NPORT-P
    false
    
      
      
        
          0000710826
          XXXXXXXX
        
      
      
      
      
        S000006535
        C000017869
        C000017868
        C000017867
      
      
      
    
  
  
    
      Brighthouse Funds Trust II
      811-03618
      0000710826
      549300NPPA08K2CWOV06
      Brighthouse Investment Advisers, LLC
      125 High Street, Suite 732
      Boston
      
      02110
      980-949-4301
      Neuberger Berman Genesis Portfolio
      S000006535
      549300P60W9GNQRTUW28
      2022-12-31
      2022-03-31
      N
    
    
      1066640039.00
      1392368.57
      1065247670.43
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Stock Yards Bancorp Inc
        549300YERP9H5TDIQW16
        Stock Yards Bancorp Inc
        861025104
        
          
        
        41361.00000000
        NS
        USD
        2187996.90000000
        0.205397952113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nexstar Media Group Inc
        52990083ZRR5UT591988
        Nexstar Media Group Inc
        65336K103
        
          
        
        121321.00000000
        NS
        USD
        22866582.08000000
        2.146597708190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nordson Corp
        14OS6Q5N55N95WM84M53
        Nordson Corp
        655663102
        
          
        
        44720.00000000
        NS
        USD
        10155017.60000000
        0.953301084986
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vertex Inc
        549300QMYW171MP1PL50
        Vertex Inc
        92538J106
        
          
        
        203919.00000000
        NS
        USD
        3128117.46000000
        0.293651659311
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zebra Technologies Corp
        PO0I32GKZ3HZMMDPZZ08
        Zebra Technologies Corp
        989207105
        
          
        
        20805.00000000
        NS
        USD
        8607028.50000000
        0.807983789959
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neogen Corp
        549300HJT9FC36N4UW43
        Neogen Corp
        640491106
        
          
        
        172301.00000000
        NS
        USD
        5313762.84000000
        0.498828862761
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NetScout Systems Inc
        5493005HZXZ3SPNVCV76
        NetScout Systems Inc
        64115T104
        
          
        
        345492.00000000
        NS
        USD
        11083383.36000000
        1.040451311714
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lancaster Colony Corp
        529900X4O13HED1ZAS58
        Lancaster Colony Corp
        513847103
        
          
        
        51000.00000000
        NS
        USD
        7606650.00000000
        0.714073375718
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simulations Plus Inc
        N/A
        Simulations Plus Inc
        829214105
        
          
        
        106642.00000000
        NS
        USD
        5436609.16000000
        0.510361046629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jack Henry & Associates Inc
        529900X1QS8C54W0JB21
        Jack Henry & Associates Inc
        426281101
        
          
        
        60025.00000000
        NS
        USD
        11827926.25000000
        1.110345188103
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pool Corp
        5493005VZK1KMN6CO617
        Pool Corp
        73278L105
        
          
        
        72729.00000000
        NS
        USD
        30753457.65000000
        2.886977226393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Toro Co/The
        YJKE4YIT6BWQHVEW0D14
        Toro Co/The
        891092108
        
          
        
        145310.00000000
        NS
        USD
        12422551.90000000
        1.166165601186
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RBC Bearings Inc
        N/A
        RBC Bearings Inc
        75524B104
        
          
        
        89030.00000000
        NS
        USD
        17261136.40000000
        1.620387153067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERISAFE Inc
        2549002B4EXPBLGMNN22
        AMERISAFE Inc
        03071H100
        
          
        
        90729.00000000
        NS
        USD
        4506509.43000000
        0.423048043670
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Instruments Corp
        549300TP4OOPCYWDUP86
        National Instruments Corp
        636518102
        
          
        
        96126.00000000
        NS
        USD
        3901754.34000000
        0.366276730595
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hamilton Lane Inc
        5493006OKN3V1NORM833
        Hamilton Lane Inc
        407497106
        
          
        
        49746.00000000
        NS
        USD
        3844868.34000000
        0.360936564024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMC Materials Inc
        31F6V1MN00ZW3XWB4J69
        CMC Materials Inc
        12571T100
        
          
        
        66171.00000000
        NS
        USD
        12268103.40000000
        1.151666766381
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MarketAxess Holdings Inc
        5493002U1CA1XJOVID83
        MarketAxess Holdings Inc
        57060D108
        
          
        
        23333.00000000
        NS
        USD
        7937886.60000000
        0.745168172655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Technologies Inc
        549300RJ8LY41HS70C91
        UFP Technologies Inc
        902673102
        
