Brighthouse Funds Trust II N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-3618

BRIGHTHOUSE FUNDS TRUST II

(Exact name of registrant as specified in charter)

125 High Street, Suite 732

Boston, MA 02110

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Kristi Slavin ------------------------------- c/o Brighthouse Investment Advisers, LLC 125 High Street, Suite 732 Boston, MA 02110	Brian D. McCabe, Esq. ------------------------------- Ropes and Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199

Registrant’s telephone number, including area code: (980) 949-5121

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Item 1: Report to Shareholders.

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

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Managed by Baillie Gifford Overseas Limited

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Baillie Gifford International Stock Portfolio returned 14.96%, 14.90%, and 14.90%, respectively. The Portfolio’s benchmark, the MSCI All Country World ex-U.S. Index¹, returned 9.47%.

MARKET ENVIRONMENT / CONDITIONS

The first six months of 2023 have been dominated by numerous headlines globally. European markets have recovered as fears of a recession abated amid falling inflation and a more positive outlook. Despite the ongoing war in Ukraine, energy prices have subsided and the recession that was thought to be inevitable in 2022 has not come to fruition. The fallout of Silicon Valley Bank demonstrated the fragility of the banking business model but did not spark widespread contagion in the sector. Elsewhere, market participants have been buoyed by a positive economic outlook for Japan as inflation has returned after decades of stagnation. Meanwhile, China’s recovery has stuttered following its reopening.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark, the MSCI All Country World ex-U.S. Index, during the reporting period. Europe was the largest contributor to performance during the period. The Portfolio’s overweight towards Europe, coming from a number of high-quality industrials as well as disruptive companies such as Adyen (Netherlands) and Spotify (Sweden), aided performance. Elsewhere, Emerging Markets was the second highest contributing region while Information Technology was the highest contributing sector, followed by Industrials.

Looking at individual contributors to performance, MercadoLibre (Brazil) and Ryanair (Ireland) featured among the top contributors. MercadoLibre, the leading ecommerce and fintech in Latin America, had a strong start to the year. The company achieved record earnings before interest and tax in the first quarter and beat consensus comfortably. Market share continued to grow, with active users surpassing 100 million. In the first quarter their main competitor, Americanas, filed for bankruptcy, which should help the business continue to attract market share and is evidence of their competitive advantage in our view.

Elsewhere, Ryanair, Europe’s largest airline, has continued to go from strength to strength. The company’s share price has continued to recover as air travel has rebounded. Ryanair recently announced plans to double passenger numbers over the next decade and secured a deal with Boeing for additional planes. Ryanair is now a much larger business than pre-pandemic, having grown significantly in its 7 largest markets. In the long term, we believe the company has the ability to continue to take market share from less agile competitors.

The detractors to performance included Hong Kong listed Asian insurer AIA and FinecoBank (Italy). AIA, the Pan-Asian insurance firm, detracted from performance over the period. Recent growth has been slow, and shares have been weak following on from full year 2022 results. New business value declined eight percent year-over-year but grew six percent in the second half. As one might expect, lockdowns were the big reasons for declines, and the business has been affected by the scare Financials had towards the end of the year. The business has a strong balance sheet which underpins the investment case. We believe AIA should benefit from reopening in China in the mid-term and its long-term runway to growth is predicated on the rising tide of wealth within the Asian middle classes.

Finecobank, the leading Italian financial platform, has been negatively impacted by the decline in banking stocks in Europe due to the failure of Silicon Valley Bank in the U.S. In the fourth quarter, the revenue stood at €207.6 million, up 18% year on year, beating estimates by 5%. We continue to remain confident in the company’s fundamentals and in its agile business, which we believe can automate and innovate at a much faster rate than its competition.

As of June 30, 2023, the Portfolio had significant overweight positions in Industrials and Consumer Discretionary, while Health Care and Energy were the largest underweights. These positions are purely the result of our bottom-up stock selection process.

Jenny Davis

Tom Walsh

Steve Vaughan

Portfolio Managers

Baillie Gifford Overseas Limited

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

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

BHFTII-1

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Baillie Gifford International Stock Portfolio
Class A		14.96		17.19		3.27		6.02
Class B		14.90		17.04		3.02		5.75
Class E		14.90		17.02		3.12		5.87
MSCI All Country World ex-U.S. Index		9.47		12.72		3.52		4.75

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
MercadoLibre, Inc.		4.2
Taiwan Semiconductor Manufacturing Co., Ltd.		3.3
AIA Group, Ltd.		3.0
Ryanair Holdings plc (ADR)		2.9
Samsung Electronics Co., Ltd.		2.7
SAP SE		2.6
CRH plc		2.5
Cie Financiere Richemont S.A.- Class A		2.4
Atlas Copco AB- B Shares		2.2
Nestle S.A.		2.1

Top Countries

	% of Net Assets
Japan		14.5
Germany		8.5
France		7.8
Ireland		7.1
Netherlands		6.8
China		5.6
Switzerland		5.0
Canada		4.5
Brazil		4.2
Sweden		4.2

BHFTII-2

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Baillie Gifford International Stock Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.74	%	$	1,000.00	$	1,149.60	$	3.94
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71
Class B (a)	Actual		0.99	%	$	1,000.00	$	1,149.00	$	5.28
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96
Class E (a)	Actual		0.89	%	$	1,000.00	$	1,149.00	$	4.74
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46

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

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

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

BHFTII-3

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Brazil—4.2%
MercadoLibre, Inc. (a)		54,134	$	64,127,137
Canada—4.5%
AbCellera Biologics, Inc. (a) (b)		545,830		3,526,062
Constellation Software, Inc.		10,541		21,839,981
Lumine Group, Inc. (a)		560,350		7,685,646
Shopify, Inc. - Class A (a)		270,882		17,498,977
Topicus.com, Inc. (a)		221,778		18,189,228
				68,739,894
China—5.6%
Alibaba Group Holding, Ltd. (a)		1,028,572		10,697,217
Futu Holdings, Ltd. (ADR) (a) (b)		107,345		4,265,890
Meituan - Class B (a)		594,170		9,339,211
Ping An Insurance Group Co. of China, Ltd. - Class H		1,863,500		11,939,795
Prosus NV (a)		164,539		12,040,638
Tencent Holdings, Ltd.		469,300		19,974,594
Tencent Music Entertainment Group (ADR) (a)		1,839,560		13,575,953
Wuxi Biologics Cayman, Inc. (a)		708,000		3,411,474
				85,244,772
Denmark—4.1%
Ambu A/S - Class B		439,317		7,186,163
Chr Hansen Holding A/S		135,456		9,421,496
DSV A/S		136,777		28,784,995
Novozymes A/S - B Shares		348,440		16,228,307
				61,620,961
Finland—1.3%
Kone Oyj - Class B		366,695		19,154,720
France—7.8%
Danone S.A.		389,295		23,854,765
Dassault Systemes SE		558,283		24,757,676
Edenred		440,918		29,524,282
Kering S.A.		38,058		21,077,957
Nexans S.A.		86,795		7,532,018
Sartorius Stedim Biotech		44,108		11,022,442
				117,769,140
Germany—8.5%
BioNTech SE (ADR) (a)		84,778		9,150,090
Deutsche Boerse AG		154,626		28,557,003
Rational AG		32,527		23,533,867
SAP SE		283,940		38,770,285
Scout24 SE		467,858		29,657,475
				129,668,720
Hong Kong—3.8%
AIA Group, Ltd.		4,423,800		45,136,842
Hong Kong Exchanges & Clearing, Ltd.		350,300		13,321,572
				58,458,414
India—2.9%
Housing Development Finance Corp., Ltd.		904,246		31,136,678
ICICI Lombard General Insurance Co., Ltd.		793,980		13,019,247
				44,155,925
Ireland—7.1%
CRH plc		682,534		37,816,068
Kingspan Group plc		382,449		25,462,932
Ryanair Holdings plc (ADR) (a)		395,602		43,753,581
				107,032,581
Italy—1.7%
FinecoBank Banca Fineco S.p.A.		1,333,522		17,987,764
Technoprobe S.p.A. (a) (b)		1,042,634		8,244,351
				26,232,115
Japan—14.5%
Denso Corp.		380,400		25,645,176
FANUC Corp.		661,800		23,269,147
Japan Exchange Group, Inc.		902,000		15,779,449
Keyence Corp.		35,300		16,694,012
MonotaRO Co., Ltd.		1,069,300		13,625,924
Nidec Corp.		216,900		11,922,113
Nihon M&A Center Holdings, Inc.		1,208,300		9,278,520
Nintendo Co., Ltd.		322,800		14,683,458
Recruit Holdings Co., Ltd.		192,200		6,077,886
Shimano, Inc. (b)		94,900		15,885,002
Shiseido Co., Ltd.		432,000		19,572,257
SMC Corp.		37,000		20,564,614
Sony Group Corp.		302,500		27,133,535
				220,131,093
Netherlands—6.8%
Adyen NV (a)		18,324		31,748,428
ASML Holding NV		41,428		29,988,526
EXOR NV (a)		174,939		15,631,333
IMCD NV		178,614		25,691,734
				103,060,021
Norway—0.6%
Aker Carbon Capture ASA (a)		6,509,268		8,537,317
Panama—0.9%
Copa Holdings S.A. - Class A (b)		119,529		13,217,517
Russia—0.0%
Magnit PJSC (a) (c) (d)		124,832		0
Magnit PJSC (GDR) (a) (c) (d)		3		0
MMC Norilsk Nickel PJSC (a) (c) (d)		39,210		0
MMC Norilsk Nickel PJSC (ADR) (a) (c) (d)		7		0
				0
South Africa—1.2%
Discovery, Ltd. (a)		2,295,045		17,734,352

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
South Korea—3.6%
Coupang, Inc. (a)		758,507	$	13,198,022
Samsung Electronics Co., Ltd.		741,004		40,841,501
				54,039,523
Spain—1.8%
Amadeus IT Group S.A. (a)		360,151		27,458,363
Sweden—4.2%
Atlas Copco AB - B Shares		2,675,727		33,338,392
Epiroc AB - B Shares		1,353,008		21,883,374
MIPS AB (b)		166,328		8,257,907
				63,479,673
Switzerland—5.0%
Cie Financiere Richemont S.A. - Class A		213,176		36,170,351
Nestle S.A.		270,267		32,519,796
Wizz Air Holdings plc (a)		194,084		6,751,094
				75,441,241
Taiwan—4.0%
Sea, Ltd. (ADR) (a) (b)		181,235		10,518,879
Taiwan Semiconductor Manufacturing Co., Ltd.		2,686,000		50,054,491
				60,573,370
United Kingdom—3.7%
Experian plc		597,113		22,944,395
Oxford Nanopore Technologies plc (a)		2,100,439		5,689,588
Rio Tinto plc		430,512		27,350,215
				55,984,198
United States—0.7%
Spotify Technology S.A. (a)		64,713		10,389,672
Total Common Stocks (Cost $1,303,434,901)				1,492,250,719
Short-Term Investment—1.4%
Repurchase Agreement—1.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $21,232,649; collateralized by U.S. Treasury Note at 4.125%, maturing 06/15/26, with a market value of $21,653,187.		21,228,581		21,228,581
Total Short-Term Investments (Cost $21,228,581)				21,228,581
Securities Lending Reinvestments (e)—1.6%
Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—0.3%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $3,202,859; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $3,265,543.		3,201,512		3,201,512
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $300,127; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $306,768.		300,000		300,000
Societe Generale Repurchase Agreement dated 06/30/23 at 5.160%, due on 07/03/23 with a maturity value of $1,000,430; collateralized by various Common Stock with an aggregate market value of $1,113,737.		1,000,000		1,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $1,000,431; collateralized by various Common Stock with an aggregate market value of $1,112,361.		1,000,000		1,000,000
				5,501,512
Mutual Funds—1.3%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (f)		2,500		2,500
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.000% (f)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (f)		4,000,000		4,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (f)		4,000,000		4,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (f)		500,000		500,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (f)		1,000,000		1,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030% (f)		4,000,000		4,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.050% (f)		4,000,000		4,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (f)		1,000,000		1,000,000
				19,502,500
Total Securities Lending Reinvestments (Cost $25,004,012)				25,004,012
Total Investments—101.5% (Cost $1,349,667,494)				1,538,483,312
Other assets and liabilities (net)—(1.5)%				(23,265,673	)
Net Assets—100.0%			$	1,515,217,639

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $27,605,181 and the collateral received consisted of cash in the amount of $25,004,012 and non-cash collateral with a value of $3,387,076. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(f)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Ten Largest Industries as of June 30, 2023 (Unaudited)	% of Net Assets
Machinery		9.4
Software		7.3
Financial Services		7.1
Broadline Retail		6.6
Semiconductors & Semiconductor Equipment		5.8
Insurance		5.8
Passenger Airlines		4.2
Capital Markets		4.1
Textiles, Apparel & Luxury Goods		3.8
Food Products		3.7

Glossary of Abbreviations

Other Abbreviations

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

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Brazil	$	64,127,137	$	—		$	—	$	64,127,137
Canada		68,739,894		—			—		68,739,894
China		17,841,843		67,402,929			—		85,244,772
Denmark		—		61,620,961			—		61,620,961
Finland		—		19,154,720			—		19,154,720
France		—		117,769,140			—		117,769,140
Germany		9,150,090		120,518,630			—		129,668,720
Hong Kong		—		58,458,414			—		58,458,414
India		—		44,155,925			—		44,155,925
Ireland		43,753,581		63,279,000			—		107,032,581
Italy		—		26,232,115			—		26,232,115
Japan		6,077,886		214,053,207			—		220,131,093
Netherlands		—		103,060,021			—		103,060,021
Norway		—		8,537,317			—		8,537,317
Panama		13,217,517		—			—		13,217,517
Russia		—		—			0		0
South Africa		—		17,734,352			—		17,734,352
South Korea		13,198,022		40,841,501			—		54,039,523
Spain		—		27,458,363			—		27,458,363
Sweden		—		63,479,673			—		63,479,673
Switzerland		—		75,441,241			—		75,441,241
Taiwan		10,518,879		50,054,491			—		60,573,370
United Kingdom		—		55,984,198			—		55,984,198
United States		10,389,672		—			—		10,389,672
Total Common Stocks		257,014,521		1,235,236,198			0		1,492,250,719
Total Short-Term Investment*		—		21,228,581			—		21,228,581
Securities Lending Reinvestments
Repurchase Agreements		—		5,501,512			—		5,501,512
Mutual Funds		19,502,500		—			—		19,502,500
Total Securities Lending Reinvestments		19,502,500		5,501,512			—		25,004,012
Total Investments		276,517,021		1,261,966,291		$	0	$	1,538,483,312
Collateral for Securities Loaned (Liability)	$	—	$	(25,004,012	)	$	—	$	(25,004,012	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	1,538,483,312
Cash denominated in foreign currencies (c)		337,887
Receivable for:
Investments sold		7,863,304
Fund shares sold		754,766
Dividends and interest		3,025,968
Prepaid expenses		12,309
Total Assets		1,550,477,546
Liabilities
Collateral for securities loaned		25,004,012
Payables for:
Investments purchased		8,005,246
Fund shares redeemed		67,073
Foreign taxes		794,171
Accrued Expenses:
Management fees		851,425
Distribution and service fees		52,254
Deferred trustees’ fees		177,625
Other expenses		308,101
Total Liabilities		35,259,907
Net Assets	$	1,515,217,639
Net Assets Consist of:
Paid in surplus	$	1,269,769,415
Distributable earnings (Accumulated losses) (d)		245,448,224
Net Assets	$	1,515,217,639
Net Assets
Class A	$	1,255,540,527
Class B		246,479,360
Class E		13,197,752
Capital Shares Outstanding*
Class A		123,718,409
Class B		24,807,294
Class E		1,318,338
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.15
Class B		9.94
Class E		10.01

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,349,667,494.
(b)	Includes securities loaned at value of $27,605,181.
(c)	Identified cost of cash denominated in foreign currencies was $336,627.
(d)	Includes foreign capital gains tax of $794,171.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	14,428,584
Interest		171,835
Securities lending income		102,873
Total investment income		14,703,292
Expenses
Management fees		6,173,617
Administration fees		35,549
Custodian and accounting fees		205,591
Distribution and service fees—Class B		308,969
Distribution and service fees—Class E		9,833
Audit and tax services		26,080
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		28,998
Insurance		6,759
Miscellaneous		59,250
Total expenses		6,893,928
Less management fee waiver		(909,915	)
Net expenses		5,984,013
Net Investment Income		8,719,279
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		63,398,486
Foreign currency transactions		(108,426	)
Net realized gain (loss)		63,290,060
Net change in unrealized appreciation (depreciation) on:
Investments (c)		146,910,599
Foreign currency transactions		63,105
Net change in unrealized appreciation (depreciation)		146,973,704
Net realized and unrealized gain (loss)		210,263,764
Net Increase (Decrease) in Net Assets From Operations	$	218,983,043

(a)	Net of foreign withholding taxes of $1,955,398.
(b)	Net of foreign capital gains tax of $353,866.
(c)	Includes change in foreign capital gains tax of $44,582.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	8,719,279		$	14,049,843
Net realized gain (loss)		63,290,060			(7,159,041	)
Net change in unrealized appreciation (depreciation)		146,973,704			(566,852,538	)
Increase (decrease) in net assets from operations		218,983,043			(559,961,736	)
From Distributions to Shareholders
Class A		(15,780,357	)		(134,239,803	)
Class B		(2,542,855	)		(26,054,352	)
Class E		(149,458	)		(1,305,016	)
Total distributions		(18,472,670	)		(161,599,171	)
Increase (decrease) in net assets from capital share transactions		(198,858,731	)		284,393,897
Total increase (decrease) in net assets		1,651,642			(437,167,010	)
Net Assets
Beginning of period		1,513,565,997			1,950,733,007
End of period	$	1,515,217,639		$	1,513,565,997

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		640,813		$	6,465,427			17,224,110		$	168,503,659
Reinvestments		1,538,046			15,780,357			15,202,696			134,239,803
Redemptions		(19,435,885	)		(193,115,440	)		(5,820,248	)		(54,499,542	)
Net increase (decrease)		(17,257,026	)	$	(170,869,656	)		26,606,558		$	248,243,920
Class B
Sales		210,977		$	2,046,991			3,446,318		$	34,824,334
Reinvestments		253,020			2,542,855			3,015,550			26,054,352
Redemptions		(3,312,400	)		(31,941,820	)		(2,622,705	)		(25,523,509	)
Net increase (decrease)		(2,848,403	)	$	(27,351,974	)		3,839,163		$	35,355,177
Class E
Sales		43,822		$	405,030			140,004		$	1,326,914
Reinvestments		14,754			149,458			149,830			1,305,016
Redemptions		(122,173	)		(1,191,589	)		(188,517	)		(1,837,130	)
Net increase (decrease)		(63,597	)	$	(637,101	)		101,317		$	794,800
Increase (decrease) derived from capital shares transactions				$	(198,858,731	)				$	284,393,897

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.94		$	14.04		$	15.78		$	13.58		$	11.02		$	13.43
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.06			0.09			0.14			0.09			0.25			0.16
Net realized and unrealized gain (loss)		1.28			(4.12	)		(0.16	)		3.18			3.24			(2.42	)
Total income (loss) from investment operations		1.34			(4.03	)		(0.02	)		3.27			3.49			(2.26	)
Less Distributions
Distributions from net investment income		(0.13	)		(0.12	)		(0.15	)		(0.27	)		(0.17	)		(0.15	)
Distributions from net realized capital gains		0.00			(0.95	)		(1.57	)		(0.80	)		(0.76	)		0.00
Total distributions		(0.13	)		(1.07	)		(1.72	)		(1.07	)		(0.93	)		(0.15	)
Net Asset Value, End of Period	$	10.15		$	8.94		$	14.04		$	15.78		$	13.58		$	11.02
Total Return (%) (b)		14.96	(c)		(28.60	)		(0.76	)		26.58			32.82			(17.01	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(d)		0.85			0.84			0.84			0.84			0.85
Net ratio of expenses to average net assets (%) (e)		0.74	(d)		0.73			0.71			0.72			0.72			0.72
Ratio of net investment income (loss) to average net assets (%)		1.17	(d)		0.93			0.93			0.67			2.02			1.28
Portfolio turnover rate (%)		4	(c)		18			14			20			12			23
Net assets, end of period (in millions)	$	1,255.5		$	1,259.7		$	1,605.6		$	1,681.6		$	1,598.2		$	1,407.8
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.74		$	13.75		$	15.49		$	13.35		$	10.85		$	13.22
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.04			0.07			0.10			0.05			0.22			0.14
Net realized and unrealized gain (loss)		1.26			(4.04	)		(0.15	)		3.13			3.18			(2.39	)
Total income (loss) from investment operations		1.30			(3.97	)		(0.05	)		3.18			3.40			(2.25	)
Less Distributions
Distributions from net investment income		(0.10	)		(0.09	)		(0.12	)		(0.24	)		(0.14	)		(0.12	)
Distributions from net realized capital gains		0.00			(0.95	)		(1.57	)		(0.80	)		(0.76	)		0.00
Total distributions		(0.10	)		(1.04	)		(1.69	)		(1.04	)		(0.90	)		(0.12	)
Net Asset Value, End of Period	$	9.94		$	8.74		$	13.75		$	15.49		$	13.35		$	10.85
Total Return (%) (b)		14.90	(c)		(28.81	)		(0.99	)		26.26			32.41			(17.19	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.10	(d)		1.10			1.09			1.09			1.09			1.10
Net ratio of expenses to average net assets (%) (e)		0.99	(d)		0.98			0.96			0.97			0.97			0.97
Ratio of net investment income (loss) to average net assets (%)		0.93	(d)		0.69			0.69			0.41			1.76			1.09
Portfolio turnover rate (%)		4	(c)		18			14			20			12			23
Net assets, end of period (in millions)	$	246.5		$	241.7		$	327.4		$	353.2		$	315.3		$	277.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.81		$	13.85		$	15.59		$	13.43		$	10.91		$	13.29
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.05			0.08			0.12			0.07			0.23			0.15
Net realized and unrealized gain (loss)		1.26			(4.07	)		(0.16	)		3.14			3.20			(2.40	)
Total income (loss) from investment operations		1.31			(3.99	)		(0.04	)		3.21			3.43			(2.25	)
Less Distributions
Distributions from net investment income		(0.11	)		(0.10	)		(0.13	)		(0.25	)		(0.15	)		(0.13	)
Distributions from net realized capital gains		0.00			(0.95	)		(1.57	)		(0.80	)		(0.76	)		0.00
Total distributions		(0.11	)		(1.05	)		(1.70	)		(1.05	)		(0.91	)		(0.13	)
Net Asset Value, End of Period	$	10.01		$	8.81		$	13.85		$	15.59		$	13.43		$	10.91
Total Return (%) (b)		14.90	(c)		(28.74	)		(0.91	)		26.37			32.56			(17.09	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(d)		1.00			0.99			0.99			0.99			1.00
Net ratio of expenses to average net assets (%) (e)		0.89	(d)		0.88			0.86			0.87			0.87			0.87
Ratio of net investment income (loss) to average net assets (%)		1.03	(d)		0.79			0.79			0.50			1.87			1.19
Portfolio turnover rate (%)		4	(c)		18			14			20			12			23
Net assets, end of period (in millions)	$	13.2		$	12.2		$	17.7		$	19.9		$	18.2		$	16.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTII-12

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

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

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial

BHFTII-13

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

proceedings within these countries. During the six months ended June 30, 2023, the Portfolio received EU tax reclaim payments in the amount of $113,391 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $21,228,581. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $5,501,512. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

BHFTII-14

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting

BHFTII-15

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

China Investment Risk: On June 2, 2021, an Executive Order (the “Order”) was issued prohibiting investment activity by U.S. persons, which includes the Portfolio, in relation to certain companies determined by the U.S. Secretary of the Treasury and the U.S. Secretary of Defense to (i) be operating or have been previously operating in the defense and related material sector or the surveillance technology sector (collectively, “Defense Sectors”) of the economy of China; or (ii) own or control, or to be owned or controlled by, directly or indirectly, a person or entity who operates or has operated in any of the Defense Sectors (each, a “Chinese Military Company, ” and together, the “Chinese Military Companies”). Each Chinese Military Company is included on the Non-SDN Chinese Military-Industrial Complex Companies List (“Non-SDN CMIC List”) administered by the Office of Foreign Assets Control within the U.S. Department of the Treasury. The Order supersedes similar executive orders previously issued on November 12, 2020 and January 13, 2021 related to investments in “Communist Chinese Military Companies.” Beginning August 2, 2021 for Chinese Military Companies designated to the Non-SDN CMIC List in connection with the Order (or 60 days after an entity is newly-designated as a Chinese Military Company), all transactions in public securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any of the Chinese Military Companies (the “Sanctioned Securities”) are prohibited. The Order contained a limited exception for transactions made solely for the purpose of divestment through June 3, 2022 for securities designated in connection with the Order, and 365 days after designation for other companies. The Portfolio’s holdings in the Sanctioned Securities may adversely impact the Portfolio’s performance. The extent of the impact will depend on future developments, including the Portfolio’s ability to sell the Sanctioned Securities, uncertainties on valuation of the Sanctioned Securities, modifications to the Order and/or interpretations thereof (including which companies are considered Chinese Military Companies), and the duration of the Order, all of which are highly uncertain and cannot be predicted.

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

BHFTII-16

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	66,433,681	$	0	$	278,611,999

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2023	% per annum			Average Daily Net Assets
$6,173,617		0.860	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

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

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

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

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-17

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	1,360,574,403
Gross unrealized appreciation		360,424,532
Gross unrealized (depreciation)		(182,515,623	)
Net unrealized appreciation (depreciation)	$	177,908,909

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$26,355,135	$	31,985,924	$	135,244,036	$	183,260,137	$	161,599,171	$	215,246,061

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$18,255,080	$	—	$	30,185,174	$	(3,326,288	)	$	45,113,966

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $3,326,288.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-18

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-19

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the BlackRock Bond Income Portfolio returned 2.72%, 2.59%, and 2.64%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned 2.09%.

MARKET ENVIRONMENT / CONDITIONS

In the first quarter of 2023, 10-year nominal interest rates fell ~0.27% while real interest rates decreased ~0.33%. These movements drove a ~0.06% expansion in 10-year inflation expectations, ending the period at 2.32%. In mid–March, investors saw the failures of Silicon Valley Bank, Signature Bank, and Credit Suisse. A potential credit crunch and uncertainty in the U.S. banking system drove the front end of the yield curve to rally nearly 1.0%, with the 2-year U.S Treasury moving the most in one day since October 1987 and intraday moves of greater than 0.50% for three consecutive days. The only other day in the past 25 years the 2-year U.S. Treasury moved more than 0.50% was the Monday following the announcement of Lehman Brothers failure in September 2008. On March 22nd, the Federal Reserve (the “Fed”) increased the Federal Funds Rate by 0.25% to 4.75%-5.00%. Headline Consumer Price Index (“CPI”) had a modest start to the year turning negative and dipping down to ~-0.1% month-over-month (“MoM”) for January’s print but picked up again in the latter half of the quarter ending at ~0.4% in March, bringing the annual run rate down to 6.0% year-over-year. At the start of January, Core CPI was 0.3% MoM which ticked up to 0.4% MoM at the end of the quarter. The labor market set recent records with the unemployment rate dropping down to ~3.4% MoM in February—the lowest rate in more than five decades. Meanwhile, initial jobless claims hovered near all-time lows ending at ~191k. Nonfarm payrolls saw a material shift downwards of ~206k from February’s print ending at ~311k enforcing the narrative of a persistently tight labor market.

In the second quarter of 2023, 10-year interest rates increased ~0.42% while real interest rates rose ~0.50%. The Fed raised the Federal Funds Rate to 5.00%. After ten consecutive interest rate hikes over the past 1.5 years, the Fed decided on their first pause in June, leaving the target range between 5.00% and 5.25%. Following this announcement, front-end yields initially sold off as the Fed moved its projections for the Fed Funds Rate in 2023 higher than the market expected, but then moved lower following a more dovish press conference. Federal Reserve Chair Jerome Powell highlighted the difficulties the Fed is facing in managing monetary policy alongside the ambiguity of the lagging effects, potential credit tightening, and the resiliency of the overall macro economy in the United States which saw a 2.0% print for the annual growth rate in the first quarter. CPI later printed slightly above consensus, driven by used car prices, with core CPI increasing 0.4% MoM and headline CPI slowing to only increase 0.1% MoM. At the end of the period, core CPI remained above 5%, slightly lower than the prior month. On the shelter front, rental inflation continued to show signs of cooling, marking a positive sign for the second half of the year. On the legislative front, the U.S. Senate voted to suspend the $31.4 trillion debt ceiling until January 2025 with support from both the right and left wings. Turning to the labor market, U.S. employers reported a higher-than-expected rise in job vacancies in April, reaching a three-month high. However, in June, the unemployment rate saw its first deviation increasing 0.3% up to ~3.7% while the labor force participation rate was unchanged at 62.6%. Hiring continues to be robust in the U.S. as June’s nonfarm payrolls print marks the 14th consecutive month where payrolls have surpassed surveyed expectations.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The main driver of the Portfolio’s positive relative performance for the first half of the year was the Portfolio’s duration positioning where at times we traded from both the long and short side. Our allocation and selection to securitized assets, investment grade credit and agency mortgages also contributed to performance as we were able to navigate opportunities presented by the banking related stress in March well. There were no significant detractors.

Over the first half of the year, we continued to manage the Portfolio’s duration position tactically. Over the first few months of the year, we moved to an underweight duration position at the front end of the yield curve given our view that the market was mispricing a sharp Fed pivot. Towards the end of the period, we increased top-line duration to an overweight position, particularly in the front-end of the yield curve, as we believe we will see lower sequential inflation through year-end relative to market expectations. In addition, we continue to hold a short position to Japanese long-term government bonds as we remain cautious around elevated inflation risks and the potential for a more hawkish shift from the Bank of Japan. The Portfolio ended the quarter with an effective duration of 6.65 years, 0.31 years overweight relative to the Bloomberg U.S. Aggregate Bond Index.

Towards the end of the period, we tactically moved to an overweight position in agency mortgages given the favorable convexity (the rate at which duration changes as interest rates change) profile, as valuations remain attractive given both nominal and option-adjusted spreads sit toward the wider end of their historical range driven by the concerns around banking related stress that was overdone in our view. We slightly trimmed investment grade credit to neutral while holding overweight positions focused on Utilities and being underweight Financials. We added allocation to high-yield credit remaining cautious down the cap stack. We maintained overweight positions in securitized assets, favoring select, top-of-the-capital structure segments of the structured product market, while being cautious in non-Agency Residential Mortgage-Backed Securities given declining fundamentals and technical headwinds.

BHFTII-1

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

The Portfolio held derivatives during the period as a part of our investment strategy. Derivatives are used to manage risk and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the Portfolio. During the period, derivatives held in the Portfolio did not have a significant impact on performance and performed as expected.

Rick Rieder

David Rogal

Chi Chen

Portfolio Managers

BlackRock Advisors, LLC

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

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

BHFTII-2

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
BlackRock Bond Income Portfolio
Class A		2.72		-0.32		1.14		2.01
Class B		2.59		-0.57		0.88		1.75
Class E		2.64		-0.47		0.98		1.86
Bloomberg U.S. Aggregate Bond Index		2.09		-0.94		0.77		1.52

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Sectors

	% of Net Assets
Agency Mortgage-Backed Securities		35.2
U.S. Treasury		26.8
Corporate Bonds & Notes		23.8
Asset-Backed Securities		9.7
Non-Agency Mortgage-Backed Securities		5.4
Foreign Government		1.1
Floating Rate Loans		1.0
Municipals		0.7
Purchased Options		0.5
Equities		0.3

BHFTII-3

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Bond Income Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.39	%	$	1,000.00	$	1,027.20	$	1.96
	Hypothetical*		0.39	%	$	1,000.00	$	1,022.86	$	1.96
Class B (a)	Actual		0.64	%	$	1,000.00	$	1,025.90	$	3.21
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.62	$	3.21
Class E (a)	Actual		0.54	%	$	1,000.00	$	1,026.40	$	2.71
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.12	$	2.71

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

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

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—62.0% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—35.2%
Fannie Mae 15 Yr. Pool
1.500%, 12/01/35		174,514	$	150,569
1.500%, 03/01/36		392,900		341,927
1.500%, 05/01/36		620,180		539,653
1.500%, 06/01/36		2,224,949		1,932,096
1.500%, 12/01/36		1,001,849		868,958
1.500%, 02/01/37		651,879		567,241
2.000%, 10/01/31		83,337		75,524
2.000%, 11/01/31		1,069,683		968,956
2.000%, 12/01/31		115,603		104,770
2.000%, 03/01/32		769,069		696,917
2.000%, 06/01/35		832,253		742,172
2.000%, 09/01/35		272,179		242,700
2.000%, 02/01/36		287,973		256,800
2.000%, 03/01/36		476,183		422,253
2.000%, 04/01/36		680,298		606,635
2.000%, 05/01/36		459,470		407,879
2.000%, 07/01/36		745,556		664,847
2.000%, 11/01/36		335,685		297,859
2.000%, 01/01/37		330,358		293,261
2.000%, 02/01/37		1,199,387		1,063,356
2.000%, 03/01/37		3,081,949		2,732,842
2.000%, 04/01/37		1,010,581		896,057
2.500%, 09/01/27		68,996		65,705
2.500%, 02/01/28		9,093		8,615
2.500%, 04/01/28		23,004		21,805
2.500%, 08/01/28		70,297		66,444
2.500%, 01/01/30		396,818		368,541
2.500%, 02/01/30		41,533		39,059
2.500%, 03/01/30		77,851		72,347
2.500%, 07/01/30		273,790		254,516
2.500%, 08/01/30		862,063		802,105
2.500%, 09/01/30		530,462		492,929
2.500%, 11/01/30		1,008,213		936,849
2.500%, 03/01/31		44,101		41,802
2.500%, 06/01/31		307,754		285,217
2.500%, 07/01/31		166,282		154,102
2.500%, 08/01/31		24,184		22,371
2.500%, 10/01/31		1,473,037		1,365,025
2.500%, 11/01/31		930,716		862,502
2.500%, 02/01/32		44,187		40,948
2.500%, 03/01/32		166,176		153,991
2.500%, 08/01/32		1,038,815		962,675
2.500%, 02/01/33		1,778,783		1,652,831
3.000%, 04/01/28		51,307		48,988
3.000%, 05/01/28		61,566		58,732
3.000%, 10/01/28		124,875		118,890
3.000%, 11/01/28		868,196		828,210
3.000%, 12/01/28		208,607		199,001
3.000%, 01/01/29		107,971		102,686
3.000%, 04/01/29		413,992		394,479
3.000%, 05/01/29		619,765		590,293
3.000%, 08/01/29		571,465		544,216
3.000%, 10/01/29		169,822		161,806
3.000%, 03/01/30		361,976		344,866
3.000%, 04/01/30		297,172		283,116
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool
3.000%, 05/01/30		479,478		456,845
3.000%, 07/01/30		354,943		338,063
3.000%, 08/01/30		1,521,881		1,449,797
3.000%, 09/01/30		415,891		396,111
3.000%, 08/01/31		1,446,830		1,358,502
3.000%, 09/01/31		190,369		181,363
3.000%, 03/01/32		336,520		316,729
3.500%, 08/01/28		117,760		113,624
3.500%, 10/01/28		925,962		887,599
3.500%, 11/01/28		888,731		854,657
3.500%, 02/01/29		1,148,136		1,100,166
3.500%, 04/01/29		218,468		209,828
3.500%, 05/01/29		823,956		790,748
3.500%, 07/01/29		314,618		301,489
3.500%, 09/01/29		66,113		63,217
3.500%, 08/01/30		241,382		231,338
3.500%, 11/01/32		98,273		94,171
3.500%, 01/01/33		60,489		57,956
4.000%, 10/01/33		2,368,559		2,303,796
4.000%, 01/01/41		93,946		89,933
4.500%, 02/01/25		24,704		24,372
4.500%, 04/01/25		6,619		6,530
4.500%, 07/01/25		11,756		11,581
4.500%, 06/01/26		152,913		150,848
Fannie Mae 20 Yr. Pool
1.500%, 11/01/41		19,344,435		15,668,757
1.500%, 12/01/41		9,907,339		8,024,797
2.000%, 10/01/40		325,297		279,516
2.000%, 12/01/40		1,424,753		1,221,141
2.000%, 12/01/41		1,402,356		1,186,204
2.000%, 02/01/42		716,937		609,040
2.000%, 03/01/42		6,900,856		5,840,217
2.000%, 04/01/42		1,071,180		909,526
2.000%, 08/01/42		4,312,902		3,665,634
3.000%, 10/01/36		44,585		41,206
3.000%, 11/01/36		512,180		473,527
3.000%, 12/01/36		820,154		757,672
Fannie Mae 30 Yr. Pool
1.500%, 10/01/50		2,371,036		1,836,135
1.500%, 11/01/50		2,058,367		1,592,012
1.500%, 03/01/51		2,755,993		2,131,836
2.000%, 09/01/50		1,630,508		1,341,294
2.000%, 10/01/50		2,077,926		1,710,859
2.000%, 11/01/50		377,713		310,546
2.000%, 12/01/50		2,201,548		1,814,945
2.000%, 01/01/51		13,027,008		10,712,785
2.000%, 02/01/51		1,683,372		1,382,662
2.000%, 03/01/51		1,695,125		1,397,842
2.000%, 04/01/51		3,233,523		2,670,115
2.000%, 08/01/51		12,427,602		10,167,205
2.000%, 11/01/51		21,388,510		17,508,401
2.000%, 12/01/51		7,047,039		5,790,701
2.000%, 01/01/52		7,478,132		6,166,601
2.000%, 02/01/52		11,482,935		9,424,406
2.000%, 03/01/52		4,807,195		3,948,545

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
2.500%, 07/01/50		9,136,773	$	7,860,448
2.500%, 08/01/50		6,607,563		5,678,884
2.500%, 11/01/50		2,313,830		1,999,934
2.500%, 01/01/51		450,990		387,381
2.500%, 03/01/51		2,120,184		1,824,416
2.500%, 09/01/51		5,578,532		4,771,375
2.500%, 11/01/51		8,642,536		7,377,588
2.500%, 01/01/52		29,969,825		25,693,444
2.500%, 02/01/52		6,262,118		5,371,932
3.000%, 03/01/43		4,300,394		3,873,363
3.000%, 04/01/43		2,446,835		2,208,776
3.000%, 05/01/43		1,332,824		1,203,148
3.000%, 06/01/43		45,113		40,724
3.000%, 06/01/46		25,266		22,713
3.000%, 08/01/46		34,097		30,653
3.000%, 11/01/46		1,455,919		1,303,039
3.000%, 02/01/47		350,891		314,072
3.000%, 03/01/47		1,493,646		1,336,431
3.000%, 03/01/50		524,300		468,230
3.000%, 08/01/50		2,067,205		1,841,960
3.000%, 11/01/51		2,532,145		2,239,721
3.000%, 12/01/51		1,125,302		999,557
3.000%, 04/01/52		371,239		329,974
3.000%, 05/01/52		579,691		514,370
3.500%, 01/01/42		222,563		208,379
3.500%, 04/01/42		145,700		136,414
3.500%, 05/01/42		13,926		13,030
3.500%, 06/01/42		37,796		35,387
3.500%, 07/01/42		47,708		44,653
3.500%, 02/01/45		1,491,025		1,395,545
3.500%, 05/01/47		694,774		644,108
3.500%, 11/01/47		475,045		438,428
3.500%, 12/01/47		476,316		440,334
3.500%, 01/01/48		1,416,019		1,315,413
3.500%, 02/01/48		218,913		202,039
3.500%, 03/01/48		1,227,861		1,133,212
3.500%, 04/01/48		831,930		775,293
3.500%, 06/01/49		8,126,120		7,500,873
3.500%, 01/01/51		19,261,112		17,763,030
4.000%, 08/01/33		336,884		323,967
4.000%, 01/01/42		433,967		417,249
4.000%, 02/01/42		739,535		707,656
4.000%, 05/01/42		148,818		143,084
4.000%, 11/01/46		149,538		142,604
4.000%, 06/01/47		486,319		465,455
4.000%, 08/01/47		317,782		302,980
4.000%, 09/01/47		27,387		26,179
4.000%, 10/01/47		216,596		206,933
4.000%, 01/01/48		214,508		204,516
4.000%, 04/01/48		49,037		46,815
4.000%, 05/01/48		56,120		53,506
4.000%, 06/01/48		40,569		38,679
4.000%, 07/01/48		40,595		38,704
4.000%, 08/01/48		617,288		590,137
4.000%, 09/01/48		268,526		255,829
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 10/01/48		119,215		113,555
4.000%, 09/01/49		1,066,360		1,013,519
4.000%, 03/01/50		483,586		458,416
4.000%, 04/01/50		250,126		237,759
4.000%, 05/01/50		444,677		423,105
4.000%, 06/01/50		613,475		581,784
4.000%, 11/01/50		50,443		47,919
4.000%, 01/01/51		3,280,841		3,130,977
4.000%, 03/01/51		2,596,661		2,467,905
4.000%, 05/01/51		8,914,404		8,476,414
4.000%, 10/01/51		5,983,978		5,679,504
4.000%, 04/01/52		569,690		540,405
4.000%, 05/01/52		3,393,909		3,235,887
4.500%, 08/01/39		368,536		363,768
4.500%, 11/01/39		317,490		313,531
4.500%, 01/01/40		14,226		14,049
4.500%, 04/01/40		28,605		28,224
4.500%, 05/01/40		66,906		66,071
4.500%, 06/01/40		65,042		64,230
4.500%, 07/01/40		135,960		134,263
4.500%, 11/01/40		267,963		264,618
4.500%, 07/01/41		60,882		60,122
4.500%, 09/01/41		279,508		276,019
4.500%, 10/01/41		70,907		70,022
4.500%, 01/01/42		57,375		56,659
4.500%, 08/01/42		321,456		317,445
4.500%, 09/01/43		287,873		282,493
4.500%, 10/01/43		569,440		558,801
4.500%, 11/01/43		1,392,210		1,363,705
4.500%, 12/01/43		573,123		562,420
4.500%, 01/01/44		489,361		480,445
4.500%, 06/01/44		1,954,934		1,918,409
4.500%, 07/01/45		542,744		532,607
4.500%, 09/01/45		276,258		271,192
4.500%, 11/01/45		980,504		962,282
4.500%, 12/01/45		376,331		369,304
4.500%, 07/01/46		1,808,315		1,784,033
4.500%, 09/01/46		324,912		320,718
4.500%, 09/01/47		28,118		27,606
4.500%, 10/01/47		208,729		204,095
4.500%, 11/01/47		1,143,855		1,121,540
4.500%, 12/01/47		36,883		36,200
4.500%, 01/01/48		1,113,173		1,092,384
4.500%, 02/01/48		54,308		53,104
4.500%, 03/01/48		98,994		97,191
4.500%, 04/01/48		601,973		598,254
4.500%, 05/01/48		5,259,572		5,161,269
4.500%, 07/01/48		93,373		91,498
4.500%, 08/01/48		1,112,870		1,095,229
4.500%, 11/01/48		689,459		674,072
4.500%, 02/01/49		5,976,976		5,929,325
4.500%, 05/01/49		5,449,612		5,367,283
4.500%, 07/01/52		265,065		254,889
5.000%, 11/01/32		1,891		1,883
5.000%, 09/01/35		75,959		76,499

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 06/01/39		3,238,502	$	3,261,553
5.000%, 04/01/41		5,077		5,004
5.000%, 07/01/41		99,026		99,665
5.000%, 08/01/41		112,804		113,613
5.000%, 01/01/42		44,480		44,092
5.000%, 12/01/52		458,497		449,533
5.000%, 01/01/53		3,719,347		3,645,602
5.500%, 11/01/32		348,160		355,821
5.500%, 12/01/32		61,190		62,609
5.500%, 01/01/33		220,213		225,317
5.500%, 12/01/33		84,017		85,965
5.500%, 05/01/34		695,318		711,339
5.500%, 08/01/37		721,670		738,428
5.500%, 02/01/38		137,870		141,114
5.500%, 03/01/38		70,373		72,249
5.500%, 06/01/38		43,012		42,809
5.500%, 12/01/38		77,138		76,821
5.500%, 01/01/39		127,873		131,126
5.500%, 08/01/39		91,842		92,342
5.500%, 12/01/39		177,369		181,502
5.500%, 04/01/40		17,139		17,408
5.500%, 04/01/41		99,487		99,939
5.500%, 01/01/53		1,002,762		1,000,127
5.500%, 05/01/53		5,217,138		5,201,874
5.500%, 06/01/53		1,543,414		1,539,005
6.000%, 02/01/34		82,899		84,883
6.000%, 08/01/34		60,560		62,677
6.000%, 04/01/35		967,601		998,284
6.000%, 06/01/36		139,890		145,095
6.000%, 02/01/38		155,617		161,206
6.000%, 03/01/38		69,912		72,594
6.000%, 05/01/38		199,898		207,405
6.000%, 10/01/38		228,892		236,953
6.000%, 12/01/38		81,584		84,714
6.000%, 04/01/40		757,785		786,240
6.000%, 09/01/40		79,970		82,647
6.000%, 06/01/41		187,070		194,246
6.000%, 11/01/52		77,826		78,689
6.000%, 01/01/53		2,315,957		2,344,915
6.000%, 04/01/53		490,554		496,004
6.000%, 05/01/53		2,615,856		2,648,325
6.500%, 05/01/40		1,088,852		1,134,028
Fannie Mae REMICS (CMO)
3.000%, 03/25/50 (b)		2,147,552		335,555
3.500%, 08/25/49 (b)		656,747		114,528
3.500%, 02/25/51 (b)		587,513		103,204
4.000%, 06/25/51 (b)		669,562		130,804
5.000%, 04/25/35		2,001		1,982
Freddie Mac 15 Yr. Gold Pool
2.500%, 04/01/27		17,733		16,952
2.500%, 10/01/28		112,525		106,426
2.500%, 08/01/29		263,047		245,149
2.500%, 12/01/29		106,414		99,019
2.500%, 05/01/30		343,628		319,745
2.500%, 07/01/30		218,813		203,420
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 15 Yr. Gold Pool
2.500%, 08/01/30		789,619		734,744
2.500%, 09/01/30		882,775		821,378
2.500%, 04/01/31		683,046		635,493
3.000%, 01/01/30		241,386		230,256
3.000%, 04/01/30		1,392,785		1,328,580
3.000%, 05/01/30		242,646		231,441
3.000%, 06/01/30		8,614		8,218
3.000%, 07/01/30		489,410		466,103
3.000%, 08/01/30		154,735		147,599
Freddie Mac 15 Yr. Pool
1.500%, 04/01/36		3,484,378		3,039,574
1.500%, 05/01/36		609,516		529,248
2.000%, 09/01/35		800,674		714,181
2.000%, 01/01/36		1,735,409		1,548,584
2.000%, 02/01/36		2,058,752		1,835,924
2.000%, 03/01/36		313,281		277,890
2.000%, 05/01/36		1,920,435		1,704,705
2.000%, 04/01/37		599,348		531,476
Freddie Mac 20 Yr. Pool
2.000%, 02/01/42		439,046		372,971
2.000%, 03/01/42		1,571,445		1,334,622
2.000%, 04/01/42		458,809		388,151
3.000%, 09/01/37		56,425		52,001
3.000%, 06/01/38		1,155,213		1,069,478
3.500%, 01/01/34		516,911		489,179
3.500%, 05/01/35		1,921,627		1,830,441
Freddie Mac 30 Yr. Gold Pool
3.000%, 01/01/43		772,087		697,799
3.000%, 03/01/43		1,295,501		1,170,842
3.000%, 12/01/46		822,767		737,801
3.500%, 04/01/42		923,179		865,340
3.500%, 05/01/42		28,296		26,524
3.500%, 08/01/42		760,859		713,182
3.500%, 10/01/42		39,539		36,870
3.500%, 06/01/43		126,250		117,887
3.500%, 01/01/44		270,738		253,891
3.500%, 05/01/44		52,794		49,549
3.500%, 06/01/44		117,880		110,491
3.500%, 07/01/44		48,863		45,859
3.500%, 09/01/44		91,382		85,764
3.500%, 09/01/45		78,824		73,978
3.500%, 03/01/47		732,821		683,678
3.500%, 10/01/47		656,459		616,092
3.500%, 12/01/47		777,194		729,403
3.500%, 01/01/48		265,964		247,970
4.000%, 08/01/40		84,827		81,652
4.000%, 09/01/40		110,407		106,277
4.000%, 10/01/40		66,236		63,758
4.000%, 11/01/40		210,753		202,868
4.000%, 04/01/41		5,476		5,271
4.000%, 10/01/41		182,421		175,592
4.000%, 09/01/43		176,234		169,534
4.000%, 04/01/44		402,212		385,904
4.000%, 07/01/44		74,935		72,131

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
4.000%, 02/01/45		102,149	$	98,613
4.000%, 09/01/45		567,244		549,015
4.000%, 12/01/45		3,348,063		3,201,912
4.500%, 02/01/39		401,857		397,308
4.500%, 08/01/39		283,165		278,482
4.500%, 12/01/39		86,017		85,042
4.500%, 07/01/40		30,327		29,983
4.500%, 05/01/41		408,621		403,499
4.500%, 05/01/42		469,606		464,288
4.500%, 10/01/43		77,278		75,064
4.500%, 12/01/43		534,064		528,254
4.500%, 04/01/47		950,951		937,781
4.500%, 05/01/47		350,832		344,679
4.500%, 07/01/47		752,355		739,159
4.500%, 02/01/49		980,761		960,825
4.500%, 04/01/49		551,310		540,942
5.000%, 10/01/41		226,787		228,674
5.000%, 11/01/41		1,637,997		1,651,625
5.500%, 02/01/35		59,126		60,569
5.500%, 09/01/39		65,977		66,666
5.500%, 01/01/40		76,633		76,455
5.500%, 06/01/41		832,054		855,049
Freddie Mac 30 Yr. Pool
1.500%, 08/01/50		903,684		700,629
1.500%, 10/01/50		2,270,360		1,758,845
2.000%, 08/01/50		331,731		273,098
2.000%, 11/01/50		627,469		518,566
2.000%, 02/01/51		15,890,587		13,033,873
2.000%, 03/01/51		3,633,241		2,976,561
2.000%, 04/01/51		1,883,300		1,558,491
2.000%, 05/01/51		1,127,421		931,661
2.000%, 07/01/51		4,334,234		3,592,716
2.000%, 09/01/51		1,510,276		1,240,597
2.000%, 10/01/51		4,501,724		3,678,052
2.000%, 12/01/51		5,459,602		4,479,959
2.000%, 01/01/52		15,422,148		12,725,732
2.000%, 02/01/52		1,757,540		1,443,850
2.500%, 07/01/50		443,115		379,887
2.500%, 02/01/51		3,703,279		3,200,749
2.500%, 05/01/51		12,675,721		10,896,941
2.500%, 08/01/51		4,531,426		3,853,599
2.500%, 11/01/51		11,338,770		9,728,520
2.500%, 12/01/51		5,694,790		4,879,553
2.500%, 01/01/52		30,839,733		26,397,957
2.500%, 04/01/52		9,366,968		8,028,293
3.000%, 06/01/44		6,881,221		6,212,023
3.000%, 02/01/47		573,084		514,829
3.000%, 08/01/50		4,782,480		4,265,145
3.000%, 09/01/50		2,184,102		1,969,456
3.000%, 07/01/51		438,585		390,329
3.000%, 10/01/51		618,183		548,846
3.000%, 02/01/52		323,745		288,752
3.000%, 03/01/52		9,254,248		8,226,297
3.000%, 08/01/52		16,604,881		14,732,116
3.500%, 09/01/44		15,912		14,917
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Pool
3.500%, 03/01/46		2,577,590		2,412,529
3.500%, 09/01/46		599,127		555,078
3.500%, 01/01/48		3,552,528		3,301,909
3.500%, 06/01/48		1,014,334		941,533
3.500%, 08/01/50		323,610		297,915
4.000%, 01/01/45		5,197,283		4,997,184
4.000%, 07/01/47		1,218,582		1,163,952
4.000%, 04/01/48		2,647,207		2,517,834
4.000%, 06/01/48		1,157,188		1,106,882
4.000%, 05/01/49		115,922		110,520
4.000%, 03/01/50		2,387,759		2,276,938
4.000%, 06/01/50		1,339,733		1,273,974
4.000%, 07/01/50		953,760		909,353
4.000%, 06/01/52		407,300		388,336
4.500%, 07/01/52		1,817,341		1,747,538
4.500%, 08/01/52		488,534		469,741
5.000%, 11/01/52		913,704		895,252
5.000%, 12/01/52		4,065,399		3,987,724
5.000%, 01/01/53		1,180,776		1,158,204
5.000%, 02/01/53		346,397		339,454
5.500%, 01/01/53		1,076,010		1,072,393
5.500%, 03/01/53		1,577,902		1,573,130
5.500%, 05/01/53		4,310,141		4,297,070
6.000%, 11/01/52		73,663		74,481
6.000%, 01/01/53		2,928,620		2,978,203
6.000%, 02/01/53		4,576,460		4,669,626
6.000%, 03/01/53		2,597,210		2,654,934
6.000%, 04/01/53		758,336		765,660
6.000%, 05/01/53		2,612,104		2,636,608
6.000%, 06/01/53		1,566,038		1,582,975
Freddie Mac Gold Pool
3.000%, 09/01/27		121,289		115,102
3.000%, 07/01/28		70,680		67,038
Freddie Mac Multifamily Structured Pass-Through Certificates 0.941%, 05/25/29 (a) (b)		6,234,040		218,476
Freddie Mac REMICS
3.000%, 11/25/51 (b)		1,225,514		159,290
3.000%, 02/25/52 (b)		656,588		100,858
3.000%, 10/15/52 (b)		5,288,129		862,494
3.500%, 03/25/51 (b)		386,776		67,362
4.000%, 12/25/50 (b)		247,360		47,291
FREMF Mortgage Trust
0.100%, 01/25/29 (144A) (b)		25,231,735		101,934
4.376%, 08/25/50 (144A) (a)		304,000		286,244
Ginnie Mae I 30 Yr. Pool
3.000%, 02/15/45		447,225		408,633
3.500%, 01/15/42		128,904		121,589
3.500%, 02/15/42		75,965		71,650
3.500%, 04/15/42		163,695		154,398
3.500%, 05/15/42		188,701		177,984
3.500%, 08/15/42		192,680		181,736
3.500%, 11/15/42		67,108		63,312
3.500%, 12/15/42		538,617		508,020
3.500%, 01/15/43		154,168		145,410
3.500%, 02/15/43		318,150		300,073

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
3.500%, 03/15/43		230,249	$	217,166
3.500%, 04/15/43		749,510		706,982
3.500%, 05/15/43		1,050,322		990,663
3.500%, 06/15/43		315,413		297,494
3.500%, 07/15/43		877,252		827,498
4.000%, 03/15/41		251,274		244,445
4.000%, 12/15/41		22,180		21,642
4.500%, 02/15/42		2,986,237		2,950,510
4.500%, 03/15/47		69,609		68,471
4.500%, 04/15/47		152,769		150,331
4.500%, 05/15/47		50,676		50,069
5.000%, 12/15/38		100,089		100,991
5.000%, 07/15/39		162,443		163,195
5.000%, 10/15/39		119,731		120,169
5.000%, 09/15/40		7,416		7,439
5.000%, 12/15/40		329,294		330,960
5.500%, 04/15/33		10,229		10,366
6.500%, 04/15/33		31,243		32,597
Ginnie Mae II 30 Yr. Pool
2.000%, 08/20/50		7,141,465		6,033,213
2.000%, 11/20/50		916,692		773,580
2.000%, 01/20/51		10,700,243		9,018,959
2.000%, 02/20/51		800,530		674,810
2.000%, TBA (c)		21,706,300		18,242,619
2.500%, 04/20/51		6,250,322		5,432,421
2.500%, 10/20/51		3,681,686		3,190,293
2.500%, 12/20/51		8,748,785		7,578,232
2.500%, 05/20/52		5,170,761		4,478,042
2.500%, 06/20/52		4,041,740		3,500,579
2.500%, 07/20/52		2,769,290		2,398,557
2.500%, 12/20/52		454,044		393,309
2.500%, 01/20/53		1,947,698		1,686,990
2.500%, TBA (c)		8,778,369		7,600,833
3.000%, 12/20/44		38,801		35,450
3.000%, 09/20/47		786,501		711,716
3.000%, 03/20/49		19,723		17,813
3.000%, 05/20/50		309,699		279,027
3.000%, 01/20/51		22,065,339		19,857,054
3.000%, TBA (c)		7,635,470		6,822,113
3.500%, 04/20/43		717,615		676,092
3.500%, 05/20/43		393,053		370,751
3.500%, 07/20/43		30,469		28,708
3.500%, 02/20/44		775,319		729,833
3.500%, 03/20/45		27,478		25,755
3.500%, 04/20/45		40,996		38,476
3.500%, 05/20/45		167,924		157,436
3.500%, 07/20/45		30,145		28,233
3.500%, 08/20/45		40,709		38,165
3.500%, 10/20/45		77,302		72,398
3.500%, 11/20/45		28,432		26,628
3.500%, 12/20/45		426,652		398,366
3.500%, 01/20/46		85,837		80,529
3.500%, 05/20/46		356,872		334,594
3.500%, 09/20/46		135,065		126,580
3.500%, 10/20/46		823,287		770,829
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
3.500%, 03/20/48		32,986		30,857
3.500%, 04/20/48		13,443		12,557
3.500%, TBA (c)		13,607,496		12,558,762
4.000%, 04/20/39		15,163		14,722
4.000%, 07/20/39		111,631		108,389
4.000%, 09/20/40		28,520		27,692
4.000%, 10/20/40		328,433		318,896
4.000%, 11/20/40		183,406		178,081
4.000%, 12/20/40		697,296		677,049
4.000%, 01/20/41		622,750		604,665
4.000%, 02/20/41		11,040		10,720
4.000%, 07/20/43		65,363		63,464
4.000%, 08/20/44		247,529		238,823
4.000%, 10/20/46		43,379		41,487
4.000%, 05/20/47		165,160		158,525
4.000%, 06/20/47		425,625		408,534
4.000%, 11/20/47		488,958		469,311
4.000%, 12/20/47		238,838		229,242
4.000%, 05/20/50		485,554		465,228
4.000%, TBA (c)		11,316,500		10,707,796
4.500%, 12/20/39		25,256		25,079
4.500%, 01/20/40		30,779		30,564
4.500%, 02/20/40		25,236		25,060
4.500%, 05/20/40		1,595		1,584
4.500%, 09/20/48		250,335		244,517
4.500%, 03/20/49		1,000,768		977,132
4.500%, 04/20/49		215,188		210,110
4.500%, 05/20/49		844,537		823,181
4.500%, 04/20/50		24,275		23,699
4.500%, TBA (c)		20,787,000		20,062,703
5.000%, 10/20/33		304,118		304,543
5.000%, 10/20/39		92,317		93,775
5.000%, 07/20/42		128,798		130,872
5.000%, TBA (c)		7,686,000		7,552,696
5.500%, TBA (c)		5,569,000		5,542,895
6.000%, TBA (c)		2,996,000		3,015,895
6.500%, TBA (c)		1,427,000		1,452,084
Government National Mortgage Association
0.523%, 03/16/55 (a) (b)		1,235,881		20,067
0.598%, 09/16/55 (a) (b)		1,070,674		23,433
0.908%, 02/16/50 (a) (b)		140,153		3,129
Government National Mortgage Association (CMO)
3.000%, 05/20/51 (b)		2,638,834		382,023
3.000%, 08/20/51 (b)		1,415,738		201,110
Uniform Mortgage-Backed Securities 15 Yr. Pool
2.000%, TBA (c)		9,134,914		8,094,390
2.500%, TBA (c)		6,398,800		5,825,158
4.500%, TBA (c)		1,194,000		1,170,680
Uniform Mortgage-Backed Securities 30 Yr. Pool
2.000%, TBA (c)		20,222,855		16,490,316
3.000%, TBA (c)		21,974,974		19,338,835
3.500%, TBA (c)		4,962,006		4,521,434
5.000%, TBA (c)		75,708,306		74,182,310
5.500%, TBA (c)		72,590,700		72,239,089
6.500%, TBA (c)		2,000,000		2,042,031
				995,384,190

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—26.8%
U.S. Treasury Bonds
1.125%, 05/15/40		10,822,000	$	7,015,277
1.125%, 08/15/40		10,822,000		6,958,208
1.375%, 11/15/40		10,822,000		7,240,594
1.375%, 08/15/50		9,651,000		5,607,759
1.625%, 11/15/50		7,108,000		4,414,179
2.250%, 08/15/49		4,760,000		3,458,252
2.375%, 05/15/51		11,094,500		8,248,501
2.500%, 02/15/45		20,100,000		15,561,797
2.750%, 11/15/47		20,100,000		16,167,152
2.875%, 05/15/43		3,865,000		3,232,861
2.875%, 11/15/46		3,706,000		3,054,410
3.000%, 05/15/47		7,399,700		6,231,068
3.000%, 02/15/48 (d)		23,806,000		20,072,364
3.000%, 08/15/52		16,709,800		14,207,246
3.125%, 02/15/43		3,865,000		3,370,552
3.125%, 08/15/44		7,210,100		6,239,271
3.375%, 11/15/48 (d) (e)		26,116,300		23,601,586
3.625%, 08/15/43		3,865,000		3,627,816
3.625%, 02/15/53		7,334,000		7,038,348
3.750%, 11/15/43		3,865,000		3,693,793
3.875%, 02/15/43		4,892,500		4,770,187
4.250%, 05/15/39		1,010,000		1,056,002
4.375%, 11/15/39		1,010,000		1,069,337
4.375%, 05/15/40		7,210,800		7,618,943
4.500%, 08/15/39 (d)		15,430,200		16,586,260
U.S. Treasury Inflation Indexed Bond 1.500%, 02/15/53 (f)		336,725		327,239
U.S. Treasury Notes
0.375%, 04/30/25		70,199,000		64,588,564
0.375%, 09/30/27		7,108,000		6,049,574
0.500%, 05/31/27		15,364,000		13,283,258
0.500%, 08/31/27		19,598,300		16,813,198
0.750%, 05/31/26		12,344,000		11,087,902
1.250%, 08/15/31		28,432,000		23,332,010
1.500%, 10/31/24		41,246,000		39,244,925
1.500%, 02/15/25		6,900,000		6,512,414
1.500%, 08/15/26		10,766,000		9,840,376
1.500%, 02/15/30		5,471,000		4,685,826
1.625%, 08/15/29		2,246,000		1,958,494
1.625%, 05/15/31		16,205,000		13,771,085
1.750%, 07/31/24		14,357,000		13,808,518
1.750%, 12/31/24		41,246,000		39,212,701
2.000%, 02/15/25		9,276,000		8,829,592
2.125%, 07/31/24		7,432,000		7,177,106
2.125%, 05/15/25		8,178,000		7,766,544
2.375%, 05/15/29		5,471,000		4,988,013
2.625%, 04/15/25		14,421,500		13,833,373
2.625%, 02/15/29		5,471,000		5,069,437
2.750%, 05/15/25		16,557,700		15,903,800
2.750%, 08/15/32		55,981,000		51,321,019
2.875%, 06/15/25		6,900,000		6,637,207
2.875%, 05/15/32		1,745,500		1,618,406
3.125%, 11/15/28		4,225,000		4,024,808
3.750%, 05/31/30		6,900,000		6,804,047
3.875%, 11/30/27		6,857,000		6,759,770
U.S. Treasury—(Continued)
U.S. Treasury Notes
3.875%, 09/30/29		37,320,700		36,953,324
3.875%, 12/31/29		43,169,000		42,792,957
4.000%, 12/15/25		15,949,000		15,699,174
4.000%, 10/31/29 (e)		55,981,000		55,834,487
				756,670,911
Total U.S. Treasury & Government Agencies (Cost $1,874,984,524)				1,752,055,101
Corporate Bonds & Notes—23.8%
Aerospace/Defense—1.1%
BAE Systems plc 3.400%, 04/15/30 (144A)		5,221,000		4,721,207
Boeing Co. (The)
3.825%, 03/01/59		399,000		284,938
3.950%, 08/01/59		780,000		576,051
5.930%, 05/01/60		701,000		694,261
L3Harris Technologies, Inc.
3.850%, 12/15/26		980,000		933,784
4.400%, 06/15/28		491,000		471,918
Lockheed Martin Corp.
3.600%, 03/01/35		2,285,000		2,042,457
4.750%, 02/15/34		685,000		683,346
Northrop Grumman Corp.
4.030%, 10/15/47		2,950,000		2,534,370
4.700%, 03/15/33		1,889,000		1,853,888
4.950%, 03/15/53 (g)		3,801,000		3,702,930
5.250%, 05/01/50		280,000		284,558
Raytheon Technologies Corp.
2.250%, 07/01/30		1,235,000		1,041,703
2.820%, 09/01/51		4,350,000		2,921,475
4.050%, 05/04/47		1,711,000		1,453,934
4.125%, 11/16/28		2,939,000		2,830,654
4.200%, 12/15/44		425,000		346,597
4.350%, 04/15/47		451,000		399,670
5.375%, 02/27/53		1,264,000		1,312,530
7.000%, 11/01/28		1,810,000		1,931,717
				31,021,988
Agriculture—0.3%
Altria Group, Inc.
3.125%, 06/15/31 (EUR)		2,110,000		1,980,027
4.250%, 08/09/42		2,021,000		1,576,417
BAT Capital Corp.
3.984%, 09/25/50		2,211,000		1,489,891
4.758%, 09/06/49		744,000		561,653
Frigorifico Concepcion S.A. 7.700%, 07/21/28 (144A)		220,000		171,440
Philip Morris International, Inc. 5.125%, 11/17/27		988,000		991,023
Reynolds American, Inc. 5.850%, 08/15/45		715,000		635,853
				7,406,304

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Airlines—0.4%
ABRA Global Finance 11.500%, 03/02/28 (144A) (h)		355,919	$	289,540
Air Canada Pass-Through Trust
3.300%, 01/15/30 (144A)		464,838		411,249
3.700%, 01/15/26 (144A)		5,595		5,193
Allegiant Travel Co.
7.250%, 08/15/27 (144A)		175,000		174,354
8.500%, 02/05/24 (144A)		892,000		889,770
American Airlines Pass-Through Trust
3.150%, 02/15/32		1,008,929		878,287
3.200%, 06/15/28		383,350		343,243
3.575%, 01/15/28		113,264		104,886
3.600%, 09/22/27		216,562		201,286
3.650%, 02/15/29		125,670		115,650
4.400%, 09/22/23		1,205,217		1,196,462
Avianca Midco 2 plc 9.000%, 12/01/28 (144A)		287,316		241,345
Delta Air Lines Pass-Through Trust 3.204%, 10/25/25		2,258,000		2,212,565
Turkish Airlines Pass-Through Trust 4.200%, 03/15/27 (144A)		683,478		617,828
United Airlines Pass-Through Trust
2.700%, 05/01/32		498,219		417,274
2.875%, 10/07/28		378,035		332,954
3.100%, 07/07/28		118,534		107,125
3.450%, 12/01/27		152,152		139,370
3.500%, 05/01/28		511,544		459,692
3.500%, 03/01/30		211,769		190,869
3.650%, 10/07/25		44,960		41,685
4.000%, 04/11/26		168,543		158,488
4.150%, 08/25/31		196,522		180,017
4.875%, 01/15/26		434,975		415,163
5.875%, 10/15/27		2,401,840		2,381,214
				12,505,509
Apparel—0.0%
William Carter Co. (The) 5.625%, 03/15/27 (144A)		21,000		20,377
Auto Manufacturers—0.1%
Ford Motor Co. 3.250%, 02/12/32		105,000		82,602
General Motors Financial Co., Inc.
3.500%, 11/07/24		1,102,000		1,065,252
5.800%, 06/23/28		1,410,000		1,404,621
				2,552,475
Auto Parts & Equipment—0.0%
Dana, Inc. 4.250%, 09/01/30		73,000		60,775
Metalsa S.A. de C.V. 3.750%, 05/04/31		209,000		164,562
Nemak S.A.B. de C.V. 3.625%, 06/28/31		209,000		163,028
				388,365
Banks—4.5%
Banco Mercantil del Norte S.A.
5.875%, 5Y H15 + 4.643%, 01/24/27 (144A) (a)		300,000		255,375
5.875%, 5Y H15 + 4.643%, 01/24/27 (a)		215,000		183,019
6.625%, 10Y H15 + 5.034%, 01/24/32 (144A) (a)		270,000		208,575
Bank of America Corp.
1.922%, SOFR + 1.370%, 10/24/31 (a)		2,135,000		1,690,006
2.087%, SOFR + 1.060%, 06/14/29 (a)		1,579,000		1,347,138
2.456%, 3M TSFR + 1.132%, 10/22/25 (a)		3,241,000		3,094,513
2.651%, SOFR + 1.220%, 03/11/32 (a)		340,000		281,601
2.687%, SOFR + 1.320%, 04/22/32 (a)		2,559,000		2,120,762
2.972%, SOFR + 1.330%, 02/04/33 (a)		4,600,000		3,834,681
3.419%, 3M TSFR + 1.302%, 12/20/28 (a)		1,117,000		1,024,315
3.970%, 3M TSFR + 1.332%, 03/05/29 (a)		1,327,000		1,242,376
4.571%, SOFR + 1.830%, 04/27/33 (a)		7,978,000		7,501,264
5.202%, SOFR + 1.630%, 04/25/29 (a)		6,551,000		6,479,405
5.288%, SOFR + 1.910%, 04/25/34 (a) (g)		2,415,000		2,392,556
6.204%, SOFR + 1.990%, 11/10/28 (a)		760,000		781,165
Barclays plc
6.224%, SOFR + 2.980%, 05/09/34 (a)		2,100,000		2,091,674
7.437%, 1Y H15 + 3.500%, 11/02/33 (a)		266,000		287,783
Citigroup, Inc. 2.572%, SOFR + 2.107%, 06/03/31 (a)		459,000		382,951
Credit Suisse AG
0.250%, 09/01/28 (EUR)		900,000		786,352
0.495%, 02/02/24		430,000		413,647
2.950%, 04/09/25		1,507,000		1,416,162
3.625%, 09/09/24		1,586,000		1,527,338
3.700%, 02/21/25		4,712,000		4,502,808
4.750%, 08/09/24		1,500,000		1,465,963
5.000%, 07/09/27		2,455,000		2,370,035
7.500%, 02/15/28		2,203,000		2,340,050
7.950%, 01/09/25		1,164,000		1,187,562
Deutsche Bank AG
2.311%, SOFR + 1.219%, 11/16/27 (a)		440,000		378,108
5.371%, 09/09/27		2,228,000		2,190,782
6.720%, SOFR + 3.180%, 01/18/29 (a)		670,000		670,955
Discover Bank 2.700%, 02/06/30		482,000		388,871
Freedom Mortgage Corp.
8.125%, 11/15/24 (144A)		369,000		365,571
8.250%, 04/15/25 (144A)		108,000		105,301
Goldman Sachs Group, Inc. (The)
0.657%, SOFR + 0.505%, 09/10/24 (a)		3,677,000		3,635,653
1.992%, SOFR + 1.090%, 01/27/32 (a)		2,007,000		1,579,960
2.383%, SOFR + 1.248%, 07/21/32 (a)		1,474,000		1,180,672
2.615%, SOFR + 1.281%, 04/22/32 (a)		3,465,000		2,841,713
2.650%, SOFR + 1.264%, 10/21/32 (a)		6,275,000		5,114,917
4.223%, 3M TSFR + 1.563%, 05/01/29 (a)		298,000		281,458
JPMorgan Chase & Co.
2.963%, SOFR + 1.260%, 01/25/33 (a)		4,222,000		3,556,668
4.565%, SOFR + 1.750%, 06/14/30 (a)		1,773,000		1,703,486
5.350%, SOFR + 1.850%, 06/01/34 (a)		281,000		283,239
Morgan Stanley
1.794%, SOFR + 1.034%, 02/13/32 (a)		691,000		536,007
1.928%, SOFR + 1.020%, 04/28/32 (a)		361,000		281,807
2.239%, SOFR + 1.178%, 07/21/32 (a)		1,931,000		1,534,733

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Morgan Stanley
2.511%, SOFR + 1.200%, 10/20/32 (a)		1,014,000	$	819,025
2.699%, SOFR + 1.143%, 01/22/31 (a)		6,420,000		5,460,168
2.720%, SOFR + 1.152%, 07/22/25 (a)		691,000		666,323
3.591%, 3M TSFR + 1.340%, 07/22/28 (a)		301,000		277,730
4.431%, 3M TSFR + 1.890%, 01/23/30 (a)		874,000		831,555
4.889%, SOFR + 2.076%, 07/20/33 (a)		2,296,000		2,209,783
5.164%, SOFR + 1.590%, 04/20/29 (a)		12,871,000		12,713,791
5.250%, SOFR + 1.870%, 04/21/34 (g)		7,334,000		7,241,945
6.342%, SOFR + 2.560%, 10/18/33 (a)		4,247,000		4,517,972
Morgan Stanley Bank NA 4.754%, 04/21/26		373,000		367,507
State Street Corp.
5.625%, 3M TSFR + 2.801%, 12/15/23 (a)		1,442,000		1,339,941
9.149%, 3M LIBOR + 3.597%, 09/15/23 (a)		280,000		279,306
UBS Group AG
0.650%, 1Y EUR Swap + 0.770%, 01/14/28 (EUR) (a)		500,000		468,344
2.193%, SOFR + 2.044%, 06/05/26 (144A) (a)		608,000		557,517
2.593%, SOFR + 1.560%, 09/11/25 (144A) (a)		502,000		478,492
3.750%, 03/26/25		1,492,000		1,427,694
3.869%, 3M LIBOR + 1.410%, 01/12/29 (144A) (a)		1,622,000		1,466,284
4.550%, 04/17/26		635,000		610,340
6.442%, SOFR + 3.700%, 08/11/28 (144A) (a)		1,697,000		1,703,277
6.537%, SOFR + 3.920%, 08/12/33 (144A) (a)		1,359,000		1,392,176
9.016%, SOFR + 5.020%, 11/15/33 (144A) (a)		1,146,000		1,373,639
Wells Fargo & Co. 5.389%, SOFR + 2.020%, 04/24/34 (a)		4,067,000		4,041,028
				128,082,814
Biotechnology—0.5%
Amgen, Inc.
4.050%, 08/18/29		2,631,000		2,494,545
4.400%, 02/22/62		3,096,000		2,540,976
5.250%, 03/02/30		3,222,000		3,228,429
5.750%, 03/02/63		1,164,000		1,180,805
Gilead Sciences, Inc.
2.600%, 10/01/40		490,000		354,885
4.000%, 09/01/36		426,000		384,122
4.500%, 02/01/45		1,935,000		1,764,935
4.800%, 04/01/44		1,337,000		1,276,257
				13,224,954
Building Materials—0.0%
Emerald Debt Merger Sub LLC 6.625%, 12/15/30 (144A)		266,000		263,672
Owens Corning 3.875%, 06/01/30		649,000		592,926
				856,598
Chemicals—0.1%
Braskem Netherlands Finance B.V. 7.250%, 02/13/33 (144A)		200,000		196,503
Eastman Chemical Co. 5.750%, 03/08/33		604,000		603,269
Chemicals—(Continued)
Olympus Water U.S. Holding Corp. 9.750%, 11/15/28 (144A)		1,238,000		1,207,422
SASOL Financing USA LLC 5.875%, 03/27/24		654,000		645,261
				2,652,455
Commercial Services—0.4%
Atento Luxco 1 S.A.
8.000%, 02/10/26 (144A)		347,000		55,176
8.000%, 02/10/26		53,000		8,428
Garda World Security Corp.
7.750%, 02/15/28 (144A)		62,000		61,543
Global Payments, Inc.
2.150%, 01/15/27		1,079,000		959,071
2.900%, 05/15/30		1,096,000		928,945
3.200%, 08/15/29		3,579,000		3,110,812
4.450%, 06/01/28		1,475,000		1,383,928
4.800%, 04/01/26		1,140,000		1,112,856
4.950%, 08/15/27		1,101,000		1,072,746
5.300%, 08/15/29		780,000		759,918
GXO Logistics, Inc. 2.650%, 07/15/31		418,000		325,053
Moody’s Corp.
3.100%, 11/29/61		1,300,000		852,700
3.250%, 01/15/28		297,000		276,568
4.875%, 12/17/48		465,000		435,585
				11,343,329
Computers—0.2%
Dell International LLC / EMC Corp. 4.900%, 10/01/26 (g)		3,046,000		3,024,353
Hewlett Packard Enterprise Co. 5.250%, 07/01/28		2,543,000		2,518,539
				5,542,892
Diversified Financial Services—0.3%
ASG Finance Designated Activity Co. 7.875%, 12/03/24 (144A)		254,000		245,618
Capital One Financial Corp.
5.817%, SOFR + 2.600%, 02/01/34 (a)		2,081,000		1,985,430
6.377%, SOFR + 2.860%, 06/08/34 (a)		774,000		768,455
Nasdaq, Inc.
5.550%, 02/15/34		2,199,000		2,207,648
6.100%, 06/28/63		680,000		695,336
Nationstar Mortgage Holdings, Inc.
5.125%, 12/15/30 (144A)		260,000		210,912
5.500%, 08/15/28 (144A)		295,000		258,404
5.750%, 11/15/31 (144A)		128,000		105,145
6.000%, 01/15/27 (144A)		65,000		60,468
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. 3.625%, 03/01/29 (144A)		288,000		242,055
United Wholesale Mortgage LLC 5.500%, 11/15/25 (144A)		820,000		780,236
				7,559,707

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—3.1%
AEP Texas, Inc.
3.450%, 05/15/51		652,000	$	463,699
3.800%, 10/01/47		718,000		542,429
3.950%, 06/01/28		1,572,000		1,475,596
5.250%, 05/15/52		953,000		899,024
5.400%, 06/01/33		1,476,000		1,468,404
AEP Transmission Co. LLC
3.150%, 09/15/49		674,000		479,429
3.650%, 04/01/50		1,001,000		777,298
3.800%, 06/15/49		851,000		679,795
4.500%, 06/15/52		676,000		604,550
5.400%, 03/15/53		1,106,000		1,136,629
Alabama Power Co.
3.000%, 03/15/52		1,164,000		785,553
3.125%, 07/15/51		602,000		416,273
3.750%, 03/01/45		359,000		282,153
5.500%, 03/15/41		285,000		275,799
Ameren Illinois Co.
2.900%, 06/15/51		513,000		345,083
3.250%, 03/15/50		775,000		566,391
American Transmission Systems, Inc. 2.650%, 01/15/32 (144A)		1,966,000		1,625,748
Atlantic City Electric Co. 4.000%, 10/15/28		404,000		384,625
Baltimore Gas & Electric Co.
3.200%, 09/15/49		407,000		294,660
3.500%, 08/15/46		573,000		432,293
3.750%, 08/15/47		599,000		467,692
4.250%, 09/15/48		622,000		528,342
CenterPoint Energy Houston Electric LLC
3.600%, 03/01/52		425,000		329,628
3.950%, 03/01/48		1,260,000		1,039,405
4.850%, 10/01/52		489,000		463,664
Commonwealth Edison Co.
2.750%, 09/01/51		429,000		277,215
3.125%, 03/15/51		1,374,000		962,914
3.200%, 11/15/49		485,000		346,938
Connecticut Light & Power Co. 4.900%, 07/01/33		1,227,000		1,220,330
Consolidated Edison Co. of New York, Inc.
3.200%, 12/01/51		1,117,000		774,243
4.625%, 12/01/54		476,000		408,512
6.150%, 11/15/52		426,000		468,311
Consumers Energy Co.
2.650%, 08/15/52		616,000		394,711
3.750%, 02/15/50		1,357,000		1,080,574
4.200%, 09/01/52		1,543,000		1,320,213
4.625%, 05/15/33		442,000		429,940
DTE Electric Co.
3.250%, 04/01/51		809,000		585,149
4.050%, 05/15/48		1,373,000		1,140,395
5.400%, 04/01/53		803,000		828,739
Duke Energy Carolinas LLC
3.200%, 08/15/49		1,649,000		1,186,052
3.450%, 04/15/51		1,859,000		1,358,404
3.950%, 03/15/48		471,000		383,780
Electric—(Continued)
Duke Energy Carolinas LLC
4.950%, 01/15/33		279,000		276,933
5.400%, 01/15/54		624,000		635,757
Duke Energy Florida LLC
2.500%, 12/01/29		1,892,000		1,633,456
3.000%, 12/15/51		411,000		281,559
5.950%, 11/15/52		1,926,000		2,097,900
Duke Energy Ohio, Inc. 4.300%, 02/01/49		338,000		282,579
Duke Energy Progress LLC
2.500%, 08/15/50		1,216,000		754,623
3.450%, 03/15/29		1,816,000		1,664,990
4.000%, 04/01/52		750,000		607,193
5.350%, 03/15/53		799,000		804,081
Edison International
5.250%, 11/15/28		2,633,000		2,562,145
6.950%, 11/15/29		1,953,000		2,054,315
Entergy Louisiana LLC 4.200%, 09/01/48		1,310,000		1,095,648
Entergy Mississippi LLC 3.850%, 06/01/49		1,212,000		939,566
Evergy Kansas Central, Inc. 5.700%, 03/15/53		730,000		751,670
Eversource Energy 5.450%, 03/01/28		1,925,000		1,937,909
Exelon Corp.
4.700%, 04/15/50		375,000		331,406
5.100%, 06/15/45		864,000		800,289
5.600%, 03/15/53		839,000		845,314
FirstEnergy Corp.
2.050%, 03/01/25		272,000		254,543
2.250%, 09/01/30		849,000		687,690
3.400%, 03/01/50		850,000		585,786
4.150%, 07/15/27		1,223,000		1,161,644
FirstEnergy Transmission LLC 4.550%, 04/01/49 (144A)		2,200,000		1,835,297
Florida Power & Light Co.
2.875%, 12/04/51		1,027,000		709,887
3.150%, 10/01/49		798,000		581,741
Generacion Mediterranea S.A. / Central Termica Roca S.A. 9.875%, 12/01/27 (144A)		406,324		317,413
MidAmerican Energy Co.
2.700%, 08/01/52		590,000		372,782
3.650%, 08/01/48		494,000		380,325
4.250%, 07/15/49		687,000		584,176
Northern States Power Co.
3.200%, 04/01/52		1,721,000		1,232,482
4.000%, 08/15/45		471,000		382,931
4.500%, 06/01/52		500,000		450,129
NRG Energy, Inc. 2.450%, 12/02/27 (144A)		331,000		278,936
Ohio Power Co.
2.600%, 04/01/30		800,000		683,435
2.900%, 10/01/51		619,000		410,815
4.000%, 06/01/49		1,168,000		945,541
5.000%, 06/01/33		2,231,000		2,188,701

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Ohio Power Co.
6.600%, 02/15/33		256,000	$	276,672
Oncor Electric Delivery Co. LLC
3.100%, 09/15/49		928,000		655,318
4.600%, 06/01/52		448,000		409,181
Pacific Gas and Electric Co.
3.500%, 08/01/50		601,000		382,299
3.950%, 12/01/47		910,000		619,731
4.000%, 12/01/46		401,000		268,761
4.950%, 07/01/50		356,000		279,606
6.700%, 04/01/53		320,000		314,155
PECO Energy Co.
2.800%, 06/15/50		541,000		356,630
2.850%, 09/15/51		429,000		282,653
3.050%, 03/15/51		1,079,000		745,338
Public Service Co. of New Hampshire 5.150%, 01/15/53		820,000		821,779
Public Service Electric & Gas Co.
2.050%, 08/01/50		1,054,000		620,279
2.450%, 01/15/30		1,613,000		1,390,018
3.150%, 01/01/50		602,000		437,711
3.850%, 05/01/49		338,000		277,092
San Diego Gas & Electric Co.
2.950%, 08/15/51		411,000		278,089
3.320%, 04/15/50		1,096,000		784,259
3.700%, 03/15/52		599,000		463,719
4.100%, 06/15/49		435,000		356,036
Southern California Edison Co.
2.250%, 06/01/30		2,503,000		2,092,161
2.500%, 06/01/31		1,051,000		873,279
4.200%, 03/01/29		446,000		423,870
5.950%, 11/01/32		2,784,000		2,914,009
Southwestern Electric Power Co. 5.300%, 04/01/33		728,000		718,534
Southwestern Public Service Co.
3.150%, 05/01/50		1,749,000		1,217,188
3.700%, 08/15/47		851,000		652,185
3.750%, 06/15/49		1,152,000		882,826
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A)		2,293,000		2,204,429
Union Electric Co. 5.450%, 03/15/53		440,000		448,355
				86,778,331
Energy-Alternate Sources—0.0%
SCC Power plc
4.000%, 05/17/32 (144A) (h)		671,588		66,152
8.000%, 12/31/28 (144A) (h)		1,239,854		421,550
				487,702
Entertainment—0.2%
Affinity Interactive 6.875%, 12/15/27 (144A)		194,000		170,719
Caesars Entertainment, Inc. 8.125%, 07/01/27 (144A) (g)		433,000		443,162
Entertainment—(Continued)
CDI Escrow Issuer, Inc. 5.750%, 04/01/30 (144A)		155,000		144,277
HR Ottawa L.P. 11.000%, 03/31/31 (144A)		3,772,000		3,630,550
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. 4.875%, 05/01/29 (144A)		310,000		273,745
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 5.125%, 10/01/29 (144A)		316,000		283,197
				4,945,650
Environmental Control—0.0%
Clean Harbors, Inc. 4.875%, 07/15/27 (144A)		72,000		68,942
Covanta Holding Corp. 4.875%, 12/01/29 (144A)		135,000		116,775
Republic Services, Inc. 5.000%, 04/01/34		554,000		552,755
Waste Management, Inc. 2.950%, 06/01/41		371,000		274,848
				1,013,320
Food—0.0%
Pilgrim’s Pride Corp. 6.250%, 07/01/33		436,000		422,306
Gas—0.1%
AmeriGas Partners L.P./ AmeriGas Finance Corp. 9.375%, 06/01/28 (144A)		426,000		432,654
Atmos Energy Corp. 4.125%, 03/15/49		368,000		309,355
CenterPoint Energy Resources Corp. 5.250%, 03/01/28		942,000		941,618
NiSource, Inc.
5.250%, 03/30/28		1,105,000		1,104,126
5.400%, 06/30/33		851,000		851,569
Piedmont Natural Gas Co., Inc. 2.500%, 03/15/31		466,000		380,474
Promigas S.A. ESP / Gases del Pacifico SAC 3.750%, 10/16/29 (144A)		207,000		175,545
				4,195,341
Healthcare-Products—0.1%
Medline Borrower L.P. 3.875%, 04/01/29 (144A)		876,000		761,299
Thermo Fisher Scientific, Inc.
2.000%, 10/15/31		346,000		282,280
4.950%, 11/21/32		634,000		645,429
				1,689,008
Healthcare-Services—0.6%
Elevance Health, Inc.
3.600%, 03/15/51		885,000		676,718
4.375%, 12/01/47		319,000		278,040

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Elevance Health, Inc.
4.850%, 08/15/54		521,000	$	453,472
Fortrea Holdings, Inc. 7.500%, 07/01/30 (144A)		43,000		44,031
HCA, Inc.
3.375%, 03/15/29 (144A)		610,000		542,383
3.500%, 09/01/30 (g)		2,260,000		1,981,002
5.250%, 04/15/25		416,000		410,658
5.375%, 02/01/25		249,000		246,817
5.875%, 02/15/26		763,000		763,483
5.875%, 02/01/29		4,417,000		4,445,669
Select Medical Corp. 6.250%, 08/15/26 (144A)		1,082,000		1,063,416
Tenet Healthcare Corp.
4.250%, 06/01/29		437,000		394,798
4.375%, 01/15/30		401,000		361,861
UnitedHealth Group, Inc.
2.900%, 05/15/50		1,975,000		1,376,546
3.750%, 10/15/47		570,000		469,125
3.875%, 08/15/59		338,000		274,739
4.250%, 04/15/47		549,000		483,906
4.750%, 05/15/52		502,000		476,223
4.950%, 05/15/62		586,000		563,362
6.050%, 02/15/63		319,000		360,717
				15,666,966
Home Builders—0.2%
Ashton Woods USA LLC / Ashton Woods Finance Co.
4.625%, 08/01/29 (144A)		103,000		87,780
4.625%, 04/01/30 (144A)		254,000		216,815
6.625%, 01/15/28 (144A)		727,000		694,881
Beazer Homes USA, Inc. 7.250%, 10/15/29		1,030,000		1,000,867
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 5.000%, 06/15/29 (144A)		135,000		108,098
Forestar Group, Inc.
3.850%, 05/15/26 (144A)		141,000		129,559
5.000%, 03/01/28 (144A)		383,000		351,331
Homes By West Bay LLC 9.500%, 04/30/27 (i) (j)		1,259,000		1,164,575
M/I Homes, Inc. 4.950%, 02/01/28		598,000		557,456
Mattamy Group Corp.
4.625%, 03/01/30 (144A)		337,000		291,335
5.250%, 12/15/27 (144A)		328,000		305,662
New Home Co., Inc. (The) 7.250%, 10/15/25 (144A) (g)		110,000		101,750
Tri Pointe Homes, Inc. 5.700%, 06/15/28		35,000		33,810
Weekley Homes LLC / Weekley Finance Corp. 4.875%, 09/15/28 (144A)		175,000		157,504
				5,201,423
Insurance—0.2%
Ambac Assurance Corp. 5.100%, (144A) (k)		162,922		237,051
Aon Corp.
2.800%, 05/15/30		603,000		521,907
4.500%, 12/15/28		612,000		588,840
Aon Corp. / Aon Global Holdings plc
2.600%, 12/02/31		699,000		575,642
5.350%, 02/28/33		2,552,000		2,570,592
Hartford Financial Services Group, Inc. (The) 4.400%, 03/15/48		337,000		279,947
Marsh & McLennan Cos., Inc.
2.900%, 12/15/51		506,000		337,090
5.450%, 03/15/53		665,000		676,806
				5,787,875
Internet—0.2%
EquipmentShare.com, Inc. 9.000%, 05/15/28 (144A)		1,150,000		1,116,331
Meta Platforms, Inc.
4.450%, 08/15/52		1,146,000		996,489
4.650%, 08/15/62		582,000		510,993
5.750%, 05/15/63		1,835,000		1,899,080
Rakuten Group, Inc. 10.250%, 11/30/24 (144A)		200,000		196,998
				4,719,891
Investment Companies—0.0%
Gaci First Investment Co.
4.750%, 02/14/30		267,000		261,810
5.000%, 10/13/27		282,000		280,390
MDGH GMTN RSC, Ltd. 4.375%, 11/22/33 (144A)		200,000		192,490
				734,690
Iron/Steel—0.0%
Cleveland-Cliffs, Inc. 6.750%, 04/15/30 (144A)		829,000		798,702
Lodging—0.1%
Full House Resorts, Inc. 8.250%, 02/15/28 (144A) (g)		129,000		120,741
Grupo Posadas S.A.B. de. C.V. 5.000%, 12/30/27		205,810		176,276
Sonder Holdings, Inc. 14.504%, SOFR + 9.000%, 01/19/27 (a) (i) (j)		1,652,975		1,446,353
				1,743,370
Machinery-Diversified—0.1%
CNH Industrial Capital LLC 4.200%, 01/15/24		1,890,000		1,871,199
TK Elevator U.S. Newco, Inc. 5.250%, 07/15/27 (144A)		471,000		435,144
				2,306,343

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
3.700%, 04/01/51		1,036,000	$	654,627
3.900%, 06/01/52		2,638,000		1,726,214
3.950%, 06/30/62		1,858,000		1,143,105
5.125%, 07/01/49		905,000		711,985
5.375%, 05/01/47		699,000		577,762
6.834%, 10/23/55		994,000		937,071
Comcast Corp.
2.650%, 02/01/30		1,001,000		875,586
2.800%, 01/15/51		752,000		497,781
2.937%, 11/01/56		1,740,000		1,133,128
3.250%, 11/01/39		712,000		564,776
COX Communications, Inc.
2.950%, 10/01/50 (144A)		450,000		282,839
3.150%, 08/15/24 (144A)		904,000		873,419
CSC Holdings LLC 5.250%, 06/01/24		468,000		435,260
DISH DBS Corp. 5.875%, 11/15/24		307,000		268,507
FactSet Research Systems, Inc. 3.450%, 03/01/32 (g)		2,003,000		1,703,815
Nexstar Media, Inc. 4.750%, 11/01/28 (144A)		220,000		190,853
TEGNA, Inc. 5.000%, 09/15/29		182,000		157,019
				12,733,747
Mining—0.3%
Anglo American Capital plc
2.250%, 03/17/28 (144A)		343,000		294,760
2.875%, 03/17/31 (144A)		867,000		715,846
4.000%, 09/11/27 (144A)		689,000		647,658
4.500%, 03/15/28 (144A)		1,264,000		1,204,623
5.500%, 05/02/33 (144A)		1,657,000		1,618,878
5.625%, 04/01/30 (144A)		1,207,000		1,201,480
Glencore Funding LLC 5.700%, 05/08/33 (144A)		2,134,000		2,117,302
Newmont Corp. 2.250%, 10/01/30		1,069,000		875,823
Vedanta Resources Finance II plc 8.950%, 03/11/25 (144A)		412,000		311,060
				8,987,430
Miscellaneous Manufacturing—0.1%
Textron, Inc.
2.450%, 03/15/31		698,000		575,636
3.900%, 09/17/29		1,538,000		1,409,679
				1,985,315
Oil & Gas—1.4%
BP Capital Markets America, Inc. 4.812%, 02/13/33		3,665,000		3,611,735
Oil & Gas—(Continued)
Calumet Specialty Products Partners L.P./ Calumet Finance Corp. 9.750%, 07/15/28 (144A)		522,000		513,517
Cenovus Energy, Inc.
5.250%, 06/15/37		927,000		853,216
6.750%, 11/15/39 (g)		940,000		985,412
6.800%, 09/15/37		329,000		341,984
Civitas Resources, Inc. 8.375%, 07/01/28 (144A)		833,000		842,413
Devon Energy Corp.
4.500%, 01/15/30		1,622,000		1,526,826
8.250%, 08/01/23		334,000		334,174
Diamondback Energy, Inc.
3.125%, 03/24/31		2,276,000		1,949,571
3.250%, 12/01/26		6,208,000		5,832,714
3.500%, 12/01/29		8,361,000		7,525,916
Earthstone Energy Holdings LLC
8.000%, 04/15/27 (144A)		358,000		345,760
9.875%, 07/15/31 (144A)		320,000		316,304
Ecopetrol S.A.
5.875%, 09/18/23		71,000		70,804
6.875%, 04/29/30		447,000		407,781
8.625%, 01/19/29		546,000		547,256
8.875%, 01/13/33		374,000		370,344
Energean Israel Finance, Ltd. 8.500%, 09/30/33 (144A)		40,000		39,900
EQT Corp.
3.125%, 05/15/26 (144A)		1,991,000		1,830,545	��
3.625%, 05/15/31 (144A)		1,167,000		1,003,728
3.900%, 10/01/27		495,000		457,637
5.700%, 04/01/28		352,000		347,413
Hess Corp. 5.600%, 02/15/41		290,000		277,465
Leviathan Bond, Ltd. 6.750%, 06/30/30 (144A)		12,000		11,166
MC Brazil Downstream Trading S.a.r.l. 7.250%, 06/30/31 (144A)		222,238		150,103
Northern Oil and Gas, Inc. 8.750%, 06/15/31 (144A)		226,000		222,045
Occidental Petroleum Corp.
6.450%, 09/15/36 (g)		547,000		561,386
7.875%, 09/15/31		953,000		1,062,407
Permian Resources Operating LLC 5.875%, 07/01/29 (144A)		134,000		126,229
Petroleos Mexicanos
4.875%, 01/18/24		181,000		177,879
5.500%, 06/27/44		98,000		56,451
6.350%, 02/12/48		247,000		149,391
6.700%, 02/16/32		149,000		113,293
6.750%, 09/21/47		134,000		84,142
6.875%, 08/04/26		957,000		893,840
7.190%, 09/12/24 (MXN)		4,225,600		226,541
8.750%, 06/02/29		350,000		316,730
Pioneer Midco LLC 10.500%, 11.625% PIK, 11/18/30 (144A) † (h)		1,026,000		1,005,480

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Puma International Financing S.A. 5.125%, 10/06/24 (144A)		258,000	$	253,485
Shelf Drilling Holdings Ltd. 8.875%, 11/15/24 (144A)		72,000		71,870
Shelf Drilling North Sea Holdings, Ltd. 10.250%, 10/31/25 (144A)		730,000		730,000
Sitio Royalties Corp. 10.053%, SOFR + 6.750%, 09/21/26 (a) (i) (j)		1,888,850		1,872,417
Sunoco L.P. / Sunoco Finance Corp. 4.500%, 04/30/30		314,000		274,514
Tap Rock Resouces LLC 7.000%, 10/01/26 (144A)		142,000		146,260
Transocean Titan Financing, Ltd. 8.375%, 02/01/28 (144A)		110,000		112,337
Transocean, Inc. 8.750%, 02/15/30 (144A)		116,000		117,740
Vantage Drilling International 9.500%, 02/15/28 (144A)		343,000		336,781
Viper Energy Partners L.P. 5.375%, 11/01/27 (144A)		575,000		551,838
YPF S.A.
6.950%, 07/21/27		77,000		63,190
7.000%, 09/30/33		141,397		105,396
7.000%, 12/15/47 (144A)		111,000		75,480
8.500%, 06/27/29		28,000		23,836
				40,224,642
Oil & Gas Services—0.0%
Nine Energy Service, Inc. 13.000%, 02/01/28		149,000		130,856
Packaging & Containers—0.1%
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance plc 3.250%, 09/01/28 (144A) (g)		376,000		322,972
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. 5.250%, 04/30/25 (144A)		376,000		367,764
Mauser Packaging Solutions Holding Co. 7.875%, 08/15/26 (144A)		736,000		731,222
Trivium Packaging Finance B.V. 5.500%, 08/15/26 (144A)		317,000		304,369
				1,726,327
Pharmaceuticals—0.4%
AbbVie, Inc.
4.250%, 11/21/49		444,000		383,229
4.450%, 05/14/46		320,000		281,758
4.500%, 05/14/35		2,319,000		2,203,272
4.550%, 03/15/35		1,452,000		1,382,701
CVS Health Corp. 3.750%, 04/01/30		749,000		687,041
Pfizer Investment Enterprises Pte, Ltd.
5.300%, 05/19/53		880,000		914,920
5.340%, 05/19/63		4,107,000		4,156,071
				10,008,992
Pipelines—2.8%
Buckeye Partners L.P.
4.125%, 03/01/25 (144A)		130,000		123,500
4.350%, 10/15/24		500,000		488,200
Cameron LNG LLC
3.302%, 01/15/35 (144A)		2,974,000		2,479,139
3.402%, 01/15/38 (144A)		1,949,000		1,620,887
Cheniere Corpus Christi Holdings LLC
3.700%, 11/15/29		1,406,000		1,273,012
5.125%, 06/30/27 (g)		5,661,000		5,565,105
5.875%, 03/31/25		2,770,000		2,756,704
Cheniere Energy Partners L.P.
3.250%, 01/31/32		4,579,000		3,766,914
4.000%, 03/01/31		4,307,000		3,792,268
4.500%, 10/01/29 (g)		5,194,000		4,766,827
5.950%, 06/30/33 (144A)		1,136,000		1,139,306
EIG Pearl Holdings S.a.r.l. 4.387%, 11/30/46 (144A)		542,000		424,169
El Paso Natural Gas Co. LLC 8.375%, 06/15/32		174,000		199,185
Enbridge, Inc. 5.700%, 03/08/33		1,832,000		1,857,156
Energy Transfer L.P.
4.250%, 04/01/24		679,000		668,572
4.950%, 01/15/43		375,000		310,942
5.000%, 05/15/50		5,571,000		4,705,060
5.150%, 02/01/43		492,000		417,990
5.400%, 10/01/47		1,461,000		1,287,685
5.750%, 02/15/33		1,868,000		1,880,228
6.100%, 02/15/42		353,000		333,674
6.500%, 02/01/42		593,000		600,552
Enterprise Products Operating LLC
3.200%, 02/15/52		606,000		425,630
3.300%, 02/15/53		1,211,000		864,119
5.100%, 02/15/45		680,000		649,189
Kinder Morgan Energy Partners L.P.
4.700%, 11/01/42		1,327,000		1,102,710
5.000%, 08/15/42		317,000		268,804
5.000%, 03/01/43		521,000		448,279
5.400%, 09/01/44		454,000		402,502
NGPL PipeCo LLC
3.250%, 07/15/31 (144A)		3,275,000		2,697,167
4.875%, 08/15/27 (144A)		1,672,000		1,584,401
Northwest Pipeline LLC 4.000%, 04/01/27		2,385,000		2,266,265
Sabine Pass Liquefaction LLC
5.000%, 03/15/27		448,000		440,961
5.625%, 03/01/25		6,258,000		6,233,331
5.750%, 05/15/24		1,334,000		1,331,705
5.875%, 06/30/26		5,508,000		5,553,089
Targa Resources Corp. 6.500%, 02/15/53		453,000		462,617
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.
4.875%, 02/01/31		2,405,000		2,222,557
5.000%, 01/15/28		3,015,000		2,877,328
5.500%, 03/01/30		2,248,000		2,163,408

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Texas Eastern Transmission L.P. 3.500%, 01/15/28 (144A)		2,123,000	$	1,963,298
Transcontinental Gas Pipe Line Co. LLC
4.000%, 03/15/28		1,183,000		1,113,443
4.600%, 03/15/48		1,263,000		1,073,533
7.850%, 02/01/26		1,530,000		1,601,951
Venture Global LNG, Inc. 8.125%, 06/01/28 (144A)		1,398,000		1,419,857
Williams Cos., Inc. (The) 3.500%, 10/15/51		598,000		412,424
				80,035,643
Real Estate—0.1%
Five Point Operating Co. L.P. / Five Point Capital Corp. 7.875%, 11/15/25 (144A) (g)		470,000		424,335
Freed Hotels & Resorts 10.000%, 12/02/23 (144A) † (i) (j)		1,124,256		1,066,694
Howard Hughes Corp. (The) 5.375%, 08/01/28 (144A)		416,000		370,271
Lessen, Inc. 13.104%, SOFR + 8.500%, 01/05/28 † (a) (i) (j)		1,727,283		1,606,373
				3,467,673
Real Estate Investment Trusts—2.0%
American Tower Corp.
1.875%, 10/15/30		1,022,000		806,400
2.100%, 06/15/30		1,106,000		893,122
2.300%, 09/15/31		1,863,000		1,482,044
2.700%, 04/15/31		1,804,000		1,495,927
2.900%, 01/15/30		1,823,000		1,572,339
3.800%, 08/15/29		2,180,000		1,988,780
5.550%, 07/15/33		2,809,000		2,828,266
5.650%, 03/15/33		1,783,000		1,807,991
Crown Castle, Inc.
2.100%, 04/01/31		4,632,000		3,704,729
2.250%, 01/15/31		1,311,000		1,068,518
2.500%, 07/15/31		1,204,000		989,104
3.100%, 11/15/29		1,778,000		1,548,091
3.300%, 07/01/30		1,337,000		1,180,940
4.300%, 02/15/29		2,330,000		2,190,660
5.100%, 05/01/33		3,168,000		3,113,144
Digital Dutch Finco B.V. 1.500%, 03/15/30 (EUR)		1,550,000		1,324,900
Equinix, Inc.
2.150%, 07/15/30		4,254,000		3,437,873
3.200%, 11/18/29		889,000		780,474
Extra Space Storage L.P. 5.500%, 07/01/30		610,000		604,952
GLP Capital L.P. / GLP Financing II, Inc.
3.250%, 01/15/32		2,513,000		2,029,030
4.000%, 01/15/30		2,544,000		2,204,777
4.000%, 01/15/31		1,352,000		1,168,886
5.300%, 01/15/29		2,070,000		1,970,958
5.750%, 06/01/28		2,756,000		2,696,375
Real Estate Investment Trusts—(Continued)
NNN REIT, Inc.
3.100%, 04/15/50		473,000		292,145
3.500%, 04/15/51		858,000		576,879
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875%, 05/15/29 (144A)		454,000		391,257
Prologis L.P. 5.125%, 01/15/34		1,699,000		1,686,871
Realty Income Corp. 3.250%, 01/15/31		567,000		495,581
Service Properties Trust
4.500%, 03/15/25		237,000		223,880
5.500%, 12/15/27		71,000		62,424
7.500%, 09/15/25		680,000		667,758
VICI Properties L.P.
4.750%, 02/15/28		2,147,000		2,032,852
4.950%, 02/15/30		4,039,000		3,788,905
5.125%, 05/15/32 (g)		482,000		450,980
5.625%, 05/15/52		176,000		156,781
VICI Properties L.P. / VICI Note Co., Inc.
3.750%, 02/15/27 (144A)		1,221,000		1,120,067
4.125%, 08/15/30 (144A)		256,000		225,390
4.250%, 12/01/26 (144A)		428,000		400,386
5.750%, 02/01/27 (144A)		90,000		88,085
WP Carey, Inc. 2.400%, 02/01/31		612,000		491,946
XHR L.P. 4.875%, 06/01/29 (144A)		70,000		60,025
				56,100,492
Retail—0.1%
Lowe’s Cos., Inc.
2.800%, 09/15/41		1,652,000		1,168,373
4.500%, 04/15/30		2,748,000		2,671,421
				3,839,794
Semiconductors—0.5%
Broadcom, Inc.
3.187%, 11/15/36 (144A)		1,166,000		881,208
3.469%, 04/15/34 (144A)		6,064,000		4,974,352
Intel Corp.
4.750%, 03/25/50		1,278,000		1,155,132
4.875%, 02/10/28		1,508,000		1,502,301
KLA Corp.
3.300%, 03/01/50		1,090,000		817,436
5.000%, 03/15/49		318,000		308,662
NXP B.V. / NXP Funding LLC / NXP USA, Inc.
3.400%, 05/01/30		822,000		727,279
4.300%, 06/18/29		2,704,000		2,548,313
4.400%, 06/01/27		360,000		348,009
QUALCOMM, Inc.
4.250%, 05/20/32		366,000		356,404
4.500%, 05/20/52		807,000		734,115
				14,353,211

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Shipbuilding—0.1%
Huntington Ingalls Industries, Inc.
2.043%, 08/16/28		1,711,000	$	1,436,639
3.483%, 12/01/27		1,562,000		1,431,713
4.200%, 05/01/30		627,000		580,957
				3,449,309
Software—0.5%
MSCI, Inc.
3.250%, 08/15/33 (144A)		976,000		786,030
3.625%, 11/01/31 (144A)		846,000		722,208
4.000%, 11/15/29 (144A)		1,169,000		1,057,969
Oracle Corp.
3.600%, 04/01/40		5,057,000		3,912,130
3.600%, 04/01/50		1,134,000		810,310
3.950%, 03/25/51		1,804,000		1,364,044
4.000%, 07/15/46		2,933,000		2,254,337
4.125%, 05/15/45		842,000		659,819
4.500%, 07/08/44		834,000		696,988
Playtika Holding Corp. 4.250%, 03/15/29 (144A)		82,000		72,775
VMware, Inc.
1.800%, 08/15/28		1,133,000		949,622
2.200%, 08/15/31		1,742,000		1,368,864
				14,655,096
Telecommunications—1.6%
AT&T, Inc.
3.500%, 06/01/41		899,000		690,148
3.500%, 09/15/53		699,000		494,833
3.550%, 09/15/55		676,000		473,244
3.650%, 09/15/59		2,492,000		1,734,978
3.800%, 12/01/57		1,906,000		1,379,939
4.350%, 06/15/45		1,362,000		1,141,386
4.500%, 05/15/35		2,960,000		2,721,135
4.650%, 06/01/44		340,000		296,208
5.400%, 02/15/34		2,590,000		2,594,449
Axtel S.A.B. de CV 6.375%, 11/14/24 (144A)		451,000		458,070
Digicel Group Holdings, Ltd. 8.000%, 04/01/25 (144A)		295,601		127,108
Digicel International Finance, Ltd. / Digicel Holdings Bermuda, Ltd.
8.000%, 12/31/26 (144A)		48,530		8,250
8.750%, 05/25/24 (144A)		121,567		111,363
13.000%, 12/31/25 (144A) (h)		73,953		53,246
Kenbourne Invest S.A.
4.700%, 01/22/28 (144A)		210,000		140,887
6.875%, 11/26/24 (144A)		310,000		269,697
Motorola Solutions, Inc.
2.750%, 05/24/31		2,494,000		2,043,234
5.500%, 09/01/44		976,000		926,445
5.600%, 06/01/32		2,239,000		2,218,590
Sprint LLC
7.125%, 06/15/24		7,515,000		7,582,207
7.625%, 02/15/25		2,216,000		2,263,569
Telecommunications—(Continued)
Sprint LLC
7.875%, 09/15/23		803,000		804,939
T-Mobile USA, Inc. 3.875%, 04/15/30		3,214,000		2,960,957
Verizon Communications, Inc.
1.500%, 09/18/30 (g)		1,251,000		988,666
1.750%, 01/20/31		1,240,000		978,278
2.355%, 03/15/32		6,129,000		4,929,459
2.650%, 11/20/40		965,000		671,250
2.987%, 10/30/56		959,000		609,119
3.150%, 03/22/30 (g)		1,601,000		1,422,630
4.400%, 11/01/34		572,000		527,941
4.500%, 08/10/33 (g)		2,734,000		2,579,948
5.050%, 05/09/33 (g)		999,000		987,883
				45,190,056
Transportation—0.5%
Burlington Northern Santa Fe LLC
2.875%, 06/15/52		1,318,000		901,030
3.050%, 02/15/51		458,000		324,447
3.300%, 09/15/51		1,338,000		998,501
CSX Corp.
2.500%, 05/15/51		810,000		514,277
4.300%, 03/01/48		705,000		613,425
4.500%, 03/15/49		400,000		357,400
Norfolk Southern Corp.
2.900%, 08/25/51		480,000		317,674
3.050%, 05/15/50		2,513,000		1,737,429
3.155%, 05/15/55		900,000		615,244
4.050%, 08/15/52		451,000		371,005
Ryder System, Inc.
5.250%, 06/01/28		1,860,000		1,836,490
5.650%, 03/01/28		1,532,000		1,532,640
Union Pacific Corp.
2.973%, 09/16/62		2,519,000		1,640,163
3.750%, 02/05/70		778,000		588,442
3.799%, 04/06/71		406,000		309,699
3.950%, 08/15/59		337,000		272,549
Union Pacific Railroad Co. Pass-Through Trust 3.227%, 05/14/26		575,106		540,435
				13,470,850
Trucking & Leasing — 0.1%
Penske Truck Leasing Co. L.P. / PTL Finance Corp.
5.700%, 02/01/28 (144A)		1,544,000		1,523,646
5.875%, 11/15/27 (144A)		1,495,000		1,482,125
				3,005,771
Total Corporate Bonds & Notes (Cost $699,934,085)				673,013,889

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Asset-Backed Securities—9.7%

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—0.5%
ACE Securities Corp. Home Equity Loan Trust Zero Coupon, 08/15/30		614,343	$	557,663
5.410%, 1M LIBOR + 0.260%, 05/25/37 (a)		1,011,765		170,918
Bayview Financial Revolving Asset Trust
6.178%, 1M LIBOR + 1.000%, 05/28/39 (144A) (a)		3,588,514		2,966,578
6.178%, 1M LIBOR + 1.000%, 12/28/40 (144A) (a)		155,007		155,644
Bear Stearns Asset-Backed Securities Trust
5.500%, 1M LIBOR + 0.350%, 04/25/37 (a)		2,511,108		2,497,158
6.875%, 1M LIBOR + 1.725%, 08/25/34 (a)		11,667		11,482
Citigroup Mortgage Loan Trust, Inc.
5.350%, 1M LIBOR + 0.200%, 05/25/37 (a)		1,690,412		1,103,015
5.420%, 1M LIBOR + 0.270%, 05/25/37 (a)		767,859		501,585
Countrywide Home Equity Loan Trust 6.155%, 06/25/35		39,097		46,806
Credit Suisse Mortgage Capital Certificates 2.465%, 09/27/66 (144A) (a)		3,492,837		3,357,662
Home Equity Mortgage Loan Asset-Backed Trust 3.651%, 1M LIBOR + 2.025%, 07/25/34 (a)		124,056		118,725
Home Equity Mortgage Trust 5.867%, 07/25/36 (l)		469,806		53,478
Irwin Home Equity Loan Trust 6.530%, 09/25/37 (144A) (l)		49,087		45,538
MASTR Asset-Backed Securities Trust
5.430%, 1M LIBOR + 0.280%, 05/25/37 (a)		621,846		481,302
5.670%, 1M LIBOR + 0.520%, 06/25/36 (144A) (a)		338,192		295,819
Option One Mortgage Loan Trust
5.360%, 1M LIBOR + 0.210%, 03/25/37 (a)		930,000		732,950
5.820%, 03/25/37 (l)		811,948		706,943
5.866%, 01/25/37 (l)		2,387,463		1,961,376
Yale Mortgage Loan Trust 5.550%, 1M LIBOR + 0.400%, 06/25/37 (144A) (a)		740,870		240,514
				16,005,156
Asset-Backed - Manufactured Housing—0.3%
Bank of America Manufactured Housing Contract Trust
7.070%, 02/10/22 (a)		470,000		122,270
7.328%, 12/10/25 (a)		4,000,000		760,069
BCMSC Trust
7.575%, 06/15/30 (a)		1,270,292		156,814
7.830%, 06/15/30 (a)		1,178,847		150,424
8.290%, 06/15/30 (a)		850,435		114,894
Cascade MH Asset Trust 4.000%, 11/25/44 (144A) (a)		1,719,820		1,616,227
Conseco Finance Corp.
6.830%, 04/01/30 (a)		94,149		84,145
6.980%, 09/01/30 (a)		848,718		764,093
7.500%, 03/01/30 (a)		363,076		138,950
7.860%, 03/01/30 (a)		339,032		134,966
Conseco Finance Securitizations Corp.
7.960%, 05/01/31		878,979		257,674
8.060%, 09/01/29 (a)		586,391		119,604
8.200%, 05/01/31		1,606,134		484,983
Credit Suisse First Boston Mortgage Securities Corp. 8.100%, 09/25/31 (a)		302,254		298,398
Asset-Backed - Manufactured Housing—(Continued)
Credit-Based Asset Servicing & Securitization LLC 6.750%, 10/25/36 (144A) (l)		179,818		169,689
Greenpoint Manufactured Housing
8.290%, 12/15/29 (a)		136,960		135,876
9.230%, 12/15/29 (a)		360,324		313,930
Lehman ABS Manufactured Housing Contract Trust 6.630%, 04/15/40 (a)		813,308		795,562
Oakwood Mortgage Investors, Inc.
6.930%, 09/15/31 (a)		166,138		89,896
7.620%, 06/15/32 (a)		830,563		796,515
Origen Manufactured Housing Contract Trust
6.393%, 1M LIBOR + 1.200%, 10/15/37 (144A) (a)		204,956		203,687
7.820%, 03/15/32 (a)		215,466		195,956
				7,904,622
Asset-Backed - Other—8.1%
510 Loan Acquisition Trust
5.107%, 09/25/60 (144A) (l)		823,961		800,554
522 Funding CLO, Ltd.
7.650%, 3M LIBOR + 2.400%, 04/20/30 (144A) (a)		625,000		603,083
8.900%, 3M LIBOR + 3.650%, 04/20/30 (144A) (a)		360,000		339,684
AGL CLO, Ltd
6.410%, 3M LIBOR + 1.160%, 07/20/34 (144A) (a)		1,310,000		1,286,865
6.411%, 3M LIBOR + 1.150%, 12/02/34 (144A) (a)		1,330,000		1,305,443
AGL Core CLO 15, Ltd. 6.400%, 3M LIBOR + 1.150%, 01/20/35 (144A) (a)		250,000		244,831
AGL Core CLO 4, Ltd. 6.320%, 3M LIBOR + 1.070%, 04/20/33 (144A) (a)		860,000		847,241
AIG CLO, Ltd. 6.370%, 3M LIBOR + 1.120%, 04/20/32 (144A) (a)		250,000		246,932
AIMCO CLO
6.360%, 3M LIBOR + 1.100%, 01/15/32 (144A) (a)		940,000		928,916
6.860%, 3M LIBOR + 1.600%, 10/17/34 (144A) (a)		250,000		244,708
Allegro CLO II-S, Ltd. 6.341%, 3M LIBOR + 1.080%, 10/21/28 (144A) (a)		834,367		827,768
ALM, Ltd. 7.110%, 3M LIBOR + 1.850%, 10/15/29 (144A) (a)		1,220,000		1,207,800
ALME Loan Funding V DAC 8.587%, 3M EURIBOR + 5.410%, 07/15/31 (144A) (EUR) (a)		270,000		276,273
AMMC CLO XIII, Ltd. 6.323%, 3M LIBOR + 1.050%, 07/24/29 (144A) (a)		209,003		208,242
Anchorage Capital CLO 17, Ltd. 6.430%, 3M LIBOR + 1.170%, 07/15/34 (144A) (a)		1,890,000		1,847,226
Anchorage Capital CLO 3-R, Ltd.
6.773%, 3M LIBOR + 1.500%, 01/28/31 (144A) (a)		1,270,000		1,231,439
7.123%, 3M LIBOR + 1.850%, 01/28/31 (144A) (a)		250,000		237,601
Anchorage Capital CLO 5-R, Ltd.
6.710%, 3M LIBOR + 1.450%, 01/15/30 (144A) (a)		2,410,000		2,385,948
7.110%, 3M LIBOR + 1.850%, 01/15/30 (144A) (a)		1,010,000		990,610
Anchorage Capital CLO 6, Ltd. 6.310%, 3M LIBOR + 1.050%, 07/15/30 (144A) (a)		857,746		850,722

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Anchorage Capital CLO 7, Ltd.
6.363%, 3M LIBOR + 1.090%, 01/28/31 (144A) (a)		812,647	$	803,720
7.023%, 3M LIBOR + 1.750%, 01/28/31 (144A) (a)		1,480,000		1,445,907
8.773%, 3M LIBOR + 3.500%, 01/28/31 (144A) (a)		250,000		223,768
Anchorage Capital CLO 8, Ltd. 7.092%, 3M LIBOR + 1.800%, 10/27/34 (144A) (a)		1,050,000		1,029,966
Anchorage Capital CLO, Ltd.
6.492%, 3M LIBOR + 1.250%, 10/13/30 (144A) (a)		809,614		802,567
7.392%, 3M LIBOR + 2.150%, 10/13/30 (144A) (a)		590,000		580,906
Apidos CLO XXII 6.750%, 3M LIBOR + 1.500%, 04/20/31 (144A) (a)		250,000		244,420
Apidos CLO XXVI 7.212%, 3M LIBOR + 1.950%, 07/18/29 (144A) (a)		250,000		243,653
Aqua Finance Trust 2.400%, 07/17/46 (144A)		430,000		350,543
Ares European CLO XII DAC 4.900%, 3M EURIBOR + 1.700%, 04/20/32 (144A) (EUR) (a)		297,000		312,973
Ares LII CLO, Ltd. 6.323%, 3M LIBOR + 1.050%, 04/22/31 (144A) (a)		1,330,000		1,312,121
Ares LIX CLO, Ltd. 6.285%, 3M LIBOR + 1.030%, 04/25/34 (144A) (a)		250,000		244,389
Ares LVI CLO, Ltd. 6.415%, 3M LIBOR + 1.160%, 10/25/34 (144A) (a)		350,000		343,144
ARES XXXVII CLO, Ltd. 6.430%, 3M LIBOR + 1.170%, 10/15/30 (144A) (a)		375,735		373,110
ARM Master Trust LLC 2.430%, 11/15/27 (144A)		370,000		345,515
Armada Euro CLO III DAC 6.477%, 3M EURIBOR + 3.300%, 07/15/31 (144A) (EUR) (a)		250,000		254,934
Assurant CLO, Ltd. 6.290%, 3M LIBOR + 1.040%, 04/20/31 (144A) (a)		500,000		493,133
Avoca CLO XXII DAC
4.477%, 3M EURIBOR + 1.300%, 04/15/35 (EUR) (a)		150,000		152,271
6.077%, 3M EURIBOR + 2.900%, 04/15/35 (144A) (EUR) (a)		250,000		244,292
Babson CLO, Ltd. 6.650%, 3M LIBOR + 1.400%, 01/20/31 (144A) (a)		250,000		243,907
Bain Capital Credit CLO
6.750%, 3M LIBOR + 1.500%, 07/20/30 (144A) (a)		250,000		242,319
6.865%, 3M LIBOR + 1.600%, 07/19/31 (144A) (a)		250,000		243,876
8.373%, 3M LIBOR + 3.100%, 07/24/34 (144A) (a)		250,000		225,964
Ballyrock CLO, Ltd. 11.400%, 3M LIBOR + 6.150%, 10/20/31 (144A) (a)		250,000		235,058
Bankers Healthcare Group Securitization Trust 5.170%, 09/17/31 (144A)		100,000		93,194
Bardot CLO, Ltd. 8.273%, 3M LIBOR + 3.000%, 10/22/32 (144A) (a)		250,000		235,483
Barings CLO, Ltd.
6.320%, 3M LIBOR + 1.070%, 04/20/31 (144A) (a)		250,000		246,476
6.440%, 3M LIBOR + 1.190%, 10/20/30 (144A) (a)		830,549		823,412
Battalion CLO 18, Ltd. 7.010%, 3M LIBOR + 1.750%, 10/15/36 (144A) (a)		298,000		285,671
Battalion CLO VIII, Ltd.
6.332%, 3M LIBOR + 1.070%, 07/18/30 (144A) (a)		1,204,306		1,186,099
Asset-Backed - Other—(Continued)
Battalion CLO VIII, Ltd.
6.812%, 3M LIBOR + 1.550%, 07/18/30 (144A) (a)		642,000		624,680
Battalion CLO XI, Ltd. 6.993%, 3M LIBOR + 1.720%, 04/24/34 (144A) (a)		250,000		241,770
Battalion CLO XX, Ltd. 6.440%, 3M LIBOR + 1.180%, 07/15/34 (144A) (a)		730,000		712,329
Benefit Street Partners CLO III, Ltd. 6.900%, 3M LIBOR + 1.650%, 07/20/29 (144A) (a)		290,000		288,127
Benefit Street Partners CLO V-B, Ltd. 6.340%, 3M LIBOR + 1.090%, 04/20/31 (144A) (a)		1,030,000		1,021,356
Benefit Street Partners CLO VIII, Ltd. 6.350%, 3M LIBOR + 1.100%, 01/20/31 (144A) (a)		1,940,665		1,923,360
Benefit Street Partners CLO XII, Ltd. 7.260%, 3M LIBOR + 2.000%, 10/15/30 (144A) (a)		270,000		259,014
Benefit Street Partners CLO XX, Ltd. 12.010%, 3M LIBOR + 6.750%, 07/15/34 (144A) (a)		250,000		235,953
BHG Securitization Trust 2.240%, 10/17/34 (144A)		130,000		106,384
BlueMountain CLO XXII, Ltd. 6.760%, 3M LIBOR + 1.500%, 07/15/31 (144A) (a)		660,000		647,224
BlueMountain CLO XXVIII, Ltd. 6.520%, 3M LIBOR + 1.260%, 04/15/34 (144A) (a)		100,000		98,717
BlueMountain CLO, Ltd. 6.453%, 3M LIBOR + 1.180%, 10/22/30 (144A) (a)		664,397		659,729
BlueMountain EUR CLO DAC 4.927%, 3M EURIBOR + 1.750%, 10/15/35 (144A) (EUR) (a)		560,000		578,185
Bridge Street CLO II, Ltd. 6.480%, 3M LIBOR + 1.230%, 07/20/34 (144A) (a)		250,000		244,228
Buttermilk Park CLO, Ltd. 6.360%, 3M LIBOR + 1.100%, 10/15/31 (144A) (a)		250,000		247,862
C-BASS Trust 5.470%, 1M LIBOR + 0.320%, 10/25/36 (a)		159,409		105,231
Canyon Capital CLO, Ltd. 6.360%, 3M LIBOR + 1.100%, 04/15/32 (144A) (a)		460,000		454,927
Canyon CLO, Ltd. 6.960%, 3M LIBOR + 1.700%, 01/15/34 (144A) (a)		290,000		283,742
Carlyle Global Market Strategies CLO, Ltd. 6.230%, 3M LIBOR + 0.970%, 04/17/31 (144A) (a)		967,060		957,878
Carlyle U.S. CLO, Ltd.
6.420%, 3M LIBOR + 1.160%, 07/15/34 (144A) (a)		610,000		598,702
6.440%, 3M LIBOR + 1.180%, 01/15/30 (144A) (a)		1,532,493		1,521,348
Carrington Mortgage Loan Trust 5.310%, 1M LIBOR + 0.160%, 10/25/36 (a)		147,632		141,669
CBAM, Ltd. 6.500%, 3M LIBOR + 1.250%, 07/20/30 (144A) (a)		1,864,173		1,851,021
Cedar Funding CLO, Ltd.
6.230%, 3M LIBOR + 0.980%, 04/20/31 (144A) (a)		380,000		376,346
6.300%, 3M LIBOR + 1.050%, 04/20/34 (144A) (a)		3,020,000		2,954,312
6.330%, 3M LIBOR + 1.080%, 04/20/34 (144A) (a)		535,000		521,573
6.600%, 3M LIBOR + 1.350%, 04/20/34 (144A) (a)		510,000		483,263
6.813%, 3M LIBOR + 1.350%, 05/29/32 (144A) (a)		250,000		243,767
Cedar Funding V CLO, Ltd. 6.360%, 3M LIBOR + 1.100%, 07/17/31 (144A) (a)		770,000		760,663
Chase Funding Trust 6.333%, 04/25/32 (l)		35,139		34,815

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
CIFC Funding, Ltd.
6.262%, 3M LIBOR + 1.000%, 04/18/31 (144A) (a)		1,289,000	$	1,277,953
6.271%, 3M LIBOR + 1.010%, 04/23/29 (144A) (a)		935,648		930,798
6.310%, 3M LIBOR + 1.050%, 07/15/33 (144A) (a)		1,100,000		1,087,759
6.380%, 3M LIBOR + 1.130%, 10/20/34 (144A) (a)		1,190,000		1,169,744
6.400%, 3M LIBOR + 1.140%, 07/15/34 (144A) (a)		280,000		275,361
6.410%, 3M LIBOR + 1.150%, 07/15/36 (144A) (a)		250,000		244,626
6.892%, 3M LIBOR + 1.600%, 04/27/31 (144A) (a)		250,000		244,070
7.010%, 3M LIBOR + 1.750%, 07/16/30 (144A) (a)		250,000		246,403
Citigroup Mortgage Loan Trust, Inc. 5.320%, 1M LIBOR + 0.170%, 07/25/45 (a)		582,941		402,672
Clear Creek CLO 6.450%, 3M LIBOR + 1.200%, 10/20/30 (144A) (a)		205,897		203,983
Clontarf Park CLO DAC 6.325%, 3M EURIBOR + 3.050%, 08/05/30 (EUR) (a)		310,000		325,870
Credit-Based Asset Servicing & Securitization LLC 3.044%, 12/25/36 (l)		145,329		116,064
CVC Cordatus Loan Fund IV DAC 4.683%, 3M EURIBOR + 1.300%, 02/22/34 (EUR) (a)		250,000		254,176
CWABS Asset-Backed Certificates Trust
4.470%, 04/25/36 (a)		740,591		634,158
5.410%, 1M LIBOR + 0.260%, 12/25/36 (a)		274,853		244,834
5.470%, 1M LIBOR + 0.160%, 09/25/46 (a)		6,468		6,431
CWHEQ Revolving Home Equity Loan Resecuritization Trust 5.493%, 1M LIBOR + 0.300%, 12/15/33 (144A) (a)		60,077		59,964
CWHEQ Revolving Home Equity Loan Trust
5.343%, 1M LIBOR + 0.150%, 11/15/36 (a)		144,250		140,911
5.373%, 1M LIBOR + 0.180%, 05/15/35 (a)		58,593		57,733
Diameter Capital CLO 1, Ltd. 6.500%, 3M LIBOR + 1.240%, 07/15/36 (144A) (a)		250,000		242,661
Dryden 43 Senior Loan Fund 6.290%, 3M LIBOR + 1.040%, 04/20/34 (144A) (a)		910,000		890,862
Dryden 45 Senior Loan Fund 6.960%, 3M LIBOR + 1.700%, 10/15/30 (144A) (a)		540,000		533,244
Dryden 87 CLO, Ltd. 6.479%, 3M LIBOR + 1.100%, 05/20/34 (144A) (a)		400,000		392,423
Dryden CLO, Ltd.
6.380%, 3M LIBOR + 1.120%, 01/15/31 (144A) (a)		5,880,271		5,829,724
6.499%, 3M LIBOR + 1.120%, 05/20/34 (144A) (a)		610,000		599,122
6.862%, 3M LIBOR + 1.600%, 07/18/30 (144A) (a)		250,000		245,374
Dryden XXVIII Senior Loan Fund 6.521%, 3M LIBOR + 1.200%, 08/15/30 (144A) (a)		2,081,100		2,063,396
Eaton Vance CLO, Ltd. 7.460%, 3M LIBOR + 2.200%, 10/15/30 (144A) (a)		710,000		688,788
Elmwood CLO II, Ltd.
6.400%, 3M LIBOR + 1.150%, 04/20/34 (144A) (a)		750,000		738,569
6.900%, 3M LIBOR + 1.650%, 04/20/34 (144A) (a)		250,000		243,761
12.050%, 3M LIBOR + 6.800%, 04/20/34 (144A) (a)		250,000		234,653
Elmwood CLO X, Ltd.
6.290%, 3M LIBOR + 1.040%, 10/20/34 (144A) (a)		1,220,000		1,203,486
7.200%, 3M LIBOR + 1.950%, 10/20/34 (144A) (a)		250,000		242,294
Elmwood CLO XII, Ltd. 6.400%, 3M LIBOR + 1.150%, 01/20/35 (144A) (a)		250,000		245,628
Euro-Galaxy III CLO DAC 6.461%, 3M EURIBOR + 3.250%, 04/24/34 (144A) (EUR) (a)		290,000		294,051
Asset-Backed - Other—(Continued)
Fairstone Financial Issuance Trust 3.735%, 10/20/39 (144A) (CAD)		323,000		229,293
Fidelity Grand Harbour CLO DAC 6.777%, 3M EURIBOR + 3.600%, 10/15/34 (144A) (EUR) (a)		250,000		251,019
First Franklin Mortgage Loan Trust
5.300%, 1M LIBOR + 0.150%, 12/25/36 (a)		1,545,080		1,397,517
5.430%, 1M LIBOR + 0.280%, 12/25/36 (a)		3,860,603		1,608,419
5.570%, 1M LIBOR + 0.420%, 12/25/36 (a)		7,101,820		2,978,272
Flatiron CLO 18, Ltd. 6.198%, 3M TSFR + 1.212%, 04/17/31 (144A) (a)		270,000		267,720
Flatiron CLO 21, Ltd. 6.375%, 3M LIBOR + 1.110%, 07/19/34 (144A) (a)		2,390,000		2,352,386
Foundation Finance Trust 2.190%, 01/15/42 (144A)		696,655		631,891
Fremont Home Loan Trust 5.430%, 1M LIBOR + 0.280%, 02/25/37 (a)		683,877		522,690
FS Rialto 6.408%, 1M LIBOR + 1.250%, 11/16/36 (144A) (a)		566,000		547,706
Galaxy CLO, Ltd.
6.360%, 3M LIBOR + 1.100%, 07/15/31 (144A) (a)		250,000		247,263
6.460%, 3M LIBOR + 1.200%, 04/16/34 (144A) (a)		660,000		646,760
Generate CLO, Ltd.
6.500%, 3M LIBOR + 1.250%, 10/20/29 (144A) (a)		492,108		488,796
7.000%, 3M LIBOR + 1.750%, 10/20/29 (144A) (a)		850,000		840,246
8.773%, 3M LIBOR + 3.500%, 01/22/35 (144A) (a)		250,000		237,513
Gilbert Park CLO, Ltd. 8.210%, 3M LIBOR + 2.950%, 10/15/30 (144A) (a)		861,000		797,314
GoldenTree Loan Management U.S. CLO 1, Ltd. 6.380%, 3M LIBOR + 1.130%, 10/20/34 (144A) (a)		910,000		893,740
Goldman Home Improvement Trust Issuer Trust 1.970%, 06/25/51 (144A)		403,000		357,198
Gracie Point International Funding
6.570%, 1M LIBOR + 1.400%, 11/01/23 (144A) (a)		120,000		120,000
7.570%, 1M LIBOR + 2.400%, 11/01/23 (144A) (a)		160,000		160,001
Grippen Park CLO, Ltd. 8.550%, 3M LIBOR + 3.300%, 01/20/30 (144A) (a)		250,000		240,182
Gulf Stream Meridian, Ltd.
6.460%, 3M LIBOR + 1.200%, 07/15/34 (144A) (a)		1,860,000		1,826,274
7.060%, 3M LIBOR + 1.800%, 07/15/34 (144A) (a)		250,000		244,715
Henley CLO IV DAC 4.611%, 3M EURIBOR + 1.350%, 04/25/34 (EUR) (a)		100,000		101,429
Highbridge Loan Management, Ltd.
6.390%, 3M LIBOR + 1.140%, 04/20/34 (144A) (a)		1,160,000		1,139,386
6.442%, 3M LIBOR + 1.180%, 07/18/29 (144A) (a)		382,378		380,160
Home Partners of America Trust 3.799%, 12/17/26 (144A)		1,365,580		1,175,210
HPS Loan Management, Ltd. 6.326%, 3M LIBOR + 1.000%, 02/05/31 (144A) (a)		1,295,794		1,286,198
ICG U.S. CLO, Ltd. 6.405%, 3M LIBOR + 1.140%, 10/19/28 (144A) (a)		616,699		611,451
Invesco Euro CLO V DAC 6.977%, 3M EURIBOR + 3.800%, 01/15/34 (EUR) (a)		100,000		98,934
Knollwood CDO, Ltd. 8.411%, 3M LIBOR + 3.200%, 01/10/39 † (144A) (a)		1,118,642		112

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
LCM 26, Ltd. 6.320%, 3M LIBOR + 1.070%, 01/20/31 (144A) (a)		2,431,824	$	2,407,618
LCM 29, Ltd. 6.330%, 3M LIBOR + 1.070%, 04/15/31 (144A) (a)		250,000		245,623
LCM XX L.P. 6.290%, 3M LIBOR + 1.040%, 10/20/27 (144A) (a)		126,801		126,585
Legacy Mortgage Asset Trust 3.375%, 02/25/59 (144A) (a)		881,310		821,365
Lehman ABS Mortgage Loan Trust 5.240%, 1M LIBOR + 0.090%, 06/25/37 (144A) (a)		128,613		81,723
Loanpal Solar Loan, Ltd.
2.290%, 01/20/48 (144A)		846,003		630,668
2.750%, 07/20/47 (144A)		893,883		690,738
Logan CLO, Ltd. 6.410%, 3M LIBOR + 1.160%, 07/20/34 (144A) (a)		730,000		717,790
Long Beach Mortgage Loan Trust
5.450%, 1M LIBOR + 0.300%, 06/25/36 (a)		461,828		217,773
5.470%, 1M LIBOR + 0.320%, 08/25/36 (a)		521,759		211,718
Longfellow Place CLO, Ltd. 7.010%, 3M LIBOR + 1.750%, 04/15/29 (144A) (a)		235,985		235,558
Madison Park Euro Funding DAC 6.377%, 3M EURIBOR + 3.200%, 05/25/34 (144A) (EUR) (a)		250,000		243,894
Madison Park Funding XXVI, Ltd. 6.499%, 3M LIBOR + 1.200%, 07/29/30 (144A) (a)		2,005,263		1,993,944
Madison Park Funding, Ltd.
6.193%, 3M LIBOR + 0.920%, 01/22/28 (144A) (a)		864,089		854,766
6.201%, 3M LIBOR + 0.940%, 10/21/30 (144A) (a)		4,956,754		4,906,458
6.215%, 3M LIBOR + 0.950%, 04/19/30 (144A) (a)		1,060,557		1,052,063
6.330%, 3M LIBOR + 1.070%, 07/15/33 (144A) (a)		350,000		344,925
6.380%, 3M LIBOR + 1.120%, 07/15/34 (144A) (a)		790,000		777,411
6.380%, 3M LIBOR + 1.120%, 07/17/34 (144A) (a)		860,000		843,644
6.905%, 3M LIBOR + 1.650%, 04/25/29 (144A) (a)		250,000		245,963
6.923%, 3M LIBOR + 1.650%, 04/22/27 (144A) (a)		1,119,000		1,093,924
7.292%, 3M LIBOR + 2.000%, 07/27/31 (144A) (a)		250,000		243,682
11.515%, 3M LIBOR + 6.250%, 10/19/34 (144A) (a)		250,000		232,800
Marble Point CLO, Ltd. 6.442%, 3M LIBOR + 1.180%, 12/18/30 (144A) (a)		564,178		558,342
Mariner CLO LLC
6.263%, 3M LIBOR + 0.990%, 07/23/29 (144A) (a)		183,498		181,871
6.773%, 3M LIBOR + 1.500%, 07/23/29 (144A) (a)		522,000		510,768
7.323%, 3M LIBOR + 2.050%, 07/23/29 (144A) (a)		1,015,000		992,087
Mariner Finance Issuance Trust
3.510%, 07/20/32 (144A)		560,000		547,638
4.010%, 07/20/32 (144A)		490,000		474,284
4.680%, 11/20/36 (144A)		400,000		309,067
Merrill Lynch First Franklin Mortgage Loan Trust 5.630%, 1M LIBOR + 0.480%, 05/25/37 (a)		7,649,098		5,710,890
Mill City Solar Loan, Ltd. 3.690%, 07/20/43 (144A)		1,022,086		872,422
Mosaic Solar Loan Trust
2.100%, 04/20/46 (144A)		142,617		122,114
2.880%, 09/20/40 (144A)		116,908		101,857
MP CLO III, Ltd. 6.500%, 3M LIBOR + 1.250%, 10/20/30 (144A) (a)		894,544		884,547
Asset-Backed - Other—(Continued)
Neuberger Berman CLO XVI-S, Ltd. 6.300%, 3M LIBOR + 1.040%, 04/15/34 (144A) (a)		440,000		431,535
Neuberger Berman Loan Advisers CLO 26, Ltd. 6.182%, 3M LIBOR + 0.920%, 10/18/30 (144A) (a)		1,742,821		1,723,235
Neuberger Berman Loan Advisers CLO 37, Ltd. 6.700%, 3M LIBOR + 1.450%, 07/20/31 (144A) (a)		250,000		244,072
Neuberger Berman Loan Advisers CLO 42, Ltd. 6.360%, 3M LIBOR + 1.100%, 07/16/35 (144A) (a)		680,000		668,850
Nomura Asset Acceptance Corp. Alternative Loan Trust 5.550%, 1M LIBOR + 0.400%, 10/25/36 (144A) (a)		69,132		78,492
OAK Hill European Credit Partners V DAC 5.105%, 3M EURIBOR + 1.900%, 01/21/35 (144A) (EUR) (a)		250,000		260,346
OCP CLO, Ltd.
6.211%, 3M LIBOR + 1.000%, 04/10/33 (144A) (a)		250,000		246,240
6.340%, 3M LIBOR + 1.090%, 07/20/32 (144A) (a)		500,000		492,960
6.348%, 3M LIBOR + 1.080%, 04/26/31 (144A) (a)		160,000		158,383
6.430%, 3M LIBOR + 1.180%, 12/02/34 (144A) (a)		330,000		323,288
6.668%, 3M LIBOR + 1.400%, 04/26/31 (144A) (a)		180,000		174,628
7.173%, 3M LIBOR + 1.900%, 04/24/29 (144A) (a)		911,000		903,494
7.329%, 3M LIBOR + 1.950%, 11/20/30 (144A) (a)		250,000		239,624
Octagon Investment Partners 18-R, Ltd. 6.220%, 3M LIBOR + 0.960%, 04/16/31 (144A) (a)		2,210,000		2,186,857
Octagon Investment Partners 33, Ltd. 6.440%, 3M LIBOR + 1.190%, 01/20/31 (144A) (a)		250,000		248,109
Octagon Investment Partners 37, Ltd. 6.835%, 3M LIBOR + 1.580%, 07/25/30 (144A) (a)		250,000		243,926
Octagon Investment Partners 51, Ltd. 6.400%, 3M LIBOR + 1.150%, 07/20/34 (144A) (a)		1,170,000		1,146,114
Octagon Investment Partners XV, Ltd. 6.615%, 3M LIBOR + 1.350%, 07/19/30 (144A) (a)		250,000		245,495
Octagon Investment Partners XVI, Ltd. 6.280%, 3M LIBOR + 1.020%, 07/17/30 (144A) (a)		3,370,000		3,333,452
Octagon Investment Partners XVII, Ltd. 6.255%, 3M LIBOR + 1.000%, 01/25/31 (144A) (a)		3,637,733		3,599,970
OHA Credit Funding 2, Ltd. 6.411%, 3M LIBOR + 1.150%, 04/21/34 (144A) (a)		2,340,000		2,311,534
OHA Credit Funding 3, Ltd.
6.390%, 3M LIBOR + 1.140%, 07/02/35 (144A) (a)		550,000		541,831
6.900%, 3M LIBOR + 1.650%, 07/02/35 (144A) (a)		343,000		334,213
OHA Credit Funding 4, Ltd. 6.423%, 3M LIBOR + 1.150%, 10/22/36 (144A) (a)		250,000		245,042
OHA Loan Funding, Ltd. 6.433%, 3M LIBOR + 1.040%, 05/23/31 (144A) (a)		5,670,000		5,635,351
OneMain Financial Issuance Trust
3.140%, 10/14/36 (144A)		3,280,000		2,967,076
3.840%, 05/14/32 (144A)		384,877		383,379
OZLM Funding IV, Ltd. 6.523%, 3M LIBOR + 1.250%, 10/22/30 (144A) (a)		8,642,102		8,586,136
OZLM XVIII, Ltd. 6.280%, 3M LIBOR + 1.020%, 04/15/31 (144A) (a)		520,000		512,024
OZLM XXI, Ltd. 7.150%, 3M LIBOR + 1.900%, 01/20/31 (144A) (a)		320,000		302,106
OZLM XXII, Ltd. 6.330%, 3M LIBOR + 1.070%, 01/17/31 (144A) (a)		238,246		235,217

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Palmer Square CLO, Ltd.
6.260%, 3M LIBOR + 1.000%, 10/17/31 (144A) (a)		560,000	$	553,602
6.292%, 3M LIBOR + 1.030%, 04/18/31 (144A) (a)		1,040,000		1,031,609
6.360%, 3M LIBOR + 1.100%, 07/16/31 (144A) (a)		1,240,000		1,231,108
6.390%, 3M LIBOR + 1.130%, 01/17/31 (144A) (a)		1,176,214		1,171,016
6.401%, 3M LIBOR + 1.080%, 11/15/31 (144A) (a)		250,000		247,604
6.410%, 3M LIBOR + 1.150%, 01/15/35 (144A) (a)		250,000		246,564
6.509%, 3M LIBOR + 1.130%, 05/21/34 (144A) (a)		4,195,000		4,126,525
7.079%, 3M LIBOR + 1.700%, 05/21/34 (144A) (a)		250,000		243,878
10.860%, 3M LIBOR + 5.600%, 07/16/31 (144A) (a)		250,000		225,710
Palmer Square Loan Funding, Ltd.
6.729%, 3M LIBOR + 1.350%, 02/20/28 (144A) (a)		980,000		977,035
10.260%, 3M LIBOR + 5.000%, 10/15/29 (144A) (a)		270,000		254,808
Parallel, Ltd. 7.000%, 3M LIBOR + 1.750%, 07/20/27 (144A) (a)		256,875		254,694
Pikes Peak CLO
6.420%, 3M LIBOR + 1.170%, 07/20/34 (144A) (a)		1,180,000		1,157,812
6.453%, 3M LIBOR + 1.180%, 07/24/31 (144A) (a)		250,000		247,471
Post CLO, Ltd. 8.210%, 3M LIBOR + 2.950%, 04/16/31 (144A) (a)		250,000		237,454
PRET LLC 2.487%, 07/25/51 (144A) (l)		1,417,516		1,308,747
Prima Capital CRE Securitization, Ltd.
4.000%, 08/24/40 (144A)		1,740,000		1,578,646
4.000%, 08/24/49 (144A)		197,356		182,268
Progress Residential Trust
2.757%, 04/17/38 (144A)		500,000		431,864
3.395%, 04/19/38 (144A)		967,000		849,149
3.407%, 05/17/38 (144A)		1,340,000		1,169,927
3.436%, 05/17/26 (144A)		1,070,000		944,662
3.666%, 12/17/40 (144A)		347,099		291,562
4.053%, 11/17/40 (144A)		221,000		181,655
4.608%, 12/17/40 (144A)		1,402,359		1,183,915
Race Point CLO, Ltd. 6.200%, 3M LIBOR + 0.940%, 10/15/30 (144A) (a)		758,190		750,578
Rad CLO, Ltd.
6.340%, 3M LIBOR + 1.080%, 10/15/31 (144A) (a)		540,000		533,575
6.340%, 3M LIBOR + 1.090%, 01/20/34 (144A) (a)		250,000		246,073
6.810%, 3M LIBOR + 1.550%, 04/15/32 (144A) (a)		250,000		243,870
8.010%, 3M LIBOR + 2.750%, 04/15/32 (144A) (a)		250,000		236,863
8.055%, 3M LIBOR + 2.800%, 04/25/32 (144A) (a)		250,000		245,960
Regatta VI Funding, Ltd. 6.410%, 3M LIBOR + 1.160%, 04/20/34 (144A) (a)		760,000		746,622
Regatta VII Funding, Ltd. 6.660%, 3M LIBOR + 1.150%, 06/20/34 (144A) (a)		280,000		275,039
Regatta XVI Funding, Ltd. 7.310%, 3M LIBOR + 2.050%, 01/15/33 (144A) (a)		250,000		247,647
Regional Management Issuance Trust
1.900%, 08/15/33 (144A)		173,000		146,622
3.875%, 10/17/33 (i) (j)		3,710,000		3,204,698
Riserva CLO, Ltd. 6.322%, 3M LIBOR + 1.060%, 01/18/34 (144A) (a)		940,000		920,034
Rockford Tower CLO, Ltd.
6.350%, 3M LIBOR + 1.100%, 04/20/34 (144A) (a)		856,000		835,982
6.440%, 3M LIBOR + 1.190%, 10/20/30 (144A) (a)		3,247,519		3,219,070
6.760%, 3M LIBOR + 1.500%, 10/15/29 (144A) (a)		1,781,000		1,752,020
Asset-Backed - Other—(Continued)
Rockford Tower CLO, Ltd.
7.029%, 3M LIBOR + 1.650%, 08/20/32 (144A) (a)		250,000		242,597
8.110%, 3M LIBOR + 2.850%, 10/15/29 (144A) (a)		939,000		900,976
Romark WM-R, Ltd. 6.280%, 3M LIBOR + 1.030%, 04/20/31 (144A) (a)		247,404		244,457
RR, Ltd.
6.350%, 3M LIBOR + 1.090%, 01/15/30 (144A) (a)		789,788		783,351
6.410%, 3M LIBOR + 1.150%, 07/15/35 (144A) (a)		1,620,000		1,592,703
6.910%, 3M LIBOR + 1.650%, 10/15/31 (144A) (a)		250,000		245,559
Service Experts Issuer LLC 2.670%, 02/02/32 (144A)		845,319		767,280
SG Mortgage Securities Trust 5.360%, 1M LIBOR + 0.210%, 10/25/36 (a)		570,000		390,815
Signal Peak CLO, Ltd.
6.420%, 3M LIBOR + 1.160%, 04/17/34 (144A) (a)		1,750,000		1,709,799
6.750%, 3M LIBOR + 1.500%, 04/20/29 (144A) (a)		1,412,000		1,397,694
7.060%, 3M LIBOR + 1.800%, 04/17/34 (144A) (a)		490,000		474,219
Silver Creek CLO, Ltd. 6.490%, 3M LIBOR + 1.240%, 07/20/30 (144A) (a)		1,145,797		1,140,029
Sixth Street CLO XIX, Ltd. 6.350%, 3M LIBOR + 1.100%, 07/20/34 (144A) (a)		2,890,000		2,835,445
Sound Point CLO, Ltd.
6.173%, 3M LIBOR + 0.900%, 01/23/29 (144A) (a)		111,718		110,734
6.338%, 3M LIBOR + 1.070%, 01/26/31 (144A) (a)		500,000		494,442
6.535%, 3M LIBOR + 1.280%, 01/25/32 (144A) (a)		350,000		344,691
7.300%, 3M LIBOR + 2.050%, 10/20/28 (144A) (a)		780,000		777,974
Soundview Home Loan Trust 5.945%, 1M LIBOR + 0.795%, 01/25/35 (a)		14,646		13,514
Steele Creek CLO, Ltd. 6.510%, 3M LIBOR + 1.250%, 10/15/30 (144A) (a)		636,733		629,887
Symphony CLO, Ltd.
6.330%, 3M LIBOR + 1.080%, 04/20/33 (144A) (a)		398,000		391,289
6.860%, 3M LIBOR + 1.600%, 01/15/34 (144A) (a)		250,000		244,553
TCI-Flatiron CLO, Ltd. 6.290%, 3M LIBOR + 0.960%, 11/18/30 (144A) (a)		581,725		576,520
TCW CLO AMR, Ltd. 6.538%, 3M LIBOR + 1.220%, 08/16/34 (144A) (a)		250,000		244,652
TIAA CLO III, Ltd. 6.410%, 3M LIBOR + 1.150%, 01/16/31 (144A) (a)		550,316		546,118
TICP CLO, Ltd.
6.380%, 3M LIBOR + 1.120%, 01/15/34 (144A) (a)		820,000		806,051
6.430%, 3M LIBOR + 1.170%, 07/15/34 (144A) (a)		250,000		246,166
Trestles CLO, Ltd.
6.431%, 3M LIBOR + 1.170%, 07/21/34 (144A) (a)		1,170,000		1,153,762
8.155%, 3M LIBOR + 2.900%, 04/25/32 (144A) (a)		250,000		235,671
Tricon American Homes Trust
4.564%, 05/17/37 (144A)		260,000		249,187
4.960%, 05/17/37 (144A)		180,000		173,203
Tricon Residential Trust
3.692%, 07/17/38 (144A)		795,000		689,251
4.133%, 07/17/38 (144A)		639,000		554,201
Trinitas CLO, Ltd.
6.662%, 3M LIBOR + 1.400%, 10/18/31 (144A) (a)		160,000		154,716
7.255%, 3M LIBOR + 2.000%, 01/25/34 (144A) (a)		560,000		545,620
Venture 32 CLO, Ltd. 6.332%, 3M LIBOR + 1.070%, 07/18/31 (144A) (a)		420,000		414,442

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
VOLT CVI LLC 2.734%, 12/26/51 (144A) (l)		1,746,075	$	1,563,559
Voya CLO, Ltd.
6.290%, 3M LIBOR + 1.040%, 04/20/34 (144A) (a)		357,000		349,682
6.320%, 3M LIBOR + 1.060%, 04/15/31 (144A) (a)		1,989,000		1,970,721
6.390%, 3M LIBOR + 1.130%, 10/15/30 (144A) (a)		927,668		921,380
Voya Euro CLO DAC
4.927%, 3M EURIBOR + 1.750%, 04/15/35 (144A) (EUR) (a)		340,000		351,749
6.277%, 3M EURIBOR + 3.100%, 04/15/35 (144A) (EUR) (a)		250,000		247,666
Washington Mutual Asset-Backed Certificates Trust
4.028%, 1M LIBOR + 0.310%, 10/25/36 (a)		529,597		395,439
5.510%, 1M LIBOR + 0.360%, 09/25/36 (a)		1,690,125		478,530
Whitebox CLO, Ltd.
8.323%, 3M LIBOR + 3.050%, 07/24/32 (144A) (a)		500,000		473,806
8.610%, 3M LIBOR + 3.350%, 10/15/34 (144A) (a)		250,000		236,575
11.673%, 3M LIBOR + 6.400%, 07/24/32 (144A) (a)		250,000		220,022
12.110%, 3M LIBOR + 6.850%, 10/15/34 (144A) (a)		250,000		237,827
				228,436,154
Asset-Backed - Student Loan—0.8%
College Avenue Student Loans LLC
2.420%, 06/25/52 (144A)		183,888		158,963
2.720%, 06/25/52 (144A)		100,000		85,285
4.110%, 07/26/55 (144A)		100,000		83,826
Navient Private Education Loan Trust 6.093%, 1M LIBOR + 0.900%, 11/15/68 (144A) (a)		321,457		316,083
Navient Private Education Refi Loan Trust
2.610%, 04/15/60 (144A)		280,000		252,138
2.690%, 07/15/69 (144A)		450,000		371,414
3.480%, 04/15/60 (144A)		710,000		623,309
4.000%, 04/15/60 (144A)		230,000		205,591
Nelnet Student Loan Trust
2.530%, 04/20/62 (144A)		2,102,119		1,667,166
2.680%, 04/20/62 (144A)		3,120,000		2,517,856
2.850%, 04/20/62 (144A)		3,661,000		2,999,161
2.900%, 04/20/62 (144A)		1,640,000		1,347,017
3.360%, 04/20/62 (144A)		110,000		89,754
3.500%, 04/20/62 (144A)		170,000		138,644
3.570%, 04/20/62 (144A)		142,000		116,821
3.750%, 04/20/62 (144A)		277,000		231,512
4.380%, 04/20/62 (144A)		100,000		79,720
4.440%, 04/20/62 (144A)		160,000		129,545
4.750%, 04/20/62 (144A)		260,000		213,429
4.930%, 04/20/62 (144A)		374,000		314,957
Prodigy Finance DAC
6.454%, 1M TSFR + 1.364%, 07/25/51 (144A) (a)		477,539		471,455
7.704%, 1M TSFR + 2.614%, 07/25/51 (144A) (a)		109,993		108,950
Scholar Funding Trust 5.828%, 1M LIBOR + 0.650%, 01/30/45 (144A) (a)		2,740,552		2,643,070
SLM Private Credit Student Loan Trust 5.882%, 3M LIBOR + 0.330%, 03/15/24 (a)		14,256		14,218
SLM Private Education Loan Trust 9.943%, 1M LIBOR + 4.750%, 10/15/41 (144A) (a)		2,621,847		2,735,098
Asset-Backed - Student Loan—(Continued)
SMB Private Education Loan Trust
2.300%, 01/15/53 (144A)		150,000		134,013
2.990%, 01/15/53 (144A)		1,759,624		1,507,625
3.000%, 01/15/53 (144A)		120,000		104,278
3.500%, 12/17/40 (144A)		1,340,000		1,277,124
3.860%, 01/15/53 (144A)		1,265,270		1,151,201
3.930%, 01/15/53 (144A)		100,000		91,710
				22,180,933
Total Asset-Backed Securities (Cost $290,773,614)				274,526,865
Mortgage-Backed Securities—5.4%
Collateralized Mortgage Obligations—2.6%
Agate Bay Mortgage Trust
3.514%, 06/25/45 (144A) (a)		104,000		63,532
3.538%, 04/25/45 (144A) (a)		150,000		97,997
3.672%, 01/25/45 (144A) (a)		130,000		84,205
Ajax Mortgage Loan Trust
Zero Coupon, 02/26/57 (144A)		30,608		27,670
Zero Coupon, 12/25/57 (144A) (a)		35,786		17,621
Zero Coupon, 04/25/58 (144A)		17,398		17,371
Zero Coupon, 06/25/58 (144A) (a)		773		752
Zero Coupon, 11/25/58 (144A)		64,164		42,210
Zero Coupon, 09/25/59 (144A)		2,163,397		1,717,224
Zero Coupon, 11/25/59 (144A)		335,024		306,280
Zero Coupon, 12/25/59 (144A)		1,713,769		1,073,148
1.740%, 12/25/60 (144A) (a)		4,008,572		3,389,762
1.875%, 06/25/61 (144A) (l)		13,641,280		12,419,839
2.000%, 03/25/60 (144A) (l)		4,323,225		3,932,008
2.115%, 01/25/61 (144A) (l)		1,886,911		1,761,887
2.250%, 06/25/60 (144A) (l)		663,090		634,311
2.250%, 09/27/60 (144A) (l)		120,322		117,374
2.375%, 12/25/59 (144A) (l)		3,179,626		3,169,782
2.693%, 12/25/60 (144A) (a)		744,000		603,649
2.940%, 12/25/60 (144A) (a)		293,000		231,457
3.500%, 12/25/59 (144A) (l)		732,499		726,821
3.729%, 12/25/60 (144A) (a)		449,000		359,804
4.250%, 09/25/59 (144A) (l)		435,065		415,733
4.875%, 09/25/59 (144A) (l)		6,729		6,662
6.000%, 09/25/59 (144A) (l)		271,479		268,101
Alternative Loan Trust
5.347%, 1M LIBOR + 0.190%, 03/20/47 (a)		865,469		708,557
5.357%, 1M LIBOR + 0.200%, 07/20/46 (a)		1,452,252		1,158,866
5.420%, 1M LIBOR + 0.350%, 06/25/35 (a)		937,731		764,684
5.430%, 1M LIBOR + 0.280%, 04/25/47 (a)		406,098		359,843
5.500%, 04/25/37		537,494		290,490
5.530%, 1M LIBOR + 0.380%, 10/25/46 (a)		558,345		507,523
5.610%, 1M LIBOR + 0.460%, 11/25/36 (a)		527,189		454,967
5.706%, 12M MTA + 1.730%, 11/25/46 (a)		1,621,272		1,268,306
6.000%, 04/25/37		90,709		44,409
6.000%, 05/25/37		1,982,971		1,028,382
American Home Mortgage Assets Trust 4.916%, 12M MTA + 0.940%, 10/25/46 (a)		323,620		225,575

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
APS Resecuritization Trust 8.000%, 1M LIBOR + 2.850%, 09/27/46 (144A) (a)		335,799	$	335,171
Barclays Mortgage Trust 2.000%, 11/25/51 (144A) (l)		3,358,241		2,992,558
Bear Stearns Asset-Backed Securities Trust
6.250%, 12/25/35 (l)		1,227,468		821,481
6.250%, 02/25/36 (l)		1,511,071		915,147
Chase Mortgage Finance Trust 6.000%, 12/25/37		6,235,719		2,796,702
CHL Mortgage Pass-Through Trust 4.936%, 12M MTA + 0.960%, 04/25/46 (a)		3,102,478		972,531
Credit Suisse Mortgage Capital Certificates
2.436%, 02/25/61 (144A) (a)		1,781,055		1,642,390
6.500%, 10/27/37 (144A)		2,614,614		1,097,755
CSFB Mortgage-Backed Pass-Through Certificates 6.250%, 1M LIBOR + 1.350%, 11/25/35 (a)		409,171		95,113
Deutsche ALT-A Securities Mortgage Loan Trust 5.490%, 1M LIBOR + 0.340%, 08/25/47 (a)		277,708		246,946
GreenPoint Mortgage Funding Trust 5.976%, 12M MTA + 2.000%, 03/25/36 (a)		90,059		86,636
GS Mortgage-Backed Securities Corp. Trust 4.379%, 11/25/49 (144A) (a)		252,922		217,443
GSR Mortgage Loan Trust 6.000%, 07/25/37		374,175		247,559
HarborView Mortgage Loan Trust 5.567%, 1M LIBOR + 0.410%, 12/19/36 (a)		1,115,867		926,937
Impac Secured Assets Trust 5.490%, 1M LIBOR + 0.340%, 11/25/36 (a)		157,236		135,837
IndyMac INDX Mortgage Loan Trust 3.377%, 09/25/37 (a)		637,103		413,062
JPMorgan Alternative Loan Trust
4.414%, 05/25/37 (a)		139,314		126,102
5.570%, 1M LIBOR + 0.420%, 03/25/37 (a)		698,551		633,752
JPMorgan Mortgage Trust
0.267%, 02/25/52 (144A) (a) (b)		9,114,646		120,085
0.500%, 02/25/52 (144A) (a) (b)		9,115,434		234,920
2.500%, 02/25/52 (144A) (a)		7,113,202		5,677,376
3.020%, 02/25/52 (144A) (a)		126,855		52,999
3.267%, 02/25/52 (144A) (a)		971,669		726,093
6.500%, 08/25/36		185,265		66,042
Legacy Mortgage Asset Trust
1.750%, 04/25/61 (144A) (l)		2,952,709		2,730,753
2.734%, 01/25/60 (144A) (l)		107,936		106,960
MASTR Resecuritization Trust 4.625%, 08/25/37 (144A) (a)		222,057		101,313
Merrill Lynch Mortgage Investors Trust 4.083%, 05/25/36 (a)		463,167		339,419
MFA Trust 3.514%, 04/25/65 (144A) (a)		540,000		398,548
Mortgage Loan Resecuritization Trust 5.510%, 1M LIBOR + 0.340%, 04/16/36 (144A) (a)		813,991		771,029
New Residential Mortgage Loan Trust 4.250%, 12/25/57 (144A) (a)		216,399		203,971
New York Mortgage Loan Trust 2.944%, 10/25/60 (144A) (a)		1,932,637		1,904,255
Collateralized Mortgage Obligations—(Continued)
Nomura Asset Acceptance Corp. Alternative Loan Trust 7.134%, 05/25/36 (l)		220,145		48,487
Preston Ridge Partners Mortgage LLC 2.951%, 10/25/25 (144A) (l)		1,003,125		989,010
RFMSI Trust 5.224%, 08/25/36 (a)		792,492		552,163
RMF Buyout Issuance Trust 3.690%, 11/25/31 (144A) (a)		509,000		418,979
Seasoned Credit Risk Transfer Trust
Zero Coupon, 07/25/56 (144A) (m)		785,370		83,136
0.725%, 07/25/56 (144A) (a) (b)		968,597		97,798
3.561%, 05/25/57 (a)		158,813		60,157
Seasoned Loans Structured Transaction Trust 4.750%, 09/25/60 (144A) (a)		2,550,000		2,454,917
Sequoia Mortgage Trust 3.723%, 07/20/37 (a)		151,730		121,905
Structured Adjustable Rate Mortgage Loan Trust
3.853%, 04/25/36 (a)		176,904		106,819
4.197%, 04/25/47 (a)		509,939		243,473
Structured Asset Mortgage Investments Trust
5.530%, 1M LIBOR + 0.380%, 06/25/36 (a)		786,308		672,651
5.570%, 1M LIBOR + 0.420%, 05/25/46 (a)		135,321		90,371
5.610%, 1M LIBOR + 0.460%, 02/25/36 (a)		610,608		530,248
TVC Mortgage Trust 3.474%, 09/25/24 (144A)		3,196		3,187
VISIO Trust 3.910%, 11/25/54 (144A) (a)		169,000		119,615
Vista Point Securitization Trust 4.900%, 04/25/65 (144A) (a)		100,000		85,259
Voyager OPTONE Delaware Trust 4.045%, 02/25/38 (144A) (a) (b)		2,993,891		713,666
WaMu Mortgage Pass-Through Certificates Trust 4.726%, 12M MTA + 0.750%, 06/25/47 (a)		411,917		334,375
				74,159,903
Commercial Mortgage-Backed Securities—2.8%
1211 Avenue of the Americas Trust 4.280%, 08/10/35 (144A) (a)		230,000		191,626
ACEN Mortgage Trust 8.293%, 1M LIBOR + 3.100%, 04/15/34 (144A) (a)		453,000		324,556
Arbor Multifamily Mortgage Securities Trust 1.750%, 05/15/53 (144A)		126,000		65,616
Ashford Hospitality Trust 7.419%, 1M LIBOR + 2.225%, 04/15/35 (144A) (a)		138,000		132,480
Atrium Hotel Portfolio Trust 7.393%, 1M LIBOR + 2.200%, 12/15/36 (144A) (a)		1,295,000		1,170,929
BAMLL Commercial Mortgage Securities Trust
3.716%, 04/14/33 (144A) (a)		250,000		211,096
6.594%, 1M LIBOR + 1.400%, 11/15/33 † (144A) (a)		510,000		443,099
6.694%, 1M LIBOR + 1.500%, 11/15/32 † (144A) (a)		300,000		275,603
7.194%, 1M LIBOR + 2.000%, 11/15/32 † (144A) (a)		630,000		521,241
BANK 0.467%, 09/15/62 (a) (b)		8,619,000		167,799
Bank of America Merrill Lynch Commercial Mortgage Trust
0.735%, 02/15/50 (a) (b)		4,070,000		77,931

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Bank of America Merrill Lynch Commercial Mortgage Trust
1.392%, 02/15/50 (144A) (a) (b)		2,000,000	$	76,921
Barclays Commercial Mortgage Trust 6.066%, 1M LIBOR + 0.872%, 03/15/37 (144A) (a)		280,000		252,154
Bayview Commercial Asset Trust
5.525%, 1M LIBOR + 0.375%, 10/25/36 (144A) (a)		85,594		78,944
5.555%, 1M LIBOR + 0.405%, 03/25/37 (144A) (a)		132,493		118,836
5.600%, 1M LIBOR + 0.450%, 01/25/36 (144A) (a)		62,096		56,769
5.600%, 1M LIBOR + 0.450%, 10/25/36 (144A) (a)		87,095		80,516
5.690%, 1M LIBOR + 0.540%, 04/25/36 (144A) (a)		68,757		61,897
5.825%, 1M LIBOR + 0.675%, 01/25/36 (144A) (a)		46,227		42,258
6.650%, 1M LIBOR + 1.500%, 12/25/37 (144A) (a)		1,063,166		902,213
BB-UBS Trust
0.730%, 11/05/36 (144A) (a) (b)		85,480,000		599,420
4.160%, 11/05/36 (144A) (a)		330,000		296,719
Beast Mortgage Trust
6.362%, 1M TSFR + 1.214%, 04/15/36 (144A) (a)		604,000		576,216
6.612%, 1M TSFR + 1.464%, 04/15/36 (144A) (a)		751,000		715,670
6.862%, 1M TSFR + 1.714%, 04/15/36 (144A) (a)		697,000		657,605
7.362%, 1M TSFR + 2.214%, 04/15/36 (144A) (a)		589,000		549,369
8.162%, 1M TSFR + 3.014%, 04/15/36 (144A) (a)		576,000		543,342
9.062%, 1M TSFR + 3.914%, 04/15/36 (144A) (a)		641,000		604,356
10.164%, 1M TSFR + 5.017%, 04/15/36 (144A) (a)		454,000		427,936
Benchmark Mortgage Trust
1.189%, 03/15/52 (a) (b)		3,476,952		151,312
1.376%, 02/15/54 (a) (b)		5,095,484		329,078
BFLD Trust 8.893%, 1M LIBOR + 3.700%, 10/15/35 (144A) (a)		663,000		235,477
BHMS Mortgage Trust 6.443%, 1M LIBOR + 1.250%, 07/15/35 (144A) (a)		260,000		253,478
BPR Trust 8.793%, 1M LIBOR + 3.600%, 09/15/38 (144A) (a)		492,000		453,542
BWAY Mortgage Trust
3.446%, 03/10/33 (144A)		1,495,000		1,360,221
3.454%, 03/10/33 (144A)		1,847,304		1,710,427
3.633%, 03/10/33 (144A)		600,000		543,355
BX Commercial Mortgage Trust
2.843%, 03/09/44 (144A) (a)		897,000		740,613
6.172%, 1M TSFR + 1.024%, 02/15/33 (144A) (a)		2,391,915		2,325,157
7.412%, 1M TSFR + 2.264%, 02/15/33 (144A) (a)		1,466,417		1,426,150
7.512%, 1M TSFR + 2.364%, 01/15/34 (144A) (a)		253,189		243,648
7.562%, 1M TSFR + 2.414%, 10/15/36 (144A) (a)		3,944,000		3,869,300
7.912%, 1M TSFR + 2.764%, 10/15/36 (144A) (a)		2,955,292		2,854,827
7.994%, 1M LIBOR + 2.800%, 06/15/38 (144A) (a)		669,405		633,281
8.262%, 1M TSFR + 3.114%, 01/15/34 (144A) (a)		388,825		370,879
9.512%, 1M TSFR + 4.364%, 02/15/33 (144A) (a)		979,005		952,624
BX Trust
3.202%, 12/09/41 (144A)		168,000		143,566
4.076%, 12/09/41 (144A) (a)		2,772,000		2,272,761
7.088%, 1M LIBOR + 1.895%, 10/15/36 (144A) (a)		344,000		328,464
7.662%, 1M TSFR + 2.514%, 02/15/36 (144A) (a)		1,920,000		1,761,869
7.690%, 1M LIBOR + 2.690%, 05/15/38 (144A) (a)		920,000		917,693
8.262%, 1M TSFR + 3.114%, 02/15/36 (144A) (a)		1,074,120		982,970
8.335%, 1M LIBOR + 3.142%, 10/15/36 (144A) (a)		694,000		639,575
Commercial Mortgage-Backed Securities—(Continued)
BXP Trust
2.868%, 01/15/44 (144A) (a)		327,000		196,414
3.670%, 08/13/37 (144A) (a)		760,000		520,939
Cassia SRL 5.883%, 3M EURIBOR + 2.500%, 05/22/34 (144A) (EUR) (a)		1,267,640		1,321,110
CD Commercial Mortgage Trust
3.631%, 02/10/50		350,000		318,449
3.956%, 08/15/50 (a)		363,000		315,872
CFCRE Commercial Mortgage Trust 0.852%, 05/10/58 (a) (b)		2,370,000		41,408
CFK Trust 4.791%, 01/15/39 (144A) (a)		728,000		625,304
Citigroup Commercial Mortgage Trust
0.912%, 11/10/42 (144A) (a) (b)		7,730,000		363,801
4.889%, 05/10/36 (144A) (a)		1,107,000		1,097,666
Cold Storage Trust 7.959%, 1M LIBOR + 2.766%, 11/15/37 (144A) (a)		1,582,615		1,550,796
Commercial Mortgage Trust
0.168%, 02/10/35 (144A) (a) (b)		60,958,000		84,649
3.285%, 10/10/36 (144A) (a)		270,000		207,558
4.813%, 02/10/47 (a)		143,000		124,491
Credit Suisse Mortgage Capital Certificates Trust
3.904%, 11/10/32 (144A) (a)		301,000		137,106
6.143%, 1M LIBOR + 0.950%, 12/15/30 (144A) (a)		280,000		267,403
10.055%, 1M LIBOR + 4.862%, 10/15/37 (144A) (a)		587,000		524,007
Credit Suisse Mortgage Trust 8.694%, 1M LIBOR + 3.500%, 11/15/38 (144A) (a)		191,000		185,370
CSAIL Commercial Mortgage Trust
0.260%, 11/15/50 (a) (b)		3,940,000		39,665
0.698%, 09/15/52 (a) (b)		4,150,000		117,580
1.490%, 09/15/52 (a) (b)		3,084,476		167,954
1.708%, 06/15/52 (a) (b)		7,052,539		472,275
4.237%, 06/15/52 (a)		70,000		54,989
DBJPM Mortgage Trust
1.000%, 06/10/50 (a) (b)		2,060,000		64,997
3.276%, 05/10/49		240,000		222,880
DBUBS Mortgage Trust 3.648%, 10/10/34 (144A) (a)		1,257,563		954,336
ELP Commercial Mortgage Trust 8.310%, 1M LIBOR + 3.116%, 11/15/38 (144A) (a)		994,000		916,734
Extended Stay America Trust
7.444%, 1M LIBOR + 2.250%, 07/15/38 (144A) (a)		722,803		702,394
8.044%, 1M LIBOR + 2.850%, 07/15/38 (144A) (a)		1,301,046		1,261,045
8.894%, 1M LIBOR + 3.700%, 07/15/38 (144A) (a)		574,388		545,637
GCT Commercial Mortgage Trust 7.543%, 1M LIBOR + 2.350%, 02/15/38 (144A) (a)		100,000		60,079
GS Mortgage Securities Corp. II Trust 5.366%, 05/03/32 (144A)		840,000		813,196
GS Mortgage Securities Corp. Trust
2.856%, 05/10/34 (144A)		710,000		539,600
8.629%, 1M LIBOR + 3.435%, 11/15/36 (144A) (a)		121,000		114,019
GS Mortgage Securities
1.835%, 12/12/53 (144A) (a) (b)		3,106,195		272,265
3.932%, 10/10/35 (144A) (a)		200,000		164,105
3.934%, 11/10/52 (a)		60,000		45,431

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
GS Mortgage Securities
4.529%, 04/10/47 (a)		50,000	$	46,834
4.558%, 07/10/48 (a)		110,000		97,955
HMH Trust 3.062%, 07/05/31 (144A)		1,210,000		1,125,300
HONO Mortgage Trust
8.543%, 1M LIBOR + 3.350%, 10/15/36 (144A) (a)		287,000		261,766
9.593%, 1M LIBOR + 4.400%, 10/15/36 (144A) (a)		263,000		238,133
Hudson Yards Mortgage Trust 3.041%, 12/10/41 (144A) (a)		662,050		434,514
IMT Trust
3.478%, 06/15/34 (144A)		540,000		521,579
3.613%, 06/15/34 (144A) (a)		570,000		540,765
JPMBB Commercial Mortgage Securities Trust
0.694%, 05/15/48 (a) (b)		553,623		4,552
0.946%, 09/15/47 (a) (b)		1,195,013		6,436
4.290%, 12/15/48 (144A) (a)		300,000		227,982
JPMDB Commercial Mortgage Securities Trust 0.750%, 12/15/49 (144A) (a) (b)		2,067,000		42,032
JPMorgan Chase Commercial Mortgage Securities Corp.
7.712%, 1M TSFR + 2.564%, 04/15/38 (144A) (a)		1,030,000		988,921
8.212%, 1M TSFR + 3.064%, 04/15/38 (144A) (a)		450,000		430,989
JPMorgan Chase Commercial Mortgage Securities Trust
0.652%, 04/15/46 (a) (b)		4,900,000		56
0.750%, 08/15/49 (144A) (a) (b)		5,300,000		103,387
4.050%, 09/15/50		110,000		90,216
6.403%, 1M LIBOR + 1.210%, 06/15/35 (144A) (a)		310,107		287,494
6.962%, 1M TSFR + 1.814%, 04/15/38 (144A) (a)		787,000		760,057
7.353%, 1M LIBOR + 2.160%, 07/15/36 (144A) (a)		570,000		546,897
7.964%, 1M LIBOR + 2.770%, 10/15/33 (144A) (a)		180,000		150,528
8.687%, 1M TSFR + 3.540%, 04/15/37 (144A) (a)		916,733		793,708
KKR Industrial Portfolio Trust 7.312%, 1M TSFR + 2.164%, 12/15/37 (144A) (a)		420,000		401,006
KNDL Mortgage Trust 7.143%, 1M LIBOR + 1.950%, 05/15/36 (144A) (a)		865,000		851,003
Lehman Brothers Small Balance Commercial Mortgage Trust
5.400%, 1M LIBOR + 0.250%, 03/25/37 (144A) (a)		19,982		19,996
5.600%, 1M LIBOR + 0.450%, 09/25/36 (144A) (a)		225,499		213,442
Life Mortgage Trust 7.612%, 1M TSFR + 2.464%, 03/15/38 (144A) (a)		673,335		637,405
LSTAR Commercial Mortgage Trust
0.953%, 03/10/50 (144A) (a) (b)		639,648		11,148
3.306%, 04/20/48 (144A) (a)		49,514		47,452
LUXE Trust 7.943%, 1M LIBOR + 2.750%, 10/15/38 (144A) (a)		100,000		96,075
Med Trust 10.444%, 1M LIBOR + 5.250%, 11/15/38 (144A) (a)		4,419,628		4,137,833
MF1 9.367%, 1M TSFR + 4.220%, 12/15/34 (144A) (a)		163,000		151,474
MFT Trust 3.593%, 02/10/42 (144A) (a)		350,781		224,198
MHC Commercial Mortgage Trust
7.362%, 1M TSFR + 2.215%, 04/15/38 (144A) (a)		1,842,000		1,786,570
7.862%, 1M TSFR + 2.715%, 04/15/38 (144A) (a)		193,000		187,285
Morgan Stanley Bank of America Merrill Lynch Trust
1.328%, 12/15/47 (144A) (a) (b)		1,810,000		29,534
Commercial Mortgage-Backed Securities—(Continued)
Morgan Stanley Bank of America Merrill Lynch Trust
4.668%, 10/15/48 (a)		170,000		150,260
Morgan Stanley Capital Trust
1.173%, 03/15/52 (a) (b)		2,331,599		100,159
2.308%, 06/15/50 (144A) (a) (b)		1,190,000		80,848
7.743%, 1M LIBOR + 2.550%, 07/15/35 (144A) (a)		10,000		9,736
MSCG Trust 7.344%, 1M LIBOR + 2.150%, 10/15/37 (144A) (a)		111,492		107,531
Natixis Commercial Mortgage Securities Trust
4.404%, 06/17/38 (144A)		265,000		245,898
6.143%, 1M LIBOR + 0.950%, 06/15/35 (144A) (a)		77,936		73,559
Olympic Tower Mortgage Trust
0.511%, 05/10/39 (144A) (a) (b)		13,300,000		175,494
4.077%, 05/10/39 (144A) (a)		1,049,000		607,940
One Market Plaza Trust
Zero Coupon, 02/10/32 (144A) (a) (b)		21,110,000		211
0.218%, 02/10/32 (144A) (a) (b)		4,222,000		4,644
One New York Plaza Trust 7.943%, 1M LIBOR + 2.750%, 01/15/36 (144A) (a)		160,000		122,898
Park Avenue Mortgage Trust
6.719%, 1M LIBOR + 1.536%, 09/15/34 (144A) (a)		500,000		441,895
7.301%, 1M LIBOR + 2.119%, 09/15/34 (144A) (a)		1,473,000		1,260,287
Park Avenue Trust
0.271%, 06/05/37 (144A) (a) (b)		5,000,000		32,334
3.779%, 06/05/37 (144A) (a)		207,000		143,035
SREIT Trust
7.811%, 1M LIBOR + 2.618%, 11/15/36 (144A) (a)		672,700		640,637
7.818%, 1M LIBOR + 2.625%, 11/15/38 (144A) (a)		890,000		848,696
UBS Commercial Mortgage Trust
1.145%, 12/15/52 (a) (b)		7,128,550		304,233
1.605%, 10/15/52 (a) (b)		6,800,072		447,792
Velocity Commercial Capital Loan Trust
2.520%, 12/26/51 (144A) (a)		2,657,413		2,195,230
2.980%, 02/25/50 (144A) (a)		132,872		109,775
4.240%, 11/25/47 (144A) (a)		67,311		53,647
4.480%, 12/26/51 (144A) (a)		279,662		198,482
5.000%, 11/25/47 (144A) (a)		39,560		30,295
Wells Fargo Commercial Mortgage Trust
1.170%, 12/15/48 (a) (b)		900,697		17,236
1.390%, 08/15/49 (144A) (a) (b)		1,430,000		45,291
1.578%, 05/15/52 (a) (b)		4,797,102		271,031
3.874%, 06/15/36 (144A) (a)		170,000		144,238
4.904%, 01/15/52 (a)		622,000		555,022
7.283%, 1M LIBOR + 2.090%, 02/15/37 (144A) (a)		300,000		284,763
7.933%, 1M LIBOR + 2.740%, 02/15/37 (144A) (a)		260,000		240,832
				77,573,359
Total Mortgage-Backed Securities (Cost $180,036,214)				151,733,262
Foreign Government—1.1%
Banks—0.0%
Bank Gospodarstwa Krajowego 5.375%, 05/22/33 (144A)		309,000		307,162

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Foreign Government —(Continued)

Security Description	Principal Amount*		Value
Sovereign—1.1%
Benin Government International Bond 4.875%, 01/19/32 (EUR)		139,000	$	114,662
Colombia Government International Bonds
3.875%, 04/25/27		200,000		181,084
4.125%, 05/15/51		400,000		238,626
8.000%, 04/20/33		361,000		366,543
Colombian TES
5.750%, 11/03/27 (COP)		2,338,000,000		482,249
7.250%, 10/18/34 (COP)		1,321,000,000		255,390
7.500%, 08/26/26 (COP)		3,737,000,000		840,746
Dominican Republic International Bonds
5.950%, 01/25/27		100,000		97,885
6.875%, 01/29/26		100,000		100,592
Egypt Government International Bonds
7.500%, 02/16/61		200,000		99,856
7.625%, 05/29/32		200,000		115,760
Guatemala Government Bonds
5.250%, 08/10/29 (144A)		73,000		69,372
6.600%, 06/13/36 (144A)		204,000		205,131
Hungary Government International Bond 5.500%, 06/16/34		208,000		201,655
Indonesia Government International Bonds
2.850%, 02/14/30		662,000		587,525
3.050%, 03/12/51		1,965,000		1,435,548
6.750%, 01/15/44		200,000		234,068
Indonesia Treasury Bonds
6.375%, 08/15/28 (IDR)		4,784,000,000		325,207
7.500%, 05/15/38 (IDR)		5,649,000,000		408,322
8.250%, 05/15/29 (IDR)		3,463,000,000		254,462
9.000%, 03/15/29 (IDR)		2,261,000,000		172,138
Ivory Coast Government International Bond 4.875%, 01/30/32 (EUR)		100,000		84,771
Mexican Bonos
7.500%, 06/03/27 (MXN)		13,600,000		755,520
8.500%, 05/31/29 (MXN)		50,910,000		2,944,702
8.500%, 11/18/38 (MXN)		18,290,800		1,040,771
Mexico Government International Bonds
2.659%, 05/24/31		2,305,000		1,916,156
4.500%, 01/31/50		4,504,000		3,667,794
6.338%, 05/04/53		200,000		203,731
Morocco Government International Bond
6.500%, 09/08/33 (144A)		343,000		352,432
Panama Government International Bonds
3.875%, 03/17/28		1,279,000		1,210,723
4.500%, 04/01/56		1,811,000		1,356,844
6.400%, 02/14/35		451,000		469,865
6.853%, 03/28/54		200,000		207,949
Peruvian Government International Bonds
1.862%, 12/01/32		80,000		61,582
2.783%, 01/23/31		21,000		17,952
3.550%, 03/10/51		1,587,000		1,186,298
Philippine Government International Bonds
3.000%, 02/01/28		1,834,000		1,705,253
3.200%, 07/06/46		2,044,000		1,502,962
Republic of Italy Government International Bond 4.250%, 02/14/43 (EUR)		51,000		54,673
Sovereign—(Continued)
Republic of South Africa Government Bonds
5.000%, 10/12/46		200,000		132,600
8.000%, 01/31/30 (ZAR)		19,044,000		893,299
Romania Government International Bonds
2.124%, 07/16/31 (EUR)		37,000		30,554
2.125%, 03/07/28 (EUR)		209,000		197,578
2.500%, 02/08/30 (EUR)		31,000		27,808
2.875%, 03/11/29 (EUR)		29,000		27,490
5.250%, 11/25/27 (144A)		28,000		27,291
Russia Federal Bond - OFZ 6.100%, 07/18/35 (RUB)		59,043,000		220,999
Saudi Government International Bonds
3.450%, 02/02/61		309,000		216,881
4.500%, 04/17/30		200,000		196,260
Ukraine Government International Bonds
4.375%, 01/27/32 (EUR)		194,000		44,950
7.253%, 03/15/35		200,000		46,000
7.375%, 09/25/34 (144A)		274,000		62,632
7.375%, 09/25/34		557,000		127,321
7.750%, 09/01/28		100,000		23,719
7.750%, 09/01/29		294,000		69,663
1.258%, 08/01/41		253,000		98,678
Uruguay Government International Bonds
4.375%, 10/27/27		1,266,587		1,256,748
5.100%, 06/18/50		1,118,733		1,112,750
5.750%, 10/28/34		37,283		40,252
				30,380,272
Total Foreign Government (Cost $35,704,577)				30,687,434
Floating Rate Loans (n)—1.0%
Airlines—0.0%
Kestrel Bidco, Inc. Term Loan B, 8.251%, 3M TSFR + 3.000%, 12/11/26		589		573
Apparel—0.0%
Fanatics Commerce Intermediate Holdco LLC Term Loan B, 8.606%, 3M TSFR + 3.250%, 11/24/28		535,936		535,098
Auto Parts & Equipment—0.0%
Emerald Technologies (U.S.) Acquisitionco, Inc. Term Loan, 11.664%, 1M TSFR + 6.250%, 12/29/27		268,614		259,213
Beverages—0.0%
City Brewing Co. LLC Term Loan, 8.760%, 3M LIBOR + 3.500%, 04/05/28		344,858		227,606
Naked Juice LLC 2nd Lien Term Loan, 11.342%, 3M TSFR + 6.000%, 01/24/30		75,000		60,398
Triton Water Holdings, Inc. Term Loan, 8.754%, 3M LIBOR + 3.250%, 03/31/28		167,119		162,147
				450,151

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Floating Rate Loans (n)—(Continued)

Security Description	Principal Amount*		Value
Building Materials—0.0%
IPS Corp.
Delayed Draw Term Loan, 9.003%, 1M TSFR + 3.750%, 10/02/28 (o)		52,968	$	49,353
Term Loan, 8.953%, 1M TSFR + 3.750%, 10/02/28		147,296		137,243
				186,596
Chemicals—0.1%
Aruba Investments, Inc. USD Term Loan, 9.193%, 1M LIBOR + 4.000%, 11/24/27		183,868		178,582
Bakelite US Holdco, Inc. Term Loan, 9.050%, 3M TSFR + 4.000%, 05/29/29		1,188,990		1,171,155
Eastman Chemical Co. 2021 Term Loan B, 10.428%, 1M LIBOR + 5.250%, 11/01/28		396,975		360,585
SCIH Salt Holdings, Inc. Incremental Term Loan B, 9.193%, 1M LIBOR + 4.000%, 03/16/27		369,317		364,239
				2,074,561
Commercial Services—0.3%
AEA International Holdings (Luxembourg) S.a.r.l. Term Loan B, 9.294%, 3M LIBOR + 3.750%, 09/07/28		651,578		650,763
Allied Universal Holdco LLC USD Incremental Term Loan B, 8.953%, 1M TSFR +3.750%, 05/12/28		608,167		590,910
American Auto Auction Group, LLC Term Loan B, 10.392%, 6M TSFR + 5.000%, 12/30/27		251,031		234,714
Caliber Home Loans, Inc. Revolver, 8.549%, 3M LIBOR + 3.250%, 07/24/25 (i) (j)		5,350,000		5,355,885
Digital Room Holdings, Inc. Term Loan, 10.453%, 1M LIBOR + 5.250%, 12/21/28		510,538		467,142
Interface Security Systems LLC Term Loan, 12.193%, 1M LIBOR + 7.000%, 08/07/23 (i) (j)		1,275,580		1,138,455
Signal Parent, Inc. Term Loan B, 8.703%, 1M TSFR + 3.500%, 04/03/28		548,800		443,705
Vaco Holdings LLC Term Loan, 10.587%, 6M TSFR + 5.000%, 01/21/29		275,348		252,030
				9,133,604
Computers—0.1%
Alorica, Inc. Term Loan, 11.978%, 1M TSFR + 6.875%, 12/21/27 † (i) (j)		862,290		851,511
Cosmetics/Personal Care—0.0%
Conair Holdings LLC Term Loan B, 9.288%, 3M LIBOR + 3.750%, 05/17/28		95,105		89,934
Entertainment—0.1%
Bally’s Corp. Term Loan B, 8.396%, 1M LIBOR + 3.250%, 10/02/28		1,982,522		1,941,137
Entertainment—(Continued)
ECL Entertainment LLC Term Loan, 12.717%, 1M TSFR + 7.500%, 05/01/28		476,739		480,910
Herschend Entertainment Company LLC Term Loan, 8.942%, 1M LIBOR + 3.750%, 08/27/28		328,155		329,317
J&J Ventures Gaming LLC Term Loan, 9.538%, 3M LIBOR + 4.000%, 04/26/28		318,203		315,551
Maverick Gaming LLC Term Loan B, 12.976%, 3M LIBOR + 7.500%, 09/03/26		481,003		381,195
				3,448,110
Food—0.1%
BCPE North Star U.S. HoldCo 2, Inc. Term Loan, 9.504%, 3M LIBOR + 4.000%, 06/09/28		788,780		721,733
Shearer’s Foods, Inc. Term Loan, 8.717%, 1M TSFR + 3.500%, 09/23/27		162,418		160,504
				882,237
Hand/Machine Tools—0.0%
Apex Tool Group LLC Term Loan, 10.441%, 3M TSFR + 5.250%, 02/08/29		481,220		448,136
Healthcare-Services—0.0%
Medical Solutions Holdings, Inc. 2nd Lien Term Loan, 12.364%, 3M TSFR + 7.000%, 11/01/29		274,000		244,773
Select Medical Corp. Term Loan B, 7.703%, 1M TSFR + 2.500%, 03/06/25		242,054		241,842
				486,615
Household Products/Wares—0.0%
Kronos Acquisition Holdings, Inc. 1st Lien Term Loan, 11.375%, 3M TSFR + 6.000%, 12/22/26		122,836		120,686
Housewares—0.0%
Springs Windows Fashions LLC Term Loan B, 9.217%, 1M TSFR + 4.000%, 10/06/28		338,713		275,204
Lodging—0.1%
Aimbridge Acquisition Co., Inc.
Incremental Term Loan B, 9.900%, 1M LIBOR + 4.750%, 02/02/26		150,449		147,816
Term Loan B, 8.898%, 1M LIBOR + 3.750%, 02/02/26		370,421		360,697
Fertitta Entertainment LLC Term Loan B, 9.103%, 1M TSFR + 4.000%, 01/27/29		1,538,185		1,522,081
Spectacle Gary Holdings LLC Term Loan B, 9.443%, 1M LIBOR + 4.250%, 12/10/28		1,452,839		1,408,044
				3,438,638
Machinery-Diversified—0.0%
Davis-Standard LLC Term Loan, 10.989%, 6M TSFR + 5.750%, 12/10/28		349,371		340,636

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Floating Rate Loans (n)—(Continued)

Security Description	Principal Amount*		Value
Machinery-Diversified—(Continued)
Hydrofarm Holdings LLC Term Loan, 10.693%, 1M LIBOR + 5.500%, 09/27/28		373,315	$	313,585
				654,221
Media—0.1%
DirecTV Financing LLC Term Loan, 10.217%, 1M LIBOR + 5.000%, 08/02/27		335,740		328,965
Gray Television, Inc. Term Loan D, 8.275%, 1M TSFR + 3.000%, 12/01/28		990,910		971,587
				1,300,552
Mining—0.0%
American Rock Salt Co. LLC Term Loan, 9.217%, 1M TSFR + 4.000%, 06/09/28		96,636		90,838
Pipelines—0.0%
DT Midstream, Inc. Term Loan B, 7.193%, 1M LIBOR + 2.000%, 06/26/28		129,511		129,803
Retail—0.0%
Park River Holdings, Inc. Term Loan, 8.522%, 6M LIBOR + 3.250%, 12/28/27		89,542		86,129
Tory Burch LLC Term Loan B, 8.693%, 1M LIBOR + 3.500%, 04/16/28		595,840		575,581
WOOF Holdings, Inc. 1st Lien Term Loan, 8.954%, 1M TSFR + 3.750%, 12/21/27		141,047		138,579
				800,289
Software—0.0%
ConnectWise LLC Term Loan B, 8.693%, 1M LIBOR + 3.500%, 09/29/28		857,911		837,536
Telecommunications—0.1%
Connect Finco S.a.r.l. Term Loan B, 8.700%, 1M LIBOR + 3.500%, 12/11/26		1,429,053		1,431,137
Intelsat Jackson Holdings S.A. Exit Term Loan B, 9.300%, 6M TSFR + 4.250%, 02/01/29		1,178		1,173
				1,432,310
Total Floating Rate Loans (Cost $28,932,773)				27,926,416
Municipals—0.7%
Security Description	Shares/ Principal Amount*		Value
American Municipal Power, Inc., Build America Bond 8.084%, 02/15/50		510,000		689,848
Bay Area Toll Bridge Authority, Build America Bond 7.043%, 04/01/50		1,215,000		1,559,636
Los Angeles, CA Community College District, Build America Bond 6.600%, 08/01/42		785,000		950,210
Los Angeles, CA Unified School District, Build America Bond 6.758%, 07/01/34		2,020,000		2,284,583
Massachusetts Housing Finance Agency 4.500%, 12/01/48		275,000		260,358
Metropolitan Transportation Authority, Build America Bonds
6.668%, 11/15/39		170,000		180,401
6.814%, 11/15/40		330,000		357,070
Municipal Electric Authority of Georgia, Build America Bond 6.637%, 04/01/57		455,000		519,312
New Jersey Turnpike Authority 7.414%, 01/01/40		492,000		616,254
New York City Municipal Water Finance Authority 5.882%, 06/15/44		270,000		303,138
New York State Dormitory Authority, Build America Bond 5.389%, 03/15/40		355,000		365,451
Port Authority of New York & New Jersey 4.960%, 08/01/46		1,350,000		1,320,079
San Antonio, TX Electric & Gas Systems Revenue, Build America Bond 5.808%, 02/01/41		875,000		953,702
State of California 4.600%, 04/01/38		3,765,000		3,609,166
State of California General Obligation Unlimited, Build America Bond 7.550%, 04/01/39		780,000		982,646
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		3,010,000		2,957,949
State of Texas 5.517%, 04/01/39		820,000		878,677
University of California 4.858%, 05/15/2112		239,000		212,303
Total Municipals (Cost $21,727,738)				19,000,783
Preferred Stocks—0.2%
Home Builders—0.1%
Dream Finders Homes, Inc., 9.000%, 09/08/26 † (i) (j) (p)		2,628		2,388,195
IT Services—0.1%
Versa Networks, Inc. - Series E, 12.000% † (h) (i) (j) (p)		678,151		2,122,613
Software—0.0%
Lessen, Inc. - Series C † (i) (j) (p)		23,458		218,863
Total Preferred Stocks (Cost $4,884,399)				4,729,671

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—0.1%

Security Description	Shares/ Principal Amount*		Value
Chemicals—0.0%
Element Solutions, Inc.		13,168	$	252,826
Energy Equipment & Services—0.0%
Halliburton Co.		7,604		250,856
Transocean Ltd. (p)		68,013		476,771
				727,627
Financial Services—0.0%
Mr. Cooper Group, Inc. (p)		4,073		206,257
Hotel & Resort REITs—0.0%
DiamondRock Hospitality Co.		27,174		217,664
Park Hotels & Resorts, Inc. (e)		12,821		164,365
Service Properties Trust		33,695		292,809
Sunstone Hotel Investors, Inc. (e)		11,698		118,384
Xenia Hotels & Resorts, Inc.		14,981		184,416
				977,638
Hotels, Restaurants & Leisure—0.0%
Caesars Entertainment, Inc. (p)		2,213		112,797
Genius Sports, Ltd. (p)		118,626		734,295
				847,092
Machinery—0.0%
Sarcos Technology and Robotics Corp. (g) (p)		6,978		2,243
Oil, Gas & Consumable Fuels—0.1%
California Resources Corp.		7,322		331,613
Chesapeake Energy Corp. (g)		3,429		286,939
Green Plains, Inc. (e) (p)		11,216		361,604
Marathon Petroleum Corp.		1,868		217,809
Phillips 66		2,678		255,427
				1,453,392
Real Estate Management & Development—0.0%
Forestar Group, Inc. (p)		7,291		164,412
Total Common Stocks (Cost $5,055,466)				4,631,487
Convertible Bonds—0.0%
Automobiles—0.0%
FreeWire Technologies, Inc. 14.160%, 03/31/25 † (i) (j)		1,321,198		1,341,016
Energy-Alternate Sources—0.0%
Stem, Inc. 0.500%, 12/01/28		102,000		58,570
Total Convertible Bonds (Cost $1,404,823)				1,399,586
Warrants—0.0%
Security Description	Shares/ Principal Amount*		Value
Automobiles—0.0%
FreeWire Technologies, Inc. Tranche A † (i) (j) (p)		136,947	$	52,040
FreeWire Technologies, Inc. Tranche B † (i) (j) (p)		6,847		2,602
FreeWire Technologies, Inc. Tranche B (Unvested) † (i) (j) (p)		130,100		1
				54,643
Health Care Providers & Services—0.0%
Cano Health, Inc. (p)		29,597		6,218
Health Care Technology—0.0%
Pear Therapeutics, Inc. (p)		10,748		12
Hotels, Restaurants & Leisure—0.0%
Sonder Holdings, Inc. (i) (j) (p)		20,820		0
IT Services—0.0%
Versa Networks, Inc.† (i) (j) (p)		83,584		239,050
Machinery—0.0%
Sarcos Technology and Robotics Corp. (p)		102,425		3,595
Software—0.0%
Aurora Innovation, Inc. (p)		2,636		1,213
Embark Technology, Inc. (p)		1,941		28
Latch, Inc.,(p)		6,439		686
				1,927
Special Purpose Acquisition Companies—0.0%
Pivotal Investment Corp. III (p)		5,219		37
Specialty Retail—0.0%
EVgo, Inc. (p)		12,581		7,737
Total Warrants (Cost $333,581)				313,219
Escrow Shares—0.0%
Oil & Gas—0.0%
Chesapeake Energy Corp. (i) (j) (q)		100,000		0
Savings & Loans—0.0%
Washington Mutual Bank (i) (j) (q)		1,247,000		0
Washington Mutual Bank (i) (j) (q)		1,310,000		0
Washington Mutual Bank (i) (j) (q)		2,440,000		0
Washington Mutual Bank (i) (j) (q)		3,780,000		1
				1
Total Escrow Shares (Cost $0)				1
Short-Term Investments—5.9%
Repurchase Agreement—5.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $163,643,351; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $166,884,246.		163,611,991		163,611,991

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Shares/ Principal Amount*		Value
Commercial Paper—0.1%
Citibank N.A. 4.060%, 08/01/23		1,842,000	$	1,839,862
Total Short-Term Investments (Cost $165,453,991)				165,451,853
Securities Lending Reinvestments (r)—0.0%
Repurchase Agreements—0.0%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $200,084; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $204,000.		200,000		200,000
ING Financial Markets LLC Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $220,623; collateralized by U.S. Government Agency Obligations with rates ranging from 0.500% - 6.625%, maturity dates ranging from 05/20/24 - 01/19/33, and an aggregate market value of $224,949.		220,530		220,531
				420,531
Mutual Funds—0.0%
Allspring Government Money Market Fund, Select Class 5.020% (s)		50,000		50,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.000% (s)		50,000		50,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (s)		150,000		150,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (s)		50,000		50,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (s)		150,000		150,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030% (s)		100,000		100,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (s)		150,000		150,000
				700,000
Total Securities Lending Reinvestments (Cost $1,120,531)				1,120,531
Total Purchased Options—0.5% (t) (Cost $5,321,674)				13,176,003
Total Investments—110.4% (Cost $3,315,667,990)				3,119,766,101
Unfunded Loan Commitments—(0.0)% (Cost $(25,648))				(25,648	)
Net Investments—110.4% (Cost $3,315,642,342)				3,119,740,453
Other assets and liabilities (net)—(10.4)%				(294,375,780	)
Net Assets—100.0%			$	2,825,364,673

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2023, the market value of restricted securities was $12,134,493, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	Interest only security.
(c)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2023, the market value of securities pledged was $11,681,147.
(e)	All or a portion of the security was pledged as collateral against open OTC swap contracts, open OTC option contracts and forward foreign currency exchange contracts. As of June 30, 2023, the market value of securities pledged was $5,080,707.
(f)	Principal amount of security is adjusted for inflation.
(g)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $12,199,339 and the collateral received consisted of cash in the amount of $1,120,531 and non-cash collateral with a value of $11,361,726. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(h)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(i)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent 0.9% of net assets.
(j)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(k)	Perpetual bond with no specified maturity date.
(l)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(m)	Principal only security.
(n)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(o)	Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(p)	Non-income producing security.
(q)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(r)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(s)	The rate shown represents the annualized seven-day yield as of June 30, 2023.
(t)	For a breakout of open positions, see details shown in the Purchased Options table that follows.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, the market value of 144A securities was $459,544,624, which is 16.3% of net assets.

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Restricted Securities	Acquisition Date		Shares/ Principal Amount		Cost		Value
Alorica, Inc., 11.978%, 12/21/27		01/26/23		862,290	$	854,414	$	851,511
BAMLL Commercial Mortgage Securities Trust, 7.194%, 11/15/32		12/04/17		630,000		630,000		521,241
BAMLL Commercial Mortgage Securities Trust, 6.694%, 11/15/32		12/04/17		300,000		300,000		275,603
BAMLL Commercial Mortgage Securities Trust, 6.594%, 11/15/33		06/20/19		510,000		509,283		443,099
Dream Finders Homes, Inc.		09/29/21		2,628		2,601,720		2,388,195
FreeWire Technologies, Inc., 14.160%, 03/31/25		04/27/22-03/31/23		1,321,198		1,302,823		1,341,016
FreeWire Technologies, Inc. Tranche A		04/27/22		136,947		—		52,040
FreeWire Technologies, Inc. Tranche B		05/03/23		6,847		—		2,602
FreeWire Technologies, Inc. Tranche B (Unvested)		05/03/23		130,100		—		1
Freed Hotels & Resorts,10.000%,12/02/23		12/06/21		1,124,256		1,117,802		1,066,694
Knollwood CDO, Ltd., 8.411%, 01/10/39		02/10/04		1,118,642		1,118,642		112
Lessen, Inc., 13.104%, 01/05/28		01/05/23		1,727,283		1,663,589		1,606,373
Lessen, Inc. - Series C		01/05/23		23,458		303,694		218,863
Pioneer Midco LLC, 10.500%, 11/18/30		01/27/23		1,026,000		1,008,045		1,005,480
Versa Networks, Inc.		10/14/22		83,584		—		239,050
Versa Networks, Inc. - Series E		10/14/22		678,151		1,978,985		2,122,613
							$	12,134,493

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Uniform Mortgage-Backed Securities 15 Yr. Pool		1.500	%		TBA	$	(672,662	)	$	(585,076	)	$	(580,276	)
Uniform Mortgage-Backed Securities 15 Yr. Pool		3.000	%		TBA		(586,000	)		(550,010	)		(546,628	)
Uniform Mortgage-Backed Securities 15 Yr. Pool		3.500	%		TBA		(2,200,000	)		(2,114,664	)		(2,091,633	)
Uniform Mortgage-Backed Securities 15 Yr. Pool		4.000	%		TBA		(949,000	)		(924,033	)		(916,044	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		1.500	%		TBA		(1,171,100	)		(903,765	)		(904,812	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		2.500	%		TBA		(16,575,600	)		(14,121,842	)		(14,073,636	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		4.000	%		TBA		(14,676,100	)		(13,802,173	)		(13,784,432	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		4.500	%		TBA		(27,150,400	)		(26,188,536	)		(26,114,002	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		6.000	%		TBA		(7,392,000	)		(7,477,358	)		(7,457,257	)
Totals									$	(66,667,457	)	$	(66,468,720	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	111,000	BNP		07/18/23		USD	75,136	$	(1,167	)
AUD	215,000	JPMC		07/18/23		USD	142,356		919
AUD	215,000	JPMC		07/18/23		USD	142,356		919
AUD	318,000	JPMC		07/18/23		USD	212,910		(997	)
AUD	318,000	JPMC		07/18/23		USD	212,910		(997	)
BRL	1,092,952	BNP		07/05/23		USD	218,000		10,259
BRL	1,092,952	BNP		07/05/23		USD	218,000		10,260
BRL	1,367,088	BNP		07/05/23		USD	283,000		2,512
BRL	1,375,006	BNP		07/05/23		USD	283,000		4,166
BRL	686,144	BOA		07/05/23		USD	142,000		1,299
BRL	686,144	BOA		07/05/23		USD	142,000		1,299
BRL	1,713,579	BBP		07/05/23		USD	355,573		2,302
BRL	1,713,579	BBP		07/05/23		USD	355,573		2,302
BRL	700,060	CBNA		07/05/23		USD	142,000		4,205
BRL	700,060	CBNA		07/05/23		USD	142,000		4,205
BRL	701,267	CBNA		07/05/23		USD	145,515		942
BRL	701,267	CBNA		07/05/23		USD	145,515		942
BRL	1,424,775	CBNA		07/05/23		USD	283,000		14,560
BRL	681,229	GSI		07/05/23		USD	141,357		915

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	681,229	GSI		07/05/23		USD	141,357	$	915
BRL	681,383	GSI		07/05/23		USD	141,000		1,305
BRL	681,383	GSI		07/05/23		USD	141,000		1,305
BRL	1,443,147	GSI		07/05/23		USD	299,458		1,939
BRL	1,378,354	JPMC		07/05/23		USD	286,013		1,852
BRL	1,414,151	MSIP		07/05/23		USD	293,441		1,900
BRL	1,722,428	BBP		08/02/23		USD	359,000		(1,046	)
BRL	1,722,428	BBP		08/02/23		USD	359,000		(1,046	)
CLP	113,349,900	DBAG		07/18/23		USD	141,000		150
CLP	113,349,900	DBAG		07/18/23		USD	141,000		150
CNH	1,002,905	HSBC		07/18/23		USD	141,000		(2,907	)
COP	7,490,746,926	BOA		07/05/23		USD	1,788,622		6,952
COP	3,936,097,578	JPMC		07/05/23		USD	939,116		4,389
COP	3,554,649,348	SCB		07/05/23		USD	848,106		3,963
COP	653,266,469	MSIP		12/20/23		USD	151,776		(1,230	)
EUR	265,000	CBNA		07/18/23		USD	290,774		(1,424	)
EUR	265,000	CBNA		07/18/23		USD	290,774		(1,424	)
EUR	259,000	DBAG		07/18/23		USD	283,894		(1,096	)
EUR	259,000	DBAG		07/18/23		USD	283,894		(1,096	)
EUR	62,000	SCB		07/18/23		USD	66,892		805
EUR	62,000	SCB		07/18/23		USD	66,892		805
GBP	84,000	BNP		07/18/23		USD	105,620		1,069
GBP	84,000	DBAG		07/18/23		USD	105,611		1,079
GBP	169,000	JPMC		07/18/23		USD	213,083		1,565
GBP	169,000	JPMC		07/18/23		USD	213,083		1,565
GBP	1,583,000	SCB		09/20/23		USD	2,014,135		(3,298	)
HUF	72,392,310	BOA		07/18/23		USD	213,000		(1,706	)
HUF	72,392,310	BOA		07/18/23		USD	213,000		(1,706	)
HUF	98,416,200	JPMC		07/18/23		USD	285,000		2,252
HUF	98,416,200	JPMC		07/18/23		USD	285,000		2,252
IDR	1,604,037,000	CBNA		07/18/23		USD	107,000		(23	)
IDR	1,604,037,000	CBNA		07/18/23		USD	107,000		(23	)
IDR	4,283,568,000	CBNA		07/18/23		USD	288,000		(2,320	)
IDR	4,283,568,000	CBNA		07/18/23		USD	288,000		(2,320	)
IDR	29,498,747,434	UBSA		09/20/23		USD	1,985,648		(19,327	)
INR	17,514,486	CBNA		07/18/23		USD	212,000		1,401
INR	17,514,486	CBNA		07/18/23		USD	212,000		1,401
JPY	31,977,108	CBNA		07/18/23		USD	231,000		(8,960	)
KRW	184,372,800	CBNA		07/18/23		USD	142,000		(1,997	)
KRW	184,372,800	CBNA		07/18/23		USD	142,000		(1,997	)
KRW	184,181,100	JPMC		07/18/23		USD	142,000		(2,142	)
KRW	184,181,100	JPMC		07/18/23		USD	142,000		(2,142	)
MXN	11,258,216	JPMC		08/31/23		USD	619,264		31,389
MYR	648,882	BBP		07/18/23		USD	141,000		(1,859	)
MYR	648,882	BBP		07/18/23		USD	141,000		(1,859	)
NOK	767,889	BBP		07/18/23		USD	71,000		573
PLN	587,215	GSI		07/18/23		USD	142,000		2,327
PLN	587,215	GSI		07/18/23		USD	142,000		2,327
THB	9,368,108	CBNA		07/18/23		USD	271,500		(6,943	)
THB	9,368,108	CBNA		07/18/23		USD	271,500		(6,943	)
TWD	6,580,860	SCB		07/13/23		USD	214,500		(3,012	)
TWD	6,580,860	SCB		07/13/23		USD	214,500		(3,012	)
ZAR	2,573,603	BOA		07/18/23		USD	141,000		(4,434	)
ZAR	2,573,603	BOA		07/18/23		USD	141,000		(4,434	)
ZAR	1,333,786	DBAG		07/18/23		USD	71,000		(224	)

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ZAR	836,668	MSIP		07/18/23		USD	45,000	$	(603	)
ZAR	1,208,501	MSIP		07/18/23		USD	65,000		(872	)
Contracts to Deliver
AUD	417,000	BNP		07/18/23		USD	276,061		(1,825	)
AUD	417,000	BNP		07/18/23		USD	276,061		(1,825	)
AUD	156,000	BOA		07/18/23		USD	106,231		2,274
AUD	62,000	BOA		07/18/23		USD	42,220		904
AUD	115,000	RBC		07/18/23		USD	77,883		1,248
AUD	1,584,000	BNY		09/20/23		USD	1,089,245		31,787
BRL	1,375,006	BNP		07/05/23		USD	285,318		(1,847	)
BRL	1,367,088	BNP		07/05/23		USD	283,675		(1,837	)
BRL	1,092,952	BNP		07/05/23		USD	226,791		(1,468	)
BRL	1,092,952	BNP		07/05/23		USD	226,791		(1,468	)
BRL	686,144	BOA		07/05/23		USD	142,377		(922	)
BRL	686,144	BOA		07/05/23		USD	142,377		(922	)
BRL	1,713,579	BBP		07/05/23		USD	359,000		1,125
BRL	1,713,579	BBP		07/05/23		USD	359,000		1,125
BRL	1,424,775	CBNA		07/05/23		USD	295,646		(1,914	)
BRL	701,267	CBNA		07/05/23		USD	142,000		(4,457	)
BRL	701,267	CBNA		07/05/23		USD	142,000		(4,457	)
BRL	700,060	CBNA		07/05/23		USD	145,265		(941	)
BRL	700,060	CBNA		07/05/23		USD	145,265		(941	)
BRL	1,443,147	GSI		07/05/23		USD	283,000		(18,397	)
BRL	681,383	GSI		07/05/23		USD	141,389		(915	)
BRL	681,383	GSI		07/05/23		USD	141,389		(915	)
BRL	681,229	GSI		07/05/23		USD	142,000		(273	)
BRL	681,229	GSI		07/05/23		USD	142,000		(273	)
BRL	1,378,354	JPMC		07/05/23		USD	283,000		(4,865	)
BRL	1,414,151	MSIP		07/05/23		USD	283,000		(12,341	)
BRL	695,374	CBNA		08/02/23		USD	142,000		(2,512	)
BRL	695,374	CBNA		08/02/23		USD	142,000		(2,512	)
CAD	386,448	GSI		07/18/23		USD	290,000		(1,769	)
CAD	55,968	GSI		07/18/23		USD	42,000		(256	)
CAD	1,699,000	BNY		09/20/23		USD	1,289,189		5,145
CLP	572,647,550	MSIP		07/18/23		USD	719,000		5,907
CLP	365,570,550	MSIP		07/18/23		USD	459,000		3,771
CLP	365,570,550	MSIP		07/18/23		USD	459,000		3,771
COP	7,490,746,926	BOA		07/05/23		USD	1,787,222		(8,352	)
COP	3,936,097,578	JPMC		07/05/23		USD	852,043		(91,462	)
COP	3,554,649,348	SCB		07/05/23		USD	759,703		(92,366	)
COP	152,401,320	BNP		07/18/23		USD	36,000		(392	)
COP	152,401,320	BNP		07/18/23		USD	36,000		(392	)
COP	599,737,000	CBNA		07/18/23		USD	142,000		(1,211	)
COP	599,737,000	CBNA		07/18/23		USD	142,000		(1,211	)
COP	7,490,746,926	BOA		12/20/23		USD	1,721,714		(4,541	)
EUR	197,000	GSI		07/18/23		USD	213,092		(2,009	)
EUR	197,000	GSI		07/18/23		USD	213,092		(2,009	)
EUR	183,677	SCB		08/08/23		USD	203,301		2,538
EUR	79,897	CBNA		09/14/23		USD	87,175		(315	)
EUR	50,347	CBNA		09/14/23		USD	54,934		(198	)
EUR	5,720,498	BNP		09/20/23		USD	6,277,549		11,471
EUR	109,000	DBAG		09/20/23		USD	119,673		277
EUR	65,000	SCB		09/20/23		USD	71,111		(88	)
EUR	126,000	SSBT		09/20/23		USD	137,110		(908	)
EUR	3,246,502	TDB		09/20/23		USD	3,563,095		6,966

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	108,430	DBAG		09/22/23		USD	119,111	$	328
EUR	79,897	DBAG		09/22/23		USD	87,767		241
EUR	38,315	DBAG		09/22/23		USD	42,068		95
GBP	56,000	HSBC		07/18/23		USD	71,495		368
GBP	111,000	MSIP		07/18/23		USD	141,488		506
GBP	111,000	MSIP		07/18/23		USD	141,488		506
HUF	49,254,275	JPMC		07/18/23		USD	141,000		(2,761	)
HUF	49,254,275	JPMC		07/18/23		USD	141,000		(2,761	)
HUF	48,410,565	JPMC		07/18/23		USD	142,000		702
IDR	17,351,898,067	CBNA		09/26/23		USD	1,158,724		2,116
INR	17,402,020	CBNA		07/18/23		USD	212,000		(31	)
INR	17,402,020	CBNA		07/18/23		USD	212,000		(31	)
JPY	29,346,354	BBP		07/18/23		USD	212,000		8,227
JPY	144,973,000	BNY		09/20/23		USD	1,039,450		22,705
KRW	181,034,380	DBAG		07/18/23		USD	142,000		4,532
KRW	181,034,380	DBAG		07/18/23		USD	142,000		4,532
MXN	1,164,554	SSBT		07/18/23		USD	67,000		(865	)
MXN	1,164,554	SSBT		07/18/23		USD	67,000		(865	)
MXN	44,065,811	BBP		08/31/23		USD	2,408,178		(138,545	)
MXN	4,094,569	BBP		08/31/23		USD	223,767		(12,874	)
MXN	29,396,446	JPMC		08/31/23		USD	1,636,409		(62,519	)
MXN	7,934,215	MSIP		08/31/23		USD	425,600		(32,947	)
MXN	15,125,949	SSBT		08/31/23		USD	815,690		(58,494	)
SEK	1,520,591	DBAG		07/18/23		USD	142,000		932
SEK	1,520,591	DBAG		07/18/23		USD	142,000		932
THB	4,755,526	CBNA		07/18/23		USD	135,750		1,453
THB	4,755,526	CBNA		07/18/23		USD	135,750		1,453
TWD	6,615,245	CBNA		07/13/23		USD	217,000		4,407
TWD	6,615,245	CBNA		07/13/23		USD	217,000		4,407
TWD	6,463,138	CBNA		07/13/23		USD	212,000		4,295
TWD	6,463,138	CBNA		07/13/23		USD	212,000		4,295
ZAR	1,946,573	CBNA		07/18/23		USD	106,000		2,707
ZAR	1,946,573	CBNA		07/18/23		USD	106,000		2,707
ZAR	1,297,906	JPMC		07/18/23		USD	71,000		2,129
ZAR	2,632,268	UBSA		07/18/23		USD	142,000		2,321
ZAR	2,632,268	UBSA		07/18/23		USD	142,000		2,321
ZAR	17,636,787	MSIP		08/08/23		USD	951,997		18,081
Cross Currency Contracts to Buy
AUD	338,000	BNP		07/18/23		CAD	304,935		(4,986	)
CAD	290,399	DBAG		07/18/23		EUR	202,000		(1,308	)
CAD	290,399	DBAG		07/18/23		EUR	202,000		(1,309	)
COP	637,080,000	MSIP		07/18/23		GBP	120,000		(284	)
COP	637,080,000	MSIP		07/18/23		GBP	120,000		(284	)
EUR	130,000	DBAG		07/18/23		NOK	1,494,858		2,613
EUR	130,000	DBAG		07/18/23		NOK	1,494,858		2,613
EUR	27,000	HSBC		07/18/23		PLN	120,194		(61	)
EUR	27,000	HSBC		07/18/23		PLN	120,216		(66	)
JPY	34,094,499	BOA		07/18/23		EUR	228,000		(12,207	)
MXN	3,935,813	GSI		07/18/23		GBP	180,000		743
MXN	3,935,813	GSI		07/18/23		GBP	180,000		743
NOK	1,536,433	HSBC		07/18/23		EUR	132,000		(922	)
NOK	1,536,433	HSBC		07/18/23		EUR	132,000		(922	)
NOK	1,505,467	UBSA		07/18/23		EUR	131,000		(2,716	)
NOK	1,505,467	UBSA		07/18/23		EUR	131,000		(2,716	)
ZAR	2,710,331	MSIP		07/18/23		EUR	135,000		(3,583	)
ZAR	2,710,331	MSIP		07/18/23		EUR	135,000		(3,583	)
Net Unrealized Depreciation								$	(399,577	)

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
3 Month Canadian Bankers Acceptance Bond Futures		09/18/24		4			CAD	951,100		$	(3,762	)
3 Month EURIBOR Futures		06/17/24		25			EUR	6,010,938			(43,826	)
3 Month SOFR Futures		06/18/24		1,970			USD	467,308,625			(1,580,832	)
3 Month SOFR Futures		09/17/24		691			USD	164,527,100			(487,998	)
3 Month SONIA Futures		09/17/24		202			GBP	47,416,975			(112,284	)
30 Day Federal Funds Futures		08/31/23		14			USD	5,525,775			(607	)
U.S. Treasury Long Bond Futures		09/20/23		540			USD	68,529,375			(303,242	)
U.S. Treasury Note 2 Year Futures		09/29/23		235			USD	47,785,781			(214,881	)
U.S. Treasury Note 5 Year Futures		09/29/23		2,861			USD	306,395,219			(4,320,930	)
U.S. Treasury Ultra Long Bond Futures		09/20/23		135			USD	18,389,531			(57,129	)
Futures Contracts—Short
3 Month SOFR Futures		12/17/24		(2	)		USD	(478,150	)		4,632
3 Month SOFR Futures		03/18/25		(9	)		USD	(2,159,438	)		10,788
3 Month SONIA Futures		09/19/23		(16	)		GBP	(3,792,400	)		19,875
Euro STOXX Banks Index Futures		09/15/23		(329	)		EUR	(1,779,068	)		(67,069	)
Euro STOXX 50 Index Futures		09/15/23		(57	)		EUR	(2,523,390	)		(58,513	)
Euro-Bobl Futures		09/07/23		(3	)		EUR	(347,130	)		1,896
Euro-Buxl 30 Year Bond Futures		09/07/23		(15	)		EUR	(2,094,000	)		(20,309	)
Japanese Government 10 Year Bond Futures		09/12/23		(94	)		JPY	(13,963,700,000	)		(428,845	)
Russell 2000 Index E-Mini Futures		09/15/23		(22	)		USD	(2,094,070	)		(19,148	)
S&P 500 Index E-Mini Futures		09/15/23		(8	)		USD	(1,795,300	)		(55,669	)
U.S. Treasury Note 10 Year Futures		09/20/23		(658	)		USD	(73,870,781	)		1,104,857
U.S. Treasury Note Ultra 10 Year Futures		09/20/23		(184	)		USD	(21,792,500	)		202,268
Net Unrealized Depreciation										$	(6,430,728	)

Purchased Options

Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
AUD Put/USD Call	USD	0.664	CBNA		08/18/23		626,000		AUD	626,000	$	3,165	$	4,959	$	1,794
EUR Call/USD Put	USD	1.100	JPMC		07/11/23		518,000		EUR	518,000		1,876		742		(1,134	)
EUR Put/NOK Call	NOK	11.600	JPMC		07/20/23		260,000		EUR	260,000		2,322		1,562		(760	)
EUR Put/USD Call	USD	1.080	JPMC		07/20/23		520,000		EUR	520,000		1,650		1,147		(503	)
EUR Put/USD Call	USD	1.050	HSBC		11/16/23		52,000		EUR	52,000		6,881		7,106		225
GBP Put/USD Call	USD	1.250	BOA		07/24/23		222,000		GBP	222,000		832		663		(169	)
USD Call/CLP Put	CLP	810.000	BBP		07/20/23		284,000		USD	284,000		3,789		2,809		(980	)
USD Call/COP Put	COP	4,200.000	MSIP		07/25/23		284,000		USD	284,000		6,293		4,208		(2,085	)
USD Call/ZAR Put	ZAR	19.750	GSI		07/17/23		430,000		USD	430,000		8,178		549		(7,629	)
USD Call/ZAR Put	ZAR	18.600	GSI		07/18/23		422,000		USD	422,000		4,527		7,817		3,290
USD Put/BRL Call	BRL	4.900	CBNA		08/10/23		564,000		USD	564,000		9,083		15,514		6,431
USD Put/MXN Call	MXN	17.700	HSBC		07/10/23		430,000		USD	430,000		5,579		14,081		8,502
USD Put/MXN Call	MXN	17.500	BBP		08/04/23		566,000		USD	566,000		6,866		12,422		5,556
USD Put/ZAR Call	ZAR	19.000	JPMC		07/17/23		215,000		USD	215,000		3,558		3,348		(210	)
Totals											$	64,599	$	76,927	$	12,328

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Purchased Options—(Continued)

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate		Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - OTC - 10 Yr. IRS	3.113%	GSI	SOFR		Pay		04/20/26		2,429,300		USD	2,429,300	$	123,895	$	106,906	$	(16,989	)
Call - OTC - 10 Yr. IRS	3.235%	BBP	SOFR		Pay		06/15/26		1,108,500		USD	1,108,500		53,236		55,087		1,851
Call - OTC - 10 Yr. IRS	3.154%	MSIP	SOFR		Pay		06/23/26		935,088		USD	935,088		45,632		43,510		(2,122	)
Put - OTC - 10 Yr. IRS	3.113%	GSI	SOFR		Receive		04/20/26		2,429,300		USD	2,429,300		123,894		124,982		1,088
Put - OTC - 10 Yr. IRS	3.235%	BBP	SOFR		Receive		06/15/26		1,108,500		USD	1,108,500		53,236		53,094		(142	)
Put - OTC - 10 Yr. IRS	3.154%	MSIP	SOFR		Receive		06/23/26		935,088		USD	935,088		45,632		47,497		1,865
Totals													$	445,525	$	431,076	$	(14,449	)

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date	Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - U.S. Treasury Note 2 Year Futures	USD	102.250	07/21/23		38		USD	76,000	$	5,304	$	5,344	$	40
Put - 1 Year SOFR Midcurve Futures	USD	96.000	10/13/23		1,156		USD	2,890,000		574,865		1,134,325		559,460
Put - 3 Month SOFR Futures	USD	95.625	10/13/23		3,032		USD	7,580,000		3,188,008		7,883,200		4,695,192
Put - 3 Month SOFR Futures	USD	95.000	10/13/23		1,819		USD	4,547,500		504,273		2,216,906		1,712,633
Put - 3 Month SOFR Futures	USD	94.875	10/13/23		1,213		USD	3,032,500		274,660		1,182,675		908,015
Put - 3 Month SOFR Futures	USD	94.375	10/13/23		1,156		USD	2,890,000		254,881		238,425		(16,456	)
Put - U.S. Treasury Note 2 Year Futures	USD	101.250	07/21/23		38		USD	76,000		9,559		7,125		(2,434	)
Totals									$	4,811,550	$	12,668,000	$	7,856,450

Written Options

Foreign Currency Options	Strike Price			Counterparty	Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
AUD Put/USD Call		USD	0.650	CBNA		08/18/23		(626,000	)		AUD	(626,000	)	$	(1,466	)	$	(2,227	)	$	(761	)
BRL Call/USD Put		BRL	4.750	CBNA		08/10/23		(706,000	)		USD	(706,000	)		(4,239	)		(7,189	)		(2,950	)
COP Call/USD Put		COP	4,100.000	MSIP		07/25/23		(284,000	)		USD	(284,000	)		(1,330	)		(1,417	)		(87	)
EUR Call/NOK Put		NOK	11.950	JPMC		07/20/23		(260,000	)		EUR	(260,000	)		(1,343	)		(962	)		381
MXN Call/USD Put		MXN	17.100	BBP		08/04/23		(850,000	)		USD	(850,000	)		(3,731	)		(6,453	)		(2,722	)
USD Call/COP Put		COP	4,400.000	HSBC		07/25/23		(284,000	)		USD	(284,000	)		(1,843	)		(896	)		947
USD Put/CLP Call		CLP	790.000	BBP		07/20/23		(284,000	)		USD	(284,000	)		(2,212	)		(1,528	)		684
ZAR Call/USD Put		ZAR	19.000	GSI		07/17/23		(430,000	)		USD	(430,000	)		(6,411	)		(6,696	)		(285	)
ZAR Call/USD Put		ZAR	17.750	GSI		07/18/23		(422,000	)		USD	(422,000	)		(2,244	)		(36	)		2,208
Totals														$	(24,819	)	$	(27,404	)	$	(2,585	)

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - OTC - 5 Yr. IRS	3.305%	BBP	SOFR		Receive		06/14/24		(40,045,500	)		USD	(40,045,500	)	$	(820,933	)	$	(700,532	)	$	120,401
Put - OTC - 2 Yr. IRS	4.150%	UBSA	SOFR		Pay		08/22/23		(15,265,000	)		USD	(15,265,000	)		(41,216	)		(175,602	)		(134,386	)
Put - OTC - 2 Yr. IRS	4.110%	JPMC	SOFR		Pay		08/22/23		(14,678,000	)		USD	(14,678,000	)		(38,163	)		(178,082	)		(139,919	)
Put - OTC - 2 Yr. IRS	4.100%	JPMC	SOFR		Pay		08/23/23		(14,678,000	)		USD	(14,678,000	)		(36,695	)		(180,503	)		(143,808	)
Put - OTC - 2 Yr. IRS	4.130%	UBSA	SOFR		Pay		08/23/23		(15,265,000	)		USD	(15,265,000	)		(41,216	)		(180,512	)		(139,296	)
Put - OTC - 2 Yr. IRS	4.180%	BNP	SOFR		Pay		08/24/23		(29,357,000	)		USD	(29,357,000	)		(76,695	)		(322,428	)		(245,733	)
Put - OTC - 2 Yr. IRS	4.050%	BBP	SOFR		Pay		08/14/23		(30,531,000	)		USD	(30,531,000	)		(79,686	)		(403,174	)		(323,488	)
Put - OTC - 2 Yr. IRS	4.605%	BBP	SOFR		Pay		09/05/23		(29,357,000	)		USD	(29,357,000	)		(84,401	)		(157,955	)		(73,554	)
Put - OTC - 2 Yr. IRS	4.430%	JPMC	SOFR		Pay		08/31/23		(29,357,000	)		USD	(29,357,000	)		(73,393	)		(219,024	)		(145,631	)
Put - OTC - 2 Yr. IRS	4.390%	JPMC	SOFR		Pay		09/05/23		(29,356,000	)		USD	(29,356,000	)		(80,142	)		(233,286	)		(153,144	)
Put - OTC - 2 Yr. IRS	4.300%	JPMC	SOFR		Pay		08/31/23		(29,357,000	)		USD	(29,357,000	)		(78,530	)		(269,911	)		(191,381	)
Put - OTC - 5 Yr. IRS	3.305%	BBP	SOFR		Pay		06/14/24		(40,045,500	)		USD	(40,045,500	)		(820,933	)		(979,845	)		(158,912	)
Totals															$	(2,272,003	)	$	(4,000,854	)	$	(1,728,851	)

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Written Options —(Continued)

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date	Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - U.S. Treasury Note 2 Year Futures	USD	102.000	07/21/23		(38	)		USD	(76,000	)	$	(9,343	)	$	(9,500	)	$	(157	)
Put - 1 Year SOFR Midcurve Futures	USD	95.750	10/13/23		(1,156	)		USD	(2,890,000	)		(371,640	)		(787,525	)		(415,885	)
Put - 3 Month SOFR Futures	USD	94.625	10/13/23		(1,156	)		USD	(2,890,000	)		(447,339	)		(606,900	)		(159,561	)
Put - 3 Month SOFR Futures	USD	95.125	10/13/23		(1,213	)		USD	(3,032,500	)		(544,115	)		(1,796,756	)		(1,252,641	)
Put - 3 Month SOFR Futures	USD	95.250	10/13/23		(1,819	)		USD	(4,547,500	)		(921,503	)		(3,183,250	)		(2,261,747	)
Put - 3 Month SOFR Futures	USD	95.375	10/13/23		(3,032	)		USD	(7,580,000	)		(2,042,155	)		(6,158,750	)		(4,116,595	)
Totals											$	(4,336,095	)	$	(12,542,681	)	$	(8,206,586	)

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	12M CPTFE		Maturity		2.725	%	Maturity		06/15/53		EUR	1,960,000	$	18,081		$	96		$	17,985
Pay	12M CPTFE		Maturity		2.765	%	Maturity		06/15/53		EUR	1,057,500		24,619			51			24,568
Pay	12M CPTFE		Maturity		2.772	%	Maturity		06/15/53		EUR	1,057,500		27,238			50			27,188
Pay	12M FEDL		Maturity		5.280	%	Annually		09/20/23		USD	500,570,000		(3,269	)		548			(3,817	)
Pay	12M FEDL		Maturity		5.283	%	Annually		09/20/23		USD	504,933,000		(969	)		523			(1,492	)
Pay	12M SONIA		Annually		4.275	%	Annually		06/27/33		GBP	6,851,000		(59,449	)		459			(59,908	)
Pay	1M TIIE		Monthly		11.700	%	Monthly		02/12/24		MXN	38,764,000		4,692			(14	)		4,706
Pay	1M TIIE		Monthly		11.720	%	Monthly		02/14/24		MXN	23,117,000		3,017			1			3,016
Pay	1M TIIE		Monthly		8.350	%	Monthly		04/28/28		MXN	9,604,000		(162	)		5			(167	)
Pay	1M TIIE		Monthly		8.420	%	Monthly		01/20/28		MXN	17,074,000		369			8			361
Pay	3M CDOR		Semi-Annually		3.280	%	Semi-Annually		04/25/33		CAD	664,388		(20,729	)		(2,132	)		(18,597	)
Pay	3M CDOR		Semi-Annually		3.363	%	Semi-Annually		05/12/33		CAD	228,782		(5,947	)		(3	)		(5,944	)
Pay	3M CDOR		Semi-Annually		3.430	%	Semi-Annually		05/15/33		CAD	685,536		(14,939	)		(3,268	)		(11,671	)
Pay	3M CDOR		Semi-Annually		3.442	%	Semi-Annually		05/09/33		CAD	225,204		(4,756	)		10			(4,766	)
Pay	3M CDOR		Semi-Annually		3.677	%	Semi-Annually		06/01/33		CAD	225,519		(1,441	)		9			(1,450	)
Pay	3M CDOR		Quarterly		3.770	%	Semi-Annually		05/30/33		CAD	233,455		(142	)		(107	)		(35	)
Pay	3M CDOR		Quarterly		3.680	%	Quarterly		05/31/33		CAD	236,085		(1,465	)		3			(1,468	)
Pay	3M CDOR		Semi-Annually		3.852	%	Semi-Annually		06/29/33		CAD	221,205		933			3			930
Pay	3M CDOR		Semi-Annually		3.921	%	Semi-Annually		06/13/33		CAD	43,507		378			2			376
Pay	3M JIBAR		Quarterly		7.200	%	Quarterly		03/20/25		ZAR	41,177,000		(23,738	)		6			(23,744	)
Pay	3M KSDA		Quarterly		3.188	%	Quarterly		09/20/26		KRW	1,972,289,675		(17,090	)		14			(17,104	)
Pay	3M KSDA		Quarterly		3.190	%	Quarterly		09/20/26		KRW	1,457,779,325		(12,553	)		10			(12,563	)
Pay	3M KSDA		Quarterly		3.330	%	Quarterly		09/20/26		KRW	773,676,291		(4,321	)		6			(4,327	)
Pay	3M KSDA		Quarterly		3.380	%	Quarterly		09/20/26		KRW	773,792,354		(3,486	)		5			(3,491	)
Pay	3M KSDA		Quarterly		3.383	%	Quarterly		09/20/26		KRW	773,792,355		(3,444	)		6			(3,450	)
Pay	3M CDOR		Semi-Annually		3.300	%	Semi-Annually		03/27/33		CAD	220,980		(6,633	)		26			(6,659	)
Pay	3M CDOR		Semi-Annually		3.350	%	Semi-Annually		03/30/33		CAD	224,626		(6,067	)		(447	)		(5,620	)
Pay	6M CDOR		Semi-Annually		3.540	%	Semi-Annually		06/15/33		CAD	23,189,034		128,996			298			128,698
Pay	6M CDOR		Semi-Annually		3.540	%	Semi-Annually		06/22/33		CAD	4,718,000		26,311			61			26,250
Pay	6M EURIBOR		Semi-Annually		2.442	%	Annually		07/14/32		EUR	1,521,000		(16,461	)		18			(16,479	)
Pay	6M PRIBOR		Semi-Annually		4.321	%	Annually		09/20/28		CZK	21,618,000		783			11			772
Pay	6M PRIBOR		Semi-Annually		4.543	%	Annually		09/20/28		CZK	18,425,000		8,820			9			8,811
Receive	12M USCPI		Maturity		2.425	%	Maturity		06/30/53		USD	2,895,000		20,109			130			19,979
Receive	12M USCPI		Maturity		2.525	%	Maturity		06/28/33		USD	148,873		182			3			179
Receive	12M SOFR		Annually		2.494	%	Annually		06/15/53		USD	319,419		(1,063	)		5			(1,068	)
Receive	12M SONIA		Annually		3.745	%	Annually		06/27/53		GBP	3,000,000		53,838			(110	)		53,948
Receive	12M TONA		Annually		0.200	%	Annually		02/03/25		JPY	485,722,080		(8,654	)		15			(8,669	)
Receive	12M TONA		Annually		0.205	%	Annually		02/03/25		JPY	485,722,081		(8,922	)		15			(8,937	)
Receive	12M TONA		Annually		0.885	%	Annually		02/15/33		JPY	283,071,175		(57,449	)		35			(57,484	)
Receive	12M TONA		Annually		0.898	%	Annually		02/15/33		JPY	283,071,175		(59,764	)		35			(59,799	)
Receive	12M TONA		Annually		0.900	%	Annually		02/15/33		JPY	566,142,350		(120,458	)		71			(120,529	)
Receive	12M TONA		Annually		0.918	%	Annually		02/15/33		JPY	819,930,300		(183,844	)		103			(183,947	)
Receive	12M USCPI		Maturity		2.448	%	Maturity		06/09/53		USD	1,473,750		3,588			66			3,522

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	12M USCPI		Maturity		2.458	%	Maturity		06/09/53		USD	1,473,750	$	9		$	66		$	(57	)
Receive	1M TIIE		Monthly		9.840	%	Monthly		05/16/25		MXN	29,236,000		925			7			918
Receive	3M CDOR		Semi-Annually		3.320	%	Semi-Annually		04/25/53		CAD	287,901		8,826			1,763			7,063
Receive	3M CDOR		Semi-Annually		3.375	%	Semi-Annually		05/12/53		CAD	99,139		2,244			(83	)		2,327
Receive	3M CDOR		Semi-Annually		3.440	%	Semi-Annually		05/15/53		CAD	297,066		3,984			1,313			2,671
Receive	3M CDOR		Semi-Annually		3.484	%	Semi-Annually		05/09/53		CAD	97,588		720			(1	)		721
Receive	3M CDOR		Semi-Annually		3.564	%	Semi-Annually		06/01/53		CAD	98,052		(414	)		(1	)		(413	)
Receive	3M CDOR		Semi-Annually		3.580	%	Quarterly		05/31/53		CAD	102,304		(660	)		3			(663	)
Receive	3M CDOR		Semi-Annually		3.638	%	Semi-Annually		06/29/53		CAD	96,224		(1,401	)		3			(1,404	)
Receive	3M CDOR		Semi-Annually		3.660	%	Quarterly		05/30/53		CAD	101,164		(1,802	)		303			(2,105	)
Receive	3M CDOR		Semi-Annually		3.769	%	Semi-Annually		06/13/53		CAD	18,853		(624	)		—			(624	)
Receive	3M PRIBOR		Annually		4.615	%	Quarterly		06/19/25		CZK	92,125,000		(2,599	)		14			(2,613	)
Receive	3M CDOR		Semi-Annually		3.370	%	Semi-Annually		03/27/53		CAD	95,758		2,295			(17	)		2,312
Receive	3M CDOR		Semi-Annually		3.400	%	Semi-Annually		03/30/53		CAD	97,338		1,924			251			1,673
Receive	6M CDOR		Semi-Annually		3.362	%	Semi-Annually		06/22/53		CAD	2,064,000		(44,785	)		56			(44,841	)
Receive	6M CDOR		Semi-Annually		3.404	%	Semi-Annually		06/15/53		CAD	10,306,000		(283,645	)		276			(283,921	)
Receive	6M WIBOR		Annually		5.701	%	Semi-Annually		09/20/28		PLN	2,800,500		(24,461	)		7			(24,468	)
Totals													$	(664,725	)	$	595		$	(665,320	)

OTC Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Counterparty		Notional Amount			Market Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)(1)
Pay	1-Day CDI		Maturity		11.380	%		Maturity		01/02/26		BOA		BRL	4,442,669	$	19,584		$	—	$	19,584
Pay	1-Day CDI		Maturity		11.745	%		Maturity		01/02/26		CBNA		BRL	5,106,000		28,754			—		28,754
Pay	1-Day CDI		Maturity		11.800	%		Maturity		01/02/26		CBNA		BRL	5,263,226		30,844			—		30,844
Pay	1-Day CDI		Maturity		11.865	%		Maturity		01/02/25		BOA		BRL	7,850,678		17,598			—		17,598
Pay	1-Day CDI		Maturity		11.915	%		Maturity		01/02/26		CBNA		BRL	7,438,749		46,753			—		46,753
Pay	1-Day CDI		Maturity		12.603	%		Maturity		07/01/24		BOA		BRL	7,024,732		7,704			—		7,704
Pay	1-Day CDI		Maturity		12.965	%		Maturity		07/01/24		GSI		BRL	2,575,855		4,578			—		4,578
Pay	1-Day CDI		Maturity		12.970	%		Maturity		07/01/24		CBNA		BRL	4,259,432		7,617			—		7,617
Receive	12M CPIBR		Maturity		11.895	%		Maturity		10/19/24		BOA		COP	3,665,471,000		(11,602	)		—		(11,602	)
Receive	12M CPIBR		Maturity		12.370	%		Maturity		04/18/24		CBNA		COP	7,068,327,000		(1,905	)		—		(1,905	)
Totals																$	149,925		$	—	$	149,925

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency	Maturity Date	Implied Credit Spread at June 30, 2023 (b)			Notional Amount (c)		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
ITRX.EUR.39.V1		(1.000	%)	Quarterly	06/20/28		0.738	%	EUR	2,890,000	$	(37,196	)	$	8,640		$	(45,836	)
ITRX.EUR.XOVER.39.V1		(5.000	%)	Quarterly	06/20/28		3.996	%	EUR	2,450,150		(106,251	)		(30,995	)		(75,256	)
ITRX.FINSR.39.V1		(1.000	%)	Quarterly	06/20/28		0.852	%	EUR	9,090,000		(65,654	)		120,958			(186,612	)
Totals											$	(209,101	)	$	98,603		$	(307,704	)

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2023 (b)			Notional Amount (c)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.40.V1		5.000	%		Quarterly		06/20/28		4.292	%		USD	15,992,050	$	442,772	$	247,341	$	195,431

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2023 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Abbott Laboratories 3.400%, due 11/30/23		(1.000	%)		Quarterly		06/20/27	JPMC		0.382	%		USD	1,237,909	$	(27,853	)	$	(22,948	)	$	(4,905	)
Avis Budget Group, Inc. 5.250%, due 03/15/25		(5.000	%)		Quarterly		12/20/24	JPMC		1.416	%		USD	460,000		(23,287	)		11,391			(34,678	)
Avis Budget Group, Inc. 5.250%, due 03/15/25		(5.000	%)		Quarterly		06/20/25	JPMC		1.607	%		USD	480,000		(30,211	)		23,560			(53,771	)
Beazer Homes USA, Inc. 6.750%, due 03/15/25		(5.000	%)		Quarterly		06/20/24	BNP		0.613	%		USD	250,000		(10,449	)		(2,872	)		(7,577	)
Beazer Homes USA, Inc. 6.750%, due 03/15/25		(5.000	%)		Quarterly		06/20/24	BNP		0.613	%		USD	250,000		(10,449	)		(3,099	)		(7,350	)
Beazer Homes USA, Inc. 6.750%, due 03/15/25		(5.000	%)		Quarterly		06/20/24	BBP		0.613	%		USD	250,000		(10,449	)		(3,252	)		(7,197	)
Boeing Co. 8.750%, due 08/15/21		(1.000	%)		Quarterly		12/20/24	BNP		0.530	%		USD	460,000		(3,081	)		(2,708	)		(373	)
Boeing Co. 8.750%, due 08/15/21		(1.000	%)		Quarterly		12/20/24	MSIP		0.530	%		USD	1,185,000		(7,936	)		(4,134	)		(3,802	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.401	%		USD	314,000		(2,684	)		2,297			(4,981	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.401	%		USD	520,000		(4,445	)		3,878			(8,323	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.401	%		USD	524,000		(4,479	)		3,908			(8,387	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.401	%		USD	525,000		(4,487	)		3,916			(8,403	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.401	%		USD	526,000		(4,496	)		3,848			(8,344	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		12/20/24	BBP		0.401	%		USD	740,000		(6,325	)		5,414			(11,739	)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		06/20/28	BBP		1.758	%		USD	659,500		21,805			45,572			(23,767	)
Colombia Government International Bond 10.375%, due 01/28/33		(1.000	%)		Quarterly		06/20/28	BBP		2.346	%		USD	1,196,250		69,076			114,621			(45,545	)
Colombia Government International Bond 10.375%, due 01/28/33		(1.000	%)		Quarterly		06/20/28	MSIP		2.346	%		USD	427,000		24,656			24,977			(321	)
Credit Suisse Group Finance Guernsey, Ltd. 5.000%, due 07/29/19		(1.000	%)		Quarterly		06/20/28	BNP		0.995	%		EUR	134,000		(32	)		6,010			(6,042	)
Credit Suisse Group Finance Guernsey, Ltd. 5.000%, due 07/29/19		(1.000	%)		Quarterly		06/20/28	BBP		0.995	%		EUR	225,000		(53	)		13,001			(13,054	)
Credit Suisse Group Finance Guernsey, Ltd. 5.000%, due 07/29/19		(1.000	%)		Quarterly		06/20/28	JPMC		0.995	%		EUR	200,000		(47	)		11,227			(11,274	)
Credit Suisse Group Finance Guernsey, Ltd. 5.000%, due 07/29/19		(1.000	%)		Quarterly		06/20/28	JPMC		0.995	%		EUR	112,000		(26	)		5,942			(5,968	)
Credit Suisse Group Finance Guernsey, Ltd. 5.000%, due 07/29/19		(1.000	%)		Quarterly		06/20/28	JPMC		0.995	%		EUR	113,000		(27	)		6,243			(6,270	)
Credit Suisse Group Finance Guernsey, Ltd. 5.000%, due 07/29/19		(1.000	%)		Quarterly		06/20/28	JPMC		0.995	%		EUR	117,000		(28	)		6,985			(7,013	)
Credit Suisse Group Finance Guernsey, Ltd. 5.000%, due 07/29/19		(1.000	%)		Quarterly		06/20/28	JPMC		0.995	%		EUR	1,000,000		(235	)		35,556			(35,791	)
Deutsche Bank AG 5.125%, due 08/31/17		(1.000	%)		Quarterly		06/20/28	JPMC		1.605	%		EUR	600,000		17,330			49,936			(32,606	)
Deutsche Bank AG 5.125%, due 08/31/17		(1.000	%)		Quarterly		06/20/28	JPMC		1.605	%		EUR	352,000		10,167			18,952			(8,785	)
Deutsche Bank AG 5.125%, due 08/31/17		(1.000	%)		Quarterly		06/20/28	JPMC		1.605	%		EUR	131,000		3,784			7,453			(3,669	)

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2023 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG 5.125%, due 08/31/17		(1.000	%)		Quarterly		06/20/28	JPMC		1.605	%		EUR	117,000	$	3,379		$	6,300		$	(2,921	)
Mexico Government International Bond 4.150%, due 03/28/27		(1.000	%)		Quarterly		06/20/28	BBP		1.030	%		USD	1,142,816		1,509			20,846			(19,337	)
Tenet Healthcare Corp. 6.875%, due 11/15/31		(5.000	%)		Quarterly		06/20/24	BBP		0.498	%		USD	499,000		(21,416	)		(1,144	)		(20,272	)
Totals															$	(20,789	)	$	391,676		$	(412,465	)

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2023 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CMBX.NA.AAA.V6		(0.500	%)		Monthly		05/11/63	DBAG		0.482	%		USD	1,001,000	$	(56	)	$	145		$	(201	)
CMBX.NA.AAA.V6		(0.500	%)		Monthly		05/11/63	DBAG		0.482	%		USD	2,340,000		(131	)		(883	)		752
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58	MSIP		0.596	%		USD	1,090,000		2,155			13,409			(11,254	)
CMBX.NA.AAA.V9		(0.500	%)		Monthly		09/17/58	MSIP		0.596	%		USD	21,858		43			295			(252	)
CMBX.NA.BBB-.V9		(3.000	%)		Monthly		09/17/58	CBNA		16.358	%		USD	500,000		119,375			15,771			103,604
CMBX.NA.BBB-.V9		(3.000	%)		Monthly		09/17/58	MSIP		16.358	%		USD	105,000		25,069			5,423			19,646
Totals															$	146,455		$	34,160		$	112,295

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2023 (b)			Notional Amount (c)				Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CMBX.NA.A.V10		2.000	%		Monthly		11/17/59	DBAG		5.476	%		USD		660,000	$	(64,064	)	$	(30,601	)	$	(33,463	)
CMBX.NA.A.V10		2.000	%		Monthly		11/17/59	DBAG		5.476	%		USD		1,310,000		(127,158	)		(59,736	)		(67,422	)
CMBX.NA.BBB-.V10		3.000	%		Monthly		11/17/59	JPMC		15.719	%		USD		40,000		(12,150	)		(3,575	)		(8,575	)
CMBX.NA.BBB-.V14		3.000	%		Monthly		12/16/72	GSI		9.409	%		USD		335,000		(97,045	)		(56,029	)		(41,016	)
CMBX.NA.BBB-.V9		3.000	%		Monthly		09/17/58	DBAG		16.358	%		USD		467,000		(111,496	)		(57,312	)		(54,184	)
CMBX.NA.BBB-.V9		3.000	%		Monthly		09/17/58	MSIP		16.358	%		USD		138,000		(32,948	)		(170	)		(32,778	)
Totals																$	(444,861	)	$	(207,423	)	$	(237,438	)
														��

OTC Total Return Swaps

Pay/Receive Floating Rate

Floating Rate Index

Payment Frequency

Maturity Date

Counterparty

Underlying Reference Instrument

Notional Amount

Market Value

Upfront Premium Paid

Unrealized Appreciation/ (Depreciation)(1)

Receive

12M SOFR

Maturity

07/05/23

CBNA

Western Alliance Bancorporation

USD 40,193

$

842

$

—

$

842

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness

See accompanying notes to financial statements.

BHFTII-43

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(1) There was no upfront premium paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

Cash in the amount of $17,980 and securities in the amount of $80,760 have been received at the custodian bank as collateral for OTC swap contracts, OTC option contracts and forward foreign currency exchange contracts.

Glossary of Abbreviations

Counterparties

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

Currencies

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLP)—	Chilean Peso
(CNH)—	Chinese Renminbi
(COP)—	Colombian Peso
(CZK)—	Czech Koruna
(EUR)—	Euro
(GBP)—	British Pound
(HUF)—	Hungarian Forint
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(NOK)—	Norwegian Krone
(PLN)—	Polish Zloty
(RUB)—	Russian Ruble
(SEK)—	Swedish Krona
(THB)—	Thai Baht
(TWD)—	Taiwanese Dollar
(USD)—	United States Dollar
(ZAR)—	South African Rand

Index Abbreviations

(CDI)—	Brazil Interbank Deposit Rate
(CDOR)—	Canadian Dollar Offered Rate
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(CMBX.NA.A)—	Markit North America A Rated CMBS Index
(CMBX.NA.AAA)—	Markit North America AAA Rated CMBS Index
(CMBX.NA.BBB-)—	Markit North America BBB- Rated CMBS Index
(CPI)—	Consumer Price Index
(CPTFE)—	Eurozone Harmonized Index of Consumer Prices ex-Tobacco
(EURIBOR)—	Euro InterBank Offered Rate
(FEDL)—	Federal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(ITRX.EUR)—	Markit iTraxx Europe CDS Index
(ITRX.EUR.XOVER)—	Markit iTraxx Europe Crossover CDS Index
(ITRX.FINSR)—	Markit iTraxx Europe Senior Financial CDS Index
(JIBAR)—	Johannesburg Interbank Agreed Rate
(KSDA) —	Korean Certificates of Deposit Rate
(LIBOR)—	London Interbank Offered Rate
(MTA)—	Monthly Treasury Average Index
(PRIBOR)��	Prague Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate
(SONIA)—	Sterling Overnight Index Average Deposit Rate
(TIIE)—	Mexican Interbank Equilibrium Interest Rate
(TONA)—	Tokyo Overnight Average Rate
(TSFR)—	Term Secured Overnight Financing Rate
(WIBOR)—	Warsaw Interbank Offered Rate

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(DAC)—	Designated Activity Company
(ICE)—	Intercontinental Exchange, Inc.
(IRS)—	Interest Rate Swap
(REMIC)—	Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

BHFTII-44

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,752,055,101	$	—	$	1,752,055,101
Corporate Bonds & Notes
Aerospace/Defense		—		31,021,988		—		31,021,988
Agriculture		—		7,406,304		—		7,406,304
Airlines		—		12,505,509		—		12,505,509
Apparel		—		20,377		—		20,377
Auto Manufacturers		—		2,552,475		—		2,552,475
Auto Parts & Equipment		—		388,365		—		388,365
Banks		—		128,082,814		—		128,082,814
Biotechnology		—		13,224,954		—		13,224,954
Building Materials		—		856,598		—		856,598
Chemicals		—		2,652,455		—		2,652,455
Commercial Services		—		11,343,329		—		11,343,329
Computers		—		5,542,892		—		5,542,892
Diversified Financial Services		—		7,559,707		—		7,559,707
Electric		—		86,778,331		—		86,778,331
Energy-Alternate Sources		—		487,702		—		487,702
Entertainment		—		4,945,650		—		4,945,650
Environmental Control		—		1,013,320		—		1,013,320
Food		—		422,306		—		422,306
Gas		—		4,195,341		—		4,195,341
Healthcare-Products		—		1,689,008		—		1,689,008
Healthcare-Services		—		15,666,966		—		15,666,966
Home Builders		—		4,036,848		1,164,575		5,201,423
Insurance		—		5,787,875		—		5,787,875
Internet		—		4,719,891		—		4,719,891
Investment Companies		—		734,690		—		734,690
Iron/Steel		—		798,702		—		798,702
Lodging		—		297,017		1,446,353		1,743,370
Machinery-Diversified		—		2,306,343		—		2,306,343
Media		—		12,733,747		—		12,733,747
Mining		—		8,987,430		—		8,987,430
Miscellaneous Manufacturing		—		1,985,315		—		1,985,315
Oil & Gas		—		38,352,225		1,872,417		40,224,642
Oil & Gas Services		—		130,856		—		130,856
Packaging & Containers		—		1,726,327		—		1,726,327
Pharmaceuticals		—		10,008,992		—		10,008,992
Pipelines		—		80,035,643		—		80,035,643
Real Estate		—		794,606		2,673,067		3,467,673
Real Estate Investment Trusts		—		56,100,492		—		56,100,492
Retail		—		3,839,794		—		3,839,794

See accompanying notes to financial statements.

BHFTII-45

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy —(Continued)

Description	Level 1		Level 2		Level 3		Total
Semiconductors	$	—	$	14,353,211	$	—	$	14,353,211
Shipbuilding		—		3,449,309		—		3,449,309
Software		—		14,655,096		—		14,655,096
Telecommunications		—		45,190,056		—		45,190,056
Transportation		—		13,470,850		—		13,470,850
Trucking & Leasing		—		3,005,771		—		3,005,771
Total Corporate Bonds & Notes		—		665,857,477		7,156,412		673,013,889
Asset-Backed Securities
Asset-Backed - Home Equity		—		16,005,156		—		16,005,156
Asset-Backed - Manufactured Housing		—		7,904,622		—		7,904,622
Asset-Backed - Other		—		225,231,456		3,204,698		228,436,154
Asset-Backed - Student Loan		—		22,180,933		—		22,180,933
Total Asset-Backed Securities		—		271,322,167		3,204,698		274,526,865
Total Mortgage-Backed Securities*		—		151,733,262		—		151,733,262
Total Foreign Government*		—		30,687,434		—		30,687,434
Floating Rate Loans
Airlines		—		573		—		573
Apparel		—		535,098		—		535,098
Auto Parts & Equipment		—		259,213		—		259,213
Beverages		—		450,151		—		450,151
Building Materials (Less Unfunded Loan Commitments of $25,648)		—		160,948		—		160,948
Chemicals		—		2,074,561		—		2,074,561
Commercial Services		—		2,639,264		6,494,340		9,133,604
Computers		—		—		851,511		851,511
Cosmetics/Personal Care		—		89,934		—		89,934
Entertainment		—		3,448,110		—		3,448,110
Food		—		882,237		—		882,237
Hand/Machine Tools		—		448,136		—		448,136
Healthcare-Services		—		486,615		—		486,615
Household Products/Wares		—		120,686		—		120,686
Housewares		—		275,204		—		275,204
Lodging		—		3,438,638		—		3,438,638
Machinery-Diversified		—		654,221		—		654,221
Media		—		1,300,552		—		1,300,552
Mining		—		90,838		—		90,838
Pipelines		—		129,803		—		129,803
Retail		—		800,289		—		800,289
Software		—		837,536		—		837,536
Telecommunications		—		1,432,310		—		1,432,310
Total Floating Rate Loans (Less Unfunded Loan Commitments of $25,648)		—		20,554,917		7,345,851		27,900,768
Total Municipals*		—		19,000,783		—		19,000,783
Total Preferred Stocks*		—		—		4,729,671		4,729,671
Total Common Stocks*		4,631,487		—		—		4,631,487
Convertible Bonds
Automobiles		—		—		1,341,016		1,341,016
Energy-Alternate Sources		—		58,570		—		58,570
Total Convertible Bonds		—		58,570		1,341,016		1,399,586
Warrants
Automobiles		—		—		54,643		54,643
Health Care Providers & Services		6,218		—		—		6,218
Health Care Technology		12		—		—		12
Hotels, Restaurants & Leisure		—		—		0		0
IT Services		—		—		239,050		239,050
Machinery		3,595		—		—		3,595
Software		1,927		—		—		1,927
Special Purpose Acquisition Companies		37		—		—		37

See accompanying notes to financial statements.

BHFTII-46

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy —(Continued)

Description	Level 1			Level 2			Level 3		Total
Specialty Retail	$	7,737		$	—		$	—	$	7,737
Total Warrants		19,526			—			293,693		313,219
Total Escrow Shares*		—			—			1		1
Total Short-Term Investments*		—			165,451,853			—		165,451,853
Securities Lending Reinvestments
Repurchase Agreements		—			420,531			—		420,531
Mutual Funds		700,000			—			—		700,000
Total Securities Lending Reinvestments		700,000			420,531			—		1,120,531
Purchased Options
Foreign Currency Options at Value		—			76,927			—		76,927
Interest Rate Swaptions at Value		—			431,076			—		431,076
Options on Exchange-Traded Futures Contracts at Value		12,668,000			—			—		12,668,000
Total Purchased Options		12,668,000			508,003			—		13,176,003
Total Net Investments	$	18,019,013		$	3,077,650,098		$	24,071,342	$	3,119,740,453
Collateral for Securities Loaned (Liability)	$	—		$	(1,120,531	)	$	—	$	(1,120,531	)
TBA Forward Sales Commitments (Liability)	$	—		$	(66,468,720	)	$	—	$	(66,468,720	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	319,955		$	—	$	319,955
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(719,532	)		—		(719,532	)
Total Forward Contracts	$	—		$	(399,577	)	$	—	$	(399,577	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,344,316		$	—		$	—	$	1,344,316
Futures Contracts (Unrealized Depreciation)		(7,775,044	)		—			—		(7,775,044	)
Total Futures Contracts	$	(6,430,728	)	$	—		$	—	$	(6,430,728	)
Written Options
Foreign Currency Options at Value	$	—		$	(27,404	)	$	—	$	(27,404	)
Interest Rate Swaptions at Value		—			(4,000,854	)		—		(4,000,854	)
Options on Exchange-Traded Futures Contracts at Value		(12,542,681	)		—			—		(12,542,681	)
Total Written Options	$	(12,542,681	)	$	(4,028,258	)	$	—	$	(16,570,939	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	534,405		$	—	$	534,405
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(1,311,998	)		—		(1,311,998	)
Total Centrally Cleared Swap Contracts	$	—		$	(777,593	)	$	—	$	(777,593	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	462,622		$	—	$	462,622
OTC Swap Contracts at Value (Liabilities)		—			(631,050	)		—		(631,050	)
Total OTC Swap Contracts	$	—		$	(168,428	)	$	—	$	(168,428	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

During the period ended June 30, 2023, transfers into Level 3 in the amount of $5,323,250 were due to the cessation of a vendor or broker providing prices based on market indications which resulted in a lack of significant observable inputs.

See accompanying notes to financial statements.

BHFTII-47

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b) (c)	$	3,119,740,453
Cash		600,602
Cash denominated in foreign currencies (d)		5,153,811
Cash collateral for centrally cleared swap contracts		2,586,520
OTC swap contracts at market value (e)		462,622
Unrealized appreciation on forward foreign currency exchange contracts		319,955
Receivable for:
Investments sold		12,818,304
TBA securities sold (f)		205,153,366
Premiums on written options		9,003
Fund shares sold		1,849,533
Dividends and interest		19,129,870
Variation margin on futures contracts		287,023
Interest on OTC swap contracts		54
Variation margin on centrally cleared swap contracts		107,062
Prepaid expenses		23,567
Other assets		9,998
Total Assets		3,368,251,743
Liabilities
Written options at value (g)		16,570,939
TBA Forward sales commitments, at value		66,468,720
OTC swap contracts at market value (h)		631,050
Cash collateral for OTC swap, option and forward foreign currency contracts		528,100
Unrealized depreciation on forward foreign currency exchange contracts		719,532
Collateral for securities loaned		1,120,531
Payables for:
Investments purchased		17,565,282
TBA securities purchased (f)		437,189,964
Fund shares redeemed		169,618
Foreign taxes		4,189
Premium on purchased options		14,863
Interest on forward sales commitments		210,677
Interest on OTC swap contracts		6,507
Accrued Expenses:
Management fees		792,245
Distribution and service fees		94,291
Deferred trustees’ fees		154,097
Other expenses		646,465
Total Liabilities		542,887,070
Net Assets	$	2,825,364,673
Net Assets Consist of:
Paid in surplus	$	3,353,485,788
Distributable earnings (Accumulated losses) (i)		(528,121,115	)
Net Assets	$	2,825,364,673
Net Assets
Class A	$	2,335,252,907
Class B		415,185,530
Class E		74,926,236
Capital Shares Outstanding*
Class A		26,080,732
Class B		4,733,078
Class E		845,170
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	89.54
Class B		87.72
Class E		88.65

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $3,315,642,342.
(b)	Includes securities loaned at value of $12,199,339.
(c)	Investments at value is net of unfunded loan commitments of $25,648.
(d)	Identified cost of cash denominated in foreign currencies was $5,216,427.
(e)	Net premium paid on OTC swap contracts was $323,555.
(f)	Included within TBA securities sold is $142,105,572 related to TBA forward sale commitments and included within TBA securities purchased is $75,336,088 related to TBA forward sale commitments.
(g)	Premiums received on written options were $6,632,917.
(h)	Net premium received on OTC swap contracts was $105,142.
(i)	Includes foreign capital gains tax of $4,189.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends	$	166,809
Interest (a)		56,853,026
Securities lending income		33,743
Total investment income		57,053,578
Expenses
Management fees		5,022,476
Administration fees		66,027
Custodian and accounting fees		401,227
Distribution and service fees — Class B		518,882
Distribution and service fees — Class E		57,307
Audit and tax services		65,763
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		45,978
Insurance		14,046
Miscellaneous		14,524
Total expenses		6,245,512
Less management fee waiver		(164,132	)
Net expenses		6,081,380
Net Investment Income		50,972,198
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(55,934,305	)
Purchased options		2,294,539
Futures contracts		17,186,948
Written options		(5,363,686	)
Swap contracts		2,088,014
Foreign currency transactions		57,386
Forward foreign currency transactions		(434,770	)
Net realized gain (loss)		(40,105,874	)
Net change in unrealized appreciation (depreciation) on:
Investments (b)		77,595,287
Purchased options		4,677,254
Futures contracts		(7,991,395	)
Written options		(4,378,642	)
Swap contracts		(3,715,405	)
Foreign currency transactions		(55,151	)
Forward foreign currency transactions		(422,845	)
Net change in unrealized appreciation (depreciation)		65,709,103
Net realized and unrealized gain (loss)		25,603,229
Net Increase (Decrease) in Net Assets From Operations	$	76,575,427

(a)	Net of foreign withholding taxes of $6,347.
(b)	Includes change in foreign capital gains tax of $(4,189).

See accompanying notes to financial statements.

BHFTII-48

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)				Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	50,972,198			$	78,952,028
Net realized gain (loss)		(40,105,874	)	��		(292,564,852	)
Net change in unrealized appreciation (depreciation)		65,709,103				(291,166,063	)
Increase (decrease) in net assets from operations		76,575,427				(504,778,887	)
From Distributions to Shareholders
Class A		(72,850,562	)			(79,174,618	)
Class B		(11,997,790	)			(12,754,723	)
Class E		(2,239,363	)			(2,489,604	)
Total distributions		(87,087,715	)			(94,418,945	)
Increase (decrease) in net assets from capital share transactions		(5,466,197	)			(224,190,087	)
Total increase (decrease) in net assets		(15,978,485	)			(823,387,919	)
Net Assets
Beginning of period		2,841,343,158				3,664,731,077
End of period	$	2,825,364,673			$	2,841,343,158

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		233,494		$	21,637,936			828,712		$	81,045,920
Reinvestments		814,883			72,850,562			864,540			79,174,618
Redemptions		(1,128,924	)		(104,452,910	)		(3,500,402	)		(335,535,124	)
Net increase (decrease)		(80,547	)	$	(9,964,412	)		(1,807,150	)	$	(175,314,586	)
Class B
Sales		186,977		$	16,780,765			289,179		$	27,400,438
Reinvestments		136,977			11,997,790			142,098			12,754,723
Redemptions		(248,941	)		(22,514,066	)		(872,740	)		(82,239,899	)
Net increase (decrease)		75,013		$	6,264,489			(441,463	)	$	(42,084,738	)
Class E
Sales		23,056		$	2,104,707			46,302		$	4,481,669
Reinvestments		25,298			2,239,363			27,452			2,489,604
Redemptions		(66,898	)		(6,110,344	)		(146,119	)		(13,762,036	)
Net increase (decrease)		(18,544	)	$	(1,766,274	)		(72,365	)	$	(6,790,763	)
Increase (decrease) derived from capital shares transactions				$	(5,466,197	)				$	(224,190,087	)

See accompanying notes to financial statements.

BHFTII-49

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	89.99		$	108.15		$	113.91		$	108.84		$	102.94		$	106.93
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.65			2.45			2.04			2.67			3.39			3.33
Net realized and unrealized gain (loss)		0.78			(17.68	)		(2.58	)		6.54			6.56			(3.77	)
Total income (loss) from investment operations		2.43			(15.23	)		(0.54	)		9.21			9.95			(0.44	)
Less Distributions
Distributions from net investment income		(2.88	)		(2.81	)		(3.05	)		(4.14	)		(4.05	)		(3.55	)
Distributions from net realized capital gains		0.00			(0.12	)		(2.17	)		0.00			0.00			0.00
Total distributions		(2.88	)		(2.93	)		(5.22	)		(4.14	)		(4.05	)		(3.55	)
Net Asset Value, End of Period	$	89.54		$	89.99		$	108.15		$	113.91		$	108.84		$	102.94
Total Return (%) (b)		2.72	(c)		(14.15	)		(0.43	)		8.60			9.83			(0.36	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.40	(d)		0.39			0.37			0.39			0.39			0.43
Gross ratio of expenses to average net assets excluding interest expense (%)		0.40	(d)		0.39			0.37			0.39			0.38			0.37
Net ratio of expenses to average net assets (%) (e)		0.39	(d)		0.38			0.37			0.39			0.39			0.43
Net ratio of expenses to average net assets excluding interest expense (%) (e)		0.39	(d)		0.38			0.37			0.39			0.38			0.37
Ratio of net investment income (loss) to average net assets (%)		3.61	(d)		2.55			1.86			2.40			3.18			3.22
Portfolio turnover rate (%)		212	(c)(f)		376	(f)		486	(f)		437	(f)		482	(f)		439	(f)
Net assets, end of period (in millions)	$	2,335.3		$	2,354.2		$	3,024.7		$	2,797.7		$	2,846.1		$	2,977.2
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	88.08		$	105.87		$	111.65		$	106.74		$	101.01		$	104.98
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.51			2.16			1.73			2.34			3.06			3.02
Net realized and unrealized gain (loss)		0.76			(17.30	)		(2.54	)		6.42			6.44			(3.71	)
Total income (loss) from investment operations		2.27			(15.14	)		(0.81	)		8.76			9.50			(0.69	)
Less Distributions
Distributions from net investment income		(2.63	)		(2.53	)		(2.80	)		(3.85	)		(3.77	)		(3.28	)
Distributions from net realized capital gains		0.00			(0.12	)		(2.17	)		0.00			0.00			0.00
Total distributions		(2.63	)		(2.65	)		(4.97	)		(3.85	)		(3.77	)		(3.28	)
Net Asset Value, End of Period	$	87.72		$	88.08		$	105.87		$	111.65		$	106.74		$	101.01
Total Return (%) (b)		2.59	(c)		(14.36	)		(0.69	)		8.34			9.55			(0.62	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(d)		0.64			0.62			0.64			0.64			0.68
Gross ratio of expenses to average net assets excluding interest expense (%)		0.65	(d)		0.64			0.62			0.64			0.63			0.62
Net ratio of expenses to average net assets (%) (e)		0.64	(d)		0.63			0.62			0.64			0.64			0.68
Net ratio of expenses to average net assets excluding interest expense (%) (e)		0.64	(d)		0.63			0.62			0.64			0.63			0.62
Ratio of net investment income (loss) to average net assets (%)		3.37	(d)		2.30			1.61			2.14			2.93			2.97
Portfolio turnover rate (%)		212	(c)(f)		376	(f)		486	(f)		437	(f)		482	(f)		439	(f)
Net assets, end of period (in millions)	$	415.2		$	410.3		$	539.9		$	516.4		$	468.9		$	455.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-50

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022				2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	89.04		$	107.01			$	112.78		$	107.78		$	101.96		$	105.94
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.57			2.28				1.86			2.48			3.20			3.15
Net realized and unrealized gain (loss)		0.76			(17.48	)			(2.57	)		6.48			6.49			(3.75	)
Total income (loss) from investment operations		2.33			(15.20	)			(0.71	)		8.96			9.69			(0.60	)
Less Distributions
Distributions from net investment income		(2.72	)		(2.65	)	��		(2.89	)		(3.96	)		(3.87	)		(3.38	)
Distributions from net realized capital gains		0.00			(0.12	)			(2.17	)		0.00			0.00			0.00
Total distributions		(2.72	)		(2.77	)			(5.06	)		(3.96	)		(3.87	)		(3.38	)
Net Asset Value, End of Period	$	88.65		$	89.04			$	107.01		$	112.78		$	107.78		$	101.96
Total Return (%) (b)		2.64	(c)		(14.27	)			(0.60	)		8.44			9.66			(0.52	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55	(d)		0.54				0.52			0.54			0.54			0.58
Gross ratio of expenses to average net assets excluding interest expense (%)		0.55	(d)		0.54				0.52			0.54			0.53			0.52
Net ratio of expenses to average net assets (%) (e)		0.54	(d)		0.53				0.52			0.54			0.54			0.58
Net ratio of expenses to average net assets excluding interest expense (%) (e)		0.54	(d)		0.53				0.52			0.54			0.53			0.52
Ratio of net investment income (loss) to average net assets (%)		3.46	(d)		2.40				1.71			2.25			3.03			3.07
Portfolio turnover rate (%)		212	(c)(f)		376	(f)			486	(f)		437	(f)		482	(f)		439	(f)
Net assets, end of period (in millions)	$	74.9		$	76.9			$	100.2		$	93.6		$	95.5		$	96.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 67%, 64, 82%, 93%, 81%, and 92%, for the six months ended June 30, 2023, and for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

See accompanying notes to financial statements.

BHFTII-51

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

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

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Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

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

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

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

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

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

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based

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Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Special Purpose Acquisition Companies - The Portfolio may invest in Special Purpose Acquisition Companies (“SPAC”). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an “IPO”) for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a “Transaction”). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant. The shares of a SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio’s ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC’s shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC’s management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-

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Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

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

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

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

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2023, the Portfolio had open unfunded loan commitments of $25,648. At June 30, 2023, the Portfolio had sufficient cash and/or securities to cover these commitments.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial

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Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

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

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

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

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

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

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

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $163,611,991. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $420,530. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment

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Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(3,328	)	$	—	$	—	$	—	$	(3,328	)
Corporate Bonds & Notes		(1,117,203	)		—		—		—		(1,117,203	)
Total Borrowings	$	(1,120,531	)	$	—	$	—	$	—	$	(1,120,531	)
Gross amount of recognized liabilities for securities lending transactions										$	(1,120,531	)

3. Investments in Derivative Instruments

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

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the

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BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable or unwilling to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

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

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

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

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

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

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

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realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

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

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

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

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. The Portfolio may pay or receive an upfront payment upon entering into a swap agreement. Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

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

Centrally Cleared Swaps: Certain swaps are required to be (or are capable of being) cleared through a regulated clearinghouse. Since the Portfolio is not a member of a clearinghouse and only members of a clearinghouse (“clearing members” or “clearing brokers”) can participate directly in the clearinghouse, the Portfolio holds cleared swaps through accounts at a clearing member. The Portfolio typically will be required to post margin required by the clearinghouse and/or its clearing member; the margin required by a clearinghouse and/or clearing member may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which it is not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying security comprising the relevant component of the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced

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obligation (or underlying security comprising the relevant component of the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

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

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

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

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2023, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money market reference rates. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

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

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2023 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a) (b)	$	13,099,076
	OTC swap contracts at market value		163,432	OTC swap contracts at market value	$	13,507
	Unrealized appreciation on centrally cleared swap contracts (d) (e)		338,974	Unrealized depreciation on centrally cleared swap contracts (d) (e)		1,004,294
	Unrealized appreciation on futures contracts (e) (f)		1,344,316	Unrealized depreciation on futures contracts (e) (f)		7,574,645
				Written options at value (g)		16,543,535
Credit	OTC swap contracts at market value (c)		298,348	OTC swap contracts at market value (c)		617,543
	Unrealized appreciation on centrally cleared swap contracts (d) (e)		195,431	Unrealized depreciation on centrally cleared swap contracts (d) (e)		307,704
Equity	OTC swap contracts at market value		842	Unrealized depreciation on futures contracts (e) (f)		200,399
Foreign Exchange	Investments at market value (a)		76,927	Written options at value		27,404
	Unrealized appreciation on forward foreign currency exchange contracts		319,955	Unrealized depreciation on forward foreign currency exchange contracts		719,532
Total		$	15,837,301		$	27,008,563

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Includes exchange-traded options with a value of $12,668,000 that are not subject to a master netting agreements.
(c)	Excludes OTC swap interest receivable of $54 and OTC swap interest payable of $6,507.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(e)	Financial instrument not subject to a master netting agreement.
(f)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(g)	Includes exchange-traded options with a value of $12,542,681 that are not subject to a master netting agreements.

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

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The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2023.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	58,277	$	(50,826	)	$	(7,451	)	$	—
Bank of New York		59,637		—			—			59,637
Barclays Bank plc		231,456		(231,456	)		—			—
BNP Paribas S.A.		39,737		(39,737	)		—			—
Citibank N.A.		310,154		(66,426	)		(243,728	)		—
Deutsche Bank AG		18,474		(18,474	)		—			—
Goldman Sachs International		257,351		(130,593	)		(126,758	)		—
HSBC Bank plc		21,555		(5,774	)		(15,781	)		—
JPMorgan Chase Bank N.A.		91,392		(91,392	)		—			—
Morgan Stanley & Co. International plc		181,580		(98,028	)		(82,300	)		1,252
Royal Bank of Canada		1,248		—			—			1,248
Standard Chartered Bank		8,111		(8,111	)		—			—
Toronto Dominion Bank		6,966		—			—			6,966
UBS AG		4,642		(4,642	)		—			—
	$	1,290,580	$	(745,459	)	$	(476,018	)	$	69,103

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2023.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	50,826	$	(50,826	)	$	—		$	—
Barclays Bank plc		2,465,550		(231,456	)		(2,193,846	)		40,248
BNP Paribas S.A.		363,646		(39,737	)		(323,909	)		—
Citibank N.A.		66,426		(66,426	)		—			—
Deutsche Bank AG		307,938		(18,474	)		(289,464	)		—
Goldman Sachs International		130,593		(130,593	)		—			—
HSBC Bank plc		5,774		(5,774	)		—			—
JPMorgan Chase Bank N.A.		1,346,278		(91,392	)		(1,254,886	)		—
Morgan Stanley & Co. International plc		98,028		(98,028	)		—			—
Standard Chartered Bank		101,776		(8,111	)		(93,665	)		—
State Street Bank and Trust		61,132		—			—			61,132
UBS AG		380,873		(4,642	)		(376,231	)		—
	$	5,378,840	$	(745,459	)	$	(4,532,001	)	$	101,380

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

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The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options	$	3,933,631		$	—		$	(147,173	)	$	(1,491,919	)	$	2,294,539
Forward foreign currency transactions		—			—			—			(434,770	)		(434,770	)
Swap contracts		2,471,399			(375,219	)		(8,166	)		—			2,088,014
Futures contracts		18,454,775			—			(1,267,827	)		—			17,186,948
Written options		(5,659,279	)		—			72,612			222,981			(5,363,686	)
	$	19,200,526		$	(375,219	)	$	(1,350,554	)	$	(1,703,708	)	$	15,771,045
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options	$	4,619,484		$	—		$	—		$	57,770		$	4,677,254
Forward foreign currency transactions		—			—			—			(422,845	)		(422,845	)
Swap contracts		(3,613,029	)		(103,218	)		842			—			(3,715,405	)
Futures contracts		(7,443,983	)		—			(547,412	)		—			(7,991,395	)
Written options		(4,359,587	)		—			—			(19,055	)		(4,378,642	)
	$	(10,797,115	)	$	(103,218	)	$	(546,570	)	$	(384,130	)	$	(11,831,033	)

For the six months ended June 30, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	622,369,851
Forward foreign currency transactions		71,367,246
Futures contracts long		681,009,371
Futures contracts short		(523,541,681	)
Swap contracts		343,937,740
Written options		(755,784,625	)

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

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio,

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Notes to Financial Statements—June 30, 2023—(Continued)

the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse. The Portfolio’s clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio’s clearing broker. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

LIBOR Replacement Risk: Many financial instruments historically used a floating rate based on LIBOR, which was the offered rate at which major international banks could obtain wholesale, unsecured funding. LIBOR may have been a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may have been used in other ways that affected the Portfolio’s investment performance. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. Markets are developing in these new rates, but concerns around liquidity of the new rates and how to appropriately mitigate any economic value transfer as a result of the transition remain. Neither the effect of the transition process nor its ultimate success can yet be fully known. The transition away from LIBOR and use of replacement rates may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that were tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions that were historically tied to LIBOR, particularly insofar as the documentation governing such instruments did not include “fall back” provisions addressing the transition from LIBOR. The Subadviser may have exercised discretion in determining a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR and the use of replacement rates may adversely affect transactions that used LIBOR as a reference rate, financial institutions, funds and other market participants that engaged in such transactions, and the financial markets generally. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

BHFTII-65

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$5,051,786,836	$	1,028,433,908	$	4,654,872,750	$	1,213,398,086

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2023 were as follows:

Purchases	Sales
$4,193,734,647	$	4,138,006,094

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$5,022,476		0.400	%	Of the first $1 billion
		0.350	%	Of the next $1 billion
		0.300	%	Of the next $1 billion
		0.250	%	On amounts in excess of $3 billion

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

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

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

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

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the

BHFTII-66

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	3,239,283,125
Gross unrealized appreciation		29,354,300
Gross unrealized (depreciation)		(241,508,313	)
Net unrealized appreciation (depreciation)	$	(212,154,013	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$90,815,649	$	138,825,997	$	3,603,296	$	32,418,748	$	94,418,945	$	171,244,745

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$86,781,114	$	—	$	(300,747,195	)	$	(303,490,442	)	$	(517,456,523	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $145,427,331 and accumulated long-term capital losses of $158,063,111.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate

BHFTII-67

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-68

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-69

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the BlackRock Capital Appreciation Portfolio returned 33.96%, 33.81%, and 33.81%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 29.02%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities, as represented by the S&P 500 Index, returned 16.9% in the first half of 2023. Equity markets gained in the first six months of the year, largely driven by a rally in technology stocks. At the start of the year, fears of recession eased, and equities surged while market participants priced in a near-term end to interest rate increases. By March, equity markets were characterized by the collapse of Silicon Valley Bank and Signature Bank which called the stability of the broader banking sector into question. Investor concerns eased as first quarter earnings were reported stronger than feared, while economic data remained mixed. In the U.S., core inflation showed signs of easing, although stickier components of the index such as shelter remained elevated. In response, the Fed raised interest rates by 75 basis points (“bps”) across three hikes and elected to hold rates steady in June.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark, the Russell 1000 Growth Index, in the first half of 2023. During the six-month period, the largest contributor to relative performance included positioning in the Consumer Staples sector, as well as stock selection in the Industrials and Consumer Discretionary sectors. On the other hand, stock selection in Communications Services and positioning in Financials detracted from relative returns during the period.

At the sector level, the largest contributor to relative performance during the period was Consumer Staples, driven by no exposure across the sector. The sector underperformed as we saw investors favor growth-oriented sectors over defensive sectors. Next, stock selection in the Industrials sector was a significant driver of return. This was mostly concentrated in the aerospace & defense industry, where shares of TransDigm Group gained over 42% during the period. TransDigm Group posted strong earnings results, surpassing Wall Street expectations, driven by the recovery of the commercial aerospace market. Additionally, avoiding exposure across the machinery and professional services industries, was additive for performance during the period. The next largest contributor was stock selection in the Consumer Discretionary sector. Most notably, an underweight to the specialty retail industry benefited performance. Elsewhere in Consumer Discretionary, an overweight position in Amazon.com proved beneficial as the company’s stock outperformed on improving investor sentiment. In addition to the above-mentioned sectors, overweight positions in NVIDIA Corporation within Information Technology and Eli Lilly within Health Care contributed to relative returns. We believe NVIDIA is the unquestioned leader in high performance compute semiconductors, also known as GPUs, which are the building blocks of artificial intelligence (“AI”). Meanwhile, the key driver of the rally in Eli Lilly stock has been optimism about the potential for two of the company’s drugs for weight loss and for early Alzheimer’s.

The largest detractor from relative performance during the period was stock selection in Communication Services. Most notably, an overweight position in Match Group within interactive media & services hindered performance. Match Group operates the largest global portfolio of dating apps & websites, spanning over 45 brands including Tinder, OkCupid, Hinge, etc. Shares of the stock struggled during the period as the company posted disappointing earnings. Additionally, no exposure to Meta Platforms proved costly to performance as shares performed well. The stock benefited as investors rewarded Meta for committing to cost discipline by reducing capital expenditure on the metaverse. The next largest detractor was stock selection in the Financials sector where investment decisions in the financial services and capital markets proved costly. In financial services, Visa shares declined as the company released data indicating declining U.S. personal consumption expenditure share due to high inflation; and in capital markets, an overweight position in MSCI, Inc. and an off-benchmark position in S&P Global hurt relative returns. Elsewhere in the Portfolio, an overweight to Danaher Corp. within Health Care and an underweight to Apple within Information Technology negatively impacted performance. Danaher was a big beneficiary during the pandemic due to its diagnostic testing and life sciences segment, and the recent underperformance can be attributed to slowing growth following a pull forward in demand. Meanwhile, Apple performed well in a volatile market environment as investors rotated into large and mega cap technology names due to strong quality metrics and healthy balance sheets amid a potentially uncertain market environment. However, our underweight to Apple is driven by our bearish fundamental view on the company.

Due to a combination of Portfolio trading activity and market movements during the period, the largest increases in active weights were in the Industrials and Consumer Staples sectors. These moves were driven by reduced underweight to machinery within Industrials and to beverages within Consumer Staples. Conversely, the largest reductions in active sector weights were in the Communication Services and Health Care sectors. These changes were primarily driven by a shift from being actively overweight to underweight in interactive media & services within Communication Services and reducing our active overweight to life sciences tools & services within Health Care.

BHFTII-1

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

The largest sector overweight in the Portfolio as of June 30, 2023 was Financials, followed by Health Care and Consumer Discretionary. Consumer Staples, Communication Services and Industrials were the largest Portfolio underweights.

Phil Ruvinsky

Caroline Bottinelli

Portfolio Managers

BlackRock Advisors, LLC

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

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

BHFTII-2

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
BlackRock Capital Appreciation Portfolio
Class A		33.96		25.67		11.12		14.05
Class B		33.81		25.36		10.85		13.77
Class E		33.81		25.47		10.96		13.88
Russell 1000 Growth Index		29.02		27.11		15.14		15.75

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Microsoft Corp.		9.2
Apple, Inc.		9.2
Amazon.com, Inc.		7.8
NVIDIA Corp.		5.7
Alphabet, Inc. - Class A		4.8
Visa, Inc. - Class A		4.1
Intuit, Inc.		3.7
Broadcom, Inc.		3.2
ASML Holding NV		3.1
Tesla, Inc.		2.9

Top Sectors

	% of Net Assets
Information Technology		42.7
Consumer Discretionary		17.9
Health Care		13.3
Financials		11.3
Communication Services		7.6
Industrials		4.5
Energy		1.2
Materials		1.1

BHFTII-3

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Capital Appreciation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A(a)	Actual		0.59	%	$	1,000.00	$	1,339.60	$	3.42
	Hypothetical*		0.59	%	$	1,000.00	$	1,021.87	$	2.96
Class B(a)	Actual		0.84	%	$	1,000.00	$	1,338.10	$	4.87
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.63	$	4.21
Class E(a)	Actual		0.74	%	$	1,000.00	$	1,338.10	$	4.29
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71

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

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

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

BHFTII-4

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
TransDigm Group, Inc.		45,872	$	41,017,366
Automobiles—2.9%
Tesla, Inc. (a)		180,421		47,228,805
Broadline Retail—7.8%
Amazon.com, Inc. (a)		971,726		126,674,201
Capital Markets—4.3%
Blackstone, Inc. (b)		194,150		18,050,125
MSCI, Inc.		40,359		18,940,075
S&P Global, Inc.		79,349		31,810,221
				68,800,421
Chemicals—1.1%
Sherwin-Williams Co. (The)		68,560		18,204,051
Commercial Services & Supplies—2.0%
Cintas Corp.		34,987		17,391,338
Waste Connections, Inc.		99,449		14,214,246
				31,605,584
Entertainment—2.4%
Netflix, Inc. (a)		88,579		39,018,164
Financial Services—7.0%
Adyen NV (a)		5,829		10,099,410
MasterCard, Inc. - Class A		94,377		37,118,474
Visa, Inc. - Class A (b)		277,714		65,951,521
				113,169,405
Health Care Equipment & Supplies—4.3%
Boston Scientific Corp. (a)		326,597		17,665,632
IDEXX Laboratories, Inc. (a)		36,035		18,097,858
Intuitive Surgical, Inc. (a)		99,478		34,015,507
				69,778,997
Health Care Providers & Services—2.6%
UnitedHealth Group, Inc.		88,808		42,684,677
Hotels, Restaurants & Leisure—3.2%
Chipotle Mexican Grill, Inc. (a)		11,392		24,367,488
Evolution AB (144A)		213,282		27,027,034
				51,394,522
Interactive Media & Services—5.2%
Alphabet, Inc. - Class A (a)		647,026		77,449,012
Match Group, Inc. (a)		149,533		6,257,956
				83,706,968
IT Services—0.3%
MongoDB, Inc. (a)(b)		11,748		4,828,311
Life Sciences Tools & Services—2.6%
Danaher Corp.		112,181		26,923,440
Thermo Fisher Scientific, Inc.		28,699		14,973,703
				41,897,143
Oil, Gas & Consumable Fuels—1.2%
Cheniere Energy, Inc.		105,715		16,106,738
EQT Corp. (b)		81,885		3,367,930
				19,474,668
Pharmaceuticals—3.7%
Eli Lilly and Co.		88,104		41,319,014
Zoetis, Inc.		111,348		19,175,239
				60,494,253
Semiconductors & Semiconductor Equipment—14.6%
Advanced Micro Devices, Inc. (a)		36,871		4,199,976
ASML Holding NV		69,579		50,427,380
Broadcom, Inc.		60,018		52,061,414
KLA Corp.		67,405		32,692,773
Marvell Technology, Inc.		75,351		4,504,483
NVIDIA Corp.		217,469		91,993,736
				235,879,762
Software—18.7%
Cadence Design Systems, Inc. (a)		137,615		32,273,470
Intuit, Inc.		130,113		59,616,475
Microsoft Corp.		435,889		148,437,640
Palo Alto Networks, Inc. (a)(b)		55,000		14,053,050
Roper Technologies, Inc.		46,301		22,261,521
ServiceNow, Inc. (a)		45,126		25,359,458
				302,001,614
Specialty Retail—0.5%
Ross Stores, Inc.		65,817		7,380,060
Technology Hardware, Storage & Peripherals—9.2%
Apple, Inc.		764,499		148,289,871
Textiles, Apparel & Luxury Goods—3.5%
LVMH Moet Hennessy Louis Vuitton SE		30,128		28,432,573
NIKE, Inc. - Class B		259,222		28,610,332
				57,042,905
Total Common Stocks (Cost $1,135,007,842)				1,610,571,748
Preferred Stock—0.5%
Interactive Media & Services—0.5%
Bytedance, Ltd. - Class E † (a) (c) (d) (Cost $5,371,984)		49,026		8,618,970

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Short-Term Investment—0.1%

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $1,595,967; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $1,627,599.		1,595,661	$	1,595,661
Total Short-Term Investments (Cost $1,595,661)				1,595,661
Securities Lending Reinvestments (e)—1.7%
Repurchase Agreements—0.8%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $3,649,873; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $3,721,304.		3,648,337		3,648,337
Cantor Fitzgerald & Co. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $2,000,845; collateralized by U.S. Government Agency Obligations with rates ranging from 1.378% - 8.917%, maturity dates ranging from 08/01/23 - 01/20/73, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.370%, due on 08/04/23 with a maturity value of $5,026,104; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.750%, maturity dates ranging from 08/15/28 - 05/15/33, and various Common Stock with an aggregate market value of $5,422,804.		5,000,000		5,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $900,380; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $920,304.		900,000		900,000
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $1,001,011; collateralized by various Common Stock with an aggregate market value of $1,115,919.		1,000,000		1,000,000
				12,548,337
Mutual Funds—0.9%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.000% (f)		3,000,000		3,000,000
Mutual Funds—(Continued)
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (f)		2,000,000		2,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (f)		1,000,000		1,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (f)		3,000,000		3,000,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (f)		1,000,000		1,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030% (f)		1,000,000		1,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.050% (f)		3,000,000		3,000,000
				14,000,000
Total Securities Lending Reinvestments (Cost $26,548,337)				26,548,337
Total Investments—101.9% (Cost $1,168,523,824)				1,647,334,716
Other assets and liabilities (net)—(1.9)%				(30,231,761	)
Net Assets—100.0%			$	1,617,102,955

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2023, the market value of restricted securities was $8,618,970, which is 0.5% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $74,411,380 and the collateral received consisted of cash in the amount of $26,548,337 and non-cash collateral with a value of $48,639,002. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	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 subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent 0.5% of net assets.
(e)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(f)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Bytedance, Ltd. - Class E		12/10/20		49,026	$	5,371,984	$	8,618,970

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

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

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

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

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	41,017,366	$	—		$	—	$	41,017,366
Automobiles		47,228,805		—			—		47,228,805
Broadline Retail		126,674,201		—			—		126,674,201
Capital Markets		68,800,421		—			—		68,800,421
Chemicals		18,204,051		—			—		18,204,051
Commercial Services & Supplies		31,605,584		—			—		31,605,584
Entertainment		39,018,164		—			—		39,018,164
Financial Services		103,069,995		10,099,410			—		113,169,405
Health Care Equipment & Supplies		69,778,997		—			—		69,778,997
Health Care Providers & Services		42,684,677		—			—		42,684,677
Hotels, Restaurants & Leisure		24,367,488		27,027,034			—		51,394,522
Interactive Media & Services		83,706,968		—			—		83,706,968
IT Services		4,828,311		—			—		4,828,311
Life Sciences Tools & Services		41,897,143		—			—		41,897,143
Oil, Gas & Consumable Fuels		19,474,668		—			—		19,474,668
Pharmaceuticals		60,494,253		—			—		60,494,253
Semiconductors & Semiconductor Equipment		235,879,762		—			—		235,879,762
Software		302,001,614		—			—		302,001,614
Specialty Retail		7,380,060		—			—		7,380,060
Technology Hardware, Storage & Peripherals		148,289,871		—			—		148,289,871
Textiles, Apparel & Luxury Goods		28,610,332		28,432,573			—		57,042,905
Total Common Stocks		1,545,012,731		65,559,017			—		1,610,571,748
Total Preferred Stock*		—		—			8,618,970		8,618,970
Total Short-Term Investment*		—		1,595,661			—		1,595,661
Securities Lending Reinvestments
Repurchase Agreements		—		12,548,337			—		12,548,337
Mutual Funds		14,000,000		—			—		14,000,000
Total Securities Lending Reinvestments		14,000,000		12,548,337			—		26,548,337
Total Investments	$	1,559,012,731	$	79,703,015		$	8,618,970	$	1,647,334,716
Collateral for Securities Loaned (Liability)	$	—	$	(26,548,337	)	$	—	$	(26,548,337	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a)(b)	$	1,647,334,716
Cash		31
Cash denominated in foreign currencies (c)		12,582
Receivable for:
Investments sold		124,009
Fund shares sold		446,166
Dividends and interest		161,688
Prepaid expenses		13,146
Total Assets		1,648,092,338
Liabilities
Collateral for securities loaned		26,548,337
Payables for:
Fund shares redeemed		3,365,449
Accrued Expenses:
Management fees		701,519
Distribution and service fees		58,400
Deferred trustees’ fees		156,011
Other expenses		159,667
Total Liabilities		30,989,383
Net Assets	$	1,617,102,955
Net Assets Consist of:
Paid in surplus	$	1,104,169,048
Distributable earnings (Accumulated losses)		512,933,907
Net Assets	$	1,617,102,955
Net Assets
Class A	$	1,311,023,027
Class B		265,421,005
Class E		40,658,923
Capital Shares Outstanding*
Class A		40,396,812
Class B		9,102,746
Class E		1,320,764
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	32.45
Class B		29.16
Class E		30.78

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,168,523,824.
(b)	Includes securities loaned at value of $74,411,380.
(c)	Identified cost of cash denominated in foreign currencies was $12,533.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	5,182,144
Interest		24,927
Securities lending income		46,225
Total investment income		5,253,296
Expenses
Management fees		5,166,612
Administration fees		34,234
Custodian and accounting fees		51,183
Distribution and service fees—Class B		297,940
Distribution and service fees—Class E		26,981
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		34,309
Insurance		6,329
Miscellaneous		17,868
Total expenses		5,697,723
Less management fee waiver		(1,045,173	)
Net expenses		4,652,550
Net Investment Income		600,746
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		36,068,719
Foreign currency transactions		(29,071	)
Net realized gain (loss)		36,039,648
Net change in unrealized appreciation (depreciation) on:
Investments		395,641,609
Foreign currency transactions		2,198
Net change in unrealized appreciation (depreciation)		395,643,807
Net realized and unrealized gain (loss)		431,683,455
Net Increase (Decrease) in Net Assets From Operations	$	432,284,201

(a) Net of foreign withholding taxes of $166,566.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	600,746		$	586,473
Net realized gain (loss)		36,039,648			28,995,964
Net change in unrealized appreciation (depreciation)		395,643,807			(817,775,118	)
Increase (decrease) in net assets from operations		432,284,201			(788,192,681	)
From Distributions to Shareholders
Class A		(24,750,989	)		(342,728,460	)
Class B		(5,413,650	)		(72,719,560	)
Class E		(781,635	)		(10,974,815	)
Total distributions		(30,946,274	)		(426,422,835	)
Increase (decrease) in net assets from capital share transactions		(97,880,274	)		432,788,786
Total increase (decrease) in net assets		303,457,653			(781,826,730	)
Net Assets
Beginning of period		1,313,645,302			2,095,472,032
End of period	$	1,617,102,955		$	1,313,645,302

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		411,400		$	11,824,234			2,073,985		$	75,245,501
Reinvestments		777,355			24,750,989			12,928,271			342,728,460
Redemptions		(4,012,328	)		(119,705,069	)		(2,091,770	)		(71,487,091	)
Net increase (decrease)		(2,823,573	)	$	(83,129,846	)		12,910,486		$	346,486,870
Class B
Sales		234,639		$	6,039,694			1,213,218		$	38,839,865
Reinvestments		189,222			5,413,650			3,040,115			72,719,560
Redemptions		(958,422	)		(25,158,240	)		(1,037,865	)		(33,008,809	)
Net increase (decrease)		(534,561	)	$	(13,704,896	)		3,215,468		$	78,550,616
Class E
Sales		86,238		$	2,317,583			125,002		$	4,240,294
Reinvestments		25,882			781,635			435,509			10,974,815
Redemptions		(150,912	)		(4,144,750	)		(227,543	)		(7,463,809	)
Net increase (decrease)		(38,792	)	$	(1,045,532	)		332,968		$	7,751,300
Increase (decrease) derived from capital shares transactions				$	(97,880,274	)				$	432,788,786

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	24.69		$	56.20		$	53.39		$	43.16		$	38.83		$	43.42
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.02			0.03			(0.09	)		(0.07	)		(0.00	)(b)		0.09
Net realized and unrealized gain (loss)		8.35			(20.40	)		10.57			16.02			12.03			1.74
Total income (loss) from investment operations		8.37			(20.37	)		10.48			15.95			12.03			1.83
Less Distributions
Distributions from net investment income		(0.01	)		0.00			0.00			0.00			(0.10	)		(0.06	)
Distributions from net realized capital gains		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.60	)		(6.36	)
Total distributions		(0.61	)		(11.14	)		(7.67	)		(5.72	)		(7.70	)		(6.42	)
Net Asset Value, End of Period	$	32.45		$	24.69		$	56.20		$	53.39		$	43.16		$	38.83
Total Return (%) (c)		33.96	(d)		(37.61	)		21.20			40.66			32.85			2.43
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73	(e)		0.73			0.71			0.72			0.72			0.72
Net ratio of expenses to average net assets (%) (f)		0.59	(e)		0.63			0.62			0.63			0.63			0.63
Ratio of net investment income (loss) to average net assets (%)		0.13	(e)		0.08			(0.17	)		(0.14	)		(0.00	)(g)		0.21
Portfolio turnover rate (%)		13	(d)		65			41			37			43			45
Net assets, end of period (in millions)	$	1,311.0		$	1,067.3		$	1,703.3		$	1,651.2		$	1,526.1		$	1,327.7
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	22.25		$	52.39		$	50.37		$	41.11		$	37.29		$	41.96
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.05	)		(0.22	)		(0.17	)		(0.10	)		(0.02	)
Net realized and unrealized gain (loss)		7.53			(18.95	)		9.91			15.15			11.52			1.71
Total income (loss) from investment operations		7.51			(19.00	)		9.69			14.98			11.42			1.69
Less Distributions
Distributions from net realized capital gains		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.60	)		(6.36	)
Total distributions		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.60	)��		(6.36	)
Net Asset Value, End of Period	$	29.16		$	22.25		$	52.39		$	50.37		$	41.11		$	37.29
Total Return (%) (c)		33.81	(d)		(37.75	)		20.88			40.31			32.52			2.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98	(e)		0.98			0.96			0.97			0.97			0.97
Net ratio of expenses to average net assets (%) (f)		0.84	(e)		0.88			0.87			0.88			0.88			0.88
Ratio of net investment income (loss) to average net assets (%)		(0.12	)(e)		(0.17	)		(0.42	)		(0.39	)		(0.25	)		(0.04	)
Portfolio turnover rate (%)		13	(d)		65			41			37			43			45
Net assets, end of period (in millions)	$	265.4		$	214.5		$	336.4		$	294.1		$	220.5		$	173.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	23.46		$	54.28		$	51.88		$	42.15		$	38.06		$	42.68
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(b)		(0.02	)		(0.17	)		(0.13	)		(0.06	)		0.03
Net realized and unrealized gain (loss)		7.92			(19.66	)		10.24			15.58			11.78			1.71
Total income (loss) from investment operations		7.92			(19.68	)		10.07			15.45			11.72			1.74
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.03	)		0.00
Distributions from net realized capital gains		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.60	)		(6.36	)
Total distributions		(0.60	)		(11.14	)		(7.67	)		(5.72	)		(7.63	)		(6.36	)
Net Asset Value, End of Period	$	30.78		$	23.46		$	54.28		$	51.88		$	42.15		$	38.06
Total Return (%) (c)		33.81	(d)		(37.68	)		21.02			40.44			32.66			2.26
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88	(e)		0.88			0.86			0.87			0.87			0.87
Net ratio of expenses to average net assets (%) (f)		0.74	(e)		0.78			0.77			0.78			0.78			0.78
Ratio of net investment income (loss) to average net assets (%)		(0.02	)(e)		(0.07	)		(0.32	)		(0.29	)		(0.15	)		0.06
Portfolio turnover rate (%)		13	(d)		65			41			37			43			45
Net assets, end of period (in millions)	$	40.7		$	31.9		$	55.7		$	52.8		$	42.9		$	38.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

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

BHFTII-12

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended June 30, 2023, the Portfolio received EU tax reclaim payments in the amount of $54,141 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $1,595,661. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $12,548,337. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty

BHFTII-15

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	193,945,865	$	0	$	318,605,234

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2023	% per annum			Average daily net assets
$5,166,612		0.730	%	Of the first $1 billion
		0.650	%	On amounts in excess of $1 billion

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

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.115%	Of the first $350 million
0.165%	On the next $350 million
0.225%	On the next $300 million
0.160%	On amounts in excess of $1 billion

An identical expense agreement was in place for the period March 1, 2023 to April 30, 2023.

Prior to March 1, 2023, the Adviser had agreed, for the period April 29, 2022 to February 28, 2023 to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.115%	Of the first $1 billion
0.050%	On the next $500 million
0.090%	On the next $1 billion
0.110%	On amounts in excess of $2.5 billion

BHFTII-16

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	1,170,774,934
Gross unrealized appreciation		494,495,527
Gross unrealized (depreciation)		(17,935,745	)
Net unrealized appreciation (depreciation)	$	476,559,782

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$174,966	$	—	$	426,247,869	$	276,004,295	$	426,422,835	$	276,004,295

BHFTII-17

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$500,032	$	30,333,247	$	80,916,941	$	—	$	111,750,220

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-18

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-19

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the BlackRock Ultra-Short Term Bond Portfolio returned 2.31%, 2.18%, and 2.23%, respectively. The Portfolio’s benchmark, the Bank of America/Merrill Lynch 3-month U.S. Treasury Bill Index¹, returned 2.25%.

MARKET ENVIRONMENT / CONDITIONS

The Federal Reserve (the “Fed”) maintained their fight against persistent inflation by raising rates 1.00% during the first half of 2023, bringing the total of hikes over the course of this cycle to 5.25% so far. Geopolitical risk, bank stresses, financial market volatility and defensive positioning by ultrashort market participants led to additional credit spread widening during the first six months of the year. 3-month London Inter-bank Offered Rate (“LIBOR”) spreads, a measure of credit premium in the market, began the year at 0.15% and rose to 0.26% on June 30, 2023. The 3-month LIBOR started the year at 4.77% and ended the period at 5.46%. The slope of the LIBOR curve as measured from 1-month to 1-year, decreased to approximately 0.82% on June 30, 2023, compared with a slope of 1.09% at the end of 2022 as expectation for aggressive rate hikes waned. The steepness of the LIBOR curve describes the yield difference between 1-month and 1-year LIBOR. The Secured Overