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      Brighthouse Funds Trust II
      811-03618
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      Brighthouse Investment Advisers, LLC
      125 High Street, Suite 732
      Boston
      
      02110
      980-949-4301
      Brighthouse Asset Allocation 80 Portfolio
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      2022-12-31
      2022-03-31
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        BRIGHTHOUSE FDS TR I
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        BRIGHTHOUSE FDS TR I MORGAN STANLEY DISCOVERY PORTFOLIO
        10923M336
        
          
        
        1446212.34000000
        NS
        USD
        23385253.54000000
        0.236860668325
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        M0E4486GHQ4I64CULY35
        BRIGHTHOUSE FDS TR I BLACKROCK HIGH YIELD PORT CL A
        10923M849
        
          
        
        6481436.73000000
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        50295949.02000000
        0.509429246879
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          N
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        BRIGHTHOUSE FDS TR I
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        BRIGHTHOUSE FDS TR I BRIGHTHOUSE/TEMPLETON INTL BD
        10923M450
        
          
        
        31870430.59000000
        NS
        USD
        255600853.33000000
        2.588887430315
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR II
        RQ2HPSR0HMOOPNZQJY98
        BRIGHTHOUSE FDS TR II BLACKROCK BD INCOME PORTFOLIO
        10923P800
        
          
        
        3146353.85300000
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        USD
        319103207.77000000
        3.232079520886
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        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR II
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        25515797.68000000
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        1
        
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          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
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        27966704.33500000
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        269878696.83000000
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        BRIGHTHOUSE FDS TR I
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        BRIGHTHOUSE FDS TR II
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        549300KIRHW1PYYOQ328
        BRIGHTHOUSE FDS TR I Invesco GLOBAL EQUITY PORT
        10923M294
        
          
        
        4973000.52500000
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        136359674.40000000
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        BRIGHTHOUSE FDS TR II
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        7228151.10300000
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        172752811.36000000
        1.749749956053
        Long
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        549300NRTGRK1E5R4T11
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        10923M732
        
          
        
        34886878.91900000
        NS
        USD
        461902276.89000000
        4.678438992261
        Long
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        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR II
        549300EXGFFCPABDPG67
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        33021301.13500000
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        391632631.46000000
        3.966703489753
        Long
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        1
        
          N
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          N
        
      
      
        BRIGHTHOUSE FDS TR I
        FREHSUZCHJI3D2JRSZ18
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        10923M252
        
          
        
        13714462.48300000
        NS
        USD
        151407665.81000000
        1.533552794374
        Long
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        5493006A0HRZ7WC76802
        BRIGHTHOUSE FDS TR I JPMORGAN SMALL CAP VALUE PORT
        10923M567
        
          
        
        7909357.77600000
        NS
        USD
        153757915.17000000
        1.557357609370
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        549300S8CGWN7CU81X65
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        10923N706
        
          
        
        4221687.72600000
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        49140445.13000000
        0.497725571177
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        BRIGHTHOUSE FDS TR II
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        BRIGHTHOUSE FDS TR I
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        BRIGHTHOUSE FDS TR I
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        BRIGHTHOUSE FDS TR I
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        BRIGHTHOUSE FDS TR II
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        BRIGHTHOUSE FDS TR I
        549300YQ77TL56U43K12
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        30941169.73100000
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        378101094.11000000
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        N
        
        1
        
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          N
        
      
      
        BRIGHTHOUSE FDS TR I
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        BRIGHTHOUSE FDS TR I CBRE GLOBAL REAL ESTATE PORTFOLIO
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        18309035.81500000
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        257791224.28000000
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        1
        
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        BRIGHTHOUSE FDS TR I
        549300RFR6ICLKM2UT36
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        10923M591
        
          
        
        10019892.71500000
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        98395346.46000000
        0.996610427285
        Long
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        N
        
        1
        
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        BRIGHTHOUSE FDS TR I
        TY07AK2IOS83GROMUB16
        BRIGHTHOUSE FDS TR I PIMCO TOTAL RETURN PORT CL A
        10923M229
        
          
        
        26916837.85600000
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        293662701.01000000
        2.974401945425
        Long
        EC
        RF
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        549300DZ0NKQ9F4PE205
        BRIGHTHOUSE FDS TR I INVESCO SMALL CAP GROWTH PORT
        10923M633
        
          
        
        15822363.22300000
        NS
        USD
        215184139.83000000
        2.179521341776
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR II
        549300YBSHKU56M30Y77
        BRIGHTHOUSE FDS TR II BLACKROCK CAP APPRECIATION POR
        10923P867
        
          
        
        5930600.50400000
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        287693430.45000000
        2.913941390151
        Long
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        N
        
        1
        
          N
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        BRIGHTHOUSE FDS TR I
        5493008TWVTFRH31GQ94
        BRIGHTHOUSE FDS TR I BRIGHTHOUSE/ABERDEEN EMERGING
        10923M385
        
          
        
        14815403.36400000
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        171414216.92000000
        1.736191823227
        Long
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        N
        
        1
        
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        BRIGHTHOUSE FDS TR II
        549300Y2C11SQV0UMQ36
        BRIGHTHOUSE FDS TR II LOOMIS SAYLES SMALL CAP GROWTH
        10923P651
        
          
        
        12237439.20000000
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        173037390.29000000
        1.752632351809
        Long
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        54930054OC3Q44IGVC35
        BRIGHTHOUSE FDS TR I SMALL CAP VALUE PORT CL A
        10923N870
        
          
        
        13611446.54700000
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        USD
        252492333.45000000
        2.557402370936
        Long
        EC
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        549300S6GMZONUM3VW13
        BRIGHTHOUSE FDS TR I Allspring MID CAP VALUE PORTFOLIO
        10923M757
        
          
        
        6600606.75100000
        NS
        USD
        101979374.30000000
        1.032911732637
        Long
        EC
        RF
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR II
        84OXE86TSHVRE27KZR34
        BRIGHTHOUSE FDS TR II VAN ECK GLOBAL  NAT RES PORTFO
        10923R509
        
          
        
        23403153.38900000
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        345196512.49000000
        3.496369047798
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        549300JLHZBYYO0TKL25
        BRIGHTHOUSE FDS TR I MFS RESH INTL PORT CL A
        10923M369
        
          
        
        23791130.22800000
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        319039056.36000000
        3.231429754749
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR II
        549300E6D9O3WK7XB555
        BRIGHTHOUSE FDS TR II T ROWE PRICE LARGE CAP
        10923P164
        
          
        
        14559729.04100000
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        379426538.81000000
        3.843072447746
        Long
        EC
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        N
        
        1
        
          N
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          N
        
      
      
        BRIGHTHOUSE FDS TR II
        549300VPTU8NKMR6RY52
        BRIGHTHOUSE FDS TR II BRIGHTHOUSE/DIMENSIONAL INTL S
        10923P586
        
          
        
        16168450.01900000
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        198063512.73000000
        2.006112780260
        Long
        EC
        RF
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        549300VZHJ18WG6QHO82
        BRIGHTHOUSE FDS TR I INVESCO COMSTOCK PORT CL A
        10923M682
        
          
        
        29408323.03900000
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        USD
        513469320.26000000
        5.200742688277
        Long
        EC
        RF
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR II
        549300P60W9GNQRTUW28
        BRIGHTHOUSE FDS TR II NEUBERGER BERMAN GENESIS
        10923P248
        
          
        
        1044099.40000000
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        USD
        24692950.81000000
        0.250105855033
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        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR II
        549300RMBDUQCGNCEW28
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        10923R814
        
          
        
        11928470.85800000
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        USD
        466880349.38000000
        4.728860065308
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        EC
        RF
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        N
        
        1
        
          N
          N
          N
        
      
      
        BRIGHTHOUSE FDS TR I
        549300X3GZ3TN03XV808
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      2022-04-29
      Brighthouse Funds Trust II
      Alan Otis
      Alan Otis
      Treasurer
    
  
  XXXX




HTML
Table of Contents
         
   

 

Brighthouse Funds Trust II

 

   
   

 

Schedule of Investments

   
    March 31, 2022    
         

 

  


Table of Contents

Brighthouse Funds Trust II

Table of Contents

 

Schedule of Investments as of March 31, 2022   

Baillie Gifford International Stock Portfolio

   BHFTII-1

BlackRock Bond Income Portfolio

   BHFTII-5

BlackRock Capital Appreciation Portfolio

   BHFTII-54

BlackRock Ultra-Short Term Bond Portfolio

   BHFTII-58

Brighthouse Asset Allocation 20 Portfolio

   BHFTII-61

Brighthouse Asset Allocation 40 Portfolio

   BHFTII-62

Brighthouse Asset Allocation 60 Portfolio

   BHFTII-63

Brighthouse Asset Allocation 80 Portfolio

   BHFTII-64

Brighthouse/Artisan Mid Cap Value Portfolio

   BHFTII-65

Brighthouse/Dimensional International Small Company Portfolio

   BHFTII-69

Brighthouse/Wellington Balanced Portfolio

   BHFTII-108

Brighthouse/Wellington Core Equity Opportunities Portfolio

   BHFTII-139

Frontier Mid Cap Growth Portfolio

   BHFTII-142

Jennison Growth Portfolio

   BHFTII-147

Loomis Sayles Small Cap Core Portfolio

   BHFTII-151

Loomis Sayles Small Cap Growth Portfolio

   BHFTII-157

MetLife Aggregate Bond Index Portfolio

   BHFTII-161

MetLife Mid Cap Stock index Portfolio

   BHFTII-181

MetLife MSCI EAFE® Index Portfolio

   BHFTII-189

MetLife Russell 2000® Index Portfolio

   BHFTII-201

MetLife Stock Index Portfolio

   BHFTII-222

MFS® Total Return Portfolio

   BHFTII-231

MFS® Value Portfolio

   BHFTII-246

Neuberger Berman Genesis Portfolio

   BHFTII-250

T. Rowe Price Large Cap Growth Portfolio

   BHFTII-253

T. Rowe Price Small Cap Growth Portfolio

   BHFTII-259

VanEck Global Natural Resources Portfolio

   BHFTII-266

Western Asset Management Strategic Bond Opportunities Portfolio

   BHFTII-270

Western Asset Management U.S. Government Portfolio

   BHFTII-297

 

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 sponsors the Bloomberg 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.

 


Table of Contents

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Common Stocks—98.4% of Net Assets

 

Security Description   Shares     Value  
Argentina—4.0%            

MercadoLibre, Inc. (a)

    55,635     $ 66,176,720  
   

 

 

 
Australia—1.0%            

Cochlear, Ltd.

    105,108       17,510,875  
   

 

 

 
Belgium—0.8%            

Umicore S.A.

    308,141       13,310,809  
   

 

 

 
Canada—3.2%            

Constellation Software, Inc.

    11,879       20,305,902  

Ritchie Bros. Auctioneers, Inc.

    250,649       14,795,810  

Topicus.com, Inc. (a)

    241,047       17,979,949  
   

 

 

 
      53,081,661  
   

 

 

 
China—8.4%            

Alibaba Group Holding, Ltd. (a)

    1,518,072       20,778,280  

Futu Holdings, Ltd. (ADR) (a) (b)

    93,000       3,028,080  

Hangzhou Tigermed Consulting Co., Ltd. - Class H

    556,300       6,702,953  

JD.com, Inc. - Class A (a)

    34,242       1,002,874  

Meituan - Class B (a)

    824,800       16,253,194  

Ping An Healthcare and Technology Co., Ltd. (a) (b)

    1,991,400       5,193,655  

Ping An Insurance Group Co. of China, Ltd. - Class H

    3,083,500       21,755,876  

Prosus NV (a)

    169,475       8,971,557  

Tencent Holdings, Ltd.

    719,100       33,923,821  

Tencent Music Entertainment Group (ADR) (a)

    1,867,617       9,095,295  

Wuxi Biologics Cayman, Inc. (a)

    686,500       5,569,039  

Zai Lab, Ltd. (ADR) (a) (b)

    1,672,750       7,595,436  
   

 

 

 
      139,870,060  
   

 

 

 
Denmark—4.4%            

Ambu A/S - Class B

    449,794       6,605,626  

Chr Hansen Holding A/S

    196,416       14,433,982  

DSV A/S

    142,354       27,220,461  

Novozymes A/S - B Shares

    362,242       24,792,419  
   

 

 

 
      73,052,488  
   

 

 

 
Finland—1.2%            

Kone Oyj - Class B

    395,927       20,736,857  
   

 

 

 
France—4.2%            

Danone S.A.

    413,904       22,801,092  

Dassault Systemes SE

    493,008       24,292,954  

Edenred

    471,369       23,302,399  
   

 

 

 
      70,396,445  
   

 

 

 
Germany—7.8%            

BioNTech SE (ADR) (a)

    53,855       9,185,509  

Deutsche Boerse AG

    222,586       39,985,066  

Rational AG

    27,669       19,198,834  

SAP SE

    306,517       34,202,181  

Scout24 SE

    490,149       28,117,007  
   

 

 

 
      130,688,597  
   

 

 

 
Hong Kong—4.2%            

AIA Group, Ltd.

    4,776,600     $ 50,008,295  

Hong Kong Exchanges & Clearing, Ltd.

    447,900       21,108,171  
   

 

 

 
      71,116,466  
   

 

 

 
India—3.0%            

Housing Development Finance Corp., Ltd.

    1,155,231       36,091,492  

ICICI Lombard General Insurance Co., Ltd.

    856,061       14,916,176  
   

 

 

 
      51,007,668  
   

 

 

 
Ireland—5.6%            

CRH plc

    718,859       28,839,697  

Kingspan Group plc

    334,788       32,538,648  

Ryanair Holdings plc (ADR) (a)

    363,605       31,677,268  
   

 

 

 
      93,055,613  
   

 

 

 
Italy—1.1%            

FinecoBank Banca Fineco S.p.A.

    1,170,661       17,779,740  
   

 

 

 
Japan—14.1%            

Denso Corp. (b)

    408,700       26,079,718  

FANUC Corp.

    136,800       24,057,432  

Japan Exchange Group, Inc.

    1,026,200       19,120,899  

MonotaRO Co., Ltd.

    1,158,900       24,834,743  

Nidec Corp.

    305,100       24,171,780  

Nintendo Co., Ltd.

    34,800       17,558,786  

Shimano, Inc.

    100,400       22,965,015  

Shiseido Co., Ltd.

    340,900       17,277,150  

SMC Corp.

    47,200       26,361,826  

Sony Group Corp.

