Brighthouse Funds Trust II

Schedule of Investments

September 30, 2019

Brighthouse Funds Trust II

Table of Contents

Schedule of Investments as of September 30, 2019
Baillie Gifford International Stock Portfolio	BHFTII-1
BlackRock Bond Income Portfolio	BHFTII-5
BlackRock Capital Appreciation Portfolio	BHFTII-50
BlackRock Ultra-Short Term Bond Portfolio	BHFTII-54
Brighthouse Asset Allocation 20 Portfolio	BHFTII-57
Brighthouse Asset Allocation 40 Portfolio	BHFTII-58
Brighthouse Asset Allocation 60 Portfolio	BHFTII-59
Brighthouse Asset Allocation 80 Portfolio	BHFTII-60
Brighthouse/Artisan Mid Cap Value Portfolio	BHFTII-61
Brighthouse/Dimensional International Small Company Portfolio	BHFTII-65
Brighthouse/Wellington Balanced Portfolio	BHFTII-105
Brighthouse/Wellington Core Equity Opportunities Portfolio	BHFTII-135
Frontier Mid Cap Growth Portfolio	BHFTII-139
Jennison Growth Portfolio	BHFTII-143
Loomis Sayles Small Cap Core Portfolio	BHFTII-147
Loomis Sayles Small Cap Growth Portfolio	BHFTII-154
MetLife Aggregate Bond Index Portfolio	BHFTII-159
MetLife Mid Cap Stock index Portfolio	BHFTII-175
MetLife MSCI EAFE® Index Portfolio	BHFTII-184
MetLife Russell 2000® Index Portfolio	BHFTII-196
MetLife Stock Index Portfolio	BHFTII-216
MFS® Total Return Portfolio	BHFTII-226
MFS® Value Portfolio	BHFTII-240
Neuberger Berman Genesis Portfolio	BHFTII-244
T. Rowe Price Large Cap Growth Portfolio	BHFTII-248
T. Rowe Price Small Cap Growth Portfolio	BHFTII-254
Van Eck Global Natural Resources Portfolio	BHFTII-261
Western Asset Management Strategic Bond Opportunities Portfolio	BHFTII-265
Western Asset Management U.S. Government Portfolio	BHFTII-290

Not all Portfolios are available under every product.

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

MSCI sponsors the MSCI EAFE^® Index, Bloomberg Barclays sponsors the Bloomberg Barclays U.S. Aggregate Bond Index, Standard & Poor’s sponsors the S&P 500^® Index and the S&P 400 MidCap Index, and FTSE Russell sponsors the Russell 2000^® Index (together referred to as the “index sponsors”). Direct investment in the indexes is not possible. The index sponsors do not sponsor, endorse, sell or promote any of the Brighthouse Funds Trust II (the “Fund’s”) Portfolios (the “Portfolios”) or make any representation regarding the advisability of investing in the Portfolios. The index sponsors have no responsibility for and do not participate in the management of the Portfolio assets or sale of the Portfolio shares. Each index and its associated service marks are the exclusive property of the respective index sponsors, and references thereto have been made with permission. The Brighthouse Funds Trust II Statement of Additional Information contains a more detailed description of the limited relationship the index sponsors have with the Fund.

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

Common Stocks—97.9% of Net Assets

Security Description	Shares		Value
Argentina—2.9%
MercadoLibre, Inc. (a)		97,466	$	53,726,183
Australia—2.1%
Cochlear, Ltd.		128,693		18,109,173
CSL, Ltd.		128,925		20,372,620
				38,481,793
Belgium—0.4%
Umicore S.A.		176,947		6,685,820
Brazil—1.3%
Itau Unibanco Holding S.A. (ADR)		1,698,013		14,280,289
Kroton Educacional S.A.		3,892,500		10,473,809
				24,754,098
Canada—4.5%
Constellation Software, Inc.		39,744		39,693,002
Fairfax Financial Holdings, Ltd.		67,388		29,704,941
Ritchie Bros. Auctioneers, Inc.		349,103		13,929,210
				83,327,153
China—4.8%
Alibaba Group Holding, Ltd. (ADR) (a)		203,211		33,982,975
Ping An Healthcare and Technology Co., Ltd. (a) (b)		1,990,600		11,664,819
Tencent Holdings, Ltd.		657,200		27,891,369
Tencent Music Entertainment Group (ADR) (a) (b)		1,233,283		15,749,024
				89,288,187
Denmark—2.3%
DSV A/S		273,207		26,023,744
Novozymes A/S - B Shares		405,378		17,042,612
				43,066,356
Finland—2.3%
Kone Oyj - Class B		523,064		29,795,610
Sampo Oyj - A Shares		307,017		12,214,075
				42,009,685
France—4.4%
Danone S.A.		229,690		20,230,166
Edenred		806,482		38,728,100
Legrand S.A.		305,933		21,851,890
				80,810,156
Germany—9.0%
Continental AG		86,481		11,101,923
Deutsche Boerse AG		303,992		47,520,308
MTU Aero Engines AG		94,327		25,063,348
SAP SE		357,646		42,046,451
Scout24 AG		696,009		39,695,296
				165,427,326
Hong Kong—3.8%
AIA Group, Ltd.		4,797,600		45,016,645
Hong Kong—(Continued)
Hong Kong Exchanges and Clearing, Ltd.		854,900		25,234,220
				70,250,865
India—1.6%
Housing Development Finance Corp., Ltd.		1,036,003		28,923,736
Ireland—4.3%
CRH plc		702,566		24,101,407
Kingspan Group plc		558,286		27,369,178
Ryanair Holdings plc (ADR) (a)		419,701		27,859,753
				79,330,338
Japan—11.6%
Denso Corp.		391,200		17,282,768
FANUC Corp.		102,200		19,387,312
Japan Exchange Group, Inc.		1,751,200		27,709,852
Nidec Corp.		218,200		29,567,983
Shimano, Inc.		160,100		24,216,193
SMC Corp.		72,200		31,064,217
Sony Corp.		376,800		22,140,961
Sumitomo Mitsui Trust Holdings, Inc.		535,900		19,424,987
Toyota Tsusho Corp.		682,700		22,139,774
				212,934,047
Netherlands—4.5%
ASML Holding NV		86,349		21,431,991
Heineken Holding NV		268,973		26,797,268
IMCD NV		171,320		12,670,993
Prosus NV (a)		129,395		9,498,648
Takeaway.com NV (a)		150,769		12,036,659
				82,435,559
Panama—1.2%
Copa Holdings S.A. - Class A		232,558		22,965,103
Peru—1.1%
Credicorp, Ltd.		94,327		19,661,520
Russia—1.3%
Magnit PJSC (GDR)		810,499		10,585,950
MMC Norilsk Nickel PJSC (ADR)		513,700		13,147,616
				23,733,566
Singapore—1.4%
United Overseas Bank, Ltd.		1,391,464		25,777,246
South Africa—1.9%
Discovery, Ltd.		2,018,864		15,221,786
Naspers, Ltd. - N Shares		129,395		19,658,556
				34,880,342
South Korea—3.2%
NAVER Corp.		115,398		15,176,430

BHFTII-1

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
South Korea—(Continued)
Samsung Electronics Co., Ltd.		1,087,308	$	44,362,091
				59,538,521
Spain—2.8%
Bankinter S.A.		2,446,407		15,466,891
Grifols S.A.		446,119		13,144,926
Industria de Diseno Textil S.A.		758,250		23,487,747
				52,099,564
Sweden—2.7%
Atlas Copco AB - B Shares		1,089,050		29,551,106
Epiroc AB - Class B		1,991,170		20,607,332
				50,158,438
Switzerland—5.3%
Cie Financiere Richemont S.A.		249,049		18,302,989
Credit Suisse Group AG (a)		1,096,171		13,458,711
Kuehne & Nagel International AG		153,320		22,597,498
Nestle S.A.		395,130		42,861,367
				97,220,565
Taiwan—3.6%
Taiwan Semiconductor Manufacturing Co., Ltd.		7,637,000		67,277,656
United Kingdom—12.6%
ASOS plc (a) (b)		435,440		13,250,999
boohoo Group plc (a)		6,275,586		20,470,598
Burberry Group plc		700,171		18,727,627
Experian plc		1,044,386		33,366,681
Hargreaves Lansdown plc		1,013,804		25,906,256
Howden Joinery Group plc		1,885,672		12,990,531
Just Eat plc (a)		1,675,457		13,761,667
Prudential plc		1,330,325		24,159,973
Rio Tinto plc		578,996		30,074,227
St. James’s Place plc		995,233		11,981,686
Unilever NV		444,365		26,701,048
				231,391,293
United States—1.0%
Spotify Technology S.A. (a)		164,084		18,705,576
Total Common Stocks (Cost $1,442,836,052)				1,804,860,692
Preferred Stock—0.3%
Spain—0.3%
Grifols S.A. - Class B (Cost $6,362,013)		261,847		5,248,360
Short-Term Investment—1.2%
Security Description	Principal Amount*		Value
Repurchase Agreement—1.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $22,906,628; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $23,367,223.		22,906,119		22,906,119
Total Short-Term Investments (Cost $22,906,119)				22,906,119
Securities Lending Reinvestments (c)—0.5%
Repurchase Agreements—0.5%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $1,000,053; 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 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $700,047; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $714,000.		700,000		700,000
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $600,040; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $612,000.		600,000		600,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $1,515,553; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $1,545,786.		1,515,477		1,515,477
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $800,044; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $890,402.		800,000		800,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $1,000,393; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $1,111,407.		1,000,000		1,000,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $1,900,124; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $1,938,000.		1,900,000		1,900,000

BHFTII-2

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $300,117; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $333,319.		300,000	$	300,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,000,389; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000		1,000,000
				8,815,477
Total Securities Lending Reinvestments (Cost $8,815,477)				8,815,477
Total Investments—99.9% (Cost $1,480,919,661)				1,841,830,648
Other assets and liabilities (net)—0.1%				1,615,325
Net Assets—100.0%			$	1,843,445,973

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $14,988,196 and the collateral received consisted of cash in the amount of $8,815,477 and non-cash collateral with a value of $6,832,163. 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.
(c)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.

Ten Largest Industries as of September 30, 2019 (Unaudited)	% of Net Assets
Internet & Direct Marketing Retail		9.6
Capital Markets		8.2
Machinery		7.1
Insurance		6.9
Banks		5.1
Semiconductors & Semiconductor Equipment		4.8
Interactive Media & Services		4.5
Software		4.4
Food Products		3.4
Commercial Services & Supplies		2.9

Glossary of Abbreviations

Other Abbreviations

(ADR)—	American Depositary Receipt
(GDR)—	Global Depositary Receipt

BHFTII-3

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Argentina	$	53,726,183	$	—		$	—	$	53,726,183
Australia		—		38,481,793			—		38,481,793
Belgium		—		6,685,820			—		6,685,820
Brazil		24,754,098		—			—		24,754,098
Canada		83,327,153		—			—		83,327,153
China		49,731,999		39,556,188			—		89,288,187
Denmark		—		43,066,356			—		43,066,356
Finland		—		42,009,685			—		42,009,685
France		—		80,810,156			—		80,810,156
Germany		—		165,427,326			—		165,427,326
Hong Kong		—		70,250,865			—		70,250,865
India		—		28,923,736			—		28,923,736
Ireland		27,859,753		51,470,585			—		79,330,338
Japan		—		212,934,047			—		212,934,047
Netherlands		9,498,648		72,936,911			—		82,435,559
Panama		22,965,103		—			—		22,965,103
Peru		19,661,520		—			—		19,661,520
Russia		—		23,733,566			—		23,733,566
Singapore		—		25,777,246			—		25,777,246
South Africa		—		34,880,342			—		34,880,342
South Korea		—		59,538,521			—		59,538,521
Spain		—		52,099,564			—		52,099,564
Sweden		—		50,158,438			—		50,158,438
Switzerland		—		97,220,565			—		97,220,565
Taiwan		—		67,277,656			—		67,277,656
United Kingdom		—		231,391,293			—		231,391,293
United States		18,705,576		—			—		18,705,576
Total Common Stocks		310,230,033		1,494,630,659			—		1,804,860,692
Total Preferred Stock*		—		5,248,360			—		5,248,360
Total Short-Term Investment*		—		22,906,119			—		22,906,119
Total Securities Lending Reinvestments*		—		8,815,477			—		8,815,477
Total Investments	$	310,230,033	$	1,531,600,615		$	—	$	1,841,830,648
Collateral for Securities Loaned (Liability)	$	—	$	(8,815,477	)	$	—	$	(8,815,477	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-4

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

U.S. Treasury & Government Agencies—49.5% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—39.0%
Fannie Mae 15 Yr. Pool
2.000%, 10/01/31		228,536	$	226,706
2.000%, 11/01/31		2,812,511		2,789,985
2.000%, 12/01/31		303,358		300,928
2.000%, 03/01/32		1,808,204		1,793,721
2.500%, 09/01/27		249,344		252,087
2.500%, 02/01/28		29,449		29,745
2.500%, 04/01/28		73,281		74,310
2.500%, 08/01/28		205,343		208,222
2.500%, 01/01/30		1,052,992		1,065,323
2.500%, 02/01/30		130,337		131,872
2.500%, 03/01/30		219,564		222,448
2.500%, 07/01/30		792,645		802,198
2.500%, 08/01/30		2,604,289		2,637,231
2.500%, 09/01/30		1,272,901		1,289,336
2.500%, 11/01/30		2,632,404		2,665,047
2.500%, 03/01/31		147,619		149,014
2.500%, 06/01/31		728,912		739,092
2.500%, 07/01/31		398,152		403,714
2.500%, 08/01/31		68,987		69,950
2.500%, 10/01/31		3,549,092		3,597,685
2.500%, 11/01/31		2,218,971		2,250,495
2.500%, 02/01/32		105,996		107,394
2.500%, 03/01/32		348,161		353,386
2.500%, 08/01/32		2,563,667		2,598,102
2.500%, 02/01/33		4,564,520		4,616,139
3.000%, 04/01/28		160,358		165,300
3.000%, 05/01/28		185,089		189,966
3.000%, 10/01/28		345,995		356,318
3.000%, 11/01/28		2,546,685		2,620,193
3.000%, 12/01/28		775,420		797,793
3.000%, 01/01/29		278,075		285,455
3.000%, 04/01/29		1,094,839		1,128,454
3.000%, 05/01/29		1,597,360		1,643,140
3.000%, 08/01/29		1,613,676		1,663,444
3.000%, 10/01/29		450,932		465,349
3.000%, 03/01/30		923,827		953,369
3.000%, 04/01/30		750,244		773,299
3.000%, 05/01/30		1,147,543		1,183,426
3.000%, 07/01/30		905,984		929,578
3.000%, 08/01/30		4,278,812		4,408,606
3.000%, 09/01/30		1,031,290		1,061,949
3.000%, 08/01/31		4,267,905		4,383,375
3.000%, 09/01/31		440,153		453,707
3.000%, 03/01/32		912,918		939,626
3.500%, 08/01/28		425,553		445,269
3.500%, 10/01/28		2,752,972		2,880,659
3.500%, 11/01/28		2,770,278		2,898,787
3.500%, 02/01/29		3,846,490		4,013,545
3.500%, 04/01/29		997,719		1,038,761
3.500%, 05/01/29		2,645,385		2,763,694
3.500%, 06/01/29		2,004,049		2,100,538
3.500%, 07/01/29		987,865		1,028,641
3.500%, 09/01/29		169,545		177,759
3.500%, 08/01/30		806,594		845,129
3.500%, 11/01/32		203,706		213,974
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool
3.500%, 01/01/33		134,237		140,999
4.000%, 10/01/33		11,843,205		12,583,478
4.500%, 12/01/20		50,384		51,879
4.500%, 02/01/25		255,152		265,739
4.500%, 04/01/25		53,656		56,344
4.500%, 07/01/25		205,497		215,764
4.500%, 06/01/26		1,307,848		1,373,480
Fannie Mae 20 Yr. Pool
3.000%, 10/01/36		102,103		105,044
3.000%, 11/01/36		1,053,160		1,088,019
3.000%, 12/01/36		1,560,287		1,610,656
Fannie Mae 30 Yr. Pool
3.000%, 12/01/42		6,478,100		6,679,325
3.000%, 01/01/43		4,423,350		4,558,882
3.000%, 02/01/43		2,076,968		2,142,038
3.000%, 03/01/43		16,928,427		17,456,327
3.000%, 04/01/43		11,640,141		12,002,990
3.000%, 05/01/43		15,665,631		16,158,970
3.000%, 06/01/43		2,015,465		2,083,862
3.000%, 07/01/43		1,151,315		1,186,635
3.000%, 08/01/43		928,363		956,213
3.000%, 06/01/46		716,050		739,106
3.000%, 08/01/46		73,465		76,039
3.000%, 09/01/46		1,091,629		1,127,249
3.000%, 11/01/46		3,779,665		3,889,560
3.000%, 01/01/47		368,704		380,256
3.000%, 02/01/47		918,469		945,440
3.000%, 03/01/47		3,003,749		3,087,076
3.500%, 01/01/42		667,259		701,477
3.500%, 04/01/42		403,818		424,236
3.500%, 05/01/42		299,728		314,372
3.500%, 06/01/42		685,355		721,639
3.500%, 07/01/42		104,375		109,665
3.500%, 08/01/42		179,163		188,232
3.500%, 10/01/42		938,579		988,196
3.500%, 11/01/42		2,036,006		2,137,833
3.500%, 12/01/42		1,079,352		1,133,613
3.500%, 02/01/43		1,316,166		1,385,309
3.500%, 03/01/43		1,378,406		1,450,243
3.500%, 04/01/43		44,664		46,928
3.500%, 05/01/43		247,386		259,920
3.500%, 06/01/43		1,072,127		1,124,709
3.500%, 07/01/43		8,445,163		8,898,817
3.500%, 08/01/43		6,462,965		6,811,776
3.500%, 09/01/43		96,684		102,003
3.500%, 11/01/43		1,123,253		1,185,930
3.500%, 01/01/44		979,564		1,033,719
3.500%, 05/01/44		11,375,998		12,056,377
3.500%, 06/01/44		9,328,929		9,796,759
3.500%, 07/01/44		48,274		50,966
3.500%, 02/01/45		958,761		1,007,276
3.500%, 07/01/45		2,857,544		3,004,680
3.500%, 10/01/45		1,422,940		1,490,106
3.500%, 11/01/45		3,017,571		3,195,359
3.500%, 12/01/45		726,773		773,400

BHFTII-5

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of September 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%, 03/01/46		1,043,947	$	1,092,719
3.500%, 04/01/46		1,529,830		1,597,246
3.500%, 05/01/46		631,980		661,518
3.500%, 06/01/46		2,908,426		3,046,840
3.500%, 08/01/46		1,389,561		1,454,575
3.500%, 09/01/46		1,434,695		1,510,474
3.500%, 11/01/46		2,702,722		2,864,003
3.500%, 12/01/46		3,185,748		3,363,728
3.500%, 01/01/47		6,906,158		7,339,108
3.500%, 02/01/47		542,700		574,487
3.500%, 05/01/47		1,889,474		1,993,677
3.500%, 06/01/47		1,113,630		1,174,684
3.500%, 07/01/47		770,652		813,647
3.500%, 09/01/47		794,541		840,102
3.500%, 10/01/47		241,327		255,164
3.500%, 11/01/47		1,354,399		1,440,195
3.500%, 12/01/47		9,177,808		9,682,404
3.500%, 01/01/48		6,034,564		6,381,388
4.000%, 08/01/33		980,814		1,017,721
4.000%, 06/01/39		777,070		829,825
4.000%, 12/01/39		70,772		75,574
4.000%, 07/01/40		932,231		995,472
4.000%, 08/01/40		1,683,253		1,798,265
4.000%, 10/01/40		4,595,263		4,909,405
4.000%, 11/01/40		300,984		321,544
4.000%, 12/01/40		1,563,993		1,670,898
4.000%, 04/01/41		150,287		160,575
4.000%, 09/01/41		3,765,498		4,022,581
4.000%, 10/01/41		266,676		284,927
4.000%, 12/01/41		1,059,751		1,147,826
4.000%, 01/01/42		1,040,990		1,112,311
4.000%, 02/01/42		2,700,049		2,885,248
4.000%, 05/01/42		1,041,962		1,119,912
4.000%, 06/01/42		517,342		552,655
4.000%, 07/01/42		3,762,120		4,067,718
4.000%, 08/01/42		286,723		306,342
4.000%, 09/01/42		707,190		755,595
4.000%, 12/01/42		2,005,613		2,160,686
4.000%, 01/01/43		870,076		929,307
4.000%, 03/01/43		178,427		190,588
4.000%, 10/01/43		634,427		677,661
4.000%, 11/01/43		2,902,804		3,142,795
4.000%, 01/01/44		2,255,482		2,443,669
4.000%, 02/01/44		2,191,900		2,374,733
4.000%, 05/01/44		3,146,210		3,407,922
4.000%, 07/01/44		209,636		220,812
4.000%, 08/01/44		721,598		781,788
4.000%, 12/01/44		1,979,869		2,127,801
4.000%, 01/01/45		343,750		369,689
4.000%, 02/01/45		1,011,782		1,085,194
4.000%, 03/01/45		829,164		877,710
4.000%, 04/01/45		856,341		921,948
4.000%, 05/01/45		786,177		845,059
4.000%, 10/01/45		5,303,194		5,703,752
4.000%, 11/01/45		1,933,323		2,086,791
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 12/01/45		4,018,252		4,314,995
4.000%, 01/01/46		4,138,900		4,393,235
4.000%, 02/01/46		1,428,206		1,529,214
4.000%, 06/01/46		3,340,912		3,533,402
4.000%, 11/01/46		245,484		265,950
4.000%, 01/01/47		357,615		387,390
4.000%, 03/01/47		6,122,167		6,524,018
4.000%, 08/01/47		916,270		969,919
4.000%, 03/01/48		2,414,436		2,614,756
4.000%, 04/01/48		1,490,111		1,611,912
4.000%, 08/01/48		9,563,101		10,125,076
4.500%, 08/01/39		1,175,196		1,272,287
4.500%, 11/01/39		366,807		398,685
4.500%, 01/01/40		35,990		39,174
4.500%, 04/01/40		79,654		86,590
4.500%, 05/01/40		205,965		223,180
4.500%, 06/01/40		190,143		206,049
4.500%, 07/01/40		394,622		427,517
4.500%, 11/01/40		745,042		807,437
4.500%, 07/01/41		230,143		249,421
4.500%, 08/01/41		31,756		33,424
4.500%, 09/01/41		748,105		803,852
4.500%, 10/01/41		162,634		176,202
4.500%, 01/01/42		153,913		166,710
4.500%, 06/01/42		81,314		85,811
4.500%, 08/01/42		785,636		835,315
4.500%, 09/01/43		1,037,872		1,121,040
4.500%, 10/01/43		1,208,277		1,302,049
4.500%, 11/01/43		2,739,828		3,035,544
4.500%, 12/01/43		1,385,798		1,494,428
4.500%, 01/01/44		1,491,588		1,614,630
4.500%, 06/01/44		5,406,479		5,856,922
4.500%, 07/01/45		1,597,094		1,741,501
4.500%, 09/01/45		668,201		734,117
4.500%, 11/01/45		2,473,997		2,684,109
4.500%, 12/01/45		1,073,210		1,155,898
4.500%, 07/01/46		3,812,709		4,222,416
4.500%, 09/01/46		578,131		640,403
4.500%, 09/01/47		82,092		87,023
4.500%, 10/01/47		519,353		557,684
4.500%, 11/01/47		4,259,003		4,569,338
4.500%, 12/01/47		59,388		63,110
4.500%, 01/01/48		3,707,617		3,975,859
4.500%, 02/01/48		120,875		128,043
4.500%, 03/01/48		220,583		234,080
4.500%, 04/01/48		1,281,085		1,415,123
4.500%, 05/01/48		28,297,019		30,601,553
4.500%, 07/01/48		239,542		257,407
4.500%, 08/01/48		3,209,449		3,483,233
4.500%, 11/01/48		2,362,103		2,532,245
4.500%, 02/01/49		21,981,985		24,078,937
4.500%, 05/01/49		11,109,853		12,266,353
5.000%, 11/01/32		3,408		3,706
5.000%, 09/01/35		177,714		196,212
5.000%, 06/01/39		7,721,605		8,491,825

BHFTII-6

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 04/01/41		23,275	$	24,924
5.000%, 07/01/41		339,940		374,604
5.000%, 08/01/41		272,548		296,524
5.000%, 01/01/42		50,244		53,776
5.500%, 11/01/32		865,364		960,017
5.500%, 12/01/32		147,678		163,385
5.500%, 01/01/33		535,223		587,940
5.500%, 12/01/33		195,305		216,814
5.500%, 05/01/34		1,565,216		1,770,137
5.500%, 08/01/37		1,638,727		1,853,448
5.500%, 02/01/38		251,335		283,363
5.500%, 03/01/38		178,636		201,335
5.500%, 04/01/38		108,837		117,670
5.500%, 06/01/38		245,699		270,806
5.500%, 12/01/38		92,691		100,254
5.500%, 01/01/39		258,527		290,897
5.500%, 08/01/39		179,621		202,252
5.500%, 12/01/39		374,924		419,761
5.500%, 04/01/40		62,237		69,935
5.500%, 04/01/41		240,470		271,098
6.000%, 02/01/34		182,570		210,068
6.000%, 08/01/34		137,815		158,609
6.000%, 04/01/35		2,138,247		2,459,508
6.000%, 06/01/36		281,824		324,039
6.000%, 02/01/38		451,450		518,445
6.000%, 03/01/38		138,748		159,687
6.000%, 05/01/38		449,245		517,137
6.000%, 10/01/38		546,607		628,976
6.000%, 12/01/38		168,928		194,451
6.000%, 04/01/40		1,747,214		2,011,250
6.000%, 09/01/40		187,340		215,657
6.000%, 06/01/41		410,557		472,595
6.500%, 05/01/40		2,500,357		2,879,658
Fannie Mae Pool 4.000%, 01/01/41		381,568		405,062
Fannie Mae REMICS (CMO) 5.000%, 04/25/35		33,497		34,952
Freddie Mac 15 Yr. Gold Pool
2.500%, 04/01/27		98,901		100,248
2.500%, 10/01/28		360,163		363,982
2.500%, 08/01/29		828,060		839,426
2.500%, 12/01/29		233,798		236,603
2.500%, 05/01/30		921,724		933,698
2.500%, 07/01/30		625,697		634,005
2.500%, 08/01/30		2,148,672		2,177,968
2.500%, 09/01/30		2,352,524		2,383,159
2.500%, 04/01/31		1,648,283		1,669,674
3.000%, 01/01/30		657,014		677,178
3.000%, 04/01/30		3,460,303		3,569,643
3.000%, 05/01/30		598,801		618,302
3.000%, 06/01/30		25,066		25,851
3.000%, 07/01/30		1,319,280		1,360,060
3.000%, 08/01/30		424,012		437,194
Freddie Mac 30 Yr. Gold Pool
3.000%, 12/01/42		2,398,063		2,473,066
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
3.000%, 01/01/43		1,614,824		1,665,335
3.000%, 03/01/43		3,409,827		3,515,982
3.000%, 07/01/43		9,989,386		10,301,872
3.000%, 12/01/46		2,796,727		2,879,109
3.500%, 04/01/42		2,037,782		2,149,006
3.500%, 05/01/42		98,622		103,541
3.500%, 08/01/42		2,426,448		2,559,283
3.500%, 10/01/42		124,774		130,192
3.500%, 11/01/42		975,844		1,025,888
3.500%, 01/01/43		1,134,010		1,192,098
3.500%, 06/01/43		279,781		294,110
3.500%, 12/01/43		4,495,627		4,725,953
3.500%, 01/01/44		20,447,380		21,524,102
3.500%, 04/01/44		2,025,095		2,137,666
3.500%, 05/01/44		505,507		535,230
3.500%, 06/01/44		353,691		372,698
3.500%, 07/01/44		102,464		109,101
3.500%, 08/01/44		379,303		401,762
3.500%, 09/01/44		813,547		862,447
3.500%, 11/01/44		20,631		21,604
3.500%, 01/01/45		149,395		156,222
3.500%, 05/01/45		225,353		235,987
3.500%, 06/01/45		201,567		211,115
3.500%, 07/01/45		5,382		5,637
3.500%, 08/01/45		5,893,650		6,242,590
3.500%, 09/01/45		167,069		177,889
3.500%, 10/01/45		21,300		22,306
3.500%, 01/01/46		975,289		1,021,438
3.500%, 02/01/46		66,506		69,649
3.500%, 03/01/46		682,194		714,402
3.500%, 05/01/46		812,066		850,443
3.500%, 07/01/46		7,231,163		7,646,917
3.500%, 03/01/47		2,032,418		2,152,649
3.500%, 07/01/47		317,699		336,489
3.500%, 10/01/47		1,234,443		1,314,326
3.500%, 12/01/47		1,555,156		1,655,794
3.500%, 01/01/48		526,711		555,974
4.000%, 08/01/40		263,790		281,937
4.000%, 09/01/40		285,477		305,053
4.000%, 10/01/40		133,389		142,588
4.000%, 11/01/40		559,792		598,417
4.000%, 04/01/41		15,272		16,323
4.000%, 10/01/41		478,945		512,444
4.000%, 09/01/43		406,781		438,203
4.000%, 04/01/44		844,562		902,997
4.000%, 07/01/44		296,504		316,973
4.000%, 08/01/44		2,877,799		3,099,612
4.000%, 02/01/45		265,044		280,049
4.000%, 09/01/45		1,126,145		1,189,903
4.000%, 10/01/45		1,633,021		1,729,629
4.000%, 12/01/45		10,588,971		11,178,598
4.000%, 08/01/47		2,060,806		2,219,645
4.500%, 02/01/39		1,009,234		1,091,961
4.500%, 08/01/39		887,737		961,609
4.500%, 12/01/39		232,755		252,378

BHFTII-7

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of September 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
4.500%, 07/01/40		70,129	$	76,019
4.500%, 05/01/41		1,422,573		1,542,117
4.500%, 05/01/42		1,319,405		1,430,049
4.500%, 10/01/43		641,505		683,346
4.500%, 12/01/43		1,645,234		1,787,819
4.500%, 04/01/47		2,700,651		2,899,722
4.500%, 05/01/47		1,035,471		1,122,007
4.500%, 07/01/47		2,505,255		2,698,013
4.500%, 07/01/48		3,735,563		4,046,944
4.500%, 08/01/48		9,605,973		10,392,549
4.500%, 02/01/49		4,735,662		5,121,645
4.500%, 04/01/49		2,429,961		2,605,802
5.000%, 10/01/41		554,086		611,720
5.000%, 11/01/41		4,705,311		5,157,883
5.500%, 02/01/35		129,568		146,621
5.500%, 09/01/39		158,918		179,474
5.500%, 01/01/40		92,506		100,149
5.500%, 07/01/40		22,848		24,723
5.500%, 06/01/41		1,926,954		2,175,588
Freddie Mac Gold Pool
3.000%, 09/01/27		501,392		512,791
3.000%, 07/01/28		259,902		265,810
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
0.983%, 06/25/27 (b) (c)		2,615,013		131,001
3.347%, 11/25/26 (b)		490,000		530,580
3.444%, 12/25/27		210,000		229,787
3.531%, 07/25/23 (b)		500,000		526,704
3.590%, 01/25/25 (b)		291,000		311,338
3.683%, 10/25/25 (b)		453,000		485,899
3.900%, 04/25/28		1,020,000		1,150,557
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)
4.168%, 1M LIBOR + 2.150%, 12/25/30 (144A) (b)		409,231		412,706
6.468%, 1M LIBOR + 4.450%, 03/25/30 (b)		682,210		752,802
FREMF Mortgage Trust (CMO)
4.117%, 05/25/50 (144A) (b)		275,556		296,943
4.189%, 04/25/48 (144A) (b)		360,000		383,238
4.373%, 08/25/50 (144A) (b)		440,000		478,975
FRESB Mortgage Trust (CMO)
3.480%, 06/25/28 (b)		698,864		734,957
3.660%, 06/25/28 (b)		417,251		450,150
Ginnie Mae I 30 Yr. Pool
3.000%, 02/15/45		1,177,357		1,209,548
3.500%, 01/15/42		338,045		355,766
3.500%, 02/15/42		146,815		154,967
3.500%, 04/15/42		281,004		296,736
3.500%, 05/15/42		325,207		346,008
3.500%, 08/15/42		430,024		455,264
3.500%, 11/15/42		257,996		271,284
3.500%, 12/15/42		937,497		993,037
3.500%, 01/15/43		390,493		410,591
3.500%, 02/15/43		654,549		690,147
3.500%, 03/15/43		357,423		375,354
3.500%, 04/15/43		1,917,821		2,021,072
3.500%, 05/15/43		2,121,026		2,242,732
3.500%, 06/15/43		601,166		639,527
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
3.500%, 07/15/43		2,108,050		2,242,488
4.000%, 03/15/41		696,723		742,340
4.000%, 12/15/41		24,845		26,036
4.500%, 02/15/42		8,896,237		9,681,978
4.500%, 03/15/47		143,128		156,896
4.500%, 04/15/47		362,321		397,296
4.500%, 05/15/47		120,847		132,537
5.000%, 12/15/38		251,899		283,102
5.000%, 07/15/39		556,659		622,483
5.000%, 10/15/39		328,648		369,357
5.000%, 09/15/40		21,455		24,090
5.000%, 12/15/40		803,935		903,320
5.500%, 04/15/33		22,139		25,099
6.500%, 04/15/33		43,434		48,074
8.500%, 05/15/22		347		348
Ginnie Mae II 30 Yr. Pool
3.000%, 12/20/44		144,794		149,636
3.000%, 04/20/45		2,800,999		2,888,428
3.000%, 06/20/45		7,317,628		7,564,104
3.000%, 07/20/45		76,134		78,512
3.000%, 08/20/45		76,376		79,239
3.000%, 10/20/45		910,395		938,831
3.000%, 12/20/45		79,687		82,178
3.000%, 04/20/46		16,176,172		16,685,758
3.000%, 05/20/46		115,149		118,534
3.000%, 06/20/46		2,629,414		2,710,714
3.000%, 07/20/46		5,418,816		5,588,045
3.000%, 08/20/46		1,021,013		1,052,913
3.000%, 09/20/46		9,982,432		10,300,332
3.000%, 10/20/46		395,539		407,899
3.000%, 11/20/46		257,646		265,698
3.000%, 12/20/46		980,635		1,011,243
3.000%, TBA (a)		28,863,500		29,599,553
3.500%, 04/20/43		1,875,511		1,992,107
3.500%, 05/20/43		1,007,971		1,070,634
3.500%, 07/20/43		78,502		83,382
3.500%, 02/20/44		2,312,129		2,433,118
3.500%, 05/20/45		634,203		663,418
3.500%, 05/20/46		1,385,829		1,447,385
3.500%, 09/20/46		518,601		540,620
3.500%, 10/20/46		2,053,366		2,161,556
3.500%, 03/20/48		169,690		176,064
3.500%, 04/20/48		68,563		71,150
3.500%, TBA (a)		72,721,496		75,349,128
4.000%, 04/20/39		42,393		45,146
4.000%, 07/20/39		309,367		329,461
4.000%, 09/20/40		84,462		89,979
4.000%, 10/20/40		949,911		1,012,125
4.000%, 11/20/40		527,282		561,822
4.000%, 12/20/40		1,986,936		2,117,298
4.000%, 01/20/41		1,742,188		1,856,680
4.000%, 02/20/41		30,567		32,577
4.000%, 07/20/43		164,099		174,964
4.000%, 08/20/44		677,772		718,474
4.000%, 10/20/46		145,827		153,839

BHFTII-8

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of September 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%, 06/20/47		2,099,617	$	2,198,565
4.000%, TBA (a)		50,990,500		53,014,185
4.500%, 12/20/39		69,978		76,297
4.500%, 01/20/40		87,246		95,115
4.500%, 02/20/40		68,604		74,901
4.500%, 05/20/40		4,636		5,073
4.500%, 07/20/48		8,493,487		8,940,689
4.500%, 09/20/48		906,889		965,515
4.500%, TBA (a)		13,573,500		14,173,703
5.000%, 10/20/33		721,961		798,570
5.000%, 10/20/39		244,862		270,872
5.000%, 07/20/42		309,620		342,584
5.000%, TBA (a)		8,793,000		9,259,785
Government National Mortgage Association (CMO)
0.557%, 06/16/53 (b) (c)		1,267,998		29,266
0.688%, 02/16/50 (b) (c)		1,741,606		75,018
0.702%, 03/16/55 (b) (c)		3,133,459		136,175
0.733%, 11/16/53 (b) (c)		1,032,441		33,101
0.794%, 09/16/51 (b) (c)		16,832,545		853,673
0.825%, 08/16/41 (c)		2,951,723		40,881
0.871%, 04/16/57 (b) (c)		3,645,199		222,508
0.876%, 09/16/55 (b) (c)		2,057,987		127,411
0.915%, 08/15/58 (b) (c)		3,483,366		250,690
0.952%, 09/16/56 (b) (c)		1,343,625		98,412
0.955%, 02/16/58 (b) (c)		5,153,734		354,834
0.995%, 09/16/58 (b) (c)		1,955,589		154,714
0.998%, 08/16/58 (b) (c)		3,730,954		251,326
1.000%, 02/16/39 (c)		1,090,468		3,773
1.032%, 05/16/58 (b) (c)		2,555,366		190,024
1.038%, 12/16/57 (b) (c)		3,482,579		263,659
1.122%, 04/16/58 (b) (c)		378,597		27,530
2.000%, 03/16/35		191,482		184,992
2.250%, 12/16/38		300,789		297,231
Uniform Mortgage-Backed Securities
2.500%, TBA (a)		6,912,000		6,880,597
3.000%, TBA (a)		10,411,174		10,609,439
3.500%, TBA (a)		133,784,006		137,277,255
4.000%, TBA (a)		150,856,000		156,633,185
4.500%, TBA (a)		48,672,000		51,270,022
5.000%, TBA (a)		1,922,000		2,058,867
				1,339,963,812
U.S. Treasury—10.5%
U.S. Treasury Bonds
2.250%, 08/15/49 (d)		5,610,000		5,775,451
2.875%, 05/15/43		4,131,000		4,739,516
2.875%, 11/15/46		3,962,000		4,587,872
3.000%, 02/15/48		3,962,000		4,707,970
3.125%, 02/15/43		4,131,000		4,930,252
3.625%, 08/15/43		4,131,000		5,331,572
3.750%, 11/15/43 (d)		4,131,000		5,437,590
4.250%, 05/15/39		1,079,000		1,487,123
4.375%, 11/15/39		1,079,000		1,514,604
4.500%, 08/15/39		1,079,000		1,535,594
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Notes 0.500%, 04/15/24 (e)		145,253,022		147,118,319
U.S. Treasury Notes
1.125%, 07/31/21		17,858,000		17,680,118
1.500%, 01/31/22		15,868,000		15,825,231
1.500%, 08/15/26 (d)		11,507,000		11,415,304
1.625%, 08/15/29		2,400,000		2,389,594
1.750%, 07/31/21		9,645,000		9,658,187
1.750%, 04/30/22		15,091,000		15,149,360
1.750%, 07/31/24		15,345,000		15,483,465
2.000%, 07/31/20		15,868,000		15,885,975
2.000%, 02/15/25		9,915,000		10,124,919
2.125%, 12/31/22		7,943,000		8,079,520
2.125%, 07/31/24		7,943,000		8,147,781
2.125%, 05/15/25		8,740,000		8,988,202
2.250%, 08/15/27		7,943,000		8,304,158
2.500%, 12/31/20		11,906,000		12,008,782
2.750%, 05/31/23		7,943,000		8,273,441
2.875%, 08/15/28		2,389,000		2,627,247
3.125%, 11/15/28		2,389,000		2,682,772
				359,889,919
Total U.S. Treasury & Government Agencies (Cost $1,671,282,485)				1,699,853,731
Corporate Bonds & Notes—35.2%
Aerospace/Defense—1.4%
Airbus SE 3.950%, 04/10/47 (144A)		1,005,000		1,162,077
BAE Systems Holdings, Inc.
2.850%, 12/15/20 (144A)		319,000		320,187
3.850%, 12/15/25 (144A)		1,925,000		2,024,287
4.750%, 10/07/44 (144A)		112,000		131,410
Boeing Co. (The)
3.200%, 03/01/29		5,000		5,250
3.250%, 02/01/35		461,000		480,104
3.375%, 06/15/46		203,000		203,774
3.825%, 03/01/59		410,000		438,485
3.850%, 11/01/48		646,000		703,736
General Dynamics Corp. 3.750%, 05/15/28 (f)		797,000		884,438
L3Harris Technologies, Inc.
2.700%, 04/27/20		706,000		707,412
3.832%, 04/27/25		9,000		9,613
3.850%, 06/15/23 (144A)		3,810,000		4,013,575
3.850%, 12/15/26 (144A)		2,355,000		2,534,558
4.400%, 06/15/28 (144A)		340,000		381,153
4.400%, 06/15/28		2,744,000		3,076,132
4.854%, 04/27/35		52,000		61,589
5.054%, 04/27/45		995,000		1,249,205
Lockheed Martin Corp.
2.900%, 03/01/25		336,000		347,956
3.550%, 01/15/26		642,000		688,418
3.600%, 03/01/35		3,133,000		3,379,403

BHFTII-9

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Aerospace/Defense—(Continued)
Lockheed Martin Corp.
3.800%, 03/01/45		415,000	$	462,857
4.070%, 12/15/42		30,000		34,635
4.500%, 05/15/36		40,000		47,919
4.700%, 05/15/46		60,000		76,296
Northrop Grumman Corp.
2.930%, 01/15/25		2,425,000		2,500,085
3.250%, 01/15/28		3,118,000		3,273,052
3.850%, 04/15/45		690,000		760,429
4.030%, 10/15/47		362,000		410,364
Raytheon Co.
4.200%, 12/15/44		525,000		621,300
7.000%, 11/01/28		1,810,000		2,397,926
7.200%, 08/15/27		620,000		826,309
United Technologies Corp.
1.950%, 11/01/21		3,791,000		3,787,777
4.125%, 11/16/28		3,212,000		3,634,838
4.500%, 06/01/42		2,064,000		2,476,093
5.400%, 05/01/35		315,000		402,751
5.700%, 04/15/40		178,000		237,501
6.125%, 07/15/38		986,000		1,356,831
				46,109,725
Agriculture—0.6%
Altria Group, Inc.
4.400%, 02/14/26		1,843,000		1,970,154
4.500%, 05/02/43		517,000		518,892
4.800%, 02/14/29		1,578,000		1,730,479
5.375%, 01/31/44		2,018,000		2,244,550
5.800%, 02/14/39		54,000		62,618
6.200%, 02/14/59		135,000		159,593
BAT Capital Corp. 3.215%, 09/06/26		435,000		430,674
BAT International Finance plc 3.950%, 06/15/25 (144A)		3,265,000		3,399,351
JBS Investments II GmbH 5.750%, 01/15/28 (144A)		508,000		529,082
MHP Luxembourg S.A. 6.250%, 09/19/29 (144A)		907,000		874,856
Philip Morris International, Inc.
2.500%, 08/22/22		532,000		537,396
2.875%, 05/01/24		1,010,000		1,036,520
4.500%, 03/20/42		225,000		250,412
Reynolds American, Inc.
4.450%, 06/12/25		4,965,000		5,296,971
5.850%, 08/15/45		1,025,000		1,134,871
				20,176,419
Airlines—0.8%
Air Canada Pass-Through Trust
3.300%, 01/15/30 (144A)		573,075		591,056
3.700%, 01/15/26 (144A)		9,021		9,040
5.000%, 12/15/23 (144A)		388,799		406,023
American Airlines Group, Inc. 4.625%, 03/01/20 (144A) (f)		2,214,000		2,227,837
Airlines—(Continued)
American Airlines Pass-Through Trust
3.000%, 10/15/28		1,200,157		1,222,305
3.150%, 02/15/32		1,205,000		1,235,691
3.200%, 06/15/28		482,350		494,939
3.350%, 10/15/29		532,529		548,235
3.600%, 09/22/27		270,292		283,401
3.650%, 02/15/29		353,129		375,271
3.700%, 05/01/23		217,345		219,583
3.700%, 10/15/25		453,941		456,439
3.750%, 10/15/25		23,420		23,787
3.850%, 02/15/28		1,300,000		1,314,430
4.375%, 10/01/22		19,430		19,940
4.400%, 09/22/23		1,718,239		1,776,316
4.950%, 02/15/25		369,890		390,205
5.250%, 01/15/24		1,047,945		1,113,740
Azul Investments LLP 5.875%, 10/26/24 (144A)		200,000		199,500
Delta Air Lines Pass-Through Trust 3.204%, 10/25/25		1,255,000		1,311,118
Delta Air Lines, Inc.
2.600%, 12/04/20		185,000		185,324
2.875%, 03/13/20		8,220,000		8,237,580
3.400%, 04/19/21		265,000		268,693
Gol Finance S.A. 7.000%, 01/31/25 (144A) (f)		573,000		558,675
Turkish Airlines Pass-Through Trust 4.200%, 03/15/27 (144A)		983,739		909,270
U.S. Airways Pass-Through Trust
5.375%, 11/15/21		156,551		163,229
6.750%, 06/03/21		41,901		44,105
United Airlines Pass-Through Trust
2.700%, 05/01/32		580,000		580,586
2.875%, 10/07/28		490,737		495,644
3.100%, 07/07/28		77,819		79,685
3.450%, 12/01/27		196,637		204,915
3.500%, 05/01/28		830,000		829,377
3.500%, 03/01/30		258,609		270,594
3.650%, 10/07/25		74,080		74,916
3.650%, 01/07/26		121,142		123,095
4.600%, 03/01/26		546,705		569,878
4.625%, 09/03/22		125,952		129,819
4.750%, 04/11/22		294,473		303,072
				28,247,313
Auto Manufacturers—1.1%
American Honda Finance Corp. 2.150%, 09/10/24		995,000		989,524
Daimler Finance North America LLC
3.100%, 05/04/20 (144A)		3,130,000		3,148,096
3.350%, 05/04/21 (144A)		1,270,000		1,290,910
Ford Motor Credit Co. LLC
2.979%, 08/03/22		2,125,000		2,104,018
3.157%, 08/04/20		500,000		501,239
3.200%, 01/15/21		1,026,000		1,027,346
3.219%, 01/09/22		4,520,000		4,515,295

BHFTII-10

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Auto Manufacturers—(Continued)
Ford Motor Credit Co. LLC
3.336%, 03/18/21		205,000	$	205,952
4.134%, 08/04/25		224,000		221,645
4.250%, 09/20/22		210,000		215,014
4.389%, 01/08/26		1,000,000		995,316
5.584%, 03/18/24		464,000		493,514
5.750%, 02/01/21		1,114,000		1,151,640
General Motors Co.
5.000%, 04/01/35		44,000		44,165
5.400%, 04/01/48		127,000		127,357
6.250%, 10/02/43		684,000		747,345
6.600%, 04/01/36		665,000		762,140
General Motors Financial Co., Inc.
3.150%, 06/30/22		546,000		552,319
3.500%, 11/07/24		490,000		496,101
4.000%, 01/15/25		2,467,000		2,535,552
4.000%, 10/06/26		340,000		344,317
4.350%, 04/09/25		57,000		59,437
Hyundai Capital America
2.550%, 04/03/20 (144A)		8,645,000		8,643,930
3.950%, 02/01/22 (144A)		965,000		991,665
Hyundai Capital Services, Inc. 3.000%, 08/29/22 (144A)		1,220,000		1,230,910
Toyota Motor Corp. 2.760%, 07/02/29		39,000		40,245
Toyota Motor Credit Corp.
3.050%, 01/11/28		762,000		805,098
3.650%, 01/08/29 (f)		381,000		421,991
Volkswagen Group of America Finance LLC
2.500%, 09/24/21 (144A)		522,000		523,274
2.700%, 09/26/22 (144A)		883,000		886,795
				36,072,150
Banks—9.6%
Australia & New Zealand Banking Group, Ltd.
2.550%, 11/23/21		269,000		271,650
2.625%, 11/09/22 (f)		660,000		671,211
Banco Espirito Santo S.A. 4.000%, 01/21/19 (EUR) (g)		200,000		41,418
Banco Internacional del Peru SAA Interbank 3.250%, 10/04/26 (144A)		371,000		370,443
Banco Mercantil del Norte S.A.
6.875%, 5Y H15 + 5.035%, 07/06/22 (144A) (b)		251,000		251,941
7.625%, 10Y H15 + 5.353%, 01/10/28 (144A) (b)		251,000		256,022
Banco Santander S.A.
2.706%, 06/27/24		1,400,000		1,415,521
3.306%, 06/27/29		1,600,000		1,653,424
3.848%, 04/12/23		600,000		625,305
Banco Votorantim S.A.
4.000%, 09/24/22 (144A)		551,000		560,091
4.500%, 09/24/24 (144A)		601,000		617,527
Bank of America Corp.
2.328%, 3M LIBOR + 0.630%, 10/01/21 (b)		10,082,000		10,093,102
2.625%, 10/19/20		1,475,000		1,484,344
2.816%, 3M LIBOR + 0.930%, 07/21/23 (b)		2,015,000		2,042,972
Banks—(Continued)
Bank of America Corp.
3.004%, 3M LIBOR + 0.790%, 12/20/23 (b)		2,000		2,043
3.124%, 3M LIBOR + 1.160%, 01/20/23 (b)		35,000		35,700
3.194%, 3M LIBOR + 1.180%, 07/23/30 (b)		367,000		378,715
3.300%, 01/11/23		590,000		609,951
3.366%, 3M LIBOR + 0.810%, 01/23/26 (b)		73,000		76,105
3.419%, 3M LIBOR + 1.040%, 12/20/28 (b)		9,283,000		9,686,033
3.458%, 3M LIBOR + 0.970%, 03/15/25 (b)		1,678,000		1,750,788
3.499%, 3M LIBOR + 0.630%, 05/17/22 (b)		2,415,000		2,462,833
3.500%, 04/19/26		348,000		370,108
3.559%, 3M LIBOR + 1.060%, 04/23/27 (b)		12,000		12,668
3.593%, 3M LIBOR + 1.370%, 07/21/28 (b)		187,000		197,698
3.705%, 3M LIBOR + 1.512%, 04/24/28 (b)		5,869,000		6,250,738
3.824%, 3M LIBOR + 1.575%, 01/20/28 (b)		3,488,000		3,748,432
3.950%, 04/21/25		208,000		220,693
3.970%, 3M LIBOR + 1.070%, 03/05/29 (b)		1,555,000		1,693,196
3.974%, 3M LIBOR + 1.210%, 02/07/30 (b)		593,000		649,189
4.000%, 04/01/24		8,000		8,584
4.125%, 01/22/24		130,000		140,047
4.183%, 11/25/27		215,000		231,329
4.200%, 08/26/24		716,000		768,008
4.250%, 10/22/26		29,000		31,423
4.271%, 3M LIBOR + 1.310%, 07/23/29 (b)		74,000		82,472
4.450%, 03/03/26		3,022,000		3,293,635
4.750%, 04/21/45		20,000		24,056
5.875%, 3M LIBOR + 2.931%, 03/15/28 (b)		1,600,000		1,732,160
Bank of Montreal
1.900%, 08/27/21 (f)		57,000		56,913
2.500%, 06/28/24 (f)		328,000		331,394
2.900%, 03/26/22		492,000		501,578
3.100%, 07/13/20		42,000		42,361
3.100%, 04/13/21		305,000		310,198
3.300%, 02/05/24		92,000		95,744
Bank of New York Mellon Corp. (The)
2.050%, 05/03/21		100,000		100,065
2.800%, 05/04/26		285,000		292,702
3.442%, 3M LIBOR + 1.069%, 02/07/28 (b)		1,343,000		1,423,566
3.500%, 04/28/23		262,000		274,624
4.625%, 3M LIBOR + 3.131%, 09/20/26 (b)		1,770,000		1,808,869
4.950%, 3M LIBOR + 3.420%, 06/20/20 (b)		830,000		834,150
Barclays plc
3.932%, 3M LIBOR + 1.610%, 05/07/25 (b)		386,000		398,784
4.950%, 01/10/47		276,000		304,385
4.972%, 3M LIBOR + 1.902%, 05/16/29 (b) (f)		2,125,000		2,332,239
5.250%, 08/17/45		505,000		569,457
BBVA Bancomer S.A. 5.875%, 5Y H15 + 4.308%, 09/13/34 (144A) (b)		1,020,000		1,013,625
BNP Paribas S.A.
3.500%, 03/01/23 (144A)		4,050,000		4,180,505
4.705%, 3M LIBOR + 2.235%, 01/10/25 (144A) (b)		965,000		1,043,221
7.375%, 5Y USD Swap + 5.150%, 08/19/25 (144A) (b)		1,640,000		1,832,700
7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (b)		1,495,000		1,575,356
BPCE S.A. 2.700%, 10/01/29 (144A)		2,585,000		2,569,260

BHFTII-11

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Capital One Financial Corp. 4.750%, 07/15/21		121,000	$	126,383
Citibank N.A.
3.400%, 07/23/21		3,390,000		3,472,288
3.650%, 01/23/24		7,430,000		7,870,676
Citigroup, Inc.
2.900%, 12/08/21		485,000		492,308
3.352%, 3M LIBOR + 0.897%, 04/24/25 (b)		88,000		91,263
3.668%, 3M LIBOR + 1.390%, 07/24/28 (b)		4,775,000		5,053,988
3.887%, 3M LIBOR + 1.563%, 01/10/28 (b)		3,430,000		3,670,564
4.050%, 07/30/22		6,000		6,281
4.400%, 06/10/25		1,406,000		1,511,713
4.450%, 09/29/27		1,485,000		1,620,194
5.500%, 09/13/25		23,000		26,057
Citizens Bank N.A. 2.250%, 03/02/20		6,026,000		6,027,894
Credit Agricole S.A. 8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (b)		2,550,000		2,999,437
Credit Suisse Group AG
2.997%, 3M LIBOR + 1.200%, 12/14/23 (144A) (b)		2,650,000		2,675,078
4.207%, 3M LIBOR + 1.240%, 06/12/24 (144A) (b) (f)		2,559,000		2,695,422
Credit Suisse Group Funding Guernsey, Ltd.
3.750%, 03/26/25		510,000		535,932
3.800%, 09/15/22		1,223,000		1,270,660
3.800%, 06/09/23		390,000		407,239
Danske Bank A/S
3.244%, 3M LIBOR + 1.591%, 12/20/25 (144A) (b)		200,000		201,631
5.000%, 01/12/22 (144A)		2,490,000		2,617,936
5.375%, 01/12/24 (144A)		2,330,000		2,559,586
Deutsche Bank AG
2.700%, 07/13/20		3,595,000		3,587,610
2.950%, 08/20/20		325,000		324,866
4.250%, 10/14/21		910,000		923,129
Fifth Third Bancorp 3.650%, 01/25/24		610,000		643,075
Goldman Sachs Group, Inc. (The)
2.350%, 11/15/21		3,782,000		3,785,888
2.550%, 10/23/19		4,660,000		4,660,562
2.750%, 09/15/20		1,326,000		1,333,148
2.905%, 3M LIBOR + 0.990%, 07/24/23 (b)		33,000		33,465
3.328%, 3M LIBOR + 1.170%, 05/15/26 (b)		1,310,000		1,316,732
3.691%, 3M LIBOR + 1.510%, 06/05/28 (b)		4,245,000		4,456,644
3.814%, 3M LIBOR + 1.158%, 04/23/29 (b)		6,000		6,361
3.850%, 01/26/27		2,465,000		2,614,616
4.017%, 3M LIBOR + 1.373%, 10/31/38 (b)		995,000		1,070,511
4.223%, 3M LIBOR + 1.301%, 05/01/29 (b)		985,000		1,074,551
HSBC Holdings plc
3.950%, 3M LIBOR + 0.987%, 05/18/24 (b)		225,000		235,372
3.973%, 3M LIBOR + 1.610%, 05/22/30 (b)		326,000		348,152
4.041%, 3M LIBOR + 1.546%, 03/13/28 (b)		3,080,000		3,269,229
5.100%, 04/05/21		1,260,000		1,313,547
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (b)		2,385,000		2,453,020
HSBC USA, Inc. 2.350%, 03/05/20		4,175,000		4,179,065
Banks—(Continued)
ING Groep NV
3.550%, 04/09/24		655,000		684,348
4.100%, 10/02/23		4,065,000		4,315,400
4.625%, 01/06/26 (144A)		780,000		862,842
Itau Unibanco Holding S.A.
6.125%, 5Y H15 + 3.981%, 12/12/22 (144A) (b)		400,000		403,800
6.500%, 5Y H15 + 3.863%, 03/19/23 (144A) (b)		200,000		205,940
JPMorgan Chase & Co.
2.301%, SOFR + 1.600%, 10/15/25 (b)		265,000		264,157
2.550%, 03/01/21		2,096,000		2,109,560
2.700%, 05/18/23		1,557,000		1,583,706
2.739%, SOFR + 1.510%, 10/15/30 (b)		3,105,000		3,086,047
2.776%, 3M LIBOR + 0.935%, 04/25/23 (b)		368,000		373,281
2.950%, 10/01/26		130,000		133,440
2.972%, 01/15/23		3,474,000		3,535,712
3.125%, 01/23/25		302,000		312,924
3.200%, 01/25/23		370,000		382,103
3.200%, 06/15/26		90,000		93,533
3.207%, 3M LIBOR + 0.695%, 04/01/23 (b)		5,300,000		5,426,065
3.220%, 3M LIBOR + 1.155%, 03/01/25 (b)		69,000		71,473
3.375%, 05/01/23		23,000		23,795
3.509%, 3M LIBOR + 0.945%, 01/23/29 (b)		49,000		51,792
3.514%, 3M LIBOR + 0.610%, 06/18/22 (b)		1,382,000		1,414,408
3.540%, 3M LIBOR + 1.380%, 05/01/28 (b)		6,227,000		6,559,629
3.559%, 3M LIBOR + 0.730%, 04/23/24 (b) (f)		826,000		861,630
3.702%, 3M LIBOR + 1.160%, 05/06/30 (b)		938,000		1,006,184
3.782%, 3M LIBOR + 1.337%, 02/01/28 (b)		7,083,000		7,587,311
3.797%, 3M LIBOR + 0.890%, 07/23/24 (b)		4,159,000		4,389,447
3.875%, 02/01/24		30,000		32,011
3.875%, 09/10/24		397,000		422,964
3.882%, 3M LIBOR + 1.360%, 07/24/38 (b)		588,000		645,699
3.900%, 07/15/25		31,000		33,450
3.960%, 3M LIBOR + 1.245%, 01/29/27 (b)		40,000		43,291
4.023%, 3M LIBOR + 1.000%, 12/05/24 (b)		4,892,000		5,218,426
4.125%, 12/15/26		24,000		26,217
4.203%, 3M LIBOR + 1.260%, 07/23/29 (b)		945,000		1,049,944
4.250%, 10/15/20		58,000		59,310
4.250%, 10/01/27		152,000		167,075
4.625%, 05/10/21		1,731,000		1,800,578
5.000%, SOFR + 3.380%, 08/01/24 (b)		2,380,000		2,445,450
KeyBank N.A. 3.350%, 06/15/21		440,000		448,838
KeyCorp 4.150%, 10/29/25		276,000		302,064
Lloyds Banking Group plc
3.750%, 01/11/27		1,715,000		1,778,946
4.450%, 05/08/25		235,000		252,944
Mitsubishi UFJ Financial Group, Inc.
2.665%, 07/25/22 (f)		60,000		60,574
2.998%, 02/22/22		256,000		260,460
3.287%, 07/25/27		198,000		207,048
3.407%, 03/07/24		3,000		3,121
3.455%, 03/02/23		8,320,000		8,611,324
3.535%, 07/26/21		265,000		270,947
3.761%, 07/26/23		200,000		210,044
3.850%, 03/01/26		375,000		402,489

BHFTII-12

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Mitsubishi UFJ Financial Group, Inc.
4.050%, 09/11/28		40,000	$	44,339
Mizuho Financial Group, Inc.
2.273%, 09/13/21		942,000		941,384
2.555%, 3M LIBOR + 1.100%, 09/13/25 (b) (f)		1,730,000		1,725,445
2.632%, 04/12/21 (144A)		1,805,000		1,812,644
2.869%, 3M LIBOR + 1.310%, 09/13/30 (b)		920,000		916,763
2.953%, 02/28/22 (f)		7,415,000		7,521,043
3.663%, 02/28/27 (f)		400,000		428,648
Morgan Stanley
3.125%, 01/23/23		44,000		45,136
3.591%, 3M LIBOR + 1.340%, 07/22/28 (b)		4,220,000		4,451,140
3.625%, 01/20/27		6,053,000		6,396,659
3.750%, 02/25/23		3,359,000		3,514,619
3.772%, 3M LIBOR + 1.140%, 01/24/29 (b)		3,864,000		4,129,569
4.000%, 07/23/25		320,000		345,118
Nordea Bank Abp
2.125%, 05/29/20 (144A)		2,810,000		2,811,225
Northern Trust Corp. 3.150%, 05/03/29 (f)		101,000		106,769
Royal Bank of Scotland Group plc 3.498%, 3M LIBOR + 1.480%, 05/15/23 (b)		400,000		405,338
Santander UK Group Holdings plc 2.875%, 08/05/21		1,905,000		1,911,805
Santander UK plc 5.000%, 11/07/23 (144A)		4,190,000		4,449,194
Standard Chartered plc
3.885%, 3M LIBOR + 1.080%, 03/15/24 (144A) (b)		642,000		662,787
4.247%, 3M LIBOR + 1.150%, 01/20/23 (144A) (b)		4,405,000		4,554,325
State Street Corp.
2.650%, 05/19/26		876,000		897,502
5.250%, 3M LIBOR + 3.597%, 09/15/20 (b)		840,000		854,700
5.625%, 3M LIBOR + 2.539%, 12/15/23 (b)		2,815,000		2,912,765
Sumitomo Mitsui Financial Group, Inc.
2.448%, 09/27/24		200,000		199,868
2.696%, 07/16/24		200,000		202,272
3.040%, 07/16/29 (f)		300,000		306,808
SunTrust Bank
2.800%, 05/17/22		1,100,000		1,120,514
3.200%, 04/01/24		14,000		14,556
Svenska Handelsbanken AB 1.875%, 09/07/21		1,200,000		1,194,950
Toronto-Dominion Bank (The)
2.650%, 06/12/24		137,000		139,728
3.500%, 07/19/23		716,000		755,104
U.S. Bancorp
2.400%, 07/30/24		1,741,000		1,762,306
2.950%, 07/15/22		1,119,000		1,145,558
3.150%, 04/27/27		43,000		45,526
U.S. Bank N.A. 3.104%, 3M LIBOR + 0.290%, 05/21/21 (b)		1,050,000		1,056,510
UBS Group AG 3.126%, 3M LIBOR + 1.468%, 08/13/30 (144A) (b)		820,000		825,812
UBS Group Funding Switzerland AG
2.859%, 3M LIBOR + 0.954%, 08/15/23 (144A) (b)		3,575,000		3,614,644
2.950%, 09/24/20 (144A)		675,000		680,813
Banks—(Continued)
UBS Group Funding Switzerland AG
4.125%, 09/24/25 (144A)		3,260,000		3,522,457
7.000%, 5Y USD Swap + 4.344%, 01/31/24 (144A) (b)		2,545,000		2,702,790
Wells Fargo & Co.
2.100%, 07/26/21		262,000		261,922
2.500%, 03/04/21		4,305,000		4,324,754
2.550%, 12/07/20		120,000		120,641
2.600%, 07/22/20		785,000		788,699
2.625%, 07/22/22		4,208,000		4,254,816
3.000%, 02/19/25		70,000		71,877
3.000%, 04/22/26		2,105,000		2,158,803
3.000%, 10/23/26		390,000		399,966
3.196%, 3M LIBOR + 1.170%, 06/17/27 (b)		260,000		268,643
3.300%, 09/09/24		85,000		88,855
3.500%, 03/08/22		707,000		729,126
3.550%, 09/29/25		438,000		463,378
3.584%, 3M LIBOR + 1.310%, 05/22/28 (b)		4,610,000		4,883,839
3.750%, 01/24/24		5,449,000		5,770,762
4.150%, 01/24/29		489,000		541,486
4.600%, 04/01/21		716,000		742,036
Wells Fargo Bank N.A.
3.325%, 3M LIBOR + 0.490%, 07/23/21 (b)		350,000		353,175
3.550%, 08/14/23		330,000		346,731
				328,455,727
Beverages—0.6%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
4.700%, 02/01/36		6,415,000		7,419,214
4.900%, 02/01/46		1,395,000		1,659,489
Anheuser-Busch InBev Worldwide, Inc.
4.000%, 04/13/28		34,000		37,535
4.750%, 01/23/29		5,913,000		6,885,727
Coca-Cola Co. (The)
2.200%, 05/25/22		76,000		76,627
2.250%, 09/01/26		390,000		392,139
2.875%, 10/27/25		358,000		375,463
3.200%, 11/01/23		4,000		4,214
Keurig Dr Pepper, Inc. 3.551%, 05/25/21		784,000		801,331
Molson Coors Brewing Co.
4.200%, 07/15/46		380,000		384,245
5.000%, 05/01/42		40,000		44,202
PepsiCo, Inc.
3.450%, 10/06/46		1,061,000		1,144,268
4.000%, 05/02/47		529,000		619,981
4.450%, 04/14/46		234,000		291,708
				20,136,143
Biotechnology—0.4%
Amgen, Inc.
4.400%, 05/01/45		1,912,000		2,151,650
4.663%, 06/15/51		101,000		117,594
Baxalta, Inc. 5.250%, 06/23/45		228,000		294,990

BHFTII-13

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—(Continued)
Celgene Corp.
2.250%, 08/15/21		105,000	$	105,003
2.750%, 02/15/23		1,543,000		1,570,633
3.250%, 08/15/22		1,160,000		1,195,224
3.250%, 02/20/23		1,910,000		1,977,377
3.550%, 08/15/22		1,130,000		1,174,035
3.625%, 05/15/24		14,000		14,785
3.950%, 10/15/20		240,000		244,234
Gilead Sciences, Inc.
3.500%, 02/01/25		1,941,000		2,048,594
3.650%, 03/01/26		223,000		238,958
4.500%, 02/01/45		31,000		35,938
4.600%, 09/01/35		999,000		1,184,959
4.750%, 03/01/46		49,000		58,843
4.800%, 04/01/44		580,000		694,021
				13,106,838
Building Materials—0.0%
Cemex S.A.B. de C.V. 3.720%, 03/15/20		141,000		140,736
Johnson Controls International plc
4.500%, 02/15/47		16,000		17,650
4.625%, 07/02/44		385,000		418,766
5.125%, 09/14/45		31,000		36,194
Owens Corning
3.950%, 08/15/29		440,000		447,487
4.300%, 07/15/47		60,000		54,523
				1,115,356
Chemicals—0.3%
Air Liquide Finance S.A. 2.500%, 09/27/26 (144A)		291,000		293,836
Cydsa S.A.B. de C.V. 6.250%, 10/04/27 (144A)		840,000		855,758
Dow Chemical Co. (The)
3.000%, 11/15/22		79,000		80,493
3.625%, 05/15/26 (144A)		1,488,000		1,553,062
4.375%, 11/15/42		1,509,000		1,567,339
4.550%, 11/30/25 (144A)		260,000		285,642
9.000%, 04/01/21		1,125,000		1,228,067
DuPont de Nemours, Inc.
4.493%, 11/15/25		2,552,000		2,818,976
5.419%, 11/15/48		1,520,000		1,929,778
SABIC Capital II B.V. 4.000%, 10/10/23 (144A)		527,000		554,019
Sherwin-Williams Co. (The)
4.000%, 12/15/42		240,000		248,642
4.500%, 06/01/47		330,000		370,296
				11,785,908
Commercial Services—0.5%
AMN Healthcare, Inc. 5.125%, 10/01/24 (144A)		29,000		30,088
Capitol Investment Merger Sub 2 LLC 10.000%, 08/01/24 (144A)		487,000		505,262
Commercial Services—(Continued)
Conservation fund (The) 3.474%, 12/15/29		553,000		562,561
George Washington University (The) 4.126%, 09/15/48		986,000		1,177,662
Global Payments, Inc.
2.650%, 02/15/25		495,000		497,105
3.200%, 08/15/29		1,955,000		1,980,174
Moody’s Corp.
2.750%, 12/15/21		83,000		84,095
4.875%, 02/15/24		122,000		134,434
PayPal Holdings, Inc.
2.400%, 10/01/24		330,000		331,096
2.650%, 10/01/26		390,000		391,688
RELX Capital, Inc.
3.500%, 03/16/23		2,185,000		2,263,806
4.000%, 03/18/29		1,430,000		1,561,171
Total System Services, Inc.
3.750%, 06/01/23		595,000		619,274
3.800%, 04/01/21		550,000		561,542
4.000%, 06/01/23		39,000		40,942
4.800%, 04/01/26		2,510,000		2,789,191
University of Southern California 3.028%, 10/01/39		115,000		118,540
University of Texas System 3.672%, 04/01/49		1,512,000		1,668,133
Wesleyan University 4.781%, 07/01/2116		536,000		642,796
				15,959,560
Computers—0.5%
Apple, Inc.
3.000%, 02/09/24		1,006,000		1,047,343
3.250%, 02/23/26		153,000		162,159
3.350%, 02/09/27		110,000		117,708
3.450%, 02/09/45		361,000		384,172
3.850%, 05/04/43		5,276,000		5,919,446
4.650%, 02/23/46		75,000		94,443
Dell International LLC / EMC Corp. 8.350%, 07/15/46 (144A)		235,000		309,805
Hewlett Packard Enterprise Co.
3.600%, 10/15/20		13,000		13,167
4.400%, 10/15/22		140,000		148,306
HP, Inc. 3.750%, 12/01/20 (f)		16,000		16,262
IBM Credit LLC 3.450%, 11/30/20		1,370,000		1,393,522
International Business Machines Corp.
2.900%, 11/01/21		592,000		603,346
3.000%, 05/15/24		980,000		1,014,091
3.300%, 05/15/26		4,490,000		4,738,367
3.500%, 05/15/29		115,000		123,470
3.625%, 02/12/24		500,000		529,702
4.700%, 02/19/46		116,000		141,359
				16,756,668

BHFTII-14

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—0.8%
American Express Co.
2.500%, 08/01/22		1,178,000	$	1,189,902
2.500%, 07/30/24		105,000		105,856
3.125%, 05/20/26		2,485,000		2,583,062
3.700%, 08/03/23		1,295,000		1,364,482
4.200%, 11/06/25		905,000		995,083
American Express Credit Corp.
2.250%, 05/05/21		792,000		794,816
2.600%, 09/14/20		11,000		11,053
2.700%, 03/03/22		60,000		60,972
Capital One Financial Corp.
3.450%, 04/30/21		288,000		293,207
3.750%, 03/09/27		980,000		1,030,673
3.800%, 01/31/28		231,000		244,422
3.900%, 01/29/24		3,248,000		3,431,857
Charles Schwab Corp. (The) 3.200%, 03/02/27		800,000		836,087
CME Group, Inc.
3.000%, 09/15/22		16,000		16,513
3.750%, 06/15/28		270,000		301,780
Credito Real S.A.B. de C.V. 9.125%, 5Y H15 + 7.026%, 11/29/22 (144A) (b)		200,000		205,002
Credivalores-Crediservicios SAS 9.750%, 07/27/22 (144A)		655,000		651,725
Discover Financial Services 4.100%, 02/09/27		383,000		407,621
GE Capital International Funding Co. 4.418%, 11/15/35		1,915,000		2,008,664
Intercontinental Exchange, Inc.
3.100%, 09/15/27		500,000		521,731
3.750%, 12/01/25		1,604,000		1,729,437
3.750%, 09/21/28 (f)		1,350,000		1,478,770
4.000%, 10/15/23		10,000		10,675
Intercorp Peru, Ltd. 3.875%, 08/15/29 (144A)		200,000		201,002
Mastercard, Inc.
2.950%, 11/21/26		495,000		521,496
2.950%, 06/01/29		1,955,000		2,051,404
3.650%, 06/01/49		350,000		397,349
ORIX Corp. 2.900%, 07/18/22		22,000		22,371
Synchrony Financial
2.700%, 02/03/20		1,079,000		1,080,227
4.250%, 08/15/24		120,000		126,609
4.375%, 03/19/24		701,000		743,923
4.500%, 07/23/25		29,000		30,952
Tarjeta Naranja S.A. 51.582%, BADLAR + 3.500%, 04/11/22 (144A) (b)		1,016,000		195,580
Unifin Financiera S.A.B. de C.V. 8.875%, 5Y H15 + 6.308%, 01/29/25 (144A) (b)		529,000		469,493
Visa, Inc.
4.150%, 12/14/35		876,000		1,055,763
4.300%, 12/14/45		545,000		675,818
				27,845,377
Electric—2.6%
AEP Texas, Inc. 3.950%, 06/01/28		2,490,000		2,749,386
AEP Transmission Co. LLC
3.150%, 09/15/49		415,000		407,734
4.250%, 09/15/48		505,000		594,544
AES Panama SRL 6.000%, 06/25/22 (144A)		213,000		218,591
Alabama Power Co.
3.450%, 10/01/49		680,000		699,796
3.550%, 12/01/23		200,000		211,411
3.750%, 03/01/45		1,220,000		1,315,815
4.150%, 08/15/44		80,000		90,814
4.300%, 07/15/48		581,000		680,414
Alliant Energy Finance LLC 3.750%, 06/15/23 (144A)		441,000		461,022
Ameren Illinois Co. 3.800%, 05/15/28		800,000		889,422
Baltimore Gas & Electric Co.
3.200%, 09/15/49		235,000		231,764
3.500%, 08/15/46		980,000		1,018,240
3.750%, 08/15/47		699,000		755,064
4.250%, 09/15/48		240,000		279,949
Black Hills Corp. 3.950%, 01/15/26		525,000		554,992
CenterPoint Energy Houston Electric LLC
3.550%, 08/01/42		135,000		144,666
3.950%, 03/01/48		406,000		463,616
Commonwealth Edison Co. 2.950%, 08/15/27		310,000		321,091
Consumers Energy Co.
3.100%, 08/15/50 (f)		415,000		415,532
3.375%, 08/15/23		12,000		12,573
3.750%, 02/15/50		849,000		950,650
3.800%, 11/15/28		58,000		64,586
3.950%, 07/15/47		175,000		199,715
4.050%, 05/15/48		390,000		452,553
Dayton Power & Light Co. 3.950%, 06/15/49 (144A)		905,000		994,452
DTE Electric Co. 4.050%, 05/15/48		1,373,000		1,591,799
DTE Energy Co. 3.700%, 08/01/23		820,000		859,897
Duke Energy Carolinas LLC
2.450%, 08/15/29		1,300,000		1,301,305
3.050%, 03/15/23 (f)		255,000		263,856
3.200%, 08/15/49		605,000		607,737
3.700%, 12/01/47		775,000		841,956
3.950%, 11/15/28		321,000		358,348
3.950%, 03/15/48		259,000		291,985
4.000%, 09/30/42		175,000		195,939
5.300%, 02/15/40		321,000		416,360
Duke Energy Florida LLC
3.400%, 10/01/46		570,000		589,064
3.800%, 07/15/28		755,000		831,880
6.400%, 06/15/38		755,000		1,109,378

BHFTII-15

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Duke Energy Ohio, Inc. 3.650%, 02/01/29		2,370,000	$	2,593,656
Duke Energy Progress LLC
3.000%, 09/15/21		480,000		488,879
3.250%, 08/15/25		1,081,000		1,140,280
3.700%, 09/01/28		2,540,000		2,788,547
4.100%, 05/15/42		910,000		1,036,823
4.100%, 03/15/43		390,000		440,423
Empresas Publicas de Medellin E.S.P. 4.250%, 07/18/29 (144A)		646,000		679,204
Entergy Arkansas LLC 4.200%, 04/01/49		38,000		44,018
Entergy Corp. 2.950%, 09/01/26		108,000		109,690
Entergy Louisiana LLC
4.200%, 09/01/48		1,274,000		1,493,588
5.400%, 11/01/24		405,000		468,796
Eskom Holdings SOC, Ltd.
5.750%, 01/26/21 (144A)		720,000		724,945
6.750%, 08/06/23 (144A)		628,000		644,827
7.125%, 02/11/25 (144A)		200,000		205,811
Eversource Energy 2.900%, 10/01/24		405,000		414,972
Exelon Corp.
4.450%, 04/15/46		470,000		532,823
4.950%, 06/15/35		156,000		182,665
FirstEnergy Transmission LLC
4.350%, 01/15/25 (144A)		3,645,000		3,932,707
4.550%, 04/01/49 (144A)		885,000		1,041,769
Florida Power & Light Co.
2.639%, 3M LIBOR + 0.400%, 05/06/22 (b) (f)		6,495,000		6,496,784
3.150%, 10/01/49 (f)		1,385,000		1,405,649
3.700%, 12/01/47		11,000		12,204
3.950%, 03/01/48		1,140,000		1,318,786
Generacion Mediterranea S.A. / Generacion Frias S.A. / Central Termica Roca S.A. 9.625%, 07/27/23 (144A)		1,023,000		542,190
Indiana Michigan Power Co. 3.750%, 07/01/47		315,000		342,204
Inkia Energy, Ltd. 5.875%, 11/09/27 (144A)		349,000		362,091
Interstate Power & Light Co.
3.500%, 09/30/49		85,000		85,568
3.600%, 04/01/29		25,000		26,788
Mid-Atlantic Interstate Transmission LLC 4.100%, 05/15/28 (144A)		445,000		490,683
MidAmerican Energy Co. 4.400%, 10/15/44		857,000		1,028,418
Northern States Power Co.
2.900%, 03/01/50		270,000		261,241
3.400%, 08/15/42		1,190,000		1,247,162
4.000%, 08/15/45		340,000		388,552
4.200%, 09/01/48		630,000		723,845
6.250%, 06/01/36		4,000		5,585
Electric—(Continued)
NRG Energy, Inc.
3.750%, 06/15/24 (144A)		130,000		133,785
7.250%, 05/15/26		375,000		410,719
NSTAR Electric Co.
3.200%, 05/15/27		273,000		287,406
3.250%, 05/15/29		190,000		202,653
Ohio Power Co.
4.000%, 06/01/49		605,000		688,527
6.600%, 02/15/33		955,000		1,324,546
Oklahoma Gas & Electric Co. 3.300%, 03/15/30		2,175,000		2,277,298
Oncor Electric Delivery Co. LLC
3.100%, 09/15/49 (144A)		465,000		463,102
3.700%, 11/15/28 (144A)		1,155,000		1,272,086
3.800%, 09/30/47		251,000		278,074
3.800%, 06/01/49 (144A)		388,000		435,326
4.100%, 11/15/48		35,000		41,039
4.550%, 12/01/41		345,000		421,164
5.750%, 03/15/29		110,000		139,240
Orazul Energy Egenor SCA 5.625%, 04/28/27 (144A)		549,000		566,842
PacifiCorp
4.100%, 02/01/42		140,000		159,503
4.125%, 01/15/49		1,501,000		1,741,438
5.750%, 04/01/37		120,000		161,061
6.250%, 10/15/37		70,000		98,814
Public Service Electric & Gas Co. 3.650%, 09/01/28		1,760,000		1,928,421
Southwestern Public Service Co. 3.750%, 06/15/49		12,000		13,258
Stoneway Capital Corp.
10.000%, 03/01/27 (144A)		1,137,974		674,250
10.000%, 03/01/27		583,599		345,783
Talen Energy Supply LLC 10.500%, 01/15/26 (144A)		449,000		387,263
Tampa Electric Co.
4.300%, 06/15/48		284,000		332,386
4.450%, 06/15/49		844,000		1,019,485
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A)		2,255,000		2,397,325
Union Electric Co. 3.500%, 03/15/29		870,000		945,716
Virginia Electric & Power Co.
2.750%, 03/15/23		1,525,000		1,556,855
3.500%, 03/15/27		1,119,000		1,197,394
4.000%, 01/15/43		1,000,000		1,105,723
4.000%, 11/15/46		1,555,000		1,737,619
Vistra Energy Corp. 5.875%, 06/01/23		2,375,000		2,426,062
Vistra Operations Co. LLC 4.300%, 07/15/29 (144A)		1,920,000		1,970,399
Wisconsin Power & Light Co. 3.000%, 07/01/29		203,000		211,739
				87,492,370

BHFTII-16

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electronics—0.1%
Agilent Technologies, Inc.
2.750%, 09/15/29		295,000	$	291,826
3.050%, 09/22/26		2,163,000		2,209,369
3.875%, 07/15/23		172,000		180,776
Amphenol Corp. 4.350%, 06/01/29		110,000		122,011
Honeywell International, Inc. 3.812%, 11/21/47		395,000		454,628
Tyco Electronics Group S.A.
3.125%, 08/15/27		494,000		508,380
3.450%, 08/01/24		101,000		105,480
				3,872,470
Energy-Alternate Sources—0.0%
Rio Energy S.A. / UGEN S.A. / UENSA S.A. 6.875%, 02/01/25		310,000		144,153
Engineering & Construction—0.0%
Aeropuertos Dominicanos Siglo S.A. 6.750%, 03/30/29 (144A)		279,000		293,090
IHS Netherlands Holdco B.V.
7.125%, 03/18/25 (144A)		332,000		337,461
8.000%, 09/18/27 (144A)		470,000		480,081
				1,110,632
Entertainment—0.0%
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 5.125%, 10/01/29 (144A)		636,000		666,464
Environmental Control—0.2%
Republic Services, Inc.
2.900%, 07/01/26		750,000		771,801
3.950%, 05/15/28		1,540,000		1,704,345
4.750%, 05/15/23		1,484,000		1,607,467
Waste Management, Inc.
3.125%, 03/01/25		280,000		293,394
4.000%, 07/15/39		1,699,000		1,930,839
4.150%, 07/15/49		965,000		1,128,098
				7,435,944
Food—0.1%
BRF GmbH 4.350%, 09/29/26 (144A)		582,000		575,458
Grupo Bimbo S.A.B. de C.V. 4.000%, 09/06/49 (144A)		534,000		504,737
Marfrig Holdings Europe B.V. 8.000%, 06/08/23 (144A)		512,000		531,845
Tyson Foods, Inc.
3.550%, 06/02/27		912,000		966,565
4.000%, 03/01/26		227,000		246,125
4.350%, 03/01/29		60,000		68,031
4.550%, 06/02/47		150,000		168,330
5.100%, 09/28/48		130,000		157,830
				3,218,921
Forest Products & Paper—0.2%
Celulosa Arauco y Constitucion S.A. 4.250%, 04/30/29 (144A)		325,000		337,597
Eldorado Intl. Finance GmbH 8.625%, 06/16/21 (144A)		609,000		634,128
Georgia-Pacific LLC
3.600%, 03/01/25 (144A)		228,000		241,882
3.734%, 07/15/23 (144A)		1,071,000		1,125,051
5.400%, 11/01/20 (144A)		935,000		967,160
7.375%, 12/01/25		160,000		202,887
7.750%, 11/15/29		350,000		501,992
8.875%, 05/15/31		189,000		301,584
International Paper Co. 6.000%, 11/15/41		985,000		1,202,699
Klabin Finance S.A. 4.875%, 09/19/27 (144A)		1,024,000		1,040,650
Suzano Austria GmbH
5.000%, 01/15/30		200,000		200,540
6.000%, 01/15/29		440,000		478,280
7.000%, 03/16/47 (144A)		514,000		585,960
				7,820,410
Gas—0.1%
Atmos Energy Corp. 3.375%, 09/15/49		545,000		555,867
Dominion Energy Gas Holdings LLC
4.600%, 12/15/44		760,000		898,181
4.800%, 11/01/43		265,000		316,699
				1,770,747
Healthcare-Products—0.4%
Abbott Laboratories
3.400%, 11/30/23		312,000		327,994
3.750%, 11/30/26		3,796,000		4,136,293
Becton Dickinson & Co.
2.675%, 12/15/19		800,000		800,234
3.300%, 03/01/23		20,000		20,381
Covidien International Finance S.A. 2.950%, 06/15/23		870,000		898,519
Medtronic, Inc. 4.375%, 03/15/35		2,240,000		2,696,975
Thermo Fisher Scientific, Inc.
2.600%, 10/01/29		1,680,000		1,673,920
2.950%, 09/19/26		4,030,000		4,151,710
				14,706,026
Healthcare-Services—1.1%
Aetna, Inc.
4.125%, 11/15/42		427,000		428,563
4.500%, 05/15/42		869,000		920,373
4.750%, 03/15/44		455,000		496,004
Anthem, Inc.
2.875%, 09/15/29		170,000		168,099
3.350%, 12/01/24		34,000		35,356
3.500%, 08/15/24		80,000		83,856

BHFTII-17

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Anthem, Inc.
3.650%, 12/01/27		55,000	$	57,881
4.101%, 03/01/28		278,000		300,321
Baylor Scott & White Holdings 4.185%, 11/15/45		775,000		913,834
CHRISTUS Health 4.341%, 07/01/28		842,000		952,977
Cigna Holding Co. 3.250%, 04/15/25		902,000		929,369
CommonSpirit Health
3.347%, 10/01/29		881,000		890,964
4.187%, 10/01/49		582,000		599,679
4.350%, 11/01/42		550,000		589,870
Dignity Health
2.637%, 11/01/19		760,000		760,017
3.812%, 11/01/24		470,000		497,129
HCA, Inc.
4.125%, 06/15/29		2,500,000		2,617,657
4.500%, 02/15/27		226,000		242,357
4.750%, 05/01/23		1,419,000		1,520,067
5.000%, 03/15/24		1,281,000		1,398,923
5.250%, 04/15/25		3,487,000		3,878,827
5.250%, 06/15/26		241,000		268,401
Laboratory Corp. of America Holdings 2.625%, 02/01/20		1,583,000		1,584,093
Montefiore Obligated Group 5.246%, 11/01/48		980,000		1,148,296
Ochsner Clinic Foundation 5.897%, 05/15/45		411,000		569,753
PeaceHealth Obligated Group 4.787%, 11/15/48		131,000		168,156
SSM Health Care Corp. 3.688%, 06/01/23		953,000		1,001,120
Sutter Health 3.695%, 08/15/28		925,000		1,005,458
Tenet Healthcare Corp.
4.625%, 09/01/24 (144A)		1,583,000		1,628,400
4.875%, 01/01/26 (144A)		1,753,000		1,799,016
UnitedHealth Group, Inc.
2.875%, 08/15/29		106,000		108,128
3.100%, 03/15/26		441,000		460,121
3.500%, 02/15/24		36,000		37,883
3.500%, 08/15/39		1,169,000		1,217,611
3.700%, 12/15/25		847,000		910,527
3.750%, 07/15/25		4,171,000		4,488,462
3.750%, 10/15/47		804,000		860,000
3.850%, 06/15/28		968,000		1,059,846
4.250%, 06/15/48		50,000		57,297
4.450%, 12/15/48		255,000		302,426
4.625%, 11/15/41		596,000		705,553
4.750%, 07/15/45		253,000		307,204
5.950%, 02/15/41		58,000		78,557
				38,048,431
Holding Companies-Diversified—0.0%
Grupo KUO S.A.B. de C.V. 5.750%, 07/07/27 (144A)		1,068,000		1,076,021
Home Builders—0.2%
Beazer Homes USA, Inc. 7.250%, 10/15/29 (144A)		1,030,000		1,046,737
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 6.250%, 09/15/27 (144A)		659,000		662,295
Forestar Group, Inc. 8.000%, 04/15/24 (144A)		2,190,000		2,365,200
KB Home 8.000%, 03/15/20		2,298,000		2,353,612
Toll Brothers Finance Corp.
3.800%, 11/01/29		1,416,000		1,393,882
4.375%, 04/15/23		500,000		523,750
				8,345,476
Household Durables—0.0%
William Lyon Homes, Inc. 6.000%, 09/01/23		900,000		936,000
Household Products/Wares—0.0%
Clorox Co. (The) 3.100%, 10/01/27		240,000		250,387
Insurance—0.6%
Ambac Assurance Corp. 5.100%, 06/07/20 (144A)		162,922		236,644
Ambac LSNI LLC 7.104%, 3M LIBOR + 5.000%, 02/12/23 (144A) (b)		987,774		997,651
Aon Corp.
3.750%, 05/02/29		1,820,000		1,942,515
4.500%, 12/15/28		2,285,000		2,579,565
Aon plc 4.750%, 05/15/45		325,000		381,933
AXA Equitable Holdings, Inc.
3.900%, 04/20/23		260,000		271,880
5.000%, 04/20/48		365,000		393,684
Berkshire Hathaway Finance Corp.
4.200%, 08/15/48		170,000		199,209
4.250%, 01/15/49		260,000		308,204
Hartford Financial Services Group, Inc. (The) 4.300%, 04/15/43		325,000		361,036
Marsh & McLennan Cos., Inc.
3.500%, 06/03/24		2,605,000		2,747,623
4.050%, 10/15/23		680,000		723,859
4.200%, 03/01/48		1,219,000		1,375,314
4.375%, 03/15/29		1,278,000		1,446,044
Principal Financial Group, Inc. 3.700%, 05/15/29		595,000		641,321
Travelers Cos., Inc. (The)
4.000%, 05/30/47		4,000		4,584
4.100%, 03/04/49		39,000		45,571
4.600%, 08/01/43		795,000		977,657
6.250%, 06/15/37		15,000		21,245

BHFTII-18

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Trinity Acquisition plc 4.400%, 03/15/26		515,000	$	559,101
Willis North America, Inc.
3.600%, 05/15/24		2,645,000		2,748,841
3.875%, 09/15/49		90,000		87,809
				19,051,290
Internet—0.2%
Alibaba Group Holding, Ltd. 3.600%, 11/28/24		1,400,000		1,473,203
Amazon.com, Inc. 3.875%, 08/22/37		1,625,000		1,867,073
Baidu, Inc. 4.375%, 05/14/24		915,000		975,004
Expedia Group, Inc.
3.250%, 02/15/30 (144A)		1,770,000		1,765,419
3.800%, 02/15/28		160,000		167,477
				6,248,176
Iron/Steel—0.1%
ArcelorMittal
3.600%, 07/16/24		163,000		164,678
4.550%, 03/11/26		550,000		575,448
6.125%, 06/01/25		13,000		14,630
Evraz plc 5.250%, 04/02/24 (144A)		285,000		302,567
Novolipetsk Steel Via Steel Funding DAC 4.700%, 05/30/26 (144A)		513,000		550,037
Nucor Corp. 5.200%, 08/01/43		356,000		444,470
Steel Dynamics, Inc. 5.125%, 10/01/21		1,086,000		1,089,866
Usiminas International Sarl 5.875%, 07/18/26 (144A)		241,000		243,338
Vale Overseas, Ltd. 4.375%, 01/11/22 (f)		409,000		422,292
				3,807,326
Machinery-Diversified—0.0%
CNH Industrial NV 3.850%, 11/15/27		200,000		206,145
Media—1.3%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
3.579%, 07/23/20		1,140,000		1,150,201
4.200%, 03/15/28		705,000		742,185
4.500%, 02/01/24		1,408,000		1,512,791
4.908%, 07/23/25		1,350,000		1,483,620
5.050%, 03/30/29		222,000		248,423
5.375%, 05/01/47		170,000		184,993
5.750%, 04/01/48		375,000		427,344
6.384%, 10/23/35		2,066,000		2,502,637
6.484%, 10/23/45		3,325,000		4,051,498
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/27 (144A)		70,000		72,929
Media—(Continued)
Comcast Corp.
2.350%, 01/15/27		46,000		45,786
3.000%, 02/01/24		95,000		98,529
3.150%, 03/01/26		1,937,000		2,028,825
3.150%, 02/15/28		594,000		619,295
3.200%, 07/15/36		4,712,000		4,832,593
3.300%, 10/01/20		4,085,000		4,140,571
3.300%, 02/01/27		50,000		52,835
3.400%, 07/15/46		1,502,000		1,540,437
3.969%, 11/01/47		208,000		229,592
3.999%, 11/01/49		120,000		133,370
4.000%, 03/01/48		13,000		14,405
4.150%, 10/15/28		605,000		678,824
4.200%, 08/15/34		313,000		358,326
4.250%, 10/15/30		215,000		244,715
4.250%, 01/15/33		153,000		176,174
4.400%, 08/15/35		600,000		700,333
4.600%, 10/15/38		25,000		29,957
4.700%, 10/15/48		522,000		639,768
4.750%, 03/01/44		18,000		21,991
6.500%, 11/15/35		119,000		166,700
COX Communications, Inc.
3.150%, 08/15/24 (144A)		3,255,000		3,333,808
3.350%, 09/15/26 (144A)		251,000		259,298
Discovery Communications LLC
3.950%, 06/15/25		35,000		36,867
4.950%, 05/15/42		240,000		251,781
5.000%, 09/20/37		427,000		459,328
5.200%, 09/20/47		480,000		523,949
Fox Corp. 4.030%, 01/25/24 (144A)		590,000		627,672
NBCUniversal Media LLC
4.450%, 01/15/43		1,109,000		1,290,274
5.950%, 04/01/41		920,000		1,269,930
Sirius XM Radio, Inc. 4.625%, 07/15/24 (144A)		388,000		402,290
Time Warner Cable LLC
4.125%, 02/15/21		580,000		590,432
4.500%, 09/15/42		161,000		158,326
5.000%, 02/01/20		1,055,000		1,063,531
5.500%, 09/01/41		588,000		633,694
Viacom, Inc.
4.375%, 03/15/43		160,000		164,865
6.875%, 04/30/36		660,000		847,289
Walt Disney Co. (The)
4.750%, 09/15/44 (144A)		140,000		181,535
5.400%, 10/01/43 (144A)		71,000		99,200
6.200%, 12/15/34 (144A)		232,000		330,146
6.400%, 12/15/35 (144A)		948,000		1,367,306
6.650%, 11/15/37 (144A)		396,000		596,912
Warner Media LLC 7.625%, 04/15/31		500,000		678,805
				44,296,885

BHFTII-19

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—0.2%
Anglo American Capital plc
3.625%, 09/11/24 (144A)		2,075,000	$	2,139,122
4.750%, 04/10/27 (144A)		1,100,000		1,186,455
Barrick Gold Corp. 5.250%, 04/01/42		468,000		572,184
Barrick PD Australia Finance Pty, Ltd.
5.950%, 10/15/39		82,000		105,743
BHP Billiton Finance USA, Ltd.
4.125%, 02/24/42		254,000		292,677
5.000%, 09/30/43		291,000		375,630
Industrias Penoles S.A.B. de C.V. 4.150%, 09/12/29 (144A)		507,000		508,901
Minera Mexico S.A. de C.V. 4.500%, 01/26/50 (144A)		860,000		847,100
Newmont Goldcorp Corp. 2.800%, 10/01/29		735,000		725,422
Teck Resources, Ltd.
6.125%, 10/01/35		93,000		105,381
6.250%, 07/15/41		40,000		44,479
				6,903,094
Miscellaneous Manufacturing—0.1%
3M Co. 2.375%, 08/26/29		780,000		773,976
2.875%, 10/15/27		172,000		178,535
3.000%, 08/07/25		840,000		881,163
3.375%, 03/01/29		360,000		387,099
General Electric Co.
4.125%, 10/09/42		119,000		120,123
5.875%, 01/14/38		282,000		338,773
6.875%, 01/10/39		67,000		88,679
Textron, Inc.
3.650%, 03/15/27		640,000		667,928
3.900%, 09/17/29		1,357,000		1,455,088
				4,891,364
Oil & Gas—1.9%
BP Capital Markets America, Inc.
3.119%, 05/04/26		670,000		699,402
3.790%, 02/06/24		1,110,000		1,181,089
3.796%, 09/21/25		1,624,000		1,754,825
3.937%, 09/21/28		98,000		108,654
BP Capital Markets plc 3.279%, 09/19/27		47,000		49,478
Chevron Corp.
2.355%, 12/05/22		20,000		20,273
2.895%, 03/03/24		469,000		486,957
3.191%, 06/24/23		36,000		37,566
Cimarex Energy Co.
3.900%, 05/15/27		825,000		840,148
4.375%, 06/01/24		661,000		694,625
Citgo Holding, Inc. 9.250%, 08/01/24 (144A)		122,000		129,625
Concho Resources, Inc. 3.750%, 10/01/27		850,000		883,637
Oil & Gas—(Continued)
Continental Resources, Inc. 3.800%, 06/01/24		1,235,000		1,258,657
Devon Energy Corp. 5.850%, 12/15/25 (f)		1,200,000		1,426,498
Diamondback Energy, Inc.
4.750%, 11/01/24		910,000		931,612
5.375%, 05/31/25 (f)		3,161,000		3,298,693
Ecopetrol S.A. 7.375%, 09/18/43		463,000		618,688
Endeavor Energy Resources L.P. / EER Finance, Inc.
5.500%, 01/30/26 (144A)		593,000		616,720
EOG Resources, Inc.
3.900%, 04/01/35		130,000		144,836
4.150%, 01/15/26		262,000		289,809
Exxon Mobil Corp.
1.902%, 08/16/22		69,000		69,343
2.222%, 03/01/21		4,000		4,021
2.275%, 08/16/26		1,493,000		1,504,403
2.709%, 03/06/25		1,565,000		1,617,640
2.995%, 08/16/39		10,000		10,036
3.095%, 08/16/49		1,206,000		1,213,736
3.567%, 03/06/45		80,000		86,943
Frontera Energy Corp. 9.700%, 06/25/23 (144A)		358,000		379,480
Gran Tierra Energy, Inc. 7.750%, 05/23/27 (144A)		412,000		387,280
Great Western Petroleum LLC / Great Western Finance Corp. 9.000%, 09/30/21 (144A)		961,000		836,070
Hess Corp. 6.000%, 01/15/40		345,000		399,857
Marathon Petroleum Corp.
4.750%, 12/15/23		646,000		701,104
4.750%, 09/15/44		80,000		86,028
5.125%, 12/15/26		54,000		60,707
5.850%, 12/15/45		360,000		409,782
Northern Oil and Gas, Inc. 8.500%, 1.000%, PIK, 05/15/23 (h)		245,723		253,095
Occidental Petroleum Corp.
Zero Coupon, 10/10/36		5,428,000		2,685,050
2.600%, 08/13/21		1,889,000		1,901,235
2.700%, 08/15/22		4,182,000		4,218,596
2.700%, 02/15/23		780,000		784,195
2.900%, 08/15/24		265,000		267,012
3.500%, 06/15/25		226,000		232,439
3.500%, 08/15/29		930,000		944,269
4.200%, 03/15/48		125,000		123,986
4.400%, 04/15/46		499,000		507,736
6.450%, 09/15/36		74,000		91,586
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.350%, 12/01/21 (144A)		275,854		273,098
Odebrecht Offshore Drilling Finance, Ltd.
6.720%, 12/01/22 (144A)		330,072		322,649
7.720%, PIK, 12/01/26 (144A) (h)		12,765		3,340
Petrobras Global Finance B.V.
7.250%, 03/17/44		1,852,000		2,216,844
8.750%, 05/23/26 (f)		693,000		887,386

BHFTII-20

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Petroleos Mexicanos
5.350%, 02/12/28		1,529,000	$	1,461,158
5.788%, 3M LIBOR + 3.650%, 03/11/22 (b)		239,000		247,604
6.375%, 02/04/21		1,277,000		1,332,869
6.490%, 01/23/27 (144A)		252,000		262,685
6.500%, 03/13/27		9,927,000		10,334,007
6.875%, 08/04/26		1,143,000		1,228,725
7.690%, 01/23/50 (144A) (f)		2,518,000		2,625,770
Puma International Financing S.A. 5.000%, 01/24/26 (144A)		501,000		472,166
Shell International Finance B.V.
3.250%, 05/11/25		723,000		766,003
3.625%, 08/21/42		629,000		675,988
4.125%, 05/11/35		1,812,000		2,088,824
4.550%, 08/12/43		207,000		253,736
6.375%, 12/15/38		269,000		392,887
Suncor Energy, Inc.
3.600%, 12/01/24		565,000		595,677
4.000%, 11/15/47		199,000		213,876
6.500%, 06/15/38		45,000		62,109
6.800%, 05/15/38		370,000		517,286
Total Capital Canada, Ltd. 2.750%, 07/15/23		40,000		41,110
Total Capital International S.A.
2.434%, 01/10/25		480,000		484,812
2.750%, 06/19/21		70,000		70,939
2.875%, 02/17/22		80,000		81,806
3.700%, 01/15/24		4,000		4,266
3.750%, 04/10/24		20,000		21,426
Transocean, Inc. 9.000%, 07/15/23 (144A)		434,000		450,275
Valero Energy Corp. 3.400%, 09/15/26		1,595,000		1,635,536
				65,272,278
Oil & Gas Services—0.0%
Halliburton Co.
4.750%, 08/01/43		37,000		39,944
7.450%, 09/15/39		19,000		27,075
Odebrecht Oil & Gas Finance, Ltd. Zero Coupon, 10/31/19 (144A)		63,301		554
				67,573
Pharmaceuticals—1.3%
AbbVie, Inc.
3.600%, 05/14/25		380,000		395,148
4.500%, 05/14/35		3,036,000		3,272,781
4.700%, 05/14/45		21,000		22,435
Allergan Funding SCS
3.800%, 03/15/25		2,892,000		3,028,647
4.550%, 03/15/35		1,447,000		1,537,087
Bayer U.S. Finance II LLC
2.850%, 04/15/25 (144A)		1,900,000		1,830,509
3.375%, 07/15/24 (144A)		159,000		162,615
Pharmaceuticals—(Continued)
Bayer U.S. Finance LLC 3.875%, 12/15/23 (144A)		1,000,000		1,044,700
Bristol-Myers Squibb Co.
3.200%, 06/15/26 (144A)		4,270,000		4,476,793
3.400%, 07/26/29 (144A)		400,000		427,686
4.125%, 06/15/39 (144A)		5,000		5,669
Cigna Corp.
4.375%, 10/15/28		1,990,000		2,181,573
4.800%, 08/15/38		15,000		16,854
CVS Health Corp.
2.875%, 06/01/26		165,000		165,202
4.100%, 03/25/25		1,690,000		1,804,575
4.780%, 03/25/38		114,000		125,674
4.875%, 07/20/35		165,000		184,522
5.050%, 03/25/48		244,000		277,485
5.125%, 07/20/45		3,650,000		4,159,158
Eli Lilly & Co. 4.150%, 03/15/59		810,000		953,864
Express Scripts Holding Co.
3.900%, 02/15/22		695,000		720,898
GlaxoSmithKline Capital plc 3.375%, 06/01/29		1,375,000		1,476,084
GlaxoSmithKline Capital, Inc. 3.875%, 05/15/28		725,000		800,449
Johnson & Johnson 2.450%, 03/01/26		295,000		300,307
Merck & Co., Inc.
3.600%, 09/15/42		245,000		270,964
3.700%, 02/10/45		358,000		405,310
3.900%, 03/07/39		27,000		31,393
Mylan, Inc.
5.200%, 04/15/48		409,000		433,233
5.400%, 11/29/43		257,000		269,764
Novartis Capital Corp.
3.000%, 11/20/25		526,000		553,721
3.100%, 05/17/27		646,000		686,617
3.400%, 05/06/24		968,000		1,028,914
4.400%, 05/06/44		170,000		209,927
Pfizer, Inc.
4.100%, 09/15/38		138,000		158,023
4.200%, 09/15/48		2,000		2,360
4.300%, 06/15/43		62,000		72,822
Shire Acquisitions Investments Ireland DAC
2.875%, 09/23/23		352,000		359,065
3.200%, 09/23/26		2,431,000		2,508,756
Takeda Pharmaceutical Co., Ltd.
4.400%, 11/26/23 (144A)		650,000		700,095
5.000%, 11/26/28 (144A)		2,515,000		2,945,150
Teva Pharmaceutical Finance IV LLC 2.250%, 03/18/20		1,018,000		1,004,003
Wyeth LLC
5.950%, 04/01/37		1,665,000		2,267,416
6.450%, 02/01/24		275,000		324,255
6.500%, 02/01/34		75,000		104,654
				43,707,157

BHFTII-21

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—2.3%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp.
5.200%, 12/01/47		30,000	$	32,523
5.500%, 10/15/19		2,260,000		2,262,378
Cheniere Corpus Christi Holdings LLC 7.000%, 06/30/24		2,156,000		2,476,705
Enbridge, Inc.
2.900%, 07/15/22 (f)		565,000		575,725
3.700%, 07/15/27 (f)		1,004,000		1,060,977
5.500%, 3M LIBOR + 3.418%, 07/15/77 (b) (f)		1,510,000		1,520,060
Energy Transfer Operating L.P.
4.200%, 04/15/27		120,000		126,229
4.500%, 04/15/24		3,000		3,197
5.150%, 03/15/45		78,000		81,794
5.500%, 06/01/27		947,000		1,069,592
5.875%, 01/15/24		969,000		1,077,379
6.125%, 12/15/45		411,000		481,921
6.500%, 02/01/42		2,270,000		2,722,252
Enterprise Products Operating LLC
3.750%, 02/15/25		178,000		189,381
3.900%, 02/15/24		128,000		136,170
4.450%, 02/15/43		1,508,000		1,649,709
4.800%, 02/01/49		1,000		1,160
4.850%, 03/15/44		103,000		118,323
4.900%, 05/15/46		25,000		29,004
5.100%, 02/15/45		677,000		797,530
6.125%, 10/15/39		52,000		67,562
6.650%, 10/15/34		45,000		62,079
6.875%, 03/01/33		439,000		602,842
Kinder Morgan Energy Partners L.P.
4.250%, 09/01/24		220,000		236,011
5.000%, 03/01/43		190,000		208,695
5.800%, 03/15/35		515,000		604,993
6.375%, 03/01/41		131,000		160,700
6.500%, 02/01/37		910,000		1,130,704
6.950%, 01/15/38		211,000		275,569
Kinder Morgan, Inc.
3.050%, 12/01/19		2,040,000		2,041,137
3.150%, 01/15/23		2,546,000		2,608,941
4.300%, 03/01/28		1,707,000		1,855,194
5.050%, 02/15/46		1,711,000		1,900,737
MPLX L.P.
3.002%, 3M LIBOR + 0.900%, 09/09/21 (b)		1,872,000		1,878,215
3.202%, 3M LIBOR + 1.100%, 09/09/22 (b)		3,206,000		3,216,115
4.000%, 02/15/25		155,000		163,788
4.125%, 03/01/27		3,808,000		4,018,069
4.250%, 12/01/27 (144A)		4,547,000		4,822,396
4.875%, 12/01/24		2,384,000		2,617,271
5.250%, 01/15/25 (144A)		100,000		105,550
NGPL PipeCo LLC 4.375%, 08/15/22 (144A)		315,000		326,542
Northwest Pipeline LLC 4.000%, 04/01/27		2,735,000		2,885,795
Plains All American Pipeline L.P. / PAA Finance Corp. 3.650%, 06/01/22		55,000		56,421
Sabine Pass Liquefaction LLC
5.000%, 03/15/27		440,000		486,047
Pipelines—(Continued)
Sabine Pass Liquefaction LLC
5.625%, 04/15/23		1,860,000		2,021,173
5.625%, 03/01/25		3,414,000		3,836,693
5.750%, 05/15/24		3,380,000		3,767,748
5.875%, 06/30/26		671,000		769,238
6.250%, 03/15/22		981,000		1,057,026
Spectra Energy Partners L.P.
3.375%, 10/15/26		19,000		19,668
4.500%, 03/15/45		1,615,000		1,757,583
Sunoco Logistics Partners Operations L.P.
4.650%, 02/15/22		248,000		259,990
5.300%, 04/01/44		15,000		15,794
5.350%, 05/15/45		665,000		713,008
5.400%, 10/01/47		555,000		605,481
Texas Eastern Transmission L.P.
3.500%, 01/15/28 (144A)		1,218,000		1,266,798
4.150%, 01/15/48 (144A)		611,000		643,816
TransCanada PipeLines, Ltd.
4.250%, 05/15/28		775,000		856,903
4.625%, 03/01/34		102,000		115,814
4.875%, 01/15/26		2,605,000		2,924,722
5.850%, 03/15/36		265,000		326,857
6.100%, 06/01/40		1,096,000		1,417,753
Transcontinental Gas Pipe Line Co. LLC
4.000%, 03/15/28		1,315,000		1,406,510
4.600%, 03/15/48		340,000		376,735
7.850%, 02/01/26		880,000		1,114,190
Western Midstream Operating L.P.
4.000%, 07/01/22		710,000		718,602
4.650%, 07/01/26		391,000		386,399
Williams Cos., Inc. (The)
3.750%, 06/15/27		845,000		874,109
4.550%, 06/24/24		611,000		657,878
5.750%, 06/24/44		590,000		681,211
7.500%, 01/15/31		360,000		473,434
				77,808,515
Real Estate—0.0%
Five Point Operating Co. L.P. / Five Point Capital Corp. 7.875%, 11/15/25 (144A)		777,000		788,655
Real Estate Investment Trusts—0.4%
American Tower Corp.
2.250%, 01/15/22		170,000		170,192
2.750%, 01/15/27		565,000		564,085
2.950%, 01/15/25		90,000		91,951
3.000%, 06/15/23		280,000		286,427
3.300%, 02/15/21		35,000		35,497
3.375%, 05/15/24		664,000		690,785
3.375%, 10/15/26		382,000		397,729
3.800%, 08/15/29		875,000		934,121
3.950%, 03/15/29		519,000		559,281
4.000%, 06/01/25		390,000		417,135
4.400%, 02/15/26		11,000		12,067
4.700%, 03/15/22		10,000		10,593
5.000%, 02/15/24		50,000		55,250

BHFTII-22

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
CC Holdings GS V LLC / Crown Castle GS III Corp. 3.849%, 04/15/23		654,000	$	686,874
Crown Castle International Corp.
2.250%, 09/01/21		38,000		38,030
3.100%, 11/15/29		2,015,000		2,033,785
3.150%, 07/15/23		10,000		10,269
3.200%, 09/01/24		2,930,000		3,019,518
3.400%, 02/15/21		13,000		13,178
3.650%, 09/01/27		500,000		529,701
3.700%, 06/15/26		1,430,000		1,515,332
3.800%, 02/15/28		5,000		5,319
4.300%, 02/15/29		56,000		61,844
4.875%, 04/15/22		56,000		59,533
5.250%, 01/15/23		288,000		314,236
GLP Capital L.P. / GLP Financing II, Inc.
3.350%, 09/01/24		524,000		526,987
4.375%, 04/15/21		25,000		25,549
Realty Income Corp.
3.000%, 01/15/27		90,000		92,753
4.125%, 10/15/26		770,000		848,269
Trust F/1401 4.869%, 01/15/30 (144A)		433,000		444,907
				14,451,197
Retail — 0.7%
Alimentation Couche-Tard, Inc. 3.550%, 07/26/27 (144A)		2,435,000		2,531,814
Dollar General Corp.
3.875%, 04/15/27		179,000		191,887
4.125%, 05/01/28		52,000		56,873
Home Depot, Inc. (The)
2.800%, 09/14/27		322,000		336,939
2.950%, 06/15/29		594,000		623,522
3.500%, 09/15/56		358,000		380,420
3.900%, 12/06/28		383,000		430,534
3.900%, 06/15/47		64,000		73,324
4.200%, 04/01/43		130,000		152,771
4.250%, 04/01/46		294,000		351,755
5.400%, 09/15/40		423,000		563,181
5.875%, 12/16/36		416,000		575,585
5.950%, 04/01/41		147,000		210,526
Lowe’s Cos., Inc.
4.050%, 05/03/47		115,000		122,836
4.375%, 09/15/45		1,325,000		1,461,475
McDonald’s Corp.
3.625%, 05/01/43		285,000		290,062
3.625%, 09/01/49		2,665,000		2,696,359
3.700%, 01/30/26		1,185,000		1,272,164
3.700%, 02/15/42		469,000		482,281
4.450%, 03/01/47		286,000		328,612
4.450%, 09/01/48		250,000		289,189
4.700%, 12/09/35		15,000		17,830
4.875%, 12/09/45		100,000		121,145
6.300%, 03/01/38		92,000		125,808
Retail—(Continued)
Walgreens Boots Alliance, Inc.
3.450%, 06/01/26		4,450,000		4,600,457
4.800%, 11/18/44		74,000		78,231
Walmart, Inc.
3.250%, 07/08/29		1,456,000		1,573,619
3.550%, 06/26/25		1,170,000		1,263,254
3.700%, 06/26/28		470,000		521,370
3.950%, 06/28/38		1,219,000		1,421,895
4.000%, 04/11/43		625,000		733,764
				23,879,482
Semiconductors—1.0%
Analog Devices, Inc.
3.500%, 12/05/26		335,000		350,832
3.900%, 12/15/25		248,000		266,742
Applied Materials, Inc.
3.300%, 04/01/27		1,816,000		1,932,731
4.350%, 04/01/47 (f)		1,275,000		1,556,905
5.100%, 10/01/35		594,000		753,193
5.850%, 06/15/41		245,000		337,046
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
2.375%, 01/15/20		1,782,000		1,781,892
3.875%, 01/15/27		3,067,000		3,082,854
Broadcom, Inc. 4.250%, 04/15/26 (144A)		2,865,000		2,959,878
Intel Corp.
4.100%, 05/19/46		11,000		12,805
4.800%, 10/01/41		645,000		807,722
KLA Corp.
4.100%, 03/15/29		1,163,000		1,283,570
5.000%, 03/15/49		775,000		954,213
Lam Research Corp.
2.750%, 03/15/20		1,335,000		1,337,072
3.750%, 03/15/26		1,325,000		1,414,281
4.875%, 03/15/49		720,000		880,816
NVIDIA Corp. 3.200%, 09/16/26		2,905,000		3,054,811
NXP B.V. / NXP Funding LLC
3.875%, 06/18/26 (144A)		189,000		198,746
4.125%, 06/01/21 (144A)		3,362,000		3,449,396
4.300%, 06/18/29 (144A)		884,000		945,514
4.625%, 06/01/23 (144A)		2,290,000		2,439,753
5.550%, 12/01/28 (144A)		21,000		24,360
QUALCOMM, Inc.
4.300%, 05/20/47		581,000		649,971
4.650%, 05/20/35		514,000		605,808
4.800%, 05/20/45		42,000		50,178
Texas Instruments, Inc.
2.250%, 05/01/23		550,000		556,029
2.250%, 09/04/29		740,000		728,579
2.900%, 11/03/27		20,000		21,006
3.875%, 03/15/39		10,000		11,575
4.150%, 05/15/48		390,000		478,290
				32,926,568

BHFTII-23

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—0.9%
Autodesk, Inc. 3.500%, 06/15/27		2,630,000	$	2,720,170
Fidelity National Information Services, Inc.
3.000%, 08/15/26		3,493,000		3,598,267
4.500%, 08/15/46		15,000		17,462
4.750%, 05/15/48		1,035,000		1,261,026
Fiserv, Inc.
3.200%, 07/01/26		3,953,000		4,095,285
3.500%, 07/01/29		1,002,000		1,054,429
3.850%, 06/01/25		440,000		470,419
4.200%, 10/01/28		1,816,000		2,008,112
Microsoft Corp.
3.450%, 08/08/36		3,180,000		3,514,995
3.500%, 02/12/35		1,779,000		1,967,047
3.700%, 08/08/46		3,328,000		3,814,252
4.100%, 02/06/37		60,000		71,164
Oracle Corp.
2.500%, 10/15/22		235,000		238,622
2.650%, 07/15/26		2,213,000		2,258,828
3.400%, 07/08/24		362,000		382,049
3.800%, 11/15/37		234,000		256,959
3.850%, 07/15/36		7,000		7,727
3.900%, 05/15/35		1,403,000		1,558,565
4.000%, 07/15/46		1,526,000		1,706,031
4.125%, 05/15/45		41,000		46,447
4.300%, 07/08/34		41,000		47,709
5.375%, 07/15/40		460,000		598,529
				31,694,094
Telecommunications—1.8%
AT&T, Inc.
Zero Coupon, 11/27/22 (144A)		4,000,000		3,702,768
3.200%, 03/01/22		21,000		21,513
3.400%, 06/15/22		97,000		99,993
3.600%, 07/15/25		820,000		863,513
3.800%, 03/15/22		2,000		2,076
3.800%, 02/15/27		18,000		19,073
4.100%, 02/15/28		4,000		4,332
4.300%, 02/15/30		6,037,000		6,644,041
4.300%, 12/15/42		88,000		91,884
4.350%, 03/01/29		17,000		18,787
4.350%, 06/15/45		2,531,000		2,670,175
4.500%, 05/15/35		1,501,000		1,647,625
4.750%, 05/15/46		27,000		29,961
4.800%, 06/15/44		829,000		919,357
4.850%, 07/15/45		1,234,000		1,377,667
5.150%, 03/15/42		475,000		546,362
5.150%, 11/15/46		256,000		296,962
5.350%, 09/01/40		243,000		284,872
5.450%, 03/01/47		97,000		117,192
6.000%, 08/15/40		1,698,000		2,114,894
6.350%, 03/15/40		2,000		2,542
6.375%, 03/01/41		146,000		188,118
C&W Senior Financing DAC 6.875%, 09/15/27 (144A)		878,000		909,828
Telecommunications—(Continued)
Cisco Systems, Inc. 2.950%, 02/28/26		82,000		86,455
Connect Finco SARL / Connect U.S. Finco LLC 6.750%, 10/01/26 (144A)		607,000		618,381
Corning, Inc.
3.700%, 11/15/23		215,000		224,925
4.375%, 11/15/57		410,000		422,511
Deutsche Telekom International Finance B.V.
3.600%, 01/19/27 (144A)		350,000		369,640
4.375%, 06/21/28 (144A)		151,000		168,913
Digicel Group Two, Ltd. 8.250%, 09/30/22 (144A)		831,329		170,422
Digicel, Ltd. 6.000%, 04/15/21 (144A)		502,000		353,915
Empresa Nacional de Telecomunicaciones S.A. 4.750%, 08/01/26 (144A)		311,000		327,711
Intelsat Jackson Holdings S.A.
5.500%, 08/01/23		498,000		464,584
8.500%, 10/15/24 (144A) (f)		414,000		416,977
Millicom International Cellular S.A. 6.625%, 10/15/26 (144A)		300,000		326,250
Motorola Solutions, Inc. 4.600%, 05/23/29		2,320,000		2,528,837
Oi S.A. 10.000%, 4.000%, PIK, 07/27/25 (h)		1,029,000		941,864
Saudi Telecom Co. 3.890%, 05/13/29 (144A)		416,000		446,576
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		1,838,500		1,845,394
Verizon Communications, Inc.
2.700%, 3M LIBOR + 0.550%, 05/22/20 (b) (f)		2,420,000		2,426,514
4.125%, 03/16/27		9,935,000		10,965,113
4.125%, 08/15/46		225,000		250,845
4.272%, 01/15/36		5,386,000		6,065,960
4.400%, 11/01/34		499,000		568,807
4.500%, 08/10/33		2,566,000		2,985,974
4.812%, 03/15/39		878,000		1,052,894
5.250%, 03/16/37		557,000		692,281
6.550%, 09/15/43		20,000		29,474
Vodafone Group plc
3.750%, 01/16/24		749,000		789,710
4.125%, 05/30/25		671,000		725,697
4.375%, 05/30/28		146,000		161,281
4.375%, 02/19/43		351,000		362,815
5.000%, 05/30/38		30,000		34,219
5.125%, 06/19/59		21,000		24,067
5.250%, 05/30/48 (f)		1,871,000		2,168,939
6.150%, 02/27/37		82,000		104,044
				61,695,524
Transportation—0.7%
Burlington Northern Santa Fe LLC
3.000%, 03/15/23		406,000		418,507
4.050%, 06/15/48		270,000		309,952
4.150%, 04/01/45		707,000		813,910

BHFTII-24

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—(Continued)
Burlington Northern Santa Fe LLC
4.400%, 03/15/42		26,000	$	30,399
4.550%, 09/01/44		630,000		756,795
4.950%, 09/15/41		58,000		71,990
5.050%, 03/01/41		399,000		499,319
5.150%, 09/01/43		160,000		204,897
5.750%, 05/01/40		683,000		919,324
6.150%, 05/01/37		238,000		335,034
CSX Corp.
3.350%, 09/15/49		698,000		682,416
3.800%, 11/01/46		50,000		52,496
3.950%, 05/01/50		90,000		96,404
4.250%, 03/15/29		475,000		536,581
4.250%, 11/01/66		635,000		674,088
4.300%, 03/01/48		788,000		885,074
4.500%, 03/15/49		10,000		11,599
4.750%, 11/15/48		610,000		735,989
6.150%, 05/01/37		220,000		289,462
FedEx Corp.
3.875%, 08/01/42		1,284,000		1,241,757
3.900%, 02/01/35		550,000		564,166
MV24 Capital B.V. 6.748%, 06/01/34 (144A) (f)		267,000		275,424
Norfolk Southern Corp.
2.900%, 06/15/26		1,290,000		1,330,869
3.650%, 08/01/25		1,125,000		1,202,591
3.942%, 11/01/47		33,000		35,972
3.950%, 10/01/42		125,000		135,426
4.050%, 08/15/52		630,000		696,337
4.100%, 05/15/49		434,000		487,386
4.450%, 06/15/45		33,000		38,108
Rumo Luxembourg S.a.r.l. 5.875%, 01/18/25 (144A)		679,000		715,503
Ryder System, Inc.
2.800%, 03/01/22		17,000		17,216
3.400%, 03/01/23		640,000		661,239
3.450%, 11/15/21		120,000		122,825
Union Pacific Corp.
2.750%, 03/01/26		1,262,000		1,282,156
3.150%, 03/01/24		1,025,000		1,064,531
3.375%, 02/01/35		588,000		608,705
3.550%, 08/15/39		67,000		70,186
3.600%, 09/15/37		1,363,000		1,440,973
3.799%, 10/01/51		218,000		234,518
3.875%, 02/01/55		976,000		1,022,075
3.950%, 08/15/59		26,000		27,717
4.500%, 09/10/48		103,000		122,538
4.750%, 09/15/41		780,000		917,833
Union Pacific Railroad Co. Pass-Through Trust 3.227%, 05/14/26		706,286		737,848
United Parcel Service, Inc.
2.350%, 05/16/22		7,000		7,082
2.500%, 09/01/29		1,037,000		1,033,302
3.400%, 03/15/29		941,000		1,006,743
4.250%, 03/15/49		82,000		95,609
				25,520,871
Trucking & Leasing—0.1%
GATX Corp. 2.600%, 03/30/20		1,747,000		1,748,644
Penske Truck Leasing Co. L.P. / PTL Finance Corp.
3.400%, 11/15/26 (144A)		367,000		375,159
4.200%, 04/01/27 (144A)		949,000		1,010,041
				3,133,844
Total Corporate Bonds & Notes (Cost $1,152,497,014)				1,209,011,674
Asset-Backed Securities—11.6%
Asset-Backed - Home Equity—0.9%
ACE Securities Corp. Home Equity Loan Trust
Zero Coupon, 08/15/30		614,343		479,623
2.148%, 1M LIBOR + 0.130%, 05/25/37 (b)		1,149,242		317,492
Bayview Financial Revolving Asset Trust
3.044%, 1M LIBOR + 1.000%, 05/28/39 (144A) (b)		6,650,045		5,661,849
3.044%, 1M LIBOR + 1.000%, 12/28/40 (144A) (b)		425,075		412,788
Bear Stearns Asset-Backed Securities Trust
2.368%, 1M LIBOR + 0.350%, 04/25/37 (b)		2,531,386		2,218,722
3.218%, 1M LIBOR + 1.200%, 01/25/36 (b)		54,273		54,184
3.743%, 1M LIBOR + 1.725%, 08/25/34 (b)		87,445		87,990
Citigroup Mortgage Loan Trust
2.218%, 1M LIBOR + 0.200%, 05/25/37 (b)		2,532,581		1,848,635
2.288%, 1M LIBOR + 0.270%, 05/25/37 (b)		1,150,409		847,251
Countrywide Asset-Backed Certificates 2.338%, 1M LIBOR + 0.320%, 10/25/36 (b)		1,015,768		977,458
Countrywide Home Equity Loan Trust 6.155%, 06/25/35		342,006		373,776
Home Equity Mortgage Loan Asset-Backed Trust 4.043%, 1M LIBOR + 2.025%, 07/25/34 (b)		248,009		249,278
Home Equity Mortgage Trust 5.867%, 07/25/36 (i)		684,445		203,705
Home Loan Mortgage Loan Trust 2.748%, 1M LIBOR + 0.720%, 04/15/36 (b)		760,254		705,065
Irwin Home Equity Loan Trust 6.530%, 09/25/37 (144A) (i)		189,917		188,461
MASTR Asset-Backed Securities Trust
2.278%, 1M LIBOR + 0.260%, 06/25/36 (144A) (b)		575,325		510,589
2.298%, 1M LIBOR + 0.280%, 05/25/37 (b)		621,846		542,537
MCM Capital LLC
Zero Coupon, 05/28/58 (144A)		2,695,822		377,415
4.000%, 05/28/58 (144A)		1,073,042		1,069,602
Morgan Stanley ABS Capital I, Inc. Trust 2.148%, 1M LIBOR + 0.130%, 11/25/36 (b)		4,607,655		2,778,431
Nationstar Home Equity Loan Trust 2.198%, 1M LIBOR + 0.180%, 06/25/37 (b)		70,585		70,385
Option One Mortgage Loan Trust
2.228%, 1M LIBOR + 0.210%, 03/25/37 (b)		930,000		642,992
5.820%, 03/25/37 (i)		4,180,986		4,277,018
5.866%, 01/25/37 (i)		2,230,105		2,217,563
Securitized Asset Backed Receivables LLC Trust 2.208%, 1M LIBOR + 0.190%, 11/25/36 (144A) (b)		991,398		579,750
Security National Mortgage Loan Trust 2.368%, 1M LIBOR + 0.350%, 04/25/37 (144A) (b)		242,547		239,925

BHFTII-25

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—(Continued)
WaMu Asset-Backed Certificates WaMu Trust
2.268%, 1M LIBOR + 0.250%, 04/25/37 (b)		3,171,489	$	1,668,692
2.378%, 1M LIBOR + 0.360%, 04/25/37 (b)		336,971		180,853
Yale Mortgage Loan Trust 2.418%, 1M LIBOR + 0.400%, 06/25/37 (144A) (b)		880,163		366,858
				30,148,887
Asset-Backed - Manufactured Housing—0.4%
Bank of America Manufactured Housing Contract Trust
7.070%, 02/10/22 (b)		470,000		357,295
7.576%, 12/10/25 (b)		4,000,000		2,329,855
BCMSC Trust
7.575%, 06/15/30 (b)		1,270,292		419,777
7.830%, 06/15/30 (b)		1,178,847		402,672
8.290%, 06/15/30 (b)		850,435		307,559
Conseco Finance Corp.
6.280%, 09/01/30		385,933		407,702
6.830%, 04/01/30 (b)		138,915		127,983
6.980%, 09/01/30 (b)		1,023,201		915,496
7.500%, 03/01/30 (b)		447,715		302,527
7.860%, 03/01/30 (b)		418,065		292,449
Conseco Finance Securitizations Corp.
7.960%, 05/01/31		946,521		514,337
7.970%, 05/01/32		2,289,348		927,736
8.060%, 09/01/29 (b)		651,555		280,050
8.200%, 05/01/31		1,729,550		966,777
Credit Suisse First Boston Mortgage Securities Corp. 8.100%, 09/25/31 (b)		720,000		769,489
Credit-Based Asset Servicing & Securitization LLC 6.250%, 10/25/36 (144A) (i)		344,000		354,887
Greenpoint Manufactured Housing
8.290%, 12/15/29 (b)		440,000		469,167
9.230%, 12/15/29 (b)		506,403		430,251
Lehman ABS Manufactured Housing Contract Trust 6.630%, 04/15/40 (b)		2,200,420		2,329,834
Oakwood Mortgage Investors, Inc.
6.930%, 09/15/31 (b)		244,570		202,346
7.620%, 06/15/32 (b)		805,070		688,946
Origen Manufactured Housing Contract Trust
3.228%, 1M LIBOR + 1.200%, 10/15/37 (144A) (b)		741,767		725,015
7.820%, 03/15/32 (b)		339,199		342,718
				14,864,868
Asset-Backed - Other—9.9%
ACIS CLO, Ltd. 3.673%, 3M LIBOR + 1.420%, 05/01/26 (144A) (b)		484,944		485,550
Ajax Mortgage Loan Trust
Zero Coupon, 02/26/57 (144A)		903,055		252,856
Zero Coupon, 06/25/57 (144A)		1,454,163		1,463,732
Zero Coupon, 08/25/57 (144A)		1,108,811		947,248
Zero Coupon, 12/25/57 (144A) (b)		1,696,926		763,617
Zero Coupon, 04/25/58 (144A)		789,389		457,845
Zero Coupon, 06/25/58 (144A) (b)		590,985		177,177
Zero Coupon, 08/25/58 (144A) (b)		818,885		458,575
Zero Coupon, 11/25/58 (144A)		1,606,555		769,986
Asset-Backed - Other—(Continued)
Ajax Mortgage Loan Trust
1.000%, 09/25/59 (144A)		1,450,000		657,548
3.000%, 09/25/59 (i) (144A)		6,020,000		5,999,992
3.750%, 08/25/57 (144A) (b)		4,064,301		4,060,240
3.750%, 12/25/57 (144A)		3,311,849		3,407,289
3.750%, 08/25/58 (144A) (b)		3,189,202		3,142,620
3.850%, 04/25/58 (144A)		2,993,751		3,053,280
3.950%, 10/25/58 (144A) (b)		1,753,457		1,765,000
4.375%, 06/25/57 (144A) (b)		4,062,078		4,177,972
4.375%, 06/25/58 (144A) (b)		1,335,780		1,350,126
4.375%, 11/25/58 (144A) (b)		4,603,181		4,745,947
4.875%, 09/25/59 (i) (144A)		570,000		566,493
5.250%, 06/25/57 (144A) (b)		567,000		591,029
5.250%, 08/25/57 (144A) (b)		440,000		431,392
5.250%, 06/25/58 (144A) (b)		230,000		239,356
5.250%, 11/25/58 (144A) (b)		667,953		695,126
Allegro CLO, Ltd.
3.358%, 3M LIBOR + 1.080%, 10/21/28 (144A) (b)		1,370,000		1,369,300
3.453%, 3M LIBOR + 1.150%, 01/15/30 (144A) (b)		1,550,000		1,550,563
3.562%, 3M LIBOR + 1.240%, 10/16/30 (144A) (b)		400,000		399,999
4.003%, 3M LIBOR + 1.700%, 01/15/30 (144A) (b)		600,000		599,392
ALM, Ltd.
2.604%, 3M LIBOR + 1.250%, 10/18/27 (144A) (b)		900,000		896,372
3.210%, 3M LIBOR + 0.910%, 10/18/27 (144A) (b)		1,450,000		1,450,294
3.212%, 3M LIBOR + 0.890%, 04/16/27 (144A) (b)		330,812		330,644
3.703%, 3M LIBOR + 1.400%, 07/15/26 (144A) (b)		1,055,000		1,046,632
3.713%, 3M LIBOR + 1.410%, 10/15/28 (144A) (b)		790,000		789,746
3.793%, 3M LIBOR + 1.490%, 10/15/28 (144A) (b)		2,310,000		2,309,600
3.803%, 3M LIBOR + 1.500%, 07/15/27 (144A) (b)		1,810,000		1,806,688
3.972%, 3M LIBOR + 1.650%, 04/16/27 (144A) (b)		1,385,000		1,377,902
4.203%, 3M LIBOR + 1.900%, 07/15/27 (144A) (b)		720,000		718,550
AMMC CLO, Ltd.
3.381%, 3M LIBOR + 1.200%, 11/10/30 (144A) (b)		500,000		498,448
3.903%, 3M LIBOR + 1.600%, 04/14/29 (144A) (b)		250,000		247,504
Anchorage Capital CLO, Ltd.
3.553%, 3M LIBOR + 1.250%, 10/13/30 (144A) (b)		835,000		833,278
3.573%, 3M LIBOR + 1.270%, 07/15/30 (144A) (b)		710,000		709,228
3.603%, 3M LIBOR + 1.300%, 10/15/27 (144A) (b)		1,130,000		1,121,509
3.753%, 3M LIBOR + 1.450%, 01/15/30 (144A) (b)		2,410,000		2,382,796
3.756%, 3M LIBOR + 1.500%, 01/28/31 (144A) (b)		1,270,000		1,246,826
3.856%, 3M LIBOR + 1.600%, 07/28/28 (144A) (b)		1,050,000		1,047,540
4.003%, 3M LIBOR + 1.700%, 10/15/27 (144A) (b)		250,000		247,800
4.106%, 3M LIBOR + 1.850%, 01/28/31 (144A) (b)		1,390,000		1,338,381
4.153%, 3M LIBOR + 1.850%, 01/15/30 (144A) (b)		1,010,000		987,452
4.453%, 3M LIBOR + 2.150%, 10/13/30 (144A) (b)		590,000		576,839
Apidos CLO 3.283%, 3M LIBOR + 0.980%, 01/19/25 (144A) (b)		56,837		56,828
Arbor Realty Collateralized Loan Obligation, Ltd. 3.018%, 1M LIBOR + 0.990%, 12/15/27 (144A) (b)		1,200,000		1,199,629
Arbor Realty Commercial Real Estate Notes, Ltd. 3.018%, 1M LIBOR + 0.990%, 08/15/27 (144A) (b)		570,000		569,824
Ares CLO, Ltd. 3.473%, 3M LIBOR + 1.170%, 10/15/30 (144A) (b)		390,000		389,326
Atrium 3.928%, 3M LIBOR + 1.650%, 04/22/27 (144A) (b)		1,119,000		1,106,300

BHFTII-26

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Avery Point CLO, Ltd.
3.283%, 3M LIBOR + 0.980%, 07/17/26 (144A) (b)		881,048	$	881,734
3.376%, 3M LIBOR + 1.100%, 04/25/26 (144A) (b)		4,535,738		4,536,010
3.443%, 3M LIBOR + 1.140%, 01/15/28 (144A) (b)		1,740,000		1,740,586
B2R Mortgage Trust 3.336%, 11/15/48 (144A)		156,496		156,624
Babson CLO, Ltd.
3.468%, 3M LIBOR + 1.190%, 10/20/30 (144A) (b)		870,000		868,073
3.678%, 3M LIBOR + 1.400%, 01/20/31 (144A) (b)		250,000		245,211
Battalion CLO, Ltd. 3.533%, 3M LIBOR + 1.250%, 01/24/29 (144A) (b)		5,660,000		5,665,903
BDS, Ltd. 3.425%, 1M LIBOR + 1.400%, 12/15/35 (144A) (b)		1,270,000		1,271,984
Benefit Street Partners CLO, Ltd.
3.080%, 3M LIBOR + 0.780%, 07/18/27 (144A) (b)		820,000		819,985
3.368%, 3M LIBOR + 1.090%, 04/20/31 (144A) (b)		440,000		436,748
3.378%, 3M LIBOR + 1.100%, 01/20/31 (144A) (b)		2,000,000		1,991,420
3.540%, 3M LIBOR + 1.240%, 10/18/29 (144A) (b)		3,800,000		3,807,155
BlueMountain CLO, Ltd.
3.458%, 3M LIBOR + 1.180%, 10/22/30 (144A) (b)		760,000		759,696
3.508%, 3M LIBOR + 1.230%, 01/20/29 (144A) (b)		1,570,000		1,572,769
Bowman Park CLO, Ltd. 3.328%, 3M LIBOR + 1.180%, 11/23/25 (144A) (b)		749,660		750,476
C-BASS Trust 2.178%, 1M LIBOR + 0.160%, 10/25/36 (b)		256,387		195,817
Carlyle Global Market Strategies CLO, Ltd.
3.190%, 3M LIBOR + 0.890%, 01/18/29 (144A) (b)		510,000		506,450
3.273%, 3M LIBOR + 0.970%, 04/17/31 (144A) (b)		970,000		959,815
3.306%, 3M LIBOR + 1.050%, 07/27/31 (144A) (b)		4,100,000		4,074,186
3.856%, 3M LIBOR + 1.600%, 07/28/28 (144A) (b)		640,000		639,987
Carlyle U.S. CLO, Ltd. 3.483%, 3M LIBOR + 1.180%, 01/15/30 (144A) (b)		1,550,000		1,549,902
Carrington Mortgage Loan Trust
2.138%, 1M LIBOR + 0.120%, 10/25/36 (b)		434,952		337,081
2.178%, 1M LIBOR + 0.160%, 10/25/36 (b)		556,004		492,319
2.238%, 1M LIBOR + 0.220%, 10/25/36 (b)		730,000		612,071
2.258%, 1M LIBOR + 0.240%, 08/25/36 (b)		4,800,000		3,748,892
CBAM, Ltd.
3.528%, 3M LIBOR + 1.250%, 07/20/30 (144A) (b)		2,000,000		2,003,226
4.053%, 3M LIBOR + 1.750%, 10/17/29 (144A) (b)		1,020,000		1,018,965
CDO Repack SPC, Ltd. Zero Coupon, 05/20/30 (144A)		550,000		585,217
Cedar Funding CLO, Ltd.
3.258%, 3M LIBOR + 0.980%, 04/20/31 (144A) (b)		380,000		377,741
3.332%, 3M LIBOR + 1.230%, 06/09/30 (144A) (b)		434,000		434,587
3.368%, 3M LIBOR + 1.090%, 10/20/28 (144A) (b)		3,680,000		3,680,195
3.403%, 3M LIBOR + 1.100%, 07/17/31 (144A) (b)		770,000		766,319
3.553%, 3M LIBOR + 1.250%, 10/17/30 (144A) (b)		5,150,000		5,151,674
Cent CLO, Ltd. 3.373%, 3M LIBOR + 1.070%, 10/15/26 (144A) (b)		1,130,000		1,129,435
Chase Funding Trust 6.333%, 04/25/32 (i)		260,980		265,399
CIFC Funding, Ltd.
3.300%, 3M LIBOR + 1.000%, 04/18/31 (144A) (b)		589,000		583,207
4.072%, 3M LIBOR + 1.750%, 07/16/30 (144A) (b)		250,000		249,286
Asset-Backed - Other—(Continued)
Citicorp Residential Mortgage Trust 5.005%, 06/25/37 (i)		1,030,000		1,012,295
Citigroup Mortgage Loan Trust, Inc. 2.338%, 1M LIBOR + 0.320%, 11/25/36 (b)		990,000		878,131
Countrywide Asset-Backed Certificates
2.178%, 1M LIBOR + 0.160%, 12/25/35 (b)		1,615,794		1,598,604
2.238%, 1M LIBOR + 0.220%, 12/25/25 (b)		58,012		64,757
Countrywide Asset-Backed Certificates Trust
2.178%, 1M LIBOR + 0.160%, 09/25/46 (b)		103,002		101,623
4.522%, 05/25/36 (b)		320,377		325,312
4.724%, 04/25/36 (b)		1,243,873		1,237,049
Countrywide Revolving Home Equity Loan Resecuritization Trust
2.328%, 1M LIBOR + 0.300%, 12/15/33 (144A) (b)		502,624		458,778
Countrywide Revolving Home Equity Loan Trust
2.178%, 1M LIBOR + 0.150%, 11/15/36 (b)		652,467		553,750
2.208%, 1M LIBOR + 0.180%, 05/15/35 (b)		273,812		265,579
Credit-Based Asset Servicing & Securitization LLC 3.428%, 12/25/36 (i)		196,318		180,085
DCP Rights LLC 5.463%, 10/25/44 (144A)		6,588,552		6,961,155
Dorchester Park CLO DAC 3.728%, 3M LIBOR + 1.450%, 04/20/28 (144A) (b)		934,000		921,091
Dryden CLO, Ltd. 3.423%, 3M LIBOR + 1.120%, 01/15/31 (144A) (b)		6,020,000		6,006,214
Dryden Senior Loan Fund
3.203%, 3M LIBOR + 0.900%, 10/15/27 (144A) (b)		1,630,000		1,628,957
3.358%, 3M LIBOR + 1.200%, 08/15/30 (144A) (b)		2,205,000		2,203,858
4.153%, 3M LIBOR + 1.850%, 10/15/27 (144A) (b)		660,000		650,790
Elm CLO, Ltd.
3.473%, 3M LIBOR + 1.170%, 01/17/29 (144A) (b)		4,180,000		4,184,088
4.053%, 3M LIBOR + 1.750%, 01/17/29 (144A) (b)		490,000		488,869
Finance of America Structured Securities Trust 6.000%, 09/25/28 (144A) (b)		596,000		591,768
First Franklin Mortgage Loan Trust
2.158%, 1M LIBOR + 0.140%, 12/25/36 (b)		5,067,128		2,892,030
2.168%, 1M LIBOR + 0.150%, 12/25/36 (b)		2,883,905		2,527,015
2.228%, 1M LIBOR + 0.210%, 12/25/36 (b)		9,321,299		5,402,948
Flatiron CLO, Ltd. 3.193%, 3M LIBOR + 0.890%, 04/15/27 (144A) (b)		918,487		918,502
Fremont Home Loan Trust 2.158%, 1M LIBOR + 0.140%, 02/25/37 (b)		2,335,984		1,771,472
Galaxy CLO, Ltd.
3.563%, 3M LIBOR + 1.280%, 04/24/29 (144A) (b)		606,000		607,170
3.838%, 3M LIBOR + 1.680%, 11/15/26 (144A) (b)		430,000		424,244
GE-WMC Asset-Backed Pass-Through Certificates 2.268%, 1M LIBOR + 0.250%, 12/25/35 (b)		151,721		150,800
Highbridge Loan Management, Ltd. 3.287%, 3M LIBOR + 1.000%, 02/05/31 (144A) (b)		1,390,000		1,375,904
Home Equity Mortgage Loan Asset-Backed Trust 2.218%, 1M LIBOR + 0.200%, 07/25/37 (b)		1,098,256		747,153
HPS Loan Management, Ltd. 3.282%, 3M LIBOR + 1.140%, 01/20/28 (144A) (b)		1,020,000		1,019,998
ICG U.S. CLO, Ltd. 3.443%, 3M LIBOR + 1.140%, 10/19/28 (144A) (b)		1,315,000		1,314,658
Invitation Homes Trust 4.025%, 1M LIBOR + 2.000%, 07/17/37 (144A) (b)		712,107		713,247

BHFTII-27

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
KKR CLO, Ltd. 3.528%, 3M LIBOR + 1.250%, 01/20/29 (144A) (b)		802,000	$	802,182
Knollwood CDO, Ltd. 5.503%, 3M LIBOR + 3.200%, 01/10/39 (144A) (b)		939,406		94
LCM, Ltd.
3.318%, 3M LIBOR + 1.040%, 10/20/27 (144A) (b)		1,010,000		1,010,000
3.348%, 3M LIBOR + 1.070%, 01/20/31 (144A) (b)		2,590,000		2,576,273
Legacy Mortgage Asset Trust
3.375%, 02/25/59 (144A) (b)		2,337,498		2,279,061
4.000%, 12/28/54 (144A)		2,620,428		2,623,232
Lehman ABS Mortgage Loan Trust 2.108%, 1M LIBOR + 0.090%, 06/25/37 (144A) (b)		194,839		140,502
Litigation Fee Residual Funding LLC 4.000%, 10/30/27 (144A) (j)		1,960,449		1,953,275
LoanCore Issuer, Ltd. 3.158%, 1M LIBOR + 1.130%, 05/15/28 (144A) (b)		2,210,000		2,210,718
Long Beach Mortgage Loan Trust
2.128%, 1M LIBOR + 0.110%, 10/25/36 (b)		541,657		227,445
2.168%, 1M LIBOR + 0.150%, 06/25/36 (b)		599,410		323,185
2.178%, 1M LIBOR + 0.160%, 05/25/36 (b)		3,499,095		1,500,541
2.178%, 1M LIBOR + 0.160%, 10/25/36 (b)		2,152,326		915,141
2.178%, 1M LIBOR + 0.160%, 11/25/36 (b)		2,579,871		1,219,679
2.198%, 1M LIBOR + 0.180%, 03/25/46 (b)		1,127,291		911,385
2.238%, 1M LIBOR + 0.220%, 11/25/36 (b)		759,135		363,714
2.278%, 1M LIBOR + 0.260%, 05/25/36 (b)		2,429,925		1,076,873
Madison Park Funding, Ltd.
3.253%, 3M LIBOR + 0.950%, 04/19/30 (144A) (b)		1,330,000		1,327,207
3.456%, 3M LIBOR + 1.200%, 07/29/30 (144A) (b)		2,030,000		2,030,371
3.468%, 3M LIBOR + 1.190%, 10/21/30 (144A) (b)		5,000,000		4,997,500
3.498%, 3M LIBOR + 1.220%, 01/20/29 (144A) (b)		2,260,000		2,260,786
3.528%, 3M LIBOR + 1.250%, 01/22/28 (144A) (b)		1,320,000		1,319,980
Marathon CRE Issuer, Ltd. 3.178%, 1M LIBOR + 1.150%, 06/15/28 (144A) (b)		510,000		510,319
Marble Point CLO, Ltd. 3.480%, 3M LIBOR + 1.180%, 12/18/30 (144A) (b)		580,000		577,680
Mariner Finance Issuance Trust
2.960%, 07/20/32 (144A)		3,470,000		3,512,012
3.510%, 07/20/32 (144A)		560,000		564,437
4.010%, 07/20/32 (144A)		490,000		494,198
Merrill Lynch First Franklin Mortgage Loan Trust 2.258%, 1M LIBOR + 0.240%, 05/25/37 (b)		10,332,783		7,751,925
Mill City Solar Loan, Ltd. 3.690%, 07/20/43 (144A)		2,038,504		2,064,872
Mountain Hawk II CLO, Ltd. 3.878%, 3M LIBOR + 1.600%, 07/20/24 (144A) (b)		1,138,000		1,137,515
MP CLO, Ltd. 3.528%, 3M LIBOR + 1.250%, 10/20/30 (144A) (b)		1,010,000		1,009,110
Neuberger Berman Loan Advisers CLO, Ltd. 3.470%, 3M LIBOR + 1.170%, 10/18/30 (144A) (b)		1,770,000		1,769,096
Nomura Asset Acceptance Corp. Alternative Loan Trust 2.418%, 1M LIBOR + 0.400%, 10/25/36 (144A) (b)		296,447		276,193
OCP CLO, Ltd.
3.087%, 3M LIBOR + 0.820%, 10/26/27 (144A) (b)		270,000		269,770
3.347%, 3M LIBOR + 1.080%, 04/26/31 (144A) (b)		160,000		158,889
3.420%, 3M LIBOR + 1.120%, 10/18/28 (144A) (b)		2,366,000		2,365,763
3.563%, 3M LIBOR + 1.260%, 07/15/30 (144A) (b)		3,270,000		3,273,528
4.086%, 3M LIBOR + 1.950%, 11/20/30 (144A) (b)		250,000		241,091
Asset-Backed - Other—(Continued)
Octagon Investment Partners, Ltd.
3.276%, 3M LIBOR + 1.000%, 01/25/31 (144A) (b)		3,420,000		3,394,042
3.282%, 3M LIBOR + 0.960%, 04/16/31 (144A) (b)		2,210,000		2,190,514
3.323%, 3M LIBOR + 1.020%, 07/17/30 (144A) (b)		3,370,000		3,343,977
3.468%, 3M LIBOR + 1.190%, 01/20/31 (144A) (b)		430,000		429,403
OFSI Fund, Ltd.
3.200%, 3M LIBOR + 0.900%, 10/18/26 (144A) (b)		516,366		516,407
3.433%, 3M LIBOR + 1.130%, 03/20/25 (144A) (b)		4,190,000		4,189,237
OHA Loan Funding, Ltd.
3.188%, 3M LIBOR + 1.040%, 05/23/31 (144A) (b)		5,670,000		5,640,992
3.568%, 3M LIBOR + 1.410%, 08/15/29 (144A) (b)		540,000		540,335
OneMain Financial Issuance Trust 3.140%, 10/14/36 (144A)		3,280,000		3,310,211
OZLM Funding, Ltd.
3.528%, 3M LIBOR + 1.250%, 10/22/30 (144A) (b)		10,705,000		10,685,988
5.278%, 3M LIBOR + 3.000%, 01/22/29 (144A) (b)		3,950,000		3,949,870
OZLM, Ltd.
3.523%, 3M LIBOR + 1.220%, 11/22/30 (144A) (b)		690,000		687,585
3.768%, 3M LIBOR + 1.490%, 01/20/29 (144A) (b)		1,950,000		1,952,757
4.003%, 3M LIBOR + 1.700%, 01/15/29 (144A) (b)		2,570,000		2,561,424
4.178%, 3M LIBOR + 1.900%, 01/20/31 (144A) (b)		320,000		306,118
4.378%, 3M LIBOR + 2.100%, 01/20/29 (144A) (b)		810,000		809,982
Palmer Square CLO, Ltd.
3.296%, 3M LIBOR + 1.030%, 04/18/31 (144A) (b)		1,040,000		1,031,784
3.372%, 3M LIBOR + 1.220%, 05/21/29 (144A) (b)		2,600,000		2,601,110
3.422%, 3M LIBOR + 1.100%, 07/16/31 (144A) (b)		1,240,000		1,229,205
3.433%, 3M LIBOR + 1.130%, 01/17/31 (144A) (b)		1,312,000		1,308,384
3.508%, 3M LIBOR + 1.350%, 08/15/26 (144A) (b)		945,000		936,743
3.802%, 3M LIBOR + 1.650%, 05/21/29 (144A) (b)		570,000		569,417
Parallel Ltd. 4.028%, 3M LIBOR + 1.750%, 07/20/27 (144A) (b)		350,000		344,635
Progress Residential Trust
2.768%, 08/17/34 (144A)		926,607		929,069
4.778%, 03/17/35 (144A)		120,000		121,789
6.643%, 11/12/32 (144A)		250,000		250,618
PRPM LLC 4.250%, 01/25/22 (144A) (i)		47,141		47,243
Race Point CLO, Ltd. 3.513%, 3M LIBOR + 1.210%, 10/15/30 (144A) (b)		1,170,000		1,168,915
Regatta VI Funding, Ltd. 3.358%, 3M LIBOR + 1.080%, 07/20/28 (144A) (b)		2,910,000		2,909,235
Riserva CLO, Ltd. 3.440%, 3M LIBOR + 1.140%, 10/18/28 (144A) (b)		1,110,000		1,110,385
Rockford Tower CLO, Ltd.
3.468%, 3M LIBOR + 1.190%, 10/20/30 (144A) (b)		2,590,000		2,585,203
3.673%, 3M LIBOR + 1.370%, 04/15/29 (144A) (b)		3,550,000		3,550,238
4.053%, 3M LIBOR + 1.750%, 10/15/29 (144A) (b)		1,590,000		1,585,834
4.103%, 3M LIBOR + 1.800%, 04/15/29 (144A) (b)		1,500,000		1,499,239
4.603%, 3M LIBOR + 2.300%, 10/15/29 (144A) (b)		310,000		309,993
RR 3, Ltd. 3.393%, 3M LIBOR + 1.090%, 01/15/30 (144A) (b)		560,000		556,518
RR 6, Ltd. 3.626%, 3M LIBOR + 1.250%, 04/15/30 (144A) (b)		2,360,000		2,357,182
SG Mortgage Securities Trust 2.228%, 1M LIBOR + 0.210%, 10/25/36 (b)		570,000		466,296

BHFTII-28

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Silver Creek CLO, Ltd. 3.518%, 3M LIBOR + 1.240%, 07/20/30 (144A) (b)		1,330,000	$	1,329,546
Sound Point CLO II, Ltd. 3.337%, 3M LIBOR + 1.070%, 01/26/31 (144A) (b)		500,000		495,657
Sound Point CLO XIV, Ltd. 3.301%, 3M LIBOR + 1.150%, 01/23/29 (144A) (b)		2,140,000		2,139,987
Sound Point CLO, Ltd. 3.879%, 3M LIBOR + 1.400%, 04/15/32 (144A) (b)		4,840,000		4,843,577
Soundview Home Loan Trust 2.813%, 1M LIBOR + 0.795%, 01/25/35 (b)		20,350		19,977
Steele Creek CLO, Ltd. 3.553%, 3M LIBOR + 1.250%, 01/15/30 (144A) (b)		670,000		668,789
Symphony CLO, Ltd.
3.333%, 3M LIBOR + 1.030%, 10/15/25 (144A) (b)		6,673,377		6,677,407
3.409%, 3M LIBOR + 1.150%, 01/23/28 (144A) (b)		950,000		949,986
TCI-Flatiron CLO,Ltd. 3.324%, 3M LIBOR + 1.200%, 11/18/30 (144A) (b)		1,080,000		1,078,668
TIAA CLO, Ltd.
3.472%, 3M LIBOR + 1.150%, 01/16/31 (144A) (b)		571,000		568,930
3.558%, 3M LIBOR + 1.280%, 04/20/29 (144A) (b)		900,000		900,450
TICP CLO, Ltd. 4.003%, 3M LIBOR + 1.700%, 01/15/29 (144A) (b)		1,270,000		1,268,813
Towd Point Mortgage Trust
4.250%, 11/25/58 (144A) (b)		840,000		866,017
4.500%, 11/25/58 (144A) (b)		2,110,000		2,199,971
Tricon American Homes Trust
4.564%, 05/17/37 (144A)		260,000		275,216
4.960%, 05/17/37 (144A)		180,000		188,102
5.104%, 01/17/36 (144A)		340,000		353,619
Venture CLO, Ltd. 3.370%, 3M LIBOR + 1.070%, 07/18/31 (144A) (b)		420,000		416,202
Vericrest Opportunity Loan Trust 3.967%, 02/25/49 (144A) (i)		402,000		403,340
Vibrant CLO, Ltd. 3.828%, 3M LIBOR + 1.550%, 01/20/29 (144A) (b)		1,020,000		1,019,983
Voya CLO, Ltd. 3.433%, 3M LIBOR + 1.130%, 10/15/30 (144A) (b)		1,020,000		1,019,989
Washington Mutural Asset-Backed Certificates Trust
2.173%, 1M LIBOR + 0.155%, 10/25/36 (b)		864,048		692,361
2.198%, 1M LIBOR + 0.180%, 09/25/36 (b)		2,200,444		1,012,677
2.238%, 1M LIBOR + 0.220%, 02/25/37 (b)		2,163,703		902,488
Wellfleet CLO, Ltd. 3.598%, 3M LIBOR + 1.320%, 04/20/29 (144A) (b)		850,000		850,032
Westcott Park CLO, Ltd. 3.488%, 3M LIBOR + 1.210%, 07/20/28 (144A) (b)		1,370,000		1,371,278
York CLO, Ltd.
2.727%, 3M LIBOR + 1.630%, 01/20/30 (144A) (b)		800,000		801,766
3.528%, 3M LIBOR + 1.250%, 10/20/29 (144A) (b)		630,000		631,425
4.028%, 3M LIBOR + 1.750%, 10/20/29 (144A) (b)		850,000		849,136
				339,728,033
Asset-Backed - Student Loan—0.4%
Navient Private Education Loan Trust 3.778%, 1M LIBOR + 1.750%, 10/17/44 (144A) (b)		4,595,000		4,641,785
Scholar Funding Trust 2.694%, 1M LIBOR + 0.650%, 01/30/45 (144A) (b)		4,112,958		4,074,589
Asset-Backed - Student Loan—(Continued)
SLM Private Credit Student Loan Trust 2.449%, 3M LIBOR + 0.330%, 03/15/24 (b)		2,247,738		2,235,071
SMB Private Education Loan Trust 3.500%, 12/17/40 (144A)		1,340,000		1,375,665
				12,327,110
Total Asset-Backed Securities (Cost $393,260,915)				397,068,898
Mortgage-Backed Securities—5.5%
Collateralized Mortgage Obligations—1.8%
Alternative Loan Trust 6.000%, 04/25/37		135,396		94,755
American Home Mortgage Assets Trust
3.366%, 12M MTA + 0.920%, 11/25/46 (b)		286,336		140,705
3.422%, 12M MTA + 0.940%, 10/25/46 (b)		486,721		437,812
APS Resecuritization Trust
4.618%, 1M LIBOR + 2.600%, 04/27/47 (144A) (b)		514,725		522,222
4.868%, 1M LIBOR + 2.850%, 09/27/46 (144A) (b)		2,501,016		2,577,130
Ari Investments LLC 4.480%, 01/06/25 (j)		954,156		954,156
Banc of America Alternative Loan Trust 5.500%, 10/25/35		1,049,922		1,067,245
Bear Stearns Asset-Backed Securities Trust
6.250%, 12/25/35 (i)		1,977,422		1,964,018
6.250%, 02/25/36 (i)		2,731,056		2,538,477
Chase Mortgage Finance Trust 6.000%, 12/25/37		8,597,532		6,234,387
Countrywide Alternative Loan Trust
2.158%, 1M LIBOR + 0.140%, 04/25/47 (b)		759,027		723,331
2.208%, 1M LIBOR + 0.190%, 10/25/46 (b)		1,035,529		1,000,804
2.228%, 1M LIBOR + 0.210%, 07/25/46 (b)		1,326,479		1,297,698
2.234%, 1M LIBOR + 0.190%, 03/20/47 (b)		1,642,672		1,421,000
2.244%, 1M LIBOR + 0.200%, 07/20/46 (b)		2,663,854		2,202,357
2.248%, 1M LIBOR + 0.230%, 11/25/36 (b)		544,814		449,803
2.368%, 1M LIBOR + 0.350%, 06/25/35 (b)		1,500,758		1,301,741
2.618%, 1M LIBOR + 0.600%, 01/25/36 (b)		566,073		494,801
4.176%, 12M MTA + 1.730%, 11/25/46 (b)		2,962,004		2,624,010
5.500%, 04/25/37		828,521		652,035
6.000%, 05/25/37		2,885,444		2,018,774
Countrywide Home Loan Mortgage Pass-Through Trust 3.406%, 12M MTA + 0.960%, 04/25/46 (b)		3,895,106		1,883,931
Credit Suisse Mortgage Capital Certificates
2.505%, 1M LIBOR + 0.180%, 03/27/36 (144A) (b)		2,025,338		1,775,880
3.830%, 08/26/58 (144A)		1,553,263		1,571,007
6.500%, 10/27/37 (144A)		2,615,084		1,484,914
CSFB Mortgage-Backed Pass-Through Certificates 3.368%, 1M LIBOR + 1.350%, 11/25/35 (b)		446,724		135,151
Deutsche ALT-A Securities Mortgage Loan Trust 2.188%, 1M LIBOR + 0.170%, 08/25/47 (b)		479,556		337,604
Deutsche ALT-A Securities, Inc. Alternate Loan Trust 2.640%, 1M LIBOR + 0.500%, 01/27/37 (144A) (b)		68,983		66,094
GreenPoint Mortgage Funding Trust 4.446%, 12M MTA + 2.000%, 03/25/36 (b)		196,224		196,040

BHFTII-29

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
GSR Mortgage Loan Trust 6.000%, 07/25/37		630,764	$	555,892
IndyMac INDX Mortgage Loan Trust 3.721%, 09/25/37 (b)		857,807		615,555
JPMorgan Alternative Loan Trust
2.228%, 1M LIBOR + 0.210%, 03/25/37 (b)		1,183,518		1,138,620
4.173%, 05/25/37 (b)		289,835		264,386
JPMorgan Mortgage Trust 6.500%, 08/25/36		257,673		181,300
LSTAR Securities Investment Trust 3.589%, 1M LIBOR + 1.500%, 04/01/24 (144A) (b)		1,175,283		1,175,380
MASTR Resecuritization Trust 2.579%, 08/25/37 (144A) (b)		434,428		283,013
MCM Capital LLC
Zero Coupon, 10/25/28		5,190,051		1,148,558
4.000%, 10/25/28		3,051,977		3,064,506
Merrill Lynch Mortgage Investors Trust 4.533%, 05/25/36 (b)		1,236,657		1,128,211
Mortgage Loan Resecuritization Trust 2.440%, 1M LIBOR + 0.340%, 04/16/36 (144A) (b)		3,554,310		3,082,342
New Residential Mortgage Loan Trust
4.250%, 12/25/57 (144A) (b)		592,932		617,913
4.335%, 02/26/24 (144A) (i)		1,869,404		1,882,138
Nomura Asset Acceptance Corp. Alternative Loan Trust 6.634%, 05/25/36 (i)		255,343		96,702
Seasoned Credit Risk Transfer Trust
Zero Coupon, 07/25/56 (144A) (k)		825,652		85,025
1.219%, 07/25/56 (144A) (b) (c)		1,098,847		136,640
4.750%, 07/25/56 (144A) (b)		540,000		545,800
4.750%, 05/25/57 (b)		150,000		152,837
5.324%, 05/25/57 (b)		167,944		93,048
Structured Adjustable Rate Mortgage Loan Trust 4.032%, 04/25/36 (b)		333,883		279,062
4.424%, 04/25/47 (b)		885,330		648,240
Structured Asset Mortgage Investments Trust 2.208%, 1M LIBOR + 0.190%, 06/25/36 (b)		1,351,990		1,315,653
2.228%, 1M LIBOR + 0.210%, 05/25/46 (b)		257,502		222,914
2.248%, 1M LIBOR + 0.230%, 02/25/36 (b)		1,729,846		1,706,716
Voyager OPTONE Delaware Trust 2.360%, 1M LIBOR + 0.000%, 02/25/38 (144A) (b) (c)		3,567,174		1,304,895
				59,893,228
Commercial Mortgage-Backed Securities—3.7%
AOA Mortgage Trust 3.110%, 12/13/29 (144A) (b)		460,000		462,927
AREIT Trust 2.878%, 1M LIBOR + 0.850%, 02/14/35 (144A) (b)		16,036		16,031
Ashford Hospitality Trust, Inc. 4.128%, 1M LIBOR + 2.100%, 04/15/35 (144A) (b)		332,000		332,828
Atrium Hotel Portfolio Trust 3.978%, 1M LIBOR + 1.950%, 12/15/36 (144A) (b)		1,540,000		1,541,912
5.078%, 1M LIBOR + 3.050%, 12/15/36 (144A) (b)		286,038		287,108
BAMLL Commercial Mortgage Securities Trust 3.428%, 1M LIBOR + 1.400%, 11/15/33 (144A) (b)		510,000		508,081
Commercial Mortgage-Backed Securities—(Continued)
BAMLL Commercial Mortgage Securities Trust
3.528%, 1M LIBOR + 1.500%, 11/15/32 (144A) (b)		300,000		299,967
3.716%, 04/14/33 (144A) (b)		250,000		252,389
3.727%, 08/14/34 (144A) (b)		2,470,000		2,409,293
4.028%, 1M LIBOR + 2.000%, 11/15/32 (144A) (b)		630,000		629,931
Banc of America Commercial Mortgage Trust 0.780%, 02/15/50 (b) (c)		4,070,000		175,197
1.437%, 02/15/50 (144A) (b) (c)		2,000,000		163,540
5.482%, 01/15/49 (b)		141,911		142,011
Bancorp Commercial Mortgage Trust (The) 2.878%, 1M LIBOR + 0.850%, 01/15/33 (144A) (b)		498,108		496,618
BANK 0.363%, 09/15/61 (b) (c)		8,619,000		290,174
0.842%, 09/15/61 (b) (c)		2,550,000		177,024
4.170%, 08/15/61 (b)		420,000		452,558
Barclays Commercial Mortgage Trust 1.508%, 05/15/52 (b) (c)		4,729,900		498,779
3.000%, 05/15/52 (144A)		285,000		266,729
4.178%, 05/15/52		364,000		392,255
Bayview Commercial Asset Trust 2.268%, 1M LIBOR + 0.250%, 10/25/36 (144A) (b)		206,627		197,801
2.318%, 1M LIBOR + 0.300%, 01/25/36 (144A) (b)		114,591		110,434
2.318%, 1M LIBOR + 0.300%, 10/25/36 (144A) (b)		210,252		201,713
2.378%, 1M LIBOR + 0.360%, 04/25/36 (144A) (b)		133,202		128,413
2.468%, 1M LIBOR + 0.450%, 01/25/36 (144A) (b)		85,307		82,331
3.518%, 1M LIBOR + 1.500%, 12/25/37 (144A) (b)		720,000		684,790
BB-UBS Trust 0.730%, 11/05/36 (144A) (b) (c)		85,480,000		2,546,526
4.160%, 11/05/36 (144A) (b)		330,000		332,350
BBCMS Mortgage Trust 2.750%, 1M LIBOR + 0.722%, 03/15/37 (144A) (b)		280,000		279,304
Bear Stearns Commercial Mortgage Securities Trust 5.513%, 01/12/45 (b)		213,405		212,876
Benchmark Mortgage Trust 1.215%, 03/15/52 (b) (c)		5,791,324		472,306
1.269%, 08/15/57 (b) (c)		15,014,000		1,294,809
2.952%, 08/15/57		422,000		437,745
BHMS Mortgage Trust 3.278%, 1M LIBOR + 1.250%, 07/15/35 (144A) (b)		780,000		779,995
BWAY Mortgage Trust 3.446%, 03/10/33 (144A)		1,495,000		1,544,798
3.454%, 03/10/33 (144A)		2,690,000		2,850,042
3.633%, 03/10/33 (144A)		600,000		621,349
BX Commercial Mortgage Trust 5.028%, 1M LIBOR + 3.000%, 11/15/35 (144A) (b)		3,478,785		3,486,407
BXP Trust 3.670%, 08/13/37 (144A) (b)		760,000		769,781
CCRESG Commercial Mortgage Trust 5.671%, 04/10/29 (144A) (b)		230,000		235,175
CD Commercial Mortgage Trust 3.514%, 05/10/50 (b)		10,000		10,768
CD Mortgage Trust 3.631%, 02/10/50		350,000		379,225
5.648%, 10/15/48		298,185		306,675
CFCRE Commercial Mortgage Trust 0.889%, 05/10/58 (b) (c)		2,370,000		105,171