          
        
        29494.00000000
        NS
        USD
        1951617.98000000
        0.183207908749
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tractor Supply Co
        549300OJ9VZHZRO6I137
        Tractor Supply Co
        892356106
        
          
        
        37652.00000000
        NS
        USD
        8786847.24000000
        0.824864253066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Artisan Partners Asset Management Inc
        549300T1FUI6JF63XU51
        Artisan Partners Asset Management Inc
        04316A108
        
          
        
        80466.00000000
        NS
        USD
        3166337.10000000
        0.297239523529
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SiteOne Landscape Supply Inc
        5299008LX7SBD4HIAU03
        SiteOne Landscape Supply Inc
        82982L103
        
          
        
        43887.00000000
        NS
        USD
        7096089.03000000
        0.666144524600
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbia Banking System Inc
        N/A
        Columbia Banking System Inc
        197236102
        
          
        
        150597.00000000
        NS
        USD
        4859765.19000000
        0.456209886667
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Power Integrations Inc
        54930085LGXSCIHD5W31
        Power Integrations Inc
        739276103
        
          
        
        226369.00000000
        NS
        USD
        20979878.92000000
        1.969483670546
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Model N Inc
        549300WCIL3W0EYSBN94
        Model N Inc
        607525102
        
          
        
        211816.00000000
        NS
        USD
        5697850.40000000
        0.534885037364
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Definitive Healthcare Corp
        N/A
        Definitive Healthcare Corp
        24477E103
        
          
        
        127140.00000000
        NS
        USD
        3134001.00000000
        0.294203975938
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prosperity Bancshares Inc
        N/A
        Prosperity Bancshares Inc
        743606105
        
          
        
        113572.00000000
        NS
        USD
        7879625.36000000
        0.739698905590
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithia Motors Inc
        SE8N1EZEHPZQBCBVKD53
        Lithia Motors Inc
        536797103
        
          
        
        27707.00000000
        NS
        USD
        8315424.84000000
        0.780609530612
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Forward Air Corp
        N/A
        Forward Air Corp
        349853101
        
          
        
        82664.00000000
        NS
        USD
        8082885.92000000
        0.758779966797
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Abcam PLC
        213800B9N83DSNT33F79
        Abcam PLC
        000000000
        
          
        
        221300.00000000
        NS
        
        3998117.80000000
        0.375322839090
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Tetra Tech Inc
        549300UJ1LP7JGJC5P32
        Tetra Tech Inc
        88162G103
        
          
        
        94125.00000000
        NS
        USD
        15524977.50000000
        1.457405440157
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Exponent Inc
        529900NY3F5Q2NWPUZ42
        Exponent Inc
        30214U102
        
          
        
        186705.00000000
        NS
        USD
        20173475.25000000
        1.893782620698
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Qualys Inc
        549300EMBXYOW9W1XA17
        Qualys Inc
        74758T303
        
          
        
        136901.00000000
        NS
        USD
        19496071.41000000
        1.830191414746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Energy Industries Inc
        549300756XI3QLFT2U27
        Advanced Energy Industries Inc
        007973100
        
          
        
        60498.00000000
        NS
        USD
        5207667.84000000
        0.488869207092
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Manhattan Associates Inc
        529900Q1GJP7KD52SW51
        Manhattan Associates Inc
        562750109
        
          
        
        163047.00000000
        NS
        USD
        22616249.37000000
        2.123097754428
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Community Bank System Inc
        5299008N6YHE6GCP1E80
        Community Bank System Inc
        203607106
        
          
        
        163473.00000000
        NS
        USD
        11467630.95000000
        1.076522509114
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fox Factory Holding Corp
        529900GE1HSV0617R721
        Fox Factory Holding Corp
        35138V102
        
          
        
        147131.00000000
        NS
        USD
        14411481.45000000
        1.352876129189
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Asbury Automotive Group Inc
        549300JH4DTA7U42GL91
        Asbury Automotive Group Inc
        043436104
        
          
        
        77438.00000000
        NS
        USD
        12405567.60000000
        1.164571202018
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Financial Bankshares Inc
        549300XN3GTGOENGNV49
        First Financial Bankshares Inc
        32020R109
        
          
        
        268314.00000000
        NS
        USD
        11838013.68000000
        1.111292144410
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kadant Inc
        549300K06LNJYBMPYP15
        Kadant Inc
        48282T104
        
          
        
        53840.00000000
        NS
        USD
        10455189.60000000
        0.981479696245
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fixed Income Clearing Corp
        549300H47WTHXPU08X20
        FIXED INC CLEARING CORP.REPO
        000000000
        