    321,300       33,161,688  
   

 

 

 
      235,589,037  
   

 

 

 
Netherlands—6.0%            

Adyen NV (a)

    8,592       16,974,101  

ASML Holding NV

    49,574       33,065,827  

Heineken Holding NV

    144,728       11,327,390  

IMCD NV

    211,556       35,970,369  

Just Eat Takeaway (a)

    114,249       3,858,574  
   

 

 

 
      101,196,261  
   

 

 

 
Norway—1.1%            

Aker Carbon Capture ASA (a)

    7,094,507       18,233,547  
   

 

 

 
Panama—0.9%            

Copa Holdings S.A. - Class A (a)

    171,410       14,336,732  
   

 

 

 
Russia—0.0%            

Magnit PJSC (GDR) (c) (d)

    624,163       0  

MMC Norilsk Nickel PJSC (ADR) (c) (d)

    392,107       0  
   

 

 

 
      0  
   

 

 

 
South Africa—1.8%            

Discovery, Ltd. (a)

    2,423,322       30,094,060  
   

 

 

 

 

BHFTII-1


Table of Contents

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Common Stocks—(Continued)

 

Security Description   Shares/
Principal
Amount*
    Value  
South Korea—3.2%            

Coupang, Inc. (a)

    778,174     $ 13,758,116  

Samsung Electronics Co., Ltd.

    697,369       39,839,048  
   

 

 

 
      53,597,164  
   

 

 

 
Spain—1.5%            

Amadeus IT Group S.A. (a)

    396,025       25,795,486  
   

 

 

 
Sweden—3.5%            

Atlas Copco AB - B Shares

    701,579       31,816,749  

Epiroc AB - B Shares

    1,460,262       26,285,385  
   

 

 

 
      58,102,134  
   

 

 

 
Switzerland—7.3%            

Cie Financiere Richemont S.A. - Class A

    227,269       28,828,732  

Kuehne & Nagel International AG

    82,269       23,310,586  

Nestle S.A.

    347,651       45,132,335  

Temenos AG

    177,379       16,995,854  

Wizz Air Holdings plc (a)

    202,269       7,603,234  
   

 

 

 
      121,870,741  
   

 

 

 
Taiwan—4.3%            

Sea, Ltd. (ADR) (a)

    109,595       13,128,385  

Taiwan Semiconductor Manufacturing Co., Ltd.

    2,870,000       59,335,626  
   

 

 

 
      72,464,011  
   

 

 

 
United Kingdom—5.0%            

Experian plc

    635,784       24,519,006  

Oxford Nanopore Technologies plc (a)

    1,494,316       7,740,775  

Prudential plc

    1,067,177       15,764,095  

Rio Tinto plc

    444,077       35,226,820  
   

 

 

 
      83,250,696  
   

 

 

 
United States—0.8%            

Spotify Technology S.A. (a)

    92,119       13,911,811  
   

 

 

 

Total Common Stocks
(Cost $1,359,815,718)

      1,646,225,679  
   

 

 

 
Short-Term Investment—1.1%

 

Repurchase Agreement—1.1%  

Fixed Income Clearing Corp.
Repurchase Agreement dated 03/31/22 at 0.000%, due on 04/01/22 with a maturity value of $17,467,976; collateralized by U.S. Treasury Note at 2.500%, maturing 03/31/27, with a market value of $17,817,380.

    17,467,976       17,467,976  
   

 

 

 

Total Short-Term Investments
(Cost $17,467,976)

      17,467,976  
   

 

 

 
Securities Lending Reinvestments (e)—1.4%

 

Security Description  

Principal
Amount*

    Value  
Repurchase Agreements—0.8%  

Cantor Fitzgerald & Co.
Repurchase Agreement dated 03/31/22 at 0.290%, due on 04/01/22 with a maturity value of $4,000,032; collateralized by U.S. Treasury and U.S. Government Agency Obligations with rates ranging from 0.125% - 8.000%, maturity dates ranging from 09/15/22 - 07/20/71, and an aggregate market value of $4,080,000.

    4,000,000     $ 4,000,000  

Citigroup Global Markets, Ltd.
Repurchase Agreement dated 03/31/22 at 0.300%, due on 04/01/22 with a maturity value of $400,003; collateralized by U.S. Treasury and Foreign Obligations with rates ranging from 0.125% - 2.875%, maturity dates ranging from 08/15/23 - 02/15/51, and an aggregate market value of $408,000.

    400,000       400,000  

ING Financial Markets LLC
Repurchase Agreement dated 03/31/22 at 0.260%, due on 04/01/22 with a maturity value of $3,928,660; collateralized by U.S. Government Agency Obligations with rates ranging from 0.350% - 6.625%, maturity dates ranging from 04/05/22 - 11/15/30, and an aggregate market value of $4,007,230.

    3,928,632       3,928,632  

National Bank Financial Inc.
Repurchase Agreement dated 03/31/22 at 0.320%, due on 04/01/22 with a maturity value of $20,000; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.000%, maturity dates ranging from 06/30/22 - 02/15/49, and an aggregate market value of $20,411.

    20,000       20,000  

National Bank of Canada
Repurchase Agreement dated 03/31/22 at 0.320%, due on 04/07/22 with a maturity value of $50,003; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.500%, maturity dates ranging from 04/14/22 - 08/15/51, and an aggregate market value of $51,028.

    50,000       50,000  

NBC Global Finance, Ltd.
Repurchase Agreement dated 03/31/22 at 0.440%, due on 04/01/22 with a maturity value of $2,300,028; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.750%, maturity dates ranging from 05/15/24 - 02/15/50, and various Common Stock with an aggregate market value of $2,553,866.

    2,300,000       2,300,000  

Societe Generale
Repurchase Agreement dated 03/31/22 at 0.360%, due on 04/01/22 with a maturity value of $1,800,018; collateralized by various Common Stock with an aggregate market value of $2,000,165.

    1,800,000       1,800,000  

Repurchase Agreement dated 03/31/22 at 0.410%, due on 04/01/22 with a maturity value of $800,009; collateralized by various Common Stock with an aggregate market value of $889,032.

    800,000       800,000  

Repurchase Agreement dated 03/31/22 at 0.420%, due on 04/07/22 with a maturity value of $400,033; collateralized by various Common Stock with an aggregate market value of $444,516.

    400,000       400,000  

TD Prime Services LLC
Repurchase Agreement dated 03/31/22 at 0.400%, due on 04/01/22 with a maturity value of $20,000; collateralized by various Common Stock with an aggregate market value of $23,164.

    20,000       20,000  
   

 

 

 
      13,718,632  
   

 

 

 

 

BHFTII-2


Table of Contents

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

 

Security Description  

Shares/

Principal
Amount*

    Value  
Time Deposits—0.1%  

DZ Bank AG (NY)
0.300%, 04/01/22

    1,000,000     $ 1,000,000  

Svenska (NY)
0.260%, 04/01/22

    1,000,000       1,000,000  
   

 

 

 
      2,000,000  
   

 

 

 
Mutual Funds—0.5%  

BlackRock Liquidity Funds FedFund, Institutional Shares
0.230% (f)

    3,000,000       3,000,000  

Fidelity Government Portfolio, Class I
0.120% (f)

    2,000,000       2,000,000  

Fidelity Government Portfolio, Institutional Class 
0.160% (f)

    50,000       50,000  

Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares
0.230% (f)

    3,000,000       3,000,000  
   

 

 

 
      8,050,000  
   

 

 

 

Total Securities Lending Reinvestments
(Cost $23,768,632)

      23,768,632  
   

 

 

 

Total Investments—100.9%
(Cost $1,401,052,326)

      1,687,462,287  

Other assets and liabilities (net)—(0.9)%

      (14,573,331
   

 

 

 
Net Assets—100.0%     $ 1,672,888,956  
   

 

 

 

 

*   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 March 31, 2022, the market value of securities loaned was $23,015,452 and the collateral received consisted of cash in the amount of $23,768,632 and non-cash collateral with a value of $2,102,715. 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 March 31, 2022, these securities represent less than 0.05% of net assets.
(e)   Represents investment of cash collateral received from securities on loan as of March 31, 2022.
(f)   The rate shown represents the annualized seven-day yield as of March 31, 2022.

 

Ten Largest Industries as of
March 31, 2022 (Unaudited)

  

% of
Net Assets

 

Machinery

     8.9  

Insurance

     7.9  

Internet & Direct Marketing Retail

     7.8  

Software

     6.8  

Semiconductors & Semiconductor Equipment

     5.5  

Capital Markets

     5.0  

Food Products

     4.1  

IT Services

     4.0  

Interactive Media & Services

     3.7  

Trading Companies & Distributors

     3.6  

 

Glossary of Abbreviations

Other Abbreviations

 

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

 

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.

 

BHFTII-3


Table of Contents

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Fair Value Hierarchy—(Continued)

 

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of March 31, 2022:

 

Description    Level 1      Level 2     Level 3      Total  
Common Stocks

 

Argentina

   $ 66,176,720      $ —       $ —        $ 66,176,720  

Australia

     —          17,510,875       —          17,510,875  

Belgium

     —          13,310,809       —          13,310,809  

Canada

     53,081,661        —         —          53,081,661  

China

     12,123,375        127,746,685       —          139,870,060  

Denmark

     —          73,052,488       —          73,052,488  

Finland

     —          20,736,857       —          20,736,857  

France

     —          70,396,445       —          70,396,445  

Germany

     9,185,509        121,503,088       —          130,688,597  

Hong Kong

     —          71,116,466       —          71,116,466  

India

     —          51,007,668       —          51,007,668  

Ireland

     31,677,268        61,378,345       —          93,055,613  

Italy

     —          17,779,740       —          17,779,740  

Japan

     —          235,589,037       —          235,589,037  

Netherlands

     —          101,196,261       —          101,196,261  

Norway

     —          18,233,547       —          18,233,547  

Panama

     14,336,732        —         —          14,336,732  

Russia

     —          —         0        0  

South Africa

     —          30,094,060       —          30,094,060  

South Korea

     —          39,839,047       —          39,839,047  

Spain

     —          25,795,486       —          25,795,486  

Sweden

     —          58,102,134       —          58,102,134  

Switzerland

     —          121,870,741       —          121,870,741  

Taiwan

     13,128,385        59,335,626       —          72,464,011  

United Kingdom

     —          83,250,696       —          83,250,696  

United States

     27,669,928        —         —          27,669,928  

Total Common Stocks

     227,379,578        1,418,846,101       0        1,646,225,679  

Total Short-Term Investment*

     —          17,467,976       —          17,467,976  
Securities Lending Reinvestments

 

Repurchase Agreements

     —          13,718,632       —          13,718,632  

Time Deposits

     —          2,000,000       —          2,000,000  

Mutual Funds

     8,050,000        —         —          8,050,000  

Total Securities Lending Reinvestments

     8,050,000        15,718,632       —          23,768,632  

Total Investments

   $ 235,429,578      $ 1,452,032,709     $ 0      $ 1,687,462,287  

Collateral for Securities Loaned (Liability)

   $ —        $ (23,768,632   $ —        $ (23,768,632

 

*   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 March 31, 2022 is not presented.

During the period ended March 31, 2022, transfers into Level 3 in the amount of $21,833,902 were due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

 

BHFTII-4


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

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

 

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—32.8%  

Connecticut Avenue Securities Trust (CMO)

   

3.199%, SOFR30A + 3.100%, 10/25/41 (144A) (a)

    2,090,448     $ 1,923,369  

5.599%, SOFR30A + 5.500%, 12/25/41 (144a) (a)

    267,000       237,003  
Fannie Mae 15 Yr. Pool            

2.000%, 10/01/31

    107,673       104,987  

2.000%, 11/01/31

    1,362,399       1,328,542  

2.000%, 12/01/31

    148,796       145,080  

2.000%, 03/01/32

    966,342       942,465  

2.500%, 09/01/27

    104,787       103,823  

2.500%, 02/01/28

    13,135       13,014  

2.500%, 04/01/28

    37,015       36,681  

2.500%, 08/01/28

    103,971       103,032  

2.500%, 01/01/30

    562,529       557,135  

2.500%, 02/01/30

    60,646       60,097  

2.500%, 03/01/30

    103,867       102,910  

2.500%, 07/01/30

    386,291       382,539  

2.500%, 08/01/30

    1,243,054       1,231,404  

2.500%, 09/01/30

    691,958       685,527  

2.500%, 11/01/30

    1,338,613       1,326,000  

2.500%, 03/01/31

    66,383       65,789  

2.500%, 06/01/31

    399,910       396,312  

2.500%, 07/01/31

    230,311       228,239  

2.500%, 08/01/31

    32,065       31,777  

2.500%, 10/01/31

    1,938,295       1,920,690  

2.500%, 11/01/31

    1,231,477       1,220,481  

2.500%, 02/01/32

    56,999       56,467  

2.500%, 03/01/32

    214,316       212,463  

2.500%, 08/01/32

    1,323,863       1,311,533  

2.500%, 02/01/33

    2,380,982       2,356,725  

3.000%, 04/01/28

    78,200       79,012  

3.000%, 05/01/28

    85,584       86,472  

3.000%, 10/01/28

    181,811       183,700  

3.000%, 11/01/28

    1,292,322       1,304,702  

3.000%, 12/01/28

    332,183       334,863  

3.000%, 01/01/29

    133,425       134,497  

3.000%, 04/01/29

    590,022       595,550  

3.000%, 05/01/29

    878,444       886,282  

3.000%, 08/01/29

    834,402       842,902  

3.000%, 10/01/29

    237,675       240,149  

3.000%, 03/01/30

    489,285       494,378  

3.000%, 04/01/30

    398,083       402,229  

3.000%, 05/01/30

    649,644       656,407  

3.000%, 07/01/30

    477,820       482,658  

3.000%, 08/01/30

    2,116,095       2,138,126  

3.000%, 09/01/30

    570,418       576,186  

3.000%, 08/01/31

    1,989,955       2,005,947  

3.000%, 09/01/31

    241,595       244,115  

3.000%, 03/01/32

    422,799       427,222  

3.500%, 08/01/28

    155,157       158,402  

3.500%, 10/01/28

    1,436,571       1,479,753  

3.500%, 11/01/28

    1,415,474       1,455,138  

3.500%, 02/01/29

    1,616,589       1,658,409  

3.500%, 04/01/29

    411,435       421,327  

3.500%, 05/01/29

    1,251,693       1,281,285  

3.500%, 07/01/29

    421,002       430,967  

3.500%, 09/01/29

    85,121       87,400  

3.500%, 08/01/30

    335,821       347,754  
Agency Sponsored Mortgage - Backed—(Continued)  
Fannie Mae 15 Yr. Pool            