BHFTII-30

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
CFK Trust 4.790%, 01/15/39 (144A) (b)		728,000	$	827,359
CGDBB Commercial Mortgage Trust 2.818%, 1M LIBOR + 0.790%, 07/15/32 (144A) (b)		1,490,000		1,489,998
3.628%, 1M LIBOR + 1.600%, 07/15/32 (144A) (b)		1,110,000		1,110,001
4.178%, 1M LIBOR + 2.150%, 07/15/32 (144A) (b)		1,680,000		1,680,001
CHC Commercial Mortgage Trust 3.528%, 1M LIBOR + 1.500%, 06/15/34 (144A) (b)		1,698,000		1,700,126
Citigroup Commercial Mortgage Trust 3.878%, 1M LIBOR + 1.850%, 07/15/27 (144A) (b)		760,000		760,934
4.888%, 05/10/36 (144A)		1,107,000		1,146,791
4.995%, 04/15/49 (b)		40,000		43,867
CLNS Trust 5.550%, 1M LIBOR + 3.500%, 06/11/32 (144A) (b)		291,000		291,181
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.168%, 02/10/35 (144A) (b) (c)		60,958,000		311,495
1.187%, 03/10/46 (b) (c)		24,291,991		637,060
3.183%, 02/10/48		513,000		536,045
3.285%, 10/10/36 (144A) (b)		270,000		273,721
3.550%, 07/15/47		550,000		576,680
3.696%, 08/10/48		320,000		343,775
3.796%, 08/10/47		540,000		577,966
3.807%, 05/10/48 (144A) (b)		2,470,000		2,472,707
3.977%, 05/10/47		1,394,000		1,496,751
4.006%, 04/10/47		400,000		428,845
4.051%, 04/10/47		1,896,000		2,035,789
4.236%, 02/10/47 (b)		320,000		345,200
4.443%, 07/10/48 (b)		1,600,000		1,694,161
4.579%, 12/10/47 (b)		420,000		446,493
4.695%, 08/10/48 (b)		1,256,000		1,326,428
5.906%, 06/10/44 (144A) (b)		153,813		156,429
Core Industrial Trust 3.040%, 02/10/34 (144A)		351,008		358,464
3.077%, 02/10/34 (144A)		1,975,068		2,018,684
3.977%, 02/10/34 (144A) (b)		2,360,000		2,370,346
Credit Suisse First Boston Mortgage Securities Corp. 4.952%, 07/15/37 (b)		427		427
Credit Suisse Mortgage Capital Certificates Trust 2.978%, 1M LIBOR + 0.950%, 12/15/30 (144A) (b)		280,000		279,650
CSAIL Commercial Mortgage Trust 0.219%, 11/15/50 (b) (c)		3,940,000		65,275
0.560%, 09/15/52 (b) (c)		4,150,000		206,516
1.370%, 09/15/52 (b) (c)		10,520,000		1,107,447
1.733%, 06/15/52 (b) (c)		11,785,754		1,445,467
2.500%, 09/15/52 (144A)		800,000		683,946
3.000%, 03/15/52 (144A)		347,808		318,915
3.329%, 06/15/52		620,000		660,351
3.504%, 06/15/57		320,000		339,169
3.934%, 09/15/52		977,000		1,015,870
4.053%, 03/15/52		996,000		1,117,290
4.237%, 06/15/52 (b)		160,000		171,359
5.056%, 11/15/51 (b)		300,000		339,508
5.146%, 03/15/52 (b)		744,740		845,424
DBJPM Mortgage Trust 1.000%, 06/10/50 (b) (c)		2,060,000		125,271
Commercial Mortgage-Backed Securities—(Continued)
DBJPM Mortgage Trust
3.276%, 05/10/49		240,000		253,785
DBUBS Mortgage Trust 3.452%, 10/10/34 (144A)		850,000		893,077
3.648%, 10/10/34 (144A) (b)		1,710,000		1,720,418
Eleven Madison Trust Mortgage Trust 3.673%, 09/10/35 (144A) (b)		440,000		471,195
Exantas Capital Corp., Ltd. 3.525%, 1M LIBOR + 1.500%, 04/15/36 (144A) (b)		940,000		940,882
GPMT, Ltd. 2.944%, 1M LIBOR + 0.900%, 11/21/35 (144A) (b)		513,316		512,995
GS Mortgage Securities Corp. II 3.550%, 12/10/27 (144A) (b)		11,042,358		11,023,644
5.366%, 05/03/32 (144A)		840,000		967,024
GS Mortgage Securities Corp. Trust 2.856%, 05/10/34 (144A)		710,000		712,836
3.328%, 1M LIBOR + 1.300%, 07/15/32 (144A) (b)		80,000		80,025
3.528%, 1M LIBOR + 1.500%, 07/15/32 (144A) (b)		170,000		170,212
3.828%, 1M LIBOR + 1.800%, 07/15/32 (144A) (b)		70,000		70,175
4.528%, 1M LIBOR + 2.500%, 07/15/32 (144A) (b)		30,000		29,756
GS Mortgage Securities Trust 3.000%, 08/10/50 (144A)		240,000		228,090
3.228%, 1M LIBOR + 1.200%, 06/15/38 (144A) (b)		332,000		332,207
3.902%, 1M LIBOR + 1.875%, 06/15/36 (144A) (b)		950,000		947,913
3.931%, 09/10/47		800,000		861,217
3.932%, 10/10/35 (144A) (b)		340,000		342,877
3.980%, 02/10/48		160,000		169,262
4.529%, 04/10/47 (b)		50,000		53,712
4.557%, 07/10/48 (b)		500,000		535,247
GSCG Trust 4.118%, 09/06/34 (144A) (b)		430,000		428,127
HMH Trust 3.062%, 07/05/31 (144A)		1,210,000		1,229,079
Hudson Yards Mortgage Trust 3.558%, 07/10/39 (144A) (b)		1,460,000		1,473,632
IMT Trust 3.478%, 06/15/34 (144A)		540,000		566,705
3.613%, 06/15/34 (144A) (b)		570,000		580,184
JPMBB Commercial Mortgage Securities Trust 0.903%, 05/15/48 (b) (c)		1,076,597		26,976
1.005%, 09/15/47 (b) (c)		1,471,515		50,511
3.775%, 08/15/47		550,000		587,408
3.801%, 09/15/47		220,000		235,396
4.271%, 12/15/48 (144A) (b)		300,000		300,817
JPMCC Commercial Mortgage Securities Trust 3.490%, 07/15/50		320,000		344,344
4.049%, 03/15/50 (b)		330,000		344,968
4.799%, 03/15/50 (144A) (b)		650,000		684,018
JPMDB Commercial Mortgage Securities Trust 0.750%, 12/15/49 (144A) (b) (c)		2,067,000		95,661
JPMorgan Chase Commercial Mortgage Securities Trust
0.651%, 04/15/46 (b) (c)		4,900,000		89,103
0.750%, 08/15/49 (144A) (b) (c)		5,300,000		240,328
2.949%, 10/06/38 (144A) (b)		1,670,000		1,722,176
3.325%, 1M LIBOR + 1.300%, 06/15/45 (144A) (b)		126,765		128,013

BHFTII-31

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
JPMorgan Chase Commercial Mortgage Securities Trust
3.750%, 06/13/52		716,000	$	739,368
3.909%, 06/05/39 (144A) (b)		336,000		348,321
4.050%, 09/15/50		110,000		118,966
4.128%, 1M LIBOR + 2.100%, 07/15/36 (144A) (b)		570,000		571,424
4.394%, 01/15/49 (b)		970,000		990,953
5.128%, 1M LIBOR + 3.100%, 07/15/36 (144A) (b)		204,000		204,764
KNDL Mortgage Trust 3.828%, 1M LIBOR + 1.800%, 05/15/36 (144A) (b)		2,728,000		2,727,988
Lehman Brothers Small Balance Commercial Mortgage Trust 2.395%, 1M LIBOR + 0.250%, 03/25/37 (144A) (b)		457,179		444,247
LSTAR Commercial Mortgage Trust 1.263%, 03/10/50 (144A) (b) (c)		874,915		36,353
3.303%, 04/20/48 (144A) (b)		590,000		602,786
Morgan Stanley Bank of America Merrill Lynch Trust 1.350%, 12/15/47 (144A) (b) (c)		1,810,000		93,422
1.562%, 11/15/49 (b) (c)		1,080,720		79,437
3.060%, 10/15/48 (144A)		322,000		306,186
3.892%, 06/15/47		3,000,000		3,204,811
4.268%, 07/15/50 (144A) (b)		297,000		298,665
4.558%, 05/15/50 (b)		300,000		325,907
4.678%, 10/15/48 (b)		170,000		183,921
Morgan Stanley Capital Trust 1.197%, 03/15/52 (b) (c)		2,395,514		195,603
2.358%, 06/15/50 (144A) (b) (c)		1,190,000		170,557
2.546%, 06/15/50 (144A)		1,510,000		1,373,723
3.417%, 06/15/52		434,000		466,654
3.560%, 07/13/29 (144A) (b)		540,000		541,241
4.071%, 03/15/52		403,000		454,641
4.165%, 05/15/48 (144A) (b)		110,000		106,204
4.165%, 05/15/48 (b)		150,000		156,124
4.177%, 07/15/51		38,000		42,947
4.578%, 1M LIBOR + 2.550%, 07/15/35 (144A) (b)		290,000		289,998
4.628%, 1M LIBOR + 2.600%, 11/15/34 (144A) (b)		1,977,000		1,983,179
Natixis Commercial Mortgage Securities Trust 3.145%, 1M LIBOR + 0.950%, 06/15/35 (144A) (b)		224,302		223,600
4.272%, 05/15/39 (144A) (b)		960,000		1,026,069
Olympic Tower Mortgage Trust 0.511%, 05/10/39 (144A) (b) (c)		13,300,000		369,301
4.077%, 05/10/39 (144A) (b)		1,049,000		1,079,033
One Bryant Park Trust 2.516%, 09/13/49 (144A)		579,000		582,056
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		72,618
Park Avenue Mortgage Trust 3.564%, 1M LIBOR + 1.537%, 09/15/34 (144A) (b)		500,000		500,934
4.146%, 1M LIBOR + 2.119%, 09/15/34 (144A) (b)		1,750,000		1,755,446
Park Avenue Trust 0.271%, 06/05/37 (144A) (b) (c)		5,000,000		68,328
3.779%, 06/05/37 (144A) (b)		207,000		206,437
PFP, Ltd. 2.998%, 1M LIBOR + 0.970%, 04/14/36 (144A) (b)		389,464		389,707
3.448%, 1M LIBOR + 1.420%, 04/14/36 (144A) (b)		230,000		230,288
Prima Capital CRE Securitization, Ltd. 4.000%, 08/24/40 (144A)		1,740,000		1,729,038
4.000%, 08/24/49 (144A)		260,000		265,122
Commercial Mortgage-Backed Securities—(Continued)
UBS Commercial Mortgage Trust 1.181%, 12/15/51 (b) (c)		1,433,375		106,804
1.636%, 10/15/52		7,055,000		814,869
Velocity Commercial Capital Loan Trust 3.661%, 10/25/46 (b)		150,000		153,196
4.240%, 11/25/47 (144A) (b)		195,367		198,300
4.450%, 05/25/47 (144A) (b)		150,000		152,067
4.458%, 10/25/46 (b)		100,000		103,041
5.000%, 11/25/47 (144A) (b)		114,298		116,153
5.350%, 05/25/47 (144A) (b)		150,000		154,680
5.498%, 10/25/46 (b)		140,000		147,248
7.226%, 10/25/46 (b)		160,000		172,076
Wells Fargo Commercial Mortgage Trust 0.919%, 05/15/51 (b) (c)		3,967,568		207,842
1.052%, 12/15/48 (b) (c)		1,298,494		56,465
1.405%, 08/15/49 (144A) (b) (c)		1,430,000		102,259
1.633%, 05/15/52 (b) (c)		5,618,024		605,594
2.600%, 11/15/50 (144A) (b)		505,000		448,785
2.886%, 1M LIBOR + 0.850%, 12/13/31 (144A) (b)		490,000		488,561
3.148%, 05/15/48		94,000		98,125
3.241%, 12/15/48 (144A)		483,000		435,350
3.540%, 05/15/48		260,000		276,758
3.664%, 09/15/58		400,000		429,548
3.718%, 12/15/48		190,000		204,861
3.751%, 12/15/48 (b)		35,000		35,555
3.809%, 12/15/48		630,000		683,601
3.874%, 06/15/36 (144A) (b)		270,000		296,913
4.184%, 1M LIBOR + 2.157%, 12/15/36 (144A) (b)		266,126		267,426
4.498%, 09/15/50 (144A) (b)		150,000		153,078
WF-RBS Commercial Mortgage Trust 2.975%, 1M LIBOR + 0.950%, 03/15/44 (144A) (b)		11,957		11,979
3.678%, 08/15/47		595,000		632,327
3.912%, 09/15/57 (b)		1,540,000		1,567,091
				129,166,236
Total Mortgage-Backed Securities (Cost $188,263,870)				189,059,464
Municipals—5.5%
Aldine Independent School District 5.000%, 02/15/43		240,000		290,930
American Municipal Power, Inc., Build America Bonds 6.449%, 02/15/44		355,000		516,024
7.834%, 02/15/41		425,000		691,288
Arizona Health Facilities Authority 2.364%, 3M LIBOR + 0.810%, 01/01/37 (b)		780,000		763,558
Aurora, CO Water Revenue 5.000%, 08/01/41		1,020,000		1,222,113
5.000%, 08/01/46		1,190,000		1,413,696
Austin TX Water & Wastewater System Revenue 5.000%, 11/15/43		500,000		570,975
Bay Area Toll Bridge Authority, Build America Bonds 2.425%, 04/01/26		1,575,000		1,586,482
6.918%, 04/01/40		1,575,000		2,384,030
7.043%, 04/01/50		4,800,000		8,062,416

BHFTII-32

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Municipals—(Continued)

Security Description	Principal Amount*		Value
Berks County Industrial Development Authority 5.000%, 11/01/47		510,000	$	591,161
Buckeye Tobacco Settlement Financing Authority 5.875%, 06/01/47		2,100,000		2,109,219
California Health Facilities Financing Authority
Series A 5.000%, 08/15/47		500,000		586,310
Series A2 5.000%, 08/15/33		495,000		609,330
California Pollution Control Financing Authority
5.000%, 11/21/45 (144A)		450,000		480,803
California State Public Works Board, Build America Bond
8.361%, 10/01/34		760,000		1,217,550
Canaveral Port Authority
5.000%, 06/01/45		520,000		611,946
5.000%, 06/01/48		520,000		624,905
Central Puget Sound Regional Transit Authority
5.000%, 11/01/50		510,000		595,675
Central Texas Regional Mobility Authority
5.000%, 01/01/45		350,000		396,344
5.000%, 01/01/46		350,000		399,284
Chesapeake Bay Bridge & Tunnel District
5.000%, 07/01/41		360,000		427,568
5.000%, 07/01/51		275,000		315,521
City of New York NY
2.850%, 08/01/31		1,230,000		1,267,490
2.900%, 08/01/32		2,045,000		2,108,068
3.760%, 12/01/27		730,000		810,555
Series F1 6.271%, 12/01/37		965,000		1,382,623
Colorado Health Facilities Authority 5.250%, 02/01/31		325,000		341,520
Commonwealth Financing Authority 4.144%, 06/01/38		730,000		842,778
Series A 3.807%, 06/01/41		2,705,000		2,991,703
3.864%, 06/01/38		720,000		800,388
Commonwealth of Puerto Rico
8.000%, 07/01/35 (g)		2,565,000		1,542,206
Connecticut State Health & Educational Facility Authority
5.000%, 07/01/45		1,640,000		1,860,745
Dallas Area Rapid Transit
5.000%, 12/01/41		680,000		801,094
5.000%, 12/01/46		920,000		1,078,525
Dallas Fort Worth International Airport
3.144%, 11/01/45		550,000		557,178
DuBois Hospital Authority
5.000%, 07/15/43		360,000		422,611
Dutchess County Local Development Corp.
5.000%, 07/01/46		1,025,000		1,192,413
Grant County Public Utility District No. 2
4.584%, 01/01/40		315,000		387,923
Great Lakes Water Authority Water Supply System Revenue
5.250%, 07/01/33		150,000		182,834
Idaho Health Facilities Authority
5.000%, 12/01/47		320,000		381,133
Indiana Finance Authority
5.000%, 10/01/45		870,000		993,871
Indiana Housing & Community Development Authority
3.800%, 07/01/38		260,000		281,031
JobsOhio Beverage System
3.985%, 01/01/29		1,335,000		1,473,747
Kansas City Industrial Development Authority
5.000%, 03/01/49		760,000		912,296
Kentucky Economic Development Finance Authority
5.250%, 06/01/50		330,000		367,613
Lexington County Health Services District, Inc.
5.000%, 11/01/41		300,000		347,208
Los Angeles, CA Community College District, Build America Bond
6.600%, 08/01/42		1,565,000		2,510,041
Los Angeles, CA Department of Water & Power Revenue, Build America Bond
6.603%, 07/01/50		445,000		738,669
Los Angeles, CA Unified School District, Build America Bond
6.758%, 07/01/34		2,020,000		2,840,362
Louisiana Public Facilities Authority
5.000%, 07/01/48		340,000		405,834
Massachusetts Development Finance Agency
5.000%, 07/01/43		680,000		813,559
5.000%, 07/01/47		500,000		585,560
5.000%, 07/01/48		760,000		900,729
Massachusetts Educational Financing Authority
5.000%, 01/01/22		500,000		537,500
Massachusetts Housing Finance Agency
4.500%, 12/01/39		265,000		276,596
4.500%, 12/01/48		330,000		354,750
4.600%, 12/01/44		285,000		298,332
Massachusetts Port Authority
5.000%, 07/01/43		460,000		537,597
Massachusetts Water Resources Authority
5.000%, 08/01/40		270,000		323,706
Metropolitan Atlanta Rapid Transit Authority
5.000%, 07/01/41		650,000		758,778
Metropolitan Government of Nashville & Davidson County, Health & Educational Facilities Board
5.000%, 07/01/40		260,000		303,984
5.000%, 07/01/46		690,000		798,503
Metropolitan Transportation Authority, Build America Bonds
5.000%, 11/15/40		660,000		818,598
5.000%, 11/15/41		410,000		509,790
5.000%, 11/15/42		790,000		975,713
5.000%, 11/15/43		560,000		693,829
6.668%, 11/15/39		170,000		246,364
6.687%, 11/15/40		590,000		848,621
6.814%, 11/15/40		330,000		477,348
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Build America Bond
7.462%, 10/01/46		560,000		939,764
Miami-Dade County, FL Aviation Revenue
2.529%, 10/01/30		1,265,000		1,252,059
3.354%, 10/01/29		195,000		208,689
3.454%, 10/01/30		355,000		381,629
3.504%, 10/01/31		330,000		355,106
5.000%, 10/01/38		1,025,000		1,177,551
5.000%, 10/01/40		500,000		591,380

BHFTII-33

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Municipals—(Continued)

Security Description	Principal Amount*		Value
Miami-Dade County, FL Aviation Revenue
Series C 4.062%, 10/01/31		495,000	$	549,346
Michigan Finance Authority
5.000%, 11/15/41		330,000		388,641
5.000%, 12/01/47		1,410,000		1,532,120
Michigan State Housing Development Authority
3.550%, 10/01/33		300,000		321,621
4.000%, 10/01/43		290,000		313,209
4.050%, 10/01/48		140,000		150,679
4.150%, 10/01/53		690,000		739,632
Mississippi State Hospital Equipment & Facilities Authority, Baptist Memorial Health Care
5.000%, 09/01/46		630,000		709,424
Missouri State Health & Educational Facilities Authority Revenue
5.000%, 11/15/29		340,000		406,847
Municipal Electric Authority of Georgia, Build America Bond
6.637%, 04/01/57		476,000		656,937
New Hope Cultural Education Facilities Finance Corp.
5.000%, 08/15/47		380,000		450,954
New Jersey State Turnpike Authority, Build America Bond
7.414%, 01/01/40		492,000		792,760
New Jersey Transportation Trust Fund Authority
5.000%, 06/15/29		380,000		448,054
Series C 5.754%, 12/15/28		815,000		951,439
New Orleans Aviation Board
5.000%, 01/01/40		530,000		596,012
New York City Housing Development Corp.
3.700%, 11/01/38		320,000		339,978
3.850%, 11/01/43		950,000		1,006,971
4.000%, 11/01/53		1,010,000		1,071,297
New York City Transitional Finance Authority Building Aid Revenue
5.000%, 07/15/40		370,000		432,086
New York City Transitional Finance Authority Future Tax Secured Revenue
3.050%, 05/01/27		1,670,000		1,761,549
3.550%, 05/01/25		1,475,000		1,587,247
3.650%, 11/01/24		945,000		1,001,908
3.750%, 11/01/25		945,000		1,002,343
3.900%, 08/01/31		1,310,000		1,443,764
Series C 3.350%, 11/01/30		1,495,000		1,621,507
New York City Water & Sewer System
5.375%, 06/15/43		2,360,000		2,476,212
5.500%, 06/15/43		2,825,000		2,971,307
5.882%, 06/15/44		270,000		398,409
New York City Water & Sewer System, Build America Bonds
5.440%, 06/15/43		505,000		703,263
5.750%, 06/15/41		675,000		964,129
New York Convention Center Development Corp.
5.000%, 11/15/40		370,000		437,329
5.000%, 11/15/46		920,000		1,092,049
New York State Dormitory Authority, Build America Bond
5.389%, 03/15/40		355,000		472,058
New York State Urban Development Corp.
3.120%, 03/15/25		660,000		694,049
New York State Urban Development Corp.
3.250%, 03/15/25		640,000		676,262
3.320%, 03/15/29		1,285,000		1,369,283
New York Transportation Development Corp.
5.000%, 07/01/46		340,000		376,431
5.250%, 01/01/50		2,060,000		2,298,445
North Carolina Department of Transportation
5.000%, 06/30/54		1,000,000		1,102,890
North Carolina Turnpike Authority
5.000%, 01/01/35		360,000		446,634
Orange County Local Transportation Authority, Build America Bond
6.908%, 02/15/41		1,420,000		2,117,944
Oregon School Boards Association
4.759%, 06/30/28		1,850,000		2,096,457
Series B 5.550%, 06/30/28		1,735,000		2,077,767
5.680%, 06/30/28		1,235,000		1,486,582
Pennsylvania Economic Development Financing Authority
5.000%, 12/31/38		510,000		582,731
Pennsylvania Turnpike Commission
5.000%, 12/01/46		320,000		372,810
Series B 5.000%, 12/01/43		1,010,000		1,224,362
Series B1 5.250%, 06/01/47		560,000		664,619
Port Authority of New York & New Jersey
4.458%, 10/01/62		1,290,000		1,640,145
4.960%, 08/01/46		1,585,000		2,103,010
Port of Seattle
5.000%, 05/01/43		260,000		303,976
Public Finance Authority
5.000%, 09/30/49		1,120,000		1,153,734
Public Power Generation Agency Revenue
5.000%, 01/01/35		360,000		424,354
Regents of the University of California Medical Center Pooled Revenue, Build America Bonds
6.583%, 05/15/49		1,455,000		2,190,372
Series L 5.000%, 05/15/47		460,000		537,390
Riverside, CA, Electric Revenue, Buld America Bond
7.605%, 10/01/40		525,000		864,449
Royal Oak Hospital Finance Authority
5.000%, 09/01/39		450,000		506,052
Sacramento County Sanitation Districts Financing Authority
1.962%, 3M LIBOR + 0.000%, 12/01/35 (b)		2,220,000		2,129,801
Salt Lake City Corp. Airport Revenue
5.000%, 07/01/47		1,510,000		1,780,064
Salt River Arizona Project Agricultural Improvement & Power District
5.000%, 12/01/45		1,620,000		1,881,290
San Antonio Water System
5.000%, 05/15/39		530,000		616,067
San Antonio, TX Electric & Gas Systems Revenue, Build Amereica Bond
5.808%, 02/01/41		875,000		1,249,159
San Diego Public Facilities Financing Authority
5.000%, 05/15/39		475,000		571,226

BHFTII-34

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Municipals—(Continued)

Security Description	Principal Amount*		Value
San Francisco City & County Airport Comm-San Francisco International Airport
5.000%, 05/01/46		980,000	$	1,134,036
San Jose Redevelopment Agency Successor Agency
2.958%, 08/01/24		1,195,000		1,248,225
3.176%, 08/01/26		470,000		501,819
South Carolina Public Service Authority
2.388%, 12/01/23		2,205,000		2,217,921
State of California
3.349%, 07/01/29		1,515,000		1,655,547
4.600%, 04/01/38		3,765,000		4,195,114
5.000%, 05/15/32		450,000		535,365
Series B 2.650%, 04/01/26		2,495,000		2,563,612
State of California General Obligation Unlimited, Build America Bonds
7.300%, 10/01/39		860,000		1,346,038
7.350%, 11/01/39		300,000		471,330
7.500%, 04/01/34		1,125,000		1,733,704
7.550%, 04/01/39		1,375,000		2,274,882
State of Connecticut
Series A 2.990%, 01/15/23		885,000		908,674
3.310%, 01/15/26		1,445,000		1,521,657
5.850%, 03/15/32		1,445,000		1,900,782
State of Illinois, General Obligation Unlimited
5.100%, 06/01/33		3,010,000		3,260,251
State of Maryland
5.000%, 08/01/30		680,000		893,343
State of Massachusetts
2.900%, 09/01/49		960,000		935,520
State of Missouri
3.086%, 09/15/51		1,115,000		1,115,792
3.651%, 01/15/46		170,000		190,004
State of Ohio
5.000%, 05/01/37		760,000		888,394
State of Oregon
5.892%, 06/01/27		1,900,000		2,311,293
State of Washington General Obligation Unlimited
5.000%, 08/01/40		1,300,000		1,538,749
5.000%, 08/01/41		400,000		486,136
State of Wisconsin
3.154%, 05/01/27		690,000		734,291
5.000%, 05/01/36		490,000		575,485
5.000%, 05/01/38		500,000		591,175
Sumter Landing Community Development District
4.172%, 10/01/47		385,000		448,771
Tennessee Housing Development Agency
3.750%, 07/01/38		280,000		302,884
3.850%, 07/01/43		130,000		138,629
3.950%, 01/01/49		95,000		101,363
Texas Municipal Gas Acquisition & Supply Corp. I
6.250%, 12/15/26		260,000		303,321
Texas Private Activity Bond Surface Transportation Corp.
5.000%, 12/31/55		170,000		189,037
5.000%, 06/30/58		1,650,000		1,925,451
Tobacco Settlement Finance Authority
7.467%, 06/01/47		1,180,000		1,221,029
Tobacco Settlement Financing Corp.
6.706%, 06/01/46		270,000		259,556
TSASC, Inc.
5.000%, 06/01/41		560,000		625,167
University of California CA, Revenue
3.063%, 07/01/25		665,000		698,303
4.601%, 05/15/31		650,000		764,108
4.858%, 05/15/12		239,000		313,496
5.770%, 05/15/43		920,000		1,251,393
University of Texas
2.836%, 05/15/27		805,000		846,514
Virginia Small Business Financing Authority
5.000%, 12/31/52		710,000		815,378
5.000%, 12/31/56		720,000		824,177
Water Revenue Authority of Georgia, Build America Bond
5.000%, 11/01/40		250,000		291,708
West Virginia Hospital Finance Authority
5.000%, 06/01/20		390,000		398,713
5.000%, 06/01/21		390,000		411,809
5.000%, 06/01/22		425,000		462,651
5.000%, 06/01/23		355,000		397,256
5.000%, 06/01/24		375,000		431,168
Total Municipals (Cost $178,520,799)			188,736,079
Foreign Government—3.3%
Sovereign—3.3%
Abu Dhabi Government International Bonds
2.125%, 09/30/24 (144A)		1,110,000		1,103,340
2.500%, 09/30/29 (144A)		1,249,000		1,240,232
Argentine Republic Government International Bonds
4.625%, 01/11/23		515,000		214,503
5.875%, 01/11/28		1,927,000		780,454
6.875%, 01/11/48		1,277,000		536,353
7.125%, 07/06/36		703,000		298,782
7.500%, 04/22/26		496,000		218,245
Bonos de la Nacion Argentina con Ajuste por CER
4.000%, 03/06/20 (ARS) (e)		12,117,000		149,441
Brazilian Government International Bond
4.500%, 05/30/29		2,196,000		2,286,036
Colombia Government International Bond
3.875%, 04/25/27		8,170,000		8,660,200
Colombian TES
6.250%, 11/26/25 (COP)		9,798,400,000		2,939,070
10.000%, 07/24/24 (COP)		13,390,300,000		4,637,915
Ecuador Government International Bond
9.500%, 03/27/30 (144A)		1,260,000		1,276,934
Egypt Government International Bonds
5.625%, 04/16/30 (EUR)		711,000		774,645
6.375%, 04/11/31 (144A) (EUR)		632,000		715,462
6.875%, 04/30/40		831,000		808,492
7.500%, 01/31/27		514,000		551,720
8.500%, 01/31/47		245,000		259,137
8.700%, 03/01/49		250,000		268,750
8.700%, 03/01/49 (144A)		267,000		287,025
French Republic Government Bond OAT
1.750%, 05/25/66 (144A) (EUR)		6,395,157		9,745,739

BHFTII-35

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Hungary Government International Bond
5.375%, 03/25/24		2,054,000	$	2,318,884
Indonesia Government International Bond
4.100%, 04/24/28		1,470,000		1,587,721
Indonesia Treasury Bonds 6.625%, 05/15/33 (IDR)		5,974,000,000		382,837
7.500%, 06/15/35 (IDR)		7,632,000,000		528,283
8.250%, 05/15/29 (IDR)		54,125,000,000		4,069,689
8.375%, 03/15/34 (IDR)		28,764,000,000		2,142,660
8.375%, 04/15/39 (IDR)		48,499,000,000		3,597,023
Mexican Bonos 6.500%, 06/09/22 (MXN)		141,970,600		7,156,156
8.000%, 12/07/23 (MXN)		44,388,100		2,354,949
8.000%, 09/05/24 (MXN)		34,898,000		1,864,802
10.000%, 12/05/24 (MXN)		104,693,000		6,066,719
Mexico Government International Bond 4.150%, 03/28/27		11,493,000		12,176,948
Nigeria Government International Bonds 7.143%, 02/23/30		205,000		209,613
8.747%, 01/21/31		259,000		290,456
9.248%, 01/21/49		276,000		308,176
Panama Government International Bond 3.875%, 03/17/28		3,307,000		3,588,128
Peruvian Government International Bond 4.125%, 08/25/27		2,856,000		3,191,609
Philippine Government International Bond 3.000%, 02/01/28		5,114,000		5,356,075
Republic of South Africa Government International Bonds 4.850%, 09/30/29		536,000		533,936
5.750%, 09/30/49		1,243,000		1,236,678
Russian Federal Bond - OFZ 8.500%, 09/17/31 (RUB)		498,756,000		8,599,321
Turkey Government International Bond 7.625%, 04/26/29		1,235,000		1,312,306
Ukraine Government International Bond 9.750%, 11/01/28		1,382,000		1,582,445
Uruguay Government International Bond 4.375%, 10/27/27		3,790,000		4,159,563
Total Foreign Government (Cost $112,044,800)				112,367,452
Floating Rate Loans (l)—1.4%
Advertising—0.0%
Lamar Media Corp.
Term Loan B, 03/14/25 (m)		105,001		105,591
Airlines—0.1%
WestJet Airlines, Ltd.
Term Loan B, 08/06/26 (m)		3,343,000		3,371,954
Building Materials—0.0%
Jeld-Wen, Inc. 1st Lien Term Loan, 12/14/24 (m)		641,368		642,303
Building Products—0.0%
Advanced Drainage Systems, Inc.
Term Loan B, 09/16/26 (m)		261,000		262,468
Commercial Services—0.2%
Goldman Sachs Lending Partners, LLC
Term Loan A, 3.796%, 1M LIBOR + 1.750%, 08/26/20 (j)		1,392,204		1,388,723
Term Loan B, 4.103%, 3M LIBOR + 1.900%, 08/26/20 (j)		3,336,359		3,328,018
Interface Security Systems, LLC
Term Loan, 9.044%, 1M LIBOR + 7.000%, 08/07/23 (j) (n) (o)		1,247,000		1,220,564
KAR Auction Services, Inc.
Term Loan B6, 09/19/26 (m)		237,121		238,973
				6,176,278
Diversified Financiaeal Services—0.7%
Caliber Home Loans, Inc.
Revolver, 5.506%, 1W LIBOR + 3.250%, 04/24/21 (p)		5,350,000		5,336,625
LSTAR Securities Financing
Term Loan, 4.100%, 1M LIBOR + 2.000%, 05/30/22		7,153,445		7,153,445
RNTR Seer Financing
Term Loan, 4.403%, 1M LIBOR + 2.375%, 12/20/21 (j) (n) (o)		1,840,000		1,835,400
Roundpoint Mortgage Servicing Corp.
Term Loan, 5.475%, 1M LIBOR + 3.375%, 08/08/20 (n) (o) (p)		8,397,567		8,408,484
				22,733,954
Entertainment—0.1%
Circa Resort & Casino
Term Loan B, 10.035%, 6M LIBOR + 8.000%, 07/02/25		2,807,182		2,821,218
Stars Group Holdings B.V. (The)
Incremental Term Loan, 5.604%, 3M LIBOR + 3.500%, 07/10/25		1,256,719		1,263,293
				4,084,511
Healthcare-Services—0.1%
Acadia Healthcare Co., Inc.
Term Loan B4, 02/16/23 (m)		1,677,000		1,681,716
Iron/Steel—0.0%
Samarco Mineracao S.A.
Fixed Rate Term Loan, 5.000%, 03/25/20		330,092		234,365
Oil & Gas—0.0%
CITGO Holding, Inc.
Term Loan B, 9.044%, 1M LIBOR + 7.000%, 07/24/23		257,000		262,622
Oil, Gas & Consumable Fuels—0.1%
PHI, Inc.
Term Loan B, 9.044%, 1M LIBOR + 7.000%, 09/04/24		1,297,000		1,284,030

BHFTII-36

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Floating Rate Loans (l)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Pipelines—0.0%
AL Midcoast Holdings, LLC
Term Loan B, 7.604%, 3M LIBOR + 5.500%, 07/31/25		1,089,000	$	1,074,026
Real Estate Investment Trusts—0.0%
VICI Properties 1 LLC
Term Loan B, 4.046%, 1M LIBOR + 2.000%, 12/20/24		1,132,071		1,136,474
Retail—0.0%
Foundation Building Materials Holding Co. LLC
Term Loan B, 5.046%, 1M LIBOR + 3.000%, 08/13/25		1,166,188		1,168,739
Telecommunications—0.1%
CSC Holdings LLC 1st Lien Term Loan, 04/15/27 (m)	983,981		985,826
Inmarsat Finance plc
Term Loan B, 09/23/26 (m)		554,000		546,252
Intelsat Jackson Holdings S.A.
Term Loan B4, 6.554%, 1M LIBOR + 4.500%, 01/02/24		342,231		347,686
				1,879,764
Transportation—0.0%
XPO Logistics, Inc.
Term Loan B, 02/24/25 (m)		421,198		423,772
Total Floating Rate Loans (Cost $46,440,602)				46,522,567
Preferred Stock—0.1%
Media—0.1%
NBCUniversal Enterprise, Inc. , 5.250%, 03/19/21 (144A) (Cost $3,920,896)		3,845,000		3,960,350
Common Stocks—0.1%
Equity Real Estate Investment Trusts—0.1%
Gaming and Leisure Properties, Inc.	15,063		576,009
VICI Properties, Inc. (f)	23,547		533,340
				1,109,349
Health Care Providers & Services—0.0%
HCA Healthcare, Inc.		6,710		808,018
Household Durables—0.0%
Beazer Homes USA, Inc. (q)	4,335		64,592
Forestar Group, Inc. (q)		4,884		89,280
				153,872
IT Services—0.0%
Everi Holdings, Inc. (q)		5,005		42,342
Total Common Stocks (Cost $2,142,496)				2,113,581
Escrow Shares—0.0%
Savings & Loans—0.0%
Washington Mutual Bank (n) (o)		5,027,000		1
Washington Mutual Bank (n) (o)		1,310,000		0
Washington Mutual Bank (n) (o)		2,440,000		0
Total Escrow Shares (Cost $0)				1
Short-Term Investment—2.2%
Repurchase Agreement—2.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $74,797,484; collateralized by U.S. Treasury Notes with rates ranging from 2.000% - 2.500%, maturity dates ranging from 12/31/21 - 01/15/22, and an aggregate market value of $76,292,107.		74,795,822		74,795,822
Total Short-Term Investments (Cost $74,795,822)				74,795,822
Securities Lending Reinvestments (r)—0.8%
Certificate of Deposit—0.0%
Chiba Bank, Ltd. 2.230%, 11/20/19		1,000,000		1,000,006
Repurchase Agreements—0.8%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $5,330,746; collateralized by various Common Stock with an aggregate market value of $5,830,001.		5,300,000		5,300,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $1,509,315; collateralized by various Common Stock with an aggregate market value of $1,650,169.		1,500,000		1,500,000
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,100,073; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $1,122,001.		1,100,000		1,100,000

BHFTII-37

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Securities Lending Reinvestments (r)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,000,067; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $1,020,000.		1,000,000	$	1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $3,503,012; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $3,572,893.		3,502,837		3,502,837
Goldman Sachs & Co. Repurchase Agreement dated 09/30/19 at 2.280%, due on 10/01/19 with a maturity value of $5,000,317; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% - 5.500%, maturity dates ranging from 02/20/40 - 06/15/58, and an aggregate market value of $5,100,000.		5,000,000		5,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,300,072; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,446,903.		1,300,000		1,300,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $3,100,202; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $3,162,000.		3,100,000		3,100,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $3,200,175; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $3,555,398.		3,200,000		3,200,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $2,700,149; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,999,867.		2,700,000		2,700,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $400,156; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $444,425.		400,000		400,000
				28,102,837
Time Deposit—0.0%
Nordea Bank New York 1.760%, 10/01/19		1,000,000		1,000,000
Total Securities Lending Reinvestments (Cost $30,102,837)				30,102,843
Total Purchased Options—0.0% (s) (Cost $1,520,654)				1,178,046
Total Investments—115.2% (Cost $3,854,793,190)				3,954,770,508
Unfunded Loan Commitments—(0.1)% (Cost $(4,756,562))				(4,756,562	)
Net Investments—115.1% (Cost $3,850,036,628)				3,950,013,946
Other assets and liabilities (net)—(15.1)%				(518,101,737	)
Net Assets—100.0%			$	3,431,912,209

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(b)	Variable or floating rate security. The stated rate represents the rate at September 30, 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 September 30, 2019, the market value of securities pledged was $7,756,406.
(e)	Principal amount of security is adjusted for inflation.
(f)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $29,206,832 and the collateral received consisted of cash in the amount of $30,102,837. 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)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(j)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of September 30, 2019, the market value of restricted securities was $10,680,136, which is 0.3% of net assets. See details shown in the Restricted Securities table that follows.
(k)	Principal only security.

BHFTII-38

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

(l)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will 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.
(m)	This loan will settle after September 30, 2019, at which time the interest rate will be determined.
(n)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(o)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, these securities represent 0.3% of net assets.
(p)	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.
(q)	Non-income producing security.
(r)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(s)	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 September 30, 2019, the market value of 144A securities was $645,246,483, which is 18.8% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Ari Investments LLC, 4.480%, 01/06/25		12/14/17	$	954,156	$	954,156	$	954,156
Goldman Sachs Lending Partners, LLC, 3.796%, 08/26/20		07/30/18		1,392,204		1,392,204		1,388,723
Goldman Sachs Lending Partners, LLC, 4.103%, 08/26/20		07/30/18		3,336,359		3,336,359		3,328,018
Interface Security Systems, LLC, 9.044%, 08/07/23		08/13/19		1,247,000		1,222,767		1,220,564
Litigation Fee Residual Funding LLC, 4.000%, 10/30/27		04/24/15		1,960,449		1,960,449		1,953,275
RNTR Seer Financing, 4.403%, 12/20/21		06/12/19		1,840,000		1,840,000		1,835,400
							$	10,680,136

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Ginnie Mae I 30 Yr. Pool		4.500	%		TBA		(3,100,000	)	$	(3,284,547	)	$	(3,299,563	)
Ginnie Mae II 30 Yr. Pool		4.000	%		TBA		(3,003,000	)		(3,119,175	)		(3,123,061	)
Ginnie Mae II 30 Yr. Pool		5.000	%		TBA		(942,000	)		(988,438	)		(993,074	)
Uniform Mortgage-Backed Securities		2.500	%		TBA		(7,085,200	)		(7,203,514	)		(7,146,227	)
Uniform Mortgage-Backed Securities		2.500	%		TBA		(10,820,000	)		(10,882,553	)		(10,909,814	)
Uniform Mortgage-Backed Securities		3.500	%		TBA		(4,534,000	)		(4,683,480	)		(4,689,502	)
Uniform Mortgage-Backed Securities		4.000	%		TBA		(6,820,000	)		(7,092,800	)		(7,095,397	)
Uniform Mortgage-Backed Securities		3.000	%		TBA		(31,680,000	)		(31,932,450	)		(32,142,825	)
Uniform Mortgage-Backed Securities		5.500	%		TBA		(1,670,000	)		(1,803,339	)		(1,807,971	)
Uniform Mortgage-Backed Securities		6.000	%		TBA		(2,002,000	)		(2,203,373	)		(2,215,260	)
Totals									$	(73,193,669	)	$	(73,422,694	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ARS	16,760,100	BNP		10/07/19		USD	347,000	$	(61,351	)
ARS	4,640,000	GSI		10/07/19		USD	80,000		(919	)
ARS	4,628,000	MSIP		10/07/19		USD	80,000		(1,123	)
ARS	19,473,500	JPMC		10/15/19		USD	395,000		(72,538	)
ARS	6,675,500	HSBC		11/13/19		USD	130,000		(29,878	)
ARS	13,621,000	HSBC		11/13/19		USD	265,000		(60,707	)
AUD	304,314	JPMC		12/18/19		USD	206,000		(101	)
BRL	9,430,374	BNP		10/02/19		USD	2,264,522		5,150
BRL	398,155	CBNA		10/02/19		USD	95,000		827
BRL	1,438,562	CBNA		10/02/19		USD	348,000		(1,771	)
BRL	8,851,944	CBNA		10/02/19		USD	2,168,000		(37,543	)

BHFTII-39

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	761,998	JPMC		10/02/19		USD	182,979	$	416
BRL	1,449,733	MSIP		10/02/19		USD	348,125		792
BRL	2,801,498	MSIP		10/02/19		USD	672,725		1,530
BRL	3,539,595	MSIP		10/02/19		USD	863,000		(11,102	)
BRL	619,875	CBNA		11/04/19		USD	150,000		(1,154	)
BRL	7,089,392	CBNA		11/04/19		USD	1,712,000		(9,681	)
BRL	2,215,863	DBAG		11/04/19		USD	535,000		(2,923	)
BRL	763,455	JPMC		11/04/19		USD	182,000		1,322
BRL	2,857,920	JPMC		11/04/19		USD	687,000		(751	)
BRL	22,783,140	UBSA		12/18/19		USD	5,580,000		(122,187	)
CAD	7,956	CBNA		12/18/19		USD	6,000		13
CHF	336,892	JPMC		12/18/19		USD	343,000		(3,151	)
CLP	606,571,200	JPMC		10/16/19		USD	855,000		(22,901	)
CLP	166,527,240	JPMC		10/23/19		USD	230,010		(1,535	)
CLP	169,050,380	JPMC		10/23/19		USD	233,495		(1,559	)
CLP	169,167,128	UBSA		10/23/19		USD	233,495		(1,399	)
COP	2,953,926,000	BBP		10/23/19		USD	866,000		(17,933	)
COP	2,282,080,000	CBNA		10/23/19		USD	680,000		(24,819	)
COP	1,770,493,500	UBSA		10/23/19		USD	522,000		(13,695	)
EUR	530,000	BNP		10/09/19		USD	584,215		(6,233	)
EUR	623,000	CBNA		10/28/19		USD	688,363		(7,993	)
EUR	625,000	JPMC		11/06/19		USD	689,015		(6,006	)
EUR	584,819	BNP		12/18/19		USD	651,000		(9,782	)
EUR	2,118,000	BOA		12/18/19		USD	2,346,511		(24,253	)
EUR	1,412,500	HSBC		12/18/19		USD	1,569,181		(20,460	)
EUR	2,115,000	JPMC		12/18/19		USD	2,344,071		(25,103	)
EUR	1,412,500	SCB		12/18/19		USD	1,568,245		(19,525	)
EUR	2,120,000	SSBT		12/18/19		USD	2,349,884		(25,434	)
IDR	37,102,310,000	BNP		11/06/19		USD	2,611,000		(6,866	)
IDR	24,616,764,000	CBNA		11/06/19		USD	1,737,000		(9,200	)
INR	34,987,900	BNP		10/07/19		USD	485,000		8,501
JPY	732,558,705	CBNA		12/18/19		USD	6,817,000		(4,937	)
JPY	59,343,926	UBSA		12/18/19		USD	554,000		(2,161	)
KRW	620,351,926	BNP		10/10/19		USD	518,000		724
MXN	17,595,592	BNP		11/06/19		USD	898,000		(11,513	)
MXN	34,035,125	BNP		11/06/19		USD	1,737,000		(22,271	)
NOK	9,431,807	BNP		12/18/19		USD	1,058,000		(19,999	)
NZD	1,667,631	BNP		12/18/19		USD	1,058,000		(11,904	)
NZD	4,942,000	DBAG		12/18/19		USD	3,143,117		(43,026	)
NZD	5,648,000	JPMC		12/18/19		USD	3,550,554		(7,593	)
RUB	114,497,880	JPMC		11/06/19		USD	1,736,000		21,791
RUB	144,150,320	MSIP		11/06/19		USD	2,168,000		45,021
SEK	7,311,243	BNP		12/18/19		USD	758,000		(11,370	)
SEK	2,827,396	NWM		12/18/19		USD	292,000		(3,264	)
SGD	1,418,657	BNP		10/15/19		USD	1,028,000		(1,448	)
TRY	3,015,088	UBSA		10/10/19		USD	518,000		14,215
TWD	21,635,208	HSBC		10/30/19		USD	698,000		437
ZAR	7,550,448	BOA		10/23/19		USD	510,000		(12,821	)
ZAR	29,082,511	CBNA		10/23/19		USD	1,913,512		1,501
Contracts to Deliver
ARS	10,640,000	JPMC		10/04/19		USD	160,000		(23,353	)
ARS	10,480,000	MSIP		10/04/19		USD	160,000		(20,596	)
ARS	13,047,600	CBNA		10/07/19		USD	262,000		39,625
ARS	7,748,000	JPMC		10/09/19		USD	130,000		(1,094	)
ARS	11,514,000	MSIP		10/09/19		USD	190,000		(4,813	)
ARS	10,695,000	BNP		10/15/19		USD	155,000		(22,099	)

BHFTII-40

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ARS	22,050,000	GSI		10/15/19		USD	315,000	$	(50,126	)
ARS	11,146,250	GSI		10/15/19		USD	185,000		429
ARS	10,880,000	GSI		10/15/19		USD	160,000		(20,162	)
ARS	11,960,000	BNP		11/04/19		USD	160,000		(24,907	)
ARS	5,828,000	BNP		11/04/19		USD	80,000		(10,104	)
ARS	11,240,000	GSI		11/29/19		USD	160,000		(76	)
ARS	11,880,000	MSIP		11/29/19		USD	160,000		(9,190	)
AUD	1,539,424	BNP		12/18/19		USD	1,056,000		14,426
BRL	9,430,374	BNP		10/02/19		USD	2,263,000		(6,672	)
BRL	8,851,944	CBNA		10/02/19		USD	2,125,623		(4,834	)
BRL	1,438,562	CBNA		10/02/19		USD	345,443		(786	)
BRL	398,155	CBNA		10/02/19		USD	95,609		(217	)
BRL	761,998	JPMC		10/02/19		USD	182,000		(1,395	)
BRL	3,539,595	MSIP		10/02/19		USD	849,965		(1,933	)
BRL	2,801,498	MSIP		10/02/19		USD	681,000		6,745
BRL	1,449,733	MSIP		10/02/19		USD	348,000		(917	)
BRL	2,150,086	CBNA		11/04/19		USD	513,000		(3,283	)
BRL	23,363,293	JPMC		12/18/19		USD	5,580,000		(16,792	)
CAD	1,401,748	BNP		12/18/19		USD	1,058,000		(1,402	)
CHF	348,779	BNP		12/18/19		USD	353,000		1,160
CLP	482,868,000	CBNA		10/16/19		USD	680,000		17,598
CLP	495,497,300	CBNA		10/23/19		USD	697,000		17,180
COP	5,886,329,300	BNP		10/23/19		USD	1,710,563		20,608
COP	3,032,251,800	BNP		10/23/19		USD	871,714		1,160
COP	2,360,620,510	BNP		10/23/19		USD	697,000		19,270
COP	5,242,009,950	CBNA		10/23/19		USD	1,523,840		18,869
COP	7,728,619,000	CSI		10/23/19		USD	2,232,092		13,220
COP	5,242,009,950	JPMC		10/23/19		USD	1,521,628		16,657
COP	2,330,388,000	JPMC		10/23/19		USD	684,000		14,950
COP	2,413,014,000	MSIP		10/23/19		USD	697,000		4,228
EUR	17,580,000	SSBT		10/03/19		USD	19,376,919		214,136
EUR	1,809,965	WBC		10/09/19		USD	1,998,073		24,251
EUR	625,000	JPMC		11/06/19		USD	684,508		1,500
EUR	3,530,000	JPMC		12/18/19		USD	3,933,663		63,234
EUR	307,438	NWM		12/18/19		USD	339,000		1,913
GBP	798	BNP		12/18/19		USD	1,000		15
GBP	846,405	JPMC		12/18/19		USD	1,051,000		6,998
IDR	74,852,316,290	BOA		11/06/19		USD	5,204,583		(49,146	)
IDR	37,685,236,133	CBNA		11/06/19		USD	2,597,191		(47,858	)
IDR	22,747,673,180	CBNA		11/06/19		USD	1,566,644		(29,968	)
IDR	18,928,439,332	GSI		11/06/19		USD	1,313,563		(14,985	)
IDR	38,577,525,000	JPMC		11/06/19		USD	2,611,000		(96,677	)
INR	34,847,250	HSBC		10/07/19		USD	485,000		(6,517	)
JPY	540,604,280	BNP		12/18/19		USD	5,030,000		2,921
JPY	113,698,086	BNP		12/18/19		USD	1,057,000		(278	)
JPY	118,463,776	CBNA		12/18/19		USD	1,102,000		405
JPY	73,621,060	RBC		12/18/19		USD	685,000		398
KRW	617,197,000	BNP		10/10/19		USD	518,000		1,914
KRW	925,980,271	UBSA		10/10/19		USD	777,000		2,717
MXN	352,258,748	BNP		11/06/19		USD	17,977,705		230,497
MXN	52,125,482	CBNA		11/06/19		USD	2,611,000		(15,143	)
MXN	34,165,922	HSBC		11/06/19		USD	1,737,000		15,681
MXN	13,591,559	HSBC		11/06/19		USD	689,000		4,241
NOK	99,408	BOA		12/18/19		USD	11,000		60
NZD	4,942,000	BNP		12/18/19		USD	3,148,153		48,062
NZD	5,648,000	CBNA		12/18/19		USD	3,558,353		15,391

BHFTII-41

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
RUB	44,096,080	BOA		10/25/19		USD	686,000	$	8,027
RUB	112,965,850	BOA		11/06/19		USD	1,735,000		729
RUB	69,565,253	BOA		11/06/19		USD	1,084,500		16,522
RUB	33,341,100	BOA		11/06/19		USD	515,000		3,142
RUB	69,727,928	CBNA		11/06/19		USD	1,084,500		14,025
RUB	521,372,676	MSIP		11/06/19		USD	7,906,954		(97,251	)
RUB	57,624,000	MSIP		11/06/19		USD	858,906		(25,748	)
SGD	1,418,209	BNP		10/15/19		USD	1,028,000		1,772
TRY	3,020,140	UBSA		10/10/19		USD	518,000		(15,107	)
TWD	21,812,500	BNP		10/30/19		USD	698,000		(6,160	)
ZAR	29,082,511	HSBC		10/23/19		USD	1,881,303		(33,710	)
ZAR	7,509,659	MSIP		10/23/19		USD	510,000		15,507
Cross Currency Contracts to Buy
AUD	140,000	JPMC		12/18/19		NZD	151,154		(94	)
AUD	235,000	JPMC		12/18/19		NZD	253,965		(310	)
AUD	6,685,000	JPMC		12/18/19		NZD	7,225,014		(9,144	)
AUD	5,648,000	CBNA		12/18/19		CAD	5,140,612		(63,695	)
BRL	16,189,286	BNP		10/02/19		EUR	3,530,000		48,861
BRL	8,484,063	BNP		10/02/19		EUR	1,850,000		25,509
BRL	12,969,785	BNP		10/02/19		EUR	2,856,781		7,777
BRL	7,573,362	BNP		10/02/19		EUR	1,668,141		4,541
BRL	5,385,495	BNP		10/02/19		EUR	1,186,232		3,229
CAD	885,415	DBAG		10/01/19		EUR	610,000		3,444
CAD	9,311,075	JPMC		10/01/19		EUR	6,450,000		(2,158	)
CAD	5,166,056	CBNA		12/18/19		AUD	5,648,000		82,925
CHF	773,014	JPMC		12/18/19		EUR	706,000		5,712
EUR	7,060,000	DBAG		10/01/19		CAD	10,219,350		(18,541	)
EUR	1,868,736	BNP		10/02/19		BRL	8,484,063		(5,087	)
EUR	3,565,922	BNP		10/02/19		BRL	16,189,286		(9,707	)
EUR	1,175,000	BNP		10/02/19		BRL	5,385,495		(15,472	)
EUR	1,649,000	BNP		10/02/19		BRL	7,573,362		(25,404	)
EUR	2,824,000	BNP		10/02/19		BRL	12,969,785		(43,506	)
EUR	6,450,000	JPMC		12/18/19		CAD	9,353,371		3,014
EUR	706,000	CBNA		12/18/19		CHF	770,564		(3,241	)
JPY	511,482,646	BOA		12/18/19		ZAR	69,889,000		187,329
NOK	31,865,000	BOA		12/18/19		SEK	33,956,268		39,202
SEK	34,165,079	JPMC		12/18/19		NOK	31,865,000		(17,878	)
ZAR	1,940,000	JPMC		12/18/19		JPY	13,996,324		(3,326	)
ZAR	1,754,000	BNP		12/18/19		JPY	12,775,259		(4,131	)
ZAR	2,570,000	JPMC		12/18/19		JPY	18,566,194		(4,635	)
ZAR	8,405,000	BNP		12/18/19		JPY	60,472,294		(12,860	)
ZAR	15,740,000	BNP		12/18/19		JPY	114,358,970		(34,432	)
ZAR	39,480,000	BNP		12/18/19		JPY	285,160,092		(70,724	)
Net Unrealized Depreciation								$	(407,561	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value			Value/ Unrealized Appreciation/ (Depreciation)
Euro-BTP Futures		12/06/19		83		EUR	12,104,720	$	57,590
U.S. Treasury Note 2 Year Futures		12/31/19		782		USD	168,521,000		346,742
U.S. Treasury Note 5 Year Futures		12/31/19		1,050		USD	125,105,860		(501,445	)
U.S. Treasury Note Ultra 10 Year Futures		12/19/19		652		USD	92,848,875		(194,682	)
U.S. Treasury Ultra Long Bond Futures		12/19/19		1,085		USD	208,218,281		(3,018,326	)

BHFTII-42

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Euro-Bund Futures		12/06/19		(61	)		EUR	(10,629,250	)	$	(58,907	)
Euro-Buxl 30 Year Bond Futures		12/06/19		(70	)		EUR	(15,225,000	)		282,240
U.S. Treasury Long Bond Futures		12/19/19		(136	)		USD	(22,074,500	)		183,806
U.S. Treasury Note 10 Year Futures		12/19/19		(1,042	)		USD	(135,785,625	)		88,182
Net Unrealized Depreciation										$	(2,814,800	)

Purchased Options

Equity Options	Strike Price		Expiration Date		Number of Contracts		Notional Amount		Premiums Paid		Market Value		Unrealized Depreciation
Call - Caesars Entertainment Corp.	$	12.000		01/17/20		2,165		USD    216,500	$	117,971	$	58,455	$	(59,516	)
Call - Caesars Entertainment Corp.		12.000		01/15/21		2,703		USD    270,300		322,209		175,695		(146,514	)
Totals									$	440,180	$	234,150	$	(206,030	)

Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
EUR Call/CHF Put	EUR	1.125	MSIP		10/23/19		7,060,000		EUR	7,060,000	$	11,551	$	208	$	(11,343	)
EUR Call/USD Put	EUR	1.137	BNP		10/11/19		624,000		EUR	624,000		604		1		(603	)
USD Call/BRL Put	BRL	4.070	BNP		10/11/19		2,307,000		USD	2,307,000		29,068		50,830		21,762
USD Call/TWD Put	TWD	30.750	MSIP		11/14/19		1,365,000		USD	1,365,000		8,531		13,840		5,309
EUR Put/USD Call	EUR	1.115	UBSA		10/11/19		1,249,000		EUR	1,249,000		8,912		29,781		20,869
USD Put/BRL Call	BRL	3.930	DBAG		10/07/19		1,321,000		USD	1,321,000		16,524		12		(16,512	)
USD Put/BRL Call	BRL	4.080	BNP		10/29/19		695,000		USD	695,000		8,394		4,476		(3,918	)
USD Put/BRL Call	BRL	4.080	MSIP		10/29/19		695,000		USD	695,000		8,303		4,476		(3,827	)
USD Put/BRL Call	BRL	4.120	BNP		11/04/19		695,000		USD	695,000		12,164		7,966		(4,198	)
USD Put/BRL Call	BRL	3.900	DBAG		11/07/19		3,107,000		USD	3,107,000		8,460		3,296		(5,164	)
USD Put/BRL Call	BRL	4.080	HSBC		11/14/19		1,362,000		USD	1,362,000		24,078		13,150		(10,928	)
USD Put/BRL Call	BRL	3.650	JPMC		11/22/19		4,947,000		USD	4,947,000		47,194		336		(46,858	)
USD Put/BRL Call	BRL	3.400	JPMC		11/22/19		2,061,000		USD	2,061,000		1,958		2		(1,956	)
USD Put/INR Call	INR	71.500	BOA		11/18/19		1,023,000		USD	1,023,000		8,593		13,626		5,033
USD Put/JPY Call	JPY	106.000	BNP		12/17/19		29,861,000		USD	29,861,000		253,109		218,941		(34,168	)
USD Put/JPY Call	JPY	106.000	DBAG		12/20/19		26,356,000		USD	26,356,000		231,880		203,468		(28,412	)
USD Put/MXN Call	MXN	20.000	HSBC		10/30/19		2,599,000		USD	2,599,000		32,579		40,599		8,020
USD Put/MXN Call	MXN	20.150	BOA		10/30/19		1,042,000		USD	1,042,000		15,663		22,062		6,399
USD Put/MXN Call	MXN	19.500	MSIP		10/30/19		4,158,000		USD	4,158,000		37,505		14,470		(23,035	)
USD Put/RUB Call	RUB	66.250	DBAG		10/18/19		1,041,000		USD	1,041,000		10,124		21,779		11,655
USD Put/RUB Call	RUB	64.500	BOA		11/18/19		1,023,000		USD	1,023,000		13,916		7,609		(6,307	)
USD Put/ZAR Call	ZAR	14.750	CBNA		10/04/19		664,000		USD	664,000		9,817		149		(9,668	)
USD Put/ZAR Call	ZAR	14.400	MSIP		10/04/19		697,200		USD	697,200		1,304		1		(1,303	)
Totals											$	800,231	$	671,078	$	(129,153	)

Interest Rate Swaptions	Strike Rate			Counterparty		Floating Rate Index		Pay/Receive Floating Rate	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - OTC - 10 Year IRS		1.701	%		BOA		3M LIBOR	Pay		03/17/20		6,815,000		USD	6,815,000	$	131,870	$	174,309	$	42,439
Call - OTC - 10 Year IRS		1.701	%		BOA		3M LIBOR	Pay		03/17/20		436,000		USD	436,000		10,585		11,152		567
Put - OTC - 10 Year IRS		1.701	%		BOA		3M LIBOR	Receive		03/17/20		6,815,000		USD	6,815,000		131,870		82,104		(49,766	)
Put - OTC - 10 Year IRS		1.701	%		BOA		3M LIBOR	Receive		03/17/20		436,000		USD	436,000		5,918		5,253		(665	)
Totals																$	280,243	$	272,818	$	(7,425	)

BHFTII-43

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of September 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)
EUR Call/USD Put		EUR	1.137	UBSA		10/11/19		(624,000	)		EUR	(624,000	)	$	(3,846	)	$	(1	)	$	3,845
EUR Put/USD Call		EUR	1.095	UBSA		10/11/19		(936,000	)		EUR	(936,000	)		(2,377	)		(5,915	)		(3,538	)
USD Call/BRL Put		BRL	4.200	DBAG		10/07/19		(660,000	)		USD	(660,000	)		(4,497	)		(2,011	)		2,486
USD Call/BRL Put		BRL	4.220	BNP		10/11/19		(4,614,000	)		USD	(4,614,000	)		(17,291	)		(16,361	)		930
USD Call/BRL Put		BRL	4.300	BNP		10/29/19		(347,500	)		USD	(347,500	)		(4,685	)		(1,563	)		3,122
USD Call/BRL Put		BRL	4.300	MSIP		10/29/19		(347,500	)		USD	(347,500	)		(4,272	)		(1,563	)		2,709
USD Call/BRL Put		BRL	4.300	BNP		11/04/19		(347,000	)		USD	(347,000	)		(3,713	)		(2,014	)		1,699
USD Call/BRL Put		BRL	4.100	DBAG		11/07/19		(554,000	)		USD	(554,000	)		(8,199	)		(13,712	)		(5,513	)
USD Call/BRL Put		BRL	3.950	JPMC		11/22/19		(1,546,000	)		USD	(1,546,000	)		(19,232	)		(83,767	)		(64,535	)
USD Call/RUB Put		RUB	70.000	DBAG		10/18/19		(520,000	)		USD	(520,000	)		(3,330	)		(42	)		3,288
USD Call/RUB Put		RUB	66.000	BOA		11/18/19		(511,000	)		USD	(511,000	)		(4,661	)		(4,925	)		(264	)
USD Put/BRL Call		BRL	3.800	DBAG		10/07/19		(1,321,000	)		USD	(1,321,000	)		(4,491	)		(1	)		4,490
USD Put/BRL Call		BRL	3.950	BNP		10/11/19		(2,307,000	)		USD	(2,307,000	)		(12,688	)		(244	)		12,444
USD Put/BRL Call		BRL	3.920	BNP		10/29/19		(695,000	)		USD	(695,000	)		(2,071	)		(493	)		1,578
USD Put/BRL Call		BRL	3.920	MSIP		10/29/19		(695,000	)		USD	(695,000	)		(1,911	)		(493	)		1,418
USD Put/BRL Call		BRL	4.000	BNP		11/04/19		(1,042,000	)		USD	(1,042,000	)		(7,101	)		(3,257	)		3,844
USD Put/BRL Call		BRL	3.990	HSBC		11/14/19		(2,043,000	)		USD	(2,043,000	)		(17,621	)		(8,174	)		9,447
USD Put/BRL Call		BRL	3.500	JPMC		11/22/19		(6,184,000	)		USD	(6,184,000	)		(15,213	)		(31	)		15,182
USD Put/INR Call		INR	70.500	BOA		11/18/19		(1,534,000	)		USD	(1,534,000	)		(5,170	)		(8,897	)		(3,727	)
USD Put/JPY Call		JPY	102.000	BNP		12/17/19		(29,861,000	)		USD	(29,861,000	)		(74,652	)		(61,842	)		12,810
USD Put/JPY Call		JPY	102.000	DBAG		12/20/19		(26,356,000	)		USD	(26,356,000	)		(72,084	)		(59,090	)		12,994
USD Put/MXN Call		MXN	19.650	BOA		10/30/19		(1,563,000	)		USD	(1,563,000	)		(9,198	)		(9,262	)		(64	)
USD Put/MXN Call		MXN	19.500	HSBC		10/30/19		(4,158,000	)		USD	(4,158,000	)		(19,567	)		(14,470	)		5,097
USD Put/RUB Call		RUB	62.900	BOA		11/18/19		(1,534,000	)		USD	(1,534,000	)		(6,388	)		(2,614	)		3,774
USD Put/ZAR Call		ZAR	14.400	CBNA		10/04/19		(996,000	)		USD	(996,000	)		(7,068	)		(2	)		7,066
Totals														$	(331,326	)	$	(300,744	)	$	30,582

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		Unrealized Appreciation/ (Depreciation)
Pay	12M CPTFE		Maturity	0.993%	Maturity		09/15/29		EUR	52,352,000	$	96,635		$	2,337	$	94,298
Pay	28-Day TIIE		Monthly	6.320%	Monthly		07/17/25		MXN	40,086,000		(24,495	)		—		(24,495	)
Pay	28-Day TIIE		Monthly	6.670%	Monthly		08/12/24		MXN	57,886,667		18,282			52		18,230
Pay	28-Day TIIE		Monthly	6.715%	Monthly		08/13/24		MXN	49,808,000		20,549			44		20,505
Pay	28-Day TIIE		Monthly	6.730%	Monthly		08/09/24		MXN	26,309,333		11,725			24		11,701
Pay	28-Day TIIE		Monthly	7.000%	Monthly		08/11/22		MXN	78,004,000		49,057			63		48,994
Pay	28-Day TIIE		Monthly	8.125%	Monthly		02/02/24		MXN	45,812,597		144,378			38		144,340
Pay	28-Day TIIE		Monthly	8.135%	Monthly		02/05/24		MXN	32,923,797		104,600			27		104,573
Pay	28-Day TIIE		Monthly	8.206%	Monthly		10/07/20		MXN	188,281,000		107,934			86		107,848
Pay	28-Day TIIE		Monthly	8.390%	Monthly		01/18/24		MXN	87,301,243		317,989			71		317,918
Pay	3M LIBOR		Quarterly	2.131%	Semi-Annually		08/25/25		USD	1,285,000		45,188			—		45,188
Pay	6M LIBOR		Semi-Annually	0.726%	Semi-Annually		09/26/21		GBP	69,280,000		107,041			1,756		105,285
Pay	6M LIBOR		Semi-Annually	0.747%	Semi-Annually		09/24/21		GBP	69,580,000		144,172			1,720		142,452
Receive	12M CPTFE		Maturity	0.805%	Maturity		09/15/24		EUR	52,352,000		(45,441	)		2,066		(47,507	)
Receive	28-Day TIIE		Monthly	6.780%	Monthly		08/06/21		MXN	138,445,773		(35,694	)		104		(35,798	)
Receive	28-Day TIIE		Monthly	6.860%	Monthly		07/23/21		MXN	31,345,148		(9,086	)		24		(9,110	)
Receive	28-Day TIIE		Monthly	6.900%	Monthly		07/26/21		MXN	43,753,087		(13,559	)		33		(13,592	)
Receive	28-Day TIIE		Monthly	7.105%	Monthly		10/14/22		MXN	48,327,742		(39,942	)		46		(39,988	)
Receive	28-Day TIIE		Monthly	7.110%	Monthly		10/14/22		MXN	36,666,258		(30,564	)		35		(30,599	)
Receive	28-Day TIIE		Monthly	7.200%	Monthly		08/03/22		MXN	62,241,433		(55,431	)		51		(55,482	)
Receive	28-Day TIIE		Monthly	7.210%	Monthly		07/25/22		MXN	9,147,880		(8,144	)		8		(8,152	)
Receive	28-Day TIIE		Monthly	7.220%	Monthly		07/20/22		MXN	6,536,098		(5,875	)		5		(5,880	)

BHFTII-44

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of September 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	28-Day TIIE		Monthly	7.230%	Monthly		07/18/22		MXN	33,983,059	$	(30,933	)	$	28	$	(30,961	)
Receive	28-Day TIIE		Monthly	7.230%	Monthly		07/19/22		MXN	16,991,530		(15,480	)		14		(15,494	)
Receive	3M LIBOR		Semi-Annually	2.272%	Quarterly		09/11/25		USD	955,000		(41,441	)		—		(41,441	)
Receive	3M LIBOR		Semi-Annually	2.915%	Quarterly		08/23/26		USD	110,000		(10,104	)		2		(10,106	)
Receive	3M LIBOR		Semi-Annually	3.156%	Quarterly		10/03/28		USD	1,279,000		(173,492	)		24		(173,516	)
Totals											$	627,869		$	8,658	$	619,211

OTC Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)(1)
Pay	1-Day CDI		Maturity	8.270%	Maturity		01/02/23	JPMC		BRL	16,183,229	$	250,914		$	—	$	250,914
Pay	1-Day CDI		Maturity	6.350%	Maturity		01/02/23	JPMC		BRL	24,345,281		59,022			—		59,022
Pay	28-Day TIIE		Monthly	6.270%	Monthly		12/05/25	BOA		MXN	2,209,451		(1,857	)		—		(1,857	)
Pay	28-Day TIIE		Monthly	6.325%	Monthly		07/17/25	CBNA		MXN	19,973,500		(12,169	)		—		(12,169	)
Receive	28-Day TIIE		Monthly	6.307%	Monthly		08/11/25	DBAG		MXN	74,533,884		49,812			—		49,812
Receive	28-Day TIIE		Monthly	6.310%	Monthly		08/11/25	BOA		MXN	20,079,000		13,277			—		13,277
Receive	28-Day TIIE		Monthly	6.310%	Monthly		08/11/25	BOA		MXN	20,079,000		13,277			—		13,277
Totals												$	372,276		$	—	$	372,276

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Implied Credit Spread at September 30, 2019(b)			Notional Amount(c)			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation
CDX.NA.IG.33.V1		1.000	%		Quarterly		12/20/24		0.598	%		USD	18,743,000	$	(372,611	)	$	(389,898	)	$	17,287

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 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		12/20/24	MSIP		40.073	%		USD	746,000	$	449,252		$	428,195		$	21,057
Beazer Homes USA, Inc. 6.750%, due 03/15/25		(5.000	%)		Quarterly		06/20/24	BNP		2.643	%		USD	250,000		(24,516	)		(13,946	)		(10,570	)
Beazer Homes USA, Inc. 6.750%, due 03/15/25		(5.000	%)		Quarterly		06/20/24	BNP		2.643	%		USD	250,000		(24,516	)		(15,050	)		(9,466	)
Beazer Homes USA, Inc. 6.750%, due 03/15/25		(5.000	%)		Quarterly		06/20/24	BBP		2.643	%		USD	250,000		(24,516	)		(15,795	)		(8,721	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	CBNA		1.373	%		USD	11,460,000		207,220			199,131			8,089
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	CBNA		1.373	%		USD	2,310,000		41,770			40,139			1,631
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	GSI		1.373	%		USD	7,345,193		132,816			139,383			(6,567	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	GSI		1.373	%		USD	1,377,600		24,910			26,141			(1,231	)
Broadcom, Inc. 3.625%, due 10/15/24		(1.000	%)		Quarterly		12/20/24	JPMC		0.000	%		USD	285,000		9,189			9,132			57

BHFTII-45

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of September 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 September 30, 2019(b)			Notional Amount(c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Mexico Government International Bond 7.500%, due 04/08/33		(1.000	%)		Quarterly		06/20/20	JPMC		0.322	%		USD	3,824,276	$	(18,798	)	$	33,406		$	(52,204	)
Mexico Government International Bond 7.500%, due 04/08/33		(1.000	%)		Quarterly		09/20/20	BOA		0.375	%		USD	3,824,276		(23,279	)		50,241			(73,520	)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		12/20/24	CBNA		1.164	%		USD	9,714,926		77,575			76,719			856
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		12/20/24	CBNA		1.164	%		USD	5,670,000		45,276			35,991			9,285
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		12/20/24	CBNA		1.164	%		USD	1,970,000		15,731			15,557			174
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		12/20/24	CBNA		1.164	%		USD	1,150,000		9,183			7,300			1,883
Philippines Government International Bond 10.625%, due 03/16/25		(1.000	%)		Quarterly		12/20/24	CBNA		0.483	%		USD	5,396,000		(138,680	)		(142,574	)		3,894
Qatar Government International Bond 9.750%, due 06/15/30		(1.000	%)		Quarterly		12/20/24	JPMC		0.537	%		USD	1,051,000		(24,236	)		(27,322	)		3,086
Republic of Colombia 10.375%, due 01/28/33		(1.000	%)		Quarterly		12/20/24	CBNA		0.936	%		USD	657,000		(2,072	)		(2,495	)		423
Republic of Colombia 10.375%, due 01/28/33		(1.000	%)		Quarterly		12/20/24	CBNA		0.936	%		USD	11,696,713		(36,889	)		(44,420	)		7,531
Republic of Colombia 10.375%, due 01/28/33		(1.000	%)		Quarterly		12/20/24	MSIP		0.936	%		USD	360,000		(1,135	)		(1,434	)		299
Republic of Colombia 10.375%, due 01/28/33		(1.000	%)		Quarterly		12/20/24	MSIP		0.936	%		USD	6,450,000		(20,342	)		(25,698	)		5,356
Republic of South Africa Government International Bond 5.500%, due 03/09/20		(1.000	%)		Quarterly		12/20/24	GSI		1.935	%		USD	6,347,431		281,970			256,366			25,604
Tenet Healthcare Corp. 6.875%, due 11/15/31		(5.000	%)		Quarterly		06/20/24	BBP		3.885	%		USD	499,000		(22,077	)		(5,556	)		(16,521	)
Transocean, Inc. 3.800%, due 10/15/22		(1.000	%)		Quarterly		06/20/22	MSIP		5.844	%		USD	509,000		58,262			44,923			13,339
Turkey Government International Bond 11.875%, due 01/15/30		(1.000	%)		Quarterly		12/20/24	GSI		3.580	%		USD	3,196,800		370,735			415,352			(44,617	)
Totals															$	1,362,833		$	1,483,686		$	(120,853	)

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 2019(b)			Notional Amount(c)			Market Value			Upfront Premium (Received)			Unrealized Appreciation/ (Depreciation)
Broadcom, Inc. 3.625%, due 10/15/24		1.000	%		Quarterly		06/20/24	CBNA		0.000	%		USD	3,239,000	$	(235,812	)	$	(234,182	)	$	(1,630	)
Mexico Government International Bond 7.500%, due 04/08/33		1.000	%		Quarterly		06/20/20	BOA		0.322	%		USD	3,824,276		18,798			(38,756	)		57,554
Mexico Government International Bond 7.500%, due 04/08/33		1.000	%		Quarterly		09/20/20	JPMC		0.375	%		USD	3,824,276		23,279			(43,741	)		67,020
Turkey Government International Bond 11.875%, due 01/15/30		1.000	%		Quarterly		12/20/24	GSI		3.580	%		USD	799,200		(92,684	)		(103,838	)		11,154
Totals															$	(286,419	)	$	(420,517	)	$	134,098

BHFTII-46

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 2019(b)			Notional Amount(c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.EM.32.V1		(1.000	%)		Quarterly		12/20/24	CBNA		2.115	%		USD	1,805,000	$	95,021		$	88,168		$	6,853
CMBX.NA.AAA.V6		(0.500	%)		Monthly		05/11/63	DBAG		0.175	%		USD	1,001,000		(8,576	)		145			(8,721	)
CMBX.NA.AAA.V6		(0.500	%)		Monthly		05/11/63	DBAG		0.175	%		USD	2,340,000		(20,048	)		(883	)		(19,165	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58	CSI		0.277	%		USD	1,610,000		(20,533	)		19,805			(40,338	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58	DBAG		0.277	%		USD	1,280,000		(16,324	)		15,972			(32,296	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58	MSIP		0.277	%		USD	900,000		(11,478	)		11,071			(22,549	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58	MSIP		0.277	%		USD	1,090,000		(13,901	)		13,409			(27,310	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58	MSIP		0.277	%		USD	1,960,000		(24,997	)		26,423			(51,420	)
CMBX.NA.BBB-.V6		(3.000	%)		Monthly		05/11/63	JPMC		6.214	%		USD	340,000		28,771			34,298			(5,527	)
CMBX.NA.BBB-.V9		(3.000	%)		Monthly		09/17/58	CBNA		3.522	%		USD	500,000		13,740			17,449			(3,709	)
CMBX.NA.BBB-.V9		(3.000	%)		Monthly		09/17/58	MSIP		3.522	%		USD	105,000		2,885			6,000			(3,115	)
Totals															$	24,560		$	231,857		$	(207,297	)

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 2019(b)			Notional Amount(c)			Market Value			Upfront Premium (Received)			Unrealized Appreciation/ (Depreciation)
CMBX.NA.A.V10		2.000	%		Monthly		11/17/59	DBAG		1.943	%		USD	1,310,000	$	4,702		$	(59,736	)	$	64,438
CMBX.NA.A.V10		2.000	%		Monthly		11/17/59	DBAG		1.943	%		USD	660,000		2,369			(30,600	)		32,969
CMBX.NA.AAA.V7		0.500	%		Monthly		01/17/47	CSI		0.195	%		USD	5,000,000		58,930			(156,398	)		215,328
CMBX.NA.BBB-.V10		3.000	%		Monthly		11/17/59	JPMC		3.552	%		USD	40,000		(1,327	)		(3,575	)		2,248
CMBX.NA.BBB-.V6		3.000	%		Monthly		05/11/63	CSI		6.214	%		USD	340,000		(28,771	)		(28,925	)		154
CMBX.NA.BBB-.V9		3.000	%		Monthly		09/17/58	DBAG		3.522	%		USD	467,000		(12,833	)		(57,312	)		44,479
CMBX.NA.BBB-.V9		3.000	%		Monthly		09/17/58	MSIP		3.522	%		USD	58,000		(1,594	)		(3,479	)		1,885
CMBX.NA.BBB-.V9		3.000	%		Monthly		09/17/58	MSIP		3.522	%		USD	250,000		(6,870	)		(12,539	)		5,669
Totals															$	14,606		$	(352,564	)	$	367,170

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/ (Depreciation)(1)
Receive	3M LIBOR		Quarterly	07/17/20	BNP	Sprint Corp.		USD	510,187	$	48,733		$	—	$	48,733
Receive	3M LIBOR		Quarterly	09/29/20	BNP	Tidewater, Inc.		USD	49,174		(236	)		—		(236	)
Totals										$	48,497		$	—	$	48,497

Securities in amount of $381,412 have been received at the custodian bank as collateral for OTC swap contracts.

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

BHFTII-47

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(BNP)—	BNP Paribas S.A.
(BOA)—	Bank of America N.A.
(CBNA)—	Citibank N.A.
(CSI)—	Credit Suisse International
(DBAG)—	Deutsche Bank AG
(GSI)—	Goldman Sachs International
(HSBC)—	HSBC Bank plc
(JPMC)—	JPMorgan Chase Bank N.A.
(MSIP)—	Morgan Stanley & Co. International plc
(NWM)—	Natwest Markets plc
(RBC)—	Royal Bank of Canada
(SCB)—	Standard Chartered Bank
(SSBT)—	State Street Bank and Trust
(UBSA)—	UBS AG
(WBC)—	Westpac Banking Corp.

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
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(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
(CDX.EM)—	Markit Emerging Market CDS Index
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(CMBX)—	Commercial Mortgage-Backed Index
(CMBX.NA.A)—	Markit North America A Rated CMBS Index
(CMBX.NA.AAA)—	Markit North America AAA Rated CMBS Index
(CMBX.NA.BBB-)—	Markit North America BBB- Rated CMBS Index
(CPTFE)—	Eurozone Harmonized Index of Consumer Prices ex-Tobacco
(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

(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(ICE)—	Intercontinental Exchange, Inc.
(IRS)—	Interest Rate Swap
(REMIC)—	Real Estate Mortgage Investment Conduit

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. 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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,699,853,731	$	—	$	1,699,853,731
Total Corporate Bonds & Notes*		—		1,209,011,674		—		1,209,011,674
Total Asset-Backed Securities*		—		397,068,898		—		397,068,898
Total Mortgage-Backed Securities*		—		189,059,464		—		189,059,464
Total Municipals*		—		188,736,079		—		188,736,079
Total Foreign Government*		—		112,367,452		—		112,367,452

BHFTII-48

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Floating Rate Loans
Advertising	$	—		$	105,591		$	—	$	105,591
Airlines		—			3,371,954			—		3,371,954
Building Materials		—			642,303			—		642,303
Building Products		—			262,468			—		262,468
Commercial Services		—			4,955,714			1,220,564		6,176,278
Diversified Financial Services (Less Unfunded Loan Commitments of $4,756,562)		—			11,079,615			6,897,777		17,977,392
Entertainment		—			4,084,511			—		4,084,511
Healthcare-Services		—			1,681,716			—		1,681,716
Iron/Steel		—			234,365			—		234,365
Oil & Gas		—			262,622			—		262,622
Oil, Gas & Consumable Fuels		—			1,284,030			—		1,284,030
Pipelines		—			1,074,026			—		1,074,026
Real Estate Investment Trusts		—			1,136,474			—		1,136,474
Retail		—			1,168,739			—		1,168,739
Telecommunications		—			1,879,764			—		1,879,764
Transportation		—			423,772			—		423,772
Total Floating Rate Loans (Less Unfunded Loan Commitments of $4,756,562)		—			33,647,664			8,118,341		41,766,005
Total Preferred Stock*		—			3,960,350			—		3,960,350
Total Common Stocks*		2,113,581			—			—		2,113,581
Total Escrow Shares*		—			—			1		1
Total Short-Term Investment*		—			74,795,822			—		74,795,822
Total Securities Lending Reinvestments*		—			30,102,843			—		30,102,843
Purchased Options
Equity Options at Value		234,150			—			—		234,150
Foreign Currency Options at Value		—			671,078			—		671,078
Interest Rate Swaptions at Value		—			272,818			—		272,818
Total Purchased Options		234,150			943,896			—		1,178,046
Total Net Investments (Less Unfunded Loan Commitments of $4,756,562)	$	2,347,731		$	3,939,547,873		$	8,118,342	$	3,950,013,946
Collateral for Securities Loaned (Liability)	$	—		$	(30,102,837	)	$	—	$	(30,102,837	)
TBA Forward Sales Commitments	$	—		$	(73,422,694	)	$	—	$	(73,422,694	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	1,413,966		$	—	$	1,413,966
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(1,821,527	)		—		(1,821,527	)
Total Forward Contracts	$	—		$	(407,561	)	$	—	$	(407,561	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	958,560		$	—		$	—	$	958,560
Futures Contracts (Unrealized Depreciation)		(3,773,360	)		—			—		(3,773,360	)
Total Futures Contracts	$	(2,814,800	)	$	—		$	—	$	(2,814,800	)
Written Options at Value	$	—		$	(300,744	)	$	—	$	(300,744	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	1,178,619		$	—	$	1,178,619
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(542,121	)		—		(542,121	)
Total Centrally Cleared Swap Contracts	$	—		$	636,498		$	—	$	636,498
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	2,407,419		$	—	$	2,407,419
OTC Swap Contracts at Value (Liabilities)		—			(871,066	)		—		(871,066	)
Total OTC Swap Contracts	$	—		$	1,536,353		$	—	$	1,536,353

* See Schedule of Investments for additional detailed categorizations.

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

BHFTII-49

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

Common Stocks—98.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.6%
Boeing Co. (The)		113,005	$	42,995,012
Automobiles—0.4%
Ferrari NV		46,040		7,094,304
Beverages—2.3%
Constellation Brands, Inc. - Class A		184,919		38,330,010
Biotechnology—1.1%
Vertex Pharmaceuticals, Inc. (a)		108,951		18,458,478
Capital Markets—4.2%
CME Group, Inc.		149,256		31,543,763
S&P Global, Inc.		160,107		39,223,013
				70,766,776
Chemicals—2.5%
Corteva, Inc.		426,502		11,942,056
Sherwin-Williams Co. (The) (b)		53,332		29,325,667
				41,267,723
Construction Materials—1.1%
Vulcan Materials Co. (b)		126,421		19,119,912
Containers & Packaging—1.4%
Ball Corp.		326,834		23,796,783
Electronic Equipment, Instruments & Components—1.0%
Keysight Technologies, Inc. (a) (b)		179,136		17,420,976
Entertainment—2.4%
Netflix, Inc. (a) (b)		147,546		39,486,260
Equity Real Estate Investment Trusts—1.9%
SBA Communications Corp.		132,582		31,972,149
Health Care Equipment & Supplies—6.4%
Align Technology, Inc. (a) (b)		123,074		22,266,548
Becton Dickinson & Co.		86,492		21,879,016
Boston Scientific Corp. (a)		767,224		31,218,345
Intuitive Surgical, Inc. (a)		60,475		32,652,267
				108,016,176
Health Care Providers & Services—2.1%
Humana, Inc.		28,555		7,300,657
UnitedHealth Group, Inc.		131,162		28,504,126
				35,804,783
Hotels, Restaurants & Leisure—0.7%
Domino’s Pizza, Inc. (b)		48,508		11,864,572
Industrial Conglomerates—1.8%
Honeywell International, Inc.		55,059		9,315,983
Roper Technologies, Inc. (b)		60,005		21,397,783
				30,713,766
Interactive Media & Services—9.4%
Alphabet, Inc. - Class A (a)		38,890		47,490,135
Facebook, Inc. - Class A (a)		263,596		46,941,176
IAC/InterActiveCorp (a)		181,485		39,558,285
Tencent Holdings, Ltd.		552,300		23,439,444
				157,429,040
Internet & Direct Marketing Retail—12.3%
Alibaba Group Holding, Ltd. (ADR) (a)		194,725		32,563,862
Amazon.com, Inc. (a)		77,886		135,203,086
Booking Holdings, Inc. (a) (b)		5,044		9,899,405
MercadoLibre, Inc. (a) (b)		50,499		27,836,564
				205,502,917
IT Services—11.7%
GoDaddy, Inc. - Class A (a)		191,697		12,648,168
MasterCard, Inc. - Class A		279,714		75,961,931
PayPal Holdings, Inc. (a)		156,059		16,166,152
Shopify, Inc. - Class A (a)		21,168		6,597,219
Visa, Inc. - Class A		489,686		84,230,889
				195,604,359
Life Sciences Tools & Services—2.6%
Illumina, Inc. (a)		58,017		17,649,932
IQVIA Holdings, Inc. (a) (b)		170,258		25,433,140
				43,083,072
Machinery—0.7%
Xylem, Inc.		149,267		11,884,639
Pharmaceuticals—1.5%
Zoetis, Inc.		194,817		24,272,250
Professional Services—3.9%
CoStar Group, Inc. (a)		72,537		43,028,949
TransUnion (b)		278,665		22,602,518
				65,631,467
Road & Rail—1.2%
Union Pacific Corp.		118,590		19,209,208
Semiconductors & Semiconductor Equipment—2.1%
ASML Holding NV		144,105		35,798,564
Software—18.4%
Adobe, Inc. (a)		145,411		40,169,789
Autodesk, Inc. (a) (b)		181,028		26,737,836
Coupa Software, Inc. (a) (b)		62,689		8,122,614
Intuit, Inc.		155,110		41,249,953
Microsoft Corp.		721,415		100,298,327
PTC, Inc. (a) (b)		114,351		7,796,451
Salesforce.com, Inc. (a)		316,974		47,051,621
ServiceNow, Inc. (a)		144,983		36,803,934
				308,230,525

BHFTII-50

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—1.3%
Burlington Stores, Inc. (a) (b)		105,477	$	21,076,414
Textiles, Apparel & Luxury Goods—1.1%
NIKE, Inc. - Class B (b)		199,722		18,757,890
Total Common Stocks (Cost $1,185,670,587)				1,643,588,025
Preferred Stock—0.9%
Software—0.9%
Palantir Technologies, Inc. - Series I, (a) (c) (d) (e) (Cost $15,555,194)		2,537,552		15,555,194
Short-Term Investment—1.0%
Repurchase Agreement—1.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $17,609,495; collateralized by U.S. Treasury Note at 2.000%, maturing 12/31/21, with a market value of $17,961,323.		17,609,104		17,609,104
Total Short-Term Investments (Cost $17,609,104)				17,609,104
Securities Lending Reinvestments (f)—10.1%
Certificates of Deposit—7.2%
Banco Del Estado De Chile New York
2.206%, 1M LIBOR + 0.160%, 11/22/19 (g)		2,000,000		1,999,890
2.222%, 1M LIBOR + 0.180%, 10/09/19 (g)		5,000,000		5,000,000
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (g)		3,000,000		2,999,763
Bank of Montreal (Chicago)
2.070%, SOFR + 0.250%, 07/10/20 (g)		1,000,000		1,000,068
2.150%, 1M LIBOR + 0.100%, 10/11/19 (g)		5,000,000		4,999,910
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (g)		2,000,000		1,999,990
Bank of Nova Scotia
2.198%, 1M LIBOR + 0.170%, 05/15/20 (g)		3,000,000		2,998,674
2.481%, 3M LIBOR + 0.170%, 01/09/20 (g)		2,000,000		2,000,834
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (g)		2,000,000		2,000,370
Canadian Imperial Bank of Commerce
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (g)		2,000,000		2,000,010
2.278%, 1M LIBOR + 0.250%, 10/15/19 (g)		2,000,000		2,000,068
Chiba Bank, Ltd. 2.270%, 10/08/19		2,000,000		2,000,056
China Construction Bank Corp. 2.470%, 10/18/19		4,000,000		4,000,508
Commonwealth Bank of Australia 2.200%, 1M LIBOR + 0.175%, 04/16/20 (g)		3,000,000		2,998,770
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (g)		3,000,000		3,000,057
Certificates of Deposit—(Continued)
Credit Industriel et Commercial 2.393%, 3M LIBOR + 0.090%, 10/15/19 (g)		2,000,000		2,000,210
Credit Suisse AG 2.219%, 1M LIBOR + 0.130%, 11/04/19 (g)		2,000,000		1,999,840
DZ Bank AG Zero Coupon, 10/18/19		6,957,859		6,992,650
KBC Bank NV Zero Coupon, 10/25/19		7,896,000		7,989,238
Mitsubishi UFJ Trust and Banking Corp. 2.226%, 1M LIBOR + 0.180%, 01/23/20 (g)		4,000,000		3,999,948
Mizuho Bank, Ltd. 2.174%, 1M LIBOR + 0.120%, 11/27/19 (g)		6,000,000		5,999,886
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (g)		2,000,000		1,999,794
National Australia Bank, Ltd. 2.232%, 1M LIBOR + 0.190%, 04/08/20 (g)		3,000,000		2,999,520
Norinchukin Bank, New York Zero Coupon, 10/09/19		994,081		999,470
Rabobank International London 2.236%, 1M LIBOR + 0.190%, 04/24/20 (g)		7,000,000		6,999,300
Royal Bank of Canada New York 2.110%, SOFR + 0.290%, 07/16/20 (g)		5,000,000		5,001,575
Societe Generale 2.180%, FEDEFF PRV + 0.350%, 06/19/20 (g)		3,000,000		2,999,559
Sumitomo Mitsui Banking Corp.
2.216%, 1M LIBOR + 0.170%, 01/21/20 (g)		1,000,000		999,986
2.234%, 1M LIBOR + 0.180%, 01/27/20 (g)		5,000,000		4,999,655
Sumitomo Mitsui Trust Bank, Ltd. 2.206%, 1M LIBOR + 0.160%, 10/23/19 (g)		5,000,000		5,000,100
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 10/17/19		1,973,515		1,998,020
Svenska Handelsbanken AB 2.344%, 1M LIBOR + 0.300%, 10/31/19 (g)		2,000,000		2,000,288
Toronto-Dominion Bank 2.180%, FEDEFF PRV + 0.350%, 07/31/20 (g)		2,000,000		1,998,818
Wells Fargo Bank N.A.
2.180%, FEDEFF PRV + 0.350%, 08/20/20 (g)		4,000,000		4,000,000
2.477%, 3M LIBOR + 0.210%, 10/25/19 (g)		2,000,000		2,000,466
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (g)		6,000,000		5,999,978
				119,977,269
Commercial Paper—1.8%
Bank of China, Ltd. 2.470%, 10/11/19		9,940,994		9,992,890
China Construction Bank Corp. 2.470%, 10/17/19		2,981,475		2,996,763
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (g)		5,000,000		5,000,810
LMA S.A. & LMA Americas, Corp. 2.610%, 10/03/19		1,973,465		1,999,642
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (g)		2,000,000		2,000,056

BHFTII-51

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Thunder Bay Funding LLC 2.167%, 1M LIBOR + 0.100%, 12/05/19 (g)		2,000,000	$	1,999,800
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (g)		5,000,000		5,000,000
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (g)		1,999,753		1,998,978
				30,988,939
Repurchase Agreements—1.1%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $1,287,849; 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 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $7,546,575; collateralized by various Common Stock with an aggregate market value of $8,250,847.		7,500,000		7,500,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $7,014,768; collateralized by various Common Stock with an aggregate market value of $7,700,000.		7,000,000		7,000,000
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $2,004,219; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000
				17,700,000
Total Securities Lending Reinvestments (Cost $168,665,016)				168,666,208
Total Investments—110.1% (Cost $1,387,499,901)				1,845,418,531
Other assets and liabilities (net)—(10.1)%				(169,469,779	)
Net Assets—100.0%			$	1,675,948,752

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $165,205,729 and the collateral received consisted of cash in the amount of $166,248,324. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, these securities represent 0.9% of net assets.
(d)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of September 30, 2019, the market value of restricted securities was $15,555,194, which is 0.9% of net assets. See details shown in the Restricted Securities table that follows.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(g)	Variable or floating rate security. The stated rate represents the rate at September 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	$	15,555,194

Glossary of Abbreviations

Index Abbreviations

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

Other Abbreviations

(ADR)— American Depositary Receipt

BHFTII-52

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	42,995,012	$	—		$	—	$	42,995,012
Automobiles		7,094,304		—			—		7,094,304
Beverages		38,330,010		—			—		38,330,010
Biotechnology		18,458,478		—			—		18,458,478
Capital Markets		70,766,776		—			—		70,766,776
Chemicals		41,267,723		—			—		41,267,723
Construction Materials		19,119,912		—			—		19,119,912
Containers & Packaging		23,796,783		—			—		23,796,783
Electronic Equipment, Instruments & Components		17,420,976		—			—		17,420,976
Entertainment		39,486,260		—			—		39,486,260
Equity Real Estate Investment Trusts		31,972,149		—			—		31,972,149
Health Care Equipment & Supplies		108,016,176		—			—		108,016,176
Health Care Providers & Services		35,804,783		—			—		35,804,783
Hotels, Restaurants & Leisure		11,864,572		—			—		11,864,572
Industrial Conglomerates		30,713,766		—			—		30,713,766
Interactive Media & Services		133,989,596		23,439,444			—		157,429,040
Internet & Direct Marketing Retail		205,502,917		—			—		205,502,917
IT Services		195,604,359		—			—		195,604,359
Life Sciences Tools & Services		43,083,072		—			—		43,083,072
Machinery		11,884,639		—			—		11,884,639
Pharmaceuticals		24,272,250		—			—		24,272,250
Professional Services		65,631,467		—			—		65,631,467
Road & Rail		19,209,208		—			—		19,209,208
Semiconductors & Semiconductor Equipment		35,798,564		—			—		35,798,564
Software		308,230,525		—			—		308,230,525
Specialty Retail		21,076,414		—			—		21,076,414
Textiles, Apparel & Luxury Goods		18,757,890		—			—		18,757,890
Total Common Stocks		1,620,148,581		23,439,444			—		1,643,588,025
Total Preferred Stock*		—		—			15,555,194		15,555,194
Total Short-Term Investment*		—		17,609,104			—		17,609,104
Total Securities Lending Reinvestments*		—		168,666,208			—		168,666,208
Total Investments	$	1,620,148,581	$	209,714,756		$	15,555,194	$	1,845,418,531
Collateral for Securities Loaned (Liability)	$	—	$	(166,248,324	)	$	—	$	(166,248,324	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2019 is not presented.

BHFTII-53

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

Short-Term Investments—99.8% of Net Assets

Security Description	Principal Amount*		Value
Certificate of Deposit—26.3%
Bank of Montreal (Chicago)
2.140%, FEDL01 + 0.310%, 07/13/20 (a)		5,000,000	$	4,999,991
2.445%, 1M LIBOR + 0.420%, 01/17/20 (a)		3,500,000		3,502,836
Bank of Nova Scotia (Houston) 2.422%, 1M LIBOR + 0.380%, 12/09/19 (a)		12,000,000		12,006,088
BNP Paribas S.A. (NY) 2.180%, 12/24/19		7,000,000		7,001,742
Citibank N.A. (NY) 2.220%, 01/07/20		4,000,000		4,001,416
Cooperatieve Rabobank UA 2.222%, 1M LIBOR + 0.180%, 05/08/20 (a)		6,000,000		5,998,629
Credit Suisse AG
2.120%, SOFR + 0.300%, 06/19/20 (a)		6,000,000		6,001,288
2.690%, SOFR + 0.300%, 11/04/19 (a)		4,000,000		4,002,032
2.700%, SOFR + 0.300%, 05/01/20 (a)		7,000,000		7,026,755
DNB Bank ASA 2.322%, 3M LIBOR + 0.000%, 10/16/19 (a)		7,000,000		6,999,974
Macquarie Bank, Ltd.
2.220%, 1M LIBOR + 0.170%, 12/11/19 (a)		4,000,000		4,000,083
2.292%, 1M LIBOR + 0.250%, 07/07/20 (a)		5,000,000		4,998,540
2.329%, 3M LIBOR + 0.120%, 05/07/20 (a)		7,000,000		7,000,805
Mizuho Bank, Ltd. (NY)
2.191%, 1M LIBOR + 0.150%, 11/18/19 (a)		6,000,000		6,000,243
2.220%, 1M LIBOR + 0.150%, 01/15/20 (a)		8,000,000		8,003,028
MUFG Bank, Ltd.
2.312%, 3M LIBOR + 0.180%, 02/24/20 (a)		4,300,000		4,302,391
2.321%, 3M LIBOR + 0.140%, 05/11/20 (a)		4,500,000		4,502,163
National Bank of Canada (NY) 2.180%, 1M LIBOR + 0.130%, 12/11/19 (a)		8,000,000		8,000,230
Natixis (NY)
2.650%, 12/17/19		8,000,000		8,008,730
2.720%, 04/03/20		7,000,000		7,024,041
Natixis S.A. 2.120%, SOFR + 0.300%, 06/05/20 (a)		4,000,000		4,003,131
Royal Bank of Canada (NY) 2.330%, SOFR + 0.510%, 01/09/20 (a)		6,500,000		6,509,353
Skandinaviska Enskilda Banken AB
2.341%, 3M LIBOR + 0.020%, 10/11/19 (a)		5,000,000		4,999,987
2.620%, 3M LIBOR + 0.020%, 10/21/19 (a)		10,000,000		10,003,236
Standard Chartered Bank 2.184%, 1M LIBOR + 0.140%, 10/31/19 (a)		10,000,000		10,000,288
Sumitomo Mitsui Banking Corp.
2.179%, 1M LIBOR + 0.140%, 11/12/19 (a)		10,000,000		10,000,132
2.227%, 1M LIBOR + 0.190%, 02/24/20 (a)		5,000,000		4,999,348
2.232%, 1M LIBOR + 0.190%, 03/09/20 (a)		3,000,000		2,999,493
2.340%, 3M LIBOR + 0.040%, 10/18/19 (a)		8,000,000		8,000,109
Sumitomo Mitsui Trust Bank, Ltd. (NY)
2.257%, 1M LIBOR + 0.200%, 02/19/20 (a)		8,500,000		8,499,366
2.322%, 3M LIBOR + 0.190%, 02/25/20 (a)		4,000,000		4,002,686
2.538%, 3M LIBOR + 0.235%, 01/15/20 (a)		8,000,000		8,004,194
2.610%, 1M LIBOR + 0.200%, 10/04/19 (a)		8,000,000		8,000,545
				213,402,873
Commercial Paper—47.8%
Antalis S.A.
1.559%, 10/04/19 (b)		12,000,000		11,997,281
Banque Federative du Credit Mutuel S.A. 2.694%, 12/02/19 (b)		6,000,000		5,978,448
Barclays Bank plc 2.200%, 12/20/19 (b)		8,000,000		8,000,920
Barton Capital Corp. 2.149%, 11/26/19 (b)		3,000,000		2,989,916
Bedford Row Funding Corp. 2.029%, 02/19/20 (b)		7,000,000		6,945,137
Bennington Sark Capital Co. LLC 1.521%, 10/04/19 (b)		12,000,000		11,997,267
BPCE S.A. Zero Coupon, 10/01/19 (b)		3,500,000		3,499,809
Caterpillar Financial Services Corp. 2.264%, 3M LIBOR + 0.100%, 06/19/20 (a)		1,642,000		1,642,239
CDP Financial, Inc.
2.468%, 10/28/19 (b)		10,000,000		9,984,102
2.470%, 11/05/19 (b)		10,000,000		9,979,580
Chariot Funding LLC
2.257%, 1M LIBOR + 0.190%, 02/05/20 (a)		10,000,000		10,000,336
2.278%, 10/07/19		5,000,000		4,998,056
Collateralized Commercial Paper FLEX Co. LLC 2.339%, 1M LIBOR + 0.250%, 03/02/20 (a)		10,000,000		10,001,305
CPPIB Capital, Inc. 2.681%, 03/09/20 (b)		10,000,000		9,910,153
Credit Industriel et Commercial (NY)
2.636%, 02/10/20 (b)		6,000,000		5,954,682
2.823%, 11/07/19 (b)		5,000,000		4,989,151
Crown Point Capital Co. LLC 2.350%, 01/08/20 (b)		10,000,000		10,004,983
DBS Bank, Ltd.
2.009%, 02/20/20 (b)		3,000,000		2,976,560
2.193%, 12/09/19 (b)		7,000,000		6,971,417
European Investment Bank
2.053%, 05/04/20 (b)		10,000,000		9,890,897
2.181%, 03/30/20 (b)		6,000,000		5,945,097
Federation des Caisses Desjardins du Quebec
2.133%, 12/19/19 (b)		10,000,000		9,953,556
2.419%, 1M LIBOR + 0.370%, 12/10/19) (a)		7,000,000		7,003,496
ING US Funding LLC
2.276%, 3M LIBOR + 0.170%, 09/23/20 (a)		3,000,000		3,000,013
2.294%, 1M LIBOR + 0.250%, 08/20/20 (a)		6,000,000		5,996,804
Kells Funding LLC
1.866%, 10/09/19 (b)		8,000,000		7,996,026
2.029%, 02/19/20 (b)		2,000,000		1,983,457
2.030%, 02/19/20 (b)		4,000,000		3,966,914
2.035%, 03/19/20 (b)		6,000,000		5,941,432
2.074%, 03/05/20 (b)		9,000,000		8,919,066
Lexington Parker Capital Co. LLC 1.521%, 10/04/19 (b)		8,000,000		7,998,311
Liberty Street Funding LLC 2.228%, 01/28/20 (b)		2,000,000		1,985,980
Matchpoint Finance plc 2.133%, 12/20/19 (b)		10,000,000		9,953,470

BHFTII-54

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Mont Blanc Capital Corp. 1.863%, 10/04/19 (b)		11,065,000	$	11,062,493
NRW Bank 2.058%, 11/25/19 (b)		12,000,000		11,961,976
Ontario Teachers’ Cadillac Fairview Properties Trust
2.475%, 10/30/19 (b)		10,000,000		9,982,917
2.527%, 01/08/20 (b)		7,000,000		6,960,975
2.585%, 01/02/20 (b)		8,000,000		7,958,159
Province of Alberta Canada
2.030%, 02/21/20 (b)		10,000,000		9,920,160
2.486%, 11/14/19 (b)		6,000,000		5,984,587
Province of British Columbia Canada 2.036%, 02/04/20 (b)		6,000,000		5,957,391
Regency Market No. 1 LLC 1.521%, 10/04/19 (b)		12,000,000		11,997,281
Ridgefield Funding Co. LLC 2.242%, 10/25/19 (b)		6,000,000		5,991,363
Shell International Finance B.V. 2.104%, 06/30/20 (b)		3,000,000		2,954,790
Suncorp Group, Ltd. 2.323%, 12/16/19 (b)		8,000,000		7,961,620
Thunder Bay Funding LLC 2.128%, 02/03/20 (b)		6,500,000		6,456,047
Toronto-Dominion Bank
2.140%, FEDL01 + 0.310%, 07/10/20 (a)		4,000,000		4,001,221
2.140%, FEDL01 + 0.310%, 07/16/20 (a)		7,000,000		6,999,986
2.236%, 3M LIBOR + 0.190%, 09/28/20 (a)		4,500,000		4,499,996
2.249%, 1M LIBOR + 0.200%, 06/10/20 (a)		6,000,000		5,995,882
Toyota Motor Credit Corp. 2.352%, 3M LIBOR + 0.030%, 01/07/20 (a)		5,000,000		5,000,127
UBS AG 2.484%, 3M LIBOR + 0.320%, 12/19/19 (a)		4,000,000		4,002,400
Victory Receivables Corp. 2.069%, 10/21/19 (b)		9,665,000		9,653,296
Westpac Banking Corp.
2.362%, 1M LIBOR + 0.320%, 11/08/19 (a)		7,000,000		7,001,441
2.433%, 3M LIBOR + 0.180%, 11/01/19 (a)		6,000,000		6,000,858
				387,660,827
Repurchase Agreements—24.9%
Bank of America Securities, Inc.
Repurchase Agreement dated 09/30/19 at 2.300%, due on 10/01/19 with a maturity value of $27,001,725; collateralized by U.S. Treasury Inflation Indexed Note at 1.250%, maturing 07/15/20, with a market value of $27,448,449.		27,000,000		27,000,000
Repurchase Agreement dated 09/30/19 at 2.320%, due on 10/01/19 with a maturity value of $75,020,834; collateralized by U.S. Government Agency Obligations with rates ranging from 3.500% - 4.500%, maturity dates ranging from 05/20/47 - 08/20/49, with a market value of $76,366,380.		75,016,000		75,016,000
JPMorgan Securities, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $100,006,528; collateralized by U.S. Treasury Strip with zero coupon, maturing 02/15/24, with a market value of $102,078,424.		100,000,000		100,000,000
				202,016,000
U.S. Treasury—0.5%
U.S. Treasury Bill 1.854%, 03/12/20 (b)		4,000,000		3,967,563
Bank Note—0.3%
Bank of America N.A. 2.330%, 10/06/20		3,000,000		3,000,000
Total Short-Term Investments (Cost $809,837,804)				810,047,263
Total Investments—99.8% (Cost $809,837,804)				810,047,263
Other assets and liabilities (net)—0.2%				1,388,749
Net Assets—100.0%			$	811,436,012

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at September 30, 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.

Index Abbreviations

(FEDL01)—	Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate

BHFTII-55

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Total Short-Term Investments*	$	—	$	810,047,263	$	—	$	810,047,263
Total Investments	$	—	$	810,047,263	$	—	$	810,047,263

* See Schedule of Investments for additional detailed categorizations.

BHFTII-56

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Schedule of Investments as of September 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) (b)		1,087,457	$	11,363,924
Baillie Gifford International Stock Portfolio (Class A) (c)		707,103		8,548,871
BlackRock Bond Income Portfolio (Class A) (c)		643,946		69,745,797
BlackRock Capital Appreciation Portfolio (Class A) (c)		107,333		4,228,906
BlackRock High Yield Portfolio (Class A) (a)		371,378		2,837,329
Brighthouse Small Cap Value Portfolio (Class A) (a)		196,692		2,836,302
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (a)		136,535		1,411,776
Brighthouse/Artisan International Portfolio (Class A) (a)		482,507		5,688,763
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (c)		6,560		1,424,124
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		1,129,642		11,364,199
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		2,987,381		28,439,870
Brighthouse/Templeton International Bond Portfolio (Class A) (a)		911,488		8,522,412
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (c)		294,080		9,963,435
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		405,765		5,652,300
Clarion Global Real Estate Portfolio (Class A) (a)		226,355		2,858,860
Harris Oakmark International Portfolio (Class A) (a)		697,814		8,541,244
Invesco Comstock Portfolio (Class A) (a)		875,499		11,355,226
Invesco Global Equity Portfolio (Class A) (a)		68,560		1,410,283
Jennison Growth Portfolio (Class A) (c)		291,160		4,233,461
JPMorgan Core Bond Portfolio (Class A) (a)		4,248,666		44,101,158
JPMorgan Small Cap Value Portfolio (Class A) (a)		203,901		2,828,107
MFS Research International Portfolio (Class A) (a)		359,917		4,272,212
Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (c)		833,332		12,799,979
Neuberger Berman Genesis Portfolio (Class A) (c)		144,515		2,829,608
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		5,154,526		51,132,895
PIMCO Total Return Portfolio (Class A) (a)		5,685,427		68,338,837
T. Rowe Price Large Cap Growth Portfolio (Class A) (c)		203,054		4,231,646
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		291,295		8,537,864
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		133,966		1,411,998
T. Rowe Price Small Cap Growth Portfolio (Class A) (c)		188,212		4,231,010
TCW Core Fixed Income Portfolio (Class A) (a)		5,168,528		54,114,488
Van Eck Global Natural Resources Portfolio (Class A) (c)		891,461		7,033,624
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (c)		2,104,460		28,431,256
Western Asset Management U.S. Government Portfolio (Class A) (c)		6,267,982		73,962,187
Total Mutual Funds (Cost $573,384,844)				568,683,951
Total Investments—100.1% (Cost $573,384,844)				568,683,951
Other assets and liabilities (net)—(0.1)%				(334,915	)
Net Assets—100.0%			$	568,349,036

(a)	A Portfolio of Brighthouse Funds Trust I.
(b)	Non-income producing security.
(c)	A Portfolio of Brighthouse Funds Trust II.

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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	568,683,951	$	—	$	—	$	568,683,951
Total Investments	$	568,683,951	$	—	$	—	$	568,683,951

BHFTII-57

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Schedule of Investments as of September 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) (b)		20,665,794	$	215,957,550
Baillie Gifford International Stock Portfolio (Class A) (c)		12,161,936		147,037,805
BlackRock Bond Income Portfolio (Class A) (c)		4,494,905		486,843,212
BlackRock Capital Appreciation Portfolio (Class A) (c)		2,322,819		91,519,052
BlackRock High Yield Portfolio (Class A) (a)		3,528,562		26,958,216
Brighthouse Small Cap Value Portfolio (Class A) (a)		2,772,074		39,973,301
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (a)		2,525,284		26,111,433
Brighthouse/Artisan International Portfolio (Class A) (a)		9,112,850		107,440,506
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (c)		61,706		13,396,415
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		10,739,341		108,037,773
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		17,044,692		162,265,469
Brighthouse/Templeton International Bond Portfolio (Class A) (a)		16,779,940		156,892,439
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (c)		5,972,309		202,341,843
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		8,616,078		120,021,962
Clarion Global Real Estate Portfolio (Class A) (a)		3,214,344		40,597,160
ClearBridge Aggressive Growth Portfolio (Class A) (a)		3,381,452		52,513,948
Harris Oakmark International Portfolio (Class A) (a)		12,904,532		157,951,467
Invesco Comstock Portfolio (Class A) (a)		13,300,426		172,506,521
Invesco Small Cap Growth Portfolio (Class A) (a)		2,127,297		25,591,379
Jennison Growth Portfolio (Class A) (c)		4,513,691		65,629,062
JPMorgan Core Bond Portfolio (Class A) (a)		19,539,799		202,823,111
JPMorgan Small Cap Value Portfolio (Class A) (a)		2,847,862		39,499,848
MFS Research International Portfolio (Class A) (a)		6,824,464		81,006,391
MFS Value Portfolio (Class A) (c)		14,016,195		215,288,758
Affiliated Investment Companies—(Continued)
Neuberger Berman Genesis Portfolio (Class A) (c)		1,358,854		26,606,368
Oppenheimer Global Equity Portfolio (Class A) (a)		2,530,540		52,053,210
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		32,623,675		323,626,859
PIMCO Total Return Portfolio (Class A) (a)		40,523,417		487,091,468
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) (b)		2,752,026		25,676,404
T. Rowe Price Large Cap Growth Portfolio (Class A) (c)		4,417,892		92,068,879
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		6,437,135		188,672,420
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		2,521,963		26,581,488
T. Rowe Price Small Cap Growth Portfolio (Class A) (c)		2,357,307		52,992,272
TCW Core Fixed Income Portfolio (Class A) (a)		34,895,596		365,356,889
Van Eck Global Natural Resources Portfolio (Class A) (c)		12,946,919		102,151,188
Wells Capital Management Mid Cap Value Portfolio (Class A) (a)		1,117,935		13,448,764
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (c)		15,999,471		216,152,854
Western Asset Management U.S. Government Portfolio (Class A) (c)		36,664,484		432,640,913
Total Mutual Funds (Cost $5,359,305,226)				5,363,324,597
Total Investments—100.0% (Cost $5,359,305,226)				5,363,324,597
Other assets and liabilities (net)—0.0%				(1,620,524	)
Net Assets—100.0%			$	5,361,704,073

(a)	A Portfolio of Brighthouse Funds Trust I.
(b)	Non-income producing security.
(c)	A Portfolio of Brighthouse Funds Trust II.

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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	5,363,324,597	$	—	$	—	$	5,363,324,597
Total Investments	$	5,363,324,597	$	—	$	—	$	5,363,324,597

BHFTII-58

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Schedule of Investments as of September 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)		41,214,559	$	430,692,146
Baillie Gifford International Stock Portfolio (Class A) (b)		35,627,381		430,735,040
BlackRock Bond Income Portfolio (Class A) (b)		7,104,005		769,434,741
BlackRock Capital Appreciation Portfolio (Class A) (b)		8,417,970		331,668,035
BlackRock High Yield Portfolio (Class A) (a)		9,671,053		73,886,848
Brighthouse Small Cap Value Portfolio (Class A) (a)		10,629,159		153,272,479
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (a)		11,614,828		120,097,323
Brighthouse/Artisan International Portfolio (Class A) (a)		31,346,729		369,577,930
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		141,924		30,811,756
Brighthouse/Dimensional International Small Company Portfolio (Class A) (b)		11,176,773		122,050,366
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		24,485,264		246,321,758
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		25,898,633		246,554,990
Brighthouse/Templeton International Bond Portfolio (Class A) (a)		38,561,004		360,545,384
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		16,395,746		555,487,881
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		26,367,776		367,303,122
Clarion Global Real Estate Portfolio (Class A) (a)		14,660,286		185,159,415
ClearBridge Aggressive Growth Portfolio (Class A) (a)		21,455,647		333,206,201
Harris Oakmark International Portfolio (Class A) (a)		37,267,624		456,155,718
Invesco Comstock Portfolio (Class A) (a)		40,137,467		520,582,953
Invesco Global Equity Portfolio (Class A) (a)		5,829,751		119,917,984
Invesco Small Cap Growth Portfolio (Class A) (a)		12,307,958		148,064,730
Jennison Growth Portfolio (Class A) (b)		27,044,720		393,230,230
JPMorgan Core Bond Portfolio (Class A) (a)		23,704,006		246,047,582
JPMorgan Small Cap Value Portfolio (Class A) (a)		6,583,283		91,310,138
Loomis Sayles Small Cap Growth Portfolio (Class A) (b)		4,638,540		59,141,391
Affiliated Investment Companies—(Continued)
MFS Research International Portfolio (Class A) (a)		20,798,547		246,878,754
MFS Value Portfolio (Class A) (b)		44,193,196		678,807,487
Neuberger Berman Genesis Portfolio (Class A) (b)		4,686,921		91,769,912
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		37,090,584		367,938,598
PIMCO Total Return Portfolio (Class A) (a)		61,492,428		739,138,986
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) (c)		9,449,896		88,167,530
T. Rowe Price Large Cap Growth Portfolio (Class A) (b)		16,005,947		333,563,931
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		18,952,170		555,488,096
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		8,689,640		91,588,809
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		8,125,652		182,664,655
TCW Core Fixed Income Portfolio (Class A) (a)		54,705,095		572,762,346
Van Eck Global Natural Resources Portfolio (Class A) (b)		44,493,257		351,051,799
Wells Capital Management Mid Cap Value Portfolio (Class A) (a)		2,560,098		30,797,973
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		18,233,165		246,330,061
Western Asset Management U.S. Government Portfolio (Class A) (b)		41,749,270		492,641,387
Total Mutual Funds (Cost $12,230,347,430)				12,230,846,465
Total Investments—100.0% (Cost $12,230,347,430)				12,230,846,465
Other assets and liabilities (net)—0.0%				(3,236,590	)
Net Assets—100.0%			$	12,227,609,875

(a)	A Portfolio of Brighthouse Funds Trust I.
(b)	A Portfolio of Brighthouse Funds Trust II.
(c)	Non-income producing security.

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. 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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	12,230,846,465	$	—	$	—	$	12,230,846,465
Total Investments	$	12,230,846,465	$	—	$	—	$	12,230,846,465

BHFTII-59

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Schedule of Investments as of September 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) (b)		14,267,984	$	149,100,430
Baillie Gifford International Stock Portfolio (Class A) (c)		35,111,489		424,497,905
BlackRock Bond Income Portfolio (Class A) (c)		2,517,303		272,649,054
BlackRock Capital Appreciation Portfolio (Class A) (c)		8,075,830		318,187,694
BlackRock High Yield Portfolio (Class A) (a)		6,529,606		49,886,193
Brighthouse Small Cap Value Portfolio (Class A) (a)		12,108,956		174,611,148
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (a)		11,836,255		122,386,876
Brighthouse/Artisan International Portfolio (Class A) (a)		31,766,832		374,530,945
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (c)		115,194		25,008,553
Brighthouse/Dimensional International Small Company Portfolio (Class A) (c)		17,824,507		194,643,616
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		9,892,484		99,518,387
Brighthouse/Templeton International Bond Portfolio (Class A) (a)		30,949,030		289,373,432
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (c)		14,751,723		499,788,377
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		25,009,054		348,376,117
Clarion Global Real Estate Portfolio (Class A) (a)		19,797,357		250,040,622
ClearBridge Aggressive Growth Portfolio (Class A) (a)		28,567,826		443,658,334
Frontier Mid Cap Growth Portfolio (Class A) (c)		1,420,399		49,529,314
Harris Oakmark International Portfolio (Class A) (a)		38,193,735		467,491,319
Invesco Comstock Portfolio (Class A) (a)		42,258,811		548,096,778
Invesco Global Equity Portfolio (Class A) (a)		7,125,995		146,581,720
Invesco Small Cap Growth Portfolio (Class A) (a)		18,032,830		216,934,946
Jennison Growth Portfolio (Class A) (c)		33,874,970		492,542,066
JPMorgan Core Bond Portfolio (Class A) (a)		9,543,860		99,065,272
JPMorgan Small Cap Value Portfolio (Class A) (a)		10,634,727		147,503,664
Loomis Sayles Small Cap Growth Portfolio (Class A) (c)		9,377,162		119,558,811
Affiliated Investment Companies—(Continued)
MFS Research International Portfolio (Class A) (a)		25,262,196		299,862,266
MFS Value Portfolio (Class A) (c)		39,054,736		599,880,738
Morgan Stanley Discovery Portfolio (Class A) (a)		1,084,292		21,967,749
Neuberger Berman Genesis Portfolio (Class A) (c)		1,267,518		24,817,994
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		14,920,407		148,010,436
PIMCO Total Return Portfolio (Class A) (a)		24,767,633		297,706,954
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) (b)		12,726,638		118,739,531
T. Rowe Price Large Cap Growth Portfolio (Class A) (c)		20,119,206		419,284,244
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		17,914,098		525,062,226
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		9,418,092		99,266,687
T. Rowe Price Small Cap Growth Portfolio (Class A) (c)		6,599,630		148,359,683
TCW Core Fixed Income Portfolio (Class A) (a)		21,318,450		223,204,177
Van Eck Global Natural Resources Portfolio (Class A) (c)		41,921,259		330,758,732
Wells Capital Management Mid Cap Value Portfolio (Class A) (a)		8,300,422		99,854,072
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (c)		14,764,687		199,470,926
Total Mutual Funds (Cost $9,864,286,460)				9,879,807,988
Total Investments—100.0% (Cost $9,864,286,460)				9,879,807,988
Other assets and liabilities (net)—0.0%				(2,663,235	)
Net Assets—100.0%			$	9,877,144,753

(a)	A Portfolio of Brighthouse Funds Trust I.
(b)	Non-income producing security.
(c)	A Portfolio of Brighthouse Funds Trust II.

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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	9,879,807,988	$	—	$	—	$	9,879,807,988
Total Investments	$	9,879,807,988	$	—	$	—	$	9,879,807,988

BHFTII-60

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

Common Stocks—95.4% of Net Assets

Security Description	Shares		Value
Auto Components—4.1%
Delphi Technologies plc		832,728	$	11,158,555
Gentex Corp.		953,782		26,262,388
				37,420,943
Automobiles—2.8%
Thor Industries, Inc. (a)		451,655		25,581,739
Banks—9.9%
BOK Financial Corp.		203,424		16,101,010
Fifth Third Bancorp		683,248		18,707,330
M&T Bank Corp.		156,361		24,700,347
Pinnacle Financial Partners, Inc. (a)		254,271		14,429,879
SunTrust Banks, Inc.		227,404		15,645,395
				89,583,961
Capital Markets—3.2%
E*Trade Financial Corp.		421,162		18,400,568
Intercontinental Exchange, Inc.		114,933		10,604,868
				29,005,436
Chemicals—8.2%
Axalta Coating Systems, Ltd. (b)		697,701		21,035,685
Celanese Corp. (a)		305,742		37,389,189
Nutrien, Ltd. (a)		329,994		16,460,101
				74,884,975
Construction & Engineering—1.2%
Jacobs Engineering Group, Inc. (a)		117,227		10,726,271
Consumer Finance—2.4%
Synchrony Financial		644,768		21,980,141
Diversified Consumer Services—2.0%
H&R Block, Inc. (a)		781,862		18,467,580
Diversified Telecommunication Services—2.7%
GCI Liberty, Inc. - Class A (a) (b)		397,630		24,680,894
Electronic Equipment, Instruments & Components—1.9%
Arrow Electronics, Inc. (b)		230,190		17,167,570
Entertainment—1.2%
Lions Gate Entertainment Corp. - Class A (a) (b)		586,625		5,426,281
Lions Gate Entertainment Corp. - Class B (b)		613,550		5,362,427
				10,788,708
Equity Real Estate Investment Trusts—4.3%
Equity Commonwealth		582,473		19,949,700
STORE Capital Corp.		273,932		10,247,796
Weyerhaeuser Co.		309,480		8,572,596
				38,770,092
Food & Staples Retailing—2.8%
Kroger Co. (The)		998,491		25,741,098
Health Care Equipment & Supplies—2.1%
DENTSPLY SIRONA, Inc.		365,417		19,480,380
Health Care Providers & Services—1.8%
AmerisourceBergen Corp.		202,582		16,678,576
Insurance—12.9%
Aon plc		115,971		22,448,506
Arch Capital Group, Ltd. (b)		704,775		29,586,455
Fairfax Financial Holdings, Ltd.		9,954		4,389,515
Globe Life, Inc.		299,576		28,687,398
Loews Corp.		282,675		14,552,109
Progressive Corp. (The)		233,844		18,064,449
				117,728,432
Interactive Media & Services—2.0%
IAC/InterActiveCorp (b)		82,847		18,058,161
Internet & Direct Marketing Retail—2.7%
Expedia Group, Inc.		180,137		24,212,214
Marine—2.6%
Kirby Corp. (a) (b)		285,652		23,469,168
Media—6.1%
CBS Corp. - Class B		404,043		16,311,216
News Corp. - Class A		1,228,619		17,102,377
Omnicom Group, Inc. (a)		283,708		22,214,336
				55,627,929
Oil, Gas & Consumable Fuels—1.7%
Devon Energy Corp.		323,442		7,782,015
Marathon Petroleum Corp.		126,664		7,694,838
				15,476,853
Road & Rail—4.9%
AMERCO		66,560		25,961,062
Ryder System, Inc.		365,650		18,929,701
				44,890,763
Semiconductors & Semiconductor Equipment—3.1%
Analog Devices, Inc.		251,289		28,076,520
Specialty Retail—3.5%
AutoNation, Inc. (a) (b)		628,000		31,839,600
Technology Hardware, Storage & Peripherals—2.0%
NetApp, Inc. (a)		340,337		17,871,096
Trading Companies & Distributors—3.3%
Air Lease Corp. (a)		718,472		30,046,499
Total Common Stocks (Cost $657,534,745)				868,255,599

BHFTII-61

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

Short-Term Investment—4.4%

Security Description	Principal Amount*		Value
Repurchase Agreement—4.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $40,098,434; collateralized by U.S. Treasury Note at 2.000%, maturing 12/31/21, with a market value of $40,901,773.		40,097,543	$	40,097,543
Total Short-Term Investments (Cost $40,097,543)				40,097,543
Securities Lending Reinvestments (c)—18.0%
Certificates of Deposit—11.4%
ABN AMRO Bank NV 2.120%, 01/10/20		1,000,000		1,000,160
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (d)		2,000,000		1,999,842
Bank of Montreal (Chicago)
2.070%, SOFR + 0.250%, 07/10/20 (d)		1,000,000		1,000,068
2.150%, 1M LIBOR + 0.100%, 10/11/19 (d)		5,000,000		4,999,910
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (d)		1,000,000		999,995
2.210%, FEDEFF PRV + 0.380%, 09/09/20 (d)		1,000,000		999,996
Bank of Nova Scotia
2.198%, 1M LIBOR + 0.170%, 05/15/20 (d)		2,000,000		1,999,128
2.481%, 3M LIBOR + 0.170%, 01/09/20 (d)		2,000,000		2,000,834
Barclays Bank plc 2.297%, 1M LIBOR + 0.230%, 02/05/20 (d)		2,000,000		1,998,604
Canadian Imperial Bank of Commerce 2.278%, 1M LIBOR + 0.250%, 10/15/19 (d)		5,000,000		5,000,170
Chiba Bank, Ltd. 2.250%, 10/17/19		1,000,000		1,000,052
Commonwealth Bank of Australia 2.200%, 1M LIBOR + 0.175%, 04/16/20 (d)		4,000,000		3,998,360
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (d)		4,000,000		4,000,076
Credit Agricole S.A. 2.256%, 1M LIBOR + 0.210%, 12/20/19 (d)		2,000,000		2,000,286
Credit Industriel et Commercial
2.260%, 1M LIBOR + 0.160%, 01/03/20 (d)		2,000,000		1,999,748
2.393%, 3M LIBOR + 0.090%, 10/15/19 (d)		2,500,000		2,500,262
Credit Suisse AG 2.240%, 1M LIBOR + 0.140%, 10/02/19 (d)		5,000,000		5,000,000
DNB Bank ASA 2.020%, 03/10/20		3,000,000		2,999,358
DZ Bank AG
Zero Coupon, 10/18/19		1,987,960		1,997,900
Zero Coupon, 11/18/19		994,301		997,180
Zero Coupon, 03/10/20		989,594		990,790
KBC Bank NV
Zero Coupon, 10/25/19		5,922,000		5,991,928
2.080%, 03/12/20		1,000,000		1,000,100
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 11/18/19		994,288		997,180
Mizuho Bank, Ltd.
Zero Coupon, 10/23/19		1,988,162		1,997,320
2.174%, 1M LIBOR + 0.120%, 11/27/19 (d)		1,000,000		999,981
Certificates of Deposit—(Continued)
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (d)		2,000,000		1,999,794
Rabobank International London 2.236%, 1M LIBOR + 0.190%, 04/24/20 (d)		5,000,000		4,999,500
Royal Bank of Canada New York 2.060%, SOFR + 0.240%, 07/08/20 (d)		3,000,000		2,999,760
Societe Generale 2.280%, FEDEFF PRV + 0.450%, 08/14/20 (d)		2,000,286		2,001,038
Standard Chartered Bank
2.158%, 1M LIBOR + 0.130%, 11/15/19 (d)		3,000,000		3,000,051
2.230%, FEDEFF PRV + 0.400%, 03/13/20 (d)		2,000,000		1,999,988
Sumitomo Mitsui Banking Corp.
2.172%, 1M LIBOR + 0.130%, 12/09/19 (d)		2,000,000		1,999,740
2.216%, 1M LIBOR + 0.170%, 01/21/20 (d)		2,000,000		1,999,972
2.234%, 1M LIBOR + 0.180%, 01/27/20 (d)		2,000,000		1,999,862
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 10/17/19		1,973,515		1,998,020
Svenska Handelsbanken AB
2.266%, 1M LIBOR + 0.220%, 07/22/20 (d)		4,000,000		3,998,768
2.429%, 1M LIBOR + 0.380%, 12/10/19 (d)		2,000,000		2,000,804
Toronto-Dominion Bank
2.180%, FEDEFF PRV + 0.350%, 07/31/20 (d)		2,000,000		1,998,818
2.269%, 1M LIBOR + 0.180%, 06/03/20 (d)		2,000,000		1,999,943
Wells Fargo Bank N.A. 2.180%, FEDEFF PRV + 0.350%, 08/20/20 (d)		4,000,000		4,000,000
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (d)		4,000,000		3,999,986
				103,465,272
Commercial Paper—2.2%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd.
2.290%, 12/09/19		1,988,550		1,990,894
2.470%, 10/11/19		3,976,398		3,997,156
China Construction Bank Corp. 2.470%, 10/18/19		993,756		998,858
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (d)		4,000,000		4,000,648
Sumitomo Mitsui Banking Corp. 2.187%, 1M LIBOR + 0.130%, 01/06/20 (d)		5,000,000		4,999,360
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (d)		3,000,000		3,000,000
				19,982,304
Repurchase Agreements—4.4%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $5,000,267; collateralized by various Common Stock with an aggregate market value of $5,500,001.		5,000,000		5,000,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $2,012,420; collateralized by various Common Stock with an aggregate market value of $2,200,226.		2,000,000		2,000,000

BHFTII-62

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc.
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $4,008,439; collateralized by various Common Stock with an aggregate market value of $4,400,000.		4,000,000	$	4,000,000
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $3,006,329; collateralized by various Common Stock with an aggregate market value of $3,300,000.		3,000,000		3,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $2,301,934; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $2,347,855.		2,301,818		2,301,818
Morgan Stanley & Co. LLC Repurchase Agreement dated 09/30/19 at 2.370%, due on 03/30/20 with a maturity value of $3,035,945; collateralized by U.S. Treasury Obligations with rates ranging from 2.000% - 2.375%, maturity dates ranging from 03/15/22 - 05/15/29, and various Common Stock with an aggregate market value of $3,293,006.		3,000,000		3,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $6,902,683; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $7,666,327.		6,900,000		6,900,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,000,389; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000		1,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,100,428; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,222,168.		1,100,000		1,100,000
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $12,004,667; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $13,332,743.		12,000,000		12,000,000
				40,301,818
Total Securities Lending Reinvestments (Cost $163,751,944)				163,749,394
Total Investments—117.8% (Cost $861,384,232)				1,072,102,536
Other assets and liabilities (net)—(17.8)%				(162,184,701	)
Net Assets—100.0%			$	909,917,835

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $163,020,069 and the collateral received consisted of cash in the amount of $163,604,891. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(d)	Variable or floating rate security. The stated rate represents the rate at September 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.

Index Abbreviations

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

BHFTII-63

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	868,255,599	$	—		$	—	$	868,255,599
Total Short-Term Investment*		—		40,097,543			—		40,097,543
Total Securities Lending Reinvestments*		—		163,749,394			—		163,749,394
Total Investments	$	868,255,599	$	203,846,937		$	—	$	1,072,102,536
Collateral for Securities Loaned (Liability)	$	—	$	(163,604,891	)	$	—	$	(163,604,891	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-64

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—99.1% of Net Assets

Security Description	Shares		Value
Australia—6.6%
A2B Australia, Ltd.		55,813	$	55,395
Accent Group, Ltd.		90,942		104,709
Adairs, Ltd.		20,017		25,644
Adelaide Brighton, Ltd.		118,950		245,952
AED Oil, Ltd. (a) (b) (c)		93,946		0
Ainsworth Game Technology, Ltd.		51,616		27,081
Alkane Resources, Ltd. (a)		120,355		59,028
Alliance Aviation Services, Ltd.		5,808		9,035
ALS, Ltd.		85,609		463,870
Altium, Ltd.		27,873		628,297
AMA Group, Ltd.		111,029		94,384
Amaysim Australia, Ltd. (a)		29,484		5,993
Ansell, Ltd.		36,143		669,669
AP Eagers, Ltd.		38,258		367,231
Appen, Ltd.		32,399		463,672
ARB Corp., Ltd.		28,061		362,143
Ardent Leisure Group, Ltd. (a)		113,950		74,658
ARQ Group, Ltd.		41,278		10,447
Asaleo Care, Ltd. (a)		98,648		64,927
AUB Group, Ltd.		29,816		235,145
Aurelia Metals, Ltd.		169,705		51,893
Ausdrill, Ltd.		186,432		281,907
Austal, Ltd.		86,940		255,260
Australian Agricultural Co., Ltd. (a)		192,359		135,069
Australian Finance Group, Ltd.		25,492		37,874
Australian Pharmaceutical Industries, Ltd.		174,311		158,745
Auswide Bank, Ltd.		9,275		34,070
Aveo Group		125,167		180,021
AVJennings, Ltd.		10,332		3,979
Baby Bunting Group, Ltd.		17,252		41,409
Bank of Queensland, Ltd.		96,271		645,281
Bapcor, Ltd.		65,878		327,440
Beach Energy, Ltd.		268,166		461,346
Bega Cheese, Ltd.		77,553		238,177
Bellamy’s Australia, Ltd. (a)		26,287		231,272
Bingo Industries, Ltd.		74,763		111,624
Blackmores, Ltd.		4,893		283,127
Blue Sky Alternative Investments, Ltd. (a) (b) (c)		6,725		630
Bravura Solutions, Ltd.		59,470		167,273
Breville Group, Ltd.		34,410		375,383
Brickworks, Ltd.		5,923		70,652
BSA, Ltd.		28,058		8,337
Bubs Australia, Ltd. (a)		5,279		4,769
Buru Energy, Ltd. (a)		72,570		12,974
BWX, Ltd.		2,270		5,952
Capitol Health, Ltd.		260,324		41,169
Capral, Ltd.		136,176		10,591
Cardno, Ltd. (a)		69,333		52,423
Carnarvon Petroleum, Ltd. (a)		66,586		17,581
carsales.com, Ltd.		69,664		722,015
Cash Converters International, Ltd. (a)		152,939		14,491
Cedar Woods Properties, Ltd.		27,273		127,815
Centuria Capital Group		34,894		51,873
Champion Iron, Ltd. (a)		31,434		52,719
Citadel Group, Ltd. (The)		4,283		10,528
Cleanaway Waste Management, Ltd.		475,990		627,789
Clinuvel Pharmaceuticals, Ltd.		7,973		133,033
Australia—(Continued)
Clover Corp., Ltd.		39,945		80,886
CML Group, Ltd.		38,067		12,221
Codan, Ltd.		27,939		104,587
Collection House, Ltd.		40,783		35,476
Collins Foods, Ltd.		30,579		206,691
Cooper Energy, Ltd. (a)		552,999		217,715
Corporate Travel Management, Ltd.		22,148		282,496
Costa Group Holdings, Ltd.		73,544		186,453
Credit Corp. Group, Ltd.		17,158		350,228
CSG, Ltd. (a)		85,825		12,787
CSR, Ltd.		239,936		692,552
Cudeco, Ltd. (a) (b) (c)		51,210		1,524
Dacian Gold, Ltd. (a)		26,247		24,269
Data #3, Ltd.		55,471		111,018
Decmil Group, Ltd.		78,588		46,696
Dicker Data, Ltd.		5,634		30,268
Domain Holdings Australia, Ltd.		96,746		221,712
Domino’s Pizza Enterprises, Ltd.		10,373		325,153
Downer EDI, Ltd.		51,836		273,265
DWS, Ltd.		36,847		25,867
Eclipx Group, Ltd.		36,318		43,587
Elanor Investor Group		5,157		7,318
Elders, Ltd.		45,511		194,330
Electro Optic Systems Holdings, Ltd. (a)		20,983		109,663
Emeco Holdings, Ltd. (a)		76,020		98,371
EML Payments, Ltd. (a)		49,831		144,607
Energy World Corp., Ltd. (a)		325,379		18,855
EQT Holdings, Ltd.		3,062		62,228
ERM Power, Ltd.		49,991		81,680
Estia Health, Ltd.		52,899		91,774
Euroz, Ltd.		23,559		15,925
Event Hospitality and Entertainment, Ltd.		38,556		351,094
FAR, Ltd. (a)		653,097		24,256
Fiducian Group, Ltd.		3,121		11,716
Finbar Group, Ltd.		6,909		3,944
Fleetwood Corp., Ltd. (a)		35,042		45,656
FlexiGroup, Ltd.		60,577		104,348
Freedom Foods Group, Ltd.		19,936		70,696
G8 Education, Ltd.		158,694		278,100
Galaxy Resources, Ltd. (a)		98,235		72,697
Genworth Mortgage Insurance Australia, Ltd.		58,063		133,297
Gold Road Resources, Ltd. (a)		211,954		177,124
GrainCorp, Ltd. - Class A		83,590		448,962
Grange Resources, Ltd.		120,000		19,001
Greenland Minerals Ltd. (a)		349,524		30,744
GUD Holdings, Ltd.		39,734		270,149
GWA Group, Ltd.		92,856		212,703
Hansen Technologies, Ltd.		50,238		128,272
Hastings Technology Metals, Ltd. (a)		99,951		12,112
Healius, Ltd.		291,166		633,527
Horizon Oil, Ltd. (a)		652,736		61,366
HT&E, Ltd.		109,386		136,761
HUB24, Ltd.		12,409		105,598
Huon Aquaculture Group, Ltd.		2,742		8,706
IDM International, Ltd. (a) (b) (c)		1,969		0
IDP Education, Ltd.		15,657		165,522
Iluka Resources, Ltd.		59,734		323,864

BHFTII-65

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
Imdex, Ltd.		100,165	$	95,107
IMF Bentham, Ltd. (a)		62,005		156,543
Independence Group NL		126,275		549,756
Infigen Energy, Ltd.		343,467		157,313
Infomedia, Ltd.		131,353		180,131
Inghams Group, Ltd.		61,587		131,038
Integral Diagnostics, Ltd.		23,139		51,100
Integrated Research, Ltd.		28,972		60,456
International Ferro Metals, Ltd. (a) (b) (c)		82,765		0
Invocare, Ltd.		40,710		381,784
IOOF Holdings, Ltd.		118,246		510,476
IPH, Ltd.		43,902		258,527
Iress, Ltd.		54,057		423,266
iSelect, Ltd. (a)		46,213		18,419
iSentia Group, Ltd. (a)		28,120		8,370
IVE Group, Ltd.		19,754		28,005
Japara Healthcare, Ltd.		32,040		25,634
JB Hi-Fi, Ltd.		38,643		887,761
Jumbo Interactive, Ltd.		12,118		198,083
Jupiter Mines, Ltd.		284,267		74,884
Karoon Energy, Ltd. (a)		75,600		59,411
Kingsgate Consolidated, Ltd. (a)		121,238		34,376
Kogan.com, Ltd.		15,239		62,459
Lifestyle Communities, Ltd.		10,784		55,775
Link Administration Holdings, Ltd.		48,258		186,207
Lovisa Holdings, Ltd.		11,216		97,068
Lycopodium, Ltd.		6,179		22,691
Lynas Corp., Ltd. (a)		171,099		313,083
MACA, Ltd.		56,351		36,510
Macmahon Holdings, Ltd. (a)		380,170		52,613
Mayne Pharma Group, Ltd. (a)		452,144		159,080
McMillan Shakespeare, Ltd.		29,453		324,358
McPherson’s, Ltd.		34,460		58,358
Medusa Mining, Ltd. (a)		60,972		33,780
Metals X, Ltd. (a)		104,677		13,062
Metcash, Ltd.		385,184		777,984
Millennium Minerals, Ltd. (a)		63,242		3,760
Mincor Resources NL (a)		22,345		8,900
Mineral Resources, Ltd.		41,091		372,799
MMA Offshore, Ltd. (a)		200,470		25,743
Moelis Australia, Ltd.		8,784		23,414
Monadelphous Group, Ltd.		40,177		427,909
Monash IVF Group, Ltd.		21,931		15,830
Money3 Corp., Ltd.		25,929		40,538
Morning Star Gold NL (a) (b) (c)		33,455		0
Mortgage Choice, Ltd.		48,689		37,423
Mount Gibson Iron, Ltd.		406,465		216,972
Myer Holdings, Ltd. (a)		355,143		146,462
MyState, Ltd.		13,575		41,886
Navigator Global Investments, Ltd.		45,623		102,973
Netwealth Group, Ltd.		12,142		74,372
New Hope Corp., Ltd.		32,928		48,930
NEXTDC, Ltd. (a)		82,224		341,373
nib holdings, Ltd.		171,993		850,128
Nick Scali, Ltd.		21,771		110,293
Nine Entertainment Co. Holdings, Ltd.		529,025		698,788
NRW Holdings, Ltd.		120,820		190,461
Australia—(Continued)
Nufarm, Ltd.		112,275		428,282
OceanaGold Corp.		177,811		464,374
OFX Group, Ltd.		99,303		106,901
OM Holdings, Ltd. (d)		21,506		6,554
Onevue Holdings, Ltd. (a)		33,268		9,183
oOh!media, Ltd.		55,990		108,238
Orora, Ltd.		310,992		607,890
Otto Energy, Ltd. (a)		209,028		6,760
OZ Minerals, Ltd.		134,369		875,725
Pacific Current Group, Ltd.		8,717		41,808
Pacific Niugini, Ltd. (a)		76,910		10,575
Pacific Smiles Group, Ltd.		13,431		14,219
Pact Group Holdings, Ltd. (a)		32,535		48,372
Panoramic Resources, Ltd. (a)		213,261		43,185
Paragon Care, Ltd.		45,405		12,265
Peet, Ltd.		88,199		68,498
Pendal Group, Ltd.		62,285		311,871
Perpetual, Ltd.		17,753		450,398
Perseus Mining, Ltd. (a)		231,401		108,585
Platinum Asset Management, Ltd.		71,195		204,047
Pluton Resources, Ltd. (a) (b) (c)		48,332		0
Praemium, Ltd. (a)		98,955		33,767
Premier Investments, Ltd.		44,992		588,736
Prime Media Group, Ltd. (a)		93,371		10,403
Pro Medicus, Ltd.		14,226		267,847
PWR Holdings, Ltd.		5,725		18,152
QANTM Intellectual Property, Ltd.		14,173		12,730
Qube Holdings, Ltd.		145,341		314,336
Ramelius Resources, Ltd.		81,971		61,745
Reckon, Ltd.		36,898		18,695
Regis Healthcare, Ltd.		44,832		88,086
Regis Resources, Ltd.		180,703		593,000
Reject Shop, Ltd. (The)		12,421		16,347
Resolute Mining, Ltd. (a)		277,334		263,059
Rhipe, Ltd.		12,338		22,053
Ridley Corp., Ltd.		123,003		82,624
RPMGlobal Holdings, Ltd. (a)		4,190		2,163
Salmat, Ltd.		45,807		16,232
Sandfire Resources NL		45,376		201,916
Saracen Mineral Holdings, Ltd. (a)		349,701		807,338
SeaLink Travel Group, Ltd.		11,458		28,703
Select Harvests, Ltd.		35,131		182,550
Senex Energy, Ltd. (a)		400,753		93,926
Servcorp, Ltd.		21,215		60,585
Service Stream, Ltd.		79,474		140,237
Seven Group Holdings, Ltd.		5,937		69,705
Seven West Media, Ltd. (a)		408,410		107,626
SG Fleet Group, Ltd.		24,267		38,011
Sheffield Resources, Ltd. (a)		47,049		13,288
Sigma Healthcare, Ltd.		560,969		227,314
Silver Chef, Ltd. (a)		8,928		4,218
Silver Lake Resources, Ltd. (a)		141,935		89,111
SmartGroup Corp., Ltd.		22,008		181,557
Southern Cross Media Group, Ltd.		229,061		191,358
Spark Infrastructure Group		399,421		582,505
SpeedCast International, Ltd.		65,225		53,977
SRG Global, Ltd.		9,380		2,600

BHFTII-66

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
St. Barbara, Ltd.		266,331	$	517,259
Stanmore Coal, Ltd.		11,240		10,325
Star Entertainment Group, Ltd. (The)		117,866		346,968
Steadfast Group, Ltd.		206,305		494,993
Strike Energy, Ltd. (a)		253,760		41,917
Sundance Energy Australia, Ltd. (a)		204,616		26,101
Sunland Group, Ltd.		40,150		44,197
Super Retail Group, Ltd.		65,652		439,688
Superloop, Ltd. (a)		12,038		8,137
Superloop, Ltd. (a)		2,898		1,959
Syrah Resources, Ltd. (a)		93,996		32,073
Tassal Group, Ltd.		91,742		265,389
Technology One, Ltd.		85,252		413,628
Thorn Group, Ltd. (a)		62,916		10,432
Tiger Resources, Ltd. (a) (b) (c)		591,241		222
Tribune Resources, Ltd. (a)		2,377		13,160
Troy Resources, Ltd. (a)		106,145		7,831
Villa World, Ltd.		37,045		58,270
Village Roadshow, Ltd.		38,999		75,154
Virgin Australia Holdings, Ltd. (a)		442,369		47,745
Virgin Australia International Holding, Ltd. (a) (b) (c)		968,773		1
Virtus Health, Ltd.		37,091		111,452
Vista Group International, Ltd.		24,156		58,019
Vita Group, Ltd.		31,375		25,740
Vocus Group, Ltd. (a)		176,835		417,862
Webjet, Ltd.		33,524		246,753
Western Areas, Ltd.		118,029		246,902
Westgold Resources, Ltd. (a)		74,440		124,989
Whitehaven Coal, Ltd.		115,974		243,077
WPP AUNZ, Ltd.		131,382		45,533
				41,946,616
Austria—1.4%
Agrana Beteiligungs AG		5,813		107,387
ams AG (a)		16,874		752,843
Andritz AG		18,212		744,933
Austria Technologie & Systemtechnik AG (d)		14,133		242,999
CA Immobilien Anlagen AG		20,949		742,921
DO & Co. AG		2,435		224,259
EVN AG		12,657		222,631
FACC AG (d)		6,291		73,824
Flughafen Wien AG		267		11,160
IMMOFINANZ AG (a)		26,268		731,173
Kapsch TrafficCom AG		1,870		63,150
Lenzing AG		3,209		309,296
Mayr Melnhof Karton AG		3,211		386,586
Oberbank AG		198		20,588
Oesterreichische Post AG		10,088		353,973
Palfinger AG		5,204		136,982
POLYTEC Holding AG		8,428		76,021
Porr AG		2,048		42,182
Rosenbauer International AG		1,615		69,182
S IMMO AG		23,207		533,659
S&T AG		14,298		284,702
Schoeller-Bleckmann Oilfield Equipment AG		3,509		208,385
Semperit AG Holding (a) (d)		5,443		75,130
Austria—(Continued)
Strabag SE		6,827		218,824
Telekom Austria AG (a)		37,440		272,077
UBM Development AG		1,207		55,396
UNIQA Insurance Group AG		36,921		333,349
Vienna Insurance Group AG Wiener Versicherung Gruppe		10,841		282,342
Wienerberger AG		39,101		952,593
Zumtobel Group AG (a)		13,016		97,872
				8,626,419
Belgium—1.9%
Ackermans & van Haaren NV		7,373		1,120,726
AGFA-Gevaert NV (a)		67,517		277,105
Atenor		1,089		88,547
Banque Nationale de Belgique		88		213,898
Barco NV		4,866		960,764
Bekaert S.A.		11,685		335,333
Biocartis NV (a) (d)		10,340		69,907
bpost S.A.		18,928		198,643
Cie d’Entreprises CFE		3,200		294,909
Cie Immobiliere de Belgique S.A.		1,276		93,182
D’ieteren S.A.		8,787		476,662
Deceuninck NV		27,313		54,630
Econocom Group S.A.		39,556		99,127
Elia System Operator S.A.		10,172		831,580
Euronav NV (d)		38,347		348,801
EVS Broadcast Equipment S.A.		4,761		116,804
Exmar NV (a)		10,339		62,331
Fagron		12,062		213,788
Galapagos NV (a)		16,401		2,499,103
GIMV NV		3,198		192,989
Ion Beam Applications (a) (d)		6,507		111,881
Jensen-Group NV		1,035		39,154
Kinepolis Group NV		5,586		343,146
Lotus Bakeries NV		96		269,936
MDxHealth (a) (d)		8,434		9,292
Melexis NV (d)		5,431		376,670
Nyrstar NV (a) (d)		26,926		6,163
Ontex Group NV		16,729		301,213
Orange Belgium S.A.		13,209		272,698
Oxurion NV (a) (d)		12,685		35,940
Picanol		1,096		74,550
Recticel S.A. (d)		18,423		156,486
Resilux NV		229		32,201
Roularta Media Group NV		1,629		22,629
Sioen Industries NV		3,002		70,026
Sipef S.A. (d)		3,358		157,686
Telenet Group Holding NV		6,475		305,640
TER Beke S.A.		141		19,358
Tessenderlo Group S.A. (a)		13,457		425,645
Van de Velde NV		1,970		50,465
Viohalco S.A. (a) (d)		45,397		180,917
				11,810,525
Canada—8.9%
5N Plus, Inc. (a)		33,732		55,760
Absolute Software Corp.		18,754		107,724

BHFTII-67

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Acadian Timber Corp.		3,800	$	48,789
Advantage Oil & Gas, Ltd. (a)		91,030		147,726
Aecon Group, Inc. (d)		30,622		421,591
AG Growth International, Inc.		5,820		195,574
AGF Management, Ltd. - Class B		32,280		151,063
Aimia, Inc. (a)		48,671		124,171
AirBoss of America Corp.		3,761		22,143
AKITA Drilling, Ltd. - Class A		3,414		2,809
Alamos Gold, Inc. - Class A		134,669		782,693
Alaris Royalty Corp.		16,654		247,513
Alcanna, Inc. (a)		12,660		49,690
Alexco Resource Corp. (a) (d)		22,734		39,639
Algoma Central Corp.		4,410		46,102
Alio Gold, Inc. (a)		5,966		3,693
Altius Minerals Corp.		12,660		105,496
Altus Group, Ltd.		10,488		316,259
Americas Gold And Silver Corp. (a)		4,400		10,993
Amerigo Resources, Ltd. (a)		35,000		18,493
Andrew Peller, Ltd. - Class A		11,417		121,939
ARC Resources, Ltd.		70,730		336,873
Aritzia, Inc. (a)		17,337		219,714
Asanko Gold, Inc. (a)		23,027		21,378
Athabasca Oil Corp. (a)		144,824		69,961
ATS Automation Tooling Systems, Inc. (a)		31,233		426,939
AutoCanada, Inc.		8,428		50,828
B2Gold Corp. (a)		285,245		927,959
Badger Daylighting, Ltd.		12,862		395,029
Barrick Gold Corp.		11,698		204,402
Baytex Energy Corp. (a)		166,118		245,757
Birchcliff Energy, Ltd. (d)		80,388		129,849
Bird Construction, Inc. (d)		18,612		79,795
Black Diamond Group, Ltd. (a)		19,812		26,768
BMTC Group, Inc.		5,387		40,580
BNK Petroleum, Inc. (a)		17,500		1,981
Bombardier, Inc. - Class B (a)		86,350		116,667
Bonavista Energy Corp.		75,351		34,694
Bonterra Energy Corp. (d)		12,499		38,869
Boralex, Inc. - Class A		22,918		391,466
Bridgemarq Real Estate Services		3,500		38,887
Calfrac Well Services, Ltd. (a) (d)		35,593		42,179
Calian Group, Ltd.		2,846		75,444
Canaccord Genuity Group, Inc.		22,139		87,229
Canacol Energy, Ltd. (a)		40,661		139,030
Canadian Western Bank		32,028		804,054
Canfor Corp. (a)		17,141		200,928
Canfor Pulp Products, Inc.		15,297		112,114
CanWel Building Materials Group, Ltd.		19,304		67,171
Capital Power Corp. (d)		41,208		954,268
Capstone Mining Corp. (a)		117,839		52,478
Cardinal Energy, Ltd. (d)		32,459		60,760
Cascades, Inc.		35,836		313,229
Celestica, Inc. (a)		38,585		276,679
Celestica, Inc. (U.S. Listed Shares) (a)		223		1,599
Centerra Gold, Inc. (a)		65,485		556,562
Cervus Equipment Corp.		2,998		18,805
CES Energy Solutions Corp.		90,181		139,541
Chesswood Group, Ltd.		4,400		31,617
Canada—(Continued)
Cineplex, Inc. (d)		19,436		355,902
Clairvest Group, Inc.		200		7,625
Clearwater Seafoods, Inc.		10,644		45,152
Cogeco Communications, Inc.		5,136		413,912
Cogeco, Inc.		2,309		166,337
Colliers International Group, Inc.		10,661		800,671
Computer Modelling Group, Ltd.		28,920		133,375
Continental Gold, Inc. (a)		51,600		143,328
Copper Mountain Mining Corp. (a)		63,622		32,175
Corby Spirit and Wine, Ltd.		3,957		51,372
Corridor Resources, Inc. (a)		21,385		10,815
Corus Entertainment, Inc. - B Shares		31,990		127,733
Cott Corp.		45,705		569,911
Cott Corp. (U.S. Listed Shares)		2,000		24,940
Crescent Point Energy Corp.		10,595		45,135
Crescent Point Energy Corp.		89,477		382,262
Crew Energy, Inc. (a)		69,029		35,430
CRH Medical Corp. (a)		27,305		83,882
Delphi Energy Corp. (a) (d)		95,850		6,511
Denison Mines Corp. (a) (d)		247,548		119,584
Descartes Systems Group, Inc. (The) (a)		18,229		735,847
Detour Gold Corp. (a)		60,170		883,350
DHX Media, Ltd. (a) (d)		41,896		60,400
DIRTT Environmental Solutions (a)		17,310		78,263
Dorel Industries, Inc. - Class B		12,134		83,253
DREAM Unlimited Corp. - Class A		17,471		126,069
Dundee Precious Metals, Inc. (a)		45,872		154,424
E-L Financial Corp., Ltd.		377		213,719
Echelon Financial Holdings, Inc.		900		4,178
ECN Capital Corp.		87,631		302,279
EcoSynthetix, Inc. (a)		800		1,781
Eldorado Gold Corp. (a)		55,258		427,933
Element Fleet Management Corp.		109,572		876,675
Endeavour Silver Corp. (a) (d)		49,248		110,031
Enerflex, Ltd.		29,289		256,888
Enerplus Corp.		56,230		418,908
Enerplus Corp.		4,452		33,123
Enghouse Systems, Ltd.		14,178		390,608
Ensign Energy Services, Inc.		51,526		119,009
Entertainment One, Ltd.		113,037		786,598
Equitable Group, Inc.		4,209		329,801
ERO Copper Corp. (a)		7,390		107,934
Essential Energy Services Trust (a)		53,526		11,716
Evertz Technologies, Ltd.		10,149		127,394
Exchange Income Corp.		2,651		82,881
Exco Technologies, Ltd.		13,332		73,963
EXFO, Inc. (a)		85		337
Extendicare, Inc.		34,956		225,855
Fiera Capital Corp.		16,619		129,204
Finning International, Inc.		21,812		381,794
Firm Capital Mortgage Investment Corp.		9,574		100,882
First Majestic Silver Corp. (a)		42,360		385,280
First Mining Gold Corp. (a)		50,000		9,246
First National Financial Corp.		4,907		144,449
FirstService Corp.		7,950		815,072
Fission Uranium Corp. (a) (d)		114,725		31,174
Fortuna Silver Mines, Inc. (a) (d)		60,121		186,056

BHFTII-68

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Freehold Royalties, Ltd.		35,012	$	198,732
Gamehost, Inc.		4,952		32,332
GDI Integrated Facility Services, Inc. (a)		1,400		30,677
Gear Energy, Ltd. (a)		34,663		12,428
Genesis Land Development Corp. (a)		14,348		25,883
Genworth MI Canada, Inc. (d)		14,802		587,678
Gibson Energy, Inc.		42,525		730,229
Glacier Media, Inc. (a)		9,600		4,927
GMP Capital, Inc.		28,336		53,470
Goeasy, Ltd.		3,895		175,104
GoldMining, Inc. (a)		13,000		11,284
GoldMoney, Inc.		11,000		17,851
Gran Tierra Energy, Inc. (a)		112,213		138,906
Great Canadian Gaming Corp. (a)		20,308		633,681
Great Panther Silver, Ltd. (a)		17,253		12,241
Guardian Capital Group, Ltd. - Class A		3,800		69,670
Guyana Goldfields, Inc. (a)		57,547		40,830
Hanfeng Evergreen, Inc. (a) (b) (c)		12,100		0
Heroux-Devtek, Inc. (a)		14,606		189,624
High Arctic Energy Services, Inc.		3,900		6,682
High Liner Foods, Inc.		8,307		69,222
Home Capital Group, Inc. (a) (d)		23,902		464,924
Horizon North Logistics, Inc.		54,212		40,510
HudBay Minerals, Inc.		103,103		371,991
IAMGOLD Corp. (a)		162,515		554,454
IBI Group, Inc. (a)		5,900		21,821
Imperial Metals Corp. (a)		18,151		29,456
Indigo Books & Music, Inc. (a)		1,986		8,410
Information Services Corp.		2,900		34,804
Innergex Renewable Energy, Inc.		40,708		469,808
Interfor Corp. (a)		31,992		338,067
International Petroleum Corp. (a)		25,919		90,384
International Tower Hill Mines, Ltd. (a)		21,604		11,415
Intertain Group, Ltd. (The) (a)		800		7,017
Intertape Polymer Group, Inc.		23,413		304,845
Invesque, Inc.		9,800		65,660
Ivanhoe Mines, Ltd. - Class A (a)		157,294		408,417
Jamieson Wellness, Inc.		11,072		194,471
Just Energy Group, Inc. (d)		50,690		120,139
K-Bro Linen, Inc.		3,219		88,320
Kelso Technologies, Inc. (a)		9,500		6,740
Kelt Exploration, Ltd. (a)		58,951		154,847
Kinaxis, Inc. (a)		7,097		461,866
Kinder Morgan Canada, Ltd.		3,100		34,888
Kingsway Financial Services, Inc. (a)		8,765		19,371
Knight Therapeutics, Inc. (a)		40,310		226,066
KP Tissue, Inc.		1,400		9,912
Labrador Iron Ore Royalty Corp.		19,200		356,943
Largo Resources, Ltd. (a) (d)		83,173		92,285
Lassonde Industries, Inc. - Class A		600		82,166
Laurentian Bank of Canada		14,283		485,461
Leagold Mining Corp. (a)		9,400		18,164
Leon’s Furniture, Ltd.		9,639		119,683
Lightstream Resources, Ltd. (a) (b) (c)		108,373		0
Linamar Corp.		14,201		461,665
Lucara Diamond Corp.		110,136		92,275
Lundin Gold, Inc. (a)		11,400		65,826
Canada—(Continued)
Magellan Aerospace Corp.		5,794		65,119
Mainstreet Equity Corp. (a)		2,561		122,981
Major Drilling Group International, Inc. (a)		36,670		177,143
Manitok Energy, Inc. (a) (b) (c)		122		0
Maple Leaf Foods, Inc.		19,280		432,503
Martinrea International, Inc.		32,289		278,326
Maxim Power Corp. (a)		2,800		3,635
Mediagrif Interactive Technologies, Inc.		4,176		22,537
Medical Facilities Corp.		12,861		77,951
MEG Energy Corp. (a)		72,654		318,069
Melcor Developments, Ltd.		3,120		29,037
Morguard Corp.		1,400		218,213
Morneau Shepell, Inc.		18,485		459,875
Mountain Province Diamonds, Inc. (a)		1,600		1,498
MTY Food Group, Inc.		6,320		302,440
Mullen Group, Ltd.		37,792		249,028
New Gold, Inc. (a)		156,948		157,558
NFI Group, Inc. (d)		13,236		280,935
Nighthawk Gold Corp. (a)		24,500		8,507
Norbord, Inc.		9,625		230,736
North American Construction Group, Ltd.		14,743		169,925
North West Co., Inc. (The)		16,971		362,516
Northland Power, Inc.		31,825		610,629
NuVista Energy, Ltd. (a)		59,117		110,662
Obsidian Energy, Ltd. (a)		23,312		19,356
Osisko Gold Royalties, Ltd.		35,615		330,921
Osisko Mining, Inc. (a)		12,300		29,059
Painted Pony Energy, Ltd. (a) (d)		38,738		19,883
Pan American Silver Corp.		70,058		1,097,259
Paramount Resources, Ltd. - Class A (a)		19,290		93,767
Parex Resources, Inc. (a)		55,359		848,238
Park Lawn Corp.		6,356		123,968
Pason Systems, Inc.		24,116		293,975
Pengrowth Energy Corp. (a) (d)		183,295		35,971
Peyto Exploration & Development Corp.		38,891		98,046
Photon Control, Inc. (a)		20,200		14,180
PHX Energy Services Corp. (a)		12,350		26,101
Pinnacle Renewable Energy, Inc.		4,300		34,891
Pivot Technology Solutions, Inc.		4,800		4,819
Pizza Pizza Royalty Corp.		6,998		54,247
Points International, Ltd. (a)		5,320		58,346
Polaris Infrastructure, Inc.		5,300		52,886
Pollard Banknote, Ltd.		2,090		30,951
Polymet Mining Corp. (a) (d)		38,355		12,304
PrairieSky Royalty, Ltd.		40,052		558,675
Precision Drilling Corp. (a)		103,898		119,202
Premier Gold Mines, Ltd. (a)		47,868		67,565
Premium Brands Holdings Corp.		9,225		648,469
Pretium Resources, Inc. (a)		49,167		566,691
Pulse Seismic, Inc. (a)		15,720		25,511
Quarterhill, Inc.		58,061		75,817
Questerre Energy Corp. - Class A (a)		83,569		13,246
Real Matters, Inc. (a)		7,600		63,331
Recipe Unlimited Corp.		4,150		82,038
Reitmans Canada, Ltd. - Class A (d)		20,566		36,480
Richelieu Hardware, Ltd.		18,490		356,723
Rocky Mountain Dealerships, Inc.		5,738		31,097

BHFTII-69

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Rogers Sugar, Inc.		35,106	$	142,825
Roxgold, Inc. (a)		66,400		52,625
Russel Metals, Inc.		24,422		390,243
Sabina Gold & Silver Corp. (a)		57,206		74,268
Sandstorm Gold, Ltd. (a)		58,462		330,513
Savaria Corp.		10,600		96,251
Secure Energy Services, Inc.		55,376		234,068
SEMAFO, Inc. (a)		123,983		397,726
Seven Generations Energy, Ltd. - Class A (a)		27,480		174,647
ShawCor, Ltd.		21,791		250,995
Sienna Senior Living, Inc.		22,176		318,868
Sierra Wireless, Inc. (a)		16,910		180,607
Sleep Country Canada Holdings, Inc.		12,404		192,963
Spin Master Corp. (a)		4,905		149,869
Sprott, Inc.		60,427		142,305
SSR Mining, Inc. (a)		37,551		544,480
Stantec, Inc.		30,013		664,212
Stelco Holdings, Inc.		4,155		29,041
Stella-Jones, Inc.		13,794		403,039
STEP Energy Services, Ltd. (a)		6,800		7,442
Storm Resources, Ltd. (a)		20,200		20,126
Stornoway Diamond Corp. (a) (d)		70,074		529
Strad, Inc. (a)		10,641		13,012
Street Capital Group, Inc. (a)		5,900		2,939
Stuart Olson, Inc.		11,157		23,327
SunOpta, Inc. (a)		26,392		48,208
Superior Plus Corp.		52,215		473,732
Surge Energy, Inc. (d)		85,275		72,733
Tamarack Valley Energy, Ltd. (a)		69,684		106,773
Taseko Mines, Ltd. (a)		108,786		45,983
TeraGo, Inc. (a)		4,100		30,978
Teranga Gold Corp. (a)		32,418		119,410
Tervita Corp. (a)		3,508		19,859
TFI International, Inc.		25,823		790,566
Tidewater Midstream and Infrastructure, Ltd.		58,200		49,640
Timbercreek Financial Corp.		20,843		151,974
TMX Group, Ltd.		1,045		90,188
TORC Oil & Gas, Ltd.		52,724		152,419
Torex Gold Resources, Inc. (a)		23,594		292,421
Total Energy Services, Inc.		17,786		91,961
Tourmaline Oil Corp.		5,400		53,436
TransAlta Corp.		97,104		631,797
TransAlta Renewables, Inc.		28,608		294,318
Transcontinental, Inc. - Class A		26,130		305,312
TransGlobe Energy Corp.		36,372		48,044
Trevali Mining Corp. (a)		90,600		15,729
Trican Well Service, Ltd. (a)		101,707		77,536
Tricon Capital Group, Inc.		46,139		353,830
Trisura Group, Ltd. (a)		1,000		22,561
Uni-Select, Inc.		13,271		110,588
Valener, Inc.		16,303		319,821
Vecima Networks, Inc.		2,500		16,794
Vermilion Energy, Inc.		28,810		479,931
VersaBank		2,000		10,567
Wajax Corp.		7,885		95,940
Wesdome Gold Mines, Ltd. (a)		56,007		252,377
West Fraser Timber Co., Ltd.		6,174		246,988
Canada—(Continued)
Western Forest Products, Inc.		145,247		131,559
WestJet Airlines, Ltd.		861		19,887
Westshore Terminals Investment Corp.		18,288		282,288
Whitecap Resources, Inc.		114,167		396,398
Winpak, Ltd.		8,852		293,252
Yamana Gold, Inc.		316,181		1,002,348
Yangarra Resources, Ltd. (a)		24,087		26,726
Yellow Pages, Ltd. (a)		6,975		43,171
Zenith Capital Corp. (b) (c)		12,830		784
				56,388,474
China—0.2%
APT Satellite Holdings, Ltd.		164,250		66,201
BOE Varitronix, Ltd.		137,000		36,954
Bund Center Investment, Ltd.		138,000		56,490
CGN Mining Co., Ltd.		145,000		5,161
China Display Optoelectronics Technology Holdings, Ltd. (a)		136,000		9,389
China Gold International Resources Corp., Ltd. (a)		79,013		67,989
China Ludao Technology Co., Ltd. (a)		56,000		7,284
China Shandong Hi-Speed Financial Group, Ltd. (a)		648,000		20,588
China Sunsine Chemical Holdings, Ltd.		35,000		27,385
Chong Hing Bank, Ltd.		47,000		79,450
CITIC Telecom International Holdings, Ltd.		467,000		169,976
FIH Mobile, Ltd. (a) (d)		799,000		98,612
First Sponsor Group, Ltd.		9,490		8,926
Fountain SET Holdings, Ltd.		422,000		64,508
Goodbaby International Holdings, Ltd. (a)		193,000		29,064
Guangnan Holdings, Ltd.		264,000		27,255
Guotai Junan International Holdings, Ltd.		724,600		123,626
Leyou Technologies Holdings, Ltd. (a)		245,000		79,165
Microport Scientific Corp.		40		36
Neo-Neon Holdings, Ltd. (a)		322,500		22,662
NOVA Group Holdings, Ltd. (d)		305,000		80,564
Shenwan Hongyuan HK, Ltd.		172,500		25,905
SITC International Holdings Co., Ltd.		298,000		306,335
				1,413,525
Colombia—0.0%
Frontera Energy Corp.		4,200		40,642
Denmark—2.0%
Agat Ejendomme A/S (a)		37,491		20,469
ALK-Abello A/S (a)		2,089		429,668
Alm Brand A/S		28,684		225,552
Ambu A/S - Class B		33,588		556,483
Bang & Olufsen A/S (a) (d)		10,209		59,765
Bavarian Nordic A/S (a)		10,666		287,398
Brodrene Hartmann A/S		663		27,090
Columbus A/S		20,865		29,240
D/S Norden A/S		10,815		147,679
DFDS A/S		11,185		406,179
DSV A/S		443		42,197
FLSmidth & Co. A/S		15,133		660,056
H+H International A/S - Class B (a)		5,958		89,273
Harboes Bryggeri A/S - Class B (a)		1,454		15,622
ISS A/S		28,362		701,824

BHFTII-70

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Denmark—(Continued)
Jeudan A/S		410	$	67,635
Jyske Bank A/S (a)		22,289		720,033
Matas A/S		8,890		65,560
Nilfisk Holding A/S (a)		9,691		224,645
NKT A/S (a)		6,820		132,431
NNIT A/S		2,656		32,803
Pandora A/S		18,227		732,489
Parken Sport & Entertainment A/S		2,351		35,903
PER Aarsleff Holding A/S		8,472		274,473
Ringkjoebing Landbobank A/S		9,911		622,215
Rockwool International A/S - A Shares		207		40,067
Rockwool International A/S - B Shares		1,926		385,293
Royal Unibrew A/S		15,546		1,282,805
RTX A/S		3,387		81,109
Scandinavian Tobacco Group A/S		15,853		185,484
Schouw & Co. A/S		5,566		389,166
SimCorp A/S		13,316		1,170,030
Solar A/S - B Shares		2,435		102,399
Spar Nord Bank A/S		32,428		292,429
Sydbank A/S		26,018		459,286
Tivoli A/S		719		70,098
Topdanmark A/S		22,026		1,063,083
United International Enterprises		850		158,212
Veloxis Pharmaceuticals A/S (a) (d)		115,226		60,269
Vestjysk Bank A/S (a)		132,795		68,228
Zealand Pharma A/S (a)		7,520		191,447
				12,606,087
Faeroe Islands—0.0%
BankNordik P/F		628		9,397
Finland—2.3%
Aktia Bank Oyj		9,111		83,603
Alma Media Oyj		22,695		173,216
Apetit Oyj		1,205		10,404
Asiakastieto Group Oyj		3,892		113,261
Aspo Oyj		8,414		76,477
Atria Oyj		4,065		33,408
BasWare Oyj (a)		3,525		84,576
Bittium Oyj		8,034		56,774
Cargotec Oyj - B Shares		12,591		405,468
Caverion Oyj		36,589		225,091
Citycon Oyj		29,399		308,419
Cramo Oyj		10,190		109,140
Digia Oyj		3,254		13,260
F-Secure Oyj (a)		35,820		108,898
Ferratum Oyj		2,093		21,895
Finnair Oyj		24,728		172,866
Fiskars Oyj Abp		17,515		237,237
HKScan Oyj - A Shares (a)		6,704		11,978
Huhtamaki Oyj		34,101		1,360,365
Ilkka-Yhtyma Oyj		5,725		22,804
Kemira Oyj		41,153		605,358
Kesko Oyj - A Shares		2,879		166,302
Kesko Oyj - B Shares		18,443		1,165,038
Konecranes Oyj		16,662		534,612
Finland—(Continued)
Lassila & Tikanoja Oyj		12,398		183,234
Metsa Board Oyj		86,501		514,558
Metso Oyj		30,309		1,131,701
Nokian Renkaat Oyj		38,871		1,097,457
Olvi Oyj - A Shares		6,303		262,002
Oriola-KD Oyj - B Shares		53,692		122,302
Orion Oyj - Class A		8,256		305,936
Orion Oyj - Class B		30,379		1,132,890
Outokumpu Oyj		102,277		269,305
Outotec Oyj (a)		52,402		307,121
Ponsse Oyj		3,208		98,246
QT Group Oyj (a)		2,605		39,750
Raisio Oyj - V Shares		55,399		196,833
Rapala VMC Oyj		8,902		27,360
Raute Oyj - A Shares		72		1,767
Revenio Group Oyj		5,857		123,828
Sanoma Oyj		31,912		356,143
Stockmann Oyj Abp - B Shares (a)		11,956		29,992
Teleste Oyj		2,149		12,975
Tieto Oyj		21,736		556,722
Tikkurila Oyj		12,873		189,977
Tokmanni Group Corp.		16,448		182,973
Uponor Oyj		19,661		209,221
Vaisala Oyj - A Shares		6,772		187,105
Valmet Oyj		37,354		724,923
YIT Oyj		55,499		319,357
				14,684,128
France—4.3%
ABC Arbitrage		7,540		54,657
Actia Group		4,338		20,329
Air France-KLM (a)		60,287		631,334
Akka Technologies S.A.		3,906		269,017
AKWEL		3,301		61,193
Albioma S.A.		13,392		350,283
Altamir Amboise		9,152		163,537
Alten S.A.		8,662		990,050
Altran Technologies S.A.		70,743		1,111,467
Amplitude Surgical SAS (a) (d)		2,894		4,447
Assystem		4,398		170,216
Aubay		2,423		89,687
Axway Software S.A.		2,132		24,623
Bastide le Confort Medical		1,345		56,843
Beneteau S.A.		15,076		158,696
Bigben Interactive		4,507		65,539
Boiron S.A.		2,586		91,548
Bonduelle SCA		6,799		173,432
Burelle S.A.		117		108,384
Casino Guichard Perrachon S.A.		6,523		311,248
Catering International Services		541		6,840
Cegedim S.A. (a)		2,643		74,898
CGG S.A. (a)		189,243		425,375
Chargeurs S.A. (d)		7,775		136,388
Cie des Alpes		4,122		115,048
Cie Plastic Omnium S.A.		14,727		404,660
Coface S.A.		31,535		358,279

BHFTII-71

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
France—(Continued)
Derichebourg S.A.		33,761	$	117,984
Devoteam S.A. (d)		1,974		165,387
Electricite de Strasbourg S.A.		329		38,377
Elior Group S.A.		35,740		474,776
Elis S.A.		39,583		700,236
Eramet		3,022		149,919
Esso S.A. Francaise (a)		1,341		35,082
Etablissements Maurel et Prom		5,328		16,243
Europcar Groupe S.A.		25,144		139,613
Eutelsat Communications S.A.		54,694		1,018,417
Exel Industries - A Shares		618		27,485
Faurecia S.A.		6,275		298,329
Fleury Michon S.A. (d)		461		14,869
Fnac Darty S.A. (a)		6,777		428,744
Gaztransport Et Technigaz S.A.		5,684		563,306
GEA		165		18,888
GL Events		4,878		121,979
Groupe Crit		1,062		76,625
Groupe Gorge		2,544		40,745
Groupe Open		1,736		22,173
Guerbet		2,188		110,681
Haulotte Group S.A.		5,337		34,488
HERIGE SADCS		235		7,406
HEXAOM		1,526		59,395
ID Logistics Group (a)		863		151,996
Iliad S.A.		1,556		146,124
Imerys S.A.		6,375		256,527
Ingenico Group S.A.		18,963		1,851,320
IPSOS		12,134		346,025
Jacquet Metal Service (d)		7,099		119,988
JCDecaux S.A.		3,587		97,163
Kaufman & Broad S.A.		7,068		281,511
Korian S.A.		21,040		865,536
Lagardere SCA		36,064		798,327
Lanson-BCC (a)		15		438
Latecoere SACA (a)		26,469		110,794
Laurent-Perrier		1,367		133,191
Le Belier		490		14,171
Lectra (d)		9,223		181,928
Linedata Services		1,348		44,230
LISI		8,732		241,665
LNA Sante S.A.		1,768		90,437
Maisons du Monde S.A.		12,472		197,220
Manitou BF S.A.		3,893		76,437
Manutan International		589		42,744
Mersen S.A.		8,483		264,367
METabolic EXplorer S.A. (a)		6,035		9,066
Metropole Television S.A.		8,342		136,891
Nexans S.A.		10,974		404,887
Nexity S.A.		12,995		619,049
Nicox (a) (d)		1,834		9,979
NRJ Group		9,690		69,710
Oeneo S.A.		7,385		82,765
OL Groupe S.A. (a)		3,273		11,591
Onxeo S.A. (a)		8,671		5,709
Onxeo S.A. (a) (d)		4,566		3,066
Pierre & Vacances S.A. (a)		2,596		43,971
France—(Continued)
Plastivaloire (d)		1,576		10,566
PSB Industries S.A.		234		5,433
Quadient SAS		13,609		281,968
Rallye S.A. (d)		9,791		80,322
Recylex S.A. (a)		3,335		16,150
Rexel S.A.		101,834		1,090,842
Robertet S.A.		154		123,259
Rothschild & Co.		4,082		117,023
Rubis SCA		27,527		1,598,888
Samse S.A.		107		18,543
Savencia S.A.		2,303		161,691
Seche Environnement S.A.		1,555		61,704
Societe BIC S.A.		8,476		569,297
Societe des Bains de Mer et du Cercle des Etrangers a Monaco (a)		16		1,001
Societe Marseillaise du Tunnel Prado-Carenage S.A.		293		5,733
Societe pour l’Informatique Industrielle		1,546		41,613
Societe Television Francaise 1		21,284		186,965
Soitec (a)		5,935		586,446
Solocal Group (a)		199,719		158,954
Somfy S.A.		2,325		210,324
Sopra Steria Group		5,161		643,614
SPIE S.A.		38,727		775,852
STEF S.A.		1,145		106,098
Sword Group		2,775		91,993
Synergie S.A.		3,366		96,872
Tarkett S.A. (d)		10,034		148,477
Technicolor S.A. (a) (d)		88,305		76,435
Thermador Groupe		2,351		141,483
Total Gabon		324		48,691
Touax S.A. (a) (d)		942		4,979
Trigano S.A.		3,132		251,952
Union Financiere de France BQE S.A.		1,257		27,669
Vallourec S.A. (a)		67,733		179,619
Vetoquinol S.A.		1,341		85,960
Vicat S.A.		5,581		242,193
VIEL & Cie S.A.		4,205		22,462
Vilmorin & Cie S.A.		2,655		135,319
Virbac S.A. (a)		500		114,436
Vranken-Pommery Monopole S.A.		958		22,446
				27,361,260
Georgia—0.0%
Bank of Georgia Group plc		12,777		209,883
Germany—6.1%
7C Solarparken AG		7,180		25,598
Aareal Bank AG		26,928		818,587
Adler Modemaerkte AG (a)		2,828		9,491
ADLER Real Estate AG (a)		13,449		169,364
ADO Properties S.A.		8,814		363,103
ADVA Optical Networking SE (a)		16,388		113,911
AIXTRON SE (a)		21,680		221,485
All for One Steeb AG		498		22,138
Allgeier SE		2,942		68,569
Amadeus Fire AG		1,986		219,405
Atoss Software AG		435		59,956

BHFTII-72

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Aurubis AG		14,317	$	637,973
Basler AG		1,467		66,438
Bauer AG		4,696		73,665
BayWa AG		5,731		162,113
BayWa AG		305		9,843
Bechtle AG		8,996		915,361
Bertrandt AG		2,036		91,767
bet-at-home.com AG		1,222		62,255
Bijou Brigitte AG		1,603		70,754
Bilfinger SE		10,033		293,191
Borussia Dortmund GmbH & Co. KGaA (Xetra Exchange)		26,420		265,937
CANCOM SE		11,386		613,962
CECONOMY AG (a)		47,148		255,216
CENIT AG		3,413		50,517
CENTROTEC Sustainable AG		977		14,908
Cewe Stiftung & Co. KGaA		2,303		193,532
Comdirect Bank AG		13,399		172,869
CompuGroup Medical SE		7,545		454,076
Corestate Capital Holding S.A. (a) (d)		4,473		164,790
CropEnergies AG		9,235		63,402
CTS Eventim AG & Co. KGaA		18,055		1,017,832
Data Modul AG		138		7,811
DEAG Deutsche Entertainment AG (a)		5,771		27,552
Deutsche Beteiligungs AG		4,443		167,996
Deutsche Euroshop AG		14,792		417,262
Deutsche Pfandbriefbank AG		45,896		560,088
Deutz AG		47,320		274,425
DIC Asset AG		19,505		249,550
DMG Mori AG		6,302		291,887
Dr. Hoenle AG		2,084		113,561
Draegerwerk AG & Co. KGaA		1,062		37,464
Duerr AG		16,259		421,908
Eckert & Ziegler AG		1,547		262,723
Elmos Semiconductor AG		5,394		143,168
ElringKlinger AG (a)		11,206		77,675
Energiekontor AG		2,559		50,195
Evotec AG (a)		28,244		627,773
Fielmann AG		7,053		519,133
First Sensor AG		2,791		97,585
FORTEC Elektronik AG		253		5,785
Francotyp-Postalia Holding AG		3,300		12,732
Freenet AG		49,368		1,016,474
FUCHS Petrolub SE		4,483		162,836
GEA Group AG		40,635		1,097,195
Gerresheimer AG		10,086		723,391
Gesco AG		4,563		100,412
GFT Technologies SE		5,932		44,064
Grammer AG		243		8,605
Grand City Properties S.A.		33,731		758,822
GRENKE AG		498		41,046
H&R GmbH & Co. KGaA (a)		4,195		27,837
Hamburger Hafen und Logistik AG		8,624		214,965
Hapag-Lloyd AG		1,007		72,401
Hawesko Holding AG		223		7,925
Heidelberger Druckmaschinen AG (a)		100,140		123,302
Hella GmbH & Co. KGaA		9,701		433,709
HolidayCheck Group AG		11,101		27,002
Germany—(Continued)
Hornbach Baumarkt AG		2,209		42,590
Hornbach Holding AG & Co. KGaA		1,443		81,799
Hugo Boss AG		20,336		1,090,291
Hypoport AG (a)		157		39,108
Indus Holding AG		9,327		381,210
Isra Vision AG		5,995		251,375
IVU Traffic Technologies AG		7,646		89,094
Jenoptik AG		16,366		405,697
K&S AG		59,897		829,870
KION Group AG		204		10,716
Kloeckner & Co. SE		34,891		211,718
Koenig & Bauer AG		4,373		171,039
Krones AG		5,091		307,690
KSB SE & Co. KGaA		82		25,557
KWS Saat SE		3,725		244,822
LANXESS AG		26,096		1,593,034
Leifheit AG		2,964		69,006
Leoni AG (a)		12,471		156,995
LPKF Laser & Electronics AG (a)		5,659		78,289
Manz AG (a)		1,272		24,656
Medigene AG (a)		2,446		16,274
METRO AG		11,232		177,223
MLP SE		20,985		108,666
Nemetschek SE		16,740		854,419
New Work SE		988		269,191
Nexus AG		5,744		197,203
Nordex SE (a)		23,261		253,449
Norma Group SE		10,781		373,891
OHB SE		2,315		82,982
OSRAM Licht AG		23,399		1,028,950
Paragon GmbH & Co. KGaA		357		4,890
Patrizia Immobilien AG		19,307		358,824
Pfeiffer Vacuum Technology AG		2,460		334,172
PNE Wind AG		24,548		99,806
Progress-Werk Oberkirch AG		822		22,667
ProSiebenSat.1 Media SE		39,293		540,856
PSI Software AG		3,465		70,789
QSC AG		33,186		45,187
R Stahl AG (a)		1,594		45,866
Rheinmetall AG		14,334		1,814,417
Rhoen Klinikum AG		15,358		344,032
RIB Software SE		11,764		272,893
Rocket Internet SE (a)		20,003		516,651
SAF-Holland S.A.		22,056		155,830
Salzgitter AG		12,083		202,799
Schaltbau Holding AG (a)		2,019		65,574
Scout24 AG		18,172		1,036,399
Secunet Security Networks AG		391		48,168
SGL Carbon SE (a)		8,945		42,471
Siltronic AG		5,638		429,004
Sixt SE		4,968		476,244
SMA Solar Technology AG (a)		3,992		113,278
SMT Scharf AG (a)		1,117		14,056
Softing AG		3,104		24,889
Software AG		18,372		504,828
Stabilus S.A.		6,982		341,703
STRATEC SE		1,395		109,134

BHFTII-73

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Stroeer SE & Co. KGaA		9,061	$	690,022
Suedzucker AG		26,310		404,533
Surteco SE		2,209		49,114
Suss Microtec AG (a)		6,216		56,084
TAG Immobilien AG (a)		40,314		919,922
Takkt AG		11,656		154,391
Technotrans AG		2,427		58,436
Tele Columbus AG (a)		10,701		20,570
TLG Immobilien AG		28,741		781,513
Traffic Systems SE		1,794		42,608
VERBIO Vereinigte BioEnergie AG		9,187		84,791
Vossloh AG		4,712		194,001
Wacker Chemie AG		3,414		224,122
Wacker Neuson SE		10,071		175,803
Washtec AG		4,180		215,278
Wuestenrot & Wuerttembergische AG		3,373		66,142
Zeal Network SE		2,439		45,503
				38,653,331
Ghana—0.2%
Tullow Oil plc		488,272		1,279,213
Greenland—0.0%
Gronlandsbanken A/S		140		10,935
Guernsey, Channel Islands—0.0%
Raven Russia, Ltd. (a)		127,088		67,348
Hong Kong—2.5%
Aeon Credit Service Asia Co., Ltd.		44,000		36,021
Agritrade Resources, Ltd. (d)		630,000		73,992
Allied Group, Ltd.		22,000		112,278
Allied Properties HK, Ltd.		944,024		200,062
APAC Resources, Ltd.		70,825		10,207
Applied Development Holdings, Ltd. (a)		390,000		15,352
Arts Optical International Holdings, Ltd. (a)		16,000		2,858
Asia Financial Holdings, Ltd.		254,000		136,111
Asia Standard International Group, Ltd.		296,000		47,059
ASM Pacific Technology, Ltd.		17,700		217,440
Associated International Hotels, Ltd.		14,000		38,761
Auto Italia Holdings (a)		175,000		1,290
Bel Global Resources Holdings, Ltd. (a) (b) (c)		520,000		0
Best Food Holding Co., Ltd. (a)		112,000		15,004
BOCOM International Holdings Co., Ltd.		117,000		17,962
Boill Healthcare Holdings, Ltd. (a)		960,000		9,770
Bonjour Holdings, Ltd. (a)		615,000		7,958
Bright Smart Securities & Commodities Group, Ltd.		176,000		29,588
Brightoil Petroleum Holdings, Ltd. (a) (b) (c)		591,000		113,107
Brockman Mining, Ltd. (a)		2,516,770		40,460
Build King Holdings, Ltd.		160,000		17,393
Burwill Holdings, Ltd. (a) (b) (c)		1,566,000		14,186
Cafe de Coral Holdings, Ltd.		116,000		309,361
Camsing International Holding, Ltd. (b) (c)		124,000		18,352
Century City International Holdings, Ltd.		616,000		41,553
Chen Hsong Holdings		150,000		52,618
Cheuk Nang Holdings, Ltd.		97,511		46,406
Hong Kong—(Continued)
Chevalier International Holdings, Ltd.		75,139		105,839
China Baoli Technologies Holdings, Ltd. (a) (b) (c)		285,000		3,600
China Energy Development Holdings, Ltd. (a)		3,670,000		82,970
China Flavors & Fragrances Co., Ltd.		71,446		16,263
China Motor Bus Co., Ltd.		2,000		24,904
China Solar Energy Holdings, Ltd. (a) (b) (c)		162,000		698
China Star Entertainment, Ltd.		378,000		49,002
China Strategic Holdings, Ltd. (a)		4,927,500		23,182
China Tonghai International Financial, Ltd. (a)		180,000		11,303
Chinese Estates Holdings, Ltd.		118,500		84,666
Chinney Investment, Ltd.		8,000		2,429
Chow Sang Sang Holdings International, Ltd.		119,000		128,368
Chuang’s China Investments, Ltd.		511,500		32,537
Chuang’s Consortium International, Ltd.		382,357		78,870
CK Life Sciences International Holdings, Inc.		1,594,000		72,405
CNT Group, Ltd.		246,000		10,989
Continental Holdings, Ltd.		220,000		1,937
Convoy Global Holdings, Ltd. (a) (b) (c)		1,314,000		5,247
Cosmopolitan International Holdings, Ltd. (a)		258,000		41,731
Cowell e Holdings, Inc.		120,000		19,022
CP Lotus Corp. (a)		1,750,000		23,418
Crocodile Garments		216,000		15,392
Cross-Harbour Holdings, Ltd. (The)		127,063		187,578
CSI Properties, Ltd.		2,574,023		85,235
CST Group, Ltd. (a)		8,984,000		28,580
Dah Sing Banking Group, Ltd.		172,671		233,519
Dah Sing Financial Holdings, Ltd.		66,260		245,312
Dan Form Holdings Co., Ltd.		88,000		16,997
Dickson Concepts International, Ltd.		131,000		71,560
Dingyi Group Investment, Ltd. (a)		185,000		6,264
DMX Technologies Group, Ltd. (a) (b) (c)		186,000		0
Dynamic Holdings, Ltd.		20,000		31,403
Eagle Nice International Holdings, Ltd.		120,000		33,396
EcoGreen International Group, Ltd.		118,800		21,932
eForce Holdings, Ltd. (a)		128,000		2,447
Emperor Capital Group, Ltd.		984,000		30,077
Emperor Entertainment Hotel, Ltd.		235,000		45,453
Emperor International Holdings, Ltd.		529,250		116,321
Emperor Watch & Jewellery, Ltd.		1,520,000		32,863
Energy International Investments Holdings, Ltd. (a)		580,000		14,822
ENM Holdings, Ltd. (a)		556,000		47,080
EPI Holdings, Ltd. (a)		570,000		10,013
Esprit Holdings, Ltd. (a)		833,950		155,872
Fairwood Holdings, Ltd.		26,500		74,914
Far East Consortium International, Ltd.		541,832		230,291
Far East Holdings International, Ltd. (a)		150,000		4,419
First Pacific Co., Ltd.		596,000		228,003
Freeman FinTech Corp., Ltd. (a)		180,000		3,736
Future Bright Holdings, Ltd.		156,000		4,814
Future World Financial Holdings, Ltd. (a)		12,575		94
G-Resources Group, Ltd. (a)		10,474,800		70,688
Genting Hong Kong, Ltd. (a)		162,000		18,821
Get Nice Financial Group, Ltd.		104,000		11,177
Get Nice Holdings, Ltd.		2,574,000		78,986
Giordano International, Ltd.		482,000		140,287
Global Brands Group Holding, Ltd.		126,000		9,944
Glorious Sun Enterprises, Ltd.		393,000		42,156

BHFTII-74

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Gold Peak Industries Holdings, Ltd.		277,714	$	27,283
Gold-Finance Holdings, Ltd. (a) (b) (c)		214,000		1,474
Golden Resources Development International, Ltd.		370,000		27,383
Good Resources Holdings, Ltd. (a)		420,000		6,868
GR Properties, Ltd. (a)		150,000		23,477
Great Eagle Holdings, Ltd.		56,571		193,202
Great Harvest Maeta Group Holdings, Ltd. (a)		52,500		9,983
Greentech Technology International, Ltd. (a)		360,000		2,411
Haitong International Securities Group, Ltd.		570,562		162,643
Hang Lung Group, Ltd.		30,000		74,935
Hanison Construction Holdings, Ltd.		148,009		21,311
Hao Tian Development Group, Ltd. (a)		1,001,000		27,846
Harbour Centre Development, Ltd.		88,000		145,342
HKBN, Ltd.		203,500		375,605
HKR International, Ltd.		366,080		144,686
Hon Kwok Land Investment Co., Ltd.		140,000		59,839
Hong Kong Economic Times Holdings, Ltd.		50,000		9,000
Hong Kong Ferry Holdings Co., Ltd.		39,000		35,284
Hong Kong Finance Investment Holding Group, Ltd. (a)		262,000		27,731
Hong Kong Television Network, Ltd. (a)		86,000		31,641
Hongkong & Shanghai Hotels (The)		109,500		106,865
Hongkong Chinese, Ltd.		866,000		99,288
Hsin Chong Group Holdings, Ltd. (a) (b) (c)		918,000		40,994
Huarong Investment Stock Corp., Ltd. (a)		175,000		7,480
Hung Hing Printing Group, Ltd.		252,000		31,425
Hutchison Port Holdings Trust - Class U		150,500		23,506
Hutchison Telecommunications Hong Kong Holdings, Ltd.		526,000		88,662
Hysan Development Co., Ltd.		29,000		117,329
Imagi International Holdings, Ltd. (a)		90,112		15,524
International Housewares Retail Co., Ltd.		134,000		32,194
IPE Group, Ltd. (a)		285,000		26,908
IRC, Ltd. (a)		936,000		13,869
IT, Ltd.		220,000		61,395
ITC Properties Group, Ltd.		172,615		31,805
Jacobson Pharma Corp., Ltd.		90,000		14,663
Johnson Electric Holdings, Ltd.		106,875		192,170
Kader Holdings Co., Ltd.		224,000		25,436
Kaisa Health Group Holdings, Ltd. (a)		770,000		15,801
Kam Hing International Holdings, Ltd.		196,000		12,754
Karrie International Holdings, Ltd.		140,000		18,274
Keck Seng Investments		72,000		41,728
Kerry Logistics Network, Ltd.		124,000		198,537
Kingmaker Footwear Holdings, Ltd.		102,000		15,212
Kingston Financial Group, Ltd.		162,000		22,222
Kowloon Development Co., Ltd.		159,000		189,163
Kwan On Holdings, Ltd. (a)		50,000		2,552
Lai Sun Development Co., Ltd.		109,413		127,681
Lai Sun Garment International, Ltd.		99,760		108,190
Lam Soon Hong Kong, Ltd.		15,000		25,558
Landing International Development, Ltd. (a)		310,800		41,004
Landsea Green Group Co., Ltd. (a)		268,000		30,353
Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		99,000		27,438
Lerthai Group, Ltd. (a)		18,000		9,122
Li & Fung, Ltd.		1,430,000		163,493
Lifestyle International Holdings, Ltd.		181,500		189,592
Lippo China Resources, Ltd.		2,106,000		48,513
Hong Kong—(Continued)
Lippo, Ltd.		122,000		38,136
Liu Chong Hing Investment, Ltd.		86,000		114,203
Luk Fook Holdings International, Ltd.		135,000		339,733
Luks Group Vietnam Holdings Co., Ltd.		68,000		14,593
Lung Kee Bermuda Holdings		90,000		26,905
Magnificent Hotel Investment, Ltd.		1,310,000		26,202
Man Wah Holdings, Ltd.		382,400		240,358
Mandarin Oriental International, Ltd.		67,000		104,540
Mason Group Holdings, Ltd.		7,685,000		108,884
Matrix Holdings, Ltd.		36,000		10,794
Melco International Development, Ltd.		149,000		356,597
Midland Holdings, Ltd. (a)		178,010		22,184
Ming Fai International Holdings, Ltd.		145,000		15,213
Miramar Hotel & Investment		45,000		83,833
Nameson Holdings, Ltd.		130,000		7,060
National Electronic Holdings, Ltd.		182,600		27,220
New Century Group Hong Kong, Ltd.		912,000		13,729
New Times Energy Corp., Ltd. (a)		459,450		2,873
Newocean Energy Holdings, Ltd. (a)		398,000		75,158
OP Financial, Ltd.		284,000		56,856
Orange Sky Golden Harvest Entertainment Holdings, Ltd. (a)		375,882		13,207
Oriental Watch Holdings		215,600		42,739
Oshidori International Holdings, Ltd.		1,068,000		121,386
Pacific Andes International Holdings, Ltd. (a) (b) (c)		1,819,984		6,363
Pacific Basin Shipping, Ltd.		1,232,000		250,112
Pacific Textiles Holdings, Ltd.		240,000		161,657
Paliburg Holdings, Ltd.		208,000		68,537
Paradise Entertainment, Ltd.		168,000		18,809
PC Partner Group, Ltd. (a)		54,000		12,133
PCCW, Ltd.		392,000		220,178
Perfect Shape Medical, Ltd.		108,000		37,419
Pico Far East Holdings, Ltd.		318,000		100,664
Playmates Holdings, Ltd.		460,000		59,279
Playmates Toys, Ltd. (a)		236,000		14,969
Polytec Asset Holdings, Ltd.		580,900		70,286
PT International Development Co., Ltd. (a)		186,000		9,971
Public Financial Holdings, Ltd.		166,000		63,179
PYI Corp., Ltd. (a)		2,140,366		24,741
Rare Earth Magnesium Technology Group Holdings, Ltd.		500,000		18,225
Regal Hotels International Holdings, Ltd.		126,000		66,547
Regina Miracle International Holdings, Ltd.		71,000		49,495
Sa Sa International Holdings, Ltd.		271,844		60,339
Samson Holding, Ltd. (a)		146,000		6,520
SAS Dragon Holdings, Ltd.		140,000		41,085
SEA Holdings, Ltd.		103,896		106,181
Shangri-La Asia, Ltd.		50,000		51,122
Shun Ho Property Investments, Ltd.		21,615		6,067
Shun Tak Holdings, Ltd.		659,500		263,528
Silver Base Group Holdings, Ltd. (a)		474,000		10,865
Sincere Watch Hong Kong, Ltd. (a)		250,000		4,657
Sing Tao News Corp., Ltd.		276,000		27,806
Singamas Container Holdings, Ltd.		724,000		87,125
SIS International Holdings		16,000		7,145
Sitoy Group Holdings, Ltd.		111,000		17,575
SmarTone Telecommunications Holdings, Ltd.		142,388		123,606
SOCAM Development, Ltd. (a)		41,987		10,532
Solomon Systech International, Ltd. (a)		920,000		20,209

BHFTII-75

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Soundwill Holdings, Ltd.		41,500	$	51,815
South China Holdings Co., Ltd. (a)		1,240,000		26,896
Stella International Holdings, Ltd.		161,500		251,596
Success Universe Group, Ltd. (a)		240,000		6,541
Summit Ascent Holdings, Ltd. (a)		126,000		20,192
Sun Hing Vision Group Holdings, Ltd.		42,000		12,593
Sun Hung Kai & Co., Ltd.		270,440		116,874
SUNeVision Holdings, Ltd.		159,000		119,406
Synergy Group Holdings International, Ltd. (a)		112,000		6,290
TAI Cheung Holdings, Ltd.		206,000		164,646
Tai United Holdings, Ltd.		200,000		4,572
Tan Chong International, Ltd.		63,000		16,800
Tao Heung Holdings, Ltd.		204,000		34,528
Television Broadcasts, Ltd.		123,500		201,955
Texwinca Holdings, Ltd.		300,000		68,964
TK Group Holdings, Ltd.		62,000		28,511
Tom Group, Ltd. (a)		270,000		49,946
Tradelink Electronic Commerce, Ltd.		256,000		37,450
Transport International Holdings, Ltd.		99,764		251,103
Trinity, Ltd. (a)		466,000		14,449
Tsui Wah Holdings, Ltd.		136,000		8,572
Union Medical Healthcare, Ltd.		32,000		21,408
United Laboratories International Holdings, Ltd. (The)		241,000		126,926
Up Energy Development Group, Ltd. (a) (b) (c)		92,000		284
Upbest Group, Ltd.		16,000		1,980
Value Convergence Holdings, Ltd. (a)		204,000		14,566
Valuetronics Holdings, Ltd.		89,790		40,294
Vedan International Holdings, Ltd.		296,000		29,458
Victory City International Holdings, Ltd. (a)		83,944		4,235
VPower Group International Holdings, Ltd.		78,000		22,246
VSTECS Holdings, Ltd.		307,200		159,258
VTech Holdings, Ltd.		37,200		325,411
Wai Kee Holdings, Ltd.		54,000		30,976
Wang On Group, Ltd.		2,200,000		24,813
We Solutions, Ltd. (a)		348,000		21,009
Win Hanverky Holdings, Ltd.		332,000		18,717
Winfull Group Holdings, Ltd.		528,000		5,706
Wing On Co. International, Ltd.		46,000		132,054
Wing Tai Properties, Ltd.		232,000		141,789
Wonderful Sky Financial Group Holdings, Ltd. (a)		44,000		4,128
Xinyi Glass Holdings, Ltd.		314,000		346,956
Yat Sing Holdings, Ltd. (a)		235,000		3,752
YGM Trading, Ltd.		46,000		26,117
YT Realty Group, Ltd.		43,002		12,469
YTO Express Holdings, Ltd.		18,000		4,256
Yue Yuen Industrial Holdings, Ltd.		27,500		75,482
Yunfeng Financial Group, Ltd. (a)		34,000		14,862
Zhaobangji Properties Holdings, Ltd. (a)		16,000		14,605
				15,496,404
India—0.0%
Rhi Magnesita NV		397		19,832
Ireland—0.4%
Bank of Ireland Group plc		12,098		48,083
C&C Group plc		95,793		433,248
Ireland—(Continued)
Cairn Homes plc (a)		48,606		59,644
Datalex plc (a)		4,783		3,910
FBD Holdings plc		10,350		102,591
Glanbia plc		41,020		510,169
Greencore Group plc		137,726		382,489
Hostelworld Group plc		2,650		3,701
Irish Continental Group plc		29,833		136,024
Permanent TSB Group Holdings plc (a)		15,086		19,931
San Leon Energy plc (a)		15,061		5,000
UDG Healthcare plc		56,914		525,388
				2,230,178
Isle of Man—0.0%
Hansard Global plc		2,566		1,407
Strix Group plc		27,212		56,879
				58,286
Israel—1.4%
Adgar Investment and Development, Ltd.		7,358		15,663
ADO Group, Ltd. (a)		4,642		127,369
Afcon Holdings, Ltd.		771		38,855
AFI Properties, Ltd. (a)		4,653		162,687
Africa Israel Residences, Ltd.		880		22,403
Airport City, Ltd. (a)		18,395		357,208
Allot, Ltd. (a)		10,216		83,293
Alony Hetz Properties & Investments, Ltd.		10,546		154,222
Alrov Properties and Lodgings, Ltd.		3,141		133,380
Amot Investments, Ltd.		8,094		59,913
Arad, Ltd.		2,224		33,366
Arko Holdings, Ltd. (a)		99,131		39,874
Ashtrom Group, Ltd.		3,487		35,558
Ashtrom Properties, Ltd.		11,444		73,417
Atreyu Capital Markets, Ltd.		2,021		30,931
AudioCodes, Ltd.		7,905		161,483
Avgol Industries 1953, Ltd. (a)		27,883		25,532
Azorim-Investment Development & Construction Co., Ltd. (a)		23,712		43,315
Bayside Land Corp.		205		131,043
Bet Shemesh Engines Holdings, Ltd.		2,139		78,130
Big Shopping Centers, Ltd.		1,031		94,111
BioLine RX, Ltd. (a)		16,296		3,030
Blue Square Real Estate, Ltd.		1,674		79,699
Brainsway, Ltd. (a)		2,193		10,554
Camtek, Ltd.		5,058		52,024
Carasso Motors, Ltd.		5,284		27,214
Cellcom Israel, Ltd. (a)		13,058		36,726
Ceragon Networks, Ltd. (a) (b) (c)		14,799		39,809
Clal Biotechnology Industries, Ltd. (a)		17,579		8,797
Clal Insurance Enterprises Holdings, Ltd. (a)		9,289		140,240
Cohen Development Gas & Oil, Ltd.		767		16,943
Compugen, Ltd. (a)		18,461		77,810
Danel Adir Yeoshua, Ltd.		1,227		83,565
Delek Automotive Systems, Ltd.		10,535		42,388
Delta-Galil Industries, Ltd.		4,030		100,462
Dexia Israel Bank, Ltd. (a)		150		32,760
Direct Insurance Financial Investments, Ltd.		5,852		68,685
Dor Alon Energy in Israel, Ltd.		766		14,869

BHFTII-76

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Israel—(Continued)
El Al Israel Airlines (a)		77,291	$	22,546
Electra Consumer Products 1970, Ltd.		3,289		55,662
Electra Real Estate, Ltd. (a)		4,280		25,597
Electra, Ltd.		652		208,034
Energix-Renewable Energies, Ltd. (a)		36,656		88,716
Enlight Renewable Energy, Ltd. (a)		95,911		103,867
Equital, Ltd. (a)		7,709		232,533
Evogene, Ltd. (a)		5,090		8,550
First International Bank of Israel, Ltd. (a)		6,630		176,572
FMS Enterprises Migun, Ltd.		1,438		56,379
Formula Systems 1985, Ltd.		2,928		186,418
Fox Wizel, Ltd.		2,684		95,866
Gilat Satellite Networks, Ltd.		9,844		83,723
Hadera Paper, Ltd.		1,104		50,819
Hamlet Israel-Canada, Ltd. (a)		1,610		28,478
Harel Insurance Investments & Financial Services, Ltd.		37,219		323,510
Hilan, Ltd.		4,800		195,754
IDI Insurance Co., Ltd.		2,042		78,504
IES Holdings, Ltd.		569		40,266
Industrial Buildings Corp., Ltd. (a)		50,025		115,026
Inrom Construction Industries, Ltd.		15,928		63,466
Intercure, Ltd. (a)		10,321		15,417
Israel Canada T.R., Ltd.		23,885		41,687
Israel Land Development Co., Ltd. (The)		3,950		38,589
Isras Investment Co., Ltd.		454		92,786
Issta Lines, Ltd.		1,175		23,335
Itamar Medical, Ltd. (a)		5,429		1,637
Kamada, Ltd. (a)		11,729		60,167
Kerur Holdings, Ltd.		1,544		41,956
Klil Industries, Ltd.		315		26,561
Levinstein Properties, Ltd.		470		11,493
Magic Software Enterprises, Ltd.		9,462		86,021
Malam - Team, Ltd.		335		52,024
Matrix IT, Ltd.		10,787		183,474
Maytronics, Ltd.		14,096		120,294
Mediterranean Towers, Ltd.		19,867		52,553
Mega Or Holdings, Ltd.		4,941		105,881
Mehadrin, Ltd. (a)		108		4,345
Meitav Dash Investments, Ltd.		8,613		33,935
Menora Mivtachim Holdings, Ltd.		11,310		170,998
Migdal Insurance & Financial Holding, Ltd.		74,479		79,155
Mivtach Shamir Holdings, Ltd.		1,966		38,448
Naphtha Israel Petroleum Corp., Ltd.		14,775		82,374
Nawi Brothers, Ltd. (a)		4,888		32,687
Neto ME Holdings, Ltd.		788		68,540
Nova Measuring Instruments, Ltd. (a)		8,789		284,221
NR Spuntech Industries, Ltd.		3,848		6,066
Oil Refineries, Ltd. (a)		418,554		220,080
One Software Technologies, Ltd.		900		62,995
OPC Energy, Ltd.		7,174		55,449
Partner Communications Co., Ltd. (a)		29,635		144,525
Paz Oil Co., Ltd.		2,185		319,357
Perion Network, Ltd. (a)		3,139		15,681
Phoenix Holdings, Ltd. (The)		20,176		127,998
Plasson Industries, Ltd.		1,729		78,072
Plus500, Ltd.		11,893		111,692
Priortech, Ltd.		2,244		21,284
Israel—(Continued)
Rami Levi Chain Stores Hashikma Marketing, Ltd.		2,198		124,443
Redhill Biopharma, Ltd. (a)		52,754		38,301
Scope Metals Group, Ltd.		1,844		43,060
Shapir Engineering & Industry, Ltd.		27,416		137,009
Shikun & Binui, Ltd.		73,332		279,348
Summit Real Estate Holdings, Ltd.		7,016		83,160
Suny Cellular Communication, Ltd. (a)		16,495		7,585
Tadiran Holdings, Ltd.		568		22,153
Union Bank of Israel (a)		7,545		34,556
YH Dimri Construction & Development, Ltd.		1,237		32,681
				8,691,687
Italy—4.1%
A/S Roma S.p.A. (a) (d)		31,585		17,545
A2A S.p.A.		414,700		761,781
ACEA S.p.A.		23,394		467,382
Aeffe S.p.A. (a)		11,359		19,173
Amplifon S.p.A.		33,219		815,138
Anima Holding S.p.A.		75,475		287,977
Aquafil S.p.A.		3,537		27,221
Arnoldo Mondadori Editore S.p.A. (a)		63,913		112,628
Ascopiave S.p.A.		28,294		119,508
Autogrill S.p.A.		41,121		398,522
Autostrade Meridionali S.p.A.		381		12,790
Avio S.p.A.		4,587		59,481
Azimut Holding S.p.A. (d)		40,388		758,831
B&C Speakers S.p.A.		1,431		19,816
Banca Carige S.p.A. (a) (b) (c)		156,432		102
Banca Farmafactoring S.p.A.		34,258		178,592
Banca Finnat Euramerica S.p.A. (d)		50,851		16,525
Banca Generali S.p.A.		20,652		637,518
Banca IFIS S.p.A.		7,714		128,603
Banca Mediolanum S.p.A.		8,269		62,159
Banca Popolare dell’Emilia Romagna SC		202,667		784,357
Banca Popolare di Sondrio Scarl		173,614		318,211
Banca Profilo S.p.A.		117,883		21,313
Banca Sistema S.p.A.		9,271		14,261
Banco BPM S.p.A. (a) (d)		488,208		998,991
Banco di Desio e della Brianza S.p.A.		20,306		42,503
BasicNet S.p.A.		7,658		36,722
BE		29,207		32,724
Biesse S.p.A.		6,021		69,780
Brembo S.p.A. (d)		45,165		440,483
Brunello Cucinelli S.p.A.		9,914		308,958
Buzzi Unicem S.p.A.		27,815		638,490
Cairo Communication S.p.A.		24,474		62,722
Cementir Holding S.p.A.		21,979		147,380
Cerved Group S.p.A.		51,522		449,491
CIR-Compagnie Industriali Riunite S.p.A.		157,057		159,316
Credito Emiliano S.p.A.		35,381		190,804
Credito Valtellinese S.p.A. (a)		2,927,424		199,690
d’Amico International Shipping S.A. (a)		115,150		11,439
Danieli & C Officine Meccaniche S.p.A.		4,846		85,657
Datalogic S.p.A. (d)		8,028		115,292
De’Longhi S.p.A.		18,916		356,922
DeA Capital S.p.A.		32,300		47,595

BHFTII-77

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
DiaSorin S.p.A.		3,805	$	442,445
doBank S.p.A.		9,280		102,934
El.En. S.p.A.		2,807		73,246
Elica S.p.A. (a)		11,044		27,586
Emak S.p.A.		23,063		22,379
Enav S.p.A.		45,852		259,011
ERG S.p.A.		21,603		435,842
Esprinet S.p.A.		14,507		58,326
Eurotech S.p.A. (a)		13,076		103,004
Falck Renewables S.p.A.		49,296		208,919
Fiera Milano S.p.A.		10,587		48,314
Fincantieri S.p.A. (a) (d)		93,136		98,982
FinecoBank Banca Fineco S.p.A.		3,284		34,811
FNM S.p.A.		55,327		32,518
Geox S.p.A. (d)		34,378		48,056
Gruppo Editoriale L’Espresso S.p.A. (a)		52,528		14,231
Gruppo MutuiOnline S.p.A.		8,426		151,604
Hera S.p.A.		272,570		1,119,699
Illimity Bank S.p.A. (a)		4,916		47,952
IMMSI S.p.A. (a)		100,436		65,538
Industria Macchine Automatiche S.p.A. (d)		5,461		382,237
Infrastrutture Wireless Italiane S.p.A.		15,225		158,023
Intek Group S.p.A. (a)		80,757		25,659
Interpump Group S.p.A.		22,700		717,448
Iren S.p.A.		231,134		673,988
Italgas S.p.A.		151,950		981,622
Italmobiliare S.p.A.		3,185		72,941
IVS Group S.A.		3,278		34,450
Juventus Football Club S.p.A. (a) (d)		147,435		215,467
La Doria S.p.A.		3,877		38,064
Leonardo S.p.A.		14,778		173,992
LU-VE S.p.A.		1,991		22,782
Maire Tecnimont S.p.A. (d)		42,334		106,471
MARR S.p.A.		13,428		294,131
Massimo Zanetti Beverage Group S.p.A.		3,423		22,009
Mediaset S.p.A. (a)		192,042		566,097
Openjobmetis S.p.A. agenzia per il lavoro		1,209		8,999
OVS S.p.A. (a)		56,351		104,581
Piaggio & C S.p.A.		71,430		211,470
Pirelli & C S.p.A.		18,078		107,134
Prima Industrie S.p.A.		1,853		24,419
Prysmian S.p.A.		30,837		662,788
RAI Way S.p.A.		24,727		143,438
Reno de Medici S.p.A.		46,743		35,711
Reply S.p.A.		6,572		385,985
Retelit S.p.A.		36,769		60,147
Rizzoli Corriere Della Sera Mediagroup S.p.A.		39,016		40,390
Sabaf S.p.A.		3,059		43,673
SAES Getters S.p.A.		1,640		41,472
Safilo Group S.p.A. (a)		12,212		12,570
Saipem S.p.A. (a)		197,655		895,891
Salini Impregilo S.p.A. (a)		70,140		153,232
Salvatore Ferragamo S.p.A.		16,352		302,455
Saras S.p.A.		155,019		265,497
Servizi Italia S.p.A.		1,701		5,080
Sesa S.p.A.		2,065		90,314
Societa Cattolica di Assicurazioni SC		61,974		527,173
Italy—(Continued)
Societa Iniziative Autostradali e Servizi S.p.A.		13,846		241,739
Sogefi S.p.A. (a)		24,822		33,572
SOL S.p.A.		11,001		127,909
Tamburi Investment Partners S.p.A.		36,575		247,645
Technogym S.p.A.		25,428		282,872
Tinexta S.p.A.		6,919		90,418
Tiscali S.p.A. (a)		802,477		10,418
Tod’s S.p.A. (d)		3,954		194,320
TXT e-solutions S.p.A.		980		8,727
Uni Land S.p.A. (a) (b) (c)		4,937		0
Unieuro S.p.A.		3,192		40,811
Unione di Banche Italiane S.p.A.		325,151		914,605
Unipol Gruppo Finanziario S.p.A.		140,578		749,366
UnipolSai Assicurazioni S.p.A.		94,379		251,211
Zignago Vetro S.p.A.		11,476		127,610
				25,758,813
Japan—24.0%
77 Bank, Ltd. (The)		15,300		228,442
A&A Material Corp.		1,200		11,391
A&D Co., Ltd.		6,000		40,301
A/S One Corp.		2,900		240,341
Abist Co., Ltd.		600		14,563
Achilles Corp.		6,500		101,886
Ad-sol Nissin Corp.		1,900		38,669
Adastria Co., Ltd.		9,240		208,181
ADEKA Corp.		26,000		324,563
Adtec Plasma Technology Co., Ltd.		600		3,774
Advan Co., Ltd.		6,700		71,356
Advance Create Co., Ltd.		800		13,406
Advanex, Inc.		900		13,688
Advantage Risk Management Co., Ltd.		1,300		9,543
Adventure, Inc.		600		16,724
Adways, Inc.		4,000		10,807
Aeon Delight Co., Ltd.		6,200		194,107
Aeon Fantasy Co., Ltd.		2,400		66,067
Aeon Hokkaido Corp.		2,600		18,102
Aeria, Inc. (a)		2,200		26,537
AFC-HD AMS Life Science Co., Ltd.		1,900		11,399
Agro-Kanesho Co., Ltd.		900		13,222
Ahresty Corp.		9,200		47,505
Ai Holdings Corp.		12,200		209,749
Aica Kogyo Co., Ltd.		2,500		74,104
Aichi Bank, Ltd. (The)		2,600		81,883
Aichi Corp.		10,800		69,327
Aichi Steel Corp.		4,300		122,700
Aichi Tokei Denki Co., Ltd.		1,900		70,452
Aida Engineering, Ltd.		20,700		168,194
Aiful Corp. (a)		96,400		224,419
Ain Holdings, Inc.		2,800		163,117
Aiphone Co., Ltd.		4,600		67,812
Airport Facilities Co., Ltd.		7,500		36,893
Aisan Industry Co., Ltd.		10,400		88,815
Aizawa Securities Co., Ltd.		13,800		86,511
Ajis Co., Ltd.		500		14,640
Akatsuki, Inc.		1,500		92,759

BHFTII-78

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Akebono Brake Industry Co., Ltd. (a) (d)		32,600	$	61,050
Akita Bank, Ltd. (The)		6,200		117,753
Albis Co., Ltd.		1,600		34,631
Alconix Corp.		6,400		74,939
Alinco, Inc.		5,800		49,909
Alpen Co., Ltd.		7,000		110,591
Alpha Corp.		2,200		24,617
Alpha Systems, Inc.		3,140		79,218
Alps Logistics Co., Ltd.		6,000		38,643
Altech Corp.		5,720		81,185
Amano Corp.		10,700		327,741
Amiyaki Tei Co., Ltd.		1,100		35,252
Anabuki Kosan, Inc.		400		10,379
Anest Iwata Corp.		10,400		91,920
Anicom Holdings, Inc.		300		11,370
AOI Electronics Co., Ltd.		1,100		22,392
AOI TYO Holdings, Inc.		6,428		37,351
AOKI Holdings, Inc.		15,900		153,480
Aomori Bank, Ltd. (The)		6,900		168,731
Aoyama Trading Co., Ltd.		14,500		253,657
Aoyama Zaisan Networks Co., Ltd.		1,400		21,408
Apaman Co., Ltd.		2,100		17,544
Arakawa Chemical Industries, Ltd.		6,600		90,208
Arata Corp.		4,200		154,687
Araya Industrial Co., Ltd.		2,600		35,351
Arcland Sakamoto Co., Ltd.		10,600		123,556
Arcland Service Holdings Co., Ltd.		4,000		71,807
Arcs Co., Ltd.		13,364		281,025
Arealink Co., Ltd.		3,100		33,140
Argo Graphics, Inc.		5,600		134,818
Arisawa Manufacturing Co., Ltd.		14,300		135,153
Arrk Corp. (a)		22,600		19,748
Artnature, Inc.		5,000		31,975
Asahi Broadcasting Corp.		2,400		15,743
Asahi Co., Ltd.		4,500		49,657
Asahi Diamond Industrial Co., Ltd.		21,200		121,518
Asahi Holdings, Inc.		9,600		198,338
Asahi Kogyosha Co., Ltd.		1,700		48,164
Asahi Net, Inc.		5,000		31,372
Asahi Printing Co., Ltd.		400		3,756
ASAHI YUKIZAI Corp.		5,000		60,193
Asahipen Corp.		400		6,213
Asante, Inc.		1,400		25,533
Asanuma Corp.		2,400		85,500
Asax Co., Ltd.		5,400		30,845
Ashimori Industry Co., Ltd.		1,600		20,598
ASKA Pharmaceutical Co., Ltd.		7,500		75,815
ASKUL Corp.		1,400		37,832
Asukanet Co., Ltd.		1,300		16,594
Ateam, Inc.		2,900		30,433
Atom Corp. (d)		25,900		233,384
Atrae, Inc. (a)		2,000		59,564
Atsugi Co., Ltd.		6,100		47,180
Aucfan Co., Ltd. (a)		1,700		12,455
Aucnet, Inc.		1,600		20,102
Autobacs Seven Co., Ltd.		22,700		372,546
Avant Corp.		2,900		55,621
Japan—(Continued)
Avex, Inc.		12,000		140,960
Awa Bank, Ltd. (The)		14,600		331,046
Axell Corp. (a)		3,800		21,249
Axial Retailing, Inc.		5,100		186,192
Axyz Co., Ltd.		500		10,534
Azia Co., Ltd.		1,500		17,016
Bando Chemical Industries, Ltd.		15,400		118,312
Bank of Iwate, Ltd. (The)		6,000		145,056
Bank of Kochi, Ltd. (The)		1,600		11,730
Bank of Nagoya, Ltd. (The)		5,400		159,365
Bank of Okinawa, Ltd. (The)		9,160		288,434
Bank of Saga, Ltd. (The)		6,100		83,326
Bank of the Ryukyus, Ltd.		15,800		163,408
Baroque Japan, Ltd.		1,100		10,389
BayCurrent Consulting, Inc.		4,200		184,883
Belc Co., Ltd.		2,800		137,288
Bell System24 Holdings, Inc.		9,900		152,045
Belluna Co., Ltd.		13,800		88,014
Bengo4.com, Inc. (a)		1,200		44,824
Bic Camera, Inc.		9,000		95,077
Biofermin Pharmaceutical Co., Ltd.		1,100		22,132
BML, Inc.		7,600		205,210
Bookoff Group Holdings, Ltd.		4,700		51,070
Bourbon Corp.		600		9,407
BP Castrol KK		2,600		34,356
Br Holdings Corp.		7,400		27,860
BrainPad, Inc. (a)		1,100		62,523
Broadleaf Co., Ltd.		24,600		133,220
Broccoli Co., Ltd.		2,000		22,217
BRONCO BILLY Co., Ltd.		2,400		51,524
Bull-Dog Sauce Co., Ltd.		1,200		12,365
Bunka Shutter Co., Ltd.		19,000		163,045
Business Brain Showa-Ota, Inc.		800		19,977
C Uyemura & Co., Ltd.		2,800		148,501
C.I. Takiron Corp.		18,000		104,836
CAC Holdings Corp.		6,200		75,067
Can Do Co., Ltd.		3,500		52,643
Canare Electric Co., Ltd.		800		14,212
Canon Electronics, Inc.		7,400		126,005
Capital Asset Planning, Inc.		800		9,037
Career Design Center Co., Ltd.		1,600		21,045
CareerIndex, Inc. (a)		1,600		6,258
Carlit Holdings Co., Ltd.		7,300		38,672
Cawachi, Ltd.		5,700		110,274
Central Automotive Products, Ltd.		2,300		43,525
Central Glass Co., Ltd.		15,000		316,677
Central Security Patrols Co., Ltd.		1,900		97,095
Central Sports Co., Ltd.		2,400		70,142
Ceres, Inc.		1,100		12,983
Charm Care Corp.		1,600		31,970
Chiba Kogyo Bank, Ltd. (The)		16,000		42,942
Chikaranomoto Holdings Co., Ltd.		1,000		7,414
Chilled & Frozen Logistics Holdings Co., Ltd.		2,800		32,074
CHIMNEY Co., Ltd. (d)		1,400		30,929
Chino Corp.		2,700		34,303
Chiyoda Co., Ltd.		5,800		91,109
Chiyoda Integre Co., Ltd.		4,600		91,449

BHFTII-79

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Chofu Seisakusho Co., Ltd.		5,700	$	126,766
Chori Co., Ltd.		5,000		79,182
Choushimaru Co., Ltd.		1,200		13,941
Chubu Shiryo Co., Ltd.		7,900		85,955
Chudenko Corp.		8,600		186,939
Chuetsu Pulp & Paper Co., Ltd.		3,500		48,545
Chugai Mining Co., Ltd. (a)		68,200		12,615
Chugai Ro Co., Ltd.		2,900		40,197
Chugoku Bank, Ltd. (The)		5,500		51,999
Chugoku Marine Paints, Ltd.		22,000		180,688
Chukyo Bank, Ltd. (The)		3,900		76,126
Chuo Gyorui Co., Ltd.		200		4,935
Chuo Spring Co., Ltd.		1,400		36,183
Citizen Watch Co., Ltd. (d)		73,800		362,397
CKD Corp.		17,300		208,426
Cleanup Corp.		7,300		36,570
CMIC Holdings Co., Ltd.		3,900		61,935
CMK Corp.		18,200		98,437
Coco’s Japan Co., Ltd.		1,800		20,841
Cocokara fine, Inc.		5,700		306,961
COLOPL, Inc. (d)		12,700		209,617
Colowide Co., Ltd. (d)		14,200		263,381
Como Co., Ltd.		400		8,686
Computer Engineering & Consulting, Ltd.		9,600		180,130
Computer Institute of Japan, Ltd.		2,000		15,442
Comture Corp.		5,400		102,213
CONEXIO Corp.		4,600		58,089
Core Corp.		2,500		32,217
Corona Corp.		5,600		55,007
Cosel Co., Ltd. (d)		9,900		94,432
Cosmo Energy Holdings Co., Ltd.		15,000		307,311
Cosmos Initia Co., Ltd.		3,500		23,415
Cota Co., Ltd.		3,740		43,461
Create Medic Co., Ltd.		1,800		16,210
Create Restaurants Holdings, Inc.		12,400		201,949
Create SD Holdings Co., Ltd.		7,500		175,642
Credit Saison Co., Ltd.		11,800		159,162
Creek & River Co., Ltd.		2,600		28,720
Cresco, Ltd.		2,000		63,843
CRI Middleware Co., Ltd. (a)		800		12,903
CTI Engineering Co., Ltd.		4,800		72,812
CTS Co., Ltd.		8,900		59,194
Cube System, Inc.		4,700		33,202
Cyber Com Co., Ltd.		1,100		18,110
Cybozu, Inc.		6,400		60,080
Dai Nippon Toryo Co., Ltd.		9,400		92,550
Dai-Dan Co., Ltd.		6,000		120,390
Dai-ichi Seiko Co., Ltd. (d)		3,100		75,380
Daibiru Corp.		19,800		203,769
Daido Kogyo Co., Ltd.		2,000		14,826
Daido Metal Co., Ltd.		11,200		66,404
Daido Steel Co., Ltd.		4,000		157,764
Daidoh, Ltd.		10,800		27,571
Daihatsu Diesel Manufacturing Co., Ltd.		9,000		49,372
Daihen Corp.		7,200		217,734
Daiho Corp.		5,000		132,759
Daiichi Jitsugyo Co., Ltd.		2,800		80,755
Japan—(Continued)
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		5,000		36,955
Daiken Corp.		4,800		83,967
Daiken Medical Co., Ltd.		4,400		21,019
Daiki Aluminium Industry Co., Ltd. (d)		9,000		59,257
Daiki Axis Co., Ltd.		1,300		9,735
Daiko Denshi Tsushin, Ltd.		1,300		8,373
Daikoku Denki Co., Ltd.		2,700		38,778
Daikokutenbussan Co., Ltd.		1,900		60,152
Daikyonishikawa Corp.		9,000		66,570
Dainichi Co., Ltd.		4,100		23,939
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		5,000		147,616
Daio Paper Corp.		14,000		178,811
Daiseki Co., Ltd.		10,700		275,027
Daiseki Eco. Solution Co., Ltd.		2,400		16,081
Daishi Hokuetsu Financial Group, Inc.		15,100		381,953
Daishinku Corp.		2,600		24,286
Daisue Construction Co., Ltd.		2,300		19,461
Daito Bank, Ltd. (The)		5,200		28,156
Daito Pharmaceutical Co., Ltd.		3,960		111,101
Daitron Co., Ltd.		2,400		29,309
Daiwa Industries, Ltd.		11,000		113,357
Daiwabo Holdings Co., Ltd.		6,100		254,828
Daiyu Lic Holdings Co., Ltd.		4,500		31,811
DCM Holdings Co., Ltd. (d)		37,900		372,696
DD Holdings Co., Ltd.		3,000		41,985
Dear Life Co., Ltd.		4,700		21,221
Denki Kogyo Co., Ltd.		4,200		119,552
Densan System Co., Ltd.		1,700		45,744
Denyo Co., Ltd.		4,800		78,471
Descente, Ltd.		8,100		107,735
Dexerials Corp.		15,300		113,989
Digital Arts, Inc.		2,900		191,727
Digital Garage, Inc.		1,100		35,282
Digital Information Technologies Corp.		1,300		22,534
Dip Corp.		8,100		196,735
DKK-Toa Corp.		1,500		11,503
DKS Co., Ltd.		3,600		95,157
DMG Mori Co., Ltd.		32,300		462,459
DMW Corp.		700		13,662
Doshisha Co., Ltd.		8,200		129,886
Double Standard, Inc.		700		31,629
Doutor Nichires Holdings Co., Ltd.		11,500		228,594
Dowa Holdings Co., Ltd.		6,800		233,328
Dream Incubator, Inc. (a)		1,000		13,741
DSB Co., Ltd.		5,300		27,150
DTS Corp.		13,200		276,070
Duskin Co., Ltd.		13,700		354,541
DyDo Group Holdings, Inc.		2,700		110,412
Dynic Corp.		3,200		21,618
E-Guardian, Inc.		2,400		36,733
Eagle Industry Co., Ltd.		7,800		71,700
Earth Corp.		2,200		113,054
EAT&Co, Ltd.		1,400		21,927
Ebara Foods Industry, Inc.		700		13,515
Ebara Jitsugyo Co., Ltd.		2,500		46,330
Ebase Co., Ltd.		2,400		22,717
Eco’s Co., Ltd.		800		12,466

BHFTII-80

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
EDION Corp. (d)		28,900	$	278,963
EF-ON, Inc.		6,100		39,963
eGuarantee, Inc. (d)		8,200		113,617
Ehime Bank, Ltd. (The)		11,400		115,210
Eidai Co., Ltd.		10,000		30,428
Eiken Chemical Co., Ltd.		10,600		160,991
Eizo Corp.		6,300		220,877
Elan Corp.		3,200		52,583
Elecom Co., Ltd.		5,600		219,808
Elematec Corp.		8,000		73,930
EM Systems Co., Ltd.		4,500		84,733
en-japan, Inc.		7,300		281,364
Endo Lighting Corp.		2,600		15,951
Enigmo, Inc. (a)		6,400		57,739
Enplas Corp.		3,400		110,693
Enshu, Ltd.		2,300		23,263
Entrust, Inc.		1,500		9,146
EPS Holdings, Inc.		8,800		105,206
eRex Co., Ltd.		8,000		94,957
ES-Con Japan, Ltd.		7,900		60,181
Escrow Agent Japan, Inc.		5,100		10,953
ESPEC Corp.		7,100		124,278
Excel Co., Ltd.		2,500		28,300
Exedy Corp.		11,600		227,775
Extreme Co., Ltd.		700		12,482
F&M Co., Ltd.		1,600		17,987
F-Tech, Inc.		6,000		38,048
F@N Communications, Inc.		11,700		58,529
Faith, Inc.		2,680		19,370
FALCO HOLDINGS Co., Ltd. (d)		3,100		46,936
FCC Co., Ltd.		12,600		244,077
FDK Corp. (a)		3,600		27,126
Feed One Co., Ltd.		41,380		62,061
Ferrotec Holdings Corp.		10,400		81,796
FFRI, Inc. (a)		1,000		29,400
FIDEA Holdings Co., Ltd.		62,510		67,178
Fields Corp.		6,000		27,991
Financial Products Group Co., Ltd. (d)		17,700		177,714
FINDEX, Inc.		3,900		33,048
First Bank of Toyama, Ltd. (The)		10,700		30,518
First Brothers Co., Ltd.		900		9,063
First Juken Co., Ltd.		3,400		42,400
First-corp, Inc.		1,600		9,222
Fixstars Corp.		2,700		36,212
FJ Next Co., Ltd. (d)		2,300		22,161
Focus Systems Corp.		2,900		22,400
Forval Corp.		1,900		17,291
Foster Electric Co., Ltd.		8,800		149,115
France Bed Holdings Co., Ltd.		9,300		87,176
Freebit Co., Ltd.		2,100		17,931
Freund Corp.		2,400		16,538
Fronteo, Inc.		6,000		17,812
FTGroup Co., Ltd.		1,500		19,444
Fudo Tetra Corp.		6,030		67,942
Fuji Co., Ltd.		6,700		116,827
Fuji Corp.		13,800		206,630
Fuji Corp., Ltd.		8,600		55,250
Japan—(Continued)
Fuji Corp/Miyagi		600		12,051
Fuji Kyuko Co., Ltd.		2,500		103,643
Fuji Oil Co., Ltd.		21,100		48,222
Fuji Pharma Co., Ltd.		4,600		56,299
Fuji Seal International, Inc.		10,200		257,941
Fujibo Holdings, Inc.		3,700		103,462
Fujicco Co., Ltd.		7,100		128,052
Fujikura Kasei Co., Ltd.		9,500		45,944
Fujikura Rubber, Ltd.		5,800		23,212
Fujikura, Ltd. (d)		76,600		296,132
Fujimori Kogyo Co., Ltd.		4,800		142,786
Fujio Food System Co., Ltd.		600		16,249
Fujisash Co., Ltd.		24,500		18,590
Fujishoji Co., Ltd.		1,300		11,413
Fujita Kanko, Inc.		2,000		51,938
Fujitec Co., Ltd.		19,500		252,745
Fujitsu Frontech, Ltd.		4,500		39,327
Fujitsu General, Ltd.		15,200		254,112
Fujiya Co., Ltd.		2,600		48,916
FuKoKu Co., Ltd.		5,100		33,016
Fukuda Corp.		1,600		61,949
Fukuda Denshi Co., Ltd.		400		25,382
Fukui Bank, Ltd. (The)		9,200		121,817
Fukui Computer Holdings, Inc.		2,700		61,435
Fukushima Bank, Ltd. (The)		11,200		22,143
Fukushima Industries Corp.		4,200		122,444
Fukuyama Transporting Co., Ltd.		4,000		141,163
FULLCAST Holdings Co., Ltd.		5,500		111,969
Funai Electric Co., Ltd. (a)		7,900		43,973
Funai Soken Holdings, Inc.		11,770		269,337
Furukawa Battery Co., Ltd. (The)		5,000		28,158
Furukawa Co., Ltd.		10,500		142,040
Furukawa Electric Co., Ltd.		6,200		150,571
Furuno Electric Co., Ltd.		10,500		92,037
Furusato Industries, Ltd.		3,700		49,467
Furuya Metal Co., Ltd.		400		14,239
Furyu Corp.		2,400		20,475
Fuso Chemical Co., Ltd.		4,600		102,830
Fuso Pharmaceutical Industries, Ltd.		2,600		47,331
Futaba Corp. (d)		10,200		125,536
Futaba Industrial Co., Ltd.		19,600		137,116
Future Corp.		8,400		146,866
Fuyo General Lease Co., Ltd.		5,600		337,621
G-7 Holdings, Inc.		2,100		59,290
G-Tekt Corp.		7,700		120,321
Gakken Holdings Co., Ltd.		1,600		79,234
Gakkyusha Co., Ltd.		1,700		19,342
GCA Corp.		5,800		41,602
Gecoss Corp.		4,600		36,455
Genki Sushi Co., Ltd. (d)		1,600		40,139
Genky DrugStores Co., Ltd.		2,400		48,926
Geo Holdings Corp.		12,300		146,044
Gfoot Co., Ltd.		2,100		12,003
Giken, Ltd.		4,600		145,602
GL Sciences, Inc.		1,300		16,410
GLOBERIDE, Inc.		3,500		90,814
Glory, Ltd.		9,700		273,741

BHFTII-81

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
GMO Click Holdings, Inc.		8,000	$	44,200
GMO Cloud K.K. (d)		1,500		37,272
GMO internet, Inc.		12,500		216,171
GMO Pepabo, Inc.		700		15,898
Godo Steel, Ltd.		4,100		80,685
Goldcrest Co., Ltd.		7,230		141,846
Golf Digest Online, Inc.		900		5,716
Good Com Asset Co., Ltd.		800		13,872
Grace Technology, Inc.		900		24,526
Grandy House Corp.		3,600		15,053
Gree, Inc.		31,400		143,773
Greens Co., Ltd.		1,000		12,435
GS Yuasa Corp.		18,200		316,709
GSI Creos Corp.		2,800		27,499
Gun-Ei Chemical Industry Co., Ltd.		1,800		40,046
Gunma Bank, Ltd. (The)		7,600		24,781
Gunosy, Inc. (a) (d)		3,100		40,306
Gunze, Ltd.		6,900		289,404
Gurunavi, Inc.		8,500		57,897
H-One Co., Ltd.		6,000		35,409
H2O Retailing Corp.		18,900		207,738
HABA Laboratories, Inc.		700		52,148
Hachijuni Bank, Ltd. (The)		3,700		15,143
Hagihara Industries, Inc.		4,000		54,461
Hakudo Co., Ltd.		1,500		19,362
Hakuto Co., Ltd.		5,900		64,251
Hakuyosha Co., Ltd.		800		21,322
Halows Co., Ltd.		1,100		23,856
Hamakyorex Co., Ltd.		5,600		180,758
Hamee Corp.		1,800		18,262
Hanwa Co., Ltd.		12,800		352,492
Happinet Corp.		5,000		58,865
Hard Off Corp. Co., Ltd.		3,700		25,163
Harima Chemicals Group, Inc.		7,100		80,375
Haruyama Holdings, Inc.		5,400		40,872
Hazama Ando Corp.		54,490		405,509
Hearts United Group Co., Ltd.		2,600		22,422
Heiwa Corp.		1,900		39,232
Heiwa Real Estate Co., Ltd.		14,400		323,674
Heiwado Co., Ltd.		11,200		210,959
Helios Techno Holding Co., Ltd.		2,900		14,924
HI-LEX Corp.		7,700		119,798
Hibino Corp.		500		11,646
Hibiya Engineering, Ltd.		7,800		135,630
Hiday Hidaka Corp.		7,496		145,243
Himaraya Co., Ltd.		2,600		19,823
Hinokiya Group Co., Ltd.		1,500		26,717
Hioki EE Corp.		3,000		101,974
Hirakawa Hewtech Corp.		800		7,896
Hiramatsu, Inc. (d)		14,800		46,630
Hirano Tecseed Co., Ltd.		500		5,989
Hirata Corp. (d)		1,700		110,823
Hirose Tusyo, Inc.		300		4,944
Hiroshima Bank, Ltd. (The)		34,500		171,517
Hiroshima Gas Co., Ltd.		7,000		21,859
HIS Co., Ltd.		9,400		233,932
Hisaka Works, Ltd.		9,600		77,168
Japan—(Continued)
Hitachi Maxell, Ltd. (d)		15,300		218,534
Hitachi Zosen Corp.		61,600		201,623
Hito Communications Holdings, Inc.		1,700		26,445
Hochiki Corp.		4,600		63,198
Hodogaya Chemical Co., Ltd. (d)		1,800		55,981
Hogy Medical Co., Ltd.		7,100		203,849
Hokkaido Electric Power Co., Inc.		48,900		257,540
Hokkaido Gas Co., Ltd.		5,400		75,311
Hokkan Holdings, Ltd.		5,000		70,610
Hokko Chemical Industry Co., Ltd.		8,000		36,531
Hokkoku Bank, Ltd. (The)		10,100		263,327
Hokuetsu Corp.		47,900		240,767
Hokuetsu Industries Co., Ltd.		7,000		80,874
Hokuhoku Financial Group, Inc.		32,000		311,153
Hokuriku Electric Industry Co., Ltd.		2,800		26,910
Hokuriku Electric Power Co. (a)		47,000		315,849
Hokuriku Electrical Construction Co., Ltd.		3,000		24,608
Hokuriku Gas Co., Ltd.		1,000		27,704
Hokuto Corp.		7,100		130,262
Honda Tsushin Kogyo Co., Ltd.		6,100		28,073
Honeys Holdings Co., Ltd.		6,930		93,817
Honma Golf, Ltd.		27,000		23,631
Hoosiers Holdings Co., Ltd.		8,000		47,256
Hosiden Corp.		20,000		206,279
Hosokawa Micron Corp.		2,200		76,608
Hotland Co., Ltd. (a)		3,200		33,981
House Do Co., Ltd.		600		9,737
Howa Machinery, Ltd.		5,700		39,632
HUB Co., Ltd.		1,200		14,363
Hyakugo Bank, Ltd. (The)		88,000		282,445
Hyakujushi Bank, Ltd. (The)		9,800		202,270
I K K, Inc.		3,100		20,179
I’rom Group Co., Ltd.		2,700		40,725
I-Net Corp.		3,520		43,371
Ibiden Co., Ltd.		2,800		56,383
IBJ Leasing Co., Ltd.		7,200		195,663
IBJ, Inc.		4,900		52,189
Ichibanya Co., Ltd.		3,800		178,961
Ichigo, Inc.		68,600		277,720
Ichiken Co., Ltd.		2,400		36,729
Ichikoh Industries, Ltd.		9,000		67,587
Ichimasa Kamaboko Co., Ltd.		1,100		10,747
ICHINEN HOLDINGS Co., Ltd.		7,400		74,728
Ichiyoshi Securities Co., Ltd.		12,600		79,575
Icom, Inc.		3,800		78,041
ID Holdings Corp.		2,600		29,882
Idec Corp.		7,500		137,291
IDOM, Inc.		20,400		89,713
Ihara Science Corp.		1,800		20,324
Iino Kaiun Kaisha, Ltd.		32,200		103,155
IJT Technology Holdings Co., Ltd.		9,000		41,316
Ikegami Tsushinki Co., Ltd.		2,600		25,756
Imagica Group, Inc.		4,500		21,123
Imasen Electric Industrial		7,200		58,697
Imuraya Group Co., Ltd.		2,900		55,348
Inaba Denki Sangyo Co., Ltd.		8,100		355,550
Inaba Seisakusho Co., Ltd.		2,100		27,847

BHFTII-82

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Inabata & Co., Ltd.		17,700	$	218,886
Inageya Co., Ltd.		8,200		119,544
Ines Corp.		9,500		103,142
Infocom Corp.		8,000		187,463
Infomart Corp.		20,100		313,395
Information Services International-Dentsu, Ltd.		4,300		134,383
Innotech Corp.		8,200		66,306
Insource Co., Ltd.		1,250		31,364
Intage Holdings, Inc.		11,600		100,716
Intelligent Wave, Inc.		3,400		25,533
Inter Action Corp.		1,700		32,279
Internet Initiative Japan, Inc.		9,800		223,434
Inui Global Logistics Co., Ltd. (d)		5,355		59,695
IR Japan Holdings, Ltd.		1,400		49,743
Iriso Electronics Co., Ltd.		5,500		265,541
Ise Chemicals Corp.		1,000		29,139
Iseki & Co., Ltd.		7,400		101,047
Ishihara Sangyo Kaisha, Ltd.		12,200		111,067
Ishii Iron Works Co., Ltd.		900		18,476
Ishizuka Glass Co., Ltd.		500		9,319
Isolite Insulating Products Co., Ltd.		2,900		11,781
Istyle, Inc. (a)		9,800		68,039
Itfor, Inc.		9,100		69,445
Itochu Enex Co., Ltd.		19,400		147,962
Itochu-Shokuhin Co., Ltd.		2,400		97,814
Itoham Yonekyu Holdings, Inc.		20,900		131,665
Itoki Corp.		15,600		64,527
Itokuro, Inc. (a)		1,900		36,860
IwaiCosmo Holdings, Inc.		7,900		81,882
Iwaki & Co., Ltd.		9,000		40,150
Iwaki Co., Ltd.		1,300		11,775
Iwasaki Electric Co., Ltd.		2,500		30,847
Iwatani Corp. (d)		10,300		347,068
Iwatsuka Confectionery Co., Ltd.		500		18,085
Iyo Bank, Ltd. (The)		16,900		88,769
J Trust Co., Ltd. (d)		14,700		54,333
J-Oil Mills, Inc.		4,000		152,094
JAC Recruitment Co., Ltd.		3,300		63,608
Jaccs Co., Ltd.		3,300		69,652
Jafco Co., Ltd.		9,300		353,366
Jalux, Inc.		2,400		52,579
Jamco Corp. (d)		3,400		48,103
Janome Sewing Machine Co., Ltd.		7,099		26,412
Japan Asia Investment Co., Ltd. (a)		4,900		11,400
Japan Asset Marketing Co., Ltd. (a)		29,300		23,316
Japan Aviation Electronics Industry, Ltd.		12,000		171,496
Japan Best Rescue System Co., Ltd. (d)		4,700		45,867
Japan Cash Machine Co., Ltd. (d)		2,100		17,910
Japan Display, Inc. (a) (d)		81,900		45,976
Japan Elevator Service Holdings Co., Ltd.		3,400		88,086
Japan Foundation Engineering Co., Ltd.		10,200		30,688
Japan Investment Adviser Co., Ltd. (d)		3,200		54,877
Japan Lifeline Co., Ltd.		15,500		250,083
Japan Material Co., Ltd.		12,900		160,251
Japan Meat Co., Ltd.		2,000		41,802
Japan Medical Dynamic Marketing, Inc.		5,200		81,599
Japan Oil Transportation Co., Ltd.		700		18,443
Japan—(Continued)
Japan Petroleum Exploration Co., Ltd.		10,200		257,382
Japan Property Management Center Co., Ltd.		4,100		56,306
Japan Pulp & Paper Co., Ltd.		3,700		128,630
Japan Securities Finance Co., Ltd.		16,200		75,790
Japan Steel Works, Ltd. (The)		13,000		249,873
Japan Transcity Corp.		12,000		52,650
Japan Wool Textile Co., Ltd. (The)		19,700		180,946
Jastec Co., Ltd.		5,100		51,950
JBCC Holdings, Inc.		7,000		99,470
JCU Corp.		6,400		129,844
Jeol, Ltd.		11,000		263,045
JFLA Holdings, Inc.		3,100		11,556
JIG-SAW, Inc. (a)		900		36,716
Jimoto Holdings, Inc.		67,900		62,096
JINS Holdings, Inc.		4,200		249,842
JK Holdings Co., Ltd.		5,600		25,453
JMS Co., Ltd.		7,500		44,839
Joban Kosan Co., Ltd.		1,700		26,505
Joshin Denki Co., Ltd.		7,000		139,152
Joyful Honda Co., Ltd.		4,900		63,123
JP-Holdings, Inc.		17,900		44,062
JSP Corp.		5,100		84,571
Juki Corp.		11,200		94,392
Juroku Bank, Ltd. (The)		12,200		268,503
Justsystems Corp.		3,700		140,855
JVC Kenwood Corp.		53,300		157,430
K&O Energy Group, Inc.		5,400		71,855
Kadokawa Dwango (a)		12,508		174,998
Kadoya Sesame Mills, Inc.		800		26,516
Kaga Electronics Co., Ltd.		7,200		129,555
Kakiyasu Honten Co., Ltd.		3,800		74,059
Kamakura Shinsho, Ltd.		2,400		32,878
Kameda Seika Co., Ltd. (d)		4,100		180,794
Kamei Corp.		8,700		88,347
Kanaden Corp.		7,200		85,507
Kanagawa Chuo Kotsu Co., Ltd.		2,400		85,481
Kanamic Network Co., Ltd.		2,400		12,682
Kanamoto Co., Ltd.		8,800		219,712
Kandenko Co., Ltd.		13,800		123,377
Kaneka Corp.		2,200		69,012
Kaneko Seeds Co., Ltd.		900		10,733
Kanematsu Corp.		29,800		336,730
Kanematsu Electronics, Ltd.		3,900		111,588
Kanemi Co., Ltd.		100		2,799
Kansai Super Market, Ltd.		3,400		33,843
Kanto Denka Kogyo Co., Ltd.		15,000		113,316
Kappa Create Co., Ltd.		7,100		93,261
Kasai Kogyo Co., Ltd.		8,600		61,861
Katakura & Co-op Agri Corp.		1,600		15,918
Katakura Industries Co., Ltd.		9,500		118,053
Kato Sangyo Co., Ltd.		7,100		221,716
Kato Works Co., Ltd.		3,800		66,864
Kawada Technologies, Inc.		1,500		97,043
Kawai Musical Instruments Manufacturing Co., Ltd.		2,600		70,184
Kawasaki Kinkai Kisen Kaisha, Ltd.		700		18,161
Kawasaki Kisen Kaisha, Ltd. (a) (d)		23,400		274,788
Kawasumi Laboratories, Inc.		4,900		38,505

BHFTII-83

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
KeePer Technical Laboratory Co., Ltd.		1,500	$	21,811
Keihanshin Building Co., Ltd.		14,500		176,687
Keihin Co., Ltd./Minato-Ku Tokyo Japan		2,300		26,732
Keihin Corp.		15,600		230,438
Keiyo Bank, Ltd. (The)		44,500		264,644
Keiyo Co., Ltd.		14,400		65,729
Kenedix, Inc.		63,300		320,128
Kenko Mayonnaise Co., Ltd.		4,100		92,324
KEY Coffee, Inc.		2,000		40,607
KFC Holdings Japan, Ltd.		4,000		87,251
KH Neochem Co., Ltd.		8,800		192,802
Ki-Star Real Estate Co., Ltd.		1,300		23,168
Kimoto Co., Ltd.		14,900		23,861
Kimura Chemical Plants Co., Ltd.		3,300		11,571
King Jim Co., Ltd.		5,800		45,078
Kinki Sharyo Co., Ltd. (The) (a)		1,200		15,202
Kintetsu Department Store Co., Ltd.		1,900		55,338
Kintetsu World Express, Inc.		10,800		152,757
Kirindo Holdings Co., Ltd.		2,500		49,042
Kissei Pharmaceutical Co., Ltd.		8,100		196,307
Kita-Nippon Bank, Ltd. (The)		2,900		47,937
Kitagawa Iron Works Co., Ltd.		3,100		54,655
Kitano Construction Corp.		1,400		29,662
Kitanotatsujin Corp.		7,600		49,534
Kito Corp.		5,900		85,105
Kitz Corp.		31,200		208,920
Kiyo Bank, Ltd. (The)		25,000		390,525
KLab, Inc. (a) (d)		10,600		124,202
Koa Corp.		10,200		126,497
Koatsu Gas Kogyo Co., Ltd.		11,100		83,016
Kobe Electric Railway Co., Ltd. (a)		1,400		51,432
Kobe Steel, Ltd.		33,500		179,848
Kobelco Eco-Solutions Co., Ltd.		1,200		19,003
Kohnan Shoji Co., Ltd.		10,400		229,664
Kohsoku Corp.		4,000		49,426
Koike Sanso Kogyo Co., Ltd.		700		14,478
Kojima Co., Ltd.		12,000		54,207
Kokusai Co., Ltd.		3,400		21,598
Kokuyo Co., Ltd.		18,000		252,347
KOMAIHALTEC, Inc.		1,800		27,443
Komatsu Seiren Co., Ltd.		10,200		73,934
Komatsu Wall Industry Co., Ltd.		2,700		48,250
KOMEDA Holdings Co., Ltd.		12,400		231,290
Komehyo Co., Ltd.		1,300		13,164
Komeri Co., Ltd.		12,300		249,252
Komori Corp.		18,900		200,549
Konaka Co., Ltd.		7,300		27,930
Kondotec, Inc.		7,900		66,911
Konishi Co., Ltd.		9,900		135,775
Konoike Transport Co., Ltd.		5,400		80,128
Kosaido Co., Ltd. (a)		3,700		24,530
Koshidaka Holdings Co., Ltd.		11,600		184,988
Kotobuki Spirits Co., Ltd.		5,600		367,479
Kourakuen Holdings Corp.		3,800		82,449
Kozo Keikaku Engineering, Inc.		700		15,439
Krosaki Harima Corp.		1,900		99,389
KRS Corp.		2,200		38,394
Japan—(Continued)
KU Holdings Co., Ltd.		8,000		63,145
Kumagai Gumi Co., Ltd.		9,100		260,125
Kumiai Chemical Industry Co., Ltd.		21,195		182,996
Kura Corp. (d)		3,300		137,177
Kurabo Industries, Ltd.		7,600		159,270
Kureha Corp.		5,200		311,210
Kurimoto, Ltd.		3,500		49,010
Kushikatsu Tanaka Holdings Co.		1,100		22,925
KYB Corp. (a)		7,400		217,868
Kyoden Co., Ltd.		6,500		18,005
Kyodo Printing Co., Ltd.		3,000		75,442
Kyoei Steel, Ltd.		6,100		114,869
Kyokuto Boeki Kaisha, Ltd.		1,800		28,985
Kyokuto Kaihatsu Kogyo Co., Ltd.		11,400		137,699
Kyokuto Securities Co., Ltd.		7,600		60,847
Kyokuyo Co., Ltd.		3,500		89,976
KYORIN Holdings, Inc.		15,500		257,753
Kyoritsu Maintenance Co., Ltd.		6,718		288,956
Kyoritsu Printing Co., Ltd.		6,800		9,918
Kyosan Electric Manufacturing Co., Ltd.		16,000		54,782
Kyowa Electronic Instruments Co., Ltd.		8,000		31,316
Kyowa Leather Cloth Co., Ltd.		3,300		22,574
Kyushu Financial Group, Inc.		23,000		94,137
LAC Co., Ltd.		5,900		72,371
Lacto Japan Co., Ltd.		1,400		50,211
Land Business Co., Ltd.		1,700		11,889
LEC, Inc.		8,800		79,915
LECIP Holdings Corp.		600		4,382
Leopalace21 Corp. (a) (d)		82,400		194,303
Life Corp.		4,400		87,946
LIFULL Co., Ltd. (d)		17,000		111,083
Like Co., Ltd.		2,100		31,223
Linical Co., Ltd.		2,600		23,934
Link And Motivation, Inc. (d)		8,900		45,494
Lintec Corp.		8,400		167,373
Litalico, Inc. (a)		900		16,993
LIXIL VIVA Corp.		5,200		78,335
Look Holdings, Inc.		2,200		21,488
M&A Capital Partners Co., Ltd. (a)		1,800		107,986
Macnica Fuji Electronics Holdings, Inc.		14,550		188,456
Macromill, Inc.		10,400		85,660
Maeda Corp.		25,500		223,463
Maeda Kosen Co., Ltd. (d)		5,700		80,988
Maeda Road Construction Co., Ltd.		11,700		255,568
Maezawa Kasei Industries Co., Ltd.		5,700		59,461
Maezawa Kyuso Industries Co., Ltd.		3,900		72,211
Makino Milling Machine Co., Ltd.		8,000		351,149
Mamezou Holdings Co., Ltd.		4,800		76,479
Mamiya-Op Co., Ltd.		1,900		17,780
Mandom Corp.		2,100		52,238
MarkLines Co., Ltd.		3,000		50,488
Mars Engineering Corp.		3,600		63,658
Marubun Corp.		8,200		41,372
Marudai Food Co., Ltd.		7,600		160,455
Marufuji Sheet Piling Co., Ltd.		1,300		24,939
Maruha Nichiro Corp.		10,900		275,387
Maruka Machinery Co., Ltd.		900		17,334

BHFTII-84

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Marumae Co., Ltd.		2,500	$	22,987
Marusan Securities Co., Ltd.		19,700		90,822
Maruwa Co., Ltd.		3,700		239,303
Maruwa Unyu Kikan Co., Ltd.		2,200		54,813
Maruyama Manufacturing Co., Inc.		1,500		16,695
Maruzen CHI Holdings Co., Ltd. (d)		11,900		41,071
Maruzen Co. Ltd/Taito ward		900		16,734
Maruzen Showa Unyu Co., Ltd.		4,600		128,794
Marvelous, Inc.		9,500		73,497
Matching Service Japan Co., Ltd.		1,200		14,585
Matsuda Sangyo Co., Ltd.		5,900		77,803
Matsui Construction Co., Ltd.		7,800		52,449
Matsuya Co., Ltd.		8,800		68,179
Matsuya Foods Co., Ltd.		2,500		90,131
Max Co., Ltd.		11,000		185,304
Maxvalu Tokai Co., Ltd.		3,500		64,108
MCJ Co., Ltd.		19,900		125,754
MEC Co., Ltd.		5,800		84,003
Media Do Holdings Co., Ltd.		1,700		59,986
Medical Data Vision Co., Ltd. (a)		3,800		38,836
Medical System Network Co., Ltd.		5,300		25,225
Medius Holdings Co., Ltd.		1,800		11,937
MedPeer, Inc. (a) (d)		3,200		34,543
Megachips Corp.		4,800		74,160
Megmilk Snow Brand Co., Ltd.		12,200		294,703
Meidensha Corp.		11,600		200,387
Meiji Electric Industries Co., Ltd.		1,000		12,508
Meiji Shipping Co., Ltd.		8,500		24,515
Meiko Electronics Co., Ltd.		7,500		104,662
Meiko Network Japan Co., Ltd.		7,200		58,713
Meisei Industrial Co., Ltd.		13,500		92,119
Meitec Corp.		7,700		378,632
Meito Sangyo Co., Ltd.		3,000		34,478
Meiwa Corp.		8,100		37,925
Meiwa Estate Co., Ltd.		5,200		25,892
Melco Holdings, Inc.		1,500		37,560
Members Co., Ltd.		1,800		30,286
Menicon Co., Ltd.		4,100		144,220
Mercuria Investment Co., Ltd.		2,100		14,016
Metaps, Inc. (a)		1,600		15,051
METAWATER Co., Ltd.		1,300		44,366
Michinoku Bank, Ltd. (The)		5,700		82,420
Micronics Japan Co., Ltd.		5,800		46,429
Mie Kotsu Group Holdings, Inc.		6,200		31,587
Mikuni Corp.		7,300		21,526
Milbon Co., Ltd.		7,320		362,202
MIMAKI ENGINEERING Co., Ltd.		4,400		21,596
Mimasu Semiconductor Industry Co., Ltd.		6,800		109,923
Ministop Co., Ltd.		5,400		69,513
Miraca Holdings, Inc.		14,400		329,759
Miraial Co., Ltd.		2,900		36,405
Mirait Holdings Corp. (d)		24,080		364,868
Miroku Jyoho Service Co., Ltd.		5,900		161,788
Misawa Homes Co., Ltd.		6,700		68,849
Mitani Corp.		6,900		343,483
Mitani Sekisan Co., Ltd.		4,100		123,477
Mito Securities Co., Ltd.		24,000		53,109
Japan—(Continued)
Mitsuba Corp.		12,300		72,223
Mitsubishi Logisnext Co., Ltd.		11,300		107,669
Mitsubishi Paper Mills, Ltd.		12,000		53,999
Mitsubishi Pencil Co., Ltd.		4,900		78,104
Mitsubishi Research Institute, Inc.		2,000		66,674
Mitsubishi Shokuhin Co., Ltd.		4,800		120,603
Mitsubishi Steel Manufacturing Co., Ltd.		5,900		60,796
Mitsuboshi Belting, Ltd.		8,500		140,174
Mitsui Engineering & Shipbuilding Co., Ltd. (a)		30,000		264,965
Mitsui High-Tec, Inc.		9,500		150,632
Mitsui Matsushima Co., Ltd.		5,200		58,018
Mitsui Mining & Smelting Co., Ltd.		12,700		302,620
Mitsui Sugar Co., Ltd.		6,100		125,941
Mitsui-Soko Holdings Co., Ltd.		7,400		114,638
Mitsumura Printing Co., Ltd.		500		8,174
Mitsuuroko Group Holdings Co., Ltd.		12,900		125,268
Mixi, Inc.		10,500		221,572
Miyaji Engineering Group, Inc.		1,800		27,052
Miyazaki Bank, Ltd. (The)		6,000		134,963
Miyoshi Oil & Fat Co., Ltd.		2,800		30,444
Mizuho Medy Co., Ltd.		500		11,161
Mizuno Corp.		6,600		171,677
Mochida Pharmaceutical Co., Ltd.		700		26,886
Modec, Inc.		6,100		147,584
Monex Group, Inc. (d)		65,600		189,852
Money Partners Group Co., Ltd.		7,100		17,081
Monogatari Corp. (The)		1,700		158,542
MORESCO Corp.		2,500		30,815
Morinaga Milk Industry Co., Ltd.		10,400		396,515
Morita Holdings Corp.		11,200		176,828
Morozoff, Ltd.		900		41,133
Mory Industries, Inc.		2,800		52,338
Moshi Moshi Hotline, Inc.		11,500		143,302
Mr. Max Holdings, Ltd.		10,500		44,347
MTI, Ltd.		9,200		60,217
Mugen Estate Co., Ltd.		400		2,377
Murakami Corp.		3,000		69,689
Musashi Seimitsu Industry Co., Ltd.		15,800		202,399
Musashino Bank, Ltd. (The)		11,200		195,730
Mutoh Holdings Co., Ltd.		900		13,857
Mynet, Inc. (a)		1,000		4,918
N Field Co., Ltd.		3,200		18,477
NAC Co., Ltd.		3,600		32,241
Nachi-Fujikoshi Corp.		6,000		271,586
Nafco Co., Ltd.		1,400		16,968
Nagano Bank, Ltd. (The)		3,500		52,687
Nagano Keiki Co., Ltd.		4,200		26,563
Nagase & Co., Ltd.		11,100		155,838
Nagatanien Holdings Co., Ltd.		4,000		75,843
Nagawa Co., Ltd.		2,300		128,297
Naigai Trans Line, Ltd.		2,100		25,529
Nakabayashi Co., Ltd.		5,500		26,557
Nakamuraya Co., Ltd.		1,600		66,459
Nakanishi, Inc.		12,300		194,361
Nakano Corp.		4,000		17,683
Nakano Refrigerators Co., Ltd.		300		18,367
Nakayama Steel Works, Ltd.		6,300		25,646

BHFTII-85

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nakayamafuku Co., Ltd.		2,000	$	9,851
Namura Shipbuilding Co., Ltd. (d)		18,956		52,942
Nanto Bank, Ltd. (The)		9,200		216,247
Narasaki Sangyo Co., Ltd.		800		13,595
Natori Co., Ltd.		2,600		39,057
NEC Capital Solutions, Ltd.		3,800		76,353
NEC Networks & System Integration Corp.		7,800		212,563
Neos Corp.		2,900		22,887
Neturen Co., Ltd.		9,800		77,459
New Art Holdings Co., Ltd.		1,235		10,607
New Japan Chemical Co., Ltd. (a)		9,900		17,670
Nextage Co., Ltd.		9,800		105,348
Nexyz Group Corp.		2,500		44,428
NF Corp.		1,600		29,501
NHK Spring Co., Ltd.		6,400		49,170
Nice Holdings, Inc. (a) (d)		3,100		19,423
Nichi-iko Pharmaceutical Co., Ltd.		13,200		147,351
Nichia Steel Works, Ltd.		13,000		36,340
Nichias Corp.		16,500		294,209
Nichiban Co., Ltd.		4,000		59,222
Nichicon Corp.		20,100		184,506
Nichiden Corp.		5,200		97,329
Nichiha Corp.		9,000		247,277
NichiiGakkan Co., Ltd.		11,800		194,012
Nichimo Co., Ltd.		1,600		27,355
Nichireki Co., Ltd.		9,000		92,235
Nichirin Co., Ltd.		700		9,587
Nihon Chouzai Co., Ltd.		1,660		57,157
Nihon Dempa Kogyo Co., Ltd. (a)		7,600		31,054
Nihon Eslead Corp.		2,700		40,366
Nihon Flush Co., Ltd.		3,000		71,495
Nihon House Holdings Co., Ltd.		15,000		72,530
Nihon Kagaku Sangyo Co., Ltd.		3,000		28,170
Nihon Nohyaku Co., Ltd.		14,000		63,713
Nihon Parkerizing Co., Ltd.		24,500		267,909
Nihon Plast Co., Ltd.		4,500		28,807
Nihon Tokushu Toryo Co., Ltd.		2,900		30,274
Nihon Yamamura Glass Co., Ltd.		3,800		44,783
Nikkato Corp.		1,700		10,367
Nikkiso Co., Ltd.		18,600		200,141
Nikko Co., Ltd.		9,000		55,461
Nikkon Holdings Co., Ltd.		16,100		369,198
Nippon Air Conditioning Services Co., Ltd.		9,600		61,123
Nippon Aqua Co., Ltd.		3,000		17,206
Nippon Beet Sugar Manufacturing Co., Ltd.		4,500		78,695
Nippon Carbide Industries Co., Inc.		2,300		25,945
Nippon Carbon Co., Ltd. (d)		3,000		106,786
Nippon Chemi-Con Corp.		5,900		87,729
Nippon Chemical Industrial Co., Ltd.		3,000		65,457
Nippon Chemiphar Co., Ltd.		800		21,386
Nippon Coke & Engineering Co., Ltd.		71,000		54,016
Nippon Commercial Development Co., Ltd.		2,500		33,804
Nippon Computer Dynamics Co., Ltd.		1,700		13,093
Nippon Concept Corp.		1,500		18,115
Nippon Concrete Industries Co., Ltd.		14,000		34,892
Nippon Denko Co., Ltd. (d)		43,865		68,159
Nippon Densetsu Kogyo Co., Ltd.		12,500		259,881
Japan—(Continued)
Nippon Electric Glass Co., Ltd.		1,300		29,127
Nippon Felt Co., Ltd.		8,600		36,600
Nippon Filcon Co., Ltd.		5,200		24,156
Nippon Fine Chemical Co., Ltd.		4,300		48,173
Nippon Flour Mills Co., Ltd.		22,500		353,107
Nippon Gas Co., Ltd.		10,100		284,747
Nippon Hume Corp.		8,200		58,711
Nippon Kanzai Co., Ltd.		4,800		83,104
Nippon Kayaku Co., Ltd.		7,900		94,729
Nippon Kinzoku Co., Ltd.		1,900		14,246
Nippon Kodoshi Corp.		1,600		18,433
Nippon Koei Co., Ltd.		5,000		146,507
Nippon Koshuha Steel Co., Ltd.		3,100		11,876
Nippon Light Metal Holdings Co., Ltd.		198,000		357,564
Nippon Paper Industries Co., Ltd.		3,300		53,890
Nippon Parking Development Co., Ltd.		65,100		102,679
Nippon Pillar Packing Co., Ltd.		6,500		72,893
Nippon Piston Ring Co., Ltd.		3,200		37,563
Nippon Rietec Co., Ltd.		5,800		64,701
Nippon Road Co., Ltd. (The)		2,700		163,329
Nippon Seiki Co., Ltd.		15,000		230,548
Nippon Seisen Co., Ltd.		1,200		26,557
Nippon Sharyo, Ltd. (a)		2,600		62,282
Nippon Sheet Glass Co., Ltd.		33,000		198,865
Nippon Signal Co., Ltd.		18,700		209,567
Nippon Soda Co., Ltd.		9,200		223,845
Nippon Steel Trading Corp.		5,196		203,988
Nippon Suisan Kaisha, Ltd.		24,000		136,436
Nippon Systemware Co., Ltd.		1,900		42,286
Nippon Thompson Co., Ltd.		23,200		97,491
Nippon Yakin Kogyo Co., Ltd. (d)		5,400		109,100
Nipro Corp.		20,300		228,488
Nishi-Nippon Financial Holdings, Inc.		25,200		177,701
Nishi-Nippon Railroad Co., Ltd.		15,300		337,460
Nishikawa Rubber Co., Ltd.		1,200		20,281
Nishimatsu Construction Co., Ltd.		19,400		362,877
Nishimatsuya Chain Co., Ltd.		11,800		100,464
Nishimoto Co., Ltd.		1,400		44,803
Nishio Rent All Co., Ltd.		4,400		113,595
Nissan Shatai Co., Ltd.		6,400		52,046
Nissan Tokyo Sales Holdings Co., Ltd.		11,000		28,748
Nissei ASB Machine Co., Ltd.		2,800		88,545
Nissei Corp.		3,700		41,409
Nissei Plastic Industrial Co., Ltd. (d)		6,000		55,830
Nissha Co., Ltd. (d)		7,200		71,710
Nisshin Fudosan Co.		12,300		52,555
Nisshin Oillio Group, Ltd. (The)		10,200		321,145
Nisshinbo Holdings, Inc.		41,320		324,118
Nissin Corp.		6,000		86,493
Nissin Electric Co., Ltd.		14,800		180,714
Nissin Kogyo Co., Ltd.		15,200		214,254
Nissin Sugar Co., Ltd.		1,800		32,167
Nissui Pharmaceutical Co., Ltd.		5,100		55,145
Nitta Corp.		6,800		182,247
Nitta Gelatin, Inc.		4,500		27,881
Nittan Valve Co., Ltd.		6,300		15,908
Nittetsu Mining Co., Ltd.		2,200		86,820

BHFTII-86

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nitto Boseki Co., Ltd.		9,800	$	301,669
Nitto Fuji Flour Milling Co., Ltd.		400		24,895
Nitto Kogyo Corp.		9,000		171,781
Nitto Kohki Co., Ltd.		4,100		80,172
Nitto Seiko Co., Ltd.		12,500		66,077
Nittoc Construction Co., Ltd.		11,050		64,820
NJS Co., Ltd.		3,300		52,359
Noevir Holdings Co., Ltd.		3,200		167,984
Nohmi Bosai, Ltd.		7,000		134,506
Nojima Corp.		7,700		129,771
Nomura Co., Ltd.		23,700		298,396
Noritake Co., Ltd.		4,200		155,321
Noritsu Koki Co., Ltd.		5,200		82,387
Noritz Corp.		11,400		132,925
North Pacific Bank, Ltd.		122,400		260,925
NS Tool Co., Ltd.		1,900		34,398
NS United Kaiun Kaisha, Ltd.		4,100		85,691
NSD Co., Ltd.		10,670		306,699
NTN Corp. (d)		88,500		255,793
Nuflare Technology, Inc.		800		56,778
OAK Capital Corp.		15,500		18,870
Oat Agrio Co., Ltd.		200		2,783
Obara Group, Inc.		3,500		119,014
Odelic Co., Ltd.		1,000		36,119
Oenon Holdings, Inc.		21,000		75,473
Ogaki Kyoritsu Bank, Ltd. (The)		12,500		278,163
Ohara, Inc.		600		8,339
Ohashi Technica, Inc.		4,600		57,950
Ohba Co., Ltd.		4,600		26,935
Ohsho Food Service Corp.		3,600		233,240
Oiles Corp.		8,000		117,051
Oisix ra daichi, Inc. (a)		2,100		27,389
Oita Bank, Ltd. (The)		5,700		153,542
Okabe Co., Ltd.		14,000		111,562
Okada Aiyon Corp.		1,900		21,120
Okamoto Industries, Inc.		3,200		118,227
Okamoto Machine Tool Works, Ltd.		1,400		30,514
Okamura Corp.		21,800		213,399
Okasan Securities Group, Inc.		29,000		103,424
Okaya Electric Industries Co., Ltd. (a)		5,800		19,732
Oki Electric Industry Co., Ltd.		22,700		309,115
Okinawa Cellular Telephone Co.		4,400		144,299
Okinawa Electric Power Co., Inc. (The)		16,883		265,611
OKK Corp.		3,100		20,408
OKUMA Corp. (d)		5,100		279,135
Okumura Corp.		11,400		305,864
Okura Industrial Co., Ltd.		3,000		45,396
Okuwa Co., Ltd.		10,000		112,712
Olympic Group Corp.		4,900		28,076
ONO Sokki Co., Ltd.		4,200		20,641
Onoken Co., Ltd.		6,500		79,360
Onward Holdings Co., Ltd.		49,000		255,649
Ootoya Holdings Co., Ltd.		600		12,307
Open Door, Inc. (a)		2,700		54,729
Optex Group Co., Ltd.		9,400		140,727
Organo Corp.		2,800		124,827
Orient Corp.		72,800		98,123
Japan—(Continued)
Origin Co., Ltd.		3,400		43,219
Oro Co., Ltd. (d)		1,200		31,840
Osaka Organic Chemical Industry, Ltd.		5,900		58,804
Osaka Soda Co., Ltd.		5,000		128,161
Osaka Steel Co., Ltd.		5,900		72,630
OSAKA Titanium Technologies Co., Ltd.		5,500		90,208
Osaki Electric Co., Ltd.		11,000		67,427
OSG Corp.		14,300		297,859
OSJB Holdings Corp.		29,700		67,940
OUG Holdings, Inc.		700		17,856
Outsourcing, Inc.		32,100		305,678
Oyo Corp.		7,400		73,745
Ozu Corp.		600		10,193
Pacific Industrial Co., Ltd.		16,700		245,862
Pacific Metals Co., Ltd. (d)		6,100		127,458
Pack Corp. (The)		4,600		156,240
Pal Group Holdings Co., Ltd.		3,800		117,485
PAPYLESS Co., Ltd.		700		12,471
Paraca, Inc.		300		5,706
Paramount Bed Holdings Co., Ltd.		6,000		219,313
Parco Co., Ltd.		8,100		95,685
Paris Miki Holdings, Inc.		10,600		28,672
Pasona Group, Inc.		6,200		88,951
PC Depot Corp.		4,600		21,002
PCI Holdings, Inc.		900		17,180
Pegasus Sewing Machine Manufacturing Co., Ltd.		1,300		5,954
Penta-Ocean Construction Co., Ltd.		75,700		419,156
Pepper Food Service Co., Ltd. (d)		2,700		39,146
Phil Co., Inc. (a)		500		18,913
PIA Corp.		1,400		60,706
Pickles Corp.		800		20,053
Pilot Corp.		4,100		152,825
Piolax, Inc.		10,500		180,918
Plenus Co., Ltd.		7,800		131,108
Poletowin Pitcrew Holdings, Inc.		7,900		77,590
Press Kogyo Co., Ltd.		37,000		155,093
Pressance Corp.		10,400		167,679
Prestige International, Inc.		29,600		236,363
Prima Meat Packers, Ltd. (d)		9,600		191,572
Pro-Ship, Inc.		2,300		26,166
Pronexus, Inc.		6,700		69,246
Proto Corp.		8,800		95,480
PS Mitsubishi Construction Co., Ltd.		8,800		59,039
Punch Industry Co., Ltd.		2,700		12,395
Qol Co., Ltd.		5,900		78,886
Quick Co., Ltd.		4,000		50,460
Raccoon Co., Ltd.		6,000		37,102
Raito Kogyo Co., Ltd.		16,900		222,865
Raiznext Corp.		16,100		164,284
Rakus Co., Ltd.		5,800		90,012
Rasa Industries, Ltd.		2,600		30,437
Raysum Co., Ltd.		5,300		55,180
RECOMM Co., Ltd. (d)		14,500		17,573
Renaissance, Inc. (d)		3,400		50,616
Rengo Co., Ltd.		20,700		149,825
RENOVA, Inc. (a)		4,800		40,807
Renown, Inc. (a) (d)		29,200		30,892

BHFTII-87

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Resorttrust, Inc.		18,100	$	293,910
Restar Holdings Corp.		8,700		142,117
Retail Partners Co., Ltd.		1,300		10,455
Rheon Automatic Machinery Co., Ltd.		5,000		72,684
Rhythm Watch Co., Ltd.		2,500		23,861
Riberesute Corp.		4,300		33,055
Ricoh Leasing Co., Ltd.		5,600		181,591
Ride On Express Holdings Co., Ltd.		1,700		23,322
Right On Co., Ltd. (d)		5,900		35,583
Riken Corp.		3,500		121,777
Riken Keiki Co., Ltd.		6,000		115,911
Riken Technos Corp.		15,000		63,757
Riken Vitamin Co., Ltd.		2,700		86,755
Ringer Hut Co., Ltd.		6,000		143,118
Rion Co., Ltd.		2,200		48,982
Riso Kagaku Corp.		8,458		129,660
Riso Kyoiku Co., Ltd.		34,770		141,585
Rock Field Co., Ltd.		6,600		88,195
Rokko Butter Co., Ltd.		3,600		57,590
Roland DG Corp.		3,000		55,772
Rorze Corp.		1,900		45,249
Round One Corp.		22,000		328,672
Royal Holdings Co., Ltd.		8,300		210,496
Rozetta Corp. (a)		1,400		50,128
RS Technologies Co., Ltd.		1,500		49,319
Ryobi, Ltd.		9,400		158,246
Ryoden Corp.		4,500		63,050
Ryosan Co., Ltd.		10,800		275,773
Ryoyo Electro Corp.		7,800		133,997
S Foods, Inc.		4,500		124,625
S&B Foods, Inc.		1,500		55,796
S-Pool, Inc.		6,000		37,336
Sac’s Bar Holdings, Inc.		6,850		56,552
Sagami Rubber Industries Co., Ltd.		1,800		25,449
Saibu Gas Co., Ltd.		12,200		268,554
Saizeriya Co., Ltd.		9,200		236,428
Sakai Chemical Industry Co., Ltd.		6,000		141,035
Sakai Heavy Industries, Ltd.		1,400		36,890
Sakai Moving Service Co., Ltd.		2,800		161,136
Sakai Ovex Co., Ltd.		1,600		26,744
Sakata INX Corp.		11,800		122,910
Sakura Internet, Inc.		4,400		24,749
Sala Corp.		15,800		88,350
SAMTY Co., Ltd.		6,800		118,580
San Holdings, Inc.		2,800		28,200
San ju San Financial Group, Inc.		7,870		117,299
San-A Co., Ltd.		5,700		252,170
San-Ai Oil Co., Ltd.		20,000		198,115
San-In Godo Bank, Ltd. (The)		59,000		360,141
Sanden Holdings Corp. (a)		8,400		47,032
Sanei Architecture Planning Co., Ltd.		3,500		48,061
Sangetsu Corp.		14,800		279,614
Sanix, Inc. (a)		7,800		29,916
Sanken Electric Co., Ltd.		7,400		147,226
Sanki Engineering Co., Ltd.		17,900		212,023
Sanko Metal Industrial Co., Ltd.		1,000		22,341
Sankyo Frontier Co., Ltd.		1,000		29,282
Japan—(Continued)
Sankyo Seiko Co., Ltd.		13,400		63,797
Sankyo Tateyama, Inc.		9,600		111,783
Sanoh Industrial Co., Ltd. (d)		10,100		57,662
Sansei Technologies, Inc.		800		7,053
Sansha Electric Manufacturing Co., Ltd.		2,700		17,550
Sanshin Electronics Co., Ltd.		8,500		118,923
Sanyo Chemical Industries, Ltd.		4,200		181,750
Sanyo Denki Co., Ltd.		1,800		79,370
Sanyo Electric Railway Co., Ltd.		4,800		97,898
Sanyo Housing Nagoya Co., Ltd.		3,000		24,127
Sanyo Industries, Ltd.		1,300		22,303
Sanyo Shokai, Ltd.		5,100		68,812
Sanyo Special Steel Co., Ltd.		8,600		115,357
Sanyo Trading Co., Ltd.		1,300		25,606
Sapporo Holdings, Ltd.		15,600		389,021
Sata Construction Co., Ltd.		2,600		10,079
Sato Holdings Corp.		6,900		187,249
Sato Restaurant Systems Co., Ltd. (d)		6,700		63,245
Sato Shoji Corp.		6,500		49,535
Satori Electric Co., Ltd.		5,500		41,031
Sawada Holdings Co., Ltd.		10,300		80,065
Saxa Holdings, Inc.		2,400		41,206
SBS Holdings, Inc.		6,900		100,504
Scala, Inc.		5,700		51,576
Scroll Corp.		13,100		39,200
SEC Carbon, Ltd.		200		15,223
Secom Joshinetsu Co., Ltd.		945		30,776
Seed Co., Ltd.		1,700		14,193
Seika Corp.		4,200		51,692
Seikagaku Corp.		7,500		78,985
Seikitokyu Kogyo Co., Ltd.		12,500		84,315
Seiko Holdings Corp. (d)		8,800		194,338
Seiko PMC Corp.		1,500		10,902
Seiren Co., Ltd.		19,100		221,436
Sekisui Jushi Corp.		10,200		201,772
Sekisui Plastics Co., Ltd.		10,300		71,847
Senko Group Holdings Co., Ltd.		31,000		242,353
Senshu Electric Co., Ltd.		2,400		62,886
Senshu Ikeda Holdings, Inc.		84,000		145,956
Senshukai Co., Ltd. (a)		11,000		29,314
Seria Co., Ltd.		6,900		168,197
SFP Holdings Co., Ltd.		1,500		29,976
Shibaura Electronics Co., Ltd.		2,800		70,086
Shibaura Mechatronics Corp.		900		24,010
Shibusawa Warehouse Co., Ltd. (The)		4,200		73,879
Shibuya Corp.		4,800		129,153
Shidax Corp. (a)		9,600		26,343
SHIFT, Inc. (a)		1,800		89,010
Shiga Bank, Ltd. (The)		17,800		406,716
Shikibo, Ltd.		4,700		39,703
Shikoku Bank, Ltd. (The)		14,000		127,558
Shikoku Chemicals Corp.		13,000		137,169
Shima Seiki Manufacturing, Ltd.		7,100		164,080
Shimachu Co., Ltd.		19,600		478,736
Shimane Bank, Ltd. (The)		2,500		15,773
Shimizu Bank, Ltd. (The)		3,400		58,184
Shimojima Co., Ltd.		6,300		65,153

BHFTII-88

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Shin Nippon Air Technologies Co., Ltd.		4,600	$	76,549
Shin Nippon Biomedical Laboratories, Ltd.		5,300		32,978
Shin-Etsu Polymer Co., Ltd.		16,900		118,213
Shin-Keisei Electric Railway Co., Ltd.		2,900		56,332
Shinagawa Refractories Co., Ltd.		2,000		49,019
Shindengen Electric Manufacturing Co., Ltd.		2,800		90,902
Shinki Bus Co., Ltd.		900		31,343
Shinko Electric Industries Co., Ltd. (d)		27,600		237,453
Shinko Shoji Co., Ltd.		15,400		132,914
Shinmaywa Industries, Ltd. (d)		34,000		398,784
Shinnihon Corp.		10,200		71,729
Shinoken Group Co., Ltd.		7,100		63,029
Shinsho Corp.		1,400		30,649
Shinwa Co., Ltd.		3,900		78,218
Ship Healthcare Holdings, Inc.		2,100		89,657
Shizuki Electric Co., Inc.		8,000		39,976
Shizuoka Gas Co., Ltd.		21,300		181,659
Shobunsha Publications, Inc. (a)		4,800		16,744
Shoei Co., Ltd.		3,400		143,109
Shoei Foods Corp.		3,400		103,079
Shofu, Inc.		3,900		53,349
Shoko Co., Ltd. (a)		1,900		11,146
Showa Aircraft Industry Co., Ltd.		4,000		50,676
Showa Corp.		17,600		255,419
Showa Sangyo Co., Ltd.		6,600		187,659
SIGMAXYZ, Inc.		3,300		44,251
Siix Corp.		9,600		131,644
Sinanen Holdings Co., Ltd.		2,900		49,355
Sinfonia Technology Co., Ltd.		8,400		93,803
Sinko Industries, Ltd.		6,400		103,819
Sintokogio, Ltd.		16,800		151,895
SK-Electronics Co., Ltd.		400		7,053
SKY Perfect JSAT Holdings, Inc.		38,100		154,697
SMK Corp.		2,300		57,239
SMS Co., Ltd.		19,000		464,748
Snow Peak, Inc.		2,200		26,533
SNT Corp.		15,600		63,472
Soda Nikka Co., Ltd.		7,000		35,154
Sodick Co., Ltd.		16,800		120,951
Soft99 Corp.		5,100		45,062
Softbank Technology Corp. (d)		3,200		58,384
Softbrain Co., Ltd.		7,400		44,787
Softcreate Holdings Corp.		2,300		34,597
Software Service, Inc.		1,200		124,412
Sogo Medical Holdings Co., Ltd.		4,800		78,809
Solasto Corp.		12,800		144,817
SoldOut, Inc.		800		9,712
Soliton Systems KK		600		5,449
Sotoh Co., Ltd.		3,100		27,849
Sourcenext Corp. (d)		11,800		52,095
Space Co., Ltd.		5,060		59,117
Space Value Holdings Co., Ltd.		9,000		41,649
Sparx Group Co., Ltd.		35,900		83,103
SPK Corp.		1,700		40,265
SRA Holdings		3,100		68,744
ST Corp.		1,500		22,018
St-Care Holding Corp.		2,300		10,742
Japan—(Continued)
St. Marc Holdings Co., Ltd.		5,100		112,525
Star Mica Holdings Co., Ltd.		3,000		52,056
Star Micronics Co., Ltd.		7,700		109,158
Starts Corp., Inc.		7,500		183,790
Starzen Co., Ltd.		2,500		99,586
Stella Chemifa Corp.		3,600		88,093
Step Co., Ltd.		4,100		53,790
Strike Co., Ltd.		2,200		59,237
Studio Alice Co., Ltd.		2,900		53,927
Subaru Enterprise Co., Ltd.		100		6,376
Sugimoto & Co., Ltd.		3,800		67,213
Sumida Corp.		8,600		79,648
Suminoe Textile Co., Ltd.		2,300		64,721
Sumitomo Bakelite Co., Ltd.		5,600		220,519
Sumitomo Densetsu Co., Ltd.		5,400		110,427
Sumitomo Mitsui Construction Co., Ltd.		52,060		274,550
Sumitomo Osaka Cement Co., Ltd.		9,800		422,120
Sumitomo Precision Products Co., Ltd.		1,200		34,231
Sumitomo Riko Co., Ltd.		15,300		122,942
Sumitomo Seika Chemicals Co., Ltd.		3,200		94,982
Sumitomo Warehouse Co., Ltd. (The)		26,500		350,573
Sun Frontier Fudousan Co., Ltd.		8,600		102,642
Sun-Wa Technos Corp.		3,900		31,297
Suncall Corp.		8,300		35,470
Sushiro Global Holdings, Ltd.		2,500		168,184
SWCC Showa Holdings Co., Ltd.		7,600		61,400
System Information Co., Ltd.		2,800		25,560
System Research Co., Ltd.		1,200		21,440
Systena Corp.		20,000		297,386
Syuppin Co., Ltd.		6,100		60,573
T Hasegawa Co., Ltd.		8,400		155,879
T RAD Co., Ltd.		2,900		47,254
T&K Toka Co., Ltd.		8,600		74,350
T-Gaia Corp.		6,500		131,671
Tachi-S Co., Ltd.		10,300		125,482
Tachibana Eletech Co., Ltd.		5,640		86,002
Tachikawa Corp.		1,200		15,262
Tadano, Ltd.		24,500		235,024
Taihei Dengyo Kaisha, Ltd.		6,000		133,181
Taiheiyo Kouhatsu, Inc.		2,100		15,154
Taiho Kogyo Co., Ltd.		6,400		45,802
Taikisha, Ltd.		9,100		275,837
Taiko Bank, Ltd. (The)		3,100		45,492
Taisei Lamick Co., Ltd.		2,200		57,942
Taiyo Holdings Co., Ltd.		5,300		179,343
Takachiho Koheki Co., Ltd.		400		4,129
Takagi Seiko Corp.		600		16,443
Takamatsu Construction Group Co., Ltd.		5,400		124,188
Takamiya Co., Ltd.		5,200		31,075
Takano Co., Ltd.		4,600		32,989
Takaoka Toko Co., Ltd.		4,365		45,857
Takara Leben Co., Ltd.		28,600		111,046
Takara Printing Co., Ltd.		1,300		20,085
Takara Standard Co., Ltd.		14,400		238,588
Takasago International Corp.		5,400		131,314
Takasago Thermal Engineering Co., Ltd.		16,800		277,665
Takashima & Co., Ltd.		2,500		37,166

BHFTII-89

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Takashimaya Co., Ltd.		2,100	$	24,569
Take And Give Needs Co., Ltd.		4,010		43,790
Takeei Corp.		8,200		80,867
Takemoto Yohki Co., Ltd.		1,200		10,728
Takeuchi Manufacturing Co., Ltd.		10,000		156,455
Takihyo Co., Ltd.		2,000		33,750
Takisawa Machine Tool Co., Ltd.		2,200		26,293
Takuma Co., Ltd.		16,600		189,120
Tama Home Co., Ltd.		5,900		75,995
Tamron Co., Ltd.		6,000		129,479
Tamura Corp.		26,000		140,178
Tanseisha Co., Ltd.		11,750		132,068
Tateru, Inc. (a) (d)		3,600		5,871
Tatsuta Electric Wire and Cable Co., Ltd.		17,000		73,096
Tayca Corp.		6,000		109,325
Tazmo Co., Ltd.		900		9,143
TBK Co., Ltd.		8,000		30,508
TDC Soft, Inc.		4,900		36,134
TechMatrix Corp.		5,100		110,152
TECHNO ASSOCIE Co., Ltd. (d)		300		2,780
Techno Medica Co., Ltd.		2,400		51,697
Techno Ryowa, Ltd.		4,800		34,162
TechnoPro Holdings, Inc.		1,200		71,146
Tecnos Japan, Inc.		2,000		9,520
Teikoku Electric Manufacturing Co., Ltd.		8,200		89,349
Teikoku Sen-I Co., Ltd.		3,300		55,189
Teikoku Tsushin Kogyo Co., Ltd.		3,000		31,597
Tekken Corp.		1,400		35,893
Temairazu, Inc.		700		29,314
Tenma Corp.		6,200		112,889
Tenpos Holdings Co., Ltd.		700		13,915
Teraoka Seisakusho Co., Ltd.		200		877
Terilogy Co., Ltd. (a)		1,600		10,130
Tigers Polymer Corp.		2,200		12,217
TKC Corp.		6,700		291,270
Toa Corp.		5,800		70,348
Toa Corp.		9,600		108,602
Toa Oil Co., Ltd.		3,200		66,377
TOA ROAD Corp.		1,800		56,976
Toabo Corp.		3,400		16,613
Toagosei Co., Ltd.		37,000		419,469
Tobishima Corp.		5,560		59,879
TOC Co., Ltd.		15,800		120,678
Tocalo Co., Ltd.		19,200		159,872
Tochigi Bank, Ltd. (The)		38,200		69,210
Toda Corp.		8,100		46,893
Toda Kogyo Corp.		1,100		22,614
Toei Animation Co., Ltd.		2,400		108,933
Toei Co., Ltd.		1,200		170,421
Toell Co., Ltd.		3,100		21,312
Toenec Corp.		3,200		102,322
Toho Bank, Ltd. (The)		83,000		196,241
Toho Co., Ltd.		2,700		46,607
Toho Holdings Co., Ltd.		10,600		245,826
Toho Titanium Co., Ltd.		7,600		58,524
Toho Zinc Co., Ltd.		5,000		93,233
Tohoku Bank, Ltd. (The)		4,700		45,815
Japan—(Continued)
Tohokushinsha Film Corp.		4,800		26,641
Tohto Suisan Co., Ltd.		1,400		33,225
Tokai Corp.		7,800		170,004
TOKAI Holdings Corp.		26,600		249,939
Tokai Lease Co., Ltd.		1,600		24,483
Tokai Rika Co., Ltd.		10,300		175,411
Tokai Tokyo Financial Holdings, Inc.		51,400		142,777
Token Corp.		2,460		151,476
Tokushu Tokai Paper Co., Ltd.		3,300		115,597
Tokuyama Corp.		13,900		321,270
Tokyo Base Co., Ltd. (a)		2,200		16,066
Tokyo Dome Corp. (d)		31,000		298,323
Tokyo Electron Device, Ltd.		2,400		45,187
Tokyo Energy & Systems, Inc.		8,000		65,413
Tokyo Individualized Educational Institute, Inc.		1,400		12,089
Tokyo Keiki, Inc.		4,200		34,464
Tokyo Ohka Kogyo Co., Ltd.		13,100		490,264
Tokyo Rakutenchi Co., Ltd.		1,300		68,547
Tokyo Rope Manufacturing Co., Ltd.		4,600		43,145
Tokyo Sangyo Co., Ltd.		12,000		55,073
Tokyo Seimitsu Co., Ltd.		13,800		409,199
Tokyo Steel Manufacturing Co., Ltd.		36,800		283,429
Tokyo Tekko Co., Ltd.		3,400		42,445
Tokyo Theatres Co., Inc.		2,900		36,644
Tokyo TY Financial Group, Inc.		9,724		126,890
Tokyotokeiba Co., Ltd.		3,900		119,073
Tokyu Construction Co., Ltd.		11,500		88,359
Tokyu Recreation Co., Ltd.		1,200		55,511
Toli Corp.		20,000		46,445
Tomato Bank, Ltd.		4,200		41,525
Tomen Devices Corp.		1,500		32,761
Tomoe Corp.		12,500		46,527
Tomoe Engineering Co., Ltd.		2,100		45,904
Tomoegawa Co., Ltd.		2,400		21,806
Tomoku Co., Ltd.		5,400		77,281
TOMONY Holdings, Inc.		56,900		185,362
Tomy Co., Ltd.		22,400		257,208
Tonami Holdings Co., Ltd.		2,200		94,077
Topcon Corp.		28,800		385,303
Toppan Forms Co., Ltd.		19,800		187,348
Topre Corp.		11,900		188,887
Topy Industries, Ltd.		6,800		121,341
Toridolll Holdings Corp.		6,900		156,151
Torigoe Co., Ltd. (The)		7,100		59,204
Torii Pharmaceutical Co., Ltd.		4,500		120,143
Torikizoku Co., Ltd.		900		20,254
Torishima Pump Manufacturing Co., Ltd.		7,700		69,850
Tosei Corp.		13,200		156,601
Toshiba Machine Co., Ltd.		8,400		175,146
Toshiba Plant Systems & Services Corp.		8,800		147,294
Toshiba TEC Corp.		4,700		139,460
Tosho Co., Ltd.		4,800		105,643
Totetsu Kogyo Co., Ltd.		8,400		249,864
Tottori Bank, Ltd. (The)		3,700		49,386
Toukei Computer Co., Ltd.		1,400		41,337
Tow Co., Ltd.		5,500		37,628
Towa Bank, Ltd. (The)		11,500		84,582

BHFTII-90

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Towa Corp.		8,000	$	63,778
Towa Pharmaceutical Co., Ltd.		8,400		195,595
Toyo Construction Co., Ltd.		25,499		110,241
Toyo Corp.		9,600		95,702
Toyo Denki Seizo KK		3,200		43,991
Toyo Engineering Corp. (a) (d)		7,600		43,815
Toyo Gosei Co., Ltd.		800		18,004
Toyo Ink SC Holdings Co., Ltd.		15,200		347,717
Toyo Kanetsu KK		3,800		68,059
Toyo Machinery & Metal Co., Ltd.		6,000		31,580
Toyo Securities Co., Ltd.		23,000		39,363
Toyo Sugar Refining Co., Ltd.		900		8,892
Toyo Tanso Co., Ltd.		4,600		99,461
Toyo Tire Corp.		13,400		170,442
Toyo Wharf & Warehouse Co., Ltd.		2,500		31,355
Toyobo Co., Ltd.		33,200		438,406
TPR Co., Ltd.		7,300		117,183
Trancom Co., Ltd.		2,300		133,510
Transaction Co., Ltd.		1,400		13,325
Tri Chemical Laboratories, Inc.		1,500		92,122
Trusco Nakayama Corp.		12,300		288,434
Trust Tech, Inc.		6,000		72,330
TS Tech Co., Ltd.		2,800		85,703
TSI Holdings Co., Ltd.		28,205		156,617
Tsubaki Nakashima Co., Ltd.		9,600		143,682
Tsubakimoto Chain Co.		9,000		290,267
Tsubakimoto Kogyo Co., Ltd.		1,600		55,823
Tsudakoma Corp.		1,600		19,683
Tsugami Corp. (d)		17,000		145,590
Tsukada Global Holdings, Inc.		7,200		39,777
Tsukamoto Corp. Co., Ltd.		2,100		20,358
Tsukishima Kikai Co., Ltd.		8,600		110,318
Tsukuba Bank, Ltd.		34,500		58,345
Tsukui Corp.		18,800		74,584
Tsumura & Co.		3,400		91,336
Tsurumi Manufacturing Co., Ltd.		6,100		113,441
Tsutsumi Jewelry Co., Ltd.		3,200		61,911
TV Asahi Holdings Corp.		6,400		100,982
TV Tokyo Holdings Corp.		3,700		75,891
TYK Corp.		6,000		16,183
UACJ Corp. (d)		10,685		180,755
Ube Industries, Ltd.		5,200		105,628
Uchida Yoko Co., Ltd.		4,200		152,679
Ueki Corp.		1,100		25,190
Ulvac, Inc.		13,300		539,178
UMC Electronics Co., Ltd.		1,900		12,274
Umenohana Co., Ltd. (a)		600		14,347
Uniden Holdings Corp.		2,500		43,351
UNIMAT Retirement Community Co., Ltd.		1,600		22,034
Union Tool Co.		3,400		99,548
Unipres Corp.		13,900		219,419
United Arrows, Ltd.		6,000		175,797
United Super Markets Holdings, Inc.		20,700		184,896
Unitika, Ltd. (a)		15,600		46,212
Unizo Holdings Co., Ltd.		7,800		347,520
Usen-Next Holdings Co., Ltd.		2,700		20,168
Ushio, Inc.		39,000		553,984
Japan—(Continued)
UT Group Co., Ltd. (d)		7,600		162,498
Utoc Corp.		5,100		23,243
V Technology Co., Ltd.		3,000		147,320
V-Cube, Inc. (a)		2,100		8,011
Valor Holdings Co., Ltd.		11,800		199,582
Valqua, Ltd.		6,000		121,288
Value HR Co., Ltd.		500		14,799
ValueCommerce Co., Ltd. (d)		5,000		79,513
Vector, Inc. (a)		10,100		84,588
VIA Holdings, Inc. (a)		1,600		9,339
Village Vanguard Co., Ltd.		2,300		22,649
VINX Corp.		1,000		11,412
Vision, Inc. (a) (d)		5,700		82,423
Vital KSK Holdings, Inc.		14,200		137,831
VT Holdings Co., Ltd.		24,300		100,211
Wacoal Holdings Corp.		10,900		281,556
Wacom Co., Ltd.		44,400		145,193
Wakachiku Construction Co., Ltd.		4,600		63,848
Wakamoto Pharmaceutical Co., Ltd. (a)		9,000		20,826
Wakita & Co., Ltd.		15,300		151,243
Warabeya Nichiyo Holdings Co., Ltd.		5,000		91,167
Waseda Academy Co., Ltd.		1,400		10,481
Watahan & Co., Ltd.		1,600		29,241
WATAMI Co., Ltd.		7,600		95,648
Watts Co., Ltd.		1,900		10,858
WDB Holdings Co., Ltd.		2,200		59,220
Weathernews, Inc.		2,100		64,397
West Holdings Corp.		7,200		88,857
Will Group, Inc.		4,200		36,746
WIN-Partners Co., Ltd.		3,700		39,015
Wood One Co., Ltd.		2,600		25,280
World Holdings Co., Ltd.		2,500		36,182
Wowow, Inc.		2,200		53,445
Xebio Holdings Co., Ltd.		8,700		94,774
Y.A.C. Holdings Co., Ltd.		3,900		24,593
YA-MAN, Ltd. (d)		8,800		57,516
Yachiyo Industry Co., Ltd.		3,900		21,327
Yahagi Construction Co., Ltd.		10,900		70,142
Yaizu Suisankagaku Industry Co., Ltd.		4,400		42,762
YAKUODO Holdings Co., Ltd.		2,900		72,577
YAMABIKO Corp.		12,800		134,275
YAMADA Consulting Group Co., Ltd.		3,100		48,411
Yamagata Bank, Ltd. (The)		10,400		141,312
Yamaguchi Financial Group, Inc.		6,200		42,835
Yamaha Motor Robotics Holdings Co., Ltd. (a)		5,300		20,177
Yamaichi Electronics Co., Ltd.		8,200		93,674
Yamanashi Chuo Bank, Ltd. (The)		11,800		112,745
Yamatane Corp.		3,400		42,714
Yamato Corp.		6,600		43,188
Yamato International, Inc.		6,700		24,752
Yamato Kogyo Co., Ltd.		7,900		197,133
Yamaura Corp.		2,800		22,526
Yamaya Corp.		1,150		23,357
Yamazawa Co., Ltd.		1,000		15,458
Yamazen Corp.		19,500		170,720
Yaoko Co., Ltd.		3,900		174,598
Yashima Denki Co., Ltd. (d)		7,500		59,983

BHFTII-91

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Yasuda Logistics Corp.		7,400	$	63,836
Yasunaga Corp.		1,700		20,285
Yellow Hat, Ltd.		11,600		171,546
Yodogawa Steel Works, Ltd.		7,600		142,525
Yokogawa Bridge Holdings Corp.		12,800		193,353
Yokohama Reito Co., Ltd.		16,800		161,590
Yokowo Co., Ltd.		5,200		142,963
Yomeishu Seizo Co., Ltd.		3,000		52,982
Yomiuri Land Co., Ltd. (d)		1,300		53,762
Yondenko Corp.		1,600		41,939
Yondoshi Holdings, Inc.		4,600		112,260
Yorozu Corp.		7,900		95,506
Yoshinoya Holdings Co., Ltd.		7,000		158,343
Yossix Co., Ltd.		400		11,732
Yotai Refractories Co., Ltd.		2,200		11,859
Yuasa Funashoku Co., Ltd.		1,300		43,175
Yuasa Trading Co., Ltd.		5,800		166,089
Yuken Kogyo Co., Ltd.		1,700		25,511
Yume No. Machi Souzou Iinkai Co., Ltd.		5,400		80,535
Yumeshin Holdings Co., Ltd. (d)		13,100		106,292
Yurtec Corp.		12,000		73,229
Yushiro Chemical Industry Co., Ltd.		3,700		45,940
Yutaka Giken Co., Ltd.		600		10,148
Zappallas, Inc. (a)		4,900		17,923
Zenrin Co., Ltd.		10,950		186,278
ZIGExN Co., Ltd.		17,200		91,651
Zojirushi Corp. (d)		9,800		130,043
Zuiko Corp.		1,000		29,378
Zuken, Inc.		5,400		93,322
				151,947,169
Jersey, Channel Islands—0.1%
Centamin plc		392,183		607,189
Highland Gold Mining, Ltd.		54,663		145,062
Sanne Group plc		4,033		26,902
				779,153
Jordan—0.0%
Hikma Pharmaceuticals plc		3,523		95,278
Kazakhstan—0.0%
KAZ Minerals plc		42,164		224,965
Liechtenstein—0.1%
Liechtensteinische Landesbank AG		2,973		187,885
VP Bank AG		955		149,928
				337,813
Luxembourg—0.1%
APERAM S.A.		21,182		516,799
L’Occitane International S.A.		80,750		161,081
				677,880
Macau—0.0%
Macau Legend Development, Ltd. (a)		585,000		65,017
Malta—0.1%
Kindred Group plc		61,427		359,034
Monaco—0.1%
Endeavour Mining Corp. (a)		21,215		405,453
Mongolia—0.0%
Mongolian Mining Corp. (a)		66,100		7,821
Netherlands—3.2%
Aalberts NV		34,547		1,370,524
Accell Group		11,356		274,740
Altice Europe NV - Class B (a)		2,454		12,852
Altice Europe NV - Class A (a)		106,071		555,465
AMG Advanced Metallurgical Group NV (d)		11,371		273,699
Amsterdam Commodities NV		6,535		141,477
Arcadis NV		36,067		673,587
Argenx SE (a)		9,661		1,099,034
ASM International NV		19,662		1,813,852
ASR Nederland NV		16,708		617,400
Atrium European Real Estate, Ltd. (a) (d)		66,764		266,310
Basic-Fit NV (a)		8,733		273,747
BE Semiconductor Industries NV		37,120		1,164,690
Beter Bed Holding NV (a) (d)		5,373		10,420
Boskalis Westminster (d)		23,702		494,832
Brack Capital Properties NV (a)		716		82,411
Brunel International NV (d)		9,034		102,957
Corbion NV		20,382		591,748
Euronext NV		16,910		1,382,294
Flow Traders		9,083		237,823
ForFarmers NV		6,572		41,466
Fugro NV (a) (d)		22,630		151,689
Funcom NV (a)		17,843		29,854
GrandVision NV		9,935		297,566
Heijmans NV (a)		11,179		93,633
Hunter Douglas NV		2,423		157,452
IMCD NV		14,955		1,106,086
Intertrust NV		15,775		308,571
Kendrion NV (d)		4,209		84,467
Koninklijke BAM Groep NV		115,981		289,995
Koninklijke Vopak NV		15,937		818,319
Lucas Bols B.V. (a)		1,325		20,364
Nederland Apparatenfabriek		2,241		110,904
New World Resources plc - A Shares (a) (b) (c)		11,898		0
OCI NV (a)		13,220		311,985
Ordina NV		44,115		80,909
PostNL NV		204,049		453,551
Rhi Magnesita NV		5,529		275,828
SBM Offshore NV		72,035		1,198,947
Shop Apotheke Europe NV (a)		2,106		81,790
SIF Holding NV		1,259		17,916
Signify NV		27,832		765,156
Sligro Food Group NV		10,629		300,495
SNS REAAL NV (a) (b) (c)		105,329		0
Takeaway.com NV (a)		9,049		722,428
TKH Group NV		13,932		694,996
TomTom NV (a)		28,915		324,858

BHFTII-92

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Netherlands—(Continued)
Van Lanschot Kempen NV		3,940	$	86,617
				20,265,704
New Zealand—0.6%
Abano Healthcare Group, Ltd.		899		2,760
Air New Zealand, Ltd.		78,899		138,286
Briscoe Group, Ltd.		13,123		29,916
Chorus, Ltd.		132,195		418,486
Eroad, Ltd. (a)		4,808		8,946
Freightways, Ltd. (d)		38,693		196,611
Genesis Energy, Ltd.		71,444		153,021
Gentrack Group, Ltd.		7,810		25,631
Hallenstein Glasson Holdings, Ltd.		19,012		69,524
Heartland Group Holdings, Ltd.		90,477		91,862
Infratil, Ltd.		172,260		530,117
Investore Property, Ltd. (REIT)		24,997		29,758
Kathmandu Holdings, Ltd.		24,348		46,620
Mainfreight, Ltd.		14,744		367,967
Metlifecare, Ltd.		34,148		95,400
Metro Performance Glass, Ltd. (a)		8,816		1,958
Michael Hill International, Ltd.		82,929		31,693
New Zealand Refining Co., Ltd. (The)		39,302		51,416
NZME, Ltd.		71,247		19,789
NZX, Ltd.		86,250		69,583
Oceania Healthcare, Ltd.		59,154		37,783
Pacific Edge, Ltd. (a)		17,353		2,337
PGG Wrightson, Ltd.		5,854		8,597
Pushpay Holdings, Ltd. (a)		22,159		46,493
Restaurant Brands New Zealand, Ltd. (a)		7,507		53,163
Sanford, Ltd.		8,030		34,194
Scales Corp., Ltd.		20,336		62,977
Serko, Ltd. (a)		3,960		10,405
Skellerup Holdings, Ltd.		47,582		68,241
SKY Network Television, Ltd.		114,579		80,363
SKYCITY Entertainment Group, Ltd.		173,489		435,667
Steel & Tube Holdings, Ltd.		51,732		27,539
Summerset Group Holdings, Ltd.		35,476		147,198
Synlait Milk, Ltd. (a)		14,388		82,097
Tourism Holdings, Ltd.		25,309		67,027
TOWER, Ltd. (a)		59,836		25,836
Trustpower, Ltd.		13,980		72,429
Turners Automotive Group, Ltd.		8,394		13,667
Warehouse Group, Ltd. (The)		39,693		62,149
Z Energy, Ltd.		71,583		250,772
				3,968,278
Norway—0.9%
ABG Sundal Collier Holding ASA (a)		134,443		50,264
AF Gruppen ASA		4,034		80,254
Akastor ASA (a)		47,184		56,052
Aker Solutions ASA (a)		37,475		101,502
American Shipping Co. ASA (a)		19,821		72,158
Archer, Ltd. (a)		19,287		8,301
Atea ASA (a)		21,200		272,856
Austevoll Seafood ASA		16,101		152,641
Avance Gas Holding, Ltd. (a)		14,826		59,885
Norway—(Continued)
Axactor SE (a)		39,265		74,450
B2Holding ASA		20,790		14,265
Bionor Pharma ASA		6,972		27,346
Bonheur ASA		10,311		226,862
Borregaard ASA		26,596		283,556
BW Offshore, Ltd. (a)		33,722		233,964
Data Respons ASA		18,165		61,549
DNO ASA		182,446		261,793
DOF ASA (a) (d)		47,311		8,463
Europris ASA		62,298		172,405
Frontline, Ltd. (a)		24,306		221,081
Grieg Seafood ASA		13,378		163,513
Hexagon Composites ASA (a)		28,187		91,896
Hoegh LNG Holdings, Ltd.		16,807		67,057
IDEX Corp. (a)		53,185		8,638
Itera ASA		17,553		15,435
Kongsberg Automotive ASA (a)		176,177		104,560
Kongsberg Gruppen ASA		5,639		80,961
Kvaerner ASA		60,872		78,060
Magnora ASA		16,466		12,399
NEL ASA (a)		307,998		283,134
Nordic Nanovector ASA (a)		11,170		35,957
Nordic Semiconductor ASA (a)		45,822		257,086
Norway Royal Salmon ASA		3,915		84,308
Norwegian Air Shuttle ASA (a) (d)		26,268		104,191
Norwegian Finans Holding ASA (a)		25,849		218,585
Norwegian Property ASA		2,620		3,657
Ocean Yield ASA		12,183		68,621
Odfjell Drilling, Ltd. (a) (d)		25,648		80,061
Odfjell SE - A Shares (a)		1,949		6,134
Olav Thon Eiendomsselskap ASA		2,986		47,420
Otello Corp. ASA (a)		33,778		58,670
Panoro Energy ASA (a)		16,444		32,785
PGS ASA (a)		92,194		124,928
PhotoCure ASA (a)		5,477		31,815
Prosafe SE (a)		16,437		17,285
Protector Forsikring ASA (a)		20,253		100,094
Q-Free ASA (a)		24,256		18,529
Sbanken ASA		18,903		136,606
Scatec Solar ASA		26,893		345,545
Selvaag Bolig ASA		14,928		84,646
Stolt-Nielsen, Ltd.		7,397		85,044
Treasure ASA		21,003		31,859
Veidekke ASA		28,524		320,259
Wallenius Wilhelmsen ASA		14,567		33,913
Wilh Wilhelmsen Holding ASA - Class A		4,777		74,680
XXL ASA (a) (d)		17,225		42,900
				5,790,878
Peru—0.0%
Hochschild Mining plc		95,965		241,858
Philippines—0.0%
Del Monte Pacific, Ltd.		77,636		7,248

BHFTII-93

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Portugal—0.3%
Altri SGPS S.A.		27,747	$	184,496
Banco Comercial Portugues S.A. - Class R		2,143,248		445,694
Banco Espirito Santo S.A. (a) (b) (c)		89,078		0
CTT-Correios de Portugal S.A.		47,697		110,408
Mota-Engil SGPS S.A.		40,942		80,786
Navigator Co. S.A. (The)		71,289		255,240
NOS SGPS S.A.		74,998		409,785
Novabase SGPS S.A.		7,827		24,395
REN - Redes Energeticas Nacionais SGPS S.A.		122,322		341,304
Semapa-Sociedade de Investimento e Gestao		4,163		53,103
Sonae Capital SGPS S.A.		11,637		7,738
Sonae SGPS S.A.		280,308		261,354
				2,174,303
Russia—0.0%
Petropavlovsk plc (a)		987,975		117,466
Singapore—1.2%
Abterra, Ltd. (a) (b) (c)		51,720		273
Accordia Golf Trust		145,200		56,239
AEM Holdings, Ltd.		46,900		38,632
Ascendas India Trust		237,000		267,481
Avarga, Ltd.		46,000		5,689
Baker Technology, Ltd.		33,200		8,882
Banyan Tree Holdings, Ltd.		97,700		32,156
Best World International, Ltd. (b) (c)		80,000		58,518
Bonvests Holdings, Ltd.		18,000		15,888
Boustead Projects, Ltd.		24,607		16,387
Boustead Singapore, Ltd.		82,025		45,998
BreadTalk Group, Ltd.		54,200		24,316
Bukit Sembawang Estates, Ltd.		69,100		242,184
BW LPG, Ltd.		31,059		182,430
Centurion Corp., Ltd.		98,400		28,835
China Aviation Oil Singapore Corp., Ltd.		94,800		79,644
Chip Eng Seng Corp., Ltd.		157,000		71,102
Chuan Hup Holdings, Ltd.		125,000		22,589
CITIC Envirotech, Ltd.		207,500		48,072
CNQC International Holdings, Ltd.		82,500		13,477
COSCO Shipping International Singapore Co., Ltd. (a)		332,100		66,352
Creative Technology, Ltd. (a)		16,300		33,478
CSE Global, Ltd.		197,000		66,357
CW Group Holdings, Ltd. (a) (b) (c)		106,000		586
Delfi, Ltd.		66,000		54,252
Dyna-Mac Holdings, Ltd. (a)		98,000		7,047
Elec & Eltek International Co., Ltd.		23,000		34,271
Ezion Holdings, Ltd. (a) (b) (c)		753,729		17,614
Ezra Holdings, Ltd. (a) (b) (c)		1,000,703		7,599
Far East Orchard, Ltd.		74,044		62,822
First Resources, Ltd.		127,600		147,580
Food Empire Holdings, Ltd.		54,000		19,746
Fragrance Group, Ltd.		752,800		69,207
Fraser and Neave, Ltd.		36,400		45,853
Frencken Group, Ltd.		45,900		22,431
Fu Yu Corp., Ltd.		98,800		16,123
Gallant Venture, Ltd. (a)		126,000		10,763
Geo Energy Resources, Ltd.		155,000		16,718
Singapore—(Continued)
GK Goh Holdings, Ltd.		12,000		7,075
GL, Ltd.		188,000		106,191
Golden Agri-Resources, Ltd.		1,087,500		177,348
Golden Energy & Resources, Ltd.		69,000		8,270
GuocoLand, Ltd.		44,400		64,611
Halcyon Agri Corp., Ltd. (a)		188,713		61,464
Hanwell Holdings, Ltd.		19,000		2,695
Haw Par Corp., Ltd.		24,900		241,043
Hi-P International, Ltd.		50,200		41,346
Hiap Hoe, Ltd.		58,000		32,941
Ho Bee Land, Ltd.		67,200		113,292
Hong Fok Corp., Ltd.		146,740		86,692
Hong Leong Asia, Ltd. (a)		82,000		33,561
Hong Leong Finance, Ltd.		18,500		34,654
Hotel Grand Central, Ltd.		25,900		23,608
Hour Glass, Ltd. (The)		129,000		75,121
Hwa Hong Corp., Ltd.		138,000		30,012
Hyflux, Ltd. (a) (b) (c)		179,500		1,795
iFAST Corp., Ltd.		25,500		18,837
IGG, Inc.		300,000		185,900
Indofood Agri Resources, Ltd.		152,000		35,788
Japfa, Ltd.		89,700		29,229
k1 Ventures, Ltd. (a) (b) (c)		80,800		0
Kenon Holdings, Ltd.		3,549		70,733
Keppel Infrastructure Trust		774,618		297,167
Koh Brothers Group, Ltd.		97,000		14,743
KSH Holdings, Ltd.		25,700		8,464
Lian Beng Group, Ltd.		116,900		42,748
Low Keng Huat Singapore, Ltd.		122,600		39,923
Lum Chang Holdings, Ltd.		115,000		29,135
Metro Holdings, Ltd.		141,600		94,263
Mewah International, Inc.		110,000		18,703
Midas Holdings, Ltd. (a) (b) (c)		452,000		11,773
mm2 Asia, Ltd. (a)		149,800		23,840
NetLink NBN Trust		70,800		45,592
NSL, Ltd.		15,000		10,839
Overseas Union Enterprise, Ltd.		119,200		126,019
Oxley Holdings, Ltd.		200,317		45,741
Pan-United Corp., Ltd.		53,750		12,095
Penguin International, Ltd.		64,333		27,529
Perennial Real Estate Holdings, Ltd.		23,300		9,125
Q&M Dental Group Singapore, Ltd.		41,800		14,663
QAF, Ltd.		74,167		40,765
Raffles Education Corp., Ltd. (a)		500,206		28,626
Raffles Medical Group, Ltd.		222,060		159,068
RHT Health Trust		84,400		1,161
Rickmers Maritime (a) (b) (c)		110,000		0
Riverstone Holdings, Ltd.		76,400		52,796
Roxy-Pacific Holdings, Ltd.		94,325		25,933
SBS Transit, Ltd.		40,500		120,180
Sembcorp Industries, Ltd.		29,700		44,812
Sembcorp Marine, Ltd. (a)		107,000		91,627
Sheng Siong Group, Ltd.		133,900		107,548
SHS Holdings, Ltd. (a)		47,000		5,781
SIA Engineering Co., Ltd.		65,700		122,833
SIIC Environment Holdings, Ltd.		167,400		29,745
Sinarmas Land, Ltd.		618,500		98,483

BHFTII-94

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Singapore—(Continued)
Sing Holdings, Ltd.		82,000	$	22,866
Singapore Post, Ltd.		335,900		236,990
Singapore Press Holdings, Ltd.		360,400		543,744
Singapore Reinsurance Corp., Ltd.		1,000		203
Stamford Land Corp., Ltd.		278,000		96,541
StarHub, Ltd.		135,200		127,162
Straits Trading Co., Ltd.		6,800		10,196
Sunningdale Tech, Ltd.		41,100		36,344
Swiber Holdings, Ltd. (a) (b) (c)		117,749		1,738
Tuan Sing Holdings, Ltd.		173,421		42,740
UMS Holdings, Ltd.		116,250		50,916
United Engineers, Ltd.		138,000		252,677
United Industrial Corp., Ltd.		13,600		27,762
United Overseas Insurance, Ltd.		4,000		19,940
UOB-Kay Hian Holdings, Ltd.		142,259		123,525
Venture Corp., Ltd.		32,900		364,652
Vicom, Ltd.		4,600		24,741
Wee Hur Holdings, Ltd.		85,000		13,848
Wing Tai Holdings, Ltd.		159,621		236,909
XP Power, Ltd.		4,479		132,702
Yeo Hiap Seng, Ltd.		19,712		12,703
Yongnam Holdings, Ltd. (a)		241,875		26,468
				7,646,884
South Africa—0.0%
Caledonia Mining Corp. plc		1,300		8,674
Mediclinic International plc		28,745		117,054
Petra Diamonds, Ltd. (a)		279,686		22,541
				148,269
Spain—2.2%
Acciona S.A.		7,805		825,862
Acerinox S.A.		70,013		599,693
Alantra Partners S.A.		4,852		77,189
Almirall S.A.		20,984		366,994
Amper S.A. (a) (d)		224,339		63,483
Applus Services S.A.		33,014		428,589
Atresmedia Corp. de Medios de Comunicacion S.A.		21,362		82,342
Azkoyen S.A.		3,142		24,178
Bolsas y Mercados Espanoles SHMSF S.A.		27,936		705,773
Caja de Ahorros del Mediterraneo (a) (b) (c)		14,621		0
Cellnex Telecom S.A. (a)		41,922		1,731,723
Cia de Distribucion Integral Logista Holdings S.A.		11,001		214,495
Cie Automotive S.A.		18,119		454,699
Construcciones y Auxiliar de Ferrocarriles S.A.		5,880		266,945
Distribuidora Internacional de Alimentacion S.A. (a)		25,681		14,904
Ebro Foods S.A.		25,801		515,703
eDreams ODIGEO S.A. (a)		17,603		81,925
Elecnor S.A.		11,262		120,294
Enagas S.A.		17,093		396,375
Ence Energia y Celulosa S.A		61,968		235,977
Ercros S.A. (d)		60,314		135,420
Euskaltel S.A.		14,953		132,875
Faes Farma S.A.		136,445		696,670
Fluidra S.A. (a)		16,366		194,070
Fomento de Construcciones y Contratas S.A.		4,576		52,469
Spain—(Continued)
Global Dominion Access S.A. (a)		25,444		102,347
Grupo Catalana Occidente S.A.		20,412		648,708
Grupo Empresarial San Jose S.A. (a)		8,320		61,467
Grupo Ezentis S.A. (a)		78,251		41,323
Iberpapel Gestion S.A.		1,128		31,946
Indra Sistemas S.A. (a)		42,149		365,259
Laboratorios Farmaceuticos Rovi S.A.		3,511		83,809
Liberbank S.A.		410,152		125,644
Masmovil Ibercom S.A. (a)		15,658		318,362
Mediaset Espana Comunicacion S.A.		49,361		318,109
Melia Hotels International S.A.		24,250		188,361
Miquel y Costas & Miquel S.A.		11,154		198,182
Obrascon Huarte Lain S.A. (a)		35,775		41,273
Pharma Mar S.A. (a)		72,263		143,582
Prim S.A.		3,013		36,452
Promotora de Informaciones S.A. - Class A (a)		111,443		159,118
Prosegur Cia de Seguridad S.A.		54,905		214,043
Quabit Inmobiliaria S.A. (a)		21,835		19,170
Realia Business S.A. (a)		143,011		138,609
Sacyr S.A.		122,098		312,576
Solaria Energia y Medio Ambiente S.A. (a)		19,439		120,701
Talgo S.A. (a)		22,161		122,545
Tecnicas Reunidas S.A. (a)		11,115		272,191
Tubacex S.A.		32,455		92,233
Vidrala S.A.		7,634		639,709
Viscofan S.A.		14,797		693,993
Vocento S.A.		18,128		23,019
Zardoya Otis S.A.		41,270		280,139
				14,211,517
Sweden—3.1%
AcadeMedia AB (a)		6,803		31,528
Adapteo Oyj (a)		10,190		116,530
AddLife AB - Class B		5,091		133,520
AddNode Group AB		7,307		117,704
AddTech AB - B Shares		21,786		566,802
AF AB - B Shares		26,024		524,029
Ahlstrom-Munksjo Oyj		17,418		266,533
Alimak Group AB		10,425		137,675
Arise AB (a)		4,852		13,068
Arjo AB - B Shares		48,942		185,723
Atrium Ljungberg AB - B Shares		10,176		224,812
Attendo AB		20,278		88,518
Avanza Bank Holding AB		38,300		312,004
BE Group AB		1,962		8,378
Beijer Alma AB		15,250		189,263
Beijer Electronics Group AB		7,843		33,627
Beijer Ref AB		18,141		412,381
Bergman & Beving AB - B Shares		12,796		108,904
Besqab AB		1,061		15,516
Betsson AB (a)		41,330		200,123
Bilia AB - A Shares		34,008		270,192
BillerudKorsnas AB		17,632		191,064
BioGaia AB - B Shares		6,083		267,830
Biotage AB		18,332		190,473
Bjorn Borg AB (a)		9,936		21,606

BHFTII-95

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—(Continued)
Bonava AB - B Shares		18,068	$	204,824
Bravida Holding AB		51,786		454,152
Bufab AB		9,902		103,435
Bulten AB		6,239		39,489
Bure Equity AB		18,672		273,327
Byggmax Group AB (a)		18,326		54,769
Catena AB		6,561		215,372
Clas Ohlson AB - B Shares		13,900		133,429
Cloetta AB - B Shares		92,493		265,512
Coor Service Management Holding AB		14,142		122,366
Corem Property Group AB - B Shares		40,507		88,483
Dios Fastigheter AB		38,354		334,649
Dometic Group AB		29,726		233,457
Doro AB (a)		3,391		13,300
Duni AB		14,094		160,615
Dustin Group AB		18,741		149,954
Eastnine AB		7,088		82,230
Elanders AB - B Shares		1,453		11,748
Eltel AB (a)		11,729		25,276
Enea AB (a)		4,082		59,475
eWork Group AB		2,864		20,406
Fagerhult AB		19,392		105,091
FastPartner AB		7,445		67,487
Fingerprint Cards AB - Class B (a) (d)		28,890		58,608
GHP Specialty Care AB		7,172		11,115
Granges AB		23,241		237,220
Gunnebo AB-BTA (a)		3,204		7,616
Gunnebo AB		12,816		30,460
Haldex AB		16,480		83,997
Heba Fastighets AB		7,793		64,676
Hembla AB (a)		5,814		127,252
Hemfosa Fastigheter AB		45,756		463,380
HIQ International AB (a)		13,747		68,011
HMS Networks AB		7,891		101,799
Hoist Finance AB (a)		12,983		73,770
Humana AB		6,890		38,908
Inwido AB		16,291		87,705
ITAB Shop Concept AB - Class B (a)		1,944		4,690
JM AB		23,748		607,621
KappAhl AB		29,980		60,819
Klovern AB - B Shares		158,702		296,230
Know It AB		9,489		177,136
Kungsleden AB		56,456		512,662
Lagercrantz Group AB - B Shares		21,001		268,021
Lindab International AB		38,985		397,682
Loomis AB - Class B		18,603		653,723
Medivir AB - B Shares (a)		10,470		24,668
Mekonomen AB (a)		9,225		77,599
Momentum Group AB - Class B		12,796		129,211
Mycronic AB		25,742		319,016
Nederman Holding AB		6,476		76,890
Net Insight AB - Class B (a)		74,697		10,404
NetEnt AB (a)		74,590		230,153
New Wave Group AB - B Shares		19,643		112,055
Nobia AB		40,224		233,344
Nobina AB		33,657		210,422
Nolato AB - B Shares		9,452		504,495
Sweden—(Continued)
Nordic Entertainment Group AB		588		13,907
Nordic Waterproofing Holding		3,742		32,687
NP3 Fastigheter AB		11,449		115,048
Nyfosa AB (a)		48,024		326,832
OEM International AB - B Shares		3,800		82,245
Opus Group AB		92,554		51,157
Peab AB		50,051		444,530
Platzer Fastigheter Holding AB - Class B		13,119		128,205
Pricer AB - B Shares		32,212		41,179
Proact IT Group AB		2,832		43,818
Qliro Group AB (a)		24,348		23,741
Ratos AB - B Shares		51,213		130,197
RaySearch Laboratories AB (a)		10,154		165,845
Recipharm AB - B Shares		12,287		164,872
Rottneros AB		26,936		27,702
Sagax AB - Class B		11,644		133,685
SAS AB (a)		95,090		121,124
Scandi Standard AB		19,443		136,118
Scandic Hotels Group AB		17,969		144,093
Sectra AB - B Shares (a)		6,258		206,984
Semcon AB		5,540		31,231
Sensys Gatso Group AB (a)		223,283		31,900
Sintercast AB		599		7,971
SkiStar AB		18,152		232,005
Sweco AB - B Shares		8,809		250,250
Systemair AB		5,455		76,193
Thule Group AB		32,103		608,132
Troax Group AB		11,469		115,927
VBG Group AB - B Shares		1,912		28,064
Vitrolife AB		17,061		279,305
Wihlborgs Fastigheter AB		53,876		875,585
				19,278,539
Switzerland—5.0%
Allreal Holding AG (a)		4,641		892,577
ALSO Holding AG (a)		1,640		234,432
APG SGA S.A.		468		126,634
Arbonia AG (a) (d)		12,618		151,767
Aryzta AG (a)		230,151		175,200
Ascom Holding AG		12,379		128,358
Autoneum Holding AG (d)		1,187		130,758
Bachem Holding AG - Class B		82		11,737
Banque Cantonale de Geneve		750		148,422
Banque Cantonale Vaudoise		607		464,734
Belimo Holding AG		131		720,230
Bell Food Group AG (a)		880		239,399
Bellevue Group AG		3,322		75,890
Berner Kantonalbank AG		1,950		419,372
BFW Liegenschaften AG (a)		528		23,013
BKW AG		6,201		460,345
Bobst Group S.A. (d)		3,743		192,122
Bossard Holding AG - Class A		2,139		294,424
Bucher Industries AG		2,604		815,137
Burckhardt Compression Holding AG		269		67,404
Burkhalter Holding AG		1,291		93,127
Calida Holding AG (a)		2,002		62,190

BHFTII-96

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
Carlo Gavazzi Holding AG		124	$	30,823
Cembra Money Bank AG		7,937		826,483
Cham Group AG (a)		86		35,147
Cicor Technologies, Ltd. (a) (d)		644		31,810
Cie Financiere Tradition S.A.		595		62,319
Clariant AG (a)		14,410		280,649
Coltene Holding AG (a)		1,308		106,715
Conzzeta AG		338		294,411
Daetwyler Holding AG		2,353		382,753
DKSH Holding AG		4,025		201,087
dormakaba Holding AG (a)		923		595,173
Dufry AG (a)		3,547		296,959
EDAG Engineering Group AG (a)		3,171		34,419
EFG International AG (a)		22,533		139,858
Emmi AG		744		607,857
Energiedienst Holding AG		3,866		119,708
Evolva Holding S.A. (a)		36,339		5,979
Feintool International Holding AG (a) (d)		588		33,346
Fenix Outdoor International AG		1,091		101,902
Ferrexpo plc		89,833		178,222
Flughafen Zurich AG		4,475		828,447
Forbo Holding AG		346		513,666
GAM Holding AG (a)		68,723		275,648
Georg Fischer AG		1,301		1,129,451
Gurit Holding AG		164		219,565
Helvetia Holding AG		9,323		1,286,801
Hiag Immobilien Holding AG		1,528		173,158
Highlight Communications AG (a)		7,829		35,177
HOCHDORF Holding AG (a) (d)		174		13,674
Huber & Suhner AG		4,851		312,267
Implenia AG (d)		6,413		240,986
Inficon Holding AG		600		389,086
Interroll Holding AG		226		419,020
Intershop Holding AG		416		224,688
Investis Holding S.A. (a)		322		23,368
IWG plc		206,169		1,036,171
Jungfraubahn Holding AG		529		82,157
Kardex AG		2,247		310,153
Komax Holding AG (d)		1,292		271,782
Kudelski S.A. (a)		13,221		82,111
Lastminute.com NV (a)		1,492		57,171
LEM Holding S.A.		246		293,324
Logitech International S.A.		3,357		136,355
Luzerner Kantonalbank AG		1,452		605,927
Meier Tobler Group AG (a)		872		13,280
Metall Zug AG - B Shares		66		134,310
Mikron Holding AG (a)		2,145		15,775
Mobilezone Holding AG (a)		11,899		117,173
Mobimo Holding AG (a)		2,761		780,321
OC Oerlikon Corp. AG		68,290		685,381
Orascom Development Holding AG (a)		5,250		79,670
Orell Fuessli Holding AG		428		38,809
Orior AG (a)		2,240		191,496
Phoenix Mecano AG		274		107,141
Plazza AG - Class A		597		151,934
PSP Swiss Property AG		13,666		1,734,872
Resurs Holding AB		23,894		141,712
Switzerland—(Continued)
Rieter Holding AG		1,344		192,704
Romande Energie Holding S.A.		111		137,959
Schaffner Holding AG (a)		238		49,160
Schmolz & Bickenbach AG (a)		161,565		36,101
Schweiter Technologies AG		381		363,248
SFS Group AG		3,995		318,925
Siegfried Holding AG (a)		1,321		519,830
St. Galler Kantonalbank AG		1,123		492,694
Sulzer AG		5,258		517,498
Sunrise Communications Group AG (a)		10,583		824,508
Swiss Prime Site AG (a)		1,721		168,514
Swissquote Group Holding S.A.		3,968		164,959
Tamedia AG		904		89,116
U-Blox Holding AG (a)		2,262		163,262
Valiant Holding AG		5,102		507,036
Valora Holding AG (a)		1,467		397,526
VAT Group AG (a)		8,590		1,084,690
Vaudoise Assurances Holding S.A.		423		231,399
Vetropack Holding AG		88		233,024
Von Roll Holding AG (a)		16,704		15,071
Vontobel Holding AG		9,780		529,877
VZ Holding AG		754		225,175
Walliser Kantonalbank		1,160		132,512
Warteck Invest AG (a)		43		85,735
Ypsomed Holding AG (a) (d)		1,361		175,661
Zehnder Group AG		3,984		159,682
Zug Estates Holding AG - B Shares (a)		83		168,796
Zuger Kantonalbank AG		59		359,417
				31,788,998
Turkey—0.0%
Global Ports Holding plc		3,344		12,725
United Arab Emirates—0.0%
Lamprell plc (a)		100,553		57,665
United Kingdom—15.4%
4imprint Group plc		7,338		270,674
888 Holdings plc		86,183		163,258
A.G. Barr plc		45,463		323,655
AA plc		210,707		155,472
Advanced Medical Solutions Group plc		10,237		31,019
Afren plc (a) (b) (c)		251,096		0
Aggreko plc		73,028		745,746
Air Partner plc		4,960		5,060
Alliance Pharma plc		8,664		7,661
Amerisur Resources plc (a)		93,968		19,507
Anglo Pacific Group plc		45,747		110,808
Anglo-Eastern Plantations plc		5,782		31,666
Arrow Global Group plc		59,836		159,644
Ascential plc		3,642		16,993
Ashmore Group plc		106,400		661,829
ASOS plc (a)		2,250		68,470
AVEVA Group plc		1,694		77,051
Avon Rubber plc		11,857		242,300
B&M European Value Retail S.A.		235,108		1,097,194

BHFTII-97

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Babcock International Group plc		110,968	$	762,132
Balfour Beatty plc		232,244		633,920
BBA Aviation plc		400,738		1,537,997
BCA Marketplace plc		8,929		25,887
Beazley plc		143,168		1,094,906
Begbies Traynor Group plc		12,000		11,655
Bellway plc		40,936		1,684,106
Bloomsbury Publishing plc		25,349		74,802
Bodycote plc		84,979		749,183
boohoo Group plc (a)		194,722		635,172
Bovis Homes Group plc		60,601		830,053
Braemar Shipping Services plc		7,120		17,290
Brewin Dolphin Holdings plc		106,430		414,558
Britvic plc		83,065		1,004,418
Cairn Energy plc (a)		234,247		551,427
Capita plc (a)		61,802		110,067
Capital & Counties Properties plc		209,741		606,428
Carclo plc (a) (b) (c)		16,990		2,235
Card Factory plc		103,756		214,067
CareTech Holdings plc		13,900		61,872
Carpetright plc (a)		40,521		4,594
Carr’s Group plc		19,239		32,056
Castings plc		2,870		13,266
Centaur Media plc		92,526		48,350
Charles Taylor plc		17,127		67,377
Chemring Group plc		123,138		297,959
Chesnara plc		58,648		203,111
Cineworld Group plc		206,628		579,151
City of London Investment Group plc		6,851		36,727
Clarkson plc		8,219		247,847
Clipper Logistics plc		11,008		28,831
Close Brothers Group plc		58,401		1,012,231
CLS Holdings plc		60,694		177,612
CMC Markets plc		42,124		54,901
Coats Group plc		21,773		19,900
Cobham plc (a)		743,389		1,434,046
Computacenter plc		29,696		472,284
Concentric AB		16,079		195,967
Connect Group plc (a)		78,147		37,013
Consort Medical plc		22,450		208,127
ConvaTec Group plc		296,612		638,941
Costain Group plc		35,950		69,042
Countryside Properties plc		111,017		459,164
Countrywide plc (a)		6,402		313
Cranswick plc		19,509		707,673
Crest Nicholson Holdings plc		66,688		310,882
CVS Group plc		9,197		115,340
CYBG plc		190,655		269,212
Daejan Holdings plc		2,195		135,752
Daily Mail & General Trust plc		48,943		512,709
Dart Group plc		3,865		43,499
De La Rue plc		36,480		100,284
Devro plc		61,396		143,234
DFS Furniture plc		24,217		65,805
Dialight plc (a)		5,140		21,497
Dialog Semiconductor plc (a)		25,587		1,212,214
Dignity plc		19,579		122,774
United Kingdom—(Continued)
Diploma plc		39,240		802,347
DiscoverIE Group plc		19,500		103,020
Dixons Carphone plc		175,794		257,055
Domino’s Pizza Group plc		168,480		528,382
Drax Group plc		137,597		467,579
Dunelm Group plc		31,911		328,906
EI Group plc (a)		245,184		848,106
EKF Diagnostics Holdings plc (a)		33,004		13,609
Eland Oil & Gas plc (a)		7,992		12,401
Electrocomponents plc		151,487		1,200,255
Elementis plc		202,330		367,927
EMIS Group plc		8,910		111,345
EnQuest plc (a)		832,061		195,402
Equiniti Group plc		85,202		226,878
Essentra plc		87,048		455,486
Euromoney Institutional Investor plc		32,940		599,412
FDM Group Holdings plc		13,119		119,202
Fevertree Drinks plc		22,227		662,976
Firstgroup plc (a)		445,353		752,920
Flex LNG, Ltd. (a)		4,057		38,638
Flowtech Fluidpower plc		6,703		8,684
Forterra plc		43,179		151,086
Foxtons Group plc (a)		74,860		46,028
Fuller Smith & Turner plc - Class A		7,667		114,538
FW Thorpe plc		6,310		22,099
G4S plc		471,702		1,098,421
Galliford Try plc		49,848		410,201
Games Workshop Group plc		11,160		647,534
Gamesys Group plc (a)		21,152		191,671
Gamma Communications plc		3,761		51,099
Gem Diamonds, Ltd. (a)		44,142		37,504
Genel Energy plc		14,530		32,979
Genus plc		3,398		116,825
Georgia Capital plc (a)		7,105		89,104
Go-Ahead Group plc		16,658		412,741
Gocompare.Com Group plc		86,389		85,506
Gooch & Housego plc		2,212		32,296
Goodwin plc		188		7,790
Grafton Group plc		88,160		823,615
Grainger plc		159,150		481,680
Greene King plc		121,167		1,261,625
Greggs plc		34,690		891,724
Gulf Keystone Petroleum, Ltd.		64,377		180,931
GVC Holdings plc		5,947		54,417
Gym Group plc (The)		41,701		129,464
H&T Group plc		1,027		4,795
Halfords Group plc		89,687		187,631
Hastings Group Holdings plc		73,303		185,745
Hays plc		470,021		871,273
Headlam Group plc		43,642		243,349
Helical plc		47,664		228,477
Henry Boot plc		8,542		25,994
Hill & Smith Holdings plc		29,060		446,889
Hilton Food Group plc		13,565		165,999
Hiscox, Ltd.		69,440		1,417,277
Hollywood Bowl Group plc		29,996		85,616
HomeServe plc		89,792		1,309,993

BHFTII-98

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Horizon Discovery Group plc (a)		25,090	$	48,172
Howden Joinery Group plc		213,311		1,469,515
Hunting plc		52,837		296,951
Huntsworth plc		92,591		97,223
Hurricane Energy plc (a)		60,919		31,915
Hyve Group plc		253,088		265,575
Ibstock plc		118,333		343,902
IDOX plc (a)		30,485		11,880
IG Group Holdings plc		127,101		941,273
IGas Energy plc (a)		18,467		12,001
IMI plc		82,493		974,746
Inchcape plc		161,511		1,254,030
Indivior plc (a)		173,858		103,735
Inmarsat plc		94,184		677,216
Intermediate Capital Group plc		88,839		1,588,452
International Personal Finance plc		79,366		108,164
iomart Group plc		7,836		34,637
IP Group plc (a)		147,458		115,361
J.D. Wetherspoon plc		28,929		551,318
James Fisher & Sons plc		20,005		506,063
JD Sports Fashion plc		100,296		926,583
John Laing Group plc		50,026		225,689
John Menzies plc		26,664		132,411
John Wood Group plc		141,076		657,215
Johnson Service Group plc		32,984		70,565
Joules Group plc		4,111		13,958
Jupiter Fund Management plc		124,588		545,018
Just Group plc (a)		46,856		30,475
Kainos Group plc		18,245		101,462
Keller Group plc		25,571		178,272
Kier Group plc (d)		50,507		72,529
Kin & Carta plc		66,431		66,515
Lancashire Holdings, Ltd.		70,812		643,853
Liontrust Asset Management plc		2,914		27,731
Lookers plc		131,372		91,103
Low & Bonar plc		75,589		13,640
LSL Property Services plc		24,253		64,113
Luceco plc		38,430		45,583
M&C Saatchi plc		3,677		7,866
Man Group plc		598,620		1,286,896
Marshalls plc		73,997		602,832
Marston’s plc		258,409		392,377
McBride plc (a)		63,975		42,011
McCarthy & Stone plc		89,143		159,038
McColl’s Retail Group plc		12,767		7,446
Mears Group plc		41,542		131,684
Meggitt plc		140,992		1,101,706
Merlin Entertainments plc		200,200		1,113,947
Metro Bank plc (a)		2,816		6,925
Midwich Group plc		1,526		9,698
Millennium & Copthorne Hotels plc		54,328		460,181
Mitchells & Butlers plc (a)		85,514		402,636
Mitie Group plc		135,619		244,075
MJ Gleeson plc		13,112		130,265
Moneysupermarket.com Group plc		163,514		761,097
Morgan Advanced Materials plc		105,477		337,625
Morgan Sindall Group plc		17,569		263,109
United Kingdom—(Continued)
Morses Club plc		6,380		9,819
Mortgage Advice Bureau Holdings, Ltd.		4,434		30,194
Mothercare plc (a)		102,238		18,106
Motorpoint group plc		14,323		39,456
N Brown Group plc		73,957		101,626
Naked Wines plc		10,364		31,727
National Express Group plc		203,273		1,082,217
NCC Group plc		82,122		175,892
Next Fifteen Communications Group plc		7,460		45,857
Non-Standard Finance plc		79,101		38,903
Norcros plc		4,719		14,050
Northgate plc		53,383		216,601
Numis Corp. plc		9,768		27,383
On the Beach Group plc		36,264		170,058
OneSavings Bank plc		62,111		282,061
Oxford Biomedica plc (a)		1,670		11,087
Oxford Instruments plc		16,508		259,424
Pagegroup plc		105,272		568,524
Pan African Resources plc (a)		316,147		43,849
Paragon Banking Group plc		88,923		527,426
Park Group plc		23,099		15,266
Parkmead Group plc (The) (a)		28,991		13,032
PayPoint plc		23,440		262,956
Pendragon plc		345,188		38,835
Pennon Group plc		142,268		1,446,427
Petrofac, Ltd.		76,214		373,965
Pets at Home Group plc		142,910		365,837
Phoenix Group Holdings plc		62,628		531,952
Photo-Me International plc		89,030		105,415
Playtech plc		90,374		474,397
Polar Capital Holdings plc		5,149		34,529
Polypipe Group plc		68,575		342,215
Porvair plc		8,570		64,067
PPHE Hotel Group, Ltd.		575		12,726
Premier Asset Management Group plc		9,032		20,822
Premier Foods plc (a) (d)		334,879		133,444
Premier Oil plc (a) (d)		245,706		234,508
Provident Financial plc		22,978		115,011
PZ Cussons plc		102,110		254,165
QinetiQ Group plc		183,469		651,509
Quilter plc		493,775		827,630
Rank Group plc		40,547		94,508
Rathbone Brothers plc		15,068		411,716
REA Holdings plc (a)		1,120		2,176
Redde plc		10,004		14,088
Redrow plc		93,432		709,944
Renew Holdings plc		6,035		28,565
Renewi plc		221,260		82,158
Renishaw plc		11,676		525,828
Renold plc (a)		64,766		18,234
Restaurant Group plc (The)		115,891		202,804
Revolution Bars Group plc		5,460		4,684
Ricardo plc		13,452		105,194
Rightmove plc		39,672		268,526
River & Mercantile Group plc		112		358
RM plc		43,283		144,222
Robert Walters plc		16,356		110,204

BHFTII-99

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Rotork plc		262,065	$	1,004,515
Royal Mail plc		40,159		104,506
RPS Group plc		100,537		182,192
S&U plc		343		8,902
Saga plc		127,724		79,342
Savannah Petroleum plc (a)		60,736		17,180
Savills plc		62,765		678,942
Scapa Group plc		15,602		41,249
SDL plc		33,826		222,922
Secure Trust Bank plc		458		7,122
Senior plc		166,890		385,005
Severfield plc		100,890		88,198
SIG plc		252,797		390,693
Sirius Minerals plc (a)		252,943		12,390
Smart Metering Systems plc		10,974		54,237
Soco International plc		50,968		40,107
Softcat plc		34,705		427,411
Spectris plc		40,479		1,217,680
Speedy Hire plc		205,988		130,151
Spire Healthcare Group plc		32,574		44,696
Spirent Communications plc		217,958		532,565
Sportech plc (a)		20,264		7,610
Sports Direct International plc (a)		49,099		168,551
SSP Group plc		132,276		1,008,219
St. Modwen Properties plc		86,555		462,394
Stagecoach Group plc		163,409		268,629
SThree plc		40,191		149,731
Stobart Group, Ltd.		80,421		125,249
Stock Spirits Group plc		35,879		102,669
Studio Retail Group plc (a)		17,439		42,505
STV Group plc		7,121		33,704
Superdry plc		18,185		92,174
Synthomer plc		110,628		441,597
T. Clarke plc		15,381		18,439
TalkTalk Telecom Group plc		201,309		259,314
Tate & Lyle plc		163,836		1,483,524
Ted Baker plc		9,974		118,831
Telecom Plus plc		21,709		328,253
Telit Communications plc (a)		33,381		67,639
Thomas Cook Group plc (a) (b) (c)		438,591		0
Topps Tiles plc		61,961		51,804
TORM plc (a)		6,490		54,944
TP ICAP plc		203,445		851,143
Travis Perkins plc		80,963		1,284,928
Trifast plc		20,432		48,591
Trinity Mirror plc		157,693		171,867
TT electronics plc		79,682		245,014
U & I Group plc		54,856		105,627
Ultra Electronics Holdings plc		27,882		693,732
Urban & Civic plc		5,854		23,321
Vectura Group plc (a)		245,376		258,802
Vertu Motors plc		35,216		14,412
Vesuvius plc		95,731		536,020
Victrex plc		29,970		795,559
Vitec Group plc (The)		10,351		158,465
Volex plc (a)		20,438		21,762
Volution Group plc		23,180		47,843
United Kingdom—(Continued)
Vp plc		4,147		41,270
Watkin Jones plc		14,021		38,812
Weir Group plc (The)		247		4,335
WH Smith plc		35,182		859,630
William Hill plc		315,264		727,181
Wincanton plc		44,811		123,447
Xaar plc (a)		18,088		9,217
				97,507,511
United States—0.4%
Alacer Gold Corp. (a)		102,778		415,037
Argonaut Gold, Inc. (a)		66,123		104,811
BRP, Inc.		8,482		330,035
Burford Capital, Ltd.		13,154		133,249
Energy Fuels, Inc. (a)		19,715		38,095
Epsilon Energy, Ltd. (a)		10,928		42,291
Golden Star Resources, Ltd. (a) (d)		28,192		81,075
Ormat Technologies, Inc.		1		43
PureTech Health plc (a)		30,589		95,154
REC Silicon ASA (a) (d)		64,361		31,946
Reliance Worldwide Corp., Ltd.		59,548		162,149
Samsonite International S.A.		154,800		329,897
Sims Metal Management, Ltd.		81,887		575,331
Varia US Properties AG		781		29,423
				2,368,536
Total Common Stocks (Cost $598,325,927)				627,848,945
Preferred Stocks—0.2%
Germany—0.2%
Biotest AG		5,357		128,452
Draegerwerk AG & Co. KGaA		2,545		113,033
FUCHS Petrolub SE		13,413		503,373
Jungheinrich AG		14,450		311,739
Sixt SE		4,716		309,999
Sto SE & Co. KGaA		301		31,471
Villeroy & Boch AG		505		6,929
Total Preferred Stocks (Cost $1,575,606)				1,404,996
Rights—0.0%
Australia—0.0%
Centrebet International, Ltd. (Litigation Units)		9,600		0
Metals X, Ltd., Expires 10/07/19		14,138		0
Superloop, Ltd., Expires 10/14/19		2,006		0
				0
Austria—0.0%
Intercell AG, Expires 05/16/13 (a) (b) (c)		24,163		0
Canada—0.0%
Pan American Silver Corp., Expires 02/22/29		78,950		33,801

BHFTII-100

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Rights—(Continued)

Security Description	Shares/ Principal Amount*		Value
Hong Kong—0.0%
Fortune Oil CVR (b) (c)		575,627	$	0
Singapore—0.0%
Chip Eng Seng Corp., Ltd., Expires 10/10/19 (a)		39,250		28
United States—0.0%
Thorn Group, Ltd., Expires 10/02/19		62,916		240
Total Rights (Cost $20,692)				34,069
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		15
Singapore—0.0%
Ezion Holdings, Ltd., Expires 04/16/23 (a)		309,737		0
Total Warrants (Cost $0)				18
Short-Term Investment—0.3%
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $1,730,387; collateralized by U.S. Treasury Note at 2.000%, maturing 12/31/21, with a market value of $1,767,767.		1,730,348		1,730,348
Total Short-Term Investments (Cost $1,730,348)				1,730,348
Securities Lending Reinvestments (e)—1.7%
Certificates of Deposit—0.1%
Chiba Bank, Ltd. 2.230%, 11/20/19		200,000		200,001
Wells Fargo Bank N.A. 2.477%, 3M LIBOR + 0.210%, 10/25/19 (f)		500,000		500,117
				700,118
Repurchase Agreements—1.6%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $2,000,107; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000
Repurchase Agreements—(Continued)
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $301,740; collateralized by various Common Stock with an aggregate market value of $330,000.		300,000		300,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $600,040; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $612,000.		600,000		600,000
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $500,033; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $510,000.		500,000		500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $903,778; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $921,807.		903,733		903,733
Goldman Sachs & Co. Repurchase Agreement dated 09/30/19 at 2.280%, due on 10/01/19 with a maturity value of $1,000,063; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% - 5.500%, maturity dates ranging from 02/20/40 - 06/15/58, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $700,039; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $779,101.		700,000		700,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $500,196; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $555,704.		500,000		500,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $1,700,111; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $1,734,000.		1,700,000		1,700,000
Societe Generale Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $725,282; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $805,520.		725,000		725,000

BHFTII-101

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $600,233; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $666,637.		600,000	$	600,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $300,117; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $333,319.		300,000		300,000
				9,828,733
Total Securities Lending Reinvestments (Cost $10,528,733)				10,528,851
Total Investments—101.3% (Cost $612,181,306)				641,547,227
Other assets and liabilities (net)—(1.3)%				(8,227,308	)
Net Assets—100.0%			$	633,319,919

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, these securities represent 0.1% of net assets.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $16,859,131 and the collateral received consisted of cash in the amount of $10,529,883 and non-cash collateral with a value of $7,689,813. 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.
(e)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(f)	Variable or floating rate security. The stated rate represents the rate at September 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.

