities lending income		363,541

Total investment income		37,045,346
Expenses
Management fees		3,088,467
Administration fees		49,241
Custodian and accounting fees		123,983
Distribution and service fees—Class B		1,013,705
Distribution and service fees—Class E		38,217
Distribution and service fees—Class G		470,006
Audit and tax services		46,084
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		128,012
Insurance		8,313
Miscellaneous		11,166

Total expenses		5,030,980
Less management fee waiver		(98,527	)

Net expenses		4,932,453

Net Investment Income		32,112,893

Net Realized and Unrealized Gain
Net realized gain on investments		1,799,483

Net change in unrealized appreciation on investments		111,821,243

Net realized and unrealized gain		113,620,726

Net Increase in Net Assets From Operations	$	145,733,619

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	32,112,893		$	67,011,851
Net realized gain (loss)		1,799,483			(2,602,372	)
Net change in unrealized appreciation (depreciation)		111,821,243			(76,723,188	)

Increase (decrease) in net assets from operations		145,733,619			(12,313,709	)

From Distributions to Shareholders
Class A		(41,545,529	)		(40,620,231	)
Class B		(24,346,143	)		(25,318,977	)
Class E		(1,552,495	)		(1,621,378	)
Class G		(9,534,264	)		(8,969,174	)

Total distributions		(76,978,431	)		(76,529,760	)

Decrease in net assets from capital share transactions		(15,032,751	)		(147,877,103	)

Total increase (decrease) in net assets		53,722,437			(236,720,572	)

Net Assets
Beginning of period		2,482,894,814			2,719,615,386

End of period	$	2,536,617,251		$	2,482,894,814

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		4,839,234		$	52,111,669			7,811,010		$	83,227,218
Reinvestments		3,871,904			41,545,529			3,932,259			40,620,231
Redemptions		(8,418,807	)		(90,780,567	)		(15,087,766	)		(158,992,730	)

Net increase (decrease)		292,331		$	2,876,631			(3,344,497	)	$	(35,145,281	)

Class B
Sales		1,696,618		$	17,945,848			2,704,053		$	27,987,348
Reinvestments		2,316,474			24,346,143			2,501,875			25,318,977
Redemptions		(6,146,461	)		(64,616,477	)		(14,670,824	)		(150,861,531	)

Net decrease		(2,133,369	)	$	(22,324,486	)		(9,464,896	)	$	(97,555,206	)

Class E
Sales		114,102		$	1,220,337			190,181		$	2,005,901
Reinvestments		145,501			1,552,495			157,875			1,621,378
Redemptions		(449,434	)		(4,796,417	)		(892,352	)		(9,342,466	)

Net decrease		(189,831	)	$	(2,023,585	)		(544,296	)	$	(5,715,187	)

Class G
Sales		2,234,331		$	23,460,799			3,960,786		$	40,765,196
Reinvestments		911,498			9,534,264			889,799			8,969,174
Redemptions		(2,536,538	)		(26,556,374	)		(5,767,983	)		(59,195,799	)

Net increase (decrease)		609,291		$	6,438,689			(917,398	)	$	(9,461,429	)

Decrease derived from capital shares transactions				$	(15,032,751	)				$	(147,877,103	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.55		$	10.90		$	10.87		$	10.92		$	11.22		$	10.93

Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.28			0.27			0.27			0.28			0.29
Net realized and unrealized gain (loss)		0.49			(0.31	)		0.08			(0.01	)		(0.25	)		0.33

Total income (loss) from investment operations		0.64			(0.03	)		0.35			0.26			0.03			0.62

Less Distributions
Distributions from net investment income		(0.35	)		(0.32	)		(0.32	)		(0.31	)		(0.33	)		(0.33	)

Total distributions		(0.35	)		(0.32	)		(0.32	)		(0.31	)		(0.33	)		(0.33	)

Net Asset Value, End of Period	$	10.84		$	10.55		$	10.90		$	10.87		$	10.92		$	11.22

Total Return (%) (b)		6.09	(c)		(0.18	)		3.26			2.35			0.25			5.81

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			0.27			0.28
Ratio of net investment income to average net assets (%)		2.72	(d)		2.69			2.50			2.39			2.48			2.62
Portfolio turnover rate (%)		9	(c)		19			22			16			18			13
Net assets, end of period (in millions)	$	1,332.2		$	1,293.6		$	1,373.3		$	1,299.2		$	1,177.2		$	1,008.2

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.32		$	10.67		$	10.65		$	10.70		$	10.99		$	10.72

Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.25			0.24			0.23			0.24			0.26
Net realized and unrealized gain (loss)		0.48			(0.30	)		0.07			0.01			(0.23	)		0.32

Total income (loss) from investment operations		0.61			(0.05	)		0.31			0.24			0.01			0.58

Less Distributions
Distributions from net investment income		(0.32	)		(0.30	)		(0.29	)		(0.29	)		(0.30	)		(0.31	)

Total distributions		(0.32	)		(0.30	)		(0.29	)		(0.29	)		(0.30	)		(0.31	)

Net Asset Value, End of Period	$	10.61		$	10.32		$	10.67		$	10.65		$	10.70		$	10.99

Total Return (%) (b)		5.94	(c)		(0.45	)		2.96			2.14			0.09			5.48

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			0.52			0.53
Ratio of net investment income to average net assets (%)		2.47	(d)		2.44			2.25			2.14			2.23			2.37
Portfolio turnover rate (%)		9	(c)		19			22			16			18			13
Net assets, end of period (in millions)	$	825.3		$	824.8		$	953.7		$	974.5		$	973.6		$	997.1

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.49		$	10.84		$	10.81		$	10.86		$	11.15		$	10.87

Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.27			0.25			0.25			0.26			0.27
Net realized and unrealized gain (loss)		0.49			(0.31	)		0.09			(0.01	)		(0.24	)		0.33

Total income (loss) from investment operations		0.63			(0.04	)		0.34			0.24			0.02			0.60

Less Distributions
Distributions from net investment income		(0.33	)		(0.31	)		(0.31	)		(0.29	)		(0.31	)		(0.32	)

Total distributions		(0.33	)		(0.31	)		(0.31	)		(0.29	)		(0.31	)		(0.32	)

Net Asset Value, End of Period	$	10.79		$	10.49		$	10.84		$	10.81		$	10.86		$	11.15

Total Return (%) (b)		6.05	(c)		(0.34	)		3.12			2.19			0.19			5.58

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			0.42			0.43
Ratio of net investment income to average net assets (%)		2.57	(d)		2.54			2.35			2.24			2.33			2.47
Portfolio turnover rate (%)		9	(c)		19			22			16			18			13
Net assets, end of period (in millions)	$	51.7		$	52.3		$	59.9		$	61.5		$	67.0		$	76.9

	Class G
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	10.28		$	10.63		$	10.61		$	10.67		$	10.97		$	10.70

Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.25			0.23			0.23			0.24			0.25
Net realized and unrealized gain (loss)		0.48			(0.31	)		0.08			0.00			(0.25	)		0.33

Total income (loss) from investment operations		0.61			(0.06	)		0.31			0.23			(0.01	)		0.58

Less Distributions
Distributions from net investment income		(0.32	)		(0.29	)		(0.29	)		(0.29	)		(0.29	)		(0.31	)

Total distributions		(0.32	)		(0.29	)		(0.29	)		(0.29	)		(0.29	)		(0.31	)

Net Asset Value, End of Period	$	10.57		$	10.28		$	10.63		$	10.61		$	10.67		$	10.97

Total Return (%) (b)		5.94	(c)		(0.49	)		2.94			2.09			(0.06	)		5.46

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			0.57			0.58
Ratio of net investment income to average net assets (%)		2.42	(d)		2.39			2.20			2.09			2.18			2.32
Portfolio turnover rate (%)		9	(c)		19			22			16			18			13
Net assets, end of period (in millions)	$	327.4		$	312.2		$	332.6		$	325.7		$	257.7		$	223.3


(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 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, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, 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

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.

BHFTII-25

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-26

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

At June 30, 2019, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $68,910,457. 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, 2019.

BHFTII-27

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


	Remaining Contractual Maturity of the Agreements As of June 30, 2019
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(110,066,083	)	$	—	$	—	$	—	$	(110,066,083	)
Foreign Government		(8,131,517	)		—		—		—		(8,131,517	)
U.S. Treasury & Government Agencies		(223,556,577	)		—		—		—		(223,556,577	)
Total	$	(341,754,177	)	$	—	$	—	$	—	$	(341,754,177	)
Total Borrowings	$	(341,754,177	)	$	—	$	—	$	—	$	(341,754,177	)
Gross amount of recognized liabilities for securities lending transactions										$	(341,754,177	)

3. Certain Risks

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

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$171,562,038	$	43,721,607	$	204,621,140	$	70,247,908

BHFTII-28

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM 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 MIM with respect to the Portfolio for the six months ended June 30, 2019 were $284,486.


% 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

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-29

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

6. Contractual Obligations

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	2,783,773,564

Gross unrealized appreciation		103,195,627
Gross unrealized depreciation		(21,981,456	)

Net unrealized appreciation (depreciation)	$	81,214,171

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$76,529,760	$	75,615,243	$	—	$	—	$	76,529,760	$	75,615,243

As of December 31, 2018, 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		Accumulated Capital Losses			Total
$76,589,245	$	—	$	(53,852,450	)	$	—	$	(62,835,071	)	$	(40,098,276	)

As of December 31, 2018, the Portfolio had accumulated short-term capital losses of $9,341,024 and accumulated long-term capital losses of $53,494,047.

BHFTII-30

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A, B, E and G shares of the MetLife Mid Cap Stock Index Portfolio returned 17.81%, 17.72%, 17.78%, and 17.63%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) Mid Cap 400 Index¹, returned 17.97%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2019, equity markets reacted favorably to progress in trade talks with China, a more dovish Federal Reserve, and the strength of corporate earnings. Companies that reported better than expected earnings included Goldman Sachs, American Express, IBM, and Procter & Gamble. Energy stocks rallied as crude prices climbed after Saudi Arabia formally implemented production constraints. Financial stocks were hurt by the yield curve inverting for the first time since 2007. Equity markets extended their rally as the U.S. and Mexico agreed on an immigration enforcement deal and on increasing expectations for easier monetary policy. Federal Reserve official comments stating that they expected to keep rates unchanged for the rest of the year reassured the markets. Equity markets also reacted favorably to optimism around the meeting between President Trump and China President Xi during the G20 summit. Factors that weighed on the equity markets included continued concerns about Brexit, geopolitical tensions between India and Pakistan, and the International Monetary Fund downgrading its global growth forecast to the lowest level since the financial crisis.

During the first six months, the Federal Open Market Committee (the “FOMC”) met four times and decided to maintain the target range for the Federal Funds Rate at 2.25%—2.50%. The FOMC stated that the labor market remained strong and that economic activity was rising at a moderate rate. The FOMC also stated that job gains had been solid, and the unemployment rate had remained low.

All eleven sectors comprising the S&P Mid Cap 400 Index experienced positive returns for the first six months of 2019. Information Technology (15.3% beginning weight in the benchmark), up 27.2%, was the best-performing sector and had the largest positive impact on the benchmark return. Industrials (15.4% beginning weight), up 24.1%; and Financials (16.4% beginning weight), up 18.9%, were the next best-performing sectors. Energy (3.7% beginning weight), up 0.3%; and Consumer Staples (3.0% beginning weight), up 5.8%, were the worst performing sectors on a relative basis.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Universal Display, up 101.2%; Leidos Holdings, up 52.9%; and MarketAxess Holdings, up 52.7%. The stocks with the largest negative impact were Covetrus, down 40.4%; Green Dot, down 37.3%; and United Therapeutics, down 28.3%.

PORTFOLIO REVIEW / CURRENT 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 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, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

BHFTII-1

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P MIDCAP 400 INDEX

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
MetLife Mid Cap Stock Index Portfolio
Class A		17.81		1.09		7.76		14.36
Class B		17.72		0.93		7.50		14.08
Class E		17.78		0.98		7.60		14.18
Class G		17.63		0.80		7.44		14.02
S&P MidCap 400 Index		17.97		1.36		8.02		14.64

¹ The 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.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
SPDR S&P MidCap 400 ETF Trust		3.0
IDEX Corp.		0.7
STERIS plc		0.7
Leidos Holdings, Inc.		0.6
Domino’s Pizza, Inc.		0.6
NVR, Inc.		0.6
Trimble, Inc.		0.6
Zebra Technologies Corp. - Class A		0.6
FactSet Research Systems, Inc.		0.6
Camden Property Trust		0.6

Top Sectors


	% of Net Assets
Financials		18.6
Industrials		15.6
Information Technology		15.1
Consumer Discretionary		11.9
Real Estate		9.8
Health Care		9.3
Materials		6.2
Utilities		4.5
Energy		3.0
Consumer Staples		2.6

BHFTII-2

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


MetLife Mid Cap Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.30	%	$	1,000.00	$	1,178.10	$	1.62
	Hypothetical*		0.30	%	$	1,000.00	$	1,023.31	$	1.51

Class B (a)	Actual		0.55	%	$	1,000.00	$	1,177.20	$	2.97
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76

Class E (a)	Actual		0.45	%	$	1,000.00	$	1,177.80	$	2.43
	Hypothetical*		0.45	%	$	1,000.00	$	1,022.56	$	2.26

Class G (a)	Actual		0.60	%	$	1,000.00	$	1,176.30	$	3.24
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01

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

(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, 2019 (Unaudited)

Common Stocks—96.0% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—1.1%
Axon Enterprise, Inc. (a)		35,031	$	2,249,341
Curtiss-Wright Corp.		25,341		3,221,601
Teledyne Technologies, Inc. (a)		21,469		5,879,715

				11,350,657


Air Freight & Logistics—0.3%
XPO Logistics, Inc. (a) (b)		54,479		3,149,431


Airlines—0.3%
JetBlue Airways Corp. (a) (c)		178,299		3,296,749


Auto Components—1.0%
Adient plc		51,535		1,250,755
Dana, Inc.		85,263		1,700,144
Delphi Technologies plc		52,111		1,042,220
Gentex Corp.		151,422		3,726,495
Goodyear Tire & Rubber Co. (The)		137,730		2,107,269
Visteon Corp. (a) (b)		16,750		981,215

				10,808,098


Automobiles—0.2%
Thor Industries, Inc.		30,991		1,811,424


Banks—6.9%
Associated Banc-Corp.		97,106		2,052,821
BancorpSouth Bank		54,488		1,582,332
Bank of Hawaii Corp. (b)		24,284		2,013,386
Bank OZK		71,619		2,155,016
Cathay General Bancorp		45,244		1,624,712
Chemical Financial Corp.		42,391		1,742,694
Commerce Bancshares, Inc.		58,269		3,476,329
Cullen/Frost Bankers, Inc. (b)		37,380		3,501,011
East West Bancorp, Inc.		86,230		4,032,977
First Financial Bankshares, Inc. (b)		80,398		2,475,454
First Horizon National Corp.		186,839		2,789,506
FNB Corp. (b)		192,401		2,264,560
Fulton Financial Corp.		100,013		1,637,213
Hancock Whitney Corp.		50,785		2,034,447
Home BancShares, Inc. (b)		91,570		1,763,638
International Bancshares Corp.		32,280		1,217,279
PacWest Bancorp		70,404		2,733,787
Pinnacle Financial Partners, Inc.		42,859		2,463,535
Prosperity Bancshares, Inc. (b)		39,321		2,597,152
Signature Bank		32,642		3,944,459
Sterling Bancorp		124,157		2,642,061
Synovus Financial Corp.		93,313		3,265,955
TCF Financial Corp.		97,274		2,022,327
Texas Capital Bancshares, Inc. (a)		29,785		1,827,905
Trustmark Corp. (b)		38,355		1,275,304
UMB Financial Corp.		26,163		1,722,049
Umpqua Holdings Corp.		130,628		2,167,119
United Bankshares, Inc. (b)		60,501		2,243,982
Valley National Bancorp (b)		196,548		2,118,787
Webster Financial Corp.		54,591		2,607,812
Wintrust Financial Corp.		33,570		2,455,981

				72,451,590


Beverages—0.2%
Boston Beer Co., Inc. (The) - Class A (a) (b)		5,183		1,957,930


Biotechnology—0.7%
Exelixis, Inc. (a)		178,785		3,820,635
Ligand Pharmaceuticals, Inc. (a) (b)		11,611		1,325,396
United Therapeutics Corp. (a)		25,956		2,026,125

				7,172,156


Building Products—0.9%
Lennox International, Inc. (b)		20,912		5,750,800
Resideo Technologies, Inc. (a)		72,695		1,593,474
Trex Co., Inc. (a) (b)		34,660		2,485,122

				9,829,396


Capital Markets—2.5%
Eaton Vance Corp.		67,581		2,914,769
Evercore, Inc. - Class A		24,329		2,154,820
FactSet Research Systems, Inc. (b)		22,656		6,492,303
Federated Investors, Inc. - Class B (b)		56,968		1,851,460
Interactive Brokers Group, Inc. - Class A		44,484		2,411,033
Janus Henderson Group plc		97,121		2,078,389
Legg Mason, Inc.		51,307		1,964,032
SEI Investments Co.		75,904		4,258,214
Stifel Financial Corp.		41,925		2,476,091

				26,601,111


Chemicals—2.6%
Ashland Global Holdings, Inc.		37,163		2,971,925
Cabot Corp.		34,639		1,652,627
Chemours Co. (The)		97,142		2,331,408
Ingevity Corp. (a)		24,791		2,607,270
Minerals Technologies, Inc.		20,875		1,117,021
NewMarket Corp.		5,171		2,073,261
Olin Corp. (b)		97,673		2,140,015
PolyOne Corp.		46,102		1,447,142
RPM International, Inc.		77,657		4,745,619
Scotts Miracle-Gro Co. (The)		23,334		2,298,399
Sensient Technologies Corp. (b)		25,072		1,842,291
Valvoline, Inc.		111,497		2,177,536

				27,404,514


Commercial Services & Supplies—1.3%
Brink’s Co. (The)		29,545		2,398,463
Clean Harbors, Inc. (a)		30,122		2,141,674
Deluxe Corp.		25,853		1,051,183
Healthcare Services Group, Inc. (b)		43,886		1,330,624
Herman Miller, Inc.		34,844		1,557,527
HNI Corp.		25,676		908,417
MSA Safety, Inc.		20,859		2,198,330
Stericycle, Inc. (a) (b)		50,702		2,421,020

				14,007,238


Communications Equipment—1.1%
Ciena Corp. (a)		84,794		3,487,577
InterDigital, Inc.		18,795		1,210,398

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Communications Equipment—(Continued)
Lumentum Holdings, Inc. (a)		45,264	$	2,417,550
NetScout Systems, Inc. (a)		41,304		1,048,709
Plantronics, Inc. (b)		19,433		719,798
ViaSat, Inc. (a) (b)		33,748		2,727,514

				11,611,546


Construction & Engineering—1.5%
AECOM (a)		93,220		3,528,377
Dycom Industries, Inc. (a) (b)		18,652		1,098,043
EMCOR Group, Inc.		33,233		2,927,827
Fluor Corp.		82,901		2,792,935
Granite Construction, Inc. (b)		27,736		1,336,320
MasTec, Inc. (a) (b)		36,607		1,886,359
Valmont Industries, Inc.		12,949		1,642,063

				15,211,924


Construction Materials—0.2%
Eagle Materials, Inc. (b)		26,138		2,422,993


Consumer Finance—0.5%
Green Dot Corp. - Class A (a)		28,342		1,385,924
Navient Corp.		126,185		1,722,425
SLM Corp.		256,103		2,489,321

				5,597,670


Containers & Packaging—1.1%
AptarGroup, Inc.		37,439		4,655,165
Greif, Inc. - Class A		15,562		506,543
Owens-Illinois, Inc.		91,968		1,588,288
Silgan Holdings, Inc.		46,093		1,410,446
Sonoco Products Co.		59,274		3,872,963

				12,033,405


Distributors—0.4%
Pool Corp.		23,564		4,500,724


Diversified Consumer Services—0.9%
Adtalem Global Education, Inc. (a)		33,522		1,510,166
Graham Holdings Co. - Class B		2,578		1,778,897
Service Corp. International (b)		107,971		5,050,884
Sotheby’s (a)		19,607		1,139,755
Weight Watchers International, Inc. (a)		23,022		439,720

				9,919,422


Electric Utilities—1.5%
ALLETE, Inc.		30,585		2,544,978
Hawaiian Electric Industries, Inc.		64,541		2,810,760
IDACORP, Inc. (b)		29,851		2,997,936
OGE Energy Corp.		118,596		5,047,446
PNM Resources, Inc.		47,192		2,402,545

				15,803,665


Electrical Equipment—1.3%
Acuity Brands, Inc.		23,643		3,260,606
EnerSys		25,391		1,739,284

Electrical Equipment—(Continued)
Hubbell, Inc.		32,295		4,211,268
Nvent Electric plc		94,167		2,334,400
Regal-Beloit Corp.		25,368		2,072,819

				13,618,377


Electronic Equipment, Instruments & Components—4.0%
Arrow Electronics, Inc. (a)		50,194		3,577,326
Avnet, Inc.		62,976		2,850,924
Belden, Inc. (b)		23,375		1,392,449
Cognex Corp.		101,525		4,871,169
Coherent, Inc. (a) (b)		14,332		1,954,455
Jabil, Inc.		82,422		2,604,535
Littelfuse, Inc.		14,650		2,591,731
National Instruments Corp.		66,406		2,788,388
SYNNEX Corp. (b)		24,580		2,418,672
Tech Data Corp. (a)		21,617		2,261,138
Trimble, Inc. (a)		149,078		6,724,909
Vishay Intertechnology, Inc. (b)		78,405		1,295,251
Zebra Technologies Corp. - Class A (a) (b)		31,980		6,699,490

				42,030,437


Energy Equipment & Services—0.9%
Apergy Corp. (a)		45,851		1,537,843
Core Laboratories NV (b)		26,277		1,373,762
Ensco Rowan plc - Class A (b)		116,633		994,879
McDermott International, Inc. (a)		107,625		1,039,657
Oceaneering International, Inc. (a)		58,611		1,195,078
Patterson-UTI Energy, Inc.		123,553		1,422,095
Transocean, Ltd. (a) (b)		300,766		1,927,910

				9,491,224


Entertainment—0.9%
Cinemark Holdings, Inc. (b)		63,134		2,279,137
Live Nation Entertainment, Inc. (a) (b)		82,752		5,482,320
World Wrestling Entertainment, Inc. - Class A (b)		25,866		1,867,784

				9,629,241


Equity Real Estate Investment Trusts—9.4%
Alexander & Baldwin, Inc.		40,173		927,996
American Campus Communities, Inc.		81,321		3,753,777
Brixmor Property Group, Inc.		176,546		3,156,643
Camden Property Trust		57,279		5,979,355
CoreCivic, Inc.		70,543		1,464,473
CoreSite Realty Corp.		21,861		2,517,731
Corporate Office Properties Trust		66,306		1,748,489
Cousins Properties, Inc. (b)		86,092		3,113,948
CyrusOne, Inc.		67,050		3,870,126
Douglas Emmett, Inc.		95,843		3,818,385
EastGroup Properties, Inc.		21,775		2,525,465
EPR Properties		44,728		3,336,262
First Industrial Realty Trust, Inc.		74,937		2,753,185
Geo Group, Inc. (The)		71,809		1,508,707
Healthcare Realty Trust, Inc.		76,554		2,397,671
Highwoods Properties, Inc.		61,434		2,537,224
Hospitality Properties Trust		97,424		2,435,600

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Equity Real Estate Investment Trusts—(Continued)
JBG SMITH Properties		71,501	$	2,812,849
Kilroy Realty Corp.		59,823		4,415,536
Lamar Advertising Co. - Class A		50,696		4,091,674
Liberty Property Trust		87,848		4,395,914
Life Storage, Inc.		27,628		2,626,870
Mack-Cali Realty Corp.		53,521		1,246,504
Medical Properties Trust, Inc. (b)		233,681		4,075,397
National Retail Properties, Inc.		96,381		5,109,157
Omega Healthcare Investors, Inc.		127,098		4,670,852
Pebblebrook Hotel Trust (b)		77,395		2,180,991
PotlatchDeltic Corp.		40,043		1,560,876
PS Business Parks, Inc.		11,858		1,998,429
Rayonier, Inc.		76,804		2,327,161
Sabra Health Care REIT, Inc.		106,347		2,093,972
Senior Housing Properties Trust		140,846		1,164,796
Tanger Factory Outlet Centers, Inc. (b)		55,752		903,740
Taubman Centers, Inc.		36,239		1,479,638
Uniti Group, Inc.		109,106		1,036,507
Urban Edge Properties		71,336		1,236,253
Weingarten Realty Investors		70,882		1,943,585

				99,215,738


Food & Staples Retailing—0.5%
Casey’s General Stores, Inc.		21,703		3,385,451
Sprouts Farmers Market, Inc. (a)		69,884		1,320,109

				4,705,560


Food Products—1.6%
Flowers Foods, Inc. (b)		108,995		2,536,314
Hain Celestial Group, Inc. (The) (a) (b)		53,065		1,162,124
Ingredion, Inc.		39,509		3,259,097
Lancaster Colony Corp.		11,570		1,719,302
Post Holdings, Inc. (a)		39,522		4,109,102
Sanderson Farms, Inc.		11,550		1,577,268
Tootsie Roll Industries, Inc. (b)		11,209		413,948
TreeHouse Foods, Inc. (a) (b)		33,260		1,799,366

				16,576,521


Gas Utilities—1.8%
National Fuel Gas Co.		51,133		2,697,266
New Jersey Resources Corp.		52,861		2,630,892
ONE Gas, Inc.		31,215		2,818,714
Southwest Gas Holdings, Inc.		31,636		2,835,218
Spire, Inc.		30,065		2,523,055
UGI Corp.		103,197		5,511,752

				19,016,897


Health Care Equipment & Supplies—3.7%
Avanos Medical, Inc. (a)		28,144		1,227,360
Cantel Medical Corp. (b)		21,528		1,736,018
Globus Medical, Inc. - Class A (a)		45,354		1,918,474
Haemonetics Corp. (a)		30,338		3,650,875
Hill-Rom Holdings, Inc.		39,560		4,138,767
ICU Medical, Inc. (a)		9,893		2,492,146
Inogen, Inc. (a) (b)		10,653		711,194

Health Care Equipment & Supplies—(Continued)
Integra LifeSciences Holdings Corp. (a)		42,032		2,347,487
LivaNova plc (a)		28,628		2,060,071
Masimo Corp. (a)		29,083		4,328,132
NuVasive, Inc. (a)		30,740		1,799,520
STERIS plc (a)		50,094		7,457,995
West Pharmaceutical Services, Inc.		43,537		5,448,655

				39,316,694


Health Care Providers & Services—2.2%
Acadia Healthcare Co., Inc. (a) (b)		52,552		1,836,692
Amedisys, Inc. (a)		17,277		2,097,601
Chemed Corp.		9,444		3,407,773
Covetrus, Inc. (a) (b)		56,912		1,392,067
Encompass Health Corp.		58,566		3,710,742
HealthEquity, Inc. (a)		32,331		2,114,447
MEDNAX, Inc. (a)		51,270		1,293,542
Molina Healthcare, Inc. (a)		37,100		5,310,494
Patterson Cos., Inc. (b)		49,054		1,123,337
Tenet Healthcare Corp. (a) (b)		49,492		1,022,505

				23,309,200


Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc. (a) (b)		98,608		1,146,811
Medidata Solutions, Inc. (a)		36,887		3,338,642

				4,485,453


Hotels, Restaurants & Leisure—4.1%
Boyd Gaming Corp.		47,340		1,275,340
Brinker International, Inc.		22,217		874,239
Caesars Entertainment Corp. (a)		346,747		4,098,550
Cheesecake Factory, Inc. (The) (b)		24,641		1,077,305
Churchill Downs, Inc.		20,959		2,411,752
Cracker Barrel Old Country Store, Inc. (b)		14,245		2,432,049
Domino’s Pizza, Inc.		24,353		6,776,953
Dunkin’ Brands Group, Inc.		48,964		3,900,472
Eldorado Resorts, Inc. (a) (b)		38,555		1,776,229
International Speedway Corp. - Class A		14,133		634,430
Jack in the Box, Inc.		15,293		1,244,697
Marriott Vacations Worldwide Corp.		23,106		2,227,418
Papa John’s International, Inc. (b)		13,367		597,772
Penn National Gaming, Inc. (a)		63,154		1,216,346
Scientific Games Corp. - Class A (a)		33,032		654,694
Six Flags Entertainment Corp.		42,431		2,107,972
Texas Roadhouse, Inc.		39,578		2,124,151
Wendy’s Co. (The) (b)		107,978		2,114,209
Wyndham Destinations Inc.		55,465		2,434,914
Wyndham Hotels & Resorts, Inc.		57,643		3,213,021

				43,192,513


Household Durables—1.6%
Helen of Troy, Ltd. (a)		14,820		1,935,344
KB Home		50,089		1,288,790
NVR, Inc. (a)		2,000		6,740,500
Tempur Sealy International, Inc. (a)		27,238		1,998,452
Toll Brothers, Inc. (b)		78,418		2,871,667

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Household Durables—(Continued)
TRI Pointe Group, Inc. (a) (b)		84,254	$	1,008,521
Tupperware Brands Corp.		28,874		549,472

				16,392,746


Household Products—0.1%
Energizer Holdings, Inc. (b)		37,672		1,455,646


Industrial Conglomerates—0.5%
Carlisle Cos., Inc.		33,807		4,746,841


Insurance—5.1%
Alleghany Corp. (a)		8,557		5,828,258
American Financial Group, Inc.		41,978		4,301,486
Brighthouse Financial, Inc. (a) (b)		68,613		2,517,411
Brown & Brown, Inc.		138,692		4,646,182
CNO Financial Group, Inc.		94,793		1,581,147
First American Financial Corp.		66,414		3,566,432
Genworth Financial, Inc. - Class A (a)		298,194		1,106,300
Hanover Insurance Group, Inc. (The)		24,114		3,093,826
Kemper Corp.		37,026		3,194,974
Mercury General Corp.		16,069		1,004,312
Old Republic International Corp.		168,717		3,775,886
Primerica, Inc.		25,085		3,008,946
Reinsurance Group of America, Inc.		37,065		5,783,252
RenaissanceRe Holdings, Ltd.		26,163		4,657,276
W.R. Berkley Corp.		85,708		5,650,728

				53,716,416


Interactive Media & Services—0.2%
Cars.com, Inc. (a) (b)		36,316		716,152
Yelp, Inc. (a) (b)		42,117		1,439,559

				2,155,711


IT Services—3.1%
CACI International, Inc. - Class A (a) (b)		14,735		3,014,634
CoreLogic, Inc. (a)		47,804		1,999,641
KBR, Inc.		83,812		2,090,271
Leidos Holdings, Inc.		85,440		6,822,384
LiveRamp Holdings, Inc. (a)		40,863		1,981,038
MAXIMUS, Inc.		37,805		2,742,375
Perspecta, Inc.		82,913		1,940,993
Sabre Corp.		162,755		3,613,161
Science Applications International Corp.		30,153		2,610,044
WEX, Inc. (a) (b)		25,624		5,332,355

				32,146,896


Leisure Products—0.7%
Brunswick Corp.		51,589		2,367,419
Mattel, Inc. (a) (b)		204,651		2,294,138
Polaris Industries, Inc.		34,011		3,102,823

				7,764,380


Life Sciences Tools & Services—1.7%
Bio-Rad Laboratories, Inc. - Class A (a)		11,869		3,710,131
Bio-Techne Corp.		22,439		4,678,307

Life Sciences Tools & Services—(Continued)
Charles River Laboratories International, Inc. (a)		28,885		4,098,781
PRA Health Sciences, Inc. (a)		35,012		3,471,440
Syneos Health, Inc. (a)		36,267		1,852,881

				17,811,540


Machinery—5.0%
AGCO Corp.		38,213		2,964,182
Colfax Corp. (a) (b)		56,415		1,581,312
Crane Co.		30,159		2,516,467
Donaldson Co., Inc. (b)		75,554		3,842,676
Graco, Inc. (b)		98,655		4,950,508
IDEX Corp.		44,854		7,721,168
ITT, Inc.		52,018		3,406,139
Kennametal, Inc.		48,812		1,805,556
Lincoln Electric Holdings, Inc. (b)		37,206		3,062,798
Nordson Corp. (b)		30,633		4,328,749
Oshkosh Corp.		41,422		3,458,323
Terex Corp. (b)		37,121		1,165,599
Timken Co. (The)		40,588		2,083,788
Toro Co. (The) (b)		63,058		4,218,580
Trinity Industries, Inc. (b)		76,924		1,596,173
Woodward, Inc.		33,122		3,748,086

				52,450,104


Marine—0.2%
Kirby Corp. (a)		31,940		2,523,260


Media—1.2%
AMC Networks, Inc. - Class A (a) (b)		26,853		1,463,220
Cable One, Inc.		2,938		3,440,369
John Wiley & Sons, Inc. - Class A		26,694		1,224,187
Meredith Corp. (b)		23,739		1,307,069
New York Times Co. (The) - Class A		84,171		2,745,658
TEGNA, Inc.		128,179		1,941,912

				12,122,415


Metals & Mining—1.9%
Allegheny Technologies, Inc. (a) (b)		74,671		1,881,709
Carpenter Technology Corp.		28,074		1,346,991
Commercial Metals Co.		69,863		1,247,055
Compass Minerals International, Inc.		20,073		1,103,011
Reliance Steel & Aluminum Co.		39,834		3,769,093
Royal Gold, Inc. (b)		38,818		3,978,457
Steel Dynamics, Inc.		131,671		3,976,464
United States Steel Corp. (b)		102,135		1,563,687
Worthington Industries, Inc.		23,089		929,563

				19,796,030


Multi-Utilities—0.7%
Black Hills Corp.		32,189		2,516,214
MDU Resources Group, Inc.		117,356		3,027,785
NorthWestern Corp. (b)		29,884		2,156,131

				7,700,130

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Multiline Retail—0.3%
Dillard’s, Inc. - Class A (b)		10,556	$	657,428
Ollie’s Bargain Outlet Holdings, Inc. (a)		30,842		2,686,646

				3,344,074


Oil, Gas & Consumable Fuels—2.1%
Callon Petroleum Co. (a)		135,029		889,841
Chesapeake Energy Corp. (a) (b)		619,451		1,207,930
CNX Resources Corp. (a) (b)		115,807		846,549
EQT Corp. (b)		151,378		2,393,286
Equitrans Midstream Corp. (a) (b)		120,869		2,382,328
Matador Resources Co. (a) (b)		61,481		1,222,242
Murphy Oil Corp. (b)		96,695		2,383,532
Oasis Petroleum, Inc. (a) (b)		160,265		910,305
PBF Energy, Inc. - Class A		71,006		2,222,488
QEP Resources, Inc. (a)		141,032		1,019,661
Range Resources Corp. (b)		123,500		862,030
SM Energy Co.		61,180		765,974
Southwestern Energy Co. (a) (b)		320,615		1,013,143
World Fuel Services Corp. (b)		39,843		1,432,754
WPX Energy, Inc. (a)		235,166		2,706,761

				22,258,824


Paper & Forest Products—0.3%
Domtar Corp.		37,384		1,664,709
Louisiana-Pacific Corp.		73,136		1,917,626

				3,582,335


Personal Products—0.2%
Edgewell Personal Care Co. (a)		32,069		864,260
Nu Skin Enterprises, Inc. - Class A		32,873		1,621,296

				2,485,556


Pharmaceuticals—0.6%
Catalent, Inc. (a) (b)		86,330		4,679,949
Mallinckrodt plc (a) (b)		49,656		455,842
Prestige Consumer Healthcare, Inc. (a) (b)		30,688		972,196

				6,107,987


Professional Services—0.8%
ASGN, Inc. (a)		31,282		1,895,689
Insperity, Inc.		22,242		2,716,638
ManpowerGroup, Inc.		35,442		3,423,697

				8,036,024


Real Estate Management & Development—0.4%
Jones Lang LaSalle, Inc.		27,099		3,812,558


Road & Rail—1.7%
Avis Budget Group, Inc. (a)		37,779		1,328,310
Genesee & Wyoming, Inc. - Class A (a)		33,484		3,348,400
Knight-Swift Transportation Holdings, Inc. (b)		73,847		2,425,136
Landstar System, Inc. (b)		23,794		2,569,514
Old Dominion Freight Line, Inc. (b)		38,367		5,726,658
Ryder System, Inc.		31,578		1,840,997

Road & Rail—(Continued)
Werner Enterprises, Inc. (b)		25,671		797,855

				18,036,870


Semiconductors & Semiconductor Equipment—3.5%
Cirrus Logic, Inc. (a)		34,432		1,504,679
Cree, Inc. (a) (b)		62,355		3,503,104
Cypress Semiconductor Corp.		216,802		4,821,677
First Solar, Inc. (a) (b)		44,940		2,951,659
MKS Instruments, Inc.		32,204		2,508,370
Monolithic Power Systems, Inc.		23,469		3,186,621
Semtech Corp. (a)		39,503		1,898,119
Silicon Laboratories, Inc. (a)		25,678		2,655,105
Synaptics, Inc. (a) (b)		20,438		595,563
Teradyne, Inc.		101,545		4,865,021
Universal Display Corp.		25,173		4,734,034
Versum Materials, Inc.		64,721		3,338,309

				36,562,261


Software—3.3%
ACI Worldwide, Inc. (a)		65,504		2,249,407
Blackbaud, Inc.		29,141		2,433,274
CDK Global, Inc.		72,063		3,562,795
CommVault Systems, Inc. (a)		22,732		1,127,962
Fair Isaac Corp. (a)		17,176		5,393,608
j2 Global, Inc. (b)		27,544		2,448,386
LogMeIn, Inc.		29,518		2,174,886
Manhattan Associates, Inc. (a)		38,270		2,653,259
PTC, Inc. (a) (b)		61,342		5,506,058
Teradata Corp. (a) (b)		69,377		2,487,165
Tyler Technologies, Inc. (a)		22,716		4,907,110

				34,943,910


Specialty Retail—1.8%
Aaron’s, Inc.		40,096		2,462,295
American Eagle Outfitters, Inc.		96,934		1,638,185
AutoNation, Inc. (a) (b)		33,825		1,418,621
Bed Bath & Beyond, Inc. (b)		78,257		909,346
Dick’s Sporting Goods, Inc.		40,011		1,385,581
Five Below, Inc. (a)		33,155		3,979,263
Michaels Cos., Inc. (The) (a) (b)		53,414		464,702
Murphy USA, Inc. (a) (b)		17,725		1,489,432
Sally Beauty Holdings, Inc. (a) (b)		71,439		952,996
Signet Jewelers, Ltd. (b)		30,921		552,867
Urban Outfitters, Inc. (a)		40,628		924,287
Williams-Sonoma, Inc. (b)		46,690		3,034,850

				19,212,425


Technology Hardware, Storage & Peripherals—0.2%
NCR Corp. (a)		71,154		2,212,889


Textiles, Apparel & Luxury Goods—0.8%
Carter’s, Inc. (b)		26,785		2,612,609
Deckers Outdoor Corp. (a)		17,266		3,038,298
Skechers USA, Inc. - Class A (a) (b)		79,618		2,507,171

				8,158,078

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares/ Principal Amount*		Value

Thrifts & Mortgage Finance—0.6%
LendingTree, Inc. (a)		4,426	$	1,859,053
New York Community Bancorp, Inc. (b)		276,886		2,763,322
Washington Federal, Inc.		47,658		1,664,694

				6,287,069


Trading Companies & Distributors—0.7%
GATX Corp. (b)		21,447		1,700,533
MSC Industrial Direct Co., Inc. - Class A		26,647		1,978,806
NOW, Inc. (a)		64,412		950,721
Watsco, Inc.		19,095		3,122,605

				7,752,665


Water Utilities—0.5%
Aqua America, Inc. (b)		127,817		5,287,789


Wireless Telecommunication Services—0.2%
Telephone & Data Systems, Inc.		55,669		1,692,338

Total Common Stocks (Cost $775,393,127)				1,012,085,265


Mutual Fund—3.0%

Investment Company Security—3.0%
SPDR S&P MidCap 400 ETF Trust (Cost $32,119,959)		90,100		31,948,559


Short-Term Investments—0.9%

Discount Notes—0.7%
Federal Home Loan Bank
1.953%, 07/08/19 (d)		100,000		99,957
2.025%, 07/17/19 (d)		450,000		449,560
2.065%, 07/12/19 (d)		350,000		349,765
2.130%, 07/19/19 (d)		575,000		574,368
2.351%, 08/14/19 (d)		800,000		797,839
2.365%, 08/07/19 (d)		5,000,000		4,988,643

				7,260,132


U.S. Treasury—0.2%
U.S. Treasury Bills
2.186%, 07/30/19 (d)		1,525,000		1,522,431
2.239%, 07/25/19 (d)		150,000		149,805

				1,672,236

Total Short-Term Investments (Cost $8,931,099)				8,932,368

Securities Lending Reinvestments (e)—18.2%
Security Description	Principal Amount*		Value

Bank Note—0.1%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (f)		1,000,000		1,004,504


Certificates of Deposit—12.6%
Banco Del Estado De Chile New York
2.564%, 1M LIBOR + 0.160%, 11/22/19 (f)		6,000,000		6,000,510
2.592%, 1M LIBOR + 0.180%, 10/09/19 (f)		3,000,000		3,000,423
Bank of Montreal (Chicago)
2.512%, 1M LIBOR + 0.100%, 10/11/19 (f)		2,000,000		2,000,066
2.751%, 1M LIBOR + 0.330%, 08/06/19 (f)		5,000,000		5,001,435
Bank of Nova Scotia 2.564%, 1M LIBOR + 0.170%, 05/15/20 (f)		2,000,000		1,999,816
Barclays Bank plc 2.950%, 08/02/19		6,000,000		6,003,156
BNP Paribas S.A. New York
2.534%, 1M LIBOR + 0.140%, 09/16/19 (f)		2,000,000		2,000,084
2.615%, 3M LIBOR + 0.050%, 11/06/19 (f)		1,000,000		1,000,368
Canadian Imperial Bank of Commerce
2.644%, 1M LIBOR + 0.250%, 10/15/19 (f)		2,000,000		2,000,658
2.660%, 1M LIBOR + 0.270%, 07/19/19 (f)		3,000,000		3,000,264
Chiba Bank, Ltd. 2.400%, 09/19/19		3,000,000		3,000,060
China Construction Bank Corp.
2.630%, 08/30/19		2,000,000		2,000,608
2.670%, 07/18/19		2,000,000		2,000,308
Commonwealth Bank of Australia 2.621%, 1M LIBOR + 0.210%, 09/13/19 (f)		5,000,000		5,001,600
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (f)		3,000,000		3,001,176
Credit Industriel et Commercial
Zero Coupon, 08/01/19		985,416		997,790
2.687%, 3M LIBOR + 0.090%, 10/15/19 (f)		5,000,000		5,001,385
Credit Suisse AG 2.580%, 1M LIBOR + 0.140%, 10/02/19 (f)		2,000,000		2,000,008
DZ Bank AG New York Zero Coupon, 07/05/19		2,980,312		2,998,590
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (f)		5,000,000		4,999,601
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		1,000,000		1,000,158
2.660%, 07/15/19		3,000,000		3,000,351
2.670%, 07/25/19		1,000,000		1,000,194
2.670%, 08/01/19		1,000,000		1,000,216
KBC Bank NV
Zero Coupon, 10/25/19		2,961,000		2,977,904
2.610%, 07/02/19		4,000,000		4,000,000
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/09/19		1,986,950		1,994,540
Mizuho Bank, Ltd.
2.524%, 1M LIBOR + 0.120%, 11/27/19 (f)		5,000,000		5,001,285
2.672%, 3M LIBOR + 0.080%, 07/09/19 (f)		2,000,000		2,000,182
MUFG Bank Ltd.
2.574%, 1M LIBOR + 0.170%, 02/24/20 (f)		2,000,000		2,000,006
2.800%, 07/16/19		2,000,000		2,000,400

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, 2019 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
Natixis New York 2.747%, 3M LIBOR + 0.150%, 10/15/19 (f)		2,000,000	$	2,000,794
Norinchukin Bank, London Zero Coupon, 07/09/19		993,421		999,270
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (f)		2,000,000		2,000,578
Societe Generale
2.663%, 1M LIBOR + 0.280%, 06/19/20 (f)		2,000,000		1,999,980
2.672%, 3M LIBOR + 0.080%, 07/09/19 (f)		2,000,000		2,000,216
2.723%, 3M LIBOR + 0.200%, 08/21/19 (f)		5,001,966		5,002,985
Sumitomo Mitsui Banking Corp. 2.553%, 1M LIBOR + 0.140%, 11/12/19 (f)		2,000,000		2,000,238
Sumitomo Mitsui Trust Bank, Ltd.
2.523%, 1M LIBOR + 0.140%, 11/20/19 (f)		3,000,000		3,000,300
2.600%, 07/05/19		3,000,000		3,000,123
Svenska Handelsbanken AB
2.592%, 1M LIBOR + 0.180%, 06/05/20 (f)		2,000,000		2,000,380
2.702%, 1M LIBOR + 0.300%, 10/31/19 (f)		2,000,000		2,001,458
2.792%, 1M LIBOR + 0.380%, 12/10/19 (f)		3,000,000		3,003,699
Toronto-Dominion Bank
2.604%, 1M LIBOR + 0.210%, 09/17/19 (f)		2,000,000		2,000,712
2.611%, 1M LIBOR + 0.180%, 06/03/20 (f)		2,000,000		1,999,956
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (f)		3,000,000		3,000,405
Wells Fargo Bank N.A. 2.796%, 3M LIBOR + 0.210%, 10/25/19 (f)		2,000,000		2,001,586
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (f)		6,000,000		5,999,967

				132,995,789


Commercial Paper—3.6%
Agricultural Bank of China
2.570%, 09/11/19		1,987,007		1,989,236
2.610%, 08/13/19		2,979,990		2,990,025
Bank of China, Ltd. 2.670%, 07/16/19		3,973,300		3,994,812
China Construction Bank Corp.
2.620%, 09/03/19		1,489,957		1,492,829
2.650%, 07/26/19		993,522		997,983
2.685%, 07/03/19		993,288		999,638
Industrial & Commercial Bank of China, Ltd. 2.610%, 08/20/19		1,986,660		1,992,612
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (f)		8,000,000		8,002,024
LMA S.A. & LMA Americas, Corp. 2.610%, 10/03/19		2,960,198		2,980,245
Royal Bank of Canada 2.757%, 3M LIBOR + 0.160%, 01/14/20 (f)		3,000,000		3,002,526
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (f)		2,000,000		1,999,990
Starbird Funding Corp. 2.380%, 07/01/19		999,802		999,795
Toyota Motor Credit Corp. 2.620%, 08/29/19		4,935,592		4,979,725

Commercial Paper—(Continued)
Westpac Banking Corp. 2.630%, 3M LIBOR + 0.070%, 08/07/19 (f)		1,500,000		1,500,565

				37,922,005


Repurchase Agreements—1.9%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $1,699,844; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $1,733,509.		1,699,518		1,699,518
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $4,029,349; collateralized by various Common Stock with an aggregate market value of $4,400,000.		4,000,000		4,000,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $10,077,550; collateralized by various Common Stock with an aggregate market value of $11,002,724.		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $2,005,269; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $407; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $415.		407		407
Societe Generale Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $2,000,972; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,155,136.		2,000,000		2,000,000

				19,699,925

Total Securities Lending Reinvestments (Cost $191,584,668)				191,622,223

Total Investments—118.1% (Cost $1,008,028,853)				1,244,588,415
Other assets and liabilities (net)—(18.1)%				(190,467,341	)

Net Assets—100.0%			$	1,054,121,074


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

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, 2019 (Unaudited)


(b)		All or a portion of the security was held on loan. As of June 30, 2019, the market value of securities loaned was $190,664,378 and the collateral received consisted of cash in the amount of $191,408,304 and non-cash collateral with a value of $5,140,344. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)		All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2019, the market value of securities pledged was $2,681,050.
(d)		The rate shown represents current yield to maturity.
(e)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(f)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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
Appreciation

S&P Midcap 400 Index E-Mini Futures

09/20/19

USD

8,970,000

111,713

Glossary of Abbreviations

Currencies


(USD)—		United States Dollar

Index Abbreviations


(LIBOR)—		London Interbank Offered Rate
(SOFR)—		Secured Overnight Financing Rate
(FEDEFF PRV)—		Effective Federal Funds Rate

Other Abbreviations


(ETF)—		Exchange-Traded Fund
(REIT)—		Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,012,085,265	$	—		$	—	$	1,012,085,265
Total Mutual Fund*		31,948,559		—			—		31,948,559
Total Short-Term Investments*		—		8,932,368			—		8,932,368
Total Securities Lending Reinvestments*		—		191,622,223			—		191,622,223
Total Investments	$	1,044,033,824	$	200,554,591		$	—	$	1,244,588,415

Collateral for Securities Loaned (Liability)	$	—	$	(191,408,304	)	$	—	$	(191,408,304	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	111,713	$	—		$	—	$	111,713


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	1,244,588,415
Cash		79,961
Receivable for:
Investments sold		7,353,742
Fund shares sold		453,209
Dividends		950,728
Variation margin on futures contracts		104,880

Total Assets		1,253,530,935
Liabilities
Collateral for securities loaned		191,408,304
Payables for:
Investments purchased		7,107,361
Fund shares redeemed		192,611
Accrued Expenses:
Management fees		208,269
Distribution and service fees		111,245
Deferred trustees’ fees		127,036
Other expenses		255,035

Total Liabilities		199,409,861

Net Assets	$	1,054,121,074

Net Assets Consist of:
Paid in surplus	$	776,122,832
Distributable earnings (Accumulated losses)		277,998,242

Net Assets	$	1,054,121,074

Net Assets
Class A	$	512,720,973
Class B		363,947,152
Class E		33,677,106
Class G		143,775,843
Capital Shares Outstanding*
Class A		29,992,876
Class B		21,656,205
Class E		1,988,044
Class G		8,628,688
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	17.09
Class B		16.81
Class E		16.94
Class G		16.66


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $1,008,028,853.
(b)		Includes securities loaned at value of $190,664,378.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	8,833,259
Interest		109,679
Securities lending income		356,350

Total investment income		9,299,288
Expenses
Management fees		1,279,218
Administration fees		24,349
Custodian and accounting fees		42,931
Distribution and service fees—Class B		449,881
Distribution and service fees—Class E		25,059
Distribution and service fees—Class G		208,250
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		90,837
Insurance		3,634
Miscellaneous		55,527

Total expenses		2,255,619
Less management fee waiver		(14,094	)

Net expenses		2,241,525

Net Investment Income		7,057,763

Net Realized and Unrealized Gain
Net realized gain on:
Investments		37,060,293
Futures contracts		832,793

Net realized gain		37,893,086

Net change in unrealized appreciation on:
Investments		118,180,531
Futures contracts		451,260

Net change in unrealized appreciation		118,631,791

Net realized and unrealized gain		156,524,877

Net Increase in Net Assets From Operations	$	163,582,640


(a)		Net of foreign withholding taxes of $4,385.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	7,057,763		$	13,364,223
Net realized gain		37,893,086			101,113,969
Net change in unrealized appreciation (depreciation)		118,631,791			(229,380,699	)

Increase (decrease) in net assets from operations		163,582,640			(114,902,507	)

From Distributions to Shareholders
Class A		(55,810,568	)		(49,701,046	)
Class B		(39,443,917	)		(37,914,266	)
Class E		(3,666,040	)		(3,540,444	)
Class G		(15,590,932	)		(13,653,593	)

Total distributions		(114,511,457	)		(104,809,349	)

Increase (decrease) in net assets from capital share transactions		77,414,596			(14,733,599	)

Total increase (decrease) in net assets		126,485,779			(234,445,455	)

Net Assets
Beginning of period		927,635,295			1,162,080,750

End of period	$	1,054,121,074		$	927,635,295

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		1,014,724		$	18,929,578			1,527,734		$	29,079,587
Reinvestments		3,343,953			55,810,568			2,563,231			49,701,046
Redemptions		(1,456,358	)		(26,693,908	)		(3,938,405	)		(77,535,807	)

Net increase		2,902,319		$	48,046,238			152,560		$	1,244,826

Class B
Sales		234,535		$	4,099,977			640,410		$	11,405,224
Reinvestments		2,403,651			39,443,917			1,986,080			37,914,266
Redemptions		(1,592,318	)		(28,896,187	)		(3,437,673	)		(66,807,275	)

Net increase (decrease)		1,045,868		$	14,647,707			(811,183	)	$	(17,487,785	)

Class E
Sales		29,707		$	532,363			67,928		$	1,289,311
Reinvestments		221,647			3,666,040			184,110			3,540,444
Redemptions		(158,031	)		(2,876,722	)		(352,470	)		(6,861,678	)

Net increase (decrease)		93,323		$	1,321,681			(100,432	)	$	(2,031,923	)

Class G
Sales		481,030		$	8,518,589			1,038,856		$	19,550,263
Reinvestments		958,262			15,590,932			720,506			13,653,593
Redemptions		(595,269	)		(10,710,551	)		(1,539,013	)		(29,662,573	)

Net increase		844,023		$	13,398,970			220,349		$	3,541,283

Increase (decrease) derived from capital shares transactions				$	77,414,596					$	(14,733,599	)

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 A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	16.32		$	20.24		$	18.89		$	17.23		$	19.01		$	18.45

Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.26			0.24			0.27			0.24			0.24
Net realized and unrealized gain (loss)		2.72			(2.24	)		2.63			3.04			(0.57	)		1.41

Total income (loss) from investment operations		2.86			(1.98	)		2.87			3.31			(0.33	)		1.65

Less Distributions
Distributions from net investment income		(0.26	)		(0.26	)		(0.27	)		(0.24	)		(0.23	)		(0.20	)
Distributions from net realized capital gains		(1.83	)		(1.68	)		(1.25	)		(1.41	)		(1.22	)		(0.89	)

Total distributions		(2.09	)		(1.94	)		(1.52	)		(1.65	)		(1.45	)		(1.09	)

Net Asset Value, End of Period	$	17.09		$	16.32		$	20.24		$	18.89		$	17.23		$	19.01

Total Return (%) (b)		17.81	(c)		(11.30	)		15.95			20.43			(2.35	)		9.49

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.31	(d)		0.30			0.30			0.30			0.30			0.30
Net ratio of expenses to average net assets (%) (e)		0.30	(d)		0.30			0.29			0.29			0.29			0.30
Ratio of net investment income to average net assets (%)		1.52	(d)		1.34			1.26			1.53			1.30			1.33
Portfolio turnover rate (%)		11	(c)		25			23			28			25			17
Net assets, end of period (in millions)	$	512.7		$	442.2		$	545.3		$	494.1		$	411.5		$	399.6

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	16.05		$	19.93		$	18.63		$	17.01		$	18.79		$	18.25

Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.21			0.19			0.22			0.19			0.19
Net realized and unrealized gain (loss)		2.69			(2.20	)		2.59			3.00			(0.57	)		1.39

Total income (loss) from investment operations		2.80			(1.99	)		2.78			3.22			(0.38	)		1.58

Less Distributions
Distributions from net investment income		(0.21	)		(0.21	)		(0.23	)		(0.19	)		(0.18	)		(0.15	)
Distributions from net realized capital gains		(1.83	)		(1.68	)		(1.25	)		(1.41	)		(1.22	)		(0.89	)

Total distributions		(2.04	)		(1.89	)		(1.48	)		(1.60	)		(1.40	)		(1.04	)

Net Asset Value, End of Period	$	16.81		$	16.05		$	19.93		$	18.63		$	17.01		$	18.79

Total Return (%) (b)		17.72	(c)		(11.51	)		15.63			20.14			(2.62	)		9.23

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.56	(d)		0.55			0.55			0.55			0.55			0.55
Net ratio of expenses to average net assets (%) (e)		0.55	(d)		0.55			0.54			0.54			0.54			0.55
Ratio of net investment income to average net assets (%)		1.26	(d)		1.09			1.01			1.28			1.04			1.08
Portfolio turnover rate (%)		11	(c)		25			23			28			25			17
Net assets, end of period (in millions)	$	363.9		$	330.8		$	427.0		$	409.3		$	374.7		$	404.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Financial Highlights


Selected per share data
	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	16.17		$	20.07		$	18.75		$	17.10		$	18.89		$	18.33

Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.23			0.21			0.24			0.21			0.21
Net realized and unrealized gain (loss)		2.71			(2.22	)		2.61			3.03			(0.59	)		1.41

Total income (loss) from investment operations		2.83			(1.99	)		2.82			3.27			(0.38	)		1.62

Less Distributions
Distributions from net investment income		(0.23	)		(0.23	)		(0.25	)		(0.21	)		(0.19	)		(0.17	)
Distributions from net realized capital gains		(1.83	)		(1.68	)		(1.25	)		(1.41	)		(1.22	)		(0.89	)

Total distributions		(2.06	)		(1.91	)		(1.50	)		(1.62	)		(1.41	)		(1.06	)

Net Asset Value, End of Period	$	16.94		$	16.17		$	20.07		$	18.75		$	17.10		$	18.89

Total Return (%) (b)		17.78	(c)		(11.44	)		15.80			20.26			(2.58	)		9.39

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.46	(d)		0.45			0.45			0.45			0.45			0.45
Net ratio of expenses to average net assets (%) (e)		0.45	(d)		0.45			0.44			0.44			0.44			0.45
Ratio of net investment income to average net assets (%)		1.36	(d)		1.19			1.11			1.38			1.13			1.17
Portfolio turnover rate (%)		11	(c)		25			23			28			25			17
Net assets, end of period (in millions)	$	33.7		$	30.6		$	40.0		$	39.2		$	36.7		$	42.4

	Class G
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	15.93		$	19.80		$	18.52		$	16.92		$	18.70		$	18.16

Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.20			0.18			0.21			0.18			0.18
Net realized and unrealized gain (loss)		2.66			(2.19	)		2.58			2.98			(0.57	)		1.39

Total income (loss) from investment operations		2.77			(1.99	)		2.76			3.19			(0.39	)		1.57

Less Distributions
Distributions from net investment income		(0.21	)		(0.20	)		(0.23	)		(0.18	)		(0.17	)		(0.14	)
Distributions from net realized capital gains		(1.83	)		(1.68	)		(1.25	)		(1.41	)		(1.22	)		(0.89	)

Total distributions		(2.04	)		(1.88	)		(1.48	)		(1.59	)		(1.39	)		(1.03	)

Net Asset Value, End of Period	$	16.66		$	15.93		$	19.80		$	18.52		$	16.92		$	18.70

Total Return (%) (b)		17.63	(c)		(11.56	)		15.60			20.08			(2.68	)		9.21

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.61	(d)		0.60			0.60			0.60			0.60			0.60
Net ratio of expenses to average net assets (%) (e)		0.60	(d)		0.60			0.59			0.59			0.59			0.60
Ratio of net investment income to average net assets (%)		1.21	(d)		1.04			0.96			1.24			1.00			1.02
Portfolio turnover rate (%)		11	(c)		25			23			28			25			17
Net assets, end of period (in millions)	$	143.8		$	124.0		$	149.8		$	133.2		$	104.0		$	105.2


(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-16

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-17

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-18

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $19,699,925. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

BHFTII-19

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019 by category of risk exposure:


(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.


Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	832,793


Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	451,260

For the six months ended June 30, 2019, 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	$	8,725,817


‡		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:

BHFTII-20

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	106,804,626	$	0	$	136,028,425

6. Investment Management Fees and Other Transactions with Affiliates


% 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 MIM with respect to the Portfolio for the six months ended June 30, 2019 were $125,318.


% 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

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-21

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

7. Contractual Obligations

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	1,011,088,756

Gross unrealized appreciation		315,905,232
Gross unrealized depreciation		(82,293,860	)

Net unrealized appreciation (depreciation)	$	233,611,372

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$17,717,458	$	15,139,291	$	87,091,891	$	69,214,320	$	104,809,349	$	84,353,611

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$17,093,429	$	96,626,418	$	115,319,128	$	—	$	229,038,975

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-22

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A, B, E and G shares of the MetLife MSCI EAFE Index Portfolio returned 14.35%, 14.18%, 14.33%, and 14.15%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned 14.03%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. dollar weakened during the six-month period, which positively impacted the U.S. investors’ MSCI EAFE Index return versus the local currency return by approximately 0.35%.

All twenty-one countries comprising the MSCI EAFE Index experienced positive returns for the year. Switzerland (8.7% beginning weight in the benchmark), up 23.7%, was the best-performing country. New Zealand (0.2% beginning weight), up 21.7%; and Australia (6.9% beginning weight), up 20.9%, were the next best-performing countries. Israel (0.5% beginning weight), up 6.3%; and Japan (24.6% beginning weight), up 8.1% were the worst performing countries on a relative basis.

The stocks in the MSCI EAFE Index with the largest positive impact on the benchmark return for the year were SAP, up 40.2%; Nestle, up 31.4%; and Novartis, up 25.7%. The stocks with the largest negative impact were Teva Pharmaceutical Industries, down 40.1%; Seven & I Holdings, down 21.6%; and Vodafone Group, down 13.0%.

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, net asset value (NAV) rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

BHFTII-1

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
MetLife MSCI EAFE Index Portfolio
Class A		14.35		1.20		2.08		6.74
Class B		14.18		0.95		1.83		6.47
Class E		14.33		1.04		1.94		6.58
Class G		14.15		0.85		1.78		6.42
MSCI EAFE Index		14.03		1.08		2.25		6.90

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.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Nestle S.A.		2.2
iShares MSCI EAFE ETF		2.0
Novartis AG		1.4
Roche Holding AG		1.4
HSBC Holdings plc		1.2
Royal Dutch Shell plc - A Shares		1.0
Toyota Motor Corp.		1.0
BP plc		1.0
SAP SE		0.9
Total S.A.		0.9

Top Countries


	% of Net Assets
Japan		22.8
United Kingdom		13.9
France		10.7
Switzerland		9.5
Germany		8.4
Australia		7.2
Netherlands		4.6
Hong Kong		3.6
Spain		2.9
Sweden		2.4

BHFTII-2

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


MetLife MSCI EAFE Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.38	%	$	1,000.00	$	1,143.50	$	2.02
	Hypothetical*		0.38	%	$	1,000.00	$	1,022.91	$	1.91

Class B (a)	Actual		0.63	%	$	1,000.00	$	1,141.80	$	3.35
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

Class E (a)	Actual		0.53	%	$	1,000.00	$	1,143.30	$	2.82
	Hypothetical*		0.53	%	$	1,000.00	$	1,022.17	$	2.66

Class G (a)	Actual		0.68	%	$	1,000.00	$	1,141.50	$	3.61
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41

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

(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, 2019 (Unaudited)

Common Stocks—95.7% of Net Assets


Security Description	Shares		Value

Australia—7.2%
AGL Energy, Ltd.		45,920	$	645,232
Alumina, Ltd.		191,453		313,584
AMP, Ltd.		197,480		294,262
APA Group		80,604		611,911
Aristocrat Leisure, Ltd.		41,217		890,787
ASX, Ltd.		14,426		835,781
Aurizon Holdings, Ltd.		157,842		599,232
AusNet Services		135,720		178,754
Australia & New Zealand Banking Group, Ltd.		203,134		4,026,454
Bank of Queensland, Ltd.		24,917		166,756
Bendigo & Adelaide Bank, Ltd.		35,779		291,093
BGP Holdings plc (a) (c) (d)		713,624		0
BHP Group plc		148,719		3,803,885
BHP Group, Ltd.		210,135		6,084,731
BlueScope Steel, Ltd.		45,759		388,262
Boral, Ltd.		86,560		311,502
Brambles, Ltd.		109,798		994,433
Caltex Australia, Ltd.		18,604		323,427
Challenger, Ltd.		44,035		205,682
CIMIC Group, Ltd.		8,428		265,305
Coca-Cola Amatil, Ltd.		42,510		304,776
Cochlear, Ltd.		4,099		596,003
Coles Group, Ltd. (c)		80,874		758,606
Commonwealth Bank of Australia		126,484		7,358,622
Computershare, Ltd.		35,559		405,155
Crown Resorts, Ltd.		29,464		257,642
CSL, Ltd.		31,966		4,833,906
Dexus		77,269		704,913
Fortescue Metals Group, Ltd.		100,316		638,279
Goodman Group (REIT)		118,280		1,249,531
GPT Group (The) (REIT)		149,666		647,027
Incitec Pivot, Ltd.		131,085		314,030
Insurance Australia Group, Ltd.		155,852		905,155
Lend Lease Group (REIT)		39,184		357,763
Macquarie Group, Ltd.		23,361		2,060,434
Medibank Private, Ltd.		199,900		490,220
Mirvac Group (REIT)		272,935		600,576
National Australia Bank, Ltd.		198,109		3,718,858
Newcrest Mining, Ltd.		56,335		1,265,620
Oil Search, Ltd.		104,563		520,550
Orica, Ltd.		26,176		372,834
Origin Energy, Ltd.		119,590		614,759
QBE Insurance Group, Ltd.		93,998		781,925
Ramsay Health Care, Ltd.		10,616		539,138
REA Group, Ltd.		4,158		280,714
Rio Tinto, Ltd.		26,269		1,916,005
Santos, Ltd.		118,547		590,513
Scentre Group (REIT)		367,395		991,723
Seek, Ltd.		22,233		330,703
Sonic Healthcare, Ltd.		32,696		622,823
South32, Ltd.		363,229		811,433
Stockland (REIT)		162,137		474,893
Suncorp Group, Ltd.		95,658		905,137
Sydney Airport		80,467		454,447
Tabcorp Holdings, Ltd.		153,298		479,436
Telstra Corp., Ltd.		309,539		836,968
Transurban Group		195,278		2,022,374


Security Description	Shares		Value

Australia—(Continued)
Treasury Wine Estates, Ltd.		53,467	$	559,882
Vicinity Centres (REIT)		252,185		434,250
Washington H Soul Pattinson & Co., Ltd.		7,905		122,128
Wesfarmers, Ltd.		80,874		2,056,161
Westpac Banking Corp.		248,548		4,949,527
Woodside Petroleum, Ltd.		68,426		1,750,838
Woolworths Group, Ltd.		97,245		2,271,338
WorleyParsons, Ltd.		23,498		243,827

				74,632,515


Austria—0.2%
Andritz AG		5,828		220,016
Erste Group Bank AG (c)		20,614		766,346
OMV AG		9,828		479,640
Raiffeisen Bank International AG		9,390		220,638
Verbund AG		4,951		259,240
Voestalpine AG (e)		9,525		294,763

				2,240,643


Belgium—0.9%
Ageas		12,505		651,333
Anheuser-Busch InBev S.A.		53,605		4,754,625
Colruyt S.A.		4,373		254,151
Groupe Bruxelles Lambert S.A.		5,864		576,230
KBC Group NV		17,769		1,166,547
Proximus SADP		11,920		352,341
Solvay S.A.		5,735		595,094
Telenet Group Holding NV		4,184		233,697
UCB S.A.		7,871		653,663
Umicore S.A.		15,189		489,100

				9,726,781


Chile—0.0%
Antofagasta plc		26,957		319,826


China—0.1%
BeiGene, Ltd. (ADR) (c) (e)		2,400		297,480
BOC Hong Kong Holdings, Ltd.		258,465		1,018,288
Yangzijiang Shipbuilding Holdings, Ltd.		176,900		200,576

				1,516,344


Denmark—1.7%
AP Moller - Maersk A/S - Class A		274		318,724
AP Moller - Maersk A/S - Class B		493		612,765
Carlsberg A/S - Class B		7,850		1,042,526
Chr Hansen Holding A/S		7,473		703,773
Coloplast A/S - Class B		8,619		977,683
Danske Bank A/S		45,729		724,129
Demant A/S (c)		7,349		228,911
DSV A/S		12,549		1,233,960
Genmab A/S (c)		4,236		781,117
H Lundbeck A/S		5,421		214,705
ISS A/S		12,164		367,809
Novo Nordisk A/S - Class B		123,103		6,289,182
Novozymes A/S - B Shares		16,399		765,837

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Denmark—(Continued)
Orsted A/S		12,347	$	1,070,244
Pandora A/S		7,708		274,684
Tryg A/S		8,735		284,383
Vestas Wind Systems A/S		14,221		1,232,064

				17,122,496


Finland—1.1%
Elisa Oyj		9,227		450,845
Fortum Oyj		30,377		672,372
Kone Oyj - Class B		26,344		1,557,163
Metso Oyj		7,511		295,569
Neste Oyj		30,257		1,030,082
Nokia Oyj		403,069		2,005,986
Nokian Renkaat Oyj (c)		7,495		234,406
Nordea Bank Abp		226,093		1,644,123
Orion Oyj - Class B		8,084		296,834
Sampo Oyj - A Shares		32,484		1,535,302
Stora Enso Oyj - R Shares		40,497		476,706
UPM-Kymmene Oyj		37,640		1,001,863
Wartsila Oyj Abp		31,392		456,034

				11,657,285


France—10.7%
Accor S.A.		13,973		600,751
Aeroports de Paris		2,209		390,426
Air Liquide S.A.		30,993		4,343,404
Airbus SE		41,260		5,859,206
Alstom S.A.		10,122		470,337
Amundi S.A.		4,463		312,301
Arkema S.A.		5,073		472,547
Atos SE		7,084		593,190
AXA S.A.		140,288		3,690,903
BioMerieux		3,058		253,715
BNP Paribas S.A.		81,356		3,876,574
Bollore S.A.		61,600		272,212
Bouygues S.A.		14,921		553,491
Bureau Veritas S.A.		19,643		485,920
Capgemini SE		11,166		1,391,433
Carrefour S.A.		42,889		829,412
Cie de St-Gobain (e)		33,678		1,318,387
Cie Generale des Etablissements Michelin		12,172		1,546,545
CNP Assurances		10,520		239,225
Covivio		3,163		331,576
Credit Agricole S.A.		81,608		980,188
Danone S.A.		44,560		3,784,801
Dassault Aviation S.A.		183		263,938
Dassault Systemes SE		9,434		1,509,485
Edenred		17,136		875,544
Eiffage S.A.		5,760		570,316
Electricite de France S.A.		42,972		542,781
Engie S.A.		134,009		2,038,083
EssilorLuxottica S.A.		20,173		2,640,923
Eurazeo S.A.		2,867		200,512
Eutelsat Communications S.A.		14,990		280,791
Faurecia S.A.		5,604		260,521
Gecina S.A. (REIT)		2,798		419,351


Security Description	Shares		Value

France—(Continued)
Getlink SE		32,808	$	526,466
Hermes International		2,306		1,665,664
ICADE (REIT) (e)		2,561		235,302
Iliad S.A.		1,762		198,615
Ingenico Group S.A.		4,093		362,572
Ipsen S.A.		2,947		402,742
JCDecaux S.A.		4,706		142,771
Kering S.A.		5,325		3,154,686
Klepierre S.A. (REIT)		12,682		425,781
L’Oreal S.A.		17,913		5,110,058
Legrand S.A.		18,736		1,374,959
LVMH Moet Hennessy Louis Vuitton SE		19,873		8,472,417
Natixis S.A.		61,192		247,102
Orange S.A.		146,174		2,308,049
Pernod-Ricard S.A.		15,201		2,805,375
Peugeot S.A.		40,345		995,824
Publicis Groupe S.A.		15,420		815,419
Remy Cointreau S.A.		1,860		268,826
Renault S.A.		14,189		895,783
Safran S.A.		23,430		3,438,366
Sanofi		80,327		6,959,391
Sartorius Stedim Biotech		2,011		317,651
Schneider Electric SE		39,783		3,614,014
SCOR SE		11,686		513,612
SEB S.A.		1,809		325,754
Societe BIC S.A.		2,149		164,201
Societe Generale S.A.		55,187		1,398,563
Sodexo S.A.		6,778		793,549
Suez		18,583		268,567
Teleperformance SE		4,265		855,895
Thales S.A.		7,807		966,048
Total S.A.		170,100		9,531,513
UBISOFT Entertainment S.A. (c)		5,696		447,235
Unibail-Rodamco-Westfield		9,927		1,489,466
Valeo S.A.		18,217		593,486
Veolia Environnement S.A.		38,959		951,269
Vinci S.A.		35,933		3,689,635
Vivendi S.A.		65,509		1,808,243
Wendel S.A.		2,267		310,089
Worldline S.A. (c)		5,981		435,977

				111,479,724


Germany—7.9%
adidas AG		12,907		3,990,666
Allianz SE		30,365		7,329,374
Aroundtown S.A.		56,219		463,900
Axel Springer SE		3,006		212,236
BASF SE		66,273		4,821,629
Bayer AG		65,715		4,571,344
Bayerische Motoren Werke AG		23,596		1,752,161
Beiersdorf AG		7,090		852,310
Brenntag AG		11,405		562,511
Carl Zeiss Meditec AG		2,898		286,296
Commerzbank AG		77,199		555,289
Continental AG		8,198		1,197,003
Covestro AG		11,059		563,001

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Germany—(Continued)
Daimler AG		63,808	$	3,555,114
Delivery Hero AG (c)		6,695		304,132
Deutsche Bank AG		146,810		1,133,329
Deutsche Boerse AG		13,056		1,849,601
Deutsche Lufthansa AG		17,782		305,170
Deutsche Post AG		71,872		2,363,859
Deutsche Telekom AG		241,713		4,189,216
Deutsche Wohnen SE		24,681		906,668
E.ON SE		159,780		1,737,922
Evonik Industries AG		13,109		382,320
Fraport AG Frankfurt Airport Services Worldwide		3,260		280,664
Fresenius Medical Care AG & Co. KGaA		15,649		1,229,482
Fresenius SE & Co. KGaA		30,614		1,661,041
GEA Group AG		9,381		266,913
Hannover Rueck SE		4,145		671,164
HeidelbergCement AG		10,444		846,050
Henkel AG & Co. KGaA		7,933		729,504
HOCHTIEF AG		1,646		200,755
Hugo Boss AG		4,934		329,316
Infineon Technologies AG		92,414		1,635,589
Innogy SE		11,200		531,934
KION Group AG		5,441		343,518
Knorr-Bremse AG		3,477		387,812
LANXESS AG		5,571		331,551
Merck KGaA		9,421		987,229
METRO AG		15,747		288,354
MTU Aero Engines AG		3,839		917,274
Muenchener Rueckversicherungs-Gesellschaft AG		10,610		2,666,819
Puma SE		6,040		403,396
RWE AG		39,146		966,459
SAP SE		70,253		9,671,493
Siemens AG		54,214		6,453,765
Siemens Healthineers AG		10,900		460,644
Symrise AG		8,745		842,748
Telefonica Deutschland Holding AG		58,800		164,616
ThyssenKrupp AG		31,577		462,490
TUI AG		30,068		295,606
Uniper SE		14,858		450,766
United Internet AG		8,781		289,594
Volkswagen AG		2,495		429,447
Vonovia SE		35,809		1,712,731
Wirecard AG		8,665		1,460,163
Zalando SE (c)		8,719		387,437

				82,641,375


Hong Kong—3.6%
AIA Group, Ltd.		864,200		9,341,602
ASM Pacific Technology, Ltd.		19,600		200,928
Bank of East Asia, Ltd. (The)		103,920		290,001
CK Asset Holdings, Ltd.		188,440		1,470,869
CK Hutchison Holdings, Ltd.		187,440		1,843,974
CK Infrastructure Holdings, Ltd.		49,500		403,236
CLP Holdings, Ltd.		116,377		1,282,093
Dairy Farm International Holdings, Ltd.		24,600		175,900
Galaxy Entertainment Group, Ltd.		151,000		1,019,956
Hang Lung Properties, Ltd.		162,000		385,675


Security Description	Shares		Value

Hong Kong—(Continued)
Hang Seng Bank, Ltd.		54,400	$	1,351,389
Henderson Land Development Co., Ltd.		100,311		553,448
HK Electric Investments & HK Electric Investments, Ltd.		197,500		202,237
HKT Trust & HKT, Ltd.		277,980		441,318
Hong Kong & China Gas Co., Ltd.		703,415		1,560,369
Hong Kong Exchanges and Clearing, Ltd.		86,500		3,057,108
Hongkong Land Holdings, Ltd.		86,500		557,960
Hysan Development Co., Ltd.		45,000		232,558
Jardine Matheson Holdings, Ltd.		16,900		1,065,152
Jardine Strategic Holdings, Ltd.		14,600		557,081
Kerry Properties, Ltd.		57,500		241,577
Link REIT (REIT)		150,141		1,846,541
Melco Resorts & Entertainment, Ltd. (ADR)		13,200		286,704
MTR Corp., Ltd.		110,500		744,181
New World Development Co., Ltd.		463,707		722,514
NWS Holdings, Ltd.		99,000		203,681
PCCW, Ltd.		316,000		182,498
Power Assets Holdings, Ltd.		107,549		773,179
Sino Land Co., Ltd.		247,600		414,021
Sun Hung Kai Properties, Ltd.		116,250		1,974,001
Swire Pacific, Ltd. - Class A		36,817		452,960
Swire Properties, Ltd.		83,600		337,863
Techtronic Industries Co., Ltd.		95,000		728,457
Vitasoy International Holdings, Ltd.		54,000		259,255
WH Group, Ltd.		654,000		665,733
Wharf Holdings, Ltd. (The)		87,976		232,599
Wharf Real Estate Investment Co., Ltd.		87,976		617,979
Wheelock & Co., Ltd.		68,000		488,232
Yue Yuen Industrial Holdings, Ltd.		50,500		138,115

				37,302,944


Ireland—0.6%
AerCap Holdings NV (c)		10,200		530,502
AIB Group plc		60,112		246,984
Bank of Ireland Group plc		56,296		295,562
CRH plc		58,024		1,898,641
Flutter Entertainment plc		6,200		467,662
James Hardie Industries plc		31,140		409,458
Kerry Group plc - Class A		11,539		1,379,849
Kingspan Group plc		11,136		605,713
Smurfit Kappa Group plc		16,402		497,113

				6,331,484


Israel—0.6%
Azrieli Group, Ltd.		3,090		207,341
Bank Hapoalim B.M. (c)		79,475		592,983
Bank Leumi Le-Israel B.M.		109,068		788,607
Check Point Software Technologies, Ltd. (c)		9,300		1,075,173
CyberArk Software, Ltd. (c)		2,700		345,168
Elbit Systems, Ltd.		1,811		270,898
Israel Chemicals, Ltd.		54,463		286,217
Israel Discount Bank, Ltd. - Class A		83,247		340,593
Mizrahi Tefahot Bank, Ltd. (c)		11,922		275,954
Nice, Ltd. (c)		3,794		519,591
Teva Pharmaceutical Industries, Ltd. (ADR) (c)		77,953		719,506

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Israel—(Continued)
Wix.com, Ltd. (c)		3,200	$	454,720

				5,876,751


Italy—2.0%
Assicurazioni Generali S.p.A.		77,824		1,465,815
Atlantia S.p.A.		36,067		939,763
Davide Campari-Milano S.p.A.		42,874		420,392
Enel S.p.A.		581,257		4,067,455
Eni S.p.A.		184,398		3,059,004
Ferrari NV		8,924		1,451,393
FinecoBank Banca Fineco S.p.A.		37,016		413,529
Intesa Sanpaolo S.p.A.		1,083,294		2,321,740
Leonardo S.p.A.		28,782		365,299
Mediobanca S.p.A.		44,816		463,180
Moncler S.p.A.		13,024		557,673
Pirelli & C S.p.A.		29,117		172,373
Poste Italiane S.p.A. (e)		41,357		436,336
Prysmian S.p.A.		16,202		334,883
Recordati S.p.A.		8,194		342,087
Snam S.p.A. (e)		136,820		681,716
Telecom Italia S.p.A. (c)		560,392		306,451
Telecom Italia S.p.A. - Risparmio Shares		437,140		227,054
Terna Rete Elettrica Nazionale S.p.A.		92,957		593,144
UniCredit S.p.A.		142,434		1,756,019

				20,375,306


Japan—22.8%
ABC-Mart, Inc.		2,500		163,259
Advantest Corp.		14,500		401,437
Aeon Co., Ltd.		44,500		766,084
Air Water, Inc.		10,000		171,816
Aisin Seiki Co., Ltd.		10,600		364,597
Ajinomoto Co., Inc.		31,900		554,350
Alfresa Holdings Corp.		15,300		378,851
Alps Electric Co., Ltd.		13,100		220,551
Amada Holdings Co., Ltd.		27,000		307,314
ANA Holdings, Inc.		8,400		278,556
Aozora Bank, Ltd.		9,600		231,014
Asahi Glass Co., Ltd.		12,600		436,936
Asahi Group Holdings, Ltd.		27,300		1,231,083
Asahi Intecc Co., Ltd.		14,200		351,330
Asahi Kasei Corp.		84,100		899,128
Astellas Pharma, Inc.		131,100		1,873,167
Bandai Namco Holdings, Inc.		13,300		647,170
Bank of Kyoto, Ltd. (The)		4,400		170,692
Bridgestone Corp.		40,800		1,609,817
Brother Industries, Ltd.		16,400		310,865
Calbee, Inc.		5,500		148,316
Canon, Inc. (e)		72,900		2,136,598
Casio Computer Co., Ltd.		16,900		210,455
Central Japan Railway Co.		10,500		2,107,636
Chiba Bank, Ltd. (The)		49,000		240,147
Chubu Electric Power Co., Inc.		45,700		642,222
Chugai Pharmaceutical Co., Ltd.		16,800		1,099,660
Chugoku Electric Power Co., Inc. (The)		23,700		299,321
Coca-Cola Bottlers Japan Holdings, Inc.		9,900		251,436


Security Description	Shares		Value

Japan—(Continued)
Concordia Financial Group, Ltd.		83,000	$	309,944
CyberAgent, Inc.		7,400		269,139
Dai Nippon Printing Co., Ltd.		20,000		428,941
Dai-ichi Life Holdings, Inc.		75,800		1,147,592
Daicel Corp.		22,000		196,195
Daifuku Co., Ltd.		7,400		417,863
Daiichi Sankyo Co., Ltd.		39,400		2,058,611
Daikin Industries, Ltd.		18,200		2,383,852
Daito Trust Construction Co., Ltd.		5,200		662,416
Daiwa House Industry Co., Ltd.		42,500		1,242,043
Daiwa House REIT Investment Corp. (REIT)		110		265,649
Daiwa Securities Group, Inc.		118,000		518,484
Denso Corp.		31,000		1,307,646
Dentsu, Inc.		16,600		581,508
Disco Corp.		2,300		379,667
East Japan Railway Co.		22,300		2,089,857
Eisai Co., Ltd.		18,200		1,027,628
Electric Power Development Co., Ltd.		10,900		247,473
FamilyMart UNY Holdings Co., Ltd.		17,600		419,764
FANUC Corp.		14,000		2,600,687
Fast Retailing Co., Ltd.		4,100		2,484,091
Fuji Electric Co., Ltd.		8,600		297,769
FUJIFILM Holdings Corp.		25,900		1,316,744
Fujitsu, Ltd.		14,600		1,017,055
Fukuoka Financial Group, Inc.		10,600		194,967
GMO Payment Gateway, Inc.		3,000		207,002
Hakuhodo DY Holdings, Inc.		17,600		297,361
Hamamatsu Photonics KK		9,600		374,923
Hankyu Hanshin Holdings, Inc.		16,400		589,093
Hikari Tsushin, Inc.		1,100		240,341
Hino Motors, Ltd.		19,000		160,335
Hirose Electric Co., Ltd.		2,415		270,396
Hisamitsu Pharmaceutical Co., Inc.		4,500		178,359
Hitachi Chemical Co., Ltd.		7,700		209,585
Hitachi Construction Machinery Co., Ltd.		8,900		232,501
Hitachi High-Technologies Corp.		5,500		283,247
Hitachi Metals, Ltd.		20,000		226,705
Hitachi, Ltd.		70,200		2,581,785
Honda Motor Co., Ltd.		118,800		3,079,326
Hoshizaki Corp.		4,100		305,084
Hoya Corp.		26,800		2,060,021
Hulic Co., Ltd.		17,100		137,773
Idemitsu Kosan Co., Ltd.		12,068		367,151
IHI Corp.		12,200		295,219
Iida Group Holdings Co., Ltd.		12,700		205,576
Inpex Corp.		71,100		648,528
Isetan Mitsukoshi Holdings, Ltd.		26,900		218,038
Isuzu Motors, Ltd.		43,700		500,414
ITOCHU Corp.		96,700		1,852,399
Itochu Techno-Solutions Corp.		7,100		182,384
J Front Retailing Co., Ltd.		17,900		205,813
Japan Airlines Co., Ltd.		8,400		268,913
Japan Airport Terminal Co., Ltd.		3,800		163,024
Japan Exchange Group, Inc.		38,100		607,399
Japan Post Bank Co., Ltd.		30,800		312,638
Japan Post Holdings Co., Ltd.		107,000		1,213,140
Japan Prime Realty Investment Corp. (REIT)		51		221,082

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Japan Real Estate Investment Corp. (REIT)		96	$	584,615
Japan Retail Fund Investment Corp.		202		408,665
Japan Tobacco, Inc.		86,100		1,904,067
JFE Holdings, Inc.		35,100		517,071
JGC Corp.		14,000		192,980
JSR Corp.		11,000		174,262
JTEKT Corp.		20,000		243,537
JXTG Holdings, Inc.		237,600		1,188,186
Kajima Corp.		32,000		440,368
Kakaku.com, Inc.		10,700		207,256
Kamigumi Co., Ltd.		8,500		201,647
Kansai Electric Power Co., Inc. (The)		55,000		631,317
Kansai Paint Co., Ltd.		10,300		216,728
Kao Corp.		35,200		2,687,282
Kawasaki Heavy Industries, Ltd.		12,400		294,317
KDDI Corp.		127,000		3,237,777
Keihan Holdings Co., Ltd.		7,800		340,636
Keikyu Corp.		18,000		310,552
Keio Corp.		6,600		434,997
Keisei Electric Railway Co., Ltd.		10,000		365,104
Keyence Corp.		6,500		3,997,287
Kikkoman Corp.		9,600		418,938
Kintetsu Group Holdings Co., Ltd.		12,612		604,927
Kirin Holdings Co., Ltd.		60,300		1,302,403
Kobayashi Pharmaceutical Co., Ltd.		3,600		258,321
Kobe Steel, Ltd.		27,200		178,562
Koito Manufacturing Co., Ltd.		7,700		412,425
Komatsu, Ltd.		65,500		1,588,377
Konami Holdings Corp.		7,300		342,814
Konica Minolta, Inc.		37,000		360,853
Kose Corp.		2,300		387,127
Kubota Corp.		75,300		1,256,384
Kuraray Co., Ltd.		24,500		293,568
Kurita Water Industries, Ltd.		7,100		177,047
Kyocera Corp.		22,700		1,486,589
Kyowa Hakko Kirin Co., Ltd.		20,000		360,702
Kyushu Electric Power Co., Inc.		25,900		254,208
Kyushu Railway Co.		12,700		371,159
Lawson, Inc.		3,800		182,490
Lion Corp.		19,000		354,752
LIXIL Group Corp.		19,000		301,565
M3, Inc.		31,400		575,803
Makita Corp.		15,200		518,256
Marubeni Corp.		114,800		762,198
Marui Group Co., Ltd.		16,000		326,400
Mazda Motor Corp.		43,000		450,557
McDonald’s Holdings Co. Japan, Ltd.		5,400		238,317
Mebuki Financial Group, Inc.		63,100		165,015
Medipal Holdings Corp.		10,700		236,835
MEIJI Holdings Co., Ltd.		7,700		550,984
Mercari, Inc. (c)		5,500		146,492
Minebea Mitsumi, Inc.		21,700		369,354
MISUMI Group, Inc.		22,200		559,770
Mitsubishi Chemical Holdings Corp.		93,700		656,175
Mitsubishi Corp.		98,500		2,602,114
Mitsubishi Electric Corp.		131,200		1,735,428
Mitsubishi Estate Co., Ltd.		86,400		1,612,902


Security Description	Shares		Value

Japan—(Continued)
Mitsubishi Gas Chemical Co., Inc.		13,000	$	173,910
Mitsubishi Heavy Industries, Ltd.		23,100		1,007,689
Mitsubishi Materials Corp.		7,900		225,380
Mitsubishi Motors Corp.		44,999		216,360
Mitsubishi Tanabe Pharma Corp.		15,300		171,184
Mitsubishi UFJ Financial Group, Inc.		881,088		4,215,026
Mitsubishi UFJ Lease & Finance Co., Ltd.		30,700		163,367
Mitsui & Co., Ltd.		118,417		1,932,793
Mitsui Chemicals, Inc.		15,000		372,805
Mitsui Fudosan Co., Ltd.		65,000		1,579,371
Mitsui OSK Lines, Ltd.		7,500		180,260
Mizuho Financial Group, Inc.		1,752,400		2,544,172
MonotaRO Co., Ltd.		9,200		225,231
MS&AD Insurance Group Holdings, Inc.		35,900		1,142,279
Murata Manufacturing Co., Ltd.		41,200		1,859,353
Nabtesco Corp.		7,500		209,692
Nagoya Railroad Co., Ltd.		14,800		410,193
NEC Corp.		16,800		662,487
Nexon Co., Ltd. (c)		32,300		469,248
NGK Insulators, Ltd.		19,300		282,338
NGK Spark Plug Co., Ltd.		12,000		226,077
NH Foods, Ltd.		7,000		300,535
Nidec Corp.		16,300		2,238,282
Nikon Corp.		22,500		319,191
Nintendo Co., Ltd.		8,100		2,979,876
Nippon Building Fund, Inc. (REIT)		88		602,947
Nippon Electric Glass Co., Ltd.		6,200		157,563
Nippon Express Co., Ltd.		5,900		314,681
Nippon Paint Holdings Co., Ltd. (e)		9,500		369,659
Nippon Prologis REIT, Inc.		143		330,293
Nippon Steel Corp.		56,300		968,949
Nippon Telegraph & Telephone Corp.		47,000		2,191,867
Nippon Yusen KK		12,600		202,945
Nissan Chemical Corp.		10,000		451,865
Nissan Motor Co., Ltd.		166,900		1,194,615
Nisshin Seifun Group, Inc.		15,700		358,154
Nissin Foods Holdings Co., Ltd.		4,700		302,677
Nitori Holdings Co., Ltd.		5,800		770,083
Nitto Denko Corp.		9,600		473,137
Nomura Holdings, Inc.		241,200		857,338
Nomura Real Estate Holdings, Inc.		9,500		204,677
Nomura Real Estate Master Fund, Inc. (REIT)		234		360,044
Nomura Research Institute, Ltd.		20,700		332,840
NSK, Ltd.		26,600		239,206
NTT Data Corp.		40,780		544,669
NTT DoCoMo, Inc.		94,600		2,209,366
Obayashi Corp.		45,500		451,442
Obic Co., Ltd.		5,000		568,075
Odakyu Electric Railway Co., Ltd.		20,100		492,831
OJI Holdings Corp.		68,000		394,215
Olympus Corp.		80,000		892,412
Omron Corp.		13,400		702,588
Ono Pharmaceutical Co., Ltd.		26,100		469,033
Oracle Corp. Japan		3,000		220,014
Oriental Land Co., Ltd.		14,000		1,736,969
ORIX Corp.		92,600		1,385,203
Osaka Gas Co., Ltd.		29,000		506,188

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Japan—(Continued)
Otsuka Corp.		7,400	$	298,423
Otsuka Holdings Co., Ltd.		28,200		922,291
Pan Pacific International Holdings Corp.		8,200		521,563
Panasonic Corp.		161,300		1,347,760
Park24 Co., Ltd.		7,400		172,897
PeptiDream, Inc. (c)		6,800		348,845
Persol Holdings Co., Ltd.		13,400		315,933
Pigeon Corp.		8,500		343,119
Pola Orbis Holdings, Inc.		7,600		212,933
Rakuten, Inc.		61,500		733,940
Recruit Holdings Co., Ltd.		85,100		2,846,960
Renesas Electronics Corp. (c)		61,100		304,620
Resona Holdings, Inc.		143,300		599,268
Ricoh Co., Ltd.		48,600		486,771
Rinnai Corp.		2,800		178,522
Rohm Co., Ltd.		6,700		452,651
Ryohin Keikaku Co., Ltd.		1,800		325,914
Santen Pharmaceutical Co., Ltd.		27,500		456,891
SBI Holdings, Inc.		16,511		410,019
Secom Co., Ltd.		15,500		1,333,792
Sega Sammy Holdings, Inc.		12,900		157,173
Seibu Holdings, Inc.		13,800		230,711
Seiko Epson Corp.		20,000		317,429
Sekisui Chemical Co., Ltd.		29,500		444,359
Sekisui House, Ltd.		45,500		751,415
Seven & i Holdings Co., Ltd.		55,000		1,865,539
SG Holdings Co., Ltd.		10,500		298,161
Sharp Corp.		12,000		132,268
Shimadzu Corp.		14,600		359,392
Shimano, Inc.		5,400		802,926
Shimizu Corp.		39,000		324,805
Shin-Etsu Chemical Co., Ltd.		26,400		2,466,646
Shinsei Bank, Ltd.		12,900		200,932
Shionogi & Co., Ltd.		19,700		1,138,302
Shiseido Co., Ltd.		28,700		2,169,149
Shizuoka Bank, Ltd. (The)		25,800		190,718
Showa Denko KK		9,900		293,795
SMC Corp.		4,100		1,536,095
Softbank Corp.		121,800		1,582,028
SoftBank Group Corp.		118,200		5,699,873
Sohgo Security Services Co., Ltd.		4,800		221,834
Sompo Holdings, Inc.		23,599		913,949
Sony Corp.		91,800		4,799,791
Sony Financial Holdings, Inc.		12,800		308,361
Stanley Electric Co., Ltd.		9,700		239,305
Subaru Corp.		45,400		1,106,837
SUMCO Corp.		17,600		210,869
Sumitomo Chemical Co., Ltd.		117,000		544,777
Sumitomo Corp.		83,900		1,274,444
Sumitomo Dainippon Pharma Co., Ltd.		12,500		237,682
Sumitomo Electric Industries, Ltd.		57,634		758,929
Sumitomo Heavy Industries, Ltd.		7,800		269,276
Sumitomo Metal Mining Co., Ltd.		16,600		497,986
Sumitomo Mitsui Financial Group, Inc.		95,300		3,376,920
Sumitomo Mitsui Trust Holdings, Inc.		22,826		829,726
Sumitomo Realty & Development Co., Ltd.		22,400		801,522
Sumitomo Rubber Industries, Ltd.		12,500		144,954


Security Description	Shares		Value

Japan—(Continued)
Suntory Beverage & Food, Ltd.		10,400	$	451,798
Suzuken Co., Ltd.		5,800		341,135
Suzuki Motor Corp.		26,200		1,234,068
Sysmex Corp.		12,200		797,509
T&D Holdings, Inc.		39,400		430,029
Taiheiyo Cement Corp.		8,200		248,827
Taisei Corp.		16,000		582,767
Taisho Pharmaceutical Holdings Co., Ltd.		3,000		231,128
Taiyo Nippon Sanso Corp.		9,600		203,672
Takeda Pharmaceutical Co., Ltd.		104,348		3,711,633
TDK Corp.		9,500		739,144
Teijin, Ltd.		13,200		225,520
Terumo Corp.		44,200		1,320,742
THK Co., Ltd.		7,700		185,256
Tobu Railway Co., Ltd.		14,600		426,456
Toho Co., Ltd.		8,500		362,117
Toho Gas Co., Ltd.		6,200		228,645
Tohoku Electric Power Co., Inc.		28,000		283,805
Tokio Marine Holdings, Inc.		46,400		2,330,237
Tokyo Electric Power Co. Holdings, Inc. (c)		112,000		585,562
Tokyo Electron, Ltd.		11,300		1,589,947
Tokyo Gas Co., Ltd.		26,400		621,577
Tokyu Corp.		37,500		664,876
Tokyu Fudosan Holdings Corp.		37,000		204,767
Toppan Printing Co., Ltd.		20,500		310,791
Toray Industries, Inc.		88,300		673,249
Toshiba Corp.		40,000		1,247,032
Tosoh Corp.		23,000		324,780
TOTO, Ltd.		10,400		412,174
Toyo Seikan Group Holdings, Ltd.		8,300		165,196
Toyo Suisan Kaisha, Ltd.		6,000		246,783
Toyota Industries Corp.		10,100		557,640
Toyota Motor Corp.		163,500		10,169,418
Toyota Tsusho Corp.		15,500		471,300
Trend Micro, Inc.		8,900		397,848
Tsuruha Holdings, Inc.		2,900		268,615
Unicharm Corp.		29,600		893,738
United Urban Investment Corp. (REIT)		213		356,994
USS Co., Ltd.		16,600		327,862
West Japan Railway Co.		11,500		933,565
Yahoo Japan Corp.		206,700		607,979
Yakult Honsha Co., Ltd.		8,200		483,067
Yamada Denki Co., Ltd.		46,500		206,000
Yamaha Corp.		10,400		495,525
Yamaha Motor Co., Ltd.		18,700		333,610
Yamato Holdings Co., Ltd.		21,800		444,410
Yaskawa Electric Corp.		18,000		615,791
Yokogawa Electric Corp.		16,300		320,645
Yokohama Rubber Co., Ltd. (The)		9,200		169,593
ZOZO, Inc.		14,400		270,431

				237,224,297


Luxembourg—0.3%
ArcelorMittal		46,976		842,502
Eurofins Scientific SE		878		388,990
Millicom International Cellular S.A.		5,384		303,221

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Luxembourg—(Continued)
RTL Group S.A.		2,700	$	138,764
SES S.A.		29,140		456,977
Tenaris S.A.		35,513		467,945

				2,598,399


Macau—0.1%
Sands China, Ltd.		176,400		845,506
SJM Holdings, Ltd.		147,000		167,489
Wynn Macau, Ltd.		95,600		214,757

				1,227,752


Mexico—0.0%
Fresnillo plc		14,894		165,210


Netherlands—4.6%
ABN AMRO Bank NV		29,995		642,782
Adyen NV (c)		753		582,318
Aegon NV		119,047		593,635
Akzo Nobel NV		16,277		1,532,242
ASML Holding NV		30,442		6,373,941
EXOR NV		8,104		567,176
Heineken Holding NV		7,836		823,822
Heineken NV		18,534		2,071,861
ING Groep NV		284,141		3,299,811
Koninklijke Ahold Delhaize NV		86,148		1,940,421
Koninklijke DSM NV		12,515		1,549,707
Koninklijke KPN NV		263,537		810,436
Koninklijke Philips NV		65,152		2,834,183
Koninklijke Vopak NV		3,942		182,430
NN Group NV		21,018		847,412
NXP Semiconductors NV		21,100		2,059,571
Randstad NV		9,402		517,230
Royal Dutch Shell plc - A Shares		316,661		10,391,446
Royal Dutch Shell plc - B Shares		267,574		8,746,782
Wolters Kluwer NV		21,135		1,540,982

				47,908,188


New Zealand—0.2%
a2 Milk Co., Ltd. (c)		53,251		525,793
Auckland International Airport, Ltd.		69,174		458,174
Fisher & Paykel Healthcare Corp., Ltd.		44,270		460,203
Fletcher Building, Ltd.		68,594		222,741
Meridian Energy, Ltd.		93,292		298,020
Ryman Healthcare, Ltd.		29,900		236,149
Spark New Zealand, Ltd.		106,142		285,252

				2,486,332


Norway—0.6%
Aker BP ASA		7,864		226,860
DNB ASA		68,520		1,275,204
Equinor ASA		71,632		1,419,904
Gjensidige Forsikring ASA		14,357		289,261
Mowi ASA (c)		30,284		708,574
Norsk Hydro ASA		91,188		327,454
Orkla ASA		62,161		552,423


Security Description	Shares		Value

Norway—(Continued)
Schibsted ASA - B Shares		7,443	$	194,559
Telenor ASA		51,893		1,103,332
Yara International ASA		11,222		544,976

				6,642,547


Portugal—0.2%
Banco Espirito Santo S.A. (a) (c) (d)		199,038		0
EDP - Energias de Portugal S.A.		185,244		705,729
Galp Energia SGPS S.A.		37,002		571,279
Jeronimo Martins SGPS S.A.		18,255		294,420

				1,571,428


Russia—0.0%
Evraz plc		36,315		308,552


Singapore—1.3%
Ascendas Real Estate Investment Trust (REIT)		151,500		349,493
CapitaLand Commercial Trust (REIT)		166,738		267,481
CapitaLand Mall Trust (REIT)		157,500		306,578
CapitaLand, Ltd.		172,300		449,700
City Developments, Ltd.		34,000		238,720
ComfortDelGro Corp., Ltd.		153,000		300,874
DBS Group Holdings, Ltd.		131,667		2,527,653
Genting Singapore, Ltd.		418,200		284,530
Jardine Cycle & Carriage, Ltd.		8,888		238,448
Keppel Corp., Ltd.		113,900		562,532
Oversea-Chinese Banking Corp., Ltd.		230,564		1,949,475
SATS, Ltd.		56,300		217,577
Singapore Airlines, Ltd.		33,140		227,471
Singapore Exchange, Ltd.		54,400		319,057
Singapore Press Holdings, Ltd.		159,050		287,551
Singapore Technologies Engineering, Ltd.		130,000		398,498
Singapore Telecommunications, Ltd.		601,420		1,558,633
Suntec Real Estate Investment Trust (REIT)		179,000		256,830
United Overseas Bank, Ltd.		89,292		1,725,299
UOL Group, Ltd.		33,000		184,219
Venture Corp., Ltd.		20,500		246,979
Wilmar International, Ltd.		144,000		394,697

				13,292,295


South Africa—0.2%
Anglo American plc		76,685		2,198,256
Investec plc		52,596		342,651

				2,540,907


Spain—2.9%
ACS Actividades de Construccion y Servicios S.A. (e)		16,703		667,926
Aena SME S.A.		5,006		993,736
Amadeus IT Group S.A.		31,507		2,497,069
Banco Bilbao Vizcaya Argentaria S.A.		461,810		2,586,393
Banco de Sabadell S.A.		385,331		400,556
Banco Santander S.A.		1,151,492		5,359,973
Bankia S.A.		80,824		191,294
Bankinter S.A.		48,939		337,661
CaixaBank S.A.		268,510		770,077

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Spain—(Continued)
Cellnex Telecom S.A. (c)		13,888	$	514,880
Enagas S.A.		17,953		480,392
Endesa S.A.		23,384		602,469
Ferrovial S.A.		34,676		888,982
Grifols S.A.		21,632		640,149
Iberdrola S.A.		419,693		4,192,646
Industria de Diseno Textil S.A.		79,108		2,380,367
Mapfre S.A.		74,474		218,353
Naturgy Energy Group S.A.		20,891		576,260
Red Electrica Corp. S.A.		29,508		615,256
Repsol S.A.		101,970		1,600,936
Siemens Gamesa Renewable Energy S.A.		18,682		311,090
Telefonica S.A. (e)		338,883		2,786,966

				29,613,431


Sweden—2.4%
Alfa Laval AB		20,852		455,379
Assa Abloy AB - Class B		72,914		1,652,081
Atlas Copco AB - A Shares		49,888		1,596,118
Atlas Copco AB - B Shares		28,433		816,480
Boliden AB		20,002		511,988
Electrolux AB - Series B		17,118		437,866
Epiroc AB - Class A		49,888		519,897
Epiroc AB - Class B		28,433		281,902
Essity AB - Class B		43,954		1,352,122
Hennes & Mauritz AB - B Shares		61,284		1,088,567
Hexagon AB - B Shares		19,206		1,067,424
Husqvarna AB - B Shares		25,677		240,395
ICA Gruppen AB (e)		5,619		241,873
Industrivarden AB - C Shares		10,214		226,576
Investor AB - B Shares		32,036		1,540,427
Kinnevik AB - Class B		16,046		418,094
L E Lundbergforetagen AB - B Shares		6,090		228,168
Lundin Petroleum AB		11,594		361,127
Sandvik AB		76,849		1,413,197
Securitas AB - B Shares		21,462		376,994
Skandinaviska Enskilda Banken AB - Class A		113,560		1,051,657
Skanska AB - B Shares		24,008		433,981
SKF AB - B Shares		25,976		478,121
Svenska Handelsbanken AB - A Shares		113,277		1,122,418
Swedbank AB - A Shares		65,848		989,758
Swedish Match AB		11,623		491,658
Tele2 AB - B Shares		33,676		492,250
Telefonaktiebolaget LM Ericsson - B Shares		220,757		2,096,844
Telia Co. AB		204,113		907,636
Volvo AB - B Shares		104,577		1,661,079

				24,552,077


Switzerland—9.5%
ABB, Ltd.		128,908		2,591,766
Adecco Group AG		10,992		661,424
Alcon, Inc. (c)		31,566		1,954,705
Baloise Holding AG		3,839		681,026
Barry Callebaut AG		132		265,110
Chocoladefabriken Lindt & Spruengli AG		7		570,255


Security Description	Shares		Value

Switzerland—(Continued)
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		81	$	590,057
Cie Financiere Richemont S.A.		37,512		3,187,712
Clariant AG (c)		17,152		349,145
Coca-Cola HBC AG (c)		13,800		523,341
Credit Suisse Group AG (c)		186,061		2,235,312
Dufry AG (c)		2,729		231,453
EMS-Chemie Holding AG		579		376,241
Ferguson plc (c)		17,515		1,251,155
Geberit AG		2,723		1,273,668
Givaudan S.A.		649		1,834,633
Glencore plc (c)		796,126		2,776,302
Julius Baer Group, Ltd. (c)		17,027		760,527
Kuehne & Nagel International AG		4,135		614,598
LafargeHolcim, Ltd. (c) (e)		35,343		1,728,321
Lonza Group AG (c)		5,308		1,793,521
Nestle S.A.		219,057		22,706,606
Novartis AG		155,052		14,199,597
Pargesa Holding S.A.		3,025		233,534
Partners Group Holding AG		1,376		1,082,545
Roche Holding AG		50,245		14,154,649
Schindler Holding AG		1,428		312,289
Schindler Holding AG (Participation Certificate)		2,590		577,322
SGS S.A.		367		936,224
Sika AG		9,000		1,538,015
Sonova Holding AG		4,058		924,848
STMicroelectronics NV		49,712		883,370
Straumann Holding AG		747		660,034
Swatch Group AG (The)		4,374		237,132
Swatch Group AG (The) - Bearer Shares		2,245		645,363
Swiss Life Holding AG		2,458		1,219,753
Swiss Prime Site AG (c)		5,000		437,079
Swiss Re AG		21,393		2,177,668
Swisscom AG		1,853		931,475
Temenos AG (c)		4,384		785,980
UBS Group AG (c)		280,535		3,338,134
Vifor Pharma AG		2,847		411,921
Zurich Insurance Group AG		10,599		3,695,244

				98,339,054


United Arab Emirates—0.0%
NMC Health plc (e)		7,569		231,505


United Kingdom—13.9%
3i Group plc		70,865		1,005,641
Admiral Group plc		16,009		450,756
Ashtead Group plc		32,603		937,119
Associated British Foods plc		27,546		865,276
AstraZeneca plc		89,842		7,350,093
Auto Trader Group plc		75,401		526,635
Aviva plc		288,445		1,533,214
BAE Systems plc		231,979		1,466,183
Barclays plc		1,244,471		2,377,294
Barratt Developments plc		69,622		507,984
Berkeley Group Holdings plc		10,289		489,037
BP plc		1,440,772		10,090,531

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

United Kingdom—(Continued)
British American Tobacco plc		162,458	$	5,682,716
British Land Co. plc (The) (REIT)		73,348		503,065
BT Group plc		630,635		1,579,753
Bunzl plc		23,002		609,072
Burberry Group plc		26,895		639,447
Centrica plc		412,821		461,233
CNH Industrial NV		62,675		642,046
Coca-Cola European Partners plc (c)		16,100		909,650
Compass Group plc		116,519		2,798,451
Croda International plc		9,045		589,446
DCC plc		7,008		627,910
Diageo plc		172,958		7,464,442
Direct Line Insurance Group plc		89,919		379,747
Experian plc		65,580		1,995,162
Fiat Chrysler Automobiles NV		78,476		1,093,576
G4S plc		108,086		286,855
GlaxoSmithKline plc		354,117		7,103,912
GVC Holdings plc		39,400		326,876
Halma plc		27,211		701,128
Hargreaves Lansdown plc		20,716		506,548
HSBC Holdings plc		1,434,178		11,991,369
Imperial Brands plc		70,611		1,661,556
Informa plc		91,052		968,731
InterContinental Hotels Group plc		11,622		766,549
Intertek Group plc		11,453		804,106
J Sainsbury plc		120,106		299,532
John Wood Group plc		51,100		295,836
Johnson Matthey plc		15,590		662,723
Kingfisher plc		151,460		414,664
Land Securities Group plc (REIT)		54,641		580,031
Legal & General Group plc		421,904		1,447,267
Lloyds Banking Group plc		5,039,518		3,637,033
London Stock Exchange Group plc		22,230		1,552,199
Marks & Spencer Group plc		164,966		443,478
Meggitt plc		55,862		373,056
Melrose Industries plc		351,107		809,872
Merlin Entertainments plc		52,353		299,252
Micro Focus International plc		22,532		592,995
Mondi plc		27,093		619,201
National Grid plc		249,620		2,658,499
Next plc		9,783		688,098
Ocado Group plc (c)		32,598		484,216
Pearson plc		50,185		524,051
Persimmon plc		22,805		579,640
Prudential plc		186,011		4,060,220
Reckitt Benckiser Group plc		50,616		4,008,712
RELX plc		143,278		3,489,803
Rentokil Initial plc		132,544		671,190
Rio Tinto plc		81,548		5,042,003
Rolls-Royce Holdings plc (c)		123,608		1,325,557
Royal Bank of Scotland Group plc		355,393		994,363
RSA Insurance Group plc		74,322		546,903
Sage Group plc (The)		77,930		796,851
Schroders plc		7,697		299,105
Segro plc (REIT)		74,212		689,840
Severn Trent plc		14,884		388,145
Smith & Nephew plc		62,049		1,349,381


Security Description	Shares		Value

United Kingdom—(Continued)
Smiths Group plc		31,976	$	637,930
Spirax-Sarco Engineering plc		5,277		616,922
SSE plc		72,948		1,042,798
St. James’s Place plc		38,927		545,019
Standard Chartered plc		203,987		1,860,197
Standard Life Aberdeen plc		163,097		612,181
Taylor Wimpey plc		240,026		481,937
Tesco plc		690,838		1,997,417
Unilever NV		104,238		6,359,053
Unilever plc		79,414		4,942,123
United Utilities Group plc		43,570		434,445
Vodafone Group plc		1,935,083		3,181,018
Weir Group plc (The)		17,104		336,712
Whitbread plc		12,149		716,192
WM Morrison Supermarkets plc		166,578		427,010
WPP plc		93,040		1,176,043

				144,683,822


United States—0.1%
Carnival plc		13,029		581,272
International Flavors & Fragrances, Inc.		1		62
QIAGEN NV (c)		15,166		617,030

				1,198,364

Total Common Stocks (Cost $852,499,411)				995,807,634


Mutual Fund—2.0%

United States—2.0%
iShares MSCI EAFE ETF (e) (f) (Cost $20,651,413)		318,000		20,902,140


Preferred Stocks—0.5%

Germany—0.5%
Bayerische Motoren Werke (BMW) AG		3,581		222,650
FUCHS Petrolub SE		4,900		192,961
Henkel AG & Co. KGaA		12,893		1,263,757
Porsche Automobil Holding SE		11,105		722,600
Sartorius AG		2,589		531,588
Volkswagen AG		13,371		2,256,717

Total Preferred Stocks (Cost $4,249,327)				5,190,273


Rights—0.0%

Spain—0.0%
ACS Actividades de Construccion y Servicios S.A., Expires 07/11/19 (c) (e)		16,703		26,250
Repsol S.A., Expires 07/09/19 (c)		101,970		56,645

Total Rights (Cost $85,226)				82,895

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Short-Term Investments—1.5%


Security Description	Principal Amount*		Value

Discount Notes—1.3%
Fannie Mae 1.535%, 07/03/19 (g)		5,225,000	$	5,224,361
Federal Home Loan Bank
1.953%, 07/08/19 (g)		275,000		274,882
2.025%, 07/17/19 (g)		725,000		724,291
2.051%, 07/12/19 (g)		550,000		549,630
2.074%, 07/16/19 (g)		1,150,000		1,148,946
2.132%, 07/19/19 (g)		1,125,000		1,123,763
2.150%, 07/24/19 (g)		225,000		224,684
2.351%, 08/14/19 (g)		175,000		174,527
2.365%, 08/07/19 (g)		4,000,000		3,990,915

				13,435,999


U.S. Treasury—0.2%
U.S. Treasury Bills
2.006%, 07/23/19 (g)		500,000		499,365
2.231%, 07/30/19 (g)		1,000,000		998,315

				1,497,680

Total Short-Term Investments (Cost $14,932,767)				14,933,679


Securities Lending Reinvestments (b)—2.3%


Commercial Paper—0.1%
Starbird Funding Corp. 2.600%, 07/01/19		999,802		999,795


Repurchase Agreements—2.2%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $5,295,013; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $5,399,878.		5,293,999		5,293,999
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.460%, due on 07/01/19 with a maturity value of $4,000,820; collateralized by various Common Stock with an aggregate market value of $4,400,001.		4,000,000		4,000,000
Repurchase Agreement dated 06/28/19 at 2.480%, due on 07/01/19 with a maturity value of $169,864; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.375%, maturity dates ranging from 12/12/19 - 04/15/32, and an aggregate market value of $173,226.		169,829		169,829
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $3,200,693; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $3,264,001.		3,200,000		3,200,000


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $400,092; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $408,002.		400,000	$	400,000
Goldman Sachs & Co. Repurchase Agreement dated 06/28/19 at 2.510%, due on 07/01/19 with a maturity value of $4,000,837; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% - 5.500%, maturity dates ranging from 09/20/26 - 04/20/49, and an aggregate market value of $4,080,000.		4,000,000		4,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $2,000,422; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $2,048,071.		2,000,000		2,000,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $3,000,618; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $3,232,704.		3,000,000		3,000,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $1,000,206; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,077,568.		1,000,000		1,000,000

				23,063,828

Total Securities Lending Reinvestments (Cost $24,063,827)				24,063,623

Total Investments—102.0% (Cost $916,481,971)				1,060,980,244
Other assets and liabilities (net)—(2.0)%				(20,848,288	)

Net Assets—100.0%			$	1,040,131,956


*		Principal amount stated in U.S. dollars unless otherwise noted.
(a)		Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, these securities represent less than 0.05% of net assets.
(b)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(c)		Non-income producing security.
(d)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)		All or a portion of the security was held on loan. As of June 30, 2019, the market value of securities loaned was $23,497,576 and the collateral received consisted of cash in the amount of $24,063,629. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)


(f)		All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2019, the market value of securities pledged was $2,629,200.
(g)		The rate shown represents current yield to maturity.


Ten Largest Industries as of June 30, 2019 (Unaudited)	% of Net Assets
Banks		9.7
Pharmaceuticals		7.6
Insurance		5.5
Oil, Gas & Consumable Fuels		5.2
Food Products		3.5
Chemicals		3.3
Automobiles		3.0
Metals & Mining		3.0
Machinery		2.7
Textiles, Apparel & Luxury Goods		2.5

Futures Contracts

Futures Contracts—Long

Expiration
Date

Number of
Contracts

Notional
Amount

Value/
Unrealized
Appreciation

MSCI EAFE Index Mini Futures

09/20/19

140

USD

13,463,100

164,909

Glossary of Abbreviations

Currencies


(USD)—		United States Dollar

Other Abbreviations


(ADR)—		American Depositary Receipt
(ETF)—		Exchange-Traded Fund
(REIT)—		Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	74,632,515		$	0	$	74,632,515
Austria		—		2,240,643			—		2,240,643
Belgium		—		9,726,781			—		9,726,781
Chile		—		319,826			—		319,826
China		297,480		1,218,864			—		1,516,344
Denmark		—		17,122,496			—		17,122,496
Finland		—		11,657,285			—		11,657,285
France		—		111,479,724			—		111,479,724
Germany		—		82,641,375			—		82,641,375
Hong Kong		286,704		37,016,240			—		37,302,944
Ireland		530,502		5,800,982			—		6,331,484
Israel		2,594,567		3,282,184			—		5,876,751
Italy		—		20,375,306			—		20,375,306
Japan		—		237,224,297			—		237,224,297
Luxembourg		—		2,598,399			—		2,598,399
Macau		—		1,227,752			—		1,227,752
Mexico		—		165,210			—		165,210
Netherlands		2,059,571		45,848,617			—		47,908,188
New Zealand		—		2,486,332			—		2,486,332
Norway		—		6,642,547			—		6,642,547
Portugal		—		1,571,428			0		1,571,428
Russia		—		308,552			—		308,552
Singapore		—		13,292,295			—		13,292,295
South Africa		—		2,540,907			—		2,540,907
Spain		—		29,613,431			—		29,613,431
Sweden		—		24,552,077			—		24,552,077
Switzerland		—		98,339,054			—		98,339,054
United Arab Emirates		—		231,505			—		231,505
United Kingdom		909,650		143,774,172			—		144,683,822
United States		—		1,198,364			—		1,198,364
Total Common Stocks		6,678,474		989,129,160			0		995,807,634
Total Mutual Fund*		20,902,140		—			—		20,902,140
Total Preferred Stocks*		—		5,190,273			—		5,190,273
Total Rights*		82,895		—			—		82,895
Total Short-Term Investments*		—		14,933,679			—		14,933,679
Total Securities Lending Reinvestments*		—		24,063,623			—		24,063,623
Total Investments	$	27,663,509	$	1,033,316,735		$	0	$	1,060,980,244

Collateral for Securities Loaned (Liability)	$	—	$	(24,063,629	)	$	—	$	(24,063,629	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	164,909	$	—		$	—	$	164,909


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	1,060,980,244
Cash		17,483
Cash denominated in foreign currencies (c)		551,481
Receivable for:
Investments sold		10,062
Fund shares sold		218,825
Dividends		4,215,178
Variation margin on futures contracts		67,211

Total Assets		1,066,060,484
Liabilities
Collateral for securities loaned		24,063,629
Payables for:
Investments purchased		523,040
Fund shares redeemed		363,263
Accrued Expenses:
Management fees		248,495
Distribution and service fees		103,189
Deferred trustees’ fees		127,773
Other expenses		499,139

Total Liabilities		25,928,528

Net Assets	$	1,040,131,956

Net Assets Consist of:
Paid in surplus	$	881,157,685
Distributable earnings (Accumulated losses)		158,974,271

Net Assets	$	1,040,131,956

Net Assets
Class A	$	539,090,524
Class B		361,717,918
Class E		27,183,403
Class G		112,140,111
Capital Shares Outstanding*
Class A		40,132,056
Class B		27,477,780
Class E		2,033,311
Class G		8,577,207
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.43
Class B		13.16
Class E		13.37
Class G		13.07


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $916,481,971.
(b)		Includes securities loaned at value of $23,497,576.
(c)		Identified cost of cash denominated in foreign currencies was $551,460.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	23,117,943
Interest		148,331
Securities lending income		166,593

Total investment income		23,432,867
Expenses
Management fees		1,524,893
Administration fees		24,239
Custodian and accounting fees		154,683
Distribution and service fees—Class B		443,261
Distribution and service fees—Class E		19,911
Distribution and service fees—Class G		161,880
Audit and tax services		23,179
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		83,556
Insurance		3,463
Miscellaneous		92,461

Total expenses		2,585,312
Less management fee waiver		(13,691	)

Net expenses		2,571,621

Net Investment Income		20,861,246

Net Realized and Unrealized Gain
Net realized gain on:
Investments		5,046,209
Futures contracts		1,190,235
Foreign currency transactions		2,258

Net realized gain		6,238,702

Net change in unrealized appreciation on:
Investments		107,953,390
Futures contracts		369,600
Foreign currency transactions		40,888

Net change in unrealized appreciation		108,363,878

Net realized and unrealized gain		114,602,580

Net Increase in Net Assets From Operations	$	135,463,826


(a)		Net of foreign withholding taxes of $2,240,051.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	20,861,246		$	28,351,598
Net realized gain		6,238,702			10,136,916
Net change in unrealized appreciation (depreciation)		108,363,878			(193,819,549	)

Increase (decrease) in net assets from operations		135,463,826			(155,331,035	)

From Distributions to Shareholders
Class A		(18,045,926	)		(16,673,785	)
Class B		(11,491,023	)		(10,835,559	)
Class E		(875,875	)		(823,070	)
Class G		(3,538,623	)		(3,102,863	)

Total distributions		(33,951,447	)		(31,435,277	)

Increase (decrease) in net assets from capital share transactions		(20,971,018	)		2,610,269

Total increase (decrease) in net assets		80,541,361			(184,156,043	)

Net Assets
Beginning of period		959,590,595			1,143,746,638

End of period	$	1,040,131,956		$	959,590,595

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		928,317		$	12,447,509			3,939,329		$	54,805,801
Reinvestments		1,373,358			18,045,926			1,178,359			16,673,785
Redemptions		(3,082,766	)		(41,626,632	)		(3,946,676	)		(55,809,870	)

Net increase (decrease)		(781,091	)	$	(11,133,197	)		1,171,012		$	15,669,716

Class B
Sales		240,993		$	3,104,097			1,290,742		$	17,223,346
Reinvestments		892,160			11,491,023			780,660			10,835,559
Redemptions		(1,897,261	)		(24,701,014	)		(3,158,638	)		(43,643,536	)

Net decrease		(764,108	)	$	(10,105,894	)		(1,087,236	)	$	(15,584,631	)

Class E
Sales		19,389		$	255,931			143,756		$	1,979,666
Reinvestments		66,963			875,875			58,415			823,070
Redemptions		(139,427	)		(1,839,624	)		(278,661	)		(3,924,036	)

Net decrease		(53,075	)	$	(707,818	)		(76,490	)	$	(1,121,300	)

Class G
Sales		421,369		$	5,409,471			1,208,495		$	16,281,035
Reinvestments		276,671			3,538,623			225,008			3,102,863
Redemptions		(616,657	)		(7,972,203	)		(1,145,821	)		(15,737,414	)

Net increase		81,383		$	975,891			287,682		$	3,646,484

Increase (decrease) derived from capital shares transactions				$	(20,971,018	)				$	2,610,269

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	12.16		$	14.55		$	11.97		$	12.14		$	12.67		$	13.83

Income (Loss) from Investment Operations
Net investment income (a)		0.28			0.38			0.35			0.34	(b)		0.34			0.45
Net realized and unrealized gain (loss)		1.46			(2.34	)		2.60			(0.20	)		(0.45	)		(1.26	)

Total income (loss) from investment operations		1.74			(1.96	)		2.95			0.14			(0.11	)		(0.81	)

Less Distributions
Distributions from net investment income		(0.37	)		(0.43	)		(0.37	)		(0.31	)		(0.42	)		(0.35	)
Distributions from net realized capital gains		(0.10	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)

Total distributions		(0.47	)		(0.43	)		(0.37	)		(0.31	)		(0.42	)		(0.35	)

Net Asset Value, End of Period	$	13.43		$	12.16		$	14.55		$	11.97		$	12.14		$	12.67

Total Return (%) (c)		14.35	(d)		(13.91	)		24.90			1.34			(1.09	)		(6.00	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.39	(e)		0.38			0.37			0.38			0.40			0.40
Net ratio of expenses to average net assets (%) (f)		0.38	(e)		0.38			0.37			0.38			0.40			0.40
Ratio of net investment income to average net assets (%)		4.22	(e)		2.72			2.59			2.93	(b)		2.59			3.34
Portfolio turnover rate (%)		4	(d)		9			12			12			9			9
Net assets, end of period (in millions)	$	539.1		$	497.5		$	578.2		$	498.7		$	464.9		$	430.0

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	11.91		$	14.25		$	11.73		$	11.91		$	12.43		$	13.58

Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.34			0.31			0.31	(b)		0.30			0.42
Net realized and unrealized gain (loss)		1.42			(2.29	)		2.54			(0.21	)		(0.43	)		(1.25	)

Total income (loss) from investment operations		1.68			(1.95	)		2.85			0.10			(0.13	)		(0.83	)

Less Distributions
Distributions from net investment income		(0.33	)		(0.39	)		(0.33	)		(0.28	)		(0.39	)		(0.32	)
Distributions from net realized capital gains		(0.10	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)

Total distributions		(0.43	)		(0.39	)		(0.33	)		(0.28	)		(0.39	)		(0.32	)

Net Asset Value, End of Period	$	13.16		$	11.91		$	14.25		$	11.73		$	11.91		$	12.43

Total Return (%) (c)		14.18	(d)		(14.08	)		24.60			1.00			(1.28	)		(6.27	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64	(e)		0.63			0.62			0.63			0.65			0.65
Net ratio of expenses to average net assets (%) (f)		0.63	(e)		0.63			0.62			0.63			0.65			0.65
Ratio of net investment income to average net assets (%)		3.98	(e)		2.49			2.36			2.69	(b)		2.37			3.14
Portfolio turnover rate (%)		4	(d)		9			12			12			9			9
Net assets, end of period (in millions)	$	361.7		$	336.3		$	418.0		$	390.7		$	394.0		$	405.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights


Selected per share data
	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	12.09		$	14.47		$	11.90		$	12.08		$	12.60		$	13.75

Income (Loss) from Investment Operations
Net investment income (a)		0.27			0.36			0.33			0.33	(b)		0.32			0.44
Net realized and unrealized gain (loss)		1.45			(2.34	)		2.59			(0.22	)		(0.44	)		(1.26	)

Total income (loss) from investment operations		1.72			(1.98	)		2.92			0.11			(0.12	)		(0.82	)

Less Distributions
Distributions from net investment income		(0.34	)		(0.40	)		(0.35	)		(0.29	)		(0.40	)		(0.33	)
Distributions from net realized capital gains		(0.10	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)

Total distributions		(0.44	)		(0.40	)		(0.35	)		(0.29	)		(0.40	)		(0.33	)

Net Asset Value, End of Period	$	13.37		$	12.09		$	14.47		$	11.90		$	12.08		$	12.60

Total Return (%) (c)		14.33	(d)		(14.06	)		24.78			1.08			(1.18	)		(6.11	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(e)		0.53			0.52			0.53			0.55			0.55
Net ratio of expenses to average net assets (%) (f)		0.53	(e)		0.53			0.52			0.53			0.55			0.55
Ratio of net investment income to average net assets (%)		4.08	(e)		2.58			2.46			2.80	(b)		2.48			3.26
Portfolio turnover rate (%)		4	(d)		9			12			12			9			9
Net assets, end of period (in millions)	$	27.2		$	25.2		$	31.3		$	29.6		$	31.3		$	34.3

	Class G
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	11.83		$	14.16		$	11.66		$	11.84		$	12.36		$	13.51

Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.33			0.30			0.30	(b)		0.29			0.41
Net realized and unrealized gain (loss)		1.42			(2.27	)		2.53			(0.20	)		(0.42	)		(1.25	)

Total income (loss) from investment operations		1.67			(1.94	)		2.83			0.10			(0.13	)		(0.84	)

Less Distributions
Distributions from net investment income		(0.33	)		(0.39	)		(0.33	)		(0.28	)		(0.39	)		(0.31	)
Distributions from net realized capital gains		(0.10	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)

Total distributions		(0.43	)		(0.39	)		(0.33	)		(0.28	)		(0.39	)		(0.31	)

Net Asset Value, End of Period	$	13.07		$	11.83		$	14.16		$	11.66		$	11.84		$	12.36

Total Return (%) (c)		14.15	(d)		(14.12	)		24.54			0.97			(1.31	)		(6.33	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69	(e)		0.68			0.67			0.68			0.70			0.70
Net ratio of expenses to average net assets (%) (f)		0.68	(e)		0.68			0.67			0.68			0.70			0.70
Ratio of net investment income to average net assets (%)		3.94	(e)		2.42			2.29			2.63	(b)		2.32			3.10
Portfolio turnover rate (%)		4	(d)		9			12			12			9			9
Net assets, end of period (in millions)	$	112.1		$	100.5		$	116.3		$	98.6		$	93.1		$	90.7


(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 0.04% 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-19

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-20

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-21

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $23,063,828. 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, 2019.

BHFTII-22

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


	Remaining Contractual Maturity of the Agreements As of June 30, 2019
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(7,078,481	)	$	—	$	—	$	—	$	(7,078,481	)
Mutual Funds		(16,958,267	)		—		—		—		(16,958,267	)
Rights		(26,881	)		—		—		—		(26,881	)
Total	$	(24,063,629	)	$	—	$	—	$	—	$	(24,063,629	)
Total Borrowings	$	(24,063,629	)	$	—	$	—	$	—	$	(24,063,629	)
Gross amount of recognized liabilities for securities lending transactions										$	(24,063,629	)

3. Investments in Derivative Instruments

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2019 by category of risk exposure:


(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.


Statement of Operations Location-Net Realized Gain (Loss)	Equity
Futures contracts	$	1,190,235


Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	369,600

For the six months ended June 30, 2019, 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	$	13,091,983


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

BHFTII-23

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2019—(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:

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	37,773,288	$	0	$	69,333,847

6. Investment Management Fees and Other Transactions with Affiliates

BHFTII-24

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


% 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 MIM with respect to the Portfolio for the six months ended June 30, 2019 were $225,420.


% 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

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.

7. Contractual Obligations

BHFTII-25

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	929,024,562

Gross unrealized appreciation		286,208,860
Gross unrealized depreciation		(154,253,178	)

Net unrealized appreciation (depreciation)	$	131,955,682

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$31,435,277	$	28,625,989	$	—	$	—	$	31,435,277	$	28,625,989

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$26,231,044	$	7,352,775	$	23,990,742	$	—	$	57,574,561

During the year ended December 31, 2018, the Portfolio utilized capital loss carryforwards of $3,109,329.

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-26

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A, B, E and G shares of the MetLife Russell 2000 Index Portfolio returned 17.08%, 16.92%, 16.94%, and 16.84%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 16.98%.

MARKET ENVIRONMENT / CONDITIONS

All nine sectors comprising the Russell 2000 Index experienced positive returns for the first six months of 2019. Technology (13.5% beginning weight in the benchmark), up 22.7%, was the best-performing sector. Materials & Processing (6.1% beginning weight), up 21.2%; and Producer Durables (13.5% beginning weight), up 20.9%, were the next best-performing sectors. Consumer Staples (2.5% beginning weight), up 4.8%; and Energy (3.5% beginning weight), up 11.1%, were the worst performing sectors on a relative basis.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Array BioPharma, up 225.1%; Coupa Software, up 101.4%; and The Trade Desk, up 96.3%. The stocks with the largest negative impact were Stamps.com, down 70.9%; Cloudera, down 52.4%; and Green Dot, down 38.5%.

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, net asset value (NAV) rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

BHFTII-1

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
MetLife Russell 2000 Index Portfolio
Class A		17.08		-3.12		7.16		13.48
Class B		16.92		-3.38		6.88		13.19
Class E		16.94		-3.26		6.99		13.31
Class G		16.84		-3.46		6.83		13.14
Russell 2000 Index		16.98		-3.31		7.06		13.45

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
iShares Russell 2000 Index Fund		1.8
Array BioPharma, Inc.		0.5
Haemonetics Corp.		0.3
Novocure, Ltd.		0.3
Deckers Outdoor Corp.		0.3
Science Applications International Corp.		0.2
EMCOR Group, Inc.		0.2
Portland General Electric Co.		0.2
Radian Group, Inc.		0.2
Southwest Gas Holdings, Inc.		0.2

Top Sectors


	% of Net Assets
Financials		18.9
Health Care		16.7
Industrials		15.3
Information Technology		12.8
Consumer Discretionary		10.8
Real Estate		7.6
Energy		3.9
Materials		3.8
Utilities		3.7
Consumer Staples		2.7

BHFTII-2

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


MetLife Russell 2000 Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.31	%	$	1,000.00	$	1,170.80	$	1.67
	Hypothetical*		0.31	%	$	1,000.00	$	1,023.26	$	1.56

Class B (a)	Actual		0.56	%	$	1,000.00	$	1,169.20	$	3.01
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81

Class E (a)	Actual		0.46	%	$	1,000.00	$	1,169.40	$	2.47
	Hypothetical*		0.46	%	$	1,000.00	$	1,022.51	$	2.31

Class G (a)	Actual		0.61	%	$	1,000.00	$	1,168.40	$	3.28
	Hypothetical*		0.61	%	$	1,000.00	$	1,021.77	$	3.06

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

(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, 2019 (Unaudited)

Common Stocks—96.8% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—1.3%
AAR Corp.		13,862	$	509,983
Aerojet Rocketdyne Holdings, Inc. (a)		31,677		1,418,179
Aerovironment, Inc. (a)		8,967		509,057
Astronics Corp. (a)		10,382		417,564
Axon Enterprise, Inc. (a) (b)		26,651		1,711,261
Cubic Corp.		13,660		880,797
Ducommun, Inc. (a)		4,992		224,989
Kratos Defense & Security Solutions, Inc. (a)		39,769		910,312
Maxar Technologies, Inc. (a) (b)		25,232		197,314
Mercury Systems, Inc. (a)		23,662		1,664,622
Moog, Inc. - Class A		14,345		1,342,835
National Presto Industries, Inc.		2,572		239,942
Parsons Corp. (a)		9,774		360,270
Triumph Group, Inc.		22,400		512,960
Vectrus, Inc. (a)		5,647		229,042
Wesco Aircraft Holdings, Inc. (a)		26,069		289,366

				11,418,493


Air Freight & Logistics—0.3%
Air Transport Services Group, Inc. (a)		27,538		671,927
Atlas Air Worldwide Holdings, Inc. (a)		10,224		456,399
Echo Global Logistics, Inc. (a)		13,053		272,416
Forward Air Corp.		12,974		767,412
HUB Group, Inc. - Class A (a)		15,117		634,612
Radiant Logistics, Inc. (a)		18,863		115,819

				2,918,585


Airlines—0.5%
Allegiant Travel Co.		5,919		849,377
Hawaiian Holdings, Inc. (b)		22,400		614,432
SkyWest, Inc.		22,461		1,362,709
Spirit Airlines, Inc. (a)		29,877		1,426,029

				4,252,547


Auto Components—1.2%
Adient plc		39,298		953,763
American Axle & Manufacturing Holdings, Inc. (a)		51,196		653,261
Cooper Tire & Rubber Co. (b)		22,320		704,196
Cooper-Standard Holdings, Inc. (a)		7,342		336,410
Dana, Inc.		65,547		1,307,007
Dorman Products, Inc. (a) (b)		12,058		1,050,734
Fox Factory Holding Corp. (a) (b)		16,769		1,383,610
Gentherm, Inc. (a)		15,174		634,728
LCI Industries		10,785		970,650
Modine Manufacturing Co. (a)		23,187		331,806
Motorcar Parts of America, Inc. (a) (b)		8,000		171,280
Standard Motor Products, Inc.		9,638		436,987
Stoneridge, Inc. (a)		13,705		432,393
Tenneco, Inc. - Class A		22,605		250,689
Tower International, Inc.		10,455		203,873
Visteon Corp. (a)		12,720		745,138

				10,566,525


Automobiles—0.1%
Winnebago Industries, Inc.		14,967		578,475


Banks—9.3%
1st Source Corp.		7,645		354,728
ACNB Corp.		3,451		136,556
Allegiance Bancshares, Inc. (a)		9,094		303,194
Amalgamated Bank - Class A		7,087		123,668
Amerant Bancorp, Inc. (a)		11,564		227,926
American National Bankshares, Inc.		4,311		167,051
Ameris Bancorp		20,583		806,648
Ames National Corp.		4,321		117,099
Arrow Financial Corp.		6,358		220,813
Atlantic Capital Bancshares, Inc. (a)		10,440		178,733
Atlantic Union Bankshares Corp. (b)		36,287		1,282,020
Banc of California, Inc.		18,620		260,121
BancFirst Corp.		8,433		469,381
Bancorp, Inc. (The) (a)		25,747		229,663
BancorpSouth Bank		42,752		1,241,518
Bank First National Corp.		3,397		234,257
Bank of Marin Bancorp		6,398		262,446
Bank of NT Butterfield & Son, Ltd. (The)		25,989		882,586
Banner Corp.		14,787		800,716
Bar Harbor Bankshares		7,342		195,224
Baycom Corp. (a)		5,323		116,574
Berkshire Hills Bancorp, Inc.		21,074		661,513
Boston Private Financial Holdings, Inc.		40,232		485,600
Bridge Bancorp, Inc.		8,870		261,310
Brookline Bancorp, Inc.		36,642		563,554
Bryn Mawr Bank Corp.		9,382		350,136
Business First Bancshares, Inc.		5,338		135,852
Byline Bancorp, Inc. (a)		11,156		213,303
Cadence BanCorp		56,137		1,167,650
Cambridge Bancorp		2,103		171,395
Camden National Corp.		7,839		359,575
Capital City Bank Group, Inc.		5,769		143,360
Carolina Financial Corp.		8,963		314,512
Carter Bank & Trust (a)		12,904		254,854
Cathay General Bancorp		34,405		1,235,484
CBTX, Inc.		8,948		251,797
CenterState Bank Corp.		56,196		1,294,194
Central Pacific Financial Corp.		11,636		348,615
Central Valley Community Bancorp		5,828		125,127
Century Bancorp, Inc. - Class A		1,431		125,785
Chemical Financial Corp.		31,958		1,313,793
Citizens & Northern Corp.		6,716		176,832
City Holding Co. (b)		7,242		552,275
Civista Bancshares, Inc.		6,893		154,748
CNB Financial Corp.		6,782		191,524
Columbia Banking System, Inc.		32,810		1,187,066
Community Bank System, Inc. (b)		22,304		1,468,495
Community Trust Bancorp, Inc.		7,150		302,374
ConnectOne Bancorp, Inc.		13,860		314,068
Customers Bancorp, Inc. (a)		13,560		284,760
CVB Financial Corp.		59,614		1,253,682
Eagle Bancorp, Inc.		15,143		819,691
Enterprise Bancorp, Inc.		4,064		128,869
Enterprise Financial Services Corp.		10,782		448,531
Equity Bancshares, Inc. - Class A (a)		7,293		194,431
Farmers & Merchants Bancorp, Inc.		4,006		116,655
Farmers National Banc Corp.		13,414		198,930

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Banks—(Continued)
FB Financial Corp.		7,970	$	291,702
Fidelity Southern Corp.		10,827		335,312
Financial Institutions, Inc.		6,461		188,338
First BanCorp		94,227		1,040,266
First Bancorp		12,826		467,123
First Bancorp, Inc.		5,308		142,520
First Bancshares, Inc. (The)		7,872		238,836
First Busey Corp.		23,513		620,978
First Choice Bancorp		5,199		118,225
First Commonwealth Financial Corp.		45,936		618,758
First Community Bancshares, Inc.		8,470		285,947
First Financial Bancorp		43,646		1,057,106
First Financial Bankshares, Inc.		57,854		1,781,325
First Financial Corp. (b)		5,203		208,952
First Foundation, Inc.		17,720		238,157
First Interstate BancSystem, Inc. - Class A		16,939		670,954
First Merchants Corp.		24,818		940,602
First Mid Bancshares, Inc.		5,809		202,850
First Midwest Bancorp, Inc.		46,471		951,261
First of Long Island Corp. (The)		9,924		199,274
Flushing Financial Corp.		13,422		297,968
Franklin Financial Network, Inc.		8,386		233,634
Fulton Financial Corp.		73,744		1,207,189
FVCBankcorp, Inc. (a)		6,243		121,239
German American Bancorp, Inc.		10,138		305,357
Glacier Bancorp, Inc.		37,780		1,531,979
Great Southern Bancorp, Inc.		4,991		298,711
Great Western Bancorp, Inc.		26,273		938,472
Guaranty Bancshares, Inc.		3,924		122,233
Hancock Whitney Corp.		38,128		1,527,408
Hanmi Financial Corp.		15,681		349,216
HarborOne Bancorp, Inc. (a)		7,489		140,269
Heartland Financial USA, Inc.		14,828		663,256
Heritage Commerce Corp.		17,854		218,712
Heritage Financial Corp.		15,777		466,053
Hilltop Holdings, Inc.		32,755		696,699
Home BancShares, Inc. (b)		68,087		1,311,356
HomeTrust Bancshares, Inc.		8,531		214,469
Hope Bancorp, Inc.		53,525		737,575
Horizon Bancorp		17,556		286,865
Iberiabank Corp.		24,314		1,844,217
Independent Bank Corp.		11,863		258,495
Independent Bank Corp./Rockland Trust		15,538		1,183,219
Independent Bank Group, Inc.		16,279		894,694
International Bancshares Corp.		24,957		941,128
Investar Holding Corp.		4,829		115,172
Investors Bancorp, Inc. (b)		105,579		1,177,206
Lakeland Bancorp, Inc.		25,890		418,124
Lakeland Financial Corp. (b)		11,384		533,113
LCNB Corp.		6,388		121,372
LegacyTexas Financial Group, Inc.		21,060		857,353
Live Oak Bancshares, Inc. (b)		10,534		180,658
Macatawa Bank Corp.		14,416		147,908
Mercantile Bank Corp.		8,647		281,719
Metropolitan Bank Holding Corp. (a)		3,277		144,188
Midland States Bancorp, Inc. (b)		10,034		268,108
MidWestOne Financial Group, Inc.		5,585		156,157

Banks—(Continued)
National Bank Holdings Corp. - Class A		12,889		467,871
National Bankshares, Inc.		3,487		135,749
NBT Bancorp, Inc.		19,267		722,705
Nicolet Bankshares, Inc. (a)		4,410		273,685
Northrim BanCorp, Inc.		3,529		125,844
OFG Bancorp		22,996		546,615
Old Line Bancshares, Inc.		7,597		202,156
Old National Bancorp		77,233		1,281,295
Old Second Bancorp, Inc.		14,296		182,560
Opus Bank		8,631		182,200
Origin Bancorp, Inc.		9,030		297,990
Orrstown Financial Services, Inc.		5,287		116,261
Pacific Premier Bancorp, Inc.		27,601		852,319
Park National Corp.		5,741		570,598
Peapack Gladstone Financial Corp.		8,311		233,705
People’s Utah Bancorp		7,011		206,123
Peoples Bancorp, Inc.		8,443		272,371
Peoples Financial Services Corp.		3,673		165,248
Preferred Bank		6,573		310,574
QCR Holdings, Inc.		8,587		299,429
RBB Bancorp		6,720		129,965
Reliant Bancorp, Inc.		5,179		122,380
Renasant Corp.		25,588		919,633
Republic Bancorp, Inc. - Class A		5,421		269,695
S&T Bancorp, Inc. (b)		15,660		586,937
Sandy Spring Bancorp, Inc.		16,080		560,870
Seacoast Banking Corp. of Florida (a)		21,315		542,254
ServisFirst Bancshares, Inc. (b)		20,928		716,993
Sierra Bancorp		5,841		158,408
Simmons First National Corp. - Class A		41,478		964,778
SmartFinancial, Inc. (a)		5,821		126,257
South State Corp.		15,302		1,127,298
Southern First Bancshares, Inc. (a)		3,419		133,888
Southern National Bancorp of Virginia, Inc.		10,799		165,333
Southside Bancshares, Inc.		15,530		502,861
Spirit of Texas Bancshares, Inc. (a)		5,933		133,493
Stock Yards Bancorp, Inc.		10,633		384,383
Summit Financial Group, Inc.		5,705		153,179
Tompkins Financial Corp.		6,912		564,019
Towne Bank		30,317		827,048
TriCo Bancshares		11,734		443,545
TriState Capital Holdings, Inc. (a)		11,422		243,745
Triumph Bancorp, Inc. (a)		11,267		327,306
Trustmark Corp. (b)		28,210		937,982
UMB Financial Corp.		19,210		1,264,402
United Bankshares, Inc. (b)		43,338		1,607,406
United Community Banks, Inc.		34,521		985,920
Univest Corp. of Pennsylvania		12,133		318,613
Valley National Bancorp (b)		144,597		1,558,756
Veritex Holdings, Inc.		23,827		618,311
Washington Trust Bancorp, Inc.		6,986		364,529
WesBanco, Inc.		23,770		916,333
West Bancorp, Inc.		8,036		170,524
Westamerica Bancorp (b)		11,738		723,178

				84,986,759

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Beverages—0.3%
Boston Beer Co., Inc. (The) - Class A (a) (b)		3,688	$	1,393,179
Coca-Cola Bottling Co. Consolidated		2,130		637,402
MGP Ingredients, Inc. (b)		6,119		405,751
National Beverage Corp. (b)		4,782		213,421
New Age Beverages Corp. (a)		35,984		167,685
Primo Water Corp. (a)		15,449		190,023

				3,007,461


Biotechnology—7.7%
ACADIA Pharmaceuticals, Inc. (a) (b)		49,671		1,327,706
Acceleron Pharma, Inc. (a)		21,647		889,259
Achillion Pharmaceuticals, Inc. (a)		67,562		181,066
Acorda Therapeutics, Inc. (a)		20,455		156,890
Adverum Biotechnologies, Inc. (a)		28,557		339,543
Agenus, Inc. (a) (b)		46,040		138,120
Aimmune Therapeutics, Inc. (a) (b)		20,346		423,604
Akebia Therapeutics, Inc. (a)		57,326		277,458
Albireo Pharma, Inc. (a)		4,713		151,947
Alder Biopharmaceuticals, Inc. (a) (b)		34,309		403,817
Allakos, Inc. (a) (b)		8,226		356,433
Allogene Therapeutics, Inc. (a) (b)		18,009		483,542
AMAG Pharmaceuticals, Inc. (a)		16,034		160,180
Amicus Therapeutics, Inc. (a)		104,035		1,298,357
AnaptysBio, Inc. (a)		11,271		635,910
Apellis Pharmaceuticals, Inc. (a)		22,295		564,955
Arcus Biosciences, Inc. (a)		15,645		124,378
Arena Pharmaceuticals, Inc. (a)		22,490		1,318,589
Arqule, Inc. (a)		43,816		482,414
Array BioPharma, Inc. (a) (b)		98,675		4,571,613
Arrowhead Pharmaceuticals, Inc. (a) (b)		40,960		1,085,440
Assembly Biosciences, Inc. (a)		9,765		131,730
Atara Biotherapeutics, Inc. (a)		18,837		378,812
Athenex, Inc. (a)		27,434		543,193
Audentes Therapeutics, Inc. (a)		19,977		756,329
Avid Bioservices, Inc. (a)		30,862		172,827
Avrobio, Inc. (a)		8,516		138,470
Beyondspring, Inc. (a)		7,261		172,086
BioCryst Pharmaceuticals, Inc. (a)		50,588		191,729
Biohaven Pharmaceutical Holding Co., Ltd. (a)		15,242		667,447
BioSpecifics Technologies Corp. (a)		3,035		181,220
Blueprint Medicines Corp. (a)		21,771		2,053,658
Cara Therapeutics, Inc. (a) (b)		15,682		337,163
CareDx, Inc. (a)		18,796		676,468
Catalyst Pharmaceuticals, Inc. (a) (b)		49,243		189,093
ChemoCentryx, Inc. (a)		20,706		192,566
Clovis Oncology, Inc. (a)		21,967		326,649
Coherus Biosciences, Inc. (a) (b)		28,406		627,773
Concert Pharmaceuticals, Inc. (a)		8,973		107,676
Corbus Pharmaceuticals Holdings, Inc. (a) (b)		37,040		256,687
Crinetics Pharmaceuticals, Inc. (a)		5,862		146,550
Cyclerion Therapeutics, Inc. (a)		12,605		144,327
Cytokinetics, Inc. (a)		26,348		296,415
CytomX Therapeutics, Inc. (a)		27,302		306,328
Deciphera Pharmaceuticals, Inc. (a)		7,563		170,546
Denali Therapeutics, Inc. (a) (b)		20,915		434,195
Dicerna Pharmaceuticals, Inc. (a)		27,787		437,645

Biotechnology—(Continued)
Dynavax Technologies Corp. (a) (b)		28,690		114,473
Eagle Pharmaceuticals, Inc. (a)		4,988		277,732
Editas Medicine, Inc. (a)		25,252		624,735
Eidos Therapeutics, Inc. (a) (b)		8,453		262,719
Eiger BioPharmaceuticals, Inc. (a)		12,632		133,899
Emergent BioSolutions, Inc. (a) (b)		20,011		966,731
Enanta Pharmaceuticals, Inc. (a)		7,598		641,119
Epizyme, Inc. (a)		36,222		454,586
Esperion Therapeutics, Inc. (a)		10,901		507,115
Fate Therapeutics, Inc. (a)		27,883		566,025
FibroGen, Inc. (a) (b)		34,740		1,569,553
Flexion Therapeutics, Inc. (a)		15,518		190,871
G1 Therapeutics, Inc. (a)		15,694		481,178
Genomic Health, Inc. (a)		12,302		715,607
Geron Corp. (a) (b)		90,242		127,241
Global Blood Therapeutics, Inc. (a) (b)		24,432		1,285,123
GlycoMimetics, Inc. (a)		16,635		198,289
Gossamer Bio, Inc. (a)		9,986		221,489
Gritstone Oncology, Inc. (a)		13,449		149,822
Halozyme Therapeutics, Inc. (a)		64,503		1,108,162
Heron Therapeutics, Inc. (a)		33,841		629,104
Homology Medicines, Inc. (a)		11,986		234,566
ImmunoGen, Inc. (a)		59,746		129,649
Immunomedics, Inc. (a) (b)		78,858		1,093,760
Inovio Pharmaceuticals, Inc. (a) (b)		36,297		106,713
Insmed, Inc. (a) (b)		37,016		947,610
Intellia Therapeutics, Inc. (a) (b)		15,741		257,680
Intercept Pharmaceuticals, Inc. (a) (b)		11,215		892,378
Intrexon Corp. (a)		32,766		250,988
Invitae Corp. (a)		39,306		923,691
Iovance Biotherapeutics, Inc. (a) (b)		51,593		1,265,060
Ironwood Pharmaceuticals, Inc. (a) (b)		69,963		765,395
Kadmon Holdings, Inc. (a) (b)		50,200		103,412
KalVista Pharmaceuticals, Inc. (a)		6,284		139,191
Karyopharm Therapeutics, Inc. (a)		29,466		176,501
Kindred Biosciences, Inc. (a)		25,159		209,574
Kodiak Sciences, Inc. (a)		12,588		147,280
Krystal Biotech, Inc. (a)		4,509		181,577
Kura Oncology, Inc. (a)		13,652		268,808
Lexicon Pharmaceuticals, Inc. (a) (b)		23,843		149,972
Ligand Pharmaceuticals, Inc. (a) (b)		9,331		1,065,134
MacroGenics, Inc. (a)		22,474		381,384
Madrigal Pharmaceuticals, Inc. (a) (b)		3,687		386,434
Magenta Therapeutics, Inc. (a)		10,252		151,217
Medicines Co. (The) (a) (b)		32,038		1,168,426
MediciNova, Inc. (a) (b)		18,638		179,484
MeiraGTx Holdings plc (a)		6,528		175,473
Mirati Therapeutics, Inc. (a)		11,239		1,157,617
Momenta Pharmaceuticals, Inc. (a)		43,796		545,260
Myriad Genetics, Inc. (a)		31,814		883,793
Natera, Inc. (a)		25,555		704,807
Opko Health, Inc. (a) (b)		146,687		357,916
Palatin Technologies, Inc. (a)		111,389		129,211
PDL BioPharma, Inc. (a)		76,001		238,643
Portola Pharmaceuticals, Inc. (a) (b)		29,932		812,055
Principia Biopharma, Inc. (a)		6,642		220,448
Progenics Pharmaceuticals, Inc. (a)		41,699		257,283

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Biotechnology—(Continued)
Prothena Corp. plc (a)		18,324	$	193,685
PTC Therapeutics, Inc. (a)		25,792		1,160,640
Puma Biotechnology, Inc. (a)		13,791		175,284
Ra Pharmaceuticals, Inc. (a)		14,651		440,556
Radius Health, Inc. (a)		20,884		508,734
REGENXBIO, Inc. (a) (b)		15,197		780,670
Repligen Corp. (a) (b)		21,176		1,820,077
Retrophin, Inc. (a)		18,842		378,536
Rhythm Pharmaceuticals, Inc. (a) (b)		11,256		247,632
Rigel Pharmaceuticals, Inc. (a)		107,211		279,821
Rocket Pharmaceuticals, Inc. (a)		14,674		220,110
Rubius Therapeutics, Inc. (a) (b)		16,410		258,129
Sangamo Therapeutics, Inc. (a) (b)		52,928		570,035
Scholar Rock Holding Corp. (a)		7,968		126,372
Sorrento Therapeutics, Inc. (a) (b)		58,803		157,004
Spark Therapeutics, Inc. (a)		15,381		1,574,707
Spectrum Pharmaceuticals, Inc. (a)		51,934		447,152
Stemline Therapeutics, Inc. (a)		18,471		282,976
Syros Pharmaceuticals, Inc. (a)		18,369		170,097
TG Therapeutics, Inc. (a) (b)		37,719		326,269
Translate Bio, Inc. (a)		16,186		204,429
Turning Point Therapeutics, Inc. (a)		4,396		178,917
Twist Bioscience Corp. (a)		10,242		297,120
Ultragenyx Pharmaceutical, Inc. (a) (b)		24,462		1,553,337
UNITY Biotechnology, Inc. (a)		14,710		139,745
UroGen Pharma, Ltd. (a)		9,990		359,041
Vanda Pharmaceuticals, Inc. (a)		24,336		342,894
Veracyte, Inc. (a)		21,446		611,425
Vericel Corp. (a) (b)		18,632		351,958
Viking Therapeutics, Inc. (a) (b)		28,602		237,397
Voyager Therapeutics, Inc. (a)		10,649		289,866
Xencor, Inc. (a)		21,420		876,721
Y-mAbs Therapeutics, Inc. (a)		10,071		230,324
ZIOPHARM Oncology, Inc. (a) (b)		74,990		437,192

				69,921,618


Building Products—1.4%
AAON, Inc. (b)		18,290		917,792
Advanced Drainage Systems, Inc.		16,264		533,297
American Woodmark Corp. (a)		6,699		566,869
Apogee Enterprises, Inc.		11,475		498,474
Builders FirstSource, Inc. (a)		50,475		851,009
Caesarstone, Ltd.		11,687		175,656
Continental Building Products, Inc. (a)		17,313		460,006
Cornerstone Building Brands, Inc. (a)		19,586		114,186
CSW Industrials, Inc.		7,377		502,743
Gibraltar Industries, Inc. (a)		14,856		599,588
Griffon Corp.		14,438		244,291
Insteel Industries, Inc.		9,004		187,463
JELD-WEN Holding, Inc. (a)		31,537		669,531
Masonite International Corp. (a)		10,341		544,764
Patrick Industries, Inc. (a)		10,680		525,349
PGT Innovations, Inc. (a)		25,605		428,116
Quanex Building Products Corp.		17,697		334,296
Simpson Manufacturing Co., Inc. (b)		19,882		1,321,358
Trex Co., Inc. (a)		25,565		1,833,010

Building Products—(Continued)
Universal Forest Products, Inc.		25,733		979,398

				12,287,196


Capital Markets—1.4%
Ares Management Corp. - Class A		30,552		799,546
Arlington Asset Investment Corp. - Class A (b)		18,418		126,716
Artisan Partners Asset Management, Inc. - Class A		24,539		675,313
B. Riley Financial, Inc. (b)		10,620		221,533
Blucora, Inc. (a)		20,338		617,665
BrightSphere Investment Group plc		35,717		407,531
Cohen & Steers, Inc.		9,693		498,608
Cowen Group, Inc. - Class A (a) (b)		13,196		226,839
Diamond Hill Investment Group, Inc.		1,546		219,099
Donnelley Financial Solutions, Inc. (a)		16,100		214,774
Federated Investors, Inc. - Class B (b)		42,995		1,397,338
Focus Financial Partners, Inc. - Class A (a)		13,966		381,411
Greenhill & Co., Inc.		10,011		136,050
Hamilton Lane, Inc. - Class A		9,898		564,780
Houlihan Lokey, Inc.		15,059		670,577
International FCStone, Inc. (a)		7,668		303,576
Ladenburg Thalmann Financial Services, Inc.		50,140		171,980
Moelis & Co. - Class A		22,908		800,635
Och-Ziff Capital Management Group, Inc. - Class A		10,067		231,138
Oppenheimer Holdings, Inc. - Class A		4,998		136,046
Piper Jaffray Cos.		7,063		524,569
PJT Partners, Inc. - Class A		10,648		431,457
Safeguard Scientifics, Inc. (a)		10,000		120,700
Stifel Financial Corp.		30,592		1,806,764
Virtus Investment Partners, Inc.		3,239		347,869
Waddell & Reed Financial, Inc. - Class A (b)		33,654		561,012
Westwood Holdings Group, Inc.		3,235		113,872
WisdomTree Investments, Inc.		61,432		379,035

				13,086,433


Chemicals—1.9%
AdvanSix, Inc. (a)		14,472		353,551
American Vanguard Corp.		14,887		229,409
Balchem Corp.		14,283		1,427,871
Chase Corp.		3,533		380,292
Ferro Corp. (a)		33,662		531,860
FutureFuel Corp.		10,195		119,180
GCP Applied Technologies, Inc. (a)		24,276		549,609
Hawkins, Inc.		4,778		207,413
HB Fuller Co.		22,649		1,050,914
Ingevity Corp. (a)		18,263		1,920,720
Innophos Holdings, Inc.		9,207		268,016
Innospec, Inc.		10,583		965,593
Intrepid Potash, Inc. (a)		46,261		155,437
Koppers Holdings, Inc. (a)		10,265		301,380
Kraton Corp. (a)		14,021		435,632
Kronos Worldwide, Inc.		11,199		171,569
Livent Corp. (a)		63,109		436,714
Minerals Technologies, Inc.		15,449		826,676
OMNOVA Solutions, Inc. (a)		21,500		133,945
Orion Engineered Carbons S.A.		26,715		571,968
PolyOne Corp.		34,248		1,075,045

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Chemicals—(Continued)
PQ Group Holdings, Inc. (a)		14,392	$	228,113
Quaker Chemical Corp.		5,838		1,184,413
Rayonier Advanced Materials, Inc. (b)		22,944		148,907
Sensient Technologies Corp. (b)		18,800		1,381,424
Stepan Co.		9,222		847,594
Tredegar Corp.		13,367		222,159
Trinseo S.A.		17,985		761,485
Tronox Holding Plc - Class A (a) (b)		43,198		552,070

				17,438,959


Commercial Services & Supplies—2.6%
ABM Industries, Inc.		29,625		1,185,000
ACCO Brands Corp.		48,975		385,433
Advanced Disposal Services, Inc. (a)		32,374		1,033,054
Brady Corp. - Class A		21,723		1,071,378
BrightView Holdings, Inc. (a)		13,796		258,123
Brink’s Co. (The)		22,134		1,796,838
Casella Waste Systems, Inc. - Class A (a)		19,066		755,586
Ceco Environmental Corp. (a) (b)		14,832		142,239
Cimpress NV (a)		9,833		893,721
Covanta Holding Corp.		53,904		965,421
Deluxe Corp.		19,398		788,723
Ennis, Inc.		14,336		294,175
Healthcare Services Group, Inc.		32,315		979,791
Heritage-Crystal Clean, Inc. (a)		7,474		196,641
Herman Miller, Inc.		26,222		1,172,123
HNI Corp.		18,317		648,056
Interface, Inc.		27,071		414,998
Kimball International, Inc. - Class B		16,738		291,743
Knoll, Inc.		22,127		508,478
Matthews International Corp. - Class A		14,349		500,063
McGrath RentCorp		10,515		653,507
Mobile Mini, Inc.		20,245		616,055
MSA Safety, Inc. (b)		15,663		1,650,724
Multi-Color Corp.		6,168		308,215
Pitney Bowes, Inc. (b)		83,241		356,272
Quad/Graphics, Inc. (b)		13,076		103,431
SP Plus Corp. (a)		10,567		337,404
Steelcase, Inc. - Class A		39,276		671,620
Team, Inc. (a) (b)		14,183		217,284
Tetra Tech, Inc. (c)		24,133		1,895,647
U.S. Ecology, Inc.		10,067		599,389
UniFirst Corp.		6,732		1,269,453
Viad Corp.		8,932		591,656
VSE Corp.		4,190		120,211

				23,672,452


Communications Equipment—1.1%
Acacia Communications, Inc. (a)		16,734		789,175
ADTRAN, Inc.		24,190		368,898
CalAmp Corp. (a)		14,239		166,312
Calix, Inc. (a)		21,486		140,948
Comtech Telecommunications Corp.		11,475		322,562
Digi International, Inc. (a)		12,500		158,500
Extreme Networks, Inc. (a)		50,414		326,179
Finisar Corp. (a)		52,335		1,196,901

Communications Equipment—(Continued)
Harmonic, Inc. (a)		38,803		215,357
Infinera Corp. (a) (b)		99,419		289,309
InterDigital, Inc.		14,704		946,938
Lumentum Holdings, Inc. (a) (b)		33,894		1,810,279
NETGEAR, Inc. (a) (b)		13,343		337,444
NetScout Systems, Inc. (a)		32,759		831,751
Plantronics, Inc. (b)		14,059		520,745
Ribbon Communications, Inc. (a)		25,862		126,465
Viavi Solutions, Inc. (a)		100,089		1,330,183

				9,877,946


Construction & Engineering—1.1%
Aegion Corp. (a)		15,075		277,380
Ameresco, Inc. - Class A (a)		9,620		141,703
Arcosa, Inc.		22,107		831,886
Argan, Inc.		6,140		249,038
Comfort Systems USA, Inc.		16,446		838,582
Dycom Industries, Inc. (a) (b)		13,476		793,332
EMCOR Group, Inc.		25,321		2,230,780
Granite Construction, Inc. (b)		20,910		1,007,444
Great Lakes Dredge & Dock Corp. (a)		27,775		306,636
MasTec, Inc. (a) (b)		26,785		1,380,231
MYR Group, Inc. (a)		6,874		256,744
Northwest Pipe Co. (a)		4,538		116,990
NV5 Global, Inc. (a) (b)		4,636		377,370
Primoris Services Corp.		22,543		471,825
Sterling Construction Co., Inc. (a)		13,246		177,761
Tutor Perini Corp. (a)		19,192		266,193
Willscot Corp. (a)		23,553		354,237

				10,078,132


Construction Materials—0.2%
Summit Materials, Inc. - Class A (a) (b)		51,305		987,621
U.S. Concrete, Inc. (a) (b)		7,217		358,613

				1,346,234


Consumer Finance—0.7%
Encore Capital Group, Inc. (a) (b)		14,109		477,872
Enova International, Inc. (a)		15,391		354,763
EZCORP, Inc. - Class A (a) (b)		25,543		241,892
FirstCash, Inc. (b)		18,830		1,883,377
Green Dot Corp. - Class A (a)		21,516		1,052,132
LendingClub Corp. (a)		142,833		468,492
Nelnet, Inc. - Class A		9,125		540,382
PRA Group, Inc. (a) (b)		19,388		545,578
Regional Management Corp. (a)		5,496		144,930
World Acceptance Corp. (a)		2,848		467,385

				6,176,803


Containers & Packaging—0.1%
Greif, Inc. - Class A		12,112		394,246
Greif, Inc. - Class B		2,277		99,391
Myers Industries, Inc.		14,676		282,806
UFP Technologies, Inc. (a)		3,225		134,192

				910,635

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Distributors—0.1%
Core-Mark Holding Co., Inc.		21,704	$	862,083
Funko, Inc. - Class A (a) (b)		8,122		196,715

				1,058,798


Diversified Consumer Services—1.0%
Adtalem Global Education, Inc. (a)		25,502		1,148,865
American Public Education, Inc. (a)		9,670		286,039
Career Education Corp. (a)		31,150		594,031
Carriage Services, Inc.		7,506		142,689
Chegg, Inc. (a) (b)		51,522		1,988,234
Houghton Mifflin Harcourt Co. (a)		46,134		265,732
K12, Inc. (a)		17,337		527,218
Laureate Education, Inc. - Class A (a)		41,832		657,181
OneSpaWorld Holdings, Ltd. (a)		23,696		367,288
Regis Corp. (a)		12,930		214,638
Select Interior Concepts, Inc. - Class A (a)		14,639		170,544
Sotheby’s (a)		15,040		874,275
Strategic Education, Inc.		9,482		1,687,796
Weight Watchers International, Inc. (a)		21,424		409,198

				9,333,728


Diversified Financial Services—0.2%
Banco Latinoamericano de Comercio Exterior S.A. - Class E		14,005		291,724
Cannae Holdings, Inc. (a)		30,326		878,848
FGL Holdings		61,920		520,128
On Deck Capital, Inc. (a)		25,436		105,559

				1,796,259


Diversified Telecommunication Services—0.6%
ATN International, Inc.		4,754		274,448
Bandwidth, Inc. - Class A (a)		7,867		590,182
Cincinnati Bell, Inc. (a)		19,517		96,609
Cogent Communications Holdings, Inc.		18,789		1,115,315
Consolidated Communications Holdings, Inc. (b)		32,698		161,201
Intelsat S.A. (a)		30,401		591,300
Iridium Communications, Inc. (a)		44,054		1,024,696
ORBCOMM, Inc. (a) (b)		31,662		229,550
Pareteum Corp. (a)		51,778		135,141
pdvWireless, Inc. (a)		4,481		210,607
Vonage Holdings Corp. (a)		101,210		1,146,709

				5,575,758


Electric Utilities—1.0%
ALLETE, Inc.		23,045		1,917,575
El Paso Electric Co.		18,142		1,186,487
MGE Energy, Inc.		15,960		1,166,357
Otter Tail Corp.		18,035		952,428
PNM Resources, Inc.		36,320		1,849,051
Portland General Electric Co.		39,866		2,159,541

				9,231,439


Electrical Equipment—0.9%
Allied Motion Technologies, Inc.		3,283		124,426
Atkore International Group, Inc. (a)		20,832		538,924
AZZ, Inc.		11,705		538,664

Electrical Equipment—(Continued)
Bloom Energy Corp. - Class A (a)		29,195		358,223
Encore Wire Corp.		9,176		537,530
EnerSys		18,778		1,286,293
Enphase Energy, Inc. (a)		41,498		756,508
Generac Holdings, Inc. (a)		26,660		1,850,471
Plug Power, Inc. (a) (b)		104,473		235,064
Powell Industries, Inc.		4,404		167,352
Sunrun, Inc. (a) (b)		50,041		938,769
Thermon Group Holdings, Inc. (a)		15,847		406,476
TPI Composites, Inc. (a) (b)		13,727		339,331
Vicor Corp. (a)		7,027		218,188
Vivint Solar, Inc. (a)		22,579		164,827

				8,461,046


Electronic Equipment, Instruments & Components—2.4%
Anixter International, Inc. (a)		13,604		812,295
Arlo Technologies, Inc. (a)		26,422		105,952
AVX Corp.		21,871		363,059
Badger Meter, Inc.		12,590		751,497
Belden, Inc. (b)		17,022		1,014,001
Benchmark Electronics, Inc.		20,690		519,733
Control4 Corp. (a)		10,604		251,845
CTS Corp.		15,701		433,034
Daktronics, Inc.		17,820		109,949
ePlus, Inc. (a)		6,246		430,599
Fabrinet (a)		16,270		808,131
FARO Technologies, Inc. (a)		7,841		412,280
Fitbit, Inc. - Class A (a) (b)		94,378		415,263
II-VI, Inc. (a) (b)		28,216		1,031,577
Insight Enterprises, Inc. (a) (c)		15,396		896,047
Itron, Inc. (a)		14,816		927,037
KEMET Corp.		25,798		485,260
Kimball Electronics, Inc. (a)		11,468		186,240
Knowles Corp. (a)		40,362		739,028
Mesa Laboratories, Inc.		1,474		360,157
Methode Electronics, Inc.		15,351		438,578
MTS Systems Corp.		7,482		437,921
Napco Security Technologies, Inc. (a)		5,652		167,751
nLight, Inc. (a) (b)		14,866		285,427
Novanta, Inc. (a)		14,945		1,409,314
OSI Systems, Inc. (a)		7,093		798,885
PAR Technology Corp. (a) (b)		5,391		152,026
Park Electrochemical Corp.		10,569		176,397
PC Connection, Inc.		5,366		187,703
PCM, Inc. (a)		4,473		156,734
Plexus Corp. (a) (c)		13,647		796,575
Rogers Corp. (a)		8,166		1,409,288
Sanmina Corp. (a)		30,166		913,427
ScanSource, Inc. (a)		12,162		395,995
Tech Data Corp. (a) (b)		16,409		1,716,381
TTM Technologies, Inc. (a) (b)		43,439		443,078
Vishay Intertechnology, Inc. (b)		62,153		1,026,768
Vishay Precision Group, Inc. (a)		5,267		213,998

				22,179,230

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Energy Equipment & Services—1.3%
Archrock, Inc.		63,856	$	676,874
C&J Energy Services, Inc. (a)		30,083		354,378
Cactus, Inc. - Class A (a)		21,510		712,411
Diamond Offshore Drilling, Inc. (a) (b)		27,291		242,071
DMC Global, Inc.		7,160		453,586
Dril-Quip, Inc. (a) (b)		15,999		767,952
Exterran Corp. (a)		14,849		211,153
Forum Energy Technologies, Inc. (a)		38,569		131,906
Frank’s International NV (a)		51,512		281,256
Helix Energy Solutions Group, Inc. (a)		67,569		583,121
Keane Group, Inc. (a)		25,842		173,658
KLX Energy Services Holdings, Inc. (a)		9,171		187,364
Liberty Oilfield Services, Inc. - Class A (b)		20,373		329,635
Matrix Service Co. (a)		14,196		287,611
McDermott International, Inc. (a)		78,718		760,416
Nabors Industries, Ltd.		164,491		477,024
Newpark Resources, Inc. (a)		41,815		310,267
Nine Energy Service, Inc. (a)		7,202		124,811
Noble Corp. plc (a)		121,320		226,868
Oceaneering International, Inc. (a)		45,596		929,702
Oil States International, Inc. (a)		27,605		505,172
Pacific Drilling S.A. (a)		15,067		189,844
ProPetro Holding Corp. (a)		36,472		754,970
RPC, Inc.		29,038		209,364
SEACOR Holdings, Inc. (a)		7,977		378,987
SEACOR Marine Holdings, Inc. (a)		10,207		152,697
Seadrill, Ltd. (a)		39,554		164,545
Select Energy Services, Inc. - Class A (a)		28,192		327,309
Solaris Oilfield Infrastructure, Inc. - Class A (b)		13,032		195,219
Tidewater, Inc. (a)		17,119		401,954
U.S. Silica Holdings, Inc. (b)		34,136		436,599
Unit Corp. (a)		24,655		219,183

				12,157,907


Entertainment—0.2%
AMC Entertainment Holdings, Inc. - Class A (b)		25,675		239,548
Glu Mobile, Inc. (a)		50,565		363,057
IMAX Corp. (a)		23,016		464,923
Liberty Braves Group - Class A (a)		5,080		141,224
Liberty Braves Group - Class C (a)		16,010		447,799
Marcus Corp. (The)		9,550		314,768
Rosetta Stone, Inc. (a)		9,843		225,208

				2,196,527


Equity Real Estate Investment Trusts—6.9%
Acadia Realty Trust		36,489		998,704
Agree Realty Corp.		16,833		1,078,154
Alexander & Baldwin, Inc.		29,617		684,153
Alexander’s, Inc.		1,029		381,039
American Assets Trust, Inc.		20,868		983,300
American Finance Trust, Inc.		52,412		571,291
Armada Hoffler Properties, Inc.		23,985		396,952
Ashford Hospitality Trust, Inc.		36,619		108,758
Bluerock Residential Growth REIT, Inc.		11,894		139,755
Braemar Hotels & Resorts, Inc.		14,521		143,758
CareTrust REIT, Inc.		42,777		1,017,237

Equity Real Estate Investment Trusts—(Continued)
CatchMark Timber Trust, Inc. - Class A		23,620		246,829
Cedar Realty Trust, Inc.		37,954		100,578
Chatham Lodging Trust		19,109		360,587
Chesapeake Lodging Trust		26,901		764,526
City Office REIT, Inc.		22,835		273,792
Community Healthcare Trust, Inc.		8,337		328,561
CoreCivic, Inc.		53,294		1,106,383
CorEnergy Infrastructure Trust, Inc. (b)		5,980		237,167
Corepoint Lodging, Inc.		18,376		227,679
DiamondRock Hospitality Co.		92,371		955,116
Easterly Government Properties, Inc.		31,012		561,627
EastGroup Properties, Inc.		16,143		1,872,265
First Industrial Realty Trust, Inc.		56,020		2,058,175
Four Corners Property Trust, Inc.		29,818		814,926
Franklin Street Properties Corp.		48,177		355,546
Front Yard Residential Corp.		23,934		292,474
Geo Group, Inc. (The)		53,292		1,119,665
Getty Realty Corp.		15,262		469,459
Gladstone Commercial Corp.		13,243		281,016
Global Medical REIT, Inc.		15,177		159,359
Global Net Lease, Inc.		38,058		746,698
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		29,807		839,961
Healthcare Realty Trust, Inc. (b)		56,907		1,782,327
Hersha Hospitality Trust		16,071		265,814
Independence Realty Trust, Inc.		39,339		455,152
Industrial Logistics Properties Trust		27,724		577,214
Innovative Industrial Properties, Inc. (b)		4,310		532,544
Investors Real Estate Trust		5,565		326,499
iStar, Inc.		31,393		389,901
Jernigan Capital, Inc.		8,813		180,667
Kite Realty Group Trust		38,990		589,919
Lexington Realty Trust		102,743		966,812
LTC Properties, Inc. (b)		17,896		817,131
Mack-Cali Realty Corp.		40,676		947,344
Monmouth Real Estate Investment Corp.		38,893		527,000
National Health Investors, Inc.		19,276		1,504,106
National Storage Affiliates Trust		25,366		734,092
New Senior Investment Group, Inc.		35,722		240,052
NexPoint Residential Trust, Inc.		9,154		378,976
NorthStar Realty Europe Corp.		22,208		364,877
Office Properties Income Trust		20,820		546,941
One Liberty Properties, Inc.		6,290		182,158
Pebblebrook Hotel Trust (b)		57,895		1,631,481
Pennsylvania Real Estate Investment Trust (b)		32,570		211,705
Physicians Realty Trust		82,777		1,443,631
Piedmont Office Realty Trust, Inc. - Class A		58,798		1,171,844
PotlatchDeltic Corp.		29,869		1,164,294
Preferred Apartment Communities, Inc. - Class A		18,839		281,643
PS Business Parks, Inc.		8,900		1,499,917
QTS Realty Trust, Inc. - Class A		24,478		1,130,394
Retail Opportunity Investments Corp.		50,605		866,864
Retail Value, Inc.		7,066		245,897
Rexford Industrial Realty, Inc.		46,168		1,863,802
RLJ Lodging Trust		77,648		1,377,476
RPT Realty (b)		37,976		459,889
Ryman Hospitality Properties, Inc.		20,428		1,656,507
Sabra Health Care REIT, Inc.		79,701		1,569,313

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Equity Real Estate Investment Trusts—(Continued)
Saul Centers, Inc.		5,405	$	303,383
Senior Housing Properties Trust		106,329		879,341
Seritage Growth Properties - Class A (b)		15,000		644,400
Spirit MTA REIT		21,163		176,499
STAG Industrial, Inc.		56,280		1,701,907
Summit Hotel Properties, Inc. (b)		48,101		551,718
Sunstone Hotel Investors, Inc.		101,786		1,395,486
Tanger Factory Outlet Centers, Inc. (b)		42,302		685,715
Terreno Realty Corp.		27,731		1,359,928
UMH Properties, Inc.		14,825		183,978
Uniti Group, Inc.		83,269		791,056
Universal Health Realty Income Trust		6,109		518,837
Urban Edge Properties		50,231		870,503
Urstadt Biddle Properties, Inc. - Class A		13,207		277,347
Washington Prime Group, Inc. (b)		85,471		326,499
Washington Real Estate Investment Trust		34,947		934,133
Whitestone REIT		18,215		231,148
Xenia Hotels & Resorts, Inc.		49,824		1,038,830

				62,430,381


Food & Staples Retailing—0.6%
Andersons, Inc. (The)		13,251		360,957
BJ’s Wholesale Club Holdings, Inc. (a)		50,539		1,334,230
Chefs’ Warehouse, Inc. (The) (a)		11,175		391,907
HF Foods Group, Inc.		5,004		174,189
Ingles Markets, Inc. - Class A		6,173		192,165
Performance Food Group Co. (a)		45,579		1,824,527
Pricesmart, Inc.		10,206		521,731
Rite Aid Corp. (a) (b)		23,960		191,920
SpartanNash Co.		16,917		197,421
United Natural Foods, Inc. (a) (b)		23,843		213,872
Village Super Market, Inc. - Class A		4,043		107,180
Weis Markets, Inc. (b)		4,490		163,481

				5,673,580


Food Products—1.1%
B&G Foods, Inc. (b)		30,133		626,766
Cal-Maine Foods, Inc.		14,364		599,266
Calavo Growers, Inc. (b)		7,353		711,329
Darling Ingredients, Inc. (a)		72,905		1,450,080
Fresh Del Monte Produce, Inc.		13,189		355,444
Freshpet, Inc. (a)		14,079		640,735
Hostess Brands, Inc. (a) (b)		45,622		658,782
J&J Snack Foods Corp.		6,582		1,059,373
John B Sanfilippo & Son, Inc.		4,150		330,714
Lancaster Colony Corp.		8,191		1,217,183
Landec Corp. (a)		14,010		131,274
Limoneira Co.		6,209		123,807
Sanderson Farms, Inc.		9,331		1,274,241
Simply Good Foods Co. (The) (a)		32,020		771,042
Tootsie Roll Industries, Inc. (b)		9,232		340,938

				10,290,974


Gas Utilities—1.2%
Chesapeake Utilities Corp.		6,975		662,764
New Jersey Resources Corp.		38,723		1,927,244

Gas Utilities—(Continued)
Northwest Natural Holding Co.		13,257		921,361
ONE Gas, Inc.		23,206		2,095,502
South Jersey Industries, Inc. (b)		42,977		1,449,614
Southwest Gas Holdings, Inc.		23,706		2,124,532
Spire, Inc.		22,104		1,854,968

				11,035,985


Health Care Equipment & Supplies—3.7%
Accuray, Inc. (a)		42,251		163,511
AngioDynamics, Inc. (a)		17,852		351,506
Anika Therapeutics, Inc. (a) (b)		7,087		287,874
Antares Pharma, Inc. (a) (b)		69,581		228,922
AtriCure, Inc. (a)		16,270		485,497
Atrion Corp.		618		526,993
Avanos Medical, Inc. (a)		20,898		911,362
AxoGen, Inc. (a) (b)		15,476		306,425
Axonics Modulation Technologies, Inc. (a)		7,468		305,964
Cardiovascular Systems, Inc. (a)		14,951		641,846
Cerus Corp. (a)		58,326		327,792
ConforMIS, Inc. (a)		34,100		148,676
CONMED Corp.		12,287		1,051,399
Corindus Vascular Robotics, Inc. (a)		48,676		145,054
CryoLife, Inc. (a)		17,220		515,395
CryoPort, Inc. (a)		12,188		223,284
Cutera, Inc. (a)		6,744		140,140
GenMark Diagnostics, Inc. (a)		26,350		171,012
Glaukos Corp. (a)		16,708		1,259,783
Globus Medical, Inc. - Class A (a)		34,064		1,440,907
Haemonetics Corp. (a)		22,809		2,744,835
Heska Corp. (a) (b)		3,277		279,102
Inogen, Inc. (a)		8,423		562,319
Integer Holdings Corp. (a)		14,604		1,225,568
iRhythm Technologies, Inc. (a) (b)		11,010		870,671
Lantheus Holdings, Inc. (a)		18,267		516,956
LeMaitre Vascular, Inc.		7,651		214,075
LivaNova plc (a)		21,333		1,535,123
Meridian Bioscience, Inc.		22,552		267,918
Merit Medical Systems, Inc. (a)		23,561		1,403,293
Natus Medical, Inc. (a)		15,157		389,383
Neogen Corp. (a)		22,983		1,427,474
Nevro Corp. (a) (b)		13,030		844,735
Novocure, Ltd. (a) (b)		37,723		2,385,225
NuVasive, Inc. (a)		23,298		1,363,865
OraSure Technologies, Inc. (a)		28,446		263,979
Orthofix Medical, Inc. (a)		9,382		496,120
OrthoPediatrics Corp. (a)		3,676		143,364
Quidel Corp. (a)		16,013		949,891
RTI Surgical, Inc. (a)		30,074		127,815
Shockwave Medical, Inc. (a)		3,953		225,677
SI-BONE, Inc. (a)		8,386		170,571
Silk Road Medical, Inc. (a)		4,297		208,233
STAAR Surgical Co. (a)		19,419		570,530
SurModics, Inc. (a)		6,159		265,884
Tactile Systems Technology, Inc. (a)		8,238		468,907
Tandem Diabetes Care, Inc. (a)		24,834		1,602,290
TransEnterix, Inc. (a) (b)		73,037		99,330

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Health Care Equipment & Supplies—(Continued)
Utah Medical Products, Inc.		2,002	$	191,591
Varex Imaging Corp. (a)		17,885		548,175
ViewRay, Inc. (a)		33,439		294,598
Wright Medical Group NV (a) (b)		55,761		1,662,793

				33,953,632


Health Care Providers & Services—2.0%
Addus HomeCare Corp. (a)		4,979		373,176
Amedisys, Inc. (a)		14,021		1,702,290
AMN Healthcare Services, Inc. (a) (b)		21,592		1,171,366
BioScrip, Inc. (a)		62,422		162,297
BioTelemetry, Inc. (a)		15,132		728,606
Brookdale Senior Living, Inc. (a)		86,808		625,886
Community Health Systems, Inc. (a) (b)		43,641		116,521
Corvel Corp. (a)		4,267		371,272
Cross Country Healthcare, Inc. (a)		16,495		154,723
Diplomat Pharmacy, Inc. (a) (b)		26,141		159,199
Ensign Group, Inc. (The)		22,721		1,293,279
Hanger, Inc. (a)		17,297		331,238
HealthEquity, Inc. (a)		27,412		1,792,745
Joint Corp. (The) (a)		7,132		129,802
LHC Group, Inc. (a)		13,467		1,610,384
Magellan Health, Inc. (a)		11,100		823,953
National Healthcare Corp.		5,246		425,713
National Research Corp.		6,681		384,759
Patterson Cos., Inc. (b)		37,980		869,742
PetIQ, Inc. (a) (b)		10,773		355,078
Providence Service Corp. (The) (a)		5,978		342,779
R1 RCM, Inc. (a)		47,026		591,587
RadNet, Inc. (a)		21,044		290,197
Select Medical Holdings Corp. (a)		53,489		848,870
Tenet Healthcare Corp. (a) (b)		46,518		961,062
Tivity Health, Inc. (a)		21,321		350,517
Triple-S Management Corp. - Class B (a)		9,291		221,590
U.S. Physical Therapy, Inc. (b)		6,011		736,768

				17,925,399


Health Care Technology—1.0%
Allscripts Healthcare Solutions, Inc. (a) (b)		77,571		902,151
Castlight Health, Inc. - Class B (a)		40,679		131,393
Computer Programs & Systems, Inc.		5,856		162,738
Evolent Health, Inc. - Class A (a)		31,066		246,975
HealthStream, Inc. (a)		12,016		310,734
HMS Holdings Corp. (a) (b)		39,005		1,263,372
Inovalon Holdings, Inc. - Class A (a) (b)		29,972		434,894
Inspire Medical Systems, Inc. (a)		6,838		414,725
NextGen Healthcare, Inc. (a)		24,814		493,799
Omnicell, Inc. (a)		18,342		1,577,962
Simulations Plus, Inc.		5,451		155,680
Tabula Rasa HealthCare, Inc. (a) (b)		10,114		504,992
Teladoc Health, Inc. (a) (b)		31,850		2,115,158
Vocera Communications, Inc. (a) (b)		13,407		427,951

				9,142,524


Hotels, Restaurants & Leisure—2.6%
BBX Capital Corp.		25,192		123,693
BJ’s Restaurants, Inc.		9,083		399,107
Bloomin’ Brands, Inc. (b)		41,334		781,626
Boyd Gaming Corp.		36,831		992,227
Brinker International, Inc.		16,964		667,533
Carrols Restaurant Group, Inc. (a)		17,458		157,646
Century Casinos, Inc. (a)		13,208		128,118
Cheesecake Factory, Inc. (The) (b)		18,905		826,527
Churchill Downs, Inc. (b)		15,621		1,797,509
Chuy’s Holdings, Inc. (a)		8,272		189,594
Cracker Barrel Old Country Store, Inc. (b)		8,458		1,444,034
Dave & Buster’s Entertainment, Inc.		17,269		698,876
Del Frisco’s Restaurant Group, Inc. (a) (b)		16,266		129,477
Del Taco Restaurants, Inc. (a)		16,196		207,633
Denny’s Corp. (a)		25,229		517,951
Dine Brands Global, Inc. (b)		7,762		741,038
Drive Shack, Inc. (a)		29,184		136,873
El Pollo Loco Holdings, Inc. (a)		10,879		115,970
Eldorado Resorts, Inc. (a)		29,374		1,353,260
Fiesta Restaurant Group, Inc. (a)		9,712		127,616
Golden Entertainment, Inc. (a) (b)		8,432		118,048
International Speedway Corp. - Class A		10,424		467,933
Jack in the Box, Inc.		11,563		941,113
Lindblad Expeditions Holdings, Inc. (a)		10,779		193,483
Marriott Vacations Worldwide Corp.		19,615		1,890,886
Monarch Casino & Resort, Inc. (a)		5,265		225,026
Nathan’s Famous, Inc.		1,487		116,164
Papa John’s International, Inc.		10,257		458,693
Penn National Gaming, Inc. (a)		48,164		927,639
PlayAGS, Inc. (a)		14,992		291,594
Red Robin Gourmet Burgers, Inc. (a) (b)		5,863		179,232
Red Rock Resorts, Inc. - Class A		32,000		687,360
Ruth’s Hospitality Group, Inc.		13,027		295,843
Scientific Games Corp. - Class A (a)		24,798		491,496
SeaWorld Entertainment, Inc. (a)		25,485		790,035
Shake Shack, Inc. - Class A (a) (b)		12,648		913,186
Target Hospitality Corp. (a)		20,908		190,263
Texas Roadhouse, Inc.		30,327		1,627,650
Twin River Worldwide Holdings, Inc. (a)		9,752		290,122
Wingstop, Inc.		13,094		1,240,657

				23,872,731


Household Durables—1.5%
Beazer Homes USA, Inc. (a)		13,700		131,657
Cavco Industries, Inc. (a)		3,896		613,776
Century Communities, Inc. (a) (b)		12,109		321,857
Ethan Allen Interiors, Inc. (b)		12,159		256,069
GoPro, Inc. - Class A (a)		52,565		287,005
Helen of Troy, Ltd. (a)		11,424		1,491,860
Hooker Furniture Corp.		5,444		112,255
Installed Building Products, Inc. (a)		9,469		560,754
iRobot Corp. (a) (b)		12,204		1,118,375
KB Home		37,780		972,079
La-Z-Boy, Inc.		21,678		664,647
LGI Homes, Inc. (a) (b)		9,051		646,513
M/I Homes, Inc. (a)		12,868		367,253

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Household Durables—(Continued)
MDC Holdings, Inc.		22,360	$	732,961
Meritage Homes Corp. (a)		15,760		809,118
Skyline Champion Corp. (a)		22,767		623,360
Sonos, Inc. (a)		32,162		364,717
Taylor Morrison Home Corp. - Class A (a)		47,598		997,654
TopBuild Corp. (a)		15,564		1,288,077
TRI Pointe Group, Inc. (a) (b)		63,627		761,615
Tupperware Brands Corp.		21,006		399,744
Universal Electronics, Inc. (a)		6,028		247,269
William Lyon Homes - Class A (a)		14,816		270,096

				14,038,711


Household Products—0.2%
Central Garden and Pet Co. (a)		4,446		119,820
Central Garden and Pet Co. - Class A (a)		18,062		445,048
WD-40 Co.		6,484		1,031,215

				1,596,083


Independent Power and Renewable Electricity Producers—0.4%
Atlantic Power Corp. (a)		50,551		122,333
Clearway Energy, Inc. - Class A		16,087		260,288
Clearway Energy, Inc. - Class C		32,256		543,836
Ormat Technologies, Inc. (b)		17,754		1,125,426
Pattern Energy Group, Inc. - Class A (b)		39,654		915,611
TerraForm Power, Inc. - Class A		34,889		498,913

				3,466,407


Industrial Conglomerates—0.1%
Raven Industries, Inc.		15,898		570,420


Insurance—2.3%
Ambac Financial Group, Inc. (a)		22,444		378,181
American Equity Investment Life Holding Co.		40,340		1,095,634
AMERISAFE, Inc.		8,690		554,161
Argo Group International Holdings, Ltd.		14,435		1,068,912
Citizens, Inc. (a) (b)		22,172		161,856
CNO Financial Group, Inc.		71,414		1,191,186
eHealth, Inc. (a)		9,736		838,270
EMC Insurance Group, Inc.		4,472		161,126
Employers Holdings, Inc.		14,789		625,131
Enstar Group, Ltd. (a)		5,526		963,071
FBL Financial Group, Inc. - Class A		4,790		305,602
Genworth Financial, Inc. - Class A (a)		223,663		829,790
Global Indemnity, Ltd.		3,335		103,252
Goosehead Insurance, Inc. - Class A		5,024		240,147
Greenlight Capital Re, Ltd. - Class A (a)		13,998		118,843
HCI Group, Inc.		2,670		108,055
Health Insurance Innovations, Inc. - Class A (a) (b)		5,782		149,869
Heritage Insurance Holdings, Inc.		11,792		181,715
Horace Mann Educators Corp.		18,978		764,624
Investors Title Co.		687		114,729
James River Group Holdings, Ltd.		13,410		628,929
Kinsale Capital Group, Inc.		9,172		839,055
MBIA, Inc. (a)		41,874		389,847
National General Holdings Corp.		32,728		750,780

Insurance—(Continued)
National Western Life Group, Inc. - Class A		1,054		270,878
ProAssurance Corp.		23,948		864,762
RLI Corp. (b)		17,792		1,524,952
Safety Insurance Group, Inc.		6,815		648,311
Selective Insurance Group, Inc.		26,009		1,947,814
State Auto Financial Corp.		7,940		277,900
Stewart Information Services Corp.		10,993		445,107
Third Point Reinsurance, Ltd. (a)		34,789		359,022
Trupanion, Inc. (a) (b)		13,011		470,087
United Fire Group, Inc.		9,677		468,947
United Insurance Holdings Corp.		8,654		123,406
Universal Insurance Holdings, Inc.		13,371		373,051
Watford Holdings, Ltd. (a)		11,007		301,812

				20,638,814


Interactive Media & Services—0.5%
Care.com, Inc. (a)		15,699		172,375
Cargurus, Inc. (a)		32,991		1,191,305
Cars.com, Inc. (a) (b)		29,503		581,799
Eventbrite, Inc. - Class A (a)		19,693		319,027
Liberty TripAdvisor Holdings, Inc. - Class A (a)		34,803		431,557
Meet Group, Inc. (The) (a)		33,008		114,868
QuinStreet, Inc. (a)		24,131		382,476
TrueCar, Inc. (a)		42,606		232,629
Yelp, Inc. (a) (b)		33,545		1,146,568

				4,572,604


Internet & Direct Marketing Retail—0.6%
1-800-Flowers.com, Inc. - Class A (a)		13,330		251,670
Groupon, Inc. (a)		195,286		699,124
Liberty Expedia Holdings, Inc. - Class A (a)		24,348		1,163,591
Overstock.com, Inc. (a) (b)		17,127		232,927
PetMed Express, Inc. (b)		9,436		147,862
Quotient Technology, Inc. (a)		35,202		378,070
Rubicon Project, Inc. (The) (a)		22,854		145,351
Shutterfly, Inc. (a)		15,092		762,901
Shutterstock, Inc.		9,230		361,724
Stamps.com, Inc. (a)		7,719		349,439
Stitch Fix, Inc. - Class A (a)		20,351		651,029
Waitr Holdings, Inc. (a)		32,680		205,557

				5,349,245


IT Services—2.2%
Brightcove, Inc. (a)		17,189		177,562
Carbonite, Inc. (a)		13,993		364,378
Cardtronics plc - Class A (a) (b)		17,673		482,826
Cass Information Systems, Inc.		5,890		285,547
Conduent, Inc. (a)		77,541		743,618
CSG Systems International, Inc. (b)		15,258		745,048
Endurance International Group Holdings, Inc. (a)		27,122		130,186
Everi Holdings, Inc. (a)		31,818		379,589
EVERTEC, Inc.		28,979		947,613
Evo Payments, Inc. - Class A (a)		14,321		451,541
ExlService Holdings, Inc. (a)		15,305		1,012,120
GTT Communications, Inc. (a) (b)		18,758		330,141
Hackett Group, Inc. (The)		11,151		187,225

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

IT Services—(Continued)
I3 Verticals, Inc. - Class A (a)		4,654	$	137,060
KBR, Inc.		62,037		1,547,203
Limelight Networks, Inc. (a)		43,835		118,355
LiveRamp Holdings, Inc. (a)		30,289		1,468,411
ManTech International Corp. - Class A		11,958		787,434
MAXIMUS, Inc.		27,829		2,018,716
NIC, Inc.		29,109		466,908
Paysign, Inc. (a)		17,751		237,331
Perficient, Inc. (a)		13,564		465,516
Perspecta, Inc.		61,282		1,434,612
Presidio, Inc.		21,099		288,423
Science Applications International Corp.		26,270		2,273,931
Sykes Enterprises, Inc. (a)		18,634		511,690
TTEC Holdings, Inc.		7,377		343,694
Tucows, Inc. - Class A (a) (b)		4,376		267,024
Unisys Corp. (a) (b)		20,742		201,612
USA Technologies, Inc. (a)		27,413		203,679
Verra Mobility Corp. (a)		47,935		627,469
Virtusa Corp. (a)		12,986		576,968

				20,213,430


Leisure Products—0.4%
Acushnet Holdings Corp.		14,893		391,090
American Outdoor Brands Corp. (a)		25,637		230,989
Callaway Golf Co. (b)		43,200		741,312
Clarus Corp.		10,372		149,772
Johnson Outdoors, Inc. - Class A		2,524		188,215
Malibu Boats, Inc. - Class A (a)		8,768		340,637
MasterCraft Boat Holdings, Inc. (a)		9,205		180,326
Sturm Ruger & Co., Inc.		7,553		411,487
Vista Outdoor, Inc. (a) (b)		27,041		240,124
YETI Holdings, Inc. (a) (b)		14,177		410,424

				3,284,376


Life Sciences Tools & Services—0.7%
Accelerate Diagnostics, Inc. (a) (b)		15,645		357,958
Cambrex Corp. (a)		15,180		710,576
Codexis, Inc. (a) (b)		24,613		453,617
Fluidigm Corp. (a)		32,475		400,092
Luminex Corp.		18,901		390,117
Medpace Holdings, Inc. (a)		12,542		820,498
NanoString Technologies, Inc. (a)		15,452		468,968
NeoGenomics, Inc. (a) (b)		39,689		870,777
Pacific Biosciences of California, Inc. (a)		66,792		404,091
Quanterix Corp. (a)		4,900		165,571
Syneos Health, Inc. (a)		28,231		1,442,322

				6,484,587


Machinery—4.0%
Actuant Corp. - Class A		28,401		704,629
Alamo Group, Inc.		4,629		462,576
Albany International Corp. - Class A		13,538		1,122,436
Altra Industrial Motion Corp.		28,671		1,028,715
Astec Industries, Inc.		10,105		329,019
Barnes Group, Inc.		20,566		1,158,688
Blue Bird Corp. (a)		5,751		113,237

Machinery—(Continued)
Briggs & Stratton Corp. (b)		19,347		198,113
Chart Industries, Inc. (a)		15,776		1,212,859
CIRCOR International, Inc. (a)		8,858		407,468
Columbus McKinnon Corp.		10,074		422,806
Commercial Vehicle Group, Inc. (a)		14,605		117,132
Douglas Dynamics, Inc.		9,877		393,006
Energy Recovery, Inc. (a) (b)		17,996		187,518
EnPro Industries, Inc.		9,247		590,328
ESCO Technologies, Inc.		10,899		900,475
Evoqua Water Technologies Corp. (a) (b)		34,844		496,179
Federal Signal Corp.		27,402		733,004
Franklin Electric Co., Inc.		20,612		979,070
Global Brass & Copper Holdings, Inc.		9,677		423,175
Gorman-Rupp Co. (The)		7,300		239,659
Greenbrier Cos., Inc. (The)		14,568		442,867
Harsco Corp. (a)		37,351		1,024,911
Helios Technologies, Inc.		12,428		576,783
Hillenbrand, Inc.		26,557		1,050,861
Hurco Cos., Inc.		3,167		112,619
Hyster-Yale Materials Handling, Inc.		4,976		274,974
John Bean Technologies Corp.		13,882		1,681,527
Kadant, Inc.		4,675		424,537
Kennametal, Inc.		36,506		1,350,357
LB Foster Co. - Class A (a)		4,809		131,478
Lindsay Corp.		4,595		377,755
Luxfer Holdings plc		14,354		351,960
Lydall, Inc. (a)		8,342		168,508
Manitowoc Co., Inc. (The) (a)		15,849		282,112
Meritor, Inc. (a)		35,998		872,952
Milacron Holdings Corp. (a)		30,587		422,101
Miller Industries, Inc.		5,680		174,660
Mueller Industries, Inc.		24,779		725,281
Mueller Water Products, Inc. - Class A		67,872		666,503
Navistar International Corp. (a)		21,262		732,476
NN, Inc. (b)		19,899		194,214
Omega Flex, Inc.		1,434		110,146
Park-Ohio Holdings Corp.		4,748		154,737
Proto Labs, Inc. (a)		11,672		1,354,185
RBC Bearings, Inc. (a)		10,744		1,792,207
REV Group, Inc. (b)		11,893		171,378
Rexnord Corp. (a)		46,717		1,411,788
Spartan Motors, Inc.		16,327		178,944
SPX Corp. (a)		19,606		647,390
SPX FLOW, Inc. (a)		19,349		809,949
Standex International Corp.		5,879		429,990
Tennant Co.		8,362		511,754
Terex Corp.		28,294		888,432
Titan International, Inc.		22,706		111,032
TriMas Corp. (a)		22,108		684,685
Wabash National Corp.		27,273		443,732
Watts Water Technologies, Inc. - Class A		12,286		1,144,810
Welbilt, Inc. (a)		57,920		967,264

				36,071,951


Marine—0.1%
Costamare, Inc.		19,016		97,552

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Marine—(Continued)
Eagle Bulk Shipping, Inc. (a)		21,879	$	114,646
Matson, Inc.		19,029		739,277
Scorpio Bulkers, Inc.		28,455		130,893

				1,082,368


Media—0.9%
Boston Omaha Corp. - Class A (a)		5,134		118,852
Cardlytics, Inc. (a)		6,643		172,585
Central European Media Enterprises, Ltd. - Class A (a)		41,828		182,370
comScore, Inc. (a)		23,564		121,590
Cumulus Media, Inc. - Class A (a)		9,504		176,299
Daily Journal Corp. (a)		598		142,324
Emerald Expositions Events, Inc.		11,929		133,008
Entercom Communications Corp. - Class A (b)		57,510		333,558
EW Scripps Co. (The) - Class A		25,176		384,941
Fluent, Inc. (a)		21,889		117,763
Gannett Co., Inc.		48,407		395,001
Gray Television, Inc. (a)		41,101		673,646
Liberty Latin America, Ltd. - Class A (a)		20,395		351,406
Liberty Latin America, Ltd. - Class C (a)		51,063		877,773
Loral Space & Communications, Inc. (a)		6,669		230,147
Meredith Corp. (b)		17,831		981,775
MSG Networks, Inc. - Class A (a) (b)		24,914		516,717
National CineMedia, Inc.		30,282		198,650
New Media Investment Group, Inc. (b)		27,741		261,875
Scholastic Corp.		13,390		445,084
TechTarget, Inc. (a)		9,817		208,611
TEGNA, Inc.		94,828		1,436,644

				8,460,619


Metals & Mining—1.2%
AK Steel Holding Corp. (a) (b)		140,543		333,087
Allegheny Technologies, Inc. (a) (b)		56,239		1,417,223
Carpenter Technology Corp.		20,845		1,000,143
Century Aluminum Co. (a) (b)		22,819		157,679
Cleveland-Cliffs, Inc. (b)		125,018		1,333,942
Coeur Mining, Inc. (a)		83,654		363,058
Commercial Metals Co.		52,508		937,268
Compass Minerals International, Inc.		15,656		860,297
Ferroglobe Representation & Warranty Insurance Trust (a)		31,634		0
Haynes International, Inc.		6,653		211,632
Hecla Mining Co. (b)		201,874		363,373
Kaiser Aluminum Corp.		7,148		697,716
Materion Corp.		9,498		644,059
Novagold Resources, Inc. (a)		111,840		660,975
Schnitzer Steel Industries, Inc. - Class A		10,351		270,886
SunCoke Energy, Inc. (a)		42,209		374,816
TimkenSteel Corp. (a) (b)		18,629		151,454
Warrior Met Coal, Inc.		23,723		619,645
Worthington Industries, Inc.		17,089		688,003

				11,085,256


Mortgage Real Estate Investment Trusts—1.3%
AG Mortgage Investment Trust, Inc.		14,345		228,086
Anworth Mortgage Asset Corp.		45,782		173,514

Mortgage Real Estate Investment Trusts—(Continued)
Apollo Commercial Real Estate Finance, Inc. (b)		67,902		1,248,718
Ares Commercial Real Estate Corp.		11,438		169,969
ARMOUR Residential REIT, Inc.		27,134		505,778
Blackstone Mortgage Trust, Inc. - Class A (b)		56,074		1,995,113
Capstead Mortgage Corp.		43,532		363,492
Cherry Hill Mortgage Investment Corp.		7,926		126,816
Colony Credit Real Estate, Inc.		37,213		576,801
Dynex Capital, Inc.		14,895		249,491
Ellington Financial, Inc.		15,117		271,652
Exantas Capital Corp.		16,059		181,627
Granite Point Mortgage Trust, Inc.		22,671		435,056
Invesco Mortgage Capital, Inc.		56,333		908,088
KKR Real Estate Finance Trust, Inc.		10,088		200,953
Ladder Capital Corp.		46,377		770,322
New York Mortgage Trust, Inc.		94,594		586,483
Orchid Island Capital, Inc. (b)		21,449		136,416
PennyMac Mortgage Investment Trust		33,987		741,936
Ready Capital Corp. (b)		14,894		221,921
Redwood Trust, Inc.		42,187		697,351
TPG RE Finance Trust, Inc.		22,728		438,423
Western Asset Mortgage Capital Corp.		19,929		198,891

				11,426,897


Multi-Utilities—0.6%
Avista Corp.		29,292		1,306,423
Black Hills Corp.		26,813		2,095,972
NorthWestern Corp.		22,551		1,627,055
Unitil Corp.		7,429		444,923

				5,474,373


Multiline Retail—0.1%
Big Lots, Inc.		17,050		487,800
Dillard’s, Inc. - Class A (b)		4,781		297,761
J.C. Penney Co., Inc. (a) (b)		142,487		162,435

				947,996


Oil, Gas & Consumable Fuels—2.6%
Arch Coal, Inc. - Class A (b)		7,564		712,605
Ardmore Shipping Corp. (a)		16,350		133,253
Berry Petroleum Corp.		35,260		373,756
Bonanza Creek Energy, Inc. (a)		9,142		190,885
Brigham Minerals, Inc. - Class A (a)		9,809		210,501
California Resources Corp. (a) (b)		20,491		403,263
Callon Petroleum Co. (a)		106,061		698,942
Carrizo Oil & Gas, Inc. (a)		37,509		375,840
Clean Energy Fuels Corp. (a)		71,620		191,225
CNX Resources Corp. (a)		89,020		650,736
CONSOL Energy, Inc. (a)		13,213		351,598
Contura Energy, Inc. (a)		9,500		493,050
CVR Energy, Inc.		13,526		676,165
Delek U.S. Holdings, Inc. (b)		35,683		1,445,875
Denbury Resources, Inc. (a) (b)		204,313		253,348
DHT Holdings, Inc.		42,744		252,617
Diamond S Shipping, Inc. (a)		14,552		185,829
Dorian LPG, Ltd. (a)		13,589		122,573
Energy Fuels, Inc. (a)		40,972		128,242

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Oil, Gas & Consumable Fuels—(Continued)
Extraction Oil & Gas, Inc. (a)		49,819	$	215,716
Falcon Minerals Corp. (a)		23,893		200,701
GasLog, Ltd.		20,748		298,771
Golar LNG, Ltd. (b)		43,127		796,987
Green Plains, Inc. (b)		17,956		193,566
Gulfport Energy Corp. (a)		80,820		396,826
International Seaways, Inc. (a)		9,606		182,514
Jagged Peak Energy, Inc. (a) (b)		28,571		236,282
Laredo Petroleum, Inc. (a) (b)		105,515		305,994
Magnolia Oil & Gas Corp. - Class A (a)		49,481		572,990
Matador Resources Co. (a) (b)		50,198		997,936
Nordic American Tankers, Ltd. (b)		66,438		155,465
Northern Oil and Gas, Inc. (a)		135,397		261,316
Oasis Petroleum, Inc. (a) (b)		145,030		823,770
Par Pacific holdings, Inc. (a)		16,282		334,107
PDC Energy, Inc. (a)		29,972		1,080,790
Peabody Energy Corp.		34,338		827,546
Penn Virginia Corp. (a)		5,878		180,337
QEP Resources, Inc. (a)		108,899		787,340
Renewable Energy Group, Inc. (a) (b)		16,294		258,423
REX American Resources Corp. (a)		2,989		217,898
Scorpio Tankers, Inc.		20,512		605,514
SemGroup Corp. - Class A (b)		36,615		439,380
Ship Finance International, Ltd. (b)		38,547		482,223
SM Energy Co.		51,354		642,952
Southwestern Energy Co. (a)		248,862		786,404
SRC Energy, Inc. (a)		107,906		535,214
Talos Energy, Inc. (a) (b)		10,507		252,693
Teekay Corp.		29,414		101,184
Teekay Tankers, Ltd. - Class A (a)		93,655		119,878
Tellurian, Inc. (a) (b)		51,257		402,368
Uranium Energy Corp. (a)		85,610		117,286
W&T Offshore, Inc. (a)		44,133		218,900
Whiting Petroleum Corp. (a)		41,423		773,782
World Fuel Services Corp.		29,927		1,076,175

				23,729,531


Paper & Forest Products—0.4%
Boise Cascade Co.		18,411		517,533
Clearwater Paper Corp. (a)		7,836		144,888
Louisiana-Pacific Corp.		55,081		1,444,224
Neenah, Inc.		7,745		523,175
PH Glatfelter Co.		21,278		359,172
Schweitzer-Mauduit International, Inc.		13,580		450,584
Verso Corp. - Class A (a)		16,813		320,288

				3,759,864


Personal Products—0.3%
Edgewell Personal Care Co. (a)		24,669		664,829
elf Beauty, Inc. (a)		12,689		178,915
Inter Parfums, Inc.		8,191		544,620
Medifast, Inc.		5,370		688,971
USANA Health Sciences, Inc. (a)		6,854		544,413

				2,621,748


Pharmaceuticals—1.5%
Aerie Pharmaceuticals, Inc. (a)		19,440		574,452
Akcea Therapeutics, Inc. (a) (b)		7,356		172,498
Akorn, Inc. (a) (b)		43,557		224,319
Amneal Pharmaceuticals, Inc. (a)		40,537		290,650
Amphastar Pharmaceuticals, Inc. (a)		18,205		384,307
ANI Pharmaceuticals, Inc. (a)		3,945		324,279
Aratana Therapeutics, Inc. (a)		26,102		134,686
Arvinas Holding Co. LLC (a)		8,786		193,204
Assertio Therapeutics, Inc. (a)		30,866		106,488
Axsome Therapeutics, Inc. (a)		11,697		301,198
BioDelivery Sciences International, Inc. (a)		41,531		193,119
Collegium Pharmaceutical, Inc. (a)		14,032		184,521
Corcept Therapeutics, Inc. (a)		43,446		484,423
Cymabay Therapeutics, Inc. (a)		41,850		299,646
Dermira, Inc. (a)		28,797		275,299
Eloxx Pharmaceuticals, Inc. (a) (b)		14,403		143,598
Endo International plc (a)		96,815		398,878
Innoviva, Inc. (a)		33,334		485,343
Intersect ENT, Inc. (a)		13,971		317,980
Intra-Cellular Therapies, Inc. (a)		19,606		254,486
Mallinckrodt plc (a) (b)		38,301		351,603
MyoKardia, Inc. (a) (b)		20,077		1,006,661
Odonate Therapeutics, Inc. (a)		4,120		151,163
Omeros Corp. (a) (b)		21,460		336,707
Pacira Pharmaceuticals, Inc. (a)		18,507		804,869
Phibro Animal Health Corp. - Class A		9,993		317,478
Prestige Consumer Healthcare, Inc. (a) (b)		22,778		721,607
Reata Pharmaceuticals, Inc. - Class A (a)		9,122		860,661
Revance Therapeutics, Inc. (a)		21,348		276,884
SIGA Technologies, Inc. (a)		22,951		130,362
Supernus Pharmaceuticals, Inc. (a) (b)		22,494		744,326
TherapeuticsMD, Inc. (a) (b)		117,117		304,504
Theravance Biopharma, Inc. (a) (b)		19,690		321,538
Tricida, Inc. (a)		10,261		404,899
WAVE Life Sciences, Ltd. (a) (b)		10,858		283,285
Xeris Pharmaceuticals, Inc. (a)		14,041		160,629
Zogenix, Inc. (a)		19,414		927,601
Zynerba Pharmaceuticals, Inc. (a)		11,100		150,405

				13,998,556


Professional Services—1.6%
ASGN, Inc. (a)		22,539		1,365,864
Barrett Business Services, Inc.		3,358		277,371
CBIZ, Inc. (a)		24,387		477,741
CRA International, Inc.		2,862		109,701
Exponent, Inc.		22,992		1,345,952
Forrester Research, Inc.		4,738		222,828
Franklin Covey Co. (a)		4,809		163,506
FTI Consulting, Inc. (a)		16,848		1,412,536
Heidrick & Struggles International, Inc.		7,257		217,492
Huron Consulting Group, Inc. (a)		10,356		521,735
ICF International, Inc.		8,158		593,902
Insperity, Inc. (b)		17,167		2,096,777
Kelly Services, Inc. - Class A		14,944		391,383
Kforce, Inc.		9,613		337,320
Korn/Ferry International		25,151		1,007,801

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Professional Services—(Continued)
Mistras Group, Inc. (a)		8,222	$	118,150
Navigant Consulting, Inc.		18,001		417,443
Resources Connection, Inc.		12,083		193,449
TriNet Group, Inc. (a)		19,326		1,310,303
TrueBlue, Inc. (a)		19,573		431,780
Upwork, Inc. (a)		24,847		399,540
WageWorks, Inc. (a)		18,480		938,599
Willdan Group, Inc. (a)		4,570		170,233

				14,521,406


Real Estate Management & Development—0.7%
Consolidated-Tomoka Land Co.		2,485		148,354
Cushman & Wakefield plc (a)		46,095		824,179
Essential Properties Realty Trust, Inc.		22,692		454,748
FRP Holdings, Inc. (a)		3,389		189,005
HFF, Inc. - Class A		17,225		783,393
Kennedy-Wilson Holdings, Inc.		56,325		1,158,605
Marcus & Millichap, Inc. (a)		12,368		381,553
Newmark Group, Inc. - Class A		64,506		579,264
Rafael Holdings, Inc. - Class B (a)		5,263		151,311
RE/MAX Holdings, Inc. - Class A		8,877		273,056
Realogy Holdings Corp.		52,555		380,498
Redfin Corp. (a)		39,839		716,305
RMR Group, Inc. (The) - Class A		3,481		163,537
St. Joe Co. (The) (a) (b)		13,592		234,870
Tejon Ranch Co. (a)		9,079		150,621

				6,589,299


Road & Rail—0.4%
ArcBest Corp.		10,451		293,778
Avis Budget Group, Inc. (a)		26,515		932,267
Heartland Express, Inc.		22,410		404,949
Hertz Global Holdings, Inc. (a) (b)		20,761		331,346
Hertz Global Holdings, Inc. (a) (b)		26,814		52,287
Marten Transport, Ltd.		19,376		351,674
Saia, Inc. (a) (b)		11,835		765,369
Werner Enterprises, Inc. (b)		19,256		598,477

				3,730,147


Semiconductors & Semiconductor Equipment—2.1%
Advanced Energy Industries, Inc. (a)		17,261		971,276
Ambarella, Inc. (a)		14,056		620,291
Amkor Technology, Inc. (a)		46,149		344,272
Aquantia Corp. (a)		13,203		172,035
Axcelis Technologies, Inc. (a)		13,934		209,707
Brooks Automation, Inc. (b)		31,534		1,221,942
Cabot Microelectronics Corp.		12,863		1,415,959
Ceva, Inc. (a)		10,183		247,956
Cirrus Logic, Inc. (a)		26,378		1,152,719
Cohu, Inc.		17,431		268,960
Diodes, Inc. (a)		18,315		666,117
DSP Group, Inc. (a)		10,337		148,439
FormFactor, Inc. (a) (c)		31,702		496,770
Ichor Holdings, Ltd. (a)		10,143		239,781
Impinj, Inc. (a) (b)		8,561		245,016

Semiconductors & Semiconductor Equipment—(Continued)
Inphi Corp. (a)		19,424		973,142
Lattice Semiconductor Corp. (a)		55,677		812,327
MACOM Technology Solutions Holdings, Inc. (a) (b)		18,984		287,228
MaxLinear, Inc. (a) (b)		29,165		683,628
Nanometrics, Inc. (a)		9,845		341,720
NVE Corp.		3,032		211,118
PDF Solutions, Inc. (a)		12,971		170,180
Photronics, Inc. (a)		30,362		248,968
Power Integrations, Inc.		12,611		1,011,150
Rambus, Inc. (a)		49,965		601,579
Rudolph Technologies, Inc. (a)		13,085		361,539
Semtech Corp. (a)		29,245		1,405,222
Silicon Laboratories, Inc. (a)		19,037		1,968,426
SMART Global Holdings, Inc. (a)		4,560		104,834
SunPower Corp. (a) (b)		31,453		336,233
Synaptics, Inc. (a) (b)		14,825		432,000
Ultra Clean Holdings, Inc. (a)		16,793		233,759
Veeco Instruments, Inc. (a)		22,250		271,895
Xperi Corp. (b)		22,215		457,407

				19,333,595


Software—4.6%
8x8, Inc. (a) (b)		41,065		989,666
A10 Networks, Inc. (a)		21,727		148,178
ACI Worldwide, Inc. (a)		49,533		1,700,963
Agilysys, Inc. (a)		7,276		156,216
Alarm.com Holdings, Inc. (a) (b)		16,383		876,490
Altair Engineering, Inc. - Class A (a)		17,244		696,485
Amber Road, Inc. (a)		11,825		154,435
American Software, Inc. - Class A		12,761		167,807
Appfolio, Inc. - Class A (a)		6,877		703,311
Appian Corp. (a)		15,321		552,628
Avaya Holdings Corp. (a) (b)		54,653		650,917
Benefitfocus, Inc. (a) (b)		15,505		420,961
Blackbaud, Inc. (b)		21,650		1,807,775
Blackline, Inc. (a)		19,037		1,018,670
Bottomline Technologies de, Inc. (a)		18,440		815,786
Box, Inc. - Class A (a)		63,715		1,122,021
Carbon Black, Inc. (a)		25,219		421,662
ChannelAdvisor Corp. (a)		10,403		91,130
Cision, Ltd. (a)		41,265		484,038
Cloudera, Inc. (a) (b)		105,967		557,386
CommVault Systems, Inc. (a)		15,287		758,541
Cornerstone OnDemand, Inc. (a)		25,699		1,488,743
Digimarc Corp. (a)		5,123		227,410
Digital Turbine, Inc. (a)		36,179		180,895
Domo, Inc. - Class B (a)		7,443		203,343
Ebix, Inc. (b)		10,806		542,677
Envestnet, Inc. (a)		21,200		1,449,444
Everbridge, Inc. (a)		14,485		1,295,249
Five9, Inc. (a)		26,132		1,340,310
ForeScout Technologies, Inc. (a)		18,197		616,150
Instructure, Inc. (a)		14,481		615,442
j2 Global, Inc. (b)		20,737		1,843,312
LivePerson, Inc. (a) (b)		27,176		762,015
MicroStrategy, Inc. - Class A (a)		3,569		511,473

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Software—(Continued)
Mitek Systems, Inc. (a)		14,980	$	148,901
MobileIron, Inc. (a)		43,864		271,957
Model N, Inc. (a)		14,843		289,439
Monotype Imaging Holdings, Inc.		18,592		313,089
OneSpan, Inc. (a)		15,031		212,989
Progress Software Corp.		19,846		865,683
PROS Holdings, Inc. (a)		14,662		927,518
Q2 Holdings, Inc. (a)		17,785		1,358,063
QAD, Inc. - Class A		4,798		192,928
Qualys, Inc. (a) (b)		14,838		1,292,093
Rapid7, Inc. (a)		21,376		1,236,388
SailPoint Technologies Holding, Inc. (a)		38,299		767,512
ShotSpotter, Inc. (a) (b)		3,603		159,253
SPS Commerce, Inc. (a)		8,492		867,967
SVMK, Inc. (a)		37,618		621,073
Synchronoss Technologies, Inc. (a)		18,261		144,445
Telaria, Inc. (a)		20,315		152,769
Telenav, Inc. (a)		15,283		122,264
Tenable Holdings, Inc. (a)		16,685		476,190
TiVo Corp.		54,357		400,611
Upland Software, Inc. (a)		10,139		461,629
Varonis Systems, Inc. (a)		12,721		787,939
Verint Systems, Inc. (a) (b)		29,017		1,560,534
VirnetX Holding Corp. (a) (b)		26,977		167,527
Workiva, Inc. (a)		15,621		907,424
Yext, Inc. (a)		41,476		833,253
Zix Corp. (a) (b)		25,140		228,523
Zuora, Inc. - Class A (a)		41,349		633,467

				41,772,957


Specialty Retail—2.3%
Aaron’s, Inc.		30,071		1,846,660
Abercrombie & Fitch Co. - Class A		28,497		457,092
America’s Car-Mart, Inc. (a)		2,826		243,262
American Eagle Outfitters, Inc.		72,218		1,220,484
Asbury Automotive Group, Inc. (a)		9,029		761,506
At Home Group, Inc. (a)		19,716		131,309
Barnes & Noble, Inc.		27,765		185,748
Bed Bath & Beyond, Inc. (b)		55,063		639,832
Boot Barn Holdings, Inc. (a)		12,612		449,492
Buckle, Inc. (The) (b)		14,188		245,594
Caleres, Inc.		17,181		342,246
Camping World Holdings, Inc. - Class A (b)		14,592		181,233
Cato Corp. (The) - Class A		9,562		117,804
Chico’s FAS, Inc.		59,471		200,417
Children’s Place, Inc. (The) (b)		7,101		677,293
Conn’s, Inc. (a)		10,289		183,350
Designer Brands, Inc. - Class A		31,615		606,060
GameStop Corp. - Class A (b)		46,271		253,102
Genesco, Inc. (a)		8,683		367,204
Group 1 Automotive, Inc. (b)		7,911		647,832
Guess?, Inc.		25,521		412,164
Haverty Furniture Cos., Inc. (b)		10,391		176,959
Hibbett Sports, Inc. (a)		10,209		185,804
Hudson, Ltd. - Class A (a)		18,056		248,992
Lithia Motors, Inc. - Class A (b)		9,883		1,173,903

Specialty Retail—(Continued)
Lumber Liquidators Holdings, Inc. (a) (b)		13,856		160,037
MarineMax, Inc. (a)		13,932		229,042
Michaels Cos., Inc. (The) (a)		39,476		343,441
Monro, Inc.		14,571		1,242,906
Murphy USA, Inc. (a) (b)		13,619		1,144,405
National Vision Holdings, Inc. (a) (b)		30,821		947,129
Office Depot, Inc.		240,796		496,040
Party City Holdco, Inc. (a) (b)		25,796		189,085
Rent-A-Center, Inc. (a)		21,277		566,606
RH (a) (b)		7,965		920,754
Sally Beauty Holdings, Inc. (a) (b)		58,819		784,645
Shoe Carnival, Inc. (b)		4,114		113,546
Signet Jewelers, Ltd. (b)		22,572		403,587
Sleep Number Corp. (a)		14,171		572,367
Sonic Automotive, Inc. - Class A		13,614		317,887
Tailored Brands, Inc. (b)		22,434		129,444
Winmark Corp.		1,140		197,391
Zumiez, Inc. (a)		10,452		272,797

				20,986,451


Technology Hardware, Storage & Peripherals—0.3%
3D Systems Corp. (a) (b)		50,283		457,575
Avid Technology, Inc. (a)		13,539		123,476
Cray, Inc. (a)		19,290		671,678
Diebold Nixdorf, Inc. (a)		35,435		324,584
Electronics for Imaging, Inc. (a)		18,879		696,824
Immersion Corp. (a)		15,130		115,139
Stratasys, Ltd. (a)		23,667		695,100

				3,084,376


Textiles, Apparel & Luxury Goods—0.8%
Crocs, Inc. (a) (c)		28,518		563,230
Deckers Outdoor Corp. (a)		12,977		2,283,563
Fossil Group, Inc. (a) (b)		20,656		237,544
G-III Apparel Group, Ltd. (a)		20,478		602,463
Kontoor Brands, Inc. (a)		20,050		561,801
Movado Group, Inc.		7,984		215,568
Oxford Industries, Inc.		7,657		580,400
Steven Madden, Ltd. (b)		38,178		1,296,143
Unifi, Inc. (a)		7,892		143,398
Vera Bradley, Inc. (a)		10,480		125,760
Wolverine World Wide, Inc.		39,246		1,080,835

				7,690,705


Thrifts & Mortgage Finance—2.0%
Axos Financial, Inc. (a)		26,097		711,143
Bridgewater Bancshares, Inc. (a)		11,530		133,056
Capitol Federal Financial, Inc.		59,838		823,969
Columbia Financial, Inc. (a)		24,437		368,999
Dime Community Bancshares, Inc.		15,501		294,364
Essent Group, Ltd. (a)		42,794		2,010,890
Federal Agricultural Mortgage Corp. - Class C		4,263		309,750
First Defiance Financial Corp.		10,076		287,871
Flagstar Bancorp, Inc.		12,717		421,441
Hingham Institution for Savings		716		141,775

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Thrifts & Mortgage Finance—(Continued)
Home Bancorp, Inc.		3,086	$	118,749
HomeStreet, Inc. (a)		12,382		367,003
Kearny Financial Corp.		41,863		556,359
Meridian Bancorp, Inc.		23,292		416,694
Meta Financial Group, Inc.		16,799		471,212
Mr Cooper Group, Inc. (a) (b)		33,464		268,047
NMI Holdings, Inc. - Class A (a)		31,082		882,418
Northfield Bancorp, Inc.		19,366		302,303
Northwest Bancshares, Inc.		45,193		795,849
OceanFirst Financial Corp.		22,048		547,893
Ocwen Financial Corp. (a)		59,576		123,322
Oritani Financial Corp.		16,857		299,043
PCSB Financial Corp.		6,336		128,304
PennyMac Financial Services, Inc.		11,764		260,926
Provident Financial Services, Inc.		27,899		676,551
Radian Group, Inc.		93,977		2,147,375
Southern Missouri Bancorp, Inc.		3,592		125,109
Territorial Bancorp, Inc.		4,024		124,342
TrustCo Bank Corp.		42,750		338,580
United Community Financial Corp.		24,319		232,733
United Financial Bancorp, Inc.		21,901		310,556
Walker & Dunlop, Inc.		12,545		667,519
Washington Federal, Inc.		37,253		1,301,247
Waterstone Financial, Inc.		10,900		185,954
WSFS Financial Corp.		23,571		973,482

				18,124,828


Tobacco—0.2%
22nd Century Group, Inc. (a) (b)		55,642		116,292
Turning Point Brands, Inc.		4,000		195,920
Universal Corp.		11,116		675,519
Vector Group, Ltd.		48,459		472,475

				1,460,206


Trading Companies & Distributors—1.3%
Aircastle, Ltd.		23,576		501,226
Applied Industrial Technologies, Inc.		17,086		1,051,302
Beacon Roofing Supply, Inc. (a) (b)		30,195		1,108,760
BMC Stock Holdings, Inc. (a)		31,129		659,935
CAI International, Inc. (a)		8,107		201,216
DXP Enterprises, Inc. (a)		6,978		264,396
Foundation Building Materials, Inc. (a)		7,141		126,967
GATX Corp. (b)		16,296		1,292,110
GMS, Inc. (a)		14,993		329,846
H&E Equipment Services, Inc.		15,412		448,335
Herc Holdings, Inc. (a)		11,071		507,384
Kaman Corp.		12,375		788,164
MRC Global, Inc. (a)		38,704		662,612
NOW, Inc. (a)		51,271		756,760
Rush Enterprises, Inc. - Class A		12,945		472,751
SiteOne Landscape Supply, Inc. (a) (b)		17,769		1,231,392
Systemax, Inc.		5,954		131,941
Textainer Group Holdings, Ltd. (a)		11,532		116,243
Titan Machinery, Inc. (a)		9,306		191,517
Security Description	Shares/ Principal Amount*		Value

Trading Companies & Distributors—(Continued)
Triton International, Ltd.		25,386		831,645
Veritiv Corp. (a)		5,727		111,218

				11,785,720


Water Utilities—0.5%
American States Water Co.		16,383		1,232,657
AquaVenture Holdings, Ltd. (a)		6,106		121,937
Artesian Resources Corp. - Class A		3,766		139,982
California Water Service Group		20,902		1,058,268
Connecticut Water Service, Inc.		6,298		439,097
Middlesex Water Co.		7,497		444,197
SJW Group		11,878		721,826
York Water Co. (The)		6,695		239,146

				4,397,110


Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc. (a)		20,091		361,035
Shenandoah Telecommunications Co.		21,561		830,530
Spok Holdings, Inc.		8,518		128,111

				1,319,676

Total Common Stocks (Cost $660,531,691)				882,511,463


Mutual Fund—1.8%

Investment Company Security—1.8%
iShares Russell 2000 Index Fund (b) (Cost $15,128,948)		105,400		16,389,700


Rights—0.0%

Biotechnology—0.0%
Tobira Therapeutics, Inc., Expires 12/31/28 (a) (e) (f)		4,660		37,094


Chemicals—0.0%
A. Schulman, Inc.		12,704		5,501

Total Rights (Cost $5,781)				42,595


Short-Term Investments—1.5%

Discount Notes—0.6%
Fannie Mae 1.535%, 07/03/19 (g)		975,000		974,881
Federal Home Loan Bank
1.953%, 07/08/19 (g)		1,025,000		1,024,561
2.025%, 07/17/19 (g)		325,000		324,682
2.051%, 07/12/19 (g)		650,000		649,563
2.074%, 07/16/19 (g)		500,000		499,542
2.246%, 07/19/19 (g)		2,350,000		2,347,415

				5,820,644

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Short-Term Investments—(Continued)


Security Description	Principal Amount*		Value

U.S. Treasury—0.9%
U.S. Treasury Bills
2.006%, 07/23/19 (g)		125,000	$	124,841
2.236%, 07/30/19 (g)		8,100,000		8,086,353

				8,211,194

Total Short-Term Investments (Cost $14,030,481)				14,031,838


Securities Lending Reinvestments (h)—20.7%

Bank Note—0.2%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (d)		2,000,000		2,009,009


Certificates of Deposit—15.0%
ABN AMRO Bank NV Zero Coupon, 07/05/19		3,964,930		3,998,120
Banco Del Estado De Chile New York 2.564%, 1M LIBOR + 0.160%, 11/22/19 (d)		3,000,000		3,000,255
Banco Santander S.A. 2.590%, 07/16/19		3,000,000		3,000,387
Bank of Montreal (Chicago)
2.512%, 1M LIBOR + 0.100%, 10/11/19 (d)		2,000,000		2,000,066
2.590%, SOFR + 0.170%, 02/07/20 (d)		2,000,000		2,000,112
Bank of Nova Scotia 2.564%, 1M LIBOR + 0.170%, 05/15/20 (d)		5,000,000		4,999,540
Barclays Bank plc 3.000%, 09/19/19		2,040,542		2,002,682
BNP Paribas S.A. New York
2.534%, 1M LIBOR + 0.140%, 09/16/19 (d)		2,000,000		2,000,084
2.615%, 3M LIBOR + 0.050%, 11/06/19 (d)		1,000,000		1,000,368
Canadian Imperial Bank of Commerce 2.660%, 1M LIBOR + 0.270%, 07/19/19 (d)		4,000,000		4,000,352
Chiba Bank, Ltd.
2.400%, 09/19/19		2,000,000		2,000,040
2.450%, 08/12/19		2,000,000		2,000,316
Commonwealth Bank of Australia 2.621%, 1M LIBOR + 0.210%, 09/13/19 (d)		5,000,000		5,001,600
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (d)		5,000,000		5,001,960
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (d)		3,000,000		3,001,518
Credit Industriel et Commercial
2.590%, 1M LIBOR + 0.160%, 03/05/20 (d)		4,000,000		4,000,296
2.687%, 3M LIBOR + 0.090%, 10/15/19 (d)		3,000,000		3,000,831
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (d)		3,000,000		2,999,760
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		1,000,000		1,000,158
2.630%, 08/28/19		3,000,000		3,000,984
2.660%, 07/15/19		4,000,000		4,000,468
2.670%, 08/01/19		1,000,000		1,000,216
KBC Bank NV Zero Coupon, 10/25/19		3,948,000		3,970,539
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/09/19		993,475		997,270

Certificates of Deposit—(Continued)
Mizuho Bank, Ltd. 2.524%, 1M LIBOR + 0.120%, 11/27/19 (d)		5,000,000		5,001,285
MUFG Bank Ltd. 2.574%, 1M LIBOR + 0.170%, 02/24/20 (d)		5,000,000		5,000,015
Norinchukin Bank, New York Zero Coupon, 07/10/19		1,986,698		1,998,420
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		8,000,000		8,002,312
Societe Generale
2.663%, 1M LIBOR + 0.280%, 06/19/20 (d)		2,000,000		1,999,980
2.723%, 3M LIBOR + 0.200%, 08/21/19 (d)		4,001,573		4,002,388
2.730%, FEDEFF PRV + 0.350%, 06/19/20 (d)		2,000,000		1,999,994
Standard Chartered Bank 2.660%, 08/23/19		6,000,000		6,002,778
Sumitomo Mitsui Banking Corp.
2.542%, 1M LIBOR + 0.130%, 12/09/19 (d)		2,000,000		2,000,098
2.589%, 1M LIBOR + 0.170%, 08/07/19 (d)		2,000,014		2,000,210
Sumitomo Mitsui Trust Bank, Ltd.
2.523%, 1M LIBOR + 0.140%, 11/20/19 (d)		3,000,000		3,000,300
2.689%, 3M LIBOR + 0.100%, 07/08/19 (d)		3,000,000		3,000,216
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 10/17/19		1,973,515		1,985,780
Svenska Handelsbanken AB
2.592%, 1M LIBOR + 0.180%, 06/05/20 (d)		2,000,000		2,000,380
2.702%, 1M LIBOR + 0.300%, 10/31/19 (d)		2,000,000		2,001,458
Toronto-Dominion Bank 2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		7,000,000		7,002,492
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (d)		4,000,000		4,000,540
Wells Fargo Bank N.A. 2.796%, 3M LIBOR + 0.210%, 10/25/19 (d)		1,520,000		1,521,206
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (d)		5,000,000		4,999,972

				136,497,746


Commercial Paper—2.8%
Agricultural Bank of China 2.610%, 08/13/19		4,966,650		4,983,375
China Construction Bank Corp.
2.620%, 09/03/19		993,304		995,219
2.650%, 07/26/19		993,522		997,983
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (d)		2,000,000		2,000,398
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (d)		4,000,000		4,001,012
LMA S.A. & LMA Americas, Corp. 2.750%, 08/05/19		1,479,146		1,496,151
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (d)		2,000,000		1,999,990
Starbird Funding Corp. 2.600%, 07/01/19		999,802		999,795
Toronto-Dominion Bank 2.780%, 1M LIBOR + 0.350%, 11/05/19 (d)		2,000,000		2,001,950
Toyota Motor Credit Corp. 2.620%, 08/29/19		2,961,355		2,987,835

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)


Security Description	Principal Amount*		Value

Commercial Paper—(Continued)
Westpac Banking Corp. 2.630%, 3M LIBOR + 0.070%, 08/07/19 (d)		3,000,000	$	3,001,131

				25,464,839


Repurchase Agreements—2.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $4,928,039; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $5,025,636.		4,927,094		4,927,094
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $3,525,680; collateralized by various Common Stock with an aggregate market value of $3,850,000.		3,500,000		3,500,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $12,596,938; collateralized by various Common Stock with an aggregate market value of $13,753,405.		12,500,000		12,500,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $1,002,635; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $50,134; collateralized by various Common Stock with an aggregate market value of $55,000.		50,000		50,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $300,065; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $306,000.		300,000		300,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $51,744; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $52,767.		51,732		51,732
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $200,042; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $204,807.		200,000		200,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $700,144; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $754,298.		700,000		700,000

Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $600,124; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $646,541.		600,000		600,000

				23,828,826


Time Deposit—0.1%
Royal Bank of Canada 2.500%, 07/01/19		1,000,000		1,000,000

Total Securities Lending Reinvestments (Cost $188,758,329)				188,800,420

Total Investments—120.8% (Cost $878,455,230)				1,101,776,016
Other assets and liabilities (net)—(20.8)%				(189,904,669	)

Net Assets—100.0%			$	911,871,347


*		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, 2019, the market value of securities loaned was $163,623,117 and the collateral received consisted of cash in the amount of $188,651,353 and non-cash collateral with a value of $9,672,199. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)		All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2019, the market value of securities pledged was $2,454,723.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)		Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, these securities represent less than 0.05% of net assets.
(f)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(g)		The rate shown represents current yield to maturity.
(h)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Futures Contracts

Futures Contracts—Long

Expiration
Date

Number of
Contracts

Notional
Amount

Value/
Unrealized
Appreciation

Russell 2000 Index E-Mini Futures

09/20/19

178

USD

13,947,190

109,212

Glossary of Abbreviations

Currencies


(USD)—		United States Dollar

Index Abbreviations


(FEDEFF PRV)—		Effective Federal Funds Rate
(LIBOR)—		London Interbank Offered Rate
(SOFR)—		Secured Overnight Financing Rate

Other Abbreviations


(REIT)—		Real Estate Investment Trust

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	11,418,493	$	—	$	—	$	11,418,493
Air Freight & Logistics		2,918,585		—		—		2,918,585
Airlines		4,252,547		—		—		4,252,547
Auto Components		10,566,525		—		—		10,566,525
Automobiles		578,475		—		—		578,475
Banks		84,986,759		—		—		84,986,759
Beverages		3,007,461		—		—		3,007,461
Biotechnology		69,921,618		—		—		69,921,618
Building Products		12,287,196		—		—		12,287,196
Capital Markets		13,086,433		—		—		13,086,433
Chemicals		17,438,959		—		—		17,438,959
Commercial Services & Supplies		23,672,452		—		—		23,672,452
Communications Equipment		9,877,946		—		—		9,877,946
Construction & Engineering		10,078,132		—		—		10,078,132
Construction Materials		1,346,234		—		—		1,346,234
Consumer Finance		6,176,803		—		—		6,176,803
Containers & Packaging		910,635		—		—		910,635
Distributors		1,058,798		—		—		1,058,798
Diversified Consumer Services		9,333,728		—		—		9,333,728
Diversified Financial Services		1,796,259		—		—		1,796,259
Diversified Telecommunication Services		5,575,758		—		—		5,575,758
Electric Utilities		9,231,439		—		—		9,231,439

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1		Level 2			Level 3		Total
Electrical Equipment	$	8,461,046	$	—		$	—	$	8,461,046
Electronic Equipment, Instruments & Components		22,179,230		—			—		22,179,230
Energy Equipment & Services		12,157,907		—			—		12,157,907
Entertainment		2,196,527		—			—		2,196,527
Equity Real Estate Investment Trusts		62,430,381		—			—		62,430,381
Food & Staples Retailing		5,673,580		—			—		5,673,580
Food Products		10,290,974		—			—		10,290,974
Gas Utilities		11,035,985		—			—		11,035,985
Health Care Equipment & Supplies		33,953,632		—			—		33,953,632
Health Care Providers & Services		17,925,399		—			—		17,925,399
Health Care Technology		9,142,524		—			—		9,142,524
Hotels, Restaurants & Leisure		23,872,731		—			—		23,872,731
Household Durables		14,038,711		—			—		14,038,711
Household Products		1,596,083		—			—		1,596,083
Independent Power and Renewable Electricity Producers		3,466,407		—			—		3,466,407
Industrial Conglomerates		570,420		—			—		570,420
Insurance		20,638,814		—			—		20,638,814
Interactive Media & Services		4,572,604		—			—		4,572,604
Internet & Direct Marketing Retail		5,349,245		—			—		5,349,245
IT Services		20,213,430		—			—		20,213,430
Leisure Products		3,284,376		—			—		3,284,376
Life Sciences Tools & Services		6,484,587		—			—		6,484,587
Machinery		36,071,951		—			—		36,071,951
Marine		1,082,368		—			—		1,082,368
Media		8,460,619		—			—		8,460,619
Metals & Mining		11,085,256		0			—		11,085,256
Mortgage Real Estate Investment Trusts		11,426,897		—			—		11,426,897
Multi-Utilities		5,474,373		—			—		5,474,373
Multiline Retail		947,996		—			—		947,996
Oil, Gas & Consumable Fuels		23,355,775		373,756			—		23,729,531
Paper & Forest Products		3,759,864		—			—		3,759,864
Personal Products		2,621,748		—			—		2,621,748
Pharmaceuticals		13,998,556		—			—		13,998,556
Professional Services		14,521,406		—			—		14,521,406
Real Estate Management & Development		6,589,299		—			—		6,589,299
Road & Rail		3,730,147		—			—		3,730,147
Semiconductors & Semiconductor Equipment		19,333,595		—			—		19,333,595
Software		41,772,957		—			—		41,772,957
Specialty Retail		20,986,451		—			—		20,986,451
Technology Hardware, Storage & Peripherals		3,084,376		—			—		3,084,376
Textiles, Apparel & Luxury Goods		7,690,705		—			—		7,690,705
Thrifts & Mortgage Finance		18,124,828		—			—		18,124,828
Tobacco		1,460,206		—			—		1,460,206
Trading Companies & Distributors		11,785,720		—			—		11,785,720
Water Utilities		4,397,110		—			—		4,397,110
Wireless Telecommunication Services		1,319,676		—			—		1,319,676
Total Common Stocks		882,137,707		373,756			—		882,511,463
Total Mutual Fund*		16,389,700		—			—		16,389,700
Rights
Biotechnology		—		—			37,094		37,094
Chemicals		—		5,501			—		5,501
Total Rights		—		5,501			37,094		42,595
Total Short-Term Investments*		—		14,031,838			—		14,031,838
Total Securities Lending Reinvestments*		—		188,800,420			—		188,800,420
Total Investments	$	898,527,407	$	203,211,515		$	37,094	$	1,101,776,016

Collateral for Securities Loaned (Liability)	$	—	$	(188,651,353	)	$	—	$	(188,651,353	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	109,212	$	—		$	—	$	109,212


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	1,101,776,016
Cash		25,242
Receivable for:
Investments sold		78,300,197
Fund shares sold		772,531
Dividends		848,626
Variation margin on futures contracts		153,975

Total Assets		1,181,876,587
Liabilities
Collateral for securities loaned		188,651,353
Payables for:
Investments purchased		80,410,633
Fund shares redeemed		275,963
Accrued Expenses:
Management fees		180,175
Distribution and service fees		85,221
Deferred trustees’ fees		127,036
Other expenses		274,859

Total Liabilities		270,005,240

Net Assets	$	911,871,347

Net Assets Consist of:
Paid in surplus	$	642,574,629
Distributable earnings (Accumulated losses)		269,296,718

Net Assets	$	911,871,347

Net Assets
Class A	$	505,356,094
Class B		225,635,881
Class E		24,440,737
Class G		156,438,635
Capital Shares Outstanding*
Class A		26,712,272
Class B		12,262,421
Class E		1,300,693
Class G		8,542,180
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.92
Class B		18.40
Class E		18.79
Class G		18.31


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $878,455,230.
(b)		Includes securities loaned at value of $163,623,117.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	6,656,494
Interest		97,060
Securities lending income		717,791

Total investment income		7,471,345
Expenses
Management fees		1,113,803
Administration fees		22,198
Custodian and accounting fees		55,296
Distribution and service fees—Class B		280,854
Distribution and service fees—Class E		18,207
Distribution and service fees—Class G		227,150
Audit and tax services		23,968
Legal		22,462
Trustees’ fees and expenses		31,323
Shareholder reporting		87,930
Insurance		3,224
Miscellaneous		48,903

Total expenses		1,935,318
Less management fee waiver		(9,879	)

Net expenses		1,925,439

Net Investment Income		5,545,906

Net Realized and Unrealized Gain
Net realized gain on:
Investments		44,900,058
Futures contracts		46

Net realized gain		44,900,104

Net change in unrealized appreciation on:
Investments		85,080,104
Futures contracts		249,343

Net change in unrealized appreciation		85,329,447

Net realized and unrealized gain		130,229,551

Net Increase in Net Assets From Operations	$	135,775,457


(a)		Net of foreign withholding taxes of $844.

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,545,906		$	10,195,098
Net realized gain		44,900,104			86,969,323
Net change in unrealized appreciation (depreciation)		85,329,447			(191,395,498	)

Increase (decrease) in net assets from operations		135,775,457			(94,231,077	)

From Distributions to Shareholders
Class A		(53,523,399	)		(41,433,317	)
Class B		(23,936,945	)		(19,552,744	)
Class E		(2,573,729	)		(2,137,411	)
Class G		(16,504,450	)		(12,083,917	)

Total distributions		(96,538,523	)		(75,207,389	)

Increase (decrease) in net assets from capital share transactions		67,795,312			(10,258,796	)

Total increase (decrease) in net assets		107,032,246			(179,697,262	)

Net Assets
Beginning of period		804,839,101			984,536,363

End of period	$	911,871,347		$	804,839,101

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		1,157,986		$	24,139,907			2,089,324		$	45,001,947
Reinvestments		2,918,397			53,523,399			1,853,840			41,433,317
Redemptions		(1,708,180	)		(34,810,350	)		(4,238,089	)		(93,485,795	)

Net increase (decrease)		2,368,203		$	42,852,956			(294,925	)	$	(7,050,531	)

Class B
Sales		187,466		$	3,632,403			696,527		$	14,021,234
Reinvestments		1,341,757			23,936,945			896,915			19,552,744
Redemptions		(919,051	)		(18,380,372	)		(2,015,203	)		(43,828,289	)

Net increase (decrease)		610,172		$	9,188,976			(421,761	)	$	(10,254,311	)

Class E
Sales		48,548		$	975,152			146,139		$	3,141,616
Reinvestments		141,336			2,573,729			96,236			2,137,411
Redemptions		(104,089	)		(2,110,408	)		(338,328	)		(7,307,187	)

Net increase (decrease)		85,795		$	1,438,473			(95,953	)	$	(2,028,160	)

Class G
Sales		621,111		$	12,196,359			1,216,007		$	25,584,159
Reinvestments		929,828			16,504,450			556,606			12,083,917
Redemptions		(723,302	)		(14,385,902	)		(1,329,824	)		(28,593,870	)

Net increase		827,637		$	14,314,907			442,789		$	9,074,206

Increase (decrease) derived from capital shares transactions				$	67,795,312					$	(10,258,796	)

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	18.13		$	21.98		$	20.22		$	17.98		$	20.11		$	19.83

Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.26			0.25			0.25	(b)		0.26			0.24
Net realized and unrealized gain (loss)		2.89			(2.34	)		2.61			3.33			(0.98	)		0.71

Total income (loss) from investment operations		3.03			(2.08	)		2.86			3.58			(0.72	)		0.95

Less Distributions
Distributions from net investment income		(0.25	)		(0.25	)		(0.26	)		(0.26	)		(0.25	)		(0.23	)
Distributions from net realized capital gains		(1.99	)		(1.52	)		(0.84	)		(1.08	)		(1.16	)		(0.44	)

Total distributions		(2.24	)		(1.77	)		(1.10	)		(1.34	)		(1.41	)		(0.67	)

Net Asset Value, End of Period	$	18.92		$	18.13		$	21.98		$	20.22		$	17.98		$	20.11

Total Return (%) (c)		17.08	(d)		(10.97	)		14.67			21.28			(4.27	)		5.04

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.32	(e)		0.31			0.31			0.31			0.31			0.32
Net ratio of expenses to average net assets (%) (f)		0.31	(e)		0.31			0.31			0.31			0.31			0.31
Ratio of net investment income to average net assets (%)		1.36	(e)		1.17			1.19			1.40	(b)		1.35			1.26
Portfolio turnover rate (%)		12	(d)		26			20			24			27			24
Net assets, end of period (in millions)	$	505.4		$	441.5		$	541.5		$	513.7		$	459.0		$	488.3

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	17.66		$	21.45		$	19.76		$	17.60		$	19.71		$	19.45

Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.20			0.19			0.20	(b)		0.21			0.19
Net realized and unrealized gain (loss)		2.81			(2.27	)		2.55			3.25			(0.96	)		0.69

Total income (loss) from investment operations		2.92			(2.07	)		2.74			3.45			(0.75	)		0.88

Less Distributions
Distributions from net investment income		(0.19	)		(0.20	)		(0.21	)		(0.21	)		(0.20	)		(0.18	)
Distributions from net realized capital gains		(1.99	)		(1.52	)		(0.84	)		(1.08	)		(1.16	)		(0.44	)

Total distributions		(2.18	)		(1.72	)		(1.05	)		(1.29	)		(1.36	)		(0.62	)

Net Asset Value, End of Period	$	18.40		$	17.66		$	21.45		$	19.76		$	17.60		$	19.71

Total Return (%) (c)		16.92	(d)		(11.18	)		14.39			20.96			(4.49	)		4.78

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57	(e)		0.56			0.56			0.56			0.56			0.57
Net ratio of expenses to average net assets (%) (f)		0.56	(e)		0.56			0.56			0.56			0.56			0.56
Ratio of net investment income to average net assets (%)		1.11	(e)		0.92			0.94			1.15	(b)		1.10			1.01
Portfolio turnover rate (%)		12	(d)		26			20			24			27			24
Net assets, end of period (in millions)	$	225.6		$	205.8		$	259.0		$	246.6		$	220.8		$	240.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights


Selected per share data
	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	18.01		$	21.84		$	20.10		$	17.88		$	20.00		$	19.72

Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.22			0.21			0.22	(b)		0.23			0.21
Net realized and unrealized gain (loss)		2.86			(2.31	)		2.60			3.31			(0.98	)		0.71

Total income (loss) from investment operations		2.98			(2.09	)		2.81			3.53			(0.75	)		0.92

Less Distributions
Distributions from net investment income		(0.21	)		(0.22	)		(0.23	)		(0.23	)		(0.21	)		(0.20	)
Distributions from net realized capital gains		(1.99	)		(1.52	)		(0.84	)		(1.08	)		(1.16	)		(0.44	)

Total distributions		(2.20	)		(1.74	)		(1.07	)		(1.31	)		(1.37	)		(0.64	)

Net Asset Value, End of Period	$	18.79		$	18.01		$	21.84		$	20.10		$	17.88		$	20.00

Total Return (%) (c)		16.94	(d)		(11.08	)		14.50			21.09			(4.39	)		4.91

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.47	(e)		0.46			0.46			0.46			0.46			0.47
Net ratio of expenses to average net assets (%) (f)		0.46	(e)		0.46			0.46			0.46			0.46			0.46
Ratio of net investment income to average net assets (%)		1.21	(e)		1.01			1.04			1.25	(b)		1.19			1.10
Portfolio turnover rate (%)		12	(d)		26			20			24			27			24
Net assets, end of period (in millions)	$	24.4		$	21.9		$	28.6		$	27.8		$	25.0		$	28.7

	Class G
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	17.59		$	21.37		$	19.70		$	17.54		$	19.65		$	19.40

Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.19			0.18			0.19	(b)		0.20			0.18
Net realized and unrealized gain (loss)		2.80			(2.26	)		2.54			3.24			(0.96	)		0.69

Total income (loss) from investment operations		2.90			(2.07	)		2.72			3.43			(0.76	)		0.87

Less Distributions
Distributions from net investment income		(0.19	)		(0.19	)		(0.21	)		(0.19	)		(0.19	)		(0.18	)
Distributions from net realized capital gains		(1.99	)		(1.52	)		(0.84	)		(1.08	)		(1.16	)		(0.44	)

Total distributions		(2.18	)		(1.71	)		(1.05	)		(1.27	)		(1.35	)		(0.62	)

Net Asset Value, End of Period	$	18.31		$	17.59		$	21.37		$	19.70		$	17.54		$	19.65

Total Return (%) (c)		16.84	(d)		(11.20	)		14.30			20.92			(4.54	)		4.73

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(e)		0.61			0.61			0.61			0.61			0.62
Net ratio of expenses to average net assets (%) (f)		0.61	(e)		0.61			0.61			0.61			0.61			0.61
Ratio of net investment income to average net assets (%)		1.06	(e)		0.88			0.89			1.10	(b)		1.04			0.96
Portfolio turnover rate (%)		12	(d)		26			20			24			27			24
Net assets, end of period (in millions)	$	156.4		$	135.7		$	155.4		$	145.1		$	131.0		$	144.7


(a)		Per share amounts based on average shares outstanding during the period.
(b)		Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)		Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)		Periods less than one year are not computed on an annualized basis.
(e)		Computed on an annualized basis.
(f)		Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-28

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-29

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

to examination by the Internal Revenue Service. As of June 30, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

At June 30, 2019, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $23,828,826. 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, 2019.


	Remaining Contractual Maturity of the Agreements As of June 30, 2019
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(169,204,170	)	$	—	$	—	$	—	$	(169,204,170	)
Mutual Funds		(19,447,183	)		—		—		—		(19,447,183	)
Total	$	(188,651,353	)	$	—	$	—	$	—	$	(188,651,353	)
Total Borrowings	$	(188,651,353	)	$	—	$	—	$	—	$	(188,651,353	)
Gross amount of recognized liabilities for securities lending transactions										$	(188,651,353	)

BHFTII-30

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

3. Investments in Derivative Instruments

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2019 by category of risk exposure:


(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.


Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	46


Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	249,343

For the six months ended June 30, 2019, 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	$	9,417,185


‡		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:

BHFTII-31

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2019—(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.

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	105,912,658	$	0	$	134,428,435

6. Investment Management Fees and Other Transactions with Affiliates


% 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 MIM with respect to the Portfolio for the six months ended June 30, 2019 were $158,451.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period April 29, 2019 to April 29, 2020, 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

BHFTII-32

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2019—(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.

7. Contractual Obligations

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	883,059,803

Gross unrealized appreciation		295,841,683
Gross unrealized depreciation		(77,016,258	)

Net unrealized appreciation (depreciation)	$	218,825,425

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$17,802,707	$	10,697,682	$	57,404,682	$	38,323,913	$	75,207,389	$	49,021,595

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$10,052,786	$	86,482,802	$	133,636,109	$	—	$	230,171,697

BHFTII-33

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-34

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A, B, D, E and G shares of the Brighthouse Stock Index Portfolio returned 18.37%, 18.24%, 18.34%, 18.28% and 18.23%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 18.54%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2019, equity markets reacted favorably to progress in trade talks with China, a more dovish Federal Reserve, and the strength of corporate earnings. Companies that reported better than expected earnings included Goldman Sachs, American Express, IBM, and Procter & Gamble. Energy stocks rallied as crude prices climbed after Saudi Arabia formally implemented production constraints. Financial stocks were hurt by the yield curve inverting for the first time since 2007. Equity markets extended their rally as the U.S. and Mexico agreed on an immigration enforcement deal and on increasing expectations for easier monetary policy. Federal Reserve official comments stating that they expected to keep rates unchanged for the rest of the year reassured the markets. Equity markets also reacted favorably to optimism around the meeting between President Trump and China President Xi during the G20 summit. Factors that weighed on the equity markets included continued concerns about Brexit (U.K. plan to leave the European Union), geopolitical tensions between India and Pakistan, and the International Monetary Fund downgrading its global growth forecast to the lowest level since the financial crisis.

All eleven sectors comprising the S&P 500 Index experienced positive returns for the first six months of 2019. Information Technology (20.1% beginning weight in the benchmark), up 27.1%, was the best-performing sector and had the largest positive impact on the benchmark return. Consumer Discretionary (9.9% beginning weight), up 21.8%; and Industrials (9.2% beginning weight), up 21.4%, were the next best-performing sectors. Health Care (15.5% beginning weight), up 8.1%; and Energy (5.3% beginning weight), up 13.1%, were the worst performing sectors on a relative basis.

The stocks with the largest positive impact to the benchmark return for the first half of the year were Microsoft, up 32.9%; Apple, up 26.5%; and Amazon, up 26.1%. The stocks with the largest negative impact were Biogen, down 22.3%; Abbvie, down 19.1%; and CVS, down 15.4%.

PORTFOLIO REVIEW / CURRENT POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P 500 Index. This strategy seeks to replicate the performance of the Index by owning all 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, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

BHFTII-1

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year		Since Inception²
MetLife Stock Index Portfolio
Class A		18.37		10.16		10.44		14.42		—
Class B		18.24		9.90		10.17		14.13		—
Class D		18.34		10.07		10.33		14.30		—
Class E		18.28		10.00		10.28		14.24		—
Class G		18.23		9.85		—		—		9.91
S&P 500 Index		18.54		10.42		10.71		14.70		—

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Microsoft Corp.		4.1
Apple, Inc.		3.5
Amazon.com, Inc.		3.1
Facebook, Inc. - Class A		1.9
Berkshire Hathaway, Inc. - Class B		1.7
Johnson & Johnson		1.5
SPDR S&P 500 ETF Trust		1.5
JPMorgan Chase & Co.		1.5
Alphabet, Inc. - Class C		1.3
Alphabet, Inc. - Class A		1.3

Top Sectors


	% of Net Assets
Information Technology		21.1
Financials		14.3
Health Care		13.9
Consumer Discretionary		10.0
Communication Services		10.0
Industrials		9.2
Consumer Staples		7.1
Energy		4.9
Utilities		3.2
Real Estate		3.0

BHFTII-2

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


MetLife Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.27	%	$	1,000.00	$	1,183.70	$	1.46
	Hypothetical*		0.27	%	$	1,000.00	$	1,023.46	$	1.35

Class B (a)	Actual		0.52	%	$	1,000.00	$	1,182.40	$	2.81
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.22	$	2.61

Class D (a)	Actual		0.37	%	$	1,000.00	$	1,183.40	$	2.00
	Hypothetical*		0.37	%	$	1,000.00	$	1,022.96	$	1.86

Class E (a)	Actual		0.42	%	$	1,000.00	$	1,182.80	$	2.27
	Hypothetical*		0.42	%	$	1,000.00	$	1,022.71	$	2.11

Class G (a)	Actual		0.57	%	$	1,000.00	$	1,182.30	$	3.08
	Hypothetical*		0.57	%	$	1,000.00	$	1,021.97	$	2.86

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

(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, 2019 (Unaudited)

Common Stocks—98.0% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—2.5%
Arconic, Inc.		110,057	$	2,841,672
Boeing Co. (The)		144,227		52,500,070
General Dynamics Corp.		74,847		13,608,681
Huntington Ingalls Industries, Inc. (a)		11,454		2,574,172
L3 Technologies, Inc.		21,900		5,369,223
L3Harris Technologies, Inc. (a)		32,560		6,158,073
Lockheed Martin Corp.		67,755		24,631,653
Northrop Grumman Corp.		46,804		15,122,840
Raytheon Co.		76,777		13,349,985
Textron, Inc.		64,158		3,402,940
TransDigm Group, Inc. (a) (b)		13,486		6,524,527
United Technologies Corp.		223,580		29,110,116

				175,193,952


Air Freight & Logistics—0.5%
C.H. Robinson Worldwide, Inc. (a)		37,642		3,175,103
Expeditors International of Washington, Inc.		47,408		3,596,371
FedEx Corp. (a)		66,079		10,849,511
United Parcel Service, Inc. - Class B		192,265		19,855,206

				37,476,191


Airlines—0.4%
Alaska Air Group, Inc. (a)		34,042		2,175,624
American Airlines Group, Inc. (a)		109,126		3,558,599
Delta Air Lines, Inc.		164,205		9,318,634
Southwest Airlines Co.		134,720		6,841,082
United Continental Holdings, Inc. (a) (b)		60,924		5,333,896

				27,227,835


Auto Components—0.1%
Aptiv plc (a)		71,069		5,744,507
BorgWarner, Inc.		57,130		2,398,318

				8,142,825


Automobiles—0.4%
Ford Motor Co.		1,080,145		11,049,883
General Motors Co.		363,597		14,009,393
Harley-Davidson, Inc. (a)		43,846		1,571,002

				26,630,278


Banks—5.4%
Bank of America Corp.		2,437,374		70,683,846
BB&T Corp.		211,117		10,372,178
Citigroup, Inc.		637,406		44,637,542
Citizens Financial Group, Inc.		126,340		4,467,382
Comerica, Inc. (a)		42,492		3,086,619
Fifth Third Bancorp		200,431		5,592,025
First Republic Bank		45,420		4,435,263
Huntington Bancshares, Inc. (a)		288,439		3,986,227
JPMorgan Chase & Co.		894,166		99,967,759
KeyCorp		277,923		4,933,133
M&T Bank Corp. (a)		37,658		6,404,496
People’s United Financial, Inc. (a)		108,705		1,824,070
PNC Financial Services Group, Inc. (The)		124,434		17,082,299
Regions Financial Corp.		279,284		4,172,503

Banks—(Continued)
SunTrust Banks, Inc.		122,335		7,688,755
SVB Financial Group (b)		14,422		3,239,037
U.S. Bancorp		412,504		21,615,210
Wells Fargo & Co.		1,114,934		52,758,677
Zions Bancorp N.A. (a)		50,322		2,313,806

				369,260,827


Beverages—1.8%
Brown-Forman Corp. - Class B (a)		45,851		2,541,521
Coca-Cola Co. (The)		1,058,317		53,889,502
Constellation Brands, Inc. - Class A		46,089		9,076,768
Molson Coors Brewing Co. - Class B (a)		51,761		2,898,616
Monster Beverage Corp. (a) (b)		107,878		6,885,853
PepsiCo, Inc. (a)		386,397		50,668,238

				125,960,498


Biotechnology—2.1%
AbbVie, Inc.		407,486		29,632,382
Alexion Pharmaceuticals, Inc. (b)		61,808		8,095,612
Amgen, Inc.		168,122		30,981,522
Biogen, Inc. (b)		53,445		12,499,182
Celgene Corp. (b)		194,397		17,970,059
Gilead Sciences, Inc.		350,490		23,679,104
Incyte Corp. (b)		49,059		4,168,053
Regeneron Pharmaceuticals, Inc. (a) (b)		21,677		6,784,901
Vertex Pharmaceuticals, Inc. (b)		70,597		12,946,078

				146,756,893


Building Products—0.3%
A.O. Smith Corp. (a)		38,902		1,834,619
Allegion plc		25,895		2,862,692
Fortune Brands Home & Security, Inc.		38,556		2,202,704
Johnson Controls International plc		219,348		9,061,266
Masco Corp.		80,913		3,175,026

				19,136,307


Capital Markets—2.6%
Affiliated Managers Group, Inc. (a)		14,112		1,300,280
Ameriprise Financial, Inc. (a)		36,909		5,357,711
Bank of New York Mellon Corp. (The)		242,814		10,720,238
BlackRock, Inc.		32,796		15,391,163
Cboe Global Markets, Inc.		30,791		3,190,871
Charles Schwab Corp. (The)		327,502		13,162,305
CME Group, Inc.		98,671		19,153,028
E*Trade Financial Corp.		67,440		3,007,824
Franklin Resources, Inc. (a)		81,143		2,823,776
Goldman Sachs Group, Inc. (The)		93,781		19,187,593
Intercontinental Exchange, Inc.		155,423		13,357,053
Invesco, Ltd. (a)		110,416		2,259,111
MarketAxess Holdings, Inc.		10,391		3,339,875
Moody’s Corp.		45,467		8,880,160
Morgan Stanley		352,404		15,438,819
MSCI, Inc.		23,341		5,573,597
Nasdaq, Inc. (a)		31,972		3,074,747
Northern Trust Corp.		60,000		5,400,000

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Capital Markets—(Continued)
Raymond James Financial, Inc.		34,829	$	2,944,792
S&P Global, Inc.		67,830		15,450,996
State Street Corp.		102,858		5,766,220
T. Rowe Price Group, Inc.		65,182		7,151,117

				181,931,276


Chemicals—2.0%
Air Products & Chemicals, Inc.		60,677		13,735,453
Albemarle Corp. (a)		29,205		2,056,324
Celanese Corp.		34,899		3,762,112
CF Industries Holdings, Inc.		60,937		2,846,367
Corteva, Inc. (b)		206,402		6,103,307
Dow, Inc. (b)		206,405		10,177,831
DuPont de Nemours, Inc.		206,397		15,494,223
Eastman Chemical Co.		38,197		2,972,873
Ecolab, Inc.		69,917		13,804,412
FMC Corp.		36,290		3,010,256
International Flavors & Fragrances, Inc. (a)		27,938		4,053,524
Linde plc		149,608		30,041,286
LyondellBasell Industries NV - Class A		83,702		7,209,253
Mosaic Co. (The)		97,831		2,448,710
PPG Industries, Inc.		65,079		7,595,370
Sherwin-Williams Co. (The) (a)		22,393		10,262,488

				135,573,789


Commercial Services & Supplies—0.4%
Cintas Corp. (a)		23,348		5,540,247
Copart, Inc. (a) (b)		55,574		4,153,601
Republic Services, Inc.		59,390		5,145,549
Rollins, Inc. (a)		40,626		1,457,255
Waste Management, Inc.		107,694		12,424,657

				28,721,309


Communications Equipment—1.2%
Arista Networks, Inc. (a) (b)		14,573		3,783,442
Cisco Systems, Inc.		1,179,937		64,577,952
F5 Networks, Inc. (b)		16,454		2,396,196
Juniper Networks, Inc.		94,909		2,527,427
Motorola Solutions, Inc.		45,422		7,573,210

				80,858,227


Construction & Engineering—0.1%
Jacobs Engineering Group, Inc. (a)		31,630		2,669,256
Quanta Services, Inc. (a)		39,163		1,495,635

				4,164,891


Construction Materials—0.1%
Martin Marietta Materials, Inc. (a)		17,222		3,962,955
Vulcan Materials Co. (a)		36,410		4,999,457

				8,962,412


Consumer Finance—0.7%
American Express Co.		188,748		23,299,053
Capital One Financial Corp.		129,439		11,745,295

Consumer Finance—(Continued)
Discover Financial Services (a)		89,232		6,923,511
Synchrony Financial		174,802		6,060,385

				48,028,244


Containers & Packaging—0.4%
AMCOR plc (b)		447,385		5,140,454
Avery Dennison Corp.		23,268		2,691,642
Ball Corp. (a)		92,268		6,457,837
International Paper Co. (a)		109,520		4,744,406
Packaging Corp. of America		26,046		2,482,705
Sealed Air Corp. (a)		42,918		1,836,032
WestRock Co.		70,851		2,583,936

				25,937,012


Distributors—0.1%
Genuine Parts Co. (a)		40,261		4,170,234
LKQ Corp. (a) (b)		86,549		2,303,069

				6,473,303


Diversified Consumer Services—0.0%
H&R Block, Inc. (a)		56,035		1,641,826


Diversified Financial Services—1.7%
Berkshire Hathaway, Inc. - Class B (b)		534,134		113,861,345
Jefferies Financial Group, Inc.		69,840		1,343,023

				115,204,368


Diversified Telecommunication Services—2.0%
AT&T, Inc.		2,011,613		67,409,151
CenturyLink, Inc. (a)		264,468		3,110,144
Verizon Communications, Inc.		1,139,962		65,126,029

				135,645,324


Electric Utilities—1.9%
Alliant Energy Corp.		65,133		3,196,728
American Electric Power Co., Inc.		136,010		11,970,240
Duke Energy Corp.		200,678		17,707,827
Edison International		89,806		6,053,823
Entergy Corp. (a)		52,351		5,388,489
Evergy, Inc.		67,282		4,047,012
Eversource Energy (a)		88,508		6,705,366
Exelon Corp.		267,633		12,830,326
FirstEnergy Corp. (a)		139,161		5,957,482
NextEra Energy, Inc.		132,013		27,044,183
Pinnacle West Capital Corp.		30,948		2,911,897
PPL Corp.		198,940		6,169,129
Southern Co. (The)		286,894		15,859,500
Xcel Energy, Inc.		141,863		8,439,430

				134,281,432


Electrical Equipment—0.5%
AMETEK, Inc.		62,802		5,704,934
Eaton Corp. plc		116,623		9,712,363
Emerson Electric Co. (a)		169,413		11,303,235

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Electrical Equipment—(Continued)
Rockwell Automation, Inc. (a)		32,625	$	5,344,954

				32,065,486


Electronic Equipment, Instruments & Components—0.5%
Amphenol Corp. - Class A		82,342		7,899,891
Corning, Inc. (a)		216,308		7,187,915
FLIR Systems, Inc.		37,327		2,019,391
IPG Photonics Corp. (a) (b)		9,815		1,513,964
Keysight Technologies, Inc. (b)		51,867		4,658,175
TE Connectivity, Ltd.		92,853		8,893,460

				32,172,796


Energy Equipment & Services—0.4%
Baker Hughes a GE Co.		141,927		3,495,662
Halliburton Co. (a)		240,902		5,478,112
Helmerich & Payne, Inc.		30,460		1,541,885
National Oilwell Varco, Inc. (a)		106,374		2,364,694
Schlumberger, Ltd.		381,793		15,172,454
TechnipFMC plc (a)		116,093		3,011,452

				31,064,259


Entertainment—2.0%
Activision Blizzard, Inc.		211,141		9,965,855
Electronic Arts, Inc. (b)		81,768		8,279,828
Netflix, Inc. (a) (b)		120,515		44,267,570
Take-Two Interactive Software, Inc. (b)		31,021		3,521,814
Viacom, Inc. - Class B		97,478		2,911,668
Walt Disney Co. (The)		481,185		67,192,673

				136,139,408


Equity Real Estate Investment Trusts—2.9%
Alexandria Real Estate Equities, Inc.		31,130		4,392,132
American Tower Corp.		121,839		24,909,984
Apartment Investment & Management Co. - Class A (a)		41,022		2,056,023
AvalonBay Communities, Inc.		38,425		7,807,191
Boston Properties, Inc.		42,592		5,494,368
Crown Castle International Corp.		114,594		14,937,328
Digital Realty Trust, Inc. (a)		57,411		6,762,442
Duke Realty Corp.		99,072		3,131,666
Equinix, Inc.		23,173		11,685,912
Equity Residential		102,113		7,752,419
Essex Property Trust, Inc.		18,114		5,288,020
Extra Space Storage, Inc.		35,131		3,727,399
Federal Realty Investment Trust		20,647		2,658,508
HCP, Inc.		131,750		4,213,365
Host Hotels & Resorts, Inc.		204,219		3,720,870
Iron Mountain, Inc. (a)		79,075		2,475,048
Kimco Realty Corp. (a)		116,330		2,149,778
Macerich Co. (The) (a)		29,198		977,841
Mid-America Apartment Communities, Inc.		31,422		3,700,255
Prologis, Inc.		173,871		13,927,067
Public Storage		41,371		9,853,331
Realty Income Corp. (a)		86,775		5,984,872
Regency Centers Corp.		46,061		3,074,111
SBA Communications Corp. (b)		31,217		7,018,830

Equity Real Estate Investment Trusts—(Continued)
Simon Property Group, Inc.		85,169		13,606,599
SL Green Realty Corp.		23,243		1,868,040
UDR, Inc.		77,673		3,486,741
Ventas, Inc.		101,824		6,959,670
Vornado Realty Trust		47,848		3,067,057
Welltower, Inc.		111,617		9,100,134
Weyerhaeuser Co.		205,292		5,407,391

				201,194,392


Food & Staples Retailing—1.5%
Costco Wholesale Corp.		121,223		32,034,390
Kroger Co. (The)		222,353		4,827,284
Sysco Corp. (a)		130,337		9,217,433
Walgreens Boots Alliance, Inc. (a)		214,214		11,711,079
Walmart, Inc.		385,568		42,601,408

				100,391,594


Food Products—1.1%
Archer-Daniels-Midland Co.		154,403		6,299,642
Campbell Soup Co. (a)		53,125		2,128,719
Conagra Brands, Inc. (a)		133,937		3,552,009
General Mills, Inc.		165,050		8,668,426
Hershey Co. (The)		38,395		5,146,082
Hormel Foods Corp. (a)		75,045		3,042,324
J.M. Smucker Co. (The)		31,353		3,611,552
Kellogg Co. (a)		68,513		3,670,241
Kraft Heinz Co. (The)		171,494		5,323,174
Lamb Weston Holdings, Inc.		40,318		2,554,548
McCormick & Co., Inc.		33,753		5,232,053
Mondelez International, Inc. - Class A (a)		397,040		21,400,456
Tyson Foods, Inc. - Class A		81,259		6,560,852

				77,190,078


Gas Utilities—0.0%
Atmos Energy Corp. (a)		32,246		3,403,888


Health Care Equipment & Supplies—3.5%
Abbott Laboratories		486,277		40,895,896
ABIOMED, Inc. (a) (b)		12,438		3,239,975
Align Technology, Inc. (b)		20,068		5,492,612
Baxter International, Inc.		130,778		10,710,718
Becton Dickinson & Co. (a)		74,349		18,736,691
Boston Scientific Corp. (a) (b)		383,318		16,475,008
Cooper Cos., Inc. (The)		13,641		4,595,516
Danaher Corp.		173,659		24,819,344
DENTSPLY SIRONA, Inc. (a)		64,493		3,763,811
Edwards Lifesciences Corp. (a) (b)		57,471		10,617,193
Hologic, Inc. (b)		73,885		3,547,958
IDEXX Laboratories, Inc. (b)		23,707		6,527,248
Intuitive Surgical, Inc. (b)		31,823		16,692,755
Medtronic plc		369,549		35,990,377
ResMed, Inc.		39,525		4,823,236
Stryker Corp.		85,359		17,548,103
Teleflex, Inc.		12,722		4,212,890
Varian Medical Systems, Inc. (b)		25,068		3,412,507

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Health Care Equipment & Supplies—(Continued)
Zimmer Biomet Holdings, Inc.		56,450	$	6,646,423

				238,748,261


Health Care Providers & Services—2.6%
AmerisourceBergen Corp.		42,870		3,655,096
Anthem, Inc.		70,894		20,006,996
Cardinal Health, Inc. (a)		82,156		3,869,548
Centene Corp. (b)		113,940		5,975,014
Cigna Corp. (b)		104,593		16,478,627
CVS Health Corp.		358,080		19,511,779
DaVita, Inc. (b)		34,858		1,961,111
HCA Healthcare, Inc.		73,595		9,947,836
Henry Schein, Inc. (a) (b)		41,090		2,872,191
Humana, Inc.		37,221		9,874,731
Laboratory Corp. of America Holdings (b)		27,151		4,694,408
McKesson Corp.		52,361		7,036,795
Quest Diagnostics, Inc.		37,039		3,770,941
UnitedHealth Group, Inc.		261,952		63,918,907
Universal Health Services, Inc. - Class B (a)		22,846		2,978,890
WellCare Health Plans, Inc. (b)		13,868		3,953,351

				180,506,221


Health Care Technology—0.1%
Cerner Corp. (a)		89,698		6,574,863


Hotels, Restaurants & Leisure—1.9%
Carnival Corp.		110,367		5,137,584
Chipotle Mexican Grill, Inc. (b)		6,723		4,927,152
Darden Restaurants, Inc.		33,897		4,126,282
Hilton Worldwide Holdings, Inc.		80,228		7,841,485
Marriott International, Inc. - Class A (a)		76,181		10,687,432
McDonald’s Corp.		210,466		43,705,369
MGM Resorts International (a)		140,669		4,018,913
Norwegian Cruise Line Holdings, Ltd. (b)		59,371		3,184,067
Royal Caribbean Cruises, Ltd.		47,385		5,743,536
Starbucks Corp.		333,854		27,986,981
Wynn Resorts, Ltd.		26,708		3,311,525
Yum! Brands, Inc.		84,339		9,333,797

				130,004,123


Household Durables—0.3%
DR Horton, Inc.		93,604		4,037,141
Garmin, Ltd.		33,422		2,667,076
Leggett & Platt, Inc. (a)		36,182		1,388,303
Lennar Corp. - Class A (a)		78,675		3,812,591
Mohawk Industries, Inc. (a) (b)		16,968		2,502,271
Newell Brands, Inc.		107,293		1,654,458
PulteGroup, Inc. (a)		70,278		2,222,190
Whirlpool Corp.		17,459		2,485,463

				20,769,493


Household Products—1.7%
Church & Dwight Co., Inc.		67,867		4,958,363
Clorox Co. (The) (a)		35,108		5,375,386
Colgate-Palmolive Co.		236,640		16,959,989

Household Products—(Continued)
Kimberly-Clark Corp.		94,763		12,630,012
Procter & Gamble Co. (The)		691,394		75,811,352

				115,735,102


Independent Power and Renewable Electricity Producers—0.1%
AES Corp.		182,949		3,066,225
NRG Energy, Inc.		73,637		2,586,132

				5,652,357


Industrial Conglomerates—1.4%
3M Co.		158,886		27,541,299
General Electric Co.		2,403,795		25,239,848
Honeywell International, Inc.		200,594		35,021,706
Roper Technologies, Inc.		28,623		10,483,460

				98,286,313


Insurance—2.5%
Aflac, Inc.		205,480		11,262,359
Allstate Corp. (The)		91,817		9,336,871
American International Group, Inc. (a)		239,738		12,773,241
Aon plc		66,297		12,793,995
Arthur J. Gallagher & Co.		51,062		4,472,521
Assurant, Inc. (a)		16,945		1,802,609
Chubb, Ltd.		126,207		18,589,029
Cincinnati Financial Corp. (a)		41,817		4,335,168
Everest Re Group, Ltd.		11,228		2,775,337
Hartford Financial Services Group, Inc. (The)		99,643		5,552,108
Lincoln National Corp.		55,773		3,594,570
Loews Corp. (a)		73,954		4,043,065
Marsh & McLennan Cos., Inc.		140,946		14,059,363
MetLife, Inc. (c)		261,958		13,011,454
Principal Financial Group, Inc. (a)		71,404		4,135,720
Progressive Corp. (The)		160,969		12,866,252
Prudential Financial, Inc.		111,909		11,302,809
Torchmark Corp.		27,879		2,494,055
Travelers Cos., Inc. (The)		72,192		10,794,148
Unum Group		58,402		1,959,387
Willis Towers Watson plc		35,623		6,823,229

				168,777,290


Interactive Media & Services—4.6%
Alphabet, Inc. - Class A (b)		82,537		89,371,063
Alphabet, Inc. - Class C (a) (b) (d)		84,476		91,310,953
Facebook, Inc. - Class A (b)		662,235		127,811,355
TripAdvisor, Inc. (b)		28,530		1,320,654
Twitter, Inc. (b)		201,271		7,024,358

				316,838,383


Internet & Direct Marketing Retail—3.7%
Amazon.com, Inc. (b)		113,993		215,860,565
Booking Holdings, Inc. (b)		11,933		22,370,914
eBay, Inc.		225,813		8,919,614
Expedia Group, Inc. (a)		32,615		4,338,773

				251,489,866

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

IT Services—5.2%
Accenture plc - Class A		175,812	$	32,484,783
Akamai Technologies, Inc. (b)		45,231		3,624,812
Alliance Data Systems Corp. (a)		12,418		1,740,134
Automatic Data Processing, Inc.		119,966		19,833,979
Broadridge Financial Solutions, Inc. (a)		32,012		4,087,292
Cognizant Technology Solutions Corp. - Class A		156,916		9,946,905
DXC Technology Co.		73,945		4,078,067
Fidelity National Information Services, Inc.		89,262		10,950,662
Fiserv, Inc. (b)		108,171		9,860,868
FleetCor Technologies, Inc. (a) (b)		23,758		6,672,434
Gartner, Inc. (b)		24,832		3,996,462
Global Payments, Inc. (a)		43,190		6,916,015
International Business Machines Corp.		244,393		33,701,795
Jack Henry & Associates, Inc. (a)		21,280		2,849,818
MasterCard, Inc. - Class A (a)		247,738		65,534,133
Paychex, Inc.		88,166		7,255,180
PayPal Holdings, Inc. (b)		323,857		37,068,672
Total System Services, Inc.		44,877		5,756,373
VeriSign, Inc. (b)		28,909		6,046,607
Visa, Inc. - Class A (a)		479,333		83,188,242
Western Union Co. (The) (a)		118,720		2,361,341

				357,954,574


Leisure Products—0.0%
Hasbro, Inc. (a)		31,915		3,372,777


Life Sciences Tools & Services—1.1%
Agilent Technologies, Inc.		87,100		6,503,757
Illumina, Inc. (a) (b)		40,519		14,917,070
IQVIA Holdings, Inc. (b)		43,494		6,998,184
Mettler-Toledo International, Inc. (a) (b)		6,837		5,743,080
PerkinElmer, Inc. (a)		30,573		2,945,403
Thermo Fisher Scientific, Inc.		110,251		32,378,514
Waters Corp. (a) (b)		19,150		4,121,846

				73,607,854


Machinery—1.5%
Caterpillar, Inc.		157,631		21,483,529
Cummins, Inc.		39,938		6,842,977
Deere & Co. (a)		87,377		14,479,243
Dover Corp.		40,058		4,013,812
Flowserve Corp. (a)		36,146		1,904,533
Fortive Corp. (a)		81,282		6,626,109
Illinois Tool Works, Inc.		82,613		12,458,866
Ingersoll-Rand plc		66,472		8,420,008
PACCAR, Inc. (a)		95,493		6,843,028
Parker-Hannifin Corp. (a)		35,360		6,011,554
Pentair plc (a)		43,589		1,621,511
Snap-on, Inc. (a)		15,272		2,529,654
Stanley Black & Decker, Inc.		41,768		6,040,070
Wabtec Corp. (a)		44,593		3,199,994
Xylem, Inc.		49,596		4,148,209