3.500%, 11/01/32

    127,458     132,138  

3.500%, 01/01/33

    80,839       83,806  

4.000%, 10/01/33

    3,142,649       3,290,880  

4.500%, 02/01/25

    67,711       69,555  

4.500%, 04/01/25

    16,933       17,514  

4.500%, 07/01/25

    47,658       48,982  

4.500%, 06/01/26

    393,677       404,384  

Fannie Mae 20 Yr. Pool

   

1.500%, 11/01/41

    21,240,205       19,254,933  

1.500%, 12/01/41

    10,845,340       9,829,879  

2.000%, 02/01/42

    788,014       736,363  

2.000%, 03/01/42

    7,553,076       7,057,988  

2.000%, 04/01/42

    1,160,506       1,089,110  

3.000%, 10/01/36

    54,023       53,979  

3.000%, 11/01/36

    621,693       622,104  

3.000%, 12/01/36

    979,714       981,560  
Fannie Mae 30 Yr. Pool            

2.000%, 09/01/50

    528,667       492,571  

2.000%, 11/01/50

    420,876       391,934  

2.000%, 12/01/50

    2,414,002       2,248,262  

2.000%, 03/01/51

    1,855,180       1,727,310  

2.000%, 04/01/51

    2,333,863       2,172,842  

2.000%, 11/01/51

    3,121,781       2,901,242  

2.000%, 12/01/51

    7,106,461       6,613,262  

2.000%, 01/01/52

    7,743,982       7,215,484  

2.000%, 02/01/52

    9,330,431       8,690,741  

2.500%, 11/01/51

    1,249,267       1,200,264  

2.500%, 01/01/52

    25,478,596       24,462,343  

2.500%, 02/01/52

    6,852,923       6,583,026  

3.000%, 03/01/43

    5,010,522       4,998,883  

3.000%, 04/01/43

    2,915,719       2,907,259  

3.000%, 05/01/43

    1,544,088       1,539,797  

3.000%, 06/01/43

    55,015       54,924  

3.000%, 06/01/46

    29,384       29,212  

3.000%, 08/01/46

    42,359       42,111  

3.000%, 11/01/46

    1,674,909       1,664,086  

3.000%, 02/01/47

    415,266       411,840  

3.000%, 03/01/47

    1,736,301       1,723,138  

3.000%, 03/01/50

    620,828       611,879  

3.000%, 08/01/50

    2,393,128       2,350,148  

3.500%, 01/01/42

    255,021       260,139  

3.500%, 04/01/42

    170,311       173,492  

3.500%, 05/01/42

    25,447       25,911  

3.500%, 06/01/42

    48,788       49,762  

3.500%, 07/01/42

    59,579       60,766  

3.500%, 02/01/45

    1,771,994       1,807,204  

3.500%, 05/01/47

    883,857       898,262  

3.500%, 11/01/47

    568,382       574,689  

3.500%, 12/01/47

    567,682       572,598  

3.500%, 01/01/48

    1,720,742       1,746,049  

3.500%, 02/01/48

    262,342       265,174  

3.500%, 03/01/48

    1,455,452       1,470,719  

3.500%, 04/01/48

    999,597       1,018,827  

3.500%, 06/01/49

    9,644,378       9,761,930  

3.500%, 01/01/51

    24,138,903       24,203,015  

 

BHFTII-5


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  
Fannie Mae 30 Yr. Pool            

4.000%, 08/01/33

    420,575     $ 439,725  

4.000%, 01/01/41

    112,953       117,899  

4.000%, 01/01/42

    518,479       542,416  

4.000%, 02/01/42

    863,278       899,857  

4.000%, 05/01/42

    195,879       203,458  

4.000%, 11/01/46

    180,061       185,526  

4.000%, 06/01/47

    587,403       604,937  

4.000%, 08/01/47

    383,547       396,462  

4.000%, 09/01/47

    34,461       35,504  

4.000%, 10/01/47

    272,472       280,507  

4.000%, 01/01/48

    270,166       278,850  

4.000%, 04/01/48

    61,058       62,427  

4.000%, 05/01/48

    72,352       74,459  

4.000%, 06/01/48

    50,519       51,789  

4.000%, 07/01/48

    51,158       52,322  

4.000%, 08/01/48

    716,688       743,377  

4.000%, 09/01/48

    337,741       345,687  

4.000%, 10/01/48

    152,360       155,828  

4.000%, 09/01/49

    1,401,433       1,432,003  

4.000%, 03/01/50

    667,795       681,976  

4.000%, 04/01/50

    356,288       364,569  

4.000%, 05/01/50

    564,907       576,851  

4.000%, 06/01/50

    800,000       818,466  

4.000%, 11/01/50

    59,506       60,802  

4.000%, 01/01/51

    4,201,608       4,319,884  

4.000%, 03/01/51

    5,889,364       6,011,863  

4.000%, 10/01/51

    7,911,439       8,087,818  

4.500%, 08/01/39

    482,888       513,628  

4.500%, 11/01/39

    334,586       355,885  

4.500%, 01/01/40

    17,753       18,890  

4.500%, 04/01/40

    33,057       35,076  

4.500%, 05/01/40

    81,263       86,458  

4.500%, 06/01/40

    72,848       77,509  

4.500%, 07/01/40

    156,947       166,958  

4.500%, 11/01/40

    308,369       328,048  

4.500%, 07/01/41

    77,245       82,177  

4.500%, 09/01/41

    296,143       315,103  

4.500%, 10/01/41

    88,724       94,430  

4.500%, 01/01/42

    69,083       73,448  

4.500%, 08/01/42

    381,160       405,633  

4.500%, 09/01/43

    386,440       407,661  

4.500%, 10/01/43

    649,936       690,375  

4.500%, 11/01/43

    1,711,894       1,809,960  

4.500%, 12/01/43

    724,182       771,768  

4.500%, 01/01/44

    576,566       614,254  

4.500%, 06/01/44

    2,378,677       2,533,122  

4.500%, 07/01/45

    665,925       702,913  

4.500%, 09/01/45

    340,548       362,400  

4.500%, 11/01/45

    1,148,995       1,220,738  

4.500%, 12/01/45

    490,947       522,860  

4.500%, 07/01/46

    2,226,406       2,371,376  

4.500%, 09/01/46

    368,687       390,517  

4.500%, 09/01/47

    43,738       45,952  

4.500%, 10/01/47

    285,683       299,903  

4.500%, 11/01/47

    1,448,019       1,518,212  
Agency Sponsored Mortgage - Backed—(Continued)  
Fannie Mae 30 Yr. Pool            

4.500%, 12/01/47

    49,721     52,084  

4.500%, 01/01/48

    1,452,025       1,522,785  

4.500%, 02/01/48

    78,215       82,043  

4.500%, 03/01/48

    120,432       126,171  

4.500%, 04/01/48

    753,077       799,417  

4.500%, 05/01/48

    6,532,624       6,886,828  

4.500%, 07/01/48

    116,043       121,831  

4.500%, 08/01/48

    1,350,022       1,424,391  

4.500%, 11/01/48

    859,641       901,022  

4.500%, 02/01/49

    7,176,583       7,617,645  

4.500%, 05/01/49

    6,584,961       6,989,680  

5.000%, 11/01/32

    2,201       2,335  

5.000%, 09/01/35

    97,817       105,248  

5.000%, 06/01/39

    4,133,798       4,451,056  

5.000%, 04/01/41

    5,535       5,826  

5.000%, 07/01/41

    130,874       141,125  

5.000%, 08/01/41

    130,627       141,335  

5.000%, 01/01/42

    46,720       49,177  

5.500%, 11/01/32

    472,120       516,147  

5.500%, 12/01/32

    79,184       86,702  

5.500%, 01/01/33

    266,379       291,388  

5.500%, 12/01/33

    104,371       114,146  

5.500%, 05/01/34

    883,843       958,108  

5.500%, 08/01/37

    912,147       998,705  

5.500%, 02/01/38

    148,454       163,017  

5.500%, 03/01/38

    90,165       99,377  

5.500%, 06/01/38

    94,367       100,356  

5.500%, 12/01/38

    81,536       86,719  

5.500%, 01/01/39

    149,847       165,116  

5.500%, 08/01/39

    111,901       121,531  

5.500%, 12/01/39

    200,107       219,477  

5.500%, 04/01/40

    20,262       21,975  

5.500%, 04/01/41

    111,467       119,397  

6.000%, 02/01/34

    106,614       115,260  

6.000%, 08/01/34

    76,895       84,492  

6.000%, 04/01/35

    1,235,483       1,365,532  

6.000%, 06/01/36

    159,988       178,529  

6.000%, 02/01/38

    228,391       254,795  

6.000%, 03/01/38

    89,179       99,617  

6.000%, 05/01/38

    254,182       283,934  

6.000%, 10/01/38

    283,318       312,980  

6.000%, 12/01/38

    104,485       116,716  

6.000%, 04/01/40

    952,977       1,063,721  

6.000%, 09/01/40

    103,291       115,214  

6.000%, 06/01/41

    218,868       244,298  

6.500%, 05/01/40

    1,382,733       1,525,439  
Fannie Mae REMICS (CMO)            

5.000%, 04/25/35

    7,872       8,030  
Freddie Mac 15 Yr. Gold Pool            

2.500%, 04/01/27

    33,106       32,804  

2.500%, 10/01/28

    163,020       161,629  

2.500%, 08/01/29

    414,093       410,272  

2.500%, 12/01/29

    146,850       145,453  

2.500%, 05/01/30

    478,433       474,181  

2.500%, 07/01/30

    294,275       291,710  

 

BHFTII-6


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  
Freddie Mac 15 Yr. Gold Pool            

2.500%, 08/01/30

    1,142,467     $ 1,132,664  

2.500%, 09/01/30

    1,212,722       1,202,016  

2.500%, 04/01/31

    917,123       908,992  

3.000%, 01/01/30

    328,947       332,612  

3.000%, 04/01/30

    1,944,323       1,965,972  

3.000%, 05/01/30

    330,034       333,705  

3.000%, 06/01/30

    12,030       12,164  

3.000%, 07/01/30

    701,949       708,662  

3.000%, 08/01/30

    219,960       222,413  
Freddie Mac 20 Yr. Pool            

2.000%, 02/01/42

    479,396       448,930  

2.000%, 03/01/42

    941,804       883,862  

2.000%, 04/01/42

    494,699       464,264  

3.000%, 09/01/37

    68,340       68,588  

3.000%, 06/01/38

    1,402,808       1,398,581  

3.500%, 01/01/34

    631,492       649,572  

3.500%, 05/01/35

    2,409,039       2,439,356  
Freddie Mac 30 Yr. Gold Pool            

3.000%, 01/01/43

    900,659       900,340  

3.000%, 03/01/43

    1,547,639       1,544,186  

3.000%, 12/01/46

    942,213       936,480  

3.500%, 04/01/42

    1,068,872       1,091,104  

3.500%, 05/01/42

    33,557       34,255  

3.500%, 08/01/42

    912,174       931,106  

3.500%, 10/01/42

    43,071       43,664  

3.500%, 06/01/43

    169,926       173,006  

3.500%, 01/01/44

    287,442       292,771  

3.500%, 05/01/44

    67,534       68,934  

3.500%, 06/01/44

    140,357       143,279  

3.500%, 07/01/44

    55,802       56,925  

3.500%, 09/01/44

    107,631       109,650  

3.500%, 09/01/45

    101,918       103,855  

3.500%, 03/01/47

    906,500       914,940  

3.500%, 10/01/47

    750,916       767,709  

3.500%, 12/01/47

    938,976       959,975  

3.500%, 01/01/48

    320,135       326,019  

4.000%, 08/01/40

    102,670       107,472  

4.000%, 09/01/40

    138,613       145,110  

4.000%, 10/01/40

    83,146       87,049  

4.000%, 11/01/40

    256,118       268,133  

4.000%, 04/01/41

    6,440       6,741  

4.000%, 10/01/41

    223,372       233,855  

4.000%, 09/01/43

    224,174       233,894  

4.000%, 04/01/44

    519,128       542,174  

4.000%, 07/01/44

    102,722       107,297  

4.000%, 02/01/45

    137,230       142,248  

4.000%, 09/01/45

    630,363       656,360  

4.000%, 12/01/45

    4,256,360       4,428,983  

4.500%, 02/01/39

    490,749       522,151  

4.500%, 08/01/39

    368,378       392,363  

4.500%, 12/01/39

    99,548       106,004  

4.500%, 07/01/40

    34,004       36,210  

4.500%, 05/01/41

    520,861       553,962  

4.500%, 05/01/42

    566,916       603,485  

4.500%, 10/01/43

    156,085       162,344  
Agency Sponsored Mortgage - Backed—(Continued)  
Freddie Mac 30 Yr. Gold Pool            

4.500%, 12/01/43

    681,074     726,075  

4.500%, 04/01/47

    1,208,456       1,276,911  

4.500%, 05/01/47

    433,703       457,716  

4.500%, 07/01/47

    997,227       1,050,522  

4.500%, 02/01/49

    1,299,135       1,370,964  

4.500%, 04/01/49

    698,759       734,576  

5.000%, 10/01/41

    269,650       291,719  

5.000%, 11/01/41

    2,009,124       2,173,844  

5.500%, 02/01/35

    73,672       80,726  

5.500%, 09/01/39

    69,305       75,332  

5.500%, 01/01/40

    81,809       87,118  

5.500%, 06/01/41

    1,037,361       1,144,037  
Freddie Mac 30 Yr. Pool            

2.000%, 08/01/50

    378,040       352,054  

2.000%, 11/01/50

    707,929       659,267  

2.000%, 05/01/51

    1,246,374       1,160,633  

2.000%, 07/01/51

    4,856,426       4,526,849  

2.000%, 09/01/51

    1,647,372       1,531,861  

2.000%, 10/01/51

    4,590,794       4,264,851  

2.000%, 12/01/51

    3,444,172       3,207,880  

2.000%, 01/01/52

    16,932,671       15,772,392  

2.000%, 02/01/52

    1,919,238       1,786,715  

2.500%, 02/01/51

    1,409,337       1,354,203  

2.500%, 05/01/51

    11,804,886       11,330,866  

2.500%, 11/01/51

    10,243,888       9,832,698  

2.500%, 12/01/51

    6,299,865       6,046,875  

2.500%, 01/01/52

    15,582,088       14,937,291  

3.000%, 06/01/44

    8,044,831       8,034,794  

3.000%, 02/01/47

    669,214       665,298  

3.000%, 08/01/50

    5,603,408       5,520,308  

3.500%, 09/01/44

    19,197       19,581  

3.500%, 03/01/46

    3,019,307       3,079,253  

3.500%, 09/01/46

    725,066       732,179  

3.500%, 01/01/48

    4,271,588       4,338,404  

3.500%, 06/01/48

    1,217,335       1,238,429  

3.500%, 08/01/50

    386,116       389,840  

4.000%, 01/01/45

    6,308,291       6,594,848  

4.000%, 07/01/47

    1,479,645       1,540,846  

4.000%, 04/01/48

    3,197,716       3,342,788  

4.000%, 06/01/48

    1,434,041       1,493,856  

4.000%, 05/01/49

    144,383       148,767  

4.000%, 06/01/50

    1,605,977       1,657,626  
Freddie Mac Gold Pool            

3.000%, 09/01/27

    194,913       197,057  

3.000%, 07/01/28

    113,524       114,771  

Freddie Mac Multifamily Structured Pass-Through Certificates

 