Ten Largest Industries as of September 30, 2019 (Unaudited)	% of Net Assets
Machinery		6.2
Real Estate Management & Development		5.3
Metals & Mining		5.0
Hotels, Restaurants & Leisure		3.9
Banks		3.6
Capital Markets		3.6
Electronic Equipment, Instruments & Components		3.2
Construction & Engineering		3.1
Food Products		3.1
Chemicals		3.1

Glossary of Abbreviations

Index Abbreviations

(LIBOR)— London Interbank Offered Rate

Other Abbreviations

(REIT)— Real Estate Investment Trust

BHFTII-102

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	480,606	$	41,463,633	$	2,377	$	41,946,616
Austria		—		8,626,419		—		8,626,419
Belgium		2,505,266		9,305,259		—		11,810,525
Canada		55,601,092		786,598		784		56,388,474
China		76,915		1,336,610		—		1,413,525
Colombia		40,642		—		—		40,642
Denmark		—		12,606,087		—		12,606,087
Faeroe Islands		—		9,397		—		9,397
Finland		—		14,684,128		—		14,684,128
France		—		27,361,260		—		27,361,260
Georgia		—		209,883		—		209,883
Germany		14,908		38,638,423		—		38,653,331
Ghana		—		1,279,213		—		1,279,213
Greenland		—		10,935		—		10,935
Guernsey, Channel Islands		—		67,348		—		67,348
Hong Kong		1,080,565		14,211,534		204,305		15,496,404
India		—		19,832		—		19,832
Ireland		3,910		2,226,268		—		2,230,178
Isle of Man		—		58,286		—		58,286
Israel		—		8,651,878		39,809		8,691,687
Italy		—		25,758,711		102		25,758,813
Japan		72,577		151,874,592		—		151,947,169
Jersey, Channel Islands		—		779,153		—		779,153
Jordan		—		95,278		—		95,278
Kazakhstan		—		224,965		—		224,965
Liechtenstein		—		337,813		—		337,813
Luxembourg		—		677,880		—		677,880
Macau		—		65,017		—		65,017
Malta		—		359,034		—		359,034
Monaco		405,453		—		—		405,453
Mongolia		—		7,821		—		7,821
Netherlands		—		20,265,704		0		20,265,704
New Zealand		—		3,968,278		—		3,968,278
Norway		221,081		5,569,797		—		5,790,878
Peru		—		241,858		—		241,858
Philippines		—		7,248		—		7,248
Portugal		—		2,174,303		0		2,174,303
Russia		—		117,466		—		117,466
Singapore		119,389		7,427,599		99,896		7,646,884
South Africa		8,674		139,595		—		148,269
Spain		—		14,211,517		0		14,211,517

BHFTII-103

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Sweden	$	7,616	$	19,270,923		$	—	$	19,278,539
Switzerland		—		31,788,998			—		31,788,998
Turkey		—		12,725			—		12,725
United Arab Emirates		—		57,665			—		57,665
United Kingdom		48,350		97,456,926			2,235		97,507,511
United States		1,011,344		1,357,192			—		2,368,536
Total Common Stocks		61,698,388		565,801,049			349,508		627,848,945
Total Preferred Stocks*		—		1,404,996			—		1,404,996
Rights
Australia		—		0			—		0
Austria		—		—			0		0
Canada		—		33,801			—		33,801
Hong Kong		—		—			0		0
Singapore		28		—			—		28
United States		—		240			—		240
Total Rights		28		34,041			0		34,069
Total Warrants*		18		0			—		18
Total Short-Term Investment*		—		1,730,348			—		1,730,348
Total Securities Lending Reinvestments*		—		10,528,851			—		10,528,851
Total Investments	$	61,698,434	$	579,499,285		$	349,508	$	641,547,227
Collateral for Securities Loaned (Liability)	$	—	$	(10,529,883	)	$	—	$	(10,529,883	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2019 is not presented.

Transfers from Level 2 to Level 3 in the amount of $749,465 were due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

BHFTII-104

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Common Stocks—60.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.4%
Boeing Co. (The)		24,240	$	9,222,593
Lockheed Martin Corp.		25,267		9,855,646
United Technologies Corp.		80,433		10,980,713
				30,058,952
Airlines—0.0%
Spirit Airlines, Inc. (a) (b)		10,051		364,851
Banks—1.5%
Bank of America Corp.		575,265		16,780,480
SVB Financial Group (a)		7,981		1,667,630
				18,448,110
Beverages—1.3%
Coca-Cola Co. (The)		306,111		16,664,683
Biotechnology—0.9%
Alnylam Pharmaceuticals, Inc. (a)		3,611		290,397
Arcus Biosciences, Inc. (a)		11,888		108,181
Assembly Biosciences, Inc. (a) (b)		7,799		76,664
Atreca, Inc. - Class A (a) (b)		9,909		121,286
Audentes Therapeutics, Inc. (a)		7,239		203,344
Biohaven Pharmaceutical Holding Co., Ltd. (a)		13,817		576,445
Bluebird Bio, Inc. (a) (b)		5,638		517,681
Calithera Biosciences, Inc. (a)		14,741		45,550
Coherus Biosciences, Inc. (a) (b)		33,357		675,813
CytomX Therapeutics, Inc. (a)		14,000		103,320
Forty Seven, Inc. (a)		25,145		161,431
G1 Therapeutics, Inc. (a)		16,109		366,963
Global Blood Therapeutics, Inc. (a) (b)		9,639		467,684
GlycoMimetics, Inc. (a)		19,232		82,890
Heron Therapeutics, Inc. (a) (b)		8,762		162,097
Incyte Corp. (a)		6,062		449,982
Jounce Therapeutics, Inc. (a)		8,043		26,783
Karyopharm Therapeutics, Inc. (a)		17,489		168,244
Madrigal Pharmaceuticals, Inc. (a) (b)		3,188		274,869
Medicines Co. (The) (a) (b)		22,013		1,100,650
Momenta Pharmaceuticals, Inc. (a) (b)		17,000		220,320
Myovant Sciences, Ltd. (a) (b)		23,549		122,455
PhaseBio Pharmaceuticals, Inc. (a) (b)		8,100		33,777
Portola Pharmaceuticals, Inc. (a) (b)		26,875		720,787
Ra Pharmaceuticals, Inc. (a)		15,684		370,927
Radius Health, Inc. (a)		12,031		309,798
Rigel Pharmaceuticals, Inc. (a)		41,463		77,536
Seattle Genetics, Inc. (a) (b)		16,178		1,381,601
Syndax Pharmaceuticals, Inc. (a)		26,685		199,337
Vertex Pharmaceuticals, Inc. (a)		6,524		1,105,296
				10,522,108
Capital Markets—1.9%
Ares Management Corp. - Class A		108,310		2,903,791
Blackstone Group, Inc. (The) - Class A (b)		109,620		5,353,841
Blucora, Inc. (a)		108,919		2,357,007
Hamilton Lane, Inc. - Class A		37,884		2,157,873
Raymond James Financial, Inc.		20,384		1,680,865
Capital Markets—(Continued)
S&P Global, Inc.		14,036		3,438,539
TD Ameritrade Holding Corp.		118,929		5,553,984
				23,445,900
Chemicals—1.5%
Cabot Corp. (b)		61,581		2,790,851
Celanese Corp.		18,536		2,266,767
FMC Corp.		31,545		2,765,866
Ingevity Corp. (a)		20,359		1,727,257
Linde plc		22,661		4,389,889
Livent Corp. (a)		43,807		293,069
PPG Industries, Inc.		33,235		3,938,680
				18,172,379
Construction & Engineering—0.1%
Dycom Industries, Inc. (a)		23,399		1,194,519
Granite Construction, Inc. (b)		18,119		582,163
				1,776,682
Consumer Finance—0.5%
American Express Co.		36,560		4,324,317
OneMain Holdings, Inc.		61,398		2,252,078
				6,576,395
Containers & Packaging—0.5%
Ball Corp.		62,616		4,559,071
International Paper Co.		46,891		1,960,982
				6,520,053
Diversified Consumer Services—0.1%
Houghton Mifflin Harcourt Co. (a) (b)		117,356		625,507
Diversified Financial Services—0.2%
Voya Financial, Inc.		45,766		2,491,501
Diversified Telecommunication Services—1.1%
Verizon Communications, Inc.		222,887		13,453,459
Electric Utilities—1.2%
Avangrid, Inc. (b)		40,483		2,115,237
Duke Energy Corp.		37,272		3,572,894
Edison International		44,516		3,357,397
Exelon Corp.		92,017		4,445,341
NextEra Energy, Inc.		4,584		1,068,026
				14,558,895
Electrical Equipment—0.3%
AMETEK, Inc.		15,751		1,446,257
Nvent Electric plc		78,174		1,722,955
				3,169,212
Electronic Equipment, Instruments & Components—0.2%
Coherent, Inc. (a)		12,703		1,952,705

BHFTII-105

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—0.3%
Schlumberger, Ltd.		99,876	$	3,412,763
Entertainment—1.0%
Electronic Arts, Inc. (a)		33,179		3,245,570
Liberty Media Corp. - Liberty Formula One - Class C (a)		41,077		1,708,392
Netflix, Inc. (a)		13,203		3,533,387
Spotify Technology S.A. (a)		5,762		656,868
Take-Two Interactive Software, Inc. (a)		9,106		1,141,346
Walt Disney Co. (The)		19,755		2,574,472
				12,860,035
Equity Real Estate Investment Trusts—2.2%
Alexandria Real Estate Equities, Inc.		24,199		3,727,614
American Tower Corp.		39,799		8,800,753
Camden Property Trust		26,306		2,920,229
Equinix, Inc.		12,771		7,366,313
HCP, Inc.		63,659		2,268,170
STORE Capital Corp.		41,976		1,570,322
				26,653,401
Food Products—0.8%
Mondelez International, Inc. - Class A		179,095		9,907,535
Gas Utilities—0.2%
UGI Corp.		39,563		1,988,832
Health Care Equipment & Supplies—2.8%
Abbott Laboratories		146,831		12,285,350
Baxter International, Inc.		40,483		3,541,048
Boston Scientific Corp. (a)		213,976		8,706,683
Danaher Corp.		40,711		5,879,890
NuVasive, Inc. (a)		59,439		3,767,244
				34,180,215
Health Care Providers & Services—1.3%
Anthem, Inc.		43,889		10,537,749
HCA Healthcare, Inc.		26,082		3,140,795
UnitedHealth Group, Inc.		13,563		2,947,511
				16,626,055
Hotels, Restaurants & Leisure—1.6%
Hyatt Hotels Corp. - Class A		49,568		3,651,674
McDonald’s Corp. (b)		71,467		15,344,680
MGM Resorts International		47,694		1,322,078
				20,318,432
Household Products—1.3%
Procter & Gamble Co. (The)		131,928		16,409,205
Independent Power and Renewable Electricity Producers—0.5%
NRG Energy, Inc. (b)		149,297		5,912,161
Industrial Conglomerates—0.0%
3M Co. (b)		1,961		322,388
General Electric Co.		31,055		277,632
				600,020
Insurance—2.7%
American International Group, Inc.		98,421		5,482,050
Assurant, Inc.		36,988		4,653,830
Assured Guaranty, Ltd.		103,868		4,617,971
Athene Holding, Ltd. - Class A (a)		72,530		3,050,612
Hartford Financial Services Group, Inc. (The)		87,294		5,290,889
Marsh & McLennan Cos., Inc.		50,584		5,060,929
Progressive Corp. (The)		33,719		2,604,793
Prudential Financial, Inc.		22,487		2,022,706
Trupanion, Inc. (a) (b)		41,726		1,060,675
				33,844,455
Interactive Media & Services—3.5%
Alphabet, Inc. - Class A (a)		23,388		28,560,022
Facebook, Inc. - Class A (a)		84,542		15,055,240
				43,615,262
Internet & Direct Marketing Retail—2.8%
Amazon.com, Inc. (a)		16,169		28,067,929
Expedia Group, Inc.		49,700		6,680,177
				34,748,106
IT Services—2.9%
FleetCor Technologies, Inc. (a)		16,019		4,593,929
Genpact, Ltd.		57,641		2,233,589
Global Payments, Inc.		53,885		8,567,715
GoDaddy, Inc. - Class A (a)		53,466		3,527,686
PayPal Holdings, Inc. (a)		40,930		4,239,939
Visa, Inc. - Class A		58,119		9,997,049
WEX, Inc. (a)		11,471		2,317,945
				35,477,852
Life Sciences Tools & Services—0.7%
10X Genomics, Inc. - Class A (a)		2,900		146,160
Adaptive Biotechnologies Corp. (a) (b)		9,100		281,190
Thermo Fisher Scientific, Inc.		27,837		8,108,083
				8,535,433
Machinery—1.6%
Caterpillar, Inc.		2,544		321,333
Dover Corp.		6,916		688,557
Fortive Corp.		56,689		3,886,598
Gardner Denver Holdings, Inc. (a)		118,335		3,347,697
Greenbrier Cos., Inc. (The)		19,126		576,075
Illinois Tool Works, Inc.		17,946		2,808,369
Ingersoll-Rand plc		35,237		4,341,551
PACCAR, Inc.		20,120		1,408,601
Rexnord Corp. (a)		13,419		362,984
Wabtec Corp. (b)		21,343		1,533,708
				19,275,473

BHFTII-106

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Marine—0.0%
Kirby Corp. (a)		7,205	$	591,963
Media—1.6%
Charter Communications, Inc. - Class A (a)		13,722		5,655,110
Comcast Corp. - Class A		292,372		13,180,130
New York Times Co. (The) - Class A (b)		21,731		618,899
				19,454,139
Multi-Utilities—0.9%
National Grid plc (ADR)		34,297		1,856,497
Sempra Energy		61,438		9,068,863
				10,925,360
Oil, Gas & Consumable Fuels—2.9%
BP plc (ADR)		51,536		1,957,853
Chevron Corp.		49,404		5,859,314
Concho Resources, Inc.		14,988		1,017,685
Diamondback Energy, Inc.		17,407		1,565,063
Encana Corp.		308,559		1,419,371
Exxon Mobil Corp.		169,660		11,979,693
Marathon Petroleum Corp.		69,582		4,227,106
Noble Energy, Inc.		80,049		1,797,901
Paragon Offshore Finance Co. - Class A (a)		162		89
Paragon Offshore Finance Co. - Class B (a)		81		1,620
Pioneer Natural Resources Co.		9,406		1,182,993
TC Energy Corp.		86,678		4,489,054
TE Holdcorp LLC (a) (c) (d)		2,426		0
				35,497,742
Pharmaceuticals—2.6%
Aerie Pharmaceuticals, Inc. (a) (b)		13,052		250,859
AstraZeneca plc (ADR)		194,404		8,664,586
Bristol-Myers Squibb Co.		109,825		5,569,226
Dermira, Inc. (a)		61,823		395,049
Elanco Animal Health, Inc. (a)		18,132		482,130
Eli Lilly & Co.		26,501		2,963,607
Kala Pharmaceuticals, Inc. (a) (b)		17,700		67,349
MyoKardia, Inc. (a) (b)		10,435		544,185
Nektar Therapeutics (a) (b)		30,626		557,853
Odonate Therapeutics, Inc. (a)		13,213		343,934
Pfizer, Inc.		296,696		10,660,287
Revance Therapeutics, Inc. (a)		27,646		359,398
Satsuma Pharmaceuticals, Inc. (a)		6,000		90,060
Teva Pharmaceutical Industries, Ltd. (ADR) (a) (b)		162,707		1,119,424
Tricida, Inc. (a) (b)		10,950		338,027
WAVE Life Sciences, Ltd. (a) (b)		8,100		166,293
				32,572,267
Professional Services—0.8%
Equifax, Inc.		10,245		1,441,164
IHS Markit, Ltd. (a)		77,592		5,189,353
TransUnion		14,402		1,168,146
TriNet Group, Inc. (a)		32,304		2,008,986
				9,807,649
Road & Rail—0.6%
Norfolk Southern Corp.		22,881		4,110,800
Schneider National, Inc. - Class B		11,265		244,676
Uber Technologies, Inc. (a) (b)		96,721		2,947,089
				7,302,565
Semiconductors & Semiconductor Equipment—2.2%
Advanced Micro Devices, Inc. (a)		160,015		4,638,835
First Solar, Inc. (a)		10,545		611,716
Intel Corp.		101,048		5,207,003
KLA Corp.		12,895		2,056,108
Lattice Semiconductor Corp. (a)		122,426		2,238,559
Marvell Technology Group, Ltd.		108,069		2,698,483
Micron Technology, Inc. (a)		81,779		3,504,230
Teradyne, Inc.		21,677		1,255,315
Texas Instruments, Inc.		35,078		4,533,481
				26,743,730
Software—4.4%
Adobe, Inc. (a)		8,576		2,369,120
Atlassian Corp. plc - Class A (a)		1,364		171,100
Guidewire Software, Inc. (a) (b)		11,126		1,172,458
Microsoft Corp.		228,059		31,707,043
Salesforce.com, Inc. (a)		34,093		5,060,765
ServiceNow, Inc. (a)		5,596		1,420,545
Slack Technologies, Inc. - Class A (a) (b)		3,600		85,428
Splunk, Inc. (a)		6,346		747,939
SS&C Technologies Holdings, Inc.		122,990		6,342,594
SVMK, Inc. (a)		154,533		2,642,514
Workday, Inc. - Class A (a)		12,885		2,189,935
				53,909,441
Specialty Retail—1.7%
Burlington Stores, Inc. (a)		42,870		8,566,284
Lowe’s Cos., Inc.		49,578		5,451,597
TJX Cos., Inc. (The)		123,060		6,859,364
				20,877,245
Technology Hardware, Storage & Peripherals—1.6%
Apple, Inc.		77,748		17,413,220
Western Digital Corp.		43,210		2,577,044
				19,990,264
Textiles, Apparel & Luxury Goods—1.1%
NIKE, Inc. - Class B		38,714		3,636,019
Under Armour, Inc. - Class A (a) (b)		283,159		5,646,190
Under Armour, Inc. - Class C (a) (b)		226,576		4,107,823
				13,390,032
Thrifts & Mortgage Finance—0.1%
MGIC Investment Corp.		104,049		1,308,936
Trading Companies & Distributors—0.1%
Triton International, Ltd. (b)		27,440		928,570
Total Common Stocks (Cost $628,494,953)				746,466,530

BHFTII-107

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

U.S. Treasury & Government Agencies—24.2%

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—17.2%
Fannie Mae 15 Yr. Pool
3.000%, 07/01/28		1,230,204	$	1,266,213
3.000%, 02/01/31		149,347		153,385
4.000%, 04/01/26		29,231		30,539
4.000%, 02/01/29		678,814		707,565
4.500%, 06/01/24		150,896		157,076
4.500%, 02/01/25		36,399		37,910
4.500%, 04/01/25		5,962		6,260
4.500%, 07/01/25		29,968		31,466
4.500%, 06/01/26		626,567		658,010
Fannie Mae 20 Yr. Pool 3.000%, 03/01/37		780,080		802,542
Fannie Mae 30 Yr. Pool
3.000%, 02/01/43		658,421		679,053
3.000%, 03/01/43		843,626		869,722
3.000%, 04/01/43		792,243		816,797
3.000%, 05/01/43		2,141,243		2,209,152
3.000%, 06/01/43		252,985		261,645
3.500%, 03/01/43		42,474		44,732
3.500%, 05/01/43		81,162		85,277
3.500%, 07/01/43		194,306		204,498
3.500%, 08/01/43		346,414		364,542
3.500%, 10/01/44		335,335		353,105
3.500%, 02/01/45		413,172		430,563
3.500%, 09/01/46		792,573		822,469
3.500%, 10/01/46		347,787		361,112
3.500%, 11/01/46		223,505		235,363
3.500%, 09/01/47		313,204		327,048
3.500%, 12/01/47		174,241		181,706
3.500%, 01/01/48		1,236,283		1,278,639
3.500%, 02/01/48		245,827		256,340
4.000%, 10/01/40		711,027		759,842
4.000%, 11/01/40		323,710		345,801
4.000%, 12/01/40		234,582		250,572
4.000%, 02/01/41		112,785		120,496
4.000%, 03/01/41		263,351		281,360
4.000%, 08/01/42		152,515		162,993
4.000%, 09/01/42		226,418		241,971
4.000%, 03/01/45		39,983		42,224
4.000%, 07/01/45		204,633		218,545
4.000%, 05/01/46		115,949		122,017
4.000%, 06/01/46		275,453		290,125
4.000%, 04/01/47		294,248		314,219
4.000%, 07/01/48		2,233,479		2,327,950
4.000%, 09/01/48		915,827		953,297
4.000%, 02/01/49		1,170,148		1,219,943
4.500%, 10/01/40		630,651		683,264
4.500%, 09/01/41		71,359		76,677
4.500%, 10/01/41		274,461		297,339
4.500%, 08/01/42		81,273		86,412
4.500%, 09/01/43		1,555,025		1,677,367
4.500%, 10/01/43		193,146		208,030
4.500%, 12/01/43		161,139		173,771
4.500%, 01/01/44		493,218		535,427
5.000%, 04/01/33		2,726		3,008
5.000%, 07/01/33		8,313		9,159
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 09/01/33		136,125		150,284
5.000%, 11/01/33		35,137		38,801
5.000%, 12/01/33		14,272		15,755
5.000%, 02/01/34		6,399		7,065
5.000%, 03/01/34		3,026		3,341
5.000%, 04/01/34		2,885		3,185
5.000%, 06/01/34		3,047		3,363
5.000%, 07/01/34		41,492		45,820
5.000%, 10/01/34		103,725		114,509
5.000%, 07/01/35		72,485		80,026
5.000%, 10/01/35		79,881		88,202
5.000%, 12/01/35		63,001		69,561
5.000%, 08/01/36		57,166		63,128
5.000%, 07/01/37		31,578		34,869
5.000%, 07/01/41		56,657		62,434
5.000%, 08/01/41		25,957		28,240
5.500%, 08/01/28		22,941		24,798
5.500%, 04/01/33		37,887		42,477
5.500%, 08/01/37		225,513		255,062
5.500%, 04/01/41		18,498		20,854
6.000%, 03/01/28		1,482		1,637
6.000%, 05/01/28		741		818
6.000%, 02/01/34		154,908		178,239
6.000%, 08/01/34		83,126		95,669
6.000%, 04/01/35		691,150		794,992
6.000%, 02/01/38		56,431		64,806
6.000%, 03/01/38		17,344		19,961
6.000%, 05/01/38		56,153		64,640
6.000%, 10/01/38		16,978		19,527
6.000%, 12/01/38		20,685		23,810
6.500%, 05/01/40		388,707		447,674
Fannie Mae ARM Pool
4.385%, 12M LIBOR + 1.819%, 09/01/41 (f)		66,706		69,766
4.654%, 12M LIBOR + 1.772%, 12/01/40 (f)		53,399		55,833
4.685%, 12M LIBOR + 1.773%, 06/01/41 (f)		113,392		118,587
4.822%, 12M LIBOR + 1.750%, 03/01/41 (f)		38,264		39,941
4.903%, 12M LIBOR + 1.820%, 03/01/41 (f)		10,611		11,142
Fannie Mae Connecticut Avenue Securities (CMO)
2.738%, 1M LIBOR + 0.720%, 01/25/31 (f)		618,836		619,075
5.568%, 1M LIBOR + 3.550%, 07/25/29 (f)		390,000		409,882
6.368%, 1M LIBOR + 4.350%, 05/25/29 (f)		724,598		763,755
6.918%, 1M LIBOR + 4.900%, 11/25/24 (f)		247,497		270,138
7.718%, 1M LIBOR + 5.700%, 04/25/28 (f)		132,625		145,618
8.018%, 1M LIBOR + 6.000%, 09/25/28 (f)		114,836		125,201
Fannie Mae Interest Strip (CMO)
2.000%, 09/25/39		359,659		359,407
4.000%, 05/25/27 (g)		248,990		20,001
Fannie Mae Pool
2.430%, 08/01/26		199,731		204,539
3.025%, 11/01/29		400,000		428,715
3.240%, 12/01/26		80,012		86,024
3.350%, 05/01/29		380,000		414,885
3.410%, 08/01/27		469,690		509,090
3.500%, 09/01/57		1,904,556		2,005,105
3.500%, 05/01/58		1,163,897		1,225,343

BHFTII-108

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool
3.660%, 02/01/29		460,195	$	511,394
3.800%, 02/01/29		1,330,000		1,499,940
3.890%, 05/01/30		98,978		111,391
3.960%, 05/01/34		41,442		47,454
4.000%, 06/01/41		832,333		884,700
4.500%, 01/01/51		1,571,816		1,685,265
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/36 (h)		25,021		21,726
Zero Coupon, 06/25/36 (h)		204,695		184,814
1.750%, 12/25/42		484,160		476,730
1.836%, 05/25/46 (f) (g)		586,403		31,001
1.955%, 06/25/55 (f) (g)		462,903		25,364
1.990%, 04/25/55 (f) (g)		584,175		35,275
2.000%, 08/25/43		240,025		236,584
2.112%, 08/25/44 (f) (g)		551,052		31,537
2.500%, 06/25/28 (g)		147,847		9,808
3.000%, 02/25/27 (g)		368,480		22,528
3.000%, 09/25/27 (g)		135,115		10,147
3.000%, 01/25/28 (g)		885,362		63,937
3.000%, 05/25/47		378,336		388,920
3.000%, 09/25/47		1,261,711		1,298,393
3.000%, 06/25/48		1,106,598		1,137,723
3.000%, 10/25/48		945,728		974,904
3.000%, 08/25/49		1,067,190		1,097,979
3.500%, 05/25/27 (g)		376,362		30,927
3.500%, 10/25/27 (g)		235,078		19,833
3.500%, 05/25/30 (g)		251,273		25,036
3.500%, 08/25/30 (g)		76,702		7,265
3.500%, 02/25/31 (g)		180,972		13,600
3.500%, 09/25/35 (g)		165,945		20,453
3.500%, 04/25/46		148,199		172,939
3.500%, 10/25/46 (g)		157,351		39,723
3.500%, 11/25/47		1,036,494		1,098,629
3.500%, 02/25/48		323,700		336,039
3.500%, 12/25/58		1,212,884		1,279,962
4.000%, 03/25/42 (g)		108,833		11,723
4.000%, 05/25/42 (g)		712,497		87,926
4.000%, 11/25/42 (g)		61,558		8,912
4.500%, 07/25/27 (g)		115,161		9,505
5.000%, 06/25/48 (g)		778,845		154,807
5.469%, 05/25/42 (f) (g)		56,078		5,325
5.500%, 04/25/35		303,212		347,173
5.500%, 04/25/37		108,933		123,571
5.500%, 09/25/44 (g)		502,022		109,671
5.500%, 06/25/48 (g)		534,216		105,367
6.000%, 01/25/42 (g)		510,956		88,718
6.000%, 09/25/47 (g)		345,577		82,196
Fannie Mae-ACES
2.164%, 01/25/22 (f) (g)		672,305		15,394
3.329%, 10/25/23 (f)		470,889		495,539
Freddie Mac 15 Yr. Gold Pool
3.000%, 07/01/28		528,362		542,969
3.000%, 08/01/29		304,031		313,921
3.000%, 04/01/33		919,177		942,624
Freddie Mac 20 Yr. Gold Pool
3.000%, 11/01/36		1,070,051		1,098,498
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 20 Yr. Gold Pool
3.000%, 01/01/37		805,802		827,220
3.500%, 08/01/34		684,617		712,413
5.000%, 03/01/27		59,563		64,107
5.000%, 02/01/28		171,209		183,098
5.000%, 03/01/28		90,322		96,590
5.000%, 05/01/28		314,612		336,547
5.000%, 05/01/30		309,141		331,314
Freddie Mac 30 Yr. Gold Pool
3.000%, 12/01/44		16,667		17,097
3.000%, 08/01/46		1,546,286		1,585,015
3.000%, 10/01/46		1,563,703		1,602,935
3.000%, 11/01/46		2,382,736		2,445,377
3.000%, 12/01/46		754,608		774,287
3.000%, 01/01/47		856,576		878,068
3.500%, 08/01/42		104,437		110,760
3.500%, 11/01/42		161,308		169,571
3.500%, 06/01/46		261,213		271,794
3.500%, 10/01/47		1,183,163		1,222,492
3.500%, 03/01/48		614,024		645,689
4.000%, 05/01/42		707,887		756,546
4.000%, 08/01/42		190,247		203,428
4.000%, 09/01/42		262,601		280,797
4.000%, 07/01/44		52,962		55,476
4.000%, 02/01/46		277,193		292,347
4.000%, 09/01/48		185,949		193,805
4.500%, 09/01/43		98,281		105,605
4.500%, 11/01/43		887,730		958,137
5.000%, 03/01/38		59,620		65,914
5.000%, 05/01/39		6,762		7,461
5.000%, 06/01/41		383,671		422,840
5.000%, TBA (e)		580,000		621,642
5.500%, 07/01/33		92,602		103,548
5.500%, 04/01/39		40,954		46,239
5.500%, 06/01/41		152,630		172,324
Freddie Mac ARM Non-Gold Pool 5.025%, 12M LIBOR + 1.900%, 02/01/41 (f)		54,536		56,955
Freddie Mac Multifamily Structured Pass-Through Certificates
0.743%, 03/25/27 (f) (g)		4,354,813		173,865
1.563%, 06/25/22 (f) (g)		1,753,380		58,451
1.743%, 03/25/22 (f) (g)		1,269,050		42,925
Freddie Mac REMICS (CMO)
Zero Coupon, 11/15/36 (h)		23,256		21,387
1.750%, 10/15/42		437,143		430,723
2.500%, 05/15/28 (g)		158,427		11,180
3.000%, 03/15/28 (g)		428,229		30,506
3.000%, 05/15/32 (g)		195,595		11,389
3.000%, 03/15/33 (g)		153,090		16,635
3.000%, 08/15/43		1,056,000		1,083,208
3.000%, 05/15/46		504,285		517,359
3.250%, 11/15/41		251,746		263,580
3.500%, 06/15/26 (g)		210,312		9,884
3.500%, 09/15/26 (g)		80,271		6,414
3.500%, 03/15/27 (g)		129,733		9,027
3.500%, 03/15/41 (g)		260,913		22,032
4.000%, 07/15/27 (g)		495,153		37,152

BHFTII-109

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac REMICS (CMO)
4.000%, 03/15/28 (g)		239,631	$	17,591
4.000%, 06/15/28 (g)		132,673		11,197
4.000%, 07/15/30 (g)		321,667		33,119
4.000%, 11/15/40		232,000		257,035
4.750%, 07/15/39		433,749		482,354
5.000%, 09/15/33 (g)		208,659		31,268
5.000%, 02/15/48 (g)		308,053		60,263
5.500%, 08/15/33		51,250		57,682
5.500%, 07/15/36		115,576		130,783
5.500%, 06/15/46		155,490		177,306
6.500%, 07/15/36		151,211		170,886
FREMF Mortgage Trust 5.446%, 09/25/43 (144A) (f)		855,000		867,101
FREMF Multifamily Aggregation Risk Transfer Trust 2.357%, 1M LIBOR + 0.320%, 02/25/20 (f)		1,650,000		1,649,976
Ginnie Mae I 30 Yr. Pool
3.000%, 12/15/44		23,888		24,593
3.000%, 02/15/45		66,338		68,129
3.000%, 04/15/45		888,857		912,857
3.000%, 05/15/45		1,048,742		1,077,059
3.000%, 07/15/45		29,335		30,127
4.000%, 09/15/42		717,018		765,122
4.500%, 04/15/41		506,875		551,772
4.500%, 02/15/42		1,110,225		1,208,283
5.000%, 12/15/38		38,542		43,316
5.000%, 04/15/39		742,082		833,950
5.000%, 07/15/39		65,747		73,522
5.000%, 12/15/40		103,957		116,809
5.500%, 12/15/40		374,338		424,089
Ginnie Mae II 30 Yr. Pool
3.000%, TBA (e)		19,750,000		20,268,823
3.500%, 08/20/47		318,200		330,928
3.500%, TBA (e)		1,463,000		1,515,862
4.000%, 11/20/47		266,493		282,647
4.000%, 03/20/48		962,330		1,010,328
4.000%, 04/20/49		1,275,977		1,327,116
4.000%, TBA (e)		7,512,000		7,811,190
4.500%, 01/20/46		107,752		115,116
4.500%, TBA (e)		180,000		188,128
5.000%, 10/20/39		17,140		18,961
5.000%, TBA (e)		4,066,000		4,286,453
Government National Mortgage Association (CMO)
0.780%, 02/16/53 (f) (g)		1,899,096		93,050
1.750%, 09/20/43		402,388		396,426
2.000%, 01/20/42		388,145		385,039
2.500%, 12/16/39		337,947		344,980
2.500%, 07/20/41		571,021		582,911
3.000%, 09/20/28 (g)		168,566		12,987
3.000%, 02/16/43 (g)		114,751		16,106
3.000%, 10/20/47		319,326		329,256
3.500%, 02/16/27 (g)		69,129		5,575
3.500%, 03/20/27 (g)		174,051		15,327
3.500%, 10/20/29 (g)		966,847		93,595
3.500%, 07/20/40 (g)		177,875		14,197
3.500%, 02/20/41 (g)		258,184		21,561
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO)
3.500%, 04/20/42 (g)		453,377		42,223
3.500%, 10/20/42 (g)		692,266		121,159
3.500%, 05/20/43 (g)		98,433		19,169
3.500%, 07/20/43 (g)		357,791		45,589
4.000%, 12/16/26 (g)		46,902		4,032
4.000%, 05/20/29 (g)		721,570		63,869
4.000%, 05/16/42 (g)		77,616		11,216
4.000%, 03/20/43 (g)		131,525		28,438
4.000%, 01/20/44 (g)		59,582		12,652
4.000%, 11/20/44 (g)		978,006		170,847
4.000%, 03/20/47 (g)		476,583		72,360
4.000%, 07/20/47 (g)		729,848		113,837
4.500%, 04/20/45 (g)		207,597		44,091
5.000%, 02/16/40 (g)		547,812		106,212
5.000%, 10/16/41 (g)		283,561		50,073
5.000%, 12/20/43 (g)		575,911		134,841
5.000%, 01/16/47 (g)		138,097		29,096
5.500%, 03/20/39 (g)		389,146		78,317
5.500%, 02/16/47 (g)		370,859		88,552
5.500%, 02/20/47 (g)		229,981		41,477
6.000%, 09/20/40 (g)		418,339		86,046
6.000%, 02/20/46 (g)		354,791		87,591
Uniform Mortgage-Backed Securities
2.500%, TBA (e)		12,735,000		12,844,690
3.000%, TBA (e)		30,043,000		30,548,503
3.500%, TBA (e)		33,845,000		34,741,774
4.000%, TBA (e)		2,075,000		2,153,461
4.500%, TBA (e)		3,330,000		3,506,646
5.000%, TBA (e)		2,885,000		3,070,028
6.000%, TBA (e)		1,000,000		1,106,523
				212,485,109
U.S. Treasury—7.0%
U.S. Treasury Bonds
2.250%, 08/15/46		915,000		939,019
2.875%, 11/15/46		1,600,000		1,852,750
3.000%, 11/15/45 (i)		1,980,000		2,337,173
3.000%, 02/15/47 (i)		1,500,000		1,779,492
3.000%, 02/15/48 (i)		1,860,000		2,210,203
3.000%, 02/15/49		5,190,000		6,188,264
3.125%, 08/15/44 (i) (j)		24,060,000		28,849,444
3.750%, 11/15/43 (i)		4,885,000		6,430,072
6.750%, 08/15/26		7,220,000		9,629,957
U.S. Treasury Inflation Indexed Notes
0.250%, 01/15/25 (k) (l)		8,690,353		8,715,670
0.250%, 07/15/29 (k)		694,605		701,888
0.625%, 01/15/26 (k)		3,660,285		3,755,253
0.875%, 01/15/29 (k)		2,519,829		2,678,200
1.000%, 02/15/49 (k)		830,941		940,261
U.S. Treasury Notes 2.625%, 02/15/29		8,245,000		8,925,857
				85,933,503
Total U.S. Treasury & Government Agencies (Cost $291,794,944)				298,418,612

BHFTII-110

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—12.1%

Security Description	Principal Amount*		Value
Aerospace/Defense—0.2%
Boeing Co. (The) 3.250%, 02/01/35		470,000	$	489,477
Lockheed Martin Corp. 4.090%, 09/15/52		300,000		354,334
United Technologies Corp.
2.800%, 05/04/24		25,000		25,725
3.650%, 08/16/23		215,000		227,421
3.950%, 08/16/25		345,000		377,682
4.450%, 11/16/38		285,000		339,320
4.625%, 11/16/48		90,000		112,627
				1,926,586
Agriculture—0.3%
Altria Group, Inc.
2.625%, 09/16/26		140,000		135,443
3.875%, 09/16/46		190,000		174,861
4.400%, 02/14/26		190,000		203,109
4.800%, 02/14/29		565,000		619,595
5.375%, 01/31/44		310,000		344,802
5.800%, 02/14/39		440,000		510,223
BAT Capital Corp.
2.789%, 09/06/24		805,000		797,335
4.390%, 08/15/37		720,000		699,032
				3,484,400
Apparel—0.0%
William Carter Co. (The) 5.625%, 03/15/27 (144A)		50,000		53,500
Auto Manufacturers—0.3%
Daimler Canada Finance, Inc. 1.800%, 12/16/19 (CAD)		100,000		75,436
Ford Motor Co. 5.291%, 12/08/46		140,000		129,624
Ford Motor Credit Co. LLC
3.815%, 11/02/27		200,000		189,667
4.542%, 08/01/26		230,000		229,888
5.113%, 05/03/29		200,000		201,443
General Motors Co.
5.200%, 04/01/45		265,000		261,591
5.950%, 04/01/49		175,000		187,386
6.250%, 10/02/43		195,000		213,059
6.750%, 04/01/46		250,000		285,861
General Motors Financial Co., Inc.
3.583%, 3M LIBOR + 1.270%, 10/04/19 (f)		100,000		100,007
3.863%, 3M LIBOR + 1.560%, 01/15/20 (f)		200,000		200,653
General Motors Financial of Canada, Ltd. 3.080%, 05/22/20 (CAD)		485,000		367,456
Toyota Motor Credit Corp. 2.315%, 3M LIBOR + 0.140%, 11/14/19 (f)		100,000		100,025
VW Credit Canada, Inc. 2.500%, 10/01/19 (CAD)		550,000		415,100
				2,957,196
Auto Parts & Equipment—0.0%
Goodyear Tire & Rubber Co. (The) 5.000%, 05/31/26		60,000		60,738
Banks—3.2%
Banco Bilbao Vizcaya Argentaria S.A.
6.125%, 5Y USD Swap + 3.870%, 11/16/27 (b) (f)		800,000		767,000
8.875%, 5Y EUR Swap + 9.177%, 04/14/21 (EUR) (f)		200,000		240,879
Banco de Sabadell S.A. 6.500%, 5Y EUR Swap + 6.414%, 05/18/22 (EUR) (f)		600,000		652,701
Bank of America Corp.
3.194%, 3M LIBOR + 1.180%, 07/23/30 (f)		720,000		742,984
3.366%, 3M LIBOR + 0.810%, 01/23/26 (f)		1,255,000		1,308,382
3.419%, 3M LIBOR + 1.040%, 12/20/28 (f)		118,000		123,123
3.705%, 3M LIBOR + 1.512%, 04/24/28 (f)		935,000		995,815
3.974%, 3M LIBOR + 1.210%, 02/07/30 (f)		405,000		443,376
4.000%, 04/01/24		133,000		142,709
4.000%, 01/22/25		595,000		632,045
7.750%, 05/14/38		630,000		958,403
Bank of China Hong Kong, Ltd.
5.550%, 02/11/20		100,000		100,948
Bank of Nova Scotia (The) 2.747%, 3M LIBOR + 0.620%, 12/05/19 (f)		175,000		175,192
Barclays plc 3.932%, 3M LIBOR + 1.610%, 05/07/25 (f)		355,000		366,757
BNG Bank NV 1.900%, 11/26/25 (AUD)		1,705,000		1,186,196
BNP Paribas S.A.
5.125%, 5Y USD Swap + 2.838%, 11/15/27 (144A) (f)		325,000		315,942
7.375%, 5Y USD Swap + 5.150%, 08/19/25 (144A) (f)		325,000		363,187
7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (f)		390,000		410,962
CaixaBank S.A. 6.750%, 5Y EUR Swap + 6.498%, 06/13/24 (EUR) (f)		200,000		239,190
Citigroup, Inc.
3.128%, 3M LIBOR + 0.790%, 01/10/20 (f)		200,000		200,250
3.200%, 10/21/26		545,000		562,647
3.224%, 3M LIBOR + 1.100%, 05/17/24 (f)		680,000		685,925
3.352%, 3M LIBOR + 0.897%, 04/24/25 (f)		545,000		565,211
3.520%, 3M LIBOR + 1.151%, 10/27/28 (f)		230,000		240,937
3.980%, 3M LIBOR + 1.338%, 03/20/30 (f)		1,175,000		1,280,978
4.075%, 3M LIBOR + 1.192%, 04/23/29 (f)		165,000		180,168
4.450%, 09/29/27		55,000		60,007
4.650%, 07/30/45		9,000		10,843
Credit Agricole S.A. 8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (f)		725,000		852,781
Credit Suisse Group AG
6.250%, 5Y USD Swap + 3.455%, 12/18/24 (144A) (f)		845,000		893,587
6.375%, 5Y H15 + 4.822%, 08/21/26 (144A) (f)		375,000		388,125
7.500%, 5Y USD Swap + 4.600%, 07/17/23 (144A) (f)		200,000		213,750
Danske Bank A/S
5.000%, 01/12/22 (144A)		430,000		452,093
5.375%, 01/12/24 (144A)		450,000		494,341
5.875%, 7Y EUR Swap + 5.471%, 04/06/22 (EUR) (f)		200,000		230,829
Goldman Sachs Bank USA 2.575%, SOFR + 0.600%, 05/24/21 (f)		210,000		210,344

BHFTII-111

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Goldman Sachs Group, Inc. (The)
2.905%, 3M LIBOR + 0.990%, 07/24/23 (f)		1,085,000	$	1,100,291
2.927%, 3M LIBOR + 0.800%, 12/13/19 (f)		100,000		100,134
3.814%, 3M LIBOR + 1.158%, 04/23/29 (f)		270,000		286,246
4.017%, 3M LIBOR + 1.373%, 10/31/38 (f)		410,000		441,115
4.223%, 3M LIBOR + 1.301%, 05/01/29 (f)		45,000		49,091
6.250%, 02/01/41		245,000		339,972
6.750%, 10/01/37		410,000		553,034
HSBC Holdings plc
2.950%, 05/25/21		255,000		257,618
3.400%, 03/08/21		565,000		573,644
4.583%, 3M LIBOR + 1.535%, 06/19/29 (b) (f)		260,000		288,433
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (f)		575,000		591,399
Industrial & Commercial Bank of China, Ltd. 2.918%, 3M LIBOR + 0.770%, 05/23/20 (f)		250,000		250,225
Intesa Sanpaolo S.p.A. 7.750%, 5Y EUR Swap + 7.192%, 01/11/27 (EUR) (f)		400,000		512,797
JPMorgan Chase & Co.
3.220%, 3M LIBOR + 1.155%, 03/01/25 (f)		550,000		569,709
3.509%, 3M LIBOR + 0.945%, 01/23/29 (f)		525,000		554,918
3.513%, 3M LIBOR + 1.230%, 10/24/23 (f)		155,000		157,458
3.702%, 3M LIBOR + 1.160%, 05/06/30 (f)		390,000		418,350
3.797%, 3M LIBOR + 0.890%, 07/23/24 (f)		435,000		459,103
3.960%, 3M LIBOR + 1.245%, 01/29/27 (f)		1,475,000		1,596,341
4.005%, 3M LIBOR + 1.120%, 04/23/29 (f)		410,000		448,343
KeyCorp 2.550%, 10/01/29		410,000		400,322
Landsbanki Islands Zero Coupon, 08/25/20 (d) (m)		320,000		0
Morgan Stanley
2.500%, 04/21/21		680,000		684,360
3.125%, 07/27/26		180,000		185,379
3.396%, 3M LIBOR + 1.140%, 01/27/20 (f)		50,000		50,172
3.591%, 3M LIBOR + 1.340%, 07/22/28 (f)		1,010,000		1,065,320
3.625%, 01/20/27		685,000		723,891
4.000%, 07/23/25		180,000		194,129
4.350%, 09/08/26		95,000		102,992
5.000%, 11/24/25		322,000		360,797
Royal Bank of Canada 2.550%, 07/16/24		460,000		466,312
Santander Holdings USA, Inc. 3.700%, 03/28/22		330,000		338,300
Societe Generale S.A. 7.375%, 5Y USD Swap + 6.238%, 09/13/21 (144A) (f)		650,000		683,865
Standard Chartered plc 7.500%, 5Y USD Swap + 6.301%, 04/02/22 (f)		400,000		422,500
UBS Group Funding Switzerland AG
2.650%, 02/01/22 (144A)		420,000		423,749
5.750%, 5Y EUR Swap + 5.287%, 02/19/22 (EUR) (f)		250,000		298,374
6.875%, 5Y USD ICE Swap + 5.497%, 03/22/21 (f)		250,000		259,375
7.000%, 5Y USD Swap + 4.344%, 01/31/24 (144A) (f)		200,000		212,400
7.000%, 5Y USD Swap + 4.866%, 02/19/25 (f)		200,000		219,324
7.125%, 5Y USD Swap + 5.464%, 02/19/20 (f)		270,000		272,700
Banks—(Continued)
UniCredit S.p.A.
5.375%, 5Y EUR Swap + 4.925%, 06/03/25 (EUR) (f)		200,000		212,785
6.572%, 01/14/22 (144A)		605,000		648,986
6.625%, 5Y EUR Swap + 6.387%, 06/03/23 (EUR) (f)		250,000		284,068
Wells Fargo & Co.
2.625%, 07/22/22		595,000		601,620
3.000%, 04/22/26		310,000		317,924
3.000%, 10/23/26		200,000		205,111
3.069%, 01/24/23		960,000		977,923
3.584%, 3M LIBOR + 1.310%, 05/22/28 (f)		505,000		534,997
3.750%, 01/24/24		645,000		683,087
4.900%, 11/17/45		290,000		347,131
				39,414,721
Beverages—0.3%
Anheuser-Busch InBev Worldwide, Inc.
3.750%, 07/15/42		544,000		560,327
4.600%, 04/15/48		280,000		322,769
4.750%, 04/15/58		310,000		360,966
5.450%, 01/23/39		1,183,000		1,496,716
Constellation Brands, Inc. 2.650%, 11/07/22		260,000		262,910
Molson Coors Brewing Co. 3.000%, 07/15/26		505,000		509,941
				3,513,629
Biotechnology—0.0%
Amgen, Inc.
2.650%, 05/11/22		295,000		298,834
Baxalta, Inc. 3.600%, 06/23/22		17,000		17,449
				316,283
Building Materials—0.0%
Standard Industries, Inc.
5.000%, 02/15/27 (144A)		10,000		10,353
6.000%, 10/15/25 (144A)		220,000		230,661
				241,014
Chemicals—0.2%
Alpek S.A.B. de C.V. 4.250%, 09/18/29 (144A)		345,000		347,587
Chemours Co. (The) 5.375%, 05/15/27 (b)		60,000		51,752
DuPont de Nemours, Inc. 4.205%, 11/15/23		680,000		729,127
Methanex Corp.
4.250%, 12/01/24		325,000		327,557
5.650%, 12/01/44		120,000		115,816
Nutrien, Ltd. 4.200%, 04/01/29		100,000		110,112
Olin Corp. 5.125%, 09/15/27		60,000		61,350

BHFTII-112

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Sherwin-Williams Co. (The)
2.950%, 08/15/29		295,000	$	295,717
3.450%, 06/01/27		315,000		329,744
Syngenta Finance NV 4.892%, 04/24/25 (144A)		385,000		407,784
Versum Materials, Inc. 5.500%, 09/30/24 (144A)		60,000		63,900
				2,840,446
Commercial Services—0.1%
Global Payments, Inc. 3.200%, 08/15/29		150,000		151,932
IHS Markit, Ltd. 4.125%, 08/01/23		1,035,000		1,089,130
Service Corp. International 5.125%, 06/01/29		25,000		26,719
United Rentals North America, Inc.
4.875%, 01/15/28		65,000		67,600
5.500%, 07/15/25		110,000		114,455
				1,449,836
Computers—0.3%
Apple, Inc.
2.200%, 09/11/29		1,225,000		1,202,713
3.450%, 02/09/45		215,000		228,800
Hewlett Packard Enterprise Co. 6.350%, 10/15/45		50,000		58,442
IBM Credit LLC 2.594%, 3M LIBOR + 0.470%, 11/30/20 (f)		515,000		517,645
International Business Machines Corp.
3.000%, 05/15/24		455,000		470,828
3.300%, 05/15/26		710,000		749,274
3.500%, 05/15/29		710,000		762,294
Western Digital Corp. 4.750%, 02/15/26 (b)		60,000		61,725
				4,051,721
Distribution/Wholesale—0.0%
HD Supply, Inc. 5.375%, 10/15/26 (144A) (b)		50,000		52,938
Diversified Financial Services—0.2%
Avolon Holdings Funding, Ltd. 4.375%, 05/01/26 (144A) (b)		340,000		351,526
Capital One Financial Corp.
2.941%, 3M LIBOR + 0.760%, 05/12/20 (f)		255,000		255,815
3.900%, 01/29/24		390,000		412,077
GTP Acquisition Partners I LLC 3.482%, 06/15/50 (144A)		1,355,000		1,407,376
Navient Corp. 5.875%, 03/25/21		20,000		20,775
				2,447,569
Electric—0.8%
AES Corp.
4.500%, 03/15/23		45,000		46,012
4.875%, 05/15/23		17,000		17,297
5.125%, 09/01/27		10,000		10,625
Berkshire Hathaway Energy Co. 3.250%, 04/15/28		245,000		258,301
CenterPoint Energy Houston Electric LLC 4.250%, 02/01/49		80,000		96,113
Cleco Corporate Holdings LLC
3.375%, 09/15/29 (144A)		255,000		255,311
4.973%, 05/01/46		20,000		22,781
Commonwealth Edison Co.
3.650%, 06/15/46		325,000		351,313
4.000%, 03/01/48		85,000		97,334
Connecticut Light & Power Co. (The) 4.000%, 04/01/48		85,000		98,182
Dominion Energy South Carolina, Inc. 5.100%, 06/01/65		95,000		126,984
DTE Energy Co. 1.500%, 10/01/19		250,000		250,000
Duke Energy Carolinas LLC 4.250%, 12/15/41		275,000		317,356
Duke Energy Florida LLC 3.400%, 10/01/46		305,000		315,201
Duke Energy Indiana LLC 3.250%, 10/01/49		280,000		279,156
Duke Energy Progress LLC 4.375%, 03/30/44		320,000		377,801
EDP Finance B.V. 4.900%, 10/01/19 (144A)		315,000		315,000
Evergy, Inc.
2.450%, 09/15/24		165,000		164,714
2.900%, 09/15/29		235,000		233,185
Exelon Corp.
2.450%, 04/15/21		80,000		80,332
2.850%, 06/15/20		480,000		482,007
3.950%, 06/15/25		585,000		627,344
Florida Power & Light Co.
3.990%, 03/01/49		80,000		93,448
Fortis, Inc. 2.100%, 10/04/21		135,000		134,550
Georgia Power Co.
2.000%, 09/08/20		848,000		846,999
4.300%, 03/15/42		130,000		142,992
IPALCO Enterprises, Inc. 3.700%, 09/01/24 (b)		335,000		346,927
MidAmerican Energy Co. 3.650%, 08/01/48		85,000		92,712
NextEra Energy Capital Holdings, Inc. 3.150%, 04/01/24		590,000		609,493
Northern States Power Co. 2.900%, 03/01/50		90,000		87,080
Oglethorpe Power Corp. 5.050%, 10/01/48		170,000		204,605

BHFTII-113

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Oncor Electric Delivery Co. LLC
3.100%, 09/15/49 (144A)		80,000	$	79,673
5.750%, 03/15/29		110,000		139,240
PacifiCorp 4.150%, 02/15/50		80,000		93,697
Public Service Electric & Gas Co. 3.800%, 03/01/46		90,000		100,138
Public Service Enterprise Group, Inc. 2.875%, 06/15/24		415,000		425,875
Puget Energy, Inc. 3.650%, 05/15/25		470,000		482,321
Sempra Energy 2.400%, 02/01/20		325,000		325,018
Southern California Edison Co.
2.850%, 08/01/29 (b)		315,000		317,277
4.000%, 04/01/47		95,000		102,196
Southern Co. (The)
2.950%, 07/01/23		130,000		132,690
3.250%, 07/01/26		335,000		346,109
4.400%, 07/01/46		10,000		11,168
Union Electric Co. 4.000%, 04/01/48		85,000		96,089
				10,032,646
Electronics—0.0%
Sensata Technologies B.V. 5.000%, 10/01/25 (144A)		120,000		128,250
Engineering & Construction—0.1%
Fluor Corp. 4.250%, 09/15/28		535,000		537,793
International Airport Finance S.A. 12.000%, 03/15/33 (144A)		940,000		1,042,225
				1,580,018
Entertainment—0.0%
WMG Acquisition Corp.
4.875%, 11/01/24 (144A)		120,000		124,050
5.000%, 08/01/23 (144A)		40,000		40,900
				164,950
Environmental Control—0.1%
Clean Harbors, Inc.
4.875%, 07/15/27 (144A)		35,000		36,531
5.125%, 07/15/29 (144A)		25,000		26,500
Waste Management, Inc.
3.200%, 06/15/26		295,000		311,224
3.450%, 06/15/29		95,000		102,463
4.150%, 07/15/49		55,000		64,296
				541,014
Food—0.2%
Conagra Brands, Inc.
3.028%, 3M LIBOR + 0.750%, 10/22/20 (f)		155,000		155,032
4.300%, 05/01/24		175,000		187,793
4.600%, 11/01/25		55,000		60,492
NBM U.S. Holdings, Inc. 7.000%, 05/14/26 (144A)		1,200,000		1,258,500
TreeHouse Foods, Inc. 6.000%, 02/15/24 (144A)		60,000		62,250
				1,724,067
Food Service—0.0%
Aramark Services, Inc. 5.000%, 02/01/28 (144A) (b)		200,000		207,500
Forest Products & Paper—0.2%
Suzano Austria GmbH
5.000%, 01/15/30		1,480,000		1,483,996
6.000%, 01/15/29		545,000		592,415
				2,076,411
Gas—0.0%
AmeriGas Partners L.P. / AmeriGas Finance Corp. 5.875%, 08/20/26		95,000		104,172
Healthcare-Products—0.1%
Alcon Finance Corp. 3.000%, 09/23/29 (144A)		265,000		268,237
Becton Dickinson & Co. 3.363%, 06/06/24		925,000		964,888
Boston Scientific Corp. 4.000%, 03/01/28		320,000		350,864
Hill-Rom Holdings, Inc. 4.375%, 09/15/27 (144A) (b)		30,000		30,670
Thermo Fisher Scientific, Inc. 3.000%, 04/15/23		45,000		46,312
				1,660,971
Healthcare-Services—0.3%
Aetna, Inc. 2.800%, 06/15/23		155,000		156,972
Anthem, Inc.
2.875%, 09/15/29		345,000		341,143
3.500%, 08/15/24		430,000		450,723
4.375%, 12/01/47		35,000		37,807
4.625%, 05/15/42		170,000		188,418
CHS/Community Health Systems, Inc.
5.125%, 08/01/21 (b)		110,000		109,725
6.250%, 03/31/23		30,000		29,801
CommonSpirit Health 3.347%, 10/01/29		275,000		278,110
HCA, Inc. 4.125%, 06/15/29		510,000		534,002

BHFTII-114

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
UnitedHealth Group, Inc.
2.375%, 08/15/24		325,000	$	327,084
2.875%, 08/15/29		275,000		280,520
3.500%, 08/15/39		190,000		197,901
3.700%, 12/15/25		200,000		215,000
3.700%, 08/15/49		80,000		84,813
3.750%, 07/15/25		240,000		258,267
4.750%, 07/15/45		70,000		84,997
				3,575,283
Home Builders—0.0%
Lennar Corp. 4.750%, 11/29/27		125,000		134,062
PulteGroup, Inc. 5.500%, 03/01/26		60,000		65,550
Toll Brothers Finance Corp. 4.875%, 11/15/25		130,000		139,100
				338,712
Insurance—0.2%
CNO Financial Group, Inc. 5.250%, 05/30/25		175,000		188,090
Genworth Holdings, Inc. 4.900%, 08/15/23		90,000		85,464
Marsh & McLennan Cos., Inc.
3.875%, 03/15/24		330,000		351,793
4.375%, 03/15/29		205,000		231,955
4.750%, 03/15/39		245,000		295,824
Massachusetts Mutual Life Insurance Co. 8.875%, 06/01/39 (144A)		52,000		88,542
MGIC Investment Corp. 5.750%, 08/15/23		90,000		98,438
Unum Group
4.000%, 06/15/29		145,000		150,755
4.500%, 12/15/49		45,000		43,067
Willis North America, Inc.
2.950%, 09/15/29		170,000		166,796
3.600%, 05/15/24		210,000		218,244
				1,918,968
Internet—0.2%
Alibaba Group Holding, Ltd.
3.400%, 12/06/27		810,000		841,376
4.200%, 12/06/47		200,000		226,893
Amazon.com, Inc. 3.875%, 08/22/37		515,000		591,719
Tencent Holdings, Ltd.
3.595%, 01/19/28 (144A)		250,000		261,259
3.975%, 04/11/29 (144A)		700,000		750,651
				2,671,898
Iron/Steel—0.0%
Commercial Metals Co. 5.375%, 07/15/27		60,000		60,750
Iron/Steel—(Continued)
Steel Dynamics, Inc. 5.500%, 10/01/24		65,000		66,709
				127,459
Leisure Time—0.0%
VOC Escrow, Ltd. 5.000%, 02/15/28 (144A)		30,000		30,978
Lodging—0.0%
Hilton Domestic Operating Co., Inc. 5.125%, 05/01/26		100,000		105,000
Las Vegas Sands Corp. 3.500%, 08/18/26		220,000		223,483
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.250%, 05/15/27 (144A)		10,000		10,275
5.500%, 03/01/25 (144A)		20,000		21,000
				359,758
Machinery-Construction & Mining—0.0%
BWX Technologies, Inc. 5.375%, 07/15/26 (144A)		30,000		31,538
Oshkosh Corp. 5.375%, 03/01/25		75,000		77,906
				109,444
Media—0.6%
CBS Corp.
3.700%, 06/01/28		200,000		208,504
4.200%, 06/01/29 (b)		235,000		255,055
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125%, 05/01/27 (144A)		15,000		15,656
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.908%, 07/23/25		50,000		54,949
5.125%, 07/01/49		105,000		111,859
5.750%, 04/01/48		165,000		188,032
6.484%, 10/23/45		690,000		840,762
Comcast Corp.
3.150%, 03/01/26		405,000		424,199
3.200%, 07/15/36		100,000		102,559
3.950%, 10/15/25		210,000		228,648
4.049%, 11/01/52		45,000		50,076
4.150%, 10/15/28		190,000		213,184
4.250%, 10/15/30		135,000		153,658
4.600%, 10/15/38		240,000		287,584
4.950%, 10/15/58		195,000		250,178
COX Communications, Inc. 3.150%, 08/15/24 (144A)		703,000		720,020
Discovery Communications LLC
2.800%, 06/15/20		400,000		401,367
3.800%, 03/13/24		99,000		103,420
3.950%, 06/15/25		2,000		2,107
5.000%, 09/20/37		265,000		285,063
5.300%, 05/15/49		90,000		99,725
6.350%, 06/01/40		420,000		513,522

BHFTII-115

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
DISH DBS Corp. 5.875%, 11/15/24 (b)		130,000	$	128,862
Fox Corp. 4.030%, 01/25/24 (144A)		575,000		611,714
Time Warner Cable LLC 4.500%, 09/15/42		400,000		393,357
Viacom, Inc.
4.250%, 09/01/23		550,000		583,280
4.375%, 03/15/43		168,000		173,108
5.875%, 3M LIBOR + 3.895%, 02/28/57 (f)		10,000		10,381
6.250%, 3M LIBOR + 3.899%, 02/28/57 (f)		15,000		16,170
Videotron, Ltd. 5.375%, 06/15/24 (144A)		145,000		158,507
				7,585,506
Mining—0.1%
Anglo American Capital plc
4.500%, 03/15/28 (144A)		200,000		212,365
4.750%, 04/10/27 (144A)		200,000		215,719
4.875%, 05/14/25 (144A)		520,000		564,832
Glencore Funding LLC 4.875%, 03/12/29 (144A)		375,000		405,309
Kaiser Aluminum Corp. 5.875%, 05/15/24		140,000		145,756
				1,543,981
Miscellaneous Manufacturing—0.0%
Ingersoll-Rand Global Holding Co., Ltd. 2.900%, 02/21/21		210,000		211,708
Multi-National—0.7%
Asian Development Bank 3.000%, 01/17/23 (NZD)		3,595,000		2,375,622
Inter-American Development Bank
1.700%, 10/10/24 (CAD)		3,225,000		2,427,081
2.750%, 10/30/25 (AUD)		3,245,000		2,369,641
International Finance Corp. 1.375%, 09/13/24 (CAD)		1,630,000		1,207,788
				8,380,132
Office/Business Equipment—0.0%
CDW LLC / CDW Finance Corp. 4.250%, 04/01/28		25,000		25,503
Oil & Gas—0.7%
Canadian Natural Resources, Ltd.
2.050%, 06/01/20 (CAD)		210,000		158,280
2.600%, 12/03/19 (CAD)		310,000		234,141
2.890%, 08/14/20 (CAD)		580,000		440,290
3.850%, 06/01/27		185,000		195,162
Cimarex Energy Co. 4.375%, 03/15/29		400,000		421,058
Oil & Gas—(Continued)
Continental Resources, Inc.
4.375%, 01/15/28		425,000		439,138
4.900%, 06/01/44		10,000		10,119
5.000%, 09/15/22		30,000		30,264
Encana Corp. 3.900%, 11/15/21		195,000		199,760
Hess Corp.
5.600%, 02/15/41		55,000		60,970
6.000%, 01/15/40		10,000		11,590
7.125%, 03/15/33		552,000		689,084
7.300%, 08/15/31		170,000		210,066
Marathon Oil Corp. 3.850%, 06/01/25		265,000		275,560
Marathon Petroleum Corp. 3.800%, 04/01/28		75,000		78,187
Medco Oak Tree Pte, Ltd. 7.375%, 05/14/26 (144A)		440,000		443,506
MEG Energy Corp. 6.500%, 01/15/25 (144A)		65,000		66,300
Noble Energy, Inc. 5.050%, 11/15/44		390,000		425,682
Occidental Petroleum Corp.
3.500%, 08/15/29		220,000		223,375
6.950%, 07/01/24		370,000		434,097
Petroleos Mexicanos
6.750%, 09/21/47		351,000		336,890
6.840%, 01/23/30 (144A)		745,000		770,479
7.690%, 01/23/50 (144A)		90,000		93,852
QEP Resources, Inc. 5.250%, 05/01/23		80,000		74,202
Saudi Arabian Oil Co. 2.875%, 04/16/24 (144A)		400,000		404,512
SM Energy Co.
6.125%, 11/15/22 (b)		55,000		52,709
6.750%, 09/15/26 (b)		15,000		13,125
Sunoco L.P. / Sunoco Finance Corp. 5.500%, 02/15/26		60,000		62,620
Tullow Oil plc 7.000%, 03/01/25 (144A)		500,000		508,250
Valero Energy Corp.
4.000%, 04/01/29		145,000		154,145
4.350%, 06/01/28		75,000		81,484
WPX Energy, Inc. 5.250%, 09/15/24		125,000		128,089
YPF S.A. 16.500%, 05/09/22 (144A) (ARS) (n)		19,392,845		123,352
				7,850,338
Packaging & Containers—0.1%
Owens-Brockway Glass Container, Inc. 5.875%, 08/15/23 (144A)		150,000		159,188
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, 07/15/23 (144A)		75,000		76,781
WRKCo, Inc. 4.650%, 03/15/26		425,000		466,550
				702,519

BHFTII-116

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—0.5%
Allergan Finance LLC 4.625%, 10/01/42		255,000	$	264,710
Bausch Health Cos., Inc.
6.500%, 03/15/22 (144A)		65,000		67,194
7.000%, 03/15/24 (144A)		30,000		31,529
Bayer U.S. Finance LLC 4.250%, 12/15/25 (144A)		850,000		907,478
Bristol-Myers Squibb Co. 3.400%, 07/26/29 (144A)		315,000		336,803
Cigna Corp.
2.489%, 3M LIBOR + 0.350%, 03/17/20 (f)		200,000		200,030
4.375%, 10/15/28		1,685,000		1,847,211
CVS Health Corp.
3.875%, 07/20/25		299,000		316,740
5.050%, 03/25/48		345,000		392,345
5.125%, 07/20/45		315,000		358,941
GlaxoSmithKline Capital, Inc. 3.625%, 05/15/25		535,000		575,432
Mylan NV 5.250%, 06/15/46		70,000		74,359
Mylan, Inc. 4.550%, 04/15/28		240,000		255,658
Shire Acquisitions Investments Ireland DAC 2.400%, 09/23/21		355,000		356,646
Teva Pharmaceutical Finance Netherlands B.V. 3.150%, 10/01/26		650,000		455,000
				6,440,076
Pipelines—0.5%
Cheniere Energy Partners L.P. 4.500%, 10/01/29 (144A)		10,000		10,244
DCP Midstream Operating L.P.
3.875%, 03/15/23		20,000		20,225
4.950%, 04/01/22		26,000		26,845
5.600%, 04/01/44		50,000		46,750
Enbridge, Inc. 4.530%, 03/09/20 (CAD)		325,000		247,590
Energy Transfer Operating L.P.
4.200%, 09/15/23		70,000		73,644
4.500%, 04/15/24		235,000		250,410
5.250%, 04/15/29		305,000		344,063
5.500%, 06/01/27		120,000		135,534
5.950%, 10/01/43		20,000		22,623
6.250%, 04/15/49		65,000		78,920
Enterprise Products Operating LLC 3.125%, 07/31/29		345,000		352,832
EQM Midstream Partners L.P.
4.125%, 12/01/26		247,000		229,814
4.750%, 07/15/23		40,000		40,151
5.500%, 07/15/28		270,000		270,088
MPLX L.P.
3.002%, 3M LIBOR + 0.900%, 09/09/21 (f)		70,000		70,232
4.250%, 12/01/27 (144A)		285,000		302,261
4.700%, 04/15/48		210,000		219,355
5.200%, 03/01/47		65,000		71,846
Pipelines—(Continued)
MPLX L.P.
5.200%, 12/01/47 (144A)		75,000		82,092
6.250%, 10/15/22 (144A)		41,000		42,028
ONEOK, Inc. 3.400%, 09/01/29		190,000		188,038
Phillips 66 Partners L.P.
2.450%, 12/15/24		290,000		288,854
3.150%, 12/15/29		140,000		137,770
Sabine Pass Liquefaction LLC
4.200%, 03/15/28		145,000		153,723
5.625%, 03/01/25		85,000		95,524
Sunoco Logistics Partners Operations L.P.
4.000%, 10/01/27		220,000		227,751
5.300%, 04/01/44		35,000		36,854
5.350%, 05/15/45		35,000		37,527
Texas Eastern Transmission L.P.
2.800%, 10/15/22 (144A)		120,000		121,071
3.500%, 01/15/28 (144A)		100,000		104,006
TransCanada PipeLines, Ltd.
4.625%, 03/01/34		415,000		471,206
4.750%, 05/15/38		130,000		148,502
6.100%, 06/01/40		40,000		51,743
Valero Energy Partners L.P. 4.500%, 03/15/28		425,000		464,528
Western Midstream Operating L.P.
4.500%, 03/01/28		485,000		467,604
4.750%, 08/15/28		260,000		255,948
5.500%, 08/15/48		25,000		22,183
Williams Partners L.P. 5.100%, 09/15/45		255,000		279,355
				6,489,734
Real Estate Investment Trusts—0.2%
Equinix, Inc. 5.875%, 01/15/26		135,000		143,628
GLP Capital L.P. / GLP Financing II, Inc.
5.300%, 01/15/29		290,000		319,641
5.375%, 04/15/26		60,000		66,075
HCP, Inc. 3.250%, 07/15/26		165,000		169,735
SBA Tower Trust 2.836%, 01/15/25 (144A)		545,000		545,725
3.168%, 04/09/47 (144A)		995,000		1,004,635
				2,249,439
Retail—0.1%
Alimentation Couche-Tard, Inc. 3.319%, 11/01/19 (CAD)		270,000		203,954
Dollar Tree, Inc. 3.003%, 3M LIBOR + 0.700%, 04/17/20 (f)		90,000		90,016
Lowe’s Cos., Inc.
3.375%, 09/15/25		700,000		735,073
3.700%, 04/15/46		60,000		60,345
McDonald’s Corp. 3.350%, 04/01/23		330,000		344,435

BHFTII-117

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Nissan Canada, Inc. 1.584%, 10/07/19 (CAD)		100,000	$	75,469
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.875%, 03/01/27		75,000		76,651
				1,585,943
Semiconductors—0.3%
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.875%, 01/15/27		1,040,000		1,045,376
Broadcom, Inc. 4.750%, 04/15/29 (144A) (b)		435,000		459,789
Entegris, Inc. 4.625%, 02/10/26 (144A)		75,000		77,625
Intel Corp. 4.100%, 05/19/46		185,000		215,365
Microchip Technology, Inc. 4.333%, 06/01/23		355,000		372,772
Micron Technology, Inc. 4.975%, 02/06/26		565,000		608,592
NXP B.V. / NXP Funding LLC 4.875%, 03/01/24 (144A)		645,000		699,467
Qorvo, Inc. 5.500%, 07/15/26		60,000		63,375
				3,542,361
Software—0.1%
CDK Global, Inc. 5.875%, 06/15/26		5,000		5,319
Fidelity National Information Services, Inc. 4.250%, 05/15/28		115,000		128,320
Fiserv, Inc. 3.200%, 07/01/26		390,000		404,038
Microsoft Corp.
3.700%, 08/08/46		195,000		223,491
3.950%, 08/08/56		290,000		342,953
MSCI, Inc.
5.250%, 11/15/24 (144A)		75,000		77,437
5.750%, 08/15/25 (144A)		65,000		68,169
Open Text Corp. 5.875%, 06/01/26 (144A)		115,000		122,785
Oracle Corp. 4.000%, 11/15/47		180,000		202,262
				1,574,774
Telecommunications—0.7%
AT&T, Inc.
2.888%, 3M LIBOR + 0.750%, 06/01/21 (f)		185,000		185,888
2.950%, 07/15/26		70,000		71,002
2.953%, 3M LIBOR + 0.650%, 01/15/20 (f)		155,000		155,229
3.800%, 02/15/27		490,000		519,215
3.875%, 01/15/26		70,000		74,261
4.300%, 02/15/30		676,000		743,974
Telecommunications—(Continued)
AT&T, Inc.
4.350%, 03/01/29		470,000		519,413
4.350%, 06/15/45		105,000		110,774
5.150%, 03/15/42		164,000		188,639
Nokia Oyj 6.625%, 05/15/39		110,000		129,250
Sprint Corp. 7.125%, 06/15/24		100,000		107,780
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 5.152%, 03/20/28 (144A)		540,000		585,900
Telecom Italia Capital S.A.
6.000%, 09/30/34		45,000		47,925
7.721%, 06/04/38		50,000		60,500
Telefonica Celular del Paraguay S.A. 5.875%, 04/15/27 (144A)		530,000		566,437
Telefonica Emisiones S.A.U.
4.665%, 03/06/38		150,000		165,059
4.895%, 03/06/48		335,000		374,517
5.520%, 03/01/49		270,000		329,064
Verizon Communications, Inc.
2.700%, 3M LIBOR + 0.550%, 05/22/20 (b) (f)		155,000		155,417
3.875%, 02/08/29		215,000		236,122
4.016%, 12/03/29		610,000		678,199
4.400%, 11/01/34		535,000		609,843
4.500%, 08/10/33		775,000		901,843
5.012%, 08/21/54		195,000		245,615
5.250%, 03/16/37		210,000		261,004
Vodafone Group plc 4.250%, 09/17/50		170,000		173,281
				8,196,151
Transportation—0.1%
CSX Corp.
2.400%, 02/15/30		240,000		234,553
3.250%, 06/01/27		315,000		330,817
3.350%, 09/15/49		95,000		92,879
Union Pacific Corp. 4.375%, 09/10/38		660,000		761,768
				1,420,017
Trucking & Leasing—0.1%
DAE Funding LLC
4.500%, 08/01/22 (144A)		15,000		15,225
5.000%, 08/01/24 (144A)		15,000		15,638
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 3.450%, 07/01/24 (144A)		510,000		530,326
				561,189
Water—0.0%
American Water Capital Corp. 4.150%, 06/01/49		205,000		235,650
Total Corporate Bonds & Notes (Cost $143,026,043)				148,758,097

BHFTII-118

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Mortgage-Backed Securities—5.2%

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—3.5%
Adjustable Rate Mortgage Trust
2.518%, 1M LIBOR + 0.500%, 01/25/36 (f)		151,821	$	143,875
2.558%, 1M LIBOR + 0.540%, 11/25/35 (f)		138,879		138,640
Angel Oak Mortgage Trust LLC
2.930%, 05/25/59 (144A) (f)		1,581,833		1,592,123
3.628%, 03/25/49 (144A) (f)		377,681		382,958
3.920%, 11/25/48 (144A) (f)		1,233,733		1,253,021
Arroyo Mortgage Trust 3.347%, 04/25/49 (144A) (f)		1,569,223		1,592,753
Bear Stearns Adjustable Rate Mortgage Trust 4.276%, 07/25/36 (f)		283,482		267,985
Bear Stearns ALT-A Trust 2.498%, 1M LIBOR + 0.480%, 02/25/36 (f)		586,354		586,579
Bear Stearns Mortgage Funding Trust
2.198%, 1M LIBOR + 0.180%, 10/25/36 (f)		172,443		165,110
2.218%, 1M LIBOR + 0.200%, 02/25/37 (f)		540,757		579,703
Bellemeade Re, Ltd. 3.118%, 1M LIBOR + 1.100%, 07/25/29 (144A) (f)		410,000		410,175
CIM Trust 3.000%, 04/25/57 (144A) (f)		1,057,213		1,060,698
Citigroup Mortgage Loan Trust 2.720%, 07/25/49 (144A) (f)		465,324		464,633
COLT Funding LLC
2.579%, 11/25/49 (144A) (f)		980,000		979,993
3.705%, 03/25/49 (144A) (f)		430,636		436,691
COLT Mortgage Loan Trust 3.337%, 05/25/49 (144A) (f)		737,643		750,324
Countrywide Alternative Loan Trust
2.468%, 1M LIBOR + 0.450%, 04/25/35 (f)		222,271		202,076
2.558%, 1M LIBOR + 0.540%, 01/25/36 (f)		119,730		117,425
2.818%, 1M LIBOR + 0.800%, 12/25/35 (f)		151,670		132,633
3.796%, 12M MTA + 1.350%, 08/25/35 (f)		271,736		247,042
5.500%, 11/25/35		594,758		504,237
Countrywide Home Loan Mortgage Pass-Through Trust
2.218%, 1M LIBOR + 0.200%, 04/25/46 (f)		294,481		260,633
2.698%, 1M LIBOR + 0.680%, 02/25/35 (f)		119,201		115,458
3.864%, 09/25/47 (f)		379,811		360,918
4.149%, 06/20/35 (f)		14,441		14,777
Credit Suisse Mortgage Capital Certificates Trust 3.250%, 04/25/47 (144A) (f)		496,114		498,340
Deephaven Residential Mortgage Trust
2.453%, 06/25/47 (144A) (f)		179,676		179,094
2.964%, 07/25/59 (144A) (f)		1,621,533		1,628,711
3.558%, 04/25/59 (144A) (f)		748,849		755,566
3.789%, 08/25/58 (144A) (f)		939,772		944,035
Deutsche ALT-A Securities Mortgage Loan Trust 2.168%, 1M LIBOR + 0.150%, 12/25/36 (f)		347,861		311,535
GreenPoint Mortgage Funding Trust 3.846%, 12M MTA + 1.400%, 10/25/45 (f)		206,316		178,111
GSR Mortgage Loan Trust
2.318%, 1M LIBOR + 0.300%, 01/25/37 (f)		658,614		286,936
4.385%, 01/25/36 (f)		397,794		403,005
6.000%, 07/25/37		231,898		204,372
Home Re, Ltd. 4.030%, 1M LIBOR + 1.600%, 10/25/28 (144A) (f)		598,060		598,394
Collateralized Mortgage Obligations—(Continued)
Homeward Opportunities Fund I Trust 2.702%, 09/25/59 (144A) (f)		597,050		596,269
IndyMac INDX Mortgage Loan Trust 3.891%, 10/25/35 (f)		34,735		33,119
JPMorgan Mortgage Trust 4.191%, 05/25/36 (f)		27,419		27,245
Legacy Mortgage Asset Trust 3.000%, 06/25/59 (144A) (o)		843,409		844,089
LSTAR Securities Investment Trust 3.589%, 1M LIBOR + 1.500%, 04/01/24 (144A) (f)		174,738		174,752
LSTAR Securities Investment, Ltd.
3.589%, 1M LIBOR + 1.500%, 04/01/24 (144A) (f)		504,468		505,537
3.589%, 1M LIBOR + 1.500%, 05/01/24 (144A) (f)		1,135,033		1,139,153
3.789%, 1M LIBOR + 1.700%, 03/01/24 (144A) (f)		560,432		562,175
MASTR Adjustable Rate Mortgages Trust
3.709%, 09/25/33 (f)		65,034		65,400
4.734%, 11/21/34 (f)		83,652		85,903
Metlife Securitization Trust
3.750%, 03/25/57 (144A) (f)		777,842		811,693
MFA Trust 2.588%, 02/25/57 (144A) (f)		238,521		237,000
Morgan Stanley Mortgage Loan Trust 4.194%, 05/25/36 (f)		192,525		140,759
New Residential Mortgage Loan Trust
2.492%, 09/25/59 (144A) (f)		515,000		515,028
2.768%, 1M LIBOR + 0.750%, 01/25/48 (144A) (f)		1,225,169		1,221,532
3.750%, 11/26/35 (144A) (f)		767,971		792,886
4.000%, 02/25/57 (144A) (f)		1,349,798		1,401,867
4.000%, 03/25/57 (144A) (f)		1,375,919		1,432,994
4.000%, 04/25/57 (144A) (f)		1,098,135		1,137,775
4.000%, 05/25/57 (144A) (f)		882,590		920,598
4.000%, 09/25/57 (144A) (f)		1,083,574		1,114,829
Oaktown Re III, Ltd. 3.418%, 1M LIBOR + 1.400%, 07/25/29 (144A) (f)		1,215,000		1,216,974
Radnor RE, Ltd. 3.218%, 1M LIBOR + 1.200%, 06/25/29 (144A) (f)		975,126		974,462
Residential Accredit Loans, Inc. Trust
2.318%, 1M LIBOR + 0.300%, 04/25/36 (f)		574,081		553,331
6.000%, 12/25/35		235,113		231,258
RFMSI Trust 4.232%, 08/25/35 (f)		84,751		61,982
Seasoned Credit Risk Transfer Trust
3.500%, 11/25/57		476,149		512,437
3.500%, 03/25/58		1,340,965		1,410,115
3.500%, 07/25/58		1,297,710		1,394,587
3.500%, 08/25/58		253,926		273,873
3.500%, 10/25/58		1,414,045		1,491,215
Structured Adjustable Rate Mortgage Loan Trust 0.490%, 09/25/34 (f)		57,286		54,884
Verus Securitization Trust 3.211%, 04/25/59 (144A) (f)		765,766		769,962
WaMu Mortgage Pass-Through Certificates Trust
3.326%, 12M MTA + 0.880%, 10/25/46 (f)		213,746		202,574
3.730%, 06/25/37 (f)		124,479		118,332

BHFTII-119

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Washington Mutual Mortgage Pass-Through Certificates 2.618%, 1M LIBOR + 0.600%, 07/25/36 (f)		100,222	$	66,998
Wells Fargo Mortgage-Backed Securities Trust
4.496%, 10/25/36 (f)		143,872		143,992
4.853%, 09/25/36 (f)		110,934		112,529
4.904%, 10/25/35 (f)		1,339,791		1,375,759
				43,474,426
Commercial Mortgage-Backed Securities—1.7%
BANK
0.842%, 09/15/61 (f) (g)		4,500,000		312,394
0.880%, 11/15/50 (f) (g)		8,268,362		419,408
0.955%, 11/15/54 (f) (g)		990,219		53,323
1.052%, 05/15/62 (f) (g)		2,921,390		212,669
Benchmark Mortgage Trust
0.662%, 01/15/51 (f) (g)		2,484,187		87,480
0.692%, 07/15/51 (f) (g)		4,454,428		159,199
1.207%, 08/15/52 (f) (g)		2,054,552		157,763
CAMB Commercial Mortgage Trust 4.578%, 1M LIBOR + 2.550%, 12/15/37 (144A) (f)		665,000		670,390
Citigroup Commercial Mortgage Trust
1.105%, 07/10/47 (f) (g)		3,767,812		154,565
1.241%, 04/10/48 (f) (g)		4,788,898		205,515
Commercial Mortgage Pass-Through Certificates Mortgage Trust
0.765%, 02/10/47 (f) (g)		2,847,351		65,187
0.827%, 08/10/46 (f) (g)		875,600		20,484
1.912%, 10/15/45 (f) (g)		352,182		14,075
2.540%, 12/10/45		250,000		252,875
2.853%, 10/15/45		178,907		181,085
3.101%, 03/10/46		145,000		148,853
3.213%, 03/10/46		219,077		225,999
3.424%, 03/10/31 (144A)		1,065,000		1,112,753
3.612%, 06/10/46 (f)		260,000		272,159
3.796%, 08/10/47		225,000		240,819
3.961%, 03/10/47		235,125		250,859
4.074%, 02/10/47 (f)		115,000		124,189
4.205%, 08/10/46		100,035		107,153
4.210%, 08/10/46 (f)		175,000		188,335
4.236%, 02/10/47 (f)		190,000		204,962
4.720%, 10/15/45 (144A) (f)		210,000		10,500
4.750%, 10/15/45 (144A) (f)		355,000		208,946
Credit Suisse First Boston Mortgage Securities Corp. 4.877%, 04/15/37		1,982		1,926
CSAIL Commercial Mortgage Trust
0.916%, 06/15/57 (f) (g)		12,345,232		430,867
1.156%, 11/15/48 (f) (g)		1,126,152		46,335
1.941%, 01/15/49 (f) (g)		2,367,361		190,427
GS Mortgage Securities Corp. Trust 2.954%, 11/05/34 (144A)		1,200,000		1,228,867
GS Mortgage Securities Trust
0.113%, 07/10/46 (f) (g)		11,012,034		33,187
1.499%, 08/10/44 (144A) (f) (g)		976,977		17,257
3.674%, 04/10/47 (144A)		235,000		83,469
5.131%, 04/10/47 (144A) (f)		465,000		419,774
Commercial Mortgage-Backed Securities—(Continued)
JPMBB Commercial Mortgage Securities Trust
0.813%, 09/15/47 (f) (g)		3,619,472		89,441
3.363%, 07/15/45		357,842		371,286
JPMorgan Chase Commercial Mortgage Securities Trust
2.733%, 10/15/45 (144A) (f)		400,000		263,873
4.547%, 12/15/47 (144A) (f)		130,000		122,809
Morgan Stanley Bank of America Merrill Lynch Trust
1.164%, 12/15/47 (f) (g)		2,098,661		86,427
1.177%, 10/15/48 (f) (g)		861,976		42,217
2.918%, 02/15/46		130,000		132,766
3.134%, 12/15/48		480,000		493,387
3.176%, 08/15/45		245,000		250,906
3.766%, 11/15/46		180,000		190,048
4.259%, 10/15/46 (f)		115,000		123,459
Morgan Stanley Capital Trust
1.597%, 06/15/50 (f) (g)		1,700,684		130,230
3.912%, 09/09/32 (144A)		1,140,000		1,221,215
5.293%, 07/15/49 (144A) (f)		265,000		241,998
5.769%, 10/12/52 (144A) (f)		12,137		2,433
MTRO Commercial Mortgage Trust 3.828%, 1M LIBOR + 1.800%, 12/15/33 (144A) (f)		565,000		565,354
SFAVE Commercial Mortgage Securities Trust 3.872%, 01/05/43 (144A) (f)		150,000		161,559
UBS Commercial Mortgage Trust 1.237%, 08/15/50 (f) (g)		981,487		64,607
UBS-Barclays Commercial Mortgage Trust
1.671%, 02/15/50 (f) (g)		5,661,694		485,939
2.850%, 12/10/45		325,000		331,340
2.878%, 1M LIBOR + 0.850%, 08/15/36 (144A) (f)		1,802,000		1,800,868
3.091%, 08/10/49		645,000		658,699
3.185%, 03/10/46		240,000		246,721
3.244%, 04/10/46		300,119		309,528
VNDO Mortgage Trust 2.996%, 11/15/30 (144A)		1,105,000		1,130,637
Wells Fargo Commercial Mortgage Trust
1.274%, 05/15/48 (f) (g)		3,796,882		154,007
1.280%, 09/15/57 (f) (g)		8,216,359		313,270
2.918%, 10/15/45		306,534		312,815
4.235%, 05/15/48 (f)		80,000		81,993
WF-RBS Commercial Mortgage Trust
1.396%, 03/15/47 (f) (g)		1,830,351		75,603
2.870%, 11/15/45		349,099		356,193
2.875%, 12/15/45		175,000		178,490
3.016%, 11/15/47 (144A)		550,000		292,127
3.071%, 03/15/45		185,000		189,983
3.345%, 05/15/45		100,000		103,481
3.723%, 05/15/47		190,000		200,319
3.995%, 05/15/47		160,281		172,152
4.045%, 03/15/47		40,000		42,891
4.101%, 03/15/47		335,000		360,638
5.000%, 06/15/44 (144A) (f)		105,000		86,586
5.768%, 04/15/45 (144A) (f)		255,000		269,799
				21,222,142
Total Mortgage-Backed Securities (Cost $65,409,569)				64,696,568

BHFTII-120

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Asset-Backed Securities—4.1%

Security Description	Principal Amount*		Value
Asset-Backed - Automobile—0.2%
AmeriCredit Automobile Receivables Trust 2.580%, 09/18/25		535,000	$	535,554
CIG Auto Receivables Trust 2.710%, 05/15/23 (144A)		70,540		70,613
Credit Acceptance Auto Loan Trust 2.650%, 06/15/26 (144A)		545,000		546,471
Drive Auto Receivables Trust 2.700%, 02/16/27		465,000		465,108
Skopos Auto Receivables Trust 3.190%, 09/15/21 (144A)		105,104		105,162
Westlake Automobile Receivables Trust 3.280%, 12/15/22 (144A)		1,015,000		1,023,141
				2,746,049
Asset-Backed - Home Equity—0.2%
GSAA Home Equity Trust
2.068%, 1M LIBOR + 0.050%, 12/25/46 (f)		78,030		51,300
2.118%, 1M LIBOR + 0.100%, 03/25/37 (f)		853,680		398,888
2.258%, 1M LIBOR + 0.240%, 11/25/36 (f)		241,360		130,335
2.318%, 1M LIBOR + 0.300%, 03/25/36 (f)		837,520		587,997
5.985%, 06/25/36 (f)		532,308		238,808
Morgan Stanley ABS Capital I, Inc. Trust 2.168%, 1M LIBOR + 0.150%, 06/25/36 (f)		11,996		10,277
Renaissance Home Equity Loan Trust 6.120%, 11/25/36 (o)		249,543		143,836
Soundview Home Loan Trust 2.268%, 1M LIBOR + 0.250%, 11/25/36 (f)		485,000		453,424
				2,014,865
Asset-Backed - Other—3.7%
Apex Credit CLO, Ltd. 3.753%, 3M LIBOR + 1.470%, 04/24/29 (144A) (f)		1,315,000		1,314,745
Apidos CLO 3.283%, 3M LIBOR + 0.980%, 01/19/25 (144A) (f)		84,782		84,768
Avant Loans Funding Trust 3.420%, 01/18/22 (144A)		421,351		422,634
Avery Point CLO, Ltd.
3.376%, 3M LIBOR + 1.100%, 04/25/26 (144A) (f)		792,127		792,174
3.420%, 3M LIBOR + 1.120%, 01/18/25 (144A) (f)		396,429		396,428
Babson CLO, Ltd. 3.428%, 3M LIBOR + 1.150%, 07/20/25 (144A) (f)		174,869		174,900
Bayview Opportunity Master Fund Trust
3.500%, 01/28/55 (144A) (f)		505,826		513,994
3.500%, 06/28/57 (144A) (f)		595,350		605,439
3.500%, 07/28/57 (144A) (f)		1,151,957		1,173,540
3.500%, 10/28/57 (144A) (f)		1,087,617		1,108,872
3.500%, 01/28/58 (144A) (f)		780,629		793,286
4.000%, 11/28/53 (144A) (f)		450,517		463,175
4.000%, 10/28/64 (144A) (f)		867,638		892,753
Benefit Street Partners CLO, Ltd.
3.100%, 3M LIBOR + 0.800%, 10/18/29 (144A) (f)		31,250		31,234
3.553%, 3M LIBOR + 1.250%, 07/15/29 (144A) (f)		320,000		320,652
Carlyle Global Market Strategies CLO, Ltd. 3.036%, 3M LIBOR + 0.780%, 04/27/27 (144A) (f)		1,385,690		1,384,766
Asset-Backed - Other—(Continued)
CIFC Funding, Ltd. 3.172%, 3M LIBOR + 0.850%, 07/16/30 (144A) (f)		137,683		137,692
Cirrus Funding, Ltd. 4.800%, 01/25/37 (144A)		940,000		985,796
CLUB Credit Trust 2.610%, 01/15/24 (144A)		104,620		104,648
Domino’s Pizza Master Issuer LLC 4.116%, 07/25/48 (144A)		691,250		717,600
Dryden Senior Loan Fund 3.103%, 3M LIBOR + 0.800%, 07/15/30 (144A) (f)		274,000		273,863
Finance America Mortgage Loan Trust 3.068%, 1M LIBOR + 1.050%, 09/25/33 (f)		66,716		65,893
Fremont Home Loan Trust 3.068%, 1M LIBOR + 1.050%, 12/25/33 (f)		64,131		63,584
GMACM Home Equity Loan Trust 2.518%, 1M LIBOR + 0.500%, 10/25/34 (144A) (f)		30,345		29,529
Knollwood CDO, Ltd. 5.503%, 3M LIBOR + 3.200%, 01/10/39 (144A) (f)		689,348		69
LCM, Ltd. 3.318%, 3M LIBOR + 1.040%, 10/20/27 (144A) (f)		1,075,000		1,075,000
Legacy Mortgage Asset Trust 4.000%, 03/25/58 (144A) (o)		1,544,590		1,556,556
Madison Park Funding, Ltd. 3.538%, 3M LIBOR + 1.260%, 07/20/26 (144A) (f)		878,898		879,825
MFRA Trust 3.352%, 11/25/47 (144A) (o)		1,310,824		1,317,199
Mill City Mortgage Loan Trust
3.500%, 08/25/58 (144A) (f)		913,618		938,587
3.500%, 04/25/66 (144A) (f)		1,630,000		1,668,537
New Residential Mortgage LLC 3.790%, 07/25/54 (144A)		1,213,306		1,233,569
NRZ Excess Spread-Collateralized Notes
3.193%, 01/25/23 (144A)		784,299		788,117
3.265%, 02/25/23 (144A)		491,823		495,269
Oak Hill Advisors Residential Loan Trust 3.000%, 06/25/57 (144A) (o)		32,247		32,246
OCP CLO, Ltd. 3.153%, 3M LIBOR + 0.850%, 04/17/27 (144A) (f)		1,127,663		1,127,494
OneMain Financial Issuance Trust 2.370%, 09/14/32 (144A)		1,648,000		1,646,733
OZLM, Ltd.
3.313%, 3M LIBOR + 1.010%, 07/17/29 (144A) (f)		335,000		333,087
3.316%, 3M LIBOR + 1.050%, 04/30/27 (144A) (f)		1,360,000		1,359,062
Pretium Mortgage Credit Partners LLC
3.105%, 07/27/59 (144A) (o)		1,180,000		1,180,794
3.721%, 01/25/59 (144A) (o)		679,266		677,807
PRPM LLC 4.000%, 08/25/23 (144A) (f)		798,715		802,797
Regional Management Issuance Trust 3.830%, 07/15/27 (144A)		950,000		955,566
Seneca Park CLO, Ltd. 3.423%, 3M LIBOR + 1.120%, 07/17/26 (144A) (f)		578,658		579,526
SoFi Consumer Loan Program LLC
2.500%, 05/26/26 (144A)		178,682		178,903
2.770%, 05/25/26 (144A)		90,099		90,373

BHFTII-121

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
SoFi Consumer Loan Program LLC
3.090%, 10/27/25 (144A)		121,562	$	121,877
3.280%, 01/26/26 (144A)		135,028		135,968
Sound Point CLO, Ltd. 3.168%, 3M LIBOR + 0.890%, 01/20/28 (144A) (f)		1,440,000		1,434,404
Springleaf Funding Trust
2.680%, 07/15/30 (144A)		1,705,000		1,708,998
2.900%, 11/15/29 (144A)		434,803		434,869
SPS Servicer Advance Receivables Trust
2.750%, 11/15/49 (144A)		874,286		873,825
3.620%, 10/17/50 (144A)		252,000		255,472
Symphony CLO, Ltd. 3.583%, 3M LIBOR + 1.280%, 07/14/26 (144A) (f)		1,077,479		1,073,373
Towd Point Mortgage Trust
2.618%, 1M LIBOR + 0.600%, 02/25/57 (144A) (f)		838,935		835,709
2.750%, 02/25/55 (144A) (f)		119,281		119,470
2.750%, 08/25/55 (144A) (f)		493,879		495,820
2.750%, 04/25/57 (144A) (f)		360,549		363,284
2.750%, 06/25/57 (144A) (f)		1,039,215		1,047,231
3.000%, 03/25/54 (144A) (f)		26,482		26,554
VOLT LXII 3.125%, 09/25/47 (144A) (o)		190,055		190,160
VOLT LXIV LLC 3.375%, 10/25/47 (144A) (o)		648,286		649,276
VOLT LXVII LLC 3.228%, 10/25/49 (144A) (o)		1,200,000		1,200,776
VOLT LXX LLC 4.115%, 09/25/48 (144A) (o)		656,416		658,319
VOLT LXXI LLC 3.967%, 09/25/48 (144A) (o)		276,233		277,563
Voya CLO, Ltd. 3.200%, 3M LIBOR + 0.900%, 01/18/29 (144A) (f)		1,610,000		1,607,323
Wendys Funding LLC 3.884%, 03/15/48 (144A)		427,388		439,572
Wingstop Funding LLC 4.970%, 12/05/48 (144A)		402,975		418,473
				46,137,397
Total Asset-Backed Securities (Cost $51,424,381)				50,898,311
Floating Rate Loans (p)—1.0%
Aerospace/Defense—0.0%
TransDigm, Inc. Term Loan E, 4.544%, 1M LIBOR + 2.500%, 05/30/25		148,741		148,404
Airlines—0.0%
WestJet Airlines, Ltd. Term Loan B, 08/06/26 (q)		100,000		100,866
Auto Manufacturers—0.0%
Navistar International Corp. 1st Lien Term Loan B, 5.530%, 1M LIBOR + 3.500%, 11/06/24		98,500		98,345
Auto Parts & Equipment—0.0%
Adient U.S. LLC Term Loan B, 6.459%, 3M LIBOR + 4.250%, 05/06/24		99,750		98,462
Panther BF Aggregator 2 L.P.
Term Loan B, 04/30/26 (EUR) (q)		150,000		164,433
Term Loan B, 5.544%, 1M LIBOR + 3.500%, 04/30/26		115,000		114,377
				377,272
Building Materials—0.0%
NCI Building Systems, Inc. Term Loan, 5.789%, 1M LIBOR + 3.750%, 04/12/25		98,750		96,816
Quikrete Holdings, Inc. 1st Lien Term Loan, 4.794%, 1M LIBOR + 2.750%, 11/15/23		125,000		124,623
				221,439
Chemicals—0.0%
Univar, Inc. Term Loan B, 4.294%, 1M LIBOR + 2.250%, 07/01/24		75,001		75,316
Commercial Services—0.2%
Acosta Holdco, Inc. Term Loan, 7.250%, 1M LIBOR + 2.250%, 09/26/21		151,698		48,695
Allied Universal Holdco LLC
Delayed Draw Term Loan, 2.125%, 3M LIBOR + 4.250%, 07/10/26 (r)		10,237		10,265
Term Loan B, 6.507%, 6M LIBOR + 4.250%, 07/10/26		103,399		103,679
APX Group, Inc. Term Loan B, 7.044%, 1M LIBOR + 5.000%, 04/01/24		99,000		97,267
BrightView Landscapes LLC 1st Lien Term Loan B, 4.938%, 1M LIBOR + 2.500%, 08/15/25		215,230		216,306
Dun & Bradstreet Corp. (The) Term Loan, 7.054%, 1M LIBOR + 5.000%, 02/06/26		200,000		201,562
Financial & Risk U.S. Holdings, Inc.
Term Loan, 5.794%, 1M LIBOR + 3.750%, 10/01/25		104,213		104,905
Jaguar Holding Co. II Term Loan, 4.544%, 1M LIBOR + 2.500%,, 08/18/22		128,984		129,258
Nets Holding A/S Term Loan B1E, 3.250%, 3M EURIBOR + 3.250%, 02/06/25 (EUR)		88,194		95,611
PSAV Holdings LLC 1st Lien Term Loan, 5.350%, 1M LIBOR + 3.250%, 03/01/25		172,560		168,030
Sunshine Luxembourg ViII S.a.r.l 1st Lien Term Loan, 10/01/26 (q)		130,000		130,711
Techem Verwaltungsgesellschaft 675 mbH Term Loan B3, 3.500%, 3M EURIBOR + 3.500%, 07/31/25 (EUR)		98,575		108,593
WEX, Inc. Term Loan B3, 4.294%, 1M LIBOR + 2.500%, 05/15/26		406,408		409,151
				1,824,033

BHFTII-122

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Floating Rate Loans (p)—(Continued)

Security Description	Principal Amount*		Value
Computers—0.0%
Tempo Acquisition LLC Term Loan, 5.044%, 1M LIBOR + 3.000%, 05/01/24		205,275	$	206,147
Cosmetics/Personal Care—0.0%
Coty, Inc. Term Loan B, 4.292%, 1M LIBOR + 2.500%, 04/07/25		187,403		182,132
Revlon Consumer Products Corp. Term Loan B, 5.624%, 3M LIBOR + 3.500%, 09/07/23		138,417		106,538
				288,670
Diversified Consumer Services—0.0%
Weight Watchers International, Inc. Term Loan B, 6.860%, 3M LIBOR + 4.750%, 11/29/24		92,635		93,039
Diversified Financial Services—0.0%
AlixPartners LLP Term Loan B, 4.794%, 1M LIBOR + 2.750%, 04/04/24		175,500		175,923
Victory Capital Holdings, Inc. Term Loan B, 5.569%, 3M LIBOR + 3.250%, 07/01/26		94,273		94,818
				270,741
Electric—0.0%
UGI Energy Services, LLC Term Loan B, 5.794%, 1M LIBOR + 3.750%, 08/13/26		149,625		150,934
Energy Equipment & Services—0.0%
Seadrill Partners Finco LLC Term Loan B, 8.104%, 3M LIBOR + 6.000%, 02/21/21		102,957		58,274
Entertainment—0.0%
Golden Entertainment, Inc. 1st Lien Term Loan, 5.060%, 1M LIBOR + 3.000%, 10/21/24		164,050		164,764
Food—0.0%
Hostess Brands LLC Term Loan, 4.294%, 1M LIBOR + 2.250%, 08/03/22		106,992		107,051
Post Holdings, Inc. Incremental Term Loan, 4.040%, 1M LIBOR + 2.000%, 05/24/24		98,213		98,604
U.S. Foods, Inc. Term Loan B, 09/13/26 (q)		125,000		125,654
				331,309
Healthcare-Products—0.0%
Lifescan Global Corp. 1st Lien Term Loan, 8.660%, 3M LIBOR + 6.000%, 10/01/24		94,750		85,749
Healthcare-Services—0.0%
Envision Healthcare Corp. 1st Lien Term Loan, 5.794%, 1M LIBOR + 3.750%, 10/10/25		114,138		93,402
Healthcare-Services—(Continued)
MPH Acquisition Holdings LLC Term Loan B, 4.854%, 3M LIBOR + 2.750%, 06/07/23		140,576		134,192
				227,594
Insurance—0.1%
Asurion LLC Term Loan B4, 5.044%, 1M LIBOR + 3.000%, 08/04/22		254,108		255,124
Camelot UK Holdco, Ltd. Term Loan, 5.294%, 1M LIBOR + 3.250%, 10/03/23		59,789		60,228
Hub International, Ltd. Term Loan B, 5.267%, 3M LIBOR + 3.000%, 04/25/25		118,500		117,352
Sedgwick Claims Management Services, Inc.
Term Loan B, 09/03/26 (q)		135,000		135,281
Term Loan B, 5.294%, 1M LIBOR + 3.250%, 12/31/25		99,250		97,836
USI, Inc. Term Loan, 5.104%, 3M LIBOR + 3.000%, 05/16/24		102,900		101,271
				767,092
Internet—0.0%
Zayo Group LLC Incremental Term Loan, 4.294%, 1M LIBOR + 2.250%, 01/19/24		75,071		75,321
IT Services—0.0%
Blackhawk Network Holdings, Inc. 1st Lien Term Loan, 5.044%, 1M LIBOR + 3.000%, 06/15/25		197,996		197,666
Leisure Time—0.0%
Aristocrat Technologies, Inc. 1st Lien Term Loan, 4.028%, 3M LIBOR + 1.750%, 10/19/24		83,797		84,183
Delta 2 (LUX) S.a.r.l. Term Loan, 4.544%, 1M LIBOR + 2.500%, 02/01/24		241,686		239,268
				323,451
Life Sciences Tools & Services—0.0%
Syneos Health, Inc. Term Loan B, 4.044%, 1M LIBOR + 2.000%, 08/01/24		53,910		53,969
Lodging—0.0%
Boyd Gaming Corp. Term Loan B3, 4.166%, 1WK LIBOR + 2.250%, 09/15/23		108,790		109,274
Caesars Entertainment Operating Co. Term Loan, 4.044%, 1M LIBOR + 2.000%, 10/06/24		130,533		130,606
Caesars Resort Collection LLC 1st Lien Term Loan B, 4.794%, 1M LIBOR + 2.750%, 12/22/24		109,343		108,767
Crown Finance U.S., Inc. Term Loan, 4.294%, 1M LIBOR + 2.250%, 02/28/25		81,959		81,538
				430,185

BHFTII-123

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Floating Rate Loans (p)—(Continued)

Security Description	Principal Amount*		Value
Machinery—0.0%
Circor International, Inc. 1st Lien Term Loan, 5.539%, 1M LIBOR + 3.500%, 12/11/24		87,458	$	87,745
Machinery-Construction & Mining—0.0%
Brookfield WEC Holdings, Inc. 1st Lien Term Loan, 5.544%, 1M LIBOR + 3.500%, 08/01/25		99,250		99,660
Machinery-Diversified—0.0%
Gardner Denver, Inc. Term Loan B, 4.794%, 1M LIBOR + 2.750%, 07/30/24		174,469		175,193
Media—0.1%
Altice France S.A. Term Loan B12, 5.715%, 1M LIBOR + 3.690%, 01/31/26		98,250		97,710
Clear Channel Outdoor Holdings, Inc. Term Loan B, 08/21/26		140,000		140,600
Gray Television, Inc. Term Loan C, 4.832%, 3M LIBOR + 2.500%, 01/02/26		99,250		99,773
ION Media Networks, Inc. Term Loan B, 5.063%, 1M LIBOR + 3.000%, 12/18/24		203,917		203,693
Nexstar Broadcasting, Inc. Term Loan B4, 09/18/26 (q)		165,000		166,014
Univision Communications, Inc. Term Loan C5, 4.794%, 1M LIBOR + 2.750%, 03/15/24		142,759		138,986
				846,776
Miscellaneous Manufacturing—0.0%
CTC AcquiCo GmbH Term Loan B1, 2.500%, 3M EURIBOR + 2.500%, 03/07/25 (EUR)		92,993		101,005
Office/Business Equipment—0.0%
Brand Energy & Infrastructure Services, Inc. Term Loan, 6.509%, 3M LIBOR + 4.250%, 06/21/24		146,625		143,509
Oil & Gas—0.1%
California Resources Corp. Term Loan, 12.419%, 1M LIBOR + 10.375%, 12/31/21		130,000		114,454
Fieldwood Energy LLC 1st Lien TL, 7.506%, 3M LIBOR + 5.250%, 04/11/22		249,780		217,153
Foresight Energy LLC 1st Lien Term Loan, 7.874%, 3M LIBOR + 5.750%, 03/28/22		184,254		108,249
Paragon Offshore Finance Co. Term Loan B, 07/18/21 (c) (d)		706		0
				439,856
Packaging & Containers—0.1%
Berry Global, Inc. Term Loan U, 4.549%, 1M LIBOR + 2.500%, 07/01/26		199,500		200,690
Flex Acquisition Co., Inc.
1st Lien Term Loan, 5.319%, 3M LIBOR + 3.000%, 12/29/23		95,561		92,080
Packaging & Containers—(Continued)
Reynolds Group Holdings, Inc. Term Loan, 4.794%, 1M LIBOR + 2.750%, 02/05/23		251,120		251,807
				544,577
Pharmaceuticals—0.1%
Change Healthcare Holdings LLC Term Loan B, 4.544%, 1M LIBOR + 2.500%, 03/01/24		137,023		136,542
Endo Luxembourg Finance Co. I S.a.r.l. Term Loan B, 6.296%, 1M LIBOR + 4.250%, 04/29/24		166,175		151,551
Valeant Pharmaceuticals International, Inc. Term Loan B, 5.039%, 1M LIBOR + 3.000%, 06/02/25		147,828		148,593
				436,686
Real Estate Investment Trusts—0.0%
VICI Properties 1 LLC Term Loan B, 4.046%, 1M LIBOR + 2.000%, 12/20/24		195,455		196,215
Retail—0.1%
Bass Pro Group LLC Term Loan B, 7.044%, 1M LIBOR + 5.000%, 09/25/24		147,000		141,878
Harbor Freight Tools USA, Inc. Term Loan B, 4.544%, 1M LIBOR + 2.500%, 08/18/23		115,739		112,749
J. Crew Group, Inc. Term Loan B, 5.104%, 1M LIBOR + 3.000%, 03/05/21 (c) (d)		303,266		237,275
Neiman Marcus Group, Ltd. LLC Extended Term Loan, 8.057%, 3M LIBOR + 6.000%, 10/25/23		177,339		136,773
Staples, Inc. Term Loan, 7.123%, 3M LIBOR + 5.000%, 04/16/26		128,054		126,373
				755,048
Semiconductors & Semiconductor Equipment—0.0%
Microchip Technology, Inc. Term Loan B, 4.050%, 1M LIBOR + 2.000%, 05/29/25		57,489		57,848
Software—0.1%
Almonde, Inc. 1st Lien Term Loan, 5.696%, 1M LIBOR + 3.500%, 06/13/24		116,381		113,450
DigiCert Holdings, Inc. Term Loan B, 08/31/26 (q)		110,000		109,840
Infor (U.S.), Inc. Term Loan B6, 4.854%, 3M LIBOR + 2.750%, 02/01/22		240,924		241,496
SS&C Technologies, Inc. Term Loan B5, 4.294%, 1M LIBOR + 2.250%, 04/16/25		98,988		99,545
Zelis Healthcare Corp. Term Loan B, 09/26/26 (q)		125,000		123,802
				688,133
Telecommunications—0.1%
CenturyLink, Inc. Term Loan B, 4.794%, 1M LIBOR + 2.750%,, 01/31/25		99,242		98,695

BHFTII-124

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Floating Rate Loans (p)—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
CSC Holdings LLC 1st Lien Term Loan, 4.278%, 1M LIBOR + 2.250%, 07/17/25		105,845	$	105,897
Sprint Communications, Inc.
1st Lien Term Loan B, 4.563%, 1M LIBOR + 2.500%, 02/02/24		331,500		329,511
Telenet Financing USD LLC Term Loan AN, 4.278%, 1M LIBOR + 2.250%, 08/15/26		100,000		100,208
				634,311
Transportation—0.0%
Savage Enterprises LLC 1st Lien Term Loan B, 6.040%, 1M LIBOR + 4.000%, 08/01/25		84,568		85,572
Total Floating Rate Loans (Cost $12,336,753)				11,862,714
Foreign Government—0.7%
Banks—0.1%
Banque Centrale de Tunisie International Bonds
6.375%, 07/15/26 (144A) (EUR)		265,000		279,103
6.750%, 10/31/23 (144A) (EUR)		405,000		444,926
Korea Development Bank (The) 2.669%, 3M LIBOR + 0.550%, 03/12/21 (f)		200,000		200,391
				924,420
Sovereign—0.6%
Abu Dhabi Government International Bond 3.125%, 09/30/49 (144A)		605,000		586,094
Argentine Republic Government International Bond 5.250%, 01/15/28 (EUR)		370,000		155,272
Dominican Republic International Bond 6.400%, 06/05/49 (144A)		1,110,000		1,182,161
Egypt Government International Bonds
8.500%, 01/31/47		200,000		211,541
16.100%, 05/07/29 (EGP)		11,590,000		772,860
Export-Import Bank of Korea 2.738%, 3M LIBOR + 0.460%, 10/21/19 (f)		200,000		200,036
Ghana Government International Bond 7.625%, 05/16/29		485,000		484,675
Hungary Government International Bond 6.375%, 03/29/21		160,000		169,776
Italy Buoni Ordinari del Tesoro BOT Zero Coupon, 10/14/19 (EUR)		170,000		185,316
Italy Buoni Poliennali Del Tesoro 1.050%, 12/01/19 (EUR)		100,000		109,231
Italy Certificati di Credito del Tesoro
Zero Coupon, 10/30/19 (EUR)		90,000		98,111
0.969%, 6M EURIBOR + 1.200%, 11/15/19 (EUR) (f)		90,000		98,216
Japan Bank for International Cooperation 2.618%, 3M LIBOR + 0.480%, 06/01/20 (f)		200,000		200,521
Sovereign—(Continued)
Romanian Government International Bonds
3.875%, 10/29/35 (EUR)		180,000		235,429
4.625%, 04/03/49 (144A) (EUR)		277,000		391,434
4.625%, 04/03/49 (EUR)		1,010,000		1,427,252
6.125%, 01/22/44		254,000		331,655
Senegal Government International Bond
6.250%, 05/23/33		485,000		488,128
Uruguay Government International Bond 4.975%, 04/20/55		45,000		52,707
				7,380,415
Total Foreign Government (Cost $8,351,918)				8,304,835
Municipals—0.4%
Chicago Board of Education, General Obligation Unlimited, Build America Bonds
6.138%, 12/01/39		155,000		171,015
6.319%, 11/01/29		345,000		381,825
City of Chicago IL, General Obligation Unlimited 7.375%, 01/01/33		348,000		414,993
Municipal Electric Authority of Georgia, Build America Bond 6.637%, 04/01/57		361,000		498,223
Philadelphia Authority for Industrial Development 6.550%, 10/15/28		1,235,000		1,573,686
State of California General Obligation Unlimited, Build America Bond 7.300%, 10/01/39		360,000		563,458
State of Illinois
4.950%, 06/01/23		768,000		803,935
5.000%, 01/01/23		70,000		73,252
5.563%, 02/01/21		150,000		155,807
5.947%, 04/01/22		220,000		235,831
Total Municipals (Cost $4,625,689)				4,872,025
Short-Term Investments—2.9%
Certificate of Deposit—0.0%
Credit Agricole Corporate and Investment Bank 2.535%, 3M LIBOR + 0.400%, 09/24/20 (f)		125,000		125,180
Commercial Paper—0.2%
C.I.B.C. 1.813%, 01/20/20 (CAD) (s)		50,000		37,528
Electricite de France S.A. 2.008%, 10/07/19 (s)		250,000		249,886
ENEL Finance America LLC
2.334%, 11/12/19 (s)		400,000		398,911
2.369%, 10/17/19 (s)		250,000		249,734
Intesa Sanpaolo Funding LLC 2.550%, 10/24/19 (s)		250,000		249,581
Royal Bank of Canada 1.553%, 10/07/19 (CAD) (s)		415,000		313,133

BHFTII-125

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Toronto-Dominion Bank
Zero Coupon, 11/08/19 (CAD)		210,000	$	158,201
1.565%, 10/08/19 (CAD) (s)		160,000		120,720
				1,777,694
Foreign Government—0.9%
Japan Treasury Bills
Zero Coupon, 10/21/19 (JPY)		79,150,000		732,078
Zero Coupon, 11/05/19 (JPY)		210,800,000		1,949,921
Zero Coupon, 11/11/19 (JPY)		247,450,000		2,289,019
Zero Coupon, 11/18/19 (JPY)		155,200,000		1,435,733
Zero Coupon, 11/25/19 (JPY)		176,800,000		1,635,628
Zero Coupon, 12/02/19 (JPY)		155,000,000		1,434,022
Zero Coupon, 12/16/19 (JPY)		55,400,000		512,604
Zero Coupon, 01/08/20 (JPY)		158,450,000		1,466,382
Nova Scotia Treasury Bill 1.139%, 10/03/19 (CAD) (s)		50,000		37,735
				11,493,122
Repurchase Agreement—1.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $22,197,397; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $22,642,895.		22,196,904		22,196,904
Total Short-Term Investments (Cost $35,772,508)				35,592,900
Securities Lending Reinvestments (t)—4.3%
Certificates of Deposit—0.3%
Chiba Bank, Ltd.
2.230%, 11/20/19		1,500,000		1,500,009
2.270%, 10/08/19		1,000,000		1,000,028
Svenska Handelsbanken AB 2.429%, 1M LIBOR + 0.380%, 12/10/19 (f)		1,000,000		1,000,402
Wells Fargo Bank N.A. 2.477%, 3M LIBOR + 0.210%, 10/25/19 (f)		500,000		500,117
				4,000,556
Commercial Paper—0.4%
China Construction Bank Corp. 2.470%, 10/18/19		993,756		998,858
Royal Bank of Canada 2.463%, 3M LIBOR + 0.160%, 01/14/20 (f)		1,000,000		1,000,557
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (f)		2,000,000		2,000,056
Toronto-Dominion Bank 2.417%, 1M LIBOR + 0.350%, 11/05/19 (f)		1,000,000		1,000,149
				4,999,620
Repurchase Agreements—3.5%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $5,000,267; collateralized by various Common Stock with an aggregate market value of $5,500,001.		5,000,000		5,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $1,408,122; 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 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $1,006,210; collateralized by various Common Stock with an aggregate market value of $1,100,113.		1,000,000		1,000,000
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,300,087; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $1,326,001.		1,300,000		1,300,000
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,200,080; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $1,224,000.		1,200,000		1,200,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $3,154,000; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $3,216,919.		3,153,842		3,153,842
NBC Global Finance, Ltd.
Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,500,083; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,669,503.		1,500,000		1,500,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $8,003,142; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $8,891,260.		8,000,000		8,000,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $10,000,653; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $10,200,000.		10,000,000		10,000,000

BHFTII-126

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Securities Lending Reinvestments (t)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $3,500,192; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $3,888,717.		3,500,000	$	3,500,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $2,000,110; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $2,000,778; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $3,501,361; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $3,888,717.		3,500,000		3,500,000
				43,553,842
Time Deposit—0.1%
Shizuoka Bank, Ltd. 2.250%, 10/18/19		1,000,000		1,000,000
Total Securities Lending Reinvestments (Cost $53,552,676)				53,554,018
Total Purchased Options—0.0% (u) (Cost $87,167)				406,594
Total Investments—115.4% (Cost $1,294,876,601)				1,423,831,204
Unfunded Loan Commitments—(0.0)% (Cost $(10,237))				(10,237	)
Net Investments—115.4% (Cost $1,294,866,364)				1,423,820,967
Other assets and liabilities (net)—(15.4)%				(190,033,906	)
Net Assets—100.0%			$	1,233,787,061

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $54,038,445 and the collateral received consisted of cash in the amount of $53,547,599 and non-cash collateral with a value of $1,368,399. 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.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, these securities represent less than 0.05% of net assets.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(f)	Variable or floating rate security. The stated rate represents the rate at September 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.
(g)	Interest only security.
(h)	Principal only security.
(i)	All or a portion of the security was pledged as collateral against open OTC swap contracts and open forward foreign currency exchange contracts. As of September 30, 2019, the market value of securities pledged was $936,184.
(j)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of September 30, 2019, the market value of securities pledged was $4,196,719.
(k)	Principal amount of security is adjusted for inflation.
(l)	All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2019, the market value of securities pledged was $891,881.
(m)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(n)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of September 30, 2019, the market value of restricted securities was $123,352, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(o)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(p)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will 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.
(q)	This loan will settle after September 30, 2019, at which time the interest rate will be determined.
(r)	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.
(s)	The rate shown represents current yield to maturity.
(t)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(u)	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 September 30, 2019, the market value of 144A securities was $117,985,863, which is 9.6% of net assets.

BHFTII-127

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
YPF S.A., 16.500%, 05/09/22		05/04/17	ARS	19,392,845	$	1,264,168	$	123,352

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Uniform Mortgage-Backed Securities		4.500	%		TBA		(1,300,000	)	$	(1,331,637	)	$	(1,339,089	)
Uniform Mortgage-Backed Securities		4.000	%		TBA		(3,500,000	)		(3,632,891	)		(3,634,121	)
Totals									$	(4,964,528	)	$	(4,973,210	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	240,000	CBNA		12/18/19		USD	265,877	$	(2,732	)
Contracts to Deliver
AUD	5,213,000	DBAG		10/31/19		USD	3,521,173		(926	)
CAD	410,000	GSI		10/01/19		USD	308,676		(793	)
CAD	140,000	UBSA		10/01/19		USD	104,886		(786	)
CAD	50,000	GSI		10/03/19		USD	37,961		220
CAD	415,000	CBNA		10/07/19		USD	315,530		2,255
CAD	100,000	SSBT		10/07/19		USD	75,511		23
CAD	160,000	BOM		10/08/19		USD	120,473		(309	)
CAD	270,000	BOA		11/01/19		USD	204,864		964
CAD	1,615,000	NWM		11/05/19		USD	1,224,182		4,494
CAD	210,000	BNP		11/08/19		USD	158,237		(367	)
CAD	310,000	GSI		12/03/19		USD	235,048		838
CAD	100,000	BNP		12/16/19		USD	75,539		(35	)
CAD	50,000	SSBT		01/21/20		USD	37,680		(123	)
CAD	325,000	MSIP		03/09/20		USD	247,518		1,764
CAD	235,000	DBAG		05/22/20		USD	177,823		133
CAD	250,000	MSIP		05/22/20		USD	190,495		1,463
CAD	210,000	HSBCU		06/01/20		USD	157,915		(868	)
CAD	100,000	CBNA		08/14/20		USD	76,092		498
CAD	480,000	MSIP		08/14/20		USD	361,919		(933	)
EUR	75,000	SSBT		10/15/19		USD	84,142		2,315
EUR	95,000	UBSA		10/15/19		USD	106,056		2,409
EUR	90,000	MSIP		10/30/19		USD	103,008		4,705
EUR	2,900,032	CBNA		10/31/19		USD	3,199,156		31,358
EUR	90,000	MSIP		11/15/19		USD	103,123		4,708
EUR	100,000	JPMC		12/02/19		USD	113,733		4,252
EUR	2,881,000	JPMC		12/18/19		USD	3,197,953		39,112
EUR	224,000	MSIP		12/18/19		USD	246,641		1,039
JPY	500,000,000	GSI		10/10/19		USD	4,628,335		1,659
JPY	79,150,000	JPMC		10/21/19		USD	740,841		7,912
JPY	210,800,000	BBP		11/05/19		USD	1,981,052		27,132
JPY	40,000,000	CBNA		11/12/19		USD	379,915		8,985
JPY	207,450,000	JPMC		11/12/19		USD	1,969,693		45,959
JPY	155,200,000	MSIP		11/18/19		USD	1,471,312		31,549
JPY	176,800,000	MSIP		11/25/19		USD	1,687,149		46,267
JPY	155,000,000	JPMC		12/02/19		USD	1,465,412		26,209
JPY	55,400,000	JPMC		12/16/19		USD	515,297		228

BHFTII-128

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	158,450,000	JPMC		01/08/20		USD	1,482,573	$	6,354
NZD	3,828,000	JPMC		11/29/19		USD	2,404,941		4,617
Net Unrealized Appreciation								$	301,549

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Canada Government Bond 10 Year Futures		12/18/19		46			CAD	6,559,600		$	21,244
U.S. Treasury Long Bond Futures		12/19/19		38			USD	6,167,875			9,359
U.S. Treasury Note 2 Year Futures		12/31/19		98			USD	21,119,000			(29,468	)
U.S. Treasury Note 5 Year Futures		12/31/19		169			USD	20,136,086			(32,458	)
U.S. Treasury Ultra Long Bond Futures		12/19/19		7			USD	1,343,344			22,019
Futures Contracts—Short
Euro-Buxl 30 Year Bond Futures		12/06/19		(2	)		EUR	(435,000	)		11,203
U.S. Treasury Note 10 Year Futures		12/19/19		(55	)		USD	(7,167,188	)		(101	)
U.S. Treasury Ultra Long Bond Futures		12/19/19		(102	)		USD	(14,525,438	)		130,157
Net Unrealized Appreciation										$	131,955

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	%	JPMC	3M LIBOR	Pay		08/02/27		665,000		USD	665,000	$	—	$	161,769	$	161,769
Call - OTC - 30 Year IRS		2.450	%	BBP	3M LIBOR	Pay		08/02/27		365,000		USD	365,000		—		88,791		88,791
Call - OTC - 30 Year IRS		1.850	%	DBAG	3M LIBOR	Pay		09/20/29		245,000		USD	245,000		40,058		37,026		(3,032	)
Put - OTC - 30 Year IRS		2.450	%	JPMC	3M LIBOR	Receive		08/02/27		665,000		USD	665,000		7,051		56,009		48,958
Put - OTC - 30 Year IRS		2.450	%	BBP	3M LIBOR	Receive		08/02/27		365,000		USD	365,000		—		30,742		30,742
Put - OTC - 30 Year IRS		1.850	%	DBAG	3M LIBOR	Receive		09/20/29		245,000		USD	245,000		40,058		32,257		(7,801	)
Totals														$	87,167	$	406,594	$	319,427

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 Depreciation
Receive	12M FEDRC		Annually	1.625%	Annually		11/14/26		USD	2,610,000	$	(46,880	)	$	—	$	(46,880	)
Receive	3M LIBOR		Semi-Annually	1.787%	Quarterly		09/24/49		USD	85,000		(1,488	)		—		(1,488	)
Receive	3M LIBOR		Semi-Annually	1.861%	Quarterly		06/21/24		USD	3,705,000		(59,012	)		—		(59,012	)
Receive	3M LIBOR		Semi-Annually	2.000%	Quarterly		03/21/23		USD	2,825,000		(44,266	)		14,481		(58,747	)
Receive	3M LIBOR		Semi-Annually	2.257%	Quarterly		06/21/49		USD	1,125,000		(146,818	)		—		(146,818	)
Receive	3M LIBOR		Semi-Annually	2.358%	Quarterly		04/09/24		USD	8,625,000		(320,514	)		—		(320,514	)
Receive	3M LIBOR		Semi-Annually	2.359%	Quarterly		04/09/24		USD	6,055,000		(225,276	)		—		(225,276	)
Receive	3M LIBOR		Semi-Annually	2.360%	Quarterly		04/09/24		USD	6,470,000		(240,999	)		—		(240,999	)
Receive	3M LIBOR		Semi-Annually	2.363%	Quarterly		04/09/24		USD	6,295,000		(235,169	)		—		(235,169	)
Receive	3M LIBOR		Semi-Annually	2.386%	Quarterly		05/31/49		USD	375,000		(60,507	)		—		(60,507	)

BHFTII-129

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of September 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 Depreciation
Receive	3M LIBOR		Semi-Annually	2.750%	Quarterly		12/20/47		USD	3,955,000	$	(945,806	)	$	(89,207	)	$	(856,599	)
Receive	3M LIBOR		Semi-Annually	2.791%	Quarterly		09/30/25		USD	2,998,000		(221,301	)		—			(221,301	)
Receive	3M LIBOR		Semi-Annually	2.873%	Quarterly		01/28/49		USD	150,000		(41,382	)		—			(41,382	)
Receive	3M LIBOR		Semi-Annually	2.884%	Quarterly		12/31/48		USD	300,000		(83,499	)		—			(83,499	)
Totals											$	(2,672,917	)	$	(74,726	)	$	(2,598,191	)

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 Depreciation
Receive	12M CPURNSA	Annually	1.810%	Annually	09/04/25	BOA	USD	3,803,000	$	(44,623	)	$	—	$	(44,623	)
Receive	12M CPURNSA	Maturity	2.004%	Maturity	01/15/23	DBAG	USD	7,825,000		(127,166	)		3,081		(130,247	)
Totals									$	(171,789	)	$	3,081	$	(174,870	)

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

$

235,457

$

—

$

235,457

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

Reference Obligation	Fixed Deal (Pay) Rate	Payment Frequency	Maturity Date	Implied Credit Spread at September 30, 2019(b)	Notional Amount(c)		Market Value			Upfront Premiums Received			Unrealized Depreciation
CDX.NA.IG.32.V1	(1.000%)	Quarterly	06/20/24	0.527%	USD	10,451,000	$	(223,327	)	$	(194,335	)	$	(28,992	)

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at September 30, 2019(b)			Notional Amount(c)			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.EM.31.V1		1.000	%		Quarterly		06/20/24		2.052	%		USD	1,165,000	$	(52,952	)	$	(29,164	)	$	(23,788	)
CDX.EM.32.V1		1.000	%		Quarterly		12/20/24		2.074	%		USD	2,730,000		(138,613	)		(140,387	)		1,774
CDX.NA.HY.32.V2		5.000	%		Quarterly		06/20/24		3.275	%		USD	2,960,100		211,121			152,736			58,385
Totals														$	19,556		$	(16,815	)	$	36,371

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 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		22.174	%		USD	144,472	$	8,668	$	19,947		$	(11,279	)
PRIMEX.ARM.2 (e)		(4.580	%)		Monthly		12/25/37	MSIP		0.000	%		USD	251,512		—		(532	)		532
Totals															$	8,668	$	19,415		$	(10,747	)

BHFTII-130

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 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		22.174	%		USD	144,472	$	(8,668	)	$	(3,914	)	$	(4,754	)
CMBX.NA.BB.6		5.000	%		Monthly		05/11/63	CSI		11.363	%		USD	270,000		(42,064	)		(53,314	)		11,250
CMBX.NA.BB.6		5.000	%		Monthly		05/11/63	CSI		11.363	%		USD	465,000		(72,443	)		(86,601	)		14,158
CMBX.NA.BB.6		5.000	%		Monthly		05/11/63	CSI		11.363	%		USD	465,000		(72,443	)		(86,601	)		14,158
CMBX.NA.BB.6		5.000	%		Monthly		05/11/63	CSI		11.363	%		USD	645,000		(100,485	)		(135,820	)		35,335
CMBX.NA.BB.6		5.000	%		Monthly		05/11/63	GSI		11.363	%		USD	530,000		(82,569	)		(58,813	)		(23,756	)
CMBX.NA.BB.8		5.000	%		Monthly		10/17/57	CSI		7.875	%		USD	550,000		(63,949	)		(156,166	)		92,217
CMBX.NA.BB.8		5.000	%		Monthly		10/17/57	GSI		7.875	%		USD	241,000		(28,021	)		(59,417	)		31,396
CMBX.NA.BB.8		5.000	%		Monthly		10/17/57	GSI		7.875	%		USD	580,000		(67,437	)		(181,510	)		114,073
CMBX.NA.BB.8		5.000	%		Monthly		10/17/57	MSIP		7.875	%		USD	1,289,000		(149,873	)		(365,997	)		216,124
CMBX.NA.BBB-.6		3.000	%		Monthly		05/11/63	CSI		6.214	%		USD	185,000		(15,655	)		(26,509	)		10,854
CMBX.NA.BBB-.6		3.000	%		Monthly		05/11/63	DBAG		6.214	%		USD	170,000		(14,386	)		(25,789	)		11,403
CMBX.NA.BBB-.6		3.000	%		Monthly		05/11/63	GSI		6.214	%		USD	660,000		(55,850	)		(74,951	)		19,101
CMBX.NA.BBB-.6		3.000	%		Monthly		05/11/63	MSIP		6.214	%		USD	90,000		(7,616	)		(8,031	)		415
CMBX.NA.BBB-.6		3.000	%		Monthly		05/11/63	MSIP		6.214	%		USD	830,000		(70,236	)		(124,759	)		54,523
PRIMEX.ARM.2 (e)		4.580	%		Monthly		12/25/37	JPMC		0.000	%		USD	251,512		—			7,393			(7,393	)
Totals															$	(851,695	)	$	(1,440,799	)	$	589,104

(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 plc
(JPMC)—	JPMorgan Chase Bank N.A.
(MSIP)—	Morgan Stanley & Co. International plc
(NWM)—	NatWest Markets plc
(SSBT)—	State Street Bank and Trust
(UBSA)—	UBS AG

Currencies

(ARS)—	Argentine Peso
(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(EGP)—	Egyptian Pound
(EUR)—	Euro
(JPY)—	Japanese Yen
(NZD)—	New Zealand Dollar
(USD)—	United States Dollar

BHFTII-131

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Glossary of Abbreviations—(Continued)

Index Abbreviations

(ABX.HE.PEN.AAA)—	Markit Asset-Backed Home Equity Penultimate AAA Rated Index
(CDX.EM)—	Markit Emerging Market CDS Index
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(CMBX.NA.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
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(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
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(ICE)—	Intercontinental Exchange, Inc.
(IRS)—	Interest Rate Swap
(REMIC)—	Real Estate Mortgage Investment Conduit

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. 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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	30,058,952	$	—	$	—	$	30,058,952
Airlines		364,851		—		—		364,851
Banks		18,448,110		—		—		18,448,110
Beverages		16,664,683		—		—		16,664,683
Biotechnology		10,522,108		—		—		10,522,108
Capital Markets		23,445,900		—		—		23,445,900
Chemicals		18,172,379		—		—		18,172,379
Construction & Engineering		1,776,682		—		—		1,776,682
Consumer Finance		6,576,395		—		—		6,576,395
Containers & Packaging		6,520,053		—		—		6,520,053
Diversified Consumer Services		625,507		—		—		625,507
Diversified Financial Services		2,491,501		—		—		2,491,501
Diversified Telecommunication Services		13,453,459		—		—		13,453,459
Electric Utilities		14,558,895		—		—		14,558,895
Electrical Equipment		3,169,212		—		—		3,169,212
Electronic Equipment, Instruments & Components		1,952,705		—		—		1,952,705
Energy Equipment & Services		3,412,763		—		—		3,412,763
Entertainment		12,860,035		—		—		12,860,035
Equity Real Estate Investment Trusts		26,653,401		—		—		26,653,401
Food Products		9,907,535		—		—		9,907,535
Gas Utilities		1,988,832		—		—		1,988,832
Health Care Equipment & Supplies		34,180,215		—		—		34,180,215
Health Care Providers & Services		16,626,055		—		—		16,626,055
Hotels, Restaurants & Leisure		20,318,432		—		—		20,318,432

BHFTII-132

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Household Products	$	16,409,205	$	—	$	—	$	16,409,205
Independent Power and Renewable Electricity Producers		5,912,161		—		—		5,912,161
Industrial Conglomerates		600,020		—		—		600,020
Insurance		33,844,455		—		—		33,844,455
Interactive Media & Services		43,615,262		—		—		43,615,262
Internet & Direct Marketing Retail		34,748,106		—		—		34,748,106
IT Services		35,477,852		—		—		35,477,852
Life Sciences Tools & Services		8,535,433		—		—		8,535,433
Machinery		19,275,473		—		—		19,275,473
Marine		591,963		—		—		591,963
Media		19,454,139		—		—		19,454,139
Multi-Utilities		10,925,360		—		—		10,925,360
Oil, Gas & Consumable Fuels		35,496,033		1,709		0		35,497,742
Pharmaceuticals		32,572,267		—		—		32,572,267
Professional Services		9,807,649		—		—		9,807,649
Road & Rail		7,302,565		—		—		7,302,565
Semiconductors & Semiconductor Equipment		26,743,730		—		—		26,743,730
Software		53,909,441		—		—		53,909,441
Specialty Retail		20,877,245		—		—		20,877,245
Technology Hardware, Storage & Peripherals		19,990,264		—		—		19,990,264
Textiles, Apparel & Luxury Goods		13,390,032		—		—		13,390,032
Thrifts & Mortgage Finance		1,308,936		—		—		1,308,936
Trading Companies & Distributors		928,570		—		—		928,570
Total Common Stocks		746,464,821		1,709		0		746,466,530
Total U.S. Treasury & Government Agencies*		—		298,418,612		—		298,418,612
Total Corporate Bonds & Notes*		—		148,758,097		—		148,758,097
Total Mortgage-Backed Securities*		—		64,696,568		—		64,696,568
Total Asset-Backed Securities*		—		50,898,311		—		50,898,311
Floating Rate Loans
Aerospace/Defense		—		148,404		—		148,404
Airlines		—		100,866		—		100,866
Auto Manufacturers		—		98,345		—		98,345
Auto Parts & Equipment		—		377,272		—		377,272
Building Materials		—		221,439		—		221,439
Chemicals		—		75,316		—		75,316
Commercial Services (Less Unfunded Loan Commitments of $10,237)		—		1,813,796		—		1,813,796
Computers		—		206,147		—		206,147
Cosmetics/Personal Care		—		288,670		—		288,670
Diversified Consumer Services		—		93,039		—		93,039
Diversified Financial Services		—		270,741		—		270,741
Electric		—		150,934		—		150,934
Energy Equipment & Services		—		58,274		—		58,274
Entertainment		—		164,764		—		164,764
Food		—		331,309		—		331,309
Healthcare-Products		—		85,749		—		85,749
Healthcare-Services		—		227,594		—		227,594
Insurance		—		767,092		—		767,092
Internet		—		75,321		—		75,321
IT Services		—		197,666		—		197,666
Leisure Time		—		323,451		—		323,451
Life Sciences Tools & Services		—		53,969		—		53,969
Lodging		—		430,185		—		430,185
Machinery		—		87,745		—		87,745
Machinery-Construction & Mining		—		99,660		—		99,660
Machinery-Diversified		—		175,193		—		175,193
Media		—		846,776		—		846,776
Miscellaneous Manufacturing		—		101,005		—		101,005

BHFTII-133

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Office/Business Equipment	$	—		$	143,509		$	—	$	143,509
Oil & Gas		—			439,856			0		439,856
Packaging & Containers		—			544,577			—		544,577
Pharmaceuticals		—			436,686			—		436,686
Real Estate Investment Trusts		—			196,215			—		196,215
Retail		—			517,773			237,275		755,048
Semiconductors & Semiconductor Equipment		—			57,848			—		57,848
Software		—			688,133			—		688,133
Telecommunications		—			634,311			—		634,311
Transportation		—			85,572			—		85,572
Total Floating Rate Loans (Less Unfunded Loan Commitments of $10,237)		—			11,615,202			237,275		11,852,477
Total Foreign Government*		—			8,304,835			—		8,304,835
Total Municipals*		—			4,872,025			—		4,872,025
Total Short-Term Investments*		—			35,592,900			—		35,592,900
Total Securities Lending Reinvestments*		—			53,554,018			—		53,554,018
Purchased Options at Value	$	—		$	406,594		$	—	$	406,594
Total Net Investments (Less Unfunded Loan Commitments of $10,237)	$	746,464,821		$	677,118,871		$	237,275	$	1,423,820,967
Collateral for Securities Loaned (Liability)	$	—		$	(53,547,599	)	$	—	$	(53,547,599	)
TBA Forward Sales Commitments	$	—		$	(4,973,210	)	$	—	$	(4,973,210	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	309,421		$	—	$	309,421
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(7,872	)		—		(7,872	)
Total Forward Contracts	$	—		$	301,549		$	—	$	301,549
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	193,982		$	—		$	—	$	193,982
Futures Contracts (Unrealized Depreciation)		(62,027	)		—			—		(62,027	)
Total Futures Contracts	$	131,955		$	—		$	—	$	131,955
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	60,159		$	—	$	60,159
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(2,650,971	)		—		(2,650,971	)
Total Centrally Cleared Swap Contracts	$	—		$	(2,590,812	)	$	—	$	(2,590,812	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	244,125		$	0	$	244,125
OTC Swap Contracts at Value (Liabilities)		—			(1,023,484	)		—		(1,023,484	)
Total OTC Swap Contracts	$	—		$	(779,359	)	$	0	$	(779,359	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2019 is not presented.

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.

BHFTII-134

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

Common Stocks—97.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—8.5%
General Dynamics Corp.		554,639	$	101,349,185
Lockheed Martin Corp. (a)		192,986		75,276,119
Northrop Grumman Corp.		178,355		66,845,670
United Technologies Corp.		550,812		75,196,854
				318,667,828
Air Freight & Logistics—2.1%
United Parcel Service, Inc. - Class B (a)		664,351		79,602,537
Banks—2.2%
PNC Financial Services Group, Inc. (The)		600,051		84,103,148
Beverages—8.6%
Coca-Cola Co. (The)		2,608,827		142,024,542
Diageo plc		2,118,003		86,669,002
PepsiCo, Inc.		700,330		96,015,243
				324,708,787
Biotechnology—1.2%
Amgen, Inc.		238,774		46,205,157
Capital Markets—1.8%
BlackRock, Inc.		148,614		66,228,343
Chemicals—4.0%
Ecolab, Inc.		384,753		76,196,484
Linde plc		389,415		75,437,474
				151,633,958
Consumer Finance—2.5%
American Express Co. (a)		804,997		95,215,045
Equity Real Estate Investment Trusts—4.5%
American Tower Corp.		335,610		74,213,439
Public Storage (a)		386,563		94,812,307
				169,025,746
Food & Staples Retailing—1.8%
Costco Wholesale Corp.		229,662		66,167,919
Health Care Equipment & Supplies—8.4%
Baxter International, Inc. (a)		1,079,229		94,400,161
Danaher Corp.		580,059		83,777,921
Medtronic plc		1,277,952		138,811,146
				316,989,228
Health Care Providers & Services—2.8%
UnitedHealth Group, Inc.		485,867		105,588,616
Hotels, Restaurants & Leisure—3.6%
McDonald’s Corp. (a)		630,469		135,367,999
Household Products—5.4%
Colgate-Palmolive Co.		1,463,551		107,585,634
Household Products—(Continued)
Procter & Gamble Co. (The)		773,182		96,168,377
				203,754,011
Industrial Conglomerates—3.2%
3M Co. (a)		280,571		46,125,873
Honeywell International, Inc. (a)		449,896		76,122,403
				122,248,276
Insurance—5.5%
Chubb, Ltd.		717,815		115,884,054
Marsh & McLennan Cos., Inc.		928,259		92,872,313
				208,756,367
IT Services—6.0%
Accenture plc - Class A (a)		438,408		84,327,779
Automatic Data Processing, Inc.		353,615		57,080,533
Visa, Inc. - Class A (a)		484,395		83,320,784
				224,729,096
Machinery—0.8%
Deere & Co.		178,300		30,075,644
Oil, Gas & Consumable Fuels—1.5%
Exxon Mobil Corp. (a)		785,875		55,490,634
Pharmaceuticals—5.7%
Johnson & Johnson		934,551		120,912,208
Merck & Co., Inc.		1,109,908		93,432,056
				214,344,264
Road & Rail—4.9%
Canadian National Railway Co.		945,492		84,896,953
Union Pacific Corp.		623,534		101,000,037
				185,896,990
Software—2.8%
Microsoft Corp.		744,592		103,520,626
Specialty Retail—5.0%
Home Depot, Inc. (The) (a)		330,009		76,568,688
TJX Cos., Inc. (The)		2,028,569		113,072,436
				189,641,124
Textiles, Apparel & Luxury Goods—4.8%
NIKE, Inc. - Class B (a)		1,403,001		131,769,854
VF Corp.		540,357		48,086,369
				179,856,223
Total Common Stocks (Cost $2,737,150,822)				3,677,817,566

BHFTII-135

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

Escrow Shares—0.0%

Security Description	Shares/ Principal Amount*		Value
Forest Products & Paper—0.0%
Sino-Forest Corp. (b) (f) (Cost $0)		5,844,000	$	0
Short-Term Investments—2.8%
Repurchase Agreement—1.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $67,927,335; collateralized by U.S. Treasury Note at 2.000%, maturing 12/31/21, with a market value of $69,287,350.	$	67,925,825		67,925,825
U.S. Treasury—1.0%
U.S. Treasury Bills
Zero Coupon, 10/01/19 (c)		18,925,000		18,925,000
1.789%, 12/26/19 (c)		18,925,000		18,844,150
				37,769,150
Total Short-Term Investments (Cost $105,695,465)				105,694,975
Securities Lending Reinvestments (d)—6.4%
Certificates of Deposit—3.3%
ABN AMRO Bank NV 2.120%, 01/10/20		2,000,000		2,000,320
Banco Del Estado De Chile New York 2.222%, 1M LIBOR + 0.180%, 10/09/19 (e)		10,000,000		10,000,000
Bank of Nova Scotia 2.481%, 3M LIBOR + 0.170%, 01/09/20 (e)		5,000,000		5,002,085
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (e)		2,000,000		2,000,370
Canadian Imperial Bank of Commerce 2.278%, 1M LIBOR + 0.250%, 10/15/19 (e)		3,000,000		3,000,102
Chiba Bank, Ltd.
2.230%, 11/20/19		5,000,000		5,000,030
2.270%, 10/08/19		3,000,000		3,000,084
Commonwealth Bank of Australia 2.200%, 1M LIBOR + 0.175%, 04/16/20 (e)		4,000,000		3,998,360
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (e)		10,000,000		10,000,190
Credit Agricole S.A. 2.256%, 1M LIBOR + 0.210%, 12/20/19 (e)		5,000,000		5,000,715
Credit Industriel et Commercial
2.227%, 1M LIBOR + 0.160%, 03/05/20 (e)		4,000,000		3,998,996
2.260%, 1M LIBOR + 0.160%, 01/03/20 (e)		5,000,000		4,999,370
Credit Suisse AG 2.240%, 1M LIBOR + 0.140%, 10/02/19 (e)		4,000,000		4,000,000
DZ Bank AG
Zero Coupon, 10/18/19		7,951,838		7,991,600
Zero Coupon, 10/23/19		4,970,404		4,993,300
KBC Bank NV
2.080%, 03/12/20		2,000,000		2,000,200
2.220%, 12/03/19		4,000,000		4,000,960
Certificates of Deposit—(Continued)
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 11/18/19		994,288		997,180
Mizuho Bank, Ltd.
Zero Coupon, 10/23/19		6,958,566		6,990,620
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (e)		1,000,000		999,897
Royal Bank of Canada New York 2.110%, SOFR + 0.290%, 07/16/20 (e)		5,000,000		5,001,575
Sumitomo Mitsui Banking Corp.
2.179%, 1M LIBOR + 0.140%, 11/12/19 (e)		5,000,000		4,999,750
2.216%, 1M LIBOR + 0.170%, 01/21/20 (e)		5,000,000		4,999,930
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 02/18/20		3,956,257		3,967,720
Svenska Handelsbanken AB
2.266%, 1M LIBOR + 0.220%, 07/22/20 (e)		5,000,000		4,998,460
2.344%, 1M LIBOR + 0.300%, 10/31/19 (e)		3,500,000		3,500,504
Toronto-Dominion Bank
2.180%, FEDEFF PRV + 0.350%, 07/31/20 (e)		1,000,000		999,409
2.269%, 1M LIBOR + 0.180%, 06/03/20 (e)		3,000,000		2,999,914
Wells Fargo Bank N.A. 2.477%, 3M LIBOR + 0.210%, 10/25/19 (e)		4,000,000		4,000,932
				125,442,573
Commercial Paper—1.4%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd.
2.290%, 12/09/19		1,988,550		1,990,894
2.470%, 10/11/19		7,952,933		7,994,312
China Construction Bank Corp. 2.470%, 10/18/19		993,756		998,858
Industrial & Commercial Bank of China, Corp. 2.470%, 10/25/19		3,477,907		3,495,226
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (e)		10,000,000		10,001,620
LMA S.A. & LMA Americas, Corp. 2.610%, 10/03/19		4,933,663		4,999,105
Societe Generale 2.555%, 3M LIBOR + 0.410%, 12/18/19 (e)		2,001,696		2,001,830
Toronto-Dominion Bank 2.417%, 1M LIBOR + 0.350%, 11/05/19 (e)		10,000,000		10,001,490
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (e)		5,000,000		5,000,000
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (e)		3,999,506		3,997,956
				51,476,679
Repurchase Agreements—1.7%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $5,000,267; collateralized by various Common Stock with an aggregate market value of $5,500,001.		5,000,000		5,000,000

BHFTII-136

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
CF Secured LLC Repurchase Agreement dated 09/30/19 at 2.500%, due on 10/01/19 with a maturity value of $25,001,736; collateralized by U.S. Treasury and U.S. Government Agency Obligations with rates ranging from 0.000% - 5.000%, maturity dates ranging from 10/31/23 - 03/20/49, and an aggregate market value of $25,501,777.		25,000,000	$	25,000,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $10,062,100; collateralized by various Common Stock with an aggregate market value of $11,001,129.		10,000,000		10,000,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $15,031,646; collateralized by various Common Stock with an aggregate market value of $16,500,001.		15,000,000		15,000,000
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $1,503,165; collateralized by various Common Stock with an aggregate market value of $1,650,000.		1,500,000		1,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $3,936,243; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $4,014,767.		3,936,047		3,936,047
Societe Generale Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $2,601,011; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,888,761.		2,600,000		2,600,000
				63,036,047
Total Securities Lending Reinvestments (Cost $239,948,837)				239,955,299
Total Investments—106.8% (Cost $3,082,795,124)				4,023,467,840
Other assets and liabilities (net)—(6.8)%				(255,771,371	)
Net Assets—100.0%			$	3,767,696,469

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $234,319,764 and the collateral received consisted of cash in the amount of $239,709,674. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	The rate shown represents current yield to maturity.
(d)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(e)	Variable or floating rate security. The stated rate represents the rate at September 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.
(f)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

Glossary of Abbreviations

Index Abbreviations

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

BHFTII-137

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	318,667,828	$	—		$	—	$	318,667,828
Air Freight & Logistics		79,602,537		—			—		79,602,537
Banks		84,103,148		—			—		84,103,148
Beverages		238,039,785		86,669,002			—		324,708,787
Biotechnology		46,205,157		—			—		46,205,157
Capital Markets		66,228,343		—			—		66,228,343
Chemicals		151,633,958		—			—		151,633,958
Consumer Finance		95,215,045		—			—		95,215,045
Equity Real Estate Investment Trusts		169,025,746		—			—		169,025,746
Food & Staples Retailing		66,167,919		—			—		66,167,919
Health Care Equipment & Supplies		316,989,228		—			—		316,989,228
Health Care Providers & Services		105,588,616		—			—		105,588,616
Hotels, Restaurants & Leisure		135,367,999		—			—		135,367,999
Household Products		203,754,011		—			—		203,754,011
Industrial Conglomerates		122,248,276		—			—		122,248,276
Insurance		208,756,367		—			—		208,756,367
IT Services		224,729,096		—			—		224,729,096
Machinery		30,075,644		—			—		30,075,644
Oil, Gas & Consumable Fuels		55,490,634		—			—		55,490,634
Pharmaceuticals		214,344,264		—			—		214,344,264
Road & Rail		185,896,990		—			—		185,896,990
Software		103,520,626		—			—		103,520,626
Specialty Retail		189,641,124		—			—		189,641,124
Textiles, Apparel & Luxury Goods		179,856,223		—			—		179,856,223
Total Common Stocks		3,591,148,564		86,669,002			—		3,677,817,566
Total Escrow Shares*		—		—			0		0
Total Short-Term Investments*		—		105,694,975			—		105,694,975
Total Securities Lending Reinvestments*		—		239,955,299			—		239,955,299
Total Investments	$	3,591,148,564	$	432,319,276		$	—	$	4,023,467,840
Collateral for Securities Loaned (Liability)	$	—	$	(239,709,674	)	$	—	$	(239,709,674	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-138

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

Common Stocks—99.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.6%
BWX Technologies, Inc. (a)		227,664	$	13,024,657
L3Harris Technologies, Inc.		137,475		28,682,784
				41,707,441
Airlines—0.9%
JetBlue Airways Corp. (b)		596,269		9,987,506
Auto Components—0.5%
BorgWarner, Inc.		159,855		5,863,481
Banks—1.0%
Texas Capital Bancshares, Inc. (b)		104,794		5,726,992
Webster Financial Corp. (a)		131,619		6,168,983
				11,895,975
Biotechnology—4.0%
BioMarin Pharmaceutical, Inc. (b)		104,725		7,058,465
Exact Sciences Corp. (a) (b)		121,261		10,958,356
Exelixis, Inc. (a) (b)		496,210		8,775,474
Incyte Corp. (b)		79,242		5,882,134
Seattle Genetics, Inc. (a) (b)		164,547		14,052,314
				46,726,743
Capital Markets—5.8%
KKR & Co., Inc. - Class A		728,817		19,568,736
LPL Financial Holdings, Inc.		130,520		10,689,588
Moody’s Corp.		94,497		19,355,821
Nasdaq, Inc. (a)		171,558		17,044,287
				66,658,432
Chemicals—4.3%
FMC Corp.		282,961		24,810,021
Sherwin-Williams Co. (The)		46,274		25,444,684
				50,254,705
Commercial Services & Supplies—5.9%
Cintas Corp.		107,324		28,773,564
Stericycle, Inc. (a) (b)		154,762		7,882,029
Waste Connections, Inc.		350,883		32,281,236
				68,936,829
Construction & Engineering—1.0%
Jacobs Engineering Group, Inc. (a)		129,291		11,830,127
Construction Materials—1.6%
Vulcan Materials Co.		124,223		18,787,487
Containers & Packaging—2.6%
Ball Corp.		411,382		29,952,723
Diversified Consumer Services—0.8%
Bright Horizons Family Solutions, Inc. (b)		63,470		9,679,175
Electrical Equipment—1.1%
Rockwell Automation, Inc. (a)		75,055		12,369,064
Electronic Equipment, Instruments & Components—1.3%
Amphenol Corp. - Class A		151,300		14,600,450
Entertainment—2.4%
Electronic Arts, Inc. (b)		116,204		11,367,075
Live Nation Entertainment, Inc. (a) (b)		241,742		16,037,165
				27,404,240
Equity Real Estate Investment Trusts—1.9%
SBA Communications Corp.		89,211		21,513,233
Health Care Equipment & Supplies—9.3%
ABIOMED, Inc. (a) (b)		24,152		4,296,399
Alcon, Inc. (a) (b)		133,543		7,784,222
Align Technology, Inc. (b)		28,059		5,076,434
Cooper Cos., Inc. (The)		53,170		15,791,490
Edwards Lifesciences Corp. (b)		39,216		8,623,991
IDEXX Laboratories, Inc. (b)		38,154		10,375,217
Insulet Corp. (a) (b)		70,270		11,589,631
ResMed, Inc.		72,454		9,789,260
STERIS plc		97,904		14,146,149
Teleflex, Inc.		59,684		20,277,639
				107,750,432
Hotels, Restaurants & Leisure—2.7%
Domino’s Pizza, Inc. (a)		25,631		6,269,086
Eldorado Resorts, Inc. (a) (b)		293,819		11,714,564
Yum! Brands, Inc.		120,884		13,711,872
				31,695,522
Industrial Conglomerates—0.7%
Roper Technologies, Inc. (a)		22,954		8,185,396
Insurance—3.3%
Aon plc		199,075		38,534,948
Interactive Media & Services—2.9%
IAC/InterActiveCorp (b)		25,419		5,540,579
Twitter, Inc. (b)		677,390		27,908,468
				33,449,047
IT Services—12.2%
Booz Allen Hamilton Holding Corp.		130,438		9,263,707
Fidelity National Information Services, Inc.		110,497		14,669,582
Genpact, Ltd.		384,511		14,899,801
Global Payments, Inc. (a)		175,858		27,961,422
InterXion Holding NV (b)		129,990		10,588,985
KBR, Inc.		854,413		20,967,295
Leidos Holdings, Inc.		175,328		15,057,169
WEX, Inc. (b)		140,423		28,375,275
				141,783,236

BHFTII-139

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—0.9%
Illumina, Inc. (b)		11,262	$	3,426,126
QIAGEN NV (a) (b)		200,753		6,618,826
				10,044,952
Marine—0.7%
Kirby Corp. (a) (b)		104,355		8,573,807
Multiline Retail—3.3%
Dollar General Corp.		243,252		38,662,473
Oil, Gas & Consumable Fuels—1.6%
Concho Resources, Inc.		108,092		7,339,447
Noble Energy, Inc. (a)		473,336		10,631,126
				17,970,573
Professional Services—2.3%
IHS Markit, Ltd. (b)		399,948		26,748,522
Road & Rail—1.2%
Knight-Swift Transportation Holdings, Inc. (a)		381,402		13,844,893
Semiconductors & Semiconductor Equipment—7.5%
Advanced Micro Devices, Inc. (a) (b)		415,627		12,049,027
KLA Corp.		77,986		12,434,868
Lam Research Corp.		106,593		24,634,708
Marvell Technology Group, Ltd.		360,638		9,005,131
Microchip Technology, Inc. (a)		219,519		20,395,510
Monolithic Power Systems, Inc. (a)		56,294		8,761,035
				87,280,279
Software—4.4%
Autodesk, Inc. (b)		39,819		5,881,266
Guidewire Software, Inc. (a) (b)		63,500		6,691,630
ServiceNow, Inc. (b)		32,215		8,177,778
Splunk, Inc. (b)		62,609		7,379,097
SS&C Technologies Holdings, Inc. (a)		226,618		11,686,690
Workday, Inc. - Class A (b)		31,470		5,348,641
Zendesk, Inc. (a) (b)		75,615		5,510,821
				50,675,923
Specialty Retail—6.6%
Advance Auto Parts, Inc. (a)		40,407		6,683,318
Burlington Stores, Inc. (b)		56,212		11,232,282
Carvana Co. (a) (b)		75,391		4,975,806
Floor & Decor Holdings, Inc. - Class A (a) (b)		155,339		7,945,590
O’Reilly Automotive, Inc. (b)		54,228		21,610,400
Ross Stores, Inc.		160,092		17,586,106
Ulta Salon Cosmetics & Fragrance, Inc. (b)		24,707		6,192,810
				76,226,312
Textiles, Apparel & Luxury Goods—1.0%
Capri Holdings, Ltd. (a) (b)		198,501		6,582,293
Textiles, Apparel & Luxury Goods—(Continued)
Under Armour, Inc. - Class A (b)		237,786		4,741,453
				11,323,746
Total Common Stocks (Cost $914,296,943)				1,150,917,672
Short-Term Investment—1.3%
Repurchase Agreement—1.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $15,110,415; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $15,414,920.		15,110,079		15,110,079
Total Short-Term Investments (Cost $15,110,079)				15,110,079
Securities Lending Reinvestments (c)—15.5%
Certificates of Deposit—9.1%
Banco Del Estado De Chile New York 2.222%, 1M LIBOR + 0.180%, 10/09/19 (d)		5,000,000		5,000,000
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (d)		3,000,000		2,999,763
Bank of Montreal (Chicago)
1.990%, SOFR + 0.170%, 02/07/20 (d)		2,000,000		2,000,422
2.070%, SOFR + 0.250%, 07/10/20 (d)		1,000,000		1,000,068
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (d)		2,000,000		1,999,990
2.210%, FEDEFF PRV + 0.380%, 09/09/20 (d)		1,000,000		999,996
Bank of Nova Scotia 2.481%, 3M LIBOR + 0.170%, 01/09/20 (d)		3,000,000		3,001,251
Barclays Bank plc 2.297%, 1M LIBOR + 0.230%, 02/05/20 (d)		4,000,000		3,997,208
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (d)		2,000,000		2,000,370
Canadian Imperial Bank of Commerce 2.278%, 1M LIBOR + 0.250%, 10/15/19 (d)		4,000,000		4,000,136
Chiba Bank, Ltd. 2.250%, 10/17/19		1,000,000		1,000,052
China Construction Bank Corp. 2.470%, 10/18/19		1,000,000		1,000,127
Commonwealth Bank of Australia 2.200%, 1M LIBOR + 0.175%, 04/16/20 (d)		3,000,000		2,998,770
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (d)		5,000,000		5,000,095
Credit Industriel et Commercial
2.227%, 1M LIBOR + 0.160%, 03/05/20 (d)		4,000,000		3,998,996
2.260%, 1M LIBOR + 0.160%, 01/03/20 (d)		2,000,000		1,999,748
Credit Suisse AG
2.219%, 1M LIBOR + 0.130%, 11/04/19 (d)		4,000,000		3,999,680
2.240%, 1M LIBOR + 0.140%, 10/02/19 (d)		6,000,000		6,000,000
DNB Bank ASA 2.020%, 03/10/20		1,000,000		999,786

BHFTII-140

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
DZ Bank AG
Zero Coupon, 10/18/19		2,981,939	$	2,996,850
Zero Coupon, 11/18/19		994,301		997,180
Zero Coupon, 03/17/20		4,452,046		4,456,755
KBC Bank NV
Zero Coupon, 10/25/19		6,909,000		6,990,583
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 11/18/19		1,988,577		1,994,360
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (d)		3,000,000		2,999,691
National Australia Bank, Ltd. 2.232%, 1M LIBOR + 0.190%, 04/08/20 (d)		1,000,000		999,840
Norinchukin Bank, New York Zero Coupon, 10/09/19		1,988,162		1,998,940
Rabobank International London 2.236%, 1M LIBOR + 0.190%, 04/24/20 (d)		5,000,000		4,999,500
Sumitomo Mitsui Banking Corp. 2.179%, 1M LIBOR + 0.140%, 11/12/19 (d)		2,000,000		1,999,900
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 10/17/19		1,973,515		1,998,020
Svenska Handelsbanken AB 2.429%, 1M LIBOR + 0.380%, 12/10/19 (d)		2,000,000		2,000,804
Toronto-Dominion Bank
2.180%, FEDEFF PRV + 0.350%, 07/31/20 (d)		2,000,000		1,998,818
2.269%, 1M LIBOR + 0.180%, 06/03/20 (d)		3,000,000		2,999,914
Wells Fargo Bank N.A. 2.180%, FEDEFF PRV + 0.350%, 08/20/20 (d)		7,000,000		7,000,000
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (d)		5,000,000		4,999,982
				105,427,595
Commercial Paper—2.2%
Bank of China, Ltd. 2.470%, 10/11/19		4,970,497		4,996,445
China Construction Bank Corp.
2.470%, 10/18/19		993,756		998,858
2.500%, 10/01/19		2,000,000		2,000,016
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (d)		5,000,000		5,000,810
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (d)		1,000,000		1,000,028
Societe Generale 2.555%, 3M LIBOR + 0.410%, 12/18/19 (d)		1,000,848		1,000,915
Sumitomo Mitsui Banking Corp. 2.187%, 1M LIBOR + 0.130%, 01/06/20 (d)		5,000,000		4,999,360
Thunder Bay Funding LLC 2.167%, 1M LIBOR + 0.100%, 12/05/19 (d)		2,000,000		1,999,800
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (d)		2,999,630		2,998,467
				24,994,699
Repurchase Agreements—3.6%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $3,000,160; collateralized by various Common Stock with an aggregate market value of $3,300,001.		3,000,000		3,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $1,508,702; 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 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $12,577,625; collateralized by various Common Stock with an aggregate market value of $13,751,411.		12,500,000		12,500,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $6,012,658; collateralized by various Common Stock with an aggregate market value of $6,600,000.		6,000,000		6,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $700,047; collateralized by U.S. Treasury and U.S. Government Agency Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $714,000.		700,000		700,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $7,353,531; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $7,500,227.		7,353,163		7,353,163
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $800,044; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $890,402.		800,000		800,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $ 2,000,109; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $ 1,700,094; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,888,805.		1,700,000		1,700,000

BHFTII-141

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $5,802,256; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $6,444,159.		5,800,000	$	5,800,000
				41,353,163
Time Deposit—0.6%
Nordea Bank New York 1.760%, 10/01/19		7,000,000		7,000,000
Total Securities Lending Reinvestments (Cost $178,777,269)				178,775,457
Total Investments—116.1% (Cost $1,108,184,291)				1,344,803,208
Other assets and liabilities (net)—(16.1)%				(186,139,894	)
Net Assets—100.0%			$	1,158,663,314

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $179,326,896 and the collateral received consisted of cash in the amount of $178,605,436 and non-cash collateral with a value of $2,548,072. 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.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(d)	Variable or floating rate security. The stated rate represents the rate at September 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.

Index Abbreviations

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

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,150,917,672	$	—		$	—	$	1,150,917,672
Total Short-Term Investment*		—		15,110,079			—		15,110,079
Total Securities Lending Reinvestments*		—		178,775,457			—		178,775,457
Total Investments	$	1,150,917,672	$	193,885,536		$	—	$	1,344,803,208
Collateral for Securities Loaned (Liability)	$	—	$	(178,605,436	)	$	—	$	(178,605,436	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-142

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

Common Stocks—99.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—5.7%
Airbus SE		203,853	$	26,508,074
Boeing Co. (The)		198,540		75,538,514
Safran S.A.		296,376		46,721,124
				148,767,712
Automobiles—1.6%
Tesla, Inc. (a) (b)		177,307		42,707,937
Banks—0.5%
JPMorgan Chase & Co.		119,145		14,022,175
Biotechnology—3.5%
Alexion Pharmaceuticals, Inc. (a)		182,894		17,912,638
BioMarin Pharmaceutical, Inc. (a)		254,152		17,129,845
Exact Sciences Corp. (a) (b)		122,727		11,090,839
Sage Therapeutics, Inc. (a) (b)		79,612		11,168,767
Vertex Pharmaceuticals, Inc. (a)		199,933		33,872,649
				91,174,738
Capital Markets—1.0%
S&P Global, Inc.		111,663		27,355,202
Entertainment—4.2%
Netflix, Inc. (a) (b)		293,308		78,495,087
Walt Disney Co. (The)		231,209		30,131,157
				108,626,244
Equity Real Estate Investment Trusts—1.8%
American Tower Corp.		105,177		23,257,790
Crown Castle International Corp. (b)		173,368		24,099,886
				47,357,676
Food & Staples Retailing—2.3%
Costco Wholesale Corp.		208,415		60,046,446
Health Care Equipment & Supplies—4.4%
Danaher Corp.		206,273		29,792,009
DexCom, Inc. (a) (b)		91,226		13,614,568
Edwards Lifesciences Corp. (a)		142,699		31,380,937
Intuitive Surgical, Inc. (a)		73,893		39,897,048
				114,684,562
Hotels, Restaurants & Leisure—2.0%
Chipotle Mexican Grill, Inc. (a)		39,893		33,528,870
Marriott International, Inc. - Class A		149,126		18,546,800
				52,075,670
Interactive Media & Services—10.1%
Alphabet, Inc. - Class A (a)		57,722		70,486,643
Alphabet, Inc. - Class C (a)		57,716		70,355,804
Facebook, Inc. - Class A (a)		416,698		74,205,580
Tencent Holdings, Ltd.		1,150,748		48,837,396
				263,885,423
Internet & Direct Marketing Retail—8.6%
Alibaba Group Holding, Ltd. (ADR) (a)		414,712		69,352,288
Amazon.com, Inc. (a)		89,610		155,554,895
				224,907,183
IT Services—13.5%
Adyen NV (a)		32,779		21,613,038
FleetCor Technologies, Inc. (a) (b)		77,591		22,251,547
MasterCard, Inc. - Class A		445,375		120,950,489
PayPal Holdings, Inc. (a)		415,528		43,044,545
Shopify, Inc. - Class A (a)		50,545		15,752,855
Square, Inc. - Class A (a) (b)		288,729		17,886,762
Twilio, Inc. - Class A (a) (b)		119,722		13,164,631
Visa, Inc. - Class A (b)		558,497		96,067,069
				350,730,936
Life Sciences Tools & Services—1.7%
Illumina, Inc. (a)		145,968		44,406,385
Personal Products—2.0%
Estee Lauder Cos., Inc. (The) - Class A (b)		266,075		52,935,621
Pharmaceuticals—1.8%
AstraZeneca plc (ADR)		1,037,908		46,259,560
Road & Rail—1.5%
Uber Technologies, Inc. (a) (b)		249,553		7,603,880
Union Pacific Corp.		192,676		31,209,658
				38,813,538
Semiconductors & Semiconductor Equipment—4.0%
Broadcom, Inc.		121,283		33,482,598
NVIDIA Corp.		240,935		41,939,555
QUALCOMM, Inc.		372,251		28,395,306
				103,817,459
Software—17.3%
Adobe, Inc. (a)		249,251		68,855,589
Microsoft Corp.		1,101,102		153,086,211
Salesforce.com, Inc. (a)		667,521		99,086,817
SAP SE (ADR)		196,079		23,111,832
ServiceNow, Inc. (a)		125,383		31,828,475
Splunk, Inc. (a) (b)		262,186		30,901,242
Workday, Inc. - Class A (a) (b)		263,163		44,727,183
				451,597,349
Specialty Retail—1.6%
Home Depot, Inc. (The)		175,958		40,825,775
Technology Hardware, Storage & Peripherals—3.6%
Apple, Inc.		416,142		93,203,324
Textiles, Apparel & Luxury Goods—6.6%
adidas AG		86,429		26,898,656
Kering S.A.		78,151		39,897,011
lululemon athletica, Inc. (a)		216,135		41,612,472

BHFTII-143

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—(Continued)
NIKE, Inc. - Class B		673,551	$	63,259,910
				171,668,049
Total Common Stocks (Cost $1,635,782,197)				2,589,868,964
Short-Term Investment—0.5%
Repurchase Agreement—0.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $13,954,754; collateralized by U.S. Treasury Note at 2.500%, maturing 01/15/22, with a market value of $14,235,928.		13,954,444		13,954,444
Total Short-Term Investments (Cost $13,954,444)				13,954,444
Securities Lending Reinvestments (c)—9.3%
Certificates of Deposit—6.4%
Banco Del Estado De Chile New York 2.222%, 1M LIBOR + 0.180%, 10/09/19 (d)		10,000,000		10,000,000
Bank of Nova Scotia
2.198%, 1M LIBOR + 0.170%, 05/15/20 (d)		7,000,000		6,996,906
2.481%, 3M LIBOR + 0.170%, 01/09/20 (d)		5,000,000		5,002,085
Barclays Bank plc 2.297%, 1M LIBOR + 0.230%, 02/05/20 (d)		4,000,000		3,997,208
Canadian Imperial Bank of Commerce 2.278%, 1M LIBOR + 0.250%, 10/15/19 (d)		8,000,000		8,000,272
China Construction Bank Corp. 2.470%, 10/18/19		2,000,000		2,000,254
Commonwealth Bank of Australia 2.200%, 1M LIBOR + 0.175%, 04/16/20 (d)		5,000,000		4,997,950
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (d)		10,000,000		10,000,190
Credit Agricole S.A. 2.256%, 1M LIBOR + 0.210%, 12/20/19 (d)		5,000,000		5,000,715
Credit Industriel et Commercial
2.227%, 1M LIBOR + 0.160%, 03/05/20 (d)		4,000,000		3,998,996
2.393%, 3M LIBOR + 0.090%, 10/15/19 (d)		4,000,000		4,000,420
Credit Suisse AG 2.240%, 1M LIBOR + 0.140%, 10/02/19 (d)		7,000,000		7,000,000
DZ Bank AG
Zero Coupon, 10/18/19		6,957,859		6,992,650
Zero Coupon, 10/23/19		2,982,242		2,995,980
Zero Coupon, 03/10/20		989,594		990,790
KBC Bank NV
Zero Coupon, 10/25/19		2,961,000		2,995,964
2.220%, 12/03/19		4,000,000		4,000,960
Mitsubishi UFJ Trust and Banking Corp. 2.226%, 1M LIBOR + 0.180%, 01/23/20 (d)		4,000,000		3,999,948
Mizuho Bank, Ltd.
Zero Coupon, 10/23/19		4,970,404		4,993,300
2.174%, 1M LIBOR + 0.120%, 11/27/19 (d)		4,000,000		3,999,924
Certificates of Deposit—(Continued)
MUFG Bank Ltd.
2.216%, 1M LIBOR + 0.170%, 02/24/20 (d)		2,000,000		1,999,794
Royal Bank of Canada New York 2.110%, SOFR + 0.290%, 07/16/20 (d)		6,000,000		6,001,890
Societe Generale 2.180%, FEDEFF PRV + 0.350%, 06/19/20 (d)		4,000,000		3,999,412
Standard Chartered Bank 2.230%, FEDEFF PRV + 0.400%, 03/13/20 (d)		2,000,000		1,999,988
Sumitomo Mitsui Banking Corp.
2.179%, 1M LIBOR + 0.140%, 11/12/19 (d)		3,000,000		2,999,850
2.234%, 1M LIBOR + 0.180%, 01/27/20 (d)		7,000,000		6,999,517
Sumitomo Mitsui Trust Bank, Ltd. 2.184%, 1M LIBOR + 0.140%, 11/20/19 (d)		5,000,000		4,999,900
Svenska Handelsbanken AB
2.247%, 1M LIBOR + 0.180%, 06/05/20 (d)		3,000,000		2,998,590
2.266%, 1M LIBOR + 0.220%, 07/22/20 (d)		4,000,000		3,998,768
2.344%, 1M LIBOR + 0.300%, 10/31/19 (d)		4,000,000		4,000,576
2.429%, 1M LIBOR + 0.380%, 12/10/19 (d)		5,000,000		5,002,010
Toronto-Dominion Bank
2.180%, FEDEFF PRV + 0.350%, 07/31/20 (d)		2,000,000		1,998,818
2.269%, 1M LIBOR + 0.180%, 06/03/20 (d)		5,000,000		4,999,857
Wells Fargo Bank N.A. 2.180%, FEDEFF PRV + 0.350%, 08/20/20 (d)		3,000,000		3,000,000
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (d)		10,000,000		9,999,964
				166,963,446
Commercial Paper—1.6%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd. 2.470%, 10/11/19		8,946,895		8,993,601
Cafco LLC 2.120%, 10/31/19		1,992,580		1,996,362
China Construction Bank Corp.
2.470%, 10/18/19		993,756		998,858
2.500%, 10/01/19		2,000,000		2,000,016
Industrial & Commercial Bank of China, Corp. 2.470%, 10/25/19		993,688		998,636
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (d)		5,000,000		5,000,810
Kells Funding LLC 2.260%, 10/28/19		2,980,602		2,995,438
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (d)		2,000,000		2,000,056
Sumitomo Mitsui Banking Corp. 2.187%, 1M LIBOR + 0.130%, 01/06/20 (d)		6,000,000		5,999,232
Thunder Bay Funding LLC 2.167%, 1M LIBOR + 0.100%, 12/05/19 (d)		4,000,000		3,999,600
Toronto-Dominion Bank 2.417%, 1M LIBOR + 0.350%, 11/05/19 (d)		2,000,000		2,000,298
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (d)		3,999,506		3,997,956
				41,976,251

BHFTII-144

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—1.3%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $3,000,160; collateralized by various Common Stock with an aggregate market value of $3,300,001.		3,000,000	$	3,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $4,526,105; collateralized by various Common Stock with an aggregate market value of $4,950,001.		4,500,000		4,500,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $15,093,150; collateralized by various Common Stock with an aggregate market value of $16,501,694.		15,000,000		15,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $8,016,878; collateralized by various Common Stock with an aggregate market value of $8,800,000.		8,000,000		8,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $1,076,158; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $1,097,626.		1,076,104		1,076,104
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,000,055; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,113,002.		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $500,027; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $555,531.		500,000		500,000
				33,076,104
Total Securities Lending Reinvestments (Cost $242,020,036)				242,015,801
Total Investments—109.1% (Cost $1,891,756,677)				2,845,839,209
Other assets and liabilities (net)—(9.1)%				(238,483,992	)
Net Assets—100.0%			$	2,607,355,217

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $278,236,266 and the collateral received consisted of cash in the amount of $241,838,493 and non-cash collateral with a value of $45,347,359. 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.
(c)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(d)	Variable or floating rate security. The stated rate represents the rate at September 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.

Index Abbreviations

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

Other Abbreviations

(ADR)— American Depositary Receipt

BHFTII-145

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	75,538,514	$	73,229,198		$	—	$	148,767,712
Automobiles		42,707,937		—			—		42,707,937
Banks		14,022,175		—			—		14,022,175
Biotechnology		91,174,738		—			—		91,174,738
Capital Markets		27,355,202		—			—		27,355,202
Entertainment		108,626,244		—			—		108,626,244
Equity Real Estate Investment Trusts		47,357,676		—			—		47,357,676
Food & Staples Retailing		60,046,446		—			—		60,046,446
Health Care Equipment & Supplies		114,684,562		—			—		114,684,562
Hotels, Restaurants & Leisure		52,075,670		—			—		52,075,670
Interactive Media & Services		215,048,027		48,837,396			—		263,885,423
Internet & Direct Marketing Retail		224,907,183		—			—		224,907,183
IT Services		329,117,898		21,613,038			—		350,730,936
Life Sciences Tools & Services		44,406,385		—			—		44,406,385
Personal Products		52,935,621		—			—		52,935,621
Pharmaceuticals		46,259,560		—			—		46,259,560
Road & Rail		38,813,538		—			—		38,813,538
Semiconductors & Semiconductor Equipment		103,817,459		—			—		103,817,459
Software		451,597,349		—			—		451,597,349
Specialty Retail		40,825,775		—			—		40,825,775
Technology Hardware, Storage & Peripherals		93,203,324		—			—		93,203,324
Textiles, Apparel & Luxury Goods		104,872,382		66,795,667			—		171,668,049
Total Common Stocks		2,379,393,665		210,475,299			—		2,589,868,964
Total Short-Term Investment*		—		13,954,444			—		13,954,444
Total Securities Lending Reinvestments*		—		242,015,801			—		242,015,801
Total Investments	$	2,379,393,665	$	466,445,544		$	—	$	2,845,839,209
Collateral for Securities Loaned (Liability)	$	—	$	(241,838,493	)	$	—	$	(241,838,493	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-146

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Common Stocks—98.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.7%
AAR Corp.		32,090	$	1,322,429
Aerojet Rocketdyne Holdings, Inc. (a) (b)		59,215		2,990,950
BWX Technologies, Inc.		28,779		1,646,446
Hexcel Corp.		24,301		1,995,841
Kratos Defense & Security Solutions, Inc. (a)		50,944		947,304
Mercury Systems, Inc. (a)		26,825		2,177,385
				11,080,355
Air Freight & Logistics—0.2%
Air Transport Services Group, Inc. (a)		37,940		797,499
Auto Components—1.5%
Cooper Tire & Rubber Co. (b)		53,136		1,387,912
Fox Factory Holding Corp. (a) (b)		34,989		2,177,716
LCI Industries (b)		14,660		1,346,521
Stoneridge, Inc. (a) (b)		43,224		1,338,647
				6,250,796
Banks—10.4%
Ameris Bancorp		58,218		2,342,692
BancorpSouth Bank		62,743		1,857,820
Bank OZK		39,676		1,081,964
Bryn Mawr Bank Corp.		59,197		2,161,282
Carolina Financial Corp.		35,308		1,254,846
Cathay General Bancorp		52,460		1,822,198
CenterState Bank Corp.		83,285		1,997,591
CVB Financial Corp.		94,169		1,965,307
First Financial Bancorp		90,458		2,213,960
Home BancShares, Inc. (b)		129,552		2,434,930
Iberiabank Corp.		35,130		2,653,720
PacWest Bancorp		53,740		1,952,912
Pinnacle Financial Partners, Inc. (b)		37,880		2,149,690
Popular, Inc.		57,298		3,098,676
Prosperity Bancshares, Inc.		42,944		3,033,135
Signature Bank		15,796		1,883,199
TCF Financial Corp.		82,403		3,137,082
Triumph Bancorp, Inc. (a)		78,995		2,519,151
Wintrust Financial Corp.		43,005		2,779,413
				42,339,568
Beverages—0.5%
Cott Corp.		156,629		1,953,164
Biotechnology—2.5%
Aimmune Therapeutics, Inc. (a) (b)		43,953		920,376
Argenx SE (ADR) (a)		10,553		1,202,620
Blueprint Medicines Corp. (a) (b)		12,575		923,885
Epizyme, Inc. (a)		72,214		744,887
Genomic Health, Inc. (a)		15,545		1,054,262
Halozyme Therapeutics, Inc. (a)		58,083		900,867
PTC Therapeutics, Inc. (a)		17,303		585,188
Repligen Corp. (a)		17,107		1,311,936
Ultragenyx Pharmaceutical, Inc. (a) (b)		10,707		458,045
United Therapeutics Corp. (a)		16,309		1,300,643
Biotechnology—(Continued)
Xencor, Inc. (a) (b)		26,264		885,885
				10,288,594
Building Products—2.2%
AAON, Inc. (b)		30,886		1,418,903
Advanced Drainage Systems, Inc.		22,723		733,271
American Woodmark Corp. (a) (b)		16,146		1,435,541
Armstrong World Industries, Inc.		34,125		3,299,887
Trex Co., Inc. (a) (b)		23,713		2,156,223
				9,043,825
Capital Markets—1.5%
Assetmark Financial Holdings, Inc. (a)		38,342		998,809
Donnelley Financial Solutions, Inc. (a)		122,388		1,507,820
Hamilton Lane, Inc. - Class A		17,048		971,054
Stifel Financial Corp.		46,489		2,667,539
				6,145,222
Chemicals—2.1%
AdvanSix, Inc. (a)		70,052		1,801,737
Ashland Global Holdings, Inc.		22,086		1,701,726
Cabot Corp. (b)		40,908		1,853,951
Ingevity Corp. (a)		15,638		1,326,728
WR Grace & Co.		26,112		1,743,237
				8,427,379
Commercial Services & Supplies—3.4%
Casella Waste Systems, Inc. - Class A (a)		33,013		1,417,578
Clean Harbors, Inc. (a)		33,861		2,614,069
IAA, Inc. (a)		62,203		2,595,731
KAR Auction Services, Inc. (b)		62,203		1,527,084
Kimball International, Inc. - Class B		74,366		1,435,264
McGrath RentCorp		6,638		461,938
Viad Corp.		58,200		3,908,130
				13,959,794
Communications Equipment—0.7%
Digi International, Inc. (a)		95,393		1,299,253
Viavi Solutions, Inc. (a)		119,300		1,670,796
				2,970,049
Construction & Engineering—0.8%
Arcosa, Inc.		66,800		2,285,228
Primoris Services Corp.		47,498		931,436
				3,216,664
Distributors—0.9%
Core-Mark Holding Co., Inc.		46,959		1,508,088
Pool Corp.		11,509		2,321,366
				3,829,454
Diversified Consumer Services—1.9%
Chegg, Inc. (a)		5,328		159,574

BHFTII-147

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Consumer Services—(Continued)
frontdoor, Inc. (a)		43,044	$	2,090,647
Grand Canyon Education, Inc. (a)		17,970		1,764,654
Laureate Education, Inc. - Class A (a)		98,274		1,628,891
OneSpaWorld Holdings, Ltd. (a) (b)		55,052		854,958
ServiceMaster Global Holdings, Inc. (a)		25,132		1,404,879
				7,903,603
Diversified Financial Services—0.6%
Cannae Holdings, Inc. (a)		89,256		2,451,862
Diversified Telecommunication Services —1.4%
Bandwidth, Inc. - Class A (a)		14,219		925,799
Cogent Communications Holdings, Inc.		25,403		1,399,705
GCI Liberty, Inc. - Class A (a) (b)		53,435		3,316,711
				5,642,215
Electric Utilities—1.0%
ALLETE, Inc.		48,118		4,205,994
Electrical Equipment—0.9%
Generac Holdings, Inc. (a)		24,825		1,944,790
TPI Composites, Inc. (a) (b)		85,785		1,608,469
				3,553,259
Electronic Equipment, Instruments & Components—2.4%
Kimball Electronics, Inc. (a)		38,991		565,759
Littelfuse, Inc.		18,772		3,328,463
Methode Electronics, Inc.		57,982		1,950,515
Novanta, Inc. (a)		18,168		1,484,689
Rogers Corp. (a)		12,020		1,643,254
TTM Technologies, Inc. (a) (b)		74,101		903,662
				9,876,342
Energy Equipment & Services—1.2%
Apergy Corp. (a)		110,748		2,995,734
Cactus, Inc. - Class A (a)		39,401		1,140,265
DMC Global, Inc. (b)		15,637		687,715
				4,823,714
Entertainment—0.7%
IMAX Corp. (a)		62,569		1,373,390
Liberty Braves Group - Class C (a)		46,198		1,281,994
				2,655,384
Equity Real Estate Investment Trusts—5.9%
American Campus Communities, Inc.		38,783		1,864,687
Americold Realty Trust		65,646		2,433,497
CubeSmart (b)		63,463		2,214,859
CyrusOne, Inc.		31,272		2,473,615
Essential Properties Realty Trust, Inc.		99,940		2,289,625
JBG SMITH Properties		57,281		2,245,988
National Retail Properties, Inc.		31,847		1,796,171
Outfront Media, Inc.		58,965		1,638,048
Retail Opportunity Investments Corp.		115,530		2,106,112
Equity Real Estate Investment Trusts—(Continued)
Rexford Industrial Realty, Inc.		65,662		2,890,441
Ryman Hospitality Properties, Inc.		25,498		2,085,991
				24,039,034
Food & Staples Retailing—0.4%
Chefs’ Warehouse, Inc. (The) (a) (b)		39,709		1,601,067
Food Products—3.2%
Darling Ingredients, Inc. (a)		78,726		1,506,028
Freshpet, Inc. (a)		39,401		1,960,988
J&J Snack Foods Corp.		14,258		2,737,536
Nomad Foods, Ltd. (a)		162,805		3,337,503
Post Holdings, Inc. (a)		19,974		2,114,048
Simply Good Foods Co. (The) (a)		47,992		1,391,288
				13,047,391
Health Care Equipment & Supplies—2.7%
AtriCure, Inc. (a) (b)		43,742		1,090,926
Avanos Medical, Inc. (a)		45,994		1,722,935
CONMED Corp. (b)		18,823		1,809,832
CryoLife, Inc. (a) (b)		32,735		888,755
Penumbra, Inc. (a) (b)		6,982		939,009
Quidel Corp. (a)		42,489		2,606,700
Varex Imaging Corp. (a)		68,337		1,950,338
				11,008,495
Health Care Providers & Services—1.5%
Amedisys, Inc. (a)		11,588		1,518,144
AMN Healthcare Services, Inc. (a)		35,597		2,048,963
BioTelemetry, Inc. (a) (b)		23,666		963,916
LHC Group, Inc. (a) (b)		13,950		1,584,162
				6,115,185
Health Care Technology—0.7%
HMS Holdings Corp. (a)		38,935		1,341,895
Inovalon Holdings, Inc. - Class A (a)		25,445		417,043
Medidata Solutions, Inc. (a)		10,024		917,196
				2,676,134
Hotels, Restaurants & Leisure—2.5%
Churchill Downs, Inc.		30,462		3,760,686
Cracker Barrel Old Country Store, Inc. (b)		8,442		1,373,091
Marriott Vacations Worldwide Corp.		26,382		2,733,439
Planet Fitness, Inc. - Class A (a)		18,405		1,065,098
Wingstop, Inc.		16,217		1,415,420
				10,347,734
Household Durables—0.6%
Helen of Troy, Ltd. (a)		15,831		2,495,915
Independent Power and Renewable Electricity Producers—2.0%
NextEra Energy Partners LP (b)		56,995		3,011,616
NRG Energy, Inc.		51,641		2,044,983

BHFTII-148

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Independent Power and Renewable Electricity Producers—(Continued)
Vistra Energy Corp.		114,360	$	3,056,843
				8,113,442
Industrial Conglomerates—0.5%
Raven Industries, Inc.		59,151		1,979,192
Insurance—4.4%
Employers Holdings, Inc.		65,494		2,854,229
First American Financial Corp.		48,823		2,881,045
Goosehead Insurance, Inc. - Class A (b)		42,221		2,083,606
James River Group Holdings, Ltd.		24,171		1,238,522
Kinsale Capital Group, Inc.		23,358		2,413,115
Palomar Holdings, Inc. (a)		18,242		719,100
ProAssurance Corp.		47,449		1,910,771
Reinsurance Group of America, Inc.		19,152		3,062,022
Trupanion, Inc. (a) (b)		25,319		643,609
				17,806,019
Internet & Direct Marketing Retail—0.3%
Qurate Retail, Inc. (a)		103,173		1,064,229
IT Services—5.4%
Conduent, Inc. (a)		145,416		904,488
CSG Systems International, Inc.		39,060		2,018,621
Euronet Worldwide, Inc. (a)		19,030		2,784,089
EVERTEC, Inc.		34,022		1,062,167
Evo Payments, Inc. - Class A (a)		56,250		1,581,750
Genpact, Ltd.		82,491		3,196,526
InterXion Holding NV (a)		27,260		2,220,600
NIC, Inc.		39,570		817,121
Perspecta, Inc.		82,286		2,149,310
WEX, Inc. (a)		14,178		2,864,948
WNS Holdings, Ltd. (ADR) (a)		39,298		2,308,757
				21,908,377
Leisure Products—0.7%
Brunswick Corp.		29,418		1,533,266
Callaway Golf Co. (b)		65,471		1,270,792
				2,804,058
Life Sciences Tools & Services—1.3%
Adaptive Biotechnologies Corp. (a) (b)		20,166		623,129
Cambrex Corp. (a)		32,274		1,920,303
NeoGenomics, Inc. (a) (b)		45,120		862,695
PRA Health Sciences, Inc. (a)		20,166		2,001,072
				5,407,199
Machinery—5.1%
Alamo Group, Inc.		21,639		2,547,343
Albany International Corp. - Class A		25,277		2,278,974
Altra Industrial Motion Corp.		25,476		705,558
Chart Industries, Inc. (a) (b)		21,059		1,313,239
Columbus McKinnon Corp.		60,543		2,205,582
Harsco Corp. (a)		193,188		3,662,844
John Bean Technologies Corp.		13,507		1,343,001
Machinery—(Continued)
Kadant, Inc. (b)		24,343		2,137,072
Kornit Digital, Ltd. (a)		45,254		1,392,918
Proto Labs, Inc. (a) (b)		12,496		1,275,842
RBC Bearings, Inc. (a)		12,172		2,019,457
				20,881,830
Marine—0.3%
Kirby Corp. (a)		12,916		1,061,179
Media—0.9%
Gray Television, Inc. (a) (b)		149,817		2,445,014
John Wiley & Sons, Inc. - Class A (b)		30,665		1,347,420
				3,792,434
Metals & Mining—0.3%
Ferroglobe Representation & Warranty Insurance Trust (a) (c) (d)		141,548		0
Haynes International, Inc.		37,282		1,336,187
				1,336,187
Multi-Utilities—1.4%
MDU Resources Group, Inc.		81,083		2,285,730
NorthWestern Corp.		42,410		3,182,870
				5,468,600
Oil, Gas & Consumable Fuels—1.0%
Arch Coal, Inc. - Class A (b)		13,400		994,280
SRC Energy, Inc. (a)		203,619		948,865
Viper Energy Partners LP		73,615		2,036,927
				3,980,072
Personal Products—0.3%
Medifast, Inc. (b)		13,450		1,393,823
Pharmaceuticals—2.1%
Catalent, Inc. (a) (b)		46,744		2,227,819
Horizon Therapeutics plc (a)		42,616		1,160,433
MyoKardia, Inc. (a) (b)		13,760		717,584
Pacira BioSciences, Inc. (a)		23,657		900,622
Reata Pharmaceuticals, Inc. - Class A (a) (b)		9,968		800,331
Supernus Pharmaceuticals, Inc. (a)		75,508		2,074,960
Zogenix, Inc. (a)		17,093		684,404
				8,566,153
Professional Services—2.7%
ASGN, Inc. (a)		33,898		2,130,828
Clarivate Analytics plc (a) (b)		88,513		1,493,214
Huron Consulting Group, Inc. (a)		26,731		1,639,680
ICF International, Inc.		19,585		1,654,345
Insperity, Inc.		22,797		2,248,240
Korn Ferry		48,732		1,883,005
				11,049,312
Road & Rail—0.9%
Genesee & Wyoming, Inc. - Class A (a)		19,217		2,123,671

BHFTII-149

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Road & Rail—(Continued)
Old Dominion Freight Line, Inc.		9,693	$	1,647,519
				3,771,190
Semiconductors & Semiconductor Equipment—2.3%
Advanced Energy Industries, Inc. (a)		36,828		2,114,295
Mellanox Technologies, Ltd. (a)		15,001		1,643,960
Monolithic Power Systems, Inc.		11,769		1,831,609
Silicon Laboratories, Inc. (a)		14,929		1,662,344
Tower Semiconductor, Ltd. (U.S. Listed Shares) (a)		63,311		1,218,104
Versum Materials, Inc.		13,259		701,799
				9,172,111
Software—4.5%
ACI Worldwide, Inc. (a)		45,312		1,419,398
Cornerstone OnDemand, Inc. (a)		17,749		973,000
Envestnet, Inc. (a)		25,261		1,432,299
Five9, Inc. (a)		34,251		1,840,649
Globant S.A. (a)		12,630		1,156,655
HubSpot, Inc. (a)		8,754		1,327,194
LogMeIn, Inc.		18,215		1,292,536
Mimecast, Ltd. (a)		32,149		1,146,755
PROS Holdings, Inc. (a)		13,560		808,176
Q2 Holdings, Inc. (a) (b)		24,274		1,914,490
Rapid7, Inc. (a)		32,189		1,461,059
RealPage, Inc. (a) (b)		27,773		1,745,811
Verint Systems, Inc. (a)		38,164		1,632,656
				18,150,678
Specialty Retail—1.6%
Aaron’s, Inc.		40,040		2,572,971
National Vision Holdings, Inc. (a)		50,142		1,206,918
Sonic Automotive, Inc. - Class A		21,271		668,122
Urban Outfitters, Inc. (a) (b)		68,424		1,922,030
				6,370,041
Textiles, Apparel & Luxury Goods—0.7%
Columbia Sportswear Co.		17,710		1,715,922
Steven Madden, Ltd.		29,859		1,068,654
				2,784,576
Thrifts & Mortgage Finance—2.0%
Essent Group, Ltd.		27,729		1,321,842
Federal Agricultural Mortgage Corp. - Class C		21,608		1,764,509
Meta Financial Group, Inc. (b)		62,223		2,029,092
NMI Holdings, Inc. - Class A (a)		45,673		1,199,373
OceanFirst Financial Corp.		78,960		1,863,456
				8,178,272
Trading Companies & Distributors—0.5%
SiteOne Landscape Supply, Inc. (a) (b)		27,710		2,051,094
Total Common Stocks (Cost $292,581,113)				399,835,759

Short-Term Investment—2.0%
Security Description	Principal Amount*		Value
Repurchase Agreement—2.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $8,217,934; collateralized by U.S. Treasury Note at 2.000%, maturing 12/31/21, with a market value of $8,382,964.		8,217,751	$	8,217,751
Total Short-Term Investments (Cost $8,217,751)				8,217,751
Securities Lending Reinvestments (e)—14.8%
Certificates of Deposit—3.0%
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (f)		1,000,000		1,000,185
Canadian Imperial Bank of Commerce 2.180%, FEDEFF PRV + 0.350%, 08/06/20 (f)		2,000,000		2,000,010
Chiba Bank, Ltd.
2.230%, 11/20/19		2,000,000		2,000,012
2.270%, 10/08/19		1,000,000		1,000,028
Credit Industriel et Commercial 2.260%, 1M LIBOR + 0.160%, 01/03/20 (f)		1,000,000		999,874
DZ Bank AG Zero Coupon, 11/18/19		994,301		997,180
Nationwide Building Society Zero Coupon, 10/09/19		1,996,323		1,998,940
Standard Chartered Bank 2.230%, FEDEFF PRV + 0.400%, 03/13/20 (f)		2,000,000		1,999,988
				11,996,217
Commercial Paper—1.0%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
China Construction Bank Corp. 2.470%, 10/18/19		993,756		998,858
Industrial & Commercial Bank of China, Corp. 2.470%, 10/25/19		993,688		998,636
Toronto-Dominion Bank 2.417%, 1M LIBOR + 0.350%, 11/05/19 (f)		1,000,000		1,000,149
				3,993,031
Repurchase Agreements—10.8%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $3,000,160; collateralized by various Common Stock with an aggregate market value of $3,300,001.		3,000,000		3,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $201,160; collateralized by various Common Stock with an aggregate market value of $220,000.		200,000		200,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $4,024,840; collateralized by various Common Stock with an aggregate market value of $4,400,452.		4,000,000		4,000,000

BHFTII-150

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $1,002,110; 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 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,200,080; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $1,224,001.		1,200,000		1,200,000
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,100,073; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $1,122,000.		1,100,000		1,100,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $7,828,122; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $7,984,286.		7,827,731		7,827,731
NBC Global Finance, Ltd.
Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,400,077; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,558,203.		1,400,000		1,400,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $5,001,964; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $5,557,037.		5,000,000		5,000,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $7,000,457; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $7,140,000.		7,000,000		7,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $3,300,181; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $3,666,504.		3,300,000		3,300,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $2,000,110; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,800,700; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,999,911.		1,800,000		1,800,000
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $2,300,894; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,555,442.		2,300,000		2,300,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,000,389; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000		1,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $2,000,778; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
				44,127,731
Total Securities Lending Reinvestments (Cost $60,116,502)				60,116,979
Total Investments—115.0% (Cost $360,915,366)				468,170,489
Other assets and liabilities (net)—(15.0)%				(61,152,501	)
Net Assets—100.0%			$	407,017,988

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $59,936,977 and the collateral received consisted of cash in the amount of $60,100,062 and non-cash collateral with a value of $988,413. 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.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, these securities represent less than 0.05% of net assets.
(e)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(f)	Variable or floating rate security. The stated rate represents the rate at September 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.

Glossary of Abbreviations

Index Abbreviations

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

Other Abbreviations

(ADR)— American Depositary Receipt

BHFTII-151

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	11,080,355	$	—	$	—	$	11,080,355
Air Freight & Logistics		797,499		—		—		797,499
Auto Components		6,250,796		—		—		6,250,796
Banks		42,339,568		—		—		42,339,568
Beverages		1,953,164		—		—		1,953,164
Biotechnology		10,288,594		—		—		10,288,594
Building Products		9,043,825		—		—		9,043,825
Capital Markets		6,145,222		—		—		6,145,222
Chemicals		8,427,379		—		—		8,427,379
Commercial Services & Supplies		11,364,063		—		—		11,364,063
Communications Equipment		2,970,049		—		—		2,970,049
Construction & Engineering		3,216,664		—		—		3,216,664
Distributors		6,425,185		—		—		6,425,185
Diversified Consumer Services		7,903,603		—		—		7,903,603
Diversified Financial Services		2,451,862		—		—		2,451,862
Diversified Telecommunication Services		5,642,215		—		—		5,642,215
Electric Utilities		4,205,994		—		—		4,205,994
Electrical Equipment		3,553,259		—		—		3,553,259
Electronic Equipment, Instruments & Components		9,876,342		—		—		9,876,342
Energy Equipment & Services		4,823,714		—		—		4,823,714
Entertainment		2,655,384		—		—		2,655,384
Equity Real Estate Investment Trusts		24,039,034		—		—		24,039,034
Food & Staples Retailing		1,601,067		—		—		1,601,067
Food Products		13,047,391		—		—		13,047,391
Health Care Equipment & Supplies		11,008,495		—		—		11,008,495
Health Care Providers & Services		6,115,185		—		—		6,115,185
Health Care Technology		2,676,134		—		—		2,676,134
Hotels, Restaurants & Leisure		10,347,734		—		—		10,347,734
Household Durables		2,495,915		—		—		2,495,915
Independent Power and Renewable Electricity Producers		8,113,442		—		—		8,113,442
Industrial Conglomerates		1,979,192		—		—		1,979,192
Insurance		17,806,019		—		—		17,806,019
Internet & Direct Marketing Retail		1,064,229		—		—		1,064,229
IT Services		21,908,377		—		—		21,908,377
Leisure Products		2,804,058		—		—		2,804,058
Life Sciences Tools & Services		5,407,199		—		—		5,407,199
Machinery		20,881,830		—		—		20,881,830
Marine		1,061,179		—		—		1,061,179
Media		3,792,434		—		—		3,792,434
Metals & Mining		1,336,187		—		0		1,336,187
Multi-Utilities		5,468,600		—		—		5,468,600
Oil, Gas & Consumable Fuels		3,980,072		—		—		3,980,072

BHFTII-152

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Personal Products	$	1,393,823	$	—		$	—	$	1,393,823
Pharmaceuticals		8,566,153		—			—		8,566,153
Professional Services		11,049,312		—			—		11,049,312
Road & Rail		3,771,190		—			—		3,771,190
Semiconductors & Semiconductor Equipment		9,172,111		—			—		9,172,111
Software		18,150,678		—			—		18,150,678
Specialty Retail		6,370,041		—			—		6,370,041
Textiles, Apparel & Luxury Goods		2,784,576		—			—		2,784,576
Thrifts & Mortgage Finance		8,178,272		—			—		8,178,272
Trading Companies & Distributors		2,051,094		—			—		2,051,094
Total Common Stocks		399,835,759		—			0		399,835,759
Total Short-Term Investment*		—		8,217,751			—		8,217,751
Total Securities Lending Reinvestments*		—		60,116,979			—		60,116,979
Total Investments	$	399,835,759	$	68,334,730		$	0	$	468,170,489
Collateral for Securities Loaned (Liability)	$	—	$	(60,100,062	)	$	—	$	(60,100,062	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2019 is not presented.

BHFTII-153

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

Common Stocks—97.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—4.9%
AAR Corp.		80,218	$	3,305,784
Hexcel Corp.		60,750		4,989,397
Kratos Defense & Security Solutions, Inc. (a)		127,607		2,372,852
Mercury Systems, Inc. (a)		67,059		5,443,179
				16,111,212
Air Freight & Logistics—0.6%
Air Transport Services Group, Inc. (a)		94,842		1,993,579
Auto Components—1.8%
Fox Factory Holding Corp. (a)		42,850		2,666,984
Stoneridge, Inc. (a) (b)		108,053		3,346,401
				6,013,385
Banks—0.8%
TCF Financial Corp.		65,617		2,498,039
Biotechnology—6.8%
Aimmune Therapeutics, Inc. (a) (b)		109,874		2,300,762
Argenx SE (ADR) (a)		26,381		3,006,379
Blueprint Medicines Corp. (a) (b)		31,436		2,309,603
Epizyme, Inc. (a)		180,523		1,862,095
Genomic Health, Inc. (a)		38,861		2,635,553
Halozyme Therapeutics, Inc. (a)		145,196		2,251,990
PTC Therapeutics, Inc. (a)		43,547		1,472,759
Repligen Corp. (a)		42,764		3,279,571
Ultragenyx Pharmaceutical, Inc. (a) (b)		26,767		1,145,092
Xencor, Inc. (a) (b)		65,657		2,214,611
				22,478,415
Building Products—3.3%
AAON, Inc. (b)		77,209		3,546,981
Advanced Drainage Systems, Inc.		56,929		1,837,099
Trex Co., Inc. (a) (b)		59,279		5,390,240
				10,774,320
Capital Markets—1.5%
Assetmark Financial Holdings, Inc. (a)		95,850		2,496,893
Hamilton Lane, Inc. - Class A		42,619		2,427,578
				4,924,471
Commercial Services & Supplies—1.4%
Casella Waste Systems, Inc. - Class A (a)		82,527		3,543,709
McGrath RentCorp		16,774		1,167,303
				4,711,012
Construction & Engineering—0.7%
Primoris Services Corp.		118,736		2,328,413
Distributors—1.8%
Pool Corp.		28,770		5,802,909
Diversified Consumer Services—2.7%
Chegg, Inc. (a)		13,319		398,904
Grand Canyon Education, Inc. (a)		44,923		4,411,439
Laureate Education, Inc. - Class A (a)		245,667		4,071,930
				8,882,273
Diversified Telecommunication Services—1.8%
Bandwidth, Inc. - Class A (a)		35,547		2,314,465
Cogent Communications Holdings, Inc.		63,504		3,499,071
				5,813,536
Electrical Equipment—1.5%
Generac Holdings, Inc. (a)		62,058		4,861,624
Electronic Equipment, Instruments & Components—1.8%
Novanta, Inc. (a)		45,417		3,711,477
Rogers Corp. (a)		16,192		2,213,609
				5,925,086
Energy Equipment & Services—1.5%
Apergy Corp. (a)		73,141		1,978,464
Cactus, Inc. - Class A (a)		98,495		2,850,445
				4,828,909
Entertainment—1.0%
IMAX Corp. (a)		156,412		3,433,243
Food & Staples Retailing—1.2%
Chefs’ Warehouse, Inc. (The) (a) (b)		99,266		4,002,405
Food Products—2.5%
Freshpet, Inc. (a)		98,495		4,902,096
Simply Good Foods Co. (The) (a)		119,972		3,477,988
				8,380,084
Health Care Equipment & Supplies—4.3%
AtriCure, Inc. (a)		109,349		2,727,164
CONMED Corp.		47,056		4,524,434
CryoLife, Inc. (a) (b)		81,832		2,221,739
Penumbra, Inc. (a) (b)		17,455		2,347,523
Quidel Corp. (a)		38,780		2,379,153
				14,200,013
Health Care Providers & Services—3.1%
Amedisys, Inc. (a)		28,968		3,795,098
BioTelemetry, Inc. (a)		59,160		2,409,587
LHC Group, Inc. (a)		34,872		3,960,064
				10,164,749
Health Care Technology—2.0%
HMS Holdings Corp. (a)		97,330		3,354,478
Inovalon Holdings, Inc. - Class A (a)		64,205		1,052,320
Medidata Solutions, Inc. (a)		25,058		2,292,807
				6,699,605

BHFTII-154

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—1.9%
Planet Fitness, Inc. - Class A (a)		46,011	$	2,662,657
Wingstop, Inc.		40,539		3,538,244
				6,200,901
Insurance—5.4%
Goosehead Insurance, Inc. - Class A		105,545		5,208,646
James River Group Holdings, Ltd.		60,424		3,096,126
Kinsale Capital Group, Inc.		58,390		6,032,271
Palomar Holdings, Inc. (a)		46,099		1,817,222
Trupanion, Inc. (a) (b)		63,294		1,608,933
				17,763,198
IT Services—6.0%
EVERTEC, Inc.		85,048		2,655,199
Evo Payments, Inc. - Class A (a)		140,615		3,954,094
InterXion Holding NV (a)		68,145		5,551,092
NIC, Inc.		99,262		2,049,760
WNS Holdings, Ltd. (ADR) (a)		98,239		5,771,541
				19,981,686
Leisure Products—1.0%
Callaway Golf Co. (b)		163,665		3,176,738
Life Sciences Tools & Services—2.6%
Adaptive Biotechnologies Corp. (a)		50,412		1,557,731
NeoGenomics, Inc. (a) (b)		112,792		2,156,583
PRA Health Sciences, Inc. (a)		50,412		5,002,383
				8,716,697
Machinery—7.1%
Albany International Corp. - Class A		63,189		5,697,120
Chart Industries, Inc. (a) (b)		52,644		3,282,880
Harsco Corp. (a)		153,398		2,908,426
Kornit Digital, Ltd. (a)		113,128		3,482,080
Proto Labs, Inc. (a) (b)		31,239		3,189,502
RBC Bearings, Inc. (a)		30,431		5,048,807
				23,608,815
Pharmaceuticals—3.7%
Horizon Therapeutics plc (a)		106,532		2,900,866
MyoKardia, Inc. (a) (b)		34,398		1,793,856
Pacira BioSciences, Inc. (a)		59,141		2,251,498
Reata Pharmaceuticals, Inc. - Class A (a) (b)		24,920		2,000,827
Supernus Pharmaceuticals, Inc. (a)		56,672		1,557,347
Zogenix, Inc. (a)		42,731		1,710,949
				12,215,343
Professional Services—2.5%
Huron Consulting Group, Inc. (a)		66,822		4,098,862
ICF International, Inc.		48,962		4,135,820
				8,234,682
Semiconductors & Semiconductor Equipment—2.6%
Monolithic Power Systems, Inc.		29,422		4,578,946
Silicon Laboratories, Inc. (a)		37,321		4,155,693
				8,734,639
Software—10.5%
Cornerstone OnDemand, Inc. (a)		44,370		2,432,363
Envestnet, Inc. (a)		63,149		3,580,548
Five9, Inc. (a)		85,621		4,601,273
Globant S.A. (a)		31,574		2,891,547
HubSpot, Inc. (a)		21,885		3,317,985
Mimecast, Ltd. (a)		80,368		2,866,727
PROS Holdings, Inc. (a)		33,900		2,020,440
Q2 Holdings, Inc. (a) (b)		60,681		4,785,910
Rapid7, Inc. (a)		80,467		3,652,397
RealPage, Inc. (a)		69,428		4,364,244
				34,513,434
Specialty Retail—1.4%
National Vision Holdings, Inc. (a) (b)		125,652		3,024,444
Sonic Automotive, Inc. - Class A		53,673		1,685,869
				4,710,313
Textiles, Apparel & Luxury Goods—2.1%
Columbia Sportswear Co.		44,271		4,289,417
Steven Madden, Ltd.		74,642		2,671,437
				6,960,854
Thrifts & Mortgage Finance—1.9%
Essent Group, Ltd.		69,318		3,304,389
NMI Holdings, Inc. - Class A (a)		114,174		2,998,209
				6,302,598
Trading Companies & Distributors—1.6%
SiteOne Landscape Supply, Inc. (a) (b)		69,270		5,127,365
Total Common Stocks (Cost $246,101,787)				321,074,545
Short-Term Investment—3.3%
Repurchase Agreement—3.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $10,770,848; collateralized by U.S. Treasury Note at 2.375%, maturing 03/15/22, with a market value of $10,987,339.		10,770,609		10,770,609
Total Short-Term Investments (Cost $10,770,609)				10,770,609

BHFTII-155

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

Securities Lending Reinvestments (c)—14.4%

Security Description	Principal Amount*		Value
Certificates of Deposit—2.0%
BNP Paribas S.A. New York
2.289%, 3M LIBOR + 0.050%, 11/06/19 (d)		1,000,000	$	1,000,185
Canadian Imperial Bank of Commerce 2.180%, FEDEFF PRV + 0.350%, 08/06/20 (d)		1,000,000		1,000,005
Chiba Bank, Ltd. 2.230%, 11/20/19		2,000,000		2,000,012
Credit Industriel et Commercial 2.260%, 1M LIBOR + 0.160%, 01/03/20 (d)		1,000,000		999,874
DZ Bank AG Zero Coupon, 11/18/19		994,301		997,180
Wells Fargo Bank N.A. 2.477%, 3M LIBOR + 0.210%, 10/25/19 (d)		500,000		500,116
				6,497,372
Commercial Paper—0.4%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd. 2.290%, 12/09/19		497,138		497,724
				1,493,112
Repurchase Agreements—11.7%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $4,000,213; collateralized by various Common Stock with an aggregate market value of $4,400,001.		4,000,000		4,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $502,901; collateralized by various Common Stock with an aggregate market value of $550,000.		500,000		500,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $1,002,110; 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 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,100,073; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $1,122,001.		1,100,000		1,100,000
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,000,067; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $3,930,374; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $4,008,781.		3,930,177		3,930,177
Repurchase Agreements—(Continued)
Morgan Stanley & Co. LLC Repurchase Agreement dated 09/30/19 at 2.370%, due on 03/30/20 with a maturity value of $1,011,982; collateralized by U.S. Treasury Obligations with rates ranging from 2.000% - 2.375%, maturity dates ranging from 03/15/22 - 05/15/29, and various Common Stock with an aggregate market value of $1,097,669.		1,000,000		1,000,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,300,072; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,446,903.		1,300,000		1,300,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $2,000,786; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $2,222,815.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $5,001,964; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $5,557,037.		5,000,000		5,000,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $9,000,588; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $9,180,000.		9,000,000		9,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $3,000,164; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $3,333,186.		3,000,000		3,000,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $1,000,055; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000		1,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,200,467; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,333,274.		1,200,000		1,200,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,200,467; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,333,274.		1,200,000		1,200,000

BHFTII-156

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,000,389; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000	$	1,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,500,583; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,666,593.		1,500,000		1,500,000
				38,730,177
Time Deposit—0.3%
Shizuoka Bank, Ltd. 2.250%, 10/18/19		1,000,000		1,000,000
Total Securities Lending Reinvestments (Cost $47,720,546)				47,720,661
Total Investments—115.0% (Cost $304,592,942)				379,565,815
Other assets and liabilities (net)—(15.0)%				(49,463,441	)
Net Assets—100.0%			$	330,102,374

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $48,196,338 and the collateral received consisted of cash in the amount of $47,715,879 and non-cash collateral with a value of $2,102,712. 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.
(c)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(d)	Variable or floating rate security. The stated rate represents the rate at September 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.

Glossary of Abbreviations

Index Abbreviations

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

Other Abbreviations

(ADR)— American Depositary Receipt

BHFTII-157

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	321,074,545	$	—		$	—	$	321,074,545
Total Short-Term Investment*		—		10,770,609			—		10,770,609
Total Securities Lending Reinvestments*		—		47,720,661			—		47,720,661
Total Investments	$	321,074,545	$	58,491,270		$	—	$	379,565,815
Collateral for Securities Loaned (Liability)	$	—	$	(47,715,879	)	$	—	$	(47,715,879	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-158

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

U.S. Treasury & Government Agencies—68.0% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—27.6%
Fannie Mae 15 Yr. Pool
2.500%, 12/01/27		2,152,749	$	2,176,409
2.500%, 02/01/28		1,752,782		1,772,045
2.500%, 07/01/28		3,002,930		3,039,051
2.500%, 10/01/28		1,884,072		1,906,735
2.500%, 03/01/30		2,051,425		2,077,926
2.500%, 09/01/31		3,247,536		3,289,197
2.500%, 01/01/32		1,060,137		1,073,737
2.500%, 04/01/32		2,257,069		2,282,813
2.500%, 09/01/32		752,647		761,231
3.000%, 01/01/27		755,902		773,053
3.000%, 02/01/27		1,278,184		1,307,184
3.000%, 03/01/27		655,495		671,233
3.000%, 01/01/29		3,293,999		3,379,393
3.000%, 10/01/29		1,496,174		1,534,316
3.000%, 06/01/30		1,713,034		1,756,779
3.000%, 02/01/33		4,012,950		4,109,013
3.500%, 02/01/26		1,056,406		1,092,776
3.500%, 03/01/26		490,131		507,690
3.500%, 05/01/29		1,373,443		1,424,251
3.500%, 08/01/32		650,070		673,910
3.500%, 03/01/34		1,704,195		1,767,536
4.000%, 01/01/20		7,037		7,037
4.000%, 06/01/24		121,396		126,340
4.000%, 11/01/24		800,074		832,653
4.500%, 08/01/24		222,188		230,797
4.500%, 06/01/25		423,959		442,439
5.000%, 02/01/20		7,100		7,110
5.000%, 01/01/22		25,780		26,267
5.000%, 02/01/24		162,941		167,637
Fannie Mae 20 Yr. Pool
3.000%, 02/01/33		1,255,555		1,292,978
3.000%, 08/01/35		1,788,670		1,841,331
3.000%, 05/01/36		2,491,718		2,567,625
3.500%, 04/01/32		1,097,915		1,140,990
3.500%, 09/01/35		1,622,386		1,685,178
3.500%, 07/01/38		2,154,340		2,229,758
4.000%, 02/01/31		472,274		498,742
4.000%, 03/01/38		1,597,154		1,670,618
4.000%, 07/01/38		2,120,168		2,217,672
4.500%, 08/01/30		282,147		300,573
5.000%, 02/01/24		75,486		80,783
5.000%, 09/01/25		78,093		83,668
5.500%, 07/01/23		47,939		51,864
5.500%, 01/01/24		32,004		34,624
5.500%, 07/01/24		92,511		100,148
5.500%, 07/01/25		91,108		98,648
7.000%, 10/01/21		2,187		2,259
Fannie Mae 30 Yr. Pool
3.000%, 08/01/42		1,236,522		1,273,147
3.000%, 09/01/42		1,563,056		1,609,354
3.000%, 11/01/42		1,840,637		1,895,156
3.000%, 12/01/42		3,721,800		3,832,038
3.000%, 01/01/43		928,341		955,839
3.000%, 02/01/43		3,712,537		3,822,502
3.000%, 03/01/43		3,750,493		3,871,766
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.000%, 05/01/43		2,783,952		2,862,904
3.000%, 07/01/43		7,756,146		7,979,560
3.000%, 09/01/43		1,495,955		1,538,380
3.000%, 05/01/45		2,580,659		2,653,420
3.000%, 05/01/46		2,726,729		2,792,020
3.000%, 06/01/46		3,568,883		3,654,340
3.000%, 08/01/46		3,587,430		3,673,331
3.000%, 02/01/47		8,158,304		8,353,654
3.500%, 12/01/40		1,374,238		1,445,702
3.500%, 03/01/42		911,204		957,313
3.500%, 04/01/42		2,166,063		2,275,670
3.500%, 05/01/42		2,257,752		2,371,999
3.500%, 06/01/42		1,641,194		1,724,242
3.500%, 08/01/42		1,053,388		1,106,691
3.500%, 09/01/42		3,345,376		3,514,659
3.500%, 10/01/42		1,751,989		1,840,644
3.500%, 01/01/43		1,269,805		1,334,059
3.500%, 02/01/43		2,094,657		2,206,210
3.500%, 04/01/43		2,524,242		2,656,125
3.500%, 06/01/43		1,292,235		1,349,490
3.500%, 08/01/44		1,766,976		1,843,286
3.500%, 02/01/45		2,266,607		2,364,493
3.500%, 03/01/45		3,774,764		3,929,051
3.500%, 04/01/45		4,214,626		4,390,640
3.500%, 09/01/45		7,948,538		8,258,742
3.500%, 11/01/45		2,631,975		2,734,692
3.500%, 01/01/46		3,146,863		3,269,675
3.500%, 03/01/46		3,039,039		3,160,162
3.500%, 05/01/46		2,423,254		2,519,835
3.500%, 04/01/47		6,780,206		7,015,940
3.500%, 11/01/47		5,778,541		5,979,450
3.500%, 03/01/48		4,842,310		4,974,683
3.500%, 02/01/49		1,756,752		1,804,776
3.500%, 08/01/49		1,974,722		2,027,676
3.500%, 10/01/49		3,500,000		3,594,577
4.000%, 08/01/34		2,489,967		2,605,316
4.000%, 08/01/39		709,305		758,358
4.000%, 09/01/39		641,928		686,321
4.000%, 12/01/39		788,818		843,369
4.000%, 06/01/40		576,258		616,224
4.000%, 09/01/40		527,543		564,131
4.000%, 12/01/40		3,823,148		4,088,303
4.000%, 01/01/41		1,920,656		2,053,864
4.000%, 02/01/41		2,425,986		2,594,241
4.000%, 12/01/41		961,239		1,027,503
4.000%, 02/01/42		1,014,337		1,084,261
4.000%, 09/01/43		1,439,196		1,529,643
4.000%, 02/01/44		2,386,483		2,540,726
4.000%, 05/01/44		1,525,465		1,615,733
4.000%, 08/01/44		2,211,234		2,342,081
4.000%, 10/01/44		1,266,679		1,341,633
4.000%, 11/01/44		2,587,799		2,717,128
4.000%, 01/01/45		2,079,029		2,202,053
4.000%, 03/01/45		1,315,485		1,388,493
4.000%, 10/01/45		2,412,611		2,546,509

BHFTII-159

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of September 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%, 03/01/47		925,418	$	969,084
4.000%, 05/01/47		1,326,330		1,388,937
4.000%, 06/01/47		7,004,215		7,334,835
4.000%, 07/01/47		1,765,717		1,849,064
4.000%, 10/01/47		2,237,987		2,343,627
4.000%, 05/01/48		3,320,698		3,453,203
4.000%, 06/01/48		3,305,921		3,437,837
4.000%, 07/01/48		2,468,093		2,566,577
4.000%, 09/01/48		1,353,021		1,407,010
4.000%, 10/01/48		2,061,121		2,143,395
4.000%, 11/01/48		2,505,704		2,605,688
4.000%, 04/01/49		4,111,448		4,273,008
4.500%, 08/01/33		160,867		170,925
4.500%, 10/01/33		143,938		152,938
4.500%, 04/01/34		62,222		66,106
4.500%, 01/01/39		46,569		50,485
4.500%, 07/01/39		1,028,307		1,115,001
4.500%, 09/01/39		1,402,999		1,521,282
4.500%, 10/01/39		660,836		716,550
4.500%, 05/01/40		894,407		977,901
4.500%, 08/01/40		1,423,376		1,544,263
4.500%, 11/01/40		755,847		820,040
4.500%, 12/01/40		1,393,084		1,511,398
4.500%, 04/01/41		3,453,939		3,746,487
4.500%, 05/01/41		844,309		915,675
4.500%, 03/01/44		819,512		882,335
4.500%, 08/01/47		1,962,101		2,080,056
4.500%, 08/01/48		4,797,109		5,065,710
4.500%, 10/01/48		1,558,092		1,645,332
4.500%, 12/01/48		2,370,771		2,503,516
5.000%, 07/01/33		84,123		92,433
5.000%, 08/01/33		306,775		337,076
5.000%, 09/01/33		125,163		137,525
5.000%, 10/01/33		1,268,374		1,394,937
5.000%, 03/01/34		148,571		163,246
5.000%, 04/01/34		360,162		396,227
5.000%, 05/01/34		45,614		50,226
5.000%, 09/01/34		146,210		160,993
5.000%, 02/01/35		66,537		73,264
5.000%, 04/01/35		51,521		56,676
5.000%, 05/01/35		38,913		42,806
5.000%, 11/01/35		91,652		100,823
5.000%, 03/01/36		343,176		377,512
5.000%, 07/01/37		312,082		344,084
5.000%, 01/01/39		264,042		291,117
5.000%, 04/01/40		955,423		1,053,205
5.000%, 07/01/41		616,080		675,674
5.000%, 04/01/49		2,636,568		2,830,832
5.500%, 10/01/32		27,341		29,718
5.500%, 02/01/33		63,134		70,965
5.500%, 03/01/33		226,903		255,066
5.500%, 08/01/33		435,661		489,737
5.500%, 10/01/33		56,164		63,135
5.500%, 12/01/33		498,771		560,680
5.500%, 02/01/34		94,554		106,510
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.500%, 03/01/34		89,122		100,391
5.500%, 04/01/34		34,696		39,083
5.500%, 06/01/34		132,316		149,047
5.500%, 09/01/34		122,206		137,659
5.500%, 12/01/34		89,085		100,350
5.500%, 01/01/35		99,526		112,111
5.500%, 04/01/35		45,465		51,412
5.500%, 06/01/35		96,148		108,725
5.500%, 01/01/37		122,138		137,842
5.500%, 05/01/37		85,151		96,154
5.500%, 05/01/38		48,708		54,785
5.500%, 06/01/38		71,364		80,267
5.500%, 07/01/38		34,587		38,903
6.000%, 08/01/28		1,738		1,744
6.000%, 11/01/28		428		461
6.000%, 12/01/28		524		580
6.000%, 06/01/31		31,688		34,106
6.000%, 09/01/32		52,814		60,185
6.000%, 01/01/33		11,315		12,634
6.000%, 02/01/33		50,071		56,555
6.000%, 03/01/33		69,096		71,981
6.000%, 04/01/33		182,789		198,153
6.000%, 05/01/33		136,073		147,640
6.000%, 05/01/34		68,385		72,292
6.000%, 09/01/34		111,405		121,972
6.000%, 11/01/34		177,147		204,411
6.000%, 01/01/35		60,948		68,545
6.000%, 07/01/36		24,234		27,730
6.000%, 09/01/36		84,307		97,457
6.000%, 07/01/37		45,034		48,561
6.000%, 08/01/37		126,711		145,539
6.000%, 09/01/37		211,435		243,054
6.000%, 10/01/37		77,642		88,843
6.000%, 05/01/38		340,085		393,012
6.000%, 12/01/38		80,324		92,136
6.500%, 05/01/28		26,829		30,038
6.500%, 12/01/28		98,569		105,732
6.500%, 03/01/29		1,925		2,125
6.500%, 04/01/29		16,862		18,928
6.500%, 05/01/29		4,051		4,583
6.500%, 08/01/29		708		780
6.500%, 05/01/30		12,505		12,871
6.500%, 09/01/31		3,533		3,755
6.500%, 06/01/32		14,119		16,398
6.500%, 10/01/33		58,430		64,127
6.500%, 10/01/34		160,847		186,613
6.500%, 10/01/37		39,679		45,595
7.000%, 06/01/26		278		293
7.000%, 06/01/28		5,923		6,056
7.000%, 10/01/29		5,166		5,969
7.000%, 12/01/29		2,895		3,063
7.000%, 06/01/32		42,116		49,138
7.000%, 10/01/37		98,459		118,646
7.500%, 09/01/25		2,350		2,619
7.500%, 06/01/26		2,143		2,421

BHFTII-160

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
7.500%, 07/01/29		6,415	$	7,408
7.500%, 10/01/29		3,825		4,105
8.000%, 11/01/29		72		87
8.000%, 05/01/30		14,629		15,871
8.000%, 11/01/30		1,586		1,877
8.000%, 01/01/31		1,117		1,294
8.000%, 02/01/31		3,224		3,884
Freddie Mac 15 Yr. Gold Pool
2.500%, 12/01/27		953,399		964,365
2.500%, 02/01/28		1,632,507		1,652,978
2.500%, 04/01/28		1,275,986		1,291,893
2.500%, 12/01/29		2,063,385		2,088,450
2.500%, 01/01/31		2,737,989		2,774,764
2.500%, 01/01/32		4,290,113		4,347,351
3.000%, 03/01/27		726,457		743,310
3.000%, 05/01/27		954,741		978,146
3.000%, 11/01/28		1,230,325		1,261,504
3.000%, 12/01/29		2,202,076		2,259,380
3.000%, 05/01/31		2,674,682		2,742,909
3.000%, 10/01/32		1,507,832		1,544,731
3.500%, 12/01/25		719,729		746,155
3.500%, 05/01/26		262,363		271,507
3.500%, 09/01/30		1,761,776		1,827,976
4.000%, 05/01/25		360,666		376,350
4.000%, 08/01/25		174,452		182,038
4.000%, 10/01/25		205,395		214,327
5.500%, 01/01/24		149,053		155,641
Freddie Mac 20 Yr. Gold Pool
3.000%, 04/01/33		1,952,390		2,012,760
3.000%, 02/01/37		2,283,350		2,353,987
3.500%, 04/01/32		1,335,155		1,388,159
4.000%, 01/01/31		523,478		553,098
4.000%, 08/01/31		530,657		560,996
4.500%, 05/01/29		129,787		138,389
5.000%, 03/01/27		60,869		65,752
Freddie Mac 30 Yr. Gold Pool
3.000%, 10/01/42		1,922,302		1,980,270
3.000%, 01/01/43		1,844,481		1,900,103
3.000%, 03/01/43		4,841,815		4,983,631
3.000%, 04/01/43		3,263,480		3,359,413
3.000%, 06/01/43		1,569,292		1,614,527
3.000%, 07/01/43		2,889,908		2,973,413
3.000%, 06/01/45		3,254,857		3,340,557
3.000%, 06/01/46		3,540,375		3,627,041
3.000%, 11/01/46		3,740,392		3,831,955
3.000%, 01/01/47		6,020,670		6,168,054
3.000%, 01/01/48		1,775,449		1,811,435
3.500%, 01/01/42		1,003,204		1,054,338
3.500%, 03/01/42		911,150		957,759
3.500%, 08/01/42		2,468,041		2,594,125
3.500%, 02/01/43		1,309,892		1,376,899
3.500%, 05/01/43		2,024,565		2,120,479
3.500%, 06/01/43		1,220,680		1,278,510
3.500%, 06/01/44		1,452,576		1,516,127
3.500%, 10/01/44		1,554,397		1,622,401
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
3.500%, 11/01/44		2,235,560		2,344,468
3.500%, 12/01/44		2,112,729		2,205,161
3.500%, 05/01/45		2,605,919		2,709,025
3.500%, 08/01/45		2,990,973		3,147,717
3.500%, 11/01/45		2,787,979		2,898,288
3.500%, 12/01/45		1,685,536		1,752,227
3.500%, 03/01/46		5,162,660		5,368,882
3.500%, 06/01/47		3,097,276		3,206,695
3.500%, 08/01/47		1,985,801		2,055,954
3.500%, 11/01/47		2,458,621		2,545,477
3.500%, 02/01/48		5,144,438		5,326,177
4.000%, 06/01/39		501,855		536,841
4.000%, 12/01/39		753,616		806,153
4.000%, 11/01/40		802,699		858,837
4.000%, 04/01/41		798,915		854,462
4.000%, 09/01/41		845,022		903,775
4.000%, 10/01/41		1,834,592		1,962,147
4.000%, 11/01/41		744,707		796,485
4.000%, 10/01/43		2,332,179		2,480,087
4.000%, 07/01/44		2,187,353		2,318,023
4.000%, 10/01/44		1,663,155		1,762,510
4.000%, 07/01/45		2,609,445		2,755,781
4.000%, 01/01/46		2,621,082		2,768,070
4.000%, 02/01/46		1,412,915		1,492,150
4.000%, 06/01/47		3,156,516		3,307,293
4.000%, 10/01/47		1,515,841		1,588,248
4.000%, 11/01/47		1,520,798		1,593,441
4.000%, 03/01/48		2,397,955		2,512,497
4.000%, 05/01/48		1,631,903		1,697,973
4.000%, 10/01/48		2,047,559		2,130,486
4.000%, 11/01/48		2,451,118		2,550,355
4.000%, 01/01/49		1,561,232		1,624,441
4.000%, 02/01/49		1,528,666		1,590,556
4.500%, 10/01/35		237,978		252,994
4.500%, 06/01/38		373,024		396,561
4.500%, 02/01/39		255,231		276,800
4.500%, 03/01/39		246,067		266,944
4.500%, 04/01/39		417,216		452,614
4.500%, 09/01/39		441,537		478,999
4.500%, 10/01/39		1,190,079		1,291,049
4.500%, 11/01/39		329,178		357,106
4.500%, 01/01/40		232,385		252,101
4.500%, 05/01/40		448,349		486,682
4.500%, 11/01/40		744,390		808,034
4.500%, 02/01/41		149,645		162,362
4.500%, 05/01/41		388,012		421,012
4.500%, 06/01/41		288,214		312,726
4.500%, 12/01/43		657,290		709,293
4.500%, 12/01/45		810,775		873,300
4.500%, 08/01/47		1,940,165		2,058,002
4.500%, 08/01/48		1,139,744		1,204,354
4.500%, 10/01/48		1,964,906		2,076,294
4.500%, 12/01/48		1,515,919		1,598,280
4.500%, 01/01/49		1,484,468		1,568,523
5.000%, 10/01/33		399,596		439,281

BHFTII-161

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of September 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%, 03/01/34		56,531	$	62,280
5.000%, 08/01/35		262,910		289,419
5.000%, 09/01/35		103,477		113,911
5.000%, 10/01/35		88,846		97,800
5.000%, 01/01/36		288,261		317,326
5.000%, 04/01/38		180,913		199,405
5.000%, 11/01/39		857,001		946,933
5.000%, 05/01/40		1,112,805		1,227,362
5.500%, 06/01/34		178,155		200,797
5.500%, 10/01/35		110,588		125,110
5.500%, 12/01/35		301,994		341,651
5.500%, 01/01/36		239,406		270,845
5.500%, 12/01/37		217,598		245,743
5.500%, 04/01/38		936,771		1,054,195
5.500%, 07/01/38		105,121		118,302
5.500%, 08/01/38		305,728		344,062
6.000%, 11/01/28		4,415		4,837
6.000%, 12/01/28		3,291		3,648
6.000%, 04/01/29		1,649		1,789
6.000%, 06/01/31		1,748		1,908
6.000%, 07/01/31		440		500
6.000%, 09/01/31		48,950		51,846
6.000%, 11/01/32		11,956		13,433
6.000%, 06/01/34		40,540		43,385
6.000%, 11/01/35		61,657		70,283
6.000%, 02/01/36		79,333		86,790
6.000%, 08/01/36		28,319		32,540
6.000%, 10/01/36		88,536		101,958
6.000%, 11/01/36		44,757		49,159
6.000%, 01/01/37		44,204		49,560
6.000%, 02/01/38		98,236		112,480
6.000%, 11/01/39		792,650		916,905
6.000%, 04/01/40		275,287		323,376
6.500%, 02/01/30		4,478		4,943
6.500%, 08/01/31		5,117		5,930
6.500%, 10/01/31		6,134		6,532
6.500%, 11/01/31		11,071		12,861
6.500%, 03/01/32		215,957		250,215
6.500%, 04/01/32		188,882		219,707
6.500%, 09/01/36		230,473		274,312
6.500%, 11/01/37		78,620		91,867
7.000%, 12/01/27		735		833
7.000%, 11/01/28		1,983		2,272
7.000%, 04/01/29		1,835		2,112
7.000%, 05/01/29		554		611
7.000%, 06/01/29		4,943		5,278
7.000%, 07/01/29		588		640
7.000%, 01/01/31		38,300		40,041
7.500%, 08/01/24		5,568		5,594
7.500%, 10/01/27		4,595		5,241
7.500%, 10/01/29		6,959		8,187
7.500%, 05/01/30		10,275		11,827
8.000%, 02/01/27		1,851		2,134
8.000%, 10/01/28		3,285		3,787
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Pool
3.500%, 10/01/47		2,492,400		2,579,053
3.500%, 04/01/49		3,158,657		3,243,469
3.500%, 05/01/49		1,855,699		1,905,527
4.000%, 06/01/49		2,373,262		2,465,636
4.500%, 09/01/49		2,478,664		2,616,799
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
3.060%, 07/25/23 (a)		4,800,000		4,971,912
3.117%, 06/25/27		2,000,000		2,133,867
3.171%, 10/25/24		975,000		1,026,318
3.187%, 09/25/27 (a)		1,265,000		1,357,340
3.194%, 07/25/27		685,000		735,093
3.458%, 08/25/23 (a)		2,000,000		2,099,597
3.780%, 10/25/28 (a)		4,000,000		4,486,939
3.920%, 09/25/28 (a)		2,900,000		3,286,869
Ginnie Mae I 15 Yr. Pool
3.000%, 08/15/28		1,376,627		1,413,265
5.000%, 10/15/20		23,814		24,043
5.000%, 01/15/21		21,333		21,379
Ginnie Mae I 30 Yr. Pool
3.000%, 11/15/42		1,738,832		1,796,964
3.000%, 12/15/42		1,434,132		1,482,077
3.000%, 02/15/43		1,105,464		1,142,421
3.000%, 03/15/43		1,291,082		1,333,435
3.000%, 05/15/43		1,867,083		1,928,332
3.000%, 07/15/43		1,214,653		1,254,499
3.500%, 01/15/42		1,682,678		1,769,150
3.500%, 02/15/42		545,390		573,344
3.500%, 03/15/42		1,228,804		1,291,787
3.500%, 05/15/42		763,948		803,105
3.500%, 09/15/42		1,046,895		1,105,513
3.500%, 05/15/43		1,369,126		1,448,053
4.000%, 07/15/39		1,150,722		1,217,819
4.000%, 07/15/40		703,437		746,542
4.000%, 03/15/41		394,308		420,287
4.000%, 10/15/41		959,467		1,022,680
4.500%, 01/15/39		172,310		185,928
4.500%, 04/15/39		540,443		583,834
4.500%, 05/15/39		1,039,729		1,123,206
4.500%, 08/15/39		483,921		522,774
4.500%, 01/15/40		495,033		534,778
4.500%, 04/15/40		405,244		438,893
4.500%, 02/15/41		145,849		157,400
4.500%, 04/15/41		293,486		314,481
5.000%, 12/15/35		179,092		198,431
5.000%, 12/15/36		67,795		72,901
5.000%, 01/15/39		547,712		606,354
5.000%, 02/15/39		108,864		122,516
5.000%, 08/15/39		699,300		768,598
5.000%, 09/15/39		164,357		178,218
5.000%, 12/15/39		350,982		384,437
5.000%, 05/15/40		586,409		633,203
5.500%, 03/15/36		84,934		91,271
5.500%, 01/15/37		203,594		225,505
5.500%, 11/15/37		280,963		320,026
5.500%, 09/15/38		50,005		53,627

BHFTII-162

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of September 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
5.500%, 08/15/39		522,839	$	596,824
6.000%, 01/15/29		2,047		2,239
6.000%, 01/15/33		122,036		140,473
6.000%, 03/15/35		122,671		142,719
6.000%, 12/15/35		78,802		90,586
6.000%, 06/15/36		79,332		90,557
6.000%, 09/15/36		97,005		111,607
6.000%, 07/15/38		592,870		696,720
6.500%, 05/15/23		695		698
6.500%, 02/15/27		15,339		16,689
6.500%, 07/15/28		6,995		7,676
6.500%, 08/15/28		6,608		7,264
6.500%, 11/15/28		4,720		5,283
6.500%, 12/15/28		7,418		7,948
6.500%, 07/15/29		1,722		1,794
6.500%, 05/15/36		101,971		118,362
7.000%, 01/15/28		890		984
7.000%, 05/15/28		4,665		4,892
7.000%, 06/15/28		5,683		6,369
7.000%, 10/15/28		5,413		5,958
7.000%, 09/15/29		1,586		1,606
7.000%, 01/15/31		1,143		1,188
7.000%, 03/15/31		620		667
7.000%, 07/15/31		241,876		280,317
7.000%, 08/15/31		45,193		52,527
7.000%, 02/15/32		7,312		7,396
7.000%, 07/15/32		12,869		15,076
8.000%, 08/15/26		2,041		2,270
8.000%, 09/15/26		1,953		2,116
8.000%, 06/15/29		18,941		20,443
9.000%, 11/15/24		754		770
Ginnie Mae II 30 Yr. Pool
3.000%, 12/20/42		1,625,225		1,680,164
3.000%, 03/20/43		2,375,865		2,457,250
3.000%, 12/20/44		2,014,532		2,079,473
3.000%, 04/20/45		1,883,431		1,942,640
3.000%, 08/20/45		2,871,274		2,961,538
3.000%, 11/20/45		1,633,221		1,684,564
3.000%, 01/20/46		2,860,418		2,950,341
3.000%, 09/20/46		3,305,916		3,406,096
3.000%, 10/20/46		3,355,205		3,456,879
3.000%, 11/20/46		3,492,710		3,598,551
3.000%, 01/20/47		3,547,877		3,655,390
3.000%, 04/20/47		1,450,417		1,490,166
3.000%, 02/20/48		2,663,869		2,736,872
3.500%, 12/20/41		979,082		1,025,602
3.500%, 03/20/42		1,990,661		2,096,679
3.500%, 08/20/42		943,514		993,764
3.500%, 01/20/43		2,721,337		2,878,239
3.500%, 04/20/43		1,112,903		1,188,811
3.500%, 05/20/43		1,911,549		2,007,348
3.500%, 07/20/44		2,400,133		2,520,044
3.500%, 02/20/45		2,598,369		2,728,183
3.500%, 06/20/45		1,650,702		1,724,586
3.500%, 08/20/45		3,855,964		4,028,552
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
3.500%, 09/20/45		4,468,310		4,668,307
3.500%, 10/20/45		2,638,239		2,756,323
3.500%, 12/20/45		2,351,761		2,457,023
3.500%, 01/20/46		2,331,348		2,435,696
3.500%, 02/20/46		1,924,584		2,010,727
3.500%, 06/20/46		2,236,905		2,334,109
3.500%, 02/20/47		3,740,702		3,903,252
3.500%, 03/20/47		3,365,578		3,498,871
3.500%, 06/20/47		4,366,572		4,539,509
3.500%, 09/20/47		1,560,989		1,622,811
3.500%, 12/20/47		7,364,596		7,656,270
3.500%, 10/20/48		865,474		896,749
3.500%, 05/20/49		1,975,782		2,050,384
3.500%, 07/20/49		1,990,399		2,065,554
3.500%, 09/20/49		2,500,000		2,594,396
4.000%, 11/20/40		924,968		984,935
4.000%, 12/20/40		1,085,649		1,159,900
4.000%, 05/20/43		1,728,872		1,868,031
4.000%, 11/20/43		646,544		686,195
4.000%, 02/20/44		2,478,108		2,678,317
4.000%, 04/20/44		914,884		969,428
4.000%, 05/20/44		1,105,531		1,171,440
4.000%, 09/20/44		1,736,296		1,839,810
4.000%, 10/20/44		2,481,299		2,629,229
4.000%, 11/20/44		481,979		510,713
4.000%, 10/20/45		1,964,688		2,077,946
4.000%, 11/20/45		1,038,203		1,098,052
4.000%, 02/20/47		2,647,345		2,782,529
4.000%, 03/20/47		555,094		582,168
4.000%, 04/20/47		2,270,322		2,381,052
4.000%, 05/20/47		2,466,555		2,586,856
4.000%, 09/20/47		2,113,938		2,217,040
4.000%, 07/20/48		1,903,381		1,980,766
4.000%, 08/20/48		1,327,677		1,381,656
4.000%, 09/20/48		2,409,499		2,507,461
4.000%, 11/20/48		3,692,431		3,842,553
4.500%, 08/20/40		762,437		819,373
4.500%, 12/20/40		500,475		537,849
4.500%, 04/20/41		420,798		451,901
4.500%, 03/20/42		359,345		385,905
4.500%, 10/20/43		527,626		567,308
4.500%, 02/20/44		1,060,445		1,140,199
4.500%, 04/20/45		956,917		1,028,884
4.500%, 03/20/47		1,252,282		1,324,217
4.500%, 11/20/47		1,326,372		1,396,610
4.500%, 08/20/48		8,182,799		8,542,787
4.500%, 03/20/49		1,922,185		2,006,747
5.000%, 08/20/40		349,197		381,542
5.000%, 10/20/40		364,966		398,771
5.000%, 06/20/44		802,116		876,414
5.000%, 10/20/48		1,729,458		1,821,330
5.000%, 01/20/49		1,767,609		1,861,508
6.500%, 06/20/31		14,422		16,739
6.500%, 11/20/38		301,420		361,294

BHFTII-163

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of September 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
7.500%, 02/20/28		1,495	$	1,685
				701,073,902
Federal Agencies—1.2%
Federal Home Loan Bank
3.000%, 10/12/21		9,700,000		9,952,879
3.250%, 11/16/28 (b)		1,800,000		2,008,602
Federal Home Loan Mortgage Corp.
1.125%, 08/12/21 (b)		5,200,000		5,145,608
1.375%, 05/01/20 (b)		2,645,000		2,637,144
Federal National Mortgage Association
2.125%, 04/24/26		3,500,000		3,597,650
2.625%, 09/06/24		2,000,000		2,095,420
6.625%, 11/15/30		2,450,000		3,588,466
Tennessee Valley Authority 5.250%, 09/15/39 (b)		1,350,000		1,909,616
				30,935,385
U.S. Treasury—39.2%
U.S. Treasury Bonds
2.250%, 08/15/46		3,000,000		3,076,406
2.250%, 08/15/49		14,900,000		15,326,047
2.500%, 02/15/46		8,200,000		8,829,094
2.500%, 05/15/46		4,800,000		5,169,750
2.750%, 08/15/42		2,020,000		2,267,766
2.750%, 11/15/42		3,200,000		3,591,000
2.750%, 08/15/47		3,000,000		3,395,156
2.750%, 11/15/47		7,300,000		8,268,391
2.875%, 05/15/43		5,760,000		6,604,200
2.875%, 11/15/46		4,600,000		5,323,063
3.000%, 11/15/44		11,000,000		12,923,281
3.000%, 02/15/47		7,000,000		8,297,188
3.000%, 05/15/47		5,800,000		6,872,094
3.000%, 08/15/48		13,200,000		15,697,687
3.000%, 02/15/49		7,300,000		8,704,109
3.125%, 11/15/41		3,000,000		3,575,156
3.125%, 02/15/42		1,800,000		2,146,219
3.125%, 02/15/43		3,270,000		3,899,986
3.125%, 08/15/44		4,700,000		5,631,922
3.375%, 05/15/44		3,000,000		3,737,344
3.375%, 11/15/48		6,000,000		7,645,313
3.500%, 02/15/39		2,080,000		2,605,525
3.625%, 08/15/43 (b)		2,600,000		3,353,188
3.625%, 02/15/44		8,020,000		10,368,356
3.750%, 11/15/43		2,600,000		3,419,813
4.250%, 05/15/39		2,500,000		3,443,359
4.250%, 11/15/40		4,280,000		5,939,838
4.375%, 11/15/39		1,900,000		2,665,047
4.375%, 05/15/40		3,220,000		4,528,628
4.375%, 05/15/41		1,350,000		1,908,352
4.500%, 02/15/36 (b)		1,600,000		2,206,000
4.625%, 02/15/40		4,500,000		6,513,750
5.000%, 05/15/37		1,560,000		2,300,756
5.250%, 02/15/29 (b)		750,000		982,617
U.S. Treasury—(Continued)
U.S. Treasury Bonds
5.375%, 02/15/31 (b)		3,675,000		5,066,332
6.250%, 08/15/23		7,700,000		9,047,500
6.250%, 05/15/30		2,500,000		3,605,859
6.375%, 08/15/27		2,900,000		3,912,734
6.500%, 11/15/26 (b)		2,500,000		3,318,359
7.125%, 02/15/23		11,125,000		13,137,061
7.250%, 08/15/22		6,120,000		7,084,378
7.875%, 02/15/21 (b)		4,450,000		4,815,213
8.000%, 11/15/21		2,920,000		3,301,881
8.125%, 08/15/21		1,250,000		1,396,826
U.S. Treasury Notes
1.125%, 02/28/21 (b)		10,100,000		10,012,414
1.125%, 06/30/21		14,200,000		14,059,664
1.125%, 07/31/21		12,300,000		12,178,922
1.125%, 08/31/21		6,300,000		6,236,754
1.250%, 03/31/21		6,100,000		6,056,156
1.250%, 07/31/23 (b)		8,600,000		8,497,203
1.375%, 01/31/21		5,100,000		5,073,305
1.500%, 08/15/26		10,600,000		10,515,531
1.625%, 11/30/20		5,000,000		4,990,039
1.625%, 06/30/21 (b)		9,000,000		8,990,156
1.625%, 11/15/22		5,000,000		5,007,422
1.625%, 05/31/23		7,900,000		7,916,047
1.625%, 02/15/26		12,400,000		12,405,812
1.625%, 05/15/26		10,900,000		10,905,109
1.750%, 10/31/20 (b)		10,000,000		9,993,359
1.750%, 11/30/21		11,000,000		11,024,922
1.750%, 02/28/22		9,000,000		9,028,828
1.750%, 05/15/22 (b)		8,000,000		8,031,875
1.750%, 05/31/22		5,100,000		5,119,523
1.750%, 05/15/23 (b)		22,720,000		22,853,125
1.875%, 12/15/20 (b)		9,100,000		9,108,531
1.875%, 02/28/22		9,000,000		9,053,437
1.875%, 03/31/22		11,000,000		11,074,766
1.875%, 04/30/22 (b)		12,100,000		12,182,242
1.875%, 07/31/22		11,100,000		11,184,117
1.875%, 08/31/22		7,400,000		7,462,438
1.875%, 09/30/22		16,900,000		17,050,516
1.875%, 08/31/24		10,200,000		10,351,406
2.000%, 02/28/21		5,000,000		5,017,188
2.000%, 10/31/21		6,000,000		6,042,188
2.000%, 11/15/21		3,000,000		3,022,500
2.000%, 02/15/22		17,700,000		17,863,172
2.000%, 11/30/22		6,700,000		6,784,797
2.000%, 02/15/23		6,900,000		6,994,336
2.000%, 05/31/24 (b)		8,400,000		8,569,312
2.000%, 02/15/25 (b)		23,500,000		23,999,375
2.000%, 08/15/25		14,100,000		14,413,945
2.000%, 11/15/26		7,300,000		7,487,063
2.125%, 06/30/21		12,000,000		12,089,531
2.125%, 08/15/21		8,710,000		8,780,429
2.125%, 12/31/21		11,900,000		12,029,227
2.125%, 12/31/22		7,200,000		7,323,750
2.125%, 02/29/24 (b)		12,000,000		12,285,938
2.125%, 03/31/24		13,100,000		13,417,266

BHFTII-164

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes
2.125%, 05/15/25		19,900,000	$	20,465,906
2.250%, 02/15/21 (b)		11,000,000		11,072,617
2.250%, 03/31/21		9,000,000		9,066,445
2.250%, 04/30/21		10,000,000		10,080,469
2.250%, 07/31/21		13,000,000		13,131,016
2.250%, 11/15/24		18,100,000		18,695,320
2.250%, 11/15/25		10,800,000		11,201,625
2.250%, 02/15/27		9,900,000		10,328,484
2.250%, 08/15/27 (b)		2,100,000		2,195,484
2.250%, 11/15/27		7,600,000		7,951,500
2.375%, 12/31/20		7,600,000		7,653,734
2.375%, 04/15/21		5,000,000		5,047,852
2.375%, 08/15/24		15,900,000		16,496,250
2.375%, 05/15/27		8,000,000		8,430,000
2.375%, 05/15/29 (b)		6,800,000		7,222,875
2.500%, 08/15/23		14,400,000		14,900,625
2.500%, 05/15/24		10,000,000		10,413,281
2.625%, 11/15/20		4,000,000		4,035,938
2.625%, 12/31/23		6,900,000		7,198,102
2.625%, 02/15/29		10,000,000		10,825,000
2.750%, 08/31/23		4,800,000		5,013,750
2.750%, 11/15/23		19,335,000		20,236,797
2.750%, 02/15/24		12,400,000		13,016,125
2.750%, 02/28/25		6,900,000		7,315,617
2.750%, 02/15/28		9,100,000		9,880,609
2.875%, 10/15/21		3,900,000		3,995,367
2.875%, 04/30/25		8,400,000		8,973,562
2.875%, 05/15/28		12,900,000		14,159,766
2.875%, 08/15/28		6,000,000		6,597,188
3.125%, 11/15/28		8,000,000		8,982,500
3.625%, 02/15/21		1,500,000		1,537,852
				994,507,836
Total U.S. Treasury & Government Agencies (Cost $1,659,755,381)				1,726,517,123
Corporate Bonds & Notes—27.2%
Aerospace/Defense—0.6%
Boeing Co. (The) 7.250%, 06/15/25		460,000		575,437
General Dynamics Corp. 3.000%, 05/11/21		1,000,000		1,017,360
Lockheed Martin Corp.
3.550%, 01/15/26		1,000,000		1,072,810
4.090%, 09/15/52		3,454,000		4,061,800
Northrop Grumman Corp. 3.250%, 01/15/28		1,100,000		1,154,395
Northrop Grumman Systems Corp. 7.750%, 02/15/31		515,000		747,770
Raytheon Co. 3.125%, 10/15/20 (b)		1,000,000		1,011,980
United Technologies Corp.
3.125%, 05/04/27		2,000,000		2,100,100
Aerospace/Defense—(Continued)
United Technologies Corp.
4.500%, 06/01/42		2,645,000		3,166,462
7.500%, 09/15/29		200,000		281,414
				15,189,528
Agriculture—0.4%
Altria Group, Inc.
4.000%, 01/31/24		1,000,000		1,053,780
Archer-Daniels-Midland Co. 4.479%, 03/01/21 (b)		2,000,000		2,062,380
Philip Morris International, Inc. 3.250%, 11/10/24 (b)		2,000,000		2,091,940
Reynolds American, Inc. 4.450%, 06/12/25		3,800,000		4,050,040
				9,258,140
Auto Manufacturers—0.6%
American Honda Finance Corp. 2.300%, 09/09/26 (b)		1,100,000		1,096,579
Daimler Finance North America LLC 8.500%, 01/18/31		1,050,000		1,563,209
Ford Motor Co. 7.450%, 07/16/31		2,200,000		2,522,806
Ford Motor Credit Co. LLC 2.597%, 11/04/19		2,000,000		1,999,420
General Motors Financial Co., Inc.
3.200%, 07/06/21		2,000,000		2,021,240
4.350%, 01/17/27		3,200,000		3,289,920
Toyota Motor Credit Corp. 3.300%, 01/12/22 (b)		2,000,000		2,061,920
				14,555,094
Banks—5.9%
Bank of America Corp.
2.625%, 04/19/21		1,000,000		1,008,680
3.300%, 01/11/23		4,075,000		4,211,716
4.100%, 07/24/23		2,905,000		3,099,025
4.200%, 08/26/24 (b)		3,000,000		3,218,430
5.875%, 02/07/42		3,000,000		4,159,320
Bank of Montreal 1.900%, 08/27/21 (b)		1,000,000		998,400
Bank of Nova Scotia (The) 2.700%, 03/07/22		3,000,000		3,050,160
Barclays plc 4.375%, 01/12/26		3,500,000		3,703,035
BNP Paribas S.A. 5.000%, 01/15/21		1,225,000		1,270,435
Branch Banking & Trust Co. 2.850%, 04/01/21		3,400,000		3,435,870
Capital One N.A. 2.250%, 09/13/21		3,000,000		2,999,070
Citigroup, Inc.
2.700%, 03/30/21		2,000,000		2,018,060
3.200%, 10/21/26		1,700,000		1,758,106

BHFTII-165

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Citigroup, Inc.
4.750%, 05/18/46		4,400,000	$	5,134,580
5.375%, 08/09/20		2,200,000		2,261,028
Cooperatieve Rabobank UA 5.250%, 05/24/41 (b)		1,640,000		2,247,669
Credit Suisse Group Funding Guernsey, Ltd.
3.800%, 09/15/22		1,000,000		1,040,010
4.550%, 04/17/26		2,700,000		2,973,083
Deutsche Bank AG 4.250%, 10/14/21		900,000		914,805
Fifth Third Bancorp 8.250%, 03/01/38		1,175,000		1,793,708
Goldman Sachs Group, Inc. (The)
3.850%, 01/26/27 (b)		1,900,000		2,013,525
4.000%, 03/03/24		2,000,000		2,132,840
4.017%, 3M LIBOR + 1.373%, 10/31/38 (a)		2,000,000		2,150,940
4.223%, 3M LIBOR + 1.301%, 05/01/29 (a) (b)		1,900,000		2,072,064
6.125%, 02/15/33		2,075,000		2,755,538
HSBC Holdings plc
5.100%, 04/05/21		2,556,000		2,663,531
5.250%, 03/14/44		900,000		1,113,147
6.500%, 09/15/37		905,000		1,215,243
JPMorgan Chase & Co.
2.950%, 10/01/26		2,000,000		2,050,480
3.250%, 09/23/22		2,850,000		2,945,788
3.882%, 3M LIBOR + 1.360%, 07/24/38 (a)		2,100,000		2,302,986
3.900%, 07/15/25		4,700,000		5,064,062
KeyBank N.A. 3.300%, 06/01/25		3,800,000		3,988,556
KFW
1.625%, 03/15/21		5,500,000		5,488,835
2.375%, 08/25/21		1,945,000		1,969,721
2.750%, 09/08/20		2,300,000		2,318,469
Landwirtschaftliche Rentenbank 2.000%, 01/13/25		1,500,000		1,526,325
Lloyds Bank plc 6.375%, 01/21/21		1,500,000		1,578,930
Mitsubishi UFJ Financial Group, Inc.
2.998%, 02/22/22		1,900,000		1,932,091
3.850%, 03/01/26		1,000,000		1,072,700
Morgan Stanley
4.300%, 01/27/45		2,900,000		3,349,384
4.350%, 09/08/26 (b)		3,800,000		4,115,438
7.250%, 04/01/32		1,850,000		2,636,010
National Australia Bank, Ltd. 2.800%, 01/10/22 (b)		1,900,000		1,932,376
Oesterreichische Kontrollbank AG 2.875%, 03/13/23 (b)		1,300,000		1,351,636
PNC Bank N.A. 2.950%, 02/23/25 (b)		4,100,000		4,241,491
Royal Bank of Scotland Group plc
3.498%, 3M LIBOR + 1.480%, 05/15/23 (a)		1,000,000		1,013,240
3.875%, 09/12/23		1,000,000		1,032,240
Santander UK Group Holdings plc 2.875%, 08/05/21		1,500,000		1,508,010
Banks—(Continued)
Sumitomo Mitsui Financial Group, Inc. 2.632%, 07/14/26		4,700,000		4,706,392
Toronto-Dominion Bank (The) 3.500%, 07/19/23		3,000,000		3,164,790
U.S. Bancorp 3.600%, 09/11/24 (b)		3,000,000		3,190,170
UBS AG 4.875%, 08/04/20		3,500,000		3,583,440
Wells Fargo & Co.
2.600%, 07/22/20		4,000,000		4,016,920
3.000%, 01/22/21		3,400,000		3,439,440
3.000%, 10/23/26		2,000,000		2,050,740
Wells Fargo Bank N.A. 5.950%, 08/26/36		1,900,000		2,516,740
Westpac Banking Corp. 2.800%, 01/11/22 (b)		2,000,000		2,034,900
				149,534,318
Beverages—0.7%
Anheuser-Busch InBev Finance, Inc. 4.900%, 02/01/46		5,300,000		6,257,498
Anheuser-Busch InBev Worldwide, Inc.
4.439%, 10/06/48		1,165,000		1,316,031
5.550%, 01/23/49		1,900,000		2,484,535
Coca-Cola Co. (The)
3.150%, 11/15/20		280,000		283,710
3.200%, 11/01/23 (b)		3,000,000		3,155,070
Keurig Dr Pepper, Inc. 4.057%, 05/25/23		1,000,000		1,057,630
PepsiCo, Inc.
3.375%, 07/29/49		900,000		958,860
3.600%, 03/01/24 (b)		2,475,000		2,637,261
				18,150,595
Biotechnology—0.4%
Amgen, Inc.
2.600%, 08/19/26		3,200,000		3,210,304
3.625%, 05/22/24 (b)		1,200,000		1,270,536
Celgene Corp. 4.625%, 05/15/44		2,000,000		2,378,620
Gilead Sciences, Inc. 3.650%, 03/01/26 (b)		3,000,000		3,213,060
				10,072,520
Chemicals—0.3%
Dow Chemical Co. (The)
3.000%, 11/15/22		1,500,000		1,528,347
4.375%, 11/15/42		1,000,000		1,039,010
9.400%, 05/15/39		650,000		1,051,518
LyondellBasell Industries NV 4.625%, 02/26/55		1,400,000		1,442,098
Nutrien, Ltd. 4.875%, 03/30/20		970,000		981,679

BHFTII-166

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Praxair, Inc. 3.000%, 09/01/21 (b)		1,950,000	$	1,987,908
				8,030,560
Computers—0.7%
Apple, Inc.
2.250%, 02/23/21		3,000,000		3,014,580
2.400%, 05/03/23		4,072,000		4,141,550
4.450%, 05/06/44		944,000		1,147,356
4.650%, 02/23/46		2,700,000		3,394,224
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 (b)		1,400,000		1,550,430
International Business Machines Corp.
3.300%, 05/15/26 (b)		1,900,000		2,004,101
4.000%, 06/20/42		3,200,000		3,526,656
				18,778,897
Cosmetics/Personal Care—0.3%
Procter & Gamble Co. (The) 2.300%, 02/06/22 (b)		3,600,000		3,648,960
Unilever Capital Corp.
2.900%, 05/05/27		1,500,000		1,570,320
5.900%, 11/15/32		1,500,000		2,045,595
				7,264,875
Diversified Financial Services—0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.950%, 02/01/22 (b)		1,800,000		1,857,978
American Express Credit Corp. 3.300%, 05/03/27 (b)		3,000,000		3,197,670
BlackRock, Inc. 3.500%, 03/18/24 (b)		3,800,000		4,054,296
GE Capital International Funding Co. 4.418%, 11/15/35		2,700,000		2,832,246
Intercontinental Exchange, Inc. 3.750%, 12/01/25		1,000,000		1,078,320
Visa, Inc. 2.800%, 12/14/22		3,000,000		3,087,600
				16,108,110
Electric—1.8%
Connecticut Light & Power Co. (The) 4.000%, 04/01/48		1,000,000		1,151,440
Consolidated Edison Co. of New York, Inc. 3.950%, 03/01/43		3,070,000		3,340,160
Dominion Energy, Inc. 3.900%, 10/01/25		1,900,000		2,031,955
DTE Electric Co. 3.700%, 03/15/45		2,000,000		2,188,360
Duke Energy Carolinas LLC 5.300%, 02/15/40		2,000,000		2,597,480
Duke Energy Corp. 3.050%, 08/15/22		4,000,000		4,088,320
Electric—(Continued)
Entergy Louisiana LLC 4.000%, 03/15/33		1,000,000		1,137,680
Exelon Corp.
3.400%, 04/15/26 (b)		3,000,000		3,136,290
5.625%, 06/15/35		1,500,000		1,879,515
FirstEnergy Corp. 3.900%, 07/15/27		2,000,000		2,132,860
Florida Power & Light Co. 5.950%, 02/01/38		1,700,000		2,380,748
Georgia Power Co. 4.300%, 03/15/42		2,000,000		2,199,680
MidAmerican Energy Co. 4.250%, 07/15/49		1,500,000		1,803,300
Northern States Power Co. 6.250%, 06/01/36 (b)		2,200,000		3,092,870
Ohio Power Co. 5.375%, 10/01/21		1,640,000		1,744,140
Oncor Electric Delivery Co. LLC 7.000%, 05/01/32		950,000		1,366,062
PacifiCorp 2.950%, 02/01/22 (b)		2,800,000		2,857,204
PPL Capital Funding, Inc. 3.400%, 06/01/23		2,000,000		2,060,920
PSEG Power LLC 8.625%, 04/15/31		1,000,000		1,411,160
Sempra Energy
3.400%, 02/01/28 (b)		2,100,000		2,168,712
Southern California Edison Co. 3.650%, 03/01/28		1,900,000		2,034,064
				46,802,920
Electrical Components & Equipment—0.0%
Emerson Electric Co. 2.625%, 12/01/21		1,000,000		1,011,380
Food—0.4%
General Mills, Inc. 4.200%, 04/17/28 (b)		1,500,000		1,669,650
Kraft Heinz Foods Co. 3.000%, 06/01/26 (b)		3,300,000		3,262,776
Kroger Co. (The) 3.300%, 01/15/21		1,900,000		1,925,175
Sysco Corp. 2.600%, 06/12/22		2,400,000		2,427,336
Tyson Foods, Inc. 3.550%, 06/02/27 (b)		1,200,000		1,272,996
				10,557,933
Forest Products & Paper—0.1%
Georgia-Pacific LLC 8.000%, 01/15/24		1,800,000		2,215,260
International Paper Co. 3.000%, 02/15/27 (b)		1,500,000		1,520,460
				3,735,720

BHFTII-167

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Gas—0.1%
NiSource, Inc. 4.800%, 02/15/44		1,500,000	$	1,755,285
Healthcare-Products—0.5%
Abbott Laboratories 4.750%, 11/30/36		3,000,000		3,667,530
Becton Dickinson & Co. 4.669%, 06/06/47		2,000,000		2,370,020
Medtronic, Inc. 4.625%, 03/15/45 (b)		2,433,000		3,124,361
Thermo Fisher Scientific, Inc. 4.150%, 02/01/24		3,445,000		3,697,415
				12,859,326
Healthcare-Services—0.5%
Aetna, Inc. 2.750%, 11/15/22		3,000,000		3,034,530
Anthem, Inc. 5.850%, 01/15/36		1,800,000		2,241,540
Laboratory Corp. of America Holdings 4.625%, 11/15/20		1,900,000		1,938,266
UnitedHealth Group, Inc.
3.750%, 07/15/25		3,600,000		3,872,520
4.250%, 06/15/48		1,000,000		1,147,080
				12,233,936
Insurance—0.9%
Aflac, Inc. 3.625%, 06/15/23		1,475,000		1,552,334
American International Group, Inc.
3.300%, 03/01/21 (b)		3,000,000		3,046,770
4.500%, 07/16/44		1,100,000		1,223,717
AXA S.A. 8.600%, 12/15/30		1,165,000		1,684,043
Berkshire Hathaway Finance Corp. 4.200%, 08/15/48		2,700,000		3,169,179
Berkshire Hathaway, Inc. 3.125%, 03/15/26 (b)		2,900,000		3,062,574
Chubb Corp. (The) 6.000%, 05/11/37		865,000		1,206,718
Chubb INA Holdings, Inc. 3.350%, 05/15/24		2,000,000		2,110,160
Hartford Financial Services Group, Inc. (The) 6.100%, 10/01/41		780,000		1,057,750
Marsh & McLennan Cos., Inc. 3.750%, 03/14/26		2,000,000		2,150,040
Principal Financial Group, Inc. 3.100%, 11/15/26		1,000,000		1,033,480
Prudential Financial, Inc. 5.700%, 12/14/36 (b)		1,525,000		2,014,220
				23,310,985
Internet—0.3%
Alibaba Group Holding, Ltd. 4.200%, 12/06/47 (b)		1,400,000		1,583,036
Internet—(Continued)
Amazon.com, Inc.
3.800%, 12/05/24 (b)		1,800,000		1,955,934
3.875%, 08/22/37		1,900,000		2,183,081
eBay, Inc. 3.600%, 06/05/27		1,500,000		1,562,910
				7,284,961
Iron/Steel—0.0%
Vale Overseas, Ltd. 6.875%, 11/21/36		528,000		667,740
Lodging—0.0%
Sands China, Ltd. 5.400%, 08/08/28 (b)		900,000		1,016,847
Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp. 3.750%, 11/24/23		1,000,000		1,065,900
Caterpillar, Inc. 3.803%, 08/15/42 (b)		1,500,000		1,684,650
				2,750,550
Machinery-Diversified—0.1%
Deere & Co. 2.600%, 06/08/22 (b)		1,950,000		1,978,899
Media—1.1%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.464%, 07/23/22		2,800,000		2,947,420
6.484%, 10/23/45		900,000		1,094,877
Comcast Corp.
3.150%, 03/01/26 (b)		2,000,000		2,091,820
3.969%, 11/01/47		2,900,000		3,192,842
4.650%, 07/15/42		3,670,000		4,367,006
5.650%, 06/15/35		1,500,000		1,956,285
Discovery Communications LLC 6.350%, 06/01/40		1,800,000		2,188,080
Time Warner Cable LLC 6.550%, 05/01/37		100,000		119,594
Time Warner Entertainment Co. L.P. 8.375%, 03/15/23		380,000		449,513
TWDC Enterprises 18 Corp. 2.950%, 06/15/27 (b)		2,000,000		2,126,600
Viacom, Inc. 4.375%, 03/15/43 (b)		3,500,000		3,613,050
Walt Disney Co. (The) 6.550%, 03/15/33 (144A)		1,950,000		2,765,861
				26,912,948
Mining—0.2%
Newmont Mining Corp. 6.250%, 10/01/39		1,800,000		2,403,378
Rio Tinto Alcan, Inc. 6.125%, 12/15/33		1,751,000		2,376,527
				4,779,905

BHFTII-168

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Miscellaneous Manufacturing—0.3%
3M Co. 3.625%, 10/15/47 (b)		1,000,000	$	1,051,300
General Electric Co.
3.375%, 03/11/24		2,900,000		2,987,551
5.300%, 02/11/21		1,915,000		1,979,861
6.750%, 03/15/32		1,250,000		1,568,850
7.500%, 08/21/35		100,000		127,446
Ingersoll-Rand Luxembourg Finance S.A. 3.800%, 03/21/29		1,000,000		1,065,020
				8,780,028
Multi-National—1.4%
African Development Bank 2.625%, 03/22/21		1,000,000		1,012,360
Asian Development Bank
1.625%, 08/26/20 (b)		4,000,000		3,991,040
2.000%, 02/16/22		2,000,000		2,015,980
European Investment Bank
1.875%, 02/10/25 (b)		2,500,000		2,530,850
2.500%, 10/15/24 (b)		3,800,000		3,959,144
4.000%, 02/16/21		1,700,000		1,750,864
4.875%, 02/15/36		1,100,000		1,525,425
Inter-American Development Bank
2.125%, 01/15/25		6,000,000		6,147,600
2.375%, 07/07/27 (b)		1,500,000		1,571,685
7.000%, 06/15/25		200,000		253,080
International Bank for Reconstruction & Development
2.125%, 03/03/25		3,000,000		3,075,240
2.500%, 07/29/25		2,000,000		2,093,320
7.625%, 01/19/23		2,970,000		3,534,538
International Finance Corp. 1.125%, 07/20/21 (b)		1,600,000		1,583,904
				35,045,030
Oil & Gas—1.6%
Apache Finance Canada Corp. 7.750%, 12/15/29		100,000		125,415
BP Capital Markets America, Inc. 3.245%, 05/06/22		3,900,000		4,020,276
Burlington Resources LLC 5.950%, 10/15/36		1,550,000		2,086,889
Canadian Natural Resources, Ltd. 6.250%, 03/15/38		1,800,000		2,291,436
Chevron Corp. 3.191%, 06/24/23 (b)		2,025,000		2,112,217
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000		952,287
Equinor ASA 3.250%, 11/10/24 (b)		3,100,000		3,271,616
Exxon Mobil Corp. 3.176%, 03/15/24 (b)		2,900,000		3,052,424
Marathon Oil Corp. 6.600%, 10/01/37		2,000,000		2,510,860
Noble Energy, Inc. 3.900%, 11/15/24		4,200,000		4,400,046
Oil & Gas—(Continued)
Occidental Petroleum Corp. 3.400%, 04/15/26		1,000,000		1,018,610
Petroleos Mexicanos
6.625%, 06/15/35		3,400,000		3,332,034
6.750%, 09/21/47		1,700,000		1,623,194
7.690%, 01/23/50 (144A) (b)		1,971,250		2,055,619
Phillips 66 4.875%, 11/15/44		1,000,000		1,189,160
Shell International Finance B.V. 1.875%, 05/10/21 (b)		3,000,000		3,000,330
Total Capital International S.A. 2.700%, 01/25/23		1,500,000		1,532,505
Valero Energy Corp. 3.400%, 09/15/26		1,000,000		1,027,100
				39,602,018
Oil & Gas Services—0.2%
Halliburton Co. 3.500%, 08/01/23		4,000,000		4,157,480
Pharmaceuticals—1.5%
AbbVie, Inc. 4.400%, 11/06/42		3,200,000		3,312,064
Allergan Funding SCS 3.800%, 03/15/25		2,400,000		2,511,216
AstraZeneca plc 4.000%, 09/18/42		1,200,000		1,323,108
CVS Health Corp.
3.350%, 03/09/21		1,500,000		1,524,315
4.780%, 03/25/38		2,500,000		2,754,100
5.050%, 03/25/48		1,500,000		1,706,025
5.125%, 07/20/45		1,900,000		2,155,607
Express Scripts Holding Co.
4.500%, 02/25/26		2,700,000		2,950,533
6.125%, 11/15/41		313,000		396,540
GlaxoSmithKline Capital, Inc. 3.875%, 05/15/28		2,000,000		2,207,260
Johnson & Johnson
3.700%, 03/01/46 (b)		2,000,000		2,261,320
5.950%, 08/15/37		910,000		1,283,628
Merck & Co., Inc.
2.400%, 09/15/22		1,000,000		1,015,940
6.550%, 09/15/37		1,000,000		1,461,920
Merck Sharp & Dohme Corp. 5.950%, 12/01/28 (b)		300,000		383,430
Novartis Capital Corp. 4.400%, 04/24/20		900,000		911,511
Sanofi 4.000%, 03/29/21		1,275,000		1,312,714
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26 (b)		3,000,000		3,095,100
Wyeth LLC 5.950%, 04/01/37		3,300,000		4,521,429
				37,087,760

BHFTII-169

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of September 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	$	306,086
Enbridge Energy Partners L.P. 5.875%, 10/15/25		3,000,000		3,490,650
Energy Transfer Operating L.P.
4.650%, 06/01/21		1,950,000		2,008,363
5.150%, 03/15/45		2,600,000		2,734,862
Enterprise Products Operating LLC 3.950%, 02/15/27 (b)		3,800,000		4,116,350
Kinder Morgan Energy Partners L.P. 6.500%, 02/01/37		2,000,000		2,467,520
MPLX L.P. 5.200%, 03/01/47		1,000,000		1,107,870
Sabine Pass Liquefaction LLC 5.625%, 04/15/23		2,700,000		2,934,036
Tennessee Gas Pipeline Co. LLC
7.000%, 10/15/28		1,050,000		1,336,104
7.625%, 04/01/37		640,000		859,136
TransCanada PipeLines, Ltd. 6.200%, 10/15/37		1,800,000		2,326,968
Williams Cos., Inc. (The) 3.750%, 06/15/27		2,500,000		2,582,175
				26,270,120
Real Estate Investment Trusts—0.7%
American Tower Corp. 3.000%, 06/15/23		2,100,000		2,148,573
Boston Properties L.P. 3.850%, 02/01/23		2,950,000		3,093,105
Digital Realty Trust L.P.
3.700%, 08/15/27		3,500,000		3,673,880
Simon Property Group L.P. 3.300%, 01/15/26 (b)		3,800,000		3,975,256
Ventas Realty L.P. 3.100%, 01/15/23		2,100,000		2,151,555
Welltower, Inc. 4.000%, 06/01/25		1,500,000		1,602,885
				16,645,254
Retail—0.7%
Home Depot, Inc. (The)
2.000%, 04/01/21		1,000,000		1,002,280
4.250%, 04/01/46		2,000,000		2,384,100
4.400%, 04/01/21 (b)		1,450,000		1,496,270
Lowe’s Cos., Inc. 4.050%, 05/03/47		1,500,000		1,597,080
McDonald’s Corp. 3.700%, 01/30/26 (b)		3,000,000		3,219,180
Target Corp.
4.000%, 07/01/42		1,000,000		1,149,420
6.350%, 11/01/32		708,000		984,658
Walmart, Inc.
2.550%, 04/11/23		4,000,000		4,081,520
4.050%, 06/29/48		900,000		1,081,242
Retail—(Continued)
Walmart, Inc.
5.250%, 09/01/35		935,000		1,240,969
				18,236,719
Semiconductors—0.4%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.000%, 01/15/22		3,100,000		3,130,876
Intel Corp.
2.700%, 12/15/22		2,000,000		2,050,160
3.734%, 12/08/47		1,000,000		1,117,000
QUALCOMM, Inc. 3.450%, 05/20/25 (b)		4,000,000		4,225,480
				10,523,516
Software—0.8%
Fiserv, Inc. 2.750%, 07/01/24		2,000,000		2,035,900
Microsoft Corp.
3.125%, 11/03/25 (b)		5,100,000		5,423,442
4.250%, 02/06/47		3,000,000		3,746,400
Oracle Corp.
1.900%, 09/15/21 (b)		1,800,000		1,798,434
2.500%, 10/15/22 (b)		2,100,000		2,130,933
4.125%, 05/15/45		4,200,000		4,739,364
				19,874,473
Telecommunications—1.4%
AT&T, Inc.
4.100%, 02/15/28		2,687,000		2,908,086
4.125%, 02/17/26 (b)		3,000,000		3,238,380
5.150%, 11/15/46		1,308,000		1,515,854
5.300%, 08/15/58		2,500,000		2,925,125
6.100%, 07/15/40		925,000		1,159,895
7.125%, 12/15/31		100,000		127,928
British Telecommunications plc 9.625%, 12/15/30		1,000,000		1,526,300
Cisco Systems, Inc.
2.500%, 09/20/26		1,200,000		1,233,876
5.500%, 01/15/40		2,000,000		2,751,640
Deutsche Telekom International Finance B.V. 8.750%, 06/15/30		1,000,000		1,474,120
Orange S.A. 5.500%, 02/06/44 (b)		1,000,000		1,317,400
Telefonica Emisiones S.A. 4.103%, 03/08/27		1,900,000		2,069,100
Verizon Communications, Inc.
3.376%, 02/15/25		2,078,000		2,192,352
4.812%, 03/15/39		3,927,000		4,711,222
5.012%, 04/15/49		2,032,000		2,547,559
Vodafone Group plc 6.150%, 02/27/37		2,170,000		2,741,752
				34,440,589

BHFTII-170

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—0.6%
Burlington Northern Santa Fe LLC 4.150%, 04/01/45		3,900,000	$	4,485,624
CSX Corp. 6.150%, 05/01/37		1,600,000		2,108,944
FedEx Corp. 4.550%, 04/01/46		1,000,000		1,049,120
Norfolk Southern Corp.
3.000%, 04/01/22		1,911,000		1,948,551
5.590%, 05/17/25		28,000		32,098
Union Pacific Corp.
4.500%, 09/10/48		900,000		1,071,396
6.625%, 02/01/29 (b)		1,200,000		1,570,056
United Parcel Service, Inc. 2.500%, 04/01/23		2,000,000		2,027,460
				14,293,249
Total Corporate Bonds & Notes (Cost $646,379,258)				689,558,208
Foreign Government—1.7%
Electric—0.0%
Hydro-Quebec 8.400%, 01/15/22		1,000,000		1,143,620
Provincial—0.4%
Province of British Columbia Canada 2.000%, 10/23/22		1,970,000		1,987,986
Province of Nova Scotia Canada 9.250%, 03/01/20		250,000		257,165
Province of Ontario Canada
2.450%, 06/29/22 (b)		2,000,000		2,036,660
3.050%, 01/29/24 (b)		1,900,000		2,000,833
Province of Quebec Canada
2.500%, 04/20/26 (b)		2,000,000		2,076,780
7.500%, 07/15/23		350,000		420,129
				8,779,553
Sovereign—1.3%
Colombia Government International Bonds
5.000%, 06/15/45		1,000,000		1,170,280
8.125%, 05/21/24 (b)		1,500,000		1,856,535
Export Development Canada 2.000%, 05/17/22		1,000,000		1,008,730
Export-Import Bank of Korea 2.250%, 01/21/20		2,000,000		2,000,640
Japan Bank for International Cooperation 2.500%, 05/23/24		3,900,000		4,005,105
Mexico Government International Bonds
5.750%, 10/12/10		2,000,000		2,304,620
6.750%, 09/27/34 (b)		1,050,000		1,413,888
8.000%, 09/24/22 (b)		2,200,000		2,544,916
Panama Government International Bonds
4.500%, 05/15/47 (b) (c)		1,400,000		1,665,580
5.200%, 01/30/20		1,370,000		1,384,043
Sovereign—(Continued)
Peruvian Government International Bond 8.750%, 11/21/33		1,450,000		2,396,792
Philippine Government International Bonds
3.950%, 01/20/40		2,100,000		2,479,974
5.000%, 01/13/37		1,740,000		2,271,187
Poland Government International Bond 3.250%, 04/06/26		2,000,000		2,126,040
Ukraine Government AID Bond 1.471%, 09/29/21		1,600,000		1,591,200
Uruguay Government International Bond 4.375%, 10/27/27 (c)		1,900,000		2,087,302
				32,306,832
Total Foreign Government (Cost $39,678,473)				42,230,005
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		1,662,257
3.902%, 07/10/50		1,835,000		1,978,448
Commercial Mortgage Trust 3.838%, 09/10/47		3,800,000		4,067,236
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,835,000		1,940,939
GS Mortgage Securities Trust
3.135%, 06/10/46		2,935,000		3,026,942
3.377%, 05/10/45		2,198,918		2,239,440
4.243%, 08/10/46		966,000		1,037,630
JPMBB Commercial Mortgage Securities Trust
3.598%, 11/15/48		3,900,000		4,178,810
3.801%, 08/15/48		1,534,000		1,664,889
Morgan Stanley Bank of America Merrill Lynch Trust
3.544%, 01/15/49		3,850,000		4,119,554
3.635%, 10/15/48		1,547,000		1,659,497
3.732%, 05/15/48		3,750,000		4,036,652
WF-RBS Commercial Mortgage Trust 3.488%, 06/15/46		1,054,000		1,093,041
Total Mortgage-Backed Securities (Cost $31,982,276)				32,705,335
Municipals—0.6%
Los Angeles, CA Unified School District, Build America Bond 6.758%, 07/01/34		660,000	$	928,039
Municipal Electric Authority of Georgia, Build America Bond 6.637%, 04/01/57		1,988,000		2,743,679
New Jersey State Turnpike Authority, Build America Bond 7.414%, 01/01/40		1,700,000		2,739,210
Oregon School Boards Association 5.680%, 06/30/28		1,900,000		2,287,049
State of California General Obligation Unlimited, Build America Bond 7.300%, 10/01/39		2,700,000		4,225,932

BHFTII-171

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Municipals—(Continued)

Security Description	Principal Amount*		Value
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		1,230,000	$	1,332,262
Total Municipals (Cost $11,420,587)				14,256,171
Asset-Backed Securities—0.5%
Asset-Backed - Automobile—0.2%
AmeriCredit Automobile Receivables Trust 3.080%, 12/18/23		1,500,000		1,528,713
Ford Credit Auto Owner Trust 3.160%, 10/15/23		1,000,000		1,025,022
Toyota Auto Receivables Owner Trust 2.570%, 08/15/23		2,915,000		2,951,675
				5,505,410
Asset-Backed - Credit Card—0.3%
Capital One Multi-Asset Execution Trust 1.660%, 06/17/24		3,000,000		2,989,416
Citibank Credit Card Issuance Trust 2.880%, 01/23/23		4,924,000		4,985,433
				7,974,849
Total Asset-Backed Securities (Cost $13,348,606)				13,480,259
Short-Term Investments—0.8%
Discount Note—0.1%
Federal Home Loan Bank 1.955%, 11/15/19 (d)		1,800,000		1,795,770
U.S. Treasury—0.7%
U.S. Treasury Bills
Zero Coupon, 10/01/19 (d)		2,200,000		2,200,000
1.816%, 11/14/19 (d)		3,900,000		3,891,514
1.907%, 11/21/19 (d)		11,200,000		11,171,535
				17,263,049
Total Short-Term Investments (Cost $19,056,693)				19,058,819
Securities Lending Reinvestments (e)—9.5%
Certificates of Deposit—6.9%
Banco Del Estado De Chile New York
2.206%, 1M LIBOR + 0.160%, 11/22/19 (a)		4,000,000		3,999,780
2.222%, 1M LIBOR + 0.180%, 10/09/19 (a)		2,000,000		2,000,000
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (a)		5,000,000		4,999,605
Bank of Montreal (Chicago)
1.990%, SOFR + 0.170%, 02/07/20 (a)		1,000,000		1,000,211
2.150%, 1M LIBOR + 0.100%, 10/11/19 (a)		2,000,000		1,999,964
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (a)		5,000,000		4,999,975
2.210%, FEDEFF PRV + 0.380%, 09/09/20 (a)		2,000,000		1,999,992
Certificates of Deposit—(Continued)
Bank of Nova Scotia 2.198%, 1M LIBOR + 0.170%, 05/15/20 (a)		10,000,000		9,995,580
Barclays Bank plc 2.297%, 1M LIBOR + 0.230%, 02/05/20 (a)		5,000,000		4,996,510
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (a)		3,000,000		3,000,555
Canadian Imperial Bank of Commerce 2.180%, FEDEFF PRV + 0.350%, 08/06/20 (a)		1,000,000		1,000,005
Chiba Bank, Ltd.
2.230%, 11/20/19		2,500,000		2,500,015
2.270%, 10/08/19		5,000,000		5,000,140
Commonwealth Bank of Australia 2.200%, 1M LIBOR + 0.175%, 04/16/20 (a)		5,000,000		4,997,950
Credit Industriel et Commercial
2.227%, 1M LIBOR + 0.160%, 03/05/20 (a)		5,000,000		4,998,745
2.260%, 1M LIBOR + 0.160%, 01/03/20 (a)		2,000,000		1,999,748
Credit Suisse AG
2.219%, 1M LIBOR + 0.130%, 11/04/19 (a)		5,000,000		4,999,600
2.240%, 1M LIBOR + 0.140%, 10/02/19 (a)		6,000,000		6,000,000
DNB Bank ASA 2.020%, 03/10/20		2,000,000		1,999,572
DZ Bank AG
Zero Coupon, 10/18/19		6,957,859		6,992,650
Zero Coupon, 11/18/19		1,988,603		1,994,360
Zero Coupon, 03/10/20		989,594		990,790
KBC Bank NV
Zero Coupon, 10/25/19		4,935,000		4,993,273
2.220%, 12/03/19		5,000,000		5,001,200
Mitsubishi UFJ Trust and Banking Corp. 2.226%, 1M LIBOR + 0.180%, 01/23/20 (a)		4,000,000		3,999,948
Mizuho Bank, Ltd. 2.174%, 1M LIBOR + 0.120%, 11/27/19 (a)		5,000,000		4,999,905
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (a)		2,000,000		1,999,794
National Australia Bank, Ltd. 2.232%, 1M LIBOR + 0.190%, 04/08/20 (a)		1,000,000		999,840
Norinchukin Bank, New York Zero Coupon, 10/09/19		1,988,162		1,998,940
Rabobank International London 2.236%, 1M LIBOR + 0.190%, 04/24/20 (a)		4,000,000		3,999,600
Royal Bank of Canada New York 2.060%, SOFR + 0.240%, 07/08/20 (a)		3,000,000		2,999,760
Societe Generale 2.280%, FEDEFF PRV + 0.450%, 08/14/20 (a)		7,000,999		7,003,633
Standard Chartered Bank
2.158%, 1M LIBOR + 0.130%, 11/15/19 (a)		6,000,000		6,000,102
2.180%, FEDEFF PRV + 0.350%, 02/26/20 (a)		7,000,000		6,999,965
Sumitomo Mitsui Banking Corp.
2.172%, 1M LIBOR + 0.130%, 12/09/19 (a)		2,000,000		1,999,740
2.179%, 1M LIBOR + 0.140%, 11/12/19 (a)		4,000,000		3,999,800
2.216%, 1M LIBOR + 0.170%, 01/21/20 (a)		4,000,000		3,999,944
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 10/25/19		986,807		998,550
2.184%, 1M LIBOR + 0.140%, 11/20/19 (a)		4,000,000		3,999,920
2.206%, 1M LIBOR + 0.160%, 10/23/19 (a)		3,000,000		3,000,060

BHFTII-172

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Svenska Handelsbanken AB
2.247%, 1M LIBOR + 0.180%, 06/05/20 (a)		2,000,000	$	1,999,060
2.266%, 1M LIBOR + 0.220%, 07/22/20 (a)		6,000,000		5,998,152
Toronto-Dominion Bank 2.269%, 1M LIBOR + 0.180%, 06/03/20 (a)		5,000,000		4,999,857
Wells Fargo Bank N.A. 2.180%, FEDEFF PRV + 0.350%, 08/20/20 (a)		7,000,000		7,000,000
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (a)		5,000,000		4,999,982
				176,456,772
Commercial Paper—1.6%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd.
2.290%, 12/09/19		4,971,375		4,977,235
2.470%, 10/11/19		4,970,497		4,996,445
Cafco LLC 2.120%, 10/31/19		1,992,580		1,996,362
Industrial & Commercial Bank of China, Corp. 2.470%, 10/25/19		993,688		998,636
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (a)		10,000,000		10,001,620
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (a)		1,000,000		1,000,028
Societe Generale 2.555%, 3M LIBOR + 0.410%, 12/18/19 (a)		2,001,696		2,001,830
Thunder Bay Funding LLC 2.167%, 1M LIBOR + 0.100%, 12/05/19 (a)		4,000,000		3,999,600
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (a)		5,000,000		5,000,000
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (a)		4,999,383		4,997,445
				40,964,589
Master Demand Notes—0.2%
Natixis Financial Products LLC 2.170%, OBFR + 0.350%, 11/04/19 (a)		5,000,000		5,000,000
Repurchase Agreements—0.7%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $4,123,785; collateralized by various Common Stock with an aggregate market value of $4,510,001.		4,100,000		4,100,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $7,014,768; collateralized by various Common Stock with an aggregate market value of $7,700,000.		7,000,000		7,000,000
Repurchase Agreements—(Continued)
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $667,163; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $680,472.		667,130		667,130
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,000,055; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,113,002.		1,000,000		1,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $1,000,055; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000		1,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $5,001,944; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $5,555,310.		5,000,000		5,000,000
				18,767,130
Time Deposit—0.1%
Shizuoka Bank, Ltd. 2.250%, 10/18/19		2,000,000		2,000,000
Total Securities Lending Reinvestments (Cost $243,198,767)				243,188,491
Total Investments—109.6% (Cost $2,664,820,041)				2,780,994,411
Other assets and liabilities (net)—(9.6)%				(242,628,375	)
Net Assets—100.0%			$	2,538,366,036

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at September 30, 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 September 30, 2019, the market value of securities loaned was $236,916,905 and the collateral received consisted of cash in the amount of $243,037,634. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Principal amount of security is adjusted for inflation.
(d)	The rate shown represents current yield to maturity.

BHFTII-173

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

(e)	Represents investment of cash collateral received from securities on loan as of September 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 September 30, 2019, the market value of 144A securities was $4,821,480, which is 0.2% of net assets.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(CMO)— Collateralized Mortgage Obligation

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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,726,517,123		$	—	$	1,726,517,123
Total Corporate Bonds & Notes*		—		689,558,208			—		689,558,208
Total Foreign Government*		—		42,230,005			—		42,230,005
Total Mortgage-Backed Securities*		—		32,705,335			—		32,705,335
Total Municipals*		—		14,256,171			—		14,256,171
Total Asset-Backed Securities*		—		13,480,259			—		13,480,259
Total Short-Term Investments*		—		19,058,819			—		19,058,819
Total Securities Lending Reinvestments*		—		243,188,491			—		243,188,491
Total Investments	$	—	$	2,780,994,411		$	—	$	2,780,994,411
Collateral for Securities Loaned (Liability)	$	—	$	(243,037,634	)	$	—	$	(243,037,634	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-174

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—97.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.2%
Axon Enterprise, Inc. (a)		34,464	$	1,956,866
Curtiss-Wright Corp.		24,853		3,215,233
Teledyne Technologies, Inc. (a)		21,159		6,812,986
				11,985,085
Air Freight & Logistics—0.4%
XPO Logistics, Inc. (a)		53,615		3,837,226
Airlines—0.3%
JetBlue Airways Corp. (a) (b)		172,317		2,886,310
Auto Components—1.0%
Adient plc		50,640		1,162,694
Dana, Inc.		83,708		1,208,744
Delphi Technologies plc		50,666		678,924
Gentex Corp.		148,185		4,080,274
Goodyear Tire & Rubber Co. (The)		135,240		1,948,132
Visteon Corp. (a) (c)		16,259		1,342,018
				10,420,786
Automobiles—0.2%
Thor Industries, Inc.		32,026		1,813,953
Banks—6.7%
Associated Banc-Corp.		94,320		1,909,980
BancorpSouth Bank		54,457		1,612,472
Bank of Hawaii Corp. (c)		23,629		2,030,440
Bank OZK (c)		70,310		1,917,354
Cathay General Bancorp		44,103		1,531,918
Commerce Bancshares, Inc.		57,448		3,484,221
Cullen/Frost Bankers, Inc. (c)		33,163		2,936,584
East West Bancorp, Inc.		84,654		3,749,326
First Financial Bankshares, Inc.		78,990		2,632,737
First Horizon National Corp.		181,746		2,944,285
FNB Corp.		188,955		2,178,651
Fulton Financial Corp. (c)		96,707		1,564,719
Hancock Whitney Corp.		52,760		2,020,444
Home BancShares, Inc. (c)		90,585		1,702,545
International Bancshares Corp.		33,605		1,297,825
PacWest Bancorp		68,752		2,498,448
Pinnacle Financial Partners, Inc. (c)		42,070		2,387,472
Prosperity Bancshares, Inc.		40,163		2,836,713
Signature Bank		31,834		3,795,249
Sterling Bancorp		119,349		2,394,141
Synovus Financial Corp.		89,756		3,209,675
TCF Financial Corp.		89,270		3,398,509
Texas Capital Bancshares, Inc. (a)		29,257		1,598,895
Trustmark Corp. (c)		37,457		1,277,658
UMB Financial Corp.		25,114		1,621,862
Umpqua Holdings Corp.		128,074		2,108,098
United Bankshares, Inc. (c)		59,251		2,243,835
Valley National Bancorp (c)		192,980		2,097,693
Webster Financial Corp.		53,602		2,512,326
Wintrust Financial Corp.		32,972		2,130,980
				69,625,055
Beverages—0.2%
Boston Beer Co., Inc. (The) - Class A (a)		5,343		1,945,279
Biotechnology—0.8%
Exelixis, Inc. (a) (c)		176,178		3,115,708
Ligand Pharmaceuticals, Inc. (a) (c)		11,057		1,100,614
Repligen Corp. (a)		26,975		2,068,712
United Therapeutics Corp. (a)		25,504		2,033,944
				8,318,978
Building Products—1.3%
Lennox International, Inc.		20,497		4,980,156
Owens Corning		63,276		3,999,043
Resideo Technologies, Inc. (a)		71,411		1,024,748
Trex Co., Inc. (a) (c)		33,981		3,089,892
				13,093,839
Capital Markets—2.4%
Eaton Vance Corp.		65,748		2,954,058
Evercore, Inc. - Class A		23,191		1,857,599
FactSet Research Systems, Inc. (c)		22,251		5,406,325
Federated Investors, Inc. - Class B		55,911		1,812,076
Interactive Brokers Group, Inc. - Class A (c)		44,638		2,400,632
Janus Henderson Group plc (c)		92,517		2,077,932
Legg Mason, Inc.		47,427		1,811,237
SEI Investments Co.		73,785		4,372,130
Stifel Financial Corp.		40,472		2,322,283
				25,014,272
Chemicals—2.5%
Ashland Global Holdings, Inc.		35,201		2,712,237
Cabot Corp. (c)		33,608		1,523,115
Chemours Co. (The) (c)		95,085		1,420,570
Ingevity Corp. (a)		24,346		2,065,515
Minerals Technologies, Inc.		20,393		1,082,664
NewMarket Corp.		4,295		2,027,627
Olin Corp. (c)		95,560		1,788,883
PolyOne Corp.		44,710		1,459,781
RPM International, Inc.		75,420		5,189,650
Scotts Miracle-Gro Co. (The)		22,918		2,333,511
Sensient Technologies Corp. (c)		24,614		1,689,751
Valvoline, Inc. (c)		109,456		2,411,316
				25,704,620
Commercial Services & Supplies—1.8%
Brink’s Co. (The)		29,081		2,412,269
Clean Harbors, Inc. (a)		29,891		2,307,585
Deluxe Corp.		24,969		1,227,476
Healthcare Services Group, Inc. (c)		43,106		1,047,045
Herman Miller, Inc.		34,347		1,583,053
HNI Corp.		24,937		885,263
KAR Auction Services, Inc.		77,632		1,905,866
MSA Safety, Inc. (c)		20,718		2,260,541
Stericycle, Inc. (a) (c)		52,998		2,699,188
Tetra Tech, Inc.		31,785		2,757,667
				19,085,953

BHFTII-175

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Communications Equipment—1.1%
Ciena Corp. (a) (c)		90,218	$	3,539,252
InterDigital, Inc.		18,104		949,917
Lumentum Holdings, Inc. (a)		44,727		2,395,578
NetScout Systems, Inc. (a)		38,828		895,374
Plantronics, Inc. (c)		18,875		704,415
ViaSat, Inc. (a)		33,513		2,524,199
				11,008,735
Construction & Engineering—1.3%
AECOM (a)		91,738		3,445,679
Dycom Industries, Inc. (a) (c)		18,317		935,083
EMCOR Group, Inc.		32,650		2,811,818
Fluor Corp.		81,385		1,556,895
Granite Construction, Inc. (c)		27,243		875,318
MasTec, Inc. (a) (c)		35,064		2,276,705
Valmont Industries, Inc.		12,582		1,741,852
				13,643,350
Construction Materials—0.2%
Eagle Materials, Inc.		24,442		2,200,024
Consumer Finance—0.6%
FirstCash, Inc.		24,988		2,290,650
Green Dot Corp. - Class A (a)		27,728		700,132
Navient Corp.		117,974		1,510,067
SLM Corp.		248,119		2,189,650
				6,690,499
Containers & Packaging—1.0%
AptarGroup, Inc.		37,248		4,412,026
Greif, Inc. - Class A		15,272		578,656
Owens-Illinois, Inc.		90,418		928,593
Silgan Holdings, Inc.		45,264		1,359,504
Sonoco Products Co.		58,207		3,388,229
				10,667,008
Distributors—0.5%
Pool Corp. (c)		23,220		4,683,474
Diversified Consumer Services—1.0%
Adtalem Global Education, Inc. (a)		31,944		1,216,747
Graham Holdings Co. - Class B		2,531		1,679,192
Service Corp. International (c)		106,066		5,071,015
Sotheby’s (a) (c)		18,978		1,081,366
WW International, Inc. (a)		27,008		1,021,443
				10,069,763
Diversified Financial Services—0.3%
Jefferies Financial Group, Inc.		146,572		2,696,925
Electric Utilities—1.6%
ALLETE, Inc.		30,044		2,626,146
Hawaiian Electric Industries, Inc.		63,381		2,890,807
IDACORP, Inc.		29,312		3,302,583
Electric Utilities—(Continued)
OGE Energy Corp.		116,428		5,283,503
PNM Resources, Inc.		46,329		2,412,814
				16,515,853
Electrical Equipment—1.2%
Acuity Brands, Inc.		23,206		3,127,937
EnerSys		24,708		1,629,246
Hubbell, Inc.		31,646		4,158,284
Nvent Electric plc		90,492		1,994,444
Regal-Beloit Corp.		24,390		1,776,811
				12,686,722
Electronic Equipment, Instruments & Components—4.2%
Arrow Electronics, Inc. (a)		48,356		3,606,390
Avnet, Inc. (c)		60,268		2,681,022
Belden, Inc.		22,470		1,198,550
Cognex Corp. (c)		99,261		4,876,693
Coherent, Inc. (a)		13,949		2,144,240
II-VI, Inc. (a)		50,393		1,774,337
Jabil, Inc.		80,941		2,895,260
Littelfuse, Inc.		14,301		2,535,710
National Instruments Corp.		69,037		2,898,864
SYNNEX Corp.		23,765		2,683,068
Tech Data Corp. (a) (c)		20,707		2,158,498
Trimble, Inc. (a)		146,448		5,683,647
Vishay Intertechnology, Inc.		76,977		1,303,221
Zebra Technologies Corp. - Class A (a) (c)		31,476		6,495,702
				42,935,202
Energy Equipment & Services—0.6%
Apergy Corp. (a)		45,052		1,218,657
Core Laboratories NV		25,802		1,202,889
Oceaneering International, Inc. (a)		57,540		779,667
Patterson-UTI Energy, Inc.		117,842		1,007,549
Transocean, Ltd. (a) (c)		334,491		1,495,175
				5,703,937
Entertainment—0.9%
Cinemark Holdings, Inc. (c)		62,006		2,395,912
Live Nation Entertainment, Inc. (a) (c)		80,885		5,365,911
World Wrestling Entertainment, Inc. - Class A (c)		27,663		1,968,222
				9,730,045
Equity Real Estate Investment Trusts—10.7%
Alexander & Baldwin, Inc.		39,496		968,047
American Campus Communities, Inc.		79,916		3,842,361
Brixmor Property Group, Inc. (c)		173,235		3,514,938
Camden Property Trust		56,317		6,251,750
CoreCivic, Inc.		69,269		1,196,968
CoreSite Realty Corp. (c)		21,457		2,614,535
Corporate Office Properties Trust		65,113		1,939,065
Cousins Properties, Inc.		85,361		3,208,720
CyrusOne, Inc.		65,835		5,207,548
Douglas Emmett, Inc.		95,814		4,103,714
EastGroup Properties, Inc.		21,845		2,731,062

BHFTII-176

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
EPR Properties		45,109	$	3,467,078
First Industrial Realty Trust, Inc.		73,568		2,910,350
Geo Group, Inc. (The)		70,523		1,222,869
Healthcare Realty Trust, Inc.		75,172		2,518,262
Highwoods Properties, Inc.		60,328		2,711,140
JBG SMITH Properties		68,650		2,691,766
Kilroy Realty Corp.		54,030		4,208,397
Lamar Advertising Co. - Class A		49,994		4,096,008
Liberty Property Trust		91,765		4,710,297
Life Storage, Inc.		27,133		2,860,090
Mack-Cali Realty Corp.		52,668		1,140,789
Medical Properties Trust, Inc.		259,576		5,077,307
National Retail Properties, Inc.		99,828		5,630,299
Omega Healthcare Investors, Inc.		125,954		5,263,618
Park Hotels & Resorts, Inc.		139,439		3,481,792
Pebblebrook Hotel Trust		75,979		2,113,736
PotlatchDeltic Corp.		39,077		1,605,479
PS Business Parks, Inc.		11,647		2,119,172
Rayonier, Inc.		75,396		2,126,167
Sabra Health Care REIT, Inc.		110,227		2,530,812
Senior Housing Properties Trust		138,275		1,279,735
Service Properties Trust		95,648		2,466,762
Spirit Realty Capital, Inc. (c)		52,409		2,508,295
Tanger Factory Outlet Centers, Inc. (c)		54,407		842,220
Taubman Centers, Inc.		35,600		1,453,548
Uniti Group, Inc. (c)		112,337		872,297
Urban Edge Properties		66,952		1,324,980
Weingarten Realty Investors		70,347		2,049,208
				110,861,181
Food & Staples Retailing—0.5%
Casey’s General Stores, Inc.		21,385		3,446,407
Sprouts Farmers Market, Inc. (a)		68,697		1,328,600
				4,775,007
Food Products—1.7%
Flowers Foods, Inc. (c)		111,950		2,589,404
Hain Celestial Group, Inc. (The) (a) (c)		46,674		1,002,324
Ingredion, Inc.		38,811		3,172,411
Lancaster Colony Corp.		11,513		1,596,277
Pilgrim’s Pride Corp. (a)		30,450		975,770
Post Holdings, Inc. (a)		39,948		4,228,096
Sanderson Farms, Inc.		11,468		1,735,452
Tootsie Roll Industries, Inc. (c)		9,811		364,381
TreeHouse Foods, Inc. (a) (c)		32,688		1,812,550
				17,476,665
Gas Utilities—1.9%
National Fuel Gas Co.		50,203		2,355,525
New Jersey Resources Corp. (c)		52,334		2,366,543
ONE Gas, Inc.		30,672		2,947,886
Southwest Gas Holdings, Inc.		31,596		2,876,500
Spire, Inc.		29,552		2,578,117
UGI Corp.		121,537		6,109,665
				19,234,236
Health Care Equipment & Supplies—4.0%
Avanos Medical, Inc. (a)		27,749		1,039,478
Cantel Medical Corp. (c)		21,377		1,599,000
Globus Medical, Inc. - Class A (a)		44,580		2,278,930
Haemonetics Corp. (a)		29,529		3,724,788
Hill-Rom Holdings, Inc.		38,861		4,089,343
ICU Medical, Inc. (a)		11,179		1,784,168
Integra LifeSciences Holdings Corp. (a)		41,291		2,480,350
LivaNova plc (a)		28,146		2,076,893
Masimo Corp. (a)		28,535		4,245,723
NuVasive, Inc. (a)		30,271		1,918,576
Penumbra, Inc. (a) (c)		18,618		2,503,935
STERIS plc		49,256		7,116,999
West Pharmaceutical Services, Inc.		42,895		6,083,369
				40,941,552
Health Care Providers & Services—2.1%
Acadia Healthcare Co., Inc. (a) (c)		51,488		1,600,247
Amedisys, Inc. (a)		18,714		2,451,721
Chemed Corp.		9,261		3,867,116
Covetrus, Inc. (a) (c)		56,663		673,723
Encompass Health Corp.		57,374		3,630,627
HealthEquity, Inc. (a) (c)		41,075		2,347,231
MEDNAX, Inc. (a)		48,980		1,107,927
Molina Healthcare, Inc. (a)		36,475		4,002,037
Patterson Cos., Inc.		50,018		891,321
Tenet Healthcare Corp. (a) (c)		60,168		1,330,916
				21,902,866
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc. (a) (c)		96,930		1,064,291
Medidata Solutions, Inc. (a)		36,213		3,313,490
				4,377,781
Hotels, Restaurants & Leisure—4.0%
Boyd Gaming Corp.		46,542		1,114,681
Brinker International, Inc. (c)		21,811		930,675
Caesars Entertainment Corp. (a)		323,251		3,769,107
Cheesecake Factory, Inc. (The) (c)		23,882		995,402
Churchill Downs, Inc.		20,725		2,558,605
Cracker Barrel Old Country Store, Inc. (c)		13,985		2,274,660
Domino’s Pizza, Inc. (c)		23,983		5,866,002
Dunkin’ Brands Group, Inc. (c)		48,110		3,818,010
Eldorado Resorts, Inc. (a) (c)		37,994		1,514,821
International Speedway Corp. - Class A		13,875		624,514
Jack in the Box, Inc.		15,020		1,368,622
Marriott Vacations Worldwide Corp.		22,532		2,334,540
Papa John’s International, Inc. (c)		12,756		667,777
Penn National Gaming, Inc. (a) (c)		63,349		1,179,875
Scientific Games Corp. - Class A (a)		31,421		639,417
Six Flags Entertainment Corp.		45,629		2,317,497
Texas Roadhouse, Inc.		38,038		1,997,756
Wendy’s Co. (The)		107,300		2,143,854
Wyndham Destinations Inc.		53,641		2,468,559
Wyndham Hotels & Resorts, Inc.		56,087		2,901,941
				41,486,315

BHFTII-177

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—1.0%
Helen of Troy, Ltd. (a)		14,603	$	2,302,309
KB Home		49,738		1,691,092
Tempur Sealy International, Inc. (a)		26,779		2,067,339
Toll Brothers, Inc.		75,143		3,084,620
TRI Pointe Group, Inc. (a) (c)		82,741		1,244,425
				10,389,785
Household Products—0.2%
Energizer Holdings, Inc. (c)		37,270		1,624,227
Spectrum Brands Holdings, Inc.		3,664		193,182
				1,817,409
Industrial Conglomerates—0.5%
Carlisle Cos., Inc.		32,924		4,791,759
Insurance—5.7%
Alleghany Corp. (a)		8,393		6,695,600
American Financial Group, Inc.		43,420		4,682,847
Brighthouse Financial, Inc. (a)		64,799		2,622,416
Brown & Brown, Inc.		135,786		4,896,443
CNO Financial Group, Inc.		90,729		1,436,240
First American Financial Corp.		65,200		3,847,452
Genworth Financial, Inc. - Class A (a)		292,741		1,288,060
Hanover Insurance Group, Inc. (The)		23,006		3,118,233
Kemper Corp.		36,422		2,839,095
Mercury General Corp.		15,776		881,563
Old Republic International Corp.		165,769		3,907,175
Primerica, Inc.		24,359		3,099,196
Reinsurance Group of America, Inc.		36,504		5,836,259
RenaissanceRe Holdings, Ltd.		25,686		4,968,957
Selective Insurance Group, Inc.		34,531		2,596,386
W.R. Berkley Corp.		84,167		6,079,382
				58,795,304
Interactive Media & Services—0.1%
Yelp, Inc. (a)		37,593		1,306,357
Internet & Direct Marketing Retail—0.7%
Etsy, Inc. (a)		70,063		3,958,559
GrubHub, Inc. (a) (c)		53,133		2,986,606
				6,945,165
IT Services—2.4%
CACI International, Inc. - Class A (a)		14,472		3,346,795
CoreLogic, Inc. (a)		46,608		2,156,552
KBR, Inc.		82,332		2,020,427
LiveRamp Holdings, Inc. (a)		39,341		1,690,089
MAXIMUS, Inc.		37,114		2,867,428
Perspecta, Inc.		80,237		2,095,791
Sabre Corp.		159,177		3,564,769
Science Applications International Corp.		28,526		2,491,746
WEX, Inc. (a)		25,170		5,086,102
				25,319,699
Leisure Products—0.8%
Brunswick Corp.		49,859		2,598,651
Mattel, Inc. (a) (c)		200,973		2,289,083
Polaris, Inc.		33,418		2,941,118
				7,828,852
Life Sciences Tools & Services—1.7%
Bio-Rad Laboratories, Inc. - Class A (a)		12,501		4,159,583
Bio-Techne Corp.		22,139		4,331,938
Charles River Laboratories International, Inc. (a)		28,388		3,757,719
PRA Health Sciences, Inc. (a)		36,523		3,624,177
Syneos Health, Inc. (a) (c)		36,113		1,921,573
				17,794,990
Machinery—4.1%
AGCO Corp. (c)		36,805		2,786,138
Colfax Corp. (a) (c)		48,591		1,412,054
Crane Co.		29,637		2,389,631
Donaldson Co., Inc. (c)		74,173		3,862,930
Graco, Inc.		97,018		4,466,709
ITT, Inc.		51,183		3,131,888
Kennametal, Inc.		47,962		1,474,352
Lincoln Electric Holdings, Inc.		35,932		3,117,460
Nordson Corp. (c)		29,760		4,352,698
Oshkosh Corp.		39,780		3,015,324
Terex Corp. (c)		38,099		989,431
Timken Co. (The)		39,805		1,731,916
Toro Co. (The) (c)		62,003		4,544,820
Trinity Industries, Inc.		59,500		1,170,960
Woodward, Inc.		32,734		3,529,707
				41,976,018
Marine—0.3%
Kirby Corp. (a) (c)		34,841		2,862,537
Media—1.1%
AMC Networks, Inc. - Class A (a) (c)		25,684		1,262,626
Cable One, Inc.		2,921		3,664,979
John Wiley & Sons, Inc. - Class A		25,611		1,125,347
Meredith Corp. (c)		23,305		854,361
New York Times Co. (The) - Class A (c)		83,597		2,380,843
TEGNA, Inc.		126,012		1,956,966
				11,245,122
Metals & Mining—1.9%
Allegheny Technologies, Inc. (a)		73,331		1,484,953
Carpenter Technology Corp.		27,722		1,432,118
Commercial Metals Co.		68,587		1,192,042
Compass Minerals International, Inc.		19,707		1,113,248
Reliance Steel & Aluminum Co.		38,768		3,863,619
Royal Gold, Inc. (c)		38,132		4,698,244
Steel Dynamics, Inc.		127,733		3,806,443
United States Steel Corp. (c)		99,309		1,147,019
Worthington Industries, Inc.		21,555		777,058
				19,514,744

BHFTII-178

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Multi-Utilities—0.8%
Black Hills Corp.		35,516	$	2,725,142
MDU Resources Group, Inc.		115,778		3,263,782
NorthWestern Corp.		29,339		2,201,892
				8,190,816
Multiline Retail—0.2%
Dillard’s, Inc. - Class A (c)		5,940		392,693
Ollie’s Bargain Outlet Holdings, Inc. (a) (c)		31,807		1,865,163
				2,257,856
Oil, Gas & Consumable Fuels—1.6%
Antero Midstream Corp. (c)		150,346		1,112,560
Chesapeake Energy Corp. (a) (c)		655,947		924,885
CNX Resources Corp. (a) (c)		109,092		792,008
EQT Corp. (c)		148,605		1,581,157
Equitrans Midstream Corp. (c)		118,666		1,726,590
Matador Resources Co. (a) (c)		63,774		1,054,184
Murphy Oil Corp. (c)		89,651		1,982,184
Oasis Petroleum, Inc. (a)		168,488		582,969
PBF Energy, Inc. - Class A		59,273		1,611,633
Southwestern Energy Co. (a) (c)		314,845		607,651
World Fuel Services Corp.		38,028		1,518,838
WPX Energy, Inc. (a) (c)		245,677		2,601,720
				16,096,379
Paper & Forest Products—0.3%
Domtar Corp.		36,400		1,303,484
Louisiana-Pacific Corp.		71,896		1,767,204
				3,070,688
Personal Products—0.2%
Edgewell Personal Care Co. (a)		31,501		1,023,467
Nu Skin Enterprises, Inc. - Class A		32,307		1,374,017
				2,397,484
Pharmaceuticals—0.5%
Catalent, Inc. (a) (c)		84,931		4,047,811
Prestige Consumer Healthcare, Inc. (a) (c)		29,221		1,013,677
				5,061,488
Professional Services—0.7%
ASGN, Inc. (a)		30,768		1,934,077
Insperity, Inc.		22,518		2,220,725
ManpowerGroup, Inc.		34,804		2,931,889
				7,086,691
Real Estate Management & Development—0.4%
Jones Lang LaSalle, Inc.		29,967		4,167,211
Road & Rail—1.8%
Avis Budget Group, Inc. (a)		34,028		961,632
Genesee & Wyoming, Inc. - Class A (a)		32,926		3,638,652
Knight-Swift Transportation Holdings, Inc. (c)		71,405		2,592,002
Landstar System, Inc. (c)		23,050		2,594,969
Road & Rail—(Continued)
Old Dominion Freight Line, Inc. (c)		37,227		6,327,473
Ryder System, Inc.		31,021		1,605,957
Werner Enterprises, Inc. (c)		25,757		909,222
				18,629,907
Semiconductors & Semiconductor Equipment—3.6%
Cirrus Logic, Inc. (a)		33,816		1,811,861
Cree, Inc. (a) (c)		62,220		3,048,780
Cypress Semiconductor Corp.		214,804		5,013,525
First Solar, Inc. (a)		44,136		2,560,329
MKS Instruments, Inc.		31,690		2,924,353
Monolithic Power Systems, Inc.		23,391		3,640,341
Semtech Corp. (a)		38,695		1,880,964
Silicon Laboratories, Inc. (a)		25,210		2,807,134
Synaptics, Inc. (a) (c)		19,141		764,683
Teradyne, Inc.		98,845		5,724,114
Universal Display Corp.		24,659		4,140,246
Versum Materials, Inc.		63,537		3,363,014
				37,679,344
Software—3.3%
ACI Worldwide, Inc. (a) (c)		67,884		2,126,466
Blackbaud, Inc. (c)		28,600		2,583,724
CDK Global, Inc.		70,492		3,389,960
CommVault Systems, Inc. (a)		24,175		1,080,864
Fair Isaac Corp. (a)		16,808		5,101,564
j2 Global, Inc. (c)		27,029		2,454,774
LogMeIn, Inc. (c)		28,753		2,040,313
Manhattan Associates, Inc. (a)		37,413		3,018,107
PTC, Inc. (a) (c)		60,292		4,110,709
Teradata Corp. (a)		66,363		2,057,253
Tyler Technologies, Inc. (a)		22,441		5,890,762
				33,854,496
Specialty Retail—2.1%
Aaron’s, Inc.		39,287		2,524,582
American Eagle Outfitters, Inc.		92,377		1,498,355
AutoNation, Inc. (a) (c)		34,193		1,733,585
Bed Bath & Beyond, Inc. (c)		74,317		790,733
Dick’s Sporting Goods, Inc. (c)		38,322		1,563,921
Five Below, Inc. (a)		32,378		4,082,866
Foot Locker, Inc.		63,805		2,753,824
Murphy USA, Inc. (a)		17,479		1,490,959
Sally Beauty Holdings, Inc. (a) (c)		70,111		1,043,953
Urban Outfitters, Inc. (a) (c)		41,025		1,152,392
Williams-Sonoma, Inc.		45,485		3,092,070
				21,727,240
Technology Hardware, Storage & Peripherals—0.2%
NCR Corp. (a)		74,091		2,338,312
Textiles, Apparel & Luxury Goods—0.7%
Carter’s, Inc. (c)		26,021		2,373,375
Deckers Outdoor Corp. (a)		16,798		2,475,353
Skechers USA, Inc. - Class A (a)		77,793		2,905,569
				7,754,297

BHFTII-179

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Thrifts & Mortgage Finance—0.6%
LendingTree, Inc. (a)		4,458	$	1,383,897
New York Community Bancorp, Inc. (c)		271,831		3,411,479
Washington Federal, Inc.		46,181		1,708,235
				6,503,611
Trading Companies & Distributors—0.7%
GATX Corp. (c)		20,764		1,609,833
MSC Industrial Direct Co., Inc. - Class A		26,178		1,898,690
NOW, Inc. (a) (c)		63,279		725,810
Watsco, Inc. (c)		18,969		3,209,176
				7,443,509
Water Utilities—0.5%
Aqua America, Inc.		125,502		5,626,255
Wireless Telecommunication Services—0.1%
Telephone & Data Systems, Inc.		56,749		1,464,124
Total Common Stocks (Cost $779,564,698)				1,005,955,945
Mutual Fund—1.7%
Investment Company Security—1.7%
SPDR S&P MidCap 400 ETF Trust (Cost $17,028,064)		48,400		17,059,548
Short-Term Investments—0.7%
Discount Notes—0.5%
Federal Home Loan Bank
1.880%, 10/04/19 (d)		4,575,000		4,574,283
1.880%, 11/06/19 (d)		1,025,000		1,023,073
				5,597,356
U.S. Treasury—0.2%
U.S. Treasury Bill 1.718%, 11/07/19 (d)		2,575,000		2,570,453
Total Short-Term Investments (Cost $8,167,613)				8,167,809
Securities Lending Reinvestments (e)—18.3%
Certificates of Deposit—9.9%
Banco Del Estado De Chile New York
2.206%, 1M LIBOR + 0.160%, 11/22/19 (f)		6,000,000		5,999,670
2.222%, 1M LIBOR + 0.180%, 10/09/19 (f)		3,000,000		3,000,000
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (f)		3,000,000		2,999,763
Bank of Montreal (Chicago)
2.070%, SOFR + 0.250%, 07/10/20 (f)		1,000,000		1,000,068
2.150%, 1M LIBOR + 0.100%, 10/11/19 (f)		2,000,000		1,999,964
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (f)		7,000,000		6,999,965
Certificates of Deposit—(Continued)
Bank of Nova Scotia 2.198%, 1M LIBOR + 0.170%, 05/15/20 (f)		2,000,000		1,999,116
Barclays Bank plc 2.297%, 1M LIBOR + 0.230%, 02/05/20 (f)		5,000,000		4,996,510
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (f)		1,000,000		1,000,185
Canadian Imperial Bank of Commerce
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (f)		4,000,000		4,000,020
2.278%, 1M LIBOR + 0.250%, 10/15/19 (f)		2,000,000		2,000,068
China Construction Bank Corp. 2.470%, 10/18/19		1,000,000		1,000,127
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (f)		3,000,000		3,000,057
Credit Industriel et Commercial 2.393%, 3M LIBOR + 0.090%, 10/15/19 (f)		5,000,000		5,000,525
Credit Suisse AG 2.240%, 1M LIBOR + 0.140%, 10/02/19 (f)		2,000,000		2,000,000
DZ Bank AG Zero Coupon, 10/18/19		4,969,899		4,994,750
KBC Bank NV Zero Coupon, 10/25/19		2,961,000		2,995,964
Mitsubishi UFJ Trust and Banking Corp. 2.226%, 1M LIBOR + 0.180%, 01/23/20 (f)		4,000,000		3,999,948
Mizuho Bank, Ltd. 2.174%, 1M LIBOR + 0.120%, 11/27/19 (f)		5,000,000		4,999,905
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (f)		2,000,000		1,999,794
Natixis New York 2.453%, 3M LIBOR + 0.150%, 10/15/19 (f)		2,000,000		2,000,252
Societe Generale 2.337%, 1M LIBOR + 0.280%, 06/19/20 (f)		2,000,000		2,002,364
Sumitomo Mitsui Banking Corp.
2.179%, 1M LIBOR + 0.140%, 11/12/19 (f)		2,000,000		1,999,900
2.234%, 1M LIBOR + 0.180%, 01/27/20 (f)		5,000,000		4,999,655
Sumitomo Mitsui Trust Bank, Ltd. 2.184%, 1M LIBOR + 0.140%, 11/20/19 (f)		3,000,000		2,999,940
Svenska Handelsbanken AB
2.247%, 1M LIBOR + 0.180%, 06/05/20 (f)		2,000,000		1,999,060
2.344%, 1M LIBOR + 0.300%, 10/31/19 (f)		2,000,000		2,000,288
2.429%, 1M LIBOR + 0.380%, 12/10/19 (f)		3,000,000		3,001,206
Toronto-Dominion Bank 2.269%, 1M LIBOR + 0.180%, 06/03/20 (f)		2,000,000		1,999,943
Wells Fargo Bank N.A.
2.180%, FEDEFF PRV + 0.350%, 08/20/20 (f)		5,000,000		5,000,000
2.477%, 3M LIBOR + 0.210%, 10/25/19 (f)		2,000,000		2,000,466
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (f)		6,000,000		5,999,978
				101,989,451
Commercial Paper—3.8%
Bank of China, Ltd. 2.470%, 10/11/19		3,976,535		3,997,156
Cafco LLC 2.120%, 10/31/19		1,992,580		1,996,362

BHFTII-180

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
China Construction Bank Corp.
2.470%, 10/18/19		993,756	$	998,858
2.500%, 10/01/19		1,000,000		1,000,008
Industrial & Commercial Bank of China, Corp. 2.470%, 10/25/19		1,987,376		1,997,272
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (f)		8,000,000		8,001,296
LMA S.A. & LMA Americas, Corp. 2.610%, 10/03/19		2,960,198		2,999,463
Royal Bank of Canada
2.463%, 3M LIBOR + 0.160%, 01/14/20 (f)		3,000,000		3,001,671
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (f)		2,000,000		2,000,056
Sumitomo Mitsui Banking Corp. 2.187%, 1M LIBOR + 0.130%, 01/06/20 (f)		3,000,000		2,999,616
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (f)		10,000,000		10,000,000
				38,991,758
Repurchase Agreements—4.6%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $3,000,160; collateralized by various Common Stock with an aggregate market value of $3,300,001.		3,000,000		3,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $4,023,204; collateralized by various Common Stock with an aggregate market value of $4,400,001.		4,000,000		4,000,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $10,062,100; collateralized by various Common Stock with an aggregate market value of $11,001,129.		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $2,004,219; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $800,053; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $816,000.		800,000		800,000
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $700,047; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $714,000.		700,000		700,000
Repurchase Agreements—(Continued)
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $3,864,662; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $3,941,758.		3,864,469		3,864,469
Morgan Stanley & Co. LLC Repurchase Agreement dated 09/30/19 at 2.370%, due on 03/30/20 with a maturity value of $3,035,945; collateralized by U.S. Treasury Obligations with rates ranging from 2.000% - 2.375%, maturity dates ranging from 03/15/22 - 05/15/29, and various Common Stock with an aggregate market value of $3,293,006.		3,000,000		3,000,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $900,050; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,001,702.		900,000		900,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $2,400,943; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $2,667,378.		2,400,000		2,400,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $2,300,126; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,555,442.		2,300,000		2,300,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $2,000,110; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $3,801,478; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $4,222,035.		3,800,000		3,800,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $4,001,556; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $4,444,248.		4,000,000		4,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $4,801,867; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $5,333,097.		4,800,000		4,800,000

BHFTII-181

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $100,039; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $111,106.		100,000	$	100,000
				47,664,469
Total Securities Lending Reinvestments (Cost $188,642,607)				188,645,678
Total Investments—118.1% (Cost $993,402,982)				1,219,828,980
Other assets and liabilities (net)—(18.1)%				(186,711,872	)
Net Assets—100.0%			$	1,033,117,108

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2019, the market value of securities pledged was $ 2,428,750.
(c)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $187,585,035 and the collateral received consisted of cash in the amount of $188,505,812 and non-cash collateral with a value of $2,771,369. 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.
(d)	The rate shown represents current yield to maturity.
(e)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(f)	Variable or floating rate security. The stated rate represents the rate at September 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 Depreciation
S&P Midcap 400 Index E-Mini Futures		12/20/19		46		USD	8,914,800	$	(109,087	)

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

(ETF)—	Exchange-Traded Fund
(REIT)—	Real Estate Investment Trust

BHFTII-182

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	1,005,955,945		$	—		$	—	$	1,005,955,945
Total Mutual Fund*		17,059,548			—			—		17,059,548
Total Short-Term Investments*		—			8,167,809			—		8,167,809
Total Securities Lending Reinvestments*		—			188,645,678			—		188,645,678
Total Investments	$	1,023,015,493		$	196,813,487		$	—	$	1,219,828,980
Collateral for Securities Loaned (Liability)	$	—		$	(188,505,812	)	$	—	$	(188,505,812	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(109,087	)	$	—		$	—	$	(109,087	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-183

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—96.0% of Net Assets

Security Description	Shares		Value
Australia—7.1%
AGL Energy, Ltd.		45,920	$	593,002
Alumina, Ltd.		191,453		306,271
AMP, Ltd.		197,480		243,553
APA Group		80,604		623,879
Aristocrat Leisure, Ltd.		41,217		854,050
ASX, Ltd.		14,426		790,012
Aurizon Holdings, Ltd.		157,842		628,769
AusNet Services		135,720		166,023
Australia & New Zealand Banking Group, Ltd.		203,134		3,922,470
Bank of Queensland, Ltd.		24,917		166,889
Bendigo & Adelaide Bank, Ltd.		35,779		277,418
BGP Holdings plc (a) (b) (c)		713,624		0
BHP Group plc		148,719		3,187,752
BHP Group, Ltd.		210,135		5,198,566
BlueScope Steel, Ltd.		45,759		371,028
Boral, Ltd.		86,560		283,855
Brambles, Ltd.		109,798		845,271
Caltex Australia, Ltd.		18,604		331,542
Challenger, Ltd.		44,035		219,767
CIMIC Group, Ltd.		8,428		179,168
Coca-Cola Amatil, Ltd.		42,510		305,663
Cochlear, Ltd.		4,099		576,368
Coles Group, Ltd.		80,874		841,038
Commonwealth Bank of Australia		126,484		6,916,087
Computershare, Ltd.		35,559		389,721
Crown Resorts, Ltd.		29,464		239,596
CSL, Ltd.		32,421		5,119,342
Dexus		77,269		622,070
Fortescue Metals Group, Ltd.		100,316		601,190
Goodman Group (REIT)		118,280		1,130,956
GPT Group (The) (REIT)		149,666		622,532
Incitec Pivot, Ltd.		131,085		300,151
Insurance Australia Group, Ltd.		155,852		831,253
Lend Lease Group (REIT)		39,184		464,855
Macquarie Group, Ltd.		23,361		2,068,429
Magellan Financial Group, Ltd.		9,069		315,032
Medibank Private, Ltd.		199,900		459,730
Mirvac Group (REIT)		272,935		564,059
National Australia Bank, Ltd.		198,109		3,982,810
Newcrest Mining, Ltd.		56,335		1,312,447
Oil Search, Ltd.		104,563		518,709
Orica, Ltd.		26,176		398,445
Origin Energy, Ltd.		119,590		646,662
QBE Insurance Group, Ltd.		93,998		798,237
Ramsay Health Care, Ltd.		10,616		464,980
REA Group, Ltd.		4,158		304,734
Rio Tinto, Ltd.		26,269		1,650,915
Santos, Ltd.		118,547		621,047
Scentre Group (REIT)		367,395		974,750
Seek, Ltd.		22,233		322,470
Sonic Healthcare, Ltd.		32,696		620,054
South32, Ltd.		363,229		645,018
Stockland (REIT)		162,137		497,883
Suncorp Group, Ltd. (c)		92,884		855,526
Sydney Airport		80,467		436,493
Tabcorp Holdings, Ltd.		153,298		501,808
Telstra Corp., Ltd.		309,539		733,768
Australia—(Continued)
Transurban Group		195,278		1,937,029
Treasury Wine Estates, Ltd.		53,467		670,603
Vicinity Centres (REIT)		252,185		437,412
Wesfarmers, Ltd.		80,874		2,174,189
Westpac Banking Corp.		248,548		4,974,644
Woodside Petroleum, Ltd.		68,426		1,500,903
Woolworths Group, Ltd.		90,239		2,271,837
WorleyParsons, Ltd.		23,498		207,706
				72,018,436
Austria—0.2%
Andritz AG		5,828		238,440
Erste Group Bank AG (c)		20,614		682,599
OMV AG		9,828		526,639
Raiffeisen Bank International AG		9,390		218,312
Verbund AG		4,951		270,884
Voestalpine AG		9,525		219,237
				2,156,111
Belgium—1.0%
Ageas		12,505		694,116
Anheuser-Busch InBev S.A.		54,441		5,183,969
Colruyt S.A.		4,373		239,673
Groupe Bruxelles Lambert S.A.		5,864		563,559
KBC Group NV		17,769		1,156,549
Proximus SADP		11,920		354,231
Solvay S.A.		4,384		454,681
Telenet Group Holding NV		4,184		197,543
UCB S.A.		9,033		656,073
Umicore S.A.		15,189		574,037
				10,074,431
Chile—0.0%
Antofagasta plc		26,957		299,257
China—0.1%
BeiGene, Ltd. (ADR) (c) (d)		2,400		293,904
BOC Hong Kong Holdings, Ltd.		258,465		881,746
				1,175,650
Denmark—1.7%
AP Moller - Maersk A/S - Class A		274		292,999
AP Moller - Maersk A/S - Class B		493		559,069
Carlsberg A/S - Class B		7,850		1,161,705
Chr Hansen Holding A/S		7,473		634,606
Coloplast A/S - Class B		8,619		1,039,268
Danske Bank A/S		45,729		636,753
Demant A/S (c)		7,349		188,466
DSV A/S		15,505		1,477,197
Genmab A/S (c)		4,641		943,529
H Lundbeck A/S		5,421		179,903
ISS A/S		12,164		301,062
Novo Nordisk A/S - Class B		126,424		6,529,241
Novozymes A/S - B Shares		13,129		552,073
Orsted A/S		13,516		1,255,605

BHFTII-184

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Denmark—(Continued)
Pandora A/S		7,708	$	309,825
Tryg A/S		8,735		250,361
Vestas Wind Systems A/S		12,557		975,719
				17,287,381
Finland—1.1%
Elisa Oyj		9,227		475,792
Fortum Oyj		30,377		718,773
Kone Oyj - Class B		26,344		1,500,993
Metso Oyj		7,511		280,516
Neste Oyj		30,257		999,960
Nokia Oyj		403,069		2,043,121
Nokian Renkaat Oyj		7,495		211,657
Nordea Bank Abp		226,093		1,607,007
Nordea Bank Abp		3,248		23,003
Orion Oyj - Class B		8,084		301,536
Sampo Oyj - A Shares		32,484		1,292,609
Stora Enso Oyj - R Shares		40,497		488,566
UPM-Kymmene Oyj		37,640		1,114,127
Wartsila Oyj Abp		31,392		352,221
				11,409,881
France—10.7%
Accor S.A.		13,973		583,167
Aeroports de Paris		2,209		392,961
Air Liquide S.A.		30,993		4,416,987
Airbus SE		41,260		5,366,482
Alstom S.A.		12,526		519,506
Amundi S.A.		4,463		311,616
Arkema S.A.		5,073		473,693
Atos SE		7,084		500,094
AXA S.A.		140,288		3,586,648
BioMerieux		3,058		253,154
BNP Paribas S.A.		81,356		3,967,565
Bollore S.A.		61,600		255,507
Bouygues S.A.		14,921		598,378
Bureau Veritas S.A.		19,643		473,767
Capgemini SE		11,166		1,317,402
Carrefour S.A.		42,889		750,782
Casino Guichard Perrachon S.A. (d)		3,988		190,333
Cie de St-Gobain		33,678		1,323,209
Cie Generale des Etablissements Michelin		12,172		1,360,532
CNP Assurances		10,520		203,465
Covivio		3,163		334,831
Credit Agricole S.A.		81,608		992,559
Danone S.A.		44,560		3,925,563
Dassault Aviation S.A.		183		258,873
Dassault Systemes SE		9,434		1,344,251
Edenred		17,136		823,077
Eiffage S.A.		5,760		597,688
Electricite de France S.A.		42,972		481,016
Engie S.A.		134,009		2,189,921
EssilorLuxottica S.A.		20,173		2,910,767
Eurazeo S.A.		2,867		213,458
Eutelsat Communications S.A.		14,990		279,182
Faurecia S.A.		5,604		266,489
France—(Continued)
Gecina S.A. (REIT)		3,288		516,760
Getlink SE		32,808		493,069
Hermes International		2,306		1,595,353
ICADE (REIT)		2,561		229,084
Iliad S.A.		1,762		165,507
Ingenico Group S.A.		4,093		399,683
Ipsen S.A.		2,947		279,790
JCDecaux S.A.		4,706		127,503
Kering S.A.		5,325		2,719,098
Klepierre S.A. (REIT)		12,682		430,741
L’Oreal S.A.		17,913		5,020,523
Legrand S.A.		18,736		1,338,563
LVMH Moet Hennessy Louis Vuitton SE		19,873		7,912,649
Natixis S.A.		61,192		254,187
Orange S.A.		137,239		2,154,648
Pernod-Ricard S.A.		15,201		2,706,702
Peugeot S.A.		40,345		1,007,884
Publicis Groupe S.A.		15,420		758,301
Remy Cointreau S.A.		1,860		246,920
Renault S.A.		14,189		815,500
Safran S.A.		23,430		3,694,383
Sanofi		80,327		7,450,308
Sartorius Stedim Biotech		2,011		281,438
Schneider Electric SE		39,783		3,489,786
SCOR SE		11,686		483,054
SEB S.A.		1,809		274,906
Societe Generale S.A.		55,187		1,514,413
Sodexo S.A.		6,778		761,575
Suez		24,607		387,092
Teleperformance SE		4,265		925,582
Thales S.A.		7,807		898,728
Total S.A.		170,100		8,857,418
UBISOFT Entertainment S.A. (c)		5,696		412,049
Unibail-Rodamco-Westfield		9,927		1,447,501
Valeo S.A.		18,217		591,866
Veolia Environnement S.A.		38,959		988,561
Vinci S.A.		35,933		3,874,039
Vivendi S.A.		65,509		1,799,443
Wendel S.A.		2,267		313,101
Worldline S.A. (c)		5,981		377,869
				109,458,500
Germany—7.7%
adidas AG		12,907		4,017,869
Allianz SE		30,365		7,082,615
Aroundtown S.A.		65,442		535,375
Axel Springer SE		3,006		207,422
BASF SE		66,273		4,637,109
Bayer AG		66,681		4,702,548
Bayerische Motoren Werke AG		23,596		1,660,107
Beiersdorf AG		7,090		836,736
Brenntag AG		11,405		552,063
Carl Zeiss Meditec AG		2,898		330,279
Commerzbank AG		77,199		448,117
Continental AG		8,198		1,052,652
Covestro AG		11,059		547,342

BHFTII-185

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Daimler AG		63,808	$	3,170,125
Delivery Hero AG (c)		8,164		362,744
Deutsche Bank AG		146,810		1,100,006
Deutsche Boerse AG		13,601		2,126,608
Deutsche Lufthansa AG		17,782		282,653
Deutsche Post AG		71,872		2,401,237
Deutsche Telekom AG		241,713		4,058,691
Deutsche Wohnen SE		24,681		901,474
E.ON SE		159,780		1,553,140
Evonik Industries AG		13,109		323,687
Fraport AG Frankfurt Airport Services Worldwide		3,260		276,569
Fresenius Medical Care AG & Co. KGaA		15,649		1,051,974
Fresenius SE & Co. KGaA		30,614		1,431,535
GEA Group AG		9,381		253,357
Hannover Rueck SE		4,145		701,212
HeidelbergCement AG		10,444		755,242
Henkel AG & Co. KGaA		7,933		726,670
HOCHTIEF AG		1,646		187,518
Hugo Boss AG		4,934		264,591
Infineon Technologies AG		92,414		1,661,616
KION Group AG		5,441		285,886
Knorr-Bremse AG		3,477		326,906
LANXESS AG		5,571		340,160
Merck KGaA		9,421		1,061,834
METRO AG		15,747		248,520
MTU Aero Engines AG		3,839		1,020,283
Muenchener Rueckversicherungs-Gesellschaft AG		10,059		2,603,087
Puma SE		6,040		467,513
RWE AG		39,146		1,225,129
SAP SE		70,253		8,261,145
Siemens AG		54,214		5,811,095
Siemens Healthineers AG		10,900		428,919
Symrise AG		8,745		850,106
Telefonica Deutschland Holding AG		58,800		163,966
ThyssenKrupp AG		31,577		437,692
TUI AG		30,068		350,705
Uniper SE		14,858		487,337
United Internet AG		8,781		313,283
Volkswagen AG		2,495		428,935
Vonovia SE		35,809		1,816,924
Wirecard AG		8,665		1,385,105
Zalando SE (c)		8,719		398,020
				78,913,433
Hong Kong—3.2%
AIA Group, Ltd.		864,200		8,107,168
ASM Pacific Technology, Ltd.		19,600		240,729
Bank of East Asia, Ltd. (The)		103,920		256,279
CK Asset Holdings, Ltd.		188,440		1,282,918
CK Hutchison Holdings, Ltd.		187,440		1,647,500
CK Infrastructure Holdings, Ltd.		49,500		331,940
CLP Holdings, Ltd.		116,377		1,218,281
Dairy Farm International Holdings, Ltd.		24,600		155,073
Galaxy Entertainment Group, Ltd.		151,000		947,170
Hang Lung Properties, Ltd.		162,000		368,147
Hang Seng Bank, Ltd.		54,400		1,176,680
Hong Kong—(Continued)
Henderson Land Development Co., Ltd.		100,311		467,572
HK Electric Investments & HK Electric Investments, Ltd.		197,500		188,213
HKT Trust & HKT, Ltd.		277,980		441,875
Hong Kong & China Gas Co., Ltd.		703,415		1,365,928
Hong Kong Exchanges and Clearing, Ltd.		86,500		2,552,681
Hongkong Land Holdings, Ltd.		86,500		487,378
Hysan Development Co., Ltd.		45,000		182,022
Jardine Matheson Holdings, Ltd.		16,900		906,458
Jardine Strategic Holdings, Ltd.		14,600		437,089
Kerry Properties, Ltd.		57,500		177,911
Link REIT (REIT)		150,141		1,647,957
Melco Resorts & Entertainment, Ltd. (ADR)		13,200		256,212
MTR Corp., Ltd.		110,500		617,014
New World Development Co., Ltd.		463,707		605,626
NWS Holdings, Ltd.		99,000		153,449
PCCW, Ltd.		316,000		177,452
Power Assets Holdings, Ltd.		107,549		722,709
Sino Land Co., Ltd.		247,600		373,620
Sun Hung Kai Properties, Ltd.		116,250		1,680,262
Swire Pacific, Ltd. - Class A		36,817		343,025
Swire Properties, Ltd.		83,600		263,462
Techtronic Industries Co., Ltd.		95,000		666,560
Vitasoy International Holdings, Ltd.		54,000		218,894
WH Group, Ltd.		654,000		591,691
Wharf Holdings, Ltd. (The)		87,976		192,551
Wharf Real Estate Investment Co., Ltd.		87,976		482,211
Wheelock & Co., Ltd.		68,000		387,505
Yue Yuen Industrial Holdings, Ltd.		50,500		138,582
				32,457,794
Ireland—0.6%
AerCap Holdings NV (c)		10,200		558,450
AIB Group plc		60,112		178,878
Bank of Ireland Group plc		56,296		223,797
CRH plc		58,024		1,992,024
Flutter Entertainment plc (c)		6,200		579,934
James Hardie Industries plc		31,140		522,586
Kerry Group plc - Class A		11,539		1,354,705
Kingspan Group plc		11,136		546,052
Smurfit Kappa Group plc		16,402		488,016
				6,444,442
Israel—0.6%
Azrieli Group, Ltd.		3,090		242,722
Bank Hapoalim B.M. (c)		79,475		626,615
Bank Leumi Le-Israel B.M.		109,068		776,438
Check Point Software Technologies, Ltd. (c)		8,100		886,950
CyberArk Software, Ltd. (c)		2,700		269,514
Elbit Systems, Ltd.		1,811		300,205
Israel Chemicals, Ltd.		54,463		271,449
Israel Discount Bank, Ltd. - Class A		83,247		366,246
Mizrahi Tefahot Bank, Ltd.		11,922		296,395
Nice, Ltd. (c)		4,447		640,275
Teva Pharmaceutical Industries, Ltd. (ADR) (c)		77,953		536,317
Wix.com, Ltd. (c)		3,200		373,568
				5,586,694

BHFTII-186

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—2.0%
Assicurazioni Generali S.p.A.		77,824	$	1,509,577
Atlantia S.p.A.		36,067		873,504
Davide Campari-Milano S.p.A.		42,874		387,763
Enel S.p.A.		581,257		4,344,081
Eni S.p.A.		184,398		2,816,900
Ferrari NV		8,924		1,378,595
FinecoBank Banca Fineco S.p.A.		37,016		392,467
Intesa Sanpaolo S.p.A.		1,083,294		2,572,332
Leonardo S.p.A.		28,782		338,949
Mediobanca S.p.A.		44,816		490,016
Moncler S.p.A.		13,024		464,672
Pirelli & C S.p.A.		29,117		172,593
Poste Italiane S.p.A.		41,357		470,859
Prysmian S.p.A.		16,202		348,314
Recordati S.p.A.		8,194		351,796
Snam S.p.A.		136,820		691,920
Telecom Italia S.p.A. (c)		560,392		320,147
Telecom Italia S.p.A. - Risparmio Shares		437,140		239,238
Terna Rete Elettrica Nazionale S.p.A.		92,957		597,135
UniCredit S.p.A.		142,434		1,683,098
				20,443,956
Japan—23.8%
ABC-Mart, Inc.		2,500		159,020
Advantest Corp.		14,500		641,619
Aeon Co., Ltd.		44,500		818,887
Air Water, Inc.		10,000		179,906
Aisin Seiki Co., Ltd.		10,600		335,411
Ajinomoto Co., Inc.		31,900		603,826
Alfresa Holdings Corp.		15,300		343,449
Alps Alpine Co., Ltd.		13,100		246,190
Amada Holdings Co., Ltd.		27,000		293,211
ANA Holdings, Inc.		8,400		282,619
Aozora Bank, Ltd.		9,600		241,033
Asahi Glass Co., Ltd.		12,600		393,342
Asahi Group Holdings, Ltd.		24,500		1,213,532
Asahi Intecc Co., Ltd.		14,200		375,941
Asahi Kasei Corp.		84,100		834,271
Astellas Pharma, Inc.		131,100		1,874,491
Bandai Namco Holdings, Inc.		13,300		828,974
Bank of Kyoto, Ltd. (The)		4,400		173,291
Bridgestone Corp.		40,800		1,587,286
Brother Industries, Ltd.		16,400		299,450
Calbee, Inc.		5,500		171,577
Canon, Inc.		72,900		1,946,997
Casio Computer Co., Ltd. (d)		16,900		262,077
Central Japan Railway Co.		10,500		2,168,260
Chiba Bank, Ltd. (The) (d)		49,000		253,650
Chubu Electric Power Co., Inc.		45,700		662,221
Chugai Pharmaceutical Co., Ltd.		16,800		1,310,253
Chugoku Electric Power Co., Inc. (The) (d)		23,700		304,536
Coca-Cola Bottlers Japan Holdings, Inc.		9,900		223,340
Concordia Financial Group, Ltd.		83,000		320,307
CyberAgent, Inc.		7,400		286,034
Dai Nippon Printing Co., Ltd.		20,000		520,058
Dai-ichi Life Holdings, Inc.		75,800		1,152,405
Japan—(Continued)
Daicel Corp.		22,000		187,266
Daifuku Co., Ltd.		7,400		385,288
Daiichi Sankyo Co., Ltd.		40,600		2,561,628
Daikin Industries, Ltd.		18,200		2,390,943
Daito Trust Construction Co., Ltd.		5,200		666,995
Daiwa House Industry Co., Ltd.		38,200		1,245,232
Daiwa House REIT Investment Corp. (REIT)		136		382,595
Daiwa Securities Group, Inc.		118,000		528,773
Denso Corp.		31,000		1,370,178
Dentsu, Inc.		16,600		587,964
Disco Corp.		1,600		306,311
East Japan Railway Co.		22,300		2,134,271
Eisai Co., Ltd.		18,200		929,975
Electric Power Development Co., Ltd.		10,900		249,757
FamilyMart Co., Ltd.		17,600		430,801
FANUC Corp.		14,000		2,657,025
Fast Retailing Co., Ltd.		4,100		2,445,318
Fuji Electric Co., Ltd.		8,600		265,478
FUJIFILM Holdings Corp.		25,900		1,141,946
Fujitsu, Ltd.		14,600		1,173,151
Fukuoka Financial Group, Inc.		10,600		201,689
GMO Payment Gateway, Inc.		3,000		200,571
Hakuhodo DY Holdings, Inc.		17,600		256,038
Hamamatsu Photonics KK		9,600		359,274
Hankyu Hanshin Holdings, Inc.		16,400		635,079
Hikari Tsushin, Inc.		1,500		325,984
Hino Motors, Ltd.		19,000		157,515
Hirose Electric Co., Ltd.		2,415		298,077
Hisamitsu Pharmaceutical Co., Inc.		4,500		198,109
Hitachi Chemical Co., Ltd.		7,700		251,978
Hitachi Construction Machinery Co., Ltd. (d)		8,900		216,361
Hitachi High-Technologies Corp.		5,500		317,942
Hitachi Metals, Ltd.		20,000		217,314
Hitachi, Ltd.		70,200		2,630,149
Honda Motor Co., Ltd.		118,800		3,094,286
Hoshizaki Corp.		4,100		323,650
Hoya Corp.		26,800		2,188,877
Hulic Co., Ltd.		17,100		175,623
Idemitsu Kosan Co., Ltd.		12,068		339,530
IHI Corp.		12,200		267,001
Iida Group Holdings Co., Ltd.		12,700		207,925
Inpex Corp.		71,100		648,877
Isetan Mitsukoshi Holdings, Ltd.		26,900		215,564
Isuzu Motors, Ltd.		43,700		485,205
ITOCHU Corp.		96,700		2,005,479
Itochu Techno-Solutions Corp.		7,100		188,188
J Front Retailing Co., Ltd.		17,900		210,535
Japan Airlines Co., Ltd.		8,400		249,782
Japan Airport Terminal Co., Ltd.		3,800		165,580
Japan Exchange Group, Inc.		38,100		603,149
Japan Post Bank Co., Ltd.		30,800		299,518
Japan Post Holdings Co., Ltd.		107,000		988,603
Japan Prime Realty Investment Corp. (REIT)		51		242,203
Japan Real Estate Investment Corp.		96		644,047
Japan Retail Fund Investment Corp.		202		427,293
Japan Tobacco, Inc.		86,100		1,887,573
JFE Holdings, Inc.		35,100		425,089

BHFTII-187

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
JGC Corp.		14,000	$	184,689
JSR Corp.		11,000		177,227
JTEKT Corp.		7,600		87,885
JXTG Holdings, Inc.		237,600		1,078,207
Kajima Corp.		32,000		422,277
Kakaku.com, Inc.		10,700		264,649
Kamigumi Co., Ltd.		8,500		192,652
Kansai Electric Power Co., Inc. (The)		55,000		615,401
Kansai Paint Co., Ltd.		10,300		240,855
Kao Corp.		35,200		2,611,753
Kawasaki Heavy Industries, Ltd.		12,400		276,494
KDDI Corp.		127,000		3,321,332
Keihan Holdings Co., Ltd.		7,800		348,170
Keikyu Corp.		18,000		350,629
Keio Corp.		6,600		412,360
Keisei Electric Railway Co., Ltd.		10,000		412,985
Keyence Corp.		6,500		4,051,615
Kikkoman Corp.		9,600		461,092
Kintetsu Group Holdings Co., Ltd.		12,612		658,995
Kirin Holdings Co., Ltd.		60,300		1,280,697
Kobayashi Pharmaceutical Co., Ltd.		3,600		275,301
Koito Manufacturing Co., Ltd.		7,700		379,808
Komatsu, Ltd.		65,500		1,510,174
Konami Holdings Corp.		7,300		353,824
Konica Minolta, Inc.		37,000		258,844
Kose Corp. (d)		2,300		388,837
Kubota Corp.		75,300		1,145,855
Kuraray Co., Ltd.		24,500		303,199
Kurita Water Industries, Ltd.		7,100		191,287
Kyocera Corp.		22,700		1,418,355
Kyowa Kirin Co., Ltd.		20,000		388,565
Kyushu Electric Power Co., Inc.		25,900		244,589
Kyushu Railway Co.		12,700		406,346
Lawson, Inc.		3,800		194,739
LINE Corp. (c)		4,500		161,207
Lion Corp.		12,300		242,767
LIXIL Group Corp.		19,000		334,250
M3, Inc.		31,400		760,687
Makita Corp.		15,200		482,669
Marubeni Corp.		114,800		766,593
Marui Group Co., Ltd.		16,000		339,414
Mazda Motor Corp.		43,000		384,801
McDonald’s Holdings Co. Japan, Ltd.		5,400		261,393
Mebuki Financial Group, Inc.		63,100		156,239
Medipal Holdings Corp.		10,700		239,319
MEIJI Holdings Co., Ltd.		7,700		562,406
Minebea Mitsumi, Inc.		26,300		420,453
MISUMI Group, Inc.		22,200		527,632
Mitsubishi Chemical Holdings Corp.		93,700		671,855
Mitsubishi Corp.		98,500		2,426,645
Mitsubishi Electric Corp.		131,200		1,753,708
Mitsubishi Estate Co., Ltd.		86,400		1,673,775
Mitsubishi Heavy Industries, Ltd.		23,100		909,075
Mitsubishi Materials Corp.		7,900		214,550
Mitsubishi Motors Corp.		44,999		196,473
Mitsubishi Tanabe Pharma Corp.		15,300		168,542
Mitsubishi UFJ Financial Group, Inc.		881,088		4,492,704
Japan—(Continued)
Mitsubishi UFJ Lease & Finance Co., Ltd.		30,700		178,290
Mitsui & Co., Ltd.		118,417		1,946,623
Mitsui Chemicals, Inc.		15,000		338,243
Mitsui Fudosan Co., Ltd.		65,000		1,618,443
Mitsui OSK Lines, Ltd.		7,500		191,067
Mizuho Financial Group, Inc.		1,752,400		2,695,626
MonotaRO Co., Ltd.		9,200		242,578
MS&AD Insurance Group Holdings, Inc.		31,800		1,035,003
Murata Manufacturing Co., Ltd.		41,200		1,995,531
Nabtesco Corp.		7,500		234,570
Nagoya Railroad Co., Ltd.		14,800		443,882
NEC Corp.		16,800		712,274
Nexon Co., Ltd. (c)		32,300		392,192
NGK Insulators, Ltd.		19,300		276,597
NGK Spark Plug Co., Ltd.		12,000		230,406
NH Foods, Ltd.		7,000		281,627
Nidec Corp.		16,300		2,209,813
Nikon Corp.		22,500		282,829
Nintendo Co., Ltd.		8,100		3,017,117
Nippon Building Fund, Inc.		88		676,090
Nippon Express Co., Ltd.		5,900		301,152
Nippon Paint Holdings Co., Ltd.		9,500		495,804
Nippon Prologis REIT, Inc.		143		391,787
Nippon Steel Corp.		56,300		789,432
Nippon Telegraph & Telephone Corp.		47,000		2,248,989
Nippon Yusen KK		12,600		212,187
Nissan Chemical Corp.		10,000		418,254
Nissan Motor Co., Ltd.		166,900		1,045,580
Nisshin Seifun Group, Inc.		15,700		291,425
Nissin Foods Holdings Co., Ltd.		4,700		340,808
Nitori Holdings Co., Ltd.		5,800		848,972
Nitto Denko Corp.		11,500		557,634
Nomura Holdings, Inc.		241,200		1,020,449
Nomura Real Estate Holdings, Inc.		9,500		206,111
Nomura Real Estate Master Fund, Inc. (REIT)		296		534,712
Nomura Research Institute, Ltd.		24,500		489,415
NSK, Ltd.		26,600		225,853
NTT Data Corp.		40,780		529,207
NTT DoCoMo, Inc.		94,600		2,416,693
Obayashi Corp.		45,500		455,639
Obic Co., Ltd.		5,000		572,472
Odakyu Electric Railway Co., Ltd.		20,100		483,200
OJI Holdings Corp.		68,000		319,308
Olympus Corp.		80,000		1,083,289
Omron Corp.		13,400		739,819
Ono Pharmaceutical Co., Ltd.		26,100		474,891
Oracle Corp. Japan		3,000		261,657
Oriental Land Co., Ltd.		14,000		2,130,806
ORIX Corp.		92,600		1,386,452
Osaka Gas Co., Ltd.		29,000		556,971
Otsuka Corp.		7,400		296,668
Otsuka Holdings Co., Ltd.		28,200		1,055,291
Pan Pacific International Holdings Corp.		32,800		547,917
Panasonic Corp.		161,300		1,314,484
Park24 Co., Ltd.		7,400		171,825
PeptiDream, Inc. (c)		6,800		324,650
Persol Holdings Co., Ltd.		13,400		255,187

BHFTII-188

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Pigeon Corp.		8,500	$	350,423
Pola Orbis Holdings, Inc.		7,600		171,142
Rakuten, Inc.		61,500		606,793
Recruit Holdings Co., Ltd.		97,200		2,972,258
Renesas Electronics Corp. (c)		61,100		397,542
Resona Holdings, Inc.		143,300		617,477
Ricoh Co., Ltd.		48,600		440,160
Rinnai Corp.		2,800		189,283
Rohm Co., Ltd.		6,700		516,913
Ryohin Keikaku Co., Ltd. (d)		18,000		337,945
Santen Pharmaceutical Co., Ltd.		27,500		480,000
SBI Holdings, Inc.		16,511		355,609
Secom Co., Ltd.		15,500		1,419,554
Sega Sammy Holdings, Inc.		12,900		181,516
Seibu Holdings, Inc.		13,800		241,279
Seiko Epson Corp.		20,000		282,950
Sekisui Chemical Co., Ltd.		29,500		460,053
Sekisui House, Ltd.		45,500		898,476
Seven & i Holdings Co., Ltd.		55,000		2,111,591
SG Holdings Co., Ltd.		10,500		257,187
Sharp Corp.		12,000		134,023
Shimadzu Corp.		14,600		371,248
Shimano, Inc.		5,400		817,164
Shimizu Corp.		39,000		354,808
Shin-Etsu Chemical Co., Ltd.		26,400		2,845,834
Shinsei Bank, Ltd.		12,900		188,739
Shionogi & Co., Ltd.		19,700		1,099,591
Shiseido Co., Ltd.		28,700		2,293,935
Shizuoka Bank, Ltd. (The)		25,800		193,374
Showa Denko KK		9,900		261,053
SMC Corp.		4,100		1,764,851
Softbank Corp. (d)		121,800		1,650,322
SoftBank Group Corp.		118,200		4,644,704
Sohgo Security Services Co., Ltd.		4,800		252,614
Sompo Holdings, Inc.		23,599		992,720
Sony Corp.		91,800		5,396,711
Sony Financial Holdings, Inc.		12,800		278,921
Stanley Electric Co., Ltd.		9,700		258,639
Subaru Corp.		45,400		1,283,941
SUMCO Corp.		17,600		238,939
Sumitomo Chemical Co., Ltd.		117,000		528,916
Sumitomo Corp.		83,900		1,316,769
Sumitomo Dainippon Pharma Co., Ltd.		12,500		206,680
Sumitomo Electric Industries, Ltd.		57,634		736,422
Sumitomo Heavy Industries, Ltd.		7,800		232,902
Sumitomo Metal Mining Co., Ltd.		16,600		517,948
Sumitomo Mitsui Financial Group, Inc.		95,300		3,274,876
Sumitomo Mitsui Trust Holdings, Inc.		22,826		827,766
Sumitomo Realty & Development Co., Ltd.		22,400		856,516
Sumitomo Rubber Industries, Ltd.		12,500		149,162
Sundrug Co., Ltd.		5,300		166,814
Suntory Beverage & Food, Ltd.		10,400		445,011
Suzuken Co., Ltd.		5,800		313,134
Suzuki Motor Corp.		26,200		1,113,426
Sysmex Corp.		12,200		820,414
T&D Holdings, Inc.		39,400		420,896
Taiheiyo Cement Corp.		8,200		220,539
Japan—(Continued)
Taisei Corp.		16,000		623,254
Taisho Pharmaceutical Holdings Co., Ltd.		3,000		219,172
Taiyo Nippon Sanso Corp.		9,600		195,004
Takeda Pharmaceutical Co., Ltd.		106,448		3,648,838
TDK Corp.		9,500		859,128
Teijin, Ltd.		13,200		254,924
Terumo Corp.		44,200		1,424,603
THK Co., Ltd.		7,700		204,238
Tobu Railway Co., Ltd.		14,600		474,939
Toho Co., Ltd.		8,500		373,636
Toho Gas Co., Ltd.		6,200		238,008
Tohoku Electric Power Co., Inc.		28,000		274,109
Tokio Marine Holdings, Inc.		46,400		2,492,316
Tokyo Electric Power Co. Holdings, Inc. (c)		112,000		548,590
Tokyo Electron, Ltd.		11,300		2,171,517
Tokyo Gas Co., Ltd.		26,400		667,762
Tokyu Corp.		37,500		706,461
Tokyu Fudosan Holdings Corp.		37,000		237,215
Toppan Printing Co., Ltd.		20,500		365,100
Toray Industries, Inc.		99,900		746,197
Toshiba Corp.		35,600		1,090,772
Tosoh Corp.		23,000		306,318
TOTO, Ltd.		10,400		392,182
Toyo Seikan Group Holdings, Ltd.		8,300		129,662
Toyo Suisan Kaisha, Ltd.		6,000		240,561
Toyota Industries Corp.		10,100		583,230
Toyota Motor Corp.		163,500		10,971,705
Toyota Tsusho Corp.		15,500		502,893
Trend Micro, Inc.		8,900		425,426
Tsuruha Holdings, Inc.		2,900		317,236
Unicharm Corp.		29,600		938,626
United Urban Investment Corp. (REIT)		213		408,137
USS Co., Ltd.		16,600		323,916
Welcia Holdings Co., Ltd.		3,500		176,879
West Japan Railway Co.		11,500		974,588
Yahoo Japan Corp.		206,700		585,131
Yakult Honsha Co., Ltd.		8,200		459,139
Yamada Denki Co., Ltd.		46,500		225,149
Yamaha Corp.		10,400		470,711
Yamaha Motor Co., Ltd.		18,700		341,193
Yamato Holdings Co., Ltd.		21,800		329,806
Yamazaki Baking Co., Ltd.		9,000		160,673
Yaskawa Electric Corp.		18,000		668,920
Yokogawa Electric Corp.		16,300		298,545
Yokohama Rubber Co., Ltd. (The)		9,200		185,350
ZOZO, Inc. (d)		14,400		332,378
				243,071,261
Luxembourg—0.2%
ArcelorMittal		46,976		662,323
Eurofins Scientific SE		878		408,528
Millicom International Cellular S.A.		5,384		261,517
SES S.A.		29,140		531,568
Tenaris S.A.		35,513		376,864
				2,240,800

BHFTII-189

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Macau—0.1%
Sands China, Ltd.		176,400	$	805,236
SJM Holdings, Ltd.		147,000		140,666
Wynn Macau, Ltd.		95,600		187,920
				1,133,822
Netherlands—4.8%
ABN AMRO Bank NV		29,995		528,993
Adyen NV (c)		753		496,609
Aegon NV		119,047		495,189
Akzo Nobel NV		16,277		1,452,428
ASML Holding NV		30,442		7,557,494
EXOR NV		8,104		543,870
Heineken Holding NV		7,836		780,864
Heineken NV		18,534		2,004,627
ING Groep NV		284,141		2,979,227
Koninklijke Ahold Delhaize NV		86,148		2,155,525
Koninklijke DSM NV		12,515		1,505,786
Koninklijke KPN NV		263,537		822,372
Koninklijke Philips NV		65,152		3,020,797
Koninklijke Vopak NV		3,942		202,457
NN Group NV		21,018		746,331
NXP Semiconductors NV		21,100		2,302,432
Prosus NV (c)		34,820		2,556,657
Randstad NV		9,402		461,988
Royal Dutch Shell plc - A Shares		311,121		9,114,170
Royal Dutch Shell plc - B Shares		267,574		7,878,115
Wolters Kluwer NV		19,254		1,406,571
				49,012,502
New Zealand—0.2%
a2 Milk Co., Ltd. (c)		53,251		442,984
Auckland International Airport, Ltd.		69,174		395,987
Fisher & Paykel Healthcare Corp., Ltd.		44,270		478,963
Fletcher Building, Ltd.		68,594		221,250
Meridian Energy, Ltd.		93,292		304,240
Ryman Healthcare, Ltd.		29,900		248,720
Spark New Zealand, Ltd.		131,194		363,033
				2,455,177
Norway—0.6%
Aker BP ASA		7,864		209,825
DNB ASA		68,520		1,211,291
Equinor ASA		71,632		1,360,517
Gjensidige Forsikring ASA		14,357		285,293
Mowi ASA		30,284		699,581
Norsk Hydro ASA		91,188		322,329
Orkla ASA		62,161		566,689
Schibsted ASA - B Shares		7,443		209,057
Telenor ASA		51,893		1,042,574
Yara International ASA		11,222		484,761
				6,391,917
Portugal—0.2%
Banco Espirito Santo S.A. (a) (b) (c)		199,038		0
EDP - Energias de Portugal S.A.		185,244		719,715
Portugal—(Continued)
Galp Energia SGPS S.A.		37,002		556,697
Jeronimo Martins SGPS S.A.		18,255		308,017
				1,584,429
Russia—0.0%
Evraz plc		36,315		209,428
Singapore—1.2%
Ascendas Real Estate Investment Trust (REIT)		184,400		416,359
CapitaLand Commercial Trust (REIT)		166,738		249,394
CapitaLand Mall Trust (REIT)		157,500		299,689
CapitaLand, Ltd.		172,300		441,087
City Developments, Ltd.		34,000		242,218
ComfortDelGro Corp., Ltd.		153,000		265,947
DBS Group Holdings, Ltd.		131,667		2,371,817
Genting Singapore, Ltd.		418,200		266,214
Jardine Cycle & Carriage, Ltd.		8,888		193,371
Keppel Corp., Ltd.		113,900		489,901
Oversea-Chinese Banking Corp., Ltd.		230,564		1,816,058
SATS, Ltd.		56,300		197,363
Singapore Airlines, Ltd.		33,140		219,273
Singapore Exchange, Ltd.		54,400		333,672
Singapore Press Holdings, Ltd.		159,050		239,832
Singapore Technologies Engineering, Ltd.		130,000		361,082
Singapore Telecommunications, Ltd.		601,420		1,349,783
Suntec Real Estate Investment Trust (REIT)		179,000		245,856
United Overseas Bank, Ltd.		89,292		1,653,261
UOL Group, Ltd.		33,000		179,040
Venture Corp., Ltd.		20,500		227,092
Wilmar International, Ltd.		144,000		389,311
				12,447,620
South Africa—0.2%
Anglo American plc		76,685		1,770,578
Investec plc		52,596		271,304
				2,041,882
Spain—2.8%
ACS Actividades de Construccion y Servicios S.A.		18,705		748,473
Aena SME S.A.		5,006		917,667
Amadeus IT Group S.A.		31,507		2,259,992
Banco Bilbao Vizcaya Argentaria S.A.		476,413		2,486,167
Banco de Sabadell S.A.		385,331		374,446
Banco Santander S.A.		1,192,272		4,862,707
Bankia S.A.		80,824		152,872
Bankinter S.A.		48,939		309,477
CaixaBank S.A.		268,510		706,387
Cellnex Telecom S.A. (c)		13,888		573,820
Enagas S.A.		11,926		276,619
Endesa S.A.		23,384		615,344
Ferrovial S.A.		34,676		1,002,152
Grifols S.A.		21,632		637,534
Iberdrola S.A.		429,043		4,459,733
Industria de Diseno Textil S.A.		79,108		2,451,031
Mapfre S.A.		74,474		200,815

BHFTII-190

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Spain—(Continued)
Naturgy Energy Group S.A.		20,891	$	554,339
Red Electrica Corp. S.A.		29,508		599,179
Repsol S.A.		105,611		1,647,721
Siemens Gamesa Renewable Energy S.A.		18,682		253,898
Telefonica S.A. (d)		338,883		2,588,287
				28,678,660
Sweden—2.3%
Alfa Laval AB		20,852		412,456
Assa Abloy AB - Class B		72,914		1,626,263
Atlas Copco AB - A Shares		49,888		1,537,690
Atlas Copco AB - B Shares		28,433		772,456
Boliden AB		20,002		460,809
Electrolux AB - Series B		17,118		406,693
Epiroc AB - Class A		49,888		542,271
Epiroc AB - Class B		28,433		294,620
Essity AB - Class B		43,954		1,284,023
Hennes & Mauritz AB - B Shares		61,284		1,190,756
Hexagon AB - B Shares		19,206		929,163
Husqvarna AB - B Shares		25,677		195,798
ICA Gruppen AB		5,619		259,958
Industrivarden AB - C Shares		10,214		224,048
Investor AB - B Shares		32,036		1,568,802
Kinnevik AB - Class B		16,046		422,823
L E Lundbergforetagen AB - B Shares		6,090		229,540
Lundin Petroleum AB		11,594		347,252
Sandvik AB		76,849		1,198,192
Securitas AB - B Shares		21,462		329,387
Skandinaviska Enskilda Banken AB - Class A		113,560		1,045,830
Skanska AB - B Shares		24,008		487,157
SKF AB - B Shares		25,976		430,390
Svenska Handelsbanken AB - A Shares		113,277		1,063,377
Swedbank AB - A Shares		65,848		949,809
Swedish Match AB		11,623		481,397
Tele2 AB - B Shares		33,676		501,429
Telefonaktiebolaget LM Ericsson - B Shares		220,757		1,766,564
Telia Co. AB		204,113		915,369
Volvo AB - B Shares		104,577		1,472,389
				23,346,711
Switzerland—9.6%
ABB, Ltd.		128,908		2,534,203
Adecco Group AG		10,992		608,549
Alcon, Inc. (c)		29,285		1,710,682
Baloise Holding AG		3,117		559,191
Barry Callebaut AG		132		272,911
Chocoladefabriken Lindt & Spruengli AG		7		579,842
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		81		598,629
Cie Financiere Richemont S.A.		37,512		2,759,302
Clariant AG (c)		17,152		334,354
Coca-Cola HBC AG (c)		13,800		451,832
Credit Suisse Group AG (c)		186,061		2,286,506
Dufry AG (c)		2,729		228,681
EMS-Chemie Holding AG		579		361,170
Ferguson plc		17,515		1,282,516
Switzerland—(Continued)
Geberit AG		2,723		1,301,265
Givaudan S.A.		649		1,813,009
Glencore plc (c)		796,126		2,403,897
Julius Baer Group, Ltd. (c)		17,027		755,997
Kuehne & Nagel International AG		4,135		609,999
LafargeHolcim, Ltd. (c)		35,343		1,743,400
Lonza Group AG (c)		5,308		1,797,771
Nestle S.A.		219,057		23,783,456
Novartis AG		153,491		13,337,394
Pargesa Holding S.A.		3,025		232,922
Partners Group Holding AG		1,376		1,056,475
Roche Holding AG		50,245		14,665,930
Schindler Holding AG		1,428		318,693
Schindler Holding AG (Participation Certificate)		2,909		651,641
SGS S.A.		367		910,308
Sika AG		9,000		1,318,504
Sonova Holding AG		4,058		944,538
STMicroelectronics NV		49,712		963,417
Straumann Holding AG		747		611,533
Swatch Group AG (The)		4,374		220,347
Swatch Group AG (The) - Bearer Shares		2,245		597,544
Swiss Life Holding AG		2,458		1,175,807
Swiss Prime Site AG (c)		5,000		490,024
Swiss Re AG		21,393		2,234,576
Swisscom AG		1,853		914,756
Temenos AG (c)		4,384		735,334
UBS Group AG (c)		280,535		3,192,047
Vifor Pharma AG		2,847		455,541
Zurich Insurance Group AG		10,814		4,141,769
				97,946,262
United Arab Emirates—0.0%
NMC Health plc		7,569		252,668
United Kingdom—13.9%
3i Group plc		70,865		1,018,415
Admiral Group plc		16,009		417,931
Ashtead Group plc		32,603		909,248
Associated British Foods plc		27,546		781,619
AstraZeneca plc		93,755		8,350,143
Auto Trader Group plc		75,401		473,793
Aviva plc		288,445		1,417,726
BAE Systems plc		231,979		1,629,132
Barclays plc		1,244,471		2,304,990
Barratt Developments plc		69,622		556,122
Berkeley Group Holdings plc		10,289		529,850
BP plc		1,454,144		9,214,530
British American Tobacco plc		162,458		6,019,766
British Land Co. plc (The) (REIT)		73,348		528,870
BT Group plc		630,635		1,388,740
Bunzl plc		23,002		602,720
Burberry Group plc		29,504		790,915
Centrica plc		412,821		375,118
CNH Industrial NV		72,572		740,206
Coca-Cola European Partners plc		16,100		892,745
Compass Group plc		116,519		3,004,705

BHFTII-191

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Croda International plc		9,045	$	541,985
DCC plc		7,008		612,593
Diageo plc		169,788		6,963,290
Direct Line Insurance Group plc		89,919		332,413
Experian plc		65,580		2,099,876
Fiat Chrysler Automobiles NV		78,476		1,017,047
G4S plc		108,086		252,256
GlaxoSmithKline plc		354,117		7,597,036
GVC Holdings plc		39,400		361,331
Halma plc		27,211		660,749
Hargreaves Lansdown plc		20,716		530,551
HSBC Holdings plc		1,446,301		11,121,843
Imperial Brands plc		70,611		1,589,751
Informa plc		91,052		955,778
InterContinental Hotels Group plc		11,622		726,916
Intertek Group plc		11,453		772,889
J Sainsbury plc		120,106		325,311
John Wood Group plc		51,100		238,586
Johnson Matthey plc		15,590		587,830
Kingfisher plc		151,460		385,888
Land Securities Group plc (REIT)		54,641		576,652
Legal & General Group plc		421,904		1,291,101
Lloyds Banking Group plc		5,039,518		3,368,249
London Stock Exchange Group plc		22,230		2,000,856
Marks & Spencer Group plc		164,966		374,955
Meggitt plc		55,862		437,480
Melrose Industries plc		351,107		871,749
Merlin Entertainments plc		52,353		291,953
Micro Focus International plc		22,532		318,602
Mondi plc		35,550		682,252
National Grid plc		249,620		2,712,606
Next plc		9,783		745,783
Ocado Group plc (c)		32,598		531,789
Pearson plc		50,185		455,943
Persimmon plc		22,805		610,044
Prudential plc		186,011		3,385,693
Reckitt Benckiser Group plc		50,616		3,956,315
RELX plc		137,652		3,273,183
Rentokil Initial plc		132,544		763,906
Rio Tinto plc		81,548		4,245,242
Rolls-Royce Holdings plc (c)		123,608		1,206,500
Royal Bank of Scotland Group plc		355,393		910,068
RSA Insurance Group plc		74,322		489,174
Sage Group plc (The)		77,930		664,479
Schroders plc		7,697		291,654
Segro plc (REIT)		74,212		741,495
Severn Trent plc		14,884		397,247
Smith & Nephew plc		62,049		1,497,986
Smiths Group plc		31,976		618,423
Spirax-Sarco Engineering plc		5,277		510,131
SSE plc		72,948		1,120,161
St. James’s Place plc		38,927		469,693
Standard Chartered plc		203,987		1,718,768
Standard Life Aberdeen plc		163,097		574,399
Taylor Wimpey plc		240,026		477,680
United Kingdom—(Continued)
Tesco plc		690,838		2,053,198
Unilever NV		104,238		6,264,897
Unilever plc		79,414		4,785,717
United Utilities Group plc		43,570		443,229
Vodafone Group plc		1,935,083		3,862,316
Weir Group plc (The)		17,104		300,828
Whitbread plc		8,801		465,642
WM Morrison Supermarkets plc		166,578		411,155
WPP plc		93,040		1,167,303
				141,957,699
United States—0.1%
Carnival plc		13,029		541,243
International Flavors & Fragrances, Inc.		1		52
QIAGEN NV (c)		15,166		496,651
				1,037,946
Total Common Stocks (Cost $855,686,496)				981,534,750
Mutual Fund—1.6%
United States—1.6%
iShares MSCI EAFE ETF (d) (e) (Cost $15,853,688)		244,000		15,911,240
Preferred Stocks—0.5%
Germany—0.5%
Bayerische Motoren Werke (BMW) AG		3,581		198,755
FUCHS Petrolub SE		4,900		183,933
Henkel AG & Co. KGaA		12,893		1,276,904
Porsche Automobil Holding SE		11,105		722,616
Sartorius AG		2,589		472,474
Volkswagen AG		13,371		2,274,939
Total Preferred Stocks (Cost $4,249,328)				5,129,621
Short-Term Investments—1.5%
Discount Notes—0.6%
Federal Home Loan Bank
1.543%, 10/04/19 (f)		1,925,000		1,924,698
1.927%, 10/18/19 (f)		3,075,000		3,072,270
1.931%, 11/06/19 (f)		1,025,000		1,023,073
				6,020,041
U.S. Treasury—0.9%
U.S. Treasury Bill 1.786%, 11/07/19 (f)		9,750,000		9,732,781
Total Short-Term Investments (Cost $15,751,660)				15,752,822

BHFTII-192

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Securities Lending Reinvestments (g)—1.0%

Security Description	Principal Amount*		Value
Repurchase Agreements—1.0%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $2,000,107; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000	$	2,000,000
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,000,067; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $1,020,001.		1,000,000		1,000,000
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $900,060; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $918,000.		900,000		900,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $1,283,503; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $1,309,108.		1,283,439		1,283,439
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,100,061; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,224,302.		1,100,000		1,100,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $2,000,131; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $1,000,055; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000		1,000,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $500,028; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $555,531.		500,000		500,000
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $500,194; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $555,531.		500,000		500,000
				10,283,439
Total Securities Lending Reinvestments (Cost $10,283,439)				10,283,439
Total Investments—100.6% (Cost $901,824,611)				1,028,611,872
Other assets and liabilities (net)—(0.6)%				(6,214,955	)
Net Assets—100.0%			$	1,022,396,917

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(b)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, these securities represent less than 0.05% of net assets.
(c)	Non-income producing security.
(d)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $9,936,404 and the collateral received consisted of cash in the amount of $10,283,439. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2019, the market value of securities pledged was $ 2,608,400.
(f)	The rate shown represents current yield to maturity.
(g)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.

Ten Largest Industries as of September 30, 2019 (Unaudited)	% of Net Assets
Banks		9.5
Pharmaceuticals		7.9
Insurance		5.3
Oil, Gas & Consumable Fuels		4.8
Food Products		3.7
Chemicals		3.3
Automobiles		3.1
Metals & Mining		2.6
Machinery		2.6
Textiles, Apparel & Luxury Goods		2.5

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Depreciation
MSCI EAFE Index Mini Futures		12/20/19		140		USD	13,288,800	$	(61,369	)

BHFTII-193

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Other Abbreviations

(ADR)—	American Depositary Receipt
(ETF)—	Exchange-Traded Fund
(REIT)—	Real Estate Investment Trust

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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	72,018,436	$	0	$	72,018,436
Austria		—		2,156,111		—		2,156,111
Belgium		—		10,074,431		—		10,074,431
Chile		—		299,257		—		299,257
China		293,904		881,746		—		1,175,650
Denmark		—		17,287,381		—		17,287,381
Finland		—		11,409,881		—		11,409,881
France		—		109,458,500		—		109,458,500
Germany		—		78,913,433		—		78,913,433
Hong Kong		256,212		32,201,582		—		32,457,794
Ireland		558,450		5,885,992		—		6,444,442
Israel		2,066,349		3,520,345		—		5,586,694
Italy		—		20,443,956		—		20,443,956
Japan		—		243,071,261		—		243,071,261
Luxembourg		—		2,240,800		—		2,240,800
Macau		—		1,133,822		—		1,133,822
Netherlands		4,859,089		44,153,413		—		49,012,502
New Zealand		—		2,455,177		—		2,455,177
Norway		—		6,391,917		—		6,391,917
Portugal		—		1,584,429		0		1,584,429
Russia		—		209,428		—		209,428
Singapore		—		12,447,620		—		12,447,620
South Africa		—		2,041,882		—		2,041,882
Spain		—		28,678,660		—		28,678,660
Sweden		—		23,346,711		—		23,346,711
Switzerland		—		97,946,262		—		97,946,262
United Arab Emirates		—		252,668		—		252,668
United Kingdom		892,745		141,064,954		—		141,957,699
United States		—		1,037,946		—		1,037,946
Total Common Stocks		8,926,749		972,608,001		0		981,534,750
Total Mutual Fund*		15,911,240		—		—		15,911,240

BHFTII-194

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Total Preferred Stocks*	$	—		$	5,129,621		$	—	$	5,129,621
Total Short-Term Investments*		—			15,752,822			—		15,752,822
Total Securities Lending Reinvestments*		—			10,283,439			—		10,283,439
Total Investments	$	24,837,989		$	1,003,773,883		$	0	$	1,028,611,872
Collateral for Securities Loaned (Liability)	$	—		$	(10,283,439	)	$	—	$	(10,283,439	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(61,369	)	$	—		$	—	$	(61,369	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2019 is not presented.

BHFTII-195

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—96.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.3%
AAR Corp.		13,862	$	571,253
Aerojet Rocketdyne Holdings, Inc. (a) (b)		31,677		1,600,005
Aerovironment, Inc. (a)		8,967		480,272
Astronics Corp. (a)		10,382		305,023
Axon Enterprise, Inc. (a)		25,160		1,428,585
Cubic Corp. (b)		13,660		962,074
Ducommun, Inc. (a)		4,992		211,661
Kratos Defense & Security Solutions, Inc. (a)		39,769		739,505
Maxar Technologies, Inc. (a) (b)		25,232		191,763
Mercury Systems, Inc. (a)		23,662		1,920,644
Moog, Inc. - Class A		14,345		1,163,666
National Presto Industries, Inc.		2,572		229,139
Park Aerospace Corp.		10,569		185,592
Parsons Corp. (a)		8,512		280,726
Triumph Group, Inc. (b)		22,400		512,512
Vectrus, Inc. (a)		5,647		229,551
Wesco Aircraft Holdings, Inc. (a)		26,069		287,020
				11,298,991
Air Freight & Logistics—0.3%
Air Transport Services Group, Inc. (a)		27,538		578,849
Atlas Air Worldwide Holdings, Inc. (a)		10,224		257,952
Echo Global Logistics, Inc. (a)		13,053		295,650
Forward Air Corp.		11,493		732,334
HUB Group, Inc. - Class A (a)		13,053		606,964
				2,471,749
Airlines—0.4%
Allegiant Travel Co.		5,298		792,899
Hawaiian Holdings, Inc. (b)		18,895		496,183
SkyWest, Inc.		20,873		1,198,110
Spirit Airlines, Inc. (a) (b)		29,877		1,084,535
				3,571,727
Auto Components—1.1%
Adient plc (b)		39,298		902,282
American Axle & Manufacturing Holdings, Inc. (a)		51,196		420,831
Cooper Tire & Rubber Co. (b)		22,320		582,998
Cooper-Standard Holdings, Inc. (a)		7,342		300,141
Dana, Inc.		65,547		946,499
Dorman Products, Inc. (a) (b)		12,058		959,093
Fox Factory Holding Corp. (a) (b)		16,769		1,043,703
Gentherm, Inc. (a)		15,174		623,424
LCI Industries		10,785		990,602
Modine Manufacturing Co. (a)		23,187		263,636
Motorcar Parts of America, Inc. (a) (b)		8,000		135,200
Standard Motor Products, Inc.		9,638		467,925
Stoneridge, Inc. (a) (b)		10,698		331,317
Tenneco, Inc. - Class A		22,605		283,015
Visteon Corp. (a) (b)		11,503		949,458
				9,200,124
Automobiles—0.1%
Winnebago Industries, Inc.		13,793		528,962
Banks—9.4%
1st Source Corp.		5,572		254,808
ACNB Corp.		3,451		118,369
Allegiance Bancshares, Inc. (a)		9,094		291,826
Amerant Bancorp, Inc. (a)		6,964		146,035
American National Bankshares, Inc.		4,311		152,911
Ameris Bancorp		26,755		1,076,621
Ames National Corp.		4,321		123,624
Arrow Financial Corp.		6,549		218,662
Atlantic Capital Bancshares, Inc. (a)		10,440		181,030
Atlantic Union Bankshares Corp. (b)		36,287		1,351,509
Banc of California, Inc.		18,620		263,287
BancFirst Corp.		8,433		467,357
Bancorp, Inc. (The) (a)		16,456		162,914
BancorpSouth Bank		42,752		1,265,887
Bank First Corp. (b)		2,031		134,412
Bank of Marin Bancorp		6,398		265,453
Bank of NT Butterfield & Son, Ltd. (The)		23,174		686,877
Banner Corp.		14,787		830,586
Bar Harbor Bankshares		7,342		183,036
Baycom Corp. (a)		5,323		120,885
Berkshire Hills Bancorp, Inc.		21,074		617,257
Boston Private Financial Holdings, Inc.		37,198		433,543
Bridge Bancorp, Inc.		8,870		262,197
Brookline Bancorp, Inc.		36,642		539,737
Bryn Mawr Bank Corp.		9,382		342,537
Business First Bancshares, Inc.		5,338		130,247
Byline Bancorp, Inc. (a)		11,156		199,469
Cadence BanCorp		56,137		984,643
Cambridge Bancorp		2,103		157,746
Camden National Corp.		7,839		339,585
Capital City Bank Group, Inc.		5,769		158,359
Capstar Financial Holdings, Inc.		7,333		121,581
Carolina Financial Corp.		8,963		318,545
Carter Bank & Trust (a) (b)		12,904		243,757
Cathay General Bancorp		34,405		1,195,058
CBTX, Inc.		8,948		249,470
CenterState Bank Corp.		52,355		1,255,735
Central Pacific Financial Corp.		11,636		330,462
Central Valley Community Bancorp		5,828		118,600
Century Bancorp, Inc. - Class A		1,431		125,356
Citizens & Northern Corp.		6,716		176,496
City Holding Co. (b)		7,242		552,203
Civista Bancshares, Inc.		6,893		149,785
CNB Financial Corp.		6,782		194,643
Columbia Banking System, Inc. (b)		32,810		1,210,689
Community Bank System, Inc.		22,304		1,375,934
Community Trust Bancorp, Inc.		7,150		304,447
ConnectOne Bancorp, Inc.		13,860		307,692
Customers Bancorp, Inc. (a)		13,560		281,234
CVB Financial Corp.		59,614		1,244,144
Eagle Bancorp, Inc.		15,143		675,681
Enterprise Bancorp, Inc.		4,064		121,839
Enterprise Financial Services Corp.		10,782		439,367
Equity Bancshares, Inc. - Class A (a)		7,293		195,525
Farmers & Merchants Bancorp, Inc.		4,006		103,996
Farmers National Banc Corp.		13,414		194,235
FB Financial Corp.		7,970		299,274

BHFTII-196

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Financial Institutions, Inc.		6,461	$	194,993
First Bancorp		12,826		460,453
First Bancorp		94,227		940,385
First Bancorp, Inc.		5,308		145,917
First Bancshares, Inc. (The)		7,872		254,266
First Busey Corp.		23,513		594,409
First Commonwealth Financial Corp.		45,936		610,030
First Community Bancshares, Inc.		8,470		274,174
First Financial Bancorp		43,646		1,068,236
First Financial Bankshares, Inc.		57,854		1,928,274
First Financial Corp.		5,707		248,083
First Foundation, Inc.		17,720		270,673
First Interstate BancSystem, Inc. - Class A		16,939		681,625
First Merchants Corp.		23,954		901,509
First Mid Bancshares, Inc.		5,809		201,108
First Midwest Bancorp, Inc.		46,471		905,255
First of Long Island Corp. (The)		9,924		225,771
Flushing Financial Corp.		13,422		271,192
Franklin Financial Network, Inc. (b)		4,990		150,748
Fulton Financial Corp. (b)		73,744		1,193,178
FVCBankcorp, Inc. (a)		6,243		109,627
German American Bancorp, Inc.		10,821		346,813
Glacier Bancorp, Inc. (b)		37,780		1,528,579
Great Southern Bancorp, Inc.		4,991		284,237
Great Western Bancorp, Inc.		26,273		867,009
Guaranty Bancshares, Inc.		3,924		120,035
Hancock Whitney Corp.		38,128		1,460,112
Hanmi Financial Corp.		15,681		294,489
HarborOne Bancrop, Inc. (a)		13,445		135,324
Heartland Financial USA, Inc.		14,828		663,405
Heritage Commerce Corp.		17,854		209,874
Heritage Financial Corp.		15,777		425,348
Hilltop Holdings, Inc.		32,755		782,517
Home BancShares, Inc. (b)		68,087		1,279,695
HomeTrust Bancshares, Inc.		8,531		222,403
Hope Bancorp, Inc. (b)		53,525		767,549
Horizon Bancorp		17,556		304,772
Iberiabank Corp.		23,046		1,740,895
Independent Bank Corp.		11,863		252,860
Independent Bank Corp./Rockland Trust		14,251		1,063,837
Independent Bank Group, Inc.		16,279		856,438
International Bancshares Corp.		24,957		963,839
Investar Holding Corp.		4,829		114,930
Investors Bancorp, Inc.		105,579		1,199,377
Lakeland Bancorp, Inc.		19,933		307,566
Lakeland Financial Corp. (b)		11,384		500,668
LegacyTexas Financial Group, Inc.		21,060		916,742
Live Oak Bancshares, Inc. (b)		10,534		190,665
Macatawa Bank Corp.		14,416		149,782
Mercantile Bank Corp.		8,647		283,622
Metropolitan Bank Holding Corp. (a)		3,277		128,884
Midland States Bancorp, Inc.		10,034		261,386
MidWestOne Financial Group, Inc.		5,585		170,454
National Bank Holdings Corp. - Class A		12,889		440,675
National Bankshares, Inc.		3,487		139,654
NBT Bancorp, Inc.		19,267		704,980
Nicolet Bankshares, Inc. (a)		3,028		201,574
Banks—(Continued)
Northrim BanCorp, Inc.		3,529		139,995
OFG Bancorp		22,996		503,612
Old Line Bancshares, Inc.		7,597		220,389
Old National Bancorp		77,233		1,328,794
Old Second Bancorp, Inc.		14,296		174,697
Opus Bank		8,631		187,897
Origin Bancorp, Inc.		9,030		304,672
Orrstown Financial Services, Inc.		5,287		115,785
Pacific Premier Bancorp, Inc.		24,640		768,522
Park National Corp.		5,741		544,304
Peapack Gladstone Financial Corp.		8,311		232,957
People’s Utah Bancorp		7,011		198,341
Peoples Bancorp, Inc.		8,443		268,572
Peoples Financial Services Corp.		3,673		166,350
Preferred Bank		6,573		344,294
Premier Financial Bancorp, Inc.		6,585		113,064
QCR Holdings, Inc.		5,810		220,664
RBB Bancorp		6,720		132,317
Reliant Bancorp, Inc.		5,179		124,192
Renasant Corp.		25,588		895,836
Republic Bancorp, Inc. - Class A		5,421		235,542
S&T Bancorp, Inc. (b)		15,660		572,060
Sandy Spring Bancorp, Inc.		16,080		542,057
Seacoast Banking Corp. of Florida (a)		21,315		539,483
ServisFirst Bancshares, Inc. (b)		20,928		693,763
Sierra Bancorp		5,841		155,137
Simmons First National Corp. - Class A		41,478		1,032,802
SmartFinancial, Inc. (a)		5,821		121,251
South State Corp.		15,302		1,152,241
Southern First Bancshares, Inc. (a)		3,419		136,247
Southern National Bancorp of Virginia, Inc.		10,799		166,197
Southside Bancshares, Inc.		15,530		529,728
Spirit of Texas Bancshares, Inc. (a)		5,933		127,856
Stock Yards Bancorp, Inc.		8,132		298,363
Summit Financial Group, Inc.		5,705		146,048
Tompkins Financial Corp.		6,912		560,771
Towne Bank		30,317		842,964
TriCo Bancshares		11,734		425,944
TriState Capital Holdings, Inc. (a)		11,422		240,319
Triumph Bancorp, Inc. (a)		11,267		359,305
Trustmark Corp. (b)		28,210		962,243
UMB Financial Corp.		19,210		1,240,582
United Bankshares, Inc. (b)		43,338		1,641,210
United Community Banks, Inc.		34,521		978,670
Univest Financial Corp.		12,133		309,513
Valley National Bancorp (b)		136,064		1,479,016
Veritex Holdings, Inc. (b)		23,827		578,162
Washington Trust Bancorp, Inc.		6,986		337,494
WesBanco, Inc.		23,770		888,285
West Bancorp, Inc.		8,036		174,703
Westamerica Bancorp (b)		11,738		729,869
				81,341,131
Beverages—0.3%
Boston Beer Co., Inc. (The) - Class A (a)		3,688		1,342,727
Coca-Cola Bottling Co. Consolidated		2,130		647,243

BHFTII-197

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Beverages—(Continued)
MGP Ingredients, Inc. (b)		6,119	$	303,992
National Beverage Corp. (b)		4,782		212,129
New Age Beverages Corp. (a) (b)		35,984		99,316
Primo Water Corp. (a) (b)		15,449		189,714
				2,795,121
Biotechnology—6.7%
ACADIA Pharmaceuticals, Inc. (a)		46,108		1,659,427
Acceleron Pharma, Inc. (a)		19,395		766,296
Achillion Pharmaceuticals, Inc. (a)		67,562		243,223
ADMA Biologics, Inc. (a)		26,341		117,217
Adverum Biotechnologies, Inc. (a)		28,557		155,636
Aeglea BioTherapeutics, Inc. (a)		14,137		108,714
Affimed NV (a)		32,686		96,097
Agenus, Inc. (a) (b)		46,040		118,783
Aimmune Therapeutics, Inc. (a) (b)		20,346		426,045
Akebia Therapeutics, Inc. (a)		57,326		224,718
Albireo Pharma, Inc. (a)		4,713		94,260
Alder Biopharmaceuticals, Inc. (a) (b)		34,309		647,068
Alector, Inc. (a)		14,366		207,158
Allakos, Inc. (a) (b)		8,226		646,810
Allogene Therapeutics, Inc. (a) (b)		18,009		490,835
AMAG Pharmaceuticals, Inc. (a)		16,034		185,193
Amicus Therapeutics, Inc. (a)		112,681		903,702
AnaptysBio, Inc. (a)		11,271		394,372
Apellis Pharmaceuticals, Inc. (a)		22,295		537,087
Arcus Biosciences, Inc. (a)		15,645		142,369
Ardelyx, Inc. (a)		25,332		119,060
Arena Pharmaceuticals, Inc. (a)		22,490		1,029,367
Arqule, Inc. (a)		51,349		368,172
Arrowhead Pharmaceuticals, Inc. (a) (b)		40,960		1,154,253
Assembly Biosciences, Inc. (a)		9,765		95,990
Atara Biotherapeutics, Inc. (a)		23,772		335,661
Athenex, Inc. (a)		31,132		378,721
Audentes Therapeutics, Inc. (a)		19,977		561,154
Avid Bioservices, Inc. (a)		30,862		163,569
Avrobio, Inc. (a)		8,516		120,246
BioCryst Pharmaceuticals, Inc. (a) (b)		50,588		144,935
Biohaven Pharmaceutical Holding Co., Ltd. (a)		17,349		723,800
BioSpecifics Technologies Corp. (a)		3,035		162,433
Blueprint Medicines Corp. (a) (b)		21,771		1,599,515
Bridgebio Pharma, Inc. (a) (b)		14,917		320,268
Cara Therapeutics, Inc. (a) (b)		18,209		332,861
CareDx, Inc. (a)		18,796		424,978
Catalyst Pharmaceuticals, Inc. (a) (b)		49,243		261,480
CEL-SCI Corp. (a)		14,591		130,444
ChemoCentryx, Inc. (a)		20,706		140,387
Clovis Oncology, Inc. (a) (b)		21,967		86,330
Coherus Biosciences, Inc. (a)		28,406		575,506
Concert Pharmaceuticals, Inc. (a)		8,973		52,761
Corbus Pharmaceuticals Holdings, Inc. (a) (b)		23,273		113,340
Cyclerion Therapeutics, Inc. (a)		12,605		152,773
Cytokinetics, Inc. (a)		26,348		299,840
CytomX Therapeutics, Inc. (a)		27,302		201,489
Deciphera Pharmaceuticals, Inc. (a)		7,563		256,688
Denali Therapeutics, Inc. (a) (b)		20,915		320,418
Biotechnology—(Continued)
Dicerna Pharmaceuticals, Inc. (a)		27,787		399,021
Dynavax Technologies Corp. (a) (b)		41,452		148,191
Eagle Pharmaceuticals, Inc. (a)		4,988		282,171
Editas Medicine, Inc. (a)		21,518		489,319
Eidos Therapeutics, Inc. (a) (b)		5,576		200,569
Eiger BioPharmaceuticals, Inc. (a)		12,632		129,478
Emergent BioSolutions, Inc. (a) (b)		20,011		1,046,175
Enanta Pharmaceuticals, Inc. (a)		7,598		456,488
Epizyme, Inc. (a)		36,222		373,630
Esperion Therapeutics, Inc. (a) (b)		10,901		399,631
Fate Therapeutics, Inc. (a)		23,260		361,228
FibroGen, Inc. (a) (b)		34,740		1,284,685
Flexion Therapeutics, Inc. (a)		15,518		212,674
G1 Therapeutics, Inc. (a)		15,694		357,509
Genomic Health, Inc. (a)		12,302		834,322
Geron Corp. (a) (b)		92,266		122,714
Global Blood Therapeutics, Inc. (a) (b)		25,390		1,231,923
Gossamer Bio, Inc. (a)		19,641		329,772
Gritstone Oncology, Inc. (a) (b)		13,449		116,132
Halozyme Therapeutics, Inc. (a)		64,503		1,000,442
Heron Therapeutics, Inc. (a) (b)		33,841		626,058
Homology Medicines, Inc. (a)		11,986		216,947
ImmunoGen, Inc. (a)		59,746		144,585
Immunomedics, Inc. (a) (b)		78,858		1,045,657
Insmed, Inc. (a) (b)		39,584		698,262
Intellia Therapeutics, Inc. (a) (b)		15,741		210,142
Intercept Pharmaceuticals, Inc. (a)		11,215		744,227
Intrexon Corp. (a) (b)		32,766		187,422
Invitae Corp. (a) (b)		39,306		757,427
Iovance Biotherapeutics, Inc. (a) (b)		51,593		938,993
Ironwood Pharmaceuticals, Inc. (a) (b)		69,963		600,632
Kadmon Holdings, Inc. (a) (b)		65,134		164,138
Karyopharm Therapeutics, Inc. (a)		29,466		283,463
Kindred Biosciences, Inc. (a)		25,159		172,339
Kodiak Sciences, Inc. (a)		12,588		181,015
Krystal Biotech, Inc. (a)		4,509		156,575
Kura Oncology, Inc. (a)		13,652		207,101
Ligand Pharmaceuticals, Inc. (a) (b)		8,499		845,990
MacroGenics, Inc. (a)		22,474		286,768
Madrigal Pharmaceuticals, Inc. (a) (b)		3,687		317,893
Magenta Therapeutics, Inc. (a)		10,252		105,186
MannKind Corp. (a)		99,311		124,139
Medicines Co. (The) (a) (b)		33,035		1,651,750
MediciNova, Inc. (a) (b)		18,638		148,265
MeiraGTx Holdings plc (a)		6,528		104,122
Minerva Neurosciences, Inc. (a)		15,563		120,613
Mirati Therapeutics, Inc. (a)		11,990		934,141
Momenta Pharmaceuticals, Inc. (a) (b)		43,796		567,596
Myriad Genetics, Inc. (a)		31,814		910,835
Natera, Inc. (a)		25,555		838,204
Opko Health, Inc. (a) (b)		165,478		345,849
PDL BioPharma, Inc. (a)		76,001		164,162
Pfenex, Inc. (a)		15,404		130,010
Pieris Pharmaceuticals, Inc. (a)		24,572		83,791
Portola Pharmaceuticals, Inc. (a)		32,975		884,389
Principia Biopharma, Inc. (a)		6,642		187,570
Progenics Pharmaceuticals, Inc. (a)		41,699		210,788

BHFTII-198

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Protagonist Therapeutics, Inc. (a)		9,114	$	109,459
Prothena Corp. plc (a)		18,324		143,660
PTC Therapeutics, Inc. (a)		25,792		872,285
Puma Biotechnology, Inc. (a)		13,791		148,460
Ra Pharmaceuticals, Inc. (a)		14,651		346,496
Radius Health, Inc. (a)		20,884		537,763
Recro Pharma, Inc. (a)		10,426		115,520
REGENXBIO, Inc. (a)		15,197		541,013
Repligen Corp. (a)		22,569		1,730,817
Retrophin, Inc. (a)		18,842		218,379
Rhythm Pharmaceuticals, Inc. (a) (b)		11,256		243,017
Rigel Pharmaceuticals, Inc. (a)		13,863		25,924
Rocket Pharmaceuticals, Inc. (a)		14,674		170,952
Rubius Therapeutics, Inc. (a) (b)		16,410		128,819
Sangamo Therapeutics, Inc. (a) (b)		52,928		478,998
Sorrento Therapeutics, Inc. (a) (b)		64,623		138,293
Spark Therapeutics, Inc. (a)		15,381		1,491,649
Spectrum Pharmaceuticals, Inc. (a) (b)		51,934		430,793
Stemline Therapeutics, Inc. (a) (b)		18,471		192,283
Syros Pharmaceuticals, Inc. (a)		18,369		190,670
TG Therapeutics, Inc. (a) (b)		37,719		211,792
Translate Bio, Inc. (a)		16,186		160,403
Turning Point Therapeutics, Inc. (a)		4,396		165,290
Twist Bioscience Corp. (a)		10,242		244,579
Ultragenyx Pharmaceutical, Inc. (a) (b)		24,462		1,046,484
UroGen Pharma, Ltd. (a) (b)		9,990		238,062
Vanda Pharmaceuticals, Inc. (a)		24,336		323,182
Veracyte, Inc. (a)		21,446		514,704
Vericel Corp. (a)		18,632		282,088
Viking Therapeutics, Inc. (a) (b)		28,602		196,782
Voyager Therapeutics, Inc. (a)		10,649		183,269
Xencor, Inc. (a) (b)		21,420		722,497
Y-mAbs Therapeutics, Inc. (a)		10,071		262,450
ZIOPHARM Oncology, Inc. (a) (b)		74,990		320,957
				57,992,356
Building Products—1.5%
AAON, Inc. (b)		18,290		840,243
Advanced Drainage Systems, Inc.		16,264		524,839
American Woodmark Corp. (a) (b)		7,434		660,957
Apogee Enterprises, Inc. (b)		11,475		447,410
Builders FirstSource, Inc. (a)		50,475		1,038,523
Caesarstone, Ltd.		11,687		194,121
Continental Building Products, Inc. (a)		15,431		421,112
Cornerstone Building Brands, Inc. (a)		19,586		118,495
CSW Industrials, Inc.		5,978		412,661
Gibraltar Industries, Inc. (a) (b)		14,856		682,485
Griffon Corp.		14,438		302,765
Insteel Industries, Inc.		9,004		184,852
JELD-WEN Holding, Inc. (a)		31,537		608,349
Masonite International Corp. (a)		10,341		599,778
Patrick Industries, Inc. (a)		10,680		457,959
PGT Innovations, Inc. (a)		25,605		442,198
Quanex Building Products Corp.		12,585		227,537
Simpson Manufacturing Co., Inc.		19,882		1,379,214
Trex Co., Inc. (a) (b)		25,565		2,324,626
Building Products—(Continued)
Universal Forest Products, Inc.		25,733		1,026,232
				12,894,356
Capital Markets—1.4%
Ares Management Corp. - Class A		29,429		788,992
Artisan Partners Asset Management, Inc. - Class A		21,072		595,073
Assetmark Financial Holdings, Inc. (a)		10,553		274,906
B. Riley Financial, Inc.		10,620		250,844
Blucora, Inc. (a)		20,338		440,114
Brightsphere Investment Group, Inc. (a)		35,717		353,955
Cohen & Steers, Inc.		9,693		532,437
Cowen Group, Inc. - Class A (a) (b)		13,196		203,086
Diamond Hill Investment Group, Inc.		1,546		213,549
Donnelley Financial Solutions, Inc. (a)		16,100		198,352
Federated Investors, Inc. - Class B		42,995		1,393,468
Focus Financial Partners, Inc. - Class A (a)		13,966		332,391
Greenhill & Co., Inc.		10,011		131,344
Hamilton Lane, Inc. - Class A		9,898		563,790
Houlihan Lokey, Inc.		18,135		817,889
International FCStone, Inc. (a)		7,668		314,848
Ladenburg Thalmann Financial Services, Inc.		58,474		138,583
Moelis & Co. - Class A		20,101		660,318
Oppenheimer Holdings, Inc. - Class A		4,998		150,240
Piper Jaffray Cos.		5,776		435,972
PJT Partners, Inc. - Class A		10,648		433,374
Safeguard Scientifics, Inc. (a)		10,000		113,400
Sculptor Capital Management, Inc.		7,985		155,548
Stifel Financial Corp.		28,958		1,661,610
Virtus Investment Partners, Inc.		3,239		358,136
Waddell & Reed Financial, Inc. - Class A (b)		33,654		578,176
Westwood Holdings Group, Inc.		3,235		89,512
WisdomTree Investments, Inc. (b)		44,398		231,980
				12,411,887
Chemicals—1.9%
Advanced Emissions Solutions, Inc. (b)		8,018		118,987
AdvanSix, Inc. (a)		10,869		279,551
American Vanguard Corp.		14,887		233,726
Balchem Corp.		14,283		1,416,731
Chase Corp.		3,533		386,475
Ferro Corp. (a)		33,662		399,231
FutureFuel Corp.		10,195		121,728
GCP Applied Technologies, Inc. (a)		24,276		467,313
Hawkins, Inc.		4,778		203,065
HB Fuller Co. (b)		22,649		1,054,537
Ingevity Corp. (a)		18,263		1,549,433
Innophos Holdings, Inc.		9,207		298,859
Innospec, Inc.		10,583		943,369
Intrepid Potash, Inc. (a)		44,689		146,133
Koppers Holdings, Inc. (a)		7,004		204,587
Kraton Corp. (a)		14,021		452,738
Kronos Worldwide, Inc.		11,199		138,532
Livent Corp. (a)		63,109		422,199
Minerals Technologies, Inc.		15,449		820,187
OMNOVA Solutions, Inc. (a)		21,500		216,505
Orion Engineered Carbons S.A.		26,715		446,408

BHFTII-199

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
PolyOne Corp.		34,248	$	1,118,197
PQ Group Holdings, Inc. (a)		14,392		229,409
Quaker Chemical Corp.		5,838		923,221
Sensient Technologies Corp. (b)		18,800		1,290,620
Stepan Co.		9,222		895,087
Tredegar Corp.		13,367		260,924
Trinseo S.A. (b)		17,985		772,456
Tronox Holding Plc - Class A (a) (b)		43,198		358,543
				16,168,751
Commercial Services & Supplies—2.8%
ABM Industries, Inc. (b)		29,625		1,075,980
ACCO Brands Corp.		42,900		423,423
Advanced Disposal Services, Inc. (a)		32,374		1,054,421
Brady Corp. - Class A		19,971		1,059,462
BrightView Holdings, Inc. (a)		13,796		236,601
Brink’s Co. (The)		21,021		1,743,692
Casella Waste Systems, Inc. - Class A (a)		19,066		818,694
Ceco Environmental Corp. (a) (b)		14,832		103,602
Cimpress NV (a)		9,120		1,202,381
Covanta Holding Corp.		53,904		932,000
Deluxe Corp.		19,398		953,606
Ennis, Inc.		9,631		194,643
Healthcare Services Group, Inc. (b)		32,315		784,931
Heritage-Crystal Clean, Inc. (a)		7,474		198,061
Herman Miller, Inc.		26,222		1,208,572
HNI Corp.		18,317		650,253
Interface, Inc.		27,071		390,905
Kimball International, Inc. - Class B		16,738		323,043
Knoll, Inc.		22,127		560,919
Matthews International Corp. - Class A (b)		14,349		507,811
McGrath RentCorp		10,515		731,739
Mobile Mini, Inc.		20,245		746,231
MSA Safety, Inc. (b)		14,808		1,615,701
Pitney Bowes, Inc. (b)		76,855		351,227
Quad/Graphics, Inc.		13,076		137,429
SP Plus Corp. (a)		10,567		390,979
Steelcase, Inc. - Class A		39,276		722,678
Team, Inc. (a) (b)		14,183		256,003
Tetra Tech, Inc. (d)		23,022		1,997,389
U.S. Ecology, Inc.		10,067		643,684
UniFirst Corp.		6,732		1,313,548
Viad Corp.		8,932		599,784
VSE Corp.		4,190		142,837
				24,072,229
Communications Equipment—1.1%
Acacia Communications, Inc. (a)		16,734		1,094,404
ADTRAN, Inc.		24,190		274,436
CalAmp Corp. (a) (b)		14,239		164,033
Calix, Inc. (a)		21,486		137,296
Casa Systems, Inc. (a)		14,873		116,827
Comtech Telecommunications Corp.		11,475		372,937
Digi International, Inc. (a)		12,500		170,250
Extreme Networks, Inc. (a)		50,414		366,762
Harmonic, Inc. (a) (b)		38,803		255,324
Communications Equipment—(Continued)
Infinera Corp. (a) (b)		77,196		420,718
Inseego Corp. (a) (b)		21,203		101,774
InterDigital, Inc.		13,238		694,598
Lumentum Holdings, Inc. (a) (b)		32,285		1,729,185
NETGEAR, Inc. (a)		13,343		429,911
NetScout Systems, Inc. (a)		32,759		755,423
Plantronics, Inc. (b)		14,059		524,682
Ribbon Communications, Inc. (a)		25,862		151,034
Viavi Solutions, Inc. (a)		100,089		1,401,746
				9,161,340
Construction & Engineering—1.1%
Aegion Corp. (a)		15,075		322,303
Ameresco, Inc. - Class A (a)		9,620		154,593
Arcosa, Inc.		22,107		756,280
Argan, Inc. (b)		6,140		241,241
Comfort Systems USA, Inc.		16,446		727,407
Dycom Industries, Inc. (a)		13,476		687,950
EMCOR Group, Inc.		24,247		2,088,152
Granite Construction, Inc. (b)		20,910		671,838
Great Lakes Dredge & Dock Corp. (a)		27,775		290,249
MasTec, Inc. (a)		25,328		1,644,547
MYR Group, Inc. (a)		6,874		215,087
Northwest Pipe Co. (a)		4,538		127,745
NV5 Global, Inc. (a) (b)		4,636		316,500
Primoris Services Corp.		17,980		352,588
Sterling Construction Co., Inc. (a)		13,246		174,185
Tutor Perini Corp. (a) (b)		19,192		275,021
Willscot Corp. (a)		23,553		366,956
				9,412,642
Construction Materials—0.2%
Summit Materials, Inc. - Class A (a) (b)		47,118		1,046,019
U.S. Concrete, Inc. (a) (b)		7,217		398,956
				1,444,975
Consumer Finance—0.6%
Curo Group Holdings Corp. (a)		8,552		113,571
Encore Capital Group, Inc. (a) (b)		14,109		470,182
Enova International, Inc. (a)		15,391		319,363
EZCORP, Inc. - Class A (a)		25,543		164,880
FirstCash, Inc. (b)		17,850		1,636,310
Green Dot Corp. - Class A (a)		21,516		543,279
LendingClub Corp. (a) (b)		29,536		386,331
Nelnet, Inc. - Class A		7,521		478,336
PRA Group, Inc. (a) (b)		19,388		655,121
Regional Management Corp. (a)		5,496		154,767
World Acceptance Corp. (a)		2,848		363,148
				5,285,288
Containers & Packaging—0.1%
Greif, Inc. - Class A		12,112		458,924
Greif, Inc. - Class B		2,277		103,740
Myers Industries, Inc.		14,676		259,031

BHFTII-200

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Containers & Packaging—(Continued)
UFP Technologies, Inc. (a)		3,225	$	124,485
				946,180
Distributors—0.1%
Core-Mark Holding Co., Inc.		21,704		697,024
Funko, Inc. - Class A (a)		8,122		167,110
				864,134
Diversified Consumer Services—1.0%
Adtalem Global Education, Inc. (a)		25,502		971,371
American Public Education, Inc. (a)		6,422		143,467
Career Education Corp. (a)		31,150		494,973
Carriage Services, Inc.		7,506		153,423
Chegg, Inc. (a)		51,522		1,543,084
Collectors Universe, Inc.		3,994		113,749
Houghton Mifflin Harcourt Co. (a)		46,134		245,894
K12, Inc. (a)		17,337		457,697
Laureate Education, Inc. - Class A (a)		46,019		762,765
OneSpaWorld Holdings, Ltd. (a) (b)		17,874		277,583
Regis Corp. (a)		12,930		261,445
Select Interior Concepts, Inc. - Class A (a)		7,638		99,065
Sotheby’s (a) (b)		13,404		763,760
Strategic Education, Inc.		9,482		1,288,414
WW International, Inc.		21,424		810,256
				8,386,946
Diversified Financial Services—0.2%
Banco Latinoamericano de Comercio Exterior S.A. - Class E		14,005		279,260
Cannae Holdings, Inc. (a)		30,326		833,055
FGL Holdings		61,920		494,122
On Deck Capital, Inc. (a)		25,436		85,465
				1,691,902
Diversified Telecommunication Services—0.6%
Anterix, Inc. (a)		4,481		162,212
ATN International, Inc.		4,754		277,491
Bandwidth, Inc. - Class A (a)		6,604		429,987
Cincinnati Bell, Inc. (a)		19,517		98,951
Cogent Communications Holdings, Inc.		18,789		1,035,274
Consolidated Communications Holdings, Inc.		32,776		156,014
Intelsat S.A. (a)		30,401		693,143
Iridium Communications, Inc. (a)		44,054		937,469
ORBCOMM, Inc. (a) (b)		31,662		150,711
Vonage Holdings Corp. (a) (b)		98,290		1,110,677
				5,051,929
Electric Utilities—1.1%
ALLETE, Inc.		21,966		1,920,048
El Paso Electric Co.		18,142		1,216,965
MGE Energy, Inc.		14,660		1,170,894
Otter Tail Corp.		16,288		875,480
PNM Resources, Inc.		34,450		1,794,156
Portland General Electric Co.		38,193		2,152,940
				9,130,483
Electrical Equipment—1.0%
Allied Motion Technologies, Inc.		3,283		115,923
Atkore International Group, Inc. (a)		20,832		632,251
AZZ, Inc.		11,705		509,870
Encore Wire Corp.		9,176		516,425
EnerSys		18,778		1,238,221
Enphase Energy, Inc. (a) (b)		41,498		922,501
Generac Holdings, Inc. (a)		26,660		2,088,544
Plug Power, Inc. (a) (b)		106,414		279,869
Powell Industries, Inc.		4,404		172,417
Sunrun, Inc. (a) (b)		50,041		835,935
Thermon Group Holdings, Inc. (a)		15,847		364,164
TPI Composites, Inc. (a) (b)		13,727		257,381
Vicor Corp. (a) (b)		7,027		207,437
Vivint Solar, Inc. (a) (b)		22,579		147,667
				8,288,605
Electronic Equipment, Instruments & Components—2.5%
Anixter International, Inc. (a)		13,604		940,308
Arlo Technologies, Inc. (a)		26,422		90,099
AVX Corp.		21,871		332,439
Badger Meter, Inc.		12,590		676,083
Belden, Inc.		17,022		907,953
Benchmark Electronics, Inc.		16,877		490,446
CTS Corp.		15,701		508,084
Daktronics, Inc.		17,820		131,601
ePlus, Inc. (a)		6,246		475,258
Fabrinet (a)		16,270		850,921
FARO Technologies, Inc. (a)		7,841		379,112
Fitbit, Inc. - Class A (a) (b)		94,378		359,580
II-VI, Inc. (a)		39,824		1,402,200
Insight Enterprises, Inc. (a) (d)		15,396		857,403
Iteris, Inc. (a)		18,737		107,644
Itron, Inc. (a)		14,816		1,095,791
KEMET Corp.		25,798		469,008
Kimball Electronics, Inc. (a)		11,468		166,401
Knowles Corp. (a)		35,141		714,768
Mesa Laboratories, Inc.		1,705		405,398
Methode Electronics, Inc.		15,351		516,408
MTS Systems Corp.		7,482		413,381
Napco Security Technologies, Inc. (a)		5,652		144,239
nLight, Inc. (a)		14,866		232,802
Novanta, Inc. (a)		14,945		1,221,305
OSI Systems, Inc. (a)		7,093		720,365
PAR Technology Corp. (a) (b)		5,391		128,144
PC Connection, Inc.		5,366		208,737
Plexus Corp. (a) (d)		12,159		760,059
Rogers Corp. (a)		8,166		1,116,374
Sanmina Corp. (a)		30,166		968,630
ScanSource, Inc. (a)		12,162		371,549
Tech Data Corp. (a) (b)		15,505		1,616,241
TTM Technologies, Inc. (a) (b)		43,439		529,739
Vishay Intertechnology, Inc.		56,370		954,344
Vishay Precision Group, Inc. (a)		5,267		172,442
				21,435,256

BHFTII-201

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services — 1.0%
Archrock, Inc.		63,856	$	636,644
C&J Energy Services, Inc. (a)		30,083		322,791
Cactus, Inc. - Class A (a)		21,510		622,499
Diamond Offshore Drilling, Inc. (a) (b)		27,291		151,738
DMC Global, Inc. (b)		5,631		247,651
Dril-Quip, Inc. (a) (b)		15,999		802,830
Exterran Corp. (a)		14,849		193,928
Frank’s International NV (a)		51,512		244,682
Helix Energy Solutions Group, Inc. (a)		67,569		544,606
Keane Group, Inc. (a)		25,842		156,603
Liberty Oilfield Services, Inc. - Class A (b)		25,526		276,447
Matrix Service Co. (a)		14,196		243,320
McDermott International, Inc. (a)		78,718		159,010
Nabors Industries, Ltd.		164,491		307,598
Newpark Resources, Inc. (a) (b)		41,815		318,630
Noble Corp. plc (a)		122,482		155,552
Oceaneering International, Inc. (a)		45,596		617,826
Oil States International, Inc. (a)		27,605		367,147
ProPetro Holding Corp. (a)		36,472		331,531
RPC, Inc. (b)		29,038		162,903
SEACOR Holdings, Inc. (a)		7,977		375,477
SEACOR Marine Holdings, Inc. (a)		10,207		128,302
Select Energy Services, Inc. - Class A (a)		28,192		244,143
Solaris Oilfield Infrastructure, Inc. - Class A (b)		13,032		174,889
TETRA Technologies, Inc. (a)		67,517		135,709
Tidewater, Inc. (a)		17,119		258,668
U.S. Silica Holdings, Inc. (b)		34,136		326,340
				8,507,464
Entertainment — 0.3%
AMC Entertainment Holdings, Inc. - Class A (b)		25,675		274,723
Eros International plc (a)		35,892		68,554
Glu Mobile, Inc. (a)		50,565		252,319
IMAX Corp. (a)		23,016		505,201
Liberty Braves Group - Class A (a)		5,080		141,376
Liberty Braves Group - Class C (a)		16,010		444,277
Marcus Corp. (The)		9,550		353,446
Rosetta Stone, Inc. (a)		9,843		171,268
				2,211,164
Equity Real Estate Investment Trusts—7.4%
Acadia Realty Trust		36,489		1,042,856
Agree Realty Corp.		17,906		1,309,824
Alexander & Baldwin, Inc.		29,617		725,913
Alexander’s, Inc.		1,029		358,514
American Assets Trust, Inc.		20,868		975,370
American Finance Trust, Inc. (b)		47,324		660,643
Armada Hoffler Properties, Inc.		23,985		433,889
Ashford Hospitality Trust, Inc.		44,329		146,729
Bluerock Residential Growth REIT, Inc.		11,894		139,992
Braemar Hotels & Resorts, Inc.		14,521		136,352
CareTrust REIT, Inc. (b)		42,777		1,005,473
CatchMark Timber Trust, Inc. - Class A		23,620		252,025
Cedar Realty Trust, Inc.		43,418		130,254
Chatham Lodging Trust (b)		19,109		346,828
City Office REIT, Inc.		16,166		232,629
Equity Real Estate Investment Trusts—(Continued)
Community Healthcare Trust, Inc.		8,337		371,413
CoreCivic, Inc.		53,294		920,920
CorEnergy Infrastructure Trust, Inc.		5,980		282,376
Corepoint Lodging, Inc.		18,376		185,781
DiamondRock Hospitality Co.		83,043		851,191
Easterly Government Properties, Inc.		34,722		739,579
EastGroup Properties, Inc.		16,143		2,018,198
Essential Properties Realty Trust, Inc.		32,691		748,951
First Industrial Realty Trust, Inc.		53,632		2,121,682
Four Corners Property Trust, Inc.		29,818		843,253
Franklin Street Properties Corp.		48,177		407,577
Front Yard Residential Corp.		23,934		276,677
Geo Group, Inc. (The)		53,292		924,083
Getty Realty Corp.		15,262		489,300
Gladstone Commercial Corp.		13,243		311,211
Gladstone Land Corp.		9,389		111,682
Global Medical REIT, Inc.		15,177		173,018
Global Net Lease, Inc.		38,058		742,131
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		26,422		770,201
Healthcare Realty Trust, Inc.		56,907		1,906,384
Hersha Hospitality Trust (b)		16,071		239,136
Independence Realty Trust, Inc.		39,339		562,941
Industrial Logistics Properties Trust		27,724		589,135
Innovative Industrial Properties, Inc. (b)		4,833		446,424
Investors Real Estate Trust		5,565		415,539
iStar, Inc.		23,855		311,308
Jernigan Capital, Inc.		8,813		169,650
Kite Realty Group Trust		38,990		629,688
Lexington Realty Trust		93,684		960,261
LTC Properties, Inc.		17,896		916,633
Mack-Cali Realty Corp.		36,280		785,825
Monmouth Real Estate Investment Corp.		38,893		560,448
National Health Investors, Inc.		18,070		1,488,787
National Storage Affiliates Trust		25,366		846,463
New Senior Investment Group, Inc.		35,722		238,623
NexPoint Residential Trust, Inc.		9,154		428,041
Office Properties Income Trust		20,820		637,925
One Liberty Properties, Inc.		6,290		173,164
Pebblebrook Hotel Trust (b)		57,895		1,610,639
Pennsylvania Real Estate Investment Trust (b)		32,570		186,300
Physicians Realty Trust		82,777		1,469,292
Piedmont Office Realty Trust, Inc. - Class A		54,067		1,128,919
PotlatchDeltic Corp.		29,869		1,227,168
Preferred Apartment Communities, Inc. - Class A		18,839		272,224
PS Business Parks, Inc.		8,900		1,619,355
QTS Realty Trust, Inc. - Class A		24,478		1,258,414
Retail Opportunity Investments Corp.		50,605		922,529
Retail Value, Inc.		7,066		261,725
Rexford Industrial Realty, Inc.		47,563		2,093,723
RLJ Lodging Trust		77,648		1,319,240
RPT Realty		34,953		473,613
Ryman Hospitality Properties, Inc.		20,428		1,671,215
Sabra Health Care REIT, Inc.		82,125		1,885,590
Safehold, Inc.		3,796		115,778
Saul Centers, Inc.		5,405		294,627
Senior Housing Properties Trust		95,509		883,936
Seritage Growth Properties - Class A (b)		15,000		637,350

BHFTII-202

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
STAG Industrial, Inc. (b)		56,280	$	1,659,134
Summit Hotel Properties, Inc. (b)		48,101		557,972
Sunstone Hotel Investors, Inc.		94,982		1,305,053
Tanger Factory Outlet Centers, Inc. (b)		42,302		654,835
Terreno Realty Corp.		27,731		1,416,777
UMH Properties, Inc.		14,825		208,736
Uniti Group, Inc. (b)		83,269		646,584
Universal Health Realty Income Trust		5,178		532,298
Urban Edge Properties		50,231		994,071
Urstadt Biddle Properties, Inc. - Class A		13,207		313,006
Washington Prime Group, Inc. (b)		84,826		351,180
Washington Real Estate Investment Trust		34,947		956,150
Whitestone REIT (b)		18,215		250,638
Xenia Hotels & Resorts, Inc.		49,824		1,052,283
				63,723,244
Food & Staples Retailing—0.7%
Andersons, Inc. (The)		13,251		297,220
BJ’s Wholesale Club Holdings, Inc. (a) (b)		46,946		1,214,493
Chefs’ Warehouse, Inc. (The) (a)		11,175		450,576
Ingles Markets, Inc. - Class A		6,173		239,883
Performance Food Group Co. (a)		45,579		2,097,090
Pricesmart, Inc. (b)		10,206		725,646
Rite Aid Corp. (a) (b)		23,960		166,522
SpartanNash Co.		16,917		200,128
United Natural Foods, Inc. (a) (b)		23,843		274,671
Weis Markets, Inc.		4,490		171,249
				5,837,478
Food Products—1.2%
B&G Foods, Inc. (b)		30,133		569,815
Cal-Maine Foods, Inc.		14,364		573,914
Calavo Growers, Inc. (b)		7,353		699,858
Darling Ingredients, Inc. (a)		72,905		1,394,673
Fresh Del Monte Produce, Inc.		13,189		449,877
Freshpet, Inc. (a)		15,375		765,214
Hostess Brands, Inc. (a)		53,355		746,170
J&J Snack Foods Corp.		6,582		1,263,744
John B Sanfilippo & Son, Inc.		4,150		400,890
Lancaster Colony Corp.		8,191		1,135,682
Landec Corp. (a) (b)		5,454		59,285
Limoneira Co. (b)		6,209		113,997
Sanderson Farms, Inc.		8,655		1,309,761
Simply Good Foods Co. (The) (a)		32,020		928,260
Tootsie Roll Industries, Inc. (b)		9,232		342,876
				10,754,016
Gas Utilities—1.3%
Chesapeake Utilities Corp.		6,975		664,857
New Jersey Resources Corp.		38,723		1,751,054
Northwest Natural Holding Co.		13,165		939,191
ONE Gas, Inc.		22,206		2,134,219
RGC Resources, Inc.		3,635		106,287
South Jersey Industries, Inc. (b)		40,163		1,321,764
Southwest Gas Holdings, Inc.		23,492		2,138,712
Gas Utilities—(Continued)
Spire, Inc.		21,020		1,833,785
				10,889,869
Health Care Equipment & Supplies—3.8%
Accuray, Inc. (a)		9,715		26,911
Alphatec Holdings, Inc. (a)		20,608		103,452
AngioDynamics, Inc. (a)		17,852		328,834
Anika Therapeutics, Inc. (a) (b)		7,087		389,005
Antares Pharma, Inc. (a)		69,581		232,748
Apyx Medical Corp. (a)		18,201		123,221
AtriCure, Inc. (a)		16,270		405,774
Atrion Corp. (b)		618		481,527
Avanos Medical, Inc. (a)		20,898		782,839
AxoGen, Inc. (a) (b)		15,476		193,140
Axonics Modulation Technologies, Inc. (a) (b)		7,468		201,039
Cardiovascular Systems, Inc. (a)		14,951		710,471
Cerus Corp. (a) (b)		58,326		300,671
CONMED Corp.		12,287		1,181,395
Corindus Vascular Robotics, Inc. (a)		45,302		193,893
CryoLife, Inc. (a) (b)		17,220		467,523
CryoPort, Inc. (a) (b)		12,188		199,335
Cutera, Inc. (a)		6,744		197,127
GenMark Diagnostics, Inc. (a) (b)		26,350		159,681
Glaukos Corp. (a)		15,485		967,967
Globus Medical, Inc. - Class A (a)		34,064		1,741,352
Haemonetics Corp. (a)		22,077		2,784,793
Heska Corp. (a) (b)		3,277		232,241
Inogen, Inc. (a)		8,423		403,546
Integer Holdings Corp. (a)		14,604		1,103,478
Invacare Corp.		17,816		133,620
iRhythm Technologies, Inc. (a) (b)		11,010		815,951
Lantheus Holdings, Inc. (a)		18,267		457,862
LeMaitre Vascular, Inc.		7,651		261,511
LivaNova plc (a) (b)		21,333		1,574,162
Meridian Bioscience, Inc.		22,552		214,018
Merit Medical Systems, Inc. (a)		23,561		717,668
Natus Medical, Inc. (a)		15,157		482,599
Neogen Corp. (a)		22,983		1,565,372
Nevro Corp. (a)		13,030		1,120,189
Novocure, Ltd. (a) (b)		37,723		2,820,926
NuVasive, Inc. (a)		23,298		1,476,627
OraSure Technologies, Inc. (a)		28,446		212,492
Orthofix Medical, Inc. (a)		7,560		400,831
OrthoPediatrics Corp. (a)		3,676		129,616
Quidel Corp. (a)		16,013		982,398
Shockwave Medical, Inc. (a) (b)		3,953		118,313
SI-BONE, Inc. (a)		8,386		148,181
Sientra, Inc. (a)		20,112		130,326
Silk Road Medical, Inc. (a)		5,719		186,039
STAAR Surgical Co. (a) (b)		19,419		500,622
SurModics, Inc. (a)		6,159		281,713
Tactile Systems Technology, Inc. (a)		8,238		348,632
Tandem Diabetes Care, Inc. (a)		24,834		1,464,709
Utah Medical Products, Inc.		2,002		191,872
Varex Imaging Corp. (a)		17,885		510,438
ViewRay, Inc. (a) (b)		33,439		96,973

BHFTII-203

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Wright Medical Group NV (a) (b)		55,761	$	1,150,349
				32,405,972
Health Care Providers & Services—2.0%
Addus HomeCare Corp. (a)		4,979		394,735
Amedisys, Inc. (a)		14,021		1,836,891
AMN Healthcare Services, Inc. (a) (b)		19,843		1,142,163
Apollo Medical Holdings, Inc. (a)		12,990		228,884
BioTelemetry, Inc. (a) (b)		15,132		616,326
Brookdale Senior Living, Inc. (a)		86,808		658,005
Community Health Systems, Inc. (a)		44,002		158,407
Corvel Corp. (a)		4,267		323,012
Cross Country Healthcare, Inc. (a)		16,495		169,898
Diplomat Pharmacy, Inc. (a)		26,141		128,091
Ensign Group, Inc. (The)		22,721		1,077,657
Hanger, Inc. (a)		17,297		352,513
HealthEquity, Inc. (a) (b)		30,286		1,730,693
Joint Corp. (The) (a) (b)		7,132		132,727
LHC Group, Inc. (a) (b)		13,467		1,529,312
Magellan Health, Inc. (a)		9,733		604,419
National Healthcare Corp.		5,246		429,385
National Research Corp.		4,969		286,960
Option Care Health, Inc. (a)		59,694		191,021
Owens & Minor, Inc.		30,958		179,866
Patterson Cos., Inc.		37,980		676,804
PetIQ, Inc. (a) (b)		7,985		217,671
Providence Service Corp. (The) (a)		5,978		355,452
R1 RCM, Inc. (a)		47,026		419,942
RadNet, Inc. (a) (b)		21,044		302,192
Select Medical Holdings Corp. (a)		47,922		794,068
Tenet Healthcare Corp. (a) (b)		46,518		1,028,978
Tivity Health, Inc. (a) (b)		21,321		354,568
Triple-S Management Corp. - Class B (a)		9,765		130,851
U.S. Physical Therapy, Inc.		5,303		692,307
				17,143,798
Health Care Technology—1.1%
Allscripts Healthcare Solutions, Inc. (a)		77,571		851,730
Computer Programs & Systems, Inc.		5,856		132,404
Evolent Health, Inc. - Class A (a)		31,066		223,364
Health Catalyst, Inc. (a)		6,989		221,132
HealthStream, Inc. (a)		12,016		311,094
HMS Holdings Corp. (a) (b)		39,005		1,344,307
Inovalon Holdings, Inc. - Class A (a) (b)		29,972		491,241
Inspire Medical Systems, Inc. (a)		6,838		417,255
Livongo Health, Inc. (a) (b)		11,765		205,182
NextGen Healthcare, Inc. (a)		24,814		388,835
Omnicell, Inc. (a)		18,342		1,325,576
Phreesia, Inc. (a)		9,122		221,117
Simulations Plus, Inc.		5,451		189,150
Tabula Rasa HealthCare, Inc. (a) (b)		8,390		460,947
Teladoc Health, Inc. (a) (b)		30,482		2,064,241
Vocera Communications, Inc. (a) (b)		13,407		330,483
				9,178,058
Hotels, Restaurants & Leisure—2.6%
BBX Capital Corp.		25,192		117,647
BJ’s Restaurants, Inc.		9,083		352,784
Bloomin’ Brands, Inc. (b)		36,722		695,147
Boyd Gaming Corp.		36,831		882,102
Brinker International, Inc. (b)		16,964		723,854
Carrols Restaurant Group, Inc. (a) (b)		17,458		144,727
Century Casinos, Inc. (a)		13,208		102,098
Cheesecake Factory, Inc. (The) (b)		18,905		787,960
Churchill Downs, Inc. (b)		14,861		1,834,665
Chuy’s Holdings, Inc. (a)		8,272		204,815
Cracker Barrel Old Country Store, Inc. (b)		8,458		1,375,694
Dave & Buster’s Entertainment, Inc. (b)		16,068		625,849
Del Taco Restaurants, Inc. (a)		16,196		165,604
Denny’s Corp. (a)		25,229		574,338
Dine Brands Global, Inc.		6,775		513,952
Drive Shack, Inc. (a)		29,907		128,899
El Pollo Loco Holdings, Inc. (a)		10,879		119,234
Eldorado Resorts, Inc. (a) (b)		29,374		1,171,141
Fiesta Restaurant Group, Inc. (a)		9,712		101,199
Golden Entertainment, Inc. (a)		8,432		112,061
International Speedway Corp. - Class A		10,424		469,184
Jack in the Box, Inc.		11,563		1,053,621
Lindblad Expeditions Holdings, Inc. (a)		10,779		180,656
Marriott Vacations Worldwide Corp.		18,605		1,927,664
Monarch Casino & Resort, Inc. (a)		5,265		219,498
Papa John’s International, Inc. (b)		10,257		536,954
Penn National Gaming, Inc. (a) (b)		48,164		897,055
PlayAGS, Inc. (a)		10,128		104,116
Red Robin Gourmet Burgers, Inc. (a)		5,863		195,003
Red Rock Resorts, Inc. - Class A		32,000		649,760
Ruth’s Hospitality Group, Inc.		13,027		265,946
Scientific Games Corp. - Class A (a)		24,798		504,639
SeaWorld Entertainment, Inc. (a)		22,315		587,331
Shake Shack, Inc. - Class A (a)		12,648		1,240,010
Target Hospitality Corp. (a) (b)		10,894		74,188
Texas Roadhouse, Inc.		28,516		1,497,660
Twin River Worldwide Holdings, Inc.		9,752		222,638
Wingstop, Inc.		13,094		1,142,844
				22,502,537
Household Durables—1.8%
Beazer Homes USA, Inc. (a)		13,700		204,130
Cavco Industries, Inc. (a)		3,896		748,383
Century Communities, Inc. (a) (b)		12,109		370,899
Ethan Allen Interiors, Inc.		12,159		232,237
GoPro, Inc. - Class A (a) (b)		52,565		272,549
Green Brick Partners, Inc. (a)		11,941		127,769
Helen of Troy, Ltd. (a)		10,709		1,688,381
Hooker Furniture Corp.		5,444		116,719
Installed Building Products, Inc. (a)		9,469		542,952
iRobot Corp. (a) (b)		12,204		752,621
KB Home		37,780		1,284,520
La-Z-Boy, Inc.		18,635		625,950
LGI Homes, Inc. (a)		9,051		754,129
M/I Homes, Inc. (a)		10,392		391,259
MDC Holdings, Inc.		22,360		963,716

BHFTII-204

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—(Continued)
Meritage Homes Corp. (a)		15,760	$	1,108,716
Skyline Champion Corp. (a)		22,767		685,059
Sonos, Inc. (a)		32,162		431,292
Taylor Morrison Home Corp. - Class A (a)		47,598		1,234,692
TopBuild Corp. (a)		14,392		1,387,821
TRI Pointe Group, Inc. (a) (b)		63,627		956,950
Tupperware Brands Corp.		21,006		333,365
Universal Electronics, Inc. (a)		6,028		306,825
William Lyon Homes - Class A (a)		14,816		301,654
				15,822,588
Household Products—0.2%
Central Garden and Pet Co. (Voting Shares) (a)		4,446		129,957
Central Garden and Pet Co. (Non-Voting Shares) (a)		18,062		500,769
WD-40 Co. (b)		5,975		1,096,651
				1,727,377
Independent Power and Renewable Electricity Producers—0.5%
Atlantic Power Corp. (a)		50,055		117,129
Clearway Energy, Inc. - Class A		16,087		278,948
Clearway Energy, Inc. - Class C (b)		32,256		588,672
Ormat Technologies, Inc.		17,754		1,318,945
Pattern Energy Group, Inc. - Class A		39,654		1,067,882
TerraForm Power, Inc. - Class A		34,889		635,852
				4,007,428
Industrial Conglomerates—0.1%
Raven Industries, Inc.		15,898		531,947
Insurance—2.4%
Ambac Financial Group, Inc. (a)		22,444		438,780
American Equity Investment Life Holding Co.		40,340		976,228
AMERISAFE, Inc.		8,690		574,496
Argo Group International Holdings, Ltd.		14,435		1,013,914
Citizens, Inc. (a) (b)		22,172		152,322
CNO Financial Group, Inc.		71,414		1,130,484
eHealth, Inc. (a)		9,736		650,267
Employers Holdings, Inc.		14,789		644,505
Enstar Group, Ltd. (a)		4,985		946,751
FBL Financial Group, Inc. - Class A		4,790		285,053
Genworth Financial, Inc. - Class A (a)		221,867		976,215
Goosehead Insurance, Inc. - Class A		5,024		247,934
Greenlight Capital Re, Ltd. - Class A (a)		13,998		146,979
Hallmark Financial Services, Inc. (a)		6,574		125,761
HCI Group, Inc.		2,670		112,247
Health Insurance Innovations, Inc. - Class A (a) (b)		5,782		144,145
Heritage Insurance Holdings, Inc.		11,792		176,290
Horace Mann Educators Corp.		18,978		879,251
Investors Title Co.		687		109,989
James River Group Holdings, Ltd.		13,410		687,128
Kinsale Capital Group, Inc.		8,969		926,587
MBIA, Inc. (a) (b)		31,645		292,083
National General Holdings Corp.		28,550		657,221
National Western Life Group, Inc. - Class A		1,054		282,862
ProAssurance Corp.		23,948		964,386
Insurance—(Continued)
RLI Corp.		16,778		1,558,844
Safety Insurance Group, Inc.		6,815		690,564
Selective Insurance Group, Inc. (b)		24,761		1,861,780
State Auto Financial Corp.		7,940		257,177
Stewart Information Services Corp.		10,993		426,419
Third Point Reinsurance, Ltd. (a)		34,789		347,542
Trupanion, Inc. (a) (b)		13,011		330,740
United Fire Group, Inc.		9,677		454,625
United Insurance Holdings Corp.		8,654		121,069
Universal Insurance Holdings, Inc.		13,371		400,996
Watford Holdings, Ltd. (a) (b)		11,007		296,639
				20,288,273
Interactive Media & Services—0.4%
Care.com, Inc. (a)		15,699		164,055
Cargurus, Inc. (a)		32,991		1,021,072
Cars.com, Inc. (a) (b)		29,503		264,937
Eventbrite, Inc. - Class A (a) (b)		14,648		259,416
Liberty TripAdvisor Holdings, Inc. - Class A (a)		34,803		327,496
Meet Group, Inc. (The) (a)		34,247		112,159
QuinStreet, Inc. (a) (b)		17,938		225,839
TrueCar, Inc. (a)		42,606		144,860
Yelp, Inc. (a) (b)		30,104		1,046,114
				3,565,948
Internet & Direct Marketing Retail—0.3%
1-800-Flowers.com, Inc. - Class A (a)		13,330		197,217
Groupon, Inc. (a)		162,293		431,699
Overstock.com, Inc. (a)		10,484		111,026
PetMed Express, Inc. (b)		9,436		170,037
Quotient Technology, Inc. (a)		35,202		275,280
RealReal, Inc. (The) (a) (b)		15,100		337,636
Rubicon Project, Inc. (The) (a) (b)		22,854		199,058
Shutterstock, Inc. (a)		9,230		333,388
Stamps.com, Inc. (a)		7,719		574,679
Stitch Fix, Inc. - Class A (a) (b)		17,321		333,429
				2,963,449
IT Services—2.2%
Brightcove, Inc. (a)		17,189		180,141
Carbonite, Inc. (a) (b)		13,993		216,752
Cardtronics plc - Class A (a) (b)		17,673		534,432
Cass Information Systems, Inc.		5,890		318,001
Conduent, Inc. (a)		77,541		482,305
CSG Systems International, Inc.		13,502		697,783
Endurance International Group Holdings, Inc. (a)		27,122		101,707
Everi Holdings, Inc. (a)		31,818		269,180
EVERTEC, Inc.		26,041		813,000
Evo Payments, Inc. - Class A (a)		14,321		402,707
ExlService Holdings, Inc. (a)		13,901		930,811
GTT Communications, Inc. (a) (b)		13,560		127,735
Hackett Group, Inc. (The)		11,151		183,545
I3 Verticals, Inc. - Class A (a)		7,082		142,490
KBR, Inc.		62,037		1,522,388
Limelight Networks, Inc. (a)		51,623		156,418

BHFTII-205

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
LiveRamp Holdings, Inc. (a)		28,264	$	1,214,221
ManTech International Corp. - Class A		11,958		853,921
MAXIMUS, Inc.		27,829		2,150,069
NIC, Inc.		29,109		601,101
Paysign, Inc. (a) (b)		8,541		86,264
Perficient, Inc. (a) (b)		13,564		523,299
Perspecta, Inc.		61,282		1,600,686
Presidio, Inc.		21,099		356,573
Science Applications International Corp.		25,148		2,196,678
Sykes Enterprises, Inc. (a)		15,602		478,045
TTEC Holdings, Inc.		5,491		262,909
Tucows, Inc. - Class A (a)		4,376		237,004
Unisys Corp. (a)		20,742		154,113
Verra Mobility Corp. (a)		47,935		687,867
Virtusa Corp. (a)		12,986		467,756
				18,949,901
Leisure Products—0.3%
Acushnet Holdings Corp.		14,893		393,175
American Outdoor Brands Corp. (a)		25,637		149,977
Callaway Golf Co. (b)		43,200		838,512
Clarus Corp. (b)		10,372		121,612
Johnson Outdoors, Inc. - Class A		2,524		147,805
Malibu Boats, Inc. - Class A (a)		8,768		269,002
MasterCraft Boat Holdings, Inc. (a)		9,205		137,385
Sturm Ruger & Co., Inc.		7,553		315,413
Vista Outdoor, Inc. (a) (b)		27,041		167,384
YETI Holdings, Inc. (a) (b)		14,177		396,956
				2,937,221
Life Sciences Tools & Services—0.7%
Accelerate Diagnostics, Inc. (a) (b)		11,226		208,467
Cambrex Corp. (a)		15,180		903,210
Codexis, Inc. (a) (b)		24,613		337,567
Fluidigm Corp. (a)		32,475		150,359
Luminex Corp.		18,901		390,306
Medpace Holdings, Inc. (a)		12,542		1,054,030
NanoString Technologies, Inc. (a)		15,452		333,609
NeoGenomics, Inc. (a) (b)		42,163		806,156
Pacific Biosciences of California, Inc. (a)		66,792		344,647
Quanterix Corp. (a)		4,900		107,604
Syneos Health, Inc. (a)		26,524		1,411,342
				6,047,297
Machinery—3.8%
Actuant Corp. - Class A		24,465		536,762
Alamo Group, Inc.		3,842		452,280
Albany International Corp. - Class A		13,340		1,202,734
Altra Industrial Motion Corp.		28,671		794,043
Astec Industries, Inc.		10,105		314,266
Barnes Group, Inc.		20,566		1,059,972
Blue Bird Corp. (a) (b)		5,751		109,470
Briggs & Stratton Corp. (b)		19,347		117,243
Chart Industries, Inc. (a)		15,776		983,791
CIRCOR International, Inc. (a)		8,858		332,618
Machinery—(Continued)
Columbus McKinnon Corp.		10,074		366,996
Commercial Vehicle Group, Inc. (a) (b)		14,605		105,302
Douglas Dynamics, Inc.		9,877		440,218
Energy Recovery, Inc. (a) (b)		17,996		166,733
EnPro Industries, Inc.		9,247		634,807
ESCO Technologies, Inc.		10,899		867,124
Evoqua Water Technologies Corp. (a) (b)		34,844		593,045
Federal Signal Corp.		27,402		897,142
Franklin Electric Co., Inc.		20,612		985,460
Gorman-Rupp Co. (The)		7,300		253,967
Greenbrier Cos., Inc. (The)		14,568		438,788
Harsco Corp. (a)		33,815		641,132
Helios Technologies, Inc.		12,428		504,204
Hillenbrand, Inc.		26,557		820,080
Hyster-Yale Materials Handling, Inc.		4,976		272,337
John Bean Technologies Corp.		13,882		1,380,287
Kadant, Inc.		4,675		410,418
Kennametal, Inc.		36,506		1,122,195
Lindsay Corp.		4,595		426,646
Luxfer Holdings plc		10,598		165,117
Lydall, Inc. (a)		8,342		207,799
Manitowoc Co., Inc. (The) (a)		15,849		198,113
Meritor, Inc. (a)		35,998		665,963
Milacron Holdings Corp. (a)		30,587		509,885
Miller Industries, Inc.		5,680		189,144
Mueller Industries, Inc.		24,779		710,662
Mueller Water Products, Inc. - Class A		67,872		762,881
Navistar International Corp. (a)		21,262		597,675
NN, Inc. (b)		19,899		141,880
Omega Flex, Inc.		1,378		140,901
Park-Ohio Holdings Corp.		4,748		141,775
Proto Labs, Inc. (a)		11,672		1,191,711
RBC Bearings, Inc. (a)		10,166		1,686,641
REV Group, Inc.		11,893		135,937
Rexnord Corp. (a)		46,717		1,263,695
Spartan Motors, Inc.		16,327		224,006
SPX Corp. (a)		19,606		784,436
SPX FLOW, Inc. (a)		19,349		763,512
Standex International Corp.		5,879		428,814
Tennant Co.		8,362		591,193
Terex Corp. (b)		28,294		734,795
TriMas Corp. (a)		19,031		583,300
Wabash National Corp.		20,924		303,607
Watts Water Technologies, Inc. - Class A		12,286		1,151,567
Welbilt, Inc. (a) (b)		57,920		976,531
				32,481,600
Marine—0.1%
Costamare, Inc.		19,016		115,427
Matson, Inc. (b)		19,029		713,778
Scorpio Bulkers, Inc.		25,620		155,770
				984,975
Media—0.9%
Cardlytics, Inc. (a)		6,643		222,673
Central European Media Enterprises, Ltd. - Class A (a)		41,770		187,756

BHFTII-206

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
Daily Journal Corp. (a) (b)		598	$	148,041
Emerald Expositions Events, Inc.		11,929		116,069
Entercom Communications Corp. - Class A (b)		57,585		192,334
EW Scripps Co. (The) - Class A		25,176		334,337
Gannett Co., Inc.		48,407		519,891
Gray Television, Inc. (a)		41,101		670,768
Liberty Latin America, Ltd. - Class A (a)		20,395		348,143
Liberty Latin America, Ltd. - Class C (a)		51,063		872,922
Loral Space & Communications, Inc. (a)		6,669		276,097
Meredith Corp. (b)		17,831		653,685
MSG Networks, Inc. - Class A (a) (b)		24,914		404,105
National CineMedia, Inc.		28,689		235,250
New Media Investment Group, Inc. (b)		27,741		244,398
Scholastic Corp.		13,390		505,606
TechTarget, Inc. (a)		9,817		221,128
TEGNA, Inc. (b)		94,828		1,472,679
				7,625,882
Metals & Mining—1.1%
AK Steel Holding Corp. (a)		140,638		319,248
Allegheny Technologies, Inc. (a) (b)		56,239		1,138,840
Carpenter Technology Corp.		20,845		1,076,853
Century Aluminum Co. (a) (b)		22,819		151,404
Cleveland-Cliffs, Inc. (b)		125,018		902,630
Coeur Mining, Inc. (a)		97,205		467,556
Commercial Metals Co.		52,508		912,589
Compass Minerals International, Inc.		14,036		792,894
Ferroglobe Representation & Warranty Insurance Trust (a) (c) (e)		31,634		0
Gold Resource Corp.		29,581		90,222
Haynes International, Inc.		6,653		238,443
Hecla Mining Co. (b)		151,858		267,270
Kaiser Aluminum Corp.		7,148		707,437
Materion Corp.		8,038		493,212
Novagold Resources, Inc. (a)		96,795		587,546
Schnitzer Steel Industries, Inc. - Class A		10,351		213,852
SunCoke Energy, Inc. (a)		42,209		238,059
TimkenSteel Corp. (a) (b)		18,629		117,176
Warrior Met Coal, Inc.		23,723		463,073
Worthington Industries, Inc.		17,089		616,058
				9,794,362
Mortgage Real Estate Investment Trusts—1.3%
AG Mortgage Investment Trust, Inc.		14,345		217,327
Anworth Mortgage Asset Corp.		47,176		155,681
Apollo Commercial Real Estate Finance, Inc. (b)		67,902		1,301,681
Ares Commercial Real Estate Corp.		11,438		174,201
ARMOUR Residential REIT, Inc.		27,134		454,494
Blackstone Mortgage Trust, Inc. - Class A (b)		53,494		1,917,760
Capstead Mortgage Corp.		42,582		312,978
Colony Credit Real Estate, Inc.		37,213		538,100
Dynex Capital, Inc. (b)		14,895		220,148
Ellington Financial, Inc.		15,117		273,164
Exantas Capital Corp.		16,059		182,591
Granite Point Mortgage Trust, Inc.		22,671		424,855
Great Ajax Corp.		8,325		129,037
Mortgage Real Estate Investment Trusts—(Continued)
Invesco Mortgage Capital, Inc.		62,979		964,208
KKR Real Estate Finance Trust, Inc.		10,088		197,019
Ladder Capital Corp.		46,377		800,931
New York Mortgage Trust, Inc. (b)		103,803		632,160
Orchid Island Capital, Inc. (b)		30,372		174,639
PennyMac Mortgage Investment Trust		38,087		846,674
Ready Capital Corp.		14,894		237,112
Redwood Trust, Inc.		42,187		692,289
TPG RE Finance Trust, Inc.		22,728		450,924
Western Asset Mortgage Capital Corp.		19,929		192,315
				11,490,288
Multi-Utilities—0.6%
Avista Corp.		29,292		1,418,904
Black Hills Corp.		26,813		2,057,362
NorthWestern Corp.		21,289		1,597,739
Unitil Corp.		5,847		370,934
				5,444,939
Multiline Retail—0.1%
Big Lots, Inc.		17,050		417,725
Dillard’s, Inc. - Class A (b)		4,781		316,072
J.C. Penney Co., Inc. (a) (b)		26,401		23,468
				757,265
Oil, Gas & Consumable Fuels—2.2%
Arch Coal, Inc. - Class A (b)		7,564		561,249
Ardmore Shipping Corp. (a)		16,350		109,382
Berry Petroleum Corp.		35,260		330,034
Bonanza Creek Energy, Inc. (a)		9,142		204,689
Brigham Minerals, Inc. - Class A		9,809		195,199
California Resources Corp. (a) (b)		20,491		209,008
Callon Petroleum Co. (a) (b)		106,061		460,305
Carrizo Oil & Gas, Inc. (a)		37,509		322,015
Clean Energy Fuels Corp. (a)		71,652		147,961
CNX Resources Corp. (a) (b)		89,020		646,285
CONSOL Energy, Inc. (a)		13,213		206,519
Contura Energy, Inc. (a) (b)		9,500		265,620
CVR Energy, Inc.		13,526		595,550
Delek U.S. Holdings, Inc. (b)		33,286		1,208,282
Denbury Resources, Inc. (a) (b)		223,650		266,144
DHT Holdings, Inc.		40,469		248,884
Diamond S Shipping, Inc. (a)		14,552		160,363
Dorian LPG, Ltd. (a)		13,589		140,782
Extraction Oil & Gas, Inc. (a) (b)		20,526		60,346
Falcon Minerals Corp. (b)		23,893		137,385
GasLog, Ltd.		20,748		266,612
Golar LNG, Ltd.		43,127		560,220
Green Plains, Inc. (b)		17,956		190,244
Gulfport Energy Corp. (a) (b)		50,682		137,348
International Seaways, Inc. (a)		9,606		185,012
Jagged Peak Energy, Inc. (a) (b)		28,571		207,425
Laredo Petroleum, Inc. (a)		105,515		254,291
Magnolia Oil & Gas Corp. - Class A (a) (b)		49,481		549,239
Matador Resources Co. (a) (b)		50,198		829,773

BHFTII-207

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Nordic American Tankers, Ltd. (b)		66,726	$	144,128
Northern Oil and Gas, Inc. (a)		89,077		174,591
Oasis Petroleum, Inc. (a)		145,030		501,804
Par Pacific holdings, Inc. (a)		16,282		372,207
PDC Energy, Inc. (a)		26,990		748,973
Peabody Energy Corp.		30,193		444,441
Penn Virginia Corp. (a)		5,878		170,873
QEP Resources, Inc.		108,899		402,926
Renewable Energy Group, Inc. (a) (b)		16,294		244,491
REX American Resources Corp. (a)		2,989		228,150
Scorpio Tankers, Inc.		20,512		610,437
SemGroup Corp. - Class A		36,615		598,289
Ship Finance International, Ltd.		38,547		541,200
SM Energy Co.		51,354		497,620
Southwestern Energy Co. (a) (b)		248,862		480,304
SRC Energy, Inc. (a)		107,906		502,842
Talos Energy, Inc. (a) (b)		10,507		213,607
Teekay Corp.		32,524		130,096
Teekay Tankers, Ltd. - Class A (a)		92,787		120,623
Tellurian, Inc. (a) (b)		51,257		426,202
W&T Offshore, Inc. (a)		44,133		192,861
Whiting Petroleum Corp. (a) (b)		41,423		332,627
World Fuel Services Corp.		29,927		1,195,284
				18,930,742
Paper & Forest Products—0.4%
Boise Cascade Co.		18,411		600,015
Clearwater Paper Corp. (a) (b)		7,836		165,496
Louisiana-Pacific Corp.		55,081		1,353,891
Neenah, Inc.		7,745		504,354
PH Glatfelter Co.		21,278		327,469
Schweitzer-Mauduit International, Inc.		13,580		508,435
Verso Corp. - Class A (a)		16,813		208,145
				3,667,805
Personal Products—0.3%
Edgewell Personal Care Co. (a)		24,669		801,496
elf Beauty, Inc. (a)		12,689		222,185
Inter Parfums, Inc.		8,191		573,124
Medifast, Inc. (b)		5,370		556,493
USANA Health Sciences, Inc. (a)		6,854		468,745
				2,622,043
Pharmaceuticals—1.3%
Aerie Pharmaceuticals, Inc. (a) (b)		19,440		373,637
Akcea Therapeutics, Inc. (a) (b)		7,356		113,209
Akorn, Inc. (a) (b)		43,557		165,517
Amneal Pharmaceuticals, Inc. (a)		40,537		117,557
Amphastar Pharmaceuticals, Inc. (a)		18,205		361,005
ANI Pharmaceuticals, Inc. (a)		3,945		287,512
Arvinas Holding Co. LLC (a)		8,786		189,338
Axsome Therapeutics, Inc. (a) (b)		11,697		236,747
BioDelivery Sciences International, Inc. (a) (b)		41,531		174,846
Collegium Pharmaceutical, Inc. (a)		14,032		161,087
Corcept Therapeutics, Inc. (a)		43,446		614,109
Pharmaceuticals—(Continued)
Cymabay Therapeutics, Inc. (a)		24,969		127,841
Dermira, Inc. (a)		28,797		184,013
Endo International plc (a)		96,815		310,776
Evolus, Inc. (a) (b)		7,900		123,398
Innoviva, Inc. (a)		33,334		351,340
Intersect ENT, Inc. (a)		13,971		237,647
Intra-Cellular Therapies, Inc. (a)		19,606		146,457
Lannett Co., Inc. (a)		15,440		172,928
MyoKardia, Inc. (a) (b)		20,077		1,047,016
Odonate Therapeutics, Inc. (a)		5,941		154,644
Omeros Corp. (a) (b)		21,460		350,442
Pacira BioSciences, Inc. (a)		18,507		704,561
Phibro Animal Health Corp. - Class A		9,993		213,151
Prestige Consumer Healthcare, Inc. (a) (b)		22,778		790,169
Reata Pharmaceuticals, Inc. - Class A (a) (b)		9,122		732,405
Revance Therapeutics, Inc. (a) (b)		21,348		277,524
SIGA Technologies, Inc. (a)		22,951		117,509
Supernus Pharmaceuticals, Inc. (a) (b)		22,494		618,135
TherapeuticsMD, Inc. (a) (b)		79,956		290,240
Theravance Biopharma, Inc. (a) (b)		19,690		383,561
Tricida, Inc. (a)		10,261		316,757
WAVE Life Sciences, Ltd. (a) (b)		10,858		222,915
Xeris Pharmaceuticals, Inc. (a) (b)		14,041		138,023
Zogenix, Inc. (a)		19,414		777,337
				11,583,353
Professional Services—1.6%
ASGN, Inc. (a)		22,539		1,416,802
Barrett Business Services, Inc.		3,358		298,258
CBIZ, Inc. (a)		24,387		573,094
CRA International, Inc.		2,862		120,118
Exponent, Inc.		22,992		1,607,141
Forrester Research, Inc.		4,738		152,279
Franklin Covey Co. (a)		4,809		168,315
FTI Consulting, Inc. (a)		15,992		1,694,992
Heidrick & Struggles International, Inc.		7,257		198,116
Huron Consulting Group, Inc. (a)		10,356		635,237
ICF International, Inc.		8,158		689,106
Insperity, Inc.		17,167		1,693,009
Kelly Services, Inc. - Class A		14,944		361,944
Kforce, Inc.		9,613		363,708
Korn Ferry		25,151		971,835
Mistras Group, Inc. (a)		8,222		134,841
Navigant Consulting, Inc.		18,001		503,128
Resources Connection, Inc.		12,083		205,290
TriNet Group, Inc. (a)		19,326		1,201,884
TrueBlue, Inc. (a)		19,573		412,990
Upwork, Inc. (a)		24,847		330,589
Willdan Group, Inc. (a)		4,570		160,316
				13,892,992
Real Estate Management & Development—0.6%
Consolidated-Tomoka Land Co.		2,485		163,016
Cushman & Wakefield plc (a)		46,095		854,140
FRP Holdings, Inc. (a)		3,389		162,740
Kennedy-Wilson Holdings, Inc. (b)		52,082		1,141,638

BHFTII-208

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Management & Development—(Continued)
Marcus & Millichap, Inc. (a)		9,282	$	329,418
Newmark Group, Inc. - Class A		64,506		584,424
RE/MAX Holdings, Inc. - Class A		8,877		285,484
Realogy Holdings Corp. (b)		52,555		351,067
Redfin Corp. (a)		39,839		670,889
RMR Group, Inc. (The) - Class A		7,008		318,724
St. Joe Co. (The) (a) (b)		13,592		232,831
Tejon Ranch Co. (a)		9,079		154,071
				5,248,442
Road & Rail—0.5%
ArcBest Corp.		10,451		318,233
Avis Budget Group, Inc. (a)		26,515		749,314
Heartland Express, Inc.		22,410		482,039
Hertz Global Holdings, Inc. (a)		44,849		620,710
Marten Transport, Ltd.		19,376		402,633
Saia, Inc. (a)		10,845		1,016,177
Werner Enterprises, Inc. (b)		19,256		679,737
				4,268,843
Semiconductors & Semiconductor Equipment—2.5%
Adesto Technologies Corp. (a)		12,920		110,595
Advanced Energy Industries, Inc. (a)		17,261		990,954
Alpha & Omega Semiconductor, Ltd. (a)		9,300		114,204
Ambarella, Inc. (a)		14,056		883,209
Amkor Technology, Inc. (a)		46,149		419,956
Axcelis Technologies, Inc. (a)		13,934		238,132
Brooks Automation, Inc. (b)		31,534		1,167,704
Cabot Microelectronics Corp.		12,212		1,724,456
Ceva, Inc. (a)		10,183		304,064
Cirrus Logic, Inc. (a)		24,667		1,321,658
Cohu, Inc.		17,431		235,406
Diodes, Inc. (a)		18,315		735,347
DSP Group, Inc. (a)		10,337		145,597
FormFactor, Inc. (a) (d)		31,702		591,084
Ichor Holdings, Ltd. (a)		10,143		245,258
Impinj, Inc. (a) (b)		5,512		169,935
Inphi Corp. (a)		19,424		1,185,835
Lattice Semiconductor Corp. (a)		55,677		1,018,054
MACOM Technology Solutions Holdings, Inc. (a)		18,984		408,061
MaxLinear, Inc. (a)		29,165		652,713
Nanometrics, Inc. (a)		9,845		321,144
NeoPhotonics Corp. (a)		18,073		110,065
NVE Corp.		1,659		110,075
PDF Solutions, Inc. (a)		12,971		169,531
Photronics, Inc. (a)		30,362		330,338
Power Integrations, Inc.		12,611		1,140,413
Rambus, Inc. (a) (b)		49,965		655,791
Rudolph Technologies, Inc. (a)		13,085		344,921
Semtech Corp. (a)		29,245		1,421,599
Silicon Laboratories, Inc. (a) (b)		18,201		2,026,681
SMART Global Holdings, Inc. (a) (b)		4,560		116,189
SunPower Corp. (a) (b)		31,453		345,039
Synaptics, Inc. (a) (b)		14,825		592,259
Ultra Clean Holdings, Inc. (a)		16,793		245,765
Veeco Instruments, Inc. (a)		22,250		259,880
Semiconductors & Semiconductor Equipment—(Continued)
Xperi Corp.		22,215		459,406
				21,311,318
Software—4.5%
8x8, Inc. (a) (b)		41,065		850,867
A10 Networks, Inc. (a)		21,727		150,785
ACI Worldwide, Inc. (a) (b)		49,853		1,561,645
Agilysys, Inc. (a)		9,228		236,329
Alarm.com Holdings, Inc. (a) (b)		16,383		764,103
Altair Engineering, Inc. - Class A (a) (b)		17,244		596,987
American Software, Inc. - Class A		12,761		191,670
Appfolio, Inc. - Class A (a)		6,877		654,278
Appian Corp. (a)		12,643		600,542
Avaya Holdings Corp. (a) (b)		54,653		559,100
Benefitfocus, Inc. (a) (b)		11,793		280,791
Blackbaud, Inc.		20,640		1,864,618
Blackline, Inc. (a) (b)		19,037		910,159
Bottomline Technologies de, Inc. (a)		18,440		725,614
Box, Inc. - Class A (a)		63,715		1,055,120
Carbon Black, Inc. (a)		25,219		655,442
ChannelAdvisor Corp. (a)		10,403		97,060
Cision, Ltd. (a)		41,265		317,328
Cloudera, Inc. (a) (b)		105,967		938,868
CommVault Systems, Inc. (a)		17,586		786,270
Cornerstone OnDemand, Inc. (a)		24,063		1,319,134
Digimarc Corp. (a)		5,123		200,258
Digital Turbine, Inc. (a) (b)		36,179		233,174
Domo, Inc. - Class B (a)		7,443		118,939
Ebix, Inc. (b)		10,806		454,933
Envestnet, Inc. (a) (b)		21,200		1,202,040
Everbridge, Inc. (a) (b)		14,485		893,869
Five9, Inc. (a)		26,132		1,404,334
ForeScout Technologies, Inc. (a)		18,197		690,030
GTY Technology Holdings Inc. (a)		18,423		115,512
Instructure, Inc. (a)		14,481		560,994
Intelligent Systems Corp. (a) (b)		3,124		129,771
j2 Global, Inc. (b)		19,712		1,790,244
LivePerson, Inc. (a) (b)		27,176		970,183
MicroStrategy, Inc. - Class A (a)		3,569		529,533
Mitek Systems, Inc. (a) (b)		14,980		144,557
MobileIron, Inc. (a)		43,864		287,090
Model N, Inc. (a)		14,843		412,042
Monotype Imaging Holdings, Inc.		18,592		368,307
OneSpan, Inc. (a)		15,031		217,949
Progress Software Corp.		19,846		755,339
PROS Holdings, Inc. (a)		14,662		873,855
Q2 Holdings, Inc. (a) (b)		18,701		1,474,948
QAD, Inc. - Class A		4,798		221,572
Qualys, Inc. (a) (b)		14,838		1,121,308
Rapid7, Inc. (a)		21,376		970,257
SailPoint Technologies Holding, Inc. (a)		38,299		715,808
SPS Commerce, Inc. (a)		15,132		712,263
SVMK, Inc. (a)		37,618		643,268
Synchronoss Technologies, Inc. (a) (b)		18,261		98,609
Telaria, Inc. (a)		20,315		140,377
Tenable Holdings, Inc. (a)		16,685		373,410

BHFTII-209

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Software—(Continued)
TiVo Corp.		54,357	$	413,929
Upland Software, Inc. (a)		10,139		353,446
Varonis Systems, Inc. (a)		12,721		760,461
Verint Systems, Inc. (a) (b)		29,017		1,241,347
VirnetX Holding Corp. (a) (b)		26,977		145,676
Workiva, Inc. (a)		15,621		684,668
Yext, Inc. (a)		41,476		659,054
Zix Corp. (a) (b)		25,140		182,014
Zuora, Inc. - Class A (a)		35,347		531,972
				38,914,050
Specialty Retail—2.4%
Aaron’s, Inc.		28,511		1,832,117
Abercrombie & Fitch Co. - Class A (b)		28,497		444,553
America’s Car-Mart, Inc. (a)		2,826		259,144
American Eagle Outfitters, Inc. (b)		72,218		1,171,376
Asbury Automotive Group, Inc. (a)		8,467		866,428
At Home Group, Inc. (a) (b)		19,716		189,668
Bed Bath & Beyond, Inc. (b)		55,063		585,870
Boot Barn Holdings, Inc. (a)		12,612		440,159
Buckle, Inc. (The) (b)		14,188		292,273
Caleres, Inc.		17,181		402,207
Camping World Holdings, Inc. - Class A		14,592		129,869
Cato Corp. (The) - Class A		9,562		168,387
Chico’s FAS, Inc. (b)		54,730		220,562
Children’s Place, Inc. (The) (b)		7,101		546,706
Conn’s, Inc. (a)		10,289		255,785
Designer Brands, Inc. - Class A (b)		26,445		452,738
GameStop Corp. - Class A (b)		42,222		233,065
Genesco, Inc. (a)		6,357		254,407
Group 1 Automotive, Inc. (b)		7,911		730,264
Guess?, Inc.		20,227		374,806
Haverty Furniture Cos., Inc. (b)		10,391		210,626
Hibbett Sports, Inc. (a)		10,209		233,786
Hudson, Ltd. - Class A (a)		18,056		221,547
Lithia Motors, Inc. - Class A (b)		9,883		1,308,311
Lumber Liquidators Holdings, Inc. (a) (b)		13,856		136,759
MarineMax, Inc. (a)		8,159		126,301
Michaels Cos., Inc. (The) (a) (b)		39,476		386,470
Monro, Inc.		14,571		1,151,255
Murphy USA, Inc. (a)		13,619		1,161,701
National Vision Holdings, Inc. (a)		34,470		829,693
Office Depot, Inc.		244,598		429,269
Party City Holdco, Inc. (a) (b)		25,796		147,295
Rent-A-Center, Inc.		21,277		548,734
RH (a)		7,214		1,232,368
Sally Beauty Holdings, Inc. (a) (b)		51,047		760,090
Shoe Carnival, Inc. (b)		4,114		133,335
Signet Jewelers, Ltd.		22,572		378,307
Sleep Number Corp. (a) (b)		11,987		495,303
Sonic Automotive, Inc. - Class A		9,474		297,578
Winmark Corp.		1,140		201,085
Zumiez, Inc. (a)		7,454		236,105
				20,476,302
Technology Hardware, Storage & Peripherals—0.2%
3D Systems Corp. (a) (b)		50,283		409,806
Diebold Nixdorf, Inc. (a)		35,435		396,872
Immersion Corp. (a)		15,130		115,745
Stratasys, Ltd. (a)		23,667		504,225
				1,426,648
Textiles, Apparel & Luxury Goods—0.9%
Crocs, Inc. (a) (d)		28,518		791,660
Deckers Outdoor Corp. (a)		12,428		1,831,390
Fossil Group, Inc. (a)		20,656		258,406
G-III Apparel Group, Ltd. (a)		20,478		527,718
Kontoor Brands, Inc. (a)		20,050		703,755
Movado Group, Inc.		7,984		198,482
Oxford Industries, Inc.		7,657		549,007
Rocky Brands, Inc.		3,479		115,607
Steven Madden, Ltd. (b)		35,491		1,270,223
Unifi, Inc. (a)		7,892		172,993
Wolverine World Wide, Inc.		35,950		1,015,947
				7,435,188
Thrifts & Mortgage Finance—2.1%
Axos Financial, Inc. (a)		26,097		721,582
Bridgewater Bancshares, Inc. (a)		11,530		137,668
Capitol Federal Financial, Inc.		59,838		824,568
Columbia Financial, Inc. (a)		24,437		385,860
Dime Community Bancshares, Inc.		15,501		331,876
Essent Group, Ltd.		40,892		1,949,322
Federal Agricultural Mortgage Corp. - Class C		4,263		348,117
First Defiance Financial Corp.		10,076		291,851
Flagstar Bancorp, Inc.		12,717		474,980
Hingham Institution for Savings		716		135,324
Home Bancorp, Inc.		3,086		120,323
HomeStreet, Inc. (a)		9,014		246,262
Kearny Financial Corp.		34,811		453,935
Luther Burbank Corp.		10,222		115,815
Meridian Bancorp, Inc.		23,292		436,725
Meta Financial Group, Inc. (b)		16,799		547,815
Mr Cooper Group, Inc. (a) (b)		33,464		355,388
NMI Holdings, Inc. - Class A (a)		27,767		729,161
Northfield Bancorp, Inc.		19,366		311,018
Northwest Bancshares, Inc.		45,193		740,713
OceanFirst Financial Corp.		22,048		520,333
Ocwen Financial Corp. (a)		66,871		125,717
Oritani Financial Corp.		16,857		298,285
PCSB Financial Corp.		6,336		126,657
PennyMac Financial Services, Inc. (a) (b)		11,764		357,390
Provident Financial Services, Inc.		27,899		684,362
Radian Group, Inc.		89,946		2,054,367
Southern Missouri Bancorp, Inc.		3,592		130,857
Territorial Bancorp, Inc.		4,024		115,006
TrustCo Bank Corp.		42,750		348,413
United Community Financial Corp.		24,319		262,159
United Financial Bancorp, Inc.		21,901		298,511
Walker & Dunlop, Inc.		12,545		701,642
Washington Federal, Inc.		34,496		1,276,007
Waterstone Financial, Inc.		10,900		187,262

BHFTII-210

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Thrifts & Mortgage Finance—(Continued)
Western New England Bancorp, Inc.		12,322	$	117,429
WSFS Financial Corp.		23,571		1,039,481
				18,302,181
Tobacco—0.1%
22nd Century Group, Inc. (a) (b)		55,642		125,751
Universal Corp.		11,116		609,268
Vector Group, Ltd. (b)		50,882		606,004
				1,341,023
Trading Companies & Distributors—1.3%
Aircastle, Ltd.		23,576		528,810
Applied Industrial Technologies, Inc.		17,086		970,485
Beacon Roofing Supply, Inc. (a) (b)		30,195		1,012,438
BlueLinx Holdings, Inc. (a)		4,247		137,306
BMC Stock Holdings, Inc. (a)		27,466		719,060
CAI International, Inc. (a)		8,107		176,490
DXP Enterprises, Inc. (a)		6,978		242,276
Foundation Building Materials, Inc. (a)		7,141		110,614
GATX Corp. (b)		15,087		1,169,695
GMS, Inc. (a)		14,993		430,599
H&E Equipment Services, Inc.		15,412		444,790
Herc Holdings, Inc. (a)		11,071		514,912
Kaman Corp.		12,375		735,818
MRC Global, Inc. (a)		33,085		401,321
NOW, Inc. (a)		51,271		588,078
Rush Enterprises, Inc. - Class A		12,945		499,418
SiteOne Landscape Supply, Inc. (a) (b)		17,769		1,315,261
Systemax, Inc.		5,954		131,048
Textainer Group Holdings, Ltd. (a)		11,532		114,282
Titan Machinery, Inc. (a)		9,306		133,448
Triton International, Ltd.		25,386		859,062
Veritiv Corp. (a)		5,727		103,544
				11,338,755
Water Utilities—0.6%
American States Water Co. (b)		16,383		1,472,176
AquaVenture Holdings, Ltd. (a)		6,106		118,640
Artesian Resources Corp. - Class A		3,766		139,342
California Water Service Group (b)		20,902		1,106,343
Connecticut Water Service, Inc.		4,926		345,115
Consolidated Water Co., Ltd.		6,871		113,303
Middlesex Water Co.		7,497		487,005
SJW Group		11,878		811,149
York Water Co. (The)		6,695		292,304
				4,885,377
Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc. (a)		20,091		223,010
Gogo, Inc. (a) (b)		26,493		159,753
Wireless Telecommunication Services—(Continued)
Shenandoah Telecommunications Co.		21,561		684,993
				1,067,756
Total Common Stocks (Cost $638,014,430)				831,134,222
Mutual Fund—1.6%
Investment Company Security—1.6%
iShares Russell 2000 Index Fund (b) (Cost $14,164,650)		91,400		13,832,476
Rights—0.0%
Biotechnology—0.0%
Tobira Therapeutics, Inc., Expires 12/31/28 (a) (c) (e)		4,660		37,094
Chemicals—0.0%
A. Schulman, Inc.		12,704		5,501
Total Rights (Cost $5,781)				42,595
Short-Term Investments—1.7%
Discount Notes—0.6%
Federal Home Loan Bank
1.535%, 10/04/19 (f)		550,000		549,914
1.845%, 10/11/19 (f)		250,000		249,869
1.918%, 11/06/19 (f)		625,000		623,825
1.927%, 10/18/19 (f)		3,875,000		3,871,560
				5,295,168
U.S. Treasury—1.1%
U.S. Treasury Bill 1.812%, 11/07/19 (f)		9,850,000		9,832,604
Total Short-Term Investments (Cost $15,126,336)				15,127,772
Securities Lending Reinvestments (g)—20.0%
Certificates of Deposit—12.9%
Banco Del Estado De Chile New York 2.206%, 1M LIBOR + 0.160%, 11/22/19 (h)		3,000,000		2,999,835
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (h)		2,000,000		1,999,842
Bank of Montreal (Chicago)
1.990%, SOFR + 0.170%, 02/07/20 (h)		2,000,000		2,000,422
2.070%, SOFR + 0.250%, 07/10/20 (h)		2,000,000		2,000,136
2.150%, 1M LIBOR + 0.100%, 10/11/19 (h)		2,000,000		1,999,964
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (h)		3,000,000		2,999,985

BHFTII-211

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Bank of Nova Scotia 2.198%, 1M LIBOR + 0.170%, 05/15/20 (h)		5,000,000	$	4,997,790
Barclays Bank plc 2.297%, 1M LIBOR + 0.230%, 02/05/20 (h)		4,000,000		3,997,208
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (h)		1,000,000		1,000,185
China Construction Bank Corp. 2.470%, 10/18/19		1,000,000		1,000,127
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (h)		5,000,000		5,000,095
Credit Agricole S.A. 2.256%, 1M LIBOR + 0.210%, 12/20/19 (h)		3,000,000		3,000,429
Credit Industriel et Commercial
2.227%, 1M LIBOR + 0.160%, 03/05/20 (h)		4,000,000		3,998,996
2.393%, 3M LIBOR + 0.090%, 10/15/19 (h)		3,000,000		3,000,315
DZ Bank AG
Zero Coupon, 10/18/19		1,987,960		1,997,900
Zero Coupon, 03/17/20		6,430,764		6,437,535
KBC Bank NV Zero Coupon, 10/25/19		3,948,000		3,994,619
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 11/18/19		2,982,865		2,991,540
Mizuho Bank, Ltd.
Zero Coupon, 10/23/19		1,988,162		1,997,320
2.174%, 1M LIBOR + 0.120%, 11/27/19 (h)		5,000,000		4,999,905
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (h)		5,000,000		4,999,485
Societe Generale
2.180%, FEDEFF PRV + 0.350%, 06/19/20 (h)		2,000,000		1,999,706
2.337%, 1M LIBOR + 0.280%, 06/19/20 (h)		2,000,000		2,002,364
Standard Chartered Bank 2.180%, FEDEFF PRV + 0.350%, 02/26/20 (h)		6,000,000		5,999,970
Sumitomo Mitsui Banking Corp.
2.172%, 1M LIBOR + 0.130%, 12/09/19 (h)		2,000,000		1,999,740
2.216%, 1M LIBOR + 0.170%, 01/21/20 (h)		2,000,000		1,999,972
2.234%, 1M LIBOR + 0.180%, 01/27/20 (h)		4,000,000		3,999,724
Sumitomo Mitsui Trust Bank, Ltd. 2.184%, 1M LIBOR + 0.140%, 11/20/19 (h)		3,000,000		2,999,940
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 10/17/19		1,973,515		1,998,020
Svenska Handelsbanken AB
2.247%, 1M LIBOR + 0.180%, 06/05/20 (h)		2,000,000		1,999,060
2.266%, 1M LIBOR + 0.220%, 07/22/20 (h)		3,000,000		2,999,076
2.344%, 1M LIBOR + 0.300%, 10/31/19 (h)		2,000,000		2,000,288
Toronto-Dominion Bank 2.180%, FEDEFF PRV + 0.350%, 07/31/20 (h)		2,000,000		1,998,818
Wells Fargo Bank N.A.
2.180%, FEDEFF PRV + 0.350%, 08/20/20 (h)		5,000,000		5,000,000
2.477%, 3M LIBOR + 0.210%, 10/25/19 (h)		1,520,000		1,520,354
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (h)		5,000,000		4,999,982
				110,930,647
Commercial Paper—2.9%
Bank of China, Ltd. 2.470%, 10/11/19		1,988,336		1,998,578
China Construction Bank Corp. 2.470%, 10/17/19		2,981,475		2,996,763
Industrial & Commercial Bank of China, Corp.
2.470%, 10/25/19		1,987,376		1,997,272
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (h)		4,000,000		4,000,648
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (h)		2,000,000		2,000,056
Toronto-Dominion Bank 2.417%, 1M LIBOR + 0.350%, 11/05/19 (h)		2,000,000		2,000,298
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (h)		10,000,000		10,000,000
				24,993,615
Repurchase Agreements—4.2%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $3,000,160; collateralized by various Common Stock with an aggregate market value of $3,300,001.		3,000,000		3,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $3,520,304; collateralized by various Common Stock with an aggregate market value of $3,850,001.		3,500,000		3,500,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $12,577,625; collateralized by various Common Stock with an aggregate market value of $13,751,411.		12,500,000		12,500,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $2,004,219; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $1,002,110; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $1,149,093; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $1,172,016.		1,149,035		1,149,035
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $400,022; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $445,201.		400,000		400,000

BHFTII-212

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $1,000,055; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000	$	1,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,900,739; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,111,018.		1,900,000		1,900,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $10,003,889; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $11,110,619.		10,000,000		10,000,000
				36,449,035
Total Securities Lending Reinvestments (Cost $172,374,207)				172,373,297
Total Investments—119.9% (Cost $839,685,404)				1,032,510,362
Other assets and liabilities (net)—(19.9)%				(171,722,759	)
Net Assets—100.0%			$	860,787,603

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $182,075,607 and the collateral received consisted of cash in the amount of $172,267,157 and non-cash collateral with a value of $14,797,761. 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.
(c)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, these securities represent 0.05% of net assets.
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2019, the market value of securities pledged was $2,790,919.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	The rate shown represents current yield to maturity.
(g)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(h)	Variable or floating rate security. The stated rate represents the rate at September 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 Depreciation
Russell 2000 Index E-Mini Futures		12/20/19		178		USD	13,572,500	$	(524,899	)

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

BHFTII-213

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	11,298,991	$	—	$	—	$	11,298,991
Air Freight & Logistics		2,471,749		—		—		2,471,749
Airlines		3,571,727		—		—		3,571,727
Auto Components		9,200,124		—		—		9,200,124
Automobiles		528,962		—		—		528,962
Banks		81,341,131		—		—		81,341,131
Beverages		2,795,121		—		—		2,795,121
Biotechnology		57,992,356		—		—		57,992,356
Building Products		12,894,356		—		—		12,894,356
Capital Markets		12,411,887		—		—		12,411,887
Chemicals		16,168,751		—		—		16,168,751
Commercial Services & Supplies		24,072,229		—		—		24,072,229
Communications Equipment		9,161,340		—		—		9,161,340
Construction & Engineering		9,412,642		—		—		9,412,642
Construction Materials		1,444,975		—		—		1,444,975
Consumer Finance		5,285,288		—		—		5,285,288
Containers & Packaging		946,180		—		—		946,180
Distributors		864,134		—		—		864,134
Diversified Consumer Services		8,386,946		—		—		8,386,946
Diversified Financial Services		1,691,902		—		—		1,691,902
Diversified Telecommunication Services		5,051,929		—		—		5,051,929
Electric Utilities		9,130,483		—		—		9,130,483
Electrical Equipment		8,288,605		—		—		8,288,605
Electronic Equipment, Instruments & Components		21,435,256		—		—		21,435,256
Energy Equipment & Services		8,507,464		—		—		8,507,464
Entertainment		2,211,164		—		—		2,211,164
Equity Real Estate Investment Trusts		63,723,244		—		—		63,723,244
Food & Staples Retailing		5,837,478		—		—		5,837,478
Food Products		10,754,016		—		—		10,754,016
Gas Utilities		10,889,869		—		—		10,889,869
Health Care Equipment & Supplies		32,405,972		—		—		32,405,972
Health Care Providers & Services		17,143,798		—		—		17,143,798
Health Care Technology		9,178,058		—		—		9,178,058
Hotels, Restaurants & Leisure		22,502,537		—		—		22,502,537
Household Durables		15,822,588		—		—		15,822,588
Household Products		1,727,377		—		—		1,727,377
Independent Power and Renewable Electricity Producers		4,007,428		—		—		4,007,428
Industrial Conglomerates		531,947		—		—		531,947
Insurance		20,288,273		—		—		20,288,273
Interactive Media & Services		3,565,948		—		—		3,565,948
Internet & Direct Marketing Retail		2,963,449		—		—		2,963,449

BHFTII-214

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
IT Services	$	18,949,901		$	—		$	—	$	18,949,901
Leisure Products		2,937,221			—			—		2,937,221
Life Sciences Tools & Services		6,047,297			—			—		6,047,297
Machinery		32,481,600			—			—		32,481,600
Marine		984,975			—			—		984,975
Media		7,625,882			—			—		7,625,882
Metals & Mining		9,794,362			—			0		9,794,362
Mortgage Real Estate Investment Trusts		11,490,288			—			—		11,490,288
Multi-Utilities		5,444,939			—			—		5,444,939
Multiline Retail		757,265			—			—		757,265
Oil, Gas & Consumable Fuels		18,930,742			—			—		18,930,742
Paper & Forest Products		3,667,805			—			—		3,667,805
Personal Products		2,622,043			—			—		2,622,043
Pharmaceuticals		11,583,353			—			—		11,583,353
Professional Services		13,892,992			—			—		13,892,992
Real Estate Management & Development		5,248,442			—			—		5,248,442
Road & Rail		4,268,843			—			—		4,268,843
Semiconductors & Semiconductor Equipment		21,311,318			—			—		21,311,318
Software		38,914,050			—			—		38,914,050
Specialty Retail		20,476,302			—			—		20,476,302
Technology Hardware, Storage & Peripherals		1,426,648			—			—		1,426,648
Textiles, Apparel & Luxury Goods		7,435,188			—			—		7,435,188
Thrifts & Mortgage Finance		18,302,181			—			—		18,302,181
Tobacco		1,341,023			—			—		1,341,023
Trading Companies & Distributors		11,338,755			—			—		11,338,755
Water Utilities		4,885,377			—			—		4,885,377
Wireless Telecommunication Services		1,067,756			—			—		1,067,756
Total Common Stocks		831,134,222			—			0		831,134,222
Total Mutual Fund*		13,832,476			—			—		13,832,476
Rights
Biotechnology		—			—			37,094		37,094
Chemicals		—			5,501			—		5,501
Total Rights		—			5,501			37,094		42,595
Total Short-Term Investments*		—			15,127,772			—		15,127,772
Total Securities Lending Reinvestments*		—			172,373,297			—		172,373,297
Total Investments	$	844,966,698		$	187,506,570		$	37,094	$	1,032,510,362
Collateral for Securities Loaned (Liability)	$	—		$	(172,267,157	)	$	—	$	(172,267,157	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(524,899	)	$	—		$	—	$	(524,899	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2019 is not presented.

BHFTII-215

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—98.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.7%
Arconic, Inc.		105,416	$	2,740,816
Boeing Co. (The)		145,478		55,350,015
General Dynamics Corp.		63,670		11,634,419
Huntington Ingalls Industries, Inc.		11,249		2,382,426
L3Harris Technologies, Inc.		60,763		12,677,592
Lockheed Martin Corp.		67,629		26,379,368
Northrop Grumman Corp.		42,822		16,049,257
Raytheon Co.		75,789		14,869,044
Textron, Inc.		62,625		3,066,120
TransDigm Group, Inc.		13,509		7,033,731
United Technologies Corp.		220,742		30,135,698
				182,318,486
Air Freight & Logistics—0.6%
C.H. Robinson Worldwide, Inc. (a)		36,841		3,123,380
Expeditors International of Washington, Inc.		46,459		3,451,439
FedEx Corp.		65,312		9,507,468
United Parcel Service, Inc. - Class B		190,042		22,770,832
				38,853,119
Airlines—0.4%
Alaska Air Group, Inc. (a)		33,546		2,177,471
American Airlines Group, Inc. (a)		107,845		2,908,580
Delta Air Lines, Inc.		157,479		9,070,790
Southwest Airlines Co.		131,650		7,110,416
United Airlines Holdings, Inc. (a) (b)		60,129		5,316,005
				26,583,262
Auto Components—0.1%
Aptiv plc (a)		69,719		6,094,835
BorgWarner, Inc. (a)		56,200		2,061,416
				8,156,251
Automobiles—0.3%
Ford Motor Co.		1,066,501		9,769,149
General Motors Co.		341,912		12,814,862
Harley-Davidson, Inc. (a)		42,652		1,534,192
				24,118,203
Banks—5.4%
Bank of America Corp.		2,279,817		66,502,262
BB&T Corp.		208,501		11,127,698
Citigroup, Inc.		614,772		42,468,450
Citizens Financial Group, Inc.		121,668		4,303,397
Comerica, Inc.		40,646		2,682,229
Fifth Third Bancorp		198,792		5,442,925
First Republic Bank (a)		45,779		4,426,829
Huntington Bancshares, Inc.		282,434		4,030,333
JPMorgan Chase & Co.		870,153		102,408,307
KeyCorp (a)		273,023		4,870,730
M&T Bank Corp.		36,376		5,746,317
People’s United Financial, Inc. (a)		108,514		1,696,616
PNC Financial Services Group, Inc. (The)		121,171		16,983,327
Regions Financial Corp.		271,530		4,295,605
Banks—(Continued)
SunTrust Banks, Inc.		120,811		8,311,797
SVB Financial Group (b)		14,026		2,930,733
U.S. Bancorp		390,244		21,596,103
Wells Fargo & Co.		1,091,147		55,037,455
Zions Bancorp N.A. (a)		48,158		2,143,994
				367,005,107
Beverages—1.9%
Brown-Forman Corp. - Class B (a)		49,532		3,109,619
Coca-Cola Co. (The)		1,047,297		57,014,849
Constellation Brands, Inc. - Class A (a)		45,512		9,433,727
Molson Coors Brewing Co. - Class B (a)		51,121		2,939,458
Monster Beverage Corp. (b)		105,279		6,112,499
PepsiCo, Inc.		380,493		52,165,590
				130,775,742
Biotechnology—2.1%
AbbVie, Inc. (a)		402,349		30,465,866
Alexion Pharmaceuticals, Inc. (b)		61,020		5,976,299
Amgen, Inc.		163,201		31,581,026
Biogen, Inc. (b)		50,195		11,686,400
Celgene Corp. (b)		192,874		19,152,388
Gilead Sciences, Inc. (a)		344,648		21,843,790
Incyte Corp. (b)		48,577		3,605,871
Regeneron Pharmaceuticals, Inc. (b)		21,746		6,032,340
Vertex Pharmaceuticals, Inc. (b)		69,949		11,850,760
				142,194,740
Building Products—0.3%
A.O. Smith Corp. (a)		37,650		1,796,282
Allegion plc (a)		25,411		2,633,850
Fortune Brands Home & Security, Inc.		38,066		2,082,210
Johnson Controls International plc (a)		216,541		9,503,985
Masco Corp. (a)		78,771		3,283,175
				19,299,502
Capital Markets—2.6%
Affiliated Managers Group, Inc. (a)		13,781		1,148,646
Ameriprise Financial, Inc.		35,615		5,238,967
Bank of New York Mellon Corp. (The)		233,444		10,554,003
BlackRock, Inc.		31,970		14,247,111
Cboe Global Markets, Inc.		30,393		3,492,460
Charles Schwab Corp. (The)		316,601		13,243,420
CME Group, Inc.		97,450		20,595,083
E*Trade Financial Corp.		65,262		2,851,297
Franklin Resources, Inc. (a)		76,757		2,215,207
Goldman Sachs Group, Inc. (The)		88,066		18,249,917
Intercontinental Exchange, Inc.		152,509		14,072,005
Invesco, Ltd. (a)		104,835		1,775,905
MarketAxess Holdings, Inc.		10,275		3,365,063
Moody’s Corp.		44,280		9,069,872
Morgan Stanley		341,831		14,585,929
MSCI, Inc. (a)		23,050		5,019,138
Nasdaq, Inc.		31,372		3,116,808

BHFTII-216

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—(Continued)
Northern Trust Corp. (a)		58,479	$	5,457,260
Raymond James Financial, Inc.		33,628		2,772,965
S&P Global, Inc.		67,027		16,420,274
State Street Corp.		101,392		6,001,392
T. Rowe Price Group, Inc.		64,106		7,324,111
				180,816,833
Chemicals—1.9%
Air Products & Chemicals, Inc.		59,967		13,304,279
Albemarle Corp. (a)		28,842		2,005,096
Celanese Corp.		33,674		4,117,993
CF Industries Holdings, Inc.		59,414		2,923,169
Corteva, Inc. (a)		203,801		5,706,428
Dow, Inc.		202,255		9,637,451
DuPont de Nemours, Inc.		202,872		14,466,802
Eastman Chemical Co.		37,281		2,752,456
Ecolab, Inc.		68,128		13,492,069
FMC Corp.		35,495		3,112,202
International Flavors & Fragrances, Inc. (a)		29,057		3,565,003
Linde plc		147,115		28,499,118
LyondellBasell Industries NV - Class A		70,249		6,285,178
Mosaic Co. (The) (a)		96,607		1,980,444
PPG Industries, Inc.		64,304		7,620,667
Sherwin-Williams Co. (The) (a)		22,345		12,286,845
				131,755,200
Commercial Services & Supplies—0.4%
Cintas Corp.		22,591		6,056,647
Copart, Inc. (b)		54,868		4,407,546
Republic Services, Inc.		57,610		4,986,146
Rollins, Inc. (a)		38,322		1,305,631
Waste Management, Inc.		106,213		12,214,495
				28,970,465
Communications Equipment—1.1%
Arista Networks, Inc. (a) (b)		14,809		3,538,166
Cisco Systems, Inc. (a)		1,155,299		57,083,324
F5 Networks, Inc. (b)		16,364		2,297,833
Juniper Networks, Inc.		94,109		2,329,198
Motorola Solutions, Inc. (a)		45,054		7,677,652
				72,926,173
Construction & Engineering—0.1%
Jacobs Engineering Group, Inc. (a)		36,874		3,373,971
Quanta Services, Inc. (a)		38,692		1,462,558
				4,836,529
Construction Materials—0.1%
Martin Marietta Materials, Inc. (a)		16,992		4,657,507
Vulcan Materials Co. (a)		36,000		5,444,640
				10,102,147
Consumer Finance—0.7%
American Express Co.		185,143		21,898,714
Capital One Financial Corp. (a)		127,995		11,644,985
Discover Financial Services		86,605		7,022,800
Synchrony Financial		166,102		5,662,417
				46,228,916
Containers & Packaging—0.4%
AMCOR plc		442,088		4,310,358
Avery Dennison Corp. (a)		22,912		2,602,116
Ball Corp.		90,350		6,578,383
International Paper Co. (a)		106,905		4,470,767
Packaging Corp. of America (a)		25,761		2,733,242
Sealed Air Corp. (a)		42,052		1,745,579
WestRock Co.		70,032		2,552,666
				24,993,111
Distributors—0.1%
Genuine Parts Co.		39,753		3,959,001
LKQ Corp. (b)		83,873		2,637,806
				6,596,807
Diversified Consumer Services—0.0%
H&R Block, Inc. (a)		54,623		1,290,195
Diversified Financial Services—1.6%
Berkshire Hathaway, Inc. - Class B (b)		533,620		111,003,632
Diversified Telecommunication Services—2.1%
AT&T, Inc. (a)		1,988,502		75,244,916
CenturyLink, Inc. (a)		267,154		3,334,082
Verizon Communications, Inc.		1,125,557		67,938,620
				146,517,618
Electric Utilities—2.2%
Alliant Energy Corp.		64,638		3,485,927
American Electric Power Co., Inc.		134,379		12,589,969
Duke Energy Corp.		198,279		19,007,025
Edison International (a)		97,449		7,349,604
Entergy Corp.		54,109		6,350,232
Evergy, Inc.		64,079		4,265,098
Eversource Energy (a)		88,064		7,526,830
Exelon Corp.		264,403		12,773,309
FirstEnergy Corp.		146,950		7,087,398
NextEra Energy, Inc.		133,007		30,989,301
Pinnacle West Capital Corp.		30,562		2,966,653
PPL Corp. (a)		196,549		6,189,328
Southern Co. (The) (a)		284,445		17,570,168
Xcel Energy, Inc. (a)		142,700		9,259,803
				147,410,645
Electrical Equipment—0.5%
AMETEK, Inc.		62,141		5,705,787
Eaton Corp. plc		114,297		9,503,795
Emerson Electric Co.		167,391		11,191,762

BHFTII-217

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—(Continued)
Rockwell Automation, Inc. (a)		31,842	$	5,247,562
				31,648,906
Electronic Equipment, Instruments & Components—0.5%
Amphenol Corp. - Class A		80,946		7,811,289
CDW Corp.		39,382		4,853,438
Corning, Inc. (a)		212,502		6,060,557
FLIR Systems, Inc.		36,903		1,940,729
IPG Photonics Corp. (a) (b)		9,700		1,315,320
Keysight Technologies, Inc. (b)		51,047		4,964,321
TE Connectivity, Ltd.		91,420		8,518,515
				35,464,169
Energy Equipment & Services—0.4%
Baker Hughes a GE Co.		176,654		4,098,373
Halliburton Co. (a)		238,373		4,493,331
Helmerich & Payne, Inc.		29,781		1,193,325
National Oilwell Varco, Inc. (a)		105,016		2,226,339
Schlumberger, Ltd.		376,366		12,860,426
TechnipFMC plc		114,213		2,757,102
				27,628,896
Entertainment—1.8%
Activision Blizzard, Inc. (a)		208,735		11,046,256
Electronic Arts, Inc. (b)		80,200		7,845,164
Netflix, Inc. (b)		119,151		31,887,190
Take-Two Interactive Software, Inc. (b)		30,800		3,860,472
Viacom, Inc. - Class B		96,326		2,314,714
Walt Disney Co. (The)		490,221		63,885,601
				120,839,397
Equity Real Estate Investment Trusts—3.1%
Alexandria Real Estate Equities, Inc.		30,865		4,754,445
American Tower Corp.		120,471		26,639,752
Apartment Investment & Management Co. - Class A (a)		40,516		2,112,504
AvalonBay Communities, Inc.		38,006		8,183,832
Boston Properties, Inc.		39,119		5,072,170
Crown Castle International Corp.		113,142		15,727,869
Digital Realty Trust, Inc. (a)		56,698		7,359,967
Duke Realty Corp.		98,362		3,341,357
Equinix, Inc.		23,083		13,314,274
Equity Residential (a)		94,867		8,183,227
Essex Property Trust, Inc.		17,887		5,842,789
Extra Space Storage, Inc. (a)		34,974		4,085,663
Federal Realty Investment Trust		18,970		2,582,576
HCP, Inc.		133,649		4,761,914
Host Hotels & Resorts, Inc.		198,633		3,434,365
Iron Mountain, Inc. (a)		78,132		2,530,696
Kimco Realty Corp. (a)		114,868		2,398,444
Macerich Co. (The) (a)		29,985		947,226
Mid-America Apartment Communities, Inc.		31,035		4,034,860
Prologis, Inc.		171,753		14,636,791
Public Storage		40,863		10,022,468
Realty Income Corp. (a)		86,601		6,640,565
Regency Centers Corp. (a)		45,598		3,168,605
Equity Real Estate Investment Trusts—(Continued)
SBA Communications Corp.		30,780		7,422,597
Simon Property Group, Inc.		83,822		13,046,894
SL Green Realty Corp.		22,428		1,833,489
UDR, Inc.		79,693		3,863,517
Ventas, Inc.		101,394		7,404,804
Vornado Realty Trust		43,099		2,744,113
Welltower, Inc.		110,282		9,997,063
Weyerhaeuser Co. (a)		202,722		5,615,399
				211,704,235
Food & Staples Retailing—1.6%
Costco Wholesale Corp.		119,683		34,481,869
Kroger Co. (The)		217,382		5,604,108
Sysco Corp.		139,654		11,088,528
Walgreens Boots Alliance, Inc.		206,453		11,418,915
Walmart, Inc. (a)		387,017		45,931,178
				108,524,598
Food Products—1.2%
Archer-Daniels-Midland Co. (a)		151,573		6,225,103
Campbell Soup Co. (a)		45,894		2,153,346
Conagra Brands, Inc. (a)		132,422		4,062,707
General Mills, Inc.		164,232		9,052,468
Hershey Co. (The)		40,539		6,283,140
Hormel Foods Corp. (a)		75,562		3,304,326
J.M. Smucker Co. (The) (a)		31,036		3,414,581
Kellogg Co.		67,669		4,354,500
Kraft Heinz Co. (The)		169,322		4,730,010
Lamb Weston Holdings, Inc.		39,643		2,882,839
McCormick & Co., Inc.		33,486		5,233,862
Mondelez International, Inc. - Class A		392,462		21,710,998
Tyson Foods, Inc. - Class A		80,192		6,907,739
				80,315,619
Gas Utilities—0.1%
Atmos Energy Corp.		32,167		3,663,500
Health Care Equipment & Supplies—3.6%
Abbott Laboratories		480,973		40,243,011
ABIOMED, Inc. (a) (b)		12,349		2,196,764
Align Technology, Inc. (a) (b)		19,780		3,578,598
Baxter International, Inc.		138,941		12,153,169
Becton Dickinson & Co.		73,465		18,583,706
Boston Scientific Corp. (b)		379,079		15,424,725
Cooper Cos., Inc. (The)		13,491		4,006,827
Danaher Corp.		173,748		25,094,424
DENTSPLY SIRONA, Inc.		61,008		3,252,336
Edwards Lifesciences Corp. (b)		56,596		12,446,026
Hologic, Inc. (b)		72,743		3,672,794
IDEXX Laboratories, Inc. (b)		23,428		6,370,776
Intuitive Surgical, Inc. (a) (b)		31,365		16,934,904
Medtronic plc		365,117		39,659,009
ResMed, Inc.		39,098		5,282,531
Stryker Corp.		87,321		18,887,532
Teleflex, Inc.		12,582		4,274,735

BHFTII-218

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Varian Medical Systems, Inc. (b)		24,781	$	2,951,169
Zimmer Biomet Holdings, Inc.		55,874		7,669,824
				242,682,860
Health Care Providers & Services—2.4%
AmerisourceBergen Corp.		41,386		3,407,309
Anthem, Inc.		69,617		16,715,042
Cardinal Health, Inc.		81,133		3,828,666
Centene Corp. (a) (b)		112,557		4,869,216
Cigna Corp. (b)		102,761		15,598,092
CVS Health Corp.		353,912		22,321,230
DaVita, Inc. (b)		26,351		1,503,852
HCA Healthcare, Inc.		72,379		8,715,879
Henry Schein, Inc. (a) (b)		40,346		2,561,971
Humana, Inc.		36,763		9,399,196
Laboratory Corp. of America Holdings (a) (b)		26,588		4,466,784
McKesson Corp.		50,319		6,876,595
Quest Diagnostics, Inc.		36,648		3,922,435
UnitedHealth Group, Inc.		257,899		56,046,611
Universal Health Services, Inc. - Class B		22,106		3,288,267
WellCare Health Plans, Inc. (b)		13,692		3,548,556
				167,069,701
Health Care Technology—0.1%
Cerner Corp. (a)		86,646		5,906,658
Hotels, Restaurants & Leisure—1.9%
Carnival Corp.		108,965		4,762,860
Chipotle Mexican Grill, Inc. (b)		6,941		5,833,702
Darden Restaurants, Inc. (a)		33,423		3,951,267
Hilton Worldwide Holdings, Inc.		78,063		7,268,446
Marriott International, Inc. - Class A		74,393		9,252,257
McDonald’s Corp.		206,673		44,374,760
MGM Resorts International		141,899		3,933,440
Norwegian Cruise Line Holdings, Ltd. (b)		58,671		3,037,398
Royal Caribbean Cruises, Ltd.		46,764		5,065,944
Starbucks Corp.		325,747		28,802,550
Wynn Resorts, Ltd.		26,357		2,865,533
Yum! Brands, Inc.		82,807		9,392,798
				128,540,955
Household Durables—0.4%
DR Horton, Inc. (a)		91,583		4,827,340
Garmin, Ltd.		39,317		3,329,757
Leggett & Platt, Inc. (a)		35,777		1,464,710
Lennar Corp. - Class A		77,396		4,322,566
Mohawk Industries, Inc. (a) (b)		16,297		2,021,969
Newell Brands, Inc.		103,700		1,941,264
NVR, Inc. (b)		935		3,475,722
PulteGroup, Inc.		70,147		2,563,873
Whirlpool Corp.		17,288		2,737,728
				26,684,929
Household Products—1.8%
Church & Dwight Co., Inc.		67,243		5,059,363
Household Products—(Continued)
Clorox Co. (The) (a)		34,219		5,196,840
Colgate-Palmolive Co.		233,494		17,164,144
Kimberly-Clark Corp. (a)		93,669		13,305,681
Procter & Gamble Co. (The)		681,058		84,709,994
				125,436,022
Independent Power and Renewable Electricity Producers—0.1%
AES Corp.		180,657		2,951,936
NRG Energy, Inc.		68,847		2,726,341
				5,678,277
Industrial Conglomerates—1.3%
3M Co.		156,555		25,737,642
General Electric Co.		2,374,956		21,232,106
Honeywell International, Inc.		195,805		33,130,206
Roper Technologies, Inc.		28,303		10,092,850
				90,192,804
Insurance—2.4%
Aflac, Inc.		201,485		10,541,695
Allstate Corp. (The)		89,585		9,736,098
American International Group, Inc.		236,733		13,186,028
Aon plc (a)		64,181		12,423,516
Arthur J. Gallagher & Co.		50,636		4,535,467
Assurant, Inc. (a)		16,636		2,093,142
Chubb, Ltd.		124,026		20,022,757
Cincinnati Financial Corp. (a)		41,338		4,822,905
Everest Re Group, Ltd.		11,087		2,950,140
Globe Life, Inc. (b)		27,315		2,615,684
Hartford Financial Services Group, Inc. (The)		98,399		5,963,963
Lincoln National Corp.		54,479		3,286,173
Loews Corp. (a)		70,768		3,643,137
Marsh & McLennan Cos., Inc.		137,786		13,785,489
MetLife, Inc. (a) (c)		216,615		10,215,563
Principal Financial Group, Inc.		70,559		4,031,741
Progressive Corp. (The)		159,104		12,290,784
Prudential Financial, Inc.		109,399		9,840,440
Travelers Cos., Inc. (The)		70,861		10,536,322
Unum Group		56,776		1,687,383
Willis Towers Watson plc (a)		35,104		6,774,019
				164,982,446
Interactive Media & Services—4.8%
Alphabet, Inc. - Class A (b)		81,514		99,540,006
Alphabet, Inc. - Class C (b) (d)		82,237		100,246,903
Facebook, Inc. - Class A (b)		654,686		116,586,483
TripAdvisor, Inc. (a) (b)		28,572		1,105,165
Twitter, Inc. (b)		210,366		8,667,079
				326,145,636
Internet & Direct Marketing Retail—3.4%
Amazon.com, Inc. (b)		113,076		196,289,759
Booking Holdings, Inc. (b)		11,570		22,707,398
eBay, Inc.		214,562		8,363,627

BHFTII-219

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Internet & Direct Marketing Retail—(Continued)
Expedia Group, Inc.		38,057	$	5,115,241
				232,476,025
IT Services—5.4%
Accenture plc - Class A		173,390		33,351,566
Akamai Technologies, Inc. (a) (b)		44,897		4,102,688
Alliance Data Systems Corp.		11,148		1,428,393
Automatic Data Processing, Inc.		118,092		19,062,411
Broadridge Financial Solutions, Inc. (a)		31,100		3,869,773
Cognizant Technology Solutions Corp. - Class A		150,298		9,057,709
DXC Technology Co.		71,289		2,103,026
Fidelity National Information Services, Inc.		166,941		22,163,087
Fiserv, Inc. (b)		155,340		16,091,671
FleetCor Technologies, Inc. (b)		23,559		6,756,250
Gartner, Inc. (a) (b)		24,530		3,507,545
Global Payments, Inc.		81,652		12,982,668
International Business Machines Corp. (a)		241,079		35,057,708
Jack Henry & Associates, Inc. (a)		20,954		3,058,655
Leidos Holdings, Inc.		36,787		3,159,268
MasterCard, Inc. - Class A		242,955		65,979,289
Paychex, Inc. (a)		87,034		7,203,804
PayPal Holdings, Inc. (b)		320,216		33,171,175
VeriSign, Inc. (b)		28,348		5,347,283
Visa, Inc. - Class A (a)		469,972		80,839,884
Western Union Co. (The) (a)		115,356		2,672,799
				370,966,652
Leisure Products—0.1%
Hasbro, Inc.		31,940		3,790,959
Life Sciences Tools & Services—1.0%
Agilent Technologies, Inc.		84,217		6,453,549
Illumina, Inc. (b)		40,004		12,170,017
IQVIA Holdings, Inc. (b)		49,578		7,405,961
Mettler-Toledo International, Inc. (b)		6,697		4,717,367
PerkinElmer, Inc. (a)		30,227		2,574,433
Thermo Fisher Scientific, Inc.		108,984		31,743,770
Waters Corp. (a) (b)		18,168		4,055,643
				69,120,740
Machinery—1.6%
Caterpillar, Inc.		153,101		19,338,187
Cummins, Inc.		42,939		6,984,887
Deere & Co.		85,689		14,454,020
Dover Corp.		39,579		3,940,485
Flowserve Corp. (a)		35,696		1,667,360
Fortive Corp.		80,353		5,509,002
IDEX Corp.		20,641		3,382,647
Illinois Tool Works, Inc. (a)		80,108		12,536,101
Ingersoll-Rand plc		65,742		8,100,072
PACCAR, Inc.		94,259		6,599,073
Parker-Hannifin Corp.		34,954		6,313,042
Pentair plc		45,732		1,728,670
Snap-on, Inc. (a)		15,025		2,352,013
Stanley Black & Decker, Inc.		41,295		5,963,411
Machinery—(Continued)
Wabtec Corp. (a)		49,559		3,561,310
Xylem, Inc.		48,992		3,900,743
				106,331,023
Media—1.4%
CBS Corp. - Class B		89,052		3,595,029
Charter Communications, Inc. - Class A (b)		43,999		18,132,868
Comcast Corp. - Class A		1,234,287		55,641,658
Discovery, Inc. - Class A (a) (b)		43,007		1,145,276
Discovery, Inc. - Class C (b)		94,419		2,324,596
DISH Network Corp. - Class A (a) (b)		65,472		2,230,631
Fox Corp. - Class A (a)		96,454		3,041,677
Fox Corp. - Class B		44,185		1,393,595
Interpublic Group of Cos., Inc. (The)		105,377		2,271,928
News Corp. - Class A (a)		104,948		1,460,876
News Corp. - Class B		33,139		473,722
Omnicom Group, Inc. (a)		59,196		4,635,047
				96,346,903
Metals & Mining—0.2%
Freeport-McMoRan, Inc.		394,840		3,778,619
Newmont Goldcorp Corp.		223,123		8,460,824
Nucor Corp. (a)		82,500		4,200,075
				16,439,518
Multi-Utilities—1.1%
Ameren Corp.		66,892		5,354,704
CenterPoint Energy, Inc.		136,672		4,124,761
CMS Energy Corp.		77,228		4,938,731
Consolidated Edison, Inc.		90,388		8,538,954
Dominion Energy, Inc.		223,673		18,126,460
DTE Energy Co. (a)		49,883		6,632,444
NiSource, Inc.		101,601		3,039,902
Public Service Enterprise Group, Inc.		137,602		8,542,332
Sempra Energy		74,715		11,028,681
WEC Energy Group, Inc.		85,841		8,163,479
				78,490,448
Multiline Retail—0.5%
Dollar General Corp.		69,958		11,119,124
Dollar Tree, Inc. (b)		64,394		7,351,219
Kohl’s Corp. (a)		43,304		2,150,477
Macy’s, Inc. (a)		84,067		1,306,401
Nordstrom, Inc. (a)		29,089		979,427
Target Corp.		139,042		14,864,980
				37,771,628
Oil, Gas & Consumable Fuels—4.1%
Apache Corp. (a)		102,312		2,619,187
Cabot Oil & Gas Corp.		113,859		2,000,503
Chevron Corp. (a)		516,629		61,272,199
Cimarex Energy Co. (a)		27,610		1,323,623
Concho Resources, Inc.		54,720		3,715,488
ConocoPhillips		302,110		17,214,228
Devon Energy Corp.		109,997		2,646,528

BHFTII-220

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Diamondback Energy, Inc.		44,370	$	3,989,307
EOG Resources, Inc.		157,936		11,722,010
Exxon Mobil Corp.		1,151,439		81,303,108
Hess Corp. (a)		70,431		4,259,667
HollyFrontier Corp.		41,204		2,210,183
Kinder Morgan, Inc. (a)		529,815		10,919,487
Marathon Oil Corp.		218,809		2,684,786
Marathon Petroleum Corp.		179,152		10,883,484
Noble Energy, Inc. (a)		130,150		2,923,169
Occidental Petroleum Corp.		243,420		10,824,887
ONEOK, Inc.		112,383		8,281,503
Phillips 66		122,064		12,499,354
Pioneer Natural Resources Co.		45,486		5,720,774
Valero Energy Corp. (a)		112,774		9,612,856
Williams Cos., Inc. (The) (a)		329,835		7,935,830
				276,562,161
Personal Products—0.2%
Coty, Inc. - Class A		80,045		841,273
Estee Lauder Cos., Inc. (The) - Class A		60,202		11,977,188
				12,818,461
Pharmaceuticals—4.3%
Allergan plc		89,270		15,023,248
Bristol-Myers Squibb Co. (a)		445,152		22,573,658
Eli Lilly & Co.		231,202		25,855,320
Johnson & Johnson		718,214		92,922,527
Merck & Co., Inc.		696,772		58,654,267
Mylan NV (b)		140,387		2,776,855
Nektar Therapeutics (a) (b)		47,698		868,819
Perrigo Co. plc (a)		37,025		2,069,327
Pfizer, Inc.		1,505,201		54,081,872
Zoetis, Inc.		129,961		16,191,841
				291,017,734
Professional Services—0.3%
Equifax, Inc.		32,897		4,627,621
IHS Markit, Ltd. (b)		109,154		7,300,219
Nielsen Holdings plc (a)		96,791		2,056,809
Robert Half International, Inc.		31,992		1,780,675
Verisk Analytics, Inc.		44,496		7,036,597
				22,801,921
Real Estate Management & Development—0.1%
CBRE Group, Inc. - Class A (b)		91,529		4,851,952
Road & Rail—1.0%
CSX Corp.		217,212		15,046,275
J.B. Hunt Transport Services, Inc. (a)		23,244		2,571,949
Kansas City Southern (a)		27,373		3,640,883
Norfolk Southern Corp.		71,683		12,878,568
Union Pacific Corp.		191,728		31,056,101
				65,193,776
Semiconductors & Semiconductor Equipment—3.9%
Advanced Micro Devices, Inc. (b)		295,416		8,564,110
Analog Devices, Inc.		100,529		11,232,105
Applied Materials, Inc.		251,387		12,544,211
Broadcom, Inc.		108,331		29,906,939
Intel Corp.		1,205,565		62,122,764
KLA Corp.		43,339		6,910,404
Lam Research Corp.		39,333		9,090,250
Maxim Integrated Products, Inc.		73,823		4,275,090
Microchip Technology, Inc. (a)		64,780		6,018,710
Micron Technology, Inc. (b)		300,385		12,871,497
NVIDIA Corp.		165,731		28,848,795
Qorvo, Inc. (b)		32,053		2,376,409
QUALCOMM, Inc. (a)		330,825		25,235,331
Skyworks Solutions, Inc.		46,726		3,703,036
Texas Instruments, Inc.		254,072		32,836,265
Xilinx, Inc.		68,743		6,592,454
				263,128,370
Software—6.6%
Adobe, Inc. (b)		132,106		36,494,283
ANSYS, Inc. (b)		22,887		5,066,266
Autodesk, Inc. (b)		59,758		8,826,257
Cadence Design Systems, Inc. (b)		76,239		5,037,873
Citrix Systems, Inc.		33,486		3,232,069
Fortinet, Inc. (b)		38,622		2,964,625
Intuit, Inc.		70,776		18,822,169
Microsoft Corp.		2,077,875		288,886,961
Oracle Corp. (a)		599,147		32,971,059
Salesforce.com, Inc. (b)		238,664		35,427,284
Symantec Corp.		154,734		3,656,364
Synopsys, Inc. (b)		40,899		5,613,388
				446,998,598
Specialty Retail—2.3%
Advance Auto Parts, Inc. (a)		19,427		3,213,226
AutoZone, Inc. (b)		6,676		7,240,923
Best Buy Co., Inc.		63,120		4,354,649
CarMax, Inc. (b)		45,062		3,965,456
Gap, Inc. (The) (a)		58,291		1,011,932
Home Depot, Inc. (The)		298,031		69,149,153
L Brands, Inc. (a)		63,181		1,237,716
Lowe’s Cos., Inc.		210,035		23,095,448
O’Reilly Automotive, Inc. (b)		20,822		8,297,775
Ross Stores, Inc.		99,247		10,902,283
Tiffany & Co. (a)		29,586		2,740,551
TJX Cos., Inc. (The)		328,995		18,338,181
Tractor Supply Co.		32,456		2,935,321
Ulta Salon Cosmetics & Fragrance, Inc. (b)		16,015		4,014,160
				160,496,774
Technology Hardware, Storage & Peripherals—4.2%
Apple, Inc.		1,156,045		258,919,399
Hewlett Packard Enterprise Co.		355,301		5,389,916
HP, Inc. (a)		403,283		7,630,114
NetApp, Inc. (a)		64,744		3,399,708

BHFTII-221

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals—(Continued)
Seagate Technology plc (a)		64,429	$	3,465,636
Western Digital Corp. (a)		80,553		4,804,181
Xerox Holdings Corp.		51,788		1,548,979
				285,157,933
Textiles, Apparel & Luxury Goods—0.7%
Capri Holdings, Ltd. (a) (b)		41,250		1,367,850
Hanesbrands, Inc.		98,389		1,507,320
NIKE, Inc. - Class B		340,678		31,996,478
PVH Corp.		20,177		1,780,217
Ralph Lauren Corp.		14,107		1,346,795
Tapestry, Inc.		78,062		2,033,515
Under Armour, Inc. - Class A (a) (b)		51,200		1,020,928
Under Armour, Inc. - Class C (a) (b)		52,891		958,914
VF Corp.		88,854		7,907,117
				49,919,134
Tobacco—0.8%
Altria Group, Inc.		508,377		20,792,619
Philip Morris International, Inc.		423,401		32,148,838
				52,941,457
Trading Companies & Distributors—0.2%
Fastenal Co. (a)		156,051		5,098,186
United Rentals, Inc. (b)		20,999		2,617,316
WW Grainger, Inc.		12,029		3,574,417
				11,289,919
Water Utilities—0.1%
American Water Works Co., Inc.		49,162		6,107,395
Wireless Telecommunication Services—0.1%
T-Mobile U.S., Inc. (b)		86,035		6,776,977
Total Common Stocks (Cost $3,100,422,692)				6,723,658,749
Mutual Fund—0.8%
Investment Company Security—0.8%
SPDR S&P 500 ETF Trust (a) (Cost $53,243,052)		181,000		53,715,370
Short-Term Investments—0.4%
Discount Notes—0.2%
Federal Home Loan Bank
1.940%, 11/06/19 (e)		1,425,000		1,422,321
2.000%, 10/11/19 (e)		825,000		824,569
2.008%, 10/18/19 (e)		2,550,000		2,547,736
2.031%, 10/04/19 (e)		4,925,000		4,924,229
				9,718,855
U.S. Treasury—0.2%
U.S. Treasury Bill 1.857%, 11/07/19 (e)		15,925,000		15,896,875
Total Short-Term Investments (Cost $25,613,128)				25,615,730
Securities Lending Reinvestments (f)—8.4%
Certificates of Deposit—5.0%
ABN AMRO Bank NV 2.120%, 01/10/20		3,000,000		3,000,480
Banco Del Estado De Chile New York 2.206%, 1M LIBOR + 0.160%, 11/22/19 (g)		8,000,000		7,999,560
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (g)		5,000,000		4,999,605
Bank of Montreal (Chicago)
1.990%, SOFR + 0.170%, 02/07/20 (g)		5,000,000		5,001,055
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (g)		5,000,000		4,999,975
Bank of Nova Scotia
2.198%, 1M LIBOR + 0.170%, 05/15/20 (g)		7,000,000		6,996,906
2.481%, 3M LIBOR + 0.170%, 01/09/20 (g)		9,000,000		9,003,753
Barclays Bank plc 2.297%, 1M LIBOR + 0.230%, 02/05/20 (g)		10,000,000		9,993,020
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (g)		7,000,000		7,001,295
Canadian Imperial Bank of Commerce
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (g)		12,000,000		12,000,060
2.278%, 1M LIBOR + 0.250%, 10/15/19 (g)		15,000,000		15,000,510
Chiba Bank, Ltd.
2.230%, 11/20/19		2,000,000		2,000,012
2.240%, 10/28/19		3,000,000		3,000,234
2.270%, 10/08/19		3,500,000		3,500,098
2.320%, 10/09/19		4,000,000		4,000,176
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (g)		10,000,000		10,000,190
Credit Agricole S.A.
2.256%, 1M LIBOR + 0.210%, 12/20/19 (g)		15,000,000		15,002,145
Credit Industriel et Commercial 2.393%, 3M LIBOR + 0.090%, 10/15/19 (g)		5,000,000		5,000,525
DZ Bank AG
Zero Coupon, 10/18/19		9,939,798		9,989,500
Zero Coupon, 10/23/19		4,970,404		4,993,300
Zero Coupon, 11/18/19		6,960,109		6,980,260
Zero Coupon, 03/10/20		2,968,782		2,972,370
Industrial & Commercial Bank of China, Corp. 2.330%, 12/04/19		2,000,000		1,999,968
KBC Bank NV
Zero Coupon, 10/25/19		4,935,000		4,993,273
2.080%, 03/12/20		5,000,000		5,000,500
2.220%, 12/03/19		5,000,000		5,001,200
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 11/18/19		2,982,865		2,991,540
2.226%, 1M LIBOR + 0.180%, 01/23/20 (g)		5,000,000		4,999,935
Mizuho Bank, Ltd.
Zero Coupon, 10/10/19		4,970,025		4,997,100

BHFTII-222

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Mizuho Bank, Ltd.
Zero Coupon, 10/23/19		5,964,485	$	5,991,960
2.174%, 1M LIBOR + 0.120%, 11/27/19 (g)		10,000,000		9,999,810
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (g)		7,000,000		6,999,279
National Australia Bank, Ltd. 2.232%, 1M LIBOR + 0.190%, 04/08/20 (g)		7,000,000		6,998,880
Nationwide Building Society Zero Coupon, 10/09/19		9,981,617		9,994,700
Natixis New York 2.323%, 3M LIBOR + 0.070%, 11/01/19 (g)		3,000,000		3,000,435
Royal Bank of Canada New York 2.060%, SOFR + 0.240%, 07/08/20 (g)		5,000,000		4,999,600
Societe Generale
2.180%, FEDEFF PRV + 0.350%, 06/19/20 (g)		4,000,000		3,999,412
2.280%, FEDEFF PRV + 0.450%, 08/14/20 (g)		7,000,999		7,003,633
2.337%, 1M LIBOR + 0.280%, 06/19/20 (g)		4,000,000		4,004,728
Standard Chartered Bank
2.158%, 1M LIBOR + 0.130%, 11/15/19 (g)		15,000,000		15,000,255
2.230%, FEDEFF PRV + 0.400%, 03/13/20 (g)		8,000,000		7,999,952
Sumitomo Mitsui Banking Corp.
2.172%, 1M LIBOR + 0.130%, 12/09/19 (g)		3,000,000		2,999,610
2.216%, 1M LIBOR + 0.170%, 01/21/20 (g)		5,000,000		4,999,930
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 02/18/20		3,956,257		3,967,720
2.184%, 1M LIBOR + 0.140%, 11/20/19 (g)		10,000,000		9,999,800
Sumitomo Mitsui Trust International, Ltd. Zero Coupon, 11/15/19		2,960,656		2,992,050
Svenska Handelsbanken AB
2.247%, 1M LIBOR + 0.180%, 06/05/20 (g)		3,000,000		2,998,590
2.266%, 1M LIBOR + 0.220%, 07/22/20 (g)		7,000,000		6,997,844
2.344%, 1M LIBOR + 0.300%, 10/31/19 (g)		5,000,000		5,000,720
Toronto-Dominion Bank 2.269%, 1M LIBOR + 0.180%, 06/03/20 (g)		5,000,000		4,999,857
Wells Fargo Bank N.A. 2.180%, FEDEFF PRV + 0.350%, 08/20/20 (g)		10,000,000		10,000,000
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (g)		15,000,000		14,999,946
				339,367,256
Commercial Paper—1.2%
Agricultural Bank of China 2.295%, 12/11/19		1,988,525		1,990,776
Bank of China, Ltd.
2.290%, 12/09/19		4,971,375		4,977,235
2.470%, 10/11/19		16,900,651		16,987,913
Cafco LLC 2.120%, 10/31/19		1,992,580		1,996,362
China Construction Bank Corp. 2.470%, 10/17/19		4,969,125		4,994,605
Industrial & Commercial Bank of China, Corp.
2.420%, 11/01/19		1,988,169		1,996,148
2.470%, 10/25/19		3,974,751		3,994,544
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (g)		12,000,000		12,001,944
Commercial Paper—(Continued)
Kells Funding LLC 2.260%, 10/28/19		2,980,602		2,995,438
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (g)		10,000,000		10,000,280
Societe Generale 2.555%, 3M LIBOR + 0.410%, 12/18/19 (g)		3,002,544		3,002,745
Toronto-Dominion Bank 2.417%, 1M LIBOR + 0.350%, 11/05/19 (g)		10,000,000		10,001,490
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (g)		5,000,000		5,000,000
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (g)		2,999,630		2,998,467
				82,937,947
Master Demand Notes—0.2%
Natixis Financial Products LLC
2.050%, OBFR + 0.230%, 10/01/19 (g)		13,000,000		13,000,000
2.070%, OBFR + 0.250%, 10/01/19 (g)		1,000,000		1,000,000
				14,000,000
Repurchase Agreements—1.9%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $4,000,213; collateralized by various Common Stock with an aggregate market value of $4,400,001.		4,000,000		4,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $11,164,392; collateralized by various Common Stock with an aggregate market value of $12,210,002.		11,100,000		11,100,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $22,639,725; collateralized by various Common Stock with an aggregate market value of $24,752,541.		22,500,000		22,500,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $20,042,194; collateralized by various Common Stock with an aggregate market value of $22,000,000.		20,000,000		20,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $4,100,273; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $4,182,002.		4,100,000		4,100,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $3,105,034; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $3,166,976.		3,104,879		3,104,879

BHFTII-223

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Morgan Stanley & Co. LLC Repurchase Agreement dated 09/30/19 at 2.370%, due on 03/30/20 with a maturity value of $5,059,908; collateralized by U.S. Treasury Obligations with rates ranging from 2.000% - 2.375%, maturity dates ranging from 03/15/22 - 05/15/29, and various Common Stock with an aggregate market value of $5,488,343.		5,000,000	$	5,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $1,000,393; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $1,111,407.		1,000,000		1,000,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $15,000,979; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $15,300,000.		15,000,000		15,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $25,009,722; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $27,776,548.		25,000,000		25,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $10,003,889; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $11,110,619.		10,000,000		10,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $10,003,889; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $11,110,619.		10,000,000		10,000,000
				130,804,879
Time Deposit—0.1%
Shizuoka Bank, Ltd. 2.250%, 10/18/19		3,000,000		3,000,000
Total Securities Lending Reinvestments (Cost $570,096,808)				570,110,082
Total Investments—108.3% (Cost $3,749,375,680)				7,373,099,931
Other assets and liabilities (net)—(8.3)%				(563,122,668	)
Net Assets—100.0%			$	6,809,977,263

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $559,667,287 and the collateral received consisted of cash in the amount of $569,681,478 and non-cash collateral with a value of $470,376. 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.
(b)	Non-income producing security.
(c)	Affiliated Issuer.
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2019, the market value of securities pledged was $24,447,045.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(g)	Variable or floating rate security. The stated rate represents the rate at September 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 Depreciation
S&P 500 Index E-Mini Futures		12/20/19		210		USD	31,274,250	$	(307,955	)

BHFTII-224

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ETF)— Exchange-Traded Fund

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. 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 Schedule of Investments.

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

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	6,723,658,749		$	—		$	—	$	6,723,658,749
Total Mutual Fund*		53,715,370			—			—		53,715,370
Total Short-Term Investments*		—			25,615,730			—		25,615,730
Total Securities Lending Reinvestments*		—			570,110,082			—		570,110,082
Total Investments	$	6,777,374,119		$	595,725,812		$	—	$	7,373,099,931
Collateral for Securities Loaned (Liability)	$	—		$	(569,681,478	)	$	—	$	(569,681,478	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(307,955	)	$	—		$	—	$	(307,955	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-225

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Common Stocks—59.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.7%
L3Harris Technologies, Inc.		5,818	$	1,213,867
Lockheed Martin Corp.		8,326		3,247,640
Northrop Grumman Corp.		9,531		3,572,123
United Technologies Corp.		34,363		4,691,237
				12,724,867
Air Freight & Logistics—0.1%
United Parcel Service, Inc. - Class B		8,758		1,049,384
Airlines—0.2%
Delta Air Lines, Inc.		19,874		1,144,742
Auto Components—0.9%
Aptiv plc		15,574		1,361,479
Lear Corp.		35,771		4,217,401
Magna International, Inc.		15,373		819,445
				6,398,325
Automobiles—0.0%
Harley-Davidson, Inc. (a)		4,638		166,829
Banks—6.6%
Bank of America Corp.		225,902		6,589,561
BB&T Corp.		44,172		2,357,460
BNP Paribas S.A.		7,931		386,690
Citigroup, Inc. (a)		128,684		8,889,491
Intesa Sanpaolo S.p.A.		267,875		635,936
JPMorgan Chase & Co.		123,517		14,536,716
PNC Financial Services Group, Inc. (The)		29,204		4,093,233
Sumitomo Mitsui Financial Group, Inc.		10,200		350,349
SunTrust Banks, Inc.		20,754		1,427,875
U.S. Bancorp		96,719		5,352,429
Wells Fargo & Co.		100,173		5,052,726
				49,672,466
Beverages—0.9%
Coca-Cola European Partners plc		17,599		975,865
Diageo plc		78,757		3,222,748
Molson Coors Brewing Co. - Class B (a)		32,823		1,887,322
PepsiCo, Inc.		6,439		882,787
				6,968,722
Building Products—1.1%
Johnson Controls International plc		144,661		6,349,171
Masco Corp.		38,304		1,596,511
				7,945,682
Capital Markets—3.4%
Bank of New York Mellon Corp. (The)		86,456		3,908,676
BlackRock, Inc.		5,951		2,652,004
Blackstone Group, Inc. (The) - Class A (a)		38,490		1,879,851
Charles Schwab Corp. (The)		25,296		1,058,132
Goldman Sachs Group, Inc. (The)		22,055		4,570,458
Invesco, Ltd. (a)		109,992		1,863,264
Moody’s Corp.		6,428		1,316,647
Capital Markets—(Continued)
Morgan Stanley		61,369		2,618,615
Nasdaq, Inc.		18,196		1,807,773
State Street Corp.		36,635		2,168,426
T. Rowe Price Group, Inc.		16,513		1,886,610
				25,730,456
Chemicals—1.7%
Axalta Coating Systems, Ltd. (b)		41,463		1,250,109
Celanese Corp.		12,386		1,514,684
Corteva, Inc.		21,608		605,024
DuPont de Nemours, Inc.		25,407		1,811,773
PPG Industries, Inc.		48,114		5,701,990
Sherwin-Williams Co. (The) (a)		3,135		1,723,843
				12,607,423
Commercial Services & Supplies—0.1%
Transcontinental, Inc. - Class A		35,683		416,932
Communications Equipment—0.6%
Cisco Systems, Inc.		92,451		4,568,004
Consumer Finance—0.2%
American Express Co.		9,892		1,170,026
Synchrony Financial		18,829		641,880
				1,811,906
Containers & Packaging—0.1%
Crown Holdings, Inc. (b)		13,696		904,758
Diversified Financial Services—0.1%
ORIX Corp.		45,900		686,919
Diversified Telecommunication Services—0.3%
Verizon Communications, Inc.		36,505		2,203,442
Electric Utilities—2.1%
Duke Energy Corp.		45,287		4,341,212
Exelon Corp.		82,612		3,990,986
FirstEnergy Corp.		44,789		2,160,173
NextEra Energy, Inc.		2,133		496,968
Southern Co. (The)		66,480		4,106,470
Xcel Energy, Inc. (a)		12,506		811,514
				15,907,323
Electrical Equipment—1.0%
Eaton Corp. plc (a)		80,478		6,691,746
Regal-Beloit Corp.		4,717		343,633
Schneider Electric SE		4,780		419,208
				7,454,587
Electronic Equipment, Instruments & Components—0.3%
Hitachi, Ltd.		54,600		2,044,726

BHFTII-226

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—0.2%
Schlumberger, Ltd.		48,130	$	1,644,602
Entertainment—0.2%
Electronic Arts, Inc. (b)		11,537		1,128,549
Equity Real Estate Investment Trusts—1.3%
Brixmor Property Group, Inc. (a)		30,506		618,967
EPR Properties		23,119		1,776,926
Medical Properties Trust, Inc. (a)		143,714		2,811,046
Public Storage		2,592		635,740
Simon Property Group, Inc.		6,529		1,016,239
STORE Capital Corp.		78,831		2,949,067
				9,807,985
Food & Staples Retailing—0.4%
Kroger Co. (The)		44,192		1,139,270
U.S. Foods Holding Corp. (b)		21,544		885,458
Walgreens Boots Alliance, Inc.		18,431		1,019,419
				3,044,147
Food Products—1.8%
Archer-Daniels-Midland Co. (a)		43,472		1,785,395
Danone S.A.		19,050		1,677,847
General Mills, Inc.		34,723		1,913,932
Ingredion, Inc.		13,482		1,102,019
J.M. Smucker Co. (The) (a)		16,596		1,825,892
Mondelez International, Inc. - Class A		19,065		1,054,676
Nestle S.A.		39,445		4,278,760
				13,638,521
Health Care Equipment & Supplies—2.8%
Abbott Laboratories		59,100		4,944,897
Danaher Corp.		51,938		7,501,405
Medtronic plc		66,768		7,252,340
Zimmer Biomet Holdings, Inc.		10,206		1,400,978
				21,099,620
Health Care Providers & Services—1.5%
Cigna Corp.		29,863		4,532,905
HCA Healthcare, Inc.		31,548		3,799,010
McKesson Corp.		23,360		3,192,378
				11,524,293
Hotels, Restaurants & Leisure—0.7%
Chipotle Mexican Grill, Inc. (b)		1,259		1,058,152
Marriott International, Inc. - Class A (a)		7,458		927,551
Starbucks Corp.		37,430		3,309,561
				5,295,264
Household Durables—0.3%
Whirlpool Corp.		12,648		2,002,937
Household Products—0.7%
Colgate-Palmolive Co.		4,462		328,002
Household Products—(Continued)
Kimberly-Clark Corp. (a)		23,941		3,400,819
Procter & Gamble Co. (The)		2,920		363,190
Reckitt Benckiser Group plc		16,601		1,294,693
				5,386,704
Industrial Conglomerates—1.3%
3M Co.		14,746		2,424,242
Honeywell International, Inc.		41,270		6,982,884
				9,407,126
Insurance—3.6%
Aon plc		32,254		6,243,407
Chubb, Ltd.		40,637		6,560,437
Marsh & McLennan Cos., Inc.		16,677		1,668,534
Prudential Financial, Inc.		17,434		1,568,188
Samsung Fire & Marine Insurance Co., Ltd.		1,656		308,197
Travelers Cos., Inc. (The)		57,832		8,599,040
Zurich Insurance Group AG		5,792		2,216,339
				27,164,142
Interactive Media & Services—0.3%
Alphabet, Inc. - Class A (b)		1,805		2,204,158
Facebook, Inc. - Class A (b)		2,326		414,214
				2,618,372
Internet & Direct Marketing Retail—0.4%
Amazon.com, Inc. (b)		1,851		3,213,170
IT Services—2.3%
Accenture plc - Class A		35,150		6,761,102
Amdocs, Ltd.		22,829		1,509,225
Cognizant Technology Solutions Corp. - Class A		10,279		619,464
DXC Technology Co.		33,827		997,897
Fidelity National Information Services, Inc.		26,029		3,455,610
Fiserv, Inc. (b)		21,585		2,235,990
Visa, Inc. - Class A (a)		8,606		1,480,318
				17,059,606
Life Sciences Tools & Services—0.7%
Thermo Fisher Scientific, Inc.		18,519		5,394,029
Machinery—1.8%
AGCO Corp. (a)		35,447		2,683,338
Cummins, Inc.		5,357		871,423
Deere & Co.		6,424		1,083,600
Illinois Tool Works, Inc. (a)		28,794		4,505,973
Ingersoll-Rand plc		13,021		1,604,317
Stanley Black & Decker, Inc. (a)		21,345		3,082,432
				13,831,083
Media—1.8%
Comcast Corp. - Class A		279,837		12,615,052
Omnicom Group, Inc. (a)		15,230		1,192,509
				13,807,561

BHFTII-227

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—0.2%
Rio Tinto plc		31,731	$	1,648,173
Multi-Utilities—0.5%
Public Service Enterprise Group, Inc.		21,917		1,360,607
Sempra Energy		8,798		1,298,673
WEC Energy Group, Inc.		11,621		1,105,157
				3,764,437
Multiline Retail—0.7%
Dollar Tree, Inc. (b)		12,285		1,402,456
Target Corp.		35,505		3,795,839
				5,198,295
Oil, Gas & Consumable Fuels—3.1%
BP plc		312,106		1,973,321
Chevron Corp.		23,402		2,775,477
Enbridge, Inc.		18,143		636,456
Eni S.p.A.		113,089		1,727,174
Enterprise Products Partners L.P.		97,506		2,786,722
EOG Resources, Inc.		23,286		1,728,287
EQT Midstream Partners L.P.		23,201		758,673
Equitrans Midstream Corp. (a)		62,044		902,740
Exxon Mobil Corp.		37,292		2,633,188
Hess Corp. (a)		16,926		1,023,685
MPLX L.P.		19,935		558,379
Noble Energy, Inc. (a)		33,818		759,552
Phillips 66		10,352		1,060,045
Pioneer Natural Resources Co.		7,794		980,251
Plains GP Holdings L.P. - Class A (a) (b)		44,384		942,272
Suncor Energy, Inc.		22,261		702,183
Valero Energy Corp. (a)		11,931		1,016,999
				22,965,404
Pharmaceuticals—4.2%
Bayer AG		22,503		1,586,617
Bristol-Myers Squibb Co.		40,398		2,048,583
Elanco Animal Health, Inc. (b)		47,889		1,273,368
Eli Lilly & Co.		33,235		3,716,670
Johnson & Johnson		68,080		8,808,190
Merck & Co., Inc.		20,594		1,733,603
Mylan NV (b)		18,819		372,240
Novartis AG		3,931		341,271
Pfizer, Inc.		228,662		8,215,826
Roche Holding AG		12,146		3,542,079
				31,638,447
Professional Services—0.3%
Equifax, Inc.		15,798		2,222,305
Road & Rail—1.2%
Canadian National Railway Co.		10,070		904,890
Union Pacific Corp.		48,211		7,809,218
				8,714,108
Security Description	Shares/ Principal Amount*		Value
Semiconductors & Semiconductor Equipment—2.1%
Analog Devices, Inc.		10,561		1,179,981
Applied Materials, Inc.		27,879		1,391,162
Intel Corp.		27,761		1,430,524
Marvell Technology Group, Ltd.		41,065		1,025,393
Maxim Integrated Products, Inc. (a)		20,330		1,177,310
NXP Semiconductors NV		5,952		649,482
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		65,069		3,024,407
Texas Instruments, Inc.		43,140		5,575,414
				15,453,673
Software—2.0%
Adobe, Inc. (b)		15,618		4,314,473
Microsoft Corp.		65,662		9,128,988
Oracle Corp. (a)		26,877		1,479,041
				14,922,502
Specialty Retail—0.2%
Best Buy Co., Inc.		7,334		505,973
Tractor Supply Co.		7,915		715,832
				1,221,805
Technology Hardware, Storage & Peripherals—0.4%
Apple, Inc.		12,834		2,874,431
Textiles, Apparel & Luxury Goods—0.4%
Hanesbrands, Inc.		16,434		251,769
LVMH Moet Hennessy Louis Vuitton SE		3,027		1,204,957
NIKE, Inc. - Class B		15,876		1,491,074
				2,947,800
Tobacco—1.0%
Altria Group, Inc.		15,290		625,361
British American Tobacco plc		29,960		1,107,669
Japan Tobacco, Inc.		55,600		1,218,357
Philip Morris International, Inc.		62,309		4,731,122
				7,682,509
Total Common Stocks (Cost $338,795,798)				448,729,093
U.S. Treasury & Government Agencies—24.1%
Agency Sponsored Mortgage-Backed—13.1%
Fannie Mae 15 Yr. Pool
2.500%, 11/01/31		47,947		48,417
3.000%, 11/01/28		132,222		136,080
3.000%, 09/01/30		88,868		91,276
3.000%, 12/01/31		1,038,003		1,069,105
3.000%, 08/01/33		100,770		103,218
3.000%, 10/01/33		851,711		872,924
3.000%, 12/01/33		114,156		117,006
4.500%, 04/01/20		1,112		1,145
4.500%, 07/01/20		564		581

BHFTII-228

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 15 Yr. Pool
5.000%, 07/01/20		3,017	$	3,112
5.000%, 08/01/20		3,244		3,346
5.000%, 12/01/20		6,059		6,249
5.500%, 01/01/21		3,524		3,555
5.500%, 03/01/21		1,612		1,627
6.000%, 01/01/21		8,127		8,208
6.000%, 05/01/21		1,809		1,816
Fannie Mae 20 Yr. Pool
3.000%, 07/01/37		234,637		241,330
3.000%, 11/01/37		456,179		469,261
3.500%, 04/01/38		428,955		445,029
Fannie Mae 30 Yr. Pool
3.000%, 09/01/46		179,827		185,016
3.000%, 10/01/46		708,067		728,500
3.000%, 11/01/46		924,452		951,129
3.500%, 11/01/41		41,460		43,561
3.500%, 01/01/42		560,975		590,117
3.500%, 01/01/43		201,250		211,453
3.500%, 04/01/43		675,776		710,031
3.500%, 05/01/43		834,189		876,400
3.500%, 07/01/43		993,237		1,042,358
3.500%, 08/01/43		321,807		338,118
3.500%, 09/01/43		1,359,506		1,427,107
3.500%, 02/01/45		999,755		1,055,583
3.500%, 09/01/45		1,124,816		1,171,873
3.500%, 10/01/45		778,160		817,214
3.500%, 01/01/46		246,425		259,498
3.500%, 05/01/46		465,116		484,876
3.500%, 07/01/46		1,032,076		1,080,382
3.500%, 10/01/46		294,466		306,423
3.500%, 12/01/46		841,040		872,183
3.500%, 01/01/47		122,327		126,747
4.000%, 09/01/40		972,138		1,038,467
4.000%, 11/01/40		224,567		239,924
4.000%, 12/01/40		517,932		553,295
4.000%, 02/01/41		602,101		643,256
4.000%, 06/01/41		583,632		623,309
4.000%, 11/01/41		197,581		211,106
4.000%, 01/01/42		1,454,905		1,554,567
4.000%, 04/01/42		185,927		199,123
4.000%, 10/01/42		161,323		172,803
4.000%, 12/01/42		173,941		186,151
4.000%, 01/01/43		210,509		224,866
4.000%, 04/01/43		52,979		56,597
4.000%, 05/01/43		338,735		361,977
4.000%, 06/01/43		260,093		277,862
4.000%, 07/01/43		230,740		245,649
4.000%, 04/01/44		120,901		129,155
4.000%, 05/01/44		431,458		460,954
4.000%, 11/01/44		210,147		221,983
4.000%, 06/01/47		891,815		935,082
4.500%, 08/01/33		110,353		118,604
4.500%, 03/01/34		342,795		369,164
4.500%, 01/01/40		123,661		133,966
4.500%, 08/01/40		29,201		31,638
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.500%, 02/01/41		212,112		229,840
4.500%, 04/01/41		369,091		399,949
4.500%, 11/01/42		110,471		119,695
4.500%, 01/01/43		263,670		285,658
4.500%, 04/01/44		1,545,403		1,674,428
4.500%, 06/01/44		155,264		168,210
5.000%, 11/01/33		67,230		74,232
5.000%, 03/01/34		55,714		61,511
5.000%, 05/01/34		23,711		26,175
5.000%, 08/01/34		23,200		25,617
5.000%, 09/01/34		87,430		96,535
5.000%, 06/01/35		56,603		62,443
5.000%, 07/01/35		177,607		195,984
5.000%, 08/01/35		54,328		60,023
5.000%, 09/01/35		38,896		42,976
5.000%, 10/01/35		152,463		168,313
5.000%, 07/01/39		154,626		170,695
5.000%, 10/01/39		87,563		95,865
5.000%, 11/01/39		48,788		53,917
5.000%, 11/01/40		71,550		78,737
5.000%, 01/01/41		6,045		6,474
5.000%, 03/01/41		44,630		49,286
5.500%, 02/01/33		27,914		31,545
5.500%, 05/01/33		4,178		4,571
5.500%, 06/01/33		115,712		130,286
5.500%, 07/01/33		108,121		121,752
5.500%, 11/01/33		65,188		73,335
5.500%, 12/01/33		11,202		12,119
5.500%, 01/01/34		86,065		94,566
5.500%, 02/01/34		94,843		106,080
5.500%, 03/01/34		26,193		28,850
5.500%, 04/01/34		33,839		36,599
5.500%, 05/01/34		205,092		230,943
5.500%, 06/01/34		262,481		296,177
5.500%, 07/01/34		79,398		87,003
5.500%, 09/01/34		216,512		236,250
5.500%, 10/01/34		302,877		337,573
5.500%, 11/01/34		346,654		389,920
5.500%, 12/01/34		197,843		223,265
5.500%, 01/01/35		253,075		285,808
5.500%, 04/01/35		42,451		47,953
5.500%, 07/01/35		16,332		17,666
5.500%, 08/01/35		7,387		7,985
5.500%, 09/01/35		144,932		163,738
6.000%, 02/01/32		62,147		69,536
6.000%, 03/01/34		18,461		20,765
6.000%, 04/01/34		157,335		178,557
6.000%, 06/01/34		171,627		195,190
6.000%, 07/01/34		131,635		149,338
6.000%, 08/01/34		190,429		216,687
6.000%, 10/01/34		123,821		141,090
6.000%, 11/01/34		28,847		32,203
6.000%, 12/01/34		8,136		8,991
6.000%, 08/01/35		24,387		27,436
6.000%, 09/01/35		33,177		38,083

BHFTII-229

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.000%, 10/01/35		59,154	$	67,257
6.000%, 11/01/35		8,681		9,601
6.000%, 12/01/35		68,690		77,877
6.000%, 02/01/36		70,395		78,735
6.000%, 04/01/36		48,190		54,236
6.000%, 06/01/36		8,166		9,389
6.000%, 07/01/37		87,339		99,464
6.500%, 06/01/31		23,438		26,733
6.500%, 07/01/31		3,671		4,090
6.500%, 09/01/31		22,495		25,064
6.500%, 02/01/32		12,728		14,447
6.500%, 07/01/32		60,202		68,340
6.500%, 08/01/32		47,480		54,517
6.500%, 01/01/33		27,434		31,242
6.500%, 04/01/34		45,302		51,563
6.500%, 06/01/34		21,059		23,537
6.500%, 08/01/34		14,339		15,977
6.500%, 04/01/36		11,367		12,665
6.500%, 05/01/36		35,471		40,390
6.500%, 02/01/37		63,715		72,967
6.500%, 05/01/37		30,256		33,955
6.500%, 07/01/37		40,291		46,564
Fannie Mae Pool
2.280%, 11/01/26		151,899		154,112
2.410%, 05/01/23		88,161		89,516
2.550%, 05/01/23		141,473		144,305
2.700%, 07/01/25		121,000		125,373
5.000%, 03/01/26		81,390		93,656
Fannie Mae REMICS (CMO)
2.000%, 10/25/40		73,653		73,322
2.000%, 05/25/44		155,060		154,415
2.000%, 02/25/46		173,789		172,395
2.000%, 04/25/46		138,376		137,121
3.250%, 05/25/40		85,574		89,172
3.500%, 05/25/25		203,496		208,917
4.000%, 10/25/40		91,933		98,538
5.000%, 03/25/25		36,751		38,593
Fannie Mae-ACES (CMO) 2.672%, 12/25/26 (d)		511,000		527,688
Freddie Mac 15 Yr. Gold Pool
4.500%, 02/01/20		1,262		1,300
4.500%, 08/01/24		106,601		110,796
5.500%, 02/01/20		120		120
6.000%, 11/01/19		188		188
6.000%, 05/01/21		2,597		2,615
6.000%, 10/01/21		12,961		13,179
Freddie Mac 20 Yr. Gold Pool
3.000%, 01/01/38		763,379		785,662
3.500%, 11/01/37		496,799		515,452
3.500%, 05/01/38		149,415		155,076
4.000%, 08/01/37		96,992		101,924
Freddie Mac 30 Yr. Gold Pool
3.000%, 10/01/42		497,039		512,586
3.000%, 04/01/43		1,070,746		1,105,404
3.000%, 05/01/43		941,494		973,127
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
3.000%, 05/01/46		461,709		475,291
3.000%, 10/01/46		897,306		923,705
3.000%, 11/01/46		1,724,144		1,772,453
3.000%, 03/01/48		180,115		183,918
3.500%, 02/01/42		425,592		447,246
3.500%, 04/01/42		303,945		322,345
3.500%, 12/01/42		725,506		764,052
3.500%, 04/01/43		197,096		207,566
3.500%, 07/01/43		43,105		45,294
3.500%, 08/01/43		451,416		473,635
3.500%, 12/01/45		456,086		475,726
3.500%, 11/01/46		378,001		393,173
3.500%, 12/01/46		1,824,728		1,893,429
3.500%, 01/01/47		1,228,328		1,276,679
4.000%, 11/01/40		533,673		570,411
4.000%, 01/01/41		1,111,531		1,188,108
4.000%, 04/01/44		351,589		371,687
4.000%, 08/01/47		1,017,454		1,067,063
4.500%, 04/01/35		30,514		33,070
4.500%, 07/01/39		174,719		189,398
4.500%, 09/01/39		98,467		106,714
4.500%, 10/01/39		56,632		61,391
4.500%, 12/01/39		87,545		94,914
4.500%, 05/01/42		156,152		169,229
5.000%, 09/01/33		131,979		145,865
5.000%, 03/01/34		28,669		31,618
5.000%, 04/01/34		23,886		26,401
5.000%, 08/01/35		31,347		34,613
5.000%, 10/01/35		71,340		78,804
5.000%, 11/01/35		46,249		50,242
5.000%, 12/01/36		36,607		40,453
5.000%, 07/01/39		261,456		288,849
5.500%, 12/01/33		168,694		190,678
5.500%, 01/01/34		106,155		120,113
5.500%, 04/01/34		16,084		17,399
5.500%, 11/01/34		15,495		16,899
5.500%, 12/01/34		8,291		8,972
5.500%, 05/01/35		23,398		25,551
5.500%, 09/01/35		30,620		33,555
5.500%, 10/01/35		34,021		37,256
6.000%, 04/01/34		78,858		88,480
6.000%, 07/01/34		24,572		27,513
6.000%, 08/01/34		174,329		199,898
6.000%, 09/01/34		2,408		2,669
6.000%, 07/01/35		28,206		32,478
6.000%, 08/01/35		35,367		40,728
6.000%, 11/01/35		47,895		54,995
6.000%, 03/01/36		20,211		22,378
6.000%, 10/01/36		26,656		29,513
6.000%, 03/01/37		7,289		8,074
6.000%, 05/01/37		55,573		63,582
6.000%, 06/01/37		31,164		35,762
6.500%, 05/01/34		11,800		13,154
6.500%, 06/01/34		54,368		61,103
6.500%, 08/01/34		48,087		53,605

BHFTII-230

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of September 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
6.500%, 10/01/34		51,317	$	59,006
6.500%, 11/01/34		40,723		45,396
6.500%, 05/01/37		40,333		44,961
6.500%, 07/01/37		55,428		63,616
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
0.325%, 11/25/27 (d) (e)		5,207,000		90,253
0.370%, 12/25/27 (d) (e)		3,235,000		68,514
0.401%, 11/25/24 (d) (e)		4,908,000		72,564
0.406%, 09/25/27 (d) (e)		3,341,000		77,705
0.413%, 12/25/27 (d) (e)		3,579,000		86,830
0.420%, 11/25/27 (d) (e)		3,684,552		79,584
0.431%, 08/25/24 (d) (e)		4,897,000		82,912
0.449%, 11/25/32 (d) (e)		2,801,814		88,232
0.457%, 11/25/27 (d) (e)		3,355,069		83,497
0.461%, 08/25/27 (d) (e)		3,107,000		82,956
0.491%, 10/25/24 (d) (e)		6,488,592		103,082
0.495%, 12/25/27 (d) (e)		5,720,446		158,494
0.496%, 09/25/27 (d) (e)		2,707,592		73,231
0.531%, 08/25/24 (d) (e)		8,931,850		157,507
0.567%, 08/25/27 (d) (e)		2,140,524		65,795
0.630%, 07/25/24 (d) (e)		4,483,000		109,229
0.713%, 07/25/27 (d) (e)		3,873,347		157,395
0.735%, 07/25/24 (d) (e)		1,623,090		41,354
0.774%, 06/25/27 (d) (e)		4,356,000		207,352
0.890%, 06/25/27 (d) (e)		1,476,213		74,467
1.016%, 04/25/24 (d) (e)		1,959,308		63,303
1.090%, 07/25/29 (d) (e)		256,869		23,610
1.869%, 11/25/19		105,776		105,607
2.510%, 11/25/22		489,000		496,360
2.670%, 12/25/24		507,000		522,911
2.673%, 03/25/26		676,000		701,234
2.791%, 01/25/22		474,000		480,875
3.010%, 07/25/25		134,000		140,912
3.060%, 07/25/23 (d)		219,000		226,966
3.064%, 08/25/24 (d)		255,000		266,180
3.111%, 02/25/23		695,000		718,998
3.117%, 06/25/27		354,000		378,676
3.151%, 11/25/25		317,000		336,574
3.171%, 10/25/24		424,000		446,548
3.187%, 09/25/27 (d)		242,000		260,194
3.224%, 03/25/27		334,000		358,985
3.244%, 08/25/27		920,000		992,745
3.250%, 04/25/23 (d)		803,000		835,005
3.320%, 02/25/23		227,000		236,429
3.413%, 12/25/26		248,000		269,720
3.430%, 01/25/27 (d)		242,707		264,025
3.458%, 08/25/23 (d)		835,000		877,230
3.650%, 02/25/28 (d)		285,000		315,946
3.900%, 04/25/28		528,000		595,582
Freddie Mac REMICS
3.000%, 07/15/39		84,561		87,526
3.000%, 07/15/41		170,109		175,258
3.500%, 06/15/42		61,000		66,754
5.000%, 01/15/40		110,578		124,898
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
3.500%, 12/15/41		311,163		329,378
3.500%, 02/15/42		91,954		96,775
4.500%, 09/15/33		67,748		72,889
4.500%, 11/15/39		183,141		199,372
4.500%, 03/15/40		204,857		224,590
4.500%, 04/15/40		226,605		246,691
4.500%, 06/15/40		93,162		101,904
5.000%, 03/15/34		21,452		23,777
5.000%, 06/15/34		51,570		57,184
5.000%, 12/15/34		23,676		26,256
5.000%, 06/15/35		6,810		7,285
5.500%, 11/15/32		61,276		66,080
5.500%, 08/15/33		194,264		219,762
5.500%, 12/15/33		97,177		110,332
5.500%, 09/15/34		85,084		96,517
5.500%, 10/15/35		9,082		9,832
6.000%, 12/15/28		24,591		27,691
6.000%, 12/15/31		23,212		26,582
6.000%, 03/15/32		1,046		1,156
6.000%, 10/15/32		119,400		136,964
6.000%, 01/15/33		19,895		22,050
6.000%, 02/15/33		1,411		1,577
6.000%, 04/15/33		123,697		141,822
6.000%, 08/15/33		968		1,073
6.000%, 07/15/34		66,917		76,114
6.000%, 09/15/34		23,821		26,354
6.000%, 01/15/38		80,662		90,630
Ginnie Mae II 30 Yr. Pool
3.000%, 04/20/45		318,303		328,238
3.000%, 04/20/46		153,922		158,771
3.000%, 08/20/46		161,743		166,797
3.000%, 09/20/46		364,158		375,755
3.000%, 11/20/47		1,966,395		2,021,996
3.000%, 01/20/48		2,687,777		2,762,253
3.000%, 02/20/48		163,350		167,858
3.000%, 03/20/48		443,479		455,714
3.000%, 04/20/48		50,590		51,988
3.000%, TBA (c)		1,750,000		1,794,560
3.500%, 06/20/43		541,702		575,379
3.500%, 07/20/43		681,270		723,624
3.500%, 11/20/47		173,347		180,096
3.500%, 03/20/48		2,151,048		2,231,836
3.500%, TBA (c)		925,000		957,953
4.000%, 01/20/41		651,200		693,996
4.000%, 02/20/41		161,066		171,658
4.000%, 04/20/41		125,432		133,727
4.000%, 02/20/42		165,332		176,288
4.000%, 05/20/49		1,333,351		1,388,436
4.000%, 06/20/49		1,364,436		1,422,058
4.000%, 07/20/49		447,745		466,945
4.000%, TBA (c)		1,025,000		1,065,680
4.500%, 07/20/33		11,678		12,288
4.500%, 09/20/33		7,155		7,542
4.500%, 12/20/34		4,715		4,971
4.500%, 03/20/35		31,122		32,794

BHFTII-231

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of September 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%, 01/20/41		168,508	$	184,402
4.500%, 05/20/49		881,293		924,765
4.500%, TBA (c)		1,305,000		1,362,705
5.000%, 07/20/33		23,899		26,431
6.000%, 01/20/35		29,933		34,645
6.000%, 02/20/35		14,562		16,822
6.000%, 04/20/35		26,786		31,006
Government National Mortgage Association (CMO)
0.661%, 02/16/59 (d) (e)		2,332,661		135,560
2.500%, 07/20/32		125,000		125,577
4.000%, 07/20/41		80,000		87,776
4.500%, 09/20/41		81,446		87,852
Uniform Mortgage-Backed Securities
2.500%, TBA (c)		1,575,000		1,588,074
3.000%, TBA (c)		3,089,000		3,157,507
5.000%, TBA (c)		250,000		267,988
				98,314,565
U.S. Treasury—11.0%
U.S. Treasury Bonds
2.500%, 02/15/45 (a)		68,000		73,228
2.875%, 05/15/43 (a)		8,310,000		9,534,102
2.875%, 11/15/46		5,439,000		6,298,192
3.000%, 02/15/48		6,332,000		7,524,197
3.500%, 02/15/39		2,573,000		3,225,195
4.500%, 02/15/36		179,000		246,852
4.500%, 08/15/39		743,000		1,057,411
5.000%, 05/15/37		232,000		342,363
5.375%, 02/15/31 (a)		276,000		380,567
6.250%, 08/15/23		80,000		94,028
U.S. Treasury Notes
1.625%, 05/31/23		1,200,000		1,202,438
1.750%, 11/30/21		28,134,000		28,196,642
2.375%, 05/15/29		1,700,000		1,805,785
2.500%, 08/15/23 (a)		15,500,000		16,040,078
2.750%, 02/15/28		6,182,000		6,712,783
				82,733,861
Total U.S. Treasury & Government Agencies (Cost $174,387,824)				181,048,426
Corporate Bonds & Notes—11.0%
Aerospace/Defense—0.2%
L3Harris Technologies, Inc. 3.850%, 06/15/23 (144A)		862,000		908,058
United Technologies Corp. 4.125%, 11/16/28		562,000		635,984
				1,544,042
Auto Manufacturers—0.1%
General Motors Co. 6.750%, 04/01/46		374,000		427,648
Auto Manufacturers—(Continued)
General Motors Financial Co., Inc. 4.350%, 04/09/25		360,000		375,391
				803,039
Auto Parts & Equipment—0.2%
Lear Corp.
3.800%, 09/15/27		801,000		805,912
4.250%, 05/15/29		340,000		348,112
				1,154,024
Banks—1.8%
ABN AMRO Bank NV 4.800%, 04/18/26 (144A)		800,000		865,891
Banco de Credito del Peru 5.375%, 09/16/20		835,000		857,962
Bank of America Corp.
3.004%, 3M LIBOR + 0.790%, 12/20/23 (d)		510,000		520,868
3.366%, 3M LIBOR + 0.810%, 01/23/26 (d)		591,000		616,138
3.500%, 04/19/26		583,000		620,038
4.100%, 07/24/23		1,270,000		1,356,045
4.125%, 01/22/24		1,357,000		1,461,871
BBVA Bancomer S.A. 6.750%, 09/30/22 (144A) (a)		810,000		884,925
Goldman Sachs Group, Inc. (The) 3.850%, 01/26/27		616,000		653,389
JPMorgan Chase & Co.
3.200%, 01/25/23 (a)		1,756,000		1,813,438
3.782%, 3M LIBOR + 1.337%, 02/01/28 (d)		1,362,000		1,458,975
3.897%, 3M LIBOR + 1.220%, 01/23/49 (d)		400,000		444,384
Morgan Stanley
3.125%, 01/23/23		132,000		135,407
3.875%, 04/29/24		557,000		592,614
4.000%, 07/23/25		396,000		427,084
Wells Fargo & Co. 3.750%, 01/24/24		542,000		574,005
				13,283,034
Beverages—0.3%
Anheuser-Busch InBev Worldwide, Inc. 8.000%, 11/15/39		706,000		1,105,192
Constellation Brands, Inc. 3.500%, 05/09/27		1,077,000		1,126,682
Diageo Capital plc 2.375%, 10/24/29		381,000		380,951
				2,612,825
Building Materials—0.2%
CRH America Finance, Inc. 4.500%, 04/04/48 (144A)		362,000		389,724
Martin Marietta Materials, Inc. 3.500%, 12/15/27 (a)		297,000		304,835
Masco Corp. 4.375%, 04/01/26		623,000		668,818
				1,363,377

BHFTII-232

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—0.1%
Sherwin-Williams Co. (The) 4.500%, 06/01/47		402,000	$	451,088
Commercial Services—0.5%
ERAC USA Finance LLC 7.000%, 10/15/37 (144A)		747,000		1,064,149
Experian Finance plc 4.250%, 02/01/29 (144A)		533,000		598,812
IHS Markit, Ltd.
3.625%, 05/01/24		121,000		125,368
4.000%, 03/01/26 (144A)		696,000		732,888
4.250%, 05/01/29		181,000		194,879
Verisk Analytices, Inc. 4.125%, 03/15/29		762,000		839,760
				3,555,856
Computers—0.3%
Apple, Inc.
2.850%, 02/23/23		1,176,000		1,210,720
3.850%, 05/04/43		370,000		415,124
Dell International LLC / EMC Corp. 4.900%, 10/01/26 (144A) (a)		583,000		624,551
				2,250,395
Diversified Financial Services—0.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.650%, 07/21/27 (a)		520,000		529,811
4.875%, 01/16/24		150,000		161,983
Capital One Financial Corp. 3.750%, 03/09/27		820,000		862,400
E*TRADE Financial Corp.
2.950%, 08/24/22		247,000		250,946
3.800%, 08/24/27		338,000		352,695
4.500%, 06/20/28		348,000		379,018
Intercontinental Exchange, Inc.
2.350%, 09/15/22		487,000		490,438
4.000%, 10/15/23		832,000		888,202
Raymond James Financial, Inc. 4.950%, 07/15/46		778,000		930,155
Visa, Inc. 3.150%, 12/14/25		983,000		1,048,106
				5,893,754
Electric—0.8%
Berkshire Hathaway Energy Co. 3.750%, 11/15/23 (a)		440,000		466,374
Duke Energy Corp. 2.650%, 09/01/26		131,000		131,623
Enel Finance International NV
2.650%, 09/10/24 (144A)		650,000		650,771
4.875%, 06/14/29 (144A)		696,000		790,047
Evergy, Inc. 2.900%, 09/15/29		566,000		561,628
Exelon Corp. 3.400%, 04/15/26		1,137,000		1,188,649
Electric—(Continued)
Jersey Central Power & Light Co. 4.300%, 01/15/26 (144A)		474,000		518,969
Oncor Electric Delivery Co. LLC 5.750%, 03/15/29		795,000		1,006,325
PPL Capital Funding, Inc.
3.400%, 06/01/23		480,000		494,057
5.000%, 03/15/44		296,000		345,749
				6,154,192
Environmental Control—0.1%
Republic Services, Inc. 3.950%, 05/15/28		446,000		493,596
Food—0.0%
Conagra Brands, Inc.
5.300%, 11/01/38		82,000		95,511
5.400%, 11/01/48		162,000		192,319
				287,830
Forest Products & Paper—0.1%
Suzano Austria GmbH 6.000%, 01/15/29		520,000		565,240
Gas—0.0%
NiSource, Inc. 5.650%, 02/01/45		176,000		226,939
Healthcare-Products—0.8%
Abbott Laboratories 4.900%, 11/30/46		749,000		966,364
Alcon Finance Corp. 3.800%, 09/23/49 (144A)		200,000		209,888
Becton Dickinson & Co.
3.125%, 11/08/21		344,000		349,818
4.669%, 06/06/47		729,000		861,502
Boston Scientific Corp. 3.750%, 03/01/26		220,000		235,224
Thermo Fisher Scientific, Inc.
2.950%, 09/19/26		851,000		876,701
3.200%, 08/15/27		867,000		906,512
Zimmer Biomet Holdings, Inc.
2.914%, 3M LIBOR + 0.750%, 03/19/21 (d)		313,000		313,005
3.550%, 04/01/25		955,000		1,002,777
				5,721,791
Healthcare-Services—0.3%
HCA, Inc. 5.125%, 06/15/39		245,000		267,939
Laboratory Corp. of America Holdings
3.200%, 02/01/22		213,000		217,333
3.250%, 09/01/24		558,000		577,318
4.700%, 02/01/45		267,000		297,475
Northwell Healthcare, Inc.
3.979%, 11/01/46		57,000		62,443
4.260%, 11/01/47		456,000		509,632

BHFTII-233

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
UnitedHealth Group, Inc. 3.500%, 08/15/39		250,000	$	260,396
				2,192,536
Household Products/Wares—0.2%
Reckitt Benckiser Treasury Services plc
2.750%, 06/26/24 (144A)		348,000		354,473
3.625%, 09/21/23 (144A)		1,070,000		1,121,077
				1,475,550
Insurance—0.7%
American International Group, Inc.
4.125%, 02/15/24 (a)		750,000		802,657
4.875%, 06/01/22		1,292,000		1,380,528
Aon Corp. 3.750%, 05/02/29		537,000		573,149
Berkshire Hathaway, Inc. 3.125%, 03/15/26		390,000		412,063
Hartford Financial Services Group, Inc. (The) 3.600%, 08/19/49		325,000		327,074
Liberty Mutual Group, Inc. 3.951%, 10/15/50 (144A)		484,000		486,632
Marsh & McLennan Cos., Inc.
4.750%, 03/15/39		298,000		359,818
4.800%, 07/15/21		920,000		955,471
				5,297,392
Internet—0.3%
Booking Holdings, Inc. 2.750%, 03/15/23		1,315,000		1,346,805
Expedia Group, Inc. 3.250%, 02/15/30 (144A) (a)		665,000		663,279
				2,010,084
Investment Company Security—0.2%
Temasek Financial I, Ltd. 2.375%, 01/23/23 (144A)		1,790,000		1,815,068
Lodging—0.1%
Las Vegas Sands Corp. 3.900%, 08/08/29		326,000		333,811
Marriott International, Inc. 4.000%, 04/15/28		698,000		746,892
				1,080,703
Machinery-Diversified—0.3%
CNH Industrial Capital LLC 4.200%, 01/15/24 (a)		675,000		712,330
Roper Technologies, Inc.
2.950%, 09/15/29 (a)		167,000		167,448
4.200%, 09/15/28		281,000		309,046
Wabtec Corp. 4.950%, 09/15/28		648,000		715,116
				1,903,940
Media—0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.908%, 07/23/25		523,000		574,765
Fox Corp. 4.030%, 01/25/24 (144A)		835,000		888,315
Time Warner Entertainment Co. L.P. 8.375%, 07/15/33		1,240,000		1,715,626
				3,178,706
Mining—0.1%
Glencore Funding LLC 4.125%, 05/30/23 (144A)		468,000		490,504
Oil & Gas—0.3%
Eni S.p.A. 4.750%, 09/12/28 (144A)		617,000		700,190
Equinor ASA 7.750%, 06/15/23		100,000		119,923
Marathon Petroleum Corp. 4.750%, 09/15/44		583,000		626,928
Valero Energy Corp. 4.900%, 03/15/45		896,000		994,905
				2,441,946
Pipelines—0.6%
APT Pipelines, Ltd.
4.200%, 03/23/25 (144A) (a)		1,228,000		1,300,482
4.250%, 07/15/27 (144A)		93,000		100,016
Enterprise Products Operating LLC 4.200%, 01/31/50		281,000		300,471
Kinder Morgan Energy Partners L.P. 4.150%, 02/01/24		691,000		735,201
MPLX L.P. 4.500%, 04/15/38		297,000		308,014
ONEOK, Inc. 4.950%, 07/13/47		869,000		942,718
Plains All Amer Pipeline L.P. / PAA Finance Corp.
3.550%, 12/15/29		268,000		263,468
Sabine Pass Liquefaction LLC 5.000%, 03/15/27		759,000		838,430
				4,788,800
Real Estate Investment Trusts—0.3%
American Tower Corp.
3.000%, 06/15/23		415,000		424,525
3.600%, 01/15/28		415,000		437,372
Crown Castle International Corp. 3.650%, 09/01/27 (a)		1,014,000		1,074,234
GLP Capital L.P. / GLP Financing II, Inc. 5.300%, 01/15/29		574,000		632,669
				2,568,800
Retail—0.3%
Best Buy Co., Inc. 4.450%, 10/01/28 (a)		793,000		861,520

BHFTII-234

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Dollar Tree, Inc.
4.000%, 05/15/25		349,000	$	370,032
4.200%, 05/15/28		162,000		174,110
Home Depot, Inc. (The) 3.900%, 06/15/47 (a)		471,000		539,620
Tapestry, Inc. 4.125%, 07/15/27		470,000		479,335
				2,424,617
Semiconductors—0.2%
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.500%, 01/15/28		984,000		960,026
3.875%, 01/15/27		348,000		349,799
Broadcom, Inc. 4.250%, 04/15/26 (144A)		495,000		511,392
				1,821,217
Software—0.3%
Fidelity National Information Services, Inc.
4.500%, 08/15/46		210,000		244,470
4.750%, 05/15/48 (a)		498,000		606,754
Fiserv, Inc. 4.400%, 07/01/49		527,000		591,699
Microsoft Corp. 4.250%, 02/06/47		643,000		798,274
				2,241,197
Telecommunications—0.1%
AT&T, Inc. 5.450%, 03/01/47 (a)		548,000		662,073
Trucking & Leasing—0.0%
Avolon Holdings Funding, Ltd. 4.375%, 05/01/26 (144A)		243,000		251,238
Total Corporate Bonds & Notes (Cost $76,765,252)				83,005,393
Mortgage-Backed Securities—2.2%
Collateralized Mortgage Obligations—0.1%
Seasoned Credit Risk Transfer Trust
3.500%, 08/25/58		93,169		100,019
3.500%, 10/25/58		314,738		331,723
				431,742
Commercial Mortgage-Backed Securities—2.1%
AREIT Trust
3.008%, 1M LIBOR + 0.980%, 11/14/35 (144A) (d)		1,169,022		1,169,022
3.328%, 1M LIBOR + 1.300%, 09/14/36 (144A) (d)		1,053,000		1,053,658
Bancorp Commercial Mortgage Trust
2.928%, 1M LIBOR + 0.900%, 09/15/35 (144A) (d)		987,844		987,880
3.566%, 1M LIBOR + 1.300%, 09/15/36 (144A) (d)		1,060,205		1,060,868
Commercial Mortgage-Backed Securities—(Continued)
BANK 3.714%, 04/15/52		875,000		964,320
BDS, Ltd. 3.425%, 1M LIBOR + 1.400%, 08/15/35 (144A) (d)		1,322,500		1,317,871
Commercial Mortgage Trust 3.708%, 07/10/48		1,300,833		1,395,654
CSAIL Commercial Mortgage Trust 3.504%, 06/15/57		738,578		782,821
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,387,991		1,470,544
JPMBB Commercial Mortgage Securities Trust
3.227%, 10/15/48		1,036,740		1,086,551
3.494%, 01/15/48		1,590,000		1,684,131
Morgan Stanley Bank of America Merrill Lynch Trust 3.536%, 11/15/52		519,442		560,688
Morgan Stanley Capital Trust 3.530%, 06/15/50		470,148		505,885
UBS Commercial Mortgage Trust 2.921%, 09/15/52		743,153		765,446
Wells Fargo Commercial Mortgage Trust 3.540%, 05/15/48		1,410,327		1,501,225
				16,306,564
Total Mortgage-Backed Securities (Cost $16,377,959)				16,738,306
Asset-Backed Securities—2.1%
Asset-Backed - Automobile—0.3%
Avis Budget Rental Car Funding AESOP LLC 3.450%, 03/20/23 (144A)		1,220,000		1,253,091
Chesapeake Funding II LLC
3.028%, 1M LIBOR + 1.000%, 06/15/28 (144A) (d)		105,133		105,214
3.040%, 04/15/30 (144A)		381,182		385,325
Ford Credit Auto Owner Trust 2.310%, 04/15/26 (144A)		425,000		425,003
				2,168,633
Asset-Backed - Home Equity—0.1%
Bayview Financial Revolving Asset Trust 3.644%, 1M LIBOR + 1.600%, 12/28/40 (144A) (d)		393,781		390,650
GMAC Home Equity Loan Trust
5.805%, 10/25/36 (d)		103,678		109,522
Home Equity Loan Trust 5.320%, 12/25/35 (d)		180,298		176,937
				677,109
Asset-Backed - Other—1.7%
ALM, Ltd.
2.604%, 3M LIBOR + 1.250%, 10/18/27 (144A) (d)		849,000		845,578
3.703%, 3M LIBOR + 1.400%, 10/15/27 (144A) (d)		1,395,000		1,385,397
American Tower Trust I 3.070%, 03/15/48 (144A)		1,000,000		1,016,114

BHFTII-235

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Shares/ Principal Amount*		Value
Asset-Backed - Other—(Continued)
BDS, Ltd. 3.128%, 1M LIBOR + 1.100%, 08/15/36 (144A) (d)		757,500	$	757,737
Cutwater, Ltd. 3.523%, 3M LIBOR + 1.220%, 01/15/29 (144A) (d)		1,395,000		1,396,034
Dryden 55 CLO, Ltd. 3.323%, 3M LIBOR + 1.020%, 04/15/31 (144A) (d)		1,430,000		1,421,206
Dryden Senior Loan Fund 3.203%, 3M LIBOR + 0.900%, 04/15/29 (144A) (d)		663,000		661,636
Figueroa CLO, Ltd. 3.803%, 3M LIBOR + 1.500%, 01/15/27 (144A) (d)		420,000		418,827
Fort Credit LLC 4.117%, 11/16/35 (144A)		518,500		518,486
KREF, Ltd. 3.125%, 1M LIBOR + 1.100%, 06/15/36 (144A) (d)		691,000		691,864
Mountain Hawk CLO, Ltd. 4.100%, 3M LIBOR + 1.800%, 04/18/25 (144A) (d)		1,463,576		1,462,773
Navistar Financial Dealer Note Master Trust 2.648%, 1M LIBOR + 0.630%, 09/25/23 (144A) (d)		808,000		808,995
Neuberger Berman CLO, Ltd. 3.103%, 3M LIBOR + 0.800%, 01/15/28 (144A) (d)		600,000		598,969
Oaktree CLO, Ltd. 3.628%, 3M LIBOR + 1.350%, 10/20/27 (144A) (d)		254,518		251,986
Small Business Administration Participation Certificates
4.350%, 07/01/23		68,948		71,251
4.770%, 04/01/24		5,636		5,865
4.950%, 03/01/25		30,907		32,311
4.990%, 09/01/24		16,370		17,105
5.110%, 08/01/25		42,629		45,030
5.180%, 05/01/24		7,679		8,054
5.520%, 06/01/24		20,740		21,842
Sound Point CLO, Ltd. 3.168%, 3M LIBOR + 0.890%, 01/20/28 (144A) (d)		365,000		363,582
				12,800,642
Total Asset-Backed Securities (Cost $15,600,253)				15,646,384
Convertible Preferred Stocks—0.4%
Health Care Equipment & Supplies—0.1%
Danaher Corp. 4.750%, 04/15/22 (a)		418		476,541
Multi-Utilities—0.3%
CenterPoint Energy, Inc. 7.000%, 09/01/21		49,976		2,611,746
Total Convertible Preferred Stocks (Cost $2,976,835)				3,088,287
Municipals—0.4%
New Jersey Economic Development Authority 7.425%, 02/15/29		800,000		1,021,920
New Jersey State Turnpike Authority, Build America Bond 7.414%, 01/01/40		1,050,000		1,691,865
Total Municipals (Cost $2,116,005)				2,713,785
Preferred Stock—0.1%
Technology Hardware, Storage & Peripherals—0.1%
Samsung Electronics Co., Ltd. (Cost $493,136)		14,732		484,172
Short-Term Investment—1.3%
Discount Note—1.3%
Federal Home Loan Bank Zero Coupon, 10/01/19		9,589,000		9,589,000
Total Short-Term Investments (Cost $9,589,000)				9,589,000
Securities Lending Reinvestments (f)—8.5%
Certificates of Deposit—1.3%
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (d)		1,000,000		1,000,185
Canadian Imperial Bank of Commerce 2.180%, FEDEFF PRV + 0.350%, 08/06/20 (d)		3,000,000		3,000,015
Chiba Bank, Ltd. 2.270%, 10/08/19		3,000,000		3,000,084
Credit Industriel et Commercial 2.260%, 1M LIBOR + 0.160%, 01/03/20 (d)		1,000,000		999,874
DZ Bank AG Zero Coupon, 11/18/19		1,988,603		1,994,360
				9,994,518
Commercial Paper—1.0%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd. 2.290%, 12/09/19		497,138		497,723
China Construction Bank Corp.
2.470%, 10/18/19		993,756		998,858
2.500%, 10/01/19		2,000,000		2,000,016
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (d)		1,000,000		1,000,028
Sumitomo Mitsui Banking Corp. 2.187%, 1M LIBOR + 0.130%, 01/06/20 (d)		2,000,000		1,999,744
				7,491,757

BHFTII-236

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—5.9%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $4,800,256; collateralized by various Common Stock with an aggregate market value of $5,280,001.		4,800,000	$	4,800,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $1,106,381; 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 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $1,503,165; collateralized by various Common Stock with an aggregate market value of $1,650,000.		1,500,000		1,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $6,899,853; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $7,037,498.		6,899,507		6,899,507
NBC Global Finance, Ltd.
Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $2,200,122; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $2,448,604.		2,200,000		2,200,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $2,300,903; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $2,556,237.		2,300,000		2,300,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $8,003,142; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $8,891,260.		8,000,000		8,000,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $5,000,326; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $5,100,000.		5,000,000		5,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $3,000,164; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $3,333,186.		3,000,000		3,000,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $2,000,110; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,500,583; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,666,593.		1,500,000		1,500,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,700,661; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,888,805.		1,700,000		1,700,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $4,501,750; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $4,999,779.		4,500,000		4,500,000
				44,499,507
Time Deposit—0.3%
Nordea Bank New York 1.760%, 10/01/19		2,000,000		2,000,000
Total Securities Lending Reinvestments (Cost $63,985,801)				63,985,782
Total Investments—109.9% (Cost $701,087,863)				825,028,628
Other assets and liabilities (net)—(9.9)%				(74,260,962	)
Net Assets—100.0%			$	750,767,666

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $62,439,255 and the collateral received consisted of cash in the amount of $63,973,267. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)	Variable or floating rate security. The stated rate represents the rate at September 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)	Represents investment of cash collateral received from securities on loan as of September 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 September 30, 2019, the market value of 144A securities was $37,669,105, which is 5.0% of net assets.

BHFTII-237

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(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

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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	12,724,867	$	—	$	—	$	12,724,867
Air Freight & Logistics		1,049,384		—		—		1,049,384
Airlines		1,144,742		—		—		1,144,742
Auto Components		6,398,325		—		—		6,398,325
Automobiles		166,829		—		—		166,829
Banks		48,299,491		1,372,975		—		49,672,466
Beverages		3,745,974		3,222,748		—		6,968,722
Building Products		7,945,682		—		—		7,945,682
Capital Markets		25,730,456		—		—		25,730,456
Chemicals		12,607,423		—		—		12,607,423
Commercial Services & Supplies		—		416,932		—		416,932
Communications Equipment		4,568,004		—		—		4,568,004
Consumer Finance		1,811,906		—		—		1,811,906
Containers & Packaging		904,758		—		—		904,758
Diversified Financial Services		—		686,919		—		686,919
Diversified Telecommunication Services		2,203,442		—		—		2,203,442
Electric Utilities		15,907,323		—		—		15,907,323
Electrical Equipment		7,035,379		419,208		—		7,454,587
Electronic Equipment, Instruments & Components		—		2,044,726		—		2,044,726
Energy Equipment & Services		1,644,602		—		—		1,644,602
Entertainment		1,128,549		—		—		1,128,549
Equity Real Estate Investment Trusts		9,807,985		—		—		9,807,985
Food & Staples Retailing		3,044,147		—		—		3,044,147
Food Products		7,681,914		5,956,607		—		13,638,521
Health Care Equipment & Supplies		21,099,620		—		—		21,099,620
Health Care Providers & Services		11,524,293		—		—		11,524,293
Hotels, Restaurants & Leisure		5,295,264		—		—		5,295,264
Household Durables		2,002,937		—		—		2,002,937
Household Products		4,092,011		1,294,693		—		5,386,704
Industrial Conglomerates		9,407,126		—		—		9,407,126
Insurance		24,639,606		2,524,536		—		27,164,142
Interactive Media & Services		2,618,372		—		—		2,618,372

BHFTII-238

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Internet & Direct Marketing Retail	$	3,213,170	$	—		$	—	$	3,213,170
IT Services		17,059,606		—			—		17,059,606
Life Sciences Tools & Services		5,394,029		—			—		5,394,029
Machinery		13,831,083		—			—		13,831,083
Media		13,807,561		—			—		13,807,561
Metals & Mining		—		1,648,173			—		1,648,173
Multi-Utilities		3,764,437		—			—		3,764,437
Multiline Retail		5,198,295		—			—		5,198,295
Oil, Gas & Consumable Fuels		18,562,726		4,402,678			—		22,965,404
Pharmaceuticals		26,168,480		5,469,967			—		31,638,447
Professional Services		2,222,305		—			—		2,222,305
Road & Rail		8,714,108		—			—		8,714,108
Semiconductors & Semiconductor Equipment		15,453,673		—			—		15,453,673
Software		14,922,502		—			—		14,922,502
Specialty Retail		1,221,805		—			—		1,221,805
Technology Hardware, Storage & Peripherals		2,874,431		—			—		2,874,431
Textiles, Apparel & Luxury Goods		1,742,843		1,204,957			—		2,947,800
Tobacco		5,356,483		2,326,026			—		7,682,509
Total Common Stocks		415,737,948		32,991,145			—		448,729,093
Total U.S. Treasury & Government Agencies*		—		181,048,426			—		181,048,426
Total Corporate Bonds & Notes*		—		83,005,393			—		83,005,393
Total Mortgage-Backed Securities*		—		16,738,306			—		16,738,306
Total Asset-Backed Securities*		—		15,646,384			—		15,646,384
Total Convertible Preferred Stocks*		3,088,287		—			—		3,088,287
Total Municipals*		—		2,713,785			—		2,713,785
Total Preferred Stock*		—		484,172			—		484,172
Total Short-Term Investment*		—		9,589,000			—		9,589,000
Total Securities Lending Reinvestments*		—		63,985,782			—		63,985,782
Total Investments	$	418,826,235	$	406,202,393		$	—	$	825,028,628
Collateral for Securities Loaned (Liability)	$	—	$	(63,973,267	)	$	—	$	(63,973,267	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-239

Brighthouse Funds Trust II

MFS Value Portfolio

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

Common Stocks—98.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—4.6%
Lockheed Martin Corp.		100,323	$	39,131,989
Northrop Grumman Corp.		204,658		76,703,772
United Technologies Corp.		292,373		39,914,762
				155,750,523
Auto Components—1.0%
Aptiv plc		336,172		29,388,156
Lear Corp.		46,415		5,472,329
				34,860,485
Automobiles—0.1%
Harley-Davidson, Inc. (a)		100,333		3,608,978
Banks—14.0%
BB&T Corp.		948,468		50,619,737
Citigroup, Inc.		1,076,053		74,333,741
JPMorgan Chase & Co.		1,316,450		154,933,001
PNC Financial Services Group, Inc. (The) (a)		332,467		46,598,575
U.S. Bancorp		1,316,735		72,868,115
Wells Fargo & Co.		1,486,480		74,978,051
				474,331,220
Beverages—1.8%
Diageo plc		1,043,643		42,706,029
PepsiCo, Inc.		138,614		19,003,979
				61,710,008
Building Products—1.6%
Johnson Controls International plc (a)		1,240,803		54,458,844
Capital Markets—6.5%
Bank of New York Mellon Corp. (The)		615,342		27,819,612
BlackRock, Inc.		68,895		30,702,368
Goldman Sachs Group, Inc. (The)		258,951		53,662,415
Moody’s Corp. (a)		138,221		28,311,807
Nasdaq, Inc. (a)		391,931		38,938,345
State Street Corp.		375,710		22,238,275
T. Rowe Price Group, Inc. (a)		144,523		16,511,753
				218,184,575
Chemicals—3.8%
Corteva, Inc.		141,937		3,974,236
DuPont de Nemours, Inc.		356,937		25,453,177
PPG Industries, Inc. (a)		522,470		61,917,920
Sherwin-Williams Co. (The) (a)		67,615		37,179,460
				128,524,793
Consumer Finance—0.8%
American Express Co.		215,859		25,531,802
Diversified Telecommunication Services—0.5%
Verizon Communications, Inc.		274,191		16,550,169
Electric Utilities—5.9%
Duke Energy Corp. (a)		783,613		75,117,142
FirstEnergy Corp.		965,562		46,569,056
Southern Co. (The) (a)		990,295		61,170,522
Xcel Energy, Inc. (a)		270,473		17,550,993
				200,407,713
Electrical Equipment—1.1%
Eaton Corp. plc (a)		457,031		38,002,128
Energy Equipment & Services—0.8%
Schlumberger, Ltd.		772,170		26,385,049
Equity Real Estate Investment Trusts—0.4%
Public Storage		55,777		13,680,425
Food Products—3.3%
Archer-Daniels-Midland Co.		433,688		17,811,566
Danone S.A.		189,309		16,673,571
General Mills, Inc. (a)		88,998		4,905,570
J.M. Smucker Co. (The) (a)		114,005		12,542,830
Nestle S.A.		550,150		59,677,021
				111,610,558
Health Care Equipment & Supplies—6.1%
Abbott Laboratories		534,187		44,695,426
Danaher Corp.		422,450		61,014,454
Medtronic plc		915,704		99,463,768
				205,173,648
Health Care Providers & Services—2.3%
Cigna Corp.		358,501		54,416,867
McKesson Corp. (a)		171,044		23,374,873
				77,791,740
Household Products—1.2%
Colgate-Palmolive Co. (a)		95,738		7,037,700
Kimberly-Clark Corp.		87,171		12,382,641
Procter & Gamble Co. (The)		62,491		7,772,631
Reckitt Benckiser Group plc		186,170		14,519,192
				41,712,164
Industrial Conglomerates—2.9%
3M Co. (a)		180,206		29,625,866
Honeywell International, Inc.		402,604		68,120,597
				97,746,463
Insurance—8.0%
Aon plc		405,277		78,449,469
Chubb, Ltd.		448,040		72,331,578
Marsh & McLennan Cos., Inc.		357,704		35,788,285
Travelers Cos., Inc. (The)		570,182		84,780,361
				271,349,693

BHFTII-240

Brighthouse Funds Trust II

MFS Value Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—5.9%
Accenture plc - Class A (a)		468,337	$	90,084,622
Cognizant Technology Solutions Corp. - Class A		221,631		13,356,592
DXC Technology Co. (a)		92,716		2,735,122
Fidelity National Information Services, Inc.		342,422		45,459,945
Fiserv, Inc. (b)		464,284		48,095,179
				199,731,460
Life Sciences Tools & Services—1.3%
Thermo Fisher Scientific, Inc.		156,606		45,614,630
Machinery—3.7%
Illinois Tool Works, Inc. (a)		342,480		53,594,695
Ingersoll-Rand plc		282,374		34,791,301
Stanley Black & Decker, Inc.		248,613		35,902,203
				124,288,199
Media—3.3%
Comcast Corp. - Class A (a)		2,235,125		100,759,435
Omnicom Group, Inc. (a)		125,964		9,862,981
				110,622,416
Oil, Gas & Consumable Fuels—2.7%
Chevron Corp. (a)		231,304		27,432,654
EOG Resources, Inc.		247,580		18,375,388
Exxon Mobil Corp. (a)		335,472		23,687,678
Pioneer Natural Resources Co.		54,666		6,875,343
Suncor Energy, Inc.		482,740		15,227,161
				91,598,224
Pharmaceuticals—6.8%
Johnson & Johnson		824,406		106,661,648
Merck & Co., Inc.		442,252		37,228,773
Novartis AG		85,399		7,413,940
Pfizer, Inc.		1,777,240		63,856,233
Roche Holding AG		49,967		14,571,633
				229,732,227
Professional Services—0.9%
Equifax, Inc.		213,896		30,088,750
Road & Rail—1.8%
Canadian National Railway Co.		219,732		19,745,118
Union Pacific Corp.		257,428		41,698,187
				61,443,305
Semiconductors & Semiconductor Equipment—3.5%
Analog Devices, Inc. (a)		228,581		25,539,355
NXP Semiconductors NV		129,001		14,076,589
Texas Instruments, Inc.		598,575		77,359,833
				116,975,777
Textiles, Apparel & Luxury Goods—0.2%
Hanesbrands, Inc.		355,502		5,446,291
Tobacco—1.8%
Altria Group, Inc.		329,614		13,481,213
Philip Morris International, Inc.		630,966		47,909,248
				61,390,461
Total Common Stocks (Cost $2,444,846,554)				3,334,302,718
Short-Term Investment—1.4%
Discount Note—1.4%
Federal Home Loan Bank Zero Coupon, 10/01/19		46,334,000		46,334,000
Total Short-Term Investments (Cost $46,334,000)				46,334,000
Securities Lending Reinvestments (c)—8.0%
Certificates of Deposit—5.6%
Banco Del Estado De Chile New York
2.206%, 1M LIBOR + 0.160%, 11/22/19 (d)		5,000,000		4,999,725
2.222%, 1M LIBOR + 0.180%, 10/09/19 (d)		5,000,000		5,000,000
Bank of Montreal (Chicago)
1.990%, SOFR + 0.170%, 02/07/20 (d)		5,000,000		5,001,055
2.150%, 1M LIBOR + 0.100%, 10/11/19 (d)		5,000,000		4,999,910
Bank of Nova Scotia
2.198%, 1M LIBOR + 0.170%, 05/15/20 (d)		8,000,000		7,996,464
2.481%, 3M LIBOR + 0.170%, 01/09/20 (d)		5,000,000		5,002,085
Barclays Bank plc 2.297%, 1M LIBOR + 0.230%, 02/05/20 (d)		3,000,000		2,997,906
Canadian Imperial Bank of Commerce 2.278%, 1M LIBOR + 0.250%, 10/15/19 (d)		4,000,000		4,000,136
Chiba Bank, Ltd. 2.270%, 10/08/19		5,000,000		5,000,140
Commonwealth Bank of Australia 2.200%, 1M LIBOR + 0.175%, 04/16/20 (d)		7,000,000		6,997,130
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (d)		10,000,000		10,000,190
Credit Agricole S.A. 2.256%, 1M LIBOR + 0.210%, 12/20/19 (d)		10,000,000		10,001,430
Credit Industriel et Commercial 2.227%, 1M LIBOR + 0.160%, 03/05/20 (d)		5,000,000		4,998,745
Credit Suisse AG 2.219%, 1M LIBOR + 0.130%, 11/04/19 (d)		3,000,000		2,999,760
DZ Bank AG
Zero Coupon, 10/18/19		9,939,798		9,989,500
Zero Coupon, 10/23/19		5,964,485		5,991,960
KBC Bank NV
2.080%, 03/12/20		2,000,000		2,000,200
2.220%, 12/03/19		4,000,000		4,000,960

BHFTII-241

Brighthouse Funds Trust II

MFS Value Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Mizuho Bank, Ltd.
Zero Coupon, 10/23/19		3,976,323	$	3,994,640
2.174%, 1M LIBOR + 0.120%, 11/27/19 (d)		7,000,000		6,999,867
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (d)		6,000,000		5,999,382
National Australia Bank, Ltd. 2.232%, 1M LIBOR + 0.190%, 04/08/20 (d)		6,000,000		5,999,040
Natixis New York 2.323%, 3M LIBOR + 0.070%, 11/01/19 (d)		3,000,000		3,000,435
Royal Bank of Canada New York 2.110%, SOFR + 0.290%, 07/16/20 (d)		5,000,000		5,001,575
Standard Chartered Bank
2.158%, 1M LIBOR + 0.130%, 11/15/19 (d)		7,000,000		7,000,119
2.180%, FEDEFF PRV + 0.350%, 02/26/20 (d)		5,000,000		4,999,975
Sumitomo Mitsui Banking Corp.
2.172%, 1M LIBOR + 0.130%, 12/09/19 (d)		5,000,000		4,999,350
2.216%, 1M LIBOR + 0.170%, 01/21/20 (d)		3,000,000		2,999,958
Sumitomo Mitsui Trust Bank, Ltd. 2.184%, 1M LIBOR + 0.140%, 11/20/19 (d)		3,000,000		2,999,940
Svenska Handelsbanken AB
2.247%, 1M LIBOR + 0.180%, 06/05/20 (d)		4,000,000		3,998,120
2.266%, 1M LIBOR + 0.220%, 07/22/20 (d)		7,000,000		6,997,844
2.344%, 1M LIBOR + 0.300%, 10/31/19 (d)		3,500,000		3,500,504
Toronto-Dominion Bank 2.269%, 1M LIBOR + 0.180%, 06/03/20 (d)		3,000,000		2,999,914
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (d)		15,000,000		14,999,946
				188,467,905
Commercial Paper—1.9%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd.
2.290%, 12/09/19		994,275		995,447
2.470%, 10/11/19		9,941,269		9,992,890
Cafco LLC 2.120%, 10/31/19		996,290		998,181
China Construction Bank Corp.
2.470%, 10/18/19		993,756		998,858
2.500%, 10/01/19		3,000,000		3,000,024
Industrial & Commercial Bank of China, Corp. 2.470%, 10/25/19		2,981,063		2,995,908
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (d)		7,000,000		7,001,134
LMA S.A. & LMA Americas, Corp. 2.610%, 10/03/19		1,973,465		1,999,642
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (d)		7,000,000		7,000,196
Societe Generale 2.555%, 3M LIBOR + 0.410%, 12/18/19 (d)		3,002,544		3,002,745
Sumitomo Mitsui Banking Corp. 2.187%, 1M LIBOR + 0.130%, 01/06/20 (d)		5,000,000		4,999,360
Thunder Bay Funding LLC 2.167%, 1M LIBOR + 0.100%, 12/05/19 (d)		7,000,000		6,999,300
Commercial Paper—(Continued)
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (d)		8,000,000		8,000,000
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (d)		3,999,506		3,997,956
				62,977,029
Repurchase Agreements—0.5%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $3,620,884; collateralized by various Common Stock with an aggregate market value of $3,960,001.		3,600,000		3,600,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $4,024,840; collateralized by various Common Stock with an aggregate market value of $4,400,452.		4,000,000		4,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $10,522,152; collateralized by various Common Stock with an aggregate market value of $11,550,000.		10,500,000		10,500,000
				18,100,000
Total Securities Lending Reinvestments (Cost $269,552,472)				269,544,934
Total Investments—108.0% (Cost $2,760,733,026)				3,650,181,652
Other assets and liabilities (net)—(8.0)%				(269,221,495	)
Net Assets—100.0%			$	3,380,960,157

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $263,832,294 and the collateral received consisted of cash in the amount of $269,012,562. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(d)	Variable or floating rate security. The stated rate represents the rate at September 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.

Index Abbreviations:

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

BHFTII-242

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	155,750,523	$	—		$	—	$	155,750,523
Auto Components		34,860,485		—			—		34,860,485
Automobiles		3,608,978		—			—		3,608,978
Banks		474,331,220		—			—		474,331,220
Beverages		19,003,979		42,706,029			—		61,710,008
Building Products		54,458,844		—			—		54,458,844
Capital Markets		218,184,575		—			—		218,184,575
Chemicals		128,524,793		—			—		128,524,793
Consumer Finance		25,531,802		—			—		25,531,802
Diversified Telecommunication Services		16,550,169		—			—		16,550,169
Electric Utilities		200,407,713		—			—		200,407,713
Electrical Equipment		38,002,128		—			—		38,002,128
Energy Equipment & Services		26,385,049		—			—		26,385,049
Equity Real Estate Investment Trusts		13,680,425		—			—		13,680,425
Food Products		35,259,966		76,350,592			—		111,610,558
Health Care Equipment & Supplies		205,173,648		—			—		205,173,648
Health Care Providers & Services		77,791,740		—			—		77,791,740
Household Products		27,192,972		14,519,192			—		41,712,164
Industrial Conglomerates		97,746,463		—			—		97,746,463
Insurance		271,349,693		—			—		271,349,693
IT Services		199,731,460		—			—		199,731,460
Life Sciences Tools & Services		45,614,630		—			—		45,614,630
Machinery		124,288,199		—			—		124,288,199
Media		110,622,416		—			—		110,622,416
Oil, Gas & Consumable Fuels		91,598,224		—			—		91,598,224
Pharmaceuticals		207,746,654		21,985,573			—		229,732,227
Professional Services		30,088,750		—			—		30,088,750
Road & Rail		61,443,305		—			—		61,443,305
Semiconductors & Semiconductor Equipment		116,975,777		—			—		116,975,777
Textiles, Apparel & Luxury Goods		5,446,291		—			—		5,446,291
Tobacco		61,390,461		—			—		61,390,461
Total Common Stocks		3,178,741,332		155,561,386			—		3,334,302,718
Total Short-Term Investment*		—		46,334,000			—		46,334,000
Total Securities Lending Reinvestments*		—		269,544,934			—		269,544,934
Total Investments	$	3,178,741,332	$	471,440,320		$	—	$	3,650,181,652
Collateral for Securities Loaned (Liability)	$	—	$	(269,012,562	)	$	—	$	(269,012,562	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-243

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

Common Stocks—99.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.3%
Astronics Corp. (a)		96,581	$	2,837,550
Air Freight & Logistics—0.5%
Forward Air Corp.		83,116		5,296,151
Airlines—0.7%
Allegiant Travel Co.		45,280		6,776,605
Auto Components—2.2%
Fox Factory Holding Corp. (a)		228,730		14,236,155
LCI Industries		91,475		8,401,979
				22,638,134
Banks—11.0%
Bank of Hawaii Corp.		172,725		14,842,259
Bank OZK		240,451		6,557,099
BOK Financial Corp.		100,682		7,968,980
Columbia Banking System, Inc.		236,580		8,729,802
Community Bank System, Inc.		152,302		9,395,510
Cullen/Frost Bankers, Inc.		120,623		10,681,167
CVB Financial Corp.		508,615		10,614,795
First Financial Bankshares, Inc.		412,290		13,741,626
First Hawaiian, Inc.		469,755		12,542,458
Glacier Bancorp, Inc.		176,030		7,122,174
Lakeland Financial Corp.		73,365		3,226,593
LegacyTexas Financial Group, Inc.		182,330		7,936,825
				113,359,288
Beverages—0.4%
MGP Ingredients, Inc.		74,890		3,720,535
Biotechnology—1.2%
Abcam plc		212,230		2,987,772
Emergent BioSolutions, Inc. (a)		173,925		9,092,799
				12,080,571
Building Products—1.0%
AAON, Inc.		223,827		10,282,612
Capital Markets—3.4%
Artisan Partners Asset Management, Inc. - Class A		113,795		3,213,571
Brightsphere Investment Group, Inc.		104,570		1,036,289
FactSet Research Systems, Inc.		24,580		5,972,203
Hamilton Lane, Inc. - Class A		27,895		1,588,899
Houlihan Lokey, Inc.		113,730		5,129,223
MarketAxess Holdings, Inc.		54,285		17,778,337
				34,718,522
Chemicals—2.2%
Chase Corp.		52,460		5,738,599
Ingevity Corp. (a)		50,545		4,288,238
NewMarket Corp.		11,807		5,573,967
Quaker Chemical Corp.		45,905		7,259,417
				22,860,221
Commercial Services & Supplies—3.7%
IAA, Inc. (a)		127,510		5,320,992
MSA Safety, Inc.		99,710		10,879,358
Rollins, Inc.		344,205		11,727,065
Tetra Tech, Inc.		51,685		4,484,191
UniFirst Corp.		30,685		5,987,257
				38,398,863
Communications Equipment—0.9%
NetScout Systems, Inc. (a)		409,335		9,439,265
Construction & Engineering—0.9%
Valmont Industries, Inc.		63,895		8,845,624
Construction Materials—1.0%
Eagle Materials, Inc.		117,630		10,587,876
Containers & Packaging—1.3%
AptarGroup, Inc.		111,319		13,185,736
Distributors—2.8%
Pool Corp.		141,775		28,596,017
Diversified Consumer Services—1.4%
Bright Horizons Family Solutions, Inc. (a)		97,980		14,941,950
Electrical Equipment—0.2%
AZZ, Inc.		39,705		1,729,550
Electronic Equipment, Instruments & Components—6.0%
Cognex Corp.		207,205		10,179,981
Littelfuse, Inc.		75,125		13,320,414
nLight, Inc. (a)		17,145		268,491
Novanta, Inc. (a)		129,675		10,597,041
Rogers Corp. (a)		126,165		17,248,017
Zebra Technologies Corp. - Class A (a)		48,492		10,007,294
				61,621,238
Energy Equipment & Services—1.2%
Apergy Corp. (a)		122,730		3,319,847
Cactus, Inc. - Class A (a)		140,445		4,064,478
Pason Systems, Inc.		381,275		4,652,775
				12,037,100
Food & Staples Retailing—0.2%
Grocery Outlet Holding Corp. (a)		74,965		2,599,786
Food Products—2.0%
Calavo Growers, Inc.		59,625		5,675,108
J&J Snack Foods Corp.		37,454		7,191,168
Lancaster Colony Corp.		57,010		7,904,436
				20,770,712
Health Care Equipment & Supplies—8.2%
Atrion Corp.		11,775		9,174,727
Cantel Medical Corp.		126,847		9,488,156

BHFTII-244

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Haemonetics Corp. (a)		151,146	$	19,065,556
Heska Corp. (a)		37,360		2,647,703
IDEXX Laboratories, Inc. (a)		56,035		15,237,598
Neogen Corp. (a)		77,800		5,298,958
West Pharmaceutical Services, Inc.		164,116		23,274,931
				84,187,629
Health Care Providers & Services—3.3%
Chemed Corp.		48,846		20,396,624
National Research Corp.		71,995		4,157,711
U.S. Physical Therapy, Inc.		74,965		9,786,681
				34,341,016
Health Care Technology—0.1%
Simulations Plus, Inc.		35,825		1,243,127
Hotels, Restaurants & Leisure—0.7%
Texas Roadhouse, Inc.		144,340		7,580,737
Household Products—2.5%
Church & Dwight Co., Inc.		180,785		13,602,263
WD-40 Co.		65,970		12,108,134
				25,710,397
Industrial Conglomerates—0.3%
Raven Industries, Inc.		100,329		3,357,008
Insurance—1.9%
AMERISAFE, Inc.		106,195		7,020,552
RLI Corp.		131,340		12,202,799
				19,223,351
IT Services—1.3%
Computer Services, Inc.		15,675		713,213
Jack Henry & Associates, Inc.		88,550		12,925,643
				13,638,856
Life Sciences Tools & Services—2.5%
Bio-Techne Corp.		95,975		18,779,428
ICON plc (a)		49,547		7,300,255
				26,079,683
Machinery—6.0%
Graco, Inc.		130,405		6,003,846
Kadant, Inc.		23,495		2,062,626
Lindsay Corp.		46,020		4,272,957
Middleby Corp. (The) (a)		69,355		8,107,600
Nordson Corp.		63,857		9,339,725
RBC Bearings, Inc. (a)		100,385		16,654,875
Toro Co. (The)		206,115		15,108,229
				61,549,858
Media—2.9%
Cable One, Inc.		7,750		9,723,925
Media—(Continued)
Gray Television, Inc. (a)		240,485		3,924,715
Nexstar Media Group, Inc. - Class A		155,280		15,886,697
				29,535,337
Multiline Retail—0.4%
Ollie’s Bargain Outlet Holdings, Inc. (a)		68,115		3,994,264
Oil, Gas & Consumable Fuels—1.1%
Matador Resources Co. (a)		340,355		5,626,068
WPX Energy, Inc. (a)		501,910		5,315,227
				10,941,295
Paper & Forest Products—0.7%
Stella-Jones, Inc.		234,970		6,865,448
Professional Services—1.7%
Exponent, Inc.		254,247		17,771,865
Real Estate Management & Development—1.0%
FirstService Corp.		99,055		10,160,071
Semiconductors & Semiconductor Equipment—4.0%
Cabot Microelectronics Corp.		105,005		14,827,756
MKS Instruments, Inc.		96,590		8,913,325
Power Integrations, Inc.		193,820		17,527,143
				41,268,224
Software—10.8%
Altair Engineering, Inc. - Class A (a)		135,960		4,706,935
Aspen Technology, Inc. (a)		210,475		25,905,263
Fair Isaac Corp. (a)		71,280		21,634,906
Manhattan Associates, Inc. (a)		298,881		24,110,730
Model N, Inc. (a)		108,360		3,008,074
Qualys, Inc. (a)		170,905		12,915,291
Tyler Technologies, Inc. (a)		72,565		19,048,312
				111,329,511
Specialty Retail—3.3%
Asbury Automotive Group, Inc. (a)		79,435		8,128,584
Floor & Decor Holdings, Inc. - Class A (a)		133,440		6,825,456
Lithia Motors, Inc. - Class A		52,990		7,014,816
Monro, Inc.		92,095		7,276,426
Tractor Supply Co.		55,630		5,031,177
				34,276,459
Trading Companies & Distributors—1.8%
Applied Industrial Technologies, Inc.		36,216		2,057,069
Richelieu Hardware, Ltd.		160,905		3,104,300
SiteOne Landscape Supply, Inc. (a)		66,035		4,887,911
Watsco, Inc.		50,340		8,516,521
				18,565,801
Total Common Stocks (Cost $635,570,867)				1,018,943,843

BHFTII-245

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

Short-Term Investment—0.7%

Security Description	Principal Amount*		Value
Repurchase Agreement—0.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $7,001,896; collateralized by U.S. Treasury Note at 2.000%, maturing 12/31/21, with a market value of $7,141,981.		7,001,741	$	7,001,741
Total Short-Term Investments (Cost $7,001,741)				7,001,741
Total Investments—99.7% (Cost $642,572,608)				1,025,945,584
Other assets and liabilities (net)—0.3%				3,096,761
Net Assets—100.0%			$	1,029,042,345

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

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. 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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	2,837,550	$	—	$	—	$	2,837,550
Air Freight & Logistics		5,296,151		—		—		5,296,151
Airlines		6,776,605		—		—		6,776,605
Auto Components		22,638,134		—		—		22,638,134
Banks		113,359,288		—		—		113,359,288
Beverages		3,720,535		—		—		3,720,535
Biotechnology		9,092,799		2,987,772		—		12,080,571
Building Products		10,282,612		—		—		10,282,612
Capital Markets		34,718,522		—		—		34,718,522
Chemicals		22,860,221		—		—		22,860,221
Commercial Services & Supplies		33,077,870		—		—		33,077,870
Communications Equipment		9,439,265		—		—		9,439,265
Construction & Engineering		8,845,624		—		—		8,845,624
Construction Materials		10,587,876		—		—		10,587,876
Containers & Packaging		13,185,736		—		—		13,185,736
Distributors		33,917,010		—		—		33,917,010
Diversified Consumer Services		14,941,950		—		—		14,941,950
Electrical Equipment		1,729,550		—		—		1,729,550
Electronic Equipment, Instruments & Components		61,621,238		—		—		61,621,238
Energy Equipment & Services		12,037,100		—		—		12,037,100
Food & Staples Retailing		2,599,786		—		—		2,599,786

BHFTII-246

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Food Products	$	20,770,712	$	—	$	—	$	20,770,712
Health Care Equipment & Supplies		84,187,629		—		—		84,187,629
Health Care Providers & Services		34,341,016		—		—		34,341,016
Health Care Technology		1,243,127		—		—		1,243,127
Hotels, Restaurants & Leisure		7,580,737		—		—		7,580,737
Household Products		25,710,397		—		—		25,710,397
Industrial Conglomerates		3,357,008		—		—		3,357,008
Insurance		19,223,351		—		—		19,223,351
IT Services		13,638,856		—		—		13,638,856
Life Sciences Tools & Services		26,079,683		—		—		26,079,683
Machinery		61,549,858		—		—		61,549,858
Media		29,535,337		—		—		29,535,337
Multiline Retail		3,994,264		—		—		3,994,264
Oil, Gas & Consumable Fuels		10,941,295		—		—		10,941,295
Paper & Forest Products		—		6,865,448		—		6,865,448
Professional Services		17,771,865		—		—		17,771,865
Real Estate Management & Development		10,160,071		—		—		10,160,071
Semiconductors & Semiconductor Equipment		41,268,224		—		—		41,268,224
Software		111,329,511		—		—		111,329,511
Specialty Retail		34,276,459		—		—		34,276,459
Trading Companies & Distributors		15,461,501		3,104,300		—		18,565,801
Total Common Stocks		1,005,986,323		12,957,520		—		1,018,943,843
Total Short-Term Investment*		—		7,001,741		—		7,001,741
Total Investments	$	1,005,986,323	$	19,959,261	$	—	$	1,025,945,584

* See Schedule of Investments for additional detailed categorizations.

BHFTII-247

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

Common Stocks—97.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—5.2%
Boeing Co. (The)		253,245	$	96,352,125
Northrop Grumman Corp.		58,225		21,822,148
				118,174,273
Auto Components—1.2%
Aptiv plc		320,929		28,055,613
Automobiles—0.9%
Ferrari NV		134,224		20,682,576
Biotechnology—1.8%
Alexion Pharmaceuticals, Inc. (a)		70,475		6,902,321
Vertex Pharmaceuticals, Inc. (a)		198,699		33,663,585
				40,565,906
Capital Markets—2.3%
Charles Schwab Corp. (The) (b)		429,403		17,961,928
Intercontinental Exchange, Inc.		152,063		14,030,853
S&P Global, Inc.		6,019		1,474,535
TD Ameritrade Holding Corp. (b)		404,502		18,890,243
				52,357,559
Chemicals—0.8%
DuPont de Nemours, Inc.		84,838		6,049,798
Linde plc		62,607		12,128,228
				18,178,026
Electric Utilities—0.8%
NextEra Energy, Inc.		79,068		18,422,053
Electronic Equipment, Instruments & Components—0.5%
Hexagon AB - B Shares		246,397		11,905,975
Entertainment—3.2%
Netflix, Inc. (a) (b)		109,715		29,361,929
Tencent Music Entertainment Group (ADR) (a) (b)		783,313		10,002,907
Walt Disney Co. (The)		268,079		34,936,055
				74,300,891
Equity Real Estate Investment Trusts—0.3%
Crown Castle International Corp.		49,444		6,873,210
Health Care Equipment & Supplies—5.3%
Alcon, Inc. (a)		210,696		12,296,700
Becton Dickinson & Co.		125,248		31,682,734
Intuitive Surgical, Inc. (a) (b)		64,775		34,973,966
Stryker Corp. (b)		190,486		41,202,122
				120,155,522
Health Care Providers & Services—4.9%
Anthem, Inc.		77,489		18,605,109
Centene Corp. (a) (b)		354,279		15,326,110
Cigna Corp. (a)		107,326		16,291,013
HCA Healthcare, Inc.		136,457		16,432,152
Health Care Providers & Services—(Continued)
UnitedHealth Group, Inc.		154,342		33,541,603
WellCare Health Plans, Inc. (a)		45,817		11,874,392
				112,070,379
Hotels, Restaurants & Leisure—2.9%
Las Vegas Sands Corp.		282,032		16,290,168
McDonald’s Corp.		56,289		12,085,811
MGM Resorts International		415,100		11,506,572
Restaurant Brands International, Inc.		105,504		7,505,555
Wynn Resorts, Ltd. (b)		176,760		19,217,347
				66,605,453
Household Durables—0.5%
NVR, Inc. (a)		2,980		11,077,703
Industrial Conglomerates—1.7%
Honeywell International, Inc.		52,182		8,829,194
Roper Technologies, Inc. (b)		82,631		29,466,215
				38,295,409
Insurance—0.6%
Chubb, Ltd.		80,725		13,032,244
Interactive Media & Services—14.4%
Alphabet, Inc. - Class A (a)		59,070		72,132,740
Alphabet, Inc. - Class C (a)		57,638		70,260,722
Facebook, Inc. - Class A (a)		698,384		124,368,223
IAC/InterActiveCorp (a)		79,287		17,282,188
Match Group, Inc.		2,044		146,023
Tencent Holdings, Ltd.		1,075,685		45,651,745
				329,841,641
Internet & Direct Marketing Retail—12.0%
Alibaba Group Holding, Ltd. (ADR) (a)		360,737		60,326,048
Amazon.com, Inc. (a)		106,805		185,403,868
Booking Holdings, Inc. (a) (b)		11,344		22,263,848
MercadoLibre, Inc. (a)		11,114		6,126,370
				274,120,134
IT Services—12.3%
Fidelity National Information Services, Inc.		395,134		52,457,990
Fiserv, Inc. (a)		276,510		28,643,671
Global Payments, Inc. (b)		86,456		13,746,504
MasterCard, Inc. - Class A		286,561		77,821,370
PayPal Holdings, Inc. (a)		193,034		19,996,392
Visa, Inc. - Class A (b)		507,280		87,257,233
				279,923,160
Machinery—1.7%
Fortive Corp.		271,010		18,580,446
Wabtec Corp. (b)		282,870		20,327,038
				38,907,484

BHFTII-248

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Multi-Utilities—0.9%
Sempra Energy		142,080	$	20,972,429
Multiline Retail—2.3%
Dollar General Corp.		57,965		9,212,957
Dollar Tree, Inc. (a)		189,448		21,627,384
Dollarama, Inc.		603,973		21,622,402
				52,462,743
Oil, Gas & Consumable Fuels—0.6%
Concho Resources, Inc.		78,300		5,316,570
Pioneer Natural Resources Co. (b)		66,583		8,374,144
				13,690,714
Professional Services—1.4%
Equifax, Inc.		59,290		8,340,324
TransUnion		287,110		23,287,492
				31,627,816
Road & Rail—0.7%
J.B. Hunt Transport Services, Inc. (b)		124,434		13,768,622
UBER Technologies, Inc. (a) (c) (d)		109,560		3,227,028
				16,995,650
Semiconductors & Semiconductor Equipment—1.9%
ASML Holding NV		99,700		24,767,474
Marvell Technology Group, Ltd. (b)		793,136		19,804,606
				44,572,080
Software—13.5%
Atlassian Corp. plc - Class A (a) (b)		17,144		2,150,543
Intuit, Inc.		132,571		35,255,932
Microsoft Corp.		962,304		133,789,125
Salesforce.com, Inc. (a)		221,810		32,925,477
ServiceNow, Inc. (a)		55,887		14,186,915
Slack Technologies, Inc. - Class A (a) (b)		300,656		7,134,567
Splunk, Inc. (a) (b)		179,505		21,156,459
Symantec Corp.		332,951		7,867,632
Temenos AG (a)		76,248		12,777,636
VMware, Inc. - Class A (b)		145,013		21,760,651
Workday, Inc. - Class A (a) (b)		108,373		18,419,075
Zoom Video Communications, Inc. - Class A (a) (b)		7,464		568,757
				307,992,769
Specialty Retail—0.1%
Ulta Salon Cosmetics & Fragrance, Inc. (a)		5,043		1,264,028
Technology Hardware, Storage & Peripherals—0.8%
Apple, Inc.		77,507		17,359,243
Textiles, Apparel & Luxury Goods—1.2%
NIKE, Inc. - Class B		283,109		26,589,597
Tobacco—0.7%
Philip Morris International, Inc.		204,899		15,557,981
Total Common Stocks (Cost $1,565,807,886)				2,222,630,261
Convertible Preferred Stocks—1.9%
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)		196,100		3,578,825
				5,475,397
Internet & Direct Marketing Retail—1.2%
Airbnb, Inc. - Series D (a) (c) (d) (e)		97,047		12,718,009
Airbnb, Inc. - Series E (a) (c) (d) (e)		9,760		1,279,048
ANT International Co., Ltd. - Class C (a) (c) (d) (e)		1,458,697		9,379,422
Xiaoju Kuaizhi, Inc. - Series A-17 (a) (c) (d) (e)		91,053		4,637,520
				28,013,999
Real Estate Management & Development—0.1%
WeWork Cos., Inc. - Series E (a) (c) (d) (e)		60,866		1,036,548
Software—0.4%
Magic Leap, Inc. - Series C (a) (c) (d) (e)		124,428		3,023,600
Magic Leap, Inc. - Series D (a) (c) (d) (e)		90,348		2,195,456
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		464,862
				8,452,389
Total Convertible Preferred Stocks (Cost $31,556,138)				42,978,333
Short-Term Investment—0.3%
Mutual Fund—0.3%
T. Rowe Price Treasury Reserve Fund (f)		7,714,812		7,714,812
Total Short-Term Investments (Cost $7,714,812)				7,714,812
Securities Lending Reinvestments (g)—10.7%
Certificates of Deposit—6.8%
Banco Del Estado De Chile New York
2.206%, 1M LIBOR + 0.160%, 11/22/19 (h)		4,000,000		3,999,780
2.222%, 1M LIBOR + 0.180%, 10/09/19 (h)		4,000,000		4,000,000
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (h)		3,000,000		2,999,763
Bank of Montreal (Chicago)
2.150%, 1M LIBOR + 0.100%, 10/11/19 (h)		5,000,000		4,999,910
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (h)		2,000,000		1,999,990
Bank of Nova Scotia
2.198%, 1M LIBOR + 0.170%, 05/15/20 (h)		3,000,000		2,998,674
2.481%, 3M LIBOR + 0.170%, 01/09/20 (h)		5,000,000		5,002,085

BHFTII-249

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Canadian Imperial Bank of Commerce 2.278%, 1M LIBOR + 0.250%, 10/15/19 (h)		6,000,000	$	6,000,204
Commonwealth Bank of Australia 2.200%, 1M LIBOR + 0.175%, 04/16/20 (h)		5,000,000		4,997,950
Cooperative Rabobank UA
2.439%, 3M LIBOR + 0.150%, 01/08/20 (h)		5,000,000		5,000,095
Credit Agricole S.A. 2.256%, 1M LIBOR + 0.210%, 12/20/19 (h)		7,000,000		7,001,001
Credit Industriel et Commercial 2.227%, 1M LIBOR + 0.160%, 03/05/20 (h)		4,000,000		3,998,996
Credit Suisse AG
2.219%, 1M LIBOR + 0.130%, 11/04/19 (h)		5,000,000		4,999,600
2.240%, 1M LIBOR + 0.140%, 10/02/19 (h)		8,000,000		8,000,000
DZ Bank AG
Zero Coupon, 10/18/19		9,939,798		9,989,500
Zero Coupon, 10/23/19		2,982,242		2,995,980
Industrial & Commercial Bank of China, Corp. 2.330%, 12/04/19		2,000,000		1,999,968
KBC Bank NV 2.220%, 12/03/19		3,000,000		3,000,720
Mizuho Bank, Ltd.
Zero Coupon, 10/10/19		2,982,015		2,998,260
Zero Coupon, 10/23/19		3,976,323		3,994,640
2.174%, 1M LIBOR + 0.120%, 11/27/19 (h)		1,000,000		999,981
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (h)		6,000,000		5,999,382
National Australia Bank, Ltd. 2.232%, 1M LIBOR + 0.190%, 04/08/20 (h)		5,000,000		4,999,200
Natixis New York 2.323%, 3M LIBOR + 0.070%, 11/01/19 (h)		2,000,000		2,000,290
Norinchukin Bank, New York Zero Coupon, 10/09/19		2,982,242		2,998,410
Rabobank International London 2.236%, 1M LIBOR + 0.190%, 04/24/20 (h)		5,000,000		4,999,500
Royal Bank of Canada New York 2.060%, SOFR + 0.240%, 07/08/20 (h)		5,000,000		4,999,600
Societe Generale 2.280%, FEDEFF PRV + 0.450%, 08/14/20 (h)		4,000,571		4,002,076
Standard Chartered Bank
2.180%, FEDEFF PRV + 0.350%, 02/26/20 (h)		3,000,000		2,999,985
2.230%, FEDEFF PRV + 0.400%, 03/13/20 (h)		1,000,000		999,994
Sumitomo Mitsui Banking Corp. 2.216%, 1M LIBOR + 0.170%, 01/21/20 (h)		2,000,000		1,999,972
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 02/18/20		1,978,128		1,983,860
Sumitomo Mitsui Trust International, Ltd.
Zero Coupon, 11/15/19		1,973,771		1,994,700
Svenska Handelsbanken AB
2.247%, 1M LIBOR + 0.180%, 06/05/20 (h)		5,000,000		4,997,650
2.266%, 1M LIBOR + 0.220%, 07/22/20 (h)		5,000,000		4,998,460
2.344%, 1M LIBOR + 0.300%, 10/31/19 (h)		2,000,000		2,000,288
Toronto-Dominion Bank 2.180%, FEDEFF PRV + 0.350%, 07/31/20 (h)		1,000,000		999,409
Wells Fargo Bank N.A. 2.180%, FEDEFF PRV + 0.350%, 08/20/20 (h)		5,000,000		5,000,000
Certificates of Deposit—(Continued)
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (h)		5,000,000		4,999,982
				154,949,855
Commercial Paper—1.9%
Bank of China, Ltd.
2.290%, 12/09/19		994,275		995,447
2.470%, 10/11/19		10,935,368		10,992,179
Cafco LLC 2.120%, 10/31/19		1,992,580		1,996,362
China Construction Bank Corp.
2.470%, 10/17/19		1,987,650		1,997,842
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (h)		10,000,000		10,001,620
Kells Funding LLC 2.260%, 10/28/19		2,980,602		2,995,438
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (h)		3,000,000		3,000,084
Societe Generale 2.555%, 3M LIBOR + 0.410%, 12/18/19 (h)		3,002,544		3,002,745
Thunder Bay Funding LLC 2.167%, 1M LIBOR + 0.100%, 12/05/19 (h)		5,000,000		4,999,500
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (h)		3,999,506		3,997,956
				43,979,173
Mutual Fund—0.0%
SSGA Institutional U.S. Government Money Market Fund 2.050% (i)		1,000,000		1,000,000
Repurchase Agreements—1.3%
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $5,000,267; collateralized by various Common Stock with an aggregate market value of $5,500,001.		5,000,000		5,000,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $10,062,100; collateralized by various Common Stock with an aggregate market value of $11,001,129.		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $5,010,549; collateralized by various Common Stock with an aggregate market value of $5,500,000.		5,000,000		5,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $4,764,629; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $4,859,678.		4,764,391		4,764,391

BHFTII-250

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Morgan Stanley & Co. LLC Repurchase Agreement dated 09/30/19 at 2.370%, due on 03/30/20 with a maturity value of $4,047,927; collateralized by U.S. Treasury Obligations with rates ranging from 2.000% - 2.375%, maturity dates ranging from 03/15/22 - 05/15/29, and various Common Stock with an aggregate market value of $4,390,674.		4,000,000	$	4,000,000
				28,764,391
Time Deposits—0.7%
Australia & New Zealand Banking Group, Ltd. 2.000%, 10/01/19		6,000,000		6,000,000
Nordea Bank New York 1.760%, 10/01/19		10,000,000		10,000,000
				16,000,000
Total Securities Lending Reinvestments (Cost $244,696,117)				244,693,419
Total Investments—110.3% (Cost $1,849,774,953)				2,518,016,825
Other assets and liabilities (net)—(10.3)%				(235,741,315	)
Net Assets—100.0%			$	2,282,275,510

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $239,536,171 and the collateral received consisted of cash in the amount of $244,472,007. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, these securities represent 2.0% of net assets.
(d)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of September 30, 2019, the market value of restricted securities was $46,205,361, which is 2.0% 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.
(g)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(h)	Variable or floating rate security. The stated rate represents the rate at September 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.
(i)	The rate shown represents the annualized seven-day yield as of September 30, 2019.

Restricted Securities	Acquisition Date		Shares		Cost		Value
ANT International Co., Ltd. - Class C		06/07/18		1,458,697	$	8,183,290	$	9,379,422
Airbnb, Inc. - Series D		04/16/14		97,047		3,951,078		12,718,009
Airbnb, Inc. - Series E		01/28/16		9,760		908,601		1,279,048
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		196,100		3,578,825		3,578,825
Magic Leap, Inc. - Series C		01/20/16		124,428		2,865,950		3,023,600
Magic Leap, Inc. - Series D		10/12/17		90,348		2,439,395		2,195,456
UBER Technologies, Inc.		01/16/18		109,560		5,180,566		3,227,028
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		464,862		464,862
WeWork Cos., Inc. - Series E		06/23/15		60,866		2,001,856		1,036,548
Xiaoju Kuaizhi, Inc. - Series A-17		10/19/15		91,053		2,497,238		4,637,520
							$	46,205,361

Glossary of Abbreviations

Index Abbreviations

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

Other Abbreviations

(ADR)— American Depositary Receipt

BHFTII-251

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	118,174,273	$	—		$	—	$	118,174,273
Auto Components		28,055,613		—			—		28,055,613
Automobiles		20,682,576		—			—		20,682,576
Biotechnology		40,565,906		—			—		40,565,906
Capital Markets		52,357,559		—			—		52,357,559
Chemicals		18,178,026		—			—		18,178,026
Electric Utilities		18,422,053		—			—		18,422,053
Electronic Equipment, Instruments & Components		—		11,905,975			—		11,905,975
Entertainment		74,300,891		—			—		74,300,891
Equity Real Estate Investment Trusts		6,873,210		—			—		6,873,210
Health Care Equipment & Supplies		107,858,822		12,296,700			—		120,155,522
Health Care Providers & Services		112,070,379		—			—		112,070,379
Hotels, Restaurants & Leisure		66,605,453		—			—		66,605,453
Household Durables		11,077,703		—			—		11,077,703
Industrial Conglomerates		38,295,409		—			—		38,295,409
Insurance		13,032,244		—			—		13,032,244
Interactive Media & Services		284,189,896		45,651,745			—		329,841,641
Internet & Direct Marketing Retail		274,120,134		—			—		274,120,134
IT Services		279,923,160		—			—		279,923,160
Machinery		38,907,484		—			—		38,907,484
Multi-Utilities		20,972,429		—			—		20,972,429
Multiline Retail		52,462,743		—			—		52,462,743
Oil, Gas & Consumable Fuels		13,690,714		—			—		13,690,714
Professional Services		31,627,816		—			—		31,627,816
Road & Rail		13,768,622		3,227,028			—		16,995,650
Semiconductors & Semiconductor Equipment		44,572,080		—			—		44,572,080
Software		295,215,133		12,777,636			—		307,992,769
Specialty Retail		1,264,028		—			—		1,264,028
Technology Hardware, Storage & Peripherals		17,359,243		—			—		17,359,243
Textiles, Apparel & Luxury Goods		26,589,597		—			—		26,589,597
Tobacco		15,557,981		—			—		15,557,981
Total Common Stocks		2,136,771,177		85,859,084			—		2,222,630,261
Total Convertible Preferred Stocks*		—		—			42,978,333		42,978,333
Total Short-Term Investment*		7,714,812		—			—		7,714,812
Total Securities Lending Reinvestments*		—		244,693,419			—		244,693,419
Total Investments	$	2,144,485,989	$	330,552,503		$	42,978,333	$	2,518,016,825
Collateral for Securities Loaned (Liability)	$	—	$	(244,472,007	)	$	—	$	(244,472,007	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 3 to Level 2 in the amount of $5,343,486 were due to the initiation of trading activity which resulted in the availability of significant observable inputs.

BHFTII-252

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of September 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 September 30, 2019		Change in Unrealized Appreciation from Investments Held at September 30, 2019
Common Stocks
Real Estate Management & Development	$	132,789	$	54,106	$	(48,493	)	$	—	$	(138,402	)	$	—		$	—	$	(48,493	)
Software		227,718		—		—			—		—			(227,718	)		—		—
Convertible Preferred Stocks
Automobiles		—		—		—			5,475,397		—			—			5,475,397		—
Internet & Direct Marketing Retail		25,350,621		—		2,663,378			—		—			—			28,013,999		2,663,378
Real Estate Management & Development		3,354,386		81,867		(2,190,293	)		—		(209,412	)		—			1,036,548		(2,190,293	)
Software		10,914,720		—		(579,895	)		3,233,332		—			(5,115,768	)		8,452,389		(579,895	)
	$	39,980,234	$	135,973	$	(155,303	)	$	8,708,729	$	(347,814	)	$	(5,343,486	)	$	42,978,333	$	(155,303	)

	Fair Value at September 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 (Split Adj.)	$	18.25	$	18.25	$	18.25		Increase
Internet & Direct Marketing Retail		13,997,057	Discounted Cash Flow	Weighted Average Cost of Capital		13.00%		15.00%		14.00%		Decrease
				Perpetual Growth Rate		3.00%		4.00%		3.50%		Increase
			Comparable Company Analysis	Enterprise Value/Revenue		7.0x		7.0x		7.0x		Increase
				Discount for Lack of Marketability		9.00%		9.00%		9.00%		Decrease
		9,379,422	Market Transaction Method	Precedent Transaction	$	5.61	$	5.61	$	5.61		Increase
			Comparable Company Analysis	Enterprise Value/Gross Profit		10.9x		10.9x		10.9x		Increase
				Enterprise Value/EBIT		15.7x		19.9x		17.8x		Increase
				Discount for Lack of Marketability		10.00%		10.00%		10.00%		Decrease
		4,637,520	Market Transaction Method	Secondary Market Transaction	$	50.93	$	50.93	$	50.93		Increase
Real Estate Management & Development		1,036,548	Comparable Company Analysis	Enterprise Value/Sales		3.2x		3.2x		3.2x		Increase
				Enterprise Value/EBITDA		20.2x		20.2x		20.2x		Increase
				Discount for Lack of Marketability		10.00%		10.00%		10.00%		Decrease
			Discounted Projected Multiples	Forward Enterprise Value/EBITDA		24.5x		24.5x		24.5x		Increase
				Discount Rate		25.00%		25.00%		25.00%		Decrease
				Discount for Lack of Marketability		10.00%		10.00%		10.00%		Decrease
Software		5,219,057	Market Transaction Method	Precedent Transaction	$	27.00	$	27.00	$	27.00		Increase
				Discount for Share Dilution		10.00%		10.00%		10.00%		Decrease
		3,233,332	Market Transaction Method	Precedent Transaction	$	39.35	$	39.35	$	39.35		Increase

BHFTII-253

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.9%
Aerojet Rocketdyne Holdings, Inc. (a) (b)		233,406	$	11,789,337
Curtiss-Wright Corp.		58,525		7,571,379
HEICO Corp. - Class A		92,911		9,041,169
Hexcel Corp.		95,205		7,819,187
Moog, Inc. - Class A		75,268		6,105,740
Teledyne Technologies, Inc. (a)		30,236		9,735,690
				52,062,502
Air Freight & Logistics—0.4%
XPO Logistics, Inc. (a)		77,306		5,532,790
Auto Components—0.7%
Cooper-Standard Holdings, Inc. (a)		21,926		896,335
LCI Industries		47,655		4,377,112
Visteon Corp. (a) (b)		54,900		4,531,446
				9,804,893
Banks—1.8%
Ameris Bancorp		106,693		4,293,326
Carolina Financial Corp.		96,119		3,416,069
CenterState Bank Corp.		191,028		4,581,807
First Bancorp		128,400		4,609,560
Signature Bank		24,269		2,893,350
Western Alliance Bancorp		92,500		4,262,400
				24,056,512
Beverages—0.9%
Boston Beer Co., Inc. (The) - Class A (a) (b)		18,567		6,759,873
Coca-Cola Bottling Co. Consolidated		16,100		4,892,307
				11,652,180
Biotechnology—6.6%
ACADIA Pharmaceuticals, Inc. (a)		146,942		5,288,443
Acceleron Pharma, Inc. (a) (b)		51,167		2,021,608
Agios Pharmaceuticals, Inc. (a) (b)		59,463		1,926,601
Aimmune Therapeutics, Inc. (a) (b)		53,935		1,129,399
Alkermes plc (a)		40,085		782,058
Alnylam Pharmaceuticals, Inc. (a)		7,584		609,905
Amicus Therapeutics, Inc. (a)		110,300		884,606
Bluebird Bio, Inc. (a) (b)		18,207		1,671,767
Blueprint Medicines Corp. (a) (b)		49,933		3,668,578
CRISPR Therapeutics AG (a) (b)		41,500		1,701,085
Emergent BioSolutions, Inc. (a) (b)		104,619		5,469,481
Enanta Pharmaceuticals, Inc. (a) (b)		14,200		853,136
Exact Sciences Corp. (a)		76,490		6,912,401
Exelixis, Inc. (a) (b)		47,067		832,380
FibroGen, Inc. (a) (b)		67,211		2,485,463
Genomic Health, Inc. (a)		52,600		3,567,332
Global Blood Therapeutics, Inc. (a) (b)		60,587		2,939,681
Immunomedics, Inc. (a) (b)		116,095		1,539,420
Insmed, Inc. (a) (b)		118,384		2,088,294
Ionis Pharmaceuticals, Inc. (a)		25,686		1,538,848
Ironwood Pharmaceuticals, Inc. (a) (b)		125,604		1,078,310
Ligand Pharmaceuticals, Inc. (a) (b)		41,562		4,137,082
Madrigal Pharmaceuticals, Inc. (a) (b)		6,507		561,034
Biotechnology—(Continued)
Mirati Therapeutics, Inc. (a) (b)		29,258		2,279,491
Neurocrine Biosciences, Inc. (a)		33,111		2,983,632
PTC Therapeutics, Inc. (a)		58,000		1,961,560
Repligen Corp. (a) (b)		75,734		5,808,040
Sage Therapeutics, Inc. (a) (b)		46,169		6,477,049
Sarepta Therapeutics, Inc. (a)		33,260		2,505,143
Seattle Genetics, Inc. (a) (b)		32,260		2,755,004
Spark Therapeutics, Inc. (a)		37,218		3,609,402
Ultragenyx Pharmaceutical, Inc. (a) (b)		67,036		2,867,800
uniQure NV (a)		40,800		1,605,888
Xencor, Inc. (a) (b)		74,100		2,499,393
				89,039,314
Building Products—1.2%
AAON, Inc. (b)		60,008		2,756,768
Lennox International, Inc.		33,923		8,242,271
Patrick Industries, Inc. (a)		104,635		4,486,749
Resideo Technologies, Inc. (a)		47,300		678,755
				16,164,543
Capital Markets—1.4%
Cboe Global Markets, Inc.		56,517		6,494,368
E*Trade Financial Corp.		30,044		1,312,622
FactSet Research Systems, Inc.		10,482		2,546,812
MarketAxess Holdings, Inc. (b)		27,703		9,072,733
				19,426,535
Chemicals—3.4%
AdvanSix, Inc. (a)		83,055		2,136,175
Chase Corp.		44,724		4,892,358
HB Fuller Co.		43,500		2,025,360
Ingevity Corp. (a)		92,437		7,842,355
Innospec, Inc.		76,578		6,826,163
Minerals Technologies, Inc.		44,431		2,358,842
NewMarket Corp.		12,325		5,818,509
PolyOne Corp.		96,283		3,143,640
Quaker Chemical Corp.		31,600		4,997,224
Scotts Miracle-Gro Co. (The) (b)		41,668		4,242,636
Stepan Co.		23,600		2,290,616
				46,573,878
Commercial Services & Supplies—2.4%
Advanced Disposal Services, Inc. (a)		152,976		4,982,428
Casella Waste Systems, Inc. - Class A (a)		229,279		9,845,240
IAA, Inc. (a)		44,700		1,865,331
Rollins, Inc. (b)		120,807		4,115,895
U.S. Ecology, Inc. (b)		67,176		4,295,233
UniFirst Corp.		35,749		6,975,345
				32,079,472
Communications Equipment—0.4%
Plantronics, Inc. (b)		26,078		973,231
Ubiquiti, Inc. (b)		38,300		4,529,358
				5,502,589

BHFTII-254

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Construction & Engineering—0.1%
Comfort Systems USA, Inc.		15,800	$	698,834
Construction Materials—0.4%
Eagle Materials, Inc.		57,706		5,194,117
Consumer Finance—0.4%
Green Dot Corp. - Class A (a)		61,900		1,562,975
PRA Group, Inc. (a) (b)		32,887		1,111,252
SLM Corp.		304,100		2,683,682
				5,357,909
Containers & Packaging—0.4%
Berry Global Group, Inc. (a)		153,751		6,037,802
Distributors—0.9%
Pool Corp.		61,193		12,342,628
Diversified Consumer Services—3.7%
Bright Horizons Family Solutions, Inc. (a)		90,047		13,732,168
frontdoor, Inc. (a)		105,332		5,115,975
Grand Canyon Education, Inc. (a) (b)		68,756		6,751,839
Service Corp. International (b)		198,032		9,467,910
ServiceMaster Global Holdings, Inc. (a)		170,599		9,536,484
Strategic Education, Inc.		29,716		4,037,810
WW International, Inc. (a)		41,900		1,584,658
				50,226,844
Diversified Telecommunication Services—0.5%
GCI Liberty, Inc. - Class A (a) (b)		99,914		6,201,662
Electrical Equipment—0.7%
Atkore International Group, Inc. (a)		123,724		3,755,023
Generac Holdings, Inc. (a)		68,506		5,366,760
				9,121,783
Electronic Equipment, Instruments & Components—3.3%
Cognex Corp.		94,590		4,647,207
Coherent, Inc. (a) (b)		40,776		6,268,087
ePlus, Inc. (a)		17,400		1,323,966
Littelfuse, Inc. (b)		42,600		7,553,406
Novanta, Inc. (a)		95,700		7,820,604
OSI Systems, Inc. (a)		65,054		6,606,884
Tech Data Corp. (a) (b)		17,700		1,845,048
Zebra Technologies Corp. - Class A (a)		40,297		8,316,092
				44,381,294
Energy Equipment & Services—0.5%
Apergy Corp. (a)		121,700		3,291,985
Computer Modelling Group, Ltd.		39,025		179,977
Dril-Quip, Inc. (a) (b)		47,432		2,380,138
Exterran Corp. (a)		32,458		423,901
RPC, Inc. (b)		91,500		513,315
				6,789,316
Entertainment—0.8%
Live Nation Entertainment, Inc. (a) (b)		62,737		4,161,973
Take-Two Interactive Software, Inc. (a)		52,248		6,548,764
				10,710,737
Equity Real Estate Investment Trusts—3.6%
Americold Realty Trust		201,959		7,486,620
CoreSite Realty Corp.		58,252		7,098,006
CubeSmart (b)		124,371		4,340,548
CyrusOne, Inc.		96,021		7,595,261
Equity LifeStyle Properties, Inc.		38,144		5,096,038
First Industrial Realty Trust, Inc. (b)		155,504		6,151,738
PS Business Parks, Inc.		22,211		4,041,292
Terreno Realty Corp.		135,817		6,938,891
				48,748,394
Food & Staples Retailing—1.7%
Casey’s General Stores, Inc.		62,693		10,103,604
Performance Food Group Co. (a)		198,384		9,127,648
Sprouts Farmers Market, Inc. (a)		206,000		3,984,040
				23,215,292
Food Products—1.5%
J&J Snack Foods Corp.		39,132		7,513,344
John B Sanfilippo & Son, Inc.		31,995		3,090,717
Post Holdings, Inc. (a)		62,825		6,649,398
TreeHouse Foods, Inc. (a) (b)		55,344		3,068,825
				20,322,284
Health Care Equipment & Supplies—5.4%
Avanos Medical, Inc. (a)		27,094		1,014,941
Cantel Medical Corp. (b)		72,714		5,439,007
Cooper Cos., Inc. (The)		10,201		3,029,697
Globus Medical, Inc. - Class A (a)		98,900		5,055,768
Haemonetics Corp. (a)		73,769		9,305,222
ICU Medical, Inc. (a)		43,362		6,920,575
Inogen, Inc. (a)		15,734		753,816
Insulet Corp. (a) (b)		26,756		4,412,867
Lantheus Holdings, Inc. (a)		168,701		4,228,491
LivaNova plc (a) (b)		57,400		4,235,546
Masimo Corp. (a)		69,684		10,368,282
NuVasive, Inc. (a)		74,585		4,727,197
Penumbra, Inc. (a) (b)		36,658		4,930,134
West Pharmaceutical Services, Inc.		60,831		8,627,053
				73,048,596
Health Care Providers & Services—4.3%
Addus HomeCare Corp. (a)		57,661		4,571,364
Amedisys, Inc. (a)		45,000		5,895,450
AMN Healthcare Services, Inc. (a)		23,100		1,329,636
BioTelemetry, Inc. (a)		71,277		2,903,112
Chemed Corp.		26,021		10,865,589
Corvel Corp. (a)		41,956		3,176,069
Encompass Health Corp.		74,774		4,731,699
Ensign Group, Inc. (The)		148,800		7,057,584
Molina Healthcare, Inc. (a)		84,653		9,288,127

BHFTII-255

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
U.S. Physical Therapy, Inc.		45,883	$	5,990,026
WellCare Health Plans, Inc. (a)		10,846		2,810,958
				58,619,614
Health Care Technology—0.6%
Omnicell, Inc. (a)		82,160		5,937,703
Tabula Rasa HealthCare, Inc. (a) (b)		52,300		2,873,362
				8,811,065
Hotels, Restaurants & Leisure—5.9%
Boyd Gaming Corp.		227,600		5,451,020
Cheesecake Factory, Inc. (The) (b)		54,949		2,290,274
Choice Hotels International, Inc. (b)		69,268		6,162,081
Churchill Downs, Inc. (b)		94,996		11,727,731
Denny’s Corp. (a)		287,987		6,556,024
Domino’s Pizza, Inc. (b)		19,317		4,724,745
Hilton Grand Vacations, Inc. (a)		157,683		5,045,856
Marriott Vacations Worldwide Corp.		10,212		1,058,065
Papa John’s International, Inc. (b)		53,064		2,777,900
Penn National Gaming, Inc. (a) (b)		270,465		5,037,411
Ruth’s Hospitality Group, Inc.		163,300		3,333,770
Six Flags Entertainment Corp.		59,859		3,040,239
Texas Roadhouse, Inc. (b)		122,500		6,433,700
Vail Resorts, Inc. (b)		42,615		9,697,470
Wendy’s Co. (The)		326,499		6,523,450
				79,859,736
Household Durables—0.9%
Cavco Industries, Inc. (a)		15,406		2,959,339
Helen of Troy, Ltd. (a) (b)		61,476		9,692,306
				12,651,645
Independent Power and Renewable Electricity Producers—0.5%
Ormat Technologies, Inc. (b)		88,890		6,603,638
Insurance—1.3%
Heritage Insurance Holdings, Inc.		35,917		536,959
Kemper Corp.		44,400		3,460,980
Primerica, Inc.		84,587		10,762,004
Universal Insurance Holdings, Inc.		99,000		2,969,010
				17,728,953
IT Services—4.9%
Booz Allen Hamilton Holding Corp.		141,245		10,031,220
Broadridge Financial Solutions, Inc.		20,519		2,553,179
CACI International, Inc. - Class A (a)		19,800		4,578,948
Cardtronics plc - Class A (a) (b)		104,972		3,174,353
CoreLogic, Inc. (a)		120,330		5,567,669
Euronet Worldwide, Inc. (a)		96,348		14,095,713
Gartner, Inc. (a)		25,761		3,683,565
MAXIMUS, Inc.		121,340		9,374,729
Science Applications International Corp.		59,057		5,158,629
WEX, Inc. (a) (b)		42,074		8,501,893
				66,719,898
Leisure Products—0.3%
Brunswick Corp.		85,646		4,463,870
Life Sciences Tools & Services—2.9%
Bio-Rad Laboratories, Inc. - Class A (a)		18,995		6,320,396
Bruker Corp. (b)		52,400		2,301,932
Cambrex Corp. (a)		76,707		4,564,066
Charles River Laboratories International, Inc. (a)		67,123		8,885,072
Medpace Holdings, Inc. (a)		89,094		7,487,460
PRA Health Sciences, Inc. (a) (b)		98,785		9,802,436
				39,361,362
Machinery—4.5%
Albany International Corp. - Class A		42,600		3,840,816
Douglas Dynamics, Inc.		92,475		4,121,611
EnPro Industries, Inc.		37,421		2,568,952
Gardner Denver Holdings, Inc. (a)		160,240		4,533,190
Graco, Inc.		132,369		6,094,269
IDEX Corp.		13,873		2,273,507
John Bean Technologies Corp.		60,893		6,054,591
Lincoln Electric Holdings, Inc.		32,772		2,843,299
Lydall, Inc. (a)		76,082		1,895,203
Middleby Corp. (The) (a)		17,498		2,045,516
Milacron Holdings Corp. (a)		120,859		2,014,719
Nordson Corp. (b)		33,190		4,854,369
Standex International Corp.		11,602		846,250
Toro Co. (The)		123,752		9,071,021
Woodward, Inc.		74,657		8,050,264
				61,107,577
Media—1.9%
Cable One, Inc.		11,047		13,860,671
Gray Television, Inc. (a)		190,554		3,109,841
MSG Networks, Inc. - Class A (a) (b)		147,782		2,397,024
Nexstar Media Group, Inc. - Class A (b)		58,429		5,977,871
				25,345,407
Metals & Mining—0.1%
Worthington Industries, Inc.		50,716		1,828,312
Oil, Gas & Consumable Fuels—1.3%
Matador Resources Co. (a) (b)		243,834		4,030,576
PBF Energy, Inc. - Class A		162,800		4,426,532
PDC Energy, Inc. (a)		104,756		2,906,979
WPX Energy, Inc. (a) (b)		598,810		6,341,398
				17,705,485
Personal Products—0.1%
Nu Skin Enterprises, Inc. - Class A		23,002		978,275
Pharmaceuticals—2.3%
Aerie Pharmaceuticals, Inc. (a) (b)		44,612		857,443
Assertio Therapeutics, Inc. (a)		150,974		193,247
Catalent, Inc. (a) (b)		172,970		8,243,750
Horizon Therapeutics plc (a)		194,989		5,309,550
Innoviva, Inc. (a)		95,630		1,007,940

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

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—(Continued)
Jazz Pharmaceuticals plc (a)		11,791	$	1,510,899
MyoKardia, Inc. (a) (b)		41,691		2,174,186
Nektar Therapeutics (a) (b)		44,736		814,866
Pacira BioSciences, Inc. (a)		36,907		1,405,049
Phibro Animal Health Corp. - Class A		77,841		1,660,348
Prestige Consumer Healthcare, Inc. (a) (b)		112,949		3,918,201
Supernus Pharmaceuticals, Inc. (a)		90,166		2,477,762
Theravance Biopharma, Inc. (a) (b)		61,814		1,204,137
WAVE Life Sciences, Ltd. (a) (b)		15,876		325,934
				31,103,312
Professional Services—2.0%
ASGN, Inc. (a)		113,800		7,153,468
Exponent, Inc.		131,329		9,179,897
Insperity, Inc.		78,816		7,772,834
TransUnion		31,554		2,559,345
				26,665,544
Road & Rail—0.9%
Landstar System, Inc. (b)		60,469		6,807,600
Old Dominion Freight Line, Inc. (b)		30,125		5,120,346
				11,927,946
Semiconductors & Semiconductor Equipment—4.8%
Advanced Energy Industries, Inc. (a)		66,144		3,797,327
Cabot Microelectronics Corp.		35,783		5,052,917
Cirrus Logic, Inc. (a)		82,514		4,421,100
Entegris, Inc.		205,059		9,650,077
Ichor Holdings, Ltd. (a)		57,300		1,385,514
MaxLinear, Inc. (a)		233,304		5,221,344
Mellanox Technologies, Ltd. (a)		87,546		9,594,166
MKS Instruments, Inc.		84,683		7,814,547
Monolithic Power Systems, Inc. (b)		43,941		6,838,538
Nanometrics, Inc. (a)		96,663		3,153,147
Versum Materials, Inc.		139,013		7,357,958
				64,286,635
Software—8.2%
ACI Worldwide, Inc. (a) (b)		186,469		5,841,142
Aspen Technology, Inc. (a)		54,538		6,712,537
Blackbaud, Inc.		91,657		8,280,293
Ceridian HCM Holding, Inc. (a)		71,655		3,537,607
CommVault Systems, Inc. (a)		77,371		3,459,257
CyberArk Software, Ltd. (a)		34,700		3,463,754
Descartes Systems Group, Inc. (The) (a)		73,158		2,948,999
Envestnet, Inc. (a) (b)		110,136		6,244,711
Fair Isaac Corp. (a)		42,585		12,925,399
Fortinet, Inc. (a)		33,033		2,535,613
j2 Global, Inc. (b)		44,402		4,032,590
LogMeIn, Inc.		33,682		2,390,075
Manhattan Associates, Inc. (a)		77,323		6,237,646
Pegasystems, Inc.		96,260		6,550,493
Proofpoint, Inc. (a)		63,489		8,193,256
Software—(Continued)
PTC, Inc. (a)		21,581		1,471,393
Qualys, Inc. (a) (b)		72,085		5,447,464
RealPage, Inc. (a)		117,127		7,362,603
Sapiens International Corp. NV		22,238		436,754
SS&C Technologies Holdings, Inc. (b)		118,389		6,105,321
Tyler Technologies, Inc. (a)		24,796		6,508,950
				110,685,857
Specialty Retail—1.3%
Aaron’s, Inc.		54,214		3,483,791
Burlington Stores, Inc. (a)		40,813		8,155,254
Children’s Place, Inc. (The) (b)		14,527		1,118,434
Murphy USA, Inc. (a)		57,220		4,880,866
				17,638,345
Technology Hardware, Storage & Peripherals—0.3%
NCR Corp. (a)		124,450		3,927,642
Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc. (b)		59,872		5,460,925
Steven Madden, Ltd.		174,353		6,240,094
				11,701,019
Thrifts & Mortgage Finance—0.4%
MGIC Investment Corp.		153,627		1,932,628
Radian Group, Inc.		128,125		2,926,375
				4,859,003
Trading Companies & Distributors—0.7%
Beacon Roofing Supply, Inc. (a) (b)		47,150		1,580,940
Univar, Inc. (a)		110,408		2,292,070
Watsco, Inc. (b)		29,680		5,021,262
				8,894,272
Water Utilities—0.2%
Middlesex Water Co.		37,468		2,433,921
Total Common Stocks (Cost $1,000,071,742)				1,330,201,033
Short-Term Investment—1.8%
Mutual Fund—1.8%
T. Rowe Price Treasury Reserve Fund (c)		23,951,339		23,951,339
Total Short-Term Investments (Cost $23,951,339)				23,951,339
Securities Lending Reinvestments (d)—20.6%
Certificates of Deposit—10.7%
Banco Del Estado De Chile New York
2.206%, 1M LIBOR + 0.160%, 11/22/19 (e)		5,000,000		4,999,725
2.222%, 1M LIBOR + 0.180%, 10/09/19 (e)		3,000,000		3,000,000

BHFTII-257

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (e)		5,000,000	$	4,999,605
Bank of Montreal (Chicago)
1.990%, SOFR + 0.170%, 02/07/20 (e)		2,000,000		2,000,422
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (e)		5,000,000		4,999,975
Bank of Nova Scotia 2.198%, 1M LIBOR + 0.170%, 05/15/20 (e)		5,000,000		4,997,790
Barclays Bank plc 2.297%, 1M LIBOR + 0.230%, 02/05/20 (e)		4,000,000		3,997,208
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (e)		2,000,000		2,000,370
Canadian Imperial Bank of Commerce
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (e)		1,000,000		1,000,005
2.278%, 1M LIBOR + 0.250%, 10/15/19 (e)		7,000,000		7,000,238
China Construction Bank Corp. 2.470%, 10/18/19		1,000,000		1,000,127
Cooperative Rabobank UA 2.439%, 3M LIBOR + 0.150%, 01/08/20 (e)		4,500,000		4,500,085
Credit Agricole S.A. 2.256%, 1M LIBOR + 0.210%, 12/20/19 (e)		10,000,000		10,001,430
Credit Industriel et Commercial
2.227%, 1M LIBOR + 0.160%, 03/05/20 (e)		2,000,000		1,999,498
2.260%, 1M LIBOR + 0.160%, 01/03/20 (e)		2,000,000		1,999,748
2.393%, 3M LIBOR + 0.090%, 10/15/19 (e)		5,000,000		5,000,525
Credit Suisse AG
2.219%, 1M LIBOR + 0.130%, 11/04/19 (e)		4,000,000		3,999,680
2.240%, 1M LIBOR + 0.140%, 10/02/19 (e)		5,000,000		5,000,000
DNB Bank ASA 2.020%, 03/10/20		2,000,000		1,999,572
DZ Bank AG
Zero Coupon, 10/18/19		4,969,899		4,994,750
Zero Coupon, 03/10/20		989,594		990,790
KBC Bank NV
Zero Coupon, 10/25/19		2,961,000		2,995,964
2.080%, 03/12/20		1,000,000		1,000,100
2.220%, 12/03/19		4,000,000		4,000,960
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 11/18/19		1,988,577		1,994,360
Mizuho Bank, Ltd. 2.174%, 1M LIBOR + 0.120%, 11/27/19 (e)		5,000,000		4,999,905
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (e)		2,000,000		1,999,794
National Australia Bank, Ltd. 2.232%, 1M LIBOR + 0.190%, 04/08/20 (e)		4,000,000		3,999,360
Norinchukin Bank, New York Zero Coupon, 10/09/19		1,988,162		1,998,940
Societe Generale
2.180%, FEDEFF PRV + 0.350%, 06/19/20 (e)		2,000,000		1,999,706
2.337%, 1M LIBOR + 0.280%, 06/19/20 (e)		2,000,000		2,002,364
Standard Chartered Bank
2.158%, 1M LIBOR + 0.130%, 11/15/19 (e)		4,000,000		4,000,068
2.230%, FEDEFF PRV + 0.400%, 03/13/20 (e)		2,000,000		1,999,988
Sumitomo Mitsui Banking Corp.
2.172%, 1M LIBOR + 0.130%, 12/09/19 (e)		2,000,000		1,999,740
2.179%, 1M LIBOR + 0.140%, 11/12/19 (e)		3,000,000		2,999,850
2.216%, 1M LIBOR + 0.170%, 01/21/20 (e)		2,000,000		1,999,972
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp.
2.234%, 1M LIBOR + 0.180%, 01/27/20 (e)		4,000,000		3,999,724
Sumitomo Mitsui Trust Bank, Ltd. Zero Coupon, 02/18/20		2,967,193		2,975,790
Svenska Handelsbanken AB
2.266%, 1M LIBOR + 0.220%, 07/22/20 (e)		3,000,000		2,999,076
2.429%, 1M LIBOR + 0.380%, 12/10/19 (e)		2,000,000		2,000,804
Wells Fargo Bank N.A.
2.180%, FEDEFF PRV + 0.350%, 08/20/20 (e)		5,000,000		5,000,000
2.477%, 3M LIBOR + 0.210%, 10/25/19 (e)		1,500,000		1,500,350
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (e)		6,000,000		5,999,978
				144,948,336
Commercial Paper—3.6%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd. 2.470%, 10/11/19		2,982,298		2,997,867
Cafco LLC 2.120%, 10/31/19		1,992,580		1,996,362
China Construction Bank Corp.
2.470%, 10/17/19		1,987,650		1,997,842
2.500%, 10/01/19		3,000,000		3,000,024
Industrial & Commercial Bank of China, Corp. 2.470%, 10/25/19		993,688		998,636
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (e)		5,000,000		5,000,810
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (e)		1,000,000		1,000,028
Societe Generale 2.555%, 3M LIBOR + 0.410%, 12/18/19 (e)		4,003,392		4,003,660
Sumitomo Mitsui Banking Corp. 2.187%, 1M LIBOR + 0.130%, 01/06/20 (e)		4,000,000		3,999,488
Thunder Bay Funding LLC 2.167%, 1M LIBOR + 0.100%, 12/05/19 (e)		3,000,000		2,999,700
Toronto-Dominion Bank 2.417%, 1M LIBOR + 0.350%, 11/05/19 (e)		7,000,000		7,001,043
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (e)		8,000,000		8,000,000
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (e)		3,999,506		3,997,956
				47,988,804
Repurchase Agreements—5.9%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $5,000,267; collateralized by various Common Stock with an aggregate market value of $5,500,001.		5,000,000		5,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $4,626,685; collateralized by various Common Stock with an aggregate market value of $5,060,001.		4,600,000		4,600,000

BHFTII-258

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $7,546,575; collateralized by various Common Stock with an aggregate market value of $8,250,847.		7,500,000	$	7,500,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $2,004,219; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,200,080; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $1,224,001.		1,200,000		1,200,000
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,100,073; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $1,122,000.		1,100,000		1,100,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $5,346,502; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $5,453,159.		5,346,235		5,346,235
Morgan Stanley & Co. LLC Repurchase Agreement dated 09/30/19 at 2.370%, due on 03/30/20 with a maturity value of $4,047,927; collateralized by U.S. Treasury Obligations with rates ranging from 2.000% - 2.375%, maturity dates ranging from 03/15/22 - 05/15/29, and various Common Stock with an aggregate market value of $4,390,674.		4,000,000		4,000,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,400,077; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,558,203.		1,400,000		1,400,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $1,500,589; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $1,667,111.		1,500,000		1,500,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $5,000,326; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $5,100,000.		5,000,000		5,000,000
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $2,000,109; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $2,800,154; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $3,110,973.		2,800,000		2,800,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $25,009,722; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $27,776,548.		25,000,000		25,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $10,003,889; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $11,110,619.		10,000,000		10,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,000,389; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000		1,000,000
				79,446,235
Time Deposits—0.4%
Nordea Bank New York 1.760%, 10/01/19		5,000,000		5,000,000
Shizuoka Bank, Ltd. 2.250%, 10/18/19		1,000,000		1,000,000
				6,000,000
Total Securities Lending Reinvestments (Cost $278,383,238)				278,383,375
Total Investments—120.9% (Cost $1,302,406,319)				1,632,535,747
Other assets and liabilities (net)—(20.9)%				(281,955,360	)
Net Assets—100.0%			$	1,350,580,387

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $273,479,871 and the collateral received consisted of cash in the amount of $278,264,036 and non-cash collateral with a value of $418,592. 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.

BHFTII-259

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

(c)	Affiliated Issuer.
(d)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(e)	Variable or floating rate security. The stated rate represents the rate at September 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.

Index Abbreviations

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

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,330,201,033	$	—		$	—	$	1,330,201,033
Total Short-Term Investment*		23,951,339		—			—		23,951,339
Total Securities Lending Reinvestments*		—		278,383,375			—		278,383,375
Total Investments	$	1,354,152,372	$	278,383,375		$	—	$	1,632,535,747
Collateral for Securities Loaned (Liability)	$	—	$	(278,264,036	)	$	—	$	(278,264,036	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-260

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

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

Common Stocks—91.6% of Net Assets

Security Description	Shares		Value
Chemicals—9.1%
CF Industries Holdings, Inc. (a)		958,900	$	47,177,880
Corteva, Inc.		73,933		2,070,124
Dow, Inc.		73,933		3,522,908
DuPont de Nemours, Inc.		73,933		5,272,162
Nutrien, Ltd. (a)		836,123		41,705,815
				99,748,889
Electrical Equipment—1.8%
Sunrun, Inc. (a) (b)		1,195,000		19,962,475
Energy Equipment & Services—1.8%
Nabors Industries, Ltd. (a)		929,000		1,737,230
ProPetro Holding Corp. (a) (b)		658,300		5,983,947
Schlumberger, Ltd.		136,000		4,647,120
Solaris Oilfield Infrastructure, Inc. - Class A (a)		168,200		2,257,244
Transocean, Ltd. (a) (b)		1,140,100		5,096,247
				19,721,788
Equity Real Estate Investment Trusts—2.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		787,343		22,951,048
Food Products—3.5%
Bunge, Ltd.		198,000		11,210,760
Tyson Foods, Inc. - Class A		318,400		27,426,976
				38,637,736
Independent Power and Renewable Electricity Producers—1.1%
Ormat Technologies, Inc. (a)		165,800		12,317,282
Machinery—1.1%
Chart Industries, Inc. (a) (b)		192,020		11,974,367
Marine—2.8%
Kirby Corp. (a) (b)		367,031		30,155,267
Metals & Mining—31.4%
Agnico Eagle Mines, Ltd. (U.S. Listed Shares)		776,433		41,624,573
Anglo American plc		1,546,800		35,634,323
Barrick Gold Corp.		3,627,420		62,863,189
First Quantum Minerals, Ltd.		4,486,600		37,691,707
Glencore plc (b)		10,412,257		31,369,583
Kinross Gold Corp. (b)		3,747,200		17,237,120
Newmont Goldcorp Corp.		1,131,517		42,907,125
Rio Tinto plc (ADR) (a)		721,500		37,582,935
Steel Dynamics, Inc. (a)		427,000		12,724,600
Teck Resources, Ltd. - Class B		1,554,000		25,221,420
				344,856,575
Oil, Gas & Consumable Fuels—33.4%
Brigham Minerals, Inc. - Class A (a)		127,600		2,539,240
Cabot Oil & Gas Corp. (a)		751,300		13,200,341
Chevron Corp.		285,000		33,801,000
Cimarex Energy Co. (a)		234,900		11,261,106
Oil, Gas & Consumable Fuels—(Continued)
CNX Resources Corp. (a) (b)		1,382,200		10,034,772
Concho Resources, Inc.		443,429		30,108,829
Diamondback Energy, Inc. (a)		502,906		45,216,278
Encana Corp. (a)		4,857,876		22,346,230
EOG Resources, Inc.		313,700		23,282,814
Golar LNG, Ltd. (a)		1,111,500		14,438,385
Parsley Energy, Inc. - Class A (a)		2,306,500		38,749,200
PBF Energy, Inc. - Class A		639,200		17,379,848
PDC Energy, Inc. (b)		617,800		17,143,950
Pioneer Natural Resources Co.		308,900		38,850,353
Royal Dutch Shell plc Class B (ADR)		260,000		15,574,000
Viper Energy Partners LP		535,500		14,817,285
WPX Energy, Inc. (a) (b)		1,642,200		17,390,898
				366,134,529
Paper & Forest Products—1.1%
Louisiana-Pacific Corp. (a)		502,100		12,341,618
Semiconductors & Semiconductor Equipment—2.4%
SolarEdge Technologies, Inc. (b)		309,500		25,911,340
Total Common Stocks (Cost $1,099,862,952)				1,004,712,914
Short-Term Investment—8.3%
Mutual Fund—8.3%
AIM STIT-STIC Prime Portfolio		91,004,905		91,004,905
Total Short-Term Investments (Cost $91,004,905)				91,004,905
Securities Lending Reinvestments (c)—18.6%
Certificates of Deposit—8.8%
Banco Del Estado De Chile New York 2.206%, 1M LIBOR + 0.160%, 11/22/19 (d)		4,000,000		3,999,780
Bank of Montreal (Chicago)
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (d)		3,000,000		2,999,985
2.210%, FEDEFF PRV + 0.380%, 09/09/20 (d)		2,000,000		1,999,992
Bank of Nova Scotia
2.198%, 1M LIBOR + 0.170%, 05/15/20 (d)		3,000,000		2,998,674
2.200%, FEDEFF PRV + 0.370%, 09/08/20 (d)		2,000,000		1,999,992
2.481%, 3M LIBOR + 0.170%, 01/09/20 (d)		5,000,000		5,002,085
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (d)		2,000,000		2,000,370
Canadian Imperial Bank of Commerce
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (d)		3,000,000		3,000,015
2.278%, 1M LIBOR + 0.250%, 10/15/19 (d)		5,000,000		5,000,170
Chiba Bank, Ltd.
2.240%, 10/28/19		3,000,000		3,000,234
2.250%, 10/17/19		1,000,000		1,000,052
Commonwealth Bank of Australia 2.200%, 1M LIBOR + 0.175%, 04/16/20 (d)		1,000,000		999,590

BHFTII-261

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Credit Agricole S.A. 2.256%, 1M LIBOR + 0.210%, 12/20/19 (d)		5,000,000	$	5,000,715
Credit Suisse AG 2.219%, 1M LIBOR + 0.130%, 11/04/19 (d)		4,000,000		3,999,680
DNB Bank ASA 2.020%, 03/10/20		4,000,000		3,999,144
DZ Bank AG
Zero Coupon, 03/10/20		1,979,188		1,981,580
Zero Coupon, 03/17/20		3,957,386		3,961,560
Industrial & Commercial Bank of China, Corp. 2.330%, 12/04/19		3,000,000		2,999,952
KBC Bank NV
2.080%, 03/12/20		2,000,000		2,000,200
2.220%, 12/03/19		4,000,000		4,000,960
Mizuho Bank, Ltd. 2.174%, 1M LIBOR + 0.120%, 11/27/19 (d)		3,000,000		2,999,943
Norinchukin Bank, New York Zero Coupon, 10/09/19		1,988,162		1,998,940
Societe Generale 2.280%, FEDEFF PRV + 0.450%, 08/14/20 (d)		3,000,428		3,001,557
Standard Chartered Bank 2.158%, 1M LIBOR + 0.130%, 11/15/19 (d)		5,000,000		5,000,085
Sumitomo Mitsui Banking Corp.
2.216%, 1M LIBOR + 0.170%, 01/21/20 (d)		2,000,000		1,999,972
2.234%, 1M LIBOR + 0.180%, 01/27/20 (d)		2,000,000		1,999,862
Sumitomo Mitsui Trust Bank, Ltd. 2.184%, 1M LIBOR + 0.140%, 11/20/19 (d)		3,000,000		2,999,940
Svenska Handelsbanken AB
2.247%, 1M LIBOR + 0.180%, 06/05/20 (d)		2,000,000		1,999,060
2.266%, 1M LIBOR + 0.220%, 07/22/20 (d)		3,000,000		2,999,076
2.344%, 1M LIBOR + 0.300%, 10/31/19 (d)		2,000,000		2,000,288
Wells Fargo Bank N.A.
2.180%, FEDEFF PRV + 0.350%, 08/20/20 (d)		1,000,000		1,000,000
2.477%, 3M LIBOR + 0.210%, 10/25/19 (d)		3,000,000		3,000,699
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (d)		4,000,000		3,999,986
				96,944,138
Commercial Paper—3.6%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd.
2.290%, 12/09/19		1,988,550		1,990,894
2.470%, 10/11/19		4,970,497		4,996,445
Cafco LLC 2.120%, 10/31/19		1,992,580		1,996,362
China Construction Bank Corp. 2.500%, 10/01/19		1,000,000		1,000,008
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (d)		5,000,000		5,000,810
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (d)		5,000,000		5,000,140
Societe Generale 2.555%, 3M LIBOR + 0.410%, 12/18/19 (d)		2,001,696		2,001,830
Commercial Paper—(Continued)
Sumitomo Mitsui Banking Corp. 2.187%, 1M LIBOR + 0.130%, 01/06/20 (d)		4,000,000		3,999,488
Thunder Bay Funding LLC 2.167%, 1M LIBOR + 0.100%, 12/05/19 (d)		4,000,000		3,999,600
Toronto-Dominion Bank 2.417%, 1M LIBOR + 0.350%, 11/05/19 (d)		5,000,000		5,000,745
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (d)		2,999,630		2,998,467
				38,980,177
Repurchase Agreements—3.9%
BofA Securities, Inc.
Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $5,000,267; collateralized by various Common Stock with an aggregate market value of $5,500,001.		5,000,000		5,000,000
Repurchase Agreement dated 09/30/19 at 2.270%, due on 12/31/19 with a maturity value of $804,641; collateralized by various Common Stock with an aggregate market value of $880,000.		800,000		800,000
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $10,062,100; collateralized by various Common Stock with an aggregate market value of $11,001,129.		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $5,010,549; collateralized by various Common Stock with an aggregate market value of $5,500,000.		5,000,000		5,000,000
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $59,769; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $60,960.		59,765		59,765
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $54,987; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $56,083.		54,983		54,983
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $6,154,532; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $6,277,309.		6,154,224		6,154,224
Morgan Stanley & Co. LLC Repurchase Agreement dated 09/30/19 at 2.370%, due on 03/30/20 with a maturity value of $4,047,927; collateralized by U.S. Treasury Obligations with rates ranging from 2.000% - 2.375%, maturity dates ranging from 03/15/22 - 05/15/29, and various Common Stock with an aggregate market value of $4,390,674.		4,000,000		4,000,000

BHFTII-262

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
NBC Global Finance, Ltd.
Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $69,403; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $77,241.		69,399	$	69,399
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $5,001,964; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $5,557,037.		5,000,000		5,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $100,005; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $111,106.		100,000		100,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $100,006; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $111,106.		100,000		100,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,000,389; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000		1,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $6,002,333; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $6,666,371.		6,000,000		6,000,000
				43,338,371
Time Deposits—2.3%
Australia & New Zealand Banking Group, Ltd. 2.000%, 10/01/19		10,000,000		10,000,000
Barclays Bank plc 1.920%, 10/01/19		4,800,000		4,800,000
Nordea Bank New York 1.760%, 10/01/19		10,000,000		10,000,000
				24,800,000
Total Securities Lending Reinvestments (Cost $204,060,412)				204,062,686
Total Investments—118.5% (Cost $1,394,928,269)				1,299,780,505
Other assets and liabilities (net)—(18.5)%				(202,830,206	)
Net Assets—100.0%			$	1,096,950,299

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $211,852,533 and the collateral received consisted of cash in the amount of $204,037,125 and non-cash collateral with a value of $12,546,809. 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.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(d)	Variable or floating rate security. The stated rate represents the rate at September 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.

Index Abbreviations

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

Other Abbreviations

(ADR)— American Depositary Receipt

BHFTII-263

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Chemicals	$	99,748,889	$	—		$	—	$	99,748,889
Electrical Equipment		19,962,475		—			—		19,962,475
Energy Equipment & Services		19,721,788		—			—		19,721,788
Equity Real Estate Investment Trusts		22,951,048		—			—		22,951,048
Food Products		38,637,736		—			—		38,637,736
Independent Power and Renewable Electricity Producers		12,317,282		—			—		12,317,282
Machinery		11,974,367		—			—		11,974,367
Marine		30,155,267		—			—		30,155,267
Metals & Mining		277,852,669		67,003,906			—		344,856,575
Oil, Gas & Consumable Fuels		366,134,529		—			—		366,134,529
Paper & Forest Products		12,341,618		—			—		12,341,618
Semiconductors & Semiconductor Equipment		25,911,340		—			—		25,911,340
Total Common Stocks		937,709,008		67,003,906			—		1,004,712,914
Total Short-Term Investment*		91,004,905		—			—		91,004,905
Total Securities Lending Reinvestments*		—		204,062,686			—		204,062,686
Total Investments	$	1,028,713,913	$	271,066,592		$	—	$	1,299,780,505
Collateral for Securities Loaned (Liability)	$	—	$	(204,037,125	)	$	—	$	(204,037,125	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-264

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—56.2% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—0.4%
Boeing Co. (The)
2.700%, 02/01/27 (a)		1,570,000	$	1,603,854
3.250%, 02/01/35		3,740,000		3,894,990
L3Harris Technologies, Inc.
4.854%, 04/27/35		350,000		414,538
5.054%, 04/27/45		1,089,000		1,367,220
Northrop Grumman Corp. 3.200%, 02/01/27		3,560,000		3,726,296
Raytheon Co. 3.125%, 10/15/20		30,000		30,363
				11,037,261
Agriculture—0.2%
Altria Group, Inc.
4.400%, 02/14/26		1,000,000		1,068,993
4.800%, 02/14/29		3,500,000		3,838,198
5.950%, 02/14/49		829,000		975,239
Reynolds American, Inc. 4.850%, 09/15/23		1,640,000		1,774,989
				7,657,419
Airlines—0.0%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		608,587		644,554
American Airlines Pass-Through Trust 5.600%, 07/15/20 (144A)		607,347		617,611
				1,262,165
Apparel—0.5%
Hanesbrands, Inc. 4.875%, 05/15/26 (144A) (a)		10,598,000		11,196,787
Levi Strauss & Co. 5.000%, 05/01/25 (a)		1,334,000		1,385,439
William Carter Co. (The) 5.625%, 03/15/27 (144A)		2,910,000		3,113,700
				15,695,926
Auto Manufacturers—0.5%
Allison Transmission, Inc. 5.000%, 10/01/24 (144A) (a)		4,790,000		4,894,781
Ford Motor Credit Co. LLC
3.219%, 01/09/22		250,000		249,740
5.875%, 08/02/21		1,025,000		1,073,599
General Motors Co. 6.600%, 04/01/36		5,134,000		5,883,947
JB Poindexter & Co., Inc. 7.125%, 04/15/26 (144A)		2,921,000		3,023,235
				15,125,302
Auto Parts & Equipment—0.1%
Delphi Technologies plc
5.000%, 10/01/25 (144A)		3,260,000		2,885,100
Auto Parts & Equipment—(Continued)
ZF North America Capital, Inc. 4.750%, 04/29/25 (144A)		1,183,000		1,233,248
				4,118,348
Banks—8.0%
Banco Mercantil del Norte S.A.
6.875%, 5Y H15 + 5.035%, 07/06/22 (144A) (b)		800,000		803,000
7.625%, 10Y H15 + 5.353%, 01/10/28 (144A) (b)		800,000		816,008
Banco Santander S.A.
3.800%, 02/23/28		400,000		419,097
3.848%, 04/12/23		9,800,000		10,213,322
Bank of America Corp.
4.000%, 01/22/25		16,110,000		17,113,023
4.250%, 10/22/26		7,628,000		8,265,407
Barclays Bank plc 7.625%, 11/21/22		16,450,000		18,136,125
Barclays plc
4.972%, 3M LIBOR + 1.902%, 05/16/29 (a) (b)		4,990,000		5,476,645
5.088%, 3M LIBOR + 3.054%, 06/20/30 (b)		200,000		208,644
7.750%, 5Y USD Swap + 4.842%, 09/15/23 (a) (b)		3,650,000		3,798,445
8.000%, 5Y H15 + 5.672%, 06/15/24 (b)		6,660,000		7,082,910
BBVA Bancomer S.A. 5.125%, 5Y H15 + 2.650%, 01/18/33 (144A) (b)		8,480,000		8,077,200
BNP Paribas S.A. 7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (b)		2,850,000		3,003,188
Citigroup, Inc. 4.450%, 09/29/27		11,094,000		12,103,997
Cooperative Rabobank UA
3.750%, 07/21/26		4,210,000		4,368,181
4.375%, 08/04/25		1,470,000		1,586,837
4.625%, 12/01/23		5,870,000		6,311,399
Credit Agricole S.A.
6.500%, 5Y EUR Swap + 5.120%, 06/23/21 (EUR) (b)		2,735,000		3,219,257
7.875%, 5Y USD Swap + 4.898%, 01/23/24 (144A) (a) (b)		1,750,000		1,951,250
8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (a) (b)		7,050,000		8,292,562
8.375%, 3M LIBOR + 6.982%, 10/13/19 (144A) (b)		640,000		641,024
Credit Suisse Group AG
2.593%, SOFR + 1.560%, 09/11/25 (144A) (b)		1,500,000		1,485,885
7.250%, 5Y USD Swap + 4.332%, 09/12/25 (144A) (b)		650,000		695,500
7.500%, 5Y USD Swap + 4.600%, 07/17/23 (144A) (b)		3,390,000		3,623,063
Danske Bank A/S
5.000%, 01/12/22 (144A)		2,040,000		2,144,815
5.375%, 01/12/24 (144A)		2,000,000		2,197,069
Goldman Sachs Group, Inc. (The)
3.500%, 11/16/26		2,920,000		3,037,392
4.000%, 03/03/24		1,510,000		1,611,199
4.250%, 10/21/25		8,890,000		9,530,004
6.750%, 10/01/37		2,000,000		2,697,728
HSBC Holdings plc
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (a) (b)		390,000		401,123
6.250%, 5Y USD ICE Swap + 3.453%, 03/23/23 (a) (b)		1,260,000		1,302,210
6.500%, 5Y USD ICE Swap + 3.606%, 03/23/28 (b)		3,770,000		3,943,231

BHFTII-265

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Intesa Sanpaolo S.p.A.
3.125%, 07/14/22 (144A)		1,970,000	$	1,977,707
3.375%, 01/12/23 (144A)		1,900,000		1,915,852
5.017%, 06/26/24 (144A)		2,440,000		2,512,140
5.710%, 01/15/26 (144A)		19,740,000		20,949,719
6.500%, 02/24/21 (144A)		1,175,000		1,234,160
KeyCorp 2.550%, 10/01/29		1,900,000		1,855,152
Lloyds Banking Group plc
4.582%, 12/10/25		3,011,000		3,162,703
4.650%, 03/24/26 (a)		3,920,000		4,140,679
6.375%, 5Y EUR Swap + 5.290%, 06/27/20 (EUR) (b)		5,450,000		6,109,371
7.500%, 5Y USD Swap + 4.760%, 06/27/24 (b)		3,580,000		3,838,118
Morgan Stanley 4.000%, 07/23/25		1,165,000		1,256,447
Royal Bank of Scotland Group plc
4.800%, 04/05/26		400,000		437,373
5.125%, 05/28/24 (a)		2,870,000		3,059,472
6.000%, 12/19/23 (a)		875,000		961,905
6.100%, 06/10/23		780,000		849,574
8.625%, 5Y USD Swap + 7.598%, 08/15/21 (a) (b)		2,890,000		3,094,757
Santander Holdings USA, Inc. 4.500%, 07/17/25		570,000		611,575
Santander UK Group Holdings plc
4.750%, 09/15/25 (144A)		10,031,000		10,455,596
7.375%, 5Y GBP Swap + 5.543%, 06/24/22 (GBP) (b)		2,620,000		3,402,625
Santander UK plc 7.950%, 10/26/29 (a)		272,000		345,775
UBS AG 7.625%, 08/17/22		2,850,000		3,216,795
UBS Group Funding Switzerland AG
4.253%, 03/23/28 (144A)		2,950,000		3,218,397
7.000%, 5Y USD Swap + 4.344%, 01/31/24 (144A) (a) (b)		3,600,000		3,823,200
UniCredit S.p.A. 7.296%, 5Y USD ICE Swap + 4.914%, 04/02/34 (144A) (b)		6,200,000		6,998,602
Wells Fargo & Co. 4.300%, 07/22/27		1,280,000		1,400,054
Wells Fargo Capital X 5.950%, 12/01/86		90,000		111,356
				245,495,844
Beverages—0.8%
Anheuser-Busch InBev Worldwide, Inc.
5.550%, 01/23/49		13,730,000		17,977,310
5.800%, 01/23/59 (a)		1,110,000		1,511,836
Constellation Brands, Inc. 4.750%, 12/01/25		140,000		156,896
Cott Holdings, Inc. 5.500%, 04/01/25 (144A)		3,540,000		3,672,856
				23,318,898
Biotechnology—0.3%
Celgene Corp.
3.875%, 08/15/25		1,120,000		1,209,078
5.000%, 08/15/45		800,000		1,003,758
Gilead Sciences, Inc.
2.550%, 09/01/20		1,675,000		1,683,056
3.500%, 02/01/25		1,795,000		1,894,501
4.600%, 09/01/35		1,800,000		2,135,060
				7,925,453
Building Materials—0.4%
Standard Industries, Inc. 6.000%, 10/15/25 (144A) (a)		10,500,000		11,008,830
Chemicals—0.1%
Olin Corp. 5.000%, 02/01/30 (a)		1,540,000		1,542,464
Commercial Services—1.7%
Allied Universal Holding Co. 6.625%, 07/15/26 (144A)		6,800,000		7,182,500
Ashtead Capital, Inc. 4.375%, 08/15/27 (144A)		5,320,000		5,472,950
Carriage Services, Inc. 6.625%, 06/01/26 (144A)		5,500,000		5,634,750
Metropolitan Museum of Art (The) 3.400%, 07/01/45		2,025,000		2,179,270
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.250%, 04/15/24 (144A)		1,290,000		1,324,250
5.750%, 04/15/26 (144A) (a)		8,170,000		8,507,421
9.250%, 05/15/23 (144A)		1,665,000		1,750,414
UBM plc 5.750%, 11/03/20 (144A)		50,000		51,549
United Rentals North America, Inc.
4.625%, 07/15/23 (a)		1,341,000		1,370,636
4.625%, 10/15/25		760,000		775,571
4.875%, 01/15/28 (a)		5,230,000		5,439,200
5.250%, 01/15/30		40,000		41,925
5.875%, 09/15/26		5,000,000		5,331,500
6.500%, 12/15/26		1,940,000		2,113,630
WW International, Inc. 8.625%, 12/01/25 (144A) (a)		5,945,000		6,167,937
				53,343,503
Diversified Financial Services—2.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.625%, 10/30/20		1,060,000		1,085,078
5.000%, 10/01/21		15,056,000		15,829,901
ASP AMC Merger Sub, Inc. 8.000%, 05/15/25 (144A) (a)		6,230,000		4,236,400
Carlyle Holdings II Finance LLC 5.625%, 03/30/43 (144A) (a)		3,370,000		3,933,436
Global Aircraft Leasing Co., Ltd. 6.500%, PIK, 09/15/24 (144A) (a) (c)		12,340,000		12,494,250
International Lease Finance Corp. 8.625%, 01/15/22 (a)		2,500,000		2,837,542

BHFTII-266

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
KKR Group Finance Co. II LLC 5.500%, 02/01/43 (144A)		130,000	$	158,141
LHC3 plc 4.125%, PIK, 08/15/24 (EUR) (c)		250,000		283,346
Navient Corp. 5.000%, 10/26/20		5,811,000		5,883,637
Park Aerospace Holdings, Ltd.
4.500%, 03/15/23 (144A)		3,800,000		3,932,240
5.250%, 08/15/22 (144A)		5,120,000		5,395,968
Quicken Loans, Inc. 5.750%, 05/01/25 (144A)		16,410,000		16,922,812
Visa, Inc. 3.150%, 12/14/25		850,000		906,297
				73,899,048
Electric—1.1%
FirstEnergy Corp.
3.900%, 07/15/27		6,480,000		6,905,285
4.250%, 03/15/23		1,560,000		1,650,137
7.375%, 11/15/31		3,550,000		5,024,245
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)		602,021		570,285
Perusahaan Listrik Negara PT 5.500%, 11/22/21		9,750,000		10,335,000
Southern California Edison Co. 3.900%, 03/15/43		1,217,000		1,278,519
Talen Energy Supply LLC 10.500%, 01/15/26 (144A)		5,110,000		4,407,375
				32,642,763
Electronics—0.4%
Sensata Technologies, Inc. 4.375%, 02/15/30 (144A)		2,090,000		2,090,000
Vishay Intertechnology, Inc. 2.250%, 06/15/25 (a)		9,470,000		8,852,551
				10,942,551
Energy-Alternate Sources—0.0%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A)		1,175,779		1,369,173
Environmental Control—0.3%
GFL Environmental, Inc.
5.375%, 03/01/23 (144A)		5,060,000		5,122,238
5.625%, 05/01/22 (144A) (a)		460,000		470,350
8.500%, 05/01/27 (144A) (a)		3,250,000		3,603,438
Waste Management, Inc.
3.500%, 05/15/24		890,000		937,194
4.600%, 03/01/21 (a)		180,000		185,231
				10,318,451
Food—0.3%
Kraft Heinz Foods Co.
3.000%, 06/01/26		340,000		336,400
3.950%, 07/15/25		60,000		62,811
5.000%, 06/04/42		130,000		134,101
5.200%, 07/15/45		390,000		410,209
Lamb Weston Holdings, Inc.
4.625%, 11/01/24 (144A) (a)		2,080,000		2,188,992
4.875%, 11/01/26 (144A) (a)		6,500,000		6,808,750
				9,941,263
Forest Products & Paper—0.5%
Mercer International, Inc. 7.375%, 01/15/25 (144A)		4,310,000		4,489,296
Resolute Forest Products, Inc.
5.875%, 05/15/23		5,047,000		5,047,000
Suzano Austria GmbH 5.750%, 07/14/26 (a)		4,200,000		4,641,882
				14,178,178
Healthcare-Products—0.5%
Becton Dickinson & Co. 3.700%, 06/06/27 (a)		5,594,000		5,926,821
Immucor, Inc. 11.125%, 02/15/22 (144A) (a)		7,080,000		7,159,650
Medtronic, Inc. 3.500%, 03/15/25		770,000		826,613
				13,913,084
Healthcare-Services—2.0%
Centene Corp.
5.375%, 06/01/26 (144A)		7,280,000		7,625,800
6.125%, 02/15/24		4,413,000		4,601,435
DaVita, Inc. 5.000%, 05/01/25		430,000		428,388
Fresenius Medical Care U.S. Finance II, Inc. 4.750%, 10/15/24 (144A)		700,000		753,953
HCA, Inc.
5.375%, 02/01/25 (a)		5,320,000		5,812,100
5.500%, 06/15/47		12,100,000		13,679,794
5.625%, 09/01/28 (a)		10,750,000		11,978,725
Humana, Inc. 4.800%, 03/15/47		800,000		913,918
Magellan Health, Inc. 4.900%, 09/22/24 (a)		4,735,000		4,729,081
Polaris Intermediate Corp. 8.500%, PIK, 12/01/22 (144A) (a) (c)		4,270,000		3,629,500
Tenet Healthcare Corp. 8.125%, 04/01/22 (a)		5,765,000		6,240,612
				60,393,306
Holding Companies-Diversified—0.1%
Co-operative Group Holdings, Ltd. 7.500%, 07/08/26 (GBP) (d)		2,410,000		3,342,809

BHFTII-267

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Home Builders—0.3%
Lennar Corp.
4.500%, 04/30/24		4,180,000	$	4,403,630
4.750%, 11/29/27 (a)		5,730,000		6,145,425
				10,549,055
Household Products/Wares—0.0%
Spectrum Brands, Inc. 5.000%, 10/01/29 (144A)		1,140,000		1,159,950
Housewares—0.0%
Newell Brands, Inc. 3.850%, 04/01/23		1,153,000		1,188,924
Insurance—0.9%
Ambac Assurance Corp.
5.100%, 06/07/20 (144A)		20,207		29,350
Ambac LSNI LLC 7.104%, 3M LIBOR + 5.000%, 02/12/23 (144A) (b)		86,197		87,059
American International Group, Inc.
3.750%, 07/10/25		770,000		813,245
6.250%, 03/15/87		453,000		482,445
AXA S.A. 8.600%, 12/15/30		1,320,000		1,907,400
Delphi Financial Group, Inc. 7.875%, 01/31/20		2,190,000		2,228,069
Fidelity & Guaranty Life Holdings, Inc. 5.500%, 05/01/25 (144A)		6,120,000		6,563,700
Liberty Mutual Insurance Co. 7.697%, 10/15/97 (144A)		2,600,000		3,888,765
Massachusetts Mutual Life Insurance Co. 4.900%, 04/01/77 (144A)		6,285,000		7,883,055
Prudential Financial, Inc.
5.625%, 3M LIBOR + 3.920%, 06/15/43 (b)		550,000		591,200
5.875%, 3M LIBOR + 4.175%, 09/15/42 (b)		1,200,000		1,292,604
Teachers Insurance & Annuity Association of America
4.900%, 09/15/44 (144A)		1,771,000		2,203,048
6.850%, 12/16/39 (144A)		216,000		319,418
				28,289,358
Internet—0.9%
Booking Holdings, Inc. 3.650%, 03/15/25		1,625,000		1,732,256
Cogent Communications Group, Inc. 5.375%, 03/01/22 (144A)		4,053,000		4,215,120
Match Group, Inc. 5.000%, 12/15/27 (144A) (a)		5,685,000		5,898,188
Netflix, Inc. 6.375%, 05/15/29 (144A)		6,500,000		7,166,250
Tencent Holdings, Ltd. 3.595%, 01/19/28 (144A)		8,110,000		8,475,255
				27,487,069
Iron/Steel—0.6%
ArcelorMittal 6.125%, 06/01/25		2,700,000		3,038,611
Iron/Steel—(Continued)
Vale Overseas, Ltd.
6.250%, 08/10/26		3,990,000		4,598,475
6.875%, 11/10/39 (a)		7,980,000		10,164,605
				17,801,691
Leisure Time—0.9%
NCL Corp., Ltd. 4.750%, 12/15/21 (144A) (a)		5,262,000		5,359,137
Silversea Cruise Finance, Ltd. 7.250%, 02/01/25 (144A)		5,285,000		5,641,737
Viking Cruises, Ltd. 5.875%, 09/15/27 (144A)		11,372,000		12,049,771
VOC Escrow, Ltd. 5.000%, 02/15/28 (144A)		6,000,000		6,195,600
				29,246,245
Lodging—1.0%
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
4.625%, 04/01/25 (a)		1,250,000		1,287,500
4.875%, 04/01/27 (a)		5,550,000		5,867,460
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp. 10.250%, 11/15/22 (144A)		7,468,000		7,906,745
Las Vegas Sands Corp. 3.200%, 08/08/24 (a)		4,580,000		4,665,868
MGM China Holdings, Ltd.
5.375%, 05/15/24 (144A)		910,000		944,125
5.875%, 05/15/26 (144A) (a)		2,450,000		2,566,375
Sands China, Ltd. 5.125%, 08/08/25		6,800,000		7,465,856
				30,703,929
Machinery—0.2%
Harsco Corp. 5.750%, 07/31/27 (144A) (a)		5,610,000		5,841,693
Machinery-Diversified—0.2%
Cleaver-Brooks, Inc. 7.875%, 03/01/23 (144A)		3,900,000		3,695,250
MAI Holdings, Inc. 9.500%, 06/01/23		2,550,000		1,134,750
				4,830,000
Media—4.6%
Altice Luxembourg S.A.
7.750%, 05/15/22 (144A) (a)		6,073,000		6,202,051
10.500%, 05/15/27 (144A)		5,100,000		5,747,700
American Media LLC 10.500%, 12/31/26 (144A)		13,637,886		14,660,728
CCO Holdings LLC / CCO Holdings Capital Corp.
5.000%, 02/01/28 (144A) (a)		1,440,000		1,488,600
5.125%, 05/01/27 (144A)		4,470,000		4,665,563
5.375%, 05/01/25 (144A)		880,000		913,000
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.200%, 03/15/28 (a)		8,160,000		8,590,395

BHFTII-268

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.908%, 07/23/25		6,164,000	$	6,774,099
5.375%, 04/01/38		2,050,000		2,294,844
Comcast Corp. 4.700%, 10/15/48		11,430,000		14,008,714
CSC Holdings LLC
6.500%, 02/01/29 (144A)		15,520,000		17,250,092
10.875%, 10/15/25 (144A)		5,667,000		6,417,594
Diamond Sports Group LLC / Diamond Sports Finance Co. 5.375%, 08/15/26 (144A)		3,100,000		3,216,250
DISH DBS Corp. 7.750%, 07/01/26 (a)		15,165,000		15,453,135
Fox Corp.
4.709%, 01/25/29 (144A)		2,640,000		3,013,429
5.476%, 01/25/39 (144A)		1,400,000		1,719,668
Meredith Corp. 6.875%, 02/01/26 (a)		3,620,000		3,678,825
Time Warner Cable LLC 5.875%, 11/15/40		1,942,000		2,172,989
Univision Communications, Inc. 5.125%, 05/15/23 (144A) (a)		10,430,000		10,403,925
UPC Holding B.V.
5.500%, 01/15/28 (144A) (a)		3,920,000		4,067,000
UPCB Finance IV, Ltd. 5.375%, 01/15/25 (144A)		2,096,000		2,153,640
Virgin Media Secured Finance plc 5.500%, 08/15/26 (144A)		5,985,000		6,278,564
				141,170,805
Metal Fabricate/Hardware—0.1%
Park-Ohio Industries, Inc. 6.625%, 04/15/27 (a)		4,860,000		4,641,300
Mining—3.3%
Alcoa Nederland Holding B.V. 6.125%, 05/15/28 (144A) (a)		12,912,000		13,749,989
Anglo American Capital plc 4.000%, 09/11/27 (144A)		3,540,000		3,660,876
Barrick Gold Corp. 5.250%, 04/01/42		2,520,000		3,080,991
Barrick North America Finance LLC 5.750%, 05/01/43		8,579,000		11,275,512
BHP Billiton Finance USA, Ltd.
2.875%, 02/24/22		79,000		80,804
6.250%, 5Y USD Swap + 4.971%, 10/19/75 (144A) (b)		2,392,000		2,478,112
6.750%, 5Y USD Swap + 5.093%, 10/19/75 (144A) (a) (b)		8,191,000		9,573,231
First Quantum Minerals, Ltd.
7.250%, 04/01/23 (144A) (a)		17,889,000		17,620,665
7.500%, 04/01/25 (144A) (a)		400,000		394,000
Freeport-McMoRan, Inc. 5.450%, 03/15/43		16,860,000		15,180,407
Mining—(Continued)
Glencore Finance Canada, Ltd.
4.250%, 10/25/22 (144A)		788,000		821,963
5.550%, 10/25/42 (144A) (a)		1,000,000		1,084,299
Glencore Funding LLC 4.000%, 04/16/25 (144A)		6,580,000		6,845,413
HudBay Minerals, Inc. 7.625%, 01/15/25 (144A)		7,410,000		7,511,887
Midwest Vanadium Pty, Ltd. 13.250%, 02/15/18 (144A) (e) (f) (g) (h)		932,290		0
Northwest Acquisitions ULC / Dominion Finco, Inc. 7.125%, 11/01/22 (144A)		4,210,000		2,473,375
Teck Resources, Ltd.
5.400%, 02/01/43		4,575,000		4,688,775
6.000%, 08/15/40 (a)		1,774,000		1,919,927
				102,440,226
Miscellaneous Manufacturing—0.6%
General Electric Co. 6.875%, 01/10/39		14,178,000		18,765,584
Oil & Gas—6.4%
Apache Corp.
3.250%, 04/15/22		452,000		460,164
4.250%, 01/15/44		260,000		231,868
4.750%, 04/15/43		7,000,000		6,724,139
Berry Petroleum Co. LLC 7.000%, 02/15/26 (144A)		9,280,000		8,885,600
Chesapeake Energy Corp.
7.000%, 10/01/24		2,310,000		1,657,425
8.000%, 06/15/27 (a)		7,930,000		5,332,925
Covey Park Energy LLC / Covey Park Finance Corp. 7.500%, 05/15/25 (144A)		10,170,000		8,136,000
Devon Energy Corp.
5.600%, 07/15/41		110,000		133,342
5.850%, 12/15/25 (a)		970,000		1,153,086
Diamondback Energy, Inc.
4.750%, 11/01/24 (a)		9,328,000		9,549,540
5.375%, 05/31/25 (a)		4,670,000		4,873,425
Eclipse Resources Corp. 8.875%, 07/15/23 (a)		9,275,000		7,095,375
Endeavor Energy Resources L.P. / EER Finance, Inc.
5.500%, 01/30/26 (144A)		1,350,000		1,404,000
5.750%, 01/30/28 (144A)		2,180,000		2,316,250
EOG Resources, Inc. 4.150%, 01/15/26 (a)		1,665,000		1,841,725
Extraction Oil & Gas, Inc.
5.625%, 02/01/26 (144A) (a)		4,170,000		2,554,125
7.375%, 05/15/24 (144A)		5,030,000		3,294,650
Gazprom OAO Via Gaz Capital S.A. 4.950%, 03/23/27 (144A)		10,470,000		11,314,489
KazMunayGas National Co. JSC
5.375%, 04/24/30 (144A)		300,000		337,125
6.375%, 10/24/48 (144A)		1,060,000		1,317,266
MEG Energy Corp.
6.500%, 01/15/25 (144A) (a)		4,630,000		4,722,600
7.000%, 03/31/24 (144A) (a)		11,409,000		11,009,685

BHFTII-269

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Noble Energy, Inc.
3.850%, 01/15/28 (a)		1,910,000	$	1,982,550
6.000%, 03/01/41		10,200,000		12,321,032
Northern Oil and Gas, Inc. 8.500%, 1.000%, PIK, 05/15/23 (a) (c)		6,892,416		7,099,188
Oasis Petroleum, Inc.
6.875%, 03/15/22		5,835,000		5,441,137
6.875%, 01/15/23 (a)		2,830,000		2,589,450
Occidental Petroleum Corp.
2.900%, 08/15/24		1,720,000		1,733,060
3.125%, 02/15/22		110,000		111,628
3.200%, 08/15/26		1,800,000		1,813,312
3.500%, 06/15/25		1,850,000		1,902,710
4.500%, 07/15/44		800,000		813,946
4.625%, 06/15/45		230,000		237,600
5.550%, 03/15/26		2,250,000		2,544,077
6.450%, 09/15/36		220,000		272,284
6.950%, 07/01/24		290,000		340,238
7.500%, 05/01/31		80,000		104,807
7.875%, 09/15/31		285,000		385,002
Petrobras Global Finance B.V.
5.750%, 02/01/29 (a)		7,360,000		8,117,197
6.850%, 06/05/15		12,700,000		14,512,290
QEP Resources, Inc. 6.875%, 03/01/21		480,000		476,400
Range Resources Corp.
4.875%, 05/15/25 (a)		1,945,000		1,604,625
5.000%, 08/15/22 (a)		490,000		459,375
5.000%, 03/15/23 (a)		9,786,000		8,562,750
5.875%, 07/01/22		1,645,000		1,575,087
Shelf Drilling Holdings, Ltd. 8.250%, 02/15/25 (144A)		8,350,000		7,097,500
Shell International Finance B.V.
4.000%, 05/10/46		360,000		416,491
WPX Energy, Inc.
5.250%, 10/15/27		2,260,000		2,276,950
5.750%, 06/01/26 (a)		4,521,000		4,634,025
8.250%, 08/01/23		5,720,000		6,435,000
YPF S.A. 8.500%, 03/23/21 (a)		8,000,000		6,980,000
				197,184,515
Packaging & Containers—0.8%
ARD Securities Finance SARL 8.750%, PIK, 01/31/23 (144A) (a) (c)		5,189,801		5,371,444
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
4.625%, 05/15/23 (144A)		660,000		675,675
6.000%, 02/15/25 (144A) (a)		5,200,000		5,437,120
Pactiv LLC 8.375%, 04/15/27		10,745,000		11,658,325
Trivium Packaging Finance B.V. 8.500%, 08/15/27 (144A) (a)		1,890,000		2,043,563
WestRock RKT Co. 4.000%, 03/01/23		140,000		146,932
				25,333,059
Pharmaceuticals—2.9%
Allergan Funding SCS
3.450%, 03/15/22		450,000		461,205
4.550%, 03/15/35		2,100,000		2,230,742
Bausch Health Americas, Inc.
8.500%, 01/31/27 (144A)		1,460,000		1,638,558
9.250%, 04/01/26 (144A)		11,675,000		13,265,602
Bristol-Myers Squibb Co. 4.250%, 10/26/49 (144A)		3,130,000		3,644,801
Cigna Corp. 4.800%, 08/15/38		8,120,000		9,123,722
CVS Health Corp.
3.875%, 07/20/25		496,000		525,429
4.100%, 03/25/25		33,940,000		36,240,982
4.780%, 03/25/38		17,110,000		18,862,095
5.125%, 07/20/45		1,440,000		1,640,873
Mead Johnson Nutrition Co. 4.125%, 11/15/25 (a)		1,653,000		1,808,947
				89,442,956
Pipelines—3.6%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp. 5.500%, 10/15/19		600,000		600,631
Blue Racer Midstream LLC / Blue Racer Finance Corp.
6.125%, 11/15/22 (144A)		1,825,000		1,834,673
6.625%, 07/15/26 (144A)		2,910,000		2,873,625
Cheniere Energy Partners L.P. 4.500%, 10/01/29 (144A) (a)		4,100,000		4,199,938
DCP Midstream Operating L.P.
4.950%, 04/01/22 (a)		1,620,000		1,672,650
6.750%, 09/15/37 (144A)		3,480,000		3,662,700
El Paso Natural Gas Co. LLC
7.500%, 11/15/26 (a)		4,250,000		5,369,022
8.375%, 06/15/32		190,000		262,613
Energy Transfer Operating L.P.
5.500%, 06/01/27 (a)		1,376,000		1,554,127
5.875%, 01/15/24		1,638,000		1,821,203
6.250%, 04/15/49 (a)		1,090,000		1,323,433
Energy Transfer Partners L.P. / Regency Energy Finance Corp. 5.875%, 03/01/22		780,000		834,396
Enterprise Products Operating LLC
3.700%, 02/15/26		1,072,000		1,139,600
5.375%, 3M LIBOR + 2.570%, 02/15/78 (b)		13,090,000		12,634,755
Genesis Energy L.P. / Genesis Energy Finance Corp.
5.625%, 06/15/24		1,060,000		1,014,950
6.000%, 05/15/23		6,046,000		6,068,672
IFM U.S. Colonial Pipeline 2 LLC 6.450%, 05/01/21 (144A) (a)		2,500,000		2,600,579
Kinder Morgan, Inc.
4.300%, 06/01/25		1,240,000		1,340,659
7.800%, 08/01/31		67,000		90,947
MPLX L.P. 4.875%, 12/01/24		4,500,000		4,940,319
NGPL PipeCo LLC 7.768%, 12/15/37 (144A) (a)		11,919,000		15,445,359
Northwest Pipeline LLC 4.000%, 04/01/27 (a)		14,460,000		15,257,256

BHFTII-270

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Rockies Express Pipeline LLC 7.500%, 07/15/38 (144A)		4,485,000	$	5,002,973
Southern Natural Gas Co. LLC 8.000%, 03/01/32		25,000		35,199
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.
5.125%, 02/01/25		4,791,000		4,926,825
5.375%, 02/01/27 (a)		2,770,000		2,863,488
6.500%, 07/15/27 (144A)		10,000		10,911
6.875%, 01/15/29 (144A)		10,000		10,926
Western Midstream Operating L.P.
3.950%, 06/01/25 (a)		9,253,000		8,945,055
5.450%, 04/01/44		1,650,000		1,463,786
				109,801,270
Real Estate—0.2%
Five Point Operating Co. L.P. / Five Point Capital Corp. 7.875%, 11/15/25 (144A)		7,040,000		7,145,600
Real Estate Investment Trusts—0.8%
CoreCivic, Inc.
4.625%, 05/01/23		820,000		794,490
5.000%, 10/15/22		5,400,000		5,386,500
ESH Hospitality, Inc. 4.625%, 10/01/27 (144A)		3,810,000		3,819,525
GLP Capital L.P. / GLP Financing II, Inc.
5.375%, 04/15/26		10,000		11,012
5.750%, 06/01/28		4,400,000		5,004,956
MPT Operating Partnership L.P. / MPT Finance Corp. 5.000%, 10/15/27		7,770,000		8,139,075
				23,155,558
Retail—1.4%
1011778 BC ULC / New Red Finance, Inc. 3.875%, 01/15/28 (144A)		4,770,000		4,800,337
AutoZone, Inc.
2.500%, 04/15/21		800,000		803,156
Golden Nugget, Inc. 8.750%, 10/01/25 (144A)		9,210,000		9,601,425
L Brands, Inc.
5.250%, 02/01/28 (a)		9,112,000		8,477,805
5.625%, 10/15/23		4,550,000		4,788,875
McDonald’s Corp.
3.350%, 04/01/23 (a)		441,000		460,290
3.700%, 01/30/26 (a)		1,047,000		1,124,013
PetSmart, Inc. 7.125%, 03/15/23 (144A)		3,510,000		3,299,400
Sally Holdings LLC / Sally Capital, Inc. 5.625%, 12/01/25 (a)		3,702,000		3,766,785
Tendam Brands S.A.U.
5.000%, 09/15/24 (144A) (EUR)		1,350,000		1,502,819
5.250%, 3M EURIBOR + 5.250%, 09/15/24 (144A) (EUR) (b)		3,750,000		4,103,254
				42,728,159
Savings & Loans—0.3%
Nationwide Building Society 4.363%, 3M LIBOR + 1.392%, 08/01/24 (144A) (b)		9,910,000		10,408,727
Semiconductors—0.1%
Advanced Micro Devices, Inc. 7.000%, 07/01/24 (a)		3,178,000		3,297,175
Amkor Technology, Inc. 6.625%, 09/15/27 (144A) (a)		860,000		937,400
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.125%, 01/15/25 (a)		280,000		278,001
				4,512,576
Software—0.3%
CDK Global, Inc. 5.250%, 05/15/29 (144A) (a)		4,560,000		4,719,600
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc. 6.000%, 07/15/25 (144A) (a)		3,930,000		4,149,491
				8,869,091
Telecommunications—3.9%
Altice France S.A. 7.375%, 05/01/26 (144A)		22,015,000		23,632,222
AT&T, Inc. 4.450%, 04/01/24		3,330,000		3,602,342
British Telecommunications plc 9.625%, 12/15/30		3,875,000		5,909,420
CommScope Technologies LLC
5.000%, 03/15/27 (144A)		1,100,000		907,500
6.000%, 06/15/25 (144A)		2,200,000		1,985,500
CommScope, Inc. 8.250%, 03/01/27 (144A) (a)		2,860,000		2,784,031
Deutsche Telekom International Finance B.V. 2.485%, 09/19/23 (144A)		7,227,000		7,267,113
Intelsat Jackson Holdings S.A. 5.500%, 08/01/23 (a)		5,400,000		5,037,660
Millicom International Cellular S.A.
6.250%, 03/25/29 (144A)		4,550,000		4,969,055
6.625%, 10/15/26 (144A)		4,290,000		4,665,375
Sprint Capital Corp.
6.875%, 11/15/28 (a)		1,405,000		1,531,731
8.750%, 03/15/32 (a)		9,850,000		12,149,482
Sprint Corp.
7.125%, 06/15/24		3,510,000		3,783,078
7.250%, 09/15/21		1,390,000		1,483,269
7.625%, 03/01/26		1,170,000		1,291,388
7.875%, 09/15/23 (a)		2,700,000		2,965,842
T-Mobile USA, Inc.
4.750%, 02/01/28 (a)		4,590,000		4,803,435
6.500%, 01/15/24 (a)		803,000		832,960
Telecom Italia S.p.A. 5.303%, 05/30/24 (144A) (a)		8,610,000		9,285,454
Telefonica Emisiones S.A. 4.103%, 03/08/27 (a)		5,600,000		6,113,529
Verizon Communications, Inc.
2.625%, 08/15/26		820,000		830,643

BHFTII-271

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Verizon Communications, Inc.
3.850%, 11/01/42		5,210,000	$	5,588,628
4.522%, 09/15/48		1,200,000		1,417,067
5.250%, 03/16/37		660,000		820,297
Vodafone Group plc 4.375%, 05/30/28 (a)		2,920,000		3,225,621
Windstream Services LLC / Windstream Finance Corp. 10.500%, 06/30/24 (144A) (g)		5,445,000		3,008,363
				119,891,005
Transportation—0.9%
Navios Maritime Acquisition Corp. / Navios Acquisition Finance U.S., Inc. 8.125%, 11/15/21 (144A)		4,670,000		3,549,200
Union Pacific Corp.
4.375%, 09/10/38		2,835,000		3,272,138
4.500%, 09/10/48		3,030,000		3,604,744
XPO CNW, Inc. 6.700%, 05/01/34		15,053,000		14,751,940
XPO Logistics, Inc. 6.125%, 09/01/23 (144A) (a)		1,390,000		1,435,175
				26,613,197
Trucking & Leasing—0.3%
DAE Funding LLC 5.750%, 11/15/23 (144A)		10,100,000		10,613,585
Water—0.1%
Anglian Water Osprey Financing plc 5.000%, 04/30/23 (GBP)		2,650,000		3,296,428
Total Corporate Bonds & Notes (Cost $1,653,290,863)				1,731,583,594
Floating Rate Loans (i)—10.5%
Advertising—0.2%
AppLovin Corp. Term Loan B, 5.794%, 1M LIBOR + 3.750%, 08/15/25		4,855,539		4,859,583
Air Freight & Logistics—0.3%
Global Tel*Link Corp.
1st Lien Term Loan, 6.294%, 1M LIBOR + 4.250%, 11/29/25		5,398,757		5,181,123
GlobalTranz Enterprises, Inc. Term Loan, 7.057%, 1M LIBOR + 5.000%, 05/15/26		4,955,529		4,751,113
				9,932,236
Auto Parts & Equipment—0.3%
American Axle & Manufacturing, Inc. Term Loan B, 4.530%, 3M LIBOR + 2.250%, 04/06/24		3,936,511		3,865,501
Panther BF Aggregator 2 L.P. Term Loan B, 5.544%, 1M LIBOR + 3.500%, 04/30/26		6,460,000		6,425,006
				10,290,507
Building Materials—0.2%
APi Group DE, Inc. Term Loan B, 09/25/26 (k)		4,900,000		4,924,500
Commercial Services—1.0%
Albany Molecular Research, Inc. 1st Lien Term Loan, 5.294%, 1M LIBOR + 3.250%, 08/30/24		7,075,600		6,969,466
Allied Universal Holdco LLC
Delayed Draw Term Loan, 2.125%, 3M LIBOR + 4.250%, 07/10/26 (j)		660,360		662,148
Term Loan B, 6.507%, 6M LIBOR + 4.250%, 07/10/26		6,669,640		6,687,701
Garda World Security Corp. Term Loan, 5.632%, 3M LIBOR + 3.500%, 05/24/24		2,974,784		2,979,618
Jaguar Holding Co. II Term Loan, 4.544%, 1M LIBOR + 2.500%,, 08/18/22		6,150,849		6,163,919
Prime Security Services Borrower LLC Term Loan B1, 5.210%, 1W LIBOR + 3.250%, 09/23/26		7,776,771		7,697,612
				31,160,464
Entertainment—0.6%
Scientific Games International, Inc. Term Loan B5, 4.896%, 2M LIBOR + 2.750%, 08/14/24		7,365,445		7,314,152
Stars Group Holdings B.V. (The) Incremental Term Loan, 5.604%, 3M LIBOR + 3.500%, 07/10/25		267,471		268,870
UFC Holdings LLC Term Loan, 5.300%, 1M LIBOR + 3.250%, 04/29/26		8,712,839		8,754,590
				16,337,612
Food—0.2%
Albertsons LLC Term Loan B8, 4.794%, 1M LIBOR + 2.750%, 08/17/26		3,928,460		3,957,189
Post Holdings, Inc. Incremental Term Loan, 4.040%, 1M LIBOR + 2.000%, 05/24/24		1,824,390		1,831,658
				5,788,847
Health Care Technology—0.2%
Athenahealth, Inc. Term Loan B, 6.681%, 3M LIBOR + 4.500%, 02/11/26		6,716,250		6,689,667
RegionalCare Hospital Partners Holdings, Inc. Term Loan B, 6.554%, 1M LIBOR + 4.500%, 11/17/25		875,589		877,367
				7,567,034
Healthcare-Services—1.4%
HC Group Holdings II, Inc. Term Loan B, 6.544%, 1M LIBOR + 4.500%, 05/21/26		7,820,000		7,829,775
MPH Acquisition Holdings LLC
Term Loan B, 4.854%, 3M LIBOR + 2.750%, 06/07/23		6,857,636		6,546,182
Phoenix Guarantor, Inc. Term Loan B, 6.567%, 1M LIBOR + 4.500%, 03/05/26		3,465,859		3,477,775
RadNet, Inc. Term Loan, 5.830%, 3M LIBOR + 3.500%, 06/30/23		9,076,675		8,985,909

BHFTII-272

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
U.S. Renal Care, Inc. 2019 Term Loan B, 7.063%, 1M LIBOR + 5.000%, 06/26/26		7,870,000	$	7,483,056
Versant Health Holdco, Inc. 1st Lien Term Loan B, 5.044%, 1M LIBOR + 3.000%, 12/02/24		2,781,368		2,740,515
WP CityMD Bidco LLC Term Loan B, 6.604%, 3M LIBOR + 4.500%, 08/07/26		4,990,000		4,948,418
				42,011,630
Hotels, Restaurants & Leisure—0.4%
CEC Entertainment, Inc. Term Loan B, 8.544%, 1M LIBOR + 6.500%, 08/30/26		8,603,382		8,443,411
Del Frisco’s Restaurant Group, Inc. Bridge Term Loan, 12/31/19 (k)		2,250,000		2,250,000
				10,693,411
Insurance—0.4%
Asurion LLC
Term Loan B7, 5.044%, 1M LIBOR + 3.000%, 11/03/24		7,193,577		7,225,049
Term Loan B4, 5.044%, 1M LIBOR + 3.000%, 08/04/22		4,557,049		4,575,277
				11,800,326
Internet—0.2%
Ancestry.com Operations, Inc. 1st Lien Term Loan, 5.800%, 1M LIBOR + 3.750%, 10/19/23		5,854,220		5,837,144
Internet Software & Services—0.1%
Travelport Finance (Luxembourg) S.a.r.l. Term Loan, 7.104%, 3M LIBOR + 5.000%,, 05/29/26		3,840,000		3,485,998
Investment Company Securities—0.4%
First Eagle Investment Management LLC Term Loan B, 4.854%, 3M LIBOR + 2.750%, 12/26/24		537,293		538,804
Jane Street Group LLC Term Loan B, 5.046%, 1M LIBOR + 3.000%, 08/25/22		7,253,367		7,253,367
TKC Holdings, Inc. 1st Lien Term Loan, 5.800%, 1M LIBOR + 3.750%, 02/01/23		5,441,768		5,359,010
				13,151,181
IT Services—0.0%
McAfee LLC USD Term Loan B, 5.794%, 1M LIBOR + 3.750%, 09/30/24		1,335,191		1,339,483
Leisure Time—0.1%
Alterra Mountain Co. Term Loan B1, 5.044%, 1M LIBOR + 3.000%, 07/31/24		4,030,986		4,041,063
Lodging—0.5%
Boyd Gaming Corp.
Term Loan B3, 4.166%, 1WK LIBOR + 2.250%, 09/15/23		3,838,386		3,855,444
Lodging—(Continued)
Caesars Resort Collection LLC 1st Lien Term Loan B, 4.794%, 1M LIBOR + 2.750%, 12/22/24		8,646,000		8,600,453
MGM Growth Properties Operating Partnership L.P. Term Loan B, 4.044%, 1M LIBOR + 2.000%, 03/21/25		2,432,201		2,440,942
				14,896,839
Media—1.0%
Advantage Sales & Marketing, Inc. 1st Lien Term Loan, 5.294%, 1M LIBOR + 3.250%, 07/23/21		6,904,639		6,470,220
Entercom Media Corp. Term Loan B, 4.804%, 1M LIBOR + 2.750%, 11/18/24		3,435,715		3,443,015
iHeartCommunications, Inc. Exit Term Loan, 6.100%, 1M LIBOR + 4.000%, 05/01/26		6,578,361		6,629,751
Lions Gate Capital Holdings LLC Term Loan B, 4.294%, 1M LIBOR + 2.250%, 03/24/25		786,089		785,598
Nexstar Broadcasting, Inc. Term Loan B4, 4.807%, 1M LIBOR + 2.250%, 06/19/26		4,790,000		4,819,439
Univision Communications, Inc. Term Loan C5, 4.794%, 1M LIBOR + 2.750%, 03/15/24		8,445,503		8,222,297
				30,370,320
Packaging & Containers—0.4%
Berry Global, Inc. Term Loan Q, 4.299%, 1M LIBOR + 2.250%, 10/01/22		8,435,786		8,482,832
Reynolds Group Holdings, Inc. Term Loan, 4.794%, 1M LIBOR + 2.750%, 02/05/23		5,139,019		5,153,069
				13,635,901
Pharmaceuticals—0.1%
Change Healthcare Holdings LLC Term Loan B, 4.544%, 1M LIBOR + 2.500%, 03/01/24		3,681,042		3,668,099
Professional Services—0.0%
Trans Union LLC Term Loan B3, 4.044%, 1M LIBOR + 2.000%, 04/10/23		881,609		885,604
Retail—1.1%
Academy, Ltd. Term Loan B, 6.100%, 1M LIBOR + 4.000%, 07/01/22		8,739,845		6,147,021
CWGS Group LLC Term Loan, 4.794%, 1M LIBOR + 2.750%, 11/08/23		1,293,425		1,107,495
Michaels Stores, Inc. Term Loan B, 4.546%, 1M LIBOR + 2.500%, 01/30/23		6,513,303		6,370,825
Party City Holdings, Inc. Term Loan B, 4.550%, 1M LIBOR + 2.500%, 08/19/22		3,134,284		3,111,428
Petco Animal Supplies, Inc. Term Loan B, 5.506%, 3M LIBOR + 3.250%, 01/26/23		4,909,837		3,737,614
PetSmart, Inc. Term Loan B2, 6.040%, 1M LIBOR + 4.000%, 03/11/22		12,656,987		12,361,662
				32,836,045

BHFTII-273

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Software—0.8%
DigiCert Holdings, Inc.
Term Loan B, 08/13/26 (k)		7,260,000	$	7,249,415
DigiCert, Inc. Term Loan B1, 6.044%, 1M LIBOR + 4.000%, 10/31/24		4,406,558		4,411,150
Finastra USA, Inc. 1st Lien Term Loan, 5.696%, 1M LIBOR + 3.500%, 06/13/24		4,172,208		4,067,156
MA FinanceCo. LLC Term Loan B3, 4.544%, 1M LIBOR + 2.500%, 06/21/24		450,120		445,619
Seattle Spinco, Inc. Term Loan B3, 4.544%, 1M LIBOR + 2.500%, 06/21/24		3,039,772		3,008,107
Ultimate Software Group, Inc. (The) Term Loan B, 5.794%, 1M LIBOR + 3.750%,, 05/04/26		4,060,000		4,085,882
				23,267,329
Telecommunications—0.4%
Intelsat Jackson Holdings S.A. Term Loan B3, 5.804%, 1M LIBOR + 3.750%, 11/27/23		2,489,500		2,496,968
Level 3 Parent LLC Term Loan B, 4.294%, 1M LIBOR + 2.250%, 02/22/24		7,470,000		7,491,790
Securus Technologies Holdings, Inc. 1st Lien Term Loan, 6.544%, 1M LIBOR + 4.500%, 11/01/24		2,268,456		2,031,686
				12,020,444
Trucking & Leasing—0.2%
Avolon TLB Borrower 1 (U.S.) LLC Term Loan B3, 3.794%, 1M LIBOR + 1.750%, 01/15/25		7,364,791		7,405,297
Total Floating Rate Loans (Cost $326,891,170)				322,206,897
Foreign Government—8.3%
Regional Government—0.5%
Provincia de Buenos Aires
6.500%, 02/15/23 (144A) (l)		18,280,000		6,398,000
7.875%, 06/15/27 (144A) (l)		1,800,000		648,000
9.125%, 03/16/24 (144A) (l)		4,040,000		1,472,580
9.950%, 06/09/21 (144A) (l)		3,530,000		1,412,000
9.950%, 06/09/21 (l)		3,370,000		1,348,000
Provincia de Cordoba 7.450%, 09/01/24 (144A) (a)		5,450,000		3,120,125
				14,398,705
Sovereign—7.8%
Abu Dhabi Government International Bonds
2.125%, 09/30/24 (144A)		15,790,000		15,695,260
4.125%, 10/11/47 (144A)		11,190,000		13,091,852
Argentina POM Politica Monetaria 79.499%, ARLLMON + 0.000%, 06/21/20 (ARS) (b)		454,750,000		3,362,798
Argentine Republic Government International Bonds
4.625%, 01/11/23		6,480,000		2,698,985
6.875%, 04/22/21		2,210,000		1,082,922
Foreign Government—(Continued)
Security Description	Principal Amount*		Value
Sovereign—(Continued)
Argentine Republic Government International Bonds
7.500%, 04/22/26		5,890,000		2,591,659
Bahamas Government International Bond 5.750%, 01/16/24 (144A)		1,500,000		1,560,000
Bermuda Government International Bond 4.138%, 01/03/23 (144A)		2,000,000		2,095,020
Bonos de la Nacion Argentina con Ajuste por CER 4.000%, 03/06/20 (ARS) (l)		95,160,000		1,111,229
Brazil Notas do Tesouro Nacional
10.000%, 01/01/21 (BRL)		29,517,000		7,516,516
10.000%, 01/01/27 (BRL)		46,432,000		13,116,973
Brazilian Government International Bond 6.000%, 04/07/26 (a)		6,470,000		7,470,715
Ecuador Government International Bonds
7.950%, 06/20/24		9,590,000		9,781,896
8.750%, 06/02/23 (144A)		1,740,000		1,844,417
10.750%, 01/31/29 (144A)		3,400,000		3,672,034
Egypt Government International Bond 7.600%, 03/01/29 (144A)		4,710,000		4,983,934
Ghana Government International Bonds
7.625%, 05/16/29 (144A)		10,140,000		10,133,206
8.125%, 01/18/26 (l)		4,200,000		4,442,995
8.125%, 03/26/32 (144A)		5,880,000		5,899,945
8.950%, 03/26/51 (144A) (l)		770,000		770,950
Indonesia Government International Bonds
5.125%, 01/15/45		3,000,000		3,576,897
5.250%, 01/17/42		6,140,000		7,382,895
Indonesia Treasury Bonds
7.000%, 05/15/22 (IDR)		9,560,000,000		682,515
7.000%, 05/15/27 (IDR)		382,929,000,000		26,780,482
8.375%, 09/15/26 (IDR)		66,608,000,000		5,027,015
Kenya Government International Bond 7.000%, 05/22/27 (144A)		8,250,000		8,559,375
Kuwait International Government Bond 3.500%, 03/20/27 (144A)		11,030,000		11,882,178
Mexico Government International Bond 4.125%, 01/21/26 (a)		8,170,000		8,660,282
Qatar Government International Bonds
4.817%, 03/14/49 (144A)		3,800,000		4,700,813
5.103%, 04/23/48 (144A)		10,100,000		12,902,750
Russian Federal Bond - OFZ 7.050%, 01/19/28 (RUB)		1,887,525,000		29,498,708
Senegal Government International Bond 6.250%, 05/23/33 (144A) (l)		8,470,000		8,524,631
				241,101,847
Total Foreign Government (Cost $292,628,765)				255,500,552
Asset-Backed Securities—8.0%
Asset-Backed - Credit Card—0.2%
CreditShop Credit Card Co. LLC 8.278%, 1M LIBOR + 6.250%, 08/15/24 (144A) (b)		7,933,097		7,956,063

BHFTII-274

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—0.2%
Asset-Backed Securities Corp. Home Equity Loan Trust 4.878%, 1M LIBOR + 2.850%, 04/15/33 (b)		226	$	226
Bear Stearns Asset-Backed Securities Trust 2.758%, 1M LIBOR + 0.740%, 01/25/34 (b)		11,660		11,239
EMC Mortgage Loan Trust 2.918%, 1M LIBOR + 0.900%, 05/25/43 (144A) (b)		105,165		104,635
Structured Asset Securities Corp. Mortgage Loan Trust 2.238%, 1M LIBOR + 0.220%, 02/25/36 (144A) (b)		2,590,034		118,801
WaMu Asset-Backed Certificates Trust 2.188%, 1M LIBOR + 0.170%, 07/25/47 (b)		9,322,307		7,203,120
				7,438,021
Asset-Backed - Manufactured Housing—0.2%
Origen Manufactured Housing Contract Trust
4.143%, 10/15/37 (b)		955,483		919,148
4.752%, 04/15/37 (b)		1,019,393		980,590
UCFC Manufactured Housing Contract 7.095%, 04/15/29 (b)		3,165,923		3,074,696
				4,974,434
Asset-Backed - Other—7.4%
AIMCO CLO 5.958%, 3M LIBOR + 3.680%, 07/20/29 (144A) (b)		6,750,000		6,707,731
American Money Management Corp. CLO, Ltd. 8.113%, 3M LIBOR + 5.810%, 04/17/29 (144A) (b)		6,600,000		6,291,714
Amortizing Residential Collateral Trust 3.818%, 1M LIBOR + 1.800%, 08/25/32 (b)		23,169		20,883
Applebee’s Funding LLC / IHOP Funding LLC 4.194%, 06/07/49 (144A)		3,000,000		3,068,580
Ares CLO, Ltd. 8.853%, 3M LIBOR + 6.550%, 10/15/29 (144A) (b)		9,300,000		8,927,368
Avery Point CLO, Ltd. 5.237%, 3M LIBOR + 2.950%, 08/05/27 (144A) (b)		2,280,000		2,233,616
Barings CLO, Ltd. 9.750%, 3M LIBOR + 7.450%, 07/18/29 (144A) (b)		1,700,000		1,432,250
Bear Stearns Asset-Backed Securities Trust 6.000%, 10/25/36		1,462,229		1,098,757
Benefit Street Partners CLO, Ltd. 6.078%, 3M LIBOR + 3.800%, 01/20/29 (144A) (b)		3,360,000		3,355,145
BlueMountain CLO, Ltd.
3.186%, 3M LIBOR + 1.050%, 11/20/28 (144A) (b)		2,925,000		2,925,067
7.886%, 3M LIBOR + 5.750%, 11/20/28 (144A) (b)		3,350,000		3,117,959
California Street CLO IX L.P. 3.601%, 3M LIBOR + 1.320%, 07/16/32 (144A) (b)		2,590,000		2,593,276
Carlyle Global Market Strategies, Ltd. 3.208%, 3M LIBOR + 1.050%, 05/15/31 (144A) (b)		9,638,348		9,579,169
Carlyle U.S. CLO, Ltd. 5.978%, 3M LIBOR + 3.700%, 07/20/31 (144A) (b)		9,500,000		9,321,989
Catskill Park CLO, Ltd. 8.278%, 3M LIBOR + 6.000%, 04/20/29 (144A) (b)		7,600,000		7,187,875
Cent CLO 24, Ltd. 5.453%, 3M LIBOR + 3.150%, 10/15/26 (144A) (b)		5,240,000		5,188,816
Cook Park CLO, Ltd. 7.703%, 3M LIBOR + 5.400%, 04/17/30 (144A) (b)		750,000		672,752
Asset-Backed - Other—(Continued)
Countrywide Asset-Backed Certificates Trust 3.893%, 1M LIBOR + 1.875%, 06/25/34 (b)		114,427		108,470
Countrywide Revolving Home Equity Loan Resecuritization Trust 2.328%, 1M LIBOR + 0.300%, 12/15/33 (144A) (b)		123,955		113,142
Countrywide Revolving Home Equity Loan Trust 2.168%, 1M LIBOR + 0.140%, 07/15/36 (b)		205,188		196,750
Cumberland Park CLO, Ltd.
4.978%, 3M LIBOR + 2.700%, 07/20/28 (144A) (b)		1,250,000		1,231,515
7.928%, 3M LIBOR + 5.650%, 07/20/28 (144A) (b)		2,400,000		2,356,704
CVP CLO, Ltd. 4.928%, 3M LIBOR + 2.650%, 01/20/31 (144A) (b)		4,500,000		4,145,747
Dividend Solar Loans LLC 3.670%, 08/22/39 (144A)		6,102,152		6,153,855
Flatiron CLO, Ltd. 3.408%, 3M LIBOR + 1.250%, 05/15/30 (144A) (b)		8,480,000		8,482,188
Greenwood Park CLO, Ltd. 7.253%, 3M LIBOR + 4.950%, 04/15/31 (144A) (b)		7,380,000		6,459,721
Greywolf CLO, Ltd. 6.253%, 3M LIBOR + 3.950%, 04/17/30 (144A) (b)		4,480,000		4,468,446
KKR CLO, Ltd.
3.483%, 3M LIBOR + 1.180%, 01/15/31 (144A) (b)		3,710,000		3,698,358
3.528%, 3M LIBOR + 1.250%, 01/20/29 (144A) (b)		3,990,000		3,990,906
LCM, Ltd. 7.778%, 3M LIBOR + 5.500%, 10/20/28 (144A) (b)		5,000,000		4,464,455
Long Beach Mortgage Loan Trust 2.566%, 1M LIBOR + 0.520%, 01/21/31 (b)		13,087		12,868
Madison Park Funding, Ltd.
3.456%, 3M LIBOR + 1.200%, 07/29/30 (144A) (b)		6,680,000		6,681,222
3.806%, 3M LIBOR + 1.530%, 07/25/29 (144A) (b)		8,030,000		8,054,692
Midocean Credit CLO VII 6.183%, 3M LIBOR + 3.880%, 07/15/29 (144A) (b)		4,000,000		3,926,324
Mill City Solar Loan, Ltd. 4.340%, 03/20/43 (144A)		1,542,764		1,586,677
Neuberger Berman CLO, Ltd. 8.828%, 3M LIBOR + 6.550%, 04/22/29 (144A) (b)		250,000		238,376
Oaktree CLO, Ltd.
6.078%, 3M LIBOR + 3.800%, 04/22/30 (144A) (b)		5,300,000		5,212,312
7.478%, 3M LIBOR + 5.200%, 10/20/27 (144A) (b)		5,500,000		5,324,621
Octagon Investment Partners, Ltd. 8.053%, 3M LIBOR + 5.750%, 07/15/27 (144A) (b)		4,910,000		4,793,294
PPM CLO 3, Ltd. 3.874%, 3M LIBOR + 1.400%, 07/17/30 (144A) (b)		3,200,000		3,202,278
Ratchet Trading, Ltd. 15.190%, 01/26/27 (144A) (b)		984,031		953,985
SACO I Trust 2.358%, 1M LIBOR + 0.340%, 03/25/36 (b)		37,323		36,773
Saranac CLO III, Ltd. 5.409%, 3M LIBOR + 3.250%, 06/22/30 (144A) (b)		4,652,500		4,456,211
SBA Small Business Investment Cos. 2.845%, 03/10/27		3,699,808		3,783,332
SoFi Consumer Loan Program LLC 3.280%, 01/26/26 (144A)		1,302,131		1,311,196

BHFTII-275

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Sound Point CLO, Ltd.
3.367%, 3M LIBOR + 1.100%, 07/26/31 (144A) (b)		3,000,000	$	2,973,066
3.879%, 3M LIBOR + 1.400%, 04/15/32 (144A) (b)		6,680,000		6,684,937
8.303%, 3M LIBOR + 6.000%, 04/15/29 (144A) (b)		250,000		234,697
Symphony CLO, Ltd. 3.282%, 3M LIBOR + 0.960%, 04/16/31 (144A) (b)		4,000,000		3,956,688
TCI-Symphony CLO, Ltd.
5.303%, 3M LIBOR + 3.000%, 10/13/29 (144A) (b)		1,700,000		1,649,447
7.803%, 3M LIBOR + 5.500%, 10/13/29 (144A) (b)		5,150,000		4,886,526
Thayer Park CLO, Ltd. 8.378%, 3M LIBOR + 6.100%, 04/20/29 (144A) (b)		8,400,000		7,877,100
Treman Park CLO, Ltd.
4.928%, 3M LIBOR + 2.650%, 10/20/28 (144A) (b)		1,250,000		1,223,438
7.778%, 3M LIBOR + 5.500%, 10/20/28 (144A) (b)		2,000,000		1,906,336
Upgrade Pass-Through Trust
5.339%, 10/15/24 (144A)		1,149,490		1,117,925
12.075%, 09/15/24 (144A)		1,276,476		1,251,932
14.960%, 12/27/27 (144A) (b)		1,144,220		1,115,509
15.309%, 08/15/24 (144A)		1,427,840		1,383,469
15.498%, 06/15/24 (144A)		1,233,218		1,197,892
16.537%, 05/15/24 (144A)		1,143,715		1,121,913
Venture CLO, Ltd.
3.308%, 3M LIBOR + 1.030%, 04/20/31 (144A) (b)		6,380,000		6,319,964
7.741%, 3M LIBOR + 5.740%, 04/15/27 (144A) (b)		4,000,000		3,608,488
Voya CLO, Ltd.
8.323%, 3M LIBOR + 6.020%, 06/07/30 (144A) (b)		3,500,000		3,298,936
WhiteHorse, Ltd. 5.953%, 3M LIBOR + 3.650%, 10/15/31 (144A) (b)		6,180,000		6,000,873
				226,976,501
Asset-Backed - Student Loan—0.0%
SoFi Professional Loan Program LLC Zero Coupon, 08/25/36 (144A)		500		655,292
Total Asset-Backed Securities (Cost $254,019,357)				248,000,311
Mortgage-Backed Securities—7.5%
Collateralized Mortgage Obligations—5.2%
Banc of America Funding Corp. 2.275%, 02/27/37 (144A) (b)		16,275,604		13,669,365
Banc of America Funding Trust
2.769%, 03/27/36 (144A) (b)		5,871,197		5,333,500
2.815%, 1M LIBOR + 0.165%, 09/29/36 (144A) (b)		40,570,083		35,514,337
10.053%, 01/27/30 (144A) (b)		16,631,227		7,959,157
Banc of America Mortgage Trust 4.026%, 09/25/35 (b)		52,701		51,910
BCAP LLC Trust
2.355%, 10/28/36 (144A) (b)		914,742		910,597
4.380%, 05/26/47 (144A) (b)		6,545,769		6,485,083
Bear Stearns Asset-Backed Securities Trust 24.837%, -4.33x 1M LIBOR + 33.583%, 07/25/36 (b)		366,050		626,336
Countrywide Alternative Loan Trust
2.658%, 1M LIBOR + 0.640%, 07/25/35 (b)		778,371		761,737

Mortgage-Backed Securities—(Continued)
Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Countrywide Alternative Loan Trust
5.750%, 01/25/37		2,102,081	$	1,752,996
6.000%, 01/25/37		1,992,833		1,824,788
12.500%, -2.2x 1M LIBOR + 16.940%, 06/25/35 (b)		1,412,413		1,749,958
16.745%, -3x 1M LIBOR + 22.800%, 02/25/36 (b)		1,417,601		1,701,927
20.527%, -4x 1M LIBOR + 28.600%, 07/25/36 (b)		2,344,084		3,868,792
26.890%, -6x 1M LIBOR + 39.000%, 08/25/37 (b)		1,120,873		2,081,530
Countrywide Alternative Loan Trust Resecuritization 6.000%, 08/25/37 (b)		2,797,097		1,936,996
Countrywide Home Loan Reperforming Loan REMIC Trust 4.067%, 03/25/35 (144A) (b) (m)		4,671,542		604,874
Credit Suisse Mortgage Trust 19.424%, -5.5x 1M LIBOR + 30.525%, 02/25/36 (b)		1,114,761		1,629,872
Flagstar Mortgage Trust 3.500%, 04/25/48 (144A) (b)		5,187,432		5,276,796
GreenPoint Mortgage Funding Trust 2.458%, 1M LIBOR + 0.440%, 06/25/45 (b)		1,132,024		1,073,873
GSMPS Mortgage Loan Trust 2.418%, 1M LIBOR + 0.400%, 04/25/36 (144A) (b)		653,095		552,382
HarborView Mortgage Loan Trust 3.018%, 1M LIBOR + 1.000%, 10/25/37 (b)		1,122,597		1,149,263
IndyMac INDX Mortgage Loan Trust 2.738%, 1M LIBOR + 0.720%, 01/25/35 (b)		757,104		650,875
JPMorgan Mortgage Trust
2.500%, 03/25/43 (144A) (b)		7,769		7,759
6.500%, 01/25/36		87,999		68,397
JPMorgan Resecuritization Trust 2.355%, 1M LIBOR + 0.210%, 07/27/46 (144A) (b)		1,335,837		1,337,654
Lehman XS Trust
2.178%, 1M LIBOR + 0.160%, 03/25/47 (b)		916,044		920,634
2.218%, 1M LIBOR + 0.200%, 08/25/46 (b)		1,899,360		1,829,068
MASTR Seasoned Securitization Trust 4.021%, 10/25/32 (b)		119,721		122,973
Merrill Lynch Mortgage Investors Trust
4.581%, 08/25/33 (b)		505,222		483,053
4.801%, 05/25/34 (b)		35,901		36,258
Morgan Stanley Mortgage Loan Trust 2.338%, 1M LIBOR + 0.320%, 01/25/35 (b)		507,966		507,366
New Residential Mortgage Loan Trust
3.500%, 12/25/58 (144A) (b)		7,325,695		7,522,903
3.750%, 11/25/58 (144A) (b)		9,295,441		9,627,706
4.250%, 09/25/56 (144A) (b)		7,366,619		7,855,882
Nomura Resecuritization Trust 2.665%, 1M LIBOR + 0.260%, 02/26/46 (144A) (b)		4,868,000		4,751,318
NovaStar Mortgage Funding Trust 1.632%, 1M LIBOR + 0.380%, 09/25/46 (b)		637,767		599,464
Prime Mortgage Trust 5.500%, 05/25/35 (144A)		164,342		156,300
RBSGC Mortgage Loan Trust 2.468%, 1M LIBOR + 0.450%, 01/25/37 (b)		576,808		305,465
Residential Accredit Loans, Inc. Trust 3.651%, 11/25/37 (b)		3,323,571		3,103,319
Residential Asset Securitization Trust 5.750%, 02/25/36		1,624,290		1,647,934
Sequoia Mortgage Trust
3.232%, 6M LIBOR + 0.680%, 06/20/33 (b)		74,238		74,577

BHFTII-276

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Sequoia Mortgage Trust
3.711%, 07/25/45 (144A) (b)		9,825	$	9,986
Structured Adjustable Rate Mortgage Loan Trust
3.600%, 1M LIBOR + 1.500%, 09/25/37 (b)		3,433,805		3,434,069
4.080%, 09/25/35 (b)		601,591		532,224
4.322%, 01/25/35 (b)		316,302		313,941
Structured Asset Mortgage Investments Trust
2.228%, 1M LIBOR + 0.210%, 05/25/46 (b)		188,565		163,236
2.298%, 1M LIBOR + 0.280%, 02/25/36 (b)		3,256,118		3,135,378
WaMu Mortgage Pass-Through Certificates Trust
2.288%, 1M LIBOR + 0.270%, 12/25/45 (b)		372,108		370,010
2.405%, COFI 11 + 1.250%, 03/25/47 (b)		1,493,563		1,451,940
2.498%, 1M LIBOR + 0.480%, 12/25/45 (b)		10,669,673		8,002,074
3.946%, 09/25/36 (b)		555,702		516,846
4.167%, 10/25/34 (b)		454,524		460,776
4.407%, 08/25/33 (b)		1,015,280		1,021,738
4.662%, -1x 1M LIBOR + 6.680%, 04/25/37 (b) (m)		10,139,197		3,236,445
Wells Fargo Mortgage-Backed Securities Trust
4.915%, 10/25/35 (b)		26,967		27,605
4.992%, 06/25/35 (b)		28,909		29,285
				160,830,527
Commercial Mortgage-Backed Securities—2.3%
BAMLL Re-REMIC Trust 6.006%, 08/10/45 (144A) (b)		10,699,986		6,915,401
Credit Suisse Commercial Mortgage Trust
5.373%, 12/15/39		550,353		366,119
5.869%, 09/15/40 (b)		3,839,027		2,869,426
6.703%, 06/15/38 (b)		573,395		315,304
9.648%, 1M LIBOR + 7.620%, 07/15/32 (144A) (b)		26,600,000		26,482,646
Credit Suisse Mortgage Capital LLC 4.373%, 09/15/37 (144A)		6,620,000		6,355,222
DBUBS Mortgage Trust 3.750%, 08/10/44 (144A)		5,180,000		3,820,716
GE Business Loan Trust
2.448%, 1M LIBOR + 0.420%, 05/15/34 (144A) (b)		392,948		369,065
GE Commercial Mortgage Corp. Trust 5.677%, 12/10/49 (b)		220,000		49,246
GMAC Commercial Mortgage Securities, Inc. 5.349%, 11/10/45 (b)		1,033,546		723,045
GS Mortgage Securities Trust 5.622%, 11/10/39		1,497,636		1,313,089
JPMorgan Chase Commercial Mortgage Securities Trust 6.613%, 02/15/51 (b)		110,719		105,831
Lone Star Portfolio Trust
9.178%, 1M LIBOR + 7.150%, 09/15/28 (144A) (b)		5,545,947		5,566,665
9.245%, 1M LIBOR + 7.218%, 09/15/20 (144A) (b)		2,159,779		2,167,700
ML-CFC Commercial Mortgage Trust
5.450%, 08/12/48 (b)		474,727		291,008
5.450%, 08/12/48 (144A) (b)		54,317		33,296
6.193%, 09/12/49 (b)		549,937		229,978
6.210%, 09/12/49 (b)		760,001		317,749
Morgan Stanley Capital Trust 5.399%, 12/15/43		829,589		622,462
Commercial Mortgage-Backed Securities—(Continued)
Multifamily Trust 10.957%, 04/25/46 (144A) (b)		7,933,694		7,822,202
UBS-Barclays Commercial Mortgage Trust
5.000%, 05/10/63 (144A) (b)		4,530,000		1,496,339
Waterfall Commercial Mortgage Trust 4.104%, 09/14/22 (144A) (b)		1,096,238		1,130,127
				69,362,636
Total Mortgage-Backed Securities (Cost $208,989,674)				230,193,163
U.S. Treasury & Government Agencies—5.6%
Agency Sponsored Mortgage - Backed—4.7%
Fannie Mae 15 Yr. Pool
5.000%, 12/01/21		4,092		4,220
Fannie Mae 20 Yr. Pool 3.000%, 12/01/37		1,773,818		1,824,595
Fannie Mae 30 Yr. Pool
3.000%, 11/01/46		3,107,553		3,183,616
3.000%, 11/01/48		752,080		767,509
3.000%, 08/01/49		99,256		100,902
3.000%, 09/01/49		498,814		510,479
3.500%, 02/01/47		11,442,751		11,913,605
3.500%, 02/01/48		93,492		96,639
4.000%, 06/01/49		99,047		103,002
5.000%, 01/01/39		233,377		257,107
5.000%, 06/01/40		132,779		146,735
5.000%, 07/01/40		94,807		104,778
5.000%, 11/01/48		488,236		523,911
6.000%, 07/01/38		14,385		16,144
6.500%, 08/01/31		269		299
6.500%, 12/01/36		851		998
6.500%, 06/01/37		15,384		17,141
6.500%, 10/01/37		12,176		13,850
7.000%, 05/01/26		1,002		1,049
7.000%, 07/01/30		236		240
7.000%, 01/01/31		246		265
7.000%, 07/01/31		1,121		1,198
7.000%, 09/01/31		2,333		2,586
7.000%, 10/01/31		2,262		2,579
7.000%, 11/01/31		16,485		17,465
7.000%, 01/01/32		5,233		5,334
7.500%, 01/01/30		347		406
7.500%, 02/01/30		288		290
7.500%, 06/01/30		60		61
7.500%, 08/01/30		74		76
7.500%, 09/01/30		412		460
7.500%, 10/01/30		22		22
7.500%, 11/01/30		9,032		9,469
7.500%, 02/01/31		1,017		1,026
8.000%, 08/01/27		164		167
8.000%, 07/01/30		398		477
8.000%, 09/01/30		361		376

BHFTII-277

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae REMICS (CMO)
2.368%, 1M LIBOR + 0.350%, 05/25/34 (b)		84,632	$	84,457
4.500%, 06/25/29		155,735		162,551
Freddie Mac 20 Yr. Gold Pool
3.000%, 02/01/38		2,080,493		2,131,053
3.000%, 04/01/38		1,847,447		1,893,788
Freddie Mac 30 Yr. Gold Pool
3.000%, 04/01/47		1,428,111		1,463,433
4.000%, 05/01/48		21,261		22,203
4.000%, 07/01/48		495,441		516,226
4.000%, 09/01/48		1,854,835		1,924,988
4.000%, 10/01/48		151,598		157,833
4.000%, 11/01/48		331,877		346,119
4.000%, 12/01/48		860,253		894,174
4.000%, 01/01/49		896,188		929,319
5.000%, 11/01/48		76,417		81,927
6.000%, 12/01/36		10,871		12,441
6.000%, 02/01/37		10,966		12,608
7.000%, 03/01/39		82,154		94,333
Freddie Mac 30 Yr. Pool
3.000%, 04/01/49		6,077,510		6,171,590
3.000%, 08/01/49		99,554		101,095
3.000%, 09/01/49		797,799		815,224
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 1.375%, 08/25/42 (b) (m)		70,400,000		2,391,312
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)
5.268%, 1M LIBOR + 3.250%, 07/25/29 (b)		11,730,000		12,297,345
5.468%, 1M LIBOR + 3.450%, 10/25/29 (b)		17,780,000		18,757,327
6.468%, 1M LIBOR + 4.450%, 03/25/30 (b)		8,840,000		9,754,721
6.518%, 1M LIBOR + 4.500%, 02/25/24 (b)		2,210,000		2,403,099
7.168%, 1M LIBOR + 5.150%, 10/25/29 (b)		10,500,000		12,104,010
13.018%, 1M LIBOR + 11.000%, 10/25/48 (144A) (b)		6,500,000		8,156,963
Ginnie Mae I 30 Yr. Pool
3.000%, 09/15/42		30,563		31,464
3.500%, 06/15/48		3,756,884		3,947,655
5.000%, 04/15/35		8,326		9,233
5.500%, 01/15/34		38,837		44,033
5.500%, 04/15/34		12,121		13,755
5.500%, 07/15/34		66,054		74,927
5.500%, 10/15/34		43,188		47,673
5.750%, 10/15/38		93,129		102,416
6.000%, 02/15/33		1,102		1,263
6.000%, 03/15/33		3,776		4,256
6.000%, 06/15/33		3,357		3,844
6.000%, 07/15/33		5,871		6,646
6.000%, 09/15/33		4,845		5,356
6.000%, 10/15/33		2,343		2,633
6.000%, 08/15/34		13,488		14,915
6.500%, 03/15/29		721		798
6.500%, 02/15/32		665		764
6.500%, 03/15/32		728		839
6.500%, 11/15/32		3,522		3,961
7.000%, 03/15/31		89		91
Ginnie Mae II 30 Yr. Pool
3.000%, 09/20/47		16,672		17,174
3.000%, 11/20/47		50,413		51,839
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
3.000%, TBA (n)		3,400,000		3,489,316
3.500%, 06/20/44		1,623,491		1,707,396
3.500%, 03/20/45		36,785		38,481
3.500%, 02/20/48		842,738		873,755
3.500%, 09/20/49		1,300,000		1,349,055
3.500%, TBA (n)		4,400,000		4,558,984
4.000%, 06/20/47		128,614		134,675
4.000%, 11/20/47		294,374		307,356
4.000%, 12/20/47		149,299		155,808
4.000%, 02/20/48		152,637		159,091
4.000%, 03/20/48		76,598		80,084
4.000%, 04/20/48		153,635		159,783
4.000%, 07/20/48		158,615		165,099
4.000%, 08/20/48		79,796		83,105
4.000%, 05/20/49		98,767		102,847
4.000%, TBA (n)		100,000		103,998
5.000%, 08/20/34		39,128		43,311
5.000%, 01/20/49		795,424		839,478
5.500%, 03/20/34		5,916		6,693
6.000%, 05/20/32		7,936		8,896
6.000%, 11/20/33		9,474		10,967
Ginnie Mae II ARM Pool
3.370%, 1Y H15 + 1.440%, 01/20/60 (b)		581,291		595,338
3.674%, 1Y H15 + 1.755%, 05/20/60 (b)		453,611		464,646
Government National Mortgage Association (CMO)
0.331%, 03/16/47 (b) (m)		6,171,295		66,411
0.420%, 04/16/52 (b) (m)		10,165,661		122,667
0.792%, 07/16/58 (b) (m)		3,815,880		245,714
2.529%, 1M LIBOR + 0.300%, 05/20/68 (b)		2,816,250		2,801,040
3.000%, 04/20/41		381,989		386,079
Uniform Mortgage-Backed Securities
3.000%, TBA (n)		400,000		406,800
3.500%, TBA (n)		14,600,000		14,979,258
4.000%, TBA (n)		600,000		622,687
5.000%, TBA (n)		700,000		749,848
				143,513,416
U.S. Treasury—0.9%
U.S. Treasury Notes
1.625%, 03/15/20 (a)		28,660,000		28,628,653
1.625%, 08/15/29		880,000		876,185
				29,504,838
Total U.S. Treasury & Government Agencies (Cost $171,187,660)				173,018,254
Convertible Bonds—1.1%
Interactive Media & Services—0.1%
Zillow Group, Inc.
0.750%, 09/01/24 (144A) (a)		2,370,000		2,263,500
1.375%, 09/01/26 (144A)		2,370,000		2,212,708
				4,476,208

BHFTII-278

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Convertible Bonds—(Continued)

Security Description	Shares/ Principal Amount*		Value
IT Services—0.1%
Okta, Inc. 0.125%, 09/01/25		2,880,000	$	2,607,576
Media—0.4%
DISH Network Corp. 3.375%, 08/15/26 (a)		10,570,000		9,684,294
Liberty Media Corp. 2.125%, 03/31/48		3,530,000		3,609,425
				13,293,719
Oil & Gas—0.1%
Chesapeake Energy Corp. 5.500%, 09/15/26		4,120,000		2,461,700
Pharmaceuticals—0.3%
Teva Pharmaceutical Finance Co. LLC 0.250%, 02/01/26 (a)		8,381,000		7,588,569
Pipelines—0.1%
Cheniere Energy, Inc. 4.250%, 03/15/45 (a)		4,280,000		3,300,950
Total Convertible Bonds (Cost $35,937,099)				33,728,722
Convertible Preferred Stock—0.2%
Banks—0.2%
Wells Fargo & Co., Series L 7.500% (Cost $5,598,292)		4,965		7,559,163
Preferred Stocks—0.1%
Capital Markets—0.1%
B. Riley Financial, Inc., 6.875%, 09/30/23 (a)		64,075		1,671,076
6.500%, 09/30/26		98,150		2,460,620
Total Preferred Stocks (Cost $4,055,625)				4,131,696
Municipals—0.1%
Massachusetts State Development Finance Agency, Board Institute, Revenue Bond 5.375%, 04/01/41		400,000		424,520
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds
5.000%, 12/15/30		750,000		818,723
5.000%, 12/15/31		1,550,000		1,689,252
Virginia Housing Development Authority 6.000%, 06/25/34		544,185		579,687
Total Municipals (Cost $3,425,580)				3,512,182
Common Stocks—0.1%
Security Description	Shares/ Principal Amount*		Value
Diversified Consumer Services—0.0%
Ascent CNR Corp. - Class A (o)		1,399,556	$	27,991
Media—0.0%
Cengage Learning, Inc. (o)		10,995		126,443
ION Media Networks, Inc.		785		217,837
				344,280
Oil, Gas & Consumable Fuels—0.1%
Berry Petroleum Corp.		169,957		1,590,798
Total Common Stocks (Cost $4,090,193)				1,963,069
Escrow Shares—0.0%
Energy Equipment & Services—0.0%
Hercules Offshore, Inc. (f) (h) (o)		10,611		6,458
Forest Products & Paper—0.0%
Sino-Forest Corp. (h) (o)		1,246,000		0
Sino-Forest Corp. (h) (o)		500,000		0
				0
Total Escrow Shares (Cost $463,408)				6,458
Short-Term Investment—0.1%
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/30/19 at 0.800%, due on 10/01/19 with a maturity value of $3,896,559; collateralized by U.S. Treasury Note at 2.000%, maturing 12/31/21, with a market value of $3,976,209.		3,896,472		3,896,472
Total Short-Term Investments (Cost $3,896,472)				3,896,472
Securities Lending Reinvestments (p)—11.3%
Certificates of Deposit—7.2%
ABN AMRO Bank NV 2.120%, 01/10/20		2,000,000		2,000,320
Banco Del Estado De Chile New York
2.206%, 1M LIBOR + 0.160%, 11/22/19 (b)		5,000,000		4,999,725
2.222%, 1M LIBOR + 0.180%, 10/09/19 (b)		3,000,000		3,000,000
Banco Santander S.A. 2.192%, 1M LIBOR + 0.150%, 11/07/19 (b)		5,000,000		4,999,605
Bank of Montreal (Chicago)
1.990%, SOFR + 0.170%, 02/07/20 (b)		2,000,000		2,000,422
2.070%, SOFR + 0.250%, 07/10/20 (b)		2,000,000		2,000,136
2.150%, 1M LIBOR + 0.100%, 10/11/19 (b)		3,000,000		2,999,946
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (b)		5,000,000		4,999,975
Bank of Nova Scotia 2.198%, 1M LIBOR + 0.170%, 05/15/20 (b)		10,000,000		9,995,580
Barclays Bank plc
2.297%, 1M LIBOR + 0.230%, 02/05/20 (b)		5,000,000		4,996,510

BHFTII-279

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Securities Lending Reinvestments (p)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
BNP Paribas S.A. New York 2.289%, 3M LIBOR + 0.050%, 11/06/19 (b)		2,000,000	$	2,000,370
Canadian Imperial Bank of Commerce
2.180%, FEDEFF PRV + 0.350%, 08/06/20 (b)		8,000,000		8,000,040
2.278%, 1M LIBOR + 0.250%, 10/15/19 (b)		10,000,000		10,000,340
Chiba Bank, Ltd.
2.230%, 11/20/19		2,000,000		2,000,012
2.270%, 10/08/19		6,000,000		6,000,168
China Construction Bank Corp. 2.470%, 10/18/19		2,000,000		2,000,254
Credit Agricole S.A. 2.256%, 1M LIBOR + 0.210%, 12/20/19 (b)		7,000,000		7,001,001
Credit Industriel et Commercial
2.227%, 1M LIBOR + 0.160%, 03/05/20 (b)		3,000,000		2,999,247
2.393%, 3M LIBOR + 0.090%, 10/15/19 (b)		5,000,000		5,000,525
Credit Suisse AG
2.219%, 1M LIBOR + 0.130%, 11/04/19 (b)		5,000,000		4,999,600
2.240%, 1M LIBOR + 0.140%, 10/02/19 (b)		10,000,000		10,000,000
DZ Bank AG
Zero Coupon, 10/18/19		4,969,899		4,994,750
Zero Coupon, 11/18/19		3,977,205		3,988,720
Zero Coupon, 03/10/20		989,594		990,790
Industrial & Commercial Bank of China, Corp. 2.330%, 12/04/19		1,000,000		999,984
KBC Bank NV
Zero Coupon, 10/25/19		4,935,000		4,993,273
2.080%, 03/12/20		2,000,000		2,000,200
2.220%, 12/03/19		5,000,000		5,001,200
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 11/18/19		2,982,865		2,991,540
2.226%, 1M LIBOR + 0.180%, 01/23/20 (b)		4,000,000		3,999,948
Mizuho Bank, Ltd. 2.174%, 1M LIBOR + 0.120%, 11/27/19 (b)		5,000,000		4,999,905
MUFG Bank Ltd. 2.216%, 1M LIBOR + 0.170%, 02/24/20 (b)		2,000,000		1,999,794
Natixis New York 2.453%, 3M LIBOR + 0.150%, 10/15/19 (b)		2,000,000		2,000,252
Rabobank International London 2.236%, 1M LIBOR + 0.190%, 04/24/20 (b)		5,000,000		4,999,500
Societe Generale
2.180%, FEDEFF PRV + 0.350%, 06/19/20 (b)		2,000,000		1,999,706
2.280%, FEDEFF PRV + 0.450%, 08/14/20 (b)		5,000,714		5,002,595
2.337%, 1M LIBOR + 0.280%, 06/19/20 (b)		2,000,000		2,002,364
Standard Chartered Bank
2.158%, 1M LIBOR + 0.130%, 11/15/19 (b)		4,000,000		4,000,068
2.180%, FEDEFF PRV + 0.350%, 02/26/20 (b)		5,000,000		4,999,975
2.230%, FEDEFF PRV + 0.400%, 03/13/20 (b)		3,000,000		2,999,982
Sumitomo Mitsui Banking Corp.
2.172%, 1M LIBOR + 0.130%, 12/09/19 (b)		3,000,000		2,999,610
2.179%, 1M LIBOR + 0.140%, 11/12/19 (b)		2,000,000		1,999,900
2.216%, 1M LIBOR + 0.170%, 01/21/20 (b)		2,000,000		1,999,972
2.234%, 1M LIBOR + 0.180%, 01/27/20 (b)		5,000,000		4,999,655
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 02/18/20		3,956,257		3,967,720
2.184%, 1M LIBOR + 0.140%, 11/20/19 (b)		4,000,000		3,999,920
Svenska Handelsbanken AB
2.247%, 1M LIBOR + 0.180%, 06/05/20 (b)		5,000,000		4,997,650
2.266%, 1M LIBOR + 0.220%, 07/22/20 (b)		5,000,000		4,998,460
2.344%, 1M LIBOR + 0.300%, 10/31/19 (b)		2,000,000		2,000,288
Toronto-Dominion Bank
2.180%, FEDEFF PRV + 0.350%, 07/31/20 (b)		2,000,000		1,998,818
Wells Fargo Bank N.A.
2.180%, FEDEFF PRV + 0.350%, 08/20/20 (b)		12,000,000		12,000,000
2.477%, 3M LIBOR + 0.210%, 10/25/19 (b)		4,000,000		4,000,932
Westpac Banking Corp. 2.130%, FEDEFF PRV + 0.300%, 02/14/20 (b)		4,000,000		3,999,986
				220,921,233
Commercial Paper—1.8%
Agricultural Bank of China 2.295%, 12/11/19		994,263		995,388
Bank of China, Ltd.
2.290%, 12/09/19		4,971,375		4,977,235
2.470%, 10/11/19		5,964,597		5,995,734
Cafco LLC 2.120%, 10/31/19		1,992,580		1,996,362
China Construction Bank Corp.
2.470%, 10/17/19		1,987,650		1,997,842
2.500%, 10/01/19		1,000,000		1,000,008
Industrial & Commercial Bank of China, Corp. 2.470%, 10/25/19		993,688		998,636
ING Funding LLC 2.327%, 3M LIBOR + 0.040%, 11/04/19 (b)		2,000,000		2,000,324
Royal Bank of Canada 2.463%, 3M LIBOR + 0.160%, 01/14/20 (b)		3,000,000		3,001,671
Sheffield Receivables Co. 2.000%, SOFR + 0.180%, 12/03/19 (b)		1,000,000		1,000,028
Societe Generale 2.555%, 3M LIBOR + 0.410%, 12/18/19 (b)		4,003,392		4,003,660
Sumitomo Mitsui Banking Corp. 2.187%, 1M LIBOR + 0.130%, 01/06/20 (b)		4,000,000		3,999,488
Thunder Bay Funding LLC 2.167%, 1M LIBOR + 0.100%, 12/05/19 (b)		5,000,000		4,999,500
Toronto-Dominion Bank 2.417%, 1M LIBOR + 0.350%, 11/05/19 (b)		7,000,000		7,001,043
UBS AG 2.286%, 1M LIBOR + 0.240%, 01/27/20 (b)		5,000,000		5,000,000
Westpac Banking Corp. 2.194%, 1M LIBOR + 0.150%, 05/29/20 (b)		4,999,383		4,997,445
				53,964,364
Repurchase Agreements—2.3%
Citadel Clearing LLC Repurchase Agreement dated 09/30/19 at 2.430%, due on 12/31/19 with a maturity value of $8,049,680; collateralized by various Common Stock with an aggregate market value of $8,800,903.		8,000,000		8,000,000
Citigroup Global Markets, Inc.
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $3,006,329; collateralized by various Common Stock with an aggregate market value of $3,300,000.		3,000,000		3,000,000

BHFTII-280

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Securities Lending Reinvestments (p)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc.
Repurchase Agreement dated 09/30/19 at 2.170%, due on 11/04/19 with a maturity value of $9,018,988; collateralized by various Common Stock with an aggregate market value of $9,900,000.		9,000,000	$	9,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $382,007; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $389,628.		381,988		381,988
NBC Global Finance, Ltd.
Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,500,083; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,669,503.		1,500,000		1,500,000
Repurchase Agreement dated 09/30/19 at 2.020%, due on 10/07/19 with a maturity value of $8,003,142; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.500%, maturity dates ranging from 02/15/22 - 02/15/45, and various Common Stock with an aggregate market value of $8,891,260.		8,000,000		8,000,000
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $10,000,653; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $10,200,000.		10,000,000		10,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $2,000,109; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $3,000,165; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $3,333,186.		3,000,000		3,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $1,100,428; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,222,168.		1,100,000		1,100,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $10,003,889; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $11,110,619.		10,000,000		10,000,000
Repurchase Agreements—(Continued)
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $10,003,889; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $11,110,619.		10,000,000		10,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $5,101,983; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $5,666,416.		5,100,000		5,100,000
				71,081,988
Total Securities Lending Reinvestments (Cost $345,969,683)				345,967,585
Total Purchased Options—0.2% (q) (Cost $5,330,039)				6,538,780
Total Investments—109.3% (Cost $3,315,773,880)				3,367,806,898
Unfunded Loan Commitments—(0.1)% (Cost $(660,360))				(660,360	)
Net Investments—109.2% (Cost $3,315,113,520)				3,367,146,538
Other assets and liabilities (net)—(9.2)%				(286,575,238	)
Net Assets—100.0%			$	3,080,571,300

*	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 September 30, 2019, the market value of securities loaned was $327,475,050 and the collateral received consisted of cash in the amount of $345,834,049 and non-cash collateral with a value of $622,752. 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.
(b)	Variable or floating rate security. The stated rate represents the rate at September 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)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(e)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(f)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, these securities represent less than 0.05% of net assets.

BHFTII-281

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

(g)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of September 30, 2019, the market value of restricted securities was $3,008,363, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(h)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(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 September 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)	Non-income producing security.
(p)	Represents investment of cash collateral received from securities on loan as of September 30, 2019.
(q)	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 September 30, 2019, the market value of 144A securities was $1,314,737,146, which is 42.7% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Midwest Vanadium Pty, Ltd., 13.250%, 02/15/18		05/24/11	$	932,290	$	961,424	$	0
Windstream Services LLC / Windstream Finance Corp., 10.500%, 06/30/24		09/26/17 - 03/06/18		5,445,000		4,797,713		3,008,363
							$	3,008,363

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	2,290,000	BBP		10/17/19		USD	1,550,527	$	(4,056	)
AUD	6,840,000	BBP		10/17/19		USD	4,621,757		(2,605	)
AUD	2,930,000	CBNA		10/17/19		USD	1,978,781		(110	)
AUD	2,940,000	CBNA		10/17/19		USD	1,985,491		(66	)
AUD	2,940,000	CBNA		10/17/19		USD	1,985,491		(66	)
AUD	10,590,000	JPMC		10/17/19		USD	7,284,853		(133,271	)
AUD	11,115,429	CBNA		11/22/19		USD	7,554,301		(39,342	)
AUD	10,070,000	CBNA		12/27/19		USD	6,836,009		(20,835	)
BRL	6,610,000	CBNA		10/17/19		USD	1,739,932		(150,731	)
BRL	7,649,893	CBNA		10/17/19		USD	2,016,075		(176,859	)
BRL	13,320,000	CBNA		10/17/19		USD	3,502,038		(299,593	)
CAD	9,323,902	CBNA		10/02/19		USD	7,026,884		10,941
CAD	13,849,103	BBP		10/17/19		USD	10,567,962		(111,853	)
CAD	9,881,641	JPMC		11/18/19		USD	7,428,521		35,640
CAD	10,302,479	GSBU		12/19/19		USD	7,782,299		4,205
CHF	378,810	GSBU		10/17/19		USD	384,731		(4,686	)
EUR	7,900,000	JPMC		10/10/19		USD	8,923,840		(308,004	)
EUR	1,650,000	BBP		10/17/19		USD	1,831,058		(30,603	)
EUR	1,700,000	BBP		10/17/19		USD	1,865,643		(10,629	)
EUR	4,560,000	BBP		10/17/19		USD	5,062,325		(86,523	)
EUR	7,170,000	BBP		10/17/19		USD	8,010,872		(187,077	)
EUR	188,000	CBNA		10/17/19		USD	207,220		(2,077	)
EUR	2,260,000	CBNA		10/17/19		USD	2,469,012		(2,934	)
EUR	2,400,000	CBNA		10/17/19		USD	2,693,904		(75,060	)
EUR	4,500,000	CBNA		10/17/19		USD	4,907,848		2,483
EUR	4,640,000	CBNA		10/17/19		USD	5,074,207		(11,109	)
EUR	4,830,000	CBNA		10/17/19		USD	5,451,491		(181,068	)

BHFTII-282

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	8,370,000	CBNA		10/17/19		USD	9,176,809	$	(43,592	)
EUR	10,140,000	CBNA		10/17/19		USD	11,313,198		(248,584	)
EUR	22,768,109	CBNA		10/17/19		USD	25,398,964		(554,749	)
EUR	2,160,000	JPMC		10/17/19		USD	2,428,002		(71,043	)
EUR	2,290,000	JPMC		10/17/19		USD	2,584,107		(85,294	)
EUR	2,290,000	JPMC		10/17/19		USD	2,570,612		(71,799	)
EUR	2,390,000	JPMC		10/17/19		USD	2,679,482		(71,550	)
EUR	2,390,000	JPMC		10/17/19		USD	2,678,836		(70,905	)
EUR	2,420,000	JPMC		10/17/19		USD	2,715,814		(75,146	)
EUR	7,980,000	JPMC		10/17/19		USD	9,015,953		(308,298	)
EUR	25,753,500	JPMC		10/17/19		USD	29,208,590		(1,106,761	)
EUR	20,763,000	CBNA		10/23/19		USD	23,119,600		(453,127	)
GBP	3,890,036	BBP		10/17/19		USD	4,889,074		(103,140	)
IDR	114,574,705,828	BBP		10/17/19		USD	7,978,184		80,555
IDR	140,372,130,285	GSBU		12/20/19		USD	9,858,286		(52,361	)
IDR	114,574,705,828	BBP		01/17/20		USD	7,955,472		23,644
INR	491,838,000	BBP		10/17/19		USD	6,997,766		(67,806	)
INR	491,838,000	BBP		01/17/20		USD	6,865,650		(5,005	)
JPY	247,260,000	BBP		10/17/19		USD	2,292,940		(3,911	)
JPY	360,850,000	BBP		10/17/19		USD	3,336,638		3,959
JPY	484,350,000	BBP		10/17/19		USD	4,590,410		(106,503	)
JPY	745,160,000	BBP		10/17/19		USD	6,887,231		11,146
JPY	1,315,706,811	CBNA		10/17/19		USD	12,216,121		(35,863	)
JPY	92,790,000	GSBU		10/17/19		USD	856,952		2,059
JPY	241,170,000	JPMC		10/17/19		USD	2,285,683		(53,033	)
JPY	244,430,000	JPMC		10/17/19		USD	2,312,497		(49,667	)
JPY	930,030,000	JPMC		10/17/19		USD	8,645,474		(35,649	)
JPY	3,164,367,500	JPMC		10/17/19		USD	29,879,754		(585,375	)
JPY	901,753,560	BBP		10/28/19		USD	8,567,160		(213,110	)
JPY	477,263,280	CBNA		11/27/19		USD	4,560,000		(129,947	)
MXN	30,000,000	CBNA		10/17/19		USD	1,560,915		(44,507	)
MXN	35,000,000	CBNA		10/17/19		USD	1,786,571		(17,428	)
MXN	35,000,000	CBNA		10/17/19		USD	1,754,166		14,977
MXN	36,000,000	CBNA		10/17/19		USD	1,821,051		(1,361	)
MXN	40,500,000	CBNA		10/17/19		USD	2,073,251		(26,100	)
MXN	857,424,883	CBNA		10/17/19		USD	44,186,226		(846,024	)
MXN	92,900,782	CBNA		11/26/19		USD	4,629,213		36,227
MXN	925,924,883	BBP		01/17/20		USD	46,168,588		(21,000	)
PHP	515,235,000	JPMC		10/17/19		USD	10,004,563		(67,401	)
PHP	515,235,000	JPMC		01/17/20		USD	9,822,794		74,612
PLN	3,719	BBP		10/17/19		USD	981		(53	)
PLN	3,719	BBP		01/17/20		USD	930		(1	)
RUB	13,134,950	CBNA		10/17/19		USD	203,353		(1,208	)
RUB	984,938,404	BBP		11/21/19		USD	14,602,497		485,089
RUB	542,882,626	JPMC		11/21/19		USD	8,429,200		(113,159	)
SEK	38,935,647	CBNA		10/17/19		USD	3,974,039		(14,916	)
TRY	2,193,900	CBNA		10/17/19		USD	384,557		1,771
TWD	7,361,600	JPMC		10/17/19		USD	238,788		(1,300	)
TWD	7,361,600	JPMC		01/17/20		USD	239,293		(561	)
ZAR	198,594	CBNA		10/17/19		USD	13,075		12
Contracts to Deliver
ARS	424,892,478	CBNA		10/15/19		USD	8,963,976		1,928,178
AUD	45,615,428	BNP		10/17/19		USD	30,974,244		169,479
AUD	51,365,805	CBNA		10/17/19		USD	35,674,065		985,987
AUD	11,115,429	BNP		11/22/19		USD	7,550,044		35,085

BHFTII-283

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	10,070,000	CBNA		12/27/19		USD	6,836,825	$	21,650
CAD	9,323,902	JPMC		10/02/19		USD	7,130,001		92,176
CAD	9,007,073	BNP		10/17/19		USD	6,771,166		(29,197	)
CAD	9,323,902	CBNA		10/17/19		USD	7,028,478		(11,092	)
CAD	9,881,641	BNP		11/18/19		USD	7,424,000		(40,161	)
CAD	10,302,479	GSBU		12/19/19		USD	7,782,857		(3,647	)
EUR	2,607,480	BNP		10/17/19		USD	2,904,993		59,751
EUR	1,600,000	BNP		10/17/19		USD	1,790,768		44,872
EUR	25,983,146	BBP		10/17/19		USD	29,474,397		1,121,983
EUR	4,560,000	BBP		10/17/19		USD	5,133,575		157,772
EUR	2,280,000	BBP		10/17/19		USD	2,567,126		79,224
EUR	2,280,000	BBP		10/17/19		USD	2,548,343		60,442
EUR	2,100,000	BBP		10/17/19		USD	2,341,776		50,288
EUR	15,824,441	CBNA		10/17/19		USD	17,826,391		559,001
EUR	9,140,000	CBNA		10/17/19		USD	10,189,816		216,386
EUR	2,280,000	CBNA		10/17/19		USD	2,551,356		63,455
EUR	2,200,000	CBNA		10/17/19		USD	2,451,844		51,237
EUR	1,400,000	CBNA		10/17/19		USD	1,580,269		52,610
EUR	62,908,718	JPMC		10/17/19		USD	71,359,246		2,714,207
EUR	9,254,000	CBNA		10/28/19		USD	10,309,234		203,069
GBP	5,400,000	BBP		10/17/19		USD	6,568,500		(75,154	)
IDR	114,574,705,828	BBP		10/17/19		USD	8,064,666		5,927
IDR	140,372,130,285	JPMC		12/20/19		USD	9,858,286		52,361
INR	491,838,000	BBP		10/17/19		USD	6,946,864		16,904
JPY	489,120,000	BBP		10/17/19		USD	4,579,669		51,602
JPY	483,500,000	BBP		10/17/19		USD	4,593,170		117,131
JPY	242,330,000	BBP		10/17/19		USD	2,281,088		37,699
JPY	241,290,000	BBP		10/17/19		USD	2,297,346		63,585
JPY	241,290,000	BBP		10/17/19		USD	2,295,207		61,446
JPY	241,140,000	BBP		10/17/19		USD	2,291,347		58,975
JPY	1,475,270,000	CBNA		10/17/19		USD	14,032,803		375,376
JPY	254,390,000	JPMC		10/17/19		USD	2,400,275		45,240
JPY	2,279,739,582	BBP		11/05/19		USD	21,101,080		(29,984	)
JPY	477,263,280	CBNA		11/27/19		USD	4,558,232		128,179
MXN	925,924,883	BBP		10/17/19		USD	46,825,844		23,178
MXN	42,000,000	CBNA		10/17/19		USD	2,152,389		29,418
MXN	30,000,000	CBNA		10/17/19		USD	1,489,178		(27,230	)
MXN	92,900,782	CBNA		11/26/19		USD	4,632,000		(33,440	)
PHP	515,235,000	JPMC		10/17/19		USD	9,870,402		(66,760	)
PHP	515,240,000	BBP		11/15/19		USD	10,024,612		99,753
PLN	3,719	BBP		10/17/19		USD	929		1
RUB	542,882,626	BBP		11/21/19		USD	8,421,551		105,510
RUB	984,938,404	CBNA		11/21/19		USD	14,589,000		(498,586	)
SEK	38,935,647	JPMC		10/17/19		USD	4,199,770		240,647
SEK	38,935,647	CBNA		01/17/20		USD	3,999,512		15,008
TRY	2,193,900	BBP		10/17/19		USD	369,431		(16,898	)
TRY	2,193,900	CBNA		01/17/20		USD	373,971		(1,761	)
TWD	7,361,600	JPMC		10/17/19		USD	237,471		(17	)
ZAR	198,594	BBP		10/17/19		USD	13,946		859
ZAR	198,594	CBNA		01/17/20		USD	12,922		(11	)
Net Unrealized Appreciation								$	2,552,639

BHFTII-284

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		06/15/20		629			USD	154,804,763		$	1,697,168
Australian 10 Year Treasury Bond Futures		12/16/19		198			AUD	29,175,161			162,118
U.S. Treasury Note 10 Year Futures		12/19/19		4,437			USD	578,196,563			(4,999,301	)
U.S. Treasury Note 2 Year Futures		12/31/19		159			USD	34,264,500			(70,043	)
U.S. Treasury Note Ultra 10 Year Futures		12/19/19		97			USD	13,813,406			(147,973	)
U.S. Treasury Ultra Long Bond Futures		12/19/19		1,978			USD	379,590,563			(6,607,769	)
Futures Contracts—Short
30 Day Federal Fund Futures		01/31/20		(286	)		USD	(117,287,257	)		(268,690	)
Euro-Bund Futures		12/06/19		(477	)		EUR	(83,117,250	)		1,002,457
Euro-Buxl 30 Year Bond Futures		12/06/19		(28	)		EUR	(6,090,000	)		103,160
U.S. Treasury Long Bond Futures		12/19/19		(198	)		USD	(32,137,875	)		620,220
U.S. Treasury Note 5 Year Futures		12/31/19		(5,271	)		USD	(628,031,417	)		2,771,341
United Kingdom Long Gilt Bond Futures		12/27/19		(67	)		GBP	(8,994,080	)		(39,029	)
Net Unrealized Depreciation										$	(5,776,341	)

Purchased Options

Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
USD Call/EUR Put	EUR	1.130	JPMC		10/08/19		32,180,000		USD	32,180,000	$	319,226	$	1,104,225	$	784,999
USD Call/EUR Put	EUR	1.134	JPMC		10/15/19		57,230,000		USD	57,230,000		568,695		2,148,185		1,579,490
USD Call/EUR Put	EUR	1.114	CBNA		10/21/19		46,140,000		USD	46,140,000		435,100		912,465		477,365
USD Put/AUD Call	AUD	0.700	CBNA		12/05/19		31,140,000		USD	31,140,000		177,498		61,190		(116,308	)
USD Put/JPY Call	JPY	108.039	BBP		10/31/19		48,620,000		USD	48,620,000		568,854		411,033		(157,821	)
USD Put/RUB Call	RUB	65.277	CBNA		11/20/19		32,420,000		USD	32,420,000		229,329		433,002		203,673
Totals											$	2,298,702	$	5,070,100	$	2,771,398

Options on Exchange-Traded Future Contracts	Strike Price			Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Put - S&P 500 Index E-Mini Futures		USD	2,750.000		10/18/19		594		USD	29,700	$	840,960	$	114,345	$	(726,615	)
Put - S&P 500 Index E-Mini Futures		USD	2,600.000		10/18/19		316		USD	15,800		502,314		17,380		(484,934	)
Put - S&P 500 Index E-Mini Futures		USD	2,850.000		11/15/19		216		USD	10,800		753,754		321,300		(432,454	)
Put - S&P 500 Index E-Mini Futures		USD	2,750.000		11/15/19		204		USD	10,200		250,328		168,300		(82,028	)
Put - S&P 500 Index E-Mini Futures		USD	2,750.000		12/20/19		155		USD	7,750		256,075		259,625		3,550
Put - U.S. Treasury Note 10 Year Futures		USD	130.000		10/25/19		229		USD	229,000		114,896		121,656		6,760
Totals											$	2,718,327	$	1,002,606	$	(1,715,721	)

OTC Index Options

Strike Price

Knock-In Swap Rate

Counterparty

Expiration Date

Number of Contracts

Notional Amount

Premiums Paid

Market Value

Unrealized Appreciation

Put - S&P 500 Index Contingent 10 Yr. Barrier Swap

USD

2,865.20

=<1.740

%

MSIP

01/24/20

9,668

USD

27,700,753

$

313,010

$

466,074

$

153,064

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	0.660		BNP		11/20/19		(32,420,000	)		USD	(32,420,000	)	$	(211,216	)	$	(114,670	)	$	96,546
USD Call/AUD Put		AUD	0.661		CBNA		12/23/19		(32,040,000	)		USD	(32,040,000	)		(199,129	)		(197,527	)		1,602

BHFTII-285

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Written Options—(Continued)

Foreign Currency Options	Strike Price			Counterparty		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
USD Call/CAD Put		CAD	1.334		JPMC		10/01/19		(32,200,000	)		USD	(32,200,000	)	$	(138,782	)	$	(193	)	$	138,589
USD Call/CAD Put		CAD	1.361		BNP		11/15/19		(32,480,000	)		USD	(32,480,000	)		(157,366	)		(29,005	)		128,361
USD Call/CAD Put		CAD	1.350		GSBU		12/18/19		(36,320,000	)		USD	(36,320,000	)		(157,992	)		(125,958	)		32,034
USD Call/EUR Put		EUR	1.111		JPMC		10/08/19		(32,180,000	)		USD	(32,180,000	)		(124,537	)		(583,230	)		(458,693	)
USD Call/EUR Put		EUR	1.095		CBNA		10/24/19		(46,270,000	)		USD	(46,270,000	)		(188,782	)		(314,173	)		(125,391	)
USD Call/MXN Put		MXN	20.525		CBNA		11/22/19		(16,210,000	)		USD	(16,210,000	)		(239,260	)		(94,991	)		144,269
USD Call/RUB Put		RUB	70.455		CBNA		11/20/19		(32,420,000	)		USD	(32,420,000	)		(310,217	)		(44,966	)		265,251
USD Put/ IDR Call		IDR	13,950.000		GSBU		12/18/19		(36,320,000	)		USD	(36,320,000	)		(155,813	)		(80,412	)		75,401
USD Put/JPY Call		JPY	102.700		BBP		10/24/19		(45,570,000	)		USD	(45,570,000	)		(237,875	)		(14,491	)		223,384
USD Put/JPY Call		JPY	101.310		CBNA		11/25/19		(22,785,000	)		USD	(22,785,000	)		(162,001	)		(22,739	)		139,262
USD Put/RUB Call		RUB	62.869		JPMC		11/20/19		(32,420,000	)		USD	(32,420,000	)		(162,684	)		(58,324	)		104,360
Totals															$	(2,445,654	)	$	(1,680,679	)	$	764,975

Options on Exchange-Traded Futures Contracts	Strike Price			Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation
Call - U.S. Treasury Note 10 Year Futures		USD	133.000		10/25/19		(229	)		USD	(229,000	)	$	(124,838	)	$	(17,891	)	$	106,947
Put - S&P 500 Index E-Mini Futures		USD	2,400.000		10/18/19		(316	)		USD	(15,800	)		(188,936	)		(4,740	)		184,196
Put - S&P 500 Index E-Mini Futures		USD	2,500.000		10/18/19		(193	)		USD	(9,650	)		(71,970	)		(5,307	)		66,663
Put - S&P 500 Index E-Mini Futures		USD	2,550.000		10/18/19		(270	)		USD	(13,500	)		(120,933	)		(10,800	)		110,133
Put - S&P 500 Index E-Mini Futures		USD	2,550.000		11/15/19		(204	)		USD	(10,200	)		(93,922	)		(47,940	)		45,982
Put - S&P 500 Index E-Mini Futures		USD	2,700.000		11/15/19		(216	)		USD	(10,800	)		(423,446	)		(129,600	)		293,846
Put - S&P 500 Index E-Mini Futures		USD	2,550.000		12/20/19		(155	)		USD	(7,750	)		(100,424	)		(98,813	)		1,611
Totals													$	(1,124,469	)	$	(315,091	)	$	809,378

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	7.440%	Monthly		07/20/29		MXN	1,162,650,000	$	2,819,232		$	584,450		$	2,234,782
Pay	28-Day TIIE		Monthly	7.450%	Monthly		07/18/29		MXN	1,118,490,000		2,753,781			464,341			2,289,440
Pay	3M LIBOR		Quarterly	2.250%	Semi-Annually		04/26/22		USD	98,789,000		831,799			19,534			812,265
Receive	3M LIBOR		Semi-Annually	2.250%	Quarterly		12/31/25		USD	79,360,000		(3,514,483	)		377,451			(3,891,934	)
Receive	3M LIBOR		Semi-Annually	2.300%	Quarterly		04/26/23		USD	100,855,000		(867,233	)		6,066			(873,299	)
Receive	3M LIBOR		Semi-Annually	2.500%	Quarterly		01/31/26		USD	173,900,000		(10,395,864	)		(2,170,778	)		(8,225,086	)
Receive	3M LIBOR		Semi-Annually	2.750%	Quarterly		08/15/44		USD	39,474,000		(8,479,655	)		(104,710	)		(8,374,945	)
Receive	3M LIBOR		Semi-Annually	2.875%	Quarterly		05/15/44		USD	37,345,000		(8,927,271	)		188,181			(9,115,452	)
Receive	6M EURIBOR		Annually	1.498%	Semi-Annually		08/23/47		EUR	4,537,500		(1,768,479	)		(5,233	)		(1,763,246	)
Totals											$	(27,548,173	)	$	(640,698	)	$	(26,907,475	)

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
Pay	1-Day CDI		Maturity	6.870%	Maturity		01/04/27	JPMC		BRL	137,560,000	$	199,532	$	—	$	199,532
Pay	1-Day CDI		Maturity	7.024%	Maturity		01/04/27	CGM		BRL	42,156,000		127,579		25,194		102,385
Pay	1-Day CDI		Maturity	7.024%	Maturity		01/04/27	CGM		BRL	39,600,000		119,844		20,447		99,397
Pay	1-Day CDI		Maturity	7.024%	Maturity		01/04/27	CGM		BRL	33,300,000		100,778		—		100,778
Pay	1-Day CDI		Maturity	7.044%	Maturity		01/04/27	JPMC		BRL	27,400,000		88,879		—		88,879
Totals												$	636,612	$	45,641	$	590,971

BHFTII-286

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Implied Credit Spread at September 30, 2019(b)			Notional Amount(c)			Market Value			Upfront Premiums (Received)			Unrealized Depreciation
CDX.NA.HY.33		(5.000	%)		Quarterly		12/20/24		3.500	%		USD	56,730,000	$	(3,805,278	)	$	(3,659,960	)	$	(145,318	)

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 September 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		0.000	%		USD	32,280,000	$	(1,004,417	)	$	(1,289,612	)	$	285,195

Securities in amount of $6,358,866 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.
(CGM)—	Citigroup Global Markets, Inc.
(DBAG)—	Deutsche Bank AG
(GSBU)—	Goldman Sachs Bank USA
(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
(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

(ARLLMON)—	Argentina Blended Historical Policy Rate
(CDI)—	Brazil Interbank Deposit Rate
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(COFI)—	11th District Cost of Fund 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
(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
(ICE)—	Intercontinental Exchange, Inc.
(REMIC)—	Real Estate Mortgage Investment Conduit

BHFTII-287

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Aerospace/Defense	$	—	$	11,037,261	$	—	$	11,037,261
Agriculture		—		7,657,419		—		7,657,419
Airlines		—		1,262,165		—		1,262,165
Apparel		—		15,695,926		—		15,695,926
Auto Manufacturers		—		15,125,302		—		15,125,302
Auto Parts & Equipment		—		4,118,348		—		4,118,348
Banks		—		245,495,844		—		245,495,844
Beverages		—		23,318,898		—		23,318,898
Biotechnology		—		7,925,453		—		7,925,453
Building Materials		—		11,008,830		—		11,008,830
Chemicals		—		1,542,464		—		1,542,464
Commercial Services		—		53,343,503		—		53,343,503
Diversified Financial Services		—		73,899,048		—		73,899,048
Electric		—		32,642,763		—		32,642,763
Electronics		—		10,942,551		—		10,942,551
Energy-Alternate Sources		—		1,369,173		—		1,369,173
Environmental Control		—		10,318,451		—		10,318,451
Food		—		9,941,263		—		9,941,263
Forest Products & Paper		—		14,178,178		—		14,178,178
Healthcare-Products		—		13,913,084		—		13,913,084
Healthcare-Services		—		60,393,306		—		60,393,306
Holding Companies-Diversified		—		3,342,809		—		3,342,809
Home Builders		—		10,549,055		—		10,549,055
Household Products/Wares		—		1,159,950		—		1,159,950
Housewares		—		1,188,924		—		1,188,924
Insurance		—		28,289,358		—		28,289,358
Internet		—		27,487,069		—		27,487,069
Iron/Steel		—		17,801,691		—		17,801,691
Leisure Time		—		29,246,245		—		29,246,245
Lodging		—		30,703,929		—		30,703,929
Machinery		—		5,841,693		—		5,841,693
Machinery-Diversified		—		4,830,000		—		4,830,000
Media		—		141,170,805		—		141,170,805
Metal Fabricate/Hardware		—		4,641,300		—		4,641,300
Mining		—		102,440,226		0		102,440,226
Miscellaneous Manufacturing		—		18,765,584		—		18,765,584
Oil & Gas		—		197,184,515		—		197,184,515
Packaging & Containers		—		25,333,059		—		25,333,059
Pharmaceuticals		—		89,442,956		—		89,442,956
Pipelines		—		109,801,270		—		109,801,270
Real Estate		—		7,145,600		—		7,145,600
Real Estate Investment Trusts		—		23,155,558		—		23,155,558
Retail		—		42,728,159		—		42,728,159
Savings & Loans		—		10,408,727		—		10,408,727
Semiconductors		—		4,512,576		—		4,512,576

BHFTII-288

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Software	$	—		$	8,869,091		$	—	$	8,869,091
Telecommunications		—			119,891,005			—		119,891,005
Transportation		—			26,613,197			—		26,613,197
Trucking & Leasing		—			10,613,585			—		10,613,585
Water		—			3,296,428			—		3,296,428
Total Corporate Bonds & Notes		—			1,731,583,594			0		1,731,583,594
Total Floating Rate Loans (Less Unfunded Loan Commitments of $660,360)*		—			321,546,537			—		321,546,537
Total Foreign Government*		—			255,500,552			—		255,500,552
Total Asset-Backed Securities*		—			248,000,311			—		248,000,311
Total Mortgage-Backed Securities*		—			230,193,163			—		230,193,163
Total U.S. Treasury & Government Agencies*		—			173,018,254			—		173,018,254
Total Convertible Bonds*		—			33,728,722			—		33,728,722
Total Convertible Preferred Stock*		7,559,163			—			—		7,559,163
Total Preferred Stocks*		4,131,696			—			—		4,131,696
Total Municipals*		—			3,512,182			—		3,512,182
Common Stocks
Diversified Consumer Services		—			27,991			—		27,991
Media		217,837			126,443			—		344,280
Oil, Gas & Consumable Fuels		1,590,798			—			—		1,590,798
Total Common Stocks		1,808,635			154,434			—		1,963,069
Total Escrow Shares*		—			—			6,458		6,458
Total Short-Term Investment*		—			3,896,472			—		3,896,472
Total Securities Lending Reinvestments*		—			345,967,585			—		345,967,585
Purchased Options
Foreign Currency Options at Value		—			5,070,100			—		5,070,100
Options on Exchange-Traded Futures Contracts at Value		1,002,606			—			—		1,002,606
OTC Index Options at Value		—			466,074			—		466,074
Total Purchased Options at Value	$	1,002,606		$	5,536,174		$	—	$	6,538,780
Total Net Investments (Less Unfunded Loan Commitments of $660,360)	$	14,502,100		$	3,352,637,980		$	6,458	$	3,367,146,538
Collateral for Securities Loaned (Liability)	$	—		$	(345,834,049	)	$	—	$	(345,834,049	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	10,982,971		$	—	$	10,982,971
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(8,430,332	)		—		(8,430,332	)
Total Forward Contracts	$	—		$	2,552,639		$	—	$	2,552,639
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	6,356,464		$	—		$	—	$	6,356,464
Futures Contracts (Unrealized Depreciation)		(12,132,805	)		—			—		(12,132,805	)
Total Futures Contracts	$	(5,776,341	)	$	—		$	—	$	(5,776,341	)
Written Options
Foreign Currency Options at Value	$	—		$	(1,680,679	)	$	—	$	(1,680,679	)
Options on Exchange-Traded Futures Contracts at Value		(315,091	)		—			—		(315,091	)
Total Written Options	$	(315,091	)	$	(1,680,679	)	$	—	$	(1,995,770	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	5,336,487		$	—	$	5,336,487
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(32,389,280	)		—		(32,389,280	)
Total Centrally Cleared Swap Contracts	$	—		$	(27,052,793	)	$	—	$	(27,052,793	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	636,612		$	—	$	636,612
OTC Swap Contracts at Value (Liabilities)		—			(1,004,417	)		—		(1,004,417	)
Total OTC Swap Contracts	$	—		$	(367,805	)	$	—	$	(367,805	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended September 30, 2019 is not presented.

Transfers from Level 2 to Level 3 in the amount of $93 were due to a decline in market activity for significant observable inputs, which resulted in a lack of available market inputs to determine price.

BHFTII-289

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

U.S. Treasury & Government Agencies—91.1% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—46.8%
Fannie Mae 15 Yr. Pool
4.500%, 03/01/20		4,351	$	4,480
Fannie Mae 20 Yr. Pool
3.000%, 12/01/37		1,435,948		1,477,053
4.500%, 11/01/31		523,877		563,656
4.500%, 12/01/31		753,284		810,631
Fannie Mae 30 Yr. Pool
3.000%, 09/01/42		7,029,217		7,249,451
3.000%, 08/01/46		827,872		847,931
3.000%, 09/01/46		2,865,144		2,938,969
3.000%, 10/01/46		1,240,465		1,270,892
3.000%, 11/01/46		21,239,931		21,758,693
3.000%, 08/01/47		85,358		87,815
3.000%, 01/01/48		242,579		247,928
3.000%, 11/01/48		3,935,901		4,016,644
3.000%, 06/01/49		296,249		300,835
3.000%, 07/01/49		1,780,365		1,815,011
3.000%, 08/01/49		5,057,740		5,139,990
3.000%, 09/01/49		17,667,055		18,059,796
3.000%, 10/01/49		400,000		407,421
3.500%, 12/01/42		360,666		378,507
3.500%, 03/01/43		2,361,657		2,486,810
3.500%, 02/01/45		375,391		394,371
3.500%, 12/01/46		3,177,679		3,338,351
3.500%, 10/01/47		16,901,936		17,462,418
3.500%, 12/01/47		3,702,626		3,844,510
3.500%, 01/01/48		317,630		328,692
3.500%, 03/01/48		13,702,570		14,197,146
3.500%, 06/01/48		7,553,767		7,792,066
3.500%, 07/01/48		5,617,137		5,831,706
3.500%, 02/01/49		375,019		391,565
3.500%, 04/01/49		3,103,260		3,202,013
3.500%, 05/01/49		4,607,288		4,769,106
3.500%, 06/01/49		6,298,595		6,523,118
3.500%, 08/01/49		15,370,690		15,857,833
4.000%, 02/01/40		565,130		601,819
4.000%, 06/01/42		4,884,585		5,278,763
4.000%, 07/01/42		2,367,172		2,535,489
4.000%, 05/01/43		12,457,348		13,410,926
4.000%, 10/01/43		6,701,524		7,214,810
4.000%, 04/01/47		7,037,081		7,429,341
4.000%, 05/01/47		3,181,888		3,359,352
4.000%, 08/01/47		28,821,204		30,194,987
4.000%, 05/01/48		12,938,168		13,692,821
4.000%, 06/01/49		396,188		412,008
4.500%, 10/01/41		4,073,097		4,413,420
4.500%, 10/01/44		1,091,479		1,182,420
4.500%, 01/01/45		103,824		115,027
4.500%, 01/01/47		641,020		683,069
4.500%, 06/01/47		220,070		232,896
4.500%, 07/01/47		998,677		1,064,554
4.500%, 08/01/47		1,332,915		1,414,533
4.500%, 04/01/49		1,900,000		2,005,215
5.000%, 07/01/33		168,972		186,520
5.000%, 09/01/33		204,138		225,363
5.000%, 10/01/35		577,964		638,167
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 03/01/36		920,029		1,016,195
5.000%, 01/01/39		6,924		7,642
5.000%, 12/01/39		14,054		15,533
5.000%, 05/01/40		47,057		51,358
5.000%, 07/01/40		30,007		33,167
5.000%, 11/01/40		673,927		744,445
5.000%, 01/01/41		59,039		64,957
5.000%, 02/01/41		44,853		48,029
5.000%, 04/01/41		80,344		88,512
5.000%, 05/01/41		1,654,279		1,824,596
5.000%, 06/01/41		139,038		153,330
5.000%, 07/01/41		1,393,049		1,535,652
5.000%, 10/01/48		1,361,150		1,458,323
5.000%, 11/01/48		3,743,146		4,016,651
6.000%, 04/01/33		60,689		69,806
6.000%, 02/01/34		11,065		12,731
6.000%, 11/01/35		111,357		128,131
6.000%, 08/01/37		245,761		282,837
6.500%, 03/01/26		526		586
6.500%, 04/01/29		52,853		58,890
7.000%, 11/01/28		1,029		1,048
7.000%, 02/01/29		514		515
7.000%, 01/01/30		1,885		1,919
7.000%, 10/01/37		6,541		7,305
7.000%, 11/01/37		19,726		21,770
7.000%, 12/01/37		19,557		23,260
7.000%, 02/01/38		10,035		10,895
7.000%, 11/01/38		80,562		95,218
7.000%, 02/01/39		742,161		861,713
7.500%, 04/01/32		11,872		12,041
8.000%, 05/01/28		1,372		1,515
8.000%, 07/01/32		794		855
Fannie Mae Connecticut Avenue Securities (CMO)
2.698%, 1M LIBOR + 0.680%, 10/25/30 (b)		3,780,034		3,780,566
3.468%, 1M LIBOR + 1.450%, 01/25/29 (b)		58,408		58,501
Fannie Mae Interest Strip (CMO)
3.500%, 11/25/41 (c)		1,993,038		321,431
4.000%, 04/25/42 (c)		2,657,895		394,002
4.500%, 11/25/39 (c)		1,369,211		285,324
Fannie Mae Pool
3.500%, 08/01/42		8,288,069		8,686,933
3.500%, 09/01/42		565,342		592,486
3.500%, 10/01/42		4,046,118		4,240,841
3.500%, 06/01/47		640,853		668,222
3.530%, 02/01/29		2,160,000		2,399,524
3.740%, 11/01/28		1,490,000		1,657,679
3.770%, 01/01/29		1,020,000		1,146,889
4.000%, 10/01/42		2,245,577		2,389,369
4.000%, 11/01/42		1,574,065		1,675,492
4.000%, 07/01/43		51,344		54,670
4.000%, 08/01/43		1,185,039		1,262,021
6.500%, 12/01/27		3,298		3,300
6.500%, 05/01/32		10,490		11,753
Fannie Mae REMIC Trust Whole Loan (CMO) 4.627%, 01/25/43 (b)		213,082		222,805

BHFTII-290

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/42 (d)		355,302	$	325,653
4.132%, - 1x 1M LIBOR + 6.150%, 03/25/42 (b) (c)		5,779,572		863,562
4.132%, - 1x 1M LIBOR + 6.150%, 12/25/42 (b) (c)		633,539		120,953
4.512%, - 1x 1M LIBOR + 6.530%, 01/25/41 (b) (c)		934,978		183,352
4.532%, - 1x 1M LIBOR + 6.550%, 10/25/41 (b) (c)		3,606,129		631,767
4.632%, - 1x 1M LIBOR + 6.650%, 02/25/41 (b) (c)		408,428		31,820
4.632%, - 1x 1M LIBOR + 6.650%, 03/25/42 (b) (c)		1,397,519		193,062
5.500%, 07/25/41		6,344,428		7,208,828
5.500%, 04/25/42		1,496,271		1,680,671
6.000%, 05/25/42		911,252		1,034,638
6.500%, 06/25/39		103,277		111,591
6.500%, 07/25/42		1,657,610		1,945,668
Fannie Mae - ACES
0.834%, 01/25/36 (b) (c)		102,577,914		5,356,701
2.037%, 09/25/26		2,241,056		2,254,267
Freddie Mac 15 Yr. Gold Pool
2.500%, 10/01/31		2,633,063		2,665,920
2.500%, 04/01/33		10,891,879		10,997,483
2.500%, 06/01/33		4,161,055		4,201,366
2.500%, 09/01/33		313,852		316,899
Freddie Mac 20 Yr. Gold Pool
3.000%, 02/01/38		1,733,744		1,775,877
3.000%, 04/01/38		1,495,552		1,533,066
Freddie Mac 30 Yr. Gold Pool
3.000%, 04/01/47		1,249,597		1,280,504
3.000%, 01/01/48		6,672,896		6,824,817
3.000%, 04/01/48		15,301,053		15,628,517
3.000%, 09/01/48		2,606,567		2,683,090
3.000%, 03/01/49		1,816,576		1,845,653
3.000%, 09/01/49		300,000		306,608
3.000%, 10/01/49		900,000		919,824
3.500%, 06/01/46		759,052		795,000
3.500%, 06/01/48		4,748,070		4,959,752
3.500%, 09/01/48		590,166		607,022
3.500%, 12/01/48		16,450,649		16,939,450
3.500%, 03/01/49		2,014,813		2,092,730
4.000%, 07/01/43		3,544,179		3,817,932
4.000%, 08/01/43		2,859,172		3,052,238
4.000%, 12/01/47		730,694		768,115
4.000%, 04/01/48		430,823		448,127
4.000%, 05/01/48		2,211,134		2,309,129
4.500%, 06/01/38		1,214,955		1,316,630
4.500%, 02/01/47		542,668		573,503
4.500%, 03/01/47		60,249		63,816
4.500%, 04/01/47		1,006,322		1,066,575
4.500%, 05/01/47		549,565		581,634
4.500%, 06/01/47		2,046,592		2,169,611
4.500%, 07/01/47		48,560		51,436
4.500%, 06/01/48		14,214,322		15,016,622
5.000%, 08/01/33		16,645		18,386
5.000%, 01/01/36		27,850		30,755
5.000%, 01/01/40		23,845		26,370
5.000%, 04/01/41		21,996		24,309
5.000%, 06/01/41		3,479,211		3,837,063
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
5.000%, 04/01/44		25,831		28,175
5.000%, 07/01/48		77,728		83,327
5.000%, 08/01/48		239,892		257,492
5.000%, 10/01/48		861,144		923,903
5.000%, 11/01/48		611,340		655,414
6.000%, 10/01/36		610,478		702,935
6.500%, 09/01/39		216,699		250,402
8.000%, 09/01/30		2,954		3,437
Freddie Mac 30 Yr. Pool
2.500%, 10/01/49		800,000		796,429
3.000%, 04/01/49		3,951,525		4,012,695
3.000%, 06/01/49		3,143,411		3,196,094
3.000%, 07/01/49		2,073,801		2,115,758
3.000%, 08/01/49		11,512,115		11,695,639
3.000%, 09/01/49		25,241,474		25,773,905
3.000%, 10/01/49		1,900,000		1,944,199
3.500%, 02/01/48		2,743,700		2,838,811
3.500%, 08/01/48		7,009,844		7,209,713
3.500%, 10/01/48		16,422,749		16,903,005
3.500%, 03/01/49		5,510,577		5,668,299
3.500%, 08/01/49		4,250,894		4,366,126
4.000%, 07/01/47		6,506,521		6,825,275
4.000%, 09/01/48		8,790,303		9,117,540
Freddie Mac Gold Pool
3.500%, 10/01/42		910,940		955,472
3.500%, 02/01/44		399,525		418,988
4.000%, 04/01/43		1,276,268		1,359,619
4.000%, 08/01/43		725,398		772,736
Freddie Mac Multifamily Structured Pass - Through Certificates (CMO)
0.423%, 01/25/27 (b) (c)		73,870,405		1,430,234
0.510%, 12/25/28 (b) (c)		63,119,059		1,985,789
0.637%, 01/25/34 (b) (c)		51,891,941		2,781,730
0.653%, 01/25/29 (b) (c)		85,901,683		3,752,005
3.291%, 03/25/27		4,670,000		5,000,805
Freddie Mac REMICS (CMO)
4.500%, 04/15/32		248,665		270,134
6.000%, 05/15/36		406,789		469,837
8.500%, 06/15/21		910		918
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)
3.218%, 1M LIBOR + 1.200%, 07/25/29 (b)		3,398,088		3,405,731
4.218%, 1M LIBOR + 2.200%, 09/25/24 (b)		3,967,569		4,019,631
Ginnie Mae I 30 Yr. Pool
3.000%, 09/15/42		809,020		834,130
3.000%, 10/15/42		4,226,046		4,350,672
3.000%, 11/15/42		1,587,541		1,634,358
3.500%, 06/15/48		5,293,791		5,562,604
5.500%, 06/15/36		363,548		412,785
6.000%, 03/15/33		607,550		692,476
6.500%, 06/15/31		2,531		2,801
6.500%, 08/15/34		142,171		157,359
7.500%, 09/15/29		1,434		1,595
8.500%, 06/15/25		13,706		15,153
Ginnie Mae II 30 Yr. Pool
3.000%, 09/20/47		216,741		223,259

BHFTII-291

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of September 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
3.000%, 11/20/47		302,480	$	311,033
3.000%, 12/20/47		3,082,301		3,167,729
3.000%, TBA (a)		48,700,000		49,979,326
3.500%, 06/20/44		2,154,248		2,265,583
3.500%, 03/20/45		183,923		192,407
3.500%, 09/20/46		62,294		64,939
3.500%, 02/20/48		3,118,130		3,232,893
3.500%, 02/20/49		94,894		98,355
3.500%, 09/20/49		5,900,000		6,122,636
3.500%, TBA (a)		20,700,000		21,447,949
4.000%, 09/20/45		1,121,002		1,189,494
4.000%, 11/20/45		7,250,800		7,641,159
4.000%, 06/20/47		1,736,284		1,818,109
4.000%, 11/20/47		2,060,619		2,151,489
4.000%, 12/20/47		821,146		856,942
4.000%, 02/20/48		839,503		875,000
4.000%, 03/20/48		995,774		1,041,097
4.000%, 04/20/48		998,625		1,038,589
4.000%, 07/20/48		1,348,228		1,403,344
4.000%, 08/20/48		718,168		747,946
4.000%, 05/20/49		1,086,434		1,131,319
4.000%, TBA (a)		1,000,000		1,039,980
4.500%, 01/20/40		527,919		575,538
4.500%, 05/20/40		688,810		753,647
4.500%, 09/20/40		14,622		15,999
4.500%, 01/20/41		116,202		127,162
4.500%, 07/20/41		767,957		839,444
4.500%, 06/20/48		2,609,317		2,736,707
4.500%, 07/20/48		427,668		450,186
4.500%, 09/20/48		3,796,872		3,985,062
4.500%, 01/20/49		9,724,218		10,173,106
4.500%, 03/20/49		2,787,168		2,915,828
4.500%, TBA (a)		1,600,000		1,672,250
5.000%, 07/20/40		522,731		577,962
5.000%, 01/20/49		6,098,252		6,435,998
6.000%, 11/20/34		1,177		1,364
6.000%, 06/20/35		1,812		2,096
6.000%, 07/20/36		101,547		116,944
6.000%, 09/20/36		5,039		5,802
6.000%, 07/20/38		261,567		300,985
6.000%, 09/20/38		678,354		779,947
6.000%, 06/20/39		3,376		3,884
6.000%, 05/20/40		61,782		71,178
6.000%, 06/20/40		179,551		206,940
6.000%, 08/20/40		85,427		94,547
6.000%, 09/20/40		198,509		219,774
6.000%, 10/20/40		144,505		167,112
6.000%, 11/20/40		207,462		240,202
6.000%, 01/20/41		131,784		152,210
6.000%, 03/20/41		730,595		841,833
6.000%, 07/20/41		143,451		165,823
6.000%, 12/20/41		100,396		115,678
6.500%, 10/20/37		232,408		270,377
Agency Sponsored Mortgage-Backed—(Continued)
Government National Mortgage Association
0.498%, 04/16/54 (b) (c)		133,856,869		2,790,474
0.660%, 03/16/59 (b) (c)		78,680,457		4,609,471
0.795%, 10/16/58 (b) (c)		24,635,001		1,697,403
3.150%, 06/16/60		4,876,249		4,975,150
Government National Mortgage Association (CMO)
0.128%, 02/16/48 (b) (c)		4,384,280		83,439
0.198%, 09/16/46 (b) (c)		22,701,964		144,285
0.278%, 02/16/53 (b) (c)		12,468,392		233,655
0.402%, 03/16/49 (b) (c)		7,510,516		86,511
0.408%, 05/16/54 (b) (c)		14,852,907		288,476
0.518%, 10/16/54 (b) (c)		30,550,949		712,127
0.687%, 03/16/60 (b) (c)		7,143,028		428,520
0.786%, 12/16/59 (b) (c)		63,198,897		4,268,428
0.825%, 09/16/55 (b) (c)		17,914,147		931,238
0.953%, 12/16/56 (b) (c)		43,042,426		3,053,765
1.063%, 09/16/44 (b) (c)		14,299,444		646,042
1.239%, 02/16/46 (b) (c)		17,990,036		817,791
2.609%, 1M LIBOR + 0.380%, 12/20/60 (b)		14,532,879		14,493,200
2.629%, 1M LIBOR + 0.400%, 12/20/60 (b)		4,130,520		4,122,838
2.659%, 1M LIBOR + 0.430%, 10/20/64 (b)		5,923,209		5,912,831
2.709%, 1M LIBOR + 0.480%, 03/20/61 (b)		3,579,935		3,579,918
2.729%, 1M LIBOR + 0.500%, 12/20/60 (b)		32,982,731		32,998,102
3.000%, 07/20/49		1,990,767		2,028,642
3.250%, 12M LIBOR + 0.250%, 10/20/68 (b)		2,851,004		2,822,081
4.073%, - 1x 1M LIBOR + 6.100%, 08/16/42 (b) (c)		858,058		168,457
4.456%, - 1x 1M LIBOR + 6.500%, 03/20/39 (b)		100,853		3,300
4.606%, - 1x 1M LIBOR + 6.650%, 01/20/40 (b) (c)		498,110		43,655
Uniform Mortgage-Backed Securities
2.500%, TBA (a)		25,700,000		25,801,637
3.000%, TBA (a)		23,800,000		24,283,480
3.500%, TBA (a)		38,248,000		39,462,040
4.000%, TBA (a)		4,400,000		4,566,375
4.500%, TBA (a)		4,000,000		4,212,188
5.000%, TBA (a)		9,800,000		10,497,867
				915,552,186
Federal Agencies—36.6%
Federal Agricultural Mortgage Corp. 2.600%, 03/29/21		20,000,000		20,224,298
Federal Farm Credit Bank
1.750%, 10/26/20		15,000,000		14,983,090
1.900%, 11/27/20		20,000,000		20,011,904
1.950%, 01/10/20		10,000,000		10,003,437
2.100%, 06/24/21		20,000,000		20,023,511
2.240%, 01/06/25		12,305,000		12,193,984
2.240%, 07/06/27		10,000,000		9,902,839
2.550%, 06/11/20		10,000,000		10,049,981
2.700%, 10/26/27		10,000,000		10,658,116
2.750%, 04/25/22		20,000,000		20,549,707
Federal Home Loan Bank
1.375%, 09/28/20		10,000,000		9,954,190
1.875%, 11/29/21		40,000,000		40,161,146
2.125%, 06/09/23		17,700,000		18,016,123
2.375%, 12/13/19		20,000,000		20,017,955

BHFTII-292

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

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

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal Home Loan Bank
2.375%, 03/30/20		8,000,000	$	8,020,041
2.500%, 02/13/24		10,000,000		10,379,942
2.625%, 05/28/20		20,000,000		20,097,002
3.250%, 11/16/28 (e)		40,000,000		44,586,624
5.250%, 12/11/20		12,000,000		12,476,617
Federal Home Loan Mortgage Corp.
Zero Coupon, 11/29/19		10,200,000		10,164,058
Zero Coupon, 12/14/29		7,443,000		5,982,787
Zero Coupon, 12/17/29		5,562,000		4,490,833
1.500%, 01/17/20		10,000,000		9,987,856
2.750%, 06/19/23		20,000,000		20,810,368
Federal National Mortgage Association
Zero Coupon, 10/09/19		50,000,000		49,973,868
2.625%, 09/06/24		22,000,000		23,052,124
Freddie Mac Strips
Zero Coupon, 07/15/28		5,400,000		4,491,919
Zero Coupon, 07/15/32		5,000,000		3,740,248
New Valley Generation II 5.572%, 05/01/20		1,477,879		1,509,706
Overseas Private Investment Corp.
Zero Coupon, 11/13/20		3,306,787		3,685,627
Zero Coupon, 07/01/22		4,206,631		4,383,043
Zero Coupon, 07/17/25		7,763,000		8,093,789
2.310%, 11/15/30		7,280,732		7,339,513
3.330%, 05/15/33		6,491,975		6,960,107
3.490%, 12/20/29		10,389,632		11,126,519
3.540%, 06/15/30		12,647,222		13,629,002
Residual Funding Corp. Principal Strip
Zero Coupon, 10/15/19		10,642,000		10,633,984
Zero Coupon, 07/15/20		14,864,000		14,640,580
Zero Coupon, 10/15/20		38,159,000		37,430,235
Zero Coupon, 01/15/21		20,000,000		19,514,840
Zero Coupon, 01/15/30		25,000,000		20,077,151
Zero Coupon, 04/15/30		20,000,000		15,963,455
Resolution Funding Corp. Interest Strip
Zero Coupon, 07/15/26		4,230,000		3,694,751
Zero Coupon, 10/15/29		14,996,000		12,143,554
Tennessee Valley Authority
2.250%, 03/15/20		20,000,000		20,032,708
3.875%, 02/15/21		35,000,000		35,984,327
United States Department of Housing and Urban Development 2.738%, 08/01/25		3,000,000		3,145,623
				714,993,082
U.S. Treasury—7.7%
U.S. Treasury Bond 3.750%, 11/15/43		5,000,000		6,581,445
U.S. Treasury Inflation Indexed Bonds
0.625%, 02/15/43 (f)		3,794,060		3,892,441
0.750%, 02/15/45 (f)		8,824,950		9,279,757
1.375%, 02/15/44 (f)		42,931,980		51,467,485
U.S. Treasury Notes
1.375%, 05/31/21		27,600,000		27,444,750
2.250%, 04/30/21		30,000,000		30,240,234
U.S. Treasury—(Continued)
U.S. Treasury Notes
2.500%, 06/30/20		8,000,000		8,036,875
2.500%, 01/31/21		14,000,000		14,132,344
				151,075,331
Total U.S. Treasury & Government Agencies (Cost $1,753,868,380)				1,781,620,599
Corporate Bonds & Notes—7.6%
Chemicals—0.1%
Equate Petrochemical B.V. 4.250%, 11/03/26 (144A)		1,540,000		1,656,670
Diversified Financial Services—3.3%
Postal Square L.P. 6.500%, 06/15/22		3,782,520		3,954,221
Private Export Funding Corp.
2.250%, 03/15/20		11,950,000		11,955,853
2.300%, 09/15/20		28,000,000		28,081,786
2.650%, 02/16/21 (144A)		20,000,000		20,222,167
				64,214,027
Electric—0.5%
Enel Chile S.A. 4.875%, 06/12/28		4,000,000		4,498,000
Perusahaan Listrik Negara PT 5.450%, 05/21/28 (144A)		4,000,000		4,606,083
				9,104,083
Iron/Steel—1.0%
Vale Overseas, Ltd. 6.250%, 08/10/26		17,875,000		20,600,938
Oil & Gas—0.4%
Ecopetrol S.A. 5.375%, 06/26/26		4,260,000		4,782,276
Petroleos Mexicanos 6.375%, 01/23/45		3,610,000		3,348,275
				8,130,551
Sovereign—2.3%
National Credit Union Administration Guaranteed Notes Trust 3.450%, 06/12/21		45,000,000		46,070,491
Total Corporate Bonds & Notes (Cost $140,061,440)				149,776,760
Foreign Government—7.4%
Sovereign—7.4%
Colombia Government International Bond 5.625%, 02/26/44		4,840,000		6,050,049

BHFTII-293

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Indonesia Government International Bonds
3.750%, 04/25/22 (144A)		410,000	$	422,709
3.750%, 04/25/22		1,900,000		1,958,896
4.750%, 02/11/29		6,280,000		7,143,313
4.875%, 05/05/21		2,957,000		3,063,395
5.875%, 03/13/20		310,000		314,960
5.875%, 01/15/24 (144A)		1,060,000		1,192,271
Israel Government AID Bonds
5.500%, 12/04/23		24,290,000		27,970,554
5.500%, 04/26/24		21,550,000		25,150,323
Mexico Government International Bond 4.500%, 04/22/29 (e)		12,280,000		13,339,273
Panama Government International Bonds
3.750%, 03/16/25		5,650,000		5,974,932
4.500%, 05/15/47 (e)		3,200,000		3,792,032
Peruvian Government International Bond
5.625%, 11/18/50 (e)		1,900,000		2,783,519
6.550%, 03/14/37 (e)		2,770,000		4,047,690
Poland Government International Bond 4.000%, 01/22/24		7,870,000		8,522,344
Qatar Government International Bond 5.103%, 04/23/48 (144A)		7,300,000		9,325,750
Ukraine Government AID Bond 1.471%, 09/29/21		20,000,000		19,919,445
Uruguay Government International Bond 5.100%, 06/18/50		3,200,000		3,800,032
Total Foreign Government (Cost $139,317,646)				144,771,487
Mortgage-Backed Securities—2.5%
Collateralized Mortgage Obligations—2.5%
Banc of America Funding Corp. 2.295%, 1M LIBOR + 0.150%, 02/27/37 (144A) (b)		5,767,823		5,639,600
Banc of America Funding Trust 2.585%, COFI + 1.430%, 06/20/35 (b)		159,105		117,625
Banc of America Mortgage Trust 4.328%, 07/25/35 (b)		36,907		36,512
BCAP LLC Trust 1.745%, 1M LIBOR + 0.150%, 11/27/36 (144A) (b)		8,382,328		7,899,531
Citigroup Mortgage Loan Trust 4.380%, 1Y H15 + 2.400%, 10/25/35 (b)		63,089		65,137
Countrywide Alternative Loan Trust
2.244%, 1M LIBOR + 0.200%, 07/20/46 (b)		1,717,132		1,419,649
2.598%, 1M LIBOR + 0.580%, 05/25/34 (b)		349,530		351,188
Countrywide Home Loan Reperforming Loan REMIC Trust 2.438%, 1M LIBOR + 0.420%, 07/25/36 (144A) (b)		403,481		384,590
GMAC Mortgage Corp. Loan Trust 4.532%, 11/19/35 (b)		230,864		228,238
GS Mortgage - Backed Securities Trust 3.750%, 10/25/57 (144A)		4,554,046		4,739,035
JPMorgan Mortgage Trust
3.500%, 10/25/48 (144A) (b)		3,586,818		3,642,152
4.342%, 06/25/34 (b)		73,450		75,336
Collateralized Mortgage Obligations—(Continued)
MASTR Adjustable Rate Mortgages Trust
2.218%, 1M LIBOR + 0.200%, 05/25/47 (b)		3,667,348		4,023,218
3.483%, 02/25/34 (b)		132,789		128,411
MASTR Reperforming Loan Trust
2.368%, 1M LIBOR + 0.350%, 05/25/35 (144A) (b)		233,149		164,517
4.224%, 05/25/35 (144A) (b)		2,985,413		2,280,947
7.000%, 08/25/34 (144A)		285,979		296,209
Morgan Stanley Mortgage Loan Trust
2.158%, 1M LIBOR + 0.140%, 06/25/36 (b)		524,215		195,219
3.608%, 07/25/35 (b)		113,360		106,104
New Residential Mortgage Loan Trust
3.250%, 09/25/56 (144A) (b)		2,887,370		2,934,530
4.000%, 02/25/57 (144A) (b)		2,491,424		2,587,532
4.000%, 05/25/57 (144A) (b)		4,271,510		4,455,458
4.250%, 12/25/57 (144A) (b)		4,285,284		4,465,827
NovaStar Mortgage Funding Trust 1.632%, 1M LIBOR + 0.380%, 09/25/46 (b)		1,253,542		1,178,256
Provident Funding Mortgage Loan Trust
4.448%, 05/25/35 (b)		89,791		91,457
4.549%, 10/25/35 (b)		31,155		31,295
SACO I Trust 8.923%, 06/25/21 (144A) (b)		260,693		248,676
Structured Asset Mortgage Investments II Trust 2.198%, 1M LIBOR + 0.180%, 07/25/46 (b)		152,637		142,877
Structured Asset Securities Corp.
2.368%, 1M LIBOR + 0.350%, 04/25/35 (144A) (b)		1,884,042		1,752,122
4.248%, 06/25/35 (144A) (b)		101,327		95,330
Total Mortgage-Backed Securities (Cost $48,637,866)				49,776,578
Asset-Backed Securities—1.1%
Asset-Backed - Automobile—0.2%
Hertz Vehicle Financing II LP 3.290%, 02/25/24 (144A)		4,880,000		5,003,515
Asset-Backed - Home Equity—0.1%
Home Equity Mortgage Loan Asset - Backed Trust 2.278%, 1M LIBOR + 0.260%, 06/25/36 (b)		3,638,845		335,812
Morgan Stanley Mortgage Loan Trust
2.108%, 1M LIBOR + 0.090%, 12/25/36 (b)		183,920		106,267
2.318%, 1M LIBOR + 0.300%, 03/25/36 (b)		321,863		324,632
Structured Asset Securities Corp. Mortgage Loan Trust 2.238%, 1M LIBOR + 0.220%, 02/25/36 (144A) (b)		4,644,199		213,024
				979,735
Asset-Backed - Other—0.5%
Countrywide Revolving Home Equity Loan Trust 2.168%, 1M LIBOR + 0.140%, 07/15/36 (b)		406,838		390,108
Towd Point Mortgage Trust
2.250%, 04/25/56 (144A) (b)		4,947,605		4,927,512
2.750%, 06/25/57 (144A) (b)		3,678,579		3,706,952
				9,024,572

BHFTII-294

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Student Loan—0.3%
National Credit Union Administration Guaranteed Notes Trust 2.399%, 1M LIBOR + 0.350%, 12/07/20 (b)		2,981,940	$	2,980,289
Nelnet Student Loan Trust 3.782%, 3M LIBOR + 1.650%, 11/25/24 (b)		3,549,103		3,545,099
				6,525,388
Total Asset-Backed Securities (Cost $26,353,679)				21,533,210
Securities Lending Reinvestments (g)—1.3%
Repurchase Agreements—1.2%
Barclays Capital, Inc. Repurchase Agreement dated 09/30/19 at 2.250%, due on 10/01/19 with a maturity value of $863,194; collateralized by U.S. Treasury Obligations with zero coupon, maturing 02/15/39, with a market value of $880,403.		863,140		863,140
BofA Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.920%, due on 10/01/19 with a maturity value of $3,000,160; collateralized by various Common Stock with an aggregate market value of $3,300,001.		3,000,000		3,000,000
Citigroup Global Markets, Ltd.
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $1,400,093; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 1.125% - 3.063%, maturity dates ranging from 05/31/21 - 01/31/24, and an aggregate market value of $1,428,001.		1,400,000		1,400,000
Repurchase Agreement dated 09/30/19 at 2.400%, due on 10/01/19 with a maturity value of $2,000,133; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 2.250%, maturity dates ranging from 03/31/22 - 01/31/24, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 09/30/19 at 1.800%, due on 10/01/19 with a maturity value of $5,400,270; collateralized by U.S. Treasury Obligations with zero coupon, maturity dates ranging from 11/15/19 - 02/15/41, and an aggregate market value of $5,508,000.		5,400,000		5,400,000
Goldman Sachs & Co. Repurchase Agreement dated 09/30/19 at 2.280%, due on 10/01/19 with a maturity value of $4,000,253; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% - 5.500%, maturity dates ranging from 02/20/40 - 06/15/58, and an aggregate market value of $4,080,000.		4,000,000		4,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 09/30/19 at 1.990%, due on 10/01/19 with a maturity value of $1,700,094; collateralized by U.S. Treasury Obligations at 2.000%, maturing 02/15/22, and various Common Stock with an aggregate market value of $1,892,103.		1,700,000		1,700,000
Repurchase Agreements—(Continued)
Nomura Securities International, Inc. Repurchase Agreement dated 09/30/19 at 2.350%, due on 10/01/19 with a maturity value of $2,000,131; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 6.250%, maturity dates ranging from 11/15/19 - 02/15/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Societe Generale
Repurchase Agreement dated 09/30/19 at 1.970%, due on 10/01/19 with a maturity value of $2,000,109; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $2,222,124.		2,000,000		2,000,000
Repurchase Agreement dated 09/30/19 at 1.980%, due on 10/01/19 with a maturity value of $1,000,055; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $1,111,062.		1,000,000		1,000,000
Repurchase Agreement dated 09/30/19 at 2.000%, due on 10/07/19 with a maturity value of $200,078; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.125%, maturity dates ranging from 06/15/20 - 02/15/29, and various Common Stock with an aggregate market value of $222,212.		200,000		200,000
				23,563,140
Time Deposit—0.1%
Nordea Bank New York 1.760%, 10/01/19		1,000,000		1,000,000
Total Securities Lending Reinvestments (Cost $24,563,140)				24,563,140
Total Investments—111.0% (Cost $2,132,802,151)				2,172,041,774
Other assets and liabilities (net)—(11.0)%				(215,504,082	)
Net Assets—100.0%			$	1,956,537,692

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(b)	Variable or floating rate security. The stated rate represents the rate at September 30, 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.

BHFTII-295

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

(e)	All or a portion of the security was held on loan. As of September 30, 2019, the market value of securities loaned was $23,836,360 and the collateral received consisted of cash in the amount of $24,563,140. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(f)	Principal amount of security is adjusted for inflation.
(g)	Represents investment of cash collateral received from securities on loan as of September 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 September 30, 2019, the market value of 144A securities was $92,862,709, which is 4.7% of net assets.

Futures Contracts

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation
U.S. Treasury Long Bond Futures		12/19/19		(190	)		USD	(30,839,375	)	$	437,139
U.S. Treasury Note 10 Year Futures		12/19/19		(250	)		USD	(32,578,125	)		112,097
U.S. Treasury Note 5 Year Futures		12/31/19		(485	)		USD	(57,786,992	)		256,809
Net Unrealized Appreciation										$	806,045

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(COFI)—	11th District 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

BHFTII-296

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of September 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 Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,781,620,599		$	—	$	1,781,620,599
Total Corporate Bonds & Notes*		—		149,776,760			—		149,776,760
Total Foreign Government*		—		144,771,487			—		144,771,487
Total Mortgage-Backed Securities*		—		49,776,578			—		49,776,578
Total Asset-Backed Securities*		—		21,533,210			—		21,533,210
Total Securities Lending Reinvestments*		—		24,563,140			—		24,563,140
Total Investments	$	—	$	2,172,041,774		$	—	$	2,172,041,774
Collateral for Securities Loaned (Liability)	$	—	$	(24,563,140	)	$	—	$	(24,563,140	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	806,045	$	—		$	—	$	806,045

* See Schedule of Investments for additional detailed categorizations.

BHFTII-297

Brighthouse Funds Trust II

Notes to the Schedule of Investments

Investment Valuation and Fair Value Measurements:

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

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

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

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

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

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

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

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

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Brighthouse Funds Trust II

Notes to the Schedule of Investments

Investment Valuation and Fair Value Measurements—(Continued)

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

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

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

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