          
        
        11162668.82000000
        PA
        USD
        11162668.82000000
        1.047894224964
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          N
          0.00000000
          2022-04-01
          
            
              11354900.00000000
              USD
              11385944.30000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        First Hawaiian Inc
        5493002DJSH46F5OLV06
        First Hawaiian Inc
        32051X108
        
          
        
        199997.00000000
        NS
        USD
        5577916.33000000
        0.523626240623
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lindsay Corp
        549300ZFO0QG5H8TPI61
        Lindsay Corp
        535555106
        
          
        
        52014.00000000
        NS
        USD
        8166718.14000000
        0.766649706607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tyler Technologies Inc
        25490040SMU4Z8LBCW70
        Tyler Technologies Inc
        902252105
        
          
        
        26331.00000000
        NS
        USD
        11714398.59000000
        1.099687792348
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Houlihan Lokey Inc
        549300S3CNGTQ1QZVY46
        Houlihan Lokey Inc
        441593100
        
          
        
        71463.00000000
        NS
        USD
        6274451.40000000
        0.589013388545
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lakeland Financial Corp
        N/A
        Lakeland Financial Corp
        511656100
        
          
        
        96114.00000000
        NS
        USD
        7016322.00000000
        0.658656404023
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Altair Engineering Inc
        549300FJ89HZ6GU9S994
        Altair Engineering Inc
        021369103
        
          
        
        87003.00000000
        NS
        USD
        5602993.20000000
        0.525980328850
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Software Inc/GA
        N/A
        American Software Inc/GA
        029683109
        
          
        
        195927.00000000
        NS
        USD
        4083118.68000000
        0.383302286720
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Richelieu Hardware Ltd
        5493007VPNETW465DN04
        Richelieu Hardware Ltd
        76329W103
        
          
        
        158502.00000000
        NS
        USD
        5773852.05000000
        0.542019683335
        Long
        EC
        CORP
        CA
        N
        
        2
        
          N
          N
          N
        
      
      
        BOK Financial Corp
        GRI2NT5QHYW751NMR949
        BOK Financial Corp
        05561Q201
        
          
        
        93833.00000000
        NS
        USD
        8815610.35000000
        0.827564386640
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eagle Materials Inc
        529900KRXRGXL61SG039
        Eagle Materials Inc
        26969P108
        
          
        
        92369.00000000
        NS
        USD
        11856484.84000000
        1.113026122386
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Grocery Outlet Holding Corp
        N/A
        Grocery Outlet Holding Corp
        39874R101
        
          
        
        188904.00000000
        NS
        USD
        6192273.12000000
        0.581298912158
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLI Corp
        529900AMTJE5ECN9PS55
        RLI Corp
        749607107
        
          
        
        103969.00000000
        NS
        USD
        11502090.47000000
        1.079757392509
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kirby Corp
        I7NO6FZO5GUCG585T325
        Kirby Corp
        497266106
        
          
        
        73288.00000000
        NS
        USD
        5290660.72000000
        0.496660153958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Roadhouse Inc
        5299002Y1CNRPDGXTQ75
        Texas Roadhouse Inc
        882681109
        
          
        
        107349.00000000
        NS
        USD
        8988331.77000000
        0.843778589665
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSA Safety Inc
        529900DVA3258XK11O39
        MSA Safety Inc
        553498106
        
          
        
        92631.00000000
        NS
        USD
        12292133.70000000
        1.153922607973
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICON PLC
        6354008SRQGEMC4XFI67
        ICON PLC
        000000000
        
          
        
        35220.00000000
        NS
        USD
        8566208.40000000
        0.804151807864
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        WD-40 Co
        549300UZHTN0CNKBOB19
        WD-40 Co
        929236107
        
          
        
        50959.00000000
        NS
        USD
        9337217.57000000
        0.876530203180
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bright Horizons Family Solutions Inc
        N/A
        Bright Horizons Family Solutions Inc
        109194100
        
          
        
        72234.00000000
        NS
        USD
        9584729.46000000
        0.899765352796
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AptarGroup Inc
        VNPEQDQFAA7IY1T2PX43
        AptarGroup Inc
        038336103
        
          
        
        81826.00000000
        NS
        USD
        9614555.00000000
        0.902565221862
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cognex Corp
        549300JQTYZCLC43S226
        Cognex Corp
        192422103
        
          
        