0.802%, 05/25/29 (a) (b)

    6,286,790       286,899  

0.882%, 11/25/30 (a) (b)

    1,299,579       79,815  
Freddie Mac STACR REMIC Trust            

2.749%, SOFR30A + 2.650%, 01/25/51 (144A) (a)

    1,400,000       1,239,718  

3.099%, SOFR30A + 3.000%, 08/25/33 (144A) (a)

    1,444,344       1,257,652  

3.099%, SOFR30A + 3.000%, 12/25/50 (144A) (a)

    610,000       570,321  

3.499%, SOFR30A + 3.400%, 08/25/33 (144A) (a)

    1,160,000       1,080,101  

3.449%, SOFR30A + 3.350%, 09/25/41 (144A) (a)

    809,072       721,932  

3.499%, SOFR30A + 3.400%, 10/25/41 (144A) (a)

    3,541,000       3,266,798  

3.599%, SOFR30A + 3.500%, 10/25/33 (144A) (a)

    1,148,271       1,074,354  

 

BHFTII-7


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  
Freddie Mac STACR REMIC Trust            

4.849%, SOFR30A + 4.750%, 01/25/51 (144A) (a)

    860,000     $ 748,056  

5.099%, SOFR30A + 5.000%, 08/25/33 (144A) (a)

    866,467       769,959  

7.099%, SOFR30A + 7.000%, 12/25/41 (144A) (a)

    377,000       332,941  
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)  

3.749%, SOFR30A + 3.650%, 11/25/41 (144A) (a)

    2,111,699       1,999,195  

4.099%, SOFR30A + 4.000%, 11/25/50 (144A) (a)

    410,000       399,743  

4.907%, 1M LIBOR + 4.450%, 03/25/30 (a)

    682,210       711,220  

6.099%, SOFR30A + 6.000%, 08/25/33 (144A) (a)

    1,050,000       998,162  

7.899%, SOFR30A + 7.800%, 11/25/41 (144A) (a)

    1,046,708       976,568  
FREMF Mortgage Trust            

0.100%, 01/25/29 (144A) (b)

    25,318,087       130,606  

4.229%, 08/25/50 (144A) (a)

    440,000       441,576  
FRESB Mortgage Trust            

3.625%, 06/25/28 (a)

    339,620       343,125  
Ginnie Mae I 30 Yr. Pool            

3.000%, 02/15/45

    541,651       538,264  

3.500%, 01/15/42

    143,975       148,277  

3.500%, 02/15/42

    80,711       81,592  

3.500%, 04/15/42

    174,072       176,227  

3.500%, 05/15/42

    212,182       215,718  

3.500%, 08/15/42

    221,215       223,829  

3.500%, 11/15/42

    111,519       112,692  

3.500%, 12/15/42

    597,718       613,931  

3.500%, 01/15/43

    198,574       201,257  

3.500%, 02/15/43

    352,565       359,088  

3.500%, 03/15/43

    260,899       264,809  

3.500%, 04/15/43

    886,499       907,460  

3.500%, 05/15/43

    1,321,161       1,353,246  

3.500%, 06/15/43

    373,202       382,359  

3.500%, 07/15/43

    1,085,746       1,113,651  

4.000%, 03/15/41

    294,314       311,550  

4.000%, 12/15/41

    23,118       23,821  

4.500%, 02/15/42

    3,780,981       4,074,838  

4.500%, 03/15/47

    83,033       89,139  

4.500%, 04/15/47

    197,632       213,482  

4.500%, 05/15/47

    61,633       67,039  

5.000%, 12/15/38

    126,199       139,178  

5.000%, 07/15/39

    204,979       226,076  

5.000%, 10/15/39

    138,548       152,051  

5.000%, 09/15/40

    10,374       11,405  

5.000%, 12/15/40

    399,574       440,699  

5.500%, 04/15/33

    12,689       14,033  

6.500%, 04/15/33

    36,196       39,109  
Ginnie Mae II 30 Yr. Pool            

2.000%, 08/20/50

    8,359,287       7,984,275  

2.000%, 11/20/50

    5,645,618       5,397,332  

2.000%, TBA (c)

    39,839,200       37,896,622  

2.500%, 10/20/51

    8,311,253       8,071,944  

2.500%, 12/20/51

    15,581,731       15,133,080  

2.500%, TBA (c)

    28,509,000       27,636,994  

3.000%, 12/20/44

    46,985       46,861  

3.000%, 09/20/47

    973,776       969,711  

3.000%, 03/20/49

    26,094       25,971  

3.000%, 05/20/50

    382,496       379,618  

3.000%, 01/20/51

    26,920,859       26,718,180  

3.000%, TBA (c)

    9,491,470       9,367,568  

3.500%, 04/20/43

    858,316       881,267  
Agency Sponsored Mortgage - Backed—(Continued)  
Ginnie Mae II 30 Yr. Pool            

3.500%, 05/20/43

    469,085     481,502  

3.500%, 07/20/43

    36,397       37,371  

3.500%, 02/20/44

    932,012       956,880  

3.500%, 03/20/45

    33,841       34,606  

3.500%, 04/20/45

    50,573       51,763  

3.500%, 05/20/45

    207,216       211,889  

3.500%, 07/20/45

    37,420       38,407  

3.500%, 08/20/45

    49,766       50,858  

3.500%, 10/20/45

    94,146       96,176  

3.500%, 11/20/45

    34,805       35,622  

3.500%, 12/20/45

    524,613       536,038  

3.500%, 01/20/46

    105,384       107,655  

3.500%, 05/20/46

    442,204       450,547  

3.500%, 09/20/46

    168,355       171,199  

3.500%, 10/20/46

    955,663       973,822  

3.500%, 03/20/48

    41,672       42,271  

3.500%, 04/20/48

    16,908       17,152  

3.500%, TBA (c)

    18,100,496       18,199,483  

4.000%, 04/20/39

    18,938       19,897  

4.000%, 07/20/39

    129,694       136,262  

4.000%, 09/20/40

    34,178       35,910  

4.000%, 10/20/40

    396,832       416,937  

4.000%, 11/20/40

    221,651       232,881  

4.000%, 12/20/40

    832,796       874,988  

4.000%, 01/20/41

    750,275       784,617  

4.000%, 02/20/41

    13,444       14,126  

4.000%, 07/20/43

    77,671       81,605  

4.000%, 08/20/44

    299,761       311,014  

4.000%, 10/20/46

    51,182       52,830  

4.000%, 05/20/47

    210,358       217,488  

4.000%, 06/20/47

    537,821       554,111  

4.000%, 11/20/47

    625,683       647,922  

4.000%, 12/20/47

    302,717       313,471  

4.000%, 05/20/50

    619,810       634,110  

4.000%, TBA (c)

    7,606,500       7,742,377  

4.500%, 12/20/39

    30,577       32,555  

4.500%, 01/20/40

    37,146       39,549  

4.500%, 02/20/40

    30,572       32,549  

4.500%, 05/20/40

    1,928       2,053  

4.500%, 09/20/48

    347,509       365,977  

4.500%, 03/20/49

    1,349,382       1,403,037  

4.500%, 04/20/49

    290,724       302,331  

4.500%, 05/20/49

    1,141,485       1,183,224  

4.500%, 04/20/50

    32,126       33,396  

4.500%, TBA (c)

    175,000       180,906  

5.000%, 10/20/33

    385,631       409,316  

5.000%, 10/20/39

    113,249       124,209  

5.000%, 07/20/42

    156,276       171,484  

5.000%, TBA (c)

    2,597,000       2,708,793  
Government National Mortgage Association            

0.540%, 03/16/55 (a) (b)

    1,308,108       28,150  

0.670%, 09/16/55 (a) (b)

    1,255,623       37,553  

0.685%, 02/16/50 (a) (b)

    357,541       9,985  

0.822%, 12/16/57 (a) (b)

    1,759,885       75,711  
Uniform Mortgage-Backed Securities 15 Yr. Pool            

1.500%, TBA (c)

    15,081,000       14,298,084  

 

BHFTII-8


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

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

 

Security Description   Principal
Amount*
    Value  
Agency Sponsored Mortgage - Backed—(Continued)  
Uniform Mortgage-Backed Securities 15 Yr. Pool            

2.000%, TBA (c)

    39,280,000     $ 38,149,166  

2.500%, TBA (c)

    7,163,800       7,079,569  

Uniform Mortgage-Backed Securities 30 Yr. Pool

   

1.500%, TBA (c)

    14,550,400       12,985,444  

2.000%, TBA (c)

    138,727,635       128,661,723  

2.500%, TBA (c)

    63,110,335       60,147,059  

3.000%, TBA (c)

    12,820,174       12,527,827  

3.500%, TBA (c)

    85,345,006       85,430,992  

4.000%, TBA (c)

    79,600,906       81,138,572  
   

 

 

 
    1,102,326,459  
   

 

 

 
U.S. Treasury—16.7%            
U.S. Treasury Bonds            

1.125%, 05/15/40

    10,822,000       8,527,398  

1.125%, 08/15/40

    10,822,000       8,483,856  

1.375%, 11/15/40

    10,822,000       8,847,408  

1.750%, 08/15/41

    340,600       295,204  

2.250%, 08/15/49

    4,760,000       4,526,091  

2.500%, 02/15/45 (d)

    20,100,000       19,577,086  

2.750%, 11/15/47 (d)

    20,100,000       20,855,320  

2.875%, 05/15/43

    3,865,000       4,001,181  

2.875%, 11/15/46

    3,706,000       3,896,367  

3.000%, 02/15/48 (d)

    23,806,000       25,936,451  

3.125%, 02/15/43

    3,865,000       4,159,706  

3.625%, 08/15/43

    3,865,000       4,484,004  

3.750%, 11/15/43

    3,865,000       4,571,268  

4.250%, 05/15/39

    1,010,000       1,264,749  

4.375%, 11/15/39

    1,010,000       1,283,923  

4.500%, 08/15/39

    1,010,000       1,303,650  
U.S. Treasury Notes            

0.125%, 03/31/23

    10,482,000       10,318,628  

0.125%, 04/30/23

    10,482,000       10,296,927  

0.125%, 05/31/23

    10,482,000       10,267,856  

0.250%, 04/15/23

    27,956,000       27,526,832  

0.375%, 04/30/25

    41,246,000       38,621,401  

0.375%, 11/30/25

    12,344,000       11,412,414  

0.375%, 12/31/25

    12,344,000       11,398,430  

0.500%, 03/15/23

    27,956,000       27,650,231  

0.500%, 05/31/27

    15,364,000       13,904,420  

0.750%, 05/31/26

    12,344,000       11,480,884  

1.125%, 02/15/31

    1,989,000       1,795,927  

1.250%, 03/31/28

    5,324,000       4,965,878  

1.250%, 04/30/28

    5,324,000       4,959,639  

1.250%, 05/31/28

    5,324,000       4,956,519  

1.500%, 10/31/24

    41,246,000       40,240,629  

1.500%, 08/15/26

    10,766,000       10,317,276  

1.500%, 02/15/30 (e)

    5,471,000       5,129,063  

1.625%, 11/30/26

    15,364,000       14,787,850  

1.625%, 08/15/29

    2,246,000       2,129,927  

1.625%, 05/15/31

    1,989,000       1,872,612  

1.750%, 04/30/22

    14,119,000       14,136,056  

1.750%, 07/15/22

    27,956,000       28,041,179  

1.750%, 07/31/24

    14,357,000       14,132,672  

1.750%, 12/31/24 (e)

    41,246,000       40,417,858  
U.S. Treasury—(Continued)            
U.S. Treasury Notes            

2.000%, 02/15/25

    9,276,000     9,145,556  

2.125%, 12/31/22

    7,432,000       7,469,741  

2.125%, 07/31/24

    7,432,000       7,379,163  

2.125%, 05/15/25

    8,178,000       8,078,331  

2.250%, 08/15/27

    22,796,000       22,550,231  

2.375%, 05/15/29

    5,471,000       5,455,185  

2.625%, 02/15/29

    5,471,000       5,536,823  

2.750%, 05/31/23

    7,432,000       7,503,998  

2.875%, 08/15/28

    2,236,000       2,291,114  

3.125%, 11/15/28

    4,225,000       4,399,116  
   

 

 

 
    562,584,028  
   

 

 

 

Total U.S. Treasury & Government Agencies
(Cost $1,721,686,427)

 

    1,664,910,487  
   

 

 

 
Corporate Bonds & Notes—33.4%

 

Advertising—0.1%  

Clear Channel Outdoor Holdings, Inc.

   

5.125%, 08/15/27 (144A)

    640,000       633,082  

Interpublic Group of Cos., Inc. (The)

   

4.750%, 03/30/30

    738,000       792,363  

Lamar Media Corp.

   

3.750%, 02/15/28

    54,000       51,275  

Omnicom Group, Inc.

   

4.200%, 06/01/30

    738,000       770,457  

Outfront Media Capital LLC / Outfront Media Capital Corp.

   

4.625%, 03/15/30 (144A)

    42,000       39,533  

5.000%, 08/15/27 (144A)

    583,000       569,929  
   

 

 

 
    2,856,639  
   

 

 

 
Aerospace/Defense—1.0%            

BAE Systems Holdings, Inc.

   

3.850%, 12/15/25 (144A)

    1,474,000       1,478,999  

BAE Systems plc

   

3.400%, 04/15/30 (144A)

    3,360,000       3,310,833  

Embraer Netherlands Finance B.V.

   

5.050%, 06/15/25

    303,000       306,033  

5.400%, 02/01/27

    174,000       176,829  

6.950%, 01/17/28 (144A)

    205,000       216,788  

General Dynamics Corp.

   

3.625%, 04/01/30

    834,000       858,935  

L3Harris Technologies, Inc.

   

1.800%, 01/15/31

    2,595,000       2,254,730  

4.400%, 06/15/28

    3,389,000       3,524,365  
Lockheed Martin Corp.            

2.800%, 06/15/50

    633,000       554,076  

3.600%, 03/01/35

    1,732,000       1,750,003  

3.800%, 03/01/45

    280,000       285,909  

4.070%, 12/15/42

    514,000       548,696  

4.090%, 09/15/52

    287,000       315,290  
Northrop Grumman Corp.            

3.250%, 01/15/28

    3,173,000       3,173,144  

4.030%, 10/15/47

    700,000       736,524  

 

BHFTII-9


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Aerospace/Defense—(Continued)            
Northrop Grumman Corp.            

5.250%, 05/01/50

    1,371,000     $ 1,708,463  

Raytheon Technologies Corp.

   

2.150%, 05/18/30 (EUR)

    906,000       1,002,353  

2.375%, 03/15/32

    1,119,000       1,027,274  

2.820%, 09/01/51

    1,750,000       1,471,734  

3.030%, 03/15/52

    1,766,000       1,547,242  

3.150%, 12/15/24

    775,000       778,391  

4.125%, 11/16/28

    3,031,000       3,168,312  

4.200%, 12/15/44

    425,000       425,462  

4.500%, 06/01/42

    108,000       119,091  

7.000%, 11/01/28

    1,810,000       2,169,907  

7.200%, 08/15/27

    525,000       624,877  
   

 

 

 
    33,534,260  
   

 

 

 
Agriculture—0.3%            

Altria Group, Inc.

   

3.125%, 06/15/31 (EUR)

    2,110,000       2,334,761  

3.400%, 02/04/41

    829,000       680,315  

5.800%, 02/14/39

    1,943,000       2,094,169  

BAT Capital Corp.

   

4.906%, 04/02/30

    426,000       438,801  

Darling Ingredients, Inc.

   

5.250%, 04/15/27 (144A)

    216,000       220,320  

Philip Morris International, Inc.

   

1.450%, 08/01/39 (EUR)

    2,000,000       1,680,438  

Reynolds American, Inc.

   

5.850%, 08/15/45

    1,045,000       1,075,228  
   

 

 

 
    8,524,032  
   

 

 

 
Airlines—0.6%            

Air Canada Pass-Through Trust

   

3.300%, 01/15/30 (144A)

    495,763       472,912  

3.700%, 01/15/26 (144A)

    6,574       6,276  

Allegiant Travel Co.

   

8.500%, 02/05/24 (144A)

    892,000       932,140  

American Airlines Pass-Through Trust

   

3.000%, 10/15/28

    1,650,174       1,533,329  

3.150%, 02/15/32

    1,074,345       1,009,180  

3.200%, 06/15/28

    420,475       399,024  

3.575%, 01/15/28

    132,863       126,235  

3.600%, 09/22/27

    231,915       225,379  

3.650%, 02/15/29

    305,273       295,672  

3.850%, 02/15/28

    668,647       593,662  

4.400%, 09/22/23

    1,376,658       1,340,262  

4.950%, 02/15/25

    263,553       252,644  

5.250%, 01/15/24

    765,060       746,354  

Avianca Midco 2 Ltd

   

9.000%, 12/01/28 (144A)

    526,316       505,263  

Azul Investments LLP

 

5.875%, 10/26/24 (144A)

    455,000       400,405  

7.250%, 06/15/26 (144A) (e)

    315,000       265,388  

Delta Air Lines Pass-Through Trust
3.204%, 10/25/25

    2,258,000       2,259,923  
Airlines—(Continued)            

Gol Finance S.A.
7.000%, 01/31/25 (144A)

    800,000     664,000  

Latam Finance, Ltd.
6.875%, 04/11/24 (f)

    200,000       179,000  

Turkish Airlines Pass-Through Trust
4.200%, 03/15/27 (144A)

    796,076       653,189  

United Airlines Pass-Through Trust

 

2.700%, 05/01/32

    542,635       496,743  

2.875%, 10/07/28

    420,298       398,310  

3.100%, 07/07/28

    127,346       123,337  

3.450%, 12/01/27

    168,834       166,726  

3.500%, 05/01/28

    652,593       589,578  

3.500%, 03/01/30

    225,152       217,587  

3.650%, 10/07/25

    55,880       52,378  

4.000%, 04/11/26

    192,753       193,453  

4.150%, 08/25/31

    208,639       210,568  

4.625%, 09/03/22

    80,332       80,774  

4.750%, 04/11/22

    191,032       191,169  

4.875%, 01/15/26

    548,640       541,478  

5.875%, 10/15/27

    3,075,874       3,183,795  
   

 

 

 
      19,306,133  
   

 

 

 
Apparel—0.0%  

William Carter Co. (The)
5.625%, 03/15/27 (144A)

    42,000       42,620  
   

 

 

 
Auto Manufacturers—0.5%  

Ford Motor Co.
3.250%, 02/12/32 (e)

    397,000       354,573  

General Motors Co.

 

4.000%, 04/01/25

    514,000       518,761  

5.400%, 10/02/23

    338,000       349,721  

General Motors Financial Co., Inc.

 

2.400%, 10/15/28

    1,163,000       1,040,772  

2.700%, 06/10/31

    75,000       66,039  

2.750%, 06/20/25

    1,117,000       1,084,896  

3.700%, 05/09/23

    3,188,000       3,219,833  

4.000%, 01/15/25

    2,190,000       2,216,911  

4.350%, 04/09/25 (e)

    1,754,000       1,783,893  

5.100%, 01/17/24

    1,344,000       1,389,509  

Hyundai Capital Services, Inc.
3.000%, 08/29/22 (144A)

    1,220,000       1,223,311  

Nissan Motor Co., Ltd.
4.810%, 09/17/30 (144A)

    5,041,000       4,997,421  
   

 

 

 
      18,245,640  
   

 

 

 
Auto Parts & Equipment—0.0%  

Dana, Inc.
4.250%, 09/01/30 (e)

    143,000       130,874  

Metalsa S A P I De C.V.
3.750%, 05/04/31

    209,000       181,606  

Nemak S.A.B. de C.V.
3.625%, 06/28/31

    209,000       182,386  
   

 

 

 
    494,866  
   

 

 

 

 

BHFTII-10


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Banks—8.7%  

Banco Davivienda S.A.
6.650%, 10Y H15 + 5.097%, 04/22/31 (144A) (a)

    200,000     $ 184,352  

Banco Espirito Santo S.A.
4.000%, 01/21/19 (EUR) (f)

    200,000       32,081  

Banco GNB Sudameris S.A.
7.500%, 5Y H15 + 6.660%, 04/16/31 (144A) (a)

    150,000       139,632  

Banco Mercantil del Norte S.A.

 

5.875%, 5Y H15 + 4.643%, 01/24/27 (144A) (a)

    300,000       277,500  

6.625%, 10Y H15 + 5.034%, 01/24/32 (144A) (a)

    270,000       249,075  

Banco Santander S.A.

 

1.849%, 03/25/26

    1,600,000       1,495,458  

2.706%, 06/27/24 (e)

    2,000,000       1,978,781  

3.306%, 06/27/29

    1,000,000       968,379  

Banco Votorantim S.A.
4.000%, 09/24/22 (144A)

    276,000       278,349  

Bank of America Corp.

 

0.976%, SOFR + 0.690%, 04/22/25 (a)

    2,731,000       2,617,504  

1.197%, SOFR + 1.010%, 10/24/26 (a)

    1,121,000       1,036,011  

1.319%, SOFR + 1.150%, 06/19/26 (a)

    3,517,000       3,296,030  

1.658%, SOFR + 0.910%, 03/11/27 (a)

    4,792,000       4,466,969  

1.734%, SOFR + 0.960%, 07/22/27 (a)

    5,800,000       5,386,373  

1.922%, SOFR + 1.370%, 10/24/31 (a)

    1,613,000       1,401,177  

2.299%, SOFR + 1.220%, 07/21/32 (a)

    2,800,000       2,492,042  

2.456%, 3M LIBOR + 0.870%, 10/22/25 (a)

    11,120,000       10,926,518  

2.551%, SOFR + 1.050%, 02/04/28 (a)

    1,680,000       1,605,211  

2.572%, SOFR + 1.210%, 10/20/32 (a) (e)

    2,269,000       2,061,757  

2.592%, SOFR + 2.150%, 04/29/31 (a)

    650,000       599,668  

2.676%, SOFR + 1.930%, 06/19/41 (a)

    1,008,000       851,113  

2.816%, 3M LIBOR + 0.930%, 07/21/23 (a)

    515,000       515,421  

2.884%, 3M LIBOR + 1.190%, 10/22/30 (a)

    579,000       549,055  

2.972%, SOFR + 1.330%, 02/04/33 (a)

    3,383,000       3,169,847  

3.194%, 3M LIBOR + 1.180%, 07/23/30 (a)

    2,381,000       2,303,914  

3.384%, SOFR + 1.330%, 04/02/26 (a)

    4,201,000       4,195,344  

3.550%, 3M LIBOR + 0.780%, 03/05/24 (a)

    3,369,000       3,388,235  

3.559%, 3M LIBOR + 1.060%, 04/23/27 (a)

    3,494,000       3,503,949  

3.705%, 3M LIBOR + 1.512%, 04/24/28 (a)

    4,306,000       4,333,538  

3.824%, 3M LIBOR + 1.575%, 01/20/28 (a)

    1,466,000       1,482,911  

3.974%, 3M LIBOR + 1.210%, 02/07/30 (a)

    1,307,000       1,328,095  

4.000%, 01/22/25

    658,000       670,048  

4.271%, 3M LIBOR + 1.310%, 07/23/29 (a)

    3,058,000       3,154,948  

5.875%, 3M LIBOR + 2.931%, 03/15/28 (a)

    1,765,000       1,782,297  

Bank of New York Mellon Corp. (The)

 

3.700%, 5Y H15 + 3.352%, 03/20/26 (a)

    255,000       242,250  

4.625%, 3M LIBOR + 3.131%, 09/20/26 (a)

    1,770,000       1,743,450  

Barclays plc
3.811%, 1Y H15 + 1.700%, 03/10/42 (a)

    359,000       321,043  

BNP Paribas S.A.
2.591%, SOFR + 1.228%, 01/20/28 (144A) (a)

    2,335,000       2,197,480  

BPCE S.A.
2.700%, 10/01/29 (144A)

    1,572,000       1,492,806  

Burgan Bank SAK
5.749%, 5Y H15 + 4.007%, 07/09/24 (a)

    292,000       283,240  
Citigroup, Inc.  

2.014%, SOFR + 0.694%, 01/25/26 (a)

    3,903,000       3,757,336  

2.976%, SOFR + 1.422%, 11/05/30 (a)

    6,582,000       6,243,084  

3.057%, SOFR + 1.351%, 01/25/33 (a)

    366,000       341,966  
Banks—(Continued)  
Citigroup, Inc.  

3.070%, SOFR + 1.280%, 02/24/28 (a)

    6,450,000     6,282,034  

3.290%, SOFR + 1.528%, 03/17/26 (a)

    5,839,000       5,819,298  

3.668%, 3M LIBOR + 1.390%, 07/24/28 (a)

    3,224,000       3,224,713  

3.875%, 5Y H15 + 3.417%, 02/18/26 (a)

    2,981,000       2,809,592  

4.000%, 5Y H15 + 3.597%, 12/10/25 (a)

    657,000       630,720  

Citizens Financial Group, Inc.
3.250%, 04/30/30

    680,000       664,592  

Credit Suisse AG

 

1.250%, 08/07/26

    2,569,000       2,342,660  

3.625%, 09/09/24

    1,166,000       1,179,375  

Credit Suisse Group AG
3.800%, 06/09/23

    955,000       963,756  

Credit Suisse Group Funding Guernsey, Ltd.
3.800%, 09/15/22

    1,397,000       1,411,392  

Danske Bank A/S

 

1.171%, 1Y H15 + 1.030%, 12/08/23 (144A) (a)

    610,000       602,130  

1.549%, 1Y H15 + 0.730%, 09/10/27 (144A) (a) (e)

    419,000       381,535  

1.621%, 1Y H15 + 1.350%, 09/11/26 (144A) (a)

    544,000       503,030  

5.375%, 01/12/24 (144A)

    2,078,000       2,142,500  

Deutsche Bank AG

 

1.447%, SOFR + 1.131%, 04/01/25 (a)

    1,650,000       1,575,858  

1.686%, 03/19/26

    4,651,000       4,362,342  

2.552%, SOFR + 1.318%, 01/07/28 (a)

    1,639,000       1,512,049  

Discover Bank
3.450%, 07/27/26

    621,000       617,394  

Emirates NBD Bank PJSC
6.125%, 6Y USD Swap + 3.656%, 03/20/25 (a)

    477,000       478,586  

Freedom Mortgage Corp.

 

8.125%, 11/15/24 (144A)

    425,000       423,406  

8.250%, 04/15/25 (144A)

    333,000       331,994  
Goldman Sachs Group, Inc. (The)  

0.657%, SOFR + 0.505%, 09/10/24 (a)

    4,073,000       3,939,336  

0.855%, SOFR + 0.609%, 02/12/26 (a)

    1,751,000       1,631,271  

1.431%, SOFR + 0.798%, 03/09/27 (a)

    3,151,000       2,903,649  

1.676%, 3M LIBOR + 1.170%, 05/15/26 (a)

    1,602,000       1,610,216  

2.615%, SOFR + 1.281%, 04/22/32 (a)

    1,323,000       1,202,423  

2.640%, SOFR + 1.114%, 02/24/28 (a)

    3,293,000       3,148,526  

2.650%, SOFR + 1.264%, 10/21/32 (a)

    1,490,000       1,347,054  

3.000%, 03/15/24

    7,038,000       7,029,082  

3.102%, SOFR + 1.410%, 02/24/33 (a)

    6,979,000       6,578,318  

3.272%, 3M LIBOR + 1.201%, 09/29/25 (a)

    502,000       502,950  

3.500%, 04/01/25

    16,903,000       17,029,063  

3.500%, 11/16/26 (e)

    2,975,000       2,987,371  

3.615%, SOFR + 1.846%, 03/15/28 (a) (e)

    5,426,000       5,418,403  

3.691%, 3M LIBOR + 1.510%, 06/05/28 (a)

    685,000       685,786  

3.750%, 05/22/25 (e)

    1,485,000       1,507,350  

3.750%, 02/25/26

    1,568,000       1,592,730  

3.850%, 01/26/27

    583,000       588,234  

Grupo Aval, Ltd.

 

4.375%, 02/04/30 (144A)

    1,055,000       913,609  

4.750%, 09/26/22

    204,000       205,314  
HSBC Holdings plc  

2.206%, SOFR + 1.285%, 08/17/29 (a)

    1,186,000       1,066,766  

2.251%, SOFR + 1.100%, 11/22/27 (a)

    2,586,000       2,409,471  

2.804%, SOFR + 1.187%, 05/24/32 (a)

    333,000       302,577  

 

BHFTII-11


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Banks—(Continued)  
HSBC Holdings plc  

4.583%, 3M LIBOR + 1.535%, 06/19/29 (a)

    2,495,000     $ 2,567,112  
ING Groep NV  

4.100%, 10/02/23

    754,000       766,697  

4.625%, 01/06/26 (144A)

    915,000       945,676  
JPMorgan Chase & Co.  

0.653%, 3M TSFR + 0.600%, 09/16/24 (a)

    375,000       364,638  

1.578%, SOFR + 0.885%, 04/22/27 (a)

    1,300,000       1,210,791  

2.005%, 3M TSFR + 1.585%, 03/13/26 (a)

    3,385,000       3,263,368  

2.083%, SOFR + 1.850%, 04/22/26 (a)

    2,995,000       2,890,192  

2.301%, SOFR + 1.160%, 10/15/25 (a)

    4,906,000       4,804,871  

2.947%, SOFR + 1.170%, 02/24/28 (a)

    2,567,000       2,505,074  

2.963%, SOFR + 1.260%, 01/25/33 (a)

    2,840,000       2,677,419  

3.200%, 06/15/26

    60,000       60,323  

3.509%, 3M LIBOR + 0.945%, 01/23/29 (a)

    564,000       561,395  

3.540%, 3M LIBOR + 1.380%, 05/01/28 (a)

    6,521,000       6,538,063  

3.702%, 3M LIBOR + 1.160%, 05/06/30 (a) (e)

    652,000       655,453  

3.782%, 3M LIBOR + 1.337%, 02/01/28 (a)

    1,672,000       1,693,395  

3.960%, 3M LIBOR + 1.245%, 01/29/27 (a)

    3,085,000       3,148,901  

3.964%, 3M LIBOR + 1.380%, 11/15/48 (a)

    405,000       413,700  

4.005%, 3M LIBOR + 1.120%, 04/23/29 (a)

    2,500,000       2,555,999  

4.023%, 3M LIBOR + 1.000%, 12/05/24 (a)

    1,580,000       1,605,293  

4.032%, 3M LIBOR + 1.460%, 07/24/48 (a)

    2,266,000       2,329,083  

4.260%, 3M LIBOR + 1.580%, 02/22/48 (a)

    330,000       352,665  

4.452%, 3M LIBOR + 1.330%, 12/05/29 (a)

    389,000       405,479  
Lloyds Banking Group plc  

1.627%, 1Y H15 + 0.850%, 05/11/27 (a)

    1,496,000       1,371,760  

3.574%, 3M LIBOR + 1.205%, 11/07/28 (a)

    846,000       826,375  

3.750%, 01/11/27

    579,000       577,421  
Mitsubishi UFJ Financial Group, Inc.  

0.848%, 1Y H15 + 0.680%, 09/15/24 (a)

    1,419,000       1,375,236  

2.193%, 02/25/25

    1,767,000       1,708,325  

3.455%, 03/02/23

    665,000       671,951  
Mizuho Financial Group, Inc.            

2.201%, SOFR + 1.772%, 07/10/31 (a)

    851,000       755,776  
Morgan Stanley  

1.512%, SOFR + 0.858%, 07/20/27 (a)

    1,560,000       1,433,958  

1.593%, SOFR + 0.879%, 05/04/27 (a)

    3,437,000       3,193,254  

1.928%, SOFR + 1.020%, 04/28/32 (a)

    342,000       295,604  

2.188%, SOFR + 1.990%, 04/28/26 (a)

    528,000       510,031  

2.239%, SOFR + 1.178%, 07/21/32 (a)

    2,455,000       2,175,448  

2.511%, SOFR + 1.200%, 10/20/32 (a)

    451,000       406,504  

2.699%, SOFR + 1.143%, 01/22/31 (a)

    6,493,000       6,092,813  

2.943%, SOFR + 1.290%, 01/21/33 (a)

    1,355,000       1,270,635  

3.217%, SOFR + 1.485%, 04/22/42 (a)

    938,000       862,879  

3.591%, 3M LIBOR + 1.340%, 07/22/28 (a)

    3,066,000       3,074,526  

3.622%, SOFR + 3.120%, 04/01/31 (a)

    410,000       407,867  

3.625%, 01/20/27

    3,448,000       3,477,640  

3.772%, 3M LIBOR + 1.140%, 01/24/29 (a)

    1,405,000       1,415,963  

3.875%, 01/27/26

    388,000       395,381  

4.000%, 07/23/25 (e)

    259,000       265,096  

4.431%, 3M LIBOR + 1.628%, 01/23/30 (a)

    9,249,000       9,670,613  
NBK Tier 1, Ltd.            

3.625%, 6Y USD Swap + 2.875%, 08/24/26 (144A) (a)

    637,000       594,194  
Standard Chartered plc            

2.608%, 1Y H15 + 1.180%, 01/12/28 (144A) (a)

    3,753,000       3,508,668  
Banks—(Continued)  
State Street Corp.            

4.423%, 3M LIBOR + 3.597%, 06/15/22 (a)

    280,000     279,920  

5.625%, 3M LIBOR + 2.539%, 12/15/23 (a) (e)

    2,815,000       2,781,220  
Sumitomo Mitsui Financial Group, Inc.  

1.474%, 07/08/25

    200,000       188,182  

2.348%, 01/15/25

    2,905,000       2,822,888  

2.696%, 07/16/24

    1,916,000       1,897,441  
Toronto-Dominion Bank (The)            

3.200%, 03/10/32

    720,000       708,584  
UBS Group AG            

2.859%, 3M LIBOR + 0.954%, 08/15/23 (144A) (a)

    759,000       760,140  
Wells Fargo & Co.            

2.879%, SOFR + 1.432%, 10/30/30 (a)

    221,000       210,047  

3.526%, SOFR + 1.510%, 03/24/28 (a)

    1,238,000       1,235,514  
   

 

 

 
      291,740,133  
   

 

 

 
Beverages—0.4%  
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.  

4.700%, 02/01/36

    5,022,000       5,386,173  
Anheuser-Busch InBev Finance, Inc.            

4.000%, 01/17/43

    717,000       705,554  
Anheuser-Busch InBev Worldwide, Inc.  

4.000%, 04/13/28

    4,844,000       5,019,164  

4.600%, 04/15/48

    1,886,000       2,035,510  

4.750%, 01/23/29

    792,000       858,667  
   

 

 

 
      14,005,068  
   

 

 

 
Biotechnology—0.2%  
Amgen, Inc.  

2.450%, 02/21/30

    452,000       426,159  

4.200%, 02/22/52 (e)

    372,000       384,720  

4.400%, 05/01/45

    1,565,000       1,643,374  
Biogen, Inc.  

2.250%, 05/01/30

    1,791,000       1,611,445  

3.150%, 05/01/50

    821,000       672,311  
Gilead Sciences, Inc.  

2.800%, 10/01/50

    407,000       333,058  

4.150%, 03/01/47

    790,000       812,310  

4.500%, 02/01/45

    420,000       447,511  

4.800%, 04/01/44

    1,258,000       1,382,912  
   

 

 

 
      7,713,800  
   

 

 

 
Building Materials—0.0%  
Carrier Global Corp.            

2.242%, 02/15/25

    132,000       128,504  
Cemex S.A.B. de C.V.            

5.200%, 09/17/30 (144A)

    288,000       286,560  
Johnson Controls International plc            

5.125%, 09/14/45

    11,000       12,542  
Masonite International Corp.            

5.375%, 02/01/28 (144A)

    219,000       220,643  

Standard Industries, Inc.

 

4.750%, 01/15/28 (144A)

    90,000       86,063  

5.000%, 02/15/27 (144A)

    215,000       213,125  
   

 

 

 
      947,437  
   

 

 

 

 

BHFTII-12


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Chemicals—0.4%  
Braskem Idesa SAPI            

6.990%, 02/20/32 (144A)

    385,000     $ 377,323  
Braskem Netherlands Finance B.V.            

5.875%, 01/31/50 (144A) (e)

    479,000       475,168  

8.500%, 5Y H15 + 8.220%, 01/23/81 (144A) (a) (e)

    491,000       538,089  
Dow Chemical Co. (The)            

1.125%, 03/15/32 (EUR)

    859,000       855,352  
DuPont de Nemours, Inc.            

4.493%, 11/15/25

    2,562,000       2,664,604  
Ecolab, Inc.            

2.750%, 08/18/55

    1,494,000       1,235,413  
Equate Petrochemical B.V.            

2.625%, 04/28/28 (144A)

    263,000       243,604  
LYB International Finance III LLC            

4.200%, 05/01/50

    813,000       802,961  
MEGlobal Canada ULC            

5.000%, 05/18/25 (144A)

    555,000       572,133  
OCP S.A.            

3.750%, 06/23/31

    308,000       278,740  
SASOL Financing USA LLC            

4.375%, 09/18/26 (e)

    800,000       764,000  

5.500%, 03/18/31

    465,000       434,124  

5.875%, 03/27/24

    289,000       292,844  

6.500%, 09/27/28

    207,000       210,146  
Sherwin-Williams Co. (The)            

2.300%, 05/15/30

    1,400,000       1,280,123  

Westlake Corp.
3.375%, 08/15/61

    916,000       745,074  
   

 

 

 
      11,769,698  
   

 

 

 
Commercial Services—0.6%  

AMN Healthcare, Inc.
4.625%, 10/01/27 (144A)

    350,000       340,308  

Atento Luxco 1 S.A.
8.000%, 02/10/26 (144A) (e)

    200,000       202,049  
Global Payments, Inc.  

1.200%, 03/01/26

    3,897,000       3,590,193  

2.150%, 01/15/27

    327,000       306,914  

2.900%, 05/15/30

    831,000       766,965  

3.200%, 08/15/29

    3,085,000       2,930,790  

4.800%, 04/01/26

    2,735,000       2,871,128  
GXO Logistics, Inc.  

1.650%, 07/15/26 (144A)

    160,000       144,448  

2.650%, 07/15/31 (144A)

    819,000       710,155  

Herc Holdings, Inc.
5.500%, 07/15/27 (144A)

    553,000       560,742  
Moody’s Corp.  

3.100%, 11/29/61

    831,000       694,930  

3.250%, 01/15/28

    399,000       398,362  

3.750%, 02/25/52

    126,000       124,182  

Movida Europe S.A.
5.250%, 02/08/31

    200,000       179,258  
RELX Capital, Inc.  

3.000%, 05/22/30

    2,389,000       2,282,532  

3.500%, 03/16/23

    355,000       358,042  

4.000%, 03/18/29

    2,546,000       2,611,544  
Commercial Services—(Continued)  
S&P Global, Inc.  

3.900%, 03/01/62 (144A)

    48,000     49,374  

4.750%, 08/01/28 (144A)

    1,737,000       1,866,139  
   

 

 

 
      20,988,055  
   

 

 

 
Computers—0.4%  
Apple, Inc.  

2.375%, 02/08/41

    385,000       335,369  

2.550%, 08/20/60 (e)

    1,221,000       1,000,636  

2.800%, 02/08/61

    1,783,000       1,533,050  

3.850%, 05/04/43

    1,138,000       1,196,992  
Dell International LLC / EMC Corp.            

3.450%, 12/15/51 (144A)

    565,000       459,000  

4.900%, 10/01/26

    1,374,000       1,441,181  

8.350%, 07/15/46

    91,000       132,987  
HP, Inc.            

2.650%, 06/17/31

    466,000       416,931  

6.000%, 09/15/41

    243,000       283,197  
International Business Machines Corp.            

3.430%, 02/09/52

    581,000       553,490  

4.250%, 05/15/49

    1,050,000       1,118,222  
Leidos, Inc.            

2.300%, 02/15/31

    1,565,000       1,356,620  

4.375%, 05/15/30

    2,712,000       2,742,252  

Western Digital Corp.
2.850%, 02/01/29

    293,000       267,682  
   

 

 

 
      12,837,609  
   

 

 

 
Distribution/Wholesale—0.0%  

KAR Auction Services, Inc.
5.125%, 06/01/25 (144A)

    438,000       443,475  
   

 

 

 
Diversified Financial Services—0.5%  

American Express Co.
2.550%, 03/04/27

    1,818,000       1,767,685  

ASG Finance Designated Activity Co.
7.875%, 12/03/24 (144A) (e)

    1,018,000       962,010  
Capital One Financial Corp.  

3.273%, SOFR + 1.790%, 03/01/30 (a)

    1,151,000       1,111,354  

3.900%, 01/29/24

    874,000       887,651  

Charles Schwab Corp. (The)
4.000%, 10Y H15 + 3.079%, 12/01/30 (a)

    2,100,000       1,886,052  

Discover Financial Services
4.500%, 01/30/26

    62,000       63,874  
Intercontinental Exchange, Inc.  

1.850%, 09/15/32

    1,362,000       1,176,282  

3.750%, 09/21/28

    610,000       620,957  
Nationstar Mortgage Holdings, Inc.  

5.500%, 08/15/28 (144A)

    425,000       408,553  

6.000%, 01/15/27 (144A)

    128,000       130,253  
Navient Corp.  

5.875%, 10/25/24

    223,000       227,491  

6.750%, 06/25/25

    236,000       242,449  

6.750%, 06/15/26 (e)

    233,000       237,660  

7.250%, 09/25/23

    143,000       148,541  

 

BHFTII-13


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Diversified Financial Services—(Continued)  
Nomura Holdings, Inc.  

2.608%, 07/14/31

    2,722,000     $ 2,446,559  

2.999%, 01/22/32

    1,358,000       1,250,938  

Operadora de Servicios Mega S.A. de C.V. Sofom ER
8.250%, 02/11/25 (144A) (e)

    892,000       682,380  

ORIX Corp.
2.900%, 07/18/22

    22,000       22,083  

Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.
3.625%, 03/01/29 (144A)

    564,000       515,411  
Synchrony Financial            

3.700%, 08/04/26

    396,000       393,675  

4.500%, 07/23/25

    24,000       24,481  

United Wholesale Mortgage LLC
5.500%, 11/15/25 (144A)

    1,640,000       1,590,800  
   

 

 

 
      16,797,139  
   

 

 

 
Electric—2.6%  
AEP Texas, Inc.  

3.450%, 01/15/50

    480,000       426,020  

3.450%, 05/15/51 (e)

    982,000       869,809  

3.950%, 06/01/28

    1,018,000       1,038,713  
AEP Transmission Co. LLC  

3.150%, 09/15/49

    730,000       646,373  

3.650%, 04/01/50

    1,032,000       995,344  

3.800%, 06/15/49

    840,000       829,229  
Alabama Power Co.  

3.125%, 07/15/51 (e)

    315,000       273,897  

3.450%, 10/01/49

    637,000       590,945  

3.750%, 03/01/45

    554,000       531,126  

4.150%, 08/15/44

    10,000       10,152  

6.000%, 03/01/39

    34,000       42,010  
Ameren Illinois Co.            

3.250%, 03/15/50

    775,000       709,612  

3.800%, 05/15/28

    800,000       820,941  

American Transmission Systems, Inc.
2.650%, 01/15/32 (144A)

    1,120,000       1,035,101  
Baltimore Gas & Electric Co.            

3.200%, 09/15/49

    625,000       563,439  

3.500%, 08/15/46

    980,000       946,969  

3.750%, 08/15/47

    699,000       688,384  

Calpine Corp.
4.500%, 02/15/28 (144A)

    3,173,000       3,095,198  

Capex S.A.
6.875%, 05/15/24 (144A)

    96,000       90,721  
CenterPoint Energy Houston Electric LLC            

2.350%, 04/01/31

    1,250,000       1,160,382  

3.350%, 04/01/51

    530,000       504,689  

3.600%, 03/01/52

    352,000       352,486  

3.950%, 03/01/48

    406,000       421,923  
Commonwealth Edison Co.            

3.125%, 03/15/51

    775,000       702,468  

3.850%, 03/15/52

    215,000       222,250  

4.000%, 03/01/48

    694,000       737,233  
Consumers Energy Co.            

2.650%, 08/15/52

    97,000       80,515  

3.100%, 08/15/50

    445,000       407,369  
Electric—(Continued)  
Consumers Energy Co.            

3.500%, 08/01/51

    615,000     600,694  

3.750%, 02/15/50

    1,357,000       1,363,191  

3.950%, 07/15/47

    337,000       351,082  
DTE Electric Co.            

3.950%, 03/01/49

    355,000       366,571  

4.050%, 05/15/48

    1,373,000       1,447,450  
Duke Energy Carolinas LLC            

3.450%, 04/15/51 (f)

    1,481,000       1,435,532  

3.550%, 03/15/52 (e)

    309,000       305,248  

3.950%, 11/15/28

    321,000       333,274  

3.950%, 03/15/48

    9,000       9,233  
Duke Energy Florida LLC            

1.750%, 06/15/30

    456,000       405,924  

2.500%, 12/01/29 (e)

    3,592,000       3,378,303  

3.800%, 07/15/28

    328,000       334,920  
Duke Energy Progress LLC            

2.500%, 08/15/50

    640,000       519,835  

3.450%, 03/15/29

    1,992,000       1,995,921  
Edison International            

2.400%, 09/15/22

    1,991,000       1,992,765  

3.125%, 11/15/22

    9,000       9,046  

4.950%, 04/15/25

    608,000       622,037  
Empresas Publicas de Medellin E.S.P.            

4.250%, 07/18/29 (144A)

    323,000       287,535  

4.375%, 02/15/31 (144A)

    253,000       217,909  

Entergy Louisiana LLC
4.200%, 09/01/48

    1,310,000       1,372,029  

Eskom Holdings SOC, Ltd.
7.125%, 02/11/25

    370,000       356,599  
Exelon Corp.            

2.750%, 03/15/27 (144A)

    317,000       308,876  

4.100%, 03/15/52 (144A)

    107,000       108,677  

4.700%, 04/15/50

    731,000       803,934  

5.100%, 06/15/45

    166,000       184,481  

FEL Energy VI Sarl
5.750%, 12/01/40

    462,145       414,780  
FirstEnergy Corp.  

2.050%, 03/01/25 (e)

    272,000       259,080  

2.250%, 09/01/30

    849,000       751,365  

2.650%, 03/01/30

    972,000       882,474  

3.400%, 03/01/50

    850,000       715,946  

4.400%, 07/15/27

    1,223,000       1,230,766  
FirstEnergy Transmission LLC  

4.350%, 01/15/25 (144A)

    3,191,000       3,206,374  

4.550%, 04/01/49 (144A)

    2,814,000       2,688,466  
Florida Power & Light Co.  

2.875%, 12/04/51

    1,300,000       1,165,410  

3.150%, 10/01/49

    1,708,000       1,592,036  

3.700%, 12/01/47

    410,000       417,508  

3.950%, 03/01/48

    1,403,000       1,492,719  

Generacion Mediterranea S.A./Central Termica Roca S.A.
9.625%, 12/01/27 (144A)

    1,022,591       802,734  

Genneia S.A.
8.750%, 09/02/27 (144A)

    169,340       159,391  

Mid-Atlantic Interstate Transmission LLC
4.100%, 05/15/28 (144A)

    240,000       242,152  

 

BHFTII-14


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Electric—(Continued)  
MidAmerican Energy Co.  

2.700%, 08/01/52

    281,000     $ 240,195  

3.100%, 05/01/27

    70,000       69,968  

3.150%, 04/15/50

    680,000       624,527  

3.650%, 04/15/29

    2,047,000       2,104,012  

4.250%, 07/15/49

    687,000       749,565  
Northern States Power Co.  

2.250%, 04/01/31

    10,000       9,213  

2.600%, 06/01/51

    536,000       453,326  

2.900%, 03/01/50

    356,000       314,061  

4.000%, 08/15/45

    471,000       485,429  

NPC Ukrenergo
6.875%, 11/09/26 (144A)

    257,000       97,660  
NRG Energy, Inc.  

2.450%, 12/02/27 (144A)

    1,791,000       1,651,846  

4.450%, 06/15/29 (144A) (e)

    1,196,000       1,196,490  

5.250%, 06/15/29 (144A)

    320,000       312,714  

5.750%, 01/15/28

    357,000       362,857  

NSTAR Electric Co.
3.950%, 04/01/30

    442,000       458,791  
Ohio Power Co.  

1.625%, 01/15/31

    1,525,000       1,304,613  

2.900%, 10/01/51

    383,000       317,388  

4.000%, 06/01/49

    386,000       384,569  
Oncor Electric Delivery Co. LLC            

2.700%, 11/15/51 (144A)

    73,000       62,462  

3.100%, 09/15/49

    937,000       858,508  

3.700%, 11/15/28

    1,155,000       1,187,968  

3.800%, 06/01/49

    243,000       247,862  

5.750%, 03/15/29

    10,000       11,396  
Pacific Gas & Electric Co.            

2.500%, 02/01/31

    125,000       107,817  

4.950%, 07/01/50

    1,236,000       1,164,188  

PECO Energy Co.
3.050%, 03/15/51

    1,079,000       972,039  
Public Service Electric & Gas Co            

3.000%, 03/01/51

    394,000       348,766  

3.650%, 09/01/28

    1,343,000       1,363,594  
Southern California Edison Co.            

2.250%, 06/01/30

    1,858,000       1,679,667  

2.500%, 06/01/31

    777,000       707,076  

3.700%, 08/01/25

    1,227,000       1,247,383  

4.200%, 03/01/29

    324,000       335,179  

Southwestern Public Service Co.
3.150%, 05/01/50

    1,333,000       1,193,449  
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak  

4.850%, 10/14/38 (144A)

    505,000       499,950  

Tampa Electric Co.
4.450%, 06/15/49

    828,000       887,826  

Trans-Allegheny Interstate Line Co.
3.850%, 06/01/25 (144A)

    3,450,000       3,473,501  
Virginia Electric & Power Co.            

3.500%, 03/15/27

    703,000       714,695  

4.000%, 01/15/43

    1,226,000       1,248,648  

Vistra Corp.
7.000%, 5Y H15 + 5.740%, 12/15/26 (144A) (a)

    420,000       408,975  
Electric—(Continued)  
Vistra Operations Co. LLC            

4.300%, 07/15/29 (144A)

    2,473,000     2,387,034  

5.000%, 07/31/27 (144A)

    561,000       551,917  

5.500%, 09/01/26 (144A)

    435,000       437,379  

5.625%, 02/15/27 (144A)

    563,000       562,524  
   

 

 

 
      87,722,592  
   

 

 

 
Electronics—0.1%  
Agilent Technologies, Inc.            

2.100%, 06/04/30

    1,723,000       1,546,465  

2.300%, 03/12/31

    428,000       386,643  

3.050%, 09/22/26

    680,000       675,242  
   

 

 

 
      2,608,350  
   

 

 

 
Energy-Alternate Sources—0.0%  

Continuum Energy Levanter Pte, Ltd.
4.500%, 02/09/27 (144A)

    369,844       355,605  

Renewable Energy Group, Inc.
5.875%, 06/01/28 (144A)

    130,000       139,637  
   

 

 

 
      495,242  
   

 

 

 
Engineering & Construction—0.1%  

Aeropuerto Internacional de Tocumen S.A.
5.125%, 08/11/61 (144A)

    210,000       191,100  

HTA Group, Ltd.
7.000%, 12/18/25 (144A)

    410,000       405,408  
IHS Holding, Ltd.            

5.625%, 11/29/26 (144A)

    330,000       312,345  
Mexico City Airport Trust            

5.500%, 07/31/47

    1,034,000       911,223  
Stoneway Capital Corp.            

10.000%, 03/01/27 (f)

    1,193,766       332,762  

10.000%, 03/01/27 (144A) (f)

    1,137,974       317,211  
Weekley Homes LLC / Weekley Finance Corp.            

4.875%, 09/15/28 (144A)

    318,000       293,086  
   

 

 

 
    2,763,135  
   

 

 

 
Entertainment—0.4%            
Affinity Gaming            

6.875%, 12/15/27 (144A)

    353,000       343,293  
Caesars Entertainment, Inc.            

4.625%, 10/15/29 (144A) (e)

    210,000       196,350  

6.250%, 07/01/25 (144A)

    2,452,000       2,531,543  

8.125%, 07/01/27 (144A) (e)

    761,000       815,377  
Caesars Resort Collection LLC / CRC Finco, Inc.            

5.750%, 07/01/25 (144A)

    460,000       469,469  
CDI Escrow Issuer, Inc.            

5.750%, 04/01/30 (144A)

    305,000       308,050  
Cedar Fair L.P.            

5.250%, 07/15/29

    451,000       444,244  
Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp.  

5.375%, 04/15/27 (e)

    451,000       446,490  
Churchill Downs, Inc.            

4.750%, 01/15/28 (144A) (e)

    272,000       263,840  

 

BHFTII-15


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Entertainment—(Continued)            
Churchill Downs, Inc.            

5.500%, 04/01/27 (144A)

    537,000     $ 543,090  
Magallanes, Inc.            

3.428%, 03/15/24 (144A)

    2,038,000       2,049,172  
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.  

4.875%, 05/01/29 (144A)

    609,000       561,413  
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance, Inc.  

8.500%, 11/15/27 (144A)

    1,550,000       1,714,687  
Scientific Games International, Inc.            

5.000%, 10/15/25 (144A)

    142,000       145,550  
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.            

5.125%, 10/01/29 (144A)

    931,000       876,304  

7.750%, 04/15/25 (144A)

    1,027,000       1,065,677  
   

 

 

 
    12,774,549  
   

 

 

 
Environmental Control—0.1%            
Clean Harbors, Inc.            

4.875%, 07/15/27 (144A)

    142,000       141,645  
Covanta Holding Corp.            

4.875%, 12/01/29 (144A)

    265,000       252,996  
Republic Services, Inc.            

2.375%, 03/15/33

    245,000       219,955  

3.950%, 05/15/28

    584,000       600,310  
Waste Management, Inc.            

1.150%, 03/15/28 (e)

    1,795,000       1,604,199  

2.000%, 06/01/29 (e)

    415,000       385,981  
Waste Pro USA, Inc.            

5.500%, 02/15/26 (144A)

    227,000       214,533  
   

 

 

 
    3,419,619  
   

 

 

 
Food—0.1%            
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC  

4.875%, 02/15/30 (144A)

    90,000       87,637  

5.875%, 02/15/28 (144A)

    557,000       555,115  
BRF GmbH            

4.350%, 09/29/26 (144A)

    580,000       564,926  
BRF S.A.            

5.750%, 09/21/50 (144A) (e)

    450,000       396,000  
Cydsa S.A.B. de C.V.            

6.250%, 10/04/27 (144A)

    509,000       493,730  
Frigorifico Concepcion S.A.            

7.700%, 07/21/28 (144A)

    220,000       195,800  
JBS USA LUX S.A. / JBS USA Finance, Inc.            

6.750%, 02/15/28 (144A) (e)

    537,000       566,132  
Performance Food Group, Inc.            

5.500%, 10/15/27 (144A)

    490,000       487,648  
Post Holdings, Inc.            

5.500%, 12/15/29 (144A)

    349,000       335,801  

5.625%, 01/15/28 (144A)

    443,000       434,833  
   

 

 

 
    4,117,622  
   

 

 

 
Food Service—0.0%            
Aramark Services, Inc.            

5.000%, 02/01/28 (144A) (e)

    496,000       481,120  
   

 

 

 
Forest Products & Paper—0.0%            
International Paper Co.            

4.800%, 06/15/44

    261,000     278,289  

6.000%, 11/15/41

    367,000       436,959  
Suzano Austria GmbH            

3.125%, 01/15/32 (e)

    400,000       354,152  

3.750%, 01/15/31

    135,000       127,102  

5.750%, 07/14/26 (144A)

    200,000       214,500  
   

 

 

 
    1,411,002  
   

 

 

 
Gas—0.1%            
Atmos Energy Corp.            

4.125%, 03/15/49

    368,000       387,506  
CenterPoint Energy Resources Corp.            

1.750%, 10/01/30

    2,530,000       2,217,938  
ONE Gas, Inc.            

2.000%, 05/15/30

    370,000       331,022  
Piedmont Natural Gas Co., Inc.            

2.500%, 03/15/31

    810,000       743,692  
Promigas S.A. ESP / Gases del Pacifico SAC            

3.750%, 10/16/29

    266,000       240,866  

3.750%, 10/16/29 (144A)

    407,000       368,542  
   

 

 

 
    4,289,566  
   

 

 

 
Healthcare-Products—0.2%            
Boston Scientific Corp.            

2.650%, 06/01/30

    1,187,000       1,113,781  
Medtronic Global Holdings SCA            

1.750%, 07/02/49 (EUR)

    700,000       694,241  
Mozart Debt Merger Sub, Inc.            

3.875%, 04/01/29 (144A)

    3,719,000       3,440,075  
Thermo Fisher Scientific, Inc.            

1.875%, 10/01/49 (EUR)

    1,500,000       1,487,629  

2.800%, 10/15/41

    540,000       483,650  
   

 

 

 
    7,219,376  
   

 

 

 
Healthcare-Services—1.1%            
Aetna, Inc.            

4.500%, 05/15/42

    639,000       665,153  
Anthem, Inc.            

3.125%, 05/15/50

    372,000       327,590  

3.600%, 03/15/51

    778,000       743,789  
Centene Corp.            

2.450%, 07/15/28

    1,230,000       1,123,851  

2.625%, 08/01/31

    836,000       744,040  
Charles River Laboratories International, Inc.            

4.250%, 05/01/28 (144A)

    135,000       131,962  
DaVita, Inc.            

4.625%, 06/01/30 (144A)

    1,206,000       1,126,163  
HCA, Inc.            

2.375%, 07/15/31

    3,612,000       3,228,070  

3.500%, 09/01/30

    351,000       339,088  

3.625%, 03/15/32 (144A)

    4,808,000       4,711,623  

4.625%, 03/15/52 (144A)

    1,530,000       1,541,889  

4.750%, 05/01/23

    1,737,000       1,780,363  

 

BHFTII-16


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Healthcare-Services—(Continued)            
HCA, Inc.            

5.250%, 04/15/25

    5,229,000     $ 5,505,151  

5.250%, 06/15/26

    1,156,000       1,220,164  

5.375%, 02/01/25

    453,000       471,346  

5.875%, 02/01/29

    68,000       74,338  
Humana, Inc.            

4.875%, 04/01/30

    713,000       768,337  
Roche Holdings, Inc.            

2.607%, 12/13/51 (144A)

    960,000       831,530  
Select Medical Corp.            

6.250%, 08/15/26 (144A) (e)

    2,969,000       3,073,628  
Tenet Healthcare Corp.            

4.250%, 06/01/29 (144A)

    857,000       821,649  

4.375%, 01/15/30 (144A)

    1,496,000       1,436,055  

4.625%, 06/15/28 (144A)

    92,000       90,275  

4.875%, 01/01/26 (144A)

    885,000       892,744  

5.125%, 11/01/27 (144A)

    135,000       135,635  

6.250%, 02/01/27 (144A) (e)

    1,353,000       1,388,983  
UnitedHealth Group, Inc.            

3.250%, 05/15/51

    358,000       336,257  

4.250%, 06/15/48

    348,000       380,630  

4.450%, 12/15/48

    351,000       395,465  

4.625%, 07/15/35

    386,000       431,374  

4.625%, 11/15/41

    807,000       916,391  

4.750%, 07/15/45

    424,000       491,987  
   

 

 

 
    36,125,520  
   

 

 

 
Home Builders—0.2%            
Ashton Woods USA LLC / Ashton Woods Finance Co.            

4.625%, 08/01/29 (144A)

    202,000       178,130  

4.625%, 04/01/30 (144A)

    496,000       432,100  

6.625%, 01/15/28 (144A)

    1,207,000       1,236,632  
Beazer Homes USA, Inc.            

7.250%, 10/15/29 (e)

    1,030,000       1,035,510  
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp.  

5.000%, 06/15/29 (144A)

    265,000       240,623  

6.250%, 09/15/27 (144A)

    533,000       521,842  
Forestar Group, Inc.            

3.850%, 05/15/26 (144A)

    242,000       225,665  

5.000%, 03/01/28 (144A)

    659,000       617,813  
Homes By West Bay LLC            

9.500%, 04/30/27 (g) (h)

    1,259,000       1,236,967  
M/I Homes, Inc.            

4.950%, 02/01/28

    1,010,000       951,925  
Mattamy Group Corp.            

4.625%, 03/01/30 (144A)

    662,000       621,823  

5.250%, 12/15/27 (144A)

    604,000       596,202  
New Home Co., Inc. (The)            

7.250%, 10/15/25 (144A)

    215,000       207,866  
Tri Pointe Homes, Inc.            

5.700%, 06/15/28

    60,000       59,897  
   

 

 

 
    8,162,995  
   

 

 

 
Insurance—0.4%            
Ambac Assurance Corp.            

5.100%, (144A) (i)

    162,922       184,102  
Insurance—(Continued)            
American International Group, Inc.            

4.375%, 01/15/55

    393,000     419,862  

4.500%, 07/16/44

    820,000       884,850  

4.750%, 04/01/48

    651,000       745,890  
Aon Corp.            

2.800%, 05/15/30

    1,253,000       1,193,552  

3.750%, 05/02/29

    2,463,000       2,518,385  

3.900%, 02/28/52

    157,000       154,945  

4.500%, 12/15/28

    1,072,000       1,123,007  
Berkshire Hathaway Finance Corp.            

3.850%, 03/15/52

    471,000       481,629  
Hartford Financial Services Group, Inc. (The)            

4.300%, 04/15/43

    325,000       326,594  
Marsh & McLennan Cos., Inc.            

1.349%, 09/21/26 (EUR)

    830,000       910,768  

1.979%, 03/21/30 (EUR)

    1,046,000       1,150,669  

2.250%, 11/15/30 (e)

    1,712,000       1,562,771  
Sitka Holdings LLC            

5.506%, 3M LIBOR + 4.500%, 07/06/26 (144A) (a)

    920,000       877,455  
Trinity Acquisition plc            

4.400%, 03/15/26

    190,000       196,284  
   

 

 

 
    12,730,763  
   

 

 

 
Internet—0.1%            
Amazon.com, Inc.            

2.500%, 06/03/50 (e)

    3,129,000       2,612,280  
Expedia Group, Inc.            

2.950%, 03/15/31

    403,000       373,116  
   

 

 

 
    2,985,396  
   

 

 

 
Investment Companies—0.1%            
Blackstone Private Credit Fund            

3.250%, 03/15/27 (144A)

    1,872,000       1,715,627  

4.000%, 01/15/29 (144A)

    1,558,000       1,442,423  
   

 

 

 
    3,158,050  
   

 

 

 
Iron/Steel—0.0%            
Commercial Metals Co.            

4.375%, 03/15/32

    614,000       570,252  
Nucor Corp.            

3.950%, 05/01/28

    341,000       348,763  
   

 

 

 
    919,015  
   

 

 

 
Lodging—0.1%            
Boyd Gaming Corp.            

8.625%, 06/01/25 (144A) (e)

    151,000       158,604  
Full House Resorts, Inc.            

8.250%, 02/15/28 (144A)

    253,000       258,693  
Marriott International, Inc.            

4.625%, 06/15/30

    373,000       386,313  
Marriott Ownership Resorts, Inc.            

6.125%, 09/15/25 (144A)

    353,000       361,825  
MGM Resorts International            

4.625%, 09/01/26 (e)

    35,000       34,475  

 

BHFTII-17


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Lodging—(Continued)            
MGM Resorts International            

5.500%, 04/15/27

    59,000     $ 59,590  

5.750%, 06/15/25

    59,000       60,476  
Sonder Holdings, Inc.            

10.000%, SOFR + 9.000%, 01/19/27 † (a) (g) (h) (j)

    1,388,000       1,301,250  
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.            

5.250%, 05/15/27 (144A) (e)

    498,000       481,815  

5.500%, 03/01/25 (144A)

    998,000       998,020  
   

 

 

 
    4,101,061  
   

 

 

 
Machinery-Diversified—0.1%            
CNH Industrial Capital LLC            

4.200%, 01/15/24

    2,941,000       2,999,385  
Otis Worldwide Corp.            

2.565%, 02/15/30

    939,000       877,582  
TK Elevator U.S. Newco, Inc.            

5.250%, 07/15/27 (144A)

    926,000       915,842  
   

 

 

 
    4,792,809  
   

 

 

 
Media—1.1%            
CCO Holdings LLC / CCO Holdings Capital Corp.            

4.750%, 03/01/30 (144A)

    658,000       631,838  

5.375%, 06/01/29 (144A)

    569,000       569,000  
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.  

2.250%, 01/15/29

    203,000       182,673  

3.850%, 04/01/61 (e)

    903,000       725,976  

3.950%, 06/30/62

    1,859,000       1,503,303  

4.400%, 04/01/33

    1,670,000       1,665,061  

4.400%, 12/01/61

    849,000       739,033  

5.125%, 07/01/49

    2,120,000       2,103,206  

5.375%, 05/01/47

    745,000       762,799  

5.750%, 04/01/48

    929,000       987,653  

6.484%, 10/23/45

    3,637,000       4,140,300  

6.834%, 10/23/55

    994,000       1,178,553  
Comcast Corp.            

2.450%, 08/15/52 (e)

    420,000       333,134  

2.650%, 02/01/30

    2,934,000       2,816,325  

2.887%, 11/01/51 (144A)

    1,312,000       1,106,062  

3.400%, 07/15/46

    1,411,000       1,324,762  

3.969%, 11/01/47

    780,000       792,410  

3.999%, 11/01/49

    2,672,000       2,694,876  
COX Communications, Inc.            

3.150%, 08/15/24 (144A)

    1,381,000       1,383,262  

3.600%, 06/15/51 (144A)

    1,330,000       1,183,439  
CSC Holdings LLC            

5.750%, 01/15/30 (144A)

    845,000       752,050  

7.500%, 04/01/28 (144A) (e)

    387,000       380,228  

Discovery Communications LLC
1.900%, 03/19/27 (EUR)

    1,804,000       1,955,186  

FactSet Research Systems, Inc.
3.450%, 03/01/32

    1,093,000       1,055,802  
iHeartCommunications, Inc.            

4.750%, 01/15/28 (144A) (e)

    45,000       42,975  

5.250%, 08/15/27 (144A)

    324,000       320,355  

6.375%, 05/01/26 (e)

    362,706       372,680  
Media—(Continued)            
Nexstar Media, Inc.            

4.750%, 11/01/28 (144A)

    433,000     419,469  

5.625%, 07/15/27 (144A)

    523,000       529,381  
Paramount Global            

4.375%, 03/15/43

    336,000       319,788  

5.850%, 09/01/43

    608,000       700,520  

Sirius XM Radio, Inc.
5.500%, 07/01/29 (144A)

    544,000       552,160  
TEGNA, Inc.            

4.625%, 03/15/28 (e)

    832,000       827,607  

5.000%, 09/15/29 (e)

    99,000       99,242  

VTR Comunicaciones S.p.A.
4.375%, 04/15/29 (144A)

    430,000       392,917  
Walt Disney Co. (The)            

2.750%, 09/01/49

    2,280,000       1,940,017  

4.700%, 03/23/50

    506,000       586,826  

Ziggo Bond Co. B.V.
6.000%, 01/15/27 (144A)

    178,000       179,113  
   

 

 

 
      38,249,981  
   

 

 

 
Mining—0.4%            
Anglo American Capital plc            

2.625%, 09/10/30 (144A) (e)

    482,000       437,034  

2.875%, 03/17/31 (144A) (e)

    617,000       568,628  

5.625%, 04/01/30 (144A)

    802,000       883,958  

AngloGold Ashanti Holdings plc
3.750%, 10/01/30

    200,000       187,100  
Glencore Funding LLC            

1.625%, 04/27/26 (144A)

    2,050,000       1,893,115  

2.500%, 09/01/30 (144A) (e)

    3,240,000       2,899,290  

2.625%, 09/23/31 (144A) (e)

    875,000       782,695  

2.850%, 04/27/31 (144A) (e)

    1,050,000       958,839  

3.375%, 09/23/51 (144A)

    941,000       791,208  

Newmont Corp.
2.250%, 10/01/30

    1,311,000       1,198,163  

Vedanta Resources Finance II plc
8.950%, 03/11/25 (144A)

    900,000       875,250  
Vedanta Resources, Ltd.            

6.125%, 08/09/24 (144A)

    225,000       196,875  
   

 

 

 
      11,672,155  
   

 

 

 
Miscellaneous Manufacturing—0.2%            

GE Capital Funding LLC
4.550%, 05/15/32

    535,000       574,523  

GE Capital International Funding Co.
4.418%, 11/15/35

    2,524,000       2,710,242  

Parker-Hannifin Corp.
3.250%, 03/01/27

    435,000       434,914  

Textron, Inc.

   

2.450%, 03/15/31

    446,000       403,791  

3.900%, 09/17/29

    1,540,000       1,567,181  
   

 

 

 
      5,690,651  
   

 

 

 
Oil & Gas—1.4%            
BP Capital Markets America, Inc.            

3.001%, 03/17/52

    870,000       749,456  

 

BHFTII-18


Table of Contents

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of March 31, 2022 (Unaudited)

Corporate Bonds & Notes—(Continued)

 

Security Description   Principal
Amount*
    Value  
Oil & Gas—(Continued)            
BP Capital Markets America, Inc.            

3.790%, 02/06/24

    1,243,000     $ 1,264,562  

BP Capital Markets plc
3.814%, 02/10/24

    2,178,000       2,223,409  

California Resources Corp.
7.125%, 02/01/26 (144A)

    278,000       289,056  

Cenovus Energy, Inc.
3.750%, 02/15/52

    131,000       117,151  

Centennial Resource Production LLC
5.375%, 01/15/26 (144A) (e)

    75,000       72,750  

Chesapeake Energy Corp.
5.500%, 02/01/26 (144A)

    276,000       282,647  

Chevron USA, Inc.
2.343%, 08/12/50

    672,000       544,077  

Citgo Holding, Inc.
9.250%, 08/01/24 (144A) (e)

    375,000       378,750  
Colgate Energy Partners III LLC            

5.875%, 07/01/29 (144A)

    240,000       247,428  

7.750%, 02/15/26 (144A)

    126,000       134,317  

CrownRock L.P. / CrownRock Finance, Inc.
5.625%, 10/15/25 (144A)

    230,000       234,424  
Devon Energy Corp.            

4.500%, 01/15/30

    268,000       276,559  

4.750%, 05/15/42 (e)

    854,000       902,436  

5.000%, 06/15/45 (e)

    560,000       609,689  

5.850%, 12/15/25

    250,000       270,562  

5.875%, 06/15/28

    73,000       77,284  

8.250%, 08/01/23

    334,000       353,755  
Diamondback Energy, Inc.            

3.125%, 03/24/31

    4,361,000       4,164,980  

3.250%, 12/01/26

    2,528,000       2,524,244  

3.500%, 12/01/29

    7,968,000       7,892,832  

4.250%, 03/15/52

    900,000       889,508  

4.400%, 03/24/51

    1,637,000       1,660,651  

Ecopetrol S.A.
6.875%, 04/29/30

    1,287,000       1,350,475  

Frontera Energy Corp.
7.875%, 06/21/28 (144A)

    395,000       369,365  

Geopark, Ltd.
5.500%, 01/17/27 (144A)

    200,000       190,452  

Great Western Petroleum LLC / Great Western Finance Corp.
12.000%, 09/01/25 (144A)

    449,000       500,635