				106,623,097


Media—1.4%
CBS Corp. - Class B		97,012		4,840,899
Charter Communications, Inc. - Class A (b)		47,417		18,738,250
Comcast Corp. - Class A		1,248,465		52,785,100
Discovery, Inc. - Class A (a) (b)		43,509		1,335,726
Discovery, Inc. - Class C (b)		99,382		2,827,418
DISH Network Corp. - Class A (a) (b)		63,598		2,442,799
Fox Corp. - Class A (a) (b)		97,672		3,578,702
Fox Corp. - Class B (b)		44,754		1,634,864
Interpublic Group of Cos., Inc. (The)		106,683		2,409,969
News Corp. - Class A		106,267		1,433,542
News Corp. - Class B		34,116		476,259
Omnicom Group, Inc. (a)		60,686		4,973,218

				97,476,746


Metals & Mining—0.3%
Freeport-McMoRan, Inc. (a)		399,851		4,642,270
Newmont Goldcorp Corp (a)		225,922		8,691,219
Nucor Corp.		84,010		4,628,951

				17,962,440


Multi-Utilities—1.1%
Ameren Corp.		67,696		5,084,647
CenterPoint Energy, Inc.		138,418		3,962,907
CMS Energy Corp.		78,213		4,529,315
Consolidated Edison, Inc.		90,162		7,905,404
Dominion Energy, Inc.		221,162		17,100,246
DTE Energy Co.		50,500		6,457,940
NiSource, Inc.		102,841		2,961,821
Public Service Enterprise Group, Inc.		139,316		8,194,567
Sempra Energy (a)		75,632		10,394,862
WEC Energy Group, Inc. (a)		86,947		7,248,771

				73,840,480


Multiline Retail—0.5%
Dollar General Corp.		71,204		9,623,933
Dollar Tree, Inc. (b)		65,486		7,032,541
Kohl’s Corp. (a)		44,660		2,123,583
Macy’s, Inc. (a)		85,137		1,827,040
Nordstrom, Inc. (a)		28,987		923,526
Target Corp.		141,219		12,230,978

				33,761,601


Oil, Gas & Consumable Fuels—4.5%
Anadarko Petroleum Corp.		138,403		9,765,716
Apache Corp. (a)		103,618		3,001,813
Cabot Oil & Gas Corp.		116,674		2,678,835
Chevron Corp.		525,068		65,339,462
Cimarex Energy Co.		27,958		1,658,748
Concho Resources, Inc.		55,291		5,704,925
ConocoPhillips		311,520		19,002,720
Devon Energy Corp.		114,445		3,263,971
Diamondback Energy, Inc.		42,666		4,649,314
EOG Resources, Inc.		159,960		14,901,874
Exxon Mobil Corp.		1,166,254		89,370,044
Hess Corp. (a)		70,257		4,466,237

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Oil, Gas & Consumable Fuels—(Continued)
HollyFrontier Corp.		43,303	$	2,004,063
Kinder Morgan, Inc. (a)		536,619		11,204,605
Marathon Oil Corp.		225,449		3,203,630
Marathon Petroleum Corp.		182,643		10,206,091
Noble Energy, Inc.		131,819		2,952,746
Occidental Petroleum Corp.		206,183		10,366,881
ONEOK, Inc.		113,771		7,828,583
Phillips 66 (a)		115,129		10,769,167
Pioneer Natural Resources Co.		46,424		7,142,797
Valero Energy Corp.		115,007		9,845,749
Williams Cos., Inc. (The) (a)		334,011		9,365,668

				308,693,639


Personal Products—0.2%
Coty, Inc. - Class A		82,845		1,110,123
Estee Lauder Cos., Inc. (The) - Class A		60,440		11,067,168

				12,177,291


Pharmaceuticals—4.5%
Allergan plc		84,934		14,220,500
Bristol-Myers Squibb Co. (a)		450,869		20,446,909
Eli Lilly & Co.		238,163		26,386,079
Johnson & Johnson		731,837		101,930,257
Merck & Co., Inc.		709,672		59,505,997
Mylan NV (b)		142,081		2,705,222
Nektar Therapeutics (a) (b)		48,045		1,709,441
Perrigo Co. plc (a)		34,485		1,642,176
Pfizer, Inc.		1,530,294		66,292,336
Zoetis, Inc.		131,936		14,973,417

				309,812,334


Professional Services—0.3%
Equifax, Inc. (a)		33,304		4,504,033
IHS Markit, Ltd. (a) (b)		100,269		6,389,141
Nielsen Holdings plc (a)		97,988		2,214,529
Robert Half International, Inc.		32,656		1,861,718
Verisk Analytics, Inc. (a)		45,113		6,607,250

				21,576,671


Real Estate Management & Development—0.1%
CBRE Group, Inc. - Class A (b)		86,202		4,422,163


Road & Rail—1.0%
CSX Corp. (a)		211,885		16,393,542
J.B. Hunt Transport Services, Inc. (a)		23,978		2,191,829
Kansas City Southern		27,726		3,377,581
Norfolk Southern Corp.		73,311		14,613,082
Union Pacific Corp.		195,108		32,994,714

				69,570,748


Semiconductors & Semiconductor Equipment—3.7%
Advanced Micro Devices, Inc. (a) (b)		244,467		7,424,463
Analog Devices, Inc.		101,920		11,503,710
Applied Materials, Inc.		258,027		11,587,993
Broadcom, Inc.		109,111		31,408,692

Semiconductors & Semiconductor Equipment—(Continued)
Intel Corp. (a)		1,234,036		59,073,303
KLA-Tencor Corp.		44,549		5,265,692
Lam Research Corp.		41,326		7,762,676
Maxim Integrated Products, Inc.		75,090		4,491,884
Microchip Technology, Inc. (a)		65,582		5,685,959
Micron Technology, Inc. (b)		305,046		11,771,725
NVIDIA Corp.		167,864		27,568,305
Qorvo, Inc. (b)		32,842		2,187,606
QUALCOMM, Inc.		335,094		25,490,601
Skyworks Solutions, Inc.		47,601		3,678,129
Texas Instruments, Inc.		258,606		29,677,624
Xilinx, Inc.		69,990		8,253,221

				252,831,583


Software—6.6%
Adobe, Inc. (b)		134,499		39,630,130
ANSYS, Inc. (b)		23,134		4,738,306
Autodesk, Inc. (a) (b)		60,536		9,861,314
Cadence Design Systems, Inc. (b)		77,462		5,485,084
Citrix Systems, Inc.		34,474		3,383,278
Fortinet, Inc. (b)		40,008		3,073,815
Intuit, Inc.		71,458		18,674,119
Microsoft Corp.		2,112,172		282,946,561
Oracle Corp. (a)		668,847		38,104,214
Red Hat, Inc. (b)		48,997		9,199,677
Salesforce.com, Inc. (b)		214,046		32,477,200
Symantec Corp.		170,398		3,707,861
Synopsys, Inc. (b)		41,318		5,317,213

				456,598,772


Specialty Retail—2.3%
Advance Auto Parts, Inc. (a)		19,774		3,047,964
AutoZone, Inc. (b)		6,762		7,434,616
Best Buy Co., Inc.		64,038		4,465,370
CarMax, Inc. (a) (b)		45,809		3,977,595
Foot Locker, Inc. (a)		30,957		1,297,717
Gap, Inc. (The) (a)		58,342		1,048,406
Home Depot, Inc. (The)		303,282		63,073,558
L Brands, Inc.		63,221		1,650,068
Lowe’s Cos., Inc.		215,802		21,776,580
O’Reilly Automotive, Inc. (a) (b)		21,577		7,968,818
Ross Stores, Inc. (a)		101,281		10,038,973
Tiffany & Co. (a)		29,783		2,788,880
TJX Cos., Inc. (The)		334,258		17,675,563
Tractor Supply Co.		33,253		3,617,926
Ulta Salon Cosmetics & Fragrance, Inc. (b)		15,308		5,310,192

				155,172,226


Technology Hardware, Storage & Peripherals—3.9%
Apple, Inc.		1,204,824		238,458,766
Hewlett Packard Enterprise Co.		369,121		5,518,359
HP, Inc. (a)		415,192		8,631,842
NetApp, Inc.		68,075		4,200,227
Seagate Technology plc (a)		69,440		3,272,013
Western Digital Corp. (a)		80,761		3,840,186

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares/ Principal Amount*		Value

Technology Hardware, Storage & Peripherals—(Continued)
Xerox Corp.		53,866	$	1,907,395

				265,828,788


Textiles, Apparel & Luxury Goods—0.7%
Capri Holdings, Ltd. (b)		41,604		1,442,827
Hanesbrands, Inc.		99,635		1,715,715
NIKE, Inc. - Class B		346,402		29,080,448
PVH Corp.		20,649		1,954,221
Ralph Lauren Corp. (a)		14,386		1,634,106
Tapestry, Inc.		79,972		2,537,512
Under Armour, Inc. - Class A (a) (b)		51,824		1,313,738
Under Armour, Inc. - Class C (a) (b)		53,547		1,188,743
VF Corp.		89,767		7,841,147

				48,708,457


Tobacco—0.8%
Altria Group, Inc.		515,698		24,418,301
Philip Morris International, Inc.		428,840		33,676,805

				58,095,106


Trading Companies & Distributors—0.2%
Fastenal Co. (a)		157,752		5,141,138
United Rentals, Inc. (b)		21,672		2,874,357
WW Grainger, Inc.		12,379		3,320,419

				11,335,914


Water Utilities—0.1%
American Water Works Co., Inc.		49,758		5,771,928

Total Common Stocks (Cost $3,102,363,929)				6,735,408,381


Mutual Fund—1.5%

Investment Company Security—1.5%
SPDR S&P 500 ETF Trust (a) (Cost $101,713,195)		347,000		101,671,000


Short-Term Investments—0.4%

Discount Notes—0.1%
Federal Home Loan Bank
2.120%, 07/17/19 (e)		1,175,000		1,173,851
2.205%, 07/12/19 (e)		1,225,000		1,224,177
2.210%, 07/24/19 (e)		2,850,000		2,845,994
2.229%, 07/19/19 (e)		3,675,000		3,670,958
2.360%, 07/05/19 (e)		425,000		424,896

				9,339,876


U.S. Treasury—0.3%
U.S. Treasury Bills
2.066%, 07/23/19 (e)		2,425,000		2,421,919
2.276%, 07/30/19 (e)		14,675,000		14,650,275
2.368%, 07/25/19 (e)		2,175,000		2,172,176
2.377%, 07/11/19 (e)		725,000		724,609

				19,968,979

Total Short-Term Investments (Cost $29,305,960)				29,308,855


Securities Lending Reinvestments (f)—11.7%

Bank Note—0.1%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (g)		5,000,000		5,022,522


Certificates of Deposit—5.9%
ABN AMRO Bank NV Zero Coupon, 07/05/19		9,912,326		9,995,300
Banco Del Estado De Chile New York 2.564%, 1M LIBOR + 0.160%, 11/22/19 (g)		8,000,000		8,000,680
Banco Santander S.A. 2.600%, 07/05/19		5,000,000		5,000,260
Bank of Montreal (Chicago)
2.590%, SOFR + 0.170%, 02/07/20 (g)		5,000,000		5,000,280
2.751%, 1M LIBOR + 0.330%, 08/06/19 (g)		10,000,000		10,002,870
Bank of Nova Scotia
2.564%, 1M LIBOR + 0.170%, 05/15/20 (g)		7,000,000		6,999,356
2.762%, 3M LIBOR + 0.170%, 01/09/20 (g)		9,000,000		9,006,993
Barclays Bank plc
2.950%, 08/02/19		18,000,000		18,009,468
3.000%, 09/19/19		5,101,355		5,006,705
BNP Paribas S.A. New York
2.534%, 1M LIBOR + 0.140%, 09/16/19 (g)		7,000,000		7,000,294
2.615%, 3M LIBOR + 0.050%, 11/06/19 (g)		7,000,000		7,002,576
Canadian Imperial Bank of Commerce 2.644%, 1M LIBOR + 0.250%, 10/15/19 (g)		15,000,000		15,004,935
Chiba Bank, Ltd. 2.450%, 08/12/19		5,000,000		5,000,790
China Construction Bank Corp. 2.630%, 08/30/19		5,000,000		5,001,520
Commonwealth Bank of Australia 2.621%, 1M LIBOR + 0.210%, 09/13/19 (g)		12,000,000		12,003,840
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (g)		10,000,000		10,003,920
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (g)		15,000,000		15,007,590
Credit Industriel et Commercial
Zero Coupon, 08/01/19		6,897,911		6,984,530
2.687%, 3M LIBOR + 0.090%, 10/15/19 (g)		5,000,000		5,001,385
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (g)		5,000,000		4,999,600
Industrial & Commercial Bank of China, Ltd.
2.630%, 08/28/19		13,000,000		13,004,264
2.670%, 07/25/19		2,000,000		2,000,388

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
KBC Bank NV Zero Coupon, 10/25/19		4,935,000	$	4,963,174
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 08/09/19		4,967,375		4,986,350
2.562%, 1M LIBOR + 0.150%, 09/11/19 (g)		10,000,000		10,000,670
Mizuho Bank, Ltd.
2.524%, 1M LIBOR + 0.120%, 11/27/19 (g)		10,000,000		10,002,570
2.573%, 1M LIBOR + 0.160%, 09/12/19 (g)		15,000,000		15,003,870
2.672%, 3M LIBOR + 0.080%, 07/09/19 (g)		3,000,000		3,000,273
MUFG Bank Ltd.
2.574%, 1M LIBOR + 0.170%, 02/24/20 (g)		7,000,000		7,000,021
2.800%, 07/16/19		5,000,000		5,001,000
National Australia Bank, Ltd. 2.602%, 1M LIBOR + 0.190%, 04/08/20 (g)		7,000,000		7,001,610
Natixis New York 2.649%, 3M LIBOR + 0.070%, 11/01/19 (g)		3,000,000		3,000,714
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (g)		15,000,000		15,004,335
Shizuoka Bank 2.570%, 08/06/19		5,000,000		5,001,035
Societe Generale
2.663%, 1M LIBOR + 0.280%, 06/19/20 (g)		4,000,000		3,999,960
2.672%, 3M LIBOR + 0.080%, 07/09/19 (g)		3,000,000		3,000,324
2.723%, 3M LIBOR + 0.200%, 08/21/19 (g)		7,002,752		7,004,179
2.730%, FEDEFF PRV + 0.350%, 06/19/20 (g)		4,000,000		3,999,988
Standard Chartered Bank
2.524%, 1M LIBOR + 0.130%, 11/15/19 (g)		15,000,000		15,000,540
2.660%, 08/23/19		15,000,000		15,006,945
Sumitomo Mitsui Banking Corp.
2.542%, 1M LIBOR + 0.130%, 12/09/19 (g)		3,000,000		3,000,147
2.589%, 1M LIBOR + 0.170%, 08/07/19 (g)		6,000,042		6,000,630
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 08/06/19		1,972,675		1,994,940
Zero Coupon, 08/08/19		2,959,087		2,992,020
2.523%, 1M LIBOR + 0.140%, 11/20/19 (g)		10,000,000		10,001,000
2.600%, 07/05/19		10,000,000		10,000,410
2.689%, 3M LIBOR + 0.100%, 07/08/19 (g)		5,000,000		5,000,360
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 11/15/19		2,960,656		2,973,720
Svenska Handelsbanken AB
2.592%, 1M LIBOR + 0.180%, 06/05/20 (g)		3,000,000		3,000,570
2.702%, 1M LIBOR + 0.300%, 10/31/19 (g)		5,000,000		5,003,645
Toronto-Dominion Bank
2.604%, 1M LIBOR + 0.210%, 09/17/19 (g)		5,000,000		5,001,780
2.611%, 1M LIBOR + 0.180%, 06/03/20 (g)		5,000,000		4,999,891
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (g)		10,000,000		10,001,350
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (g)		15,000,000		14,999,916

				407,985,481


Commercial Paper—1.9%
Agricultural Bank of China 2.610%, 08/13/19		7,946,640		7,973,400

Commercial Paper—(Continued)
Bank of China, Ltd.
2.640%, 09/09/19		6,953,800		6,963,068
2.670%, 07/16/19		9,933,250		9,987,030
2.670%, 07/17/19		4,966,625		4,993,155
China Construction Bank Corp.
2.620%, 09/03/19		14,899,567		14,928,285
2.650%, 07/26/19		6,954,656		6,985,881
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (g)		15,000,000		15,002,985
Industrial & Commercial Bank of China, Ltd. 2.610%, 08/20/19		3,973,320		3,985,224
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (g)		12,000,000		12,003,036
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (g)		10,000,000		9,999,950
Societe Generale 2.812%, 3M LIBOR + 0.410%, 12/18/19 (g)		3,005,322		3,005,694
Starbird Funding Corp. 2.600%, 07/01/19		3,999,195		3,999,180
Toronto-Dominion Bank 2.780%, 1M LIBOR + 0.350%, 11/05/19 (g)		10,000,000		10,009,750
Toyota Motor Credit Corp. 2.620%, 08/29/19		11,845,420		11,951,340
Westpac Banking Corp.
2.552%, 1M LIBOR + 0.150%, 05/29/20 (g)		2,999,486		3,000,009
2.630%, 3M LIBOR + 0.070%, 08/07/19 (g)		7,500,000		7,502,828

				132,290,815


Master Demand Notes—0.5%
Natixis Financial Products LLC
2.590%, OBFR + 0.230%, 07/01/19		20,000,000		20,000,000
2.610%, OBFR + 0.250%, 07/01/19		11,500,000		11,500,000

				31,500,000


Repurchase Agreements—2.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $19,712,740; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $20,103,141.		19,708,962		19,708,962
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $11,181,443; collateralized by various Common Stock with an aggregate market value of $12,210,000.		11,100,000		11,100,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $22,674,488; collateralized by various Common Stock with an aggregate market value of $24,756,129.		22,500,000		22,500,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $20,052,694; collateralized by various Common Stock with an aggregate market value of $22,000,001.		20,000,000		20,000,000

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $1,002,683; 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 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $34,016,924; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $37,206,610.		34,000,000		34,000,000
Societe Generale Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $2,000,972; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,155,136.		2,000,000		2,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $45,021,875; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $48,490,564.		45,000,000		45,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $20,209,819; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $21,766,875.		20,200,000		20,200,000

				175,508,962


Time Deposits—0.7%
Nordea Bank New York 2.310%, 07/01/19		25,000,000		25,000,000

Time Deposits—(Continued)
Royal Bank of Canada 2.500%, 07/01/19		25,000,000		25,000,000

				50,000,000

Total Securities Lending Reinvestments (Cost $802,173,243)				802,307,780

Total Investments—111.6% (Cost $4,035,556,327)				7,668,696,016
Other assets and liabilities (net)—(11.6)%				(797,805,908	)

Net Assets—100.0%			$	6,870,890,108


*		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, 2019, the market value of securities loaned was $792,244,917 and the collateral received consisted of cash in the amount of $801,695,422 and non-cash collateral with a value of $955,341. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(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, 2019, the market value of securities pledged was $21,677,650.
(e)		The rate shown represents current yield to maturity.
(f)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(g)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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
Appreciation

S&P 500 Index E-Mini Futures

09/20/19

210

USD

30,914,100

190,796

Glossary of Abbreviations

Currencies


(USD)—		United States Dollar

Other Abbreviations


(ETF)—		Exchange-Traded Fund
(FEDEFF PRV)—		Effective Federal Funds Rate
(LIBOR)—		London Interbank Offered Rate
(OBFR)—		U.S. Overnight Bank Funding Rate
(SOFR)—		Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	6,735,408,381	$	—		$	—	$	6,735,408,381
Total Mutual Fund*		101,671,000		—			—		101,671,000
Total Short-Term Investments*		—		29,308,855			—		29,308,855
Total Securities Lending Reinvestments*		—		802,307,780			—		802,307,780
Total Investments	$	6,837,079,381	$	831,616,635		$	—	$	7,668,696,016

Collateral for Securities Loaned (Liability)	$	—	$	(801,695,422	)	$	—	$	(801,695,422	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	190,796	$	—		$	—	$	190,796


*		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, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	7,655,684,562
Affiliated investments at value (c)		13,011,454
Cash		62,034
Receivable for:
Investments sold		8,785,218
Fund shares sold		121,202
Dividends		5,711,192
Variation margin on futures contracts		139,650

Total Assets		7,683,515,312
Liabilities
Collateral for securities loaned		801,695,422
Payables for:
Investments purchased		3,339,875
Fund shares redeemed		4,804,380
Accrued Expenses:
Management fees		1,314,314
Distribution and service fees		424,226
Deferred trustees’ fees		144,988
Other expenses		901,999

Total Liabilities		812,625,204

Net Assets	$	6,870,890,108

Net Assets Consist of:
Paid in surplus	$	3,072,523,571
Distributable earnings (Accumulated losses)		3,798,366,537

Net Assets	$	6,870,890,108

Net Assets
Class A	$	4,690,294,967
Class B		1,973,845,503
Class D		48,043,719
Class E		137,467,230
Class G		21,238,689
Capital Shares Outstanding*
Class A		92,737,963
Class B		40,792,376
Class D		952,358
Class E		2,738,777
Class G		440,033
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	50.58
Class B		48.39
Class D		50.45
Class E		50.19
Class G		48.27


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments, excluding affiliated investments, was $4,026,707,747.
(b)		Includes securities loaned at value of $792,244,917.
(c)		Identified cost of affiliated investments was $8,848,580.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends	$	68,327,539
Dividends from affiliated investments		235,349
Interest		329,624
Securities lending income		1,165,339

Total investment income		70,057,851
Expenses
Management fees		8,268,476
Administration fees		115,258
Custodian and accounting fees		177,253
Distribution and service fees—Class B		2,414,382
Distribution and service fees—Class D		23,870
Distribution and service fees—Class E		100,882
Distribution and service fees—Class G		28,437
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		233,601
Insurance		22,020
Miscellaneous		334,240

Total expenses		11,794,352
Less management fee waiver		(409,328	)

Net expenses		11,385,024

Net Investment Income		58,672,827

Net Realized and Unrealized Gain
Net realized gain on:
Investments		204,711,289
Affiliated investments		42,635
Futures contracts		3,266,120

Net realized gain		208,020,044

Net change in unrealized appreciation on:
Investments		832,046,392
Affiliated investments		2,535,148
Futures contracts		1,243,201

Net change in unrealized appreciation		835,824,741

Net realized and unrealized gain		1,043,844,785

Net Increase in Net Assets From Operations	$	1,102,517,612

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	58,672,827		$	126,568,671
Net realized gain		208,020,044			526,196,181
Net change in unrealized appreciation (depreciation)		835,824,741			(918,930,668	)

Increase (decrease) in net assets from operations		1,102,517,612			(266,165,816	)

From Distributions to Shareholders
Class A		(441,724,208	)		(345,323,756	)
Class B		(189,695,166	)		(151,903,972	)
Class D		(4,576,782	)		(3,829,769	)
Class E		(12,911,335	)		(10,642,785	)
Class G		(1,993,784	)		(1,367,706	)

Total distributions		(650,901,275	)		(513,067,988	)

Increase (decrease) in net assets from capital share transactions		335,414,780			(251,123,564	)

Total increase (decrease) in net assets		787,031,117			(1,030,357,368	)

Net Assets
Beginning of period		6,083,858,991			7,114,216,359

End of period	$	6,870,890,108		$	6,083,858,991

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		1,363,744		$	71,660,215			2,439,630		$	125,872,646
Reinvestments		8,927,328			441,724,208			6,665,195			345,323,756
Redemptions		(4,705,988	)		(247,601,642	)		(11,144,179	)		(591,671,377	)

Net increase (decrease)		5,585,084		$	265,782,781			(2,039,354	)	$	(120,474,975	)

Class B
Sales		963,918		$	47,699,078			2,102,037		$	104,947,642
Reinvestments		4,007,080			189,695,166			3,051,506			151,903,972
Redemptions		(3,425,426	)		(173,901,582	)		(7,227,146	)		(369,794,918	)

Net increase (decrease)		1,545,572		$	63,492,662			(2,073,603	)	$	(112,943,304	)

Class D
Sales		6,413		$	350,666			53,658		$	2,925,553
Reinvestments		92,741			4,576,782			74,091			3,829,769
Redemptions		(104,446	)		(5,425,349	)		(240,446	)		(12,910,665	)

Net decrease		(5,292	)	$	(497,901	)		(112,697	)	$	(6,155,343	)

Class E
Sales		24,126		$	1,236,866			51,228		$	2,619,302
Reinvestments		262,906			12,911,335			206,857			10,642,785
Redemptions		(217,878	)		(11,370,000	)		(460,536	)		(24,371,905	)

Net increase (decrease)		69,154		$	2,778,201			(202,451	)	$	(11,109,818	)

Class G
Sales		50,272		$	2,533,257			7,719		$	389,067
Reinvestments		42,223			1,993,784			27,525			1,367,706
Redemptions		(13,158	)		(668,004	)		(42,916	)		(2,196,897	)

Net increase (decrease)		79,337		$	3,859,037			(7,672	)	$	(440,124	)

Increase (decrease) derived from capital shares transactions				$	335,414,780					$	(251,123,564	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	47.25		$	53.40		$	46.03		$	44.04		$	46.21		$	42.58

Income (Loss) from Investment Operations
Net investment income (a)		0.48			1.01			0.92			0.89			0.85			0.79
Net realized and unrealized gain (loss)		8.10			(3.11	)		8.74			3.98			(0.26	)		4.66

Total income (loss) from investment operations		8.58			(2.10	)		9.66			4.87			0.59			5.45

Less Distributions
Distributions from net investment income		(1.17	)		(0.98	)		(0.89	)		(0.90	)		(0.81	)		(0.74	)
Distributions from net realized capital gains		(4.08	)		(3.07	)		(1.40	)		(1.98	)		(1.95	)		(1.08	)

Total distributions		(5.25	)		(4.05	)		(2.29	)		(2.88	)		(2.76	)		(1.82	)

Net Asset Value, End of Period	$	50.58		$	47.25		$	53.40		$	46.03		$	44.04		$	46.21

Total Return (%) (b)		18.37	(c)		(4.60	)		21.54			11.67			1.17			13.36

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28	(d)		0.28			0.28			0.27			0.27			0.27
Net ratio of expenses to average net assets (%) (e)		0.27	(d)		0.27			0.26			0.26			0.26			0.26
Ratio of net investment income to average net assets (%)		1.85	(d)		1.90			1.86			2.02			1.88			1.81
Portfolio turnover rate (%)		6	(c)		14			11			8			9			12
Net assets, end of period (in millions)	$	4,690.3		$	4,117.9		$	4,762.6		$	4,347.5		$	4,108.5		$	4,295.4

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	45.34		$	51.39		$	44.37		$	42.55		$	44.73		$	41.27

Income (Loss) from Investment Operations
Net investment income (a)		0.40			0.84			0.77			0.75			0.71			0.66
Net realized and unrealized gain (loss)		7.76			(2.97	)		8.42			3.84			(0.25	)		4.52

Total income (loss) from investment operations		8.16			(2.13	)		9.19			4.59			0.46			5.18

Less Distributions
Distributions from net investment income		(1.03	)		(0.85	)		(0.77	)		(0.79	)		(0.69	)		(0.64	)
Distributions from net realized capital gains		(4.08	)		(3.07	)		(1.40	)		(1.98	)		(1.95	)		(1.08	)

Total distributions		(5.11	)		(3.92	)		(2.17	)		(2.77	)		(2.64	)		(1.72	)

Net Asset Value, End of Period	$	48.39		$	45.34		$	51.39		$	44.37		$	42.55		$	44.73

Total Return (%) (b)		18.24	(c)		(4.83	)		21.23			11.38			0.91			13.10

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(d)		0.53			0.53			0.52			0.52			0.52
Net ratio of expenses to average net assets (%) (e)		0.52	(d)		0.52			0.51			0.51			0.51			0.51
Ratio of net investment income to average net assets (%)		1.60	(d)		1.65			1.61			1.77			1.63			1.56
Portfolio turnover rate (%)		6	(c)		14			11			8			9			12
Net assets, end of period (in millions)	$	1,973.8		$	1,779.4		$	2,123.5		$	1,988.2		$	1,892.0		$	2,025.6

Please see following page for Financial Highlights footnote legend.

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	47.11		$	53.24		$	45.90		$	43.93		$	46.10		$	42.46

Income (Loss) from Investment Operations
Net investment income (a)		0.45			0.95			0.87			0.84			0.80			0.73
Net realized and unrealized gain (loss)		8.08			(3.09	)		8.71			3.97			(0.26	)		4.67

Total income (loss) from investment operations		8.53			(2.14	)		9.58			4.81			0.54			5.40

Less Distributions
Distributions from net investment income		(1.11	)		(0.92	)		(0.84	)		(0.86	)		(0.76	)		(0.68	)
Distributions from net realized capital gains		(4.08	)		(3.07	)		(1.40	)		(1.98	)		(1.95	)		(1.08	)

Total distributions		(5.19	)		(3.99	)		(2.24	)		(2.84	)		(2.71	)		(1.76	)

Net Asset Value, End of Period	$	50.45		$	47.11		$	53.24		$	45.90		$	43.93		$	46.10

Total Return (%) (b)		18.34	(c)		(4.69	)		21.41			11.54			1.07			13.26

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.38	(d)		0.38			0.38			0.37			0.37			0.37
Net ratio of expenses to average net assets (%) (e)		0.37	(d)		0.37			0.36			0.36			0.36			0.36
Ratio of net investment income to average net assets (%)		1.75	(d)		1.80			1.77			1.92			1.76			1.70
Portfolio turnover rate (%)		6	(c)		14			11			8			9			12
Net assets, end of period (in millions)	$	48.0		$	45.1		$	57.0		$	64.3		$	84.1		$	143.5

	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	46.88		$	53.01		$	45.71		$	43.75		$	45.92		$	42.32

Income (Loss) from Investment Operations
Net investment income (a)		0.44			0.92			0.84			0.81			0.78			0.72
Net realized and unrealized gain (loss)		8.03			(3.08	)		8.68			3.97			(0.26	)		4.64

Total income (loss) from investment operations		8.47			(2.16	)		9.52			4.78			0.52			5.36

Less Distributions
Distributions from net investment income		(1.08	)		(0.90	)		(0.82	)		(0.84	)		(0.74	)		(0.68	)
Distributions from net realized capital gains		(4.08	)		(3.07	)		(1.40	)		(1.98	)		(1.95	)		(1.08	)

Total distributions		(5.16	)		(3.97	)		(2.22	)		(2.82	)		(2.69	)		(1.76	)

Net Asset Value, End of Period	$	50.19		$	46.88		$	53.01		$	45.71		$	43.75		$	45.92

Total Return (%) (b)		18.28	(c)		(4.72	)		21.35			11.50			1.02			13.20

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43	(d)		0.43			0.43			0.42			0.42			0.42
Net ratio of expenses to average net assets (%) (e)		0.42	(d)		0.42			0.41			0.41			0.41			0.41
Ratio of net investment income to average net assets (%)		1.70	(d)		1.75			1.71			1.87			1.73			1.66
Portfolio turnover rate (%)		6	(c)		14			11			8			9			12
Net assets, end of period (in millions)	$	137.5		$	125.2		$	152.3		$	144.2		$	143.5		$	161.4

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014^(f)
Net Asset Value, Beginning of Period	$	45.24		$	51.30		$	44.29		$	42.48		$	44.64		$	44.10

Income (Loss) from Investment Operations
Net investment income (a)		0.39			0.82			0.75			0.73			0.70			0.09
Net realized and unrealized gain (loss)		7.75			(2.98	)		8.40			3.83			(0.24	)		0.45

Total income (loss) from investment operations		8.14			(2.16	)		9.15			4.56			0.46			0.54

Less Distributions
Distributions from net investment income		(1.03	)		(0.83	)		(0.74	)		(0.77	)		(0.67	)		0.00
Distributions from net realized capital gains		(4.08	)		(3.07	)		(1.40	)		(1.98	)		(1.95	)		0.00

Total distributions		(5.11	)		(3.90	)		(2.14	)		(2.75	)		(2.62	)		0.00

Net Asset Value, End of Period	$	48.27		$	45.24		$	51.30		$	44.29		$	42.48		$	44.64

Total Return (%) (b)		18.23	(c)		(4.89	)		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			0.58			0.57			0.57			0.58	(d)
Net ratio of expenses to average net assets (%) (e)		0.57	(d)		0.57			0.56			0.56			0.56			0.57	(d)
Ratio of net investment income to average net assets (%)		1.55	(d)		1.60			1.57			1.72			1.64			1.54	(d)
Portfolio turnover rate (%)		6	(c)		14			11			8			9			12
Net assets, end of period (in millions)	$	21.2		$	16.3		$	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, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, 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

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.

BHFTII-19

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

BHFTII-20

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $175,508,962. 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, 2019.


	Remaining Contractual Maturity of the Agreements As of June 30, 2019
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(741,792,676	)	$	—	$	—	$	—	$	(741,792,676	)
Mutual Funds		(59,902,746	)		—		—		—		(59,902,746	)
Total	$	(801,695,422	)	$	—	$	—	$	—	$	(801,695,422	)
Total Borrowings	$	(801,695,422	)	$	—	$	—	$	—	$	(801,695,422	)
Gross amount of recognized liabilities for securities lending transactions										$	(801,695,422	)

BHFTII-21

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

3. Investments in Derivative Instruments

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2019 by category of risk exposure:


(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.


Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	3,266,120


Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	1,243,201

For the six months ended June 30, 2019, 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	$	29,701,525


‡		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:

BHFTII-22

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	395,796,058	$	0	$	645,480,580

6. Investment Management Fees and Other Transactions with Affiliates


% 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 MIM with respect to the Portfolio for the six months ended June 30, 2019 were $252,150.


% 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

BHFTII-23

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(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.

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, 2019 is as follows:


Security Description	Market Value December 31, 2018		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation		Ending Value as of June 30, 2019		Income earned from affiliates during the period		Number of shares held at June 30, 2019
Brighthouse Financial, Inc.	$	1,028,852	$	—	$	(1,253,104	)	$	(221,359	)	$	445,611	$	—	$	—		—
MetLife, Inc.		11,532,358		—		(874,435	)		263,994			2,089,537		13,011,454		235,349		261,958

	$	12,561,210	$	—	$	(2,127,539	)	$	42,635		$	2,535,148	$	13,011,454	$	235,349

8. Contractual Obligations

9. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	4,138,384,137

Gross unrealized appreciation		3,774,520,352
Gross unrealized depreciation		(244,017,677	)

Net unrealized appreciation (depreciation)	$	3,530,502,675

BHFTII-24

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$135,078,703	$	125,663,743	$	377,989,285	$	183,600,982	$	513,067,988	$	309,264,725

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$125,277,688	$	525,872,429	$	2,695,730,339	$	—	$	3,346,880,456

As of December 31, 2018, the Portfolio had no accumulated capital losses.

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, 2019, the Class A, B, E and F shares of the MFS Total Return Portfolio returned 12.84%, 12.69%, 12.75%, and 12.73%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg Barclays U.S. Aggregate Bond Index², returned 18.54% and 6.11%, respectively. A blend of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) returned 13.64%.

MARKET ENVIRONMENT

Changes in market sentiment, driven largely by uncertainty over the outcome of trade negotiations between the U.S. and China, contributed to periodic bouts of volatility during the reporting period. The global economy decelerated throughout the period, led by weakness in China and Europe.

The deteriorating global growth backdrop, along with declining inflationary pressures, prompted the U.S. Federal Reserve (the “Fed”) to adopt a more dovish policy stance during the first half of 2019, which resulted in a sharp decline in long-term interest rates during the period, inverting portions of the Treasury yield curve. Consequently, markets anticipate several Fed rate cuts in the coming quarters.

Globally, central banks tilted more dovish as well, with China lowering reserve requirements, the Bank of Canada and Bank of England holding rates steady and the European Central Bank extending a low-interest-rate refinancing facility for eurozone banks to encourage the continued flow of credit and to hold out the possibility of further lowering rates and resuming asset purchases.

Emerging markets experienced considerable volatility during the period as tighter global financial conditions exposed structural weakness in some countries. Those pressures were somewhat relieved toward the end of the period as the Fed became more dovish. Diminished hopes for a trade deal between the U.S. and China weighed on sentiment at the end of the period. Idiosyncratic factors negatively impacted some emerging economies, such as Argentina and Turkey.

From a geopolitical perspective, a change in leadership in the United Kingdom, caused by a lack of consensus on the best path toward Brexit (the U.K. proposal to leave the European Union), a fractious Eurosceptic Italian coalition government and a weakening of Angela Merkel’s grip on the German chancellorship were sources of uncertainty in Europe. In emerging markets, new Brazilian president Jair Bolsonaro took office, with markets generally encouraged by his market-friendly agenda. In contrast, markets appeared to have been nervous about the less-market-friendly approach of Mexico’s new president Andrés Manuel López Obrador.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

Within the equity portion of the Portfolio, a combination of underweighting and stock selection in the Information Technology (“IT”) sector held back performance relative to the S&P 500 Index. Within this sector, the Portfolio’s underweight positions in software giant Microsoft and computer and personal electronics maker Apple, and not owning debit and credit transaction processing company MasterCard, held back relative returns.

Elsewhere, not owning shares of strong-performing social networking service provider Facebook weakened relative results. The Portfolio’s overweight positions in shares of pharmaceutical giant Pfizer, global health services provider Cigna, global financial services provider Bank of New York Mellon, drug store operator Walgreens Boots Alliance and health care provider Humana negatively impacted relative performance. Additionally, an underweight position in internet retailer Amazon.com held back relative results.

Within the fixed income portion of the Portfolio, the Portfolio’s shorter duration stance weighed on results relative to the Bloomberg Index.

Within the equity portion of the Portfolio, stock selection and an overweight position in the Industrials sector helped performance relative to the S&P 500 Index, led by the Portfolio’s overweight holdings of automotive components supplier Johnson Controls International and building and airplane controls manufacturer Honeywell International.

Stock selection within the Financials sector also boosted relative results. Here, avoiding insurance and investment firm Berkshire Hathaway, and overweighting shares of diversified financial services firm Citigroup and risk management and human capital consulting services provider AON, aided relative returns.

Individual stocks that benefited relative returns included the Portfolio’s underweight holding of technology company Alphabet and the Portfolio’s avoidance of pharmaceutical company Abbvie and health insurance and Medicare/Medicaid provider UnitedHealth Group. Additionally, the Portfolio’s overweight positions in shares of healthcare equipment manufacturer Danaher and IT servicing firm Accenture further contributed to relative performance.

Within the fixed income portion of the Portfolio, an underweight exposure to the Treasury sector boosted performance relative to the Bloomberg Barclays U.S. Aggregate Bond Index. Security selection within the Industrials sector also aided relative results.

Over the trailing six months ended June 30, 2019, the Portfolio’s equity portion increased its exposure to IT, Industrials and Financials. In contrast, exposure to Health Care, Consumer Staples and Communication Services were reduced. At the end of the period, the equity portion was most overweight Financials, Industrials and Health Care, while being the most underweight IT, Communication Services and Consumer Discretionary. Over the period, the fixed income allocation had a small increase to corporate debt, while

BHFTII-1

Brighthouse Funds Trust II

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

slightly reducing its exposure to government debt and Commercial Mortgage-Backed Securities (“CMBS”). At the end of the period, the fixed income portion of the Portfolio was overweight Mortgage-Backed Securities, CMBS, collateralized debt obligations and corporate debt and underweight government, international and agency debt.

Brooks Taylor

Steven Gorham

Nevin Chitkara

William Douglas

Joshua Marston

Jonathan Sage

Robert Persons

Portfolio Managers

Massachusetts Financial Services Company

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
MFS Total Return Portfolio
Class A		12.84		8.77		6.12		9.20
Class B		12.69		8.49		5.85		8.92
Class E		12.75		8.61		5.96		9.03
Class F		12.73		8.55		5.91		8.98
Bloomberg Barclays U.S. Aggregate Bond Index		6.11		7.87		2.95		3.90
S&P 500 Index		18.54		10.42		10.71		14.70
Blended Index		13.64		9.87		7.75		10.50

³ The Blended Index is a composite index consisting of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

PORFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Equity Sectors


	% of Net Assets
Financials		13.7
Health Care		9.5
Industrials		8.3
Information Technology		7.9
Consumer Staples		4.9

Top Equity Holdings


	% of Net Assets
JPMorgan Chase & Co.		1.8
Comcast Corp.		1.6
Pfizer, Inc.		1.3
Johnson & Johnson		1.3
Microsoft Corp.		1.2

Top Fixed Income Sectors


	% of Net Assets
U.S. Treasury & Government Agencies		24.1
Corporate Bonds & Notes		10.7
Asset-Backed Securities		1.9
Mortgage-Backed Securities		1.7
Municipals		0.2

Top Fixed Income Issuers


	% of Net Assets
U.S. Treasury Notes		7.9
Fannie Mae 30 Yr. Pool		4.2
U.S. Treasury Bonds		4.0
Ginnie Mae II 30 Yr. Pool		2.5
Freddie Mac 30 Yr. Gold Pool		2.4

BHFTII-3

Brighthouse Funds Trust II

MFS Total Return Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


MFS Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A	Actual		0.63	%	$	1,000.00	$	1,128.40	$	3.32
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

Class B	Actual		0.88	%	$	1,000.00	$	1,126.90	$	4.64
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

Class E	Actual		0.78	%	$	1,000.00	$	1,127.50	$	4.11
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91

Class F	Actual		0.83	%	$	1,000.00	$	1,127.30	$	4.38
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16

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

BHFTII-4

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—59.8% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—1.6%
Boeing Co. (The)		1,348	$	490,685
L3Harris Technologies, Inc. (a)		6,090		1,151,802
Lockheed Martin Corp.		8,701		3,163,162
Northrop Grumman Corp.		9,947		3,213,975
United Technologies Corp.		35,930		4,678,086

				12,697,710


Air Freight & Logistics—0.2%
United Parcel Service, Inc. - Class B (a)		14,503		1,497,725


Airlines—0.2%
Delta Air Lines, Inc.		20,806		1,180,740


Auto Components—0.9%
Aptiv plc		27,110		2,191,301
Lear Corp. (a)		26,454		3,684,248
Magna International, Inc.		16,178		804,978

				6,680,527


Automobiles—0.0%
Harley-Davidson, Inc. (a)		4,840		173,417


Banks—6.4%
Bank of America Corp. (a)		248,059		7,193,711
BB&T Corp.		46,099		2,264,844
BNP Paribas S.A.		8,346		397,089
Citigroup, Inc.		127,658		8,939,890
Intesa Sanpaolo S.p.A.		281,912		603,298
JPMorgan Chase & Co.		129,107		14,434,163
PNC Financial Services Group, Inc. (The)		31,926		4,382,801
Sumitomo Mitsui Financial Group, Inc.		10,700		378,887
SunTrust Banks, Inc.		14,104		886,436
U.S. Bancorp		101,057		5,295,387
Wells Fargo & Co.		104,817		4,959,940

				49,736,446


Beverages—0.9%
Coca-Cola European Partners plc (a)		18,423		1,040,899
Diageo plc		82,293		3,543,887
Molson Coors Brewing Co. - Class B (a)		34,543		1,934,408
PepsiCo, Inc.		6,720		881,194

				7,400,388


Biotechnology—0.1%
Biogen, Inc. (b)		4,919		1,150,407


Building Products—0.8%
Johnson Controls International plc		151,430		6,255,573


Capital Markets—3.1%
Apollo Global Management LLC - Class A		15,405		528,392
Bank of New York Mellon Corp. (The)		90,417		3,991,911
BlackRock, Inc.		6,220		2,919,046
Blackstone Group L.P. (The)		40,294		1,789,859
Charles Schwab Corp. (The)		18,120		728,243

Capital Markets—(Continued)
Goldman Sachs Group, Inc. (The)		23,050		4,716,030
Invesco, Ltd.		21,590		441,731
Moody’s Corp.		6,708		1,310,139
Morgan Stanley		50,376		2,206,973
Nasdaq, Inc.		18,990		1,826,268
State Street Corp.		38,295		2,146,818
T. Rowe Price Group, Inc.		17,265		1,894,143

				24,499,553


Chemicals—2.1%
Axalta Coating Systems, Ltd. (b)		43,407		1,292,226
Celanese Corp.		12,966		1,397,735
CF Industries Holdings, Inc.		58,955		2,753,788
Corteva, Inc. (b)		16,164		477,970
DuPont de Nemours, Inc.		16,164		1,213,432
Methanex Corp.		6,720		305,491
PPG Industries, Inc. (a)		50,292		5,869,579
Sherwin-Williams Co. (The)		6,253		2,865,687

				16,175,908


Commercial Services & Supplies—0.1%
Transcontinental, Inc. - Class A		37,553		418,387


Communications Equipment—0.7%
Cisco Systems, Inc.		105,496		5,773,796


Consumer Finance—0.3%
American Express Co.		10,324		1,274,394
Synchrony Financial		19,816		687,021

				1,961,415


Containers & Packaging—0.1%
Crown Holdings, Inc. (a) (b)		14,337		875,991


Diversified Financial Services—0.2%
ORIX Corp.		115,800		1,731,047


Diversified Telecommunication Services—0.4%
Verizon Communications, Inc.		51,818		2,960,362


Electric Utilities—2.0%
Duke Energy Corp.		45,060		3,976,094
Exelon Corp.		86,941		4,167,952
FirstEnergy Corp. (a)		42,543		1,821,266
Southern Co. (The)		69,447		3,839,030
SSE plc		51,437		733,707
Xcel Energy, Inc.		13,052		776,464

				15,314,513


Electrical Equipment—0.9%
Eaton Corp. plc		76,597		6,378,998
Regal-Beloit Corp.		4,964		405,608
Schneider Electric SE		5,031		456,350

				7,240,956

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Electronic Equipment, Instruments & Components—0.1%
Hitachi, Ltd.		31,600	$	1,161,363


Energy Equipment & Services—0.3%
Schlumberger, Ltd.		55,363		2,200,126


Entertainment—0.1%
Electronic Arts, Inc. (b)		10,102		1,022,928


Equity Real Estate Investment Trusts—1.2%
EPR Properties		19,745		1,472,779
Medical Properties Trust, Inc.		186,932		3,260,094
Public Storage		2,705		644,250
Simon Property Group, Inc.		6,835		1,091,960
STORE Capital Corp. (a)		77,443		2,570,333

				9,039,416


Food & Staples Retailing—0.4%
Kroger Co. (The)		46,263		1,004,370
U.S. Foods Holding Corp. (b)		22,673		810,786
Walgreens Boots Alliance, Inc. (a)		28,688		1,568,373

				3,383,529


Food Products—1.8%
Archer-Daniels-Midland Co.		45,444		1,854,115
Danone S.A.		19,915		1,688,998
General Mills, Inc.		42,636		2,239,243
Ingredion, Inc.		14,189		1,170,451
J.M. Smucker Co. (The) (a)		5,508		634,467
Mondelez International, Inc. - Class A		19,958		1,075,736
Nestle S.A.		41,212		4,266,626
Tyson Foods, Inc. - Class A		11,316		913,654

				13,843,290


Health Care Equipment & Supplies—2.7%
Abbott Laboratories		61,790		5,196,539
Danaher Corp.		54,309		7,761,842
Medtronic plc		69,760		6,793,927
Zimmer Biomet Holdings, Inc.		10,684		1,257,934

				21,010,242


Health Care Providers & Services—1.4%
AmerisourceBergen Corp.		12,826		1,093,545
Cigna Corp.		24,979		3,935,442
HCA Healthcare, Inc.		31,883		4,309,625
McKesson Corp.		13,978		1,878,503

				11,217,115


Hotels, Restaurants & Leisure—0.7%
Aramark		20,400		735,624
Chipotle Mexican Grill, Inc. (b)		807		591,434
Marriott International, Inc. - Class A		5,974		838,092
Starbucks Corp.		39,391		3,302,148

				5,467,298


Household Durables—0.2%
Whirlpool Corp.		13,275		1,889,829


Household Products—0.7%
Colgate-Palmolive Co.		4,657		333,767
Kimberly-Clark Corp. (a)		25,113		3,347,061
Procter & Gamble Co. (The)		3,047		334,104
Reckitt Benckiser Group plc		17,350		1,371,124

				5,386,056


Industrial Conglomerates—1.3%
3M Co.		15,411		2,671,343
Honeywell International, Inc.		43,145		7,532,685

				10,204,028


Insurance—3.8%
Aon plc		33,706		6,504,584
Chubb, Ltd.		44,548		6,561,475
Marsh & McLennan Cos., Inc.		9,579		955,505
Prudential Financial, Inc.		43,271		4,370,371
Samsung Fire & Marine Insurance Co., Ltd.		1,742		404,267
Travelers Cos., Inc. (The)		56,349		8,425,303
Zurich Insurance Group AG		6,096		2,122,702

				29,344,207


Interactive Media & Services—0.3%
Alphabet, Inc. - Class A (b)		1,899		2,056,237


Internet & Direct Marketing Retail—0.6%
Amazon.com, Inc. (b)		2,456		4,650,755


IT Services—2.6%
Accenture plc - Class A		38,474		7,108,841
Amdocs, Ltd.		29,759		1,847,736
Cognizant Technology Solutions Corp. - Class A		10,727		679,984
DXC Technology Co.		65,104		3,590,486
Fidelity National Information Services, Inc. (a)		16,538		2,028,882
Fiserv, Inc. (b)		22,527		2,053,561
Visa, Inc. - Class A (a)		9,009		1,563,512
Worldpay, Inc. - Class A (b)		11,478		1,406,629

				20,279,631


Life Sciences Tools & Services—0.7%
Thermo Fisher Scientific, Inc.		19,363		5,686,526


Machinery—1.7%
AGCO Corp.		24,894		1,931,027
Allison Transmission Holdings, Inc.		6,157		285,377
Cummins, Inc.		5,638		966,015
Deere & Co.		6,725		1,114,400
Illinois Tool Works, Inc. (a)		30,093		4,538,325
Ingersoll-Rand plc		13,589		1,721,319
Stanley Black & Decker, Inc.		17,617		2,547,594

				13,104,057

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Media—1.8%
Comcast Corp. - Class A		293,154	$	12,394,551
Omnicom Group, Inc. (a)		21,717		1,779,708

				14,174,259


Metals & Mining—0.3%
Rio Tinto plc		33,393		2,060,182


Multi-Utilities—0.5%
Public Service Enterprise Group, Inc.		22,944		1,349,566
Sempra Energy (a)		9,210		1,265,823
WEC Energy Group, Inc. (a)		12,165		1,014,196

				3,629,585


Multiline Retail—0.3%
Dollar Tree, Inc. (b)		9,641		1,035,347
Target Corp.		18,944		1,640,740

				2,676,087


Oil, Gas & Consumable Fuels—3.3%
Anadarko Petroleum Corp.		6,397		451,372
BP plc		328,462		2,295,431
Chevron Corp.		24,464		3,044,300
Eni S.p.A.		119,015		1,971,409
Enterprise Products Partners L.P.		102,616		2,962,524
EOG Resources, Inc.		24,341		2,267,607
EQT Midstream Partners L.P.		16,715		746,826
Equitrans Midstream Corp. (a)		93,173		1,836,440
Exxon Mobil Corp.		38,990		2,987,804
Hess Corp. (a)		17,719		1,126,397
Marathon Petroleum Corp.		17,560		981,253
MPLX L.P.		20,980		675,346
Noble Energy, Inc.		27,202		609,325
Occidental Petroleum Corp.		8,841		444,525
Phillips 66 (a)		10,894		1,019,025
Pioneer Natural Resources Co.		8,151		1,254,113
Plains GP Holdings L.P. - Class A (a) (b)		46,464		1,160,206

				25,833,903


Pharmaceuticals—4.5%
Bayer AG		23,636		1,641,740
Bristol-Myers Squibb Co. (a)		57,685		2,616,015
Elanco Animal Health, Inc. (b)		50,134		1,694,529
Eli Lilly & Co.		34,977		3,875,102
Johnson & Johnson		71,181		9,914,090
Merck & Co., Inc.		21,493		1,802,188
Mylan NV (b)		19,701		375,107
Novartis AG		4,103		375,289
Pfizer, Inc.		239,539		10,376,829
Roche Holding AG		9,328		2,624,585

				35,295,474


Professional Services—0.3%
Equifax, Inc.		16,507		2,232,407


Road & Rail—1.2%
Canadian National Railway Co.		10,510		971,965
Union Pacific Corp.		50,572		8,552,231

				9,524,196


Semiconductors & Semiconductor Equipment—1.8%
Analog Devices, Inc.		11,021		1,243,940
Applied Materials, Inc.		29,340		1,317,659
Intel Corp.		29,216		1,398,570
Marvell Technology Group, Ltd.		42,990		1,026,171
Maxim Integrated Products, Inc.		21,283		1,273,149
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		68,479		2,682,323
Texas Instruments, Inc.		45,072		5,172,463

				14,114,275


Software—2.1%
Adobe, Inc. (b)		16,425		4,839,626
Check Point Software Technologies, Ltd. (b)		8,522		985,228
Microsoft Corp.		69,035		9,247,929
Oracle Corp.		28,137		1,602,965

				16,675,748


Specialty Retail—0.2%
Best Buy Co., Inc.		7,718		538,176
Tractor Supply Co.		8,286		901,517

				1,439,693


Technology Hardware, Storage & Peripherals—0.4%
Apple, Inc.		13,506		2,673,108
Seagate Technology plc (a)		12,619		594,607

				3,267,715


Textiles, Apparel & Luxury Goods—0.4%
Hanesbrands, Inc.		17,151		295,340
LVMH Moet Hennessy Louis Vuitton SE		3,185		1,355,828
NIKE, Inc. - Class B		16,620		1,395,249

				3,046,417


Tobacco—1.1%
Altria Group, Inc.		15,958		755,611
British American Tobacco plc		20,707		722,757
Japan Tobacco, Inc.		58,600		1,295,014
Philip Morris International, Inc. (a)		72,679		5,707,482

				8,480,864


Trading Companies & Distributors—0.0%
HD Supply Holdings, Inc. (b)		7,979		321,394

Total Common Stocks (Cost $353,503,126)				467,443,693

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

U.S. Treasury & Government Agencies—24.1%


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—12.2%
Fannie Mae 15 Yr. Pool
3.000%, 09/01/30		93,613	$	95,672
3.000%, 12/01/31		1,094,216		1,119,274
3.000%, 10/01/33		910,102		928,192
3.000%, 12/01/33		118,271		120,624
3.000%, TBA (c)		1,875,000		1,911,292
4.500%, 04/01/20		2,213		2,259
4.500%, 07/01/20		1,046		1,067
5.000%, 07/01/19		61		61
5.000%, 07/01/20		4,349		4,450
5.000%, 08/01/20		4,325		4,425
5.000%, 12/01/20		9,241		9,455
5.500%, 07/01/19		365		363
5.500%, 08/01/19		40		40
5.500%, 09/01/19		1,201		1,200
5.500%, 01/01/21		4,250		4,293
5.500%, 03/01/21		2,052		2,073
6.000%, 01/01/21		10,294		10,399
6.000%, 05/01/21		2,261		2,267
Fannie Mae 20 Yr. Pool
3.000%, 07/01/37		248,316		252,781
3.000%, 11/01/37		478,252		486,853
3.500%, 04/01/38		451,476		465,817
Fannie Mae 30 Yr. Pool
3.000%, 09/01/46		186,871		190,468
3.000%, 10/01/46		743,936		758,255
3.000%, 11/01/46		959,375		977,841
3.500%, 11/01/41		41,866		43,426
3.500%, 01/01/42		585,611		608,097
3.500%, 01/01/43		205,315		213,093
3.500%, 04/01/43		687,837		713,884
3.500%, 05/01/43		886,443		920,011
3.500%, 07/01/43		1,018,581		1,057,152
3.500%, 08/01/43		337,345		350,100
3.500%, 09/01/43		1,404,955		1,458,007
3.500%, 02/01/45		1,037,012		1,080,716
3.500%, 09/01/45		1,185,015		1,221,805
3.500%, 10/01/45		815,040		846,627
3.500%, 01/01/46		255,573		266,046
3.500%, 05/01/46		487,775		504,095
3.500%, 07/01/46		1,071,180		1,109,193
3.500%, 10/01/46		323,056		332,636
3.500%, 12/01/46		878,526		904,170
3.500%, 01/01/47		127,437		131,095
4.000%, 09/01/40		1,012,662		1,067,680
4.000%, 11/01/40		234,411		247,157
4.000%, 12/01/40		540,567		569,951
4.000%, 02/01/41		630,508		664,816
4.000%, 06/01/41		608,734		641,782
4.000%, 11/01/41		205,995		217,193
4.000%, 01/01/42		1,507,159		1,589,173
4.000%, 04/01/42		197,893		208,909
4.000%, 10/01/42		164,638		173,802
4.000%, 12/01/42		183,901		194,117
4.000%, 01/01/43		218,943		230,827
4.000%, 04/01/43		54,545		57,507

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 05/01/43		348,534		367,476
4.000%, 06/01/43		272,992		287,812
4.000%, 07/01/43		244,189		256,798
4.000%, 04/01/44		124,479		131,237
4.000%, 05/01/44		453,341		477,829
4.000%, 11/01/44		220,777		230,970
4.000%, 06/01/47		960,343		1,002,199
4.000%, TBA (c)		300,000		309,990
4.500%, 08/01/33		115,705		123,450
4.500%, 03/01/34		357,881		382,529
4.500%, 01/01/40		132,220		141,993
4.500%, 08/01/40		31,557		33,891
4.500%, 02/01/41		220,412		236,714
4.500%, 04/01/41		379,976		408,082
4.500%, 11/01/42		117,204		125,848
4.500%, 01/01/43		278,159		298,704
4.500%, 04/01/44		1,612,071		1,731,144
4.500%, 06/01/44		161,916		173,870
5.000%, 11/01/33		70,408		76,565
5.000%, 03/01/34		58,492		63,568
5.000%, 05/01/34		25,084		27,337
5.000%, 08/01/34		24,447		26,657
5.000%, 09/01/34		91,643		99,993
5.000%, 06/01/35		59,539		65,022
5.000%, 07/01/35		186,849		204,097
5.000%, 08/01/35		58,204		63,639
5.000%, 09/01/35		40,887		44,686
5.000%, 10/01/35		163,250		178,488
5.000%, 07/01/39		155,961		167,753
5.000%, 10/01/39		97,531		106,082
5.000%, 11/01/39		50,477		54,845
5.000%, 11/01/40		72,016		77,844
5.000%, 01/01/41		6,084		6,430
5.000%, 03/01/41		45,221		49,131
5.500%, 02/01/33		28,295		31,032
5.500%, 05/01/33		4,243		4,572
5.500%, 06/01/33		119,317		132,024
5.500%, 07/01/33		112,825		124,855
5.500%, 11/01/33		68,870		76,213
5.500%, 12/01/33		11,331		12,085
5.500%, 01/01/34		88,171		95,517
5.500%, 02/01/34		97,967		107,640
5.500%, 03/01/34		27,909		30,271
5.500%, 04/01/34		39,554		42,470
5.500%, 05/01/34		208,082		230,218
5.500%, 06/01/34		266,389		295,290
5.500%, 07/01/34		82,136		88,988
5.500%, 09/01/34		224,661		242,736
5.500%, 10/01/34		317,527		347,919
5.500%, 11/01/34		388,889		423,166
5.500%, 12/01/34		219,880		243,800
5.500%, 01/01/35		256,525		284,549
5.500%, 02/01/35		6,523		6,955
5.500%, 04/01/35		45,257		50,209
5.500%, 07/01/35		16,489		17,584

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.500%, 08/01/35		7,458	$	7,949
5.500%, 09/01/35		146,595		162,676
6.000%, 02/01/32		63,807		70,581
6.000%, 03/01/34		21,378		24,177
6.000%, 04/01/34		165,820		185,951
6.000%, 06/01/34		177,049		199,387
6.000%, 07/01/34		144,285		162,123
6.000%, 08/01/34		194,348		218,078
6.000%, 10/01/34		130,263		147,186
6.000%, 11/01/34		29,133		32,158
6.000%, 12/01/34		8,215		8,992
6.000%, 08/01/35		24,658		27,403
6.000%, 09/01/35		33,552		37,950
6.000%, 10/01/35		59,725		67,119
6.000%, 11/01/35		8,758		9,587
6.000%, 12/01/35		69,677		78,102
6.000%, 02/01/36		71,117		78,661
6.000%, 04/01/36		52,859		58,766
6.000%, 06/01/36		8,276		9,378
6.000%, 07/01/37		88,170		99,142
6.500%, 06/01/31		24,363		28,045
6.500%, 07/01/31		3,725		4,131
6.500%, 09/01/31		22,908		25,407
6.500%, 02/01/32		13,434		15,356
6.500%, 07/01/32		63,084		72,830
6.500%, 08/01/32		50,027		57,881
6.500%, 01/01/33		28,535		33,018
6.500%, 04/01/34		45,788		51,837
6.500%, 06/01/34		21,310		23,717
6.500%, 08/01/34		14,693		16,296
6.500%, 04/01/36		11,468		12,720
6.500%, 05/01/36		35,758		40,474
6.500%, 02/01/37		64,345		73,198
6.500%, 05/01/37		30,578		34,135
6.500%, 07/01/37		40,647		46,706
Fannie Mae Multifamily REMIC Trust (CMO) 2.782%, 1M LIBOR + 0.340%, 04/25/20 (d)		2,154		2,150
Fannie Mae Pool
2.280%, 11/01/26		152,638		152,361
2.410%, 05/01/23		88,683		89,429
2.550%, 05/01/23		142,331		144,232
2.700%, 07/01/25		121,000		123,883
5.000%, 03/01/26		81,783		93,059
Fannie Mae REMICS (CMO)
2.000%, 10/25/40		79,308		78,542
2.000%, 05/25/44		166,066		165,511
2.000%, 02/25/46		182,834		179,874
2.000%, 04/25/46		145,250		142,713
3.250%, 05/25/40		90,695		92,872
3.500%, 05/25/25		211,800		219,063
4.000%, 10/25/40		96,153		102,280
5.000%, 03/25/25		39,819		41,808
Fannie Mae-ACES (CMO) 2.672%, 12/25/26 (d)		511,000		514,858

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 15 Yr. Gold Pool
4.500%, 08/01/19		35		36
4.500%, 02/01/20		2,454		2,506
4.500%, 08/01/24		120,023		123,899
5.500%, 08/01/19		31		30
5.500%, 02/01/20		288		288
6.000%, 08/01/19		755		754
6.000%, 09/01/19		402		402
6.000%, 11/01/19		738		739
6.000%, 05/01/21		4,304		4,365
6.000%, 10/01/21		14,925		15,179
Freddie Mac 20 Yr. Gold Pool
3.000%, 01/01/38		789,988		804,685
3.500%, 11/01/37		520,082		536,663
3.500%, 05/01/38		157,824		163,001
4.000%, 08/01/37		102,451		106,995
Freddie Mac 30 Yr. Gold Pool
3.000%, 10/01/42		502,307		511,041
3.000%, 04/01/43		1,106,720		1,130,190
3.000%, 05/01/43		975,674		996,763
3.000%, 05/01/46		476,954		486,431
3.000%, 10/01/46		925,494		943,885
3.000%, 11/01/46		1,786,440		1,818,063
3.000%, 03/01/48		185,222		186,938
3.500%, 02/01/42		448,181		465,229
3.500%, 04/01/42		306,647		319,701
3.500%, 12/01/42		753,914		785,882
3.500%, 04/01/43		207,398		216,289
3.500%, 07/01/43		44,699		46,420
3.500%, 08/01/43		467,963		485,924
3.500%, 12/01/45		478,477		493,933
3.500%, 11/01/46		389,798		401,546
3.500%, 12/01/46		1,883,680		1,939,873
3.500%, 01/01/47		1,288,727		1,329,934
4.000%, 11/01/40		557,926		588,651
4.000%, 01/01/41		1,163,021		1,227,054
4.000%, 04/01/44		370,360		387,990
4.000%, 08/01/47		1,088,789		1,135,628
4.500%, 04/01/35		32,202		34,590
4.500%, 07/01/39		183,887		197,585
4.500%, 09/01/39		103,028		110,697
4.500%, 10/01/39		59,241		63,660
4.500%, 12/01/39		91,586		98,428
4.500%, 05/01/42		164,173		176,418
5.000%, 09/01/33		138,974		151,012
5.000%, 03/01/34		29,094		31,764
5.000%, 04/01/34		24,791		27,062
5.000%, 08/01/35		32,951		36,018
5.000%, 10/01/35		72,195		78,939
5.000%, 11/01/35		52,434		56,753
5.000%, 12/01/36		38,348		41,943
5.000%, 07/01/39		278,815		302,975
5.500%, 12/01/33		175,163		195,123
5.500%, 01/01/34		111,111		123,460
5.500%, 04/01/34		16,269		17,354
5.500%, 11/01/34		17,998		19,433

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
5.500%, 12/01/34		8,497	$	9,067
5.500%, 05/01/35		23,760		25,565
5.500%, 09/01/35		30,918		33,575
5.500%, 10/01/35		40,958		44,749
6.000%, 04/01/34		91,565		102,348
6.000%, 07/01/34		25,225		27,939
6.000%, 08/01/34		180,124		203,640
6.000%, 09/01/34		2,432		2,672
6.000%, 07/01/35		29,593		33,547
6.000%, 08/01/35		37,346		42,376
6.000%, 11/01/35		52,897		59,960
6.000%, 03/01/36		20,502		22,470
6.000%, 10/01/36		32,753		36,983
6.000%, 03/01/37		7,347		8,068
6.000%, 05/01/37		56,139		63,333
6.000%, 06/01/37		34,871		39,501
6.500%, 05/01/34		11,948		13,260
6.500%, 06/01/34		58,233		65,337
6.500%, 08/01/34		48,713		54,062
6.500%, 10/01/34		53,777		62,583
6.500%, 11/01/34		41,114		45,627
6.500%, 05/01/37		50,168		56,582
6.500%, 07/01/37		55,896		64,158
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
0.325%, 11/25/27 (d) (e)		5,207,000		92,646
0.370%, 12/25/27 (d) (e)		3,235,000		70,011
0.401%, 11/25/24 (d) (e)		4,908,000		76,303
0.406%, 09/25/27 (d) (e)		3,341,000		79,466
0.413%, 12/25/27 (d) (e)		3,579,000		88,583
0.420%, 11/25/27 (d) (e)		3,687,602		82,075
0.431%, 08/25/24 (d) (e)		4,897,000		87,210
0.449%, 11/25/32 (d) (e)		2,835,901		89,440
0.457%, 11/25/27 (d) (e)		3,357,230		85,591
0.461%, 08/25/27 (d) (e)		3,107,000		84,876
0.491%, 10/25/24 (d) (e)		6,495,383		108,095
0.495%, 12/25/27 (d) (e)		5,725,699		162,743
0.496%, 09/25/27 (d) (e)		2,757,651		77,362
0.532%, 08/25/24 (d) (e)		8,940,074		166,761
0.567%, 08/25/27 (d) (e)		2,143,621		67,573
0.630%, 07/25/24 (d) (e)		4,483,000		114,622
0.713%, 07/25/27 (d) (e)		3,875,664		161,495
0.736%, 07/25/24 (d) (e)		1,625,900		42,347
0.774%, 06/25/27 (d) (e)		4,356,000		212,213
0.890%, 06/25/27 (d) (e)		1,477,448		76,534
1.017%, 04/25/24 (d) (e)		1,963,269		66,885
1.869%, 11/25/19		203,493		202,887
2.456%, 08/25/19		9,736		9,719
2.510%, 11/25/22		489,000		496,015
2.670%, 12/25/24		507,000		518,047
2.673%, 03/25/26		676,000		691,473
2.791%, 01/25/22		474,000		480,725
3.010%, 07/25/25		134,000		139,467
3.060%, 07/25/23 (d)		219,000		226,742
3.064%, 08/25/24 (d)		255,000		265,133
3.111%, 02/25/23		695,000		718,783

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
3.117%, 06/25/27		354,000		371,340
3.151%, 11/25/25		317,000		332,847
3.171%, 10/25/24		424,000		443,929
3.187%, 09/25/27 (d)		242,000		255,183
3.224%, 03/25/27		334,000		352,773
3.244%, 08/25/27		920,000		973,508
3.250%, 04/25/23 (d)		803,000		835,073
3.320%, 02/25/23		227,000		236,438
3.413%, 12/25/26		248,000		265,148
3.430%, 01/25/27 (d)		242,707		259,573
3.458%, 08/25/23 (d)		835,000		877,292
3.650%, 02/25/28 (d)		285,000		310,142
3.900%, 04/25/28		528,000		586,055
Freddie Mac REMICS
3.000%, 07/15/39		88,730		91,014
3.000%, 07/15/41		180,038		184,709
5.000%, 01/15/40		116,060		129,392
Ginnie Mae I 30 Yr. Pool
3.500%, 12/15/41		317,916		330,005
3.500%, 02/15/42		101,661		105,517
4.500%, 09/15/33		69,099		73,565
4.500%, 11/15/39		196,161		211,378
4.500%, 03/15/40		222,368		240,542
4.500%, 04/15/40		241,254		260,087
4.500%, 06/15/40		99,380		107,121
5.000%, 03/15/34		22,698		24,630
5.000%, 06/15/34		53,863		58,456
5.000%, 12/15/34		23,989		26,022
5.000%, 06/15/35		6,878		7,198
5.500%, 11/15/32		62,756		66,886
5.500%, 08/15/33		197,170		221,706
5.500%, 12/15/33		100,313		113,212
5.500%, 09/15/34		89,802		101,022
5.500%, 10/15/35		11,244		12,188
6.000%, 12/15/28		25,329		28,272
6.000%, 12/15/31		23,639		26,878
6.000%, 03/15/32		1,060		1,159
6.000%, 10/15/32		124,287		141,757
6.000%, 01/15/33		29,573		32,442
6.000%, 02/15/33		1,432		1,586
6.000%, 04/15/33		126,361		144,140
6.000%, 08/15/33		980		1,076
6.000%, 07/15/34		67,982		76,055
6.000%, 09/15/34		24,163		26,462
6.000%, 01/15/38		92,853		104,399
Ginnie Mae II 30 Yr. Pool
3.000%, 11/20/47		2,222,217		2,272,519
3.000%, 01/20/48		3,498,760		3,577,958
3.000%, 02/20/48		170,492		174,351
3.000%, 03/20/48		654,179		668,987
3.000%, 04/20/48		598,675		612,226
3.500%, 06/20/43		566,340		590,342
3.500%, 07/20/43		713,944		744,182
3.500%, 11/20/47		184,060		190,198
3.500%, 03/20/48		2,303,191		2,379,466

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.000%, 01/20/41		682,962	$	723,297
4.000%, 02/20/41		169,537		179,546
4.000%, 04/20/41		131,380		139,149
4.000%, 02/20/42		174,092		184,379
4.000%, 05/20/49		1,347,161		1,402,138
4.000%, 06/20/49		1,375,000		1,432,380
4.000%, 07/20/49		450,000		468,866
4.000%, TBA (c)		1,050,000		1,088,432
4.500%, 07/20/33		12,665		13,305
4.500%, 09/20/33		7,548		7,936
4.500%, 12/20/34		4,908		5,161
4.500%, 03/20/35		31,548		33,151
4.500%, 01/20/41		175,799		187,558
4.500%, 01/20/49		318,921		333,645
4.500%, 05/20/49		897,894		941,033
4.500%, TBA (c)		955,000		995,420
5.000%, 07/20/33		24,967		26,846
6.000%, 01/20/35		31,357		35,967
6.000%, 02/20/35		15,522		17,781
6.000%, 04/20/35		27,996		32,113
Government National Mortgage Association (CMO)
0.660%, 02/16/59 (d) (e)		2,342,139		141,931
2.500%, 07/20/32		125,000		122,410

				95,407,201


U.S. Treasury—11.9%
U.S. Treasury Bonds
2.500%, 02/15/45		68,000		67,665
2.875%, 05/15/43		12,584,700		13,447,440
2.875%, 11/15/46		5,439,000		5,813,144
3.000%, 02/15/48		4,632,000		5,066,793
3.500%, 02/15/39		3,779,000		4,484,758
4.500%, 02/15/36		179,000		235,993
4.500%, 08/15/39		743,000		1,002,760
5.000%, 05/15/37		232,000		326,848
5.375%, 02/15/31 (a)		276,000		370,465
6.250%, 08/15/23		80,000		94,222
U.S. Treasury Notes
1.750%, 11/30/21		28,134,000		28,135,099
1.750%, 09/30/22 (a)		907,000		907,354
2.500%, 08/15/23		15,500,000		15,961,973
3.125%, 05/15/21		3,504,000		3,589,273
3.500%, 05/15/20		13,096,000		13,263,281

				92,767,068

Total U.S. Treasury & Government Agencies (Cost $183,850,122)				188,174,269


Corporate Bonds & Notes—10.7%

Aerospace/Defense—0.2%
L3 Technologies, Inc. 3.850%, 06/15/23		862,000		899,075

Aerospace/Defense—(Continued)
United Technologies Corp. 4.125%, 11/16/28		562,000		617,109

				1,516,184


Agriculture—0.1%
Altria Group, Inc. 4.800%, 02/14/29		380,000		409,866


Auto Manufacturers—0.1%
General Motors Co.
5.150%, 04/01/38		235,000		232,025
6.750%, 04/01/46		374,000		422,837
General Motors Financial Co., Inc. 4.350%, 04/09/25		360,000		371,371

				1,026,233


Auto Parts & Equipment—0.1%
Lear Corp.
3.800%, 09/15/27		801,000		792,525
4.250%, 05/15/29		340,000		343,207

				1,135,732


Banks—2.0%
ABN AMRO Bank NV 4.800%, 04/18/26 (144A) (a)		800,000		861,483
Banco de Credito del Peru 5.375%, 09/16/20		835,000		860,584
Bank of America Corp.
3.004%, 3M LIBOR + 0.790%, 12/20/23 (d)		510,000		519,148
3.366%, 3M LIBOR + 0.810%, 01/23/26 (a) (d)		591,000		609,516
3.500%, 04/19/26		583,000		610,269
4.100%, 07/24/23 (a)		1,270,000		1,354,750
4.125%, 01/22/24		1,357,000		1,450,703
BBVA Bancomer S.A. 6.750%, 09/30/22 (144A)		810,000		881,523
Goldman Sachs Group, Inc. (The) 3.850%, 01/26/27		616,000		643,888
JPMorgan Chase & Co.
3.200%, 01/25/23		1,756,000		1,801,273
3.782%, 3M LIBOR + 1.337%, 02/01/28 (a) (d)		1,362,000		1,443,256
3.897%, 3M LIBOR + 1.220%, 01/23/49 (d)		400,000		419,233
Morgan Stanley
3.125%, 01/23/23 (a)		132,000		134,930
3.625%, 01/20/27		1,695,000		1,780,345
3.875%, 04/29/24		557,000		590,374
4.000%, 07/23/25		396,000		423,912
UBS Group Funding Switzerland AG
3.491%, 05/23/23 (144A)		700,000		717,412
4.253%, 03/23/28 (144A)		200,000		214,714
Wells Fargo & Co. 3.750%, 01/24/24		542,000		569,614

				15,886,927

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Beverages—0.3%
Anheuser-Busch InBev Worldwide, Inc. 8.000%, 11/15/39		706,000	$	1,041,117
Constellation Brands, Inc. 3.500%, 05/09/27 (a)		1,077,000		1,104,753

				2,145,870


Building Materials—0.2%
CRH America Finance, Inc. 4.500%, 04/04/48 (144A)		362,000		357,902
Martin Marietta Materials, Inc. 3.500%, 12/15/27 (a)		297,000		296,362
Masco Corp. 4.375%, 04/01/26		623,000		653,279

				1,307,543


Chemicals—0.1%
Sherwin-Williams Co. (The) 4.500%, 06/01/47		402,000		428,283


Commercial Services—0.4%
ERAC USA Finance LLC 7.000%, 10/15/37 (144A)		747,000		1,019,509
Experian Finance plc 4.250%, 02/01/29 (144A)		533,000		577,511
IHS Markit, Ltd.
3.625%, 05/01/24		121,000		124,709
4.000%, 03/01/26 (144A)		696,000		720,137
4.250%, 05/01/29		181,000		190,721
Verisk Analytices, Inc. 4.125%, 03/15/29		429,000		461,145

				3,093,732


Computers—0.3%
Apple, Inc.
2.850%, 02/23/23		1,176,000		1,203,782
3.350%, 02/09/27		397,000		416,953
3.850%, 05/04/43		370,000		392,640
Dell International LLC / EMC Corp. 4.900%, 10/01/26 (144A)		583,000		607,906

				2,621,281


Diversified Financial Services—0.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.650%, 07/21/27 (a)		520,000		517,016
4.875%, 01/16/24		150,000		161,392
Capital One Financial Corp. 3.750%, 03/09/27 (a)		820,000		846,127
Charles Schwab Corp. (The) 3.200%, 01/25/28 (a)		448,000		462,440
E*TRADE Financial Corp.
2.950%, 08/24/22		247,000		249,350
3.800%, 08/24/27		338,000		340,184
4.500%, 06/20/28		348,000		365,761

Diversified Financial Services—(Continued)
Intercontinental Exchange, Inc.
2.350%, 09/15/22		487,000		487,195
4.000%, 10/15/23		832,000		885,166
Raymond James Financial, Inc. 4.950%, 07/15/46		778,000		876,684
Visa, Inc. 3.150%, 12/14/25		983,000		1,030,619

				6,221,934


Electric—0.7%
Berkshire Hathaway Energy Co. 3.750%, 11/15/23		440,000		464,220
Duke Energy Corp. 2.650%, 09/01/26		131,000		129,398
Enel Finance International NV 4.875%, 06/14/29 (144A)		696,000		760,292
Exelon Corp. 3.400%, 04/15/26		1,137,000		1,166,967
Jersey Central Power & Light Co. 4.300%, 01/15/26 (144A)		474,000		508,809
Oncor Electric Delivery Co. LLC 5.750%, 03/15/29		795,000		982,283
PPL Capital Funding, Inc.
3.400%, 06/01/23 (a)		880,000		901,611
5.000%, 03/15/44		296,000		328,683

				5,242,263


Environmental Control—0.1%
Republic Services, Inc. 3.950%, 05/15/28		446,000		480,895


Food—0.0%
Conagra Brands, Inc.
5.300%, 11/01/38		82,000		89,054
5.400%, 11/01/48		162,000		177,601

				266,655


Forest Products & Paper—0.1%
Suzano Austria GmbH 6.000%, 01/15/29 (144A)		520,000		566,800


Gas—0.0%
NiSource, Inc. 5.650%, 02/01/45		176,000		213,570


Healthcare-Products—0.7%
Abbott Laboratories 4.900%, 11/30/46		749,000		922,581
Becton Dickinson & Co.
3.125%, 11/08/21		344,000		348,927
4.669%, 06/06/47		729,000		815,939
Boston Scientific Corp. 3.750%, 03/01/26		220,000		233,854
Thermo Fisher Scientific, Inc.
2.950%, 09/19/26		851,000		856,684
3.200%, 08/15/27		867,000		887,252

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Healthcare-Products—(Continued)
Zimmer Biomet Holdings, Inc.
3.169%, 3M LIBOR + 0.750%, 03/19/21 (a) (d)		313,000	$	312,666
3.550%, 04/01/25		955,000		983,971

				5,361,874


Healthcare-Services—0.2%
HCA, Inc. 5.125%, 06/15/39		245,000		254,485
Laboratory Corp. of America Holdings
3.200%, 02/01/22		213,000		216,493
3.250%, 09/01/24		558,000		568,588
4.700%, 02/01/45		267,000		276,022
Northwell Healthcare, Inc.
3.979%, 11/01/46		57,000		58,170
4.260%, 11/01/47		456,000		486,328

				1,860,086


Household Products/Wares—0.2%
Reckitt Benckiser Treasury Services plc
2.750%, 06/26/24 (144A)		348,000		351,194
3.625%, 09/21/23 (144A) (a)		1,070,000		1,115,422

				1,466,616


Insurance—0.6%
American International Group, Inc.
4.125%, 02/15/24		750,000		794,237
4.875%, 06/01/22		1,292,000		1,384,794
Aon Corp. 3.750%, 05/02/29		537,000		559,972
Berkshire Hathaway, Inc. 3.125%, 03/15/26 (a)		390,000		405,030
Liberty Mutual Group, Inc. 4.850%, 08/01/44 (144A) (f)		484,000		530,734
Marsh & McLennan Cos., Inc.
4.750%, 03/15/39 (a)		298,000		341,532
4.800%, 07/15/21 (a)		920,000		956,325

				4,972,624


Internet—0.2%
Booking Holdings, Inc. 2.750%, 03/15/23		1,315,000		1,332,949


Investment Company Security—0.2%
Temasek Financial I, Ltd. 2.375%, 01/23/23 (144A)		1,790,000		1,800,655


Lodging—0.1%
Marriott International, Inc. 4.000%, 04/15/28		698,000		735,714


Machinery-Diversified—0.2%
CNH Industrial Capital LLC 4.200%, 01/15/24		675,000		704,562

Machinery-Diversified —(Continued)
Roper Technologies, Inc. 4.200%, 09/15/28		281,000		300,734
Wabtec Corp. 4.950%, 09/15/28 (a)		648,000		694,473

				1,699,769


Media—0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.908%, 07/23/25		523,000		567,482
Fox Corp. 4.030%, 01/25/24 (144A)		835,000		887,754
Time Warner Entertainment Co. L.P. 8.375%, 07/15/33		1,240,000		1,670,081

				3,125,317


Mining—0.1%
Glencore Funding LLC
4.000%, 03/27/27 (144A) (a)		164,000		165,534
4.125%, 05/30/23 (144A) (a)		468,000		486,566

				652,100


Oil & Gas—0.5%
BP Capital Markets America, Inc. 3.410%, 02/11/26		883,000		924,854
Eni S.p.A. 4.750%, 09/12/28 (144A)		617,000		674,764
Equinor ASA 7.750%, 06/15/23		100,000		119,572
Marathon Petroleum Corp.
3.625%, 09/15/24		858,000		889,517
4.750%, 09/15/44		583,000		600,704
Valero Energy Corp. 4.900%, 03/15/45		896,000		986,173

				4,195,584


Pipelines—0.6%
APT Pipelines, Ltd.
4.200%, 03/23/25 (144A) (a)		1,228,000		1,287,491
4.250%, 07/15/27 (144A)		93,000		97,510
Enterprise Products Operating LLC 4.200%, 01/31/50		281,000		288,641
Kinder Morgan Energy Partners L.P. 4.150%, 02/01/24		691,000		728,101
MPLX L.P. 4.500%, 04/15/38		297,000		299,590
ONEOK, Inc. 4.950%, 07/13/47		869,000		917,721
Sabine Pass Liquefaction LLC 5.000%, 03/15/27		759,000		831,882

				4,450,936

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Real Estate Investment Trusts—0.3%
American Tower Corp.
3.000%, 06/15/23		415,000	$	418,858
3.600%, 01/15/28		415,000		422,255
Crown Castle International Corp. 3.650%, 09/01/27 (a)		1,014,000		1,043,749
GLP Capital L.P. / GLP Financing II, Inc. 5.300%, 01/15/29		574,000		618,628

				2,503,490


Retail—0.3%
Best Buy Co., Inc. 4.450%, 10/01/28		793,000		837,682
Dollar Tree, Inc.
4.000%, 05/15/25		349,000		363,597
4.200%, 05/15/28		162,000		167,556
Home Depot, Inc. (The) 3.900%, 06/15/47		471,000		507,342
Tapestry, Inc. 4.125%, 07/15/27		572,000		574,957

				2,451,134


Semiconductors—0.2%
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.500%, 01/15/28		984,000		933,708
3.875%, 01/15/27		348,000		341,170
Broadcom, Inc. 4.250%, 04/15/26 (144A)		495,000		501,475

				1,776,353


Software—0.3%
Fidelity National Information Services, Inc.
4.500%, 08/15/46		210,000		221,033
4.750%, 05/15/48		498,000		554,375
Fiserv, Inc. 4.400%, 07/01/49		527,000		551,704
Microsoft Corp. 4.250%, 02/06/47		743,000		880,743

				2,207,855


Telecommunications—0.1%
AT&T, Inc. 5.450%, 03/01/47 (a)		548,000		628,885


Trucking & Leasing—0.0%
Avolon Holdings Funding, Ltd. 4.375%, 05/01/26 (144A) (a)		243,000		250,096

Total Corporate Bonds & Notes (Cost $78,585,388)				84,035,805

Asset-Backed Securities—1.9%
Security Description	Principal Amount*		Value

Asset-Backed - Automobile—0.3%
Avis Budget Rental Car Funding AESOP LLC 3.450%, 03/20/23 (144A)		1,220,000		1,249,320
Chesapeake Funding II LLC
3.040%, 04/15/30 (144A)		425,553		429,673
3.394%, 1M LIBOR + 1.000%, 06/15/28 (144A) (d)		209,393		209,662
Ford Credit Auto Owner Trust 2.310%, 04/15/26 (144A)		425,000		424,677

				2,313,332


Asset-Backed - Home Equity—0.1%
Bayview Financial Revolving Asset Trust 4.002%, 1M LIBOR + 1.600%, 12/28/40 (144A) (d)		415,017		399,898
GMAC Home Equity Loan Trust 5.805%, 10/25/36 (d)		111,264		117,416
Home Equity Loan Trust 5.320%, 12/25/35 (d)		199,957		195,598

				712,912


Asset-Backed - Other—1.5%
ALM, Ltd.
2.604%, 3M LIBOR + 1.250%, 10/18/27 (144A) (d)		849,000		845,458
3.997%, 3M LIBOR + 1.400%, 10/15/27 (144A) (d)		1,395,000		1,383,036
American Tower Trust I 3.070%, 03/15/48 (144A)		1,000,000		1,015,955
Cutwater, Ltd. 3.817%, 3M LIBOR + 1.220%, 01/15/29 (144A) (d)		1,395,000		1,395,039
Dryden 55 CLO, Ltd. 3.617%, 3M LIBOR + 1.020%, 04/15/31 (144A) (d)		1,430,000		1,417,101
Dryden Senior Loan Fund 3.497%, 3M LIBOR + 0.900%, 04/15/29 (144A) (d)		663,000		657,223
Figueroa CLO, Ltd. 4.097%, 3M LIBOR + 1.500%, 01/15/27 (144A) (d)		420,000		418,761
Fort Credit LLC 4.117%, 10/21/23 (144A)		518,500		518,499
KREF, Ltd. 3.494%, 1M LIBOR + 1.100%, 06/15/36 (144A) (d)		691,000		692,296
Mountain Hawk CLO, Ltd. 4.401%, 3M LIBOR + 1.800%, 04/18/25 (144A) (d)		1,463,576		1,462,699
Navistar Financial Dealer Note Master Trust 3.034%, 1M LIBOR + 0.630%, 09/25/23 (144A) (d)		808,000		809,593
Neuberger Berman CLO, Ltd. 3.397%, 3M LIBOR + 0.800%, 01/15/28 (144A) (d)		600,000		597,013
Oaktree CLO, Ltd. 3.942%, 3M LIBOR + 1.350%, 10/20/27 (144A) (d)		254,518		251,890
Small Business Administration Participation Certificates
4.350%, 07/01/23		85,065		87,947
4.770%, 04/01/24		5,636		5,871
4.950%, 03/01/25		36,249		37,984
4.990%, 09/01/24		20,304		21,279
5.110%, 08/01/25		50,713		53,276
5.180%, 05/01/24		7,679		8,067
5.520%, 06/01/24		20,740		21,878

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Asset-Backed Securities—(Continued)


Security Description	Principal Amount*/ Shares		Value

Asset-Backed - Other—(Continued)
Sound Point CLO, Ltd. 3.482%, 3M LIBOR + 0.890%, 01/20/28 (144A) (d)		365,000	$	363,190

				12,064,055

Total Asset-Backed Securities (Cost $15,073,124)				15,090,299


Mortgage-Backed Securities—1.7%

Collateralized Mortgage Obligations—0.0%
Seasoned Credit Risk Transfer Trust 3.500%, 08/25/58		79,533		83,712
Seasoned Loans Structured Transaction 3.500%, 05/25/29		60,000		62,820

				146,532


Commercial Mortgage-Backed Securities—1.7%
AREIT Trust 3.381%, 1M LIBOR + 0.980%, 11/14/35 (144A) (d)		1,193,304		1,193,304
Bancorp Commercial Mortgage Trust 3.294%, 1M LIBOR + 0.900%, 09/15/35 (144A) (d)		955,533		953,323
BANK 3.714%, 04/15/52		875,000		942,274
BDS, Ltd. 3.794%, 1M LIBOR + 1.400%, 08/15/35 (144A) (d)		1,322,500		1,324,144
Commercial Mortgage Trust 3.708%, 07/10/48		1,300,833		1,384,743
CSAIL Commercial Mortgage Trust 3.504%, 06/15/57		738,578		772,241
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,387,991		1,452,475
JPMBB Commercial Mortgage Securities Trust
3.227%, 10/15/48		1,036,740		1,075,087
3.494%, 01/15/48		1,590,000		1,668,170
Morgan Stanley Bank of America Merrill Lynch Trust 3.536%, 11/15/52		519,442		549,722
Morgan Stanley Capital Trust 3.530%, 06/15/50		470,148		497,390
Wells Fargo Commercial Mortgage Trust 3.540%, 05/15/48		1,410,327		1,485,508

				13,298,381

Total Mortgage-Backed Securities (Cost $13,207,490)				13,444,913


Convertible Preferred Stocks—0.3%

Electric Utilities—0.1%
NextEra Energy, Inc. 6.123%, 09/01/19		6,834		443,732


Health Care Equipment & Supplies—0.1%
Danaher Corp. 4.750%, 04/15/22 (a)		418		461,744


Multi-Utilities—0.1%
CenterPoint Energy, Inc. 7.000%, 09/01/21		34,392		1,727,166

Total Convertible Preferred Stocks (Cost $2,585,713)				2,632,642


Municipals—0.2%
New Jersey State Turnpike Authority, Build America Bond 7.414%, 01/01/40 (Cost $1,092,733)		1,050,000		1,624,298


Preferred Stock—0.1%

Technology Hardware, Storage & Peripherals—0.1%
Samsung Electronics Co., Ltd. (Cost $519,176)		15,504		513,359


Short-Term Investment—0.9%

Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $7,063,518; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $7,207,048.		7,062,812		7,062,812

Total Short-Term Investments (Cost $7,062,812)				7,062,812


Securities Lending Reinvestments (g)—6.0%

Certificates of Deposit—1.1%
Banco Santander S.A. 2.590%, 07/16/19		2,000,000		2,000,258
BNP Paribas S.A. New York 2.615%, 3M LIBOR + 0.050%, 11/06/19 (d)		1,000,000		1,000,368
Credit Industriel et Commercial 2.600%, 1M LIBOR + 0.160%, 01/03/20 (d)		1,000,000		1,000,161
Industrial & Commercial Bank of China, Ltd.
2.670%, 07/25/19		1,000,000		1,000,194
2.670%, 08/01/19		1,000,000		1,000,216
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/09/19		993,475		997,270
Sumitomo Mitsui Trust Bank, Ltd. Zero Coupon, 08/08/19		986,362		997,340
Wells Fargo Bank N.A. 2.721%, 3M LIBOR + 0.140%, 07/11/19 (d)		1,000,000		999,951

				8,995,758


Commercial Paper—0.9%
Bank of China, Ltd.
2.640%, 09/09/19		993,400		994,724
2.670%, 07/16/19		993,325		998,703

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)


Security Description	Principal Amount*		Value

Commercial Paper—(Continued)
China Construction Bank Corp. 2.685%, 07/03/19		1,986,575	$	1,999,276
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (d)		1,000,000		1,000,199
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (d)		1,000,000		999,995
Starbird Funding Corp. 2.380%, 07/01/19		999,802		999,795

				6,992,692


Repurchase Agreements—4.0%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $3,383,799; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $3,450,813.		3,383,150		3,383,150
BofA Securities, Inc.
Repurchase Agreement dated 06/28/19 at 2.460%, due on 07/01/19 with a maturity value of $5,001,025; collateralized by various Common Stock with an aggregate market value of $5,500,002.		5,000,000		5,000,000
Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $1,108,071; collateralized by various Common Stock with an aggregate market value of $1,210,000.		1,100,000		1,100,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $1,503,952; collateralized by various Common Stock with an aggregate market value of $1,650,000.		1,500,000		1,500,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $50,134; collateralized by various Common Stock with an aggregate market value of $55,000.		50,000		50,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $3,800,823; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $3,876,001.		3,800,000		3,800,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $500,115; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $510,003.		500,000		500,000
Goldman Sachs & Co. Repurchase Agreement dated 06/28/19 at 2.510%, due on 07/01/19 with a maturity value of $2,000,418; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% - 5.500%, maturity dates ranging from 09/20/26 - 04/20/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000

Repurchase Agreements—(Continued)
NBC Global Finance, Ltd.
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $1,000,498; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $1,094,312.		1,000,000		1,000,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $3,501,742; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $3,830,092.		3,500,000		3,500,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $4,000,823; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $4,310,272.		4,000,000		4,000,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $3,000,618; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $3,232,704.		3,000,000		3,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $1,700,826; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,831,866.		1,700,000		1,700,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $600,292; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $646,541.		600,000		600,000

				31,133,150

Total Securities Lending Reinvestments (Cost $47,120,978)				47,121,600

Total Investments—105.7% (Cost $702,600,662)				827,143,690
Other assets and liabilities (net)—(5.7)%				(44,893,835	)

Net Assets—100.0%			$	782,249,855



*		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, 2019, the market value of securities loaned was $46,173,451 and the collateral received consisted of cash in the amount of $47,086,089. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)		Non-income producing security.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)


(c)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)		Interest only security.
(f)		Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2019, the market value of restricted securities was $530,734, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(g)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(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, 2019, the market value of 144A securities was $33,954,947, which is 4.3% of net assets.


Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Liberty Mutual Group, Inc. 4.850%, 08/01/44		11/01/16	$	484,000	$	499,430	$	530,734

							$	530,734

Index Abbreviations


(LIBOR)—		London Interbank Offered Rate
(SOFR)—		Secured Overnight Financing Rate

Other Abbreviations


(ACES)—		Alternative Credit Enhancement Securities
(ADR)—		American Depositary Receipt
(CLO)—		Collateralized Loan Obligation
(CMO)—		Collateralized Mortgage Obligation
(REMIC)—		Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	12,697,710	$	—	$	—	$	12,697,710
Air Freight & Logistics		1,497,725		—		—		1,497,725
Airlines		1,180,740		—		—		1,180,740
Auto Components		6,680,527		—		—		6,680,527
Automobiles		173,417		—		—		173,417
Banks		48,357,172		1,379,274		—		49,736,446
Beverages		3,856,501		3,543,887		—		7,400,388
Biotechnology		1,150,407		—		—		1,150,407
Building Products		6,255,573		—		—		6,255,573
Capital Markets		24,499,553		—		—		24,499,553
Chemicals		16,175,908		—		—		16,175,908
Commercial Services & Supplies		418,387		—		—		418,387
Communications Equipment		5,773,796		—		—		5,773,796
Consumer Finance		1,961,415		—		—		1,961,415
Containers & Packaging		875,991		—		—		875,991
Diversified Financial Services		—		1,731,047		—		1,731,047
Diversified Telecommunication Services		2,960,362		—		—		2,960,362
Electric Utilities		14,580,806		733,707		—		15,314,513
Electrical Equipment		6,784,606		456,350		—		7,240,956
Electronic Equipment, Instruments & Components		—		1,161,363		—		1,161,363
Energy Equipment & Services		2,200,126		—		—		2,200,126
Entertainment		1,022,928		—		—		1,022,928
Equity Real Estate Investment Trusts		9,039,416		—		—		9,039,416
Food & Staples Retailing		3,383,529		—		—		3,383,529
Food Products		7,887,666		5,955,624		—		13,843,290
Health Care Equipment & Supplies		21,010,242		—		—		21,010,242
Health Care Providers & Services		11,217,115		—		—		11,217,115
Hotels, Restaurants & Leisure		5,467,298		—		—		5,467,298
Household Durables		1,889,829		—		—		1,889,829
Household Products		4,014,932		1,371,124		—		5,386,056
Industrial Conglomerates		10,204,028		—		—		10,204,028
Insurance		26,817,238		2,526,969		—		29,344,207
Interactive Media & Services		2,056,237		—		—		2,056,237
Internet & Direct Marketing Retail		4,650,755		—		—		4,650,755
IT Services		20,279,631		—		—		20,279,631
Life Sciences Tools & Services		5,686,526		—		—		5,686,526
Machinery		13,104,057		—		—		13,104,057
Media		14,174,259		—		—		14,174,259
Metals & Mining		—		2,060,182		—		2,060,182
Multi-Utilities		3,629,585		—		—		3,629,585
Multiline Retail		2,676,087		—		—		2,676,087

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1		Level 2			Level 3		Total
Oil, Gas & Consumable Fuels	$	21,567,063	$	4,266,840		$	—	$	25,833,903
Pharmaceuticals		30,653,860		4,641,614			—		35,295,474
Professional Services		2,232,407		—			—		2,232,407
Road & Rail		9,524,196		—			—		9,524,196
Semiconductors & Semiconductor Equipment		14,114,275		—			—		14,114,275
Software		16,675,748		—			—		16,675,748
Specialty Retail		1,439,693		—			—		1,439,693
Technology Hardware, Storage & Peripherals		3,267,715		—			—		3,267,715
Textiles, Apparel & Luxury Goods		1,690,589		1,355,828			—		3,046,417
Tobacco		6,463,093		2,017,771			—		8,480,864
Trading Companies & Distributors		321,394		—			—		321,394
Total Common Stocks		434,242,113		33,201,580			—		467,443,693
Total U.S. Treasury & Government Agencies*		—		188,174,269			—		188,174,269
Total Corporate Bonds & Notes*		—		84,035,805			—		84,035,805
Total Asset-Backed Securities*		—		15,090,299			—		15,090,299
Total Mortgage-Backed Securities*		—		13,444,913			—		13,444,913
Total Convertible Preferred Stocks*		2,632,642		—			—		2,632,642
Total Municipals*		—		1,624,298			—		1,624,298
Total Preferred Stock*		—		513,359			—		513,359
Total Short-Term Investment*		—		7,062,812			—		7,062,812
Total Securities Lending Reinvestments*		—		47,121,600			—		47,121,600
Total Investments	$	436,874,755	$	390,268,935		$	—	$	827,143,690

Collateral for Securities Loaned (Liability)	$	—	$	(47,086,089	)	$	—	$	(47,086,089	)


*		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, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	827,143,690
Cash		14,552
Cash denominated in foreign currencies (c)		8,723
Receivable for:
Investments sold		5,614,165
TBA securities sold		1,038,537
Fund shares sold		54,239
Dividends and interest		2,759,697

Total Assets		836,633,603
Liabilities
Collateral for securities loaned		47,086,089
Payables for:
Investments purchased		750,345
TBA securities purchased		5,341,478
Fund shares redeemed		348,234
Accrued Expenses:
Management fees		358,306
Distribution and service fees		106,945
Deferred trustees’ fees		126,713
Other expenses		265,638

Total Liabilities		54,383,748

Net Assets	$	782,249,855

Net Assets Consist of:
Paid in surplus	$	643,510,920
Distributable earnings (Accumulated losses)		138,738,935

Net Assets	$	782,249,855

Net Assets
Class A	$	172,399,116
Class B		221,740,153
Class E		23,794,107
Class F		364,316,479
Capital Shares Outstanding*
Class A		1,065,138
Class B		1,391,076
Class E		147,874
Class F		2,272,319
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	161.86
Class B		159.40
Class E		160.91
Class F		160.33


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $702,600,662.
(b)		Includes securities loaned at value of $46,173,451.
(c)		Identified cost of cash denominated in foreign currencies was $8,727.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	6,230,532
Interest		5,127,282
Securities lending income		78,239

Total investment income		11,436,053
Expenses
Management fees		2,155,194
Administration fees		21,903
Custodian and accounting fees		81,964
Distribution and service fees—Class B		270,234
Distribution and service fees—Class E		17,391
Distribution and service fees—Class F		356,232
Interest expense		578
Audit and tax services		32,634
Legal		22,462
Trustees’ fees and expenses		31,323
Shareholder reporting		47,902
Insurance		2,586
Miscellaneous		8,487

Total expenses		3,048,890

Net Investment Income		8,387,163

Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		9,439,676
Foreign currency transactions		(763	)

Net realized gain		9,438,913

Net change in unrealized appreciation on:
Investments		73,663,991
Foreign currency transactions		4,252

Net change in unrealized appreciation		73,668,243

Net realized and unrealized gain		83,107,156

Net Increase in Net Assets From Operations	$	91,494,319


(a)		Net of foreign withholding taxes of $143,000.

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,387,163		$	16,732,668
Net realized gain		9,438,913			33,154,382
Net change in unrealized appreciation (depreciation)		73,668,243			(95,587,834	)

Increase (decrease) in net assets from operations		91,494,319			(45,700,784	)

From Distributions to Shareholders
Class A		(10,786,327	)		(14,737,131	)
Class B		(13,537,894	)		(19,453,121	)
Class E		(1,459,723	)		(2,097,343	)
Class F		(22,324,786	)		(32,316,162	)

Total distributions		(48,108,730	)		(68,603,757	)

Increase (decrease) in net assets from capital share transactions		3,650,875			(35,848,597	)

Total increase (decrease) in net assets		47,036,464			(150,153,138	)

Net Assets
Beginning of period		735,213,391			885,366,529

End of period	$	782,249,855		$	735,213,391

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		24,000		$	3,960,623			58,743		$	9,903,134
Reinvestments		67,715			10,786,327			91,705			14,737,131
Redemptions		(76,002	)		(12,473,112	)		(144,679	)		(24,334,597	)

Net increase		15,713		$	2,273,838			5,769		$	305,668

Class B
Sales		20,654		$	3,323,868			54,637		$	9,037,288
Reinvestments		86,284			13,537,894			122,802			19,453,121
Redemptions		(94,957	)		(15,267,644	)		(236,470	)		(38,957,577	)

Net increase (decrease)		11,981		$	1,594,118			(59,031	)	$	(10,467,168	)

Class E
Sales		2,585		$	429,534			3,124		$	533,358
Reinvestments		9,217			1,459,723			13,124			2,097,343
Redemptions		(11,722	)		(1,915,320	)		(22,260	)		(3,717,856	)

Net increase (decrease)		80		$	(26,063	)		(6,012	)	$	(1,087,155	)

Class F
Sales		59,046		$	9,670,665			93,601		$	15,608,427
Reinvestments		141,475			22,324,786			202,902			32,316,162
Redemptions		(197,851	)		(32,186,469	)		(436,754	)		(72,524,531	)

Net increase (decrease)		2,670		$	(191,018	)		(140,251	)	$	(24,599,942	)

Increase (decrease) derived from capital shares transactions				$	3,650,875					$	(35,848,597	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	153.14		$	177.03		$	170.50		$	168.01		$	172.72		$	162.91

Income (Loss) from Investment Operations
Net investment income (a)		1.93			3.68			3.55			3.94	(b)		3.66			3.85
Net realized and unrealized gain (loss)		17.56			(12.86	)		16.87			10.93			(3.83	)		9.94

Total income (loss) from investment operations		19.49			(9.18	)		20.42			14.87			(0.17	)		13.79

Less Distributions
Distributions from net investment income		(4.05	)		(4.04	)		(4.55	)		(5.10	)		(4.54	)		(3.98	)
Distributions from net realized capital gains		(6.72	)		(10.67	)		(9.34	)		(7.28	)		0.00			0.00

Total distributions		(10.77	)		(14.71	)		(13.89	)		(12.38	)		(4.54	)		(3.98	)

Net Asset Value, End of Period	$	161.86		$	153.14		$	177.03		$	170.50		$	168.01		$	172.72

Total Return (%) (c)		12.84	(d)		(5.57	)		12.44			9.20			(0.16	)		8.64

Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.63	(e)		0.62			0.61			0.61			0.60			0.60
Ratio of net investment income to average net assets (%)		2.37	(e)		2.20			2.05			2.34	(b)		2.13			2.32
Portfolio turnover rate (%)		15	(d)(f)		29	(f)		35	(f)		35	(f)		41	(f)		34	(f)
Net assets, end of period (in millions)	$	172.4		$	160.7		$	184.8		$	178.0		$	165.9		$	186.7

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	150.75		$	174.48		$	168.22		$	165.89		$	170.57		$	160.94

Income (Loss) from Investment Operations
Net investment income (a)		1.70			3.21			3.06			3.48	(b)		3.20			3.40
Net realized and unrealized gain (loss)		17.27			(12.66	)		16.66			10.77			(3.79	)		9.81

Total income (loss) from investment operations		18.97			(9.45	)		19.72			14.25			(0.59	)		13.21

Less Distributions
Distributions from net investment income		(3.60	)		(3.61	)		(4.12	)		(4.64	)		(4.09	)		(3.58	)
Distributions from net realized capital gains		(6.72	)		(10.67	)		(9.34	)		(7.28	)		0.00			0.00

Total distributions		(10.32	)		(14.28	)		(13.46	)		(11.92	)		(4.09	)		(3.58	)

Net Asset Value, End of Period	$	159.40		$	150.75		$	174.48		$	168.22		$	165.89		$	170.57

Total Return (%) (c)		12.69	(d)		(5.81	)		12.17			8.92			(0.40	)		8.36

Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.88	(e)		0.87			0.86			0.86			0.85			0.85
Ratio of net investment income to average net assets (%)		2.12	(e)		1.95			1.79			2.09	(b)		1.88			2.07
Portfolio turnover rate (%)		15	(d)(f)		29	(f)		35	(f)		35	(f)		41	(f)		34	(f)
Net assets, end of period (in millions)	$	221.7		$	207.9		$	250.9		$	227.4		$	223.0		$	247.5

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	152.17		$	175.98		$	169.55		$	167.11		$	171.80		$	162.06

Income (Loss) from Investment Operations
Net investment income (a)		1.79			3.41			3.27			3.67	(b)		3.39			3.59
Net realized and unrealized gain (loss)		17.45			(12.78	)		16.79			10.86			(3.82	)		9.88

Total income (loss) from investment operations		19.24			(9.37	)		20.06			14.53			(0.43	)		13.47

Less Distributions
Distributions from net investment income		(3.78	)		(3.77	)		(4.29	)		(4.81	)		(4.26	)		(3.73	)
Distributions from net realized capital gains		(6.72	)		(10.67	)		(9.34	)		(7.28	)		0.00			0.00

Total distributions		(10.50	)		(14.44	)		(13.63	)		(12.09	)		(4.26	)		(3.73	)

Net Asset Value, End of Period	$	160.91		$	152.17		$	175.98		$	169.55		$	167.11		$	171.80

Total Return (%) (c)		12.75	(d)		(5.72	)		12.28			9.03			(0.31	)		8.48

Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.78	(e)		0.77			0.76			0.76			0.75			0.75
Ratio of net investment income to average net assets (%)		2.22	(e)		2.05			1.90			2.19	(b)		1.98			2.17
Portfolio turnover rate (%)		15	(d)(f)		29	(f)		35	(f)		35	(f)		41	(f)		34	(f)
Net assets, end of period (in millions)	$	23.8		$	22.5		$	27.1		$	26.3		$	27.1		$	30.9

	Class F
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	151.61		$	175.36		$	168.99		$	166.59		$	171.25		$	161.54

Income (Loss) from Investment Operations
Net investment income (a)		1.75			3.31			3.17			3.57	(b)		3.29			3.50
Net realized and unrealized gain (loss)		17.37			(12.72	)		16.73			10.83			(3.79	)		9.84

Total income (loss) from investment operations		19.12			(9.41	)		19.90			14.40			(0.50	)		13.34

Less Distributions
Distributions from net investment income		(3.68	)		(3.66	)		(4.19	)		(4.72	)		(4.16	)		(3.63	)
Distributions from net realized capital gains		(6.72	)		(10.68	)		(9.34	)		(7.28	)		0.00			0.00

Total distributions		(10.40	)		(14.34	)		(13.53	)		(12.00	)		(4.16	)		(3.63	)

Net Asset Value, End of Period	$	160.33		$	151.61		$	175.36		$	168.99		$	166.59		$	171.25

Total Return (%) (c)		12.73	(d)		(5.76	)		12.22			8.97			(0.35	)		8.42

Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.83	(e)		0.82			0.81			0.81			0.80			0.80
Ratio of net investment income to average net assets (%)		2.17	(e)		2.00			1.85			2.14	(b)		1.93			2.12
Portfolio turnover rate (%)		15	(d)(f)		29	(f)		35	(f)		35	(f)		41	(f)		34	(f)
Net assets, end of period (in millions)	$	364.3		$	344.1		$	422.6		$	429.0		$	450.4		$	524.7


(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 $0.12 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 14%, 28%, 35%, 34%, 37% and 25% for the six months ended June 30, 2019 and the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, 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

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.

BHFTII-24

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

BHFTII-25

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

BHFTII-26

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $7,062,812. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $31,133,150. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, with a contractual maturity of overnight and continuous.


	Remaining Contractual Maturity of the Agreements As of June 30, 2019
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(35,162,790	)	$	—	$	—	$	—	$	(35,162,790	)
Convertible Preferred Stocks		(433,237	)		—		—		—		(433,237	)
Corporate Bonds & Notes		(10,156,087	)		—		—		—		(10,156,087	)
U.S. Treasury & Government Agencies		(1,333,975	)		—		—		—		(1,333,975	)
Total	$	(47,086,089	)	$	—	$	—	$	—	$	(47,086,089	)
Total Borrowings	$	(47,086,089	)	$	—	$	—	$	—	$	(47,086,089	)
Gross amount of recognized liabilities for securities lending transactions										$	(47,086,089	)

BHFTII-27

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2019—(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:

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar rolls and TBA transactions but excluding short-term securities, for the six months ended June 30, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$42,549,487	$	72,349,390	$	63,646,968	$	97,099,069

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2019 were as follows:


Purchases	Sales
$10,621,138	$	10,308,374

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average daily net assets
$2,155,194		0.600	%	Of the first $250 million
		0.550	%	Of the next $500 million
		0.500	%	On amounts in excess of $750 million

BHFTII-28

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company (the “Subadviser”) 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.

6. Contractual Obligations

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	703,653,962

Gross unrealized appreciation		137,245,176
Gross unrealized depreciation		(14,192,566	)

Net unrealized appreciation (depreciation)	$	123,052,610

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$20,298,439	$	22,797,540	$	48,305,318	$	43,395,304	$	68,603,757	$	66,192,844

BHFTII-29

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$17,379,312	$	30,801,703	$	47,283,920	$	—	$	95,464,935

As of December 31, 2018, the Portfolio had no accumulated capital losses.

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, 2019, the Class A, B, D and E shares of the MFS Value Portfolio returned 18.57%, 18.46%, 18.53%, and 18.53%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 16.24%.

MARKET ENVIRONMENT / CONDITIONS

The deteriorating global growth backdrop, along with declining inflationary pressures, prompted the U.S. Federal Reserve (“Fed”) to adopt a more dovish policy stance during the first half of 2019, which resulted in a sharp decline in long-term interest rates during the period, inverting portions of the Treasury yield curve. Consequently, markets anticipate several Fed rate cuts in the coming quarters.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio posted positive results and outperformed its benchmark, the Russell 1000 Value Index. Overall, a combination of sector allocation and stock selection led to the outperformance.

An overweight allocation to the strong-performing Industrials sector contributed to performance relative to the Russell 1000 Value Index. Within this sector, overweight positions in automotive components supplier Johnson Controls International and diversified technology and manufacturing company Honeywell, and holdings of global security company Northrop Grumman, bolstered relative results.

Stock selection in both the Financials and Consumer Staples sectors supported relative returns. Within the Financials sector, holdings of risk management and human capital consulting services provider Aon, not owning insurance and investment firm Berkshire Hathaway and an overweight position in property and casualty insurer Travelers Companies helped relative performance. Within the Consumer Staples sector, holdings of global food company Nestle (Switzerland) boosted relative results.

Elsewhere, holdings of IT servicing firm Accenture, not owning semiconductor company Intel and an overweight position in healthcare equipment manufacturer Danaher also helped in relative terms.

Individual stocks that hampered relative returns included overweight positions in global health services provider Cigna, diversified technology company 3M, power & natural gas distributor Duke Energy, custody bank State Street, medical device maker Medtronic, global financial services provider Bank of New York Mellon and diversified financial services firm Wells Fargo. Additionally, not owning network equipment company Cisco Systems and diversified industrial conglomerate General Electric detracted from relative performance.

The Portfolio’s cash and/or cash equivalents position during the period was also a detractor from relative performance. Under normal market conditions, the Portfolio strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when equity markets rose, as measured by the Portfolio’s benchmark, holding cash hurt performance versus the benchmark, which has no cash position.

Over the trailing six-month period ending June 30, 2019, the most significant changes to the Portfolio include our increased absolute exposure to the Utilities, Industrials, and Financials sectors. Conversely, the Portfolio’s largest decreased exposures at a sector level

BHFTII-1

Brighthouse Funds Trust II

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

included reduced absolute exposure to Consumer Staples, Communication Services, and Health Care.

At the end of the period, the Portfolio’s top overweights were to Industrials, Financials, and Health Care, while being most underweight the Energy, Real Estate, and Consumer Discretionary sectors. Relative sector positioning reflects the investment 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

MFS Investment Management Company

BHFTII-2

Brighthouse Funds Trust II

MFS Value Portfolio

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year		Since Inception²
MFS Value Portfolio
Class A		18.57		10.79		8.74		12.87		—
Class B		18.46		10.51		8.46		12.60		—
Class D		18.53		10.73		8.64		—		10.81
Class E		18.53		10.63		8.58		12.72		—
Russell 1000 Value Index		16.24		8.47		7.46		13.19		—

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
JPMorgan Chase & Co.		4.5
Johnson & Johnson		3.5
Comcast Corp. - Class A		2.9
Accenture plc - Class A		2.8
Medtronic plc		2.7
Travelers Cos., Inc. (The)		2.6
Aon plc		2.4
Pfizer, Inc.		2.3
Citigroup, Inc.		2.3
Chubb, Ltd.		2.2

Top Sectors


	% of Net Assets
Financials		29.1
Health Care		17.2
Industrials		17.1
Information Technology		9.2
Consumer Staples		8.6
Utilities		5.2
Communication Services		4.0
Energy		3.9
Materials		3.2
Consumer Discretionary		1.3

BHFTII-3

Brighthouse Funds Trust II

MFS Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


MFS Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.58	%	$	1,000.00	$	1,185.70	$	3.14
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91

Class B (a)	Actual		0.83	%	$	1,000.00	$	1,184.60	$	4.50
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16

Class D (a)	Actual		0.68	%	$	1,000.00	$	1,185.30	$	3.68
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41

Class E (a)	Actual		0.73	%	$	1,000.00	$	1,185.30	$	3.96
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66

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

(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, 2019 (Unaudited)

Common Stocks—99.2% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—4.3%
Lockheed Martin Corp.		104,544	$	38,005,926
Northrop Grumman Corp.		213,269		68,909,346
United Technologies Corp.		304,674		39,668,555

				146,583,827


Air Freight & Logistics—0.3%
United Parcel Service, Inc. - Class B		115,843		11,963,107


Auto Components—1.0%
Aptiv plc		350,315		28,315,962
Lear Corp. (a)		48,368		6,736,211

				35,052,173


Automobiles—0.1%
Harley-Davidson, Inc. (a)		104,554		3,746,170


Banks—13.9%
BB&T Corp. (a)		988,372		48,558,716
Citigroup, Inc.		1,121,324		78,526,319
JPMorgan Chase & Co. (a)		1,371,835		153,371,153
PNC Financial Services Group, Inc. (The)		376,521		51,688,803
U.S. Bancorp (a)		1,372,132		71,899,717
Wells Fargo & Co.		1,549,018		73,299,532

				477,344,240


Beverages—1.9%
Diageo plc		1,087,551		46,834,577
PepsiCo, Inc.		144,445		18,941,073

				65,775,650


Building Products—1.5%
Johnson Controls International plc (a)		1,293,005		53,414,037


Capital Markets—6.5%
Bank of New York Mellon Corp. (The)		641,230		28,310,305
BlackRock, Inc. (a)		71,793		33,692,455
Goldman Sachs Group, Inc. (The) (a)		269,845		55,210,287
Moody’s Corp. (a)		144,036		28,131,671
Nasdaq, Inc. (a)		408,419		39,277,655
State Street Corp.		391,517		21,948,443
T. Rowe Price Group, Inc.		150,603		16,522,655

				223,093,471


Chemicals—3.2%
Corteva, Inc. (b)		147,909		4,373,669
DuPont de Nemours, Inc.		147,909		11,103,529
PPG Industries, Inc. (a)		544,450		63,542,759
Sherwin-Williams Co. (The)		70,459		32,290,655

				111,310,612


Consumer Finance—0.8%
American Express Co.		224,941		27,766,717


Diversified Telecommunication Services—0.5%
Verizon Communications, Inc.		285,727		16,323,583


Electric Utilities—5.2%
Duke Energy Corp.		765,490		67,546,838
FirstEnergy Corp. (a)		912,583		39,067,678
Southern Co. (The) (a)		1,031,959		57,046,694
Xcel Energy, Inc.		281,852		16,767,375

				180,428,585


Electrical Equipment—1.2%
Eaton Corp. plc (a)		476,259		39,662,850


Energy Equipment & Services—1.0%
Schlumberger, Ltd.		906,887		36,039,689


Equity Real Estate Investment Trusts—0.4%
Public Storage		58,123		13,843,155


Food Products—3.5%
Archer-Daniels-Midland Co.		451,933		18,438,866
Danone S.A.		197,274		16,730,880
General Mills, Inc. (a)		230,717		12,117,257
J.M. Smucker Co. (The) (a)		118,801		13,684,687
Nestle S.A.		573,296		59,352,609

				120,324,299


Health Care Equipment & Supplies—5.9%
Abbott Laboratories		556,661		46,815,190
Danaher Corp.		440,223		62,916,671
Medtronic plc		954,229		92,932,363

				202,664,224


Health Care Providers & Services—2.3%
Cigna Corp.		345,997		54,511,827
McKesson Corp.		178,240		23,953,674

				78,465,501


Household Products—1.2%
Colgate-Palmolive Co.		99,765		7,150,157
Kimberly-Clark Corp. (a)		90,838		12,106,889
Procter & Gamble Co. (The)		65,120		7,140,408
Reckitt Benckiser Group plc		194,003		15,331,541

				41,728,995


Industrial Conglomerates—3.1%
3M Co.		187,787		32,550,999
Honeywell International, Inc.		419,543		73,248,012

				105,799,011


Insurance—7.9%
Aon plc (a)		422,327		81,500,665
Chubb, Ltd.		511,296		75,308,788
Marsh & McLennan Cos., Inc.		205,459		20,494,535
Prudential Financial, Inc.		67,990		6,866,990

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Insurance—(Continued)
Travelers Cos., Inc. (The)		594,170	$	88,840,298

				273,011,276


IT Services—6.3%
Accenture plc - Class A		520,539		96,179,991
Amdocs, Ltd.		120,702		7,494,387
Cognizant Technology Solutions Corp. - Class A		230,956		14,640,301
DXC Technology Co.		205,701		11,344,410
Fidelity National Information Services, Inc. (a)		356,828		43,775,659
Fiserv, Inc. (a) (b)		483,817		44,104,758

				217,539,506


Life Sciences Tools & Services—1.4%
Thermo Fisher Scientific, Inc. (a)		163,194		47,926,814


Machinery—3.7%
Illinois Tool Works, Inc. (a)		356,888		53,822,279
Ingersoll-Rand plc		294,254		37,273,154
Stanley Black & Decker, Inc. (a)		259,073		37,464,547

				128,559,980


Media—3.5%
Comcast Corp. - Class A		2,329,159		98,476,843
Omnicom Group, Inc. (a)		256,493		21,019,601

				119,496,444


Oil, Gas & Consumable Fuels—2.9%
Chevron Corp.		241,035		29,994,395
EOG Resources, Inc.		257,995		24,034,814
Exxon Mobil Corp. (a)		349,586		26,788,775
Occidental Petroleum Corp. (a)		190,363		9,571,452
Pioneer Natural Resources Co.		56,966		8,764,789

				99,154,225


Pharmaceuticals—7.6%
Johnson & Johnson		859,090		119,654,055
Merck & Co., Inc.		460,858		38,642,943
Novartis AG		88,991		8,139,740
Pfizer, Inc. (a)		1,852,011		80,229,117
Roche Holding AG		52,070		14,650,743

				261,316,598


Professional Services—0.9%
Equifax, Inc. (a)		222,895		30,144,320


Road & Rail—1.9%
Canadian National Railway Co.		228,977		21,175,793
Union Pacific Corp.		268,258		45,365,110

				66,540,903


Semiconductors & Semiconductor Equipment—2.9%
Analog Devices, Inc.		238,197		26,885,296
Texas Instruments, Inc.		623,757		71,582,353

				98,467,649


Textiles, Apparel & Luxury Goods—0.2%
Hanesbrands, Inc.		370,459		6,379,304


Tobacco—2.0%
Altria Group, Inc.		343,481		16,263,825
Philip Morris International, Inc.		657,511		51,634,339

				67,898,164


Trading Companies & Distributors—0.2%
HD Supply Holdings, Inc. (b)		163,446		6,583,605

Total Common Stocks (Cost $2,535,988,825)				3,414,348,684


Short-Term Investment—0.7%

Repurchase Agreement—0.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $25,830,401; collateralized by U.S. Treasury Note at 2.000% due 12/31/21, with a market value of $26,344,673.		25,827,818		25,827,818

Total Short-Term Investments (Cost $25,827,818)				25,827,818


Securities Lending Reinvestments (c)—12.4%

Bank Note—0.1%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (d)		4,000,000		4,018,017


Certificates of Deposit—8.4%
ABN AMRO Bank NV Zero Coupon, 07/05/19		3,964,930		3,998,120
Banco Del Estado De Chile New York
2.564%, 1M LIBOR + 0.160%, 11/22/19 (d)		5,000,000		5,000,425
2.592%, 1M LIBOR + 0.180%, 10/09/19 (d)		5,000,000		5,000,705
Banco Santander S.A. 2.600%, 07/05/19		7,000,000		7,000,364
Bank of Montreal (Chicago)
2.512%, 1M LIBOR + 0.100%, 10/11/19 (d)		5,000,000		5,000,165
2.590%, SOFR + 0.170%, 02/07/20 (d)		5,000,000		5,000,280
2.751%, 1M LIBOR + 0.330%, 08/06/19 (d)		10,000,000		10,002,870
Bank of Nova Scotia
2.564%, 1M LIBOR + 0.170%, 05/15/20 (d)		8,000,000		7,999,264
2.762%, 3M LIBOR + 0.170%, 01/09/20 (d)		5,000,000		5,003,885
Barclays Bank plc 2.950%, 08/02/19		10,000,000		10,005,260

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
BNP Paribas S.A. New York 2.534%, 1M LIBOR + 0.140%, 09/16/19 (d)		5,000,000	$	5,000,210
Canadian Imperial Bank of Commerce
2.644%, 1M LIBOR + 0.250%, 10/15/19 (d)		4,000,000		4,001,316
2.660%, 1M LIBOR + 0.270%, 07/19/19 (d)		3,000,000		3,000,264
China Construction Bank Corp.
2.600%, 09/05/19		4,000,000		4,000,888
2.630%, 08/30/19		3,000,000		3,000,912
Commonwealth Bank of Australia
2.569%, 1M LIBOR + 0.175%, 04/16/20 (d)		7,000,000		7,001,330
2.621%, 1M LIBOR + 0.210%, 09/13/19 (d)		5,000,000		5,001,600
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (d)		10,000,000		10,003,920
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (d)		10,000,000		10,005,060
Credit Industriel et Commercial 2.590%, 1M LIBOR + 0.160%, 03/05/20 (d)		5,000,000		5,000,370
Credit Suisse AG 2.561%, 1M LIBOR + 0.130%, 11/04/19 (d)		3,000,000		2,999,802
DZ Bank AG New York Zero Coupon, 07/05/19		9,934,372		9,995,300
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (d)		9,000,000		8,999,281
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		4,000,000		4,000,632
2.630%, 08/28/19		11,000,000		11,003,608
2.670%, 08/01/19		1,000,000		1,000,216
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 08/09/19		1,986,950		1,994,540
2.562%, 1M LIBOR + 0.150%, 09/11/19 (d)		5,000,000		5,000,335
Mizuho Bank, Ltd. 2.524%, 1M LIBOR + 0.120%, 11/27/19 (d)		7,000,000		7,001,799
Mizuho Bank, Ltd., New York 2.573%, 1M LIBOR + 0.160%, 09/12/19 (d)		6,000,000		6,001,548
MUFG Bank Ltd.
2.574%, 1M LIBOR + 0.170%, 02/24/20 (d)		6,000,000		6,000,018
2.800%, 07/16/19		4,000,000		4,000,800
National Australia Bank, Ltd. 2.602%, 1M LIBOR + 0.190%, 04/08/20 (d)		6,000,000		6,001,380
Nationwide Building Society Zero Coupon, 08/01/19		4,958,079		4,988,950
Natixis New York 2.649%, 3M LIBOR + 0.070%, 11/01/19 (d)		3,000,000		3,000,714
Norinchukin Bank, London Zero Coupon, 07/09/19		1,986,842		1,998,540
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		7,000,000		7,002,023
Societe Generale 2.723%, 3M LIBOR + 0.200%, 08/21/19 (d)		10,003,932		10,005,970
Standard Chartered Bank
2.524%, 1M LIBOR + 0.130%, 11/15/19 (d)		7,000,000		7,000,252
2.660%, 08/23/19		5,000,000		5,002,315
Sumitomo Mitsui Banking Corp. 2.542%, 1M LIBOR + 0.130%, 12/09/19 (d)		5,000,000		5,000,245
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 08/06/19		986,338		997,470

Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust Bank, Ltd.
2.523%, 1M LIBOR + 0.140%, 11/20/19 (d)		3,000,000		3,000,300
2.600%, 07/05/19		10,000,000		10,000,410
2.689%, 3M LIBOR + 0.100%, 07/08/19 (d)		5,000,000		5,000,360
Svenska Handelsbanken AB
2.592%, 1M LIBOR + 0.180%, 06/05/20 (d)		4,000,000		4,000,760
2.702%, 1M LIBOR + 0.300%, 10/31/19 (d)		3,500,000		3,502,551
Toronto-Dominion Bank
2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		5,000,000		5,001,780
2.611%, 1M LIBOR + 0.180%, 06/03/20 (d)		3,000,000		2,999,935
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (d)		15,000,000		14,999,916

				287,528,958


Commercial Paper—2.4%
Agricultural Bank of China 2.610%, 08/14/19		6,953,310		6,978,419
Bank of China, Ltd.
2.640%, 09/09/19		1,986,800		1,989,448
2.670%, 07/16/19		9,933,250		9,987,030
2.670%, 07/17/19		3,973,300		3,994,524
China Construction Bank Corp.
2.620%, 09/03/19		4,966,522		4,976,095
2.650%, 07/26/19		1,987,044		1,995,966
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (d)		5,000,000		5,000,995
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (d)		7,000,000		7,001,771
LMA S.A. & LMA Americas, Corp.
2.610%, 10/03/19		1,973,465		1,986,830
2.750%, 08/05/19		2,958,292		2,992,302
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (d)		7,000,000		6,999,965
Societe Generale 2.812%, 3M LIBOR + 0.410%, 12/18/19 (d)		3,005,322		3,005,694
Starbird Funding Corp. 2.600%, 07/01/19		3,999,195		3,999,180
Thunder Bay Funding LLC 2.540%, 1M LIBOR + 0.100%, 12/05/19 (d)		7,000,000		7,000,364
Toyota Motor Credit Corp. 2.620%, 08/29/19		9,871,183		9,959,450
Westpac Banking Corp. 2.552%, 1M LIBOR + 0.150%, 05/29/20 (d)		3,999,315		4,000,012

				81,868,045


Repurchase Agreements—1.3%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $13,358,945; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $13,623,513.		13,356,385		13,356,385

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $3,626,414; collateralized by various Common Stock with an aggregate market value of $3,960,000.		3,600,000	$	3,600,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $4,031,020; collateralized by various Common Stock with an aggregate market value of $4,401,090.		4,000,000		4,000,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $10,527,665; collateralized by various Common Stock with an aggregate market value of $11,550,001.		10,500,000		10,500,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $3,208,587; collateralized by various Common Stock with an aggregate market value of $3,520,000.		3,200,000		3,200,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $5,501,192; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $5,610,001.		5,500,000		5,500,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $700,160; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $714,004.		700,000		700,000
Societe Generale Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $5,001,029; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $5,387,840.		5,000,000		5,000,000

				45,856,385


Time Deposit—0.2%
Royal Bank of Canada 2.500%, 07/01/19		7,000,000		7,000,000

Total Securities Lending Reinvestments (Cost $426,197,826)				426,271,405

Total Investments—112.3% (Cost $2,988,014,469)				3,866,447,907
Other assets and liabilities (net)—(12.3)%				(424,060,169	)

Net Assets—100.0%			$	3,442,387,738


*		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, 2019, the market value of securities loaned was $420,473,313 and the collateral received consisted of cash in the amount of $425,784,827. 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, 2019.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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
(SOFR)—		Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	146,583,827	$	—		$	—	$	146,583,827
Air Freight & Logistics		11,963,107		—			—		11,963,107
Auto Components		35,052,173		—			—		35,052,173
Automobiles		3,746,170		—			—		3,746,170
Banks		477,344,240		—			—		477,344,240
Beverages		18,941,073		46,834,577			—		65,775,650
Building Products		53,414,037		—			—		53,414,037
Capital Markets		223,093,471		—			—		223,093,471
Chemicals		111,310,612		—			—		111,310,612
Consumer Finance		27,766,717		—			—		27,766,717
Diversified Telecommunication Services		16,323,583		—			—		16,323,583
Electric Utilities		180,428,585		—			—		180,428,585
Electrical Equipment		39,662,850		—			—		39,662,850
Energy Equipment & Services		36,039,689		—			—		36,039,689
Equity Real Estate Investment Trusts		13,843,155		—			—		13,843,155
Food Products		44,240,810		76,083,489			—		120,324,299
Health Care Equipment & Supplies		202,664,224		—			—		202,664,224
Health Care Providers & Services		78,465,501		—			—		78,465,501
Household Products		26,397,454		15,331,541			—		41,728,995
Industrial Conglomerates		105,799,011		—			—		105,799,011
Insurance		273,011,276		—			—		273,011,276
IT Services		217,539,506		—			—		217,539,506
Life Sciences Tools & Services		47,926,814		—			—		47,926,814
Machinery		128,559,980		—			—		128,559,980
Media		119,496,444		—			—		119,496,444
Oil, Gas & Consumable Fuels		99,154,225		—			—		99,154,225
Pharmaceuticals		238,526,115		22,790,483			—		261,316,598
Professional Services		30,144,320		—			—		30,144,320
Road & Rail		66,540,903		—			—		66,540,903
Semiconductors & Semiconductor Equipment		98,467,649		—			—		98,467,649
Textiles, Apparel & Luxury Goods		6,379,304		—			—		6,379,304
Tobacco		67,898,164		—			—		67,898,164
Trading Companies & Distributors		6,583,605		—			—		6,583,605
Total Common Stocks		3,253,308,594		161,040,090			—		3,414,348,684
Total Short-Term Investment*		—		25,827,818			—		25,827,818
Total Securities Lending Reinvestments*		—		426,271,405			—		426,271,405
Total Investments	$	3,253,308,594	$	613,139,313		$	—	$	3,866,447,907

Collateral for Securities Loaned (Liability)	$	—	$	(425,784,827	)	$	—	$	(425,784,827	)


*		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, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	3,866,447,907
Cash		81,775
Cash denominated in foreign currencies (c)		48
Receivable for:
Fund shares sold		167,241
Dividends and interest		5,697,960

Total Assets		3,872,394,931
Liabilities
Collateral for securities loaned		425,784,827
Payables for:
Fund shares redeemed		1,650,518
Accrued Expenses:
Management fees		1,543,293
Distribution and service fees		204,200
Deferred trustees’ fees		277,972
Other expenses		546,383

Total Liabilities		430,007,193

Net Assets	$	3,442,387,738

Net Assets Consist of:
Paid in surplus	$	2,419,393,343
Distributable earnings (Accumulated losses)		1,022,994,395

Net Assets	$	3,442,387,738

Net Assets
Class A	$	2,374,909,077
Class B		925,935,732
Class D		12,109,287
Class E		129,433,642
Capital Shares Outstanding*
Class A		158,518,599
Class B		62,648,209
Class D		811,294
Class E		8,699,705
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.98
Class B		14.78
Class D		14.93
Class E		14.88


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $2,988,014,469.
(b)		Includes securities loaned at value of $420,473,313.
(c)		Identified cost of cash denominated in foreign currencies was $49.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	42,026,376
Interest		218,554
Securities lending income		533,546

Total investment income		42,778,476
Expenses
Management fees		10,307,613
Administration fees		62,159
Custodian and accounting fees		162,797
Distribution and service fees—Class B		1,130,853
Distribution and service fees—Class D		5,917
Distribution and service fees—Class E		93,764
Audit and tax services		22,147
Legal		22,454
Trustees’ fees and expenses		31,324
Shareholder reporting		102,955
Insurance		11,952
Miscellaneous		15,834

Total expenses		11,969,769
Less management fee waiver		(1,017,202	)

Net expenses		10,952,567

Net Investment Income		31,825,909

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		114,828,682
Foreign currency transactions		(34,540	)

Net realized gain		114,794,142

Net change in unrealized appreciation on:
Investments		420,072,682
Foreign currency transactions		33,995

Net change in unrealized appreciation		420,106,677

Net realized and unrealized gain		534,900,819

Net Increase in Net Assets From Operations	$	566,726,728


(a)		Net of foreign withholding taxes of $418,358.

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	31,825,909		$	63,975,060
Net realized gain		114,794,142			225,010,998
Net change in unrealized appreciation (depreciation)		420,106,677			(620,892,664	)

Increase (decrease) in net assets from operations		566,726,728			(331,906,606	)

From Distributions to Shareholders
Class A		(200,514,008	)		(199,188,349	)
Class B		(76,993,783	)		(75,747,065	)
Class D		(1,011,789	)		(1,040,793	)
Class E		(10,825,406	)		(8,779,919	)

Total distributions		(289,344,986	)		(284,756,126	)

Increase in net assets from capital share transactions		53,532,038			344,812,584

Total increase (decrease) in net assets		330,913,780			(271,850,148	)

Net Assets
Beginning of period		3,111,473,958			3,383,324,106

End of period	$	3,442,387,738		$	3,111,473,958

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		1,219,926		$	18,581,439			3,124,465		$	49,181,762
Shares issued through acquisition (a)		0			0			18,481,526			297,922,201
Reinvestments		13,631,136			200,514,008			13,217,541			199,188,349
Redemptions		(11,626,666	)		(180,312,483	)		(27,625,599	)		(433,593,718	)

Net increase		3,224,396		$	38,782,964			7,197,933		$	112,698,594

Class B
Sales		941,860		$	14,035,090			2,225,609		$	34,665,285
Shares issued through acquisition (a)		0			0			14,961,618			238,039,342
Reinvestments		5,306,257			76,993,783			5,087,110			75,747,065
Redemptions		(5,258,982	)		(80,025,323	)		(11,644,783	)		(181,299,374	)

Net increase		989,135		$	11,003,550			10,629,554		$	167,152,318

Class D
Sales		18,133		$	278,788			7,677		$	118,378
Reinvestments		69,064			1,011,789			69,294			1,040,793
Redemptions		(74,988	)		(1,153,856	)		(180,442	)		(2,789,514	)

Net increase (decrease)		12,209		$	136,721			(103,471	)	$	(1,630,343	)

Class E
Sales		182,202		$	2,777,785			2,143,711		$	32,230,864
Shares issued through acquisition (a)		0			0			2,867,541			45,909,325
Reinvestments		740,959			10,825,406			586,109			8,779,919
Redemptions		(657,499	)		(9,994,388	)		(1,315,647	)		(20,328,093	)

Net increase		265,662		$	3,608,803			4,281,714		$	66,592,015

Increase derived from capital shares transactions				$	53,532,038					$	344,812,584


		(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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	13.81		$	16.63		$	15.31		$	15.09		$	18.38		$	17.75

Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.30			0.27			0.34	(b)		0.31			0.43
Net realized and unrealized gain (loss)		2.39			(1.87	)		2.38			1.68			(0.23	)		1.36

Total income (loss) from investment operations		2.54			(1.57	)		2.65			2.02			0.08			1.79

Less Distributions
Distributions from net investment income		(0.31	)		(0.24	)		(0.34	)		(0.36	)		(0.50	)		(0.31	)
Distributions from net realized capital gains		(1.06	)		(1.01	)		(0.99	)		(1.44	)		(2.87	)		(0.85	)

Total distributions		(1.37	)		(1.25	)		(1.33	)		(1.80	)		(3.37	)		(1.16	)

Net Asset Value, End of Period	$	14.98		$	13.81		$	16.63		$	15.31		$	15.09		$	18.38

Total Return (%) (c)		18.57	(d)		(10.05	)		18.00			14.39			(0.15	)		10.81

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64	(e)		0.66			0.72			0.72			0.72			0.72
Net ratio of expenses to average net assets (%) (f)		0.58	(e)		0.57			0.58			0.58			0.58			0.58
Ratio of net investment income to average net assets (%)		1.97	(e)		1.89			1.70			2.25	(b)		1.87			2.49
Portfolio turnover rate (%)		7	(d)		7			13			14			12			12
Net assets, end of period (in millions)	$	2,374.9		$	2,144.8		$	2,462.2		$	2,222.2		$	2,218.1		$	2,493.9

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	13.62		$	16.41		$	15.14		$	14.94		$	18.22		$	17.61

Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.25			0.23			0.30	(b)		0.27			0.37
Net realized and unrealized gain (loss)		2.36			(1.83	)		2.33			1.66			(0.23	)		1.36

Total income (loss) from investment operations		2.49			(1.58	)		2.56			1.96			0.04			1.73

Less Distributions
Distributions from net investment income		(0.27	)		(0.20	)		(0.30	)		(0.32	)		(0.45	)		(0.27	)
Distributions from net realized capital gains		(1.06	)		(1.01	)		(0.99	)		(1.44	)		(2.87	)		(0.85	)

Total distributions		(1.33	)		(1.21	)		(1.29	)		(1.76	)		(3.32	)		(1.12	)

Net Asset Value, End of Period	$	14.78		$	13.62		$	16.41		$	15.14		$	14.94		$	18.22

Total Return (%) (c)		18.46	(d)		(10.24	)		17.58			14.10			(0.36	)		10.56

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89	(e)		0.91			0.97			0.97			0.97			0.97
Net ratio of expenses to average net assets (%) (f)		0.83	(e)		0.82			0.83			0.83			0.83			0.83
Ratio of net investment income to average net assets (%)		1.72	(e)		1.65			1.45			2.01	(b)		1.62			2.16
Portfolio turnover rate (%)		7	(d)		7			13			14			12			12
Net assets, end of period (in millions)	$	925.9		$	840.0		$	837.6		$	804.2		$	739.3		$	798.0

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	13.76		$	16.56		$	15.26		$	15.05		$	18.33		$	17.71

Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.28			0.25			0.32	(b)		0.29			0.41
Net realized and unrealized gain (loss)		2.38			(1.84	)		2.36			1.67			(0.22	)		1.35

Total income (loss) from investment operations		2.52			(1.56	)		2.61			1.99			0.07			1.76

Less Distributions
Distributions from net investment income		(0.29	)		(0.23	)		(0.32	)		(0.34	)		(0.48	)		(0.29	)
Distributions from net realized capital gains		(1.06	)		(1.01	)		(0.99	)		(1.44	)		(2.87	)		(0.85	)

Total distributions		(1.35	)		(1.24	)		(1.31	)		(1.78	)		(3.35	)		(1.14	)

Net Asset Value, End of Period	$	14.93		$	13.76		$	16.56		$	15.26		$	15.05		$	18.33

Total Return (%) (c)		18.53	(d)		(10.06	)		17.81			14.23			(0.20	)		10.69

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74	(e)		0.76			0.82			0.82			0.82			0.82
Net ratio of expenses to average net assets (%) (f)		0.68	(e)		0.67			0.68			0.68			0.68			0.68
Ratio of net investment income to average net assets (%)		1.87	(e)		1.78			1.60			2.15	(b)		1.77			2.34
Portfolio turnover rate (%)		7	(d)		7			13			14			12			12
Net assets, end of period (in millions)	$	12.1		$	11.0		$	15.0		$	14.4		$	14.7		$	16.8

	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	13.71		$	16.52		$	15.22		$	15.01		$	18.29		$	17.67

Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.27			0.24			0.31	(b)		0.29			0.40
Net realized and unrealized gain (loss)		2.38			(1.85	)		2.36			1.67			(0.23	)		1.35

Total income (loss) from investment operations		2.52			(1.58	)		2.60			1.98			0.06			1.75

Less Distributions
Distributions from net investment income		(0.29	)		(0.22	)		(0.31	)		(0.33	)		(0.47	)		(0.28	)
Distributions from net realized capital gains		(1.06	)		(1.01	)		(0.99	)		(1.44	)		(2.87	)		(0.85	)

Total distributions		(1.35	)		(1.23	)		(1.30	)		(1.77	)		(3.34	)		(1.13	)

Net Asset Value, End of Period	$	14.88		$	13.71		$	16.52		$	15.22		$	15.01		$	18.29

Total Return (%) (c)		18.53	(d)		(10.20	)		17.80			14.20			(0.27	)		10.63

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(e)		0.81			0.87			0.87			0.87			0.87
Net ratio of expenses to average net assets (%) (f)		0.73	(e)		0.73			0.73			0.73			0.73			0.73
Ratio of net investment income to average net assets (%)		1.82	(e)		1.77			1.55			2.10	(b)		1.72			2.28
Portfolio turnover rate (%)		7	(d)		7			13			14			12			12
Net assets, end of period (in millions)	$	129.4		$	115.7		$	68.6		$	66.9		$	66.0		$	78.0


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

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-14

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. Book-tax differences are primarily due to merger adjustments. 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, 2019—(Continued)

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $25,827,818. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $45,856,385. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, 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:

BHFTII-16

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	247,011,193	$	0	$	439,382,607

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $175,232 in purchases of investments and $340,703 in sales of investments, which are included above, and resulted in realized gains of $97,309.

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 (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, 2019	% per annum			Average Daily Net Assets
$10,307,613		0.700	%	First $250 million
		0.650	%	Of the next $500 million
		0.600	%	On amounts in excess of $750 million

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.

BHFTII-17

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


% per annum reduction		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

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”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “Plan”) relating to Class B, Class D and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D and Class E shares of the Trust. Each Portfolio may not offer shares of each Class. The Plan also authorizes the Trust, on behalf of each of its Portfolios, may pay the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to Class B, Class D and Class E shares and 0.25% of such Portfolios’ average daily net assets attributable to the shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares and 0.15% of average daily net assets in the case of Class E shares. The Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2019 are shown as Distribution and service fees in the Statement of Operations.

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, 2019 are shown as Distribution and service fees in the Statement of Operations.

6. Contractual Obligations

BHFTII-18

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	2,989,983,927

Gross unrealized appreciation		952,036,236
Gross unrealized depreciation		(75,572,256	)

Net unrealized appreciation (depreciation)	$	876,463,980

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$55,302,970	$	64,798,043	$	229,453,156	$	197,309,981	$	284,756,126	$	262,108,024

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$63,644,096	$	225,866,683	$	456,367,993	$	—	$	745,878,772

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.

As of December 31, 2018, the Portfolio had no accumulated capital losses.

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.

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 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 year ended December 31, 2018 are as follows:


Net Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	67,291,557	(a)
Net realized and unrealized loss on investments . . . . . . . . . . . . . . . . . . . . . .		(417,151,867	)(b)

Net decrease in net assets from operations . . . . . . . . . . . . . . . . . . . . . . . . . .	$	(349,860,310	)

BHFTII-19

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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)		$63,975,060 net investment income as reported at December 31, 2018, plus $3,020,381 from MFS Value Portfolio II pre-merger net investment income, plus $171,768 in lower net advisory fees, plus $124,348 of pro-forma eliminated other expenses.
(b)		$458,337,451 unrealized appreciation included within distributable earnings (accumulated losses) at December 31, 2018, minus $1,105,285,182 pro-forma December 31, 2017 unrealized appreciation, plus $225,010,998 net realized gain as reported at December 31, 2018, plus $4,784,866 in net realized gain from MFS Value Portfolio II pre-merger.

BHFTII-20

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Management LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A, B and E shares of the Neuberger Berman Genesis Portfolio returned 22.61%, 22.51%, and 22.57%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 13.47%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. stock market experienced periods of volatility, but ultimately generated strong results during the reporting period. Corporate profits that often exceeded expectations and hopes for a resolution in the U.S.-China trade dispute helped to propel the market higher over the first four months of the year. The market then fell sharply in May, as a breakdown in U.S.-China trade negotiations and proposed tariffs for Mexico triggered a flight to quality. The market then rallied again in June, as the Federal Reserve (Fed) indicated it was open to lowering interest rates, along with signs of progress in the U.S.-China trade war. All told, the S&P 500 Index gained 18.54% for the six months ended June 30^th, 2019. Meanwhile, small-cap stocks also moved significantly higher, but lagged the overall stock market, as the Russell 2000 Index returned 16.98%. For the reporting period, small-cap growth and value stocks, as the measured by the Russell 2000 Growth and Value Indexes, returned 20.36% and 13.47%, respectively.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio generated a strong return during the reporting period and significantly outperformed the Russell 2000 Value Index (Index). Outperformance was driven by strong stock selection, which was positive in nine of the ten sectors in which the Portfolio invests. This is something we often see when quality is in favor. Meanwhile, sector allocation was modestly negative during the period.

In terms of stock selection, the Portfolio’s holdings in the Consumer Discretionary, Heath Care and Information Technology sectors were the most additive for returns. In terms of Consumer Discretionary, the Portfolio’s Specialty Retail positions were the most beneficial. Within the Health Care sector, our Health Care Equipment & Supplies positions added significant value. Looking at the Information Technology sector, our Software holdings added the most value. Energy was the only sector to detract from the Portfolio’s relative returns. Within the sector, several Oil Gas & Consumable Fuels positions detracted from results.

Examples of individual stocks that contributed to the Portfolio’s performance during the reporting period were Fair Isaac Corp., Aspen Technology, Inc. and Rogers Corp. Fair Isaac Corp. provides decision management tools used to automate and improve business performance. The company is best known for its industry-standard “FICO” score that leverages a company’s data scale and predictive analytics capabilities. The stock performed well in the period after reporting earnings results that highlighted strong recurring revenue growth and margin expansion. Aspen Technology sells mission-critical process optimization software to customers in the process industries. The software offers meaningful return-on-investment to customers, and we believed that the company has a long runway of opportunity to sell additional modules to its existing customer base. The stock performed well after reporting results that showed continued acceleration in organic growth and an increasingly promising outlook in the company’s new “asset performance management” suite. Rogers Corp. is a specialty materials company with dominant shares in niche markets. The stock performed well, as transitory issues related to manufacturing inefficiencies abated. In addition, the company reported strong results driven by ramping demand for 5G deployments and next generation automotive technologies, where Rogers Corp. has leading market positions.

A number of individual holdings were negative for performance due to company-specific issues. These included Centennial Resource Development, Inc., Lancaster Colony Corp. and Emergent BioSolutions, Inc. Centennial Resource Development is an exploration and production company focused in the Delaware Basin. The company has low cost assets and is under the leadership of Mark Papa, who was highly regarded during his tenure as Chief Executive Officer of EOG Resources. The stock underperformed after reporting that it expects lower production growth in 2019, and due to general weakness in the exploration and production subsector. Lancaster Colony Corp. is a consumer products company of specialty foods for the retail and food service markets. The company has a leading market share and delivers consistent top-line growth and healthy free cash flow. The stock underperformed despite delivering in-line results. The stock might have pulled back due to valuation concerns, as we believed that the valuation was a bit stretched after the stock’s strong absolute and relative performance in 2018. Emergent BioSolutions is a pure-play specialty life science manufacturer of niche products for unmet public health needs, including being the sole manufacturer of Food and Drug Administration (FDA)-licensed anthrax vaccines and 10 other drugs. Barriers from production and development know-how, including animal models, manufacturing core competency, government relationships, navigating FDA regulatory and compliance frameworks, are a positive for the company. However, its shares underperformed due to a combination of integrating two acquisitions (Narcan, PaxVax), ACAM-2000 (smallpox) contract negotiations, a shift from BioThrax to NuThrax, a Chief Executive Officer transition and a back-end loaded 2019 outlook.

Sector allocation, overall, detracted from the Portfolio’s relative performance during the reporting period. In particular, an overweight to the Health Care sector was a headwind for results. Having no allocation to Real Estate Investment Trusts (REITs) and an overweight to the Consumer Staples sector also detracted from performance. In contrast, an overweight to the Information Technology sector added the most value.

In terms of Portfolio changes, we made a number of adjustments on the margin throughout the reporting period. While the Portfolio’s sector allocations are driven by stock selection, at the end of the

BHFTII-1

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Management LLC

Portfolio Manager Commentary*—(Continued)

reporting period its largest overweight allocations versus the benchmark were Information Technology, Health Care and Industrials. In contrast, the Portfolio’s largest sector underweights relative to the benchmark were Financials, Real Estate and Utilities.

We believe that the key to outperformance over the long-term is driven by owning companies with superior business models that are defended by durable competitive moats and that enjoy attractive financial attributes, such as conservative balance sheets, high returns on capital, and above-market earnings and free cash flow growth. We continually emphasize businesses with these characteristics for the Portfolio.

Judith M. Vale,

Robert W. D’Alelio

Brett S. Reiner

Gregory G. Spiegel

Portfolio Managers

Neuberger Berman Management LLC

BHFTII-2

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Neuberger Berman Genesis Portfolio
Class A		22.61		9.46		9.48		13.96
Class B		22.51		9.23		9.21		13.69
Class E		22.57		9.37		9.33		13.80
Russell 2000 Value Index		13.47		-6.24		5.39		12.40

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Pool Corp.		2.7
Aspen Technology, Inc.		2.6
Fair Isaac Corp.		2.2
Manhattan Associates, Inc.		2.0
Rogers Corp.		2.0
West Pharmaceutical Services, Inc.		2.0
Bio-Techne Corp.		1.9
Haemonetics Corp.		1.8
IDEXX Laboratories, Inc.		1.7
Chemed Corp.		1.7

Top Sectors


	% of Net Assets
Information Technology		22.4
Industrials		16.7
Financials		16.1
Health Care		14.7
Consumer Discretionary		11.4
Materials		6.0
Consumer Staples		5.1
Energy		3.2
Communication Services		2.7
Real Estate		0.8

BHFTII-3

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Neuberger Berman Genesis Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.86	%	$	1,000.00	$	1,226.10	$	4.75
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.53	$	4.31

Class B (a)	Actual		1.11	%	$	1,000.00	$	1,225.10	$	6.12
	Hypothetical*		1.11	%	$	1,000.00	$	1,019.29	$	5.56

Class E (a)	Actual		1.01	%	$	1,000.00	$	1,225.70	$	5.57
	Hypothetical*		1.01	%	$	1,000.00	$	1,019.79	$	5.06

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

(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, 2019 (Unaudited)

Common Stocks—99.1% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—0.4%
Astronics Corp. (a)		100,126	$	4,027,068


Air Freight & Logistics—0.5%
Forward Air Corp.		86,156		5,096,127


Airlines—0.6%
Allegiant Travel Co.		46,935		6,735,173


Auto Components—2.4%
Fox Factory Holding Corp. (a)		217,550		17,950,051
LCI Industries		88,365		7,952,850

				25,902,901


Automobiles—0.2%
Thor Industries, Inc.		36,595		2,138,978


Banks—10.9%
Bank of Hawaii Corp.		179,045		14,844,621
Bank OZK		249,266		7,500,414
BOK Financial Corp.		104,362		7,877,244
Columbia Banking System, Inc.		245,250		8,873,145
Community Bank System, Inc.		157,882		10,394,951
Cullen/Frost Bankers, Inc.		125,038		11,711,059
CVB Financial Corp.		527,240		11,087,857
First Financial Bankshares, Inc.		427,380		13,159,030
First Hawaiian, Inc.		397,995		10,296,131
Glacier Bancorp, Inc.		182,480		7,399,564
Lakeland Financial Corp.		76,050		3,561,421
LegacyTexas Financial Group, Inc.		173,635		7,068,681
PacWest Bancorp		68,023		2,641,333

				116,415,451


Beverages—0.5%
MGP Ingredients, Inc.		84,610		5,610,489


Biotechnology—1.1%
Abcam plc		203,220		3,804,321
Emergent BioSolutions, Inc. (a)		160,390		7,748,441

				11,552,762


Building Products—1.5%
A.O. Smith Corp.		33,705		1,589,528
AAON, Inc.		232,017		11,642,613
Patrick Industries, Inc. (a)		54,082		2,660,293

				15,892,434


Capital Markets—3.5%
Artisan Partners Asset Management, Inc. - Class A		117,970		3,246,534
BrightSphere Investment Group plc		327,530		3,737,117
FactSet Research Systems, Inc.		26,930		7,717,061
Houlihan Lokey, Inc.		107,775		4,799,221
MarketAxess Holdings, Inc.		56,580		18,185,944

				37,685,877


Chemicals—2.6%
Chase Corp.		51,155		5,506,324
Ingevity Corp. (a)		52,395		5,510,382
NewMarket Corp.		12,222		4,900,289
Quaker Chemical Corp.		47,590		9,655,059
Sensient Technologies Corp.		32,385		2,379,650

				27,951,704


Commercial Services & Supplies—2.9%
MSA Safety, Inc.		100,335		10,574,305
Rollins, Inc.		368,610		13,222,041
Tetra Tech, Inc.		14,205		1,115,803
UniFirst Corp.		33,565		6,329,352

				31,241,501


Communications Equipment—1.0%
NetScout Systems, Inc. (a)		421,975		10,713,945


Construction & Engineering—0.8%
Valmont Industries, Inc.		65,570		8,314,932


Construction Materials—1.2%
Eagle Materials, Inc.		138,960		12,881,592


Containers & Packaging—1.3%
AptarGroup, Inc.		115,399		14,348,712


Distributors—2.7%
Pool Corp.		148,860		28,432,260


Diversified Consumer Services—1.4%
Bright Horizons Family Solutions, Inc. (a)		102,080		15,400,810


Electrical Equipment—0.5%
AZZ, Inc.		112,395		5,172,418


Electronic Equipment, Instruments & Components—6.7%
Cognex Corp.		214,785		10,305,384
Littelfuse, Inc.		77,875		13,776,866
nLight, Inc. (a)		111,450		2,139,840
Novanta, Inc. (a)		130,390		12,295,777
Rogers Corp. (a)		125,180		21,603,564
Zebra Technologies Corp. - Class A (a)		52,607		11,020,641

				71,142,072


Energy Equipment & Services—1.4%
Apergy Corp. (a)		127,235		4,267,462
Cactus, Inc. - Class A (a)		145,590		4,821,941
Pason Systems, Inc.		411,090		5,903,334

				14,992,737


Food & Staples Retailing—0.1%
Grocery Outlet Holding Corp. (a)		35,485		1,166,747

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Food Products—2.3%
Calavo Growers, Inc.		79,225	$	7,664,227
J&J Snack Foods Corp.		39,414		6,343,683
Lancaster Colony Corp.		67,000		9,956,200

				23,964,110


Health Care Equipment & Supplies—7.9%
Atrion Corp.		9,730		8,297,160
Cantel Medical Corp.		121,112		9,766,472
Haemonetics Corp. (a)		155,811		18,750,296
Heska Corp. (a)		38,720		3,297,782
IDEXX Laboratories, Inc. (a)		67,025		18,453,993
Neogen Corp. (a)		65,790		4,086,217
West Pharmaceutical Services, Inc.		170,241		21,305,661

				83,957,581


Health Care Providers & Services—3.2%
Chemed Corp.		50,631		18,269,690
Henry Schein, Inc. (a)		89,920		6,285,408
National Research Corp.		17,265		994,292
U.S. Physical Therapy, Inc.		65,490		8,027,109

				33,576,499


Hotels, Restaurants & Leisure—0.8%
Texas Roadhouse, Inc.		149,615		8,029,837


Household Durables—0.2%
Installed Building Products, Inc. (a)		34,920		2,067,962


Household Products—2.2%
Church & Dwight Co., Inc.		200,390		14,640,494
WD-40 Co.		54,130		8,608,835

				23,249,329


Industrial Conglomerates—0.3%
Raven Industries, Inc.		104,009		3,731,843


Insurance—1.7%
AMERISAFE, Inc.		84,595		5,394,623
RLI Corp.		142,030		12,173,391

				17,568,014


IT Services—1.2%
Jack Henry & Associates, Inc.		91,795		12,293,186


Life Sciences Tools & Services—2.6%
Bio-Techne Corp.		94,655		19,734,621
ICON plc (a)		51,357		7,907,437

				27,642,058


Machinery—6.0%
Graco, Inc.		135,175		6,783,082
Kadant, Inc.		20,930		1,900,653
Lindsay Corp.		47,705		3,921,828
Middleby Corp. (The) (a)		71,885		9,754,794

Machinery—(Continued)
Nordson Corp.		66,202		9,355,005
RBC Bearings, Inc. (a)		104,060		17,358,249
Toro Co. (The)		212,930		14,245,017

				63,318,628


Media—2.7%
Cable One, Inc.		7,170		8,395,998
Gray Television, Inc. (a)		249,305		4,086,109
Nexstar Media Group, Inc. - Class A		160,965		16,257,465

				28,739,572


Multiline Retail—0.4%
Ollie’s Bargain Outlet Holdings, Inc. (a)		47,245		4,115,512


Oil, Gas & Consumable Fuels—1.8%
Centennial Resource Development, Inc. - Class A (a)		846,295		6,423,379
Matador Resources Co. (a)		352,810		7,013,863
WPX Energy, Inc. (a)		520,290		5,988,538

				19,425,780


Paper & Forest Products—0.8%
Stella-Jones, Inc.		230,570		8,320,979


Professional Services—1.4%
Exponent, Inc.		263,547		15,428,041


Real Estate Management & Development—0.8%
FirstService Corp.		89,855		8,618,892


Semiconductors & Semiconductor Equipment—3.2%
Cabot Microelectronics Corp.		88,675		9,761,344
MKS Instruments, Inc.		100,130		7,799,126
Power Integrations, Inc.		200,910		16,108,964

				33,669,434


Software—10.4%
Altair Engineering, Inc. - Class A (a)		140,935		5,692,365
Aspen Technology, Inc. (a)		218,985		27,215,456
Fair Isaac Corp. (a)		75,225		23,622,154
Manhattan Associates, Inc. (a)		313,601		21,741,957
Model N, Inc. (a)		53,210		1,037,595
Qualys, Inc. (a)		165,165		14,382,568
Tyler Technologies, Inc. (a)		76,875		16,606,538

				110,298,633


Specialty Retail—3.3%
Asbury Automotive Group, Inc. (a)		76,145		6,422,069
Floor & Decor Holdings, Inc. - Class A (a)		138,310		5,795,189
Lithia Motors, Inc. - Class A		68,370		8,120,989
Monro, Inc.		95,465		8,143,164
Tractor Supply Co.		62,875		6,840,800

				35,322,211

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Trading Companies & Distributors—1.7%
Applied Industrial Technologies, Inc.		37,541	$	2,309,898
Richelieu Hardware, Ltd.		157,755		2,658,663
SiteOne Landscape Supply, Inc. (a)		68,455		4,743,932
Watsco, Inc.		52,185		8,533,813

				18,246,306

Total Common Stocks (Cost $659,384,667)				1,054,401,097

Short-Term Investment—1.1%
Security Description	Principal Amount*		Value

Repurchase Agreement—1.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $11,482,203; collateralized by U.S. Treasury Note at 2.000% due 12/31/21, with a market value of $11,713,826.		11,481,055		11,481,055

Total Short-Term Investments (Cost $11,481,055)				11,481,055

Total Investments—100.2% (Cost $670,865,722)				1,065,882,152
Other assets and liabilities (net)—(0.2)%				(1,985,457	)

Net Assets—100.0%			$	1,063,896,695


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

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	4,027,068	$	—	$	—	$	4,027,068
Air Freight & Logistics		5,096,127		—		—		5,096,127
Airlines		6,735,173		—		—		6,735,173
Auto Components		25,902,901		—		—		25,902,901
Automobiles		2,138,978		—		—		2,138,978
Banks		116,415,451		—		—		116,415,451
Beverages		5,610,489		—		—		5,610,489
Biotechnology		7,748,441		3,804,321		—		11,552,762
Building Products		15,892,434		—		—		15,892,434
Capital Markets		37,685,877		—		—		37,685,877
Chemicals		27,951,704		—		—		27,951,704
Commercial Services & Supplies		31,241,501		—		—		31,241,501
Communications Equipment		10,713,945		—		—		10,713,945
Construction & Engineering		8,314,932		—		—		8,314,932
Construction Materials		12,881,592		—		—		12,881,592
Containers & Packaging		14,348,712		—		—		14,348,712
Distributors		28,432,260		—		—		28,432,260
Diversified Consumer Services		15,400,810		—		—		15,400,810

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1		Level 2		Level 3		Total
Electrical Equipment	$	5,172,418	$	—	$	—	$	5,172,418
Electronic Equipment, Instruments & Components		71,142,072		—		—		71,142,072
Energy Equipment & Services		14,992,737		—		—		14,992,737
Food & Staples Retailing		1,166,747		—		—		1,166,747
Food Products		23,964,110		—		—		23,964,110
Health Care Equipment & Supplies		83,957,581		—		—		83,957,581
Health Care Providers & Services		33,576,499		—		—		33,576,499
Hotels, Restaurants & Leisure		8,029,837		—		—		8,029,837
Household Durables		2,067,962		—		—		2,067,962
Household Products		23,249,329		—		—		23,249,329
Industrial Conglomerates		3,731,843		—		—		3,731,843
Insurance		17,568,014		—		—		17,568,014
IT Services		12,293,186		—		—		12,293,186
Life Sciences Tools & Services		27,642,058		—		—		27,642,058
Machinery		63,318,628		—		—		63,318,628
Media		28,739,572		—		—		28,739,572
Multiline Retail		4,115,512		—		—		4,115,512
Oil, Gas & Consumable Fuels		19,425,780		—		—		19,425,780
Paper & Forest Products		—		8,320,979		—		8,320,979
Professional Services		15,428,041		—		—		15,428,041
Real Estate Management & Development		8,618,892		—		—		8,618,892
Semiconductors & Semiconductor Equipment		33,669,434		—		—		33,669,434
Software		110,298,633		—		—		110,298,633
Specialty Retail		35,322,211		—		—		35,322,211
Trading Companies & Distributors		15,587,643		2,658,663		—		18,246,306
Total Common Stocks		1,039,617,134		14,783,963		—		1,054,401,097
Total Short-Term Investment*		—		11,481,055		—		11,481,055
Total Investments	$	1,039,617,134	$	26,265,018	$	—	$	1,065,882,152


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a)	$	1,065,882,152
Cash		48,201
Receivable for:
Investments sold		1,427,078
Fund shares sold		36,289
Dividends and interest		341,080

Total Assets		1,067,734,800
Liabilities
Payables for:
Investments purchased		1,202,287
Fund shares redeemed		1,510,787
Accrued Expenses:
Management fees		686,915
Distribution and service fees		72,354
Deferred trustees’ fees		152,930
Other expenses		212,832

Total Liabilities		3,838,105

Net Assets	$	1,063,896,695

Net Assets Consist of:
Paid in surplus	$	625,672,261
Distributable earnings (Accumulated losses)		438,224,434

Net Assets	$	1,063,896,695

Net Assets
Class A	$	666,932,599
Class B		312,453,405
Class E		84,510,691
Capital Shares Outstanding*
Class A		33,985,725
Class B		16,280,805
Class E		4,372,037
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.62
Class B		19.19
Class E		19.33


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $670,865,722.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	5,428,601
Interest		63,606

Total investment income		5,492,207
Expenses
Management fees		4,189,062
Administration fees		23,097
Custodian and accounting fees		44,798
Distribution and service fees—Class B		374,779
Distribution and service fees—Class E		61,176
Audit and tax services		21,601
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		75,673
Insurance		3,469
Miscellaneous		8,886

Total expenses		4,856,327
Less management fee waiver		(61,987	)
Less broker commission recapture		(12,887	)

Net expenses		4,781,453

Net Investment Income		710,754

Net Realized and Unrealized Gain
Net realized gain on:
Investments		43,520,609
Foreign currency transactions		532

Net realized gain		43,521,141

Net change in unrealized appreciation on investments		160,796,443

Net realized and unrealized gain		204,317,584

Net Increase in Net Assets From Operations	$	205,028,338


(a)		Net of foreign withholding taxes of $34,637.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	710,754		$	1,908,501
Net realized gain		43,521,141			141,690,114
Net change in unrealized appreciation (depreciation)		160,796,443			(200,862,363	)

Increase (decrease) in net assets from operations		205,028,338			(57,263,748	)

From Distributions to Shareholders
Class A		(89,890,338	)		(86,103,283	)
Class B		(42,337,500	)		(40,710,795	)
Class E		(11,438,849	)		(11,303,616	)

Total distributions		(143,666,687	)		(138,117,694	)

Increase (decrease) in net assets from capital share transactions		78,926,252			(84,603,711	)

Total increase (decrease) in net assets		140,287,903			(279,985,153	)

Net Assets
Beginning of period		923,608,792			1,203,593,945

End of period	$	1,063,896,695		$	923,608,792

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		291,311		$	5,968,783			618,063		$	12,532,116
Reinvestments		4,711,234			89,890,338			4,053,827			86,103,283
Redemptions		(2,136,236	)		(45,180,279	)		(7,552,333	)		(170,531,944	)

Net increase (decrease)		2,866,309		$	50,678,842			(2,880,443	)	$	(71,896,545	)

Class B
Sales		276,791		$	5,652,152			515,822		$	10,612,459
Reinvestments		2,267,675			42,337,500			1,953,493			40,710,795
Redemptions		(1,205,893	)		(24,958,131	)		(2,807,089	)		(60,981,769	)

Net increase (decrease)		1,338,573		$	23,031,521			(337,774	)	$	(9,658,515	)

Class E
Sales		21,149		$	432,597			36,138		$	713,830
Reinvestments		608,449			11,438,849			539,295			11,303,616
Redemptions		(318,227	)		(6,655,557	)		(692,542	)		(15,066,097	)

Net increase (decrease)		311,371		$	5,215,889			(117,109	)	$	(3,048,651	)

Increase (decrease) derived from capital shares transactions				$	78,926,252					$	(84,603,711	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights


Selected per share data
	Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	18.56		$	22.65		$	21.38		$	18.10		$	18.07		$	18.14

Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.06			0.08			0.08	(b)		0.08			0.08
Net realized and unrealized gain (loss)		4.09			(1.21	)		3.11			3.29			0.03			(0.08	)

Total income (loss) from investment operations		4.11			(1.15	)		3.19			3.37			0.11			0.00

Less Distributions
Distributions from net investment income		(0.05	)		(0.08	)		(0.09	)		(0.09	)		(0.08	)		(0.07	)
Distributions from net realized capital gains		(3.00	)		(2.86	)		(1.83	)		0.00			0.00			0.00

Total distributions		(3.05	)		(2.94	)		(1.92	)		(0.09	)		(0.08	)		(0.07	)

Net Asset Value, End of Period	$	19.62		$	18.56		$	22.65		$	21.38		$	18.10		$	18.07

Total Return (%) (c)		22.61	(d)		(6.70	)		15.75			18.68			0.58			0.01

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(e)		0.86			0.85			0.85			0.84			0.83
Net ratio of expenses to average net assets (%) (f)		0.86	(e)		0.84			0.84			0.84			0.83			0.83
Ratio of net investment income to average net assets (%)		0.23	(e)		0.25			0.36			0.43	(b)		0.42			0.43
Portfolio turnover rate (%)		4	(d)		12			17			19			16			9
Net assets, end of period (in millions)	$	666.9		$	577.6		$	770.2		$	764.5		$	814.6		$	985.8

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	18.18		$	22.25		$	21.03		$	17.80		$	17.76		$	17.85

Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	) (g)		0.00	(g)		0.02			0.04	(b)		0.03			0.03
Net realized and unrealized gain (loss)		4.01			(1.19	)		3.07			3.23			0.04			(0.08	)

Total income (loss) from investment operations		4.01			(1.19	)		3.09			3.27			0.07			(0.05	)

Less Distributions
Distributions from net investment income		0.00			(0.02	)		(0.04	)		(0.04	)		(0.03	)		(0.04	)
Distributions from net realized capital gains		(3.00	)		(2.86	)		(1.83	)		0.00			0.00			0.00

Total distributions		(3.00	)		(2.88	)		(1.87	)		(0.04	)		(0.03	)		(0.04	)

Net Asset Value, End of Period	$	19.19		$	18.18		$	22.25		$	21.03		$	17.80		$	17.76

Total Return (%) (c)		22.51	(d)		(6.98	)		15.49			18.39			0.38			(0.30	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.12	(e)		1.11			1.10			1.10			1.09			1.08
Net ratio of expenses to average net assets (%) (f)		1.11	(e)		1.09			1.09			1.09			1.08			1.08
Ratio of net investment income (loss) to average net assets (%)		(0.02	) (e)		0.01			0.11			0.19	(b)		0.17			0.18
Portfolio turnover rate (%)		4	(d)		12			17			19			16			9
Net assets, end of period (in millions)	$	312.5		$	271.7		$	339.9		$	333.1		$	321.7		$	366.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights


Selected per share data
	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	18.30		$	22.38		$	21.14		$	17.89		$	17.86		$	17.94

Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.02			0.04			0.05	(b)		0.05			0.05
Net realized and unrealized gain (loss)		4.04			(1.19	)		3.09			3.26			0.03			(0.09	)

Total income (loss) from investment operations		4.05			(1.17	)		3.13			3.31			0.08			(0.04	)

Less Distributions
Distributions from net investment income		(0.02	)		(0.05	)		(0.06	)		(0.06	)		(0.05	)		(0.04	)
Distributions from net realized capital gains		(3.00	)		(2.86	)		(1.83	)		0.00			0.00			0.00

Total distributions		(3.02	)		(2.91	)		(1.89	)		(0.06	)		(0.05	)		(0.04	)

Net Asset Value, End of Period	$	19.33		$	18.30		$	22.38		$	21.14		$	17.89		$	17.86

Total Return (%) (c)		22.57	(d)		(6.89	)		15.61			18.54			0.43			(0.19	)

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02	(e)		1.01			1.00			1.00			0.99			0.98
Net ratio of expenses to average net assets (%) (f)		1.01	(e)		0.99			0.99			0.99			0.98			0.98
Ratio of net investment income to average net assets (%)		0.08	(e)		0.11			0.21			0.29	(b)		0.27			0.28
Portfolio turnover rate (%)		4	(d)		12			17			19			16			9
Net assets, end of period (in millions)	$	84.5		$	74.3		$	93.5		$	93.4		$	89.3		$	103.6


(a)		Per share amounts based on average shares outstanding during the period.
(b)		Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)		Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)		Periods less than one year are not computed on an annualized basis.
(e)		Computed on an annualized basis.
(f)		Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)		Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-13

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

BHFTII-14

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio had investments in repurchase agreements with a gross value of $11,481,055, 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, 2019.

3. Certain Risks

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

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	45,355,321	$	0	$	104,756,216

BHFTII-15

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$4,189,062		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.


% per annum reduction	Average Daily Net Assets
0.025%	First $	500 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.

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.

6. Contractual Obligations

BHFTII-16

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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, 2019 was as follows:


Cost basis of investments	$	671,698,382

Gross unrealized appreciation		427,388,430
Gross unrealized depreciation		(33,204,660	)

Net unrealized appreciation (depreciation)	$	394,183,770

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$5,033,142	$	3,899,557	$	133,084,552	$	95,713,845	$	138,117,694	$	99,613,402

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$2,076,097	$	141,537,729	$	233,387,327	$	—	$	377,001,153

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-17

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, 2019, the Class A, B and E shares of the T. Rowe Price Large Cap Growth Portfolio returned 20.36%, 20.18%, and 20.24%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 21.49%.

MARKET ENVIRONMENT / CONDITIONS

Despite some intraperiod volatility, major U.S. stock indexes ended the first half of 2019 near record highs, due in part to the Federal Reserve’s (“Fed’s”) more accommodative monetary policy stance. In March, the central bank stopped raising short-term interest rates and offered a dovish post-meeting statement, sending stocks higher. In June, equities rallied further after the Fed signaled an increased willingness to cut rates if economic conditions worsen.

Developments in the long-simmering trade dispute between the U.S. and China sparked market volatility throughout the period. Most notably, stocks dipped in May due to heightened trade tensions between the two countries. However, at period-end, investors appeared hopeful for at least a short-term trade truce amid continued negotiations, boosting equities. Solid corporate earnings, albeit against tempered expectations, also supported stocks. At various points, continued concerns about slowing global economic growth and mixed U.S. economic data tempered gains.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio posted positive returns but underperformed the Russell 1000 Growth Index for the six-month period. Overall, sector allocation detracted from relative performance.

Financials was by far the largest relative detractor, due primarily to stock choices, such as TD Ameritrade. Indications by the Fed of its willingness to cut rates, industry pricing pressure, and declining client cash balances as investors chase rising equity markets weighed on the company’s shares. Although TD Ameritrade has significant earnings leverage to rising interest rates, we believe it is more than just a play on rates.

The Health Care sector also hampered relative results due to an overweight exposure. Several managed care companies came under pressure due to increased political rhetoric about government-funded health care, and many drug makers faced renewed challenges about prescription drug pricing. We believe the overhang of Democratic proposals for a single-payer health care system is a threat that is unlikely to be realized and could cause a disconnect between fundamentals and trading activity.

Information Technology (“IT”) also detracted from relative performance due to an underweight position, although beneficial stock choices within the sector helped moderate the impact. During the first half of the year, an underweight to the sector weighed on returns as the segment broadly rebounded following its late-2018 swoon, driven by solid corporate earnings reports and strong demand for enterprise technology offerings. In addition, reports that the U.S. and China were making progress in resolving their lengthy trade dispute supported certain sector names. On the positive side, our position in MasterCard boosted relative sector results as the global payment and technology company reached record highs during the period. Management announced a collaboration with Amazon Business, which is expected to increase efficiency and transparency in reconciling business-to-business (“B2B”) transactions. Overall, we favor MasterCard’s business model, which benefits from pricing power and high incremental margins, as well as secular tailwinds as the shift to electronic payments continues.

Conversely, Industrials aided relative performance due to stock choices. Broad organic revenue growth across segments, along with better-than-expected margin expansion and free cash flow generation, drove shares of Roper higher over the past six months. We believe Roper has an extended runway to pursue acquisitions of high-margin businesses while compounding earnings and cash flow faster than the market with less cyclical downside.

Consumer Discretionary also boosted relative results due to stock selection. Shares of Dollarama gained after reporting better-than-expected topline growth, driven by an increase in average basket size and number of transactions. We believe Dollarama has a unique and durable business model with attractive margins and a solid runway for growth.

At the end of the period, the Portfolio’s greatest overweight relative to the benchmark was in Communication Services. We were also overweight Consumer Discretionary and Utilities. Our most significant underweight allocation was to IT. We were also underweight

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

Consumer Staples, Real Estate, Industrials, Financials, Materials, Energy, and Health Care. Portfolio positioning decisions are 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.

BHFTII-2

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
T. Rowe Price Large Cap Growth Portfolio
Class A		20.36		8.57		13.79		16.68
Class B		20.18		8.30		13.51		16.39
Class E		20.24		8.44		13.62		16.50
Russell 1000 Growth Index		21.49		11.57		13.39		16.28

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Amazon.com, Inc.		9.0
Facebook, Inc. - Class A		5.8
Microsoft Corp.		5.8
Visa, Inc. - Class A		3.8
Boeing Co. (The)		3.6
MasterCard, Inc. - Class A		3.2
Alphabet, Inc. - Class A		2.7
Alphabet, Inc. - Class C		2.7
Alibaba Group Holding, Ltd.(ADR)		2.3
Tencent Holdings, Ltd.		2.1

Top Sectors


	% of Net Assets
Information Technology		29.6
Consumer Discretionary		21.3
Communication Services		18.2
Health Care		12.6
Industrials		9.6
Financials		3.4
Utilities		1.8
Materials		0.9
Consumer Staples		0.7
Energy		0.4

BHFTII-3

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


T. Rowe Price Large Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.55	%	$	1,000.00	$	1,203.60	$	3.01
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76

Class B (a)	Actual		0.80	%	$	1,000.00	$	1,201.80	$	4.37
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01

Class E (a)	Actual		0.70	%	$	1,000.00	$	1,202.40	$	3.82
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.32	$	3.51

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

(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

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—97.2% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—4.6%
Boeing Co. (The)		236,404	$	86,053,420
Northrop Grumman Corp.		67,900		21,939,169

				107,992,589


Auto Components—1.1%
Aptiv plc		315,899		25,534,116


Automobiles—1.0%
Ferrari NV		141,932		22,910,663


Biotechnology—2.0%
Alexion Pharmaceuticals, Inc. (a)		90,675		11,876,611
Vertex Pharmaceuticals, Inc. (a)		194,762		35,715,456

				47,592,067


Capital Markets—2.6%
Charles Schwab Corp. (The)		435,074		17,485,624
Intercontinental Exchange, Inc.		158,234		13,598,630
Morgan Stanley		101,761		4,458,150
S&P Global, Inc.		18,400		4,191,336
TD Ameritrade Holding Corp.		432,923		21,611,516

				61,345,256


Chemicals—0.9%
Dow, Inc. (a)		88,686		4,373,107
DuPont de Nemours, Inc.		88,686		6,657,658
Linde plc		53,600		10,762,880

				21,793,645


Electric Utilities—0.8%
NextEra Energy, Inc.		89,600		18,355,456


Entertainment—4.3%
Electronic Arts, Inc. (a)		141,212		14,299,127
Netflix, Inc. (a)		106,408		39,085,786
Tencent Music Entertainment Group (ADR) (a) (b)		698,102		10,464,549
Walt Disney Co. (The)		267,359		37,334,011

				101,183,473


Equity Real Estate Investment Trusts—0.4%
Crown Castle International Corp.		75,361		9,823,306


Health Care Equipment & Supplies—5.5%
Alcon, Inc. (a)		199,996		12,369,404
Becton Dickinson & Co.		150,956		38,042,421
Intuitive Surgical, Inc. (a)		64,554		33,861,801
Stryker Corp.		220,220		45,272,828

				129,546,454


Health Care Providers & Services—4.8%
Anthem, Inc. (b)		79,489		22,432,591
Centene Corp. (a)		347,752		18,236,115
Cigna Corp. (a)		104,584		16,477,209
HCA Healthcare, Inc.		101,780		13,757,603


Security Description	Shares		Value

Health Care Providers & Services—(Continued)
UnitedHealth Group, Inc.		124,142	$	30,291,889
WellCare Health Plans, Inc. (a)		45,817		13,061,052

				114,256,459


Hotels, Restaurants & Leisure—2.8%
Las Vegas Sands Corp.		273,605		16,167,319
McDonald’s Corp.		78,589		16,319,792
MGM Resorts International (b)		415,100		11,859,407
Wynn Resorts, Ltd.		172,899		21,437,747

				65,784,265


Household Durables—0.5%
NVR, Inc. (a)		3,598		12,126,159


Industrial Conglomerates—1.7%
Honeywell International, Inc.		53,142		9,278,062
Roper Technologies, Inc. (b)		83,999		30,765,474

				40,043,536


Insurance—0.7%
Chubb, Ltd.		112,797		16,613,870


Interactive Media & Services—13.9%
Alphabet, Inc. - Class A (a)		59,570		64,502,396
Alphabet, Inc. - Class C (a)		58,138		62,841,946
Facebook, Inc. - Class A (a)		706,953		136,441,929
IAC/InterActiveCorp (a)		72,454		15,760,919
Tencent Holdings, Ltd.		1,085,385		49,103,377

				328,650,567


Internet & Direct Marketing Retail—12.5%
Alibaba Group Holding, Ltd. (ADR) (a)		315,474		53,457,069
Amazon.com, Inc. (a)		111,748		211,609,365
Booking Holdings, Inc. (a)		12,650		23,715,082
MercadoLibre, Inc. (a) (b)		11,970		7,322,887

				296,104,403


IT Services—11.8%
Fidelity National Information Services, Inc.		96,600		11,850,888
Fiserv, Inc. (a) (b)		231,332		21,088,225
MasterCard, Inc. - Class A (b)		289,313		76,531,968
PayPal Holdings, Inc. (a)		240,562		27,534,726
Total System Services, Inc.		85,000		10,902,950
Visa, Inc. - Class A (b)		512,005		88,858,468
Worldpay, Inc. - Class A (a)		338,271		41,455,111

				278,222,336


Machinery—1.6%
Fortive Corp. (b)		275,318		22,443,923
Wabtec Corp. (b)		215,119		15,436,940

				37,880,863


Multi-Utilities—1.0%
Sempra Energy (b)		180,278		24,777,408

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Multiline Retail—2.1%
Dollar General Corp.		63,043	$	8,520,892
Dollar Tree, Inc. (a)		182,345		19,582,029
Dollarama, Inc.		630,966		22,197,399

				50,300,320


Oil, Gas & Consumable Fuels—0.4%
Pioneer Natural Resources Co.		65,900		10,139,374


Pharmaceuticals—0.2%
Elanco Animal Health, Inc. (a)		31,471		1,063,720
Eli Lilly & Co.		40,825		4,523,002

				5,586,722


Professional Services—1.4%
Equifax, Inc. (b)		73,176		9,896,322
TransUnion		308,950		22,710,915

				32,607,237


Road & Rail—0.4%
J.B. Hunt Transport Services, Inc. (b)		95,523		8,731,757


Semiconductors & Semiconductor Equipment—1.7%
ASML Holding NV		102,000		21,208,860
Marvell Technology Group, Ltd. (b)		778,412		18,580,694

				39,789,554


Software—13.9%
Atlassian Corp. plc - Class A (a)		17,144		2,243,121
Intuit, Inc.		138,698		36,245,948
Microsoft Corp.		1,018,164		136,393,249
Salesforce.com, Inc. (a)		195,593		29,677,326
ServiceNow, Inc. (a) (b)		56,607		15,542,584
Slack Technologies, Inc. - Class A (a)		6,882		258,075
Splunk, Inc. (a) (b)		162,814		20,473,861
Symantec Corp. (b)		1,253,953		27,286,017
Temenos AG (a)		39,723		7,112,932
UBER Technologies, Inc. (a) (c) (d)		109,560		4,657,960
VMware, Inc. - Class A (b)		135,874		22,719,492
Workday, Inc. - Class A (a) (b)		121,928		25,065,958
Zoom Video Communications, Inc. - Class A (a) (b)		7,464		662,729

				328,339,252


Technology Hardware, Storage & Peripherals—0.8%
Apple, Inc.		92,753		18,357,674


Textiles, Apparel & Luxury Goods—1.1%
NIKE, Inc. - Class B		304,197		25,537,338


Tobacco—0.7%
Philip Morris International, Inc. (b)		221,856		17,422,352

Total Common Stocks (Cost $1,571,280,638)				2,297,348,471



Convertible Preferred Stocks—1.8%
Security Description	Shares/ Principal Amount*		Value

Automobiles—0.2%
Aurora Innovation, Inc. - Series B (a) (c) (d) (e)		205,250	$	1,896,572
GM Cruise Holdings LLC - Series F (a) (c) (d) (e)		1,961		3,578,825

				5,475,397


Internet & Direct Marketing Retail—1.1%
Airbnb, Inc. - Series D (a) (c) (d) (e)		97,047		12,415,223
Airbnb, Inc. - Series E (a) (c) (d) (e)		9,760		1,248,597
ANT International Co., Ltd. - Class C (a) (c) (d) (e)		1,458,697		8,183,290
Xiaoju Kuaizhi, Inc. - Series A-17 (a) (c) (d) (e)		91,053		4,369,633

				26,216,743


Real Estate Management & Development—0.1%
WeWork Cos., Inc. - Series E (a) (c) (d) (e)		60,866		3,286,764


Software—0.4%
Magic Leap, Inc. - Series C (a) (c) (d) (e)		124,428		3,359,556
Magic Leap, Inc. - Series D (a) (c) (d) (e)		90,348		2,439,396
UiPath, Inc. - Series D-1 (a) (c) (d) (e)		70,352		2,768,471
UiPath, Inc. - Series D-2 (a) (c) (d) (e)		11,813		464,861

				9,032,284

Total Convertible Preferred Stocks (Cost $31,556,138)				44,011,188


Short-Term Investment—0.5%

Mutual Fund—0.5%
T. Rowe Price Government Reserve Fund (f)		11,027,855		11,027,855

Total Short-Term Investments (Cost $11,027,855)				11,027,855


Securities Lending Reinvestments (g)—12.6%

Bank Note—0.1%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (h)		2,000,000		2,009,009


Certificates of Deposit—8.8%
ABN AMRO Bank NV Zero Coupon, 07/05/19		3,964,930		3,998,120
Banco Del Estado De Chile New York
2.564%, 1M LIBOR + 0.160%, 11/22/19 (h)		4,000,000		4,000,340
2.592%, 1M LIBOR + 0.180%, 10/09/19 (h)		4,000,000		4,000,564
Banco Santander S.A. 2.600%, 07/05/19		2,000,000		2,000,104
Bank of Montreal (Chicago)
2.512%, 1M LIBOR + 0.100%, 10/11/19 (h)		5,000,000		5,000,165
2.751%, 1M LIBOR + 0.330%, 08/06/19 (h)		6,000,000		6,001,722
Bank of Nova Scotia
2.564%, 1M LIBOR + 0.170%, 05/15/20 (h)		3,000,000		2,999,724
2.762%, 3M LIBOR + 0.170%, 01/09/20 (h)		5,000,000		5,003,885
Barclays Bank plc 2.950%, 08/02/19		10,000,000		10,005,260

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, 2019 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
BNP Paribas S.A. New York
2.534%, 1M LIBOR + 0.140%, 09/16/19 (h)		1,000,000	$	1,000,042
Canadian Imperial Bank of Commerce 2.644%, 1M LIBOR + 0.250%, 10/15/19 (h)		6,000,000		6,001,974
Chiba Bank, Ltd. 2.400%, 09/19/19		5,000,000		5,000,100
China Construction Bank Corp.
2.600%, 09/05/19		3,000,000		3,000,666
2.670%, 07/18/19		4,000,000		4,000,616
Commonwealth Bank of Australia
2.569%, 1M LIBOR + 0.175%, 04/16/20 (h)		5,000,000		5,000,950
2.621%, 1M LIBOR + 0.210%, 09/13/19 (h)		2,000,000		2,000,640
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (h)		5,000,000		5,001,960
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (h)		7,000,000		7,003,542
Credit Industriel et Commercial 2.590%, 1M LIBOR + 0.160%, 03/05/20 (h)		4,000,000		4,000,296
Credit Suisse AG
2.561%, 1M LIBOR + 0.130%, 11/04/19 (h)		5,000,000		4,999,670
2.580%, 1M LIBOR + 0.140%, 10/02/19 (h)		8,000,000		8,000,032
DZ Bank AG New York Zero Coupon, 07/05/19		4,967,186		4,997,650
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (h)		4,000,000		3,999,680
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		1,000,000		1,000,158
2.630%, 08/28/19		7,000,000		7,002,296
2.660%, 07/15/19		3,000,000		3,000,351
KBC Bank NV Zero Coupon, 07/10/19		4,973,166		4,997,350
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 08/09/19		993,475		997,270
Zero Coupon, 09/24/19		1,988,086		1,988,620
Mizuho Bank, Ltd.
2.524%, 1M LIBOR + 0.120%, 11/27/19 (h)		1,000,000		1,000,257
2.573%, 1M LIBOR + 0.160%, 09/12/19 (h)		3,000,000		3,000,774
MUFG Bank Ltd. 2.574%, 1M LIBOR + 0.170%, 02/24/20 (h)		6,000,000		6,000,018
National Australia Bank, Ltd. 2.602%, 1M LIBOR + 0.190%, 04/08/20 (h)		5,000,000		5,001,150
Nationwide Building Society Zero Coupon, 08/01/19		4,958,079		4,988,950
Natixis New York 2.649%, 3M LIBOR + 0.070%, 11/01/19 (h)		2,000,000		2,000,476
Rabobank International London 2.592%, 1M LIBOR + 0.190%, 04/24/20 (h)		5,000,000		5,002,050
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (h)		7,000,000		7,002,023
Societe Generale 2.723%, 3M LIBOR + 0.200%, 08/21/19 (h)		4,001,573		4,002,388
Standard Chartered Bank 2.660%, 08/23/19		10,000,000		10,004,630
Sumitomo Mitsui Trust Bank, Ltd. 2.689%, 3M LIBOR + 0.100%, 07/08/19 (h)		5,000,000		5,000,360


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 11/15/19		1,973,771	$	1,982,480
Svenska Handelsbanken AB
2.592%, 1M LIBOR + 0.180%, 06/05/20 (h)		5,000,000		5,000,950
2.702%, 1M LIBOR + 0.300%, 10/31/19 (h)		2,000,000		2,001,458
Toronto-Dominion Bank
2.604%, 1M LIBOR + 0.210%, 09/17/19 (h)		5,000,000		5,001,780
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (h)		1,000,000		1,000,135
Wells Fargo Bank N.A. 2.721%, 3M LIBOR + 0.140%, 07/11/19 (h)		9,000,000		8,999,564
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (h)		5,000,000		4,999,972

				207,993,162


Commercial Paper—2.6%
Agricultural Bank of China 2.610%, 08/14/19		5,959,980		5,981,502
Bank of China, Ltd.
2.640%, 09/09/19		1,986,800		1,989,448
2.670%, 07/16/19		8,939,925		8,988,327
2.670%, 07/17/19		3,973,300		3,994,524
China Construction Bank Corp.
2.620%, 09/03/19		1,986,609		1,990,438
2.650%, 07/26/19		993,522		997,983
Industrial & Commercial Bank of China, Ltd. 2.610%, 08/20/19		1,986,660		1,992,612
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (h)		10,000,000		10,002,530
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (h)		3,000,000		2,999,985
Societe Generale 2.812%, 3M LIBOR + 0.410%, 12/18/19 (h)		3,005,322		3,005,694
Thunder Bay Funding LLC 2.540%, 1M LIBOR + 0.100%, 12/05/19 (h)		5,000,000		5,000,260
Toyota Motor Credit Corp. 2.620%, 08/29/19		9,871,183		9,959,450
Westpac Banking Corp. 2.552%, 1M LIBOR + 0.150%, 05/29/20 (h)		3,999,315		4,000,012

				60,902,765


Repurchase Agreements—1.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $3,680,496; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $3,753,387.		3,679,791		3,679,791
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $10,077,550; collateralized by various Common Stock with an aggregate market value of $11,002,724.		10,000,000		10,000,000

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $5,013,174; collateralized by various Common Stock with an aggregate market value of $5,500,000.		5,000,000	$	5,000,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $1,504,025; collateralized by various Common Stock with an aggregate market value of $1,650,000.		1,500,000		1,500,000
Societe Generale Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $7,001,441; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $7,542,977.		7,000,000		7,000,000

				27,179,791

Total Securities Lending Reinvestments (Cost $298,028,736)				298,084,727

Total Investments—112.1% (Cost $1,911,893,367)				2,650,472,241
Other assets and liabilities (net)—(12.1)%				(286,589,908	)

Net Assets—100.0%			$	2,363,882,333


*		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, 2019, the market value of securities loaned was $294,604,441 and the collateral received consisted of cash in the amount of $297,702,673. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)		Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, these securities represent 2.1% of net assets.
(d)		Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time- consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2019, the market value of restricted securities was $48,669,148, which is 2.1% of net assets. See details shown in the Restricted Securities table that follows.
(e)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)		Affiliated Issuer. (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, 2019.
(h)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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
(SOFR)—		Secured Overnight Financing Rate


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		12,415,223
Airbnb, Inc. - Series E		01/28/16		9,760		908,601		1,248,597
Aurora Innovation, Inc. - Series B		03/01/19		205,250		1,896,572		1,896,572
GM Cruise Holdings LLC - Series F		05/07/19		1,961		3,578,825		3,578,825
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		109,560		5,180,566		4,657,960
UiPath, Inc. - Series D-1		04/26/19		70,352		2,768,471		2,768,471
UiPath, Inc. - Series D-2		04/26/19		11,813		464,861		464,861
WeWork Cos., Inc. - Series E		06/23/15		60,866		2,001,856		3,286,764
Xiaoju Kuaizhi, Inc. - Series A-17		10/19/15		91,053		2,497,238		4,369,633

							$	48,669,148

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, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	107,992,589	$	—		$	—	$	107,992,589
Auto Components		25,534,116		—			—		25,534,116
Automobiles		22,910,663		—			—		22,910,663
Biotechnology		47,592,067		—			—		47,592,067
Capital Markets		61,345,256		—			—		61,345,256
Chemicals		21,793,645		—			—		21,793,645
Electric Utilities		18,355,456		—			—		18,355,456
Entertainment		101,183,473		—			—		101,183,473
Equity Real Estate Investment Trusts		9,823,306		—			—		9,823,306
Health Care Equipment & Supplies		117,177,050		12,369,404			—		129,546,454
Health Care Providers & Services		114,256,459		—			—		114,256,459
Hotels, Restaurants & Leisure		65,784,265		—			—		65,784,265
Household Durables		12,126,159		—			—		12,126,159
Industrial Conglomerates		40,043,536		—			—		40,043,536
Insurance		16,613,870		—			—		16,613,870
Interactive Media & Services		279,547,190		49,103,377			—		328,650,567
Internet & Direct Marketing Retail		296,104,403		—			—		296,104,403
IT Services		278,222,336		—			—		278,222,336
Machinery		37,880,863		—			—		37,880,863
Multi-Utilities		24,777,408		—			—		24,777,408
Multiline Retail		50,300,320		—			—		50,300,320
Oil, Gas & Consumable Fuels		10,139,374		—			—		10,139,374
Pharmaceuticals		5,586,722		—			—		5,586,722
Professional Services		32,607,237		—			—		32,607,237
Road & Rail		8,731,757		—			—		8,731,757
Semiconductors & Semiconductor Equipment		39,789,554		—			—		39,789,554
Software		316,568,360		11,770,892			—		328,339,252
Technology Hardware, Storage & Peripherals		18,357,674		—			—		18,357,674
Textiles, Apparel & Luxury Goods		25,537,338		—			—		25,537,338
Tobacco		17,422,352		—			—		17,422,352
Total Common Stocks		2,224,104,798		73,243,673			—		2,297,348,471
Total Convertible Preferred Stocks*		—		—			44,011,188		44,011,188
Total Short-Term Investment*		11,027,855		—			—		11,027,855
Total Securities Lending Reinvestments*		—		298,084,727			—		298,084,727
Total Investments	$	2,235,132,653	$	371,328,400		$	44,011,188	$	2,650,472,241

Collateral for Securities Loaned (Liability)	$	—	$	(297,702,673	)	$	—	$	(297,702,673	)


*		See Schedule of Investments for additional detailed categorizations.

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, 2019 (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, 2018		Realized Gain		Change in Unrealized Appreciation/ Depreciation			Purchases		Sales			Transfers Out			Balance as of June 30, 2019		Change in Unrealized Appreciation from Investments Held at June 30, 2019
Common Stocks
Real Estate Management & Development	$	132,789	$	54,106	$	(48,493	)	$	—	$	(138,402	)	$	—		$	—	$	—
Software		227,718		—		—			—					(227,718	)		—		—
Convertible Preferred Stocks
Automobiles		—		—		—			5,475,397		—			—			5,475,397		—
Internet & Direct Marketing Retail		25,350,621		—		866,122			—		—			—			26,216,743		866,122
Real Estate Management & Development		3,354,386		81,866		59,924			—		(209,412	)		—			3,286,764		59,924
Software		10,914,720		—		—			3,233,332		—			(5,115,768	)		9,032,284		(89,134	)

	$	39,980,234	$	135,972	$	877,553		$	8,708,729	$	(347,814	)	$	(5,343,486	)	$	44,011,188	$	836,912


	Fair Value at June 30, 2019		Valuation Technique(s)		Unobservable Input		Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Convertible Preferred Stocks
Automobiles	$	1,896,572		Market Transaction Method		Precedent Transaction	$	9.24		$	9.24		$	9.24			Increase
		3,578,825		Market Transaction Method		Precedent Transaction	$	1,825.00		$	1,825.00		$	1,825.00			Increase
Internet & Direct Marketing Retail		13,663,820		Discounted Cash Flow		Weighted Average Cost of Capital		13.50	%		15.50	%		14.50	%		Decrease
						Perpetual Growth Rate		3.00	%		4.00	%		3.50	%		Increase
				Comparable Company Analysis		Enterprise Value/Revenue		6.6x			6.6x			6.6x			Increase
						Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
		8,183,290		Market Transaction Method		Precedent Transaction	$	5.61		$	5.61		$	5.61			Increase
		4,369,633		Market Transaction Method		Secondary Market Transaction	$	47.99		$	47.99		$	47.99			Increase
Real Estate Management & Development		3,286,764		Market Transaction Method		Precedent Transaction	$	54.00		$	54.00		$	54.00			Increase
Software		5,798,952		Market Transaction Method		Precedent Transaction	$	27.00		$	27.00		$	27.00			Increase
		3,233,332		Market Transaction Method		Precedent Transaction	$	39.35		$	39.35		$	39.35			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, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	2,639,444,386
Affiliated investments at value (c)		11,027,855
Cash		1,301,770
Receivable for:
Investments sold		12,697,210
Fund shares sold		496,008
Dividends and interest		212,677
Dividends on affiliated investments		12,713

Total Assets		2,665,192,619
Liabilities
Collateral for securities loaned		297,702,673
Payables for:
Investments purchased		1,421,480
Fund shares redeemed		532,504
Accrued Expenses:
Management fees		995,709
Distribution and service fees		190,134
Deferred trustees’ fees		152,930
Other expenses		314,856

Total Liabilities		301,310,286

Net Assets	$	2,363,882,333

Net Assets Consist of:
Paid in surplus	$	1,567,090,225
Distributable earnings (Accumulated losses)		796,792,108

Net Assets	$	2,363,882,333

Net Assets
Class A	$	1,397,279,162
Class B		925,094,172
Class E		41,508,999
Capital Shares Outstanding*
Class A		66,307,526
Class B		45,031,754
Class E		1,993,690
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	21.07
Class B		20.54
Class E		20.82


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments, excluding affiliated investments, was $1,900,865,512.
(b)		Includes securities loaned at value of $294,604,441.
(c)		Identified cost of affiliated investments was $11,027,855.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	8,907,701
Dividends from affiliated investments		303,158
Securities lending income		394,140

Total investment income		9,604,999
Expenses
Management fees		6,888,627
Administration fees		44,976
Custodian and accounting fees		82,485
Distribution and service fees—Class B		1,114,010
Distribution and service fees—Class E		30,153
Audit and tax services		24,522
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		72,947
Insurance		7,861
Miscellaneous		12,109

Total expenses		8,331,476
Less management fee waiver		(869,776	)

Net expenses		7,461,700

Net Investment Income		2,143,299

Net Realized and Unrealized Gain
Net realized gain on:
Investments		61,609,957
Foreign currency transactions		1,621

Net realized gain		61,611,578

Net change in unrealized appreciation on:
Investments		354,508,858
Foreign currency transactions		67

Net change in unrealized appreciation		354,508,925

Net realized and unrealized gain		416,120,503

Net Increase in Net Assets From Operations	$	418,263,802


(a)		Net of foreign withholding taxes of $83,788.

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,143,299		$	8,780,570
Net realized gain		61,611,578			349,065,027
Net change in unrealized appreciation (depreciation)		354,508,925			(345,002,205	)

Increase in net assets from operations		418,263,802			12,843,392

From Distributions to Shareholders
Class A		(211,905,071	)		(271,386,065	)
Class B		(140,705,693	)		(166,263,941	)
Class E		(6,304,043	)		(7,721,716	)

Total distributions		(358,914,807	)		(445,371,722	)

Increase in net assets from capital share transactions		207,532,492			17,870,692

Total increase (decrease) in net assets		266,881,487			(414,657,638	)

Net Assets
Beginning of period		2,097,000,846			2,511,658,484

End of period	$	2,363,882,333		$	2,097,000,846

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		442,846		$	10,199,273			1,071,438		$	25,857,156
Reinvestments		10,341,877			211,905,071			11,572,967			271,386,065
Redemptions		(5,290,524	)		(123,132,056	)		(14,768,688	)		(378,968,481	)

Net increase (decrease)		5,494,199		$	98,972,288			(2,124,283	)	$	(81,725,260	)

Class B
Sales		1,704,647		$	38,443,565			4,128,655		$	99,633,158
Reinvestments		7,042,327			140,705,693			7,241,461			166,263,941
Redemptions		(3,302,174	)		(75,404,589	)		(6,964,316	)		(167,472,503	)

Net increase		5,444,800		$	103,744,669			4,405,800		$	98,424,596

Class E
Sales		85,049		$	1,945,327			142,194		$	3,592,923
Reinvestments		311,311			6,304,043			332,689			7,721,716
Redemptions		(148,889	)		(3,433,835	)		(410,066	)		(10,143,283	)

Net increase		247,471		$	4,815,535			64,817		$	1,171,356

Increase derived from capital shares transactions				$	207,532,492					$	17,870,692

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	20.71		$	25.34		$	20.18		$	22.70		$	24.76		$	24.51

Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.11			0.10			0.07	(b)		0.04			0.04
Net realized and unrealized gain		4.08			0.23			6.55			0.13			2.55			1.94

Total income (loss) from investment operations		4.11			0.34			6.65			0.20			2.59			1.98

Less Distributions
Distributions from net investment income		(0.10	)		(0.11	)		(0.07	)		(0.01	)		(0.04	)		(0.02	)
Distributions from net realized capital gains		(3.65	)		(4.86	)		(1.42	)		(2.71	)		(4.61	)		(1.71	)

Total distributions		(3.75	)		(4.97	)		(1.49	)		(2.72	)		(4.65	)		(1.73	)

Net Asset Value, End of Period	$	21.07		$	20.71		$	25.34		$	20.18		$	22.70		$	24.76

Total Return (%) (c)		20.36	(d)		(0.94	)		33.86			1.76			10.78			9.09

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63	(e)		0.62			0.63			0.62			0.62			0.63
Net ratio of expenses to average net assets (%) (f)(g)		0.55	(e)		0.55			0.56			0.58			0.58			0.58
Ratio of net investment income to average net assets (%)		0.29	(e)		0.45			0.42			0.34	(b)		0.16			0.15
Portfolio turnover rate (%)		10	(d)		39			49			42			35			34
Net assets, end of period (in millions)	$	1,397.3		$	1,259.7		$	1,594.6		$	1,472.7		$	1,540.8		$	1,710.2

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	20.25		$	24.87		$	19.84		$	22.40		$	24.51		$	24.32

Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(h)		0.05			0.04			0.02	(b)		(0.02	)		(0.02	)
Net realized and unrealized gain		3.98			0.24			6.43			0.13			2.52			1.92

Total income (loss) from investment operations		3.98			0.29			6.47			0.15			2.50			1.90

Less Distributions
Distributions from net investment income		(0.04	)		(0.05	)		(0.02	)		0.00			0.00			0.00
Distributions from net realized capital gains		(3.65	)		(4.86	)		(1.42	)		(2.71	)		(4.61	)		(1.71	)

Total distributions		(3.69	)		(4.91	)		(1.44	)		(2.71	)		(4.61	)		(1.71	)

Net Asset Value, End of Period	$	20.54		$	20.25		$	24.87		$	19.84		$	22.40		$	24.51

Total Return (%) (c)		20.18	(d)		(1.15	)		33.47			1.53			10.51			8.83

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88	(e)		0.87			0.88			0.87			0.87			0.88
Net ratio of expenses to average net assets (%) (f)(g)		0.80	(e)		0.80			0.81			0.83			0.83			0.83
Ratio of net investment income (loss) to average net assets (%)		0.04	(e)		0.21			0.17			0.09	(b)		(0.09	)		(0.09	)
Portfolio turnover rate (%)		10	(d)		39			49			42			35			34
Net assets, end of period (in millions)	$	925.1		$	801.5		$	874.9		$	712.9		$	751.5		$	642.4

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	20.49		$	25.11		$	20.01		$	22.55		$	24.62		$	24.40

Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.07			0.06			0.04	(b)		0.00	(h)		0.00	(h)
Net realized and unrealized gain		4.03			0.25			6.50			0.13			2.54			1.93

Total income (loss) from investment operations		4.05			0.32			6.56			0.17			2.54			1.93

Less Distributions
Distributions from net investment income		(0.07	)		(0.08	)		(0.04	)		0.00			0.00			0.00
Distributions from net realized capital gains		(3.65	)		(4.86	)		(1.42	)		(2.71	)		(4.61	)		(1.71	)

Total distributions		(3.72	)		(4.94	)		(1.46	)		(2.71	)		(4.61	)		(1.71	)

Net Asset Value, End of Period	$	20.82		$	20.49		$	25.11		$	20.01		$	22.55		$	24.62

Total Return (%) (c)		20.24	(d)		(1.05	)		33.66			1.61			10.63			8.93

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(e)		0.77			0.78			0.77			0.77			0.78
Net ratio of expenses to average net assets (%) (f)(g)		0.70	(e)		0.70			0.71			0.73			0.73			0.73
Ratio of net investment income to average net assets (%)		0.14	(e)		0.30			0.27			0.19	(b)		0.01			0.00	(i)
Portfolio turnover rate (%)		10	(d)		39			49			42			35			34
Net assets, end of period (in millions)	$	41.5		$	35.8		$	42.2		$	35.2		$	39.5		$	38.1


(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 the net ratio of expenses to average net assets was 0.02% for the six months ended June 30, 2019 and the year ended December 31, 2018 and 0.03% for each of the years ended December 31, 2017 through 2014 (see Note 5 of the Notes to Financial Statements).
(g)		Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)		Net investment income (loss) was less than $0.01.
(i)		Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $27,179,791. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, 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:

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	228,798,238	$	0	$	390,339,901

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $712,327 in sales of investments, which are included above, and resulted in realized losses of $6,097.

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$6,888,627		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.


% per annum reduction		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

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

An identical agreement was in place for the period April 30, 2018 to April 30, 2019. Amounts waived for the six months ended June 30, 2019 amounted to $587,896 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 million, (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, the Subadviser will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived by Brighthouse Investment Advisers for the six months ended June 30, 2019 amounted to $281,880 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.

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, 2019 is as follows:


Security Description	Market Value December 31, 2018		Purchases		Sales			Ending Value as of June 30, 2019		Income earned from affiliates during the period		Number of shares held at June 30, 2019
T. Rowe Price Government Reserve Fund	$	7,899,784	$	200,803,339	$	(197,675,268	)	$	11,027,855	$	303,158		11,027,855

7. Contractual Obligations

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	1,917,837,031

Gross unrealized appreciation		774,876,411
Gross unrealized depreciation		(42,241,201	)

Net unrealized appreciation (depreciation)	$	732,635,210

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$17,613,767	$	5,465,932	$	427,757,955	$	144,175,968	$	445,371,722	$	149,641,900

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$8,558,039	$	350,897,151	$	378,126,293	$	—	$	737,581,483

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.

As of December 31, 2018, 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, 2019, the Class A, B, E and G shares of the T. Rowe Price Small Cap Growth Portfolio returned 23.73%, 23.57%, 23.62%, and 23.56%, respectively. The Portfolio’s benchmark, the MSCI U.S. Small Cap Growth Index¹, returned 21.25%.

MARKET ENVIRONMENT / CONDITIONS

Despite some intra-period volatility, major U.S. stock indexes ended the first half of 2019 near record highs, due in part to the Federal Reserve’s (“Fed’s”) more accommodative monetary policy stance. In March, the central bank stopped raising short-term interest rates and offered a dovish post-meeting statement, sending stocks higher. In June, equities rallied further after the Fed signaled an increased willingness to cut rates if economic conditions worsen.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio outperformed its benchmark index for the six months ended June 30, 2019. Broadly speaking, stock selection accounted for the relative outperformance.

Stock choices in Information Technology contributed, most notably from our positions in Fair Isaac and Booz Allen Hamilton. Fair Isaac is a leading predictive analytics and decisions management software company. Shares traded higher year-to-date as the company continues to post solid results driven by balanced growth in sales across the business and its core product offerings.

Health Care was another area of relative strength, due to stock selection, led by EXACT Sciences. The company is focused on commercializing Cologuard, an accurate and easy-to-use screening test for colon cancer that is in the early stages of adoption. The company started to see utilization rates move higher, driven by improving commercialization efforts.

Strong stock choices in Communication Services also aided relative performance, led by Cable One. The company is a fully integrated provider of high-speed internet, cable television, and telephone services. The company’s acquisition of Fidelity Communications Company’s data, video, and voice business was well received by investors, lifting shares.

On the negative side, stock choices in Consumer Discretionary detracted the most from relative results. Stamps.com performed the worst within the sector. The company engages in the provision of internet-based mailing and shipping solutions and enabling small businesses, enterprises, and online retailers to print U.S. Postal Service-approved postage. Shares traded sharply lower in the first quarter after the company discontinued its partnership with USPS and fell again in the second quarter after the company disclosed additional adverse effects from the end of its USPS partnership.

Additionally, stock choices in the Energy sector—one of the smallest sectors in the small-cap growth universe—also weighed on relative returns, although this was partially offset by a favorable underweight position. Centennial Resource Development operates as an oil and natural gas company focusing on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. Shares traded sharply lower after the company cut production growth and capital expenditure estimates for the year, raising concerns about Centennial’s capital productivity going forward.

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

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

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.

The investment landscape is constantly changing, and volatility levels often wax and wane without warning, but our investment strategy remains the same. While we take macroeconomic events into account in the course of monitoring portfolio risks, having a bottom-up stock selection process and not relying on sector bets versus our benchmark helps us avoid risks due to large moves in any one sector. We continue to favor high-quality stocks of companies that generate good cash flows and are judicious in deploying capital. We believe that such companies will distinguish themselves over time with superior performance relative to lower-quality businesses.

Sudhir Nanda

Portfolio Manager

T. Rowe Price Associates, Inc.

BHFTII-2

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year		Since Inception²
T. Rowe Price Small Cap Growth Portfolio
Class A		23.73		7.26		11.14		17.59		—
Class B		23.57		6.96		10.86		17.29		—
Class E		23.62		7.09		10.97		17.40		—
Class G		23.56		6.95		—		—		11.09
MSCI U.S. Small Cap Growth Index		21.25		1.08		8.18		15.48		—

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 COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Euronet Worldwide, Inc.		1.2
Bright Horizons Family Solutions, Inc.		1.1
Teledyne Technologies, Inc.		1.1
HEICO Corp. - Class A		1.1
Fair Isaac Corp.		1.0
Cable One, Inc.		1.0
Booz Allen Hamilton Holding Corp.		0.9
Burlington Stores, Inc.		0.9
Molina Healthcare, Inc.		0.9
MarketAxess Holdings, Inc.		0.9

Top Sectors


	% of Net Assets
Health Care		23.5
Information Technology		22.0
Industrials		17.0
Consumer Discretionary		14.1
Financials		5.7
Materials		4.4
Consumer Staples		3.8
Communication Services		3.6
Real Estate		3.3
Energy		2.1

BHFTII-3

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


T. Rowe Price Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.48	%	$	1,000.00	$	1,237.30	$	2.66
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.41	$	2.41

Class B (a)	Actual		0.73	%	$	1,000.00	$	1,235.70	$	4.05
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66

Class E (a)	Actual		0.63	%	$	1,000.00	$	1,236.20	$	3.49
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

Class G (a)	Actual		0.78	%	$	1,000.00	$	1,235.60	$	4.32
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91

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

(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

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Common Stocks—99.8% of Net Assets


Security Description	Shares		Value

Aerospace & Defense—4.6%
Aerojet Rocketdyne Holdings, Inc. (a) (b)		236,106	$	10,570,466
BWX Technologies, Inc. (b)		7,633		397,679
Curtiss-Wright Corp.		59,825		7,605,552
HEICO Corp. - Class A		148,644		15,365,330
Hexcel Corp.		100,170		8,101,750
Moog, Inc. - Class A		76,968		7,204,975
Teledyne Technologies, Inc. (a)		56,146		15,376,705

				64,622,457


Air Freight & Logistics—0.3%
XPO Logistics, Inc. (a) (b)		77,306		4,469,060


Auto Components—0.5%
Cooper-Standard Holdings, Inc. (a)		30,597		1,401,954
LCI Industries		34,690		3,122,100
Visteon Corp. (a) (b)		54,900		3,216,042

				7,740,096


Banks—1.6%
Ameris Bancorp		112,093		4,392,924
Carolina Financial Corp.		96,119		3,372,816
CenterState Bank Corp.		191,028		4,399,375
First Bancorp		132,500		4,825,650
Signature Bank		24,269		2,932,666
Western Alliance Bancorp (a)		74,200		3,318,224

				23,241,655


Beverages—0.8%
Boston Beer Co., Inc. (The) - Class A (a) (b)		17,267		6,522,782
Coca-Cola Bottling Co. Consolidated		16,100		4,817,925

				11,340,707


Biotechnology—8.3%
ACADIA Pharmaceuticals, Inc. (a) (b)		129,314		3,456,563
Acceleron Pharma, Inc. (a) (b)		51,167		2,101,940
Agios Pharmaceuticals, Inc. (a) (b)		59,463		2,966,014
Aimmune Therapeutics, Inc. (a) (b)		53,935		1,122,927
Alkermes plc (a)		40,085		903,516
Alnylam Pharmaceuticals, Inc. (a)		7,584		550,295
Amicus Therapeutics, Inc. (a)		110,300		1,376,544
Array BioPharma, Inc. (a) (b)		241,600		11,193,328
Bluebird Bio, Inc. (a) (b)		19,467		2,476,202
Blueprint Medicines Corp. (a)		44,117		4,161,557
CRISPR Therapeutics AG (a) (b)		32,800		1,544,880
Emergent BioSolutions, Inc. (a)		103,519		5,001,003
Enanta Pharmaceuticals, Inc. (a) (b)		14,200		1,198,196
Exact Sciences Corp. (a) (b)		96,190		11,354,268
Exelixis, Inc. (a)		47,067		1,005,822
FibroGen, Inc. (a) (b)		67,211		3,036,593
Genomic Health, Inc. (a)		55,300		3,216,801
Global Blood Therapeutics, Inc. (a) (b)		40,387		2,124,356
GlycoMimetics, Inc. (a) (b)		51,900		618,648
Immunomedics, Inc. (a) (b)		116,095		1,610,238
Insmed, Inc. (a) (b)		118,384		3,030,630
Ionis Pharmaceuticals, Inc. (a)		25,686		1,650,839


Security Description	Shares		Value

Biotechnology—(Continued)
Ironwood Pharmaceuticals, Inc. (a) (b)		125,604	$	1,374,108
Ligand Pharmaceuticals, Inc. (a) (b)		42,892		4,896,122
Madrigal Pharmaceuticals, Inc. (a) (b)		6,507		681,999
Mirati Therapeutics, Inc. (a)		25,800		2,657,400
Neurocrine Biosciences, Inc. (a)		35,761		3,019,301
PTC Therapeutics, Inc. (a)		53,500		2,407,500
Repligen Corp. (a) (b)		75,734		6,509,337
Sage Therapeutics, Inc. (a) (b)		47,469		8,691,099
Sarepta Therapeutics, Inc. (a) (b)		38,000		5,774,100
Seattle Genetics, Inc. (a) (b)		32,260		2,232,715
Spark Therapeutics, Inc. (a)		40,118		4,107,281
Ultragenyx Pharmaceutical, Inc. (a) (b)		50,136		3,183,636
uniQure NV (a)		40,800		3,188,520
Xencor, Inc. (a) (b)		74,100		3,032,913

				117,457,191


Building Products—1.3%
AAON, Inc. (b)		41,508		2,082,871
Lennox International, Inc. (b)		35,278		9,701,450
Patrick Industries, Inc. (a)		104,635		5,146,996
Resideo Technologies, Inc. (a)		47,300		1,036,816

				17,968,133


Capital Markets—2.1%
Cboe Global Markets, Inc.		69,731		7,226,223
E*Trade Financial Corp.		66,244		2,954,482
FactSet Research Systems, Inc. (b)		10,482		3,003,722
MarketAxess Holdings, Inc. (b)		38,895		12,501,631
MSCI, Inc. (b)		19,216		4,588,589

				30,274,647


Chemicals—3.3%
AdvanSix, Inc. (a)		90,708		2,215,996
Chase Corp.		46,824		5,040,135
Ingevity Corp. (a)		96,504		10,149,326
Innospec, Inc.		76,578		6,986,977
Minerals Technologies, Inc.		44,431		2,377,503
NewMarket Corp.		9,091		3,644,946
PolyOne Corp.		100,283		3,147,883
Quaker Chemical Corp.		31,600		6,411,008
Scotts Miracle-Gro Co. (The) (b)		44,300		4,363,550
Stepan Co.		23,600		2,169,076

				46,506,400


Commercial Services & Supplies—2.3%
Advanced Disposal Services, Inc. (a)		159,476		5,088,879
Casella Waste Systems, Inc. - Class A (a)		235,946		9,350,540
Healthcare Services Group, Inc. (b)		54,312		1,646,740
Rollins, Inc. (b)		191,607		6,872,943
U.S. Ecology, Inc.		69,714		4,150,772
UniFirst Corp.		30,000		5,657,100

				32,766,974


Communications Equipment—0.5%
NetScout Systems, Inc. (a)		9,269		235,340

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Communications Equipment—(Continued)
Plantronics, Inc. (b)		42,962	$	1,591,312
Ubiquiti Networks, Inc. (b)		38,300		5,036,450

				6,863,102


Construction Materials—0.4%
Eagle Materials, Inc. (b)		54,300		5,033,610


Consumer Finance—0.5%
Green Dot Corp. - Class A (a)		61,900		3,026,910
PRA Group, Inc. (a) (b)		48,287		1,358,796
SLM Corp.		304,100		2,955,852

				7,341,558


Containers & Packaging—0.6%
Berry Global Group, Inc. (a)		153,751		8,085,765


Distributors—0.8%
Pool Corp.		61,193		11,687,863


Diversified Consumer Services—3.7%
Bright Horizons Family Solutions, Inc. (a)		102,054		15,396,887
frontdoor, Inc. (a)		95,053		4,139,558
Grand Canyon Education, Inc. (a) (b)		69,856		8,174,549
Service Corp. International		198,032		9,263,937
ServiceMaster Global Holdings, Inc. (a)		175,813		9,158,099
Strategic Education, Inc.		25,325		4,507,850
Weight Watchers International, Inc. (a)		47,300		903,430

				51,544,310


Diversified Telecommunication Services—0.4%
GCI Liberty, Inc. - Class A (a) (b)		97,814		6,011,648


Electrical Equipment—0.6%
Atkore International Group, Inc. (a)		128,770		3,331,280
Generac Holdings, Inc. (a)		64,502		4,477,084

				7,808,364


Electronic Equipment, Instruments & Components—3.4%
Cognex Corp. (b)		94,590		4,538,428
Coherent, Inc. (a) (b)		42,343		5,774,315
ePlus, Inc. (a)		17,400		1,199,556
Littelfuse, Inc. (b)		38,600		6,828,726
Novanta, Inc. (a)		98,500		9,288,550
OSI Systems, Inc. (a)		65,054		7,327,032
Tech Data Corp. (a) (b)		17,700		1,851,420
Zebra Technologies Corp. - Class A (a)		49,406		10,350,063

				47,158,090


Energy Equipment & Services—0.5%
Apergy Corp. (a)		121,700		4,081,818
Computer Modelling Group, Ltd.		39,025		216,946
Dril-Quip, Inc. (a) (b)		25,115		1,205,520
Exterran Corp. (a)		44,858		637,881


Security Description	Shares		Value

Energy Equipment & Services—(Continued)
RPC, Inc. (b)		91,500	$	659,715

				6,801,880


Entertainment—1.4%
Live Nation Entertainment, Inc. (a)		150,931		9,999,179
Take-Two Interactive Software, Inc. (a)		84,916		9,640,513

				19,639,692


Equity Real Estate Investment Trusts—3.3%
Americold Realty Trust		191,259		6,200,617
CoreSite Realty Corp.		61,170		7,044,949
CubeSmart		124,371		4,158,966
CyrusOne, Inc.		98,855		5,705,910
Equity Lifestyle Properties, Inc.		55,544		6,739,709
First Industrial Realty Trust, Inc.		159,804		5,871,199
PS Business Parks, Inc.		23,211		3,911,750
Terreno Realty Corp.		129,517		6,351,514

				45,984,614


Food & Staples Retailing—1.6%
Casey’s General Stores, Inc.		65,093		10,153,857
Performance Food Group Co. (a)		206,284		8,257,549
Sprouts Farmers Market, Inc. (a)		206,000		3,891,340

				22,302,746


Food Products—1.3%
J&J Snack Foods Corp.		40,332		6,491,436
John B Sanfilippo & Son, Inc.		31,995		2,549,682
Post Holdings, Inc. (a)		64,825		6,739,855
TreeHouse Foods, Inc. (a) (b)		55,344		2,994,110

				18,775,083


Health Care Equipment & Supplies—5.0%
Avanos Medical, Inc. (a) (b)		53,988		2,354,417
Cantel Medical Corp. (b)		75,814		6,113,641
Cooper Cos., Inc. (The)		10,801		3,638,749
Globus Medical, Inc. - Class A (a)		97,300		4,115,790
Haemonetics Corp. (a)		71,769		8,636,681
ICU Medical, Inc. (a)		41,562		10,469,883
Inogen, Inc. (a)		15,734		1,050,402
Lantheus Holdings, Inc. (a)		46,446		1,314,422
LivaNova plc (a)		57,400		4,130,504
Masimo Corp. (a)		69,684		10,370,373
NuVasive, Inc. (a)		77,885		4,559,388
Penumbra, Inc. (a) (b)		36,658		5,865,280
West Pharmaceutical Services, Inc.		63,393		7,933,634

				70,553,164


Health Care Providers & Services—4.5%
Addus HomeCare Corp. (a)		59,716		4,475,714
Amedisys, Inc. (a)		38,100		4,625,721
BioTelemetry, Inc. (a)		73,877		3,557,178
Chemed Corp.		26,700		9,634,428
Corvel Corp. (a)		33,449		2,910,397

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Health Care Providers & Services—(Continued)
Encompass Health Corp.		78,709	$	4,987,002
Ensign Group, Inc. (The)		143,100		8,145,252
Molina Healthcare, Inc. (a)		88,007		12,597,322
U.S. Physical Therapy, Inc. (b)		45,883		5,623,879
WellCare Health Plans, Inc. (a)		22,282		6,351,930

				62,908,823


Health Care Technology—0.7%
Omnicell, Inc. (a)		85,722		7,374,664
Tabula Rasa HealthCare, Inc. (a) (b)		52,300		2,611,339

				9,986,003


Hotels, Restaurants & Leisure—5.5%
Boyd Gaming Corp.		213,300		5,746,302
Cheesecake Factory, Inc. (The) (b)		54,949		2,402,370
Choice Hotels International, Inc. (b)		53,968		4,695,756
Churchill Downs, Inc.		96,836		11,142,919
Denny’s Corp. (a)		300,519		6,169,655
Domino’s Pizza, Inc.		22,817		6,349,515
Hilton Grand Vacations, Inc. (a) (b)		140,683		4,476,533
Marriott Vacations Worldwide Corp.		10,212		984,437
Papa John’s International, Inc.		86,600		3,872,752
Penn National Gaming, Inc. (a) (b)		239,565		4,614,022
Ruth’s Hospitality Group, Inc.		163,300		3,708,543
Six Flags Entertainment Corp.		59,859		2,973,795
Texas Roadhouse, Inc.		122,500		6,574,575
Vail Resorts, Inc.		44,325		9,892,453
Wendy’s Co. (The) (b)		175,200		3,430,416

				77,034,043


Household Durables—0.6%
Helen of Troy, Ltd. (a)		61,476		8,028,151


Independent Power and Renewable Electricity Producers—0.4%
Ormat Technologies, Inc. (b)		83,490		5,292,431


Insurance—1.0%
Heritage Insurance Holdings, Inc.		47,317		729,155
Primerica, Inc.		86,791		10,410,580
Universal Insurance Holdings, Inc.		99,000		2,762,100

				13,901,835


Internet & Direct Marketing Retail—0.4%
Liberty Expedia Holdings, Inc. - Class A (a)		67,375		3,219,851
Shutterfly, Inc. (a)		34,361		1,736,949

				4,956,800


IT Services—5.3%
Booz Allen Hamilton Holding Corp.		198,645		13,152,285
Broadridge Financial Solutions, Inc.		46,963		5,996,236
Cardtronics plc - Class A (a)		107,572		2,938,867
CoreLogic, Inc. (a)		124,630		5,213,273
Euronet Worldwide, Inc. (a)		97,298		16,369,416
Gartner, Inc. (a)		25,761		4,145,975
GTT Communications, Inc. (a) (b)		61,925		1,089,880


Security Description	Shares		Value

IT Services—(Continued)
Jack Henry & Associates, Inc.		20,262	$	2,713,487
MAXIMUS, Inc. (b)		124,134		9,004,680
Science Applications International Corp.		60,619		5,247,181
WEX, Inc. (a) (b)		43,374		9,026,129

				74,897,409


Leisure Products—0.3%
Brunswick Corp.		85,646		3,930,295


Life Sciences Tools & Services—2.5%
Bio-Rad Laboratories, Inc. - Class A (a)		18,995		5,937,647
Bruker Corp. (b)		52,400		2,617,380
Cambrex Corp. (a)		80,963		3,789,878
Charles River Laboratories International, Inc. (a)		68,384		9,703,689
Medpace Holdings, Inc. (a)		68,000		4,448,560
PRA Health Sciences, Inc. (a)		91,485		9,070,738

				35,567,892


Machinery—4.1%
Chart Industries, Inc. (a)		6,762		519,863
Douglas Dynamics, Inc.		91,790		3,652,324
EnPro Industries, Inc.		12,200		778,848
Gardner Denver Holdings, Inc. (a)		119,800		4,145,080
Graco, Inc.		135,769		6,812,889
IDEX Corp.		20,273		3,489,794
John Bean Technologies Corp.		57,061		6,911,799
Lincoln Electric Holdings, Inc.		32,772		2,697,791
Lydall, Inc. (a)		82,708		1,670,702
Middleby Corp. (The) (a)		19,998		2,713,729
Milacron Holdings Corp. (a)		120,859		1,667,854
Nordson Corp. (b)		34,294		4,846,085
Standex International Corp.		14,102		1,031,420
Toro Co. (The) (b)		128,746		8,613,107
Woodward, Inc. (b)		70,957		8,029,494

				57,580,779


Media—1.8%
Cable One, Inc.		12,000		14,051,880
Gray Television, Inc. (a)		171,054		2,803,575
MSG Networks, Inc. - Class A (a) (b)		174,682		3,622,905
Nexstar Media Group, Inc. - Class A		41,400		4,181,400

				24,659,760


Metals & Mining—0.1%
Worthington Industries, Inc.		50,716		2,041,826


Oil, Gas & Consumable Fuels—1.6%
Centennial Resource Development, Inc. - Class A (a) (b)		278,227		2,111,743
Matador Resources Co. (a) (b)		250,334		4,976,640
PBF Energy, Inc. - Class A		162,800		5,095,640
PDC Energy, Inc. (a)		104,756		3,777,501
WPX Energy, Inc. (a)		573,710		6,603,402

				22,564,926

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, 2019 (Unaudited)

Common Stocks—(Continued)


Security Description	Shares		Value

Personal Products—0.1%
Nu Skin Enterprises, Inc. - Class A		23,002	$	1,134,459


Pharmaceuticals—2.4%
Aerie Pharmaceuticals, Inc. (a) (b)		44,612		1,318,285
Assertio Therapeutics, Inc. (a)		150,974		520,860
Catalent, Inc. (a) (b)		176,170		9,550,176
Horizon Therapeutics plc (a)		119,600		2,877,576
Innoviva, Inc. (a)		95,630		1,392,373
Jazz Pharmaceuticals plc (a)		11,791		1,680,925
MyoKardia, Inc. (a) (b)		41,691		2,090,387
Nektar Therapeutics (a) (b)		48,916		1,740,431
Pacira Pharmaceuticals, Inc. (a)		36,907		1,605,085
Phibro Animal Health Corp. - Class A		77,841		2,473,008
Prestige Consumer Healthcare, Inc. (a) (b)		117,078		3,709,031
Supernus Pharmaceuticals, Inc. (a)		96,366		3,188,751
TherapeuticsMD, Inc. (a) (b)		211,810		550,706
Theravance Biopharma, Inc. (a) (b)		61,814		1,009,423
WAVE Life Sciences, Ltd. (a) (b)		21,287		555,378

				34,262,395


Professional Services—2.3%
ASGN, Inc. (a)		109,600		6,641,760
Exponent, Inc.		131,329		7,688,000
Insperity, Inc.		79,730		9,738,222
TransUnion (b)		105,654		7,766,625

				31,834,607


Real Estate Management & Development—0.0%
Kennedy-Wilson Holdings, Inc. (b)		28,653		589,392


Road & Rail—0.9%
Landstar System, Inc.		56,969		6,152,082
Old Dominion Freight Line, Inc.		46,625		6,959,248

				13,111,330


Semiconductors & Semiconductor Equipment—4.1%
Advanced Energy Industries, Inc. (a)		66,144		3,721,923
Cabot Microelectronics Corp.		35,083		3,861,937
Cirrus Logic, Inc. (a)		88,274		3,857,574
Entegris, Inc.		178,200		6,650,424
Ichor Holdings, Ltd. (a)		57,300		1,354,572
MaxLinear, Inc. (a) (b)		240,589		5,639,406
Mellanox Technologies, Ltd. (a)		90,046		9,965,391
MKS Instruments, Inc.		88,700		6,908,843
Monolithic Power Systems, Inc.		37,600		5,105,328
Nanometrics, Inc. (a)		96,663		3,355,173
Versum Materials, Inc.		145,113		7,484,928

				57,905,499


Software—8.5%
ACI Worldwide, Inc. (a)		186,469		6,403,345
Aspen Technology, Inc. (a)		60,538		7,523,663
Blackbaud, Inc. (b)		94,224		7,867,704
Ceridian HCM Holding, Inc. (a)		39,700		1,992,940
CommVault Systems, Inc. (a)		81,271		4,032,667


Security Description	Shares		Value

Software—(Continued)
CyberArk Software, Ltd. (a)		36,000	$	4,602,240
Descartes Systems Group, Inc. (The) (a)		73,158		2,703,188
Envestnet, Inc. (a) (b)		113,036		7,728,271
Fair Isaac Corp. (a) (b)		45,585		14,314,602
Fortinet, Inc. (a)		54,133		4,159,038
j2 Global, Inc. (b)		46,266		4,112,585
LogMeIn, Inc.		33,682		2,481,690
Manhattan Associates, Inc. (a)		77,323		5,360,804
Pegasystems, Inc.		96,260		6,854,675
Proofpoint, Inc. (a)		60,701		7,299,295
PTC, Inc. (a)		29,781		2,673,143
Qualys, Inc. (a) (b)		75,730		6,594,568
RealPage, Inc. (a)		120,027		7,063,589
SS&C Technologies Holdings, Inc.		144,889		8,347,055
Tyler Technologies, Inc. (a)		34,496		7,451,826

				119,566,888


Specialty Retail—1.5%
Aaron’s, Inc.		37,961		2,331,185
Burlington Stores, Inc. (a) (b)		74,413		12,661,372
Children’s Place, Inc. (The) (b)		19,792		1,887,761
Murphy USA, Inc. (a) (b)		58,320		4,900,629

				21,780,947


Technology Hardware, Storage & Peripherals—0.2%
NCR Corp. (a)		103,150		3,207,965


Textiles, Apparel & Luxury Goods—0.8%
Carter’s, Inc. (b)		56,472		5,508,279
Steven Madden, Ltd. (b)		174,353		5,919,284

				11,427,563


Thrifts & Mortgage Finance—0.4%
MGIC Investment Corp. (a)		165,371		2,172,975
Radian Group, Inc.		124,182		2,837,559

				5,010,534


Trading Companies & Distributors—0.7%
Beacon Roofing Supply, Inc. (a) (b)		51,450		1,889,244
Univar, Inc. (a)		110,408		2,433,392
Watsco, Inc.		29,680		4,853,571

				9,176,207

Total Common Stocks (Cost $997,032,888)				1,404,337,568


Short-Term Investment—0.2%

Mutual Fund—0.2%
T. Rowe Price Government Reserve Fund (c)		3,097,471		3,097,471

Total Short-Term Investments (Cost $3,097,471)				3,097,471

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, 2019 (Unaudited)

Securities Lending Reinvestments (d)—21.6%


Security Description	Principal Amount*		Value

Bank Note—0.1%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (e)		2,000,000	$	2,009,009


Certificates of Deposit—13.6%
ABN AMRO Bank NV Zero Coupon, 07/05/19		3,964,930		3,998,120
Banco Del Estado De Chile New York
2.564%, 1M LIBOR + 0.160%, 11/22/19 (e)		5,000,000		5,000,425
2.592%, 1M LIBOR + 0.180%, 10/09/19 (e)		3,000,000		3,000,423
Banco Santander S.A. 2.600%, 07/05/19		4,000,000		4,000,208
Bank of Montreal (Chicago)
2.590%, SOFR + 0.170%, 02/07/20 (e)		2,000,000		2,000,112
2.751%, 1M LIBOR + 0.330%, 08/06/19 (e)		4,000,000		4,001,148
Bank of Nova Scotia 2.564%, 1M LIBOR + 0.170%, 05/15/20 (e)		5,000,000		4,999,540
Barclays Bank plc
2.950%, 08/02/19		2,000,000		2,001,052
3.000%, 09/19/19		4,081,084		4,005,364
BNP Paribas S.A. New York
2.534%, 1M LIBOR + 0.140%, 09/16/19 (e)		2,000,000		2,000,084
2.615%, 3M LIBOR + 0.050%, 11/06/19 (e)		2,000,000		2,000,736
Canadian Imperial Bank of Commerce
2.644%, 1M LIBOR + 0.250%, 10/15/19 (e)		7,000,000		7,002,303
2.660%, 1M LIBOR + 0.270%, 07/19/19 (e)		4,000,000		4,000,352
Chiba Bank, Ltd.
2.400%, 09/19/19		3,000,000		3,000,060
2.450%, 08/12/19		2,000,000		2,000,316
China Construction Bank Corp. 2.600%, 09/05/19		2,000,000		2,000,444
Commonwealth Bank of Australia 2.621%, 1M LIBOR + 0.210%, 09/13/19 (e)		4,000,000		4,001,280
Cooperative Rabobank UA 2.739%, 3M LIBOR + 0.150%, 01/08/20 (e)		4,500,000		4,501,764
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (e)		10,000,000		10,005,060
Credit Industriel et Commercial
2.590%, 1M LIBOR + 0.160%, 03/05/20 (e)		2,000,000		2,000,148
2.600%, 1M LIBOR + 0.160%, 01/03/20 (e)		2,000,000		2,000,322
2.687%, 3M LIBOR + 0.090%, 10/15/19 (e)		5,000,000		5,001,385
Credit Suisse AG
2.561%, 1M LIBOR + 0.130%, 11/04/19 (e)		4,000,000		3,999,736
2.580%, 1M LIBOR + 0.140%, 10/02/19 (e)		5,000,000		5,000,020
DZ Bank AG New York Zero Coupon, 07/05/19		3,973,749		3,998,120
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (e)		3,000,000		2,999,760
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		1,000,000		1,000,158
2.630%, 08/28/19		5,000,000		5,001,640
2.670%, 07/25/19		1,000,000		1,000,194
KBC Bank NV
Zero Coupon, 07/10/19		3,978,533		3,997,880
Zero Coupon, 10/25/19		2,961,000		2,977,904
2.610%, 07/02/19		5,000,000		5,000,000


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 07/17/19		1,986,941	$	1,997,500
Zero Coupon, 08/09/19		993,475		997,270
Zero Coupon, 09/24/19		4,970,215		4,971,550
Mizuho Bank, Ltd. 2.524%, 1M LIBOR + 0.120%, 11/27/19 (e)		5,000,000		5,001,285
MUFG Bank Ltd. 2.574%, 1M LIBOR + 0.170%, 02/24/20 (e)		2,000,000		2,000,006
National Australia Bank, Ltd. 2.602%, 1M LIBOR + 0.190%, 04/08/20 (e)		4,000,000		4,000,920
Norinchukin Bank, New York Zero Coupon, 07/10/19		2,980,047		2,997,630
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (e)		5,000,000		5,001,445
Societe Generale
2.663%, 1M LIBOR + 0.280%, 06/19/20 (e)		2,000,000		1,999,980
2.723%, 3M LIBOR + 0.200%, 08/21/19 (e)		5,001,966		5,002,985
2.730%, FEDEFF PRV + 0.350%, 06/19/20 (e)		2,000,000		1,999,994
Standard Chartered Bank
2.524%, 1M LIBOR + 0.130%, 11/15/19 (e)		4,000,000		4,000,144
2.660%, 08/23/19		6,000,000		6,002,778
Sumitomo Mitsui Banking Corp.
2.542%, 1M LIBOR + 0.130%, 12/09/19 (e)		2,000,000		2,000,098
2.553%, 1M LIBOR + 0.140%, 11/12/19 (e)		3,000,000		3,000,357
2.589%, 1M LIBOR + 0.170%, 08/07/19 (e)		3,000,021		3,000,315
Sumitomo Mitsui Trust Bank, Ltd.
2.600%, 07/05/19		7,000,000		7,000,287
2.689%, 3M LIBOR + 0.100%, 07/08/19 (e)		3,000,000		3,000,216
Svenska Handelsbanken AB 2.792%, 1M LIBOR + 0.380%, 12/10/19 (e)		2,000,000		2,002,466
Wells Fargo Bank N.A. 2.796%, 3M LIBOR + 0.210%, 10/25/19 (e)		1,500,000		1,501,190
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (e)		6,000,000		5,999,966

				190,974,440


Commercial Paper—3.4%
Agricultural Bank of China
2.570%, 09/11/19		3,974,014		3,978,472
2.610%, 08/13/19		1,986,660		1,993,350
Bank of China, Ltd. 2.670%, 07/16/19		5,959,950		5,992,218
China Construction Bank Corp. 2.650%, 07/26/19		993,522		997,983
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (e)		2,000,000		2,000,398
Industrial & Commercial Bank of China, Ltd. 2.610%, 08/20/19		993,330		996,306
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (e)		5,000,000		5,001,265
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (e)		1,000,000		999,995
Societe Generale 2.812%, 3M LIBOR + 0.410%, 12/18/19 (e)		4,007,096		4,007,592

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, 2019 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)


Security Description	Principal Amount*		Value

Commercial Paper—(Continued)
Thunder Bay Funding LLC 2.540%, 1M LIBOR + 0.100%, 12/05/19 (e)		3,000,000	$	3,000,156
Toronto-Dominion Bank 2.780%, 1M LIBOR + 0.350%, 11/05/19 (e)		7,000,000		7,006,825
Toyota Motor Credit Corp. 2.620%, 08/29/19		6,909,828		6,971,615
Westpac Banking Corp.
2.552%, 1M LIBOR + 0.150%, 05/29/20 (e)		3,999,315		4,000,012
2.630%, 3M LIBOR + 0.070%, 08/07/19 (e)		1,000,000		1,000,377

				47,946,564


Repurchase Agreements—4.0%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $10,562,746; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $10,771,936.		10,560,722		10,560,722
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $4,633,751; collateralized by various Common Stock with an aggregate market value of $5,060,000.		4,600,000		4,600,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $7,558,163; collateralized by various Common Stock with an aggregate market value of $8,252,043.		7,500,000		7,500,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $2,005,269; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $1,002,683; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $2,800,607; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $2,856,001.		2,800,000		2,800,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $300,069; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $306,002.		300,000		300,000


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
NBC Global Finance, Ltd.
Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $1,700,358; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $1,740,860.		1,700,000	$	1,700,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $1,500,747; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $1,641,468.		1,500,000		1,500,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $5,501,132; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $5,926,625.		5,500,000		5,500,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $5,001,029; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $5,387,840.		5,000,000		5,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $1,000,486; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,077,568.		1,000,000		1,000,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $12,165,911; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $13,103,228.		12,160,000		12,160,000

				55,620,722


Time Deposit—0.5%
Royal Bank of Canada 2.500%, 07/01/19		7,000,000		7,000,000

Total Securities Lending Reinvestments (Cost $303,497,191)				303,550,735

Total Investments—121.6% (Cost $1,303,627,550)				1,710,985,774
Other assets and liabilities (net)—(21.6)%				(304,192,555	)

Net Assets—100.0%			$	1,406,793,219


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

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)


(b)		All or a portion of the security was held on loan. As of June 30, 2019, the market value of securities loaned was $306,245,650 and the collateral received consisted of cash in the amount of $303,336,398 and non-cash collateral with a value of $5,116,293. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)		Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(e)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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
(SOFR)—		Secured Overnight Financing Rate

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,404,337,568	$	—		$	—	$	1,404,337,568
Total Short-Term Investment*		3,097,471		—			—		3,097,471
Total Securities Lending Reinvestments*		—		303,550,735			—		303,550,735
Total Investments	$	1,407,435,039	$	303,550,735		$	—	$	1,710,985,774

Collateral for Securities Loaned (Liability)	$	—	$	(303,336,398	)	$	—	$	(303,336,398	)


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	1,707,888,303
Affiliated investments at value (c)		3,097,471
Cash		750,000
Cash denominated in foreign currencies (d)		2,533
Receivable for:
Investments sold		2,871,939
Fund shares sold		92,901
Dividends		496,734
Dividends on affiliated investments		4,702

Total Assets		1,715,204,583
Liabilities
Collateral for securities loaned		303,336,398
Payables for:
Investments purchased		755,864
Fund shares redeemed		3,384,428
Accrued Expenses:
Management fees		500,740
Distribution and service fees		84,107
Deferred trustees’ fees		127,036
Other expenses		222,791

Total Liabilities		308,411,364

Net Assets	$	1,406,793,219

Net Assets Consist of:
Paid in surplus	$	947,683,860
Distributable earnings (Accumulated losses)		459,109,359

Net Assets	$	1,406,793,219

Net Assets
Class A	$	978,360,956
Class B		407,282,764
Class E		16,885,498
Class G		4,264,001
Capital Shares Outstanding*
Class A		43,106,050
Class B		19,579,821
Class E		787,660
Class G		214,169
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	22.70
Class B		20.80
Class E		21.44
Class G		19.91


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments, excluding affiliated investments, was $1,300,530,079.
(b)		Includes securities loaned at value of $306,245,650.
(c)		Identified cost of affiliated investments was $3,097,471.
(d)		Identified cost of cash denominated in foreign currencies was $2,488.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	4,078,848
Dividends from affiliated investments		47,904
Securities lending income		656,597

Total investment income		4,783,349
Expenses
Management fees		3,148,470
Administration fees		29,565
Custodian and accounting fees		51,018
Distribution and service fees—Class B		489,152
Distribution and service fees—Class E		11,928
Distribution and service fees—Class G		5,978
Audit and tax services		22,147
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		65,591
Insurance		4,731
Miscellaneous		9,597

Total expenses		3,891,963
Less management fee waiver		(147,928	)

Net expenses		3,744,035

Net Investment Income		1,039,314

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		52,302,969
Foreign currency transactions		(27	)

Net realized gain		52,302,942

Net change in unrealized appreciation on:
Investments		227,693,399
Foreign currency transactions		122

Net change in unrealized appreciation		227,693,521

Net realized and unrealized gain		279,996,463

Net Increase in Net Assets From Operations	$	281,035,777


(a)		Net of foreign withholding taxes of $1,047.

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


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	1,039,314		$	1,020,713
Net realized gain		52,302,942			190,773,913
Net change in unrealized appreciation (depreciation)		227,693,521			(264,044,762	)

Increase (decrease) in net assets from operations		281,035,777			(72,250,136	)

From Distributions to Shareholders
Class A		(130,069,102	)		(83,516,803	)
Class B		(58,016,977	)		(36,922,286	)
Class E		(2,340,062	)		(1,510,258	)
Class G		(627,718	)		(364,458	)

Total distributions		(191,053,859	)		(122,313,805	)

Increase (decrease) in net assets from capital share transactions		112,718,616			(60,639,608	)

Total increase (decrease) in net assets		202,700,534			(255,203,549	)

Net Assets
Beginning of period		1,204,092,685			1,459,296,234

End of period	$	1,406,793,219		$	1,204,092,685

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		239,531		$	5,788,647			1,520,096		$	38,258,742
Reinvestments		5,912,232			130,069,102			3,352,742			83,516,803
Redemptions		(2,345,990	)		(57,186,816	)		(6,558,135	)		(167,183,822	)

Net increase (decrease)		3,805,773		$	78,670,933			(1,685,297	)	$	(45,408,277	)

Class B
Sales		403,597		$	8,908,900			1,005,380		$	22,853,336
Reinvestments		2,877,826			58,016,977			1,594,227			36,922,286
Redemptions		(1,573,101	)		(35,336,963	)		(3,168,692	)		(74,061,481	)

Net increase (decrease)		1,708,322		$	31,588,914			(569,085	)	$	(14,285,859	)

Class E
Sales		39,255		$	906,298			71,866		$	1,741,672
Reinvestments		112,611			2,340,062			63,617			1,510,258
Redemptions		(58,298	)		(1,344,234	)		(197,031	)		(4,658,868	)

Net increase (decrease)		93,568		$	1,902,126			(61,548	)	$	(1,406,938	)

Class G
Sales		3,494		$	76,003			36,386		$	837,282
Reinvestments		32,524			627,718			16,321			364,458
Redemptions		(6,782	)		(147,078	)		(33,293	)		(740,274	)

Net increase		29,236		$	556,643			19,414		$	461,466

Increase (decrease) derived from capital shares transactions				$	112,718,616					$	(60,639,608	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	21.23		$	24.69		$	21.41		$	22.01		$	23.40		$	23.77

Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.04			0.05			0.07	(b)		0.07			0.06
Net realized and unrealized gain (loss)		4.90			(1.34	)		4.70			2.20			0.71			1.35

Total income (loss) from investment operations		4.93			(1.30	)		4.75			2.27			0.78			1.41

Less Distributions
Distributions from net investment income		(0.01	)		(0.03	)		(0.08	)		(0.06	)		(0.03	)		(0.00	)(c)
Distributions from net realized capital gains		(3.45	)		(2.13	)		(1.39	)		(2.81	)		(2.14	)		(1.78	)

Total distributions		(3.46	)		(2.16	)		(1.47	)		(2.87	)		(2.17	)		(1.78	)

Net Asset Value, End of Period	$	22.70		$	21.23		$	24.69		$	21.41		$	22.01		$	23.40

Total Return (%) (d)		23.73	(e)		(6.55	)		22.88			11.74			2.71			6.91

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.50	(f)		0.50			0.50			0.50			0.50			0.51
Net ratio of expenses to average net assets (%) (g)		0.48	(f)		0.48			0.48			0.48			0.48			0.48
Ratio of net investment income to average net assets (%)		0.23	(f)		0.15			0.20			0.36	(b)		0.28			0.25
Portfolio turnover rate (%)		7	(e)		21			22			22			27			25
Net assets, end of period (in millions)	$	978.4		$	834.3		$	1,011.9		$	880.8		$	863.6		$	938.5

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	19.71		$	23.09		$	20.11		$	20.84		$	22.28		$	22.77

Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(h)		(0.02	)		(0.01	)		0.02	(b)		0.01			(0.00	)(h)
Net realized and unrealized gain (loss)		4.54			(1.23	)		4.40			2.07			0.69			1.29

Total income (loss) from investment operations		4.54			(1.25	)		4.39			2.09			0.70			1.29

Less Distributions
Distributions from net investment income		0.00			0.00			(0.02	)		(0.01	)		0.00			0.00
Distributions from net realized capital gains		(3.45	)		(2.13	)		(1.39	)		(2.81	)		(2.14	)		(1.78	)

Total distributions		(3.45	)		(2.13	)		(1.41	)		(2.82	)		(2.14	)		(1.78	)

Net Asset Value, End of Period	$	20.80		$	19.71		$	23.09		$	20.11		$	20.84		$	22.28

Total Return (%) (d)		23.57	(e)		(6.78	)		22.53			11.48			2.46			6.65

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(f)		0.75			0.75			0.75			0.75			0.76
Net ratio of expenses to average net assets (%) (g)		0.73	(f)		0.73			0.73			0.73			0.73			0.73
Ratio of net investment income (loss) to average net assets (%)		(0.02	)(f)		(0.10	)		(0.05	)		0.11	(b)		0.03			(0.01	)
Portfolio turnover rate (%)		7	(e)		21			22			22			27			25
Net assets, end of period (in millions)	$	407.3		$	352.3		$	425.8		$	384.7		$	373.4		$	369.6

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	20.22		$	23.61		$	20.54		$	21.23		$	22.63		$	23.09

Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			(0.00	)(h)		0.01			0.04	(b)		0.03			0.02
Net realized and unrealized gain (loss)		4.66			(1.26	)		4.49			2.11			0.71			1.30

Total income (loss) from investment operations		4.67			(1.26	)		4.50			2.15			0.74			1.32

Less Distributions
Distributions from net investment income		0.00			0.00			(0.04	)		(0.03	)		0.00			0.00
Distributions from net realized capital gains		(3.45	)		(2.13	)		(1.39	)		(2.81	)		(2.14	)		(1.78	)

Total distributions		(3.45	)		(2.13	)		(1.43	)		(2.84	)		(2.14	)		(1.78	)

Net Asset Value, End of Period	$	21.44		$	20.22		$	23.61		$	20.54		$	21.23		$	22.63

Total Return (%) (d)		23.62	(e)		(6.67	)		22.70			11.55			2.61			6.69

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(f)		0.65			0.65			0.65			0.65			0.66
Net ratio of expenses to average net assets (%) (g)		0.63	(f)		0.63			0.63			0.63			0.63			0.63
Ratio of net investment income (loss) to average net assets (%)		0.08	(f)		(0.00	)(i)		0.05			0.21	(b)		0.12			0.09
Portfolio turnover rate (%)		7	(e)		21			22			22			27			25
Net assets, end of period (in millions)	$	16.9		$	14.0		$	17.8		$	15.8		$	16.9		$	17.1

	Class G
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014^(j)
Net Asset Value, Beginning of Period	$	18.99		$	22.33		$	19.49		$	20.34		$	21.78		$	21.49

Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.03	)		(0.02	)		0.02	(b)		(0.01	)		0.01
Net realized and unrealized gain (loss)		4.38			(1.18	)		4.25			1.94			0.71			0.28

Total income (loss) from investment operations		4.37			(1.21	)		4.23			1.96			0.70			0.29

Less Distributions
Distributions from net investment income		0.00			0.00			(0.00	)(c)		0.00			0.00			0.00
Distributions from net realized capital gains		(3.45	)		(2.13	)		(1.39	)		(2.81	)		(2.14	)		0.00

Total distributions		(3.45	)		(2.13	)		(1.39	)		(2.81	)		(2.14	)		0.00

Net Asset Value, End of Period	$	19.91		$	18.99		$	22.33		$	19.49		$	20.34		$	21.78

Total Return (%) (d)		23.56	(e)		(6.84	)		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			0.80			0.83	(f)
Net ratio of expenses to average net assets (%) (g)		0.78	(f)		0.78			0.78			0.78			0.78			0.81	(f)
Ratio of net investment income (loss) to average net assets (%)		(0.07	)(f)		(0.15	)		(0.10	)		0.08	(b)		(0.06	)		0.40	(f)
Portfolio turnover rate (%)		7	(e)		21			22			22			27			25
Net assets, end of period (in millions)	$	4.3		$	3.5		$	3.7		$	2.9		$	1.2		$	0.0	(k)


(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)		Ratio of net investment loss to average net assets was less than 0.01%.
(j)		Commencement of operations was November 12, 2014.
(k)		Net assets, end of period rounds to less than $0.1 million.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

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.

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $55,620,722. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, 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:

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	98,739,039	$	0	$	170,648,783

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$3,148,470		0.550	%	Of the first $100 million
		0.500	%	Of the next $300 million
		0.450	%	On amounts in excess of $400 million

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 million (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, the Subadviser will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. 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, 2019 are shown as management fee waivers in the Statement of Operations.

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(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.

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, 2019 is as follows:


Security Description	Market Value December 31, 2018		Purchases		Sales			Ending Value as of June 30, 2019		Income earned from affiliates during the period		Number of shares held at June 30, 2019
T. Rowe Price Government Reserve Fund	$	9,355,566	$	73,539,565	$	(79,797,660	)	$	3,097,471	$	47,904		3,097,471

7. Contractual Obligations

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	1,304,804,348

Gross unrealized appreciation		479,204,663
Gross unrealized depreciation		(73,023,237	)

Net unrealized appreciation (depreciation)	$	406,181,426

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$8,411,704	$	3,415,699	$	113,902,101	$	83,848,328	$	122,313,805	$	87,264,027

BHFTII-20

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

As of December 31, 2018, 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		Accumulated Capital Losses		Total
$4,856,293	$	185,895,114	$	178,487,950	$	—	$	369,239,357

As of December 31, 2018, the Portfolio had no accumulated capital losses.

BHFTII-21

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Managed by VanEck Associates Corporation

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2019, the Class A and B shares of the Van Eck Global Natural Resources Portfolio returned 12.98% and 12.88%, respectively. The Portfolio’s benchmark, the Standard & Poor’s North American Natural Resources Index¹, returned 14.58%.

MARKET ENVIRONMENT / CONDITIONS

In the first half of the year, uncertainties around global trade and tariffs had the most significant impact on natural resource equity markets—which, in general, started out strong, rebounding from their deep declines of the fourth quarter of 2018, yet became increasingly choppy and skittish moving into the end of the period. A clear, finite resolution to the problems surrounding tariffs and trade remained elusive. As concerns around slowing growth and undershot inflation targets increased, central banks around the world re-engaged, reversed their policies, and started easing.

Crude oil and energy stocks had a strong start to the year as a confluence of the Organization of the Petroleum Exporting Countries (“OPEC”) quota cuts and compounding political concerns in both Venezuela and Iran helped fuel higher prices. However, despite crude oil price support, U.S. oil production continued to move higher during the second quarter and energy stocks traded down.

Base and industrial metals prices were directionless and mixed in the first half, reflective of the unpredictable nature of global trade during the period. This was amply illustrated by the disparity in performance of several of the underlying metals by the end of June with, for example, nickel up approximately 19% and aluminum down over 4%.

Gold, of all the metals, experienced the most fundamental support, predominately from geopolitical risks and central bank buying. In June, a shift in central banks’ policies towards greater accommodation led to a technical breakout in gold as it moved above $1,400 per ounce.

Grains had a satisfactory first half to the year. Corn was up approximately 12%, driven by a roughly 18% move in the second quarter of the year as considerable rain in the U.S. Midwest injected uncertainty into the market about the outlook for yields and output for this year’s crop.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The main factors contributing to relative underperformance during the period, excluding cash, included underweight positioning and security selection in oil & gas storage & transportation and overweight positioning and security selection in oil & gas exploration & production. The Portfolio’s three largest detractors included: oil & gas exploration & production company CNX Resources Corporation which was the victim of the double-digit drop in the price of natural gas during the period; oil & gas exploration & production company Encana Corporation, which continued to suffer an overhang from its acquisition of Newfield Exploration (completed in mid-February); and, oil & gas storage & transportation company Golar LNG Limited due to operational issues associated with the long lead time of its contracts.

Factors that contributed positively on a relative basis included underweight positioning and security selection in oil & gas equipment & services and integrated oil & gas. The Portfolio’s three largest contributors included: oil & gas equipment & services company ProPetro Holding Corporation which benefited from both the addition of contracted capacity and continued exemplary customer service; oil & gas exploration & production company Anadarko Petroleum Corporation (sold during the period) which benefited from becoming an acquisition target during the period under review; and diversified metals & mining company Rio Tinto Limited which benefited from a notable rise in the price of iron ore in the first half of the year.

There were several positioning changes during the period. The Portfolio established new positions in integrated oil & gas companies Chevron Corporation and Royal Dutch Shell plc while,

BHFTII-1

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Managed by VanEck Associates Corporation

Portfolio Manager Commentary*—(Continued)

simultaneously, on both an absolute and relative basis, decreasing its weightings to oil & gas storage & transportation and oil & gas drilling. Notable exits in the Portfolio during the first half of the year also included oil & gas exploration & production company Anadarko Petroleum Corporation and steel company Vale S.A.

As of June 30, 2019, the Portfolio was substantially underweight integrated oil & gas and oil & gas storage & transportation, and substantially overweight diversified metals & mining and sub-industries that comprise the Portfolio’s alternative energy allocation (including, but not limited to, renewable electricity, semiconductor equipment, and electrical components & equipment).

Shawn Reynolds

Charles Cameron

Portfolio Managers

VanEck Associates Corporation

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Van Eck Global Natural Resources Portfolio
Class A		12.98		-18.83		-11.04		-0.22
Class B		12.88		-18.93		-11.25		-0.46
S&P North American Natural Resources Sector Index		14.58		-14.11		-6.80		3.42

¹ The S&P North American Natural Resources Sector Index was developed as an equity benchmark for U.S. traded natural resource related stocks.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Holdings


	% of Net Assets
Barrick Gold Corp.		4.8
Diamondback Energy, Inc.		4.6
Pioneer Natural Resources Co.		4.0
Concho Resources, Inc.		3.8
Rio Tinto plc(ADR)		3.8
CF Industries Holdings, Inc.		3.7
Nutrien, Ltd.		3.7
Parsley Energy, Inc. - Class A		3.7
Newmont Goldcorp Corp		3.6
First Quantum Minerals, Ltd.		3.6

Top Sectors


	% of Net Assets
Energy		41.2
Materials		39.3
Industrials		4.9
Consumer Staples		3.1
Information Technology		2.2
Real Estate		1.8
Utilities		0.9

BHFTII-3

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Van Eck Global Natural Resources Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.77	%	$	1,000.00	$	1,129.80	$	4.07
	Hypothetical*		0.77	%	$	1,000.00	$	1,020.98	$	3.86

Class B (a)	Actual		1.02	%	$	1,000.00	$	1,128.80	$	5.38
	Hypothetical*		1.02	%	$	1,000.00	$	1,019.74	$	5.11

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

(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, 2019 (Unaudited)

Common Stocks—93.4% of Net Assets


Security Description	Shares		Value

Chemicals—8.4%
CF Industries Holdings, Inc.		908,200	$	42,422,022
Corteva, Inc. (a)		70,133		2,073,833
Dow, Inc. (a)		70,133		3,458,258
DuPont de Nemours, Inc.		70,133		5,264,884
Nutrien, Ltd. (b)		791,323		42,304,128

				95,523,125


Electrical Equipment—1.9%
Sunrun, Inc. (a) (b)		1,131,300		21,223,188


Energy Equipment & Services—4.5%
Halliburton Co. (b)		191,100		4,345,614
Nabors Industries, Ltd. (b)		879,400		2,550,260
Patterson-UTI Energy, Inc.		392,700		4,519,977
ProPetro Holding Corp. (a) (b)		1,242,000		25,709,400
Schlumberger, Ltd.		129,000		5,126,460
Solaris Oilfield Infrastructure, Inc. - Class A (b)		159,600		2,390,808
Transocean, Ltd. (a) (b)		1,078,800		6,915,108

				51,557,627


Equity Real Estate Investment Trusts—1.9%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		745,243		21,000,948


Food Products—3.1%
Bunge, Ltd.		187,900		10,467,909
Tyson Foods, Inc. - Class A		301,400		24,335,036

				34,802,945


Independent Power and Renewable Electricity Producers—0.9%
Ormat Technologies, Inc. (b)		156,800		9,939,552


Machinery—1.2%
Chart Industries, Inc. (a) (b)		181,220		13,932,193


Marine—1.8%
Kirby Corp. (a) (b)		259,831		20,526,649


Metals & Mining—29.8%
Agnico Eagle Mines, Ltd. (U.S. Listed Shares) (b)		735,033		37,663,091
Anglo American plc		1,099,100		31,438,755
Barrick Gold Corp.		3,434,420		54,160,803
First Quantum Minerals, Ltd. (b)		4,247,800		40,351,748
Glencore plc (a)		7,995,674		27,822,764
Kinross Gold Corp. (a)		3,547,600		13,764,688
Newmont Goldcorp Corp		1,071,617		41,225,106
Rio Tinto plc (ADR) (b)		683,200		42,590,688
Steel Dynamics, Inc.		384,400		11,608,880
Teck Resources, Ltd. - Class B		1,630,460		37,598,408

				338,224,931


Oil, Gas & Consumable Fuels—36.6%
Brigham Minerals, Inc. - Class A (a)		120,300		2,581,638
Cabot Oil & Gas Corp.		419,200		9,624,832


Security Description	Shares/ Principal Amount*		Value

Oil, Gas & Consumable Fuels—(Continued)
Chevron Corp.		269,800	$	33,573,912
Cimarex Energy Co.		368,500		21,863,105
CNX Resources Corp. (a) (b)		1,308,900		9,568,059
Concho Resources, Inc. (b)		419,629		43,297,320
Diamondback Energy, Inc. (b)		476,306		51,903,065
Encana Corp.		4,587,393		23,533,326
EOG Resources, Inc.		296,600		27,631,256
Golar LNG, Ltd. (b)		1,052,200		19,444,656
Parsley Energy, Inc. - Class A (a) (b)		2,183,500		41,508,335
PBF Energy, Inc. - Class A		490,306		15,346,578
PDC Energy, Inc. (a) (b)		585,100		21,098,706
Pioneer Natural Resources Co. (b)		292,100		44,942,506
Royal Dutch Shell plc Class B (ADR) (b)		245,700		16,152,318
Viper Energy Partners LP		507,400		15,638,068
WPX Energy, Inc. (a)		1,554,500		17,892,295

				415,599,975


Paper & Forest Products—1.1%
Louisiana-Pacific Corp.		474,800		12,449,256


Semiconductors & Semiconductor Equipment—2.2%
SolarEdge Technologies, Inc. (a) (b)		399,600		24,959,016

Total Common Stocks (Cost $1,070,074,819)				1,059,739,405


Short-Term Investment—6.4%

Mutual Fund—6.4%
AIM STIT-STIC Prime Portfolio		72,394,972		72,394,972

Total Short-Term Investments (Cost $72,394,972)				72,394,972


Securities Lending Reinvestments (c)—23.2%

Bank Note—0.2%
Bank of America N.A. 2.624%, 1M LIBOR + 0.230%, 07/15/19 (d)		2,000,000		2,009,009


Certificates of Deposit—12.2%
ABN AMRO Bank NV Zero Coupon, 07/05/19		3,964,930		3,998,120
Banco Del Estado De Chile New York 2.564%, 1M LIBOR + 0.160%, 11/22/19 (d)		4,000,000		4,000,340
Bank of Montreal (Chicago) 2.751%, 1M LIBOR + 0.330%, 08/06/19 (d)		5,000,000		5,001,435
Bank of Nova Scotia
2.564%, 1M LIBOR + 0.170%, 05/15/20 (d)		3,000,000		2,999,724
2.762%, 3M LIBOR + 0.170%, 01/09/20 (d)		5,000,000		5,003,885
Barclays Bank plc
2.950%, 08/02/19		3,000,000		3,001,578
3.000%, 09/19/19		3,060,813		3,004,023

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, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
BNP Paribas S.A. New York
2.534%, 1M LIBOR + 0.140%, 09/16/19 (d)		3,500,000	$	3,500,147
2.615%, 3M LIBOR + 0.050%, 11/06/19 (d)		2,000,000		2,000,736
Canadian Imperial Bank of Commerce
2.644%, 1M LIBOR + 0.250%, 10/15/19 (d)		5,000,000		5,001,645
2.660%, 1M LIBOR + 0.270%, 07/19/19 (d)		3,000,000		3,000,264
China Construction Bank Corp.
2.600%, 09/05/19		3,000,000		3,000,666
2.670%, 07/18/19		2,000,000		2,000,308
Commonwealth Bank of Australia
2.569%, 1M LIBOR + 0.175%, 04/16/20 (d)		1,000,000		1,000,190
2.621%, 1M LIBOR + 0.210%, 09/13/19 (d)		4,000,000		4,001,280
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (d)		5,000,000		5,002,530
Credit Suisse AG 2.561%, 1M LIBOR + 0.130%, 11/04/19 (d)		4,000,000		3,999,736
DZ Bank AG New York Zero Coupon, 07/05/19		1,986,874		1,999,060
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (d)		6,000,000		5,999,520
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		2,000,000		2,000,316
2.660%, 07/15/19		3,500,000		3,500,409
KBC Bank NV
Zero Coupon, 07/10/19		1,989,266		1,998,940
2.610%, 07/02/19		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 07/17/19		1,986,941		1,997,500
Zero Coupon, 09/24/19		3,976,172		3,977,240
Mizuho Bank, Ltd. 2.524%, 1M LIBOR + 0.120%, 11/27/19 (d)		3,000,000		3,000,771
Nationwide Building Society Zero Coupon, 08/01/19		1,983,232		1,995,580
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		5,000,000		5,001,445
Societe Generale 2.723%, 3M LIBOR + 0.200%, 08/21/19 (d)		1,350,531		1,350,806
Standard Chartered Bank
2.524%, 1M LIBOR + 0.130%, 11/15/19 (d)		5,000,000		5,000,180
2.660%, 08/23/19		4,000,000		4,001,852
Sumitomo Mitsui Trust Bank, Ltd.
2.523%, 1M LIBOR + 0.140%, 11/20/19 (d)		3,000,000		3,000,300
2.600%, 07/05/19		7,000,000		7,000,287
Svenska Handelsbanken AB
2.592%, 1M LIBOR + 0.180%, 06/05/20 (d)		2,000,000		2,000,380
2.702%, 1M LIBOR + 0.300%, 10/31/19 (d)		2,000,000		2,001,458
Toronto-Dominion Bank 2.604%, 1M LIBOR + 0.210%, 09/17/19 (d)		2,000,000		2,000,712
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (d)		1,000,000		1,000,135
Wells Fargo Bank N.A.
2.721%, 3M LIBOR + 0.140%, 07/11/19 (d)		8,500,000		8,499,588
2.796%, 3M LIBOR + 0.210%, 10/25/19 (d)		3,000,000		3,002,379


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (d)		4,000,000	$	3,999,978

				138,845,443


Commercial Paper—4.0%
Bank of China, Ltd.
2.670%, 07/16/19		4,966,625		4,993,515
2.670%, 07/17/19		1,986,650		1,997,262
China Construction Bank Corp.
2.620%, 09/03/19		1,986,609		1,990,438
2.650%, 07/26/19		993,522		997,983
Industrial & Commercial Bank of China, Ltd.
2.610%, 08/20/19		993,330		996,306
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (d)		5,000,000		5,001,265
LMA S.A. & LMA Americas, Corp.
2.570%, 08/14/19		1,982,867		1,993,648
2.750%, 08/05/19		1,972,194		1,994,868
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (d)		5,000,000		4,999,975
Societe Generale 2.812%, 3M LIBOR + 0.410%, 12/18/19 (d)		2,003,548		2,003,796
Starbird Funding Corp. 2.600%, 07/01/19		3,999,195		3,999,180
Thunder Bay Funding LLC 2.540%, 1M LIBOR + 0.100%, 12/05/19 (d)		4,000,000		4,000,208
Toronto-Dominion Bank 2.780%, 1M LIBOR + 0.350%, 11/05/19 (d)		5,000,000		5,004,875
Toyota Motor Credit Corp. 2.620%, 08/29/19		2,961,355		2,987,835
Westpac Banking Corp. 2.552%, 1M LIBOR + 0.150%, 05/29/20 (d)		2,999,486		3,000,009

				45,961,163


Repurchase Agreements—6.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $13,694,927; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $13,966,149.		13,692,303		13,692,303
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.810%, due on 09/30/19 with a maturity value of $805,870; collateralized by various Common Stock with an aggregate market value of $880,000.		800,000		800,000
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $10,077,550; collateralized by various Common Stock with an aggregate market value of $11,002,724.		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $1,002,683; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000

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, 2019 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $2,900,628; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $2,958,001.		2,900,000	$	2,900,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $300,069; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $306,002.		300,000		300,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $1,800,380; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $1,843,264.		1,800,000		1,800,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $16,007,964; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $17,508,993.		16,000,000		16,000,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $10,004,978; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $10,943,120.		10,000,000		10,000,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $10,302,120; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $11,098,951.		10,300,000		10,300,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $5,101,050; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $5,495,597.		5,100,000		5,100,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $1,000,486; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $1,077,568.		1,000,000		1,000,000

				72,892,303


Security Description	Principal Amount*		Value

Time Deposit—0.4%
Royal Bank of Canada 2.500%, 07/01/19		4,000,000	$	4,000,000

Total Securities Lending Reinvestments (Cost $263,668,260)				263,707,918

Total Investments—123.0% (Cost $1,406,138,051)				1,395,842,295
Other assets and liabilities (net)—(23.0)%				(261,396,175	)

Net Assets—100.0%			$	1,134,446,120


*		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, 2019, the market value of securities loaned was $276,045,537 and the collateral received consisted of cash in the amount of $263,536,443 and non-cash collateral with a value of $17,561,497. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(d)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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
(SOFR)—		Secured Overnight Financing 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, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1		Level 2			Level 3		Total
Common Stocks
Chemicals	$	95,523,125	$	—		$	—	$	95,523,125
Electrical Equipment		21,223,188		—			—		21,223,188
Energy Equipment & Services		51,557,627		—			—		51,557,627
Equity Real Estate Investment Trusts		21,000,948		—			—		21,000,948
Food Products		34,802,945		—			—		34,802,945
Independent Power and Renewable Electricity Producers		9,939,552		—			—		9,939,552
Machinery		13,932,193		—			—		13,932,193
Marine		20,526,649		—			—		20,526,649
Metals & Mining		278,963,412		59,261,519			—		338,224,931
Oil, Gas & Consumable Fuels		415,599,975		—			—		415,599,975
Paper & Forest Products		12,449,256		—			—		12,449,256
Semiconductors & Semiconductor Equipment		24,959,016		—			—		24,959,016
Total Common Stocks		1,000,477,886		59,261,519			—		1,059,739,405
Total Short-Term Investment*		72,394,972		—			—		72,394,972
Total Securities Lending Reinvestments*		—		263,707,918			—		263,707,918
Total Investments	$	1,072,872,858	$	322,969,437		$	—	$	1,395,842,295

Collateral for Securities Loaned (Liability)	$	—	$	(263,536,443	)	$	—	$	(263,536,443	)


*		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, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	1,395,842,295
Cash denominated in foreign currencies (c)		71
Receivable for:
Investments sold		9,434,466
Fund shares sold		28,382
Dividends		614,975

Total Assets		1,405,920,189
Liabilities
Due to custodian		1,588,919
Collateral for securities loaned		263,536,443
Payables for:
Investments purchased		5,359,905
Fund shares redeemed		29,127
Accrued Expenses:
Management fees		655,559
Distribution and service fees		20,069
Deferred trustees’ fees		125,719
Other expenses		158,328

Total Liabilities		271,474,069

Net Assets	$	1,134,446,120

Net Assets Consist of:
Paid in surplus	$	1,496,172,838
Distributed earnings (Accumulated losses)		(361,726,718	)

Net Assets	$	1,134,446,120

Net Assets
Class A	$	1,031,369,497
Class B		103,076,623
Capital Shares Outstanding*
Class A		119,597,094
Class B		12,028,254
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.62
Class B		8.57


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $1,406,138,051.
(b)		Includes securities loaned at value of $276,045,537.
(c)		Identified cost of cash denominated in foreign currencies was $71.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends (a)	$	12,194,534
Interest		70
Securities lending income		383,971

Total investment income		12,578,575
Expenses
Management fees		4,265,349
Administration fees		25,526
Custodian and accounting fees		39,994
Distribution and service fees—Class B		126,259
Audit and tax services		26,920
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		23,122
Insurance		4,205
Miscellaneous		9,204

Total expenses		4,574,365
Less management fee waiver		(212,062	)

Net expenses		4,362,303

Net Investment Income		8,216,272

Net Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments		(59,737,816	)
Foreign currency transactions		(38,813	)

Net realized loss		(59,776,629	)

Net change in unrealized appreciation (depreciation) on:
Investments		174,169,738
Foreign currency transactions		(2,112	)

Net change in unrealized appreciation		174,167,626

Net realized and unrealized gain		114,390,997

Net Increase in Net Assets From Operations	$	122,607,269


(a)		Net of foreign withholding taxes of $206,594.

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,216,272		$	6,701,308
Net realized loss		(59,776,629	)		(16,735,545	)
Net change in unrealized appreciation (depreciation)		174,167,626			(357,973,496	)

Increase (decrease) in net assets from operations		122,607,269			(368,007,733	)

From Distributions to Shareholders
Class A		(6,297,162	)		(1,880,391	)
Class B		(346,636	)		0

Total distributions		(6,643,798	)		(1,880,391	)

Increase in net assets from capital share transactions		90,339,530			171,892,775

Total increase (decrease) in net assets		206,303,001			(197,995,349	)

Net Assets
Beginning of period		928,143,119			1,126,138,468

End of period	$	1,134,446,120		$	928,143,119

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		12,730,537		$	109,285,126			23,910,325		$	256,984,733
Reinvestments		785,182			6,297,162			172,989			1,880,391
Redemptions		(2,937,523	)		(26,408,173	)		(7,021,786	)		(77,293,969	)

Net increase		10,578,196		$	89,174,115			17,061,528		$	181,571,155

Class B
Sales		973,763		$	7,955,275			1,564,092		$	14,328,102
Reinvestments		43,493			346,636			0			0
Redemptions		(833,026	)		(7,136,496	)		(2,277,179	)		(24,006,482	)

Net increase (decrease)		184,230		$	1,165,415			(713,087	)	$	(9,678,380	)

Increase derived from capital shares transactions				$	90,339,530					$	171,892,775

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	7.69		$	10.78		$	10.86		$	7.59		$	11.32		$	14.21

Income (Loss) from Investment Operations
Net investment income (a)		0.06			0.06			0.02			0.01			0.08			0.08
Net realized and unrealized gain (loss)		0.92			(3.13	)		(0.09	)		3.34			(3.76	)		(2.66	)

Total income (loss) from investment operations		0.98			(3.07	)		(0.07	)		3.35			(3.68	)		(2.58	)

Less Distributions
Distributions from net investment income		(0.05	)		(0.02	)		(0.01	)		(0.08	)		(0.05	)		(0.08	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			0.00			(0.23	)

Total distributions		(0.05	)		(0.02	)		(0.01	)		(0.08	)		(0.05	)		(0.31	)

Net Asset Value, End of Period	$	8.62		$	7.69		$	10.78		$	10.86		$	7.59		$	11.32

Total Return (%) (b)		12.98	(c)		(28.64	)		(0.62	)		44.26			(32.64	)		(18.63	)

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)		0.77	(d)		0.80			0.80			0.80			0.80			0.80
Ratio of net investment income to average net assets (%)		1.52	(d)		0.62			0.21			0.14			0.82			0.56
Portfolio turnover rate (%)		24	(c)		24			23			49			25			39
Net assets, end of period (in millions)	$	1,031.4		$	837.8		$	991.7		$	916.2		$	752.1		$	841.0

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	7.62		$	10.71		$	10.79		$	7.55		$	11.25		$	14.12

Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.05			0.04			(0.01	)		(0.01	)		0.06			0.04
Net realized and unrealized gain (loss)		0.93			(3.13	)		(0.07	)		3.31			(3.74	)		(2.64	)

Total income (loss) from investment operations		0.98			(3.09	)		(0.08	)		3.30			(3.68	)		(2.60	)

Less Distributions
Distributions from net investment income		(0.03	)		0.00			0.00			(0.06	)		(0.02	)		(0.04	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			0.00			(0.23	)

Total distributions		(0.03	)		0.00			0.00			(0.06	)		(0.02	)		(0.27	)

Net Asset Value, End of Period	$	8.57		$	7.62		$	10.71		$	10.79		$	7.55		$	11.25

Total Return (%) (b)		12.88	(c)		(28.85	)		(0.74	)		43.74			(32.76	)		(18.82	)

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)		1.02	(d)		1.05			1.05			1.05			1.05			1.05
Ratio of net investment income (loss) to average net assets (%)		1.26	(d)		0.36			(0.05	)		(0.12	)		0.56			0.31
Portfolio turnover rate (%)		24	(c)		24			23			49			25			39
Net assets, end of period (in millions)	$	103.1		$	90.3		$	134.4		$	132.2		$	114.2		$	135.3


(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 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, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, 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

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.

BHFTII-12

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. 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, 2019—(Continued)

Due to Custodian - Pursuant to the custodian agreement, the Custodian 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 the Custodian at the current rate of interest charged by the Custodian for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2019, the Portfolio had a payment of $1,588,919 due to the Custodian 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, 2019. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2019. The Portfolio’s average overdraft advances during the six months ended June 30, 2019 were not significant.

At June 30, 2019, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $72,892,303. 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, 2019.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2019, 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, 2019—(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:

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.

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, 2019 were as follows:


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	312,488,532	$	0	$	249,804,117

BHFTII-15

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$4,265,349		0.800	%	Of the first $250 million
		0.775	%	Of the next $750 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. Van Eck Associates Corporation (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.


% per annum reduction		Average Daily Net Assets
0.025%		Of the first $500 million
0.050%		On amounts over $500 million

An identical agreement was in place for the period January 1, 2019 to April 28, 2019. Amounts waived for the six months ended June 30, 2019 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.

BHFTII-16

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

6. Contractual Obligations

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	1,415,100,553

Gross unrealized appreciation		97,823,044
Gross unrealized depreciation		(117,081,302	)

Net unrealized appreciation (depreciation)	$	(19,258,258	)

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$1,880,391	$	973,863	$	—	$	—	$	1,880,391	$	973,863

As of December 31, 2018, 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			Accumulated Capital Losses			Total
$6,407,032	$	—	$	(193,427,996	)	$	(290,558,537	)	$	(477,579,501	)

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.

As of December 31, 2018, the Portfolio had accumulated short-term capital losses of $22,085,499 and accumulated long-term capital losses of $268,473,038.

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, 2019, the Class A, B and E shares of the Western Asset Management Strategic Bond Opportunities Portfolio returned 9.76%, 9.64%, and 9.72%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 6.11%.

MARKET ENVIRONMENT / CONDITIONS

Fixed income markets, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, posted strong positive returns of 6.11% for the six-month period ended June 30, 2019. At the start of the year, the U.S. Federal Reserve Bank (the “Fed”) made explicit its commitment to a “patient” and data dependent approach after its confusing messaging in the fourth quarter of 2018 contributed to heightened market volatility. By leaving its target rate unchanged and by sharing additional details on its balance sheet wind-down, the dovish messaging from the March Federal Open Market Committee (the “FOMC”) meeting allowed for a meaningful recovery in spread sectors to start the year.

During its June meeting, the Fed again kept rates on hold but delivered an even more dovish message through its statement, press conference and dot plots. Fed Chairman Powell communicated a clear path for cutting rates later this year, and even leaned into a cut at the July meeting as a strong possibility. The market responded accordingly, with U.S. Treasury bonds rallying, investment-grade credit tightening and the U.S. dollar (“USD”) weakening. In Europe, the European Central Bank (the “ECB”) also struck a dovish tone during its own June meeting as it extended forward guidance by seven months to hold rates at current levels “at least through the first half of 2020.” ECB President Mario Draghi signaled that rates could be cut further and indicated quantitative easing could be reinstated if the inflation or growth outlook fails to improve.

The dovish tone set by global central banks in June was in part a reaction to global growth concerns, which had intensified as the year wore on. What began as an initial trade spat between the U.S. and China morphed into a broader conflict when trade talks between the two nations broke down in May and resulted in an increase in tariffs on Chinese imports to the U.S. Markets were subsequently rattled by the prospect of a U.S. recession, a sustained slowdown in eurozone growth and higher oil price volatility on escalating tensions in the Middle East. In the U.K., Theresa May announced her resignation as Prime Minister after repeatedly failing to get her Brexit plan through Parliament. The probability of a “hard Brexit” scenario increased as the market speculated on May’s successor, sending yields on U.K. gilts lower.

Despite uncertainty about global growth conditions, Emerging Markets (“EM”) positions benefited from an accommodative backdrop set by the U.S. Fed’s dovish pivot. The Fed pivot, along with signs of slowing U.S. growth outperformance, were constructive for EM financial conditions and flows. Spreads and yields on both U.S. dollar (“USD”) and local currency denominated bonds moved lower over the first six months of the year.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio outperformed the Bloomberg Barclays U.S. Aggregate Bond Index during the period.

Over the year-to-date period ended June 30, 2019, the Portfolio’s allocation to corporate bonds has been the most meaningful contributor to performance as spreads have tightened for both investment grade and high yield corporates. Later in the period, the Portfolio’s investment grade credit exposure was trimmed at the margin as spreads tightened. Among the more meaningful structural changes over the year-to-date period was to add exposure within the Portfolio to Bank Loans and Collateralized Loan Obligations (“CLOs”), as the team preferred both asset classes to High Yield from a relative value perspective.

During the period, the Portfolio’s duration and yield curve positioning, in aggregate, was positive for performance as well. The Portfolio held slight overweights relative to the Bloomberg Barclays U.S. Aggregate Bond Index at the 10-, 20- and 30-year segments of the yield curve. This benefitted performance as rates fell during the year-to-date period. For reference, the yield on the 10-year U.S. Treasury note fell from 2.69% to 2.00% over the six months ended June 30, 2019.

Another meaningful contributor to performance over the six-month period was the Portfolio’s exposure to EM Debt. Both USD-denominated and non-USD denominated exposures benefitted as spreads and yields were lower and most currencies appreciated against the U.S. dollar.

Within the currency space, two of the Portfolio’s larger currency bets included an allocation to the Mexican peso and an allocation to the Russian ruble. The long Mexican peso position contributed positively as the currency strengthened from 19.65 to 19.15 (+2.2%). Similarly, the long Russian ruble position contributed positively as the currency strengthened from 69.35 to 63.73 (+10.3%). Lastly, the Portfolio further reduced its short in the euro over the six-month period in order to take profits on the currency’s move lower against the U.S. dollar.

At period-end, we trimmed portfolio duration at the front end of the curve as Western Asset believed there would be fewer Fed rate cuts than the market was pricing in. Additionally, the Portfolio’s investment grade credit exposure was reduced as spreads tightened. As

BHFTII-1

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

noted above, one of the more meaningful structural changes to the Portfolio was to add exposure to Bank Loans and CLOs. The Portfolio’s exposure to these asset classes, in aggregate, was increased by 5% by period-end.

S. Kenneth Leech

Mark S. Lindbloom

Michael Buchanan

Annabel Rudebeck

Portfolio Managers

Western Asset Management Company

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Western Asset Management Strategic Bond Opportunities Portfolio
Class A		9.76		8.82		3.94		7.32
Class B		9.64		8.52		3.68		7.05
Class E		9.72		8.68		3.80		7.16
Bloomberg Barclays U.S. Aggregate Bond Index		6.11		7.87		2.95		3.90

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Sectors


	% of Net Assets
Corporate Bonds & Notes		57.3
Floating Rate Loans		10.6
Foreign Government		8.4
Asset-Backed Securities		8.2
Mortgage-Backed Securities		7.4
U.S. Treasury & Government Agencies		4.8
Convertible Bonds		1.4
Convertible Preferred Stocks		0.2
Municipals		0.1
Preferred Stocks		0.1

BHFTII-3

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Western Asset Management Strategic Bond Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.55	%	$	1,000.00	$	1,097.60	$	2.86
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76

Class B (a)	Actual		0.80	%	$	1,000.00	$	1,096.40	$	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.

(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, 2019 (Unaudited)

Corporate Bonds & Notes—57.3% of Net Assets


Security Description	Principal Amount*		Value

Aerospace/Defense—0.2%
Harris Corp.
4.854%, 04/27/35		350,000	$	388,486
5.054%, 04/27/45		1,089,000		1,275,665
Northrop Grumman Corp. 3.200%, 02/01/27		3,560,000		3,651,319
Raytheon Co. 3.125%, 10/15/20		30,000		30,334

				5,345,804


Agriculture—0.2%
Altria Group, Inc.
4.400%, 02/14/26 (a)		1,000,000		1,068,965
4.800%, 02/14/29		3,500,000		3,775,079
5.950%, 02/14/49		649,000		738,068
Reynolds American, Inc. 4.850%, 09/15/23		1,640,000		1,761,129

				7,343,241


Airlines—0.0%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		608,587		639,807
American Airlines Pass-Through Trust 5.600%, 07/15/20 (144A)		704,263		716,869

				1,356,676


Apparel—0.5%
Hanesbrands, Inc. 4.875%, 05/15/26 (144A) (a)		10,598,000		10,994,259
Levi Strauss & Co. 5.000%, 05/01/25 (a)		1,334,000		1,380,690
William Carter Co. (The) 5.625%, 03/15/27 (144A)		2,910,000		3,048,225

				15,423,174


Auto Manufacturers—0.5%
Allison Transmission, Inc. 5.000%, 10/01/24 (144A) (a)		4,790,000		4,885,800
General Motors Co. 6.600%, 04/01/36		5,134,000		5,683,360
JB Poindexter & Co., Inc. 7.125%, 04/15/26 (144A)		4,941,000		5,039,820

				15,608,980


Auto Parts & Equipment—0.2%
Delphi Technologies plc 5.000%, 10/01/25 (144A)		3,260,000		2,901,400
ZF North America Capital, Inc. 4.750%, 04/29/25 (144A)		4,153,000		4,289,515

				7,190,915


Banks—10.1%
ABN AMRO Bank NV
4.750%, 07/28/25 (144A)		321,000		343,579

Banks—(Continued)
Banco Mercantil del Norte S.A.
6.875%, 5Y H15 + 5.035%, 07/06/22 (144A) (b)		800,000		810,960
7.625%, 10Y H15 + 5.353%, 01/10/28 (144A) (b)		800,000		818,000
Banco Santander S.A.
3.800%, 02/23/28		400,000		408,428
3.848%, 04/12/23 (a)		9,800,000		10,169,537
Bank of America Corp.
4.000%, 01/22/25		16,110,000		16,935,536
4.250%, 10/22/26		7,628,000		8,146,046
Barclays Bank plc 7.625%, 11/21/22		16,450,000		17,961,426
Barclays plc
4.972%, 3M LIBOR + 1.902%, 05/16/29 (b)		4,990,000		5,319,774
5.088%, 3M LIBOR + 3.054%, 06/20/30 (b)		200,000		204,445
7.750%, 5Y USD Swap + 4.842%, 09/15/23 (b)		3,650,000		3,741,250
8.000%, 5Y H15 + 5.672%, 06/15/24 (b)		6,660,000		6,984,675
BBVA Bancomer S.A. 5.125%, 5Y H15 + 2.650%, 01/18/33 (144A) (b)		16,480,000		15,857,880
BNP Paribas S.A.
4.375%, 05/12/26 (144A)		7,680,000		8,049,739
7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (a) (b)		2,850,000		3,017,437
BPCE S.A.
4.875%, 04/01/26 (144A) (a)		12,000,000		12,903,558
5.150%, 07/21/24 (144A)		420,000		454,130
Citigroup, Inc. 4.450%, 09/29/27		11,094,000		11,955,055
Cooperative Rabobank UA
3.750%, 07/21/26		4,210,000		4,296,586
4.375%, 08/04/25		1,470,000		1,567,885
4.625%, 12/01/23		5,870,000		6,285,339
Credit Agricole S.A.
6.500%, 5Y EUR Swap + 5.120%, 06/23/21 (EUR) (b)		2,735,000		3,399,930
7.875%, 5Y USD Swap + 4.898%, 01/23/24 (144A) (b)		1,750,000		1,926,610
8.125%, 5Y USD ICE Swap + 6.185%, 12/23/25 (144A) (b)		7,050,000		8,153,212
8.375%, 3M LIBOR + 6.982%, 10/13/19 (144A) (b)		640,000		641,920
Credit Suisse Group AG
7.250%, 5Y USD ICE Swap + 4.332%, 09/12/25 (144A) (a) (b)		650,000		698,750
7.500%, 5Y USD Swap + 4.600%, 07/17/23 (144A) (b)		3,390,000		3,639,402
7.500%, 5Y USD Swap + 4.598%, 12/11/23 (144A) (b)		4,365,000		4,801,500
Danske Bank A/S
5.000%, 01/12/22 (144A)		2,040,000		2,133,317
5.375%, 01/12/24 (144A)		2,000,000		2,160,799
Goldman Sachs Group, Inc. (The)
3.500%, 11/16/26		2,920,000		2,991,555
4.000%, 03/03/24		1,510,000		1,601,496
4.250%, 10/21/25		8,890,000		9,427,121
6.750%, 10/01/37		2,000,000		2,617,465
HSBC Holdings plc
3.900%, 05/25/26 (a)		10,850,000		11,353,788

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, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Banks—(Continued)
HSBC Holdings plc
4.583%, 3M LIBOR + 1.535%, 06/19/29 (a) (b)		2,650,000	$	2,893,677
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (b)		4,430,000		4,529,675
6.250%, 5Y USD ICE Swap + 3.453%, 03/23/23 (a) (b)		1,660,000		1,709,800
6.500%, 5Y USD ICE Swap + 3.606%, 03/23/28 (b)		3,770,000		3,952,016
Intesa Sanpaolo S.p.A.
3.125%, 07/14/22 (144A)		1,970,000		1,949,280
3.375%, 01/12/23 (144A)		1,900,000		1,892,510
5.017%, 06/26/24 (144A)		2,440,000		2,445,305
5.710%, 01/15/26 (144A) (a)		19,740,000		19,970,738
6.500%, 02/24/21 (144A)		1,175,000		1,236,365
JPMorgan Chase & Co.
3.625%, 12/01/27 (a)		6,430,000		6,623,093
3.875%, 09/10/24		2,722,000		2,860,284
Lloyds Banking Group plc
4.582%, 12/10/25		3,011,000		3,140,003
4.650%, 03/24/26		3,920,000		4,091,301
6.375%, 5Y EUR Swap + 5.290%, 06/27/20 (EUR) (b)		5,450,000		6,420,729
7.500%, 5Y USD Swap + 4.760%, 06/27/24 (b)		3,580,000		3,763,475
Macquarie Group, Ltd.
6.000%, 01/14/20 (144A)		3,200,000		3,259,499
6.250%, 01/14/21 (144A) (a)		400,000		421,478
Morgan Stanley 4.000%, 07/23/25		1,165,000		1,247,114
Royal Bank of Scotland Group plc
4.800%, 04/05/26		400,000		427,711
5.125%, 05/28/24		2,870,000		3,028,920
6.000%, 12/19/23		875,000		952,516
6.100%, 06/10/23		780,000		846,474
8.625%, 5Y USD Swap + 7.598%, 08/15/21 (a) (b)		2,890,000		3,114,697
Santander Holdings USA, Inc. 4.500%, 07/17/25		570,000		606,368
Santander UK Group Holdings plc
4.750%, 09/15/25 (144A)		10,031,000		10,400,610
7.375%, 5Y GBP Swap + 5.543%, 06/24/22 (GBP) (b)		2,620,000		3,531,062
Santander UK plc 7.950%, 10/26/29 (a)		272,000		336,585
Standard Chartered plc 5.700%, 03/26/44 (144A) (d)		310,000		360,637
UBS AG 7.625%, 08/17/22		2,850,000		3,196,417
UBS Group Funding Switzerland AG
4.253%, 03/23/28 (144A)		2,950,000		3,167,030
7.000%, 5Y USD Swap + 4.344%, 01/31/24 (144A) (b)		3,600,000		3,820,500
UniCredit S.p.A. 7.296%, 5Y USD ICE Swap + 4.914%, 04/02/34 (144A) (b)		6,200,000		6,571,244
Wells Fargo & Co. 4.300%, 07/22/27		10,990,000		11,866,705

Banks—(Continued)
Wells Fargo Capital X 5.950%, 12/01/86		90,000		105,976

				316,517,924


Beverages—0.7%
Anheuser-Busch InBev Worldwide, Inc.
5.550%, 01/23/49		13,730,000		16,742,154
5.800%, 01/23/59		1,110,000		1,389,570
Constellation Brands, Inc. 4.750%, 12/01/25		140,000		154,539
Cott Holdings, Inc. 5.500%, 04/01/25 (144A)		3,540,000		3,606,375

				21,892,638


Biotechnology—0.2%
Celgene Corp.
3.875%, 08/15/25		1,120,000		1,199,774
5.000%, 08/15/45		800,000		948,392
Gilead Sciences, Inc.
2.550%, 09/01/20		1,675,000		1,679,187
3.500%, 02/01/25 (a)		1,795,000		1,882,226
4.600%, 09/01/35 (a)		1,800,000		2,024,867

				7,734,446


Building Materials—0.4%
Standard Industries, Inc. 6.000%, 10/15/25 (144A) (a)		10,500,000		11,143,125


Chemicals—0.2%
Monitchem HoldCo 2 S.A. 6.875%, 06/15/22 (EUR)		3,104,000		3,529,559
Olin Corp. 5.000%, 02/01/30 (a)		3,250,000		3,213,437

				6,742,996


Commercial Services—1.8%
Allied Universal Holding Co. 6.625%, 07/15/26 (144A)		6,800,000		6,910,500
Ashtead Capital, Inc. 4.375%, 08/15/27 (144A)		5,320,000		5,326,650
Carriage Services, Inc. 6.625%, 06/01/26 (144A)		5,500,000		5,637,500
Metropolitan Museum of Art (The) 3.400%, 07/01/45		2,025,000		2,075,170
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.250%, 04/15/24 (144A)		1,290,000		1,312,575
5.750%, 04/15/26 (144A) (a)		4,200,000		4,336,500
9.250%, 05/15/23 (144A)		1,665,000		1,748,583
Service Corp. International 7.500%, 04/01/27		5,252,000		6,276,140
UBM plc 5.750%, 11/03/20 (144A)		50,000		51,774

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, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Commercial Services—(Continued)
United Rentals North America, Inc.
4.625%, 07/15/23 (a)		1,341,000	$	1,368,826
4.625%, 10/15/25		760,000		772,350
4.875%, 01/15/28		5,230,000		5,334,600
5.875%, 09/15/26 (a)		5,000,000		5,325,000
6.500%, 12/15/26 (a)		1,940,000		2,100,050
Weight Watchers International, Inc. 8.625%, 12/01/25 (144A) (a)		6,845,000		6,263,175

				54,839,393


Computers—0.0%
Seagate HDD Cayman 4.750%, 06/01/23 (a)		465,000		479,665


Diversified Financial Services—1.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.625%, 10/30/20		1,060,000		1,086,727
5.000%, 10/01/21		15,056,000		15,786,405
ASP AMC Merger Sub, Inc. 8.000%, 05/15/25 (144A) (a)		9,420,000		5,652,000
Carlyle Holdings II Finance LLC 5.625%, 03/30/43 (144A)		3,370,000		3,664,302
International Lease Finance Corp. 8.625%, 01/15/22		2,500,000		2,852,992
Jerrold Finco plc
6.125%, 01/15/24 (144A) (GBP)		1,780,000		2,295,322
KKR Group Finance Co. II LLC 5.500%, 02/01/43 (144A)		130,000		150,205
LHC3 plc 4.125%, PIK, 08/15/24 (EUR) (c)		250,000		290,924
Navient Corp. 5.000%, 10/26/20		5,811,000		5,927,220
Quicken Loans, Inc. 5.750%, 05/01/25 (144A)		15,600,000		16,063,008
Visa, Inc. 3.150%, 12/14/25		850,000		891,176

				54,660,281


Electric—1.1%
FirstEnergy Corp.
3.900%, 07/15/27		6,480,000		6,796,715
4.250%, 03/15/23		1,560,000		1,638,302
7.375%, 11/15/31		3,550,000		4,858,547
NSG Holdings LLC / NSG Holdings, Inc. 7.750%, 12/15/25 (144A)		2,304,817		2,471,917
Panoche Energy Center LLC 6.885%, 07/31/29 (144A)		621,902		582,955
Perusahaan Listrik Negara PT 5.500%, 11/22/21		9,750,000		10,320,375
Southern California Edison Co. 3.900%, 03/15/43		1,217,000		1,174,217
Talen Energy Supply LLC 10.500%, 01/15/26 (144A) (a)		5,110,000		5,097,225

				32,940,253


Electronics—0.1%
Vishay Intertechnology, Inc. 2.250%, 06/15/25 (144A)		3,740,000		3,440,800


Energy-Alternate Sources—0.0%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A)		1,175,779		1,317,964


Entertainment—0.2%
Entertainment One, Ltd. 4.625%, 07/15/26 (144A) (GBP)		1,240,000		1,618,830
Speedway Motorsports, Inc. 5.125%, 02/01/23		1,302,000		1,308,510
Vue International Bidco plc 7.875%, 07/15/20 (GBP)		2,510,000		3,187,700

				6,115,040


Environmental Control—0.3%
GFL Environmental, Inc.
5.375%, 03/01/23 (144A)		5,060,000		5,009,400
5.625%, 05/01/22 (144A)		460,000		463,450
8.500%, 05/01/27 (144A) (a)		3,250,000		3,497,813
Waste Management, Inc.
3.500%, 05/15/24		890,000		933,387
4.600%, 03/01/21 (a)		180,000		185,949

				10,089,999


Food—0.3%
Kraft Heinz Foods Co.
3.000%, 06/01/26 (a)		340,000		330,718
3.950%, 07/15/25 (a)		60,000		62,414
5.000%, 07/15/35		250,000		262,038
5.000%, 06/04/42		130,000		133,425
5.200%, 07/15/45		390,000		408,552
Lamb Weston Holdings, Inc.
4.625%, 11/01/24 (144A) (a)		2,080,000		2,155,400
4.875%, 11/01/26 (144A) (a)		6,500,000		6,760,000

				10,112,547


Forest Products & Paper—0.4%
Resolute Forest Products, Inc. 5.875%, 05/15/23		6,960,000		6,994,800
Suzano Austria GmbH 5.750%, 07/14/26 (a)		4,200,000		4,588,500

				11,583,300


Healthcare-Products—0.5%
Becton Dickinson & Co. 3.700%, 06/06/27 (a)		5,594,000		5,842,877
Immucor, Inc. 11.125%, 02/15/22 (144A) (a)		7,080,000		7,221,600
Medtronic, Inc. 3.500%, 03/15/25		1,730,000		1,833,877

				14,898,354

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, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Healthcare-Services—2.0%
Centene Corp.
5.375%, 06/01/26 (144A) (a)		7,280,000	$	7,653,100
6.125%, 02/15/24 (a)		4,413,000		4,622,617
DaVita, Inc. 5.000%, 05/01/25		500,000		493,625
Fresenius Medical Care U.S. Finance II, Inc. 4.750%, 10/15/24 (144A)		700,000		745,500
HCA, Inc.
5.375%, 02/01/25 (a)		5,320,000		5,742,275
5.500%, 06/15/47		12,100,000		12,914,363
5.625%, 09/01/28 (a)		10,750,000		11,636,875
Humana, Inc. 4.800%, 03/15/47		800,000		871,355
Magellan Health, Inc. 4.900%, 09/22/24 (a)		4,935,000		4,880,715
Polaris Intermediate Corp. 8.500%, PIK, 12/01/22 (144A) (a) (c)		5,410,000		4,774,325
Tenet Healthcare Corp. 8.125%, 04/01/22 (a)		7,765,000		8,153,250

				62,488,000


Holding Companies-Diversified—0.1%
Co-operative Group Holdings, Ltd. 7.500%, 07/08/26 (GBP) (e)		2,410,000		3,417,262


Home Builders—0.3%
Lennar Corp.
4.500%, 04/30/24		4,180,000		4,394,225
4.750%, 11/29/27 (a)		5,730,000		6,030,825

				10,425,050


Housewares—0.1%
Newell Brands, Inc. 3.850%, 04/01/23		1,750,000		1,776,102


Insurance—0.9%
Ambac Assurance Corp. 5.100%, 06/07/20 (144A)		20,207		28,592
Ambac LSNI LLC 7.319%, 3M LIBOR + 5.000%, 02/12/23 (144A) (b)		86,503		87,909
American International Group, Inc.
3.750%, 07/10/25		770,000		805,721
6.250%, 03/15/87		453,000		464,325
AXA S.A. 8.600%, 12/15/30 (a)		1,320,000		1,877,700
Delphi Financial Group, Inc. 7.875%, 01/31/20		2,190,000		2,252,504
Fidelity & Guaranty Life Holdings, Inc. 5.500%, 05/01/25 (144A) (a)		6,120,000		6,349,500
Liberty Mutual Insurance Co. 7.697%, 10/15/97 (144A) (d)		2,600,000		3,752,734
Massachusetts Mutual Life Insurance Co. 4.900%, 04/01/77 (144A)		6,285,000		7,333,965

Insurance—(Continued)
Prudential Financial, Inc.
5.625%, 3M LIBOR + 3.920%, 06/15/43 (b)		550,000		581,603
5.875%, 3M LIBOR + 4.175%, 09/15/42 (a) (b)		1,200,000		1,270,188
Teachers Insurance & Annuity Association of America
4.900%, 09/15/44 (144A)		1,771,000		2,070,146
6.850%, 12/16/39 (144A)		216,000		305,881

				27,180,768


Internet—1.0%
Booking Holdings, Inc. 3.650%, 03/15/25		1,625,000		1,716,571
Cogent Communications Group, Inc. 5.375%, 03/01/22 (144A)		4,053,000		4,194,855
Match Group, Inc. 5.000%, 12/15/27 (144A) (a)		5,685,000		5,954,469
Netflix, Inc. 6.375%, 05/15/29 (144A) (a)		6,500,000		7,387,575
Tencent Holdings, Ltd.
3.595%, 01/19/28 (144A)		8,110,000		8,276,524
3.975%, 04/11/29 (144A)		2,730,000		2,851,158

				30,381,152


Iron/Steel—0.5%
Vale Overseas, Ltd.
6.250%, 08/10/26		3,990,000		4,532,441
6.875%, 11/10/39 (a)		7,980,000		9,577,596

				14,110,037


Leisure Time—0.9%
NCL Corp., Ltd.
4.750%, 12/15/21 (144A)		5,262,000		5,334,353
Silversea Cruise Finance, Ltd. 7.250%, 02/01/25 (144A)		5,285,000		5,679,789
Viking Cruises, Ltd. 5.875%, 09/15/27 (144A)		11,372,000		11,514,150
VOC Escrow, Ltd. 5.000%, 02/15/28 (144A) (a)		6,000,000		6,082,500

				28,610,792


Lodging—1.0%
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
4.625%, 04/01/25 (a)		1,250,000		1,279,688
4.875%, 04/01/27 (a)		11,970,000		12,370,396
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp. 10.250%, 11/15/22 (144A)		7,468,000		8,009,430
MGM China Holdings, Ltd.
5.375%, 05/15/24 (144A) (a)		910,000		933,660
5.875%, 05/15/26 (144A) (a)		2,450,000		2,517,375
Sands China, Ltd. 5.125%, 08/08/25		6,800,000		7,289,056

				32,399,605

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, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Machinery—0.2%
Harsco Corp. 5.750%, 07/31/27 (144A)		5,610,000	$	5,842,030


Machinery-Diversified—0.2%
Cleaver-Brooks, Inc. 7.875%, 03/01/23 (144A)		3,900,000		3,739,944
MAI Holdings, Inc. 9.500%, 06/01/23		2,550,000		1,581,000

				5,320,944


Media—4.4%
Altice Luxembourg S.A.
7.750%, 05/15/22 (144A) (a)		6,073,000		6,171,686
10.500%, 05/15/27 (144A)		4,900,000		5,034,750
American Media LLC 10.500%, 12/31/26 (144A)		13,637,886		14,183,401
CCO Holdings LLC / CCO Holdings Capital Corp.
5.000%, 02/01/28 (144A)		1,440,000		1,470,528
5.125%, 05/01/27 (144A) (a)		4,470,000		4,628,059
5.375%, 05/01/25 (144A)		880,000		909,700
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.200%, 03/15/28 (a)		8,160,000		8,472,510
4.908%, 07/23/25		6,164,000		6,688,255
5.375%, 04/01/38		2,050,000		2,193,434
Comcast Corp. 4.700%, 10/15/48		11,430,000		13,394,437
CSC Holdings LLC
6.500%, 02/01/29 (144A)		15,520,000		16,936,200
10.875%, 10/15/25 (144A)		5,667,000		6,499,369
DISH DBS Corp. 7.750%, 07/01/26 (a)		15,165,000		14,861,700
Fox Corp.
4.709%, 01/25/29 (144A) (a)		3,370,000		3,759,565
5.476%, 01/25/39 (144A)		1,040,000		1,226,921
Meredith Corp. 6.875%, 02/01/26 (a)		3,620,000		3,841,291
Time Warner Cable LLC 5.875%, 11/15/40		1,942,000		2,098,850
Univision Communications, Inc. 5.125%, 05/15/23 (144A) (a)		10,430,000		10,195,325
UPC Holding B.V. 5.500%, 01/15/28 (144A) (a)		5,080,000		5,105,400
UPCB Finance IV, Ltd. 5.375%, 01/15/25 (144A) (a)		2,296,000		2,359,852
Virgin Media Secured Finance plc 5.500%, 08/15/26 (144A) (a)		5,985,000		6,201,956

				136,233,189


Metal Fabricate/Hardware—0.1%
Park-Ohio Industries, Inc. 6.625%, 04/15/27 (a)		2,120,000		2,120,000


Mining—3.6%
Alcoa Nederland Holding B.V. 6.125%, 05/15/28 (144A) (a)		12,912,000		13,493,040

Mining—(Continued)
Anglo American Capital plc 4.000%, 09/11/27 (144A) (a)		3,540,000		3,552,074
Barrick Gold Corp. 5.250%, 04/01/42		2,520,000		2,955,285
Barrick North America Finance LLC 5.750%, 05/01/43		8,579,000		10,708,876
BHP Billiton Finance USA, Ltd.
2.875%, 02/24/22		79,000		80,378
6.250%, 5Y USD Swap + 4.971%, 10/19/75 (144A) (b)		2,392,000		2,490,670
6.750%, 5Y USD Swap + 5.093%, 10/19/75 (144A) (a) (b)		8,191,000		9,345,931
First Quantum Minerals, Ltd.
7.250%, 04/01/23 (144A) (a)		17,889,000		17,419,414
7.500%, 04/01/25 (144A) (a)		400,000		381,000
Freeport-McMoRan, Inc. 5.450%, 03/15/43		16,860,000		15,426,900
Glencore Finance Canada, Ltd.
4.250%, 10/25/22 (144A)		788,000		823,967
5.550%, 10/25/42 (144A) (a)		1,000,000		1,033,620
Glencore Funding LLC 4.000%, 04/16/25 (144A) (a)		6,580,000		6,728,708
HudBay Minerals, Inc.
7.250%, 01/15/23 (144A) (a)		4,950,000		5,098,500
7.625%, 01/15/25 (144A)		2,460,000		2,539,950
Midwest Vanadium Pty, Ltd. 13.250%, 02/15/18 (144A) (d) (f)		932,290		93
Northwest Acquisitions ULC / Dominion Finco, Inc. 7.125%, 11/01/22 (144A)		4,210,000		2,904,900
Teck Resources, Ltd.
5.400%, 02/01/43		4,575,000		4,729,405
6.000%, 08/15/40		1,774,000		1,928,467
Yamana Gold, Inc. 4.950%, 07/15/24 (a)		9,130,000		9,622,044

				111,263,222


Miscellaneous Manufacturing—0.5%
General Electric Co. 6.875%, 01/10/39		11,678,000		14,685,933


Oil & Gas—5.8%
Anadarko Finance Co. 7.500%, 05/01/31		80,000		106,038
Anadarko Petroleum Corp.
4.500%, 07/15/44		800,000		818,511
5.550%, 03/15/26		2,250,000		2,527,906
6.450%, 09/15/36		220,000		270,265
Apache Corp.
3.250%, 04/15/22		452,000		459,308
4.250%, 01/15/44		260,000		234,963
4.750%, 04/15/43		7,000,000		6,819,913
Berry Petroleum Co. LLC 7.000%, 02/15/26 (144A)		9,280,000		9,001,600
Chesapeake Energy Corp.
7.000%, 10/01/24		2,310,000		2,073,225

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, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Oil & Gas—(Continued)
Chesapeake Energy Corp.
8.000%, 06/15/27		8,930,000	$	7,808,213
Covey Park Energy LLC / Covey Park Finance Corp. 7.500%, 05/15/25 (144A)		10,170,000		7,322,400
Devon Energy Corp.
3.250%, 05/15/22		2,035,000		2,072,807
5.600%, 07/15/41		110,000		130,452
5.850%, 12/15/25 (a)		970,000		1,154,939
Diamondback Energy, Inc.
4.750%, 11/01/24		9,328,000		9,572,860
5.375%, 05/31/25 (a)		4,670,000		4,903,500
Eclipse Resources Corp. 8.875%, 07/15/23 (a)		9,275,000		7,814,188
Endeavor Energy Resources L.P. / EER Finance, Inc.
5.500%, 01/30/26 (144A)		1,350,000		1,398,938
5.750%, 01/30/28 (144A)		2,180,000		2,294,450
Ensco Rowan plc 7.750%, 02/01/26 (a)		1,600,000		1,192,000
EOG Resources, Inc. 4.150%, 01/15/26		1,665,000		1,812,472
Extraction Oil & Gas, Inc.
5.625%, 02/01/26 (144A)		4,170,000		3,367,275
7.375%, 05/15/24 (144A) (a)		5,030,000		4,300,650
Gazprom OAO Via Gaz Capital S.A. 4.950%, 03/23/27 (144A)		10,470,000		11,047,044
Indigo Natural Resources LLC 6.875%, 02/15/26 (144A) (a)		4,164,000		3,737,190
KazMunayGas National Co. JSC
5.375%, 04/24/30 (144A)		300,000		332,160
6.375%, 10/24/48 (144A)		1,060,000		1,262,990
Kerr-McGee Corp.
6.950%, 07/01/24		290,000		339,710
7.875%, 09/15/31		285,000		389,892
MEG Energy Corp.
6.500%, 01/15/25 (144A) (a)		4,630,000		4,653,150
7.000%, 03/31/24 (144A) (a)		11,409,000		10,838,550
Noble Energy, Inc.
3.850%, 01/15/28		1,910,000		1,953,810
6.000%, 03/01/41		10,200,000		11,661,542
Northern Oil and Gas, Inc. 9.500%, PIK, 05/15/23 (c)		2,921,225		3,016,165
Occidental Petroleum Corp.
3.125%, 02/15/22		110,000		111,671
3.500%, 06/15/25		1,850,000		1,908,976
4.625%, 06/15/45 (a)		230,000		245,475
Petrobras Global Finance B.V.
5.750%, 02/01/29 (a)		7,360,000		7,672,064
6.850%, 06/05/15 (a)		12,700,000		13,149,707
QEP Resources, Inc. 6.875%, 03/01/21		480,000		493,200
Range Resources Corp.
4.875%, 05/15/25 (a)		1,945,000		1,706,738
5.000%, 03/15/23 (a)		2,916,000		2,744,685
5.875%, 07/01/22		850,000		841,500

Oil & Gas—(Continued)
Shelf Drilling Holdings, Ltd. 8.250%, 02/15/25 (144A)		8,350,000		7,707,050
Shell International Finance B.V. 4.000%, 05/10/46		360,000		394,708
WPX Energy, Inc.
5.750%, 06/01/26 (a)		4,521,000		4,679,235
8.250%, 08/01/23		5,720,000		6,520,800
YPF S.A. 8.500%, 03/23/21 (a)		8,000,000		8,138,000

				183,002,885


Oil & Gas Services—0.1%
KCA Deutag UK Finance plc 9.875%, 04/01/22 (144A) (a)		3,750,000		2,765,625


Packaging & Containers—0.7%
ARD Securities Finance SARL 8.750%, PIK, 01/31/23 (144A) (a) (c)		4,972,265		5,009,557
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
4.625%, 05/15/23 (144A)		660,000		670,725
6.000%, 02/15/25 (144A) (a)		5,200,000		5,382,000
7.250%, 05/15/24 (144A) (a)		4,860,000		5,121,225
Pactiv LLC 8.375%, 04/15/27 (a)		5,575,000		6,048,875
WestRock RKT Co. 4.000%, 03/01/23		140,000		145,388

				22,377,770


Pharmaceuticals—3.7%
Allergan Funding SCS
3.450%, 03/15/22		450,000		459,321
4.550%, 03/15/35		2,100,000		2,118,686
Bausch Health Americas, Inc.
8.500%, 01/31/27 (144A) (a)		1,460,000		1,605,299
9.250%, 04/01/26 (144A)		11,675,000		13,061,990
BioScrip, Inc.
Zero Coupon, 08/15/20 (b)		18,626,211		19,424,580
8.875%, 02/15/21 (a)		4,952,000		5,013,900
Bristol-Myers Squibb Co. 4.250%, 10/26/49 (144A)		3,130,000		3,445,146
Cigna Corp. 4.800%, 08/15/38 (144A)		8,120,000		8,743,006
CVS Health Corp.
3.875%, 07/20/25		496,000		517,942
4.100%, 03/25/25		33,940,000		35,777,039
4.780%, 03/25/38		17,110,000		17,833,257
5.125%, 07/20/45		1,440,000		1,535,705
Mead Johnson Nutrition Co.
4.125%, 11/15/25 (a)		1,653,000		1,787,616
Teva Pharmaceutical Finance Netherlands III B.V. 2.800%, 07/21/23 (a)		4,780,000		4,146,650

				115,470,137

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, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Pipelines—3.2%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp. 5.500%, 10/15/19		600,000	$	602,789
Blue Racer Midstream LLC / Blue Racer Finance Corp.
6.125%, 11/15/22 (144A)		1,825,000		1,850,094
6.625%, 07/15/26 (144A)		2,910,000		2,931,825
DCP Midstream Operating L.P.
4.950%, 04/01/22 (a)		1,620,000		1,680,750
6.750%, 09/15/37 (144A)		3,480,000		3,741,000
El Paso Natural Gas Co. LLC
7.500%, 11/15/26		4,250,000		5,229,056
8.375%, 06/15/32		190,000		255,250
Energy Transfer Operating L.P.
5.500%, 06/01/27 (a)		1,376,000		1,537,503
5.875%, 01/15/24		1,638,000		1,820,439
6.250%, 04/15/49		1,090,000		1,290,200
Energy Transfer Partners L.P. / Regency Energy Finance Corp. 5.875%, 03/01/22		780,000		836,434
Enterprise Products Operating LLC
3.700%, 02/15/26		1,072,000		1,134,296
5.375%, 3M LIBOR + 2.570%, 02/15/78 (b)		13,090,000		12,173,700
Genesis Energy L.P. / Genesis Energy Finance Corp.
5.625%, 06/15/24		1,060,000		1,020,250
6.000%, 05/15/23 (a)		6,046,000		6,000,655
IFM U.S. Colonial Pipeline 2 LLC 6.450%, 05/01/21 (144A) (a)		2,500,000		2,584,132
Kinder Morgan, Inc.
4.300%, 06/01/25 (a)		1,240,000		1,324,419
7.800%, 08/01/31		67,000		90,089
MPLX L.P. 4.875%, 12/01/24		4,500,000		4,896,201
NGPL PipeCo LLC 7.768%, 12/15/37 (144A) (a)		9,870,000		12,534,900
Northwest Pipeline LLC 4.000%, 04/01/27 (a)		14,460,000		15,133,305
Rockies Express Pipeline LLC 7.500%, 07/15/38 (144A)		4,485,000		5,129,061
Southern Natural Gas Co. LLC 8.000%, 03/01/32		25,000		34,969
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.
5.125%, 02/01/25		4,791,000		4,946,707
5.375%, 02/01/27		2,770,000		2,866,950
6.500%, 07/15/27 (144A)		10,000		10,900
6.875%, 01/15/29 (144A) (a)		10,000		11,075
Western Midstream Operating L.P. 3.950%, 06/01/25		9,253,000		9,195,129

				100,862,078


Real Estate—0.2%
Five Point Operating Co. L.P. / Five Point Capital Corp. 7.875%, 11/15/25 (144A)		5,240,000		5,266,305


Real Estate Investment Trusts—0.8%
CoreCivic, Inc.
4.625%, 05/01/23		820,000		804,543

Real Estate Investment Trusts—(Continued)
CoreCivic, Inc.
5.000%, 10/15/22		5,400,000		5,373,000
CTR Partnership L.P. / CareTrust Capital Corp. 5.250%, 06/01/25		6,560,000		6,806,000
GLP Capital L.P. / GLP Financing II, Inc.
5.375%, 04/15/26		10,000		10,813
5.750%, 06/01/28 (a)		4,400,000		4,848,668
MPT Operating Partnership L.P. / MPT Finance Corp. 5.000%, 10/15/27		7,770,000		8,003,100

				25,846,124


Retail—1.3%
1011778 BC ULC / New Red Finance, Inc. 5.000%, 10/15/25 (144A) (a)		3,770,000		3,799,406
AutoZone, Inc. 2.500%, 04/15/21		800,000		801,654
Golden Nugget, Inc. 8.750%, 10/01/25 (144A) (a)		9,210,000		9,670,500
L Brands, Inc.
5.250%, 02/01/28 (a)		9,112,000		8,348,870
5.625%, 10/15/23		4,550,000		4,718,305
McDonald’s Corp.
3.350%, 04/01/23 (a)		441,000		457,410
3.700%, 01/30/26 (a)		1,047,000		1,112,622
PetSmart, Inc. 7.125%, 03/15/23 (144A) (a)		3,510,000		3,290,625
Sally Holdings LLC / Sally Capital, Inc. 5.625%, 12/01/25 (a)		3,702,000		3,627,960
Tendam Brands S.A.U.
5.000%, 09/15/24 (144A) (EUR)		1,350,000		1,568,228
5.250%, 3M EURIBOR + 5.250%, 09/15/24 (144A) (EUR) (b)		3,750,000		4,280,116

				41,675,696


Savings & Loans—0.3%
Nationwide Building Society 4.363%, 3M LIBOR + 1.392%, 08/01/24 (144A) (b)		9,910,000		10,341,095


Semiconductors—0.1%
Advanced Micro Devices, Inc. 7.000%, 07/01/24 (a)		3,180,000		3,299,568
Amkor Technology, Inc. 6.625%, 09/15/27 (144A) (a)		860,000		854,711
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.125%, 01/15/25 (a)		280,000		273,498

				4,427,777


Software—0.3%
CDK Global, Inc. 5.250%, 05/15/29 (144A)		4,560,000		4,725,300
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc. 6.000%, 07/15/25 (144A) (a)		3,930,000		4,116,675

				8,841,975

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, 2019 (Unaudited)

Corporate Bonds & Notes—(Continued)


Security Description	Principal Amount*		Value

Telecommunications—3.9%
Altice France S.A.
7.375%, 05/01/26 (144A) (a)		22,015,000	$	22,565,375
AT&T, Inc. 4.450%, 04/01/24		3,330,000		3,586,076
British Telecommunications plc 9.625%, 12/15/30		4,915,000		7,403,833
CommScope Technologies LLC
5.000%, 03/15/27 (144A) (a)		2,510,000		2,183,700
6.000%, 06/15/25 (144A)		2,200,000		2,061,862
Deutsche Telekom International Finance B.V. 2.485%, 09/19/23 (144A)		10,717,000		10,700,252
Intelsat Jackson Holdings S.A. 5.500%, 08/01/23 (a)		5,400,000		4,927,500
Millicom International Cellular S.A.
6.250%, 03/25/29 (144A)		4,550,000		4,882,651
6.625%, 10/15/26 (144A) (a)		4,290,000		4,675,671
Sprint Capital Corp.
6.875%, 11/15/28 (a)		1,130,000		1,169,550
8.750%, 03/15/32		9,850,000		11,401,375
Sprint Communications, Inc. 11.500%, 11/15/21		1,313,000		1,516,515
Sprint Corp.
7.125%, 06/15/24 (a)		3,510,000		3,721,653
7.250%, 09/15/21		1,390,000		1,476,875
7.875%, 09/15/23 (a)		2,700,000		2,936,250
T-Mobile USA, Inc.
4.750%, 02/01/28 (a)		4,590,000		4,729,077
6.500%, 01/15/24		803,000		831,105
Telecom Italia S.p.A. 5.303%, 05/30/24 (144A) (a)		8,610,000		8,911,350
Telefonica Emisiones S.A. 4.103%, 03/08/27 (a)		5,600,000		5,946,445
Verizon Communications, Inc.
2.625%, 08/15/26		820,000		814,339
3.850%, 11/01/42		5,210,000		5,317,965
4.522%, 09/15/48		1,200,000		1,340,272
5.250%, 03/16/37		660,000		788,771
Vodafone Group plc 4.375%, 05/30/28 (a)		3,130,000		3,380,348
Windstream Services LLC / Windstream Finance Corp. 10.500%, 06/30/24 (144A) (f)		5,445,000		3,947,625

				121,216,435


Transportation—0.8%
Navios Maritime Acquisition Corp. / Navios Acquisition Finance U.S., Inc. 8.125%, 11/15/21 (144A)		4,670,000		3,712,650
Union Pacific Corp.
4.375%, 09/10/38		2,835,000		3,137,354
4.500%, 09/10/48		3,030,000		3,436,744
XPO CNW, Inc. 6.700%, 05/01/34		14,553,000		13,388,760
XPO Logistics, Inc. 6.125%, 09/01/23 (144A) (a)		1,390,000		1,440,388

				25,115,896


Trucking & Leasing—0.6%
DAE Funding LLC 5.750%, 11/15/23 (144A)		10,100,000		10,605,000
Park Aerospace Holdings, Ltd.
4.500%, 03/15/23 (144A)		3,800,000		3,931,328
5.250%, 08/15/22 (144A)		5,120,000		5,404,723

				19,941,051


Water—0.1%
Anglian Water Osprey Financing plc 5.000%, 04/30/23 (GBP)		2,650,000		3,394,442

Total Corporate Bonds & Notes (Cost $1,733,273,354)				1,793,576,892


Floating Rate Loans (i)—10.6%

Advertising—0.2%
AppLovin Corp. Term Loan B, 5.902%, 1M LIBOR + 3.500%, 08/15/25		4,867,769		4,861,685


Air Freight & Logistics—0.3%
Global Tel*Link Corp. 2018 1st Lien Term Loan, 6.652%, 2M LIBOR + 4.250%, 11/29/25		3,042,356		2,944,240
GlobalTranz Enterprises, Inc.
2019 Delayed Draw Term Loan, 0.500%, 3M LIBOR + 0.500%, 05/15/26 (j)		1,282,051		1,262,821
2019 Term Loan, 7.394%, 1M LIBOR + 5.000%, 05/15/26		4,967,949		4,825,120

				9,032,181


Auto Components—0.3%
American Axle & Manufacturing, Inc. Term Loan B, 4.840%, 3M LIBOR + 2.250%, 04/06/24		8,242,861		8,081,095


Auto Manufacturers—0.3%
Panther BF Aggregator 2 L.P. Term Loan B, 5.929%, 1M LIBOR + 3.500%, 04/30/26		7,780,000		7,725,540


Commercial Services—1.0%
Albany Molecular Research, Inc. 1st Lien Term Loan, 5.689%, 1M LIBOR + 3.250%, 08/30/24		7,093,650		6,978,378
Allied Universal Holdco LLC
Delayed Draw Term Loan, 06/26/26 (k)		660,360		659,672
Term Loan B, 06/26/26 (k)		6,669,640		6,662,690
Garda World Security Corp. Term Loan, 05/24/24 (k)		2,982,392		2,966,362
Jaguar Holding Co. II Term Loan, 4.939%, 1M LIBOR + 2.500%, 08/18/22		6,166,908		6,137,178

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, 2019 (Unaudited)

Floating Rate Loans (i)—(Continued)


Security Description	Principal Amount*		Value

Commercial Services—(Continued)
Prime Security Services Borrower LLC 1st Lien Term Loan, 5.152%, 1M LIBOR + 2.750%, 05/02/22		7,776,771	$	7,734,349

				31,138,629


Entertainment—0.2%
Scientific Games International, Inc. Term Loan B5, 5.223%, 2M LIBOR + 2.750%, 08/14/24		7,034,139		6,937,419
Stars Group Holdings B.V. (The) Incremental Term Loan, 5.830%, 3M LIBOR + 3.500%, 07/10/25		268,223		268,558

				7,205,977


Food—0.3%
Albertson’s LLC
Term Loan B6, 5.439%, 1M LIBOR + 3.000%, 06/22/23		6,766,601		6,770,363
Post Holdings, Inc. Incremental Term Loan, 4.440%, 1M LIBOR + 2.000%, 05/24/24		1,824,390		1,818,362

				8,588,725


Health Care Technology—0.2%
Athenahealth, Inc. Term Loan B, 6.830%, 3M LIBOR + 4.500%, 02/11/26		6,733,125		6,731,024
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B, 6.904%, 1M LIBOR + 4.500%, 11/17/25		877,794		874,942

				7,605,966


Healthcare-Services—1.2%
HC Group Holdings II, Inc. Term Loan B, 05/21/26 (k)		7,820,000		7,810,225
MPH Acquisition Holdings LLC Term Loan B, 5.080%, 3M LIBOR + 2.750%, 06/07/23		7,347,636		7,043,017
Phoenix Guarantor, Inc. Term Loan B, 6.921%, 1M LIBOR + 4.500%, 03/05/26		3,474,545		3,462,239
RadNet, Inc. Term Loan, 6.110%, 3M LIBOR + 3.750%, 06/30/23		9,210,156		9,190,004
U.S. Renal Care, Inc. 2019 Term Loan B, 06/13/26 (k)		7,870,000		7,744,922
Wink Holdco, Inc. 1st Lien Term Loan B, 5.402%, 1M LIBOR + 3.000%, 12/02/24		2,788,445		2,736,162

				37,986,569


Hotels, Restaurants & Leisure—0.3%
CEC Entertainment, Inc. Term Loan B, 5.652%, 1M LIBOR + 3.250%, 02/14/21		8,603,382		8,554,988


Insurance—0.7%
Asurion LLC
2018 Term Loan B7, 5.402%, 2M LIBOR + 3.000%, 11/03/24		7,211,788		7,205,024
Term Loan B4, 5.402%, 2M LIBOR + 3.000%, 08/04/22		5,015,565		5,009,922
UFC Holdings, LLC Term Loan, 5.660%, 1M LIBOR + 3.250%, 04/29/26		8,757,750		8,761,656

				20,976,602


Internet—0.2%
Ancestry.com Operations, Inc. 1st Lien Term Loan, 5.690%, 1M LIBOR + 3.250%, 10/19/23		5,868,926		5,861,560


Internet Software & Services—0.1%
Travelport Finance (Luxembourg) S.a.r.l. Term Loan, 7.541%, 3M LIBOR + 5.000%, 05/29/26		3,840,000		3,625,920


Investment Company Securities—0.4%
First Eagle Investment Management, LLC 2018 Term Loan B, 5.080%, 3M LIBOR + 2.750%, 12/26/24		538,647		538,759
Jane Street Group, LLC 2018 Term Loan B, 5.402%, 2M LIBOR + 3.000%, 08/25/22		7,271,683		7,241,382
TKC Holdings, Inc. 1st Lien Term Loan, 6.160%, 2M LIBOR + 3.750%, 02/01/23		5,455,884		5,346,766

				13,126,907


IT Services—0.0%
McAfee LLC 2018 USD Term Loan B, 6.080%, 09/30/24		1,338,563		1,337,935


Leisure Time—0.1%
Alterra Mountain Co. Term Loan B1, 5.439%, 1M LIBOR + 3.000%, 07/31/24		4,041,243		4,030,509


Lodging—0.5%
Boyd Gaming Corp. Term Loan B3, 4.622%, 1M LIBOR + 2.250%, 09/15/23		3,976,809		3,962,393
Caesars Resort Collection LLC 1st Lien Term Loan B, 5.152%, 1M LIBOR + 2.750%, 12/22/24		8,668,000		8,519,404
MGM Growth Properties Operating Partnership L.P. Term Loan B, 4.403%, 1M LIBOR + 2.000%, 03/21/25		2,438,502		2,427,833

				14,909,630

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, 2019 (Unaudited)

Floating Rate Loans (i)—(Continued)


Security Description	Principal Amount*		Value

Machinery-Construction & Mining—0.0%
Brookfield WEC Holdings, Inc. 1st Lien Term Loan, 5.902%, 1M LIBOR + 3.500%, 08/01/25		159,599	$	159,699


Media—1.1%
Advantage Sales & Marketing, Inc. 1st Lien Term Loan, 5.580%, 1M LIBOR + 3.250%, 07/23/21		6,922,809		6,332,640
Entercom Media Corp. Term Loan B, 5.152%, 1M LIBOR + 2.750%, 11/18/24		3,435,715		3,440,009
iHeartCommunications, Inc. Exit Term Loan, 05/01/26 (k)		7,760,000		7,779,400
Lions Gate Capital Holdings LLC Term Loan B, 4.653%, 1M LIBOR + 2.250%, 03/24/25		3,271,844		3,257,530
Nexstar Broadcasting, Inc. Term Loan B4, 06/19/26 (k)		4,790,000		4,779,021
Unitymedia Finance LLC Term Loan B, 4.644%, 1M LIBOR + 2.250%, 09/30/25		130,000		129,773
Univision Communications, Inc. Term Loan C5, 5.152%, 1M LIBOR + 2.750%, 03/15/24		8,445,503		8,055,650

				33,774,023


Packaging & Containers—0.5%
Berry Global, Inc. Term Loan Q, 4.451%, 1M LIBOR + 2.000%, 10/01/22		8,435,786		8,389,145
Reynolds Group Holdings, Inc. Term Loan, 5.189%, 1M LIBOR + 2.750%, 02/05/23		7,892,230		7,844,245

				16,233,390


Pharmaceuticals—0.1%
Change Healthcare Holdings LLC Term Loan B, 5.189%, 1M LIBOR + 2.750%, 03/01/24		4,501,458		4,472,388


Professional Services—0.0%
Trans Union LLC Term Loan B3, 4.439%, 1M LIBOR + 2.000%, 04/10/23		974,011		973,924


Retail—1.1%
Academy, Ltd.
Term Loan B, 6.454%, 1M LIBOR + 4.000%, 07/01/22		8,766,906		6,334,089
CWGS Group LLC Term Loan, 5.152%, 1M LIBOR + 2.750%, 11/08/23		1,300,075		1,202,569
Michaels Stores, Inc. Term Loan B, 4.929%, 1M LIBOR + 2.500%, 01/30/23		6,531,775		6,344,019

Retail—(Continued)
Party City Holdings, Inc. Term Loan B, 4.940%, 1M LIBOR + 2.500%, 08/19/22		3,418,109		3,402,444
Petco Animal Supplies, Inc. Term Loan B, 5.833%, 3M LIBOR + 3.250%, 01/26/23		4,922,557		3,839,595
PetSmart, Inc. Term Loan B2, 6.720%, 1M LIBOR + 3.000%, 03/11/22		12,656,987		12,312,084

				33,434,800


Software—0.7%
Almonde, Inc. 1st Lien Term Loan, 6.101%, 1M LIBOR + 3.500%, 06/13/24		4,183,411		4,085,176
DigiCert, Inc. Term Loan B1, 6.402%, 1M LIBOR + 4.000%, 10/31/24		4,417,686		4,409,403
First Data Corp. Term Loan, 4.437%, 1M LIBOR + 2.000%, 04/26/24		5,599,274		5,599,280
MA FinanceCo. LLC Term Loan B3, 4.939%, 1M LIBOR + 2.500%, 06/21/24		450,120		442,243
Seattle Spinco, Inc. Term Loan B3, 4.939%, 1M LIBOR + 2.500%, 06/21/24		3,039,772		2,986,576
Ultimate Software Group, Inc. (The) Term Loan B, 6.080%, 3M LIBOR + 3.750%, 05/04/26		4,060,000		4,071,672

				21,594,350


Telecommunications—0.6%
Intelsat Jackson Holdings S.A. Term Loan B3, 6.180%, 1M LIBOR + 3.750%, 11/27/23		2,489,500		2,465,382
Level 3 Financing, Inc. Term Loan B, 4.689%, 1M LIBOR + 2.250%, 02/22/24		7,470,000		7,417,867
Securus Technologies Holdings, Inc. 2017 1st Lien Term Loan, 6.830%, 3M LIBOR + 4.500%, 11/01/24		2,274,228		2,136,353
UPC Financing Partnership Term Loan AR, 4.895%, 1M LIBOR + 2.500%, 01/15/26		7,362,937		7,361,368

				19,380,970


Trucking & Leasing—0.2%
Avolon TLB Borrower 1 (U.S.) LLC Term Loan B3, 4.133%, 1M LIBOR + 2.000%, 01/15/25		7,364,791		7,362,236

Total Floating Rate Loans (Cost $337,124,155)				332,036,198

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, 2019 (Unaudited)

Foreign Government—8.4%


Security Description	Principal Amount*		Value

Regional Government—0.8%
Provincia de Buenos Aires
6.500%, 02/15/23 (144A) (l)		18,280,000	$	15,282,263
7.875%, 06/15/27 (144A) (l)		1,800,000		1,336,518
9.125%, 03/16/24 (144A) (l)		4,040,000		3,373,440
Provincia de Cordoba 7.450%, 09/01/24 (144A)		5,450,000		4,278,305

				24,270,526


Sovereign—7.6%
Abu Dhabi Government International Bond 4.125%, 10/11/47 (144A)		11,190,000		12,251,707
Argentina POM Politica Monetaria 63.705%, ARLLMON + 0.000%, 06/21/20 (ARS) (b)		307,940,000		7,089,586
Argentine Republic Government International Bonds
4.625%, 01/11/23 (a)		6,480,000		5,197,025
5.625%, 01/26/22		3,620,000		3,051,696
6.875%, 04/22/21		2,210,000		1,939,275
7.500%, 04/22/26 (a)		5,890,000		4,956,494
Bahamas Government International Bond 5.750%, 01/16/24 (144A)		1,500,000		1,601,250
Bermuda Government International Bond 4.138%, 01/03/23 (144A)		2,000,000		2,077,520
Bonos de la Nacion Argentina con Ajuste por CER 4.000%, 03/06/20 (ARS) (l)		95,160,000		3,239,169
Brazil Notas do Tesouro Nacional
10.000%, 01/01/21 (BRL)		29,517,000		7,735,247
10.000%, 01/01/27 (BRL)		46,432,000		13,284,274
Brazilian Government International Bond 6.000%, 04/07/26 (a)		6,470,000		7,448,005
Ecuador Government International Bonds
7.950%, 06/20/24		9,590,000		10,045,621
8.750%, 06/02/23 (144A)		1,740,000		1,898,792
10.750%, 01/31/29 (144A)		3,400,000		3,833,534
Egypt Government International Bond 7.600%, 03/01/29 (144A)		4,710,000		4,965,989
Ghana Government International Bonds
7.625%, 05/16/29 (144A)		10,140,000		10,302,970
8.125%, 01/18/26 (l)		4,200,000		4,515,000
8.125%, 03/26/32 (144A)		5,880,000		5,969,470
8.950%, 03/26/51 (144A) (l)		770,000		797,107
Indonesia Government International Bonds
5.125%, 01/15/45		3,000,000		3,379,992
5.250%, 01/17/42		6,140,000		6,993,918
Indonesia Treasury Bonds
7.000%, 05/15/22 (IDR)		9,560,000,000		674,326
7.000%, 05/15/27 (IDR)		382,929,000,000		26,454,488
8.375%, 09/15/26 (IDR)		66,608,000,000		5,005,852
Kenya Government International Bond 7.000%, 05/22/27 (144A)		11,230,000		11,723,558
Kuwait International Government Bond 3.500%, 03/20/27 (144A)		11,030,000		11,740,883
Mexico Government International Bond 4.125%, 01/21/26 (a)		8,170,000		8,545,820

Sovereign—(Continued)
Qatar Government International Bond
4.817%, 03/14/49 (144A)		3,800,000		4,354,952
5.103%, 04/23/48 (144A)		10,100,000		12,031,625
Russian Federal Bond - OFZ 7.050%, 01/19/28 (RUB)		1,755,525,000		27,391,590
Senegal Government International Bond 6.250%, 05/23/33 (144A) (l)		8,470,000		8,191,473

				238,688,208

Total Foreign Government (Cost $276,437,684)				262,958,734


Asset-Backed Securities—8.2%

Asset-Backed - Credit Card—0.1%
CreditShop Credit Card Co. LLC 10.460%, 1M LIBOR + 8.000%, 10/15/22 (144A) (b)		3,862,454		3,862,454


Asset-Backed - Home Equity—0.3%
Asset-Backed Securities Corp. Home Equity Loan Trust 5.244%, 1M LIBOR + 2.850%, 04/15/33 (b)		390		393
Bear Stearns Asset-Backed Securities Trust 3.144%, 1M LIBOR + 0.740%, 01/25/34 (b)		11,660		11,209
EMC Mortgage Loan Trust 3.304%, 1M LIBOR + 0.900%, 05/25/43 (144A) (b)		140,431		139,756
Structured Asset Securities Corp. Mortgage Loan Trust 2.624%, 1M LIBOR + 0.220%, 02/25/36 (144A) (b)		2,595,757		123,851
WaMu Asset-Backed Certificates Trust 2.574%, 1M LIBOR + 0.170%, 07/25/47 (b)		9,444,992		7,379,180

				7,654,389


Asset-Backed - Manufactured Housing—0.2%
Origen Manufactured Housing Contract Trust
4.335%, 10/15/37 (b)		1,001,822		973,220
4.946%, 04/15/37 (b)		1,071,102		1,017,948
UCFC Manufactured Housing Contract 7.095%, 04/15/29 (b)		3,317,552		3,215,626

				5,206,794


Asset-Backed - Other—7.6%
AIMCO CLO 6.272%, 3M LIBOR + 3.680%, 07/20/29 (144A) (b)		6,750,000		6,733,138
American Money Management Corp. CLO, Ltd. 8.398%, 3M LIBOR + 5.810%, 04/17/29 (144A) (b)		6,600,000		6,377,250
Amortizing Residential Collateral Trust 4.204%, 3M LIBOR + 5.810%, 08/25/32 (b)		23,169		21,238
Applebee’s Funding LLC / IHOP Funding LLC 4.194%, 06/07/49 (144A)		3,000,000		3,031,575
Ares CLO, Ltd. 9.147%, 3M LIBOR + 6.550%, 10/15/29 (144A) (b)		9,300,000		9,079,125

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, 2019 (Unaudited)

Asset-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Asset-Backed - Other—(Continued)
Avery Point CLO, Ltd. 5.515%, 3M LIBOR + 2.950%, 08/05/27 (144A) (b)		2,280,000	$	2,258,785
Barings CLO, Ltd. 10.051%, 3M LIBOR + 7.450%, 07/18/29 (144A) (b)		1,700,000		1,511,834
Bear Stearns Asset-Backed Securities Trust 6.000%, 10/25/36		1,517,585		1,135,382
Benefit Street Partners CLO, Ltd. 6.392%, 3M LIBOR + 3.800%, 01/20/29 (144A) (b)		3,360,000		3,358,095
BlueMountain CLO, Ltd.
3.570%, 3M LIBOR + 1.050%, 11/20/28 (144A) (b)		2,925,000		2,919,232
8.270%, 3M LIBOR + 5.750%, 11/20/28 (144A) (b)		3,350,000		3,277,630
Carlyle Global Market Strategies, Ltd. 3.568%, 3M LIBOR + 1.050%, 05/15/31 (144A) (b)		9,638,348		9,562,812
Carlyle U.S. CLO, Ltd. 6.292%, 3M LIBOR + 3.700%, 07/20/31 (144A) (b)		9,500,000		9,482,159
Catskill Park CLO, Ltd.
8.592%, 3M LIBOR + 6.000%, 04/20/29 (144A) (b)		7,600,000		7,360,319
Cent CLO 24, Ltd. 5.747%, 3M LIBOR + 3.150%, 10/15/26 (144A) (b)		5,240,000		5,226,764
Cook Park CLO, Ltd. 7.988%, 3M LIBOR + 5.400%, 04/17/30 (144A) (b)		750,000		694,328
Countrywide Asset-Backed Certificates Trust 4.279%, 1M LIBOR + 1.875%, 06/25/34 (b)		114,427		106,810
Countrywide Revolving Home Equity Loan Resecuritization Trust 2.694%, 1M LIBOR + 0.300%, 12/15/33 (144A) (b)		131,573		120,860
Countrywide Revolving Home Equity Loan Trust 2.534%, 1M LIBOR + 0.140%, 07/15/36 (b)		220,768		211,551
Cumberland Park CLO, Ltd.
5.292%, 3M LIBOR + 2.700%, 07/20/28 (144A) (b)		1,250,000		1,234,345
8.242%, 3M LIBOR + 5.650%, 07/20/28 (144A) (b)		2,400,000		2,393,160
CVP CLO, Ltd. 5.242%, 3M LIBOR + 2.650%, 01/20/31 (144A) (b)		4,500,000		4,233,136
Dividend Solar Loans LLC 3.670%, 08/22/39 (144A)		6,260,000		6,259,023
Flatiron CLO, Ltd. 3.768%, 3M LIBOR + 1.250%, 05/15/30 (144A) (b)		8,480,000		8,492,915
Greenwood Park CLO, Ltd. 7.737%, 3M LIBOR + 4.950%, 04/15/31 (144A)		7,380,000		6,728,088
Greywolf CLO, Ltd. 6.538%, 3M LIBOR + 3.950%, 04/17/30 (144A) (b)		4,480,000		4,467,622
KKR CLO, Ltd.
3.694%, 3M LIBOR + 1.250%, 01/20/29 (144A) (b)		3,990,000		3,990,128
3.777%, 3M LIBOR + 1.180%, 01/15/31 (144A) (b)		3,710,000		3,706,472
LCM, Ltd. 8.092%, 3M LIBOR + 5.500%, 10/20/28 (144A) (b)		5,000,000		4,694,985
Long Beach Mortgage Loan Trust 2.903%, 1M LIBOR + 0.520%, 01/21/31 (b)		13,845		13,608
Madison Park Funding, Ltd.
3.782%, 3M LIBOR + 1.200%, 07/29/30 (144A) (b)		6,680,000		6,678,717
4.110%, 3M LIBOR + 1.530%, 07/25/29 (144A) (b)		8,030,000		8,054,829
Midocean Credit CLO VII 6.477%, 3M LIBOR + 3.880%, 07/15/29 (144A) (b)		4,000,000		3,990,132

Asset-Backed - Other—(Continued)
Mill City Solar Loan, Ltd. 4.340%, 03/20/43 (144A)		1,580,201		1,631,356
Neuberger Berman CLO, Ltd. 9.142%, 3M LIBOR + 6.550%, 04/22/29 (144A) (b)		250,000		244,894
Oaktree CLO, Ltd.
6.375%, 3M LIBOR + 3.800%, 04/22/30 (144A) (b)		5,300,000		5,286,522
7.792%, 3M LIBOR + 5.200%, 10/20/27 (144A) (b)		5,500,000		5,347,083
Ocean Trails CLO 10.347%, 3M LIBOR + 7.750%, 07/15/28 (144A) (b)		5,120,000		5,119,345
Octagon Investment Partners, Ltd. 8.347%, 3M LIBOR + 5.750%, 07/15/27 (144A) (b)		4,910,000		4,847,466
PPM CLO 3, Ltd. Zero Coupon, 3M LIBOR + 1.400%, 07/17/30 (144A) (b)		3,200,000		3,198,400
Ratchet Trading, Ltd. 15.190%, 01/26/27 (144A) (b)		1,218,111		1,213,628
SACO I Trust 2.744%, 1M LIBOR + 0.340%, 03/25/36 (b)		39,954		39,269
Saranac CLO III, Ltd. 5.593%, 3M LIBOR + 3.250%, 06/22/30 (144A) (b)		4,652,500		4,519,476
SBA Small Business Investment Cos. 2.845%, 03/10/27		3,846,977		3,909,478
SoFi Consumer Loan Program LLC 3.280%, 01/26/26 (144A)		1,616,767		1,629,704
Sound Point CLO, Ltd.
3.686%, 3M LIBOR + 1.100%, 07/26/31 (144A) (b)		3,000,000		2,966,208
3.879%, 3M LIBOR + 1.400%, 04/15/32 (144A) (b)		6,680,000		6,679,699
8.597%, 3M LIBOR + 6.000%, 04/15/29 (144A) (b)		250,000		240,632
Symphony CLO, Ltd.
3.561%, 3M LIBOR + 0.960%, 04/16/31 (144A) (b)		4,000,000		3,947,408
3.601%, 3M LIBOR + 1.320%, 07/16/32 (144A) (b)		2,860,000		2,860,000
TCI-Symphony CLO, Ltd.
5.597%, 3M LIBOR + 3.000%, 10/13/29 (144A) (b)		1,700,000		1,671,969
8.097%, 3M LIBOR + 5.500%, 10/13/29 (144A) (b)		5,150,000		4,871,745
Thayer Park CLO, Ltd. 8.692%, 3M LIBOR + 6.100%, 04/20/29 (144A) (b)		8,400,000		8,205,935
Treman Park CLO, Ltd.
5.242%, 3M LIBOR + 2.650%, 10/20/28 (144A) (b)		1,250,000		1,227,585
8.092%, 3M LIBOR + 5.500%, 10/20/28 (144A) (b)		2,000,000		1,962,648
Upgrade Pass-Through Trust
5.339%, 10/15/24 (144A)		1,365,446		1,370,771
12.075%, 09/15/24 (144A)		1,529,377		1,529,841
14.960%, 12/27/27 (144A) (b)		1,473,867		1,465,644
15.309%, 08/15/24 (144A)		1,740,716		1,741,243
15.498%, 06/15/24 (144A)		1,512,204		1,512,662
16.537%, 05/15/24 (144A)		1,419,845		1,419,564
Venture CLO, Ltd.
3.622%, 3M LIBOR + 1.030%, 04/20/31 (144A) (b)		6,380,000		6,308,678
8.527%, 3M LIBOR + 5.340%, 04/15/27 (144A)		4,000,000		3,914,636
Voya CLO, Ltd. 8.617%, 3M LIBOR + 6.020%, 06/07/30 (144A) (b)		3,500,000		3,401,149
WhiteHorse, Ltd. 6.247%, 3M LIBOR + 3.650%, 10/15/31 (144A) (b)		6,180,000		6,101,483

				237,792,168

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, 2019 (Unaudited)

Asset-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Asset-Backed - Student Loan—0.0%
SoFi Professional Loan Program LLC Zero Coupon, 08/25/36 (144A)		500	$	736,479

Total Asset-Backed Securities (Cost $258,340,640)				255,252,284


Mortgage-Backed Securities—7.4%

Collateralized Mortgage Obligations—5.1%
Banc of America Funding Corp. 2.560%, 02/27/37 (144A) (b)		16,176,115		13,485,285
Banc of America Funding Trust
3.081%, 03/27/36 (144A) (b)		5,931,000		5,236,127
3.163%, 1M LIBOR + 0.165%, 09/29/36 (144A) (b)		40,497,519		31,781,036
10.350%, 01/27/30 (144A) (b)		16,216,277		7,545,353
Banc of America Mortgage Trust 4.327%, 09/25/35 (b)		55,989		54,937
BCAP LLC Trust
2.640%, 10/28/36 (144A) (b)		1,136,043		1,130,628
4.392%, 05/26/47 (144A) (b)		7,058,102		6,898,412
Bear Stearns Asset-Backed Securities Trust 23.165%, -4.33x 1M LIBOR + 33.583%, 07/25/36 (b)		385,643		632,989
Countrywide Alternative Loan Trust
3.044%, 1M LIBOR + 0.640%, 07/25/35 (b)		817,301		799,498
5.750%, 01/25/37		2,152,841		1,796,716
6.000%, 01/25/37		2,053,629		1,891,972
11.650%, -2.2x 1M LIBOR + 16.940%, 06/25/35 (b)		1,469,846		1,763,553
15.587%, -3x 1M LIBOR + 22.800%, 02/25/36 (b)		1,451,065		1,647,440
18.983%, -4x 1M LIBOR + 28.600%, 07/25/36 (b)		2,404,454		3,698,948
24.574%, -6x 1M LIBOR + 39.000%, 08/25/37 (b)		1,153,705		2,023,175
Countrywide Alternative Loan Trust Resecuritization
6.000%, 08/25/37 (b)		2,959,810		2,091,004
Countrywide Home Loan Reperforming Loan REMIC Trust 3.773%, 03/25/35 (144A) (b) (m)		4,853,484		583,120
Credit Suisse Mortgage Trust 17.301%, -5.5x 1M LIBOR + 30.525%, 02/25/36 (b)		1,174,140		1,634,425
Flagstar Mortgage Trust 3.500%, 04/25/48 (144A) (b)		12,041,723		12,149,737
GreenPoint MTA Trust 2.844%, 1M LIBOR + 0.440%, 06/25/45 (b)		1,186,583		1,121,011
GSMPS Mortgage Loan Trust 2.804%, 1M LIBOR + 0.400%, 04/25/36 (144A) (b)		675,944		573,371
HarborView Mortgage Loan Trust 3.404%, 1M LIBOR + 1.000%, 10/25/37 (b)		1,180,227		1,201,102
IndyMac INDX Mortgage Loan Trust 3.124%, 1M LIBOR + 0.720%, 01/25/35 (b)		837,877		710,770
JPMorgan Mortgage Trust
2.500%, 03/25/43 (144A) (b)		8,534		8,503
3.500%, 10/25/48 (144A) (b)		8,775,930		8,873,046
6.500%, 01/25/36		93,803		73,872
JPMorgan Resecuritization Trust 2.640%, 1M LIBOR + 0.210%, 07/27/46 (144A) (b)		1,585,955		1,587,956
Lehman XS Trust
2.564%, 1M LIBOR + 0.160%, 03/25/47 (b)		1,202,061		1,184,324
2.604%, 1M LIBOR + 0.200%, 08/25/46 (b)		1,993,798		1,918,193

Collateralized Mortgage Obligations—(Continued)
MASTR Seasoned Securitization Trust 4.027%, 10/25/32 (b)		122,713		125,788
Merrill Lynch Mortgage Investors Trust
4.644%, 08/25/33 (b)		524,528		500,845
4.801%, 05/25/34 (b)		36,275		36,541
Morgan Stanley Mortgage Loan Trust 2.724%, 1M LIBOR + 0.320%, 01/25/35 (b)		552,100		548,255
New Residential Mortgage Loan Trust 4.250%, 09/25/56 (144A) (b)		7,452,219		7,755,651
Nomura Resecuritization Trust 2.950%, 1M LIBOR + 0.260%, 02/26/46 (144A) (b)		4,868,000		4,740,518
NovaStar Mortgage Funding Trust 1.836%, 1M LIBOR + 0.380%, 09/25/46 (b)		679,071		632,995
Prime Mortgage Trust
5.500%, 05/25/35 (144A)		210,248		192,145
6.000%, 05/25/35 (144A)		2,111,930		1,728,781
RBSGC Mortgage Loan Trust 2.854%, 1M LIBOR + 0.450%, 01/25/37 (b)		585,967		356,082
Residential Accredit Loans, Inc. Trust 3.752%, 11/25/37 (b)		3,429,268		3,165,186
Residential Asset Securitization Trust 5.750%, 02/25/36		1,720,039		1,745,483
Sequoia Mortgage Trust
3.232%, 6M LIBOR + 0.680%, 06/20/33 (b)		77,852		78,130
3.712%, 07/25/45 (144A) (b)		9,902		10,081
Structured Adjustable Rate Mortgage Loan Trust
3.940%, 1M LIBOR + 1.500%, 09/25/37 (b)		3,551,942		3,527,636
4.293%, 09/25/35 (b)		644,447		571,451
4.364%, 01/25/35 (b)		327,791		325,006
Structured Asset Mortgage Investments Trust
2.614%, 1M LIBOR + 0.210%, 05/25/46 (b)		195,097		168,082
2.684%, 1M LIBOR + 0.280%, 02/25/36 (b)		3,398,476		3,239,449
WaMu Mortgage Pass-Through Certificates Trust
2.345%, COF 11 + 1.250%, 03/25/47 (b)		1,596,694		1,539,298
2.674%, 1M LIBOR + 0.270%, 12/25/45 (b)		399,156		403,040
2.884%, 1M LIBOR + 0.480%, 12/25/45 (b)		11,704,571		8,645,256
3.982%, 09/25/36 (b)		577,508		536,334
4.197%, 10/25/34 (b)		481,893		486,940
4.264%, 08/25/33 (b)		1,061,145		1,066,572
4.276%, 1M LIBOR + 6.680%, 04/25/37 (b) (m)		10,307,266		3,016,467
Wells Fargo Mortgage-Backed Securities Trust
4.905%, 10/25/35 (b)		28,123		28,786
4.994%, 06/25/35 (b)		30,534		30,902

				159,298,203


Commercial Mortgage-Backed Securities—2.3%
BAMLL Re-REMIC Trust 6.006%, 08/10/45 (144A) (b)		10,750,262		7,561,735
Credit Suisse Commercial Mortgage Trust
5.373%, 12/15/39		550,353		365,768
5.869%, 09/15/40 (b)		4,043,809		3,028,559
6.701%, 06/15/38 (b)		576,992		318,120
10.014%, 1M LIBOR + 7.620%, 07/15/32 (144A) (b)		26,600,000		26,467,849

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, 2019 (Unaudited)

Mortgage-Backed Securities—(Continued)


Security Description	Principal Amount*		Value

Commercial Mortgage-Backed Securities—(Continued)
Credit Suisse Mortgage Capital LLC 4.373%, 09/15/37 (144A)		6,620,000	$	6,216,571
DBUBS Mortgage Trust 3.750%, 08/10/44 (144A)		5,180,000		3,665,782
GE Business Loan Trust 2.814%, 1M LIBOR + 0.420%, 05/15/34 (144A) (b)		402,870		378,294
GE Commercial Mortgage Corp. Trust 5.677%, 12/10/49 (b)		220,000		50,792
GMAC Commercial Mortgage Securities, Inc. 5.349%, 11/10/45 (b)		1,034,812		724,296
GS Mortgage Securities Trust 5.622%, 11/10/39		1,497,636		1,317,919
JPMorgan Chase Commercial Mortgage Securities Trust 6.583%, 02/15/51 (b)		124,159		118,677
Lone Star Portfolio Trust
9.544%, 1M LIBOR + 7.150%, 09/15/28 (144A) (b)		5,545,947		5,559,636
9.612%, 1M LIBOR + 7.218%, 09/15/20 (144A) (b)		2,427,167		2,440,588
ML-CFC Commercial Mortgage Trust
5.450%, 08/12/48 (b)		476,042		304,858
5.450%, 08/12/48 (144A) (b)		54,467		34,881
6.193%, 09/12/49 (b)		556,742		234,277
6.222%, 09/12/49 (b)		769,405		323,688
Morgan Stanley Capital Trust 5.399%, 12/15/43		1,017,656		754,510
Multifamily Trust 14.743%, 04/25/46 (144A) (b)		8,174,760		8,271,231
UBS-Barclays Commercial Mortgage Trust
5.000%, 05/10/63 (144A) (b)		4,530,000		3,043,446
Waterfall Commercial Mortgage Trust 4.104%, 09/14/22 (144A) (b)		1,135,728		1,168,049

				72,349,526

Total Mortgage-Backed Securities (Cost $213,141,714)				231,647,729


U.S. Treasury & Government Agencies—4.8%

Agency Sponsored Mortgage - Backed—4.2%
Fannie Mae 15 Yr. Pool
3.000%, TBA (n)		100,000		101,938
5.000%, 12/01/21		4,555		4,661
Fannie Mae 20 Yr. Pool 3.000%, 12/01/37		1,865,262		1,898,811
Fannie Mae 30 Yr. Pool
3.000%, 11/01/46		3,230,345		3,270,566
3.000%, 11/01/48		773,492		781,541
4.000%, TBA (n)		600,000		619,980
5.000%, 01/01/39		245,067		265,585
5.000%, 06/01/40		139,579		151,614
5.000%, 07/01/40		99,142		107,716
5.000%, 11/01/48		527,868		559,680
5.000%, TBA (n)		700,000		739,767
6.000%, 07/01/38		14,515		16,090
6.500%, 08/01/31		273		303

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.500%, 12/01/36		858		1,005
6.500%, 06/01/37		15,497		17,188
6.500%, 10/01/37		12,333		14,026
7.000%, 05/01/26		1,037		1,085
7.000%, 07/01/30		240		244
7.000%, 01/01/31		250		269
7.000%, 07/01/31		1,136		1,212
7.000%, 09/01/31		2,379		2,631
7.000%, 10/01/31		2,298		2,614
7.000%, 11/01/31		16,693		17,655
7.000%, 01/01/32		5,296		5,394
7.500%, 12/01/29		423		428
7.500%, 01/01/30		355		415
7.500%, 02/01/30		294		295
7.500%, 06/01/30		100		101
7.500%, 08/01/30		76		77
7.500%, 09/01/30		492		556
7.500%, 10/01/30		23		24
7.500%, 11/01/30		9,167		9,600
7.500%, 02/01/31		1,046		1,055
8.000%, 08/01/27		169		172
8.000%, 07/01/30		424		507
8.000%, 09/01/30		366		381
Fannie Mae Pool
3.500%, 02/01/47		11,974,308		12,343,135
3.500%, 02/01/48		97,111		99,924
4.000%, 06/01/49		100,000		103,699
Fannie Mae REMICS (CMO)
2.754%, 1M LIBOR + 0.350%, 05/25/34 (b)		90,301		90,109
4.500%, 06/25/29		164,804		170,811
Freddie Mac 20 Yr. Gold Pool
3.000%, 02/01/38		2,162,329		2,191,815
3.000%, 04/01/38		1,930,097		1,957,952
Freddie Mac 30 Yr. Gold Pool
3.000%, 04/01/47		1,485,378		1,504,385
3.000%, 04/01/49		6,400,794		6,460,104
4.000%, 05/01/48		23,036		23,948
4.000%, 07/01/48		558,490		580,015
4.000%, 09/01/48		2,084,035		2,156,248
4.000%, 10/01/48		166,594		173,314
4.000%, 11/01/48		344,774		358,069
4.000%, 12/01/48		959,901		993,262
4.000%, 01/01/49		1,054,636		1,090,964
5.000%, 11/01/48		85,470		90,533
6.000%, 12/01/36		11,020		12,203
6.000%, 02/01/37		11,059		12,527
7.000%, 03/01/39		87,245		101,534
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 1.375%, 08/25/42 (b) (m)		70,400,000		2,614,304
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)
5.654%, 1M LIBOR + 3.250%, 07/25/29 (b)		11,730,000		12,398,123
5.854%, 1M LIBOR + 3.450%, 10/25/29 (b)		17,780,000		19,011,534
6.854%, 1M LIBOR + 4.450%, 03/25/30 (b)		8,840,000		9,576,995
6.904%, 1M LIBOR + 4.500%, 02/25/24 (b)		2,210,000		2,453,583

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, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)
7.554%, 1M LIBOR + 5.150%, 10/25/29 (b)		10,500,000	$	11,955,348
13.404%, 1M LIBOR + 11.000%, 10/25/48 (144A) (b)		6,500,000		7,291,265
Ginnie Mae I 30 Yr. Pool
3.000%, 09/15/42		32,497		33,246
3.000%, 11/15/42		37,088		37,941
3.500%, 06/15/48		3,933,369		4,078,555
5.000%, 04/15/35		8,652		9,386
5.500%, 01/15/34		40,342		45,551
5.500%, 04/15/34		12,264		13,793
5.500%, 07/15/34		69,770		78,782
5.500%, 10/15/34		43,818		47,941
5.750%, 10/15/38		93,772		102,004
6.000%, 02/15/33		1,184		1,351
6.000%, 03/15/33		3,894		4,355
6.000%, 06/15/33		3,523		4,010
6.000%, 07/15/33		5,993		6,733
6.000%, 09/15/33		4,909		5,372
6.000%, 10/15/33		2,373		2,639
6.000%, 08/15/34		13,624		14,910
6.500%, 03/15/29		742		815
6.500%, 02/15/32		695		807
6.500%, 03/15/32		761		886
6.500%, 11/15/32		3,627		4,063
7.000%, 03/15/31		91		92
Ginnie Mae II 30 Yr. Pool
3.000%, 01/20/47		76,894		78,675
3.000%, 09/20/47		697,171		712,952
3.000%, 11/20/47		2,789,858		2,853,009
3.500%, 06/20/44		1,724,004		1,791,727
3.500%, 03/20/45		39,084		40,546
3.500%, TBA (n)		6,600,000		6,815,531
4.000%, 11/20/47		321,852		335,437
4.000%, 12/20/47		163,983		170,831
4.000%, 01/20/49		196,465		203,703
4.000%, TBA (n)		1,000,000		1,036,602
5.000%, 08/20/34		42,879		46,136
5.000%, 12/20/48		1,755,102		1,835,344
5.000%, 01/20/49		882,285		922,622
5.500%, 03/20/34		6,145		6,731
6.000%, 05/20/32		8,377		9,608
6.000%, 11/20/33		9,869		11,313
Ginnie Mae II ARM Pool
3.850%, 1Y H15 + 1.440%, 01/20/60 (b)		601,094		616,047
4.154%, 1Y H15 + 1.755%, 05/20/60 (b)		454,872		466,615
Government National Mortgage Association (CMO)
0.337%, 03/16/47 (b) (m)		6,214,376		69,918
0.425%, 04/16/52 (b) (m)		10,231,556		129,530
0.793%, 07/16/58 (b) (m)		3,830,241		261,555
2.767%, 1M LIBOR + 0.300%, 05/20/68 (b)		2,900,509		2,884,360
3.000%, 04/20/41		399,600		403,085

				130,605,998


U.S. Treasury—0.6%
U.S. Treasury Bond
3.000%, 02/15/49		420,000		460,622
U.S. Treasury Note 1.625%, 03/15/20 (a)		20,000,000		19,941,406

				20,402,028

Total U.S. Treasury & Government Agencies (Cost $149,937,882)				151,008,026


Convertible Bonds—1.4%

Internet—0.2%
Twitter, Inc. 1.000%, 09/15/21		5,490,000		5,254,442


Media—0.6%
DISH Network Corp.
2.375%, 03/15/24		2,130,000		1,967,620
3.375%, 08/15/26 (a)		8,440,000		8,205,234
Liberty Latin America, Ltd. 2.000%, 07/15/24		2,450,000		2,466,644
Liberty Media Corp. 2.125%, 03/31/48		6,410,000		6,221,706

				18,861,204


Oil & Gas—0.4%
Chesapeake Energy Corp. 5.500%, 09/15/26 (a)		4,120,000		3,288,496
Whiting Petroleum Corp. 1.250%, 04/01/20		9,480,000		9,171,900

				12,460,396


Pharmaceuticals—0.1%
Teva Pharmaceutical Finance Co. LLC 0.250%, 02/01/26		4,560,000		4,169,550


Pipelines—0.1%
Cheniere Energy, Inc. 4.250%, 03/15/45 (a)		4,280,000		3,351,668

Total Convertible Bonds (Cost $44,624,967)				44,097,260


Convertible Preferred Stock—0.2%

Banks—0.2%
Wells Fargo & Co., Series L 7.500% (Cost $5,598,292)		4,965		6,773,253

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, 2019 (Unaudited)

Municipals—0.1%


Security Description	Principal Amount*/ Shares		Value
Massachusetts State Development Finance Agency, Board Institute, Revenue Bond 5.375%, 04/01/41		400,000	$	428,348
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds
5.000%, 12/15/30		750,000		818,888
5.000%, 12/15/31		1,550,000		1,688,771
Virginia Housing Development Authority 6.000%, 06/25/34		554,492		588,649

Total Municipals (Cost $3,435,672)				3,524,656


Preferred Stocks—0.1%

Banks—0.0%
Citigroup Capital, 8.953%, 3M LIBOR + 6.370%, 10/30/40 (b)		48,560		1,339,770


Capital Markets—0.1%
B. Riley Financial, Inc., 6.875%, 09/30/23 (a)		64,075		1,646,728

Total Preferred Stocks (Cost $2,896,890)				2,986,498


Common Stocks—0.1%

Diversified Consumer Services—0.0%
Ascent CNR Corp. - Class A (p)		1,399,556		27,991


Media—0.0%
Cengage Learning, Inc. (p)		10,995		137,438
ION Media Networks, Inc.		785		539,687

				677,125


Oil, Gas & Consumable Fuels—0.1%
Berry Petroleum Corp. (a)		169,957		1,801,544

Total Common Stocks (Cost $4,090,193)				2,506,660


Escrow Shares—0.0%

Energy Equipment & Services—0.0%
Hercules Offshore, Inc.(g) (o) (p)		10,611		7,017


Forest Products & Paper—0.0%
Sino-Forest Corp. (g) (o) (f)		1,246,000		0
Sino-Forest Corp. (g) (o) (f)		500,000		0

				0


Oil & Gas—0.0%
Berry Petroleum Co. LLC (f)(g) (o)		850,000		0
Berry Petroleum Co. LLC (f) (g) (o)		1,040,000		0

				0

Total Escrow Shares (Cost $463,409)				7,017

Short-Term Investments—0.2%
Security Description	Principal Amount*		Value

Repurchase Agreements—0.2%
Bank of America N.A. Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $3,000,618; collateralized by U.S. Treasury Note at 3.000%, maturing 11/15/44, with a market value of $3,000,836.		3,000,000	$	3,000,000
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $1,945,221; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $1,987,445.		1,945,026		1,945,026

Total Short-Term Investments (Cost $4,945,026)				4,945,026


Securities Lending Reinvestments (q)—11.3%

Certificates of Deposit—8.0%
Banco Del Estado De Chile New York
2.564%, 1M LIBOR + 0.160%, 11/22/19 (b)		5,000,000		5,000,425
2.592%, 1M LIBOR + 0.180%, 10/09/19 (b)		3,000,000		3,000,423
Banco Santander S.A. 2.600%, 07/05/19		3,000,000		3,000,156
Bank of Montreal (Chicago)
2.512%, 1M LIBOR + 0.100%, 10/11/19 (b)		3,000,000		3,000,099
2.590%, SOFR + 0.170%, 02/07/20 (b)		2,000,000		2,000,112
2.751%, 1M LIBOR + 0.330%, 08/06/19 (b)		5,000,000		5,001,435
Bank of Nova Scotia 2.564%, 1M LIBOR + 0.170%, 05/15/20 (b)		10,000,000		9,999,080
Barclays Bank plc
2.950%, 08/02/19		5,000,000		5,002,630
3.000%, 09/19/19		3,060,813		3,004,023
BNP Paribas S.A. New York 2.615%, 3M LIBOR + 0.050%, 11/06/19 (b)		2,000,000		2,000,736
Canadian Imperial Bank of Commerce
2.644%, 1M LIBOR + 0.250%, 10/15/19 (b)		10,000,000		10,003,290
2.660%, 1M LIBOR + 0.270%, 07/19/19 (b)		7,000,000		7,000,616
Chiba Bank, Ltd.
2.400%, 09/19/19		3,000,000		3,000,060
2.450%, 08/12/19		2,000,000		2,000,316
China Construction Bank Corp.
2.600%, 09/05/19		4,000,000		4,000,888
2.630%, 08/30/19		3,000,000		3,000,912
Credit Agricole S.A. 2.593%, 1M LIBOR + 0.210%, 12/20/19 (b)		7,000,000		7,003,542
Credit Industriel et Commercial
Zero Coupon, 08/01/19		2,956,248		2,993,370
2.590%, 1M LIBOR + 0.160%, 03/05/20 (b)		3,000,000		3,000,222
2.687%, 3M LIBOR + 0.090%, 10/15/19 (b)		5,000,000		5,001,385
Credit Suisse AG
2.561%, 1M LIBOR + 0.130%, 11/04/19 (b)		5,000,000		4,999,670
2.580%, 1M LIBOR + 0.140%, 10/02/19 (b)		10,000,000		10,000,040
DZ Bank AG New York Zero Coupon, 07/05/19		1,986,874		1,999,060

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, 2019 (Unaudited)

Securities Lending Reinvestments (q)—(Continued)


Security Description	Principal Amount*		Value

Certificates of Deposit—(Continued)
HSBC Bank USA, N.A. 2.565%, 3M LIBOR + 0.000%, 08/05/19 (b)		5,000,000	$	4,999,600
Industrial & Commercial Bank of China, Ltd.
2.620%, 09/03/19		2,000,000		2,000,316
2.630%, 08/28/19		8,000,000		8,002,624
2.660%, 07/15/19		3,000,000		3,000,351
KBC Bank NV
Zero Coupon, 07/10/19		2,983,899		2,998,410
Zero Coupon, 10/25/19		4,935,000		4,963,174
2.610%, 07/02/19		4,000,000		4,000,000
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 08/09/19		3,973,900		3,989,080
Zero Coupon, 09/24/19		3,976,172		3,977,240
Mizuho Bank, Ltd.
2.524%, 1M LIBOR + 0.120%, 11/27/19 (b)		5,000,000		5,001,285
2.672%, 3M LIBOR + 0.080%, 07/09/19 (b)		3,000,000		3,000,273
MUFG Bank Ltd.
2.574%, 1M LIBOR + 0.170%, 02/24/20 (b)		2,000,000		2,000,006
2.800%, 07/16/19		1,000,000		1,000,200
Natixis New York 2.747%, 3M LIBOR + 0.150%, 10/15/19 (b)		2,000,000		2,000,794
Rabobank International London 2.592%, 1M LIBOR + 0.190%, 04/24/20 (b)		5,000,000		5,002,050
Royal Bank of Canada New York 2.604%, 1M LIBOR + 0.210%, 09/17/19 (b)		8,000,000		8,002,312
Shizuoka Bank 2.570%, 08/06/19		3,000,000		3,000,621
Societe Generale
2.663%, 1M LIBOR + 0.280%, 06/19/20 (b)		2,000,000		1,999,980
2.672%, 3M LIBOR + 0.080%, 07/09/19 (b)		3,000,000		3,000,324
2.730%, FEDEFF PRV + 0.350%, 06/19/20 (b)		2,000,000		1,999,994
Standard Chartered Bank
2.524%, 1M LIBOR + 0.130%, 11/15/19 (b)		4,000,000		4,000,144
2.660%, 08/23/19		10,000,000		10,004,630
Sumitomo Mitsui Banking Corp.
2.542%, 1M LIBOR + 0.130%, 12/09/19 (b)		3,000,000		3,000,147
2.553%, 1M LIBOR + 0.140%, 11/12/19 (b)		2,000,000		2,000,238
2.589%, 1M LIBOR + 0.170%, 08/07/19 (b)		3,000,021		3,000,315
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 08/06/19		986,338		997,470
Zero Coupon, 08/08/19		986,362		997,340
2.523%, 1M LIBOR + 0.140%, 11/20/19 (b)		4,000,000		4,000,400
2.600%, 07/05/19		9,000,000		9,000,369
Svenska Handelsbanken AB
2.592%, 1M LIBOR + 0.180%, 06/05/20 (b)		5,000,000		5,000,950
2.702%, 1M LIBOR + 0.300%, 10/31/19 (b)		2,000,000		2,001,458
Toronto-Dominion Bank 2.604%, 1M LIBOR + 0.210%, 09/17/19 (b)		6,000,000		6,002,136
U.S. Bank N.A. 2.664%, 1M LIBOR + 0.260%, 07/23/19 (b)		6,000,000		6,000,810
Wells Fargo Bank N.A.
2.721%, 3M LIBOR + 0.140%, 07/11/19 (b)		8,000,000		7,999,612
2.796%, 3M LIBOR + 0.210%, 10/25/19 (b)		4,000,000		4,003,172
Westpac Banking Corp. 2.680%, FEDEFF PRV + 0.300%, 02/14/20 (b)		4,000,000		3,999,978

				250,960,293


Commercial Paper—1.6%
Agricultural Bank of China
2.570%, 09/11/19		2,980,511		2,983,854
2.610%, 08/13/19		4,966,650		4,983,375
Bank of China, Ltd.
2.640%, 09/09/19		993,400		994,724
2.670%, 07/17/19		3,973,300		3,994,524
China Construction Bank Corp.
2.620%, 09/03/19		1,986,609		1,990,438
HSBC Bank plc 2.722%, 1M LIBOR + 0.320%, 07/30/19 (b)		3,000,000		3,000,597
ING Funding LLC 2.600%, 3M LIBOR + 0.040%, 11/04/19 (b)		2,000,000		2,000,506
LMA S.A. & LMA Americas, Corp. 2.570%, 08/14/19		2,974,300		2,990,472
Royal Bank of Canada 2.757%, 3M LIBOR + 0.160%, 01/14/20 (b)		3,000,000		3,002,526
Sheffield Receivables Co. 2.600%, SOFR + 0.180%, 12/03/19 (b)		1,000,000		999,995
Societe Generale 2.812%, 3M LIBOR + 0.410%, 12/18/19 (b)		4,007,096		4,007,592
Starbird Funding Corp. 2.600%, 07/01/19		1,999,603		1,999,590
Thunder Bay Funding LLC 2.540%, 1M LIBOR + 0.100%, 12/05/19 (b)		5,000,000		5,000,260
Toronto-Dominion Bank 2.780%, 1M LIBOR + 0.350%, 11/05/19 (b)		7,000,000		7,006,825
Westpac Banking Corp. 2.552%, 1M LIBOR + 0.150%, 05/29/20 (b)		4,999,143		5,000,015

				49,955,293


Repurchase Agreements—1.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $1,164,599; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24—02/15/47, and an aggregate market value of $1,187,664.		1,164,376		1,164,376
Citadel Clearing LLC Repurchase Agreement dated 06/28/19 at 2.970%, due on 09/30/19 with a maturity value of $8,062,040; collateralized by various Common Stock with an aggregate market value of $8,802,179.		8,000,000		8,000,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/28/19 at 2.710%, due on 08/02/19 with a maturity value of $9,023,713; collateralized by various Common Stock with an aggregate market value of $9,900,001.		9,000,000		9,000,000
Repurchase Agreement dated 06/28/19 at 2.760%, due on 08/02/19 with a maturity value of $2,005,367; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000

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, 2019 (Unaudited)

Securities Lending Reinvestments (q)—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $2,900,628; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $2,958,001.		2,900,000	$	2,900,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $400,092; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $408,002.		400,000		400,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $1,800,380; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $1,843,264.		1,800,000		1,800,000
Repurchase Agreement dated 06/28/19 at 2.560%, due on 07/05/19 with a maturity value of $2,000,996; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.750%, maturity dates ranging from 08/15/19 - 02/15/48, and various Common Stock with an aggregate market value of $2,188,624.		2,000,000		2,000,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $5,101,050; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $5,495,597.		5,100,000		5,100,000
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $4,600,947; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $4,956,813.		4,600,000		4,600,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $7,003,403; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $7,542,977.		7,000,000		7,000,000

Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $10,004,861; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $10,775,681.		10,000,000		10,000,000

				53,964,376

Total Securities Lending Reinvestments (Cost $354,822,656)				354,879,962

Total Purchased Options— 0.1% (r) (Cost $3,893,268)				1,579,493

Total Investments— 110.2% (Cost $3,393,025,802)				3,447,779,688
Unfunded Loan Commitments— (0.0)% (Cost $(1,282,051))				(1,282,051	)
Net Investments— 110.2% (Cost $3,391,743,751)				3,446,497,637
Other assets and liabilities (net)—(10.2)%				(318,364,903	)

Net Assets—100.0%			$	3,128,132,734


*		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, 2019, the market value of securities loaned was $337,159,536 and the collateral received consisted of cash in the amount of $354,690,616. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)		Variable or floating rate security. The stated rate represents the rate at June 30, 2019. 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)		Payment-in-kind security for which part of the income earned may be paid as additional principal.
(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, 2019, the market value of restricted securities was $4,113,464, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(e)		Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(f)		Non-income producing; security is in default and/or issuer is in bankruptcy.
(g)		Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, these securities represent 0.05% of net assets.

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, 2019 (Unaudited)


(i)		Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(j)		Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(k)		This loan will settle after June 30, 2019, at which time the interest rate will be determined.
(l)		Principal amount of security is adjusted for inflation.
(m)		Interest only security.
(n)		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.
(o)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(p)		Non-income producing security.
(q)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(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, 2019, the market value of 144A securities was $1,343,227,373, which is 42.9% of net assets.


Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Liberty Mutual Insurance Co. 7.697%, 10/15/97		06/08/11		2,600,000	$	2,522,470	$	3,752,734
Midwest Vanadium Pty, Ltd. 13.250%, 02/15/18		05/24/11		932,290		961,424		93
Standard Chartered plc 5.700%, 03/26/44		03/21/14		310,000		301,492		360,637

							$	4,113,464

Forward Foreign Currency Exchange Contracts


Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ARS	232,614,000	CBNA		07/17/19		USD	5,220,242	$	128,363
AUD	4,980,000	CBNA		07/17/19		USD	3,429,676		68,375
BRL	7,740,000	BBP		07/17/19		USD	1,961,928		50,954
BRL	60,000	CBNA		07/17/19		USD	15,375		229
BRL	4,799,893	CBNA		07/17/19		USD	1,229,985		18,286
BRL	12,510,000	CBNA		07/17/19		USD	3,206,706		46,673
BRL	2,470,000	JPMC		07/17/19		USD	632,984		9,369
CAD	500,000	BBP		07/17/19		USD	374,403		7,546
CAD	3,350,000	BBP		07/17/19		USD	2,485,923		73,133
CAD	9,533,510	BBP		07/17/19		USD	7,073,456		209,166
CAD	9,690,000	CBNA		07/17/19		USD	7,402,064		100
CAD	9,900,000	CBNA		07/17/19		USD	7,335,099		227,483
CAD	9,922,212	JPMC		08/19/19		USD	7,406,571		177,677
CHF	378,810	BBP		07/17/19		USD	376,932		11,668
EUR	2,260,000	BBP		07/17/19		USD	2,536,479		36,589
EUR	2,410,000	BBP		07/17/19		USD	2,700,911		42,936
EUR	2,500,000	BBP		07/17/19		USD	2,821,990		24,324
EUR	2,540,000	BBP		07/17/19		USD	2,860,673		31,182
EUR	2,800,000	BBP		07/17/19		USD	3,149,380		38,493
EUR	3,000,000	BBP		07/17/19		USD	3,378,821		36,756
EUR	4,990,000	BBP		07/17/19		USD	5,577,247		103,997
EUR	12,777,334	BBP		07/17/19		USD	14,556,578		(9,253	)
EUR	1,000,000	CBNA		07/17/19		USD	1,134,870		3,656
EUR	1,750,000	CBNA		07/17/19		USD	1,988,550		3,871
EUR	2,040,000	CBNA		07/17/19		USD	2,291,136		31,457
EUR	2,880,000	CBNA		07/17/19		USD	3,246,365		32,590
EUR	2,950,000	CBNA		07/17/19		USD	3,341,525		17,126
EUR	4,820,000	CBNA		07/17/19		USD	5,414,241		73,454
EUR	4,830,000	CBNA		07/17/19		USD	5,433,301		65,779
EUR	5,040,000	CBNA		07/17/19		USD	5,724,246		13,925
EUR	5,620,000	CBNA		07/17/19		USD	6,347,902		50,613
EUR	5,870,000	CBNA		07/17/19		USD	6,641,956		41,191
EUR	16,759,730	CBNA		08/12/19		USD	19,015,590		105,167

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, 2019 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)


Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
GBP	400,000	CBNA		07/17/19		USD	525,488	$	(17,122	)
GBP	2,400,000	CBNA		07/17/19		USD	3,114,072		(63,875	)
GBP	4,200,000	JPMC		07/17/19		USD	5,336,583		1,262
IDR	40,502,372,750	BBP		07/11/19		USD	2,822,465		41,681
IDR	114,574,705,828	CBNA		07/17/19		USD	7,927,948		168,823
IDR	113,329,238,000	BBP		08/28/19		USD	7,766,000		204,005
IDR	114,574,705,828	BBP		10/17/19		USD	7,978,184		35,738
INR	491,838,000	BBP		07/17/19		USD	6,975,238		136,529
INR	491,838,000	BBP		10/17/19		USD	6,997,766		33,146
JPY	1,315,706,811	CBNA		07/17/19		USD	11,887,485		330,334
MXN	803,424,883	CBNA		07/17/19		USD	41,202,333		554,271
MXN	49,000,000	JPMC		07/17/19		USD	2,546,526		163
NZD	700,000	BBP		07/17/19		USD	472,139		(1,715	)
PHP	1,803,342,000	JPMC		07/17/19		USD	33,827,462		1,350,661
PHP	515,235,000	JPMC		10/17/19		USD	10,004,563		2,133
PLN	3,719	BBP		07/17/19		USD	973		23
RUB	7,210,000	BBP		07/17/19		USD	108,479		5,294
RUB	5,924,950	CBNA		07/17/19		USD	89,765		3,730
SEK	4,000,000	BBP		07/17/19		USD	434,676		(3,433	)
TWD	7,361,600	JPMC		07/17/19		USD	239,386		(2,157	)
TWD	7,361,600	JPMC		10/17/19		USD	238,788		(386	)

Contracts to Deliver
ARS	611,342,000	JPMC		07/17/19		USD	12,317,993		(1,738,887	)
AUD	43,003	BBP		07/17/19		USD	30,971		765
AUD	13,043,331	CBNA		07/17/19		USD	9,295,402		133,507
AUD	43,259,471	JPMC		07/17/19		USD	30,079,435		(306,877	)
AUD	2,859,295	BBP		08/19/19		USD	1,983,493		(26,988	)
CAD	13,164,407	BBP		07/17/19		USD	9,911,912		(144,342	)
CAD	5,960,000	BBP		07/17/19		USD	4,515,004		(37,823	)
CAD	9,922,212	JPMC		08/19/19		USD	7,410,000		(174,247	)
CAD	9,007,073	BNP		08/26/19		USD	6,689,000		(196,444	)
CAD	9,323,902	JPMC		10/02/19		USD	7,130,001		(1,472	)
EUR	81,763,200	BBP		07/17/19		USD	92,756,875		(332,642	)
EUR	4,620,000	BBP		07/17/19		USD	5,222,566		(37,424	)
EUR	1,600,000	BBP		07/17/19		USD	1,794,170		(27,471	)
EUR	4,850,000	CBNA		07/17/19		USD	5,471,959		(49,891	)
EUR	4,710,000	CBNA		07/17/19		USD	5,308,608		(53,849	)
EUR	2,890,000	CBNA		07/17/19		USD	3,273,183		(17,157	)
EUR	2,420,000	CBNA		07/17/19		USD	2,742,417		(12,816	)
EUR	1,930,000	CBNA		07/17/19		USD	2,184,827		(12,527	)
EUR	1,700,000	CBNA		07/17/19		USD	1,930,061		(5,433	)
EUR	26,502,852	JPMC		07/17/19		USD	29,945,652		(228,530	)
EUR	6,780,000	BBP		08/19/19		USD	7,656,925		(82,270	)
EUR	2,607,480	BBP		08/23/19		USD	2,931,564		(45,701	)
GBP	3,109,964	BBP		07/17/19		USD	4,088,452		135,950
IDR	40,502,372,750	BBP		07/11/19		USD	2,822,465		(41,681	)
IDR	114,574,705,828	BBP		07/17/19		USD	8,076,035		(20,736	)
IDR	113,329,238,000	JPMC		08/28/19		USD	7,766,532		(203,473	)
INR	491,838,000	BBP		07/17/19		USD	7,083,328		(28,439	)
MXN	32,000,000	GSC		07/17/19		USD	1,625,067		(38,077	)
PHP	579,648,150	BBP		07/17/19		USD	11,111,395		(195,908	)
PHP	708,458,850	DBAG		07/17/19		USD	13,547,872		(272,165	)
PHP	515,235,000	JPMC		07/17/19		USD	10,051,405		621
PHP	515,240,000	BBP		08/15/19		USD	9,868,607		(169,783	)
SEK	42,935,647	BBP		07/17/19		USD	4,661,598		32,684

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, 2019 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)


Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
TRY	2,193,900	CBNA		07/17/19		USD	362,329	$	(13,227	)
TWD	7,361,600	JPMC		07/17/19		USD	237,855		626
ZAR	198,594	GSC		07/17/19		USD	13,864		(210	)

Net Unrealized Appreciation								$	339,643

Futures Contracts


Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		12/16/19		625			USD	153,265,625		$	1,313,575
90 Day Eurodollar Futures		06/15/20		1,507			USD	370,646,650			3,821,300
Australian 10 Year Treasury Bond Futures		09/16/19		198			AUD	28,442,726			131,697
U.S. Treasury Note 10 Year Futures		09/19/19		3,664			USD	468,877,500			8,694,349
U.S. Treasury Note 2 Year Futures		09/30/19		159			USD	34,213,570			233,463
U.S. Treasury Note Ultra 10 Year Futures		09/19/19		97			USD	13,398,125			248,857
U.S. Treasury Ultra Long Bond Futures		09/19/19		1,999			USD	354,947,438			14,031,316

Futures Contracts—Short
30 Day FED Fund Futures		08/30/19		(114	)		USD	(46,532,347	)		(20,531	)
30 Day FED Fund Futures		01/31/20		(316	)		USD	(129,497,942	)		(204,700	)
Euro-Bund Futures		09/06/19		(463	)		EUR	(79,978,620	)		(1,017,961	)
Euro-Buxl 30 Year Bond Futures		09/06/19		(28	)		EUR	(5,681,200	)		(195,415	)
U.S. Treasury Long Bond Futures		09/19/19		(305	)		USD	(47,456,094	)		(1,258,652	)
U.S. Treasury Note 5 Year Futures		09/30/19		(5,052	)		USD	(596,925,375	)		(7,977,072	)
United Kingdom Long Gilt Bond Futures		09/26/19		(116	)		GBP	(15,114,800	)		(217,847	)

Net Unrealized Appreciation										$	17,582,379

Purchased Options

Credit Default Swaptions

Strike
Spread

Counterparty

Floating Rate
Index

Buy/Sell
Protection

Expiration
Date

Number of
Contracts

Notional
Amount

Premiums
Paid

Market
Value

Unrealized
Depreciation

Put - OTC - 5-Year CDS

0.700

CSI

CDX.NA.IG.32

Buy

09/18/19

75,160,000

USD

75,160,000

153,326

66,013

(87,313

)


Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Depreciation
USD Call/AUD Put	AUD	0.693	BBP		08/15/19		29,630,000		USD	29,630,000	$	480,342	$	157,958	$	(322,384	)
USD Call/EUR Put	EUR	1.139	BBP		07/15/19		29,600,000		USD	29,600,000		292,448		151,730		(140,718	)
USD Call/EUR Put	EUR	1.135	CBNA		08/08/19		36,970,000		USD	36,970,000		344,782		190,247		(154,535	)

Totals											$	1,117,572	$	499,935	$	(617,637	)


Options on Exchange-Traded Future Contracts	Strike Price			Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Depreciation
Put - S&P 500 Index E-Mini Futures		USD	2,700.000		07/19/19		934		USD	46,700	$	1,283,649	$	168,120	$	(1,115,529	)
Put - S&P 500 Index E-Mini Futures		USD	2,750.000		07/19/19		259		USD	12,950		317,819		71,225		(246,594	)
Put - S&P 500 Index E-Mini Futures		USD	2,800.000		07/19/19		140		USD	7,000		261,044		61,250		(199,794	)
Put - S&P 500 Index E-Mini Futures		USD	2,800.000		08/16/19		374		USD	18,700		444,910		420,750		(24,160	)
Put - S&P 500 Index E-Mini Futures		USD	2,700.000		08/16/19		487		USD	24,350		314,948		292,200		(22,748	)

Totals											$	2,622,370	$	1,013,545	$	(1,608,825	)

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, 2019 (Unaudited)

Written Options


Foreign Currency Options	Strike Price			Counterparty		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
USD Call/AUD Put		AUD	0.678		BBP		08/15/19		(59,260,000	)		USD	(59,260,000	)	$	(512,124	)	$	(100,090	)	$	412,034
USD Call/CAD Put		CAD	1.360		JPMC		08/16/19		(32,890,000	)		USD	(32,890,000	)		(109,524	)		(12,564	)		96,960
USD Call/CAD Put		CAD	1.373		BNP		08/23/19		(29,740,000	)		USD	(29,740,000	)		(127,441	)		(6,305	)		121,136
USD Call/CAD Put		CAD	1.334		JPMC		10/01/19		(32,200,000	)		USD	(32,200,000	)		(138,782	)		(141,229	)		(2,447	)
USD Call/EUR Put		EUR	1.104		BBP		08/21/19		(14,120,000	)		USD	(14,120,000	)		(58,175	)		(9,715	)		48,460
USD Call/EUR Put		EUR	1.113		BBP		08/15/19		(32,890,000	)		USD	(32,890,000	)		(101,959	)		(40,225	)		61,734
USD Put/IDR Call		IDR	14,197.000		BBP		08/26/19		(28,240,000	)		USD	(28,240,000	)		(159,838	)		(272,939	)		(113,101	)
USD Put/IDR Call		IDR	13,990.000		BBP		07/09/19		(10,415,000	)		USD	(10,415,000	)		(56,658	)		(9,509	)		47,149

Totals															$	(1,264,501	)	$	(592,576	)	$	671,925


Options on Exchange-Traded Futures Contracts	Strike Price			Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation
Put - S&P 500 Index E-Mini Futures		USD	2,500.000		07/19/19		(717	)		USD	(35,850	)	$	(427,994	)	$	(30,472	)	$	397,522
Put - S&P 500 Index E-Mini Futures		USD	2,600.000		07/19/19		(399	)		USD	(19,950	)		(266,037	)		(32,918	)		233,119
Put - S&P 500 Index E-Mini Futures		USD	2,600.000		08/16/19		(374	)		USD	(18,700	)		(130,115	)		(121,551	)		8,564
Put - U.S. Treasury Note 10 Year Futures		USD	126.500		07/26/19		(231	)		USD	(231,000	)		(82,616	)		(32,484	)		50,132
Put - U.S. Treasury Note 10 Year Futures		USD	127.500		07/26/19		(460	)		USD	(460,000	)		(200,454	)		(194,062	)		6,392

Totals													$	(1,107,216	)	$	(411,487	)	$	695,729

Swap Agreements

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		7.330	%	Monthly		04/06/22		MXN	3,542,500,000	$	(111,420	)	$	(85,736	)	$	(25,684	)
Pay	28-Day TIIE	Monthly		7.351	%	Monthly		04/05/21		MXN	5,174,130,000		(1,126,508	)		(40,304	)		(1,086,204	)
Pay	3M LIBOR	Quarterly		2.250	%	Semi-Annually		04/26/22		USD	176,443,000		1,099,471			38,310			1,061,161
Receive	3M LIBOR	Annually		1.385	%	Annually		10/30/21		GBP	158,777,000		(1,232,226	)		(44,871	)		(1,187,355	)
Receive	3M LIBOR	Semi-Annually		2.250	%	Quarterly		12/31/25		USD	79,360,000		(2,117,818	)		392,661			(2,510,479	)
Receive	3M LIBOR	Semi-Annually		2.300	%	Quarterly		04/26/23		USD	179,751,000		(1,020,049	)		11,575			(1,031,624	)
Receive	3M LIBOR	Semi-Annually		2.500	%	Quarterly		01/31/26		USD	173,900,000		(7,379,130	)		(2,257,083	)		(5,122,047	)
Receive	3M LIBOR	Semi-Annually		2.750	%	Quarterly		08/15/44		USD	39,474,000		(4,165,099	)		(105,770	)		(4,059,329	)
Receive	3M LIBOR	Semi-Annually		2.875	%	Quarterly		05/15/44		USD	40,552,000		(5,251,178	)		194,405			(5,445,583	)
Receive	6M EURIBOR	Annually		1.498	%	Annually		08/23/47		EUR	4,537,500		(1,076,638	)		(5,233	)		(1,071,405	)
Receive	6M LIBOR	Semi-Annually		1.271	%	Quarterly		10/26/21		GBP	32,768,000		(362,515	)		12,311			(374,826	)

Totals												$	(22,743,110	)	$	(1,889,735	)	$	(20,853,375	)

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, 2019^(b)			Notional Amount^(c)			Market Value			Upfront Premiums Received			Unrealized Depreciation
CDX.NA.HY.32		(5.000	%)		Quarterly		06/20/24		3.259	%		USD	56,730,000	$	(4,307,509	)	$	(3,274,040	)	$	(1,033,469	)

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, 2019 (Unaudited)

Swap Agreements—(Continued)

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, 2019^(b)			Notional Amount^(c)			Market Value			Upfront Premium Received			Unrealized Appreciation
Australia Government International Bond 4.750%, due 04/27/21		(1.000	%)		Quarterly		06/20/23		DBAG		0.158	%		USD	32,280,000	$	(1,052,058	)	$	(1,289,612	)	$	237,554

Securities in amount of $575,977 have been received at the custodian bank as collateral for forward foreign currency exchange contracts and 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.

Glossary of Abbreviations

Counterparties


(BBP)—		Barclays Bank plc
(BNP)—		BNP Paribas S.A.
(CBNA)—		Citibank N.A.
(CSI)—		Credit Suisse International
(DBAG)—		Deutsche Bank AG
(GSC)—		Goldman Sachs & Co.
(JPMC)—		JPMorgan Chase Bank N.A.

Currencies


(ARS)—		Argentine Peso
(AUD)—		Australian Dollar
(BRL)—		Brazilian Real
(CAD)—		Canadian Dollar
(CHF)—		Swiss Franc
(EUR)—		Euro
(GBP)—		British Pound
(IDR)—		Indonesian Rupiah
(INR)—		Indian Rupee
(JPY)—		Japanese Yen
(MXN)—		Mexican Peso
(NZD)—		New Zealand Dollar
(PHP)—		Philippine Peso
(PLN)—		Polish Zloty
(RUB)—		Russian Ruble
(SEK)—		Swedish Krona
(TRY)—		Turkish Lira
(TWD)—		Taiwanese Dollar
(USD)—		United States Dollar
(ZAR)—		South African Rand

Index Abbreviations


(CDX.NA.HY)—		Markit North America High Yield CDS Index
(CDX.NA.IG)—		Markit North America Investment Grade CDS Index
(EURIBOR)—		Euro InterBank Offered Rate
(FEDEFF PRV)—		Effective Federal Funds Rate
(H15)—		U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—		London Interbank Offered Rate
(MTA)—		Monthly Treasury Average Index
(SOFR)—		Secured Overnight Financing 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-27

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1			Level 2			Level 3		Total
Total Corporate Bonds & Notes*	$	—		$	1,793,576,892		$	—	$	1,793,576,892
Total Floating Rate Loans (Less Unfunded Loan Commitments of $1,282,051)*		—			330,754,147			—		330,754,147
Total Foreign Government*		—			262,958,734			—		262,958,734
Total Asset-Backed Securities*		—			255,252,284			—		255,252,284
Total Mortgage-Backed Securities*		—			231,647,729			—		231,647,729
Total U.S. Treasury & Government Agencies*		—			151,008,026			—		151,008,026
Total Convertible Bonds*		—			44,097,260			—		44,097,260
Total Convertible Preferred Stock*		6,773,253			—			—		6,773,253
Total Municipals*		—			3,524,656			—		3,524,656
Total Preferred Stocks*		2,986,498			—			—		2,986,498
Total Common Stocks*		—			2,506,660			—		2,506,660
Total Escrow Shares*		—			—			7,017		7,017
Total Short-Term Investments*		—			4,945,026			—		4,945,026
Total Securities Lending Reinvestments*		—			354,879,962			—		354,879,962
Purchased Options
Credit Default Swaptions at Value		—			66,013			—		66,013
Foreign Currency Options at Value		—			499,935			—		499,935
Options on Exchange-Traded Futures Contracts at Value		1,013,545			—			—		1,013,545
Total Purchased Options	$	1,013,545		$	565,948		$	—	$	1,579,493
Total Net Investments (Less Unfunded Loan Commitments of $1,282,051)	$	10,773,296		$	3,435,717,324		$	7,017	$	3,446,497,637

Collateral for Securities Loaned (Liability)	$	—		$	(354,690,616	)	$	—	$	(354,690,616	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	4,954,074		$	—	$	4,954,074
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(4,614,431	)		—		(4,614,431	)
Total Forward Contracts	$	—		$	339,643		$	—	$	339,643
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	28,474,557		$	—		$	—	$	28,474,557
Futures Contracts (Unrealized Depreciation)		(10,892,178	)		—			—		(10,892,178	)
Total Futures Contracts	$	17,582,379		$	—		$	—	$	17,582,379
Written Options
Foreign Currency Options at Value		—			(592,576	)		—		(592,576	)
Options on Exchange-Traded Futures Contracts at Value		(411,487	)		—			—		(411,487	)
Total Written Options	$	(411,487	)	$	(592,576	)	$	—	$	(1,004,063	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	1,061,161		$	—	$	1,061,161
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(22,948,005	)		—		(22,948,005	)
Total Centrally Cleared Swap Contracts	$	—		$	(21,886,844	)	$	—	$	(21,886,844	)

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, 2019 (Unaudited)

Fair Value Hierarchy—(Continued)


Description	Level 1		Level 2			Level 3		Total
OTC Swap Contracts
OTC Swap Contracts at Value (Liabilities)	$	—	$	(1,052,058	)	$	—	$	(1,052,058	)


*		See Schedule of Investments for additional detailed categorizations.

Transfers from Level 3 to Level 2 in the amount of $18,677,327 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, 2019 (Unaudited)


Assets
Investments at value (a) (b) (c)	$	3,446,497,637
Cash		624,877
Cash denominated in foreign currencies (d)		20,425,061
Cash collateral (e)		28,678,785
Unrealized appreciation on forward foreign currency exchange contracts		4,954,074
Receivable for:
Investments sold		24,806,282
TBA securities sold		103,250
Fund shares sold		298,455
Dividends and interest		37,962,294
Variation margin on futures contracts		344,285
Variation margin on centrally cleared swap contracts		707,403
Other assets		6,097

Total Assets		3,565,408,500
Liabilities
Written options at value (f)		1,004,063
OTC swap contracts at market value (g)		1,052,058
Unrealized depreciation on forward foreign currency exchange contracts		4,614,431
Collateral for securities loaned		354,690,616
Payables for:
Investments purchased		61,953,170
TBA securities purchased		9,384,492
Fund shares redeemed		1,294,976
Premium on purchased options		759,858
Interest on OTC swap contracts		14,036
Accrued Expenses:
Management fees		1,301,273
Distribution and service fees		199,802
Deferred trustees’ fees		278,966
Other expenses		728,025

Total Liabilities		437,275,766

Net Assets	$	3,128,132,734

Net Assets Consist of:
Paid in surplus	$	3,155,924,201
Distributable earnings (Accumulated losses)		(27,791,467	)

Net Assets	$	3,128,132,734

Net Assets
Class A	$	2,053,995,401
Class B		842,745,586
Class E		231,391,747
Capital Shares Outstanding*
Class A		155,146,400
Class B		64,156,663
Class E		17,562,352
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.24
Class B		13.14
Class E		13.18


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $3,391,743,751.
(b)		Includes securities loaned at value of $337,159,536.
(c)		Investments at value is net of unfunded loan commitments of $1,282,051.
(d)		Identified cost of cash denominated in foreign currencies was $20,944,309.
(e)		Includes collateral of $11,631,194 for futures contracts, $1,850,000 for OTC swap, options and forward currency exchange contracts and $15,197,591 for centrally cleared swap contracts.
(f)		Premiums received on written options were $2,371,717.
(g)		Premium received on OTC swap contracts was $1,289,612.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Dividends	$	338,781
Interest (a)		89,825,838
Securities lending income		782,773

Total investment income		90,947,392
Expenses
Management fees		8,664,752
Administration fees		60,735
Custodian and accounting fees		235,812
Distribution and service fees—Class B		1,020,487
Distribution and service fees—Class E		171,061
Audit and tax services		50,781
Legal		22,462
Trustees’ fees and expenses		31,323
Shareholder reporting		131,149
Insurance		10,446
Miscellaneous		15,187

Total expenses		10,414,195
Less management fee waiver		(850,212	)

Net expenses		9,563,983

Net Investment Income		81,383,409

Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		(10,205,198	)
Purchased options		(12,963,549	)
Futures contracts		25,349,856
Written options		3,255,519
Swap contracts		(1,100,300	)
Foreign currency transactions		765,936
Forward foreign currency transactions		5,148,538

Net realized gain		10,250,802

Net change in unrealized appreciation (depreciation) on:
Investments		205,343,839
Purchased options		1,393,081
Futures contracts		(199,073	)
Written options		452,419
Swap contracts		(13,149,768	)
Foreign currency transactions		(338,269	)
Forward foreign currency transactions		28,959

Net change in unrealized appreciation		193,531,188

Net realized and unrealized gain		203,781,990

Net Increase in Net Assets From Operations	$	285,165,399


(a)		Net of foreign withholding taxes of $230,364.

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, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	81,383,409		$	173,287,509
Net realized gain (loss)		10,250,802			(99,832,192	)
Net change in unrealized appreciation (depreciation)		193,531,188			(203,956,475	)

Increase (decrease) in net assets from operations		285,165,399			(130,501,158	)

From Distributions to Shareholders
Class A		(99,173,098	)		(117,171,030	)
Class B		(38,876,114	)		(44,827,471	)
Class E		(10,890,642	)		(13,064,427	)

Total distributions		(148,939,854	)		(175,062,928	)

Decrease in net assets from capital share transactions		(45,570,563	)		(150,812,214	)

Total increase (decrease) in net assets		90,654,982			(456,376,300	)

Net Assets
Beginning of period		3,037,477,752			3,493,854,052

End of period	$	3,128,132,734		$	3,037,477,752

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		1,165,700		$	15,517,087			3,007,055		$	40,426,096
Reinvestments		7,599,471			99,173,098			9,139,706			117,171,030
Redemptions		(11,865,371	)		(157,056,404	)		(19,372,540	)		(254,024,698	)

Net decrease		(3,100,200	)	$	(42,366,219	)		(7,225,779	)	$	(96,427,572	)

Class B
Sales		2,116,744		$	27,924,884			4,583,773		$	60,367,407
Reinvestments		3,002,016			38,876,114			3,521,404			44,827,471
Redemptions		(4,807,866	)		(63,060,505	)		(10,807,184	)		(140,943,216	)

Net increase (decrease)		310,894		$	3,740,493			(2,702,007	)	$	(35,748,338	)

Class E
Sales		206,251		$	2,736,344			1,048,477		$	13,822,436
Reinvestments		838,386			10,890,642			1,023,858			13,064,427
Redemptions		(1,562,893	)		(20,571,823	)		(3,468,938	)		(45,523,167	)

Net decrease		(518,256	)	$	(6,944,837	)		(1,396,603	)	$	(18,636,304	)

Decrease derived from capital shares transactions				$	(45,570,563	)				$	(150,812,214	)

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	12.68		$	13.93		$	13.40		$	12.53		$	13.43		$	13.45

Income (Loss) from Investment Operations
Net investment income (a)		0.36			0.71			0.67			0.62	(b)		0.59			0.64
Net realized and unrealized gain (loss)		0.87			(1.23	)		0.41			0.45			(0.80	)		0.09

Total income (loss) from investment operations		1.23			(0.52	)		1.08			1.07			(0.21	)		0.73

Less Distributions
Distributions from net investment income		(0.67	)		(0.73	)		(0.55	)		(0.20	)		(0.69	)		(0.75	)

Total distributions		(0.67	)		(0.73	)		(0.55	)		(0.20	)		(0.69	)		(0.75	)

Net Asset Value, End of Period	$	13.24		$	12.68		$	13.93		$	13.40		$	12.53		$	13.43

Total Return (%) (c)		9.76	(d)		(3.80	)		8.23			8.55			(1.72	)		5.47

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60	(e)		0.60			0.59			0.60			0.63			0.65
Net ratio of expenses to average net assets (%) (f)		0.55	(e)		0.54			0.54			0.54			0.59			0.61
Ratio of net investment income to average net assets (%)		5.40	(e)		5.33			4.88			4.74	(b)		4.51			4.77
Portfolio turnover rate (%)		29	(d)(g)		90	(g)		139	(g)		86			99	(g)		98	(g)
Net assets, end of period (in millions)	$	2,054.0		$	2,006.8		$	2,305.0		$	2,239.2		$	1,070.0		$	982.6

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	12.57		$	13.81		$	13.29		$	12.46		$	13.35		$	13.37

Income (Loss) from Investment Operations
Net investment income (a)		0.34			0.67			0.63			0.58	(b)		0.56			0.61
Net realized and unrealized gain (loss)		0.86			(1.22	)		0.41			0.45			(0.80	)		0.08

Total income (loss) from investment operations		1.20			(0.55	)		1.04			1.03			(0.24	)		0.69

Less Distributions
Distributions from net investment income		(0.63	)		(0.69	)		(0.52	)		(0.20	)		(0.65	)		(0.71	)

Total distributions		(0.63	)		(0.69	)		(0.52	)		(0.20	)		(0.65	)		(0.71	)

Net Asset Value, End of Period	$	13.14		$	12.57		$	13.81		$	13.29		$	12.46		$	13.35

Total Return (%) (c)		9.64	(d)		(4.02	)		7.93			8.30			(2.00	)		5.29

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(e)		0.85			0.85			0.85			0.88			0.90
Net ratio of expenses to average net assets (%) (f)		0.80	(e)		0.79			0.79			0.79			0.84			0.86
Ratio of net investment income to average net assets (%)		5.15	(e)		5.08			4.63			4.43	(b)		4.25			4.53
Portfolio turnover rate (%)		29	(d)(g)		90	(g)		139	(g)		86			99	(g)		98	(g)
Net assets, end of period (in millions)	$	842.7		$	802.6		$	919.1		$	911.7		$	189.9		$	220.7

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, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	12.61		$	13.85		$	13.33		$	12.48		$	13.38		$	13.39

Income (Loss) from Investment Operations
Net investment income (a)		0.34			0.68			0.65			0.59	(b)		0.57			0.62
Net realized and unrealized gain (loss)		0.88			(1.21	)		0.40			0.46			(0.81	)		0.09

Total income (loss) from investment operations		1.22			(0.53	)		1.05			1.05			(0.24	)		0.71

Less Distributions
Distributions from net investment income		(0.65	)		(0.71	)		(0.53	)		(0.20	)		(0.66	)		(0.72	)

Total distributions		(0.65	)		(0.71	)		(0.53	)		(0.20	)		(0.66	)		(0.72	)

Net Asset Value, End of Period	$	13.18		$	12.61		$	13.85		$	13.33		$	12.48		$	13.38

Total Return (%) (c)		9.72	(d)		(3.92	)		7.98			8.47			(1.90	)		5.40

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(e)		0.75			0.75			0.75			0.78			0.80
Net ratio of expenses to average net assets (%) (f)		0.70	(e)		0.69			0.69			0.69			0.74			0.76
Ratio of net investment income to average net assets (%)		5.25	(e)		5.18			4.73			4.52	(b)		4.35			4.63
Portfolio turnover rate (%)		29	(d)(g)		90	(g)		139	(g)		86			99	(g)		98	(g)
Net assets, end of period (in millions)	$	231.4		$	228.0		$	269.8		$	289.4		$	50.8		$	59.5


(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 0.02% 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 26%, 56%, 79%, 71%, 57% and 62% for the six months ended June 30, 2019 and the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

2. Significant Accounting Policies

BHFTII-34

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

BHFTII-35

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(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 distributable earnings (accumulated losses) and paid-in surplus. Book-tax differences are primarily due to expired capital loss carryforward. These adjustments have no impact on net assets or the results of operations.

BHFTII-36

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

Schedule of Investments. As of June 30, 2019, the Portfolio had open unfunded loan commitments of $1,282,051. At June 30, 2019, the Portfolio had sufficient cash and/or securities to cover these commitments.

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.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. 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 Portfolio is not entitled to any of the interest earned prior to settlement.

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $4,945,026. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $53,964,376. 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, 2019.


	Remaining Contractual Maturity of the Agreements As of June 30, 2019
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(1,392,544	)	$	—	$	—	$	—	$	(1,392,544	)
Convertible Bonds		(2,709,701	)		—		—		—		(2,709,701	)
Corporate Bonds & Notes		(343,531,738	)		—		—		—		(343,531,738	)
Foreign Government		(4,941,542	)		—		—		—		(4,941,542	)
Preferred Stocks		(24,250	)		—		—		—		(24,250	)
U.S. Treasury & Government Agencies		(2,090,841	)		—		—		—		(2,090,841	)
Total	$	(354,690,616	)	$	—	$	—	$	—	$	(354,690,616	)
Total Borrowings	$	(354,690,616	)	$	—	$	—	$	—	$	(354,690,616	)
Gross amount of recognized liabilities for securities lending transactions										$	(354,690,616	)

3. Investments in Derivative Instruments

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

BHFTII-39

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

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

BHFTII-40

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

BHFTII-41

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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”; (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; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.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, 2019 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 centrally cleared swap contracts (a) (b)	$	1,061,161	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	21,914,536
	Unrealized appreciation on futures contracts (b) (c)		28,474,557	Unrealized depreciation on futures contracts (b) (c)		10,892,178
				Written options at value (b)		226,546
Credit	Investments at market value (e)		66,013	OTC swap contracts at market value (d)		1,052,058
				Unrealized depreciation on centrally cleared swap contracts (a) (b)		1,033,469
Equity	Investments at market value (b) (e)		1,013,545
				Written options at value (b)		184,941
Foreign Exchange	Investments at market value (e)		499,935
	Unrealized appreciation on forward foreign currency exchange contracts		4,954,074	Unrealized depreciation on forward foreign currency exchange contracts		4,614,431
				Written options at value		592,576

Total		$	36,069,285		$	40,510,735


(a)		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.
(b)		Financial instrument not subject to a master netting agreement.
(c)		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.
(d)		Excludes OTC swap interest payable of $14,036.
(e)		Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.


Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	1,602,247	$	(1,602,247	)	$	—		$	—
Citibank N.A.		2,309,250		(245,897	)		(493,667	)		1,569,686
Credit Suisse International		66,013		—			(66,013	)		—
JPMorgan Chase Bank N.A.		1,542,512		(1,542,512	)		—			—

	$	5,520,022	$	(3,390,656	)	$	(559,680	)	$	1,569,686

BHFTII-42

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	1,638,087	$	(1,602,247	)	$	(35,840	)	$	—
BNP Paribas S.A.		202,749		—			(50,000	)		152,749
Citibank N.A.		245,897		(245,897	)		—			—
Deutsche Bank AG		1,324,223		—			(1,290,000	)		34,223
Goldman Sachs & Co.		38,287		—			—			38,287
JPMorgan Chase Bank N.A.		2,809,822		(1,542,512	)		(440,000	)		827,310

	$	6,259,065	$	(3,390,656	)	$	(1,815,840	)	$	1,052,569


*		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.


Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options	$	(4,264,151	)	$	—		$	(5,425,607	)	$	(3,273,791	)	$	(12,963,549	)
Forward foreign currency transactions		—			—			—			5,148,538			5,148,538
Futures contracts		25,349,856			—			—			—			25,349,856
Swap contracts		299,160			(1,399,460	)		—			—			(1,100,300	)
Written options		547,817			—			996,095			1,711,607			3,255,519

	$	21,932,682		$	(1,399,460	)	$	(4,429,512	)	$	3,586,354		$	19,690,064


Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options	$	3,567,911		$	(87,313	)	$	(1,481,663	)	$	(605,854	)	$	1,393,081
Forward foreign currency transactions		—			—			—			28,959			28,959
Futures contracts		(199,073	)		—			—			—			(199,073	)
Swap contracts		(10,308,694	)		(2,841,074	)		—			—			(13,149,768	)
Written options		285,316			—			451,336			(284,233	)		452,419

	$	(6,654,540	)	$	(2,928,387	)	$	(1,030,327	)	$	(861,128	)	$	(11,474,382	)

For the six months ended June 30, 2019, 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	$	202,727,758
Forward foreign currency transactions		571,730,495
Futures contracts long		1,780,941,187
Futures contracts short		(801,953,452	)
Swap contracts		1,525,389,321
Written options		(141,158,408	)


‡		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:

BHFTII-43

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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).

BHFTII-44

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

5. Investment Transactions


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$184,601,740	$	692,886,988	$	184,003,668	$	740,525,729

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2019 were as follows:


Purchases	Sales
$100,804,758	$	113,529,258

6. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$8,664,752		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.


% per annum reduction		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 April 30, 2018 to April 30, 2019. Amounts waived for the six months ended June 30, 2019 were 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.

BHFTII-45

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares and 0.15% of average daily net assets in the case of Class E shares. The Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2019 are shown as Distribution and service fees in the Statement of Operations.

7. Contractual Obligations

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	3,397,301,958

Gross unrealized appreciation		171,055,892
Gross unrealized depreciation		(125,613,413	)

Net unrealized appreciation (depreciation)	$	45,442,479

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$175,062,928	$	135,024,329	$	—	$	—	$	175,062,928	$	135,024,329

As of December 31, 2018, 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		Accumulated Capital Losses			Total
$149,097,462	$	—	$	(172,363,755	)	$	—	$	(140,483,589	)	$	(163,749,882	)

During the year ended December 31, 2018, the Portfolio had expired capital loss carryforwards of $2,454,113.

As of December 31, 2018, the Portfolio had accumulated short-term capital losses of $44,762,356 and accumulated long-term capital losses of $95,721,233.

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, 2019, the Class A, B and E shares of the Western Asset Management U.S. Government Portfolio returned 4.06%, 3.99%, and 4.00%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Intermediate Government Bond Index¹, returned 3.96%.

MARKET ENVIRONMENT / CONDITIONS

At the start of the year, the U.S. Federal Reserve (the “Fed”) made explicit its commitment to a “patient” and data-dependent approach after its confusing messaging in the fourth quarter of 2018 contributed to heightened market volatility. By leaving its target rate unchanged and by sharing additional details on its balance sheet wind-down, the dovish messaging from the March Federal Open Market Committee meeting allowed for a meaningful recovery in spread sectors to start the year.

During its June meeting, the Fed again kept rates on hold but delivered an even more dovish message through its statement, press conference and dot plots. Fed Chairman Powell communicated a clear path for cutting rates later this year, and even leaned into a cut at the July meeting as a strong possibility. The market responded accordingly with U.S. Treasury bonds rallying, investment-grade credit tightening and the U.S. dollar weakening. In Europe, the European Central Bank (the “ECB”) also struck a dovish tone during its own June meeting as it extended forward guidance by seven months to hold rates at current levels “at least through the first half of 2020.” ECB President Mario Draghi signaled that rates could be cut further and indicated quantitative easing could be reinstated if the inflation or growth outlook fails to improve.

The dovish tone set by global central banks in June was in part a reaction to global growth concerns which had intensified as the year wore on. What began as an initial trade spate between the U.S. and China, morphed into a broader conflict when trade talks between the two nations broke down in May and resulted in an increase in tariffs on Chinese imports to the U.S. Markets were subsequently rattled by the prospect of a U.S. recession, a sustained slowdown in eurozone growth and higher oil price volatility on escalating tensions in the Middle East. In the U.K., Theresa May announced her resignation as Prime Minister after repeatedly failing to get her Brexit plan through Parliament. The probability of a “hard Brexit” scenario increased as the market speculated on May’s successor, sending yields on U.K. gilts lower.

Despite uncertainty about global growth conditions, emerging markets positions benefited from an accommodative backdrop set by the U.S. Fed’s dovish pivot. The Fed pivot, along with signs of slowing U.S. growth outperformance, were constructive for emerging markets financial conditions and flows. Spreads and yields on both U.S. dollar and local currency denominated bonds moved lower over the first six months of the year.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Western Asset Management U.S. Government Portfolio outperformed its benchmark for the six months ended June 30, 2019.

Over the year-to-date period, the Portfolio’s top-down positioning, in aggregate, was a slight detractor to performance. While duration positioning was additive, ultimately the Portfolio’s yield curve positioning was a larger detractor. The Portfolio’s duration was tactically managed within a 90% to 110% position relative to the benchmark, beginning and ending the year-to-date period below the Index. This benefited performance for the period as rates fell considerably. Yield curve positioning over the first three months was focused on additions in long-end Treasuries, specifically Treasury Inflation-Protected Securities (“TIPS”) when real yields were well above 1.00%. The addition to TIPS increased overall duration and exposure to the yield curve. While this position contributed over the first quarter, it underperformed during the second quarter as expectations mounted for front-end rates due to disappointing inflation. The overall contribution from yield curve positioning over the six-month period was negative for performance.

Throughout the entire period, Agency bonds remained a substantial position in the Portfolio, providing safety as well as a small yield advantage over U.S. Treasuries. Their collective impact on performance was a modest positive contributor for the year-to-date period.

Early in the year, Agency Mortgage Backed Securities (Agency MBS) exposure was increased to over 40% of the Portfolio as MBS spreads benefited from the decline in implied interest rate volatility and stability in mortgage rates. During the second quarter, the Portfolio trimmed its exposure slightly as lower rates spurred re-financings, though the sector remains favored within U.S. government fixed-income. The net performance impact of the Portfolio’s Agency MBS exposure was also a modest positive contributor for the year-to-date period.

At the end of the period, the Portfolio’s exposure to non-U.S. sovereign paper was reduced modestly as yields narrowed.

Western Asset acknowledges that global growth concerns have intensified since last year, yet we believe overall global growth remained resilient on the back of steady U.S. growth, improving domestic conditions in Europe and signs that sustained monetary and fiscal stimuli across Asia are gaining traction. At period end, the Portfolio continued to be positioned for an environment in which we expected

BHFTII-1

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

spread product to outperform sovereign debt. Western Asset believes that the positive, slow-growth environment, with the Fed and other central banks shifting to an accommodative stance, bodes well for spread product in general.

Fredrick Marki

S. Kenneth Leech

Mark S. Lindbloom

Portfolio Managers

Western Asset Management Company

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

LOGO

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2019



	6 Month		1 Year		5 Year		10 Year
Western Asset Management U.S. Government Portfolio
Class A		4.06		5.81		1.89		2.93
Class B		3.99		5.65		1.65		2.67
Class E		4.00		5.66		1.74		2.77
Bloomberg Barclays U.S. Intermediate Government Bond Index		3.96		6.16		1.94		2.39

¹ The Bloomberg Barclays U.S. Intermediate Government Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations having maturities between one and ten years.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2019

Top Sectors


	% of Net Assets
U.S. Treasury & Government Agencies		86.3
Corporate Bonds & Notes		8.1
Foreign Government		7.2
Mortgage-Backed Securities		2.7
Asset-Backed Securities		1.1

BHFTII-3

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes


Western Asset Management U.S. Government Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period** January 1, 2019 to June 30, 2019
Class A (a)	Actual		0.49	%	$	1,000.00	$	1,040.60	$	2.48
	Hypothetical*		0.49	%	$	1,000.00	$	1,022.37	$	2.46

Class B (a)	Actual		0.74	%	$	1,000.00	$	1,039.90	$	3.74
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71

Class E (a)	Actual		0.64	%	$	1,000.00	$	1,040.00	$	3.24
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.62	$	3.21

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

(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, 2019 (Unaudited)

U.S. Treasury & Government Agencies—86.3% of Net Assets


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—41.9%
Fannie Mae 15 Yr. Pool
2.500%, TBA (a)		3,600,000	$	3,623,344
3.000%, TBA (a)		17,100,000		17,431,411
3.500%, TBA (a)		26,500,000		27,351,559
4.500%, 03/01/20		8,260		8,431
Fannie Mae 20 Yr. Pool
3.000%, 12/01/37		1,509,974		1,537,133
4.500%, 11/01/31		562,439		598,740
4.500%, 12/01/31		785,428		836,121
Fannie Mae 30 Yr. Pool
3.000%, 09/01/42		7,324,390		7,474,305
3.000%, 11/01/46		22,127,626		22,401,225
3.000%, 01/01/48		252,103		254,322
3.000%, 11/01/48		4,047,958		4,090,080
3.000%, TBA (a)		100,000		100,807
3.500%, 12/01/42		388,265		402,790
3.500%, 03/01/43		2,483,185		2,577,606
3.500%, 02/01/45		383,967		398,448
3.500%, 12/01/46		3,284,051		3,407,913
3.500%, 10/01/47		17,545,031		18,056,885
3.500%, 12/01/47		3,818,252		3,935,367
3.500%, 01/01/48		330,819		340,554
3.500%, 03/01/48		14,218,926		14,627,400
3.500%, 06/01/48		8,004,386		8,215,999
3.500%, 07/01/48		5,929,158		6,100,310
3.500%, 02/01/49		384,534		398,415
3.500%, 04/01/49		3,164,113		3,247,854
3.500%, 05/01/49		4,671,998		4,792,867
3.500%, 06/01/49		6,392,925		6,562,285
3.500%, TBA (a)		11,748,000		12,006,823
4.000%, 02/01/40		570,074		600,159
4.000%, 06/01/42		5,052,267		5,388,931
4.000%, 07/01/42		2,384,093		2,516,802
4.000%, 05/01/43		13,098,041		13,946,325
4.000%, 10/01/43		6,990,035		7,443,207
4.000%, 04/01/47		7,471,221		7,823,646
4.000%, 05/01/47		3,342,141		3,499,791
4.000%, 08/01/47		30,533,070		31,813,815
4.000%, 05/01/48		13,370,695		14,074,695
4.000%, TBA (a)		4,400,000		4,546,523
4.500%, 10/01/41		4,307,674		4,626,315
4.500%, 10/01/44		1,154,913		1,242,040
4.500%, 01/01/45		108,990		117,996
4.500%, 01/01/47		689,441		727,936
4.500%, 06/01/47		237,427		249,957
4.500%, 07/01/47		1,124,861		1,194,917
4.500%, 08/01/47		1,499,351		1,592,731
4.500%, TBA (a)		5,900,000		6,164,693
5.000%, 07/01/33		175,881		190,919
5.000%, 09/01/33		213,660		231,934
5.000%, 10/01/35		605,169		657,378
5.000%, 03/01/36		964,724		1,054,624
5.000%, 01/01/39		6,981		7,554
5.000%, 12/01/39		14,610		15,874
5.000%, 05/01/40		47,963		51,576
5.000%, 07/01/40		30,545		33,186


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 11/01/40		700,880	$	760,196
5.000%, 01/01/41		59,431		64,467
5.000%, 02/01/41		45,477		48,066
5.000%, 04/01/41		80,921		87,920
5.000%, 05/01/41		1,698,914		1,845,679
5.000%, 06/01/41		146,448		158,915
5.000%, 07/01/41		1,456,432		1,585,234
5.000%, 10/01/48		1,505,354		1,593,319
5.000%, 11/01/48		4,046,992		4,290,878
5.000%, TBA (a)		9,800,000		10,356,742
6.000%, 04/01/33		61,596		69,796
6.000%, 02/01/34		11,495		13,028
6.000%, 11/01/35		116,838		132,454
6.000%, 08/01/37		254,501		288,513
6.500%, 03/01/26		542		601
6.500%, 04/01/29		54,099		60,001
7.000%, 11/01/28		1,048		1,067
7.000%, 02/01/29		531		531
7.000%, 01/01/30		1,917		1,950
7.000%, 10/01/37		6,585		7,313
7.000%, 11/01/37		19,852		21,853
7.000%, 12/01/37		19,694		23,249
7.000%, 02/01/38		10,123		10,958
7.000%, 11/01/38		81,193		95,798
7.000%, 02/01/39		783,046		926,835
7.500%, 04/01/32		12,038		12,205
8.000%, 05/01/28		1,402		1,547
8.000%, 07/01/32		802		863
Fannie Mae Connecticut Avenue Securities (CMO)
3.084%, 1M LIBOR + 0.680%, 10/25/30 (b)		4,794,585		4,795,708
3.854%, 1M LIBOR + 1.450%, 01/25/29 (b)		105,002		105,313
Fannie Mae Interest Strip (CMO)
3.500%, 11/25/41 (c)		2,073,713		336,791
4.000%, 04/25/42 (c)		2,770,892		453,955
4.500%, 11/25/39 (c)		1,436,169		265,114
Fannie Mae Pool
3.500%, 08/01/42		8,636,406		8,944,126
3.500%, 09/01/42		594,937		616,137
3.500%, 10/01/42		4,223,313		4,373,820
3.500%, 06/01/47		664,876		687,363
3.530%, 02/01/29		2,160,000		2,328,196
3.740%, 11/01/28		1,490,000		1,618,123
3.770%, 01/01/29		1,020,000		1,118,969
4.000%, 10/01/42		2,502,245		2,637,665
4.000%, 11/01/42		1,668,964		1,759,056
4.000%, 07/01/43		53,620		56,520
4.000%, 08/01/43		1,227,028		1,293,908
4.000%, 06/01/49		400,000		414,797
6.500%, 12/01/27		3,422		3,424
6.500%, 05/01/32		11,054		12,388
Fannie Mae REMIC Trust Whole Loan (CMO) 4.605%, 01/25/43 (b)		218,853		229,036
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/42 (d)		373,687		336,641
3.746%, -1x 1M LIBOR + 6.150%, 03/25/42 (b) (c)		6,078,646		815,556

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, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae REMICS (CMO)
3.746%, -1x 1M LIBOR + 6.150%, 12/25/42 (b) (c)		671,944	$	132,151
4.126%, -1x 1M LIBOR + 6.530%, 01/25/41 (b) (c)		981,382		184,504
4.146%, -1x 1M LIBOR + 6.550%, 10/25/41 (b) (c)		3,777,564		643,703
4.246%, -1x 1M LIBOR + 6.650%, 02/25/41 (b) (c)		451,837		43,691
4.246%, -1x 1M LIBOR + 6.650%, 03/25/42 (b) (c)		1,469,837		209,590
5.500%, 07/25/41		6,595,240		7,442,196
5.500%, 04/25/42		1,570,296		1,757,639
6.000%, 05/25/42		941,928		1,039,380
6.500%, 06/25/39		114,521		123,688
6.500%, 07/25/42		1,738,921		2,026,964
9.750%, 08/25/19		2		2
Fannie Mae-ACES 2.037%, 09/25/26		2,271,149		2,268,264
Fannie Mae-ACES 0.835%, 01/25/36 (b) (c)		103,579,251		5,435,684
Freddie Mac 15 Yr. Gold Pool
2.500%, 10/01/31		2,766,313		2,788,613
2.500%, 04/01/33		11,302,772		11,387,945
2.500%, 06/01/33		4,374,313		4,407,277
2.500%, 09/01/33		319,422		321,829
Freddie Mac 20 Yr. Gold Pool
3.000%, 02/01/38		1,801,941		1,826,512
3.000%, 04/01/38		1,562,460		1,585,009
Freddie Mac 30 Yr. Gold Pool
3.000%, 04/01/47		1,299,705		1,316,337
3.000%, 01/01/48		6,890,641		6,957,615
3.000%, 04/01/48		15,626,878		15,771,677
3.000%, 03/01/49		1,866,141		1,883,432
3.000%, 04/01/49		3,854,927		3,890,647
3.500%, 06/01/46		796,945		825,904
3.500%, 02/01/48		2,871,083		2,957,589
3.500%, 06/01/48		4,930,072		5,096,583
3.500%, 08/01/48		7,582,512		7,781,576
3.500%, 09/01/48		638,513		654,199
3.500%, 10/01/48		18,048,211		18,496,893
3.500%, 12/01/48		17,636,010		18,091,651
3.500%, 03/01/49		8,227,848		8,435,388
4.000%, 07/01/43		3,656,452		3,896,064
4.000%, 08/01/43		3,054,759		3,254,953
4.000%, 07/01/47		6,955,498		7,261,813
4.000%, 12/01/47		774,118		805,954
4.000%, 04/01/48		457,102		473,098
4.000%, 05/01/48		2,395,755		2,490,565
4.000%, 09/01/48		9,876,514		10,218,742
4.500%, 06/01/38		1,263,852		1,357,530
4.500%, 02/01/47		651,302		686,151
4.500%, 03/01/47		60,528		63,767
4.500%, 04/01/47		1,068,525		1,125,697
4.500%, 05/01/47		551,914		581,425
4.500%, 06/01/47		2,056,895		2,166,949
4.500%, 07/01/47		48,788		51,399
4.500%, 06/01/48		15,406,870		16,187,109
5.000%, 08/01/33		16,930		18,429
5.000%, 01/01/36		28,136		30,754
5.000%, 01/01/40		25,384		27,599


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
5.000%, 04/01/41		22,210	$	23,964
5.000%, 06/01/41		3,607,843		3,920,414
5.000%, 04/01/44		30,476		33,094
5.000%, 07/01/48		84,940		89,971
5.000%, 08/01/48		257,423		273,103
5.000%, 10/01/48		927,165		982,910
5.000%, 11/01/48		683,756		724,264
6.000%, 10/01/36		635,485		720,994
6.500%, 09/01/39		225,402		261,767
8.000%, 09/01/30		3,026		3,515
Freddie Mac Gold Pool
3.500%, 10/01/42		937,082		971,262
3.500%, 02/01/44		415,958		431,088
4.000%, 04/01/43		1,336,264		1,410,266
4.000%, 08/01/43		761,222		802,820
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
0.424%, 01/25/27 (b) (c)		73,945,580		1,482,675
0.482%, 01/25/34 (b) (c)		51,899,435		2,781,602
0.510%, 12/25/28 (b) (c)		63,149,784		2,021,425
0.653%, 01/25/29 (b) (c)		85,910,894		3,808,164
3.291%, 03/25/27		4,670,000		4,900,444
Freddie Mac REMICS (CMO)
4.500%, 04/15/32		255,512		275,998
6.000%, 05/15/36		422,943		484,678
8.500%, 06/15/21		1,588		1,610
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)
3.604%, 1M LIBOR + 1.200%, 07/25/29 (b)		3,925,084		3,940,415
4.604%, 1M LIBOR + 2.200%, 09/25/24 (b)		4,574,149		4,646,137
Ginnie Mae I 30 Yr. Pool
3.000%, 09/15/42		858,784		878,553
3.000%, 10/15/42		2,547,477		2,606,120
3.000%, 11/15/42		296,700		303,530
3.500%, 06/15/48		5,542,475		5,747,054
5.500%, 06/15/36		374,796		421,449
6.000%, 03/15/33		671,919		762,181
6.500%, 06/15/31		2,589		2,844
6.500%, 08/15/34		145,349		159,671
7.500%, 09/15/29		1,463		1,625
8.500%, 06/15/25		14,615		16,182
Ginnie Mae II 30 Yr. Pool
3.000%, 01/20/47		1,768,559		1,809,527
3.000%, 03/20/47		2,730,729		2,795,275
3.000%, 09/20/47		7,407,441		7,575,115
3.000%, 11/20/47		17,865,339		18,269,738
3.000%, 12/20/47		13,233,793		13,533,353
3.000%, TBA (a)		2,000,000		2,021,876
3.000%, TBA (a)		15,200,000		15,524,781
3.500%, 06/20/44		2,287,621		2,377,484
3.500%, 03/20/45		195,422		202,728
3.500%, TBA (a)		30,000,000		30,978,914
4.000%, 09/20/45		1,128,327		1,172,512
4.000%, 11/20/45		7,920,744		8,314,574
4.000%, 11/20/47		2,252,961		2,348,060
4.000%, 12/20/47		901,904		939,571
4.000%, 01/20/49		982,324		1,018,515
4.000%, TBA (a)		8,000,000		8,292,812

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, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.500%, 01/20/40		555,717	$	592,874
4.500%, 05/20/40		722,948		771,173
4.500%, 09/20/40		15,321		16,343
4.500%, 01/20/41		121,229		129,339
4.500%, 07/20/41		803,889		857,560
4.500%, 09/20/48		425,998		440,176
4.500%, 12/20/48		2,334,653		2,434,008
4.500%, 01/20/49		14,915,685		15,604,312
4.500%, 03/20/49		2,875,145		3,006,567
4.500%, TBA (a)		1,800,000		1,876,184
5.000%, 07/20/40		553,638		608,664
5.000%, 12/20/48		10,335,603		10,808,140
5.000%, 01/20/49		6,764,184		7,073,438
6.000%, 11/20/34		1,209		1,386
6.000%, 06/20/35		1,915		2,196
6.000%, 07/20/36		106,737		121,783
6.000%, 09/20/36		5,271		6,008
6.000%, 07/20/38		274,932		313,387
6.000%, 09/20/38		708,895		807,068
6.000%, 06/20/39		3,587		4,091
6.000%, 05/20/40		63,702		72,617
6.000%, 06/20/40		181,371		206,950
6.000%, 08/20/40		91,274		99,804
6.000%, 09/20/40		207,407		230,173
6.000%, 10/20/40		149,763		171,545
6.000%, 11/20/40		209,936		240,656
6.000%, 01/20/41		141,760		162,257
6.000%, 03/20/41		738,599		842,831
6.000%, 07/20/41		146,548		167,626
6.000%, 12/20/41		103,252		116,144
6.500%, 10/20/37		239,495		283,715
Government National Mortgage Association
0.500%, 04/16/54 (b) (c)		134,830,955		2,957,342
0.661%, 03/16/59 (b) (c)		79,001,943		4,743,119
0.795%, 10/16/58 (b) (c)		24,736,463		1,751,629
3.150%, 06/16/60		4,879,410		4,949,095
Government National Mortgage Association (CMO)
0.126%, 02/16/48 (b) (c)		4,407,633		86,897
0.227%, 09/16/46 (b) (c)		23,272,933		178,866
0.278%, 02/16/53 (b) (c)		12,571,440		240,890
0.406%, 03/16/49 (b) (c)		7,564,684		91,853
0.423%, 05/16/54 (b) (c)		15,880,600		336,499
0.519%, 10/16/54 (b) (c)		31,229,426		777,753
0.687%, 03/16/60 (b) (c)		7,175,701		447,287
0.786%, 12/16/59 (b) (c)		63,473,244		4,469,526
0.835%, 09/16/55 (b) (c)		17,990,060		970,711
0.953%, 12/16/56 (b) (c)		43,236,972		3,288,059
1.064%, 09/16/44 (b) (c)		14,436,947		689,562
1.238%, 02/16/46 (b) (c)		18,251,512		854,833
2.847%, 1M LIBOR + 0.380%, 12/20/60 (b)		14,822,777		14,781,565
2.867%, 1M LIBOR + 0.400%, 12/20/60 (b)		4,361,898		4,353,680
2.897%, 1M LIBOR + 0.430%, 10/20/64 (b)		6,081,263		6,070,216
2.947%, 1M LIBOR + 0.480%, 03/20/61 (b)		3,756,299		3,756,284
2.967%, 1M LIBOR + 0.500%, 12/20/60 (b)		34,113,866		34,129,839
3.250%, 12M LIBOR + 0.250%, 10/20/68 (b)		2,909,513		2,884,620


Security Description	Principal Amount*		Value

Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO)
3.706%, -1x 1M LIBOR + 6.100%, 08/16/42 (b) (c)		892,949	$	148,826
4.015%, 03/20/39		117,819		3,959
4.267%, -1x 1M LIBOR + 6.650%, 01/20/40 (b) (c)		537,608		43,322

				826,879,103


Federal Agencies—38.2%
Federal Agricultural Mortgage Corp. 2.600%, 03/29/21		20,000,000		20,136,344
Federal Farm Credit Bank
1.750%, 10/26/20		15,000,000		14,966,322
1.900%, 11/27/20		20,000,000		20,000,583
1.950%, 01/10/20		10,000,000		9,998,755
2.100%, 06/24/21		20,000,000		19,997,979
2.240%, 01/06/25		12,305,000		12,305,015
2.240%, 07/06/27		10,000,000		9,882,711
2.550%, 06/11/20		10,000,000		10,042,767
2.700%, 10/26/27		10,000,000		10,304,207
2.750%, 04/25/22		20,000,000		20,496,926
Federal Home Loan Bank
1.375%, 09/28/20		10,000,000		9,932,010
1.875%, 11/29/21		40,000,000		40,069,223
2.125%, 06/09/23		17,700,000		17,903,617
2.375%, 12/13/19		20,000,000		20,012,975
2.375%, 03/30/20		8,000,000		8,024,310
2.500%, 02/13/24		10,000,000		10,303,270
2.625%, 05/28/20		20,000,000		20,109,408
3.250%, 11/16/28		40,000,000		43,470,191
5.250%, 12/11/20		12,000,000		12,563,018
Federal Home Loan Mortgage Corp.
Zero Coupon, 11/29/19		10,200,000		10,104,103
Zero Coupon, 12/14/29		7,443,000		5,751,438
Zero Coupon, 12/17/29		5,562,000		4,317,076
1.500%, 01/17/20		10,000,000		9,965,526
2.750%, 06/19/23		20,000,000		20,697,523
Federal National Mortgage Association
Zero Coupon, 10/09/19		50,000,000		49,687,403
1.875%, 09/24/26		20,000,000		19,787,573
2.125%, 04/24/26		10,000,000		10,068,719
2.625%, 09/06/24		22,000,000		22,823,020
Financing Corp. Fico Zero Coupon, 09/26/19		14,535,000		14,457,776
Freddie Mac Coupon Strips Zero Coupon, 07/15/28		5,400,000		4,372,688
Freddie Mac Strips Zero Coupon, 07/15/32		5,000,000		3,594,507
National Archives Facility Trust 8.500%, 09/01/19 (e)		448,584		452,875
New Valley Generation II 5.572%, 05/01/20		1,477,879		1,520,072
Overseas Private Investment Corp.
Zero Coupon, 11/13/20		3,306,787		3,664,666
Zero Coupon, 07/01/22		4,206,631		4,352,155
Zero Coupon, 07/17/25		7,763,000		8,036,722
2.310%, 11/15/30		7,280,732		7,242,761

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, 2019 (Unaudited)

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


Security Description	Principal Amount*		Value

Federal Agencies—(Continued)
Overseas Private Investment Corp.
3.330%, 05/15/33		6,491,975	$	6,797,544
3.490%, 12/20/29		10,389,632		11,013,698
3.540%, 06/15/30		12,941,333		13,794,637
Residual Funding Corp. Principal Strip
Zero Coupon, 10/15/19		10,642,000		10,570,953
Zero Coupon, 07/15/20		14,864,000		14,556,911
Zero Coupon, 10/15/20		38,159,000		37,169,387
Zero Coupon, 01/15/21		20,000,000		19,392,194
Zero Coupon, 01/15/30		25,000,000		19,413,972
Zero Coupon, 04/15/30		20,000,000		15,317,893
Resolution Funding Corp. Interest Strip
Zero Coupon, 07/15/26		4,230,000		3,606,232
Zero Coupon, 10/15/29		14,996,000		11,727,887
Tennessee Valley Authority
2.250%, 03/15/20		20,000,000		20,024,605
3.875%, 02/15/21		35,000,000		36,101,917
United States Department of Housing and Urban Development 2.738%, 08/01/25		3,000,000		3,112,378

				754,016,442


U.S. Treasury—6.2%
U.S. Treasury Bond 3.750%, 11/15/43		5,000,000		6,149,805
U.S. Treasury Inflation Indexed Bonds
0.625%, 02/15/43 (e)		3,778,454		3,661,888
0.750%, 02/15/45 (e)		8,788,662		8,695,904
1.000%, 02/15/49 (e)		7,950,347		8,411,096
1.375%, 02/15/44 (e)		31,452,847		35,702,817
U.S. Treasury Notes
1.375%, 05/31/21		27,600,000		27,386,531
1.875%, 06/30/26		10,000,000		9,998,437
2.000%, 02/15/25		12,000,000		12,116,250
2.500%, 01/31/21		10,000,000		10,103,125

				122,225,853

Total U.S. Treasury & Government Agencies (Cost $1,674,319,263)				1,703,121,398


Corporate Bonds & Notes—8.1%

Chemicals—0.1%
Equate Petrochemical B.V. 4.250%, 11/03/26 (144A)		1,540,000		1,611,166


Diversified Financial Services—3.8%
Postal Square L.P. 6.500%, 06/15/22		3,782,520		3,971,870
Private Export Funding Corp.
1.450%, 08/15/19		10,000,000		9,990,685
2.250%, 03/15/20		11,950,000		11,950,401
2.300%, 09/15/20		28,000,000		28,083,878
2.650%, 02/16/21 (144A)		20,000,000		20,190,691

				74,187,525


Security Description	Principal Amount*		Value

Electric—0.5%
Enel Chile S.A. 4.875%, 06/12/28		4,000,000	$	4,370,000
Perusahaan Listrik Negara PT 5.450%, 05/21/28 (144A)		4,000,000		4,430,566

				8,800,566


Iron/Steel—1.0%
Vale Overseas, Ltd. 6.250%, 08/10/26		17,875,000		20,305,106


Oil & Gas—0.4%
Ecopetrol S.A. 5.375%, 06/26/26		4,260,000		4,691,964
Petroleos Mexicanos 6.375%, 01/23/45		3,610,000		3,104,600

				7,796,564


Sovereign—2.3%
National Credit Union Administration Guaranteed Notes Trust 3.450%, 06/12/21		45,000,000		46,186,056

Total Corporate Bonds & Notes (Cost $157,569,216)				158,886,983


Foreign Government—7.2%

Sovereign—7.2%
Colombia Government International Bond 5.625%, 02/26/44		4,840,000		5,728,140
Indonesia Government International Bond 4.750%, 02/11/29		6,280,000		6,974,254
Indonesia Government International Bonds
3.750%, 04/25/22 (144A)		410,000		420,562
3.750%, 04/25/22		1,900,000		1,948,947
4.875%, 05/05/21		2,957,000		3,066,317
5.875%, 03/13/20		310,000		317,177
5.875%, 01/15/24 (144A)		1,060,000		1,188,097
Israel Government AID Bonds
5.500%, 12/04/23		24,290,000		27,922,690
5.500%, 04/26/24		21,550,000		25,040,493
Mexico Government International Bond 4.500%, 04/22/29		12,280,000		13,164,160
Panama Government International Bonds
3.750%, 03/16/25		5,650,000		5,955,156
4.500%, 05/15/47 (f)		3,200,000		3,611,232
Peruvian Government International Bond
5.625%, 11/18/50 (f)		1,900,000		2,617,269
6.550%, 03/14/37 (f)		2,770,000		3,905,728
Poland Government International Bond 4.000%, 01/22/24		7,870,000		8,467,884
Qatar Government International Bond 5.103%, 04/23/48 (144A)		7,300,000		8,696,125
Ukraine Government AID Bond 1.471%, 09/29/21		20,000,000		19,849,119

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, 2019 (Unaudited)

Foreign Government—(Continued)


Security Description	Principal Amount*		Value

Sovereign—(Continued)
Uruguay Government International Bond 5.100%, 06/18/50 (f)		3,200,000	$	3,596,032

Total Foreign Government (Cost $139,308,306)				142,469,382


Mortgage-Backed Securities—2.7%

Collateralized Mortgage Obligations—2.7%
Banc of America Funding Corp. 2.580%, 1M LIBOR + 0.150%, 02/27/37 (144A) (b)		6,074,352		5,927,953
Banc of America Funding Trust 2.525%, COFI + 1.430%, 06/20/35 (b)		192,622		142,670
Banc of America Mortgage Trust 4.310%, 07/25/35 (b)		39,734		39,233
BCAP LLC Trust 1.669%, 1M LIBOR + 0.150%, 11/27/36 (144A) (b)		9,093,506		8,528,609
Citigroup Mortgage Loan Trust 4.820%, 1Y H15 + 2.400%, 10/25/35 (b)		66,673		68,368
Countrywide Alternative Loan Trust
2.583%, 1M LIBOR + 0.200%, 07/20/46 (b)		1,775,605		1,391,695
2.984%, 1M LIBOR + 0.580%, 05/25/34 (b)		491,319		492,463
Countrywide Home Loan Reperforming Loan REMIC Trust 2.824%, 1M LIBOR + 0.420%, 07/25/36 (144A) (b)		421,063		401,352
GMAC Mortgage Corp. Loan Trust 4.659%, 11/19/35 (b)		232,611		229,352
GS Mortgage-Backed Securities Trust 3.750%, 10/25/57 (144A)		4,728,021		4,882,490
JPMorgan Mortgage Trust
3.500%, 10/25/48 (144A) (b)		3,778,226		3,821,468
4.494%, 06/25/34 (b)		87,735		89,835
MASTR Adjustable Rate Mortgages Trust
2.604%, 1M LIBOR + 0.200%, 05/25/47 (b)		3,825,357		4,140,288
3.694%, 02/25/34 (b)		139,446		134,625
MASTR Reperforming Loan Trust
2.754%, 1M LIBOR + 0.350%, 05/25/35 (144A) (b)		240,687		173,834
4.223%, 05/25/35 (144A) (b)		3,199,813		2,476,563
7.000%, 08/25/34 (144A)		292,699		301,192
Morgan Stanley Mortgage Loan Trust
2.544%, 1M LIBOR + 0.140%, 06/25/36 (b)		524,773		198,331
3.682%, 07/25/35 (b)		120,084		111,986
New Residential Mortgage Loan Trust
3.250%, 09/25/56 (144A) (b)		3,093,729		3,148,908
4.000%, 02/25/57 (144A) (b)		2,621,131		2,726,720
4.000%, 05/25/57 (144A) (b)		4,564,824		4,768,619
4.250%, 12/25/57 (144A) (b)		4,529,928		4,705,829
NovaStar Mortgage Funding Trust 1.836%, 1M LIBOR + 0.380%, 09/25/46 (b)		1,334,726		1,244,163
Provident Funding Mortgage Loan Trust
4.484%, 05/25/35 (b)		130,245		132,564
4.549%, 10/25/35 (b)		31,521		31,646
SACO I Trust 8.918%, 06/25/21 (144A) (b)		304,393		291,586
Structured Asset Mortgage Investments II Trust 2.584%, 1M LIBOR + 0.180%, 07/25/46 (b)		158,626		147,799


Security Description	Principal Amount*		Value

Collateralized Mortgage Obligations—(Continued)
Structured Asset Securities Corp.
2.754%, 1M LIBOR + 0.350%, 04/25/35 (144A) (b)		1,915,903	$	1,784,760
4.266%, 06/25/35 (144A) (b)		107,017		100,783

Total Mortgage-Backed Securities (Cost $51,634,017)				52,635,684


Asset-Backed Securities—1.1%

Asset-Backed - Automobile—0.2%
Hertz Vehicle Financing II LP 3.290%, 02/25/24 (144A)		4,880,000		4,963,559


Asset-Backed - Home Equity—0.1%
Home Equity Mortgage Loan Asset-Backed Trust 2.664%, 1M LIBOR + 0.260%, 06/25/36 (b)		3,661,072		389,722
Morgan Stanley Mortgage Loan Trust
2.494%, 1M LIBOR + 0.090%, 12/25/36 (b)		187,552		110,473
2.704%, 1M LIBOR + 0.300%, 03/25/36 (b)		346,452		349,704
Structured Asset Securities Corp. Mortgage Loan Trust 2.624%, 1M LIBOR + 0.220%, 02/25/36 (144A) (b)		4,654,462		222,078

				1,071,977


Asset-Backed - Other—0.5%
Countrywide Revolving Home Equity Loan Trust 2.534%, 1M LIBOR + 0.140%, 07/15/36 (b)		437,729		419,455
Towd Point Mortgage Trust
2.250%, 04/25/56 (144A) (b)		5,391,741		5,360,150
2.750%, 06/25/57 (144A) (b)		3,863,287		3,880,419

				9,660,024


Asset-Backed - Student Loan—0.3%
National Credit Union Administration Guaranteed Notes Trust 2.769%, 1M LIBOR + 0.350%, 12/07/20 (b)		3,027,446		3,022,326
Nelnet Student Loan Trust 4.171%, 3M LIBOR + 1.650%, 11/25/24 (b)		3,700,427		3,699,945

				6,722,271

Total Asset-Backed Securities (Cost $28,317,892)				22,417,831


Short-Term Investments—1.8%

Repurchase Agreements—0.8%
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.490%, due on 07/01/19 with a maturity value of $13,002,698; collateralized by U.S. Treasury Inflation Indexed Note at 0.750%, maturing 07/15/28, with a market value of $13,787,257.		13,000,000		13,000,000

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, 2019 (Unaudited)

Short-Term Investments—(Continued)


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
Fixed Income Clearing Corp. Repurchase Agreement dated 06/28/19 at 1.200%, due on 07/01/19 with a maturity value of $3,487,306; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $3,559,985.		3,486,957	$	3,486,957

				16,486,957


Discount Notes—1.0%
Federal Home Loan Bank 2.207%, 09/16/19		20,000,000		19,907,600

Total Short-Term Investments (Cost $36,393,060)				36,394,557


Securities Lending Reinvestments (g)—0.6%

Commercial Paper—0.0%
Starbird Funding Corp. 2.600%, 07/01/19		399,921		399,918


Repurchase Agreements—0.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/28/19 at 2.300%, due on 07/01/19 with a maturity value of $1,112,015; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 02/15/47, and an aggregate market value of $1,134,038.		1,111,802		1,111,802
BofA Securities, Inc. Repurchase Agreement dated 06/28/19 at 2.460%, due on 07/01/19 with a maturity value of $2,000,410; collateralized by various Common Stock with an aggregate market value of $2,200,001.		2,000,000		2,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/28/19 at 2.600%, due on 07/01/19 with a maturity value of $1,600,347; collateralized by U.S. Treasury Obligations with rates ranging from 0.625% - 2.875%, maturity dates ranging from 10/31/20 - 02/15/43, and an aggregate market value of $1,632,000.		1,600,000		1,600,000
Deutsche Bank AG, London Repurchase Agreement dated 06/28/19 at 2.750%, due on 07/01/19 with a maturity value of $200,046; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.000% - 7.000%, maturity dates ranging from 02/10/20 - 08/28/34, and an aggregate market value of $204,001.		200,000		200,000
Goldman Sachs & Co. Repurchase Agreement dated 06/28/19 at 2.510%, due on 07/01/19 with a maturity value of $2,000,418; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% - 5.500%, maturity dates ranging from 09/20/26 - 04/20/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000


Security Description	Principal Amount*		Value

Repurchase Agreements—(Continued)
NBC Global Finance, Ltd. Repurchase Agreement dated 06/28/19 at 2.530%, due on 07/01/19 with a maturity value of $2,000,422; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.125%, maturity dates ranging from 07/31/19 - 02/15/49, and various Common Stock with an aggregate market value of $2,048,071.		2,000,000	$	2,000,000
Societe Generale
Repurchase Agreement dated 06/28/19 at 2.470%, due on 07/01/19 with a maturity value of $2,400,494; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $2,586,163.		2,400,000		2,400,000
Repurchase Agreement dated 06/28/19 at 2.500%, due on 07/05/19 with a maturity value of $55,027; collateralized by U.S. Treasury Obligations with rates ranging from 1.125% - 4.625%, maturity dates ranging from 01/31/20 - 11/15/48, and various Common Stock with an aggregate market value of $59,266.		55,000		55,000

				11,366,802

Total Securities Lending Reinvestments (Cost $11,766,799)				11,766,720

Total Investments—107.8% (Cost $2,099,308,553)				2,127,692,555
Other assets and liabilities (net)—(7.8)%				(154,036,403	)

Net Assets—100.0%			$	1,973,656,152


*		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, 2019. 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)		Principal amount of security is adjusted for inflation.
(f)		All or a portion of the security was held on loan. As of June 30, 2019, the market value of securities loaned was $11,473,257 and the collateral received consisted of cash in the amount of $11,766,723. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(g)		Represents investment of cash collateral received from securities on loan as of June 30, 2019.
(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, 2019, the market value of 144A securities was $95,004,079, which is 4.8% of net assets.

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, 2019 (Unaudited)

Futures Contracts


Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Ultra Long Bond Futures		09/19/19		47			USD	8,345,438		$	314,434

Futures Contracts—Short
U.S. Treasury Long Bond Futures		09/19/19		(90	)		USD	(14,003,438	)		(371,406	)
U.S. Treasury Note 10 Year Futures		09/19/19		(493	)		USD	(63,088,594	)		(948,768	)
U.S. Treasury Note 5 Year Futures		09/30/19		(844	)		USD	(99,723,875	)		(1,351,141	)

Net Unrealized Depreciation										$	(2,356,881	)

Glossary of Abbreviations

Currencies


(USD)—		United States Dollar

Index Abbreviations


(COFI)—		11^thDistrict Cost of Fund Index
(H15)—		U.S. Treasury Yield Curve Rate T-Note Constant Maturity 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-11

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2019 (Unaudited)

Fair Value Hierarchy

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2019:


Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,703,121,398		$	—	$	1,703,121,398
Total Corporate Bonds & Notes*		—			158,886,983			—		158,886,983
Total Foreign Government*		—			142,469,382			—		142,469,382
Total Mortgage-Backed Securities*		—			52,635,684			—		52,635,684
Total Asset-Backed Securities*		—			22,417,831			—		22,417,831
Total Short-Term Investments*		—			36,394,557			—		36,394,557
Total Securities Lending Reinvestments*		—			11,766,720			—		11,766,720
Total Investments	$	—		$	2,127,692,555		$	—	$	2,127,692,555

Collateral for Securities Loaned (Liability)	$	—		$	(11,766,723	)	$	—	$	(11,766,723	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	314,434		$	—		$	—	$	314,434
Futures Contracts (Unrealized Depreciation)		(2,671,315	)		—			—		(2,671,315	)
Total Futures Contracts	$	(2,356,881	)	$	—		$	—	$	(2,356,881	)


*		See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statement of Assets and Liabilities

June 30, 2019 (Unaudited)


Assets
Investments at value (a) (b)	$	2,127,692,555
Cash		16,135
Cash collateral for futures contracts		1,242,136
Receivable for:
Investments sold		4,995,958
TBA securities sold		5,422,082
Fund shares sold		717,395
Principal paydowns		52,660
Interest		7,651,560
Other assets		6,861

Total Assets		2,147,797,342
Liabilities
Collateral for securities loaned		11,766,723
Payables for:
Investments purchased		17,421,051
TBA securities purchased		143,210,006
Fund shares redeemed		516,123
Variation margin on futures contracts		7,933
Accrued Expenses:
Management fees		727,146
Distribution and service fees		80,299
Deferred trustees’ fees		126,916
Other expenses		284,993

Total Liabilities		174,141,190

Net Assets	$	1,973,656,152

Net Assets Consist of:
Paid in surplus	$	2,051,373,814
Distributable earnings (Accumulated losses)		(77,717,662	)

Net Assets	$	1,973,656,152

Net Assets
Class A	$	1,574,588,929
Class B		378,701,803
Class E		20,365,420
Capital Shares Outstanding*
Class A		135,380,100
Class B		32,684,272
Class E		1,755,636
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.63
Class B		11.59
Class E		11.60


*		The Portfolio is authorized to issue an unlimited number of shares.
(a)		Identified cost of investments was $2,099,308,553.
(b)		Includes securities loaned at value of $11,473,257.

Statement of Operations

Six Months Ended June 30, 2019 (Unaudited)


Investment Income
Interest	$	30,007,382
Securities lending income		45,372

Total investment income		30,052,754
Expenses
Management fees		4,624,997
Administration fees		41,135
Custodian and accounting fees		76,368
Distribution and service fees—Class B		464,867
Distribution and service fees—Class E		15,200
Audit and tax services		35,624
Legal		22,462
Trustees’ fees and expenses		31,324
Shareholder reporting		55,403
Insurance		6,709
Miscellaneous		9,896

Total expenses		5,383,985
Less management fee waiver		(166,858	)

Net expenses		5,217,127

Net Investment Income		24,835,627

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		7,547,916
Futures contracts		(6,548,672	)

Net realized gain		999,244

Net change in unrealized appreciation on:
Investments		51,165,053
Futures contracts		1,257,100

Net change in unrealized appreciation		52,422,153

Net realized and unrealized gain		53,421,397

Net Increase in Net Assets From Operations	$	78,257,024

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statements of Changes in Net Assets


	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	24,835,627		$	44,979,302
Net realized gain (loss)		999,244			(9,836,271	)
Net change in unrealized appreciation (depreciation)		52,422,153			(18,849,215	)

Increase in net assets from operations		78,257,024			16,293,816

From Distributions to Shareholders
Class A		(42,815,071	)		(39,246,145	)
Class B		(9,416,340	)		(8,163,581	)
Class E		(527,271	)		(475,567	)

Total distributions		(52,758,682	)		(47,885,293	)

Decrease in net assets from capital share transactions		(32,715,500	)		(170,359,733	)

Total decrease in net assets		(7,217,158	)		(201,951,210	)

Net Assets
Beginning of period		1,980,873,310			2,182,824,520

End of period	$	1,973,656,152		$	1,980,873,310

Other Information:

Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended June 30, 2019 (Unaudited)						Year Ended December 31, 2018
	Shares			Value			Shares			Value
Class A
Sales		1,047,085		$	12,225,837			3,985,785		$	45,776,677
Reinvestments		3,700,525			42,815,071			3,491,650			39,246,145
Redemptions		(7,074,407	)		(82,386,007	)		(19,382,485	)		(220,545,585	)

Net decrease		(2,326,797	)	$	(27,345,099	)		(11,905,050	)	$	(135,522,763	)

Class B
Sales		1,807,644		$	20,954,058			3,078,724		$	34,969,508
Reinvestments		816,682			9,416,340			728,891			8,163,581
Redemptions		(3,022,834	)		(34,949,592	)		(6,716,432	)		(76,232,741	)

Net decrease		(398,508	)	$	(4,579,194	)		(2,908,817	)	$	(33,099,652	)

Class E
Sales		40,146		$	469,187			208,146		$	2,379,679
Reinvestments		45,691			527,271			42,423			475,567
Redemptions		(154,144	)		(1,787,665	)		(403,406	)		(4,592,564	)

Net decrease		(68,307	)	$	(791,207	)		(152,837	)	$	(1,737,318	)

Decrease derived from capital shares transactions				$	(32,715,500	)				$	(170,359,733	)

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 A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	11.49		$	11.65		$	11.74		$	11.90		$	12.11		$	12.01

Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.25			0.20			0.21			0.17			0.16
Net realized and unrealized gain (loss)		0.32			(0.14	)		0.03			(0.05	)		(0.10	)		0.17

Total income (loss) from investment operations		0.47			0.11			0.23			0.16			0.07			0.33

Less Distributions
Distributions from net investment income		(0.33	)		(0.27	)		(0.32	)		(0.32	)		(0.28	)		(0.23	)

Total distributions		(0.33	)		(0.27	)		(0.32	)		(0.32	)		(0.28	)		(0.23	)

Net Asset Value, End of Period	$	11.63		$	11.49		$	11.65		$	11.74		$	11.90		$	12.11

Total Return (%) (b)		4.06	(c)		0.97			1.93			1.28			0.57			2.81

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.50	(d)		0.50			0.50			0.50			0.49			0.49
Net ratio of expenses to average net assets (%) (e)		0.49	(d)		0.49			0.48			0.48			0.48			0.48
Ratio of net investment income to average net assets (%)		2.59	(d)		2.19			1.72			1.77			1.44			1.35
Portfolio turnover rate (%)		102	(c)(f)		255	(f)		208	(f)		199	(f)		215	(f)		194	(f)
Net assets, end of period (in millions)	$	1,574.6		$	1,581.9		$	1,742.8		$	1,735.3		$	1,830.7		$	2,263.8

	Class B
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	11.43		$	11.59		$	11.68		$	11.84		$	12.04		$	11.95

Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.22			0.17			0.18			0.14			0.13
Net realized and unrealized gain (loss)		0.32			(0.14	)		0.03			(0.05	)		(0.09	)		0.16

Total income (loss) from investment operations		0.45			0.08			0.20			0.13			0.05			0.29

Less Distributions
Distributions from net investment income		(0.29	)		(0.24	)		(0.29	)		(0.29	)		(0.25	)		(0.20	)

Total distributions		(0.29	)		(0.24	)		(0.29	)		(0.29	)		(0.25	)		(0.20	)

Net Asset Value, End of Period	$	11.59		$	11.43		$	11.59		$	11.68		$	11.84		$	12.04

Total Return (%) (b)		3.99	(c)		0.70			1.68			1.02			0.31			2.55

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(d)		0.75			0.75			0.75			0.74			0.74
Net ratio of expenses to average net assets (%) (e)		0.74	(d)		0.74			0.73			0.73			0.73			0.73
Ratio of net investment income to average net assets (%)		2.34	(d)		1.94			1.47			1.52			1.20			1.10
Portfolio turnover rate (%)		102	(c)(f)		255	(f)		208	(f)		199	(f)		215	(f)		194	(f)
Net assets, end of period (in millions)	$	378.7		$	378.1		$	417.1		$	432.1		$	463.5		$	493.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Financial Highlights


	Class E
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	11.45		$	11.61		$	11.70		$	11.85		$	12.06		$	11.97

Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.23			0.18			0.19			0.16			0.14
Net realized and unrealized gain (loss)		0.32			(0.14	)		0.03			(0.04	)		(0.11	)		0.16

Total income (loss) from investment operations		0.46			0.09			0.21			0.15			0.05			0.30

Less Distributions
Distributions from net investment income		(0.31	)		(0.25	)		(0.30	)		(0.30	)		(0.26	)		(0.21	)

Total distributions		(0.31	)		(0.25	)		(0.30	)		(0.30	)		(0.26	)		(0.21	)

Net Asset Value, End of Period	$	11.60		$	11.45		$	11.61		$	11.70		$	11.85		$	12.06

Total Return (%) (b)		4.00	(c)		0.80			1.77			1.20			0.40			2.56

Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(d)		0.65			0.65			0.65			0.64			0.64
Net ratio of expenses to average net assets (%) (e)		0.64	(d)		0.64			0.63			0.63			0.63			0.63
Ratio of net investment income to average net assets (%)		2.44	(d)		2.04			1.57			1.62			1.30			1.20
Portfolio turnover rate (%)		102	(c)(f)		255	(f)		208	(f)		199	(f)		215	(f)		194	(f)
Net assets, end of period (in millions)	$	20.4		$	20.9		$	22.9		$	25.2		$	28.1		$	33.0


(a)		Per share amounts based on average shares outstanding during the period.
(b)		Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)		Periods less than one year are not computed on an annualized basis.
(d)		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 37%, 79%, 57%, 86%, 87% and 68% for the period ended June 30, 2019 and years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2019 (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 of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, 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

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.

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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.

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 distributable earnings (accumulated losses) and paid-in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

BHFTII-19

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

At June 30, 2019, the Portfolio had direct investments in repurchase agreements with a gross value of $16,486,957. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $11,366,802. 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, 2019.

All securities on loan are classified as Foreign Government in the Portfolio’s Schedule of Investments as of June 30, 2019, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

BHFTII-20

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

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, 2019 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)

314,434

Unrealized depreciation on futures contracts (a)

2,671,315


(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.


Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(6,548,672	)


Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	1,257,100

For the six months ended June 30, 2019, 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	$	17,800,591
Futures contracts short		(144,372,010	)


‡		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:

BHFTII-21

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

5. Investment Transactions


Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$2,089,967,757	$	37,704,820	$	2,227,685,794	$	105,328,986

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2019 were as follows:


Purchases	Sales
$1,425,588,781	$	1,550,474,487

6. Investment Management Fees and Other Transactions with Affiliates


Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2019	% per annum			Average Daily Net Assets
$4,624,997		0.550	%	Of the first $500 million
		0.450	%	On amounts in excess of $500 million

The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Trust that are managed by the Subadviser.

BHFTII-22

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)


% per annum reduction		Average Daily Net Assets
0.030%		Of the first $100 million
0.050%		On amounts over $200 million and under $500 million
0.010%		On amount over $1 billion and under $2 billion
0.030%		On amounts in excess of $2 billion

Prior to April 29, 2019, the Adviser had agreed, for the period April 30, 2018 to April 28, 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 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

Amounts waived for the six months ended June 30, 2019 are included in the amount shown as a management fee waiver in the Statement of Operations.

Additionally, for the period April 29, 2019 to April 29, 2020, Brighthouse Investment Advisers has contractually agreed to waive a portion of the management fee reflecting the difference, if any, between the subadvisory fee payable by the Adviser to the Subadviser that was calculated based solely on the assets of the Portfolio and the fee that was calculated when the Portfolio’s assets were aggregated with those of the Brighthouse Funds Trust I Western Asset Management Government Income Portfolio. Amounts waived for the six months ended June 30, 2019 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.

7. Contractual Obligations

BHFTII-23

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2019—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2019 was as follows:


Cost basis of investments	$	2,098,306,993

Gross unrealized appreciation		49,818,237
Gross unrealized depreciation		(23,844,674	)

Net unrealized appreciation (depreciation)	$	25,973,563

The tax character of distributions paid for the years ended December 31, 2018 and 2017 were as follows:


Ordinary Income			Long-Term Capital Gain				Total
2018	2017		2018		2017		2018		2017
$47,885,293	$	57,133,769	$	—	$	—	$	47,885,293	$	57,133,769

As of December 31, 2018, 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			Accumulated Capital Losses			Total
$52,510,375	$	—	$	(30,961,880	)	$	(124,652,705	)	$	(103,104,210	)

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.

As of December 31, 2018, the Portfolio had short-term accumulated capital losses in the amount of $14,124,177 and long-term accumulated capital losses in the amount of $110,528,528.

BHFTII-24

Item 2. Code of Ethics.

Item applicable only to annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

Item applicable only to annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Item applicable only to annual report on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

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

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the 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, 2019

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, 2019


By:		/s/ Alan R. Otis
		Alan R. Otis
		Chief Financial Officer and Treasurer

Date:		September 6, 2019