        139582.00000000
        NS
        USD
        10768751.30000000
        1.010915264020
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Littelfuse Inc
        549300MY7HLQFYTPCX75
        Littelfuse Inc
        537008104
        
          
        
        56546.00000000
        NS
        USD
        14103137.86000000
        1.323930410878
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FormFactor Inc
        549300YCEEO6SZD1ZR61
        FormFactor Inc
        346375108
        
          
        
        122058.00000000
        NS
        USD
        5130097.74000000
        0.481587323061
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cable One Inc
        549300648QS85T0XSH18
        Cable One Inc
        12685J105
        
          
        
        6473.00000000
        NS
        USD
        9478025.52000000
        0.889748532956
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rollins Inc
        549300F2A0BXT4SGWD84
        Rollins Inc
        775711104
        
          
        
        269494.00000000
        NS
        USD
        9445764.70000000
        0.886720052266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IAA Inc
        549300PZCOPC5178W747
        IAA Inc
        449253103
        
          
        
        238231.00000000
        NS
        USD
        9112335.75000000
        0.855419448729
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Watsco Inc
        549300F1Y3LN5BX5WN75
        Watsco Inc
        942622200
        
          
        
        32538.00000000
        NS
        USD
        9912376.32000000
        0.930523163312
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hayward Holdings Inc
        N/A
        Hayward Holdings Inc
        421298100
        
          
        
        483856.00000000
        NS
        USD
        8041686.72000000
        0.754912396734
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bio-Techne Corp
        54930073RLKQ51TILZ35
        Bio-Techne Corp
        09073M104
        
          
        
        65218.00000000
        NS
        USD
        28242002.72000000
        2.651214689688
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Transcat Inc
        54930081E40TSSHUOS40
        Transcat Inc
        893529107
        
          
        
        46029.00000000
        NS
        USD
        3734793.06000000
        0.350603260037
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chemed Corp
        54930020031IDJT2IM79
        Chemed Corp
        16359R103
        
          
        
        34390.00000000
        NS
        USD
        17420254.50000000
        1.635324346024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cullen/Frost Bankers Inc
        529900V2E9G9AY665O34
        Cullen/Frost Bankers Inc
        229899109
        
          
        
        96783.00000000
        NS
        USD
        13395735.03000000
        1.257523053262
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LCI Industries
        549300E1B98YNJ1WIQ04
        LCI Industries
        50189K103
        
          
        
        83365.00000000
        NS
        USD
        8654120.65000000
        0.812404560012
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Computer Services Inc
        N/A
        Computer Services Inc
        20539A105
        
          
        
        101284.00000000
        NS
        USD
        5013558.00000000
        0.470647168651
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novanta Inc
        N/A
        Novanta Inc
        67000B104
        
          
        
        122293.00000000
        NS
        USD
        17401070.97000000
        1.633523494397
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MKS Instruments Inc
        549300KEQATBHAGVF505
        MKS Instruments Inc
        55306N104
        
          
        
        77724.00000000
        NS
        USD
        11658600.00000000
        1.094449706263
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aspen Technology Inc
        529900B0MZWTVFG7CB96
        Aspen Technology Inc
        045327103
        
          
        
        147823.00000000
        NS
        USD
        24445489.51000000
        2.294817457815
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegiant Travel Co
        549300JM9OZXOHWL2K18
        Allegiant Travel Co
        01748X102
        
          
        
        40035.00000000
        NS
        USD
        6501283.65000000
        0.610307239383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TechTarget Inc
        529900YQA5JL2H2VMB84
        TechTarget Inc
        87874R100
        
          
        
        113041.00000000
        NS
        USD
        9187972.48000000
        0.862519837878
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Driven Brands Holdings Inc
        N/A
        Driven Brands Holdings Inc
        26210V102
        
          
        
        253574.00000000
        NS
        USD
        6663924.72000000
        0.625575150735
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quaker Chemical Corp
        549300PJQ1R3WCWCPS54
        Quaker Chemical Corp
        747316107
        
          
        
        56721.00000000
        NS
        USD
        9801956.01000000
        0.920157469674
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Petco Health & Wellness Co Inc
        N/A
        Petco Health & Wellness Co Inc
        71601V105
        
          
        
        234061.00000000
        NS
        USD
        4580573.77000000
        0.430000824892
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Church & Dwight Co Inc
        POOXSI30AWAQGYJZC921
        Church & Dwight Co Inc
        171340102
        
          
        
        95193.00000000
        NS
        USD
        9460280.34000000
        0.888082706266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atrion Corp
        N/A
        Atrion Corp
        049904105
        
          
        
        13638.00000000
        NS
        USD
        9723894.00000000
        0.912829407650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Certara Inc
        N/A
        Certara Inc
        15687V109
        
          
        
        85766.00000000
        NS
        USD
        1842253.68000000
        0.172941347926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haemonetics Corp
        549300ZEL6TXZS6F5F95
        Haemonetics Corp
        405024100
        
          
        
        196539.00000000
        NS
        USD
        12425195.58000000
        1.166413776336
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glacier Bancorp Inc
        549300SMJAUKZB5D7V74
        Glacier Bancorp Inc
        37637Q105
        
          
        
        234157.00000000
        NS
        USD
        11773413.96000000
        1.105227853279
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FirstService Corp
        5493000XUDIV75BCF118
        FirstService Corp
        33767E202
        
          
        
        97957.00000000
        NS
        USD
        14192010.16000000
        1.332273287607
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Valmont Industries Inc
        5493009ZGZJJ8F77JN08
        Valmont Industries Inc
        920253101
        
          
        
        56219.00000000
        NS
        USD
        13413853.40000000
        1.259223913119
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        XPEL Inc
        549300KWSE3IGXLJNW66
        XPEL Inc
        98379L100
        
          
        
        91024.00000000
        NS
        USD
        4788772.64000000
        0.449545469371
        Long
        EC
        CORP
        US
        Y
        
        1
        
          N
          N
          N
        
      
      
        Utz Brands Inc
        N/A
        Utz Brands Inc
        918090101
        
          
        
        197276.00000000
        NS
        USD
        2915739.28000000
        0.273714682597
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of Hawaii Corp
        5493006Q8BQ8AD8M2U33
        Bank of Hawaii Corp
        062540109
        
          
        
        159909.00000000
        NS
        USD
        13419563.28000000
        1.259759927433
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lattice Semiconductor Corp
        549300LRBBPZDQ2II567
        Lattice Semiconductor Corp
        518415104
        
          
        
        312100.00000000
        NS
        USD
        19022495.00000000
        1.785734484856
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        West Pharmaceutical Services Inc
        5493007NKRGM1RJQ1P16
        West Pharmaceutical Services Inc
        955306105
        
          
        
        65469.00000000
        NS
        USD
        26888772.99000000
        2.524180407655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AAON Inc
        N/A
        AAON Inc
        000360206
        
          
        
        182085.00000000
        NS
        USD
        10147597.05000000
        0.952604481726
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fair Isaac Corp
        RI6HET5SJUEY30V1PS26
        Fair Isaac Corp
        303250104
        
          
        
        37203.00000000
        NS
        USD
        17353711.38000000
        1.629077618446
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graco Inc
        4T5VJ4S81BRT6Q7GGT78
        Graco Inc
        384109104
        
          
        
        125167.00000000
        NS
        USD
        8726643.24000000
        0.819212609634
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDEXX Laboratories Inc
        OGMTXK0LUU1HKV2P0J84
        IDEXX Laboratories Inc
        45168D104
        
          
        
        16736.00000000
        NS
        USD
        9155596.16000000
        0.859480514639
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chase Corp
        N/A
        Chase Corp
        16150R104
        
          
        
        53126.00000000
        NS
        USD
        4617180.66000000
        0.433437292393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Floor & Decor Holdings Inc
        549300M5FR3N688XGQ36
        Floor & Decor Holdings Inc
        339750101
        
          
        
        103358.00000000
        NS
        USD
        8371998.00000000
        0.785920329365
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FTI Consulting Inc
        549300K17GM8EQD0FQ48
        FTI Consulting Inc
        302941109
        
          
        
        79032.00000000
        NS
        USD
        12425411.04000000
        1.166434002618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Omega Flex Inc
        N/A
        Omega Flex Inc
        682095104
        
          
        
        29315.00000000
        NS
        USD
        3807139.05000000
        0.357394731355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVB Financial Corp
        N/A
        CVB Financial Corp
        126600105
        
          
        
        350059.00000000
        NS
        USD
        8124869.39000000
        0.762721160114
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CSW Industrials Inc
        549300SYOEO3RVQ7FB83
        CSW Industrials Inc
        126402106
        
          
        
        62767.00000000
        NS
        USD
        7380771.53000000
        0.692869060865
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPS Commerce Inc
        2549006XVF9GCCETDQ72
        SPS Commerce Inc
        78463M107
        
          
        
        130690.00000000
        NS
        USD
        17146528.00000000
        1.609628302972
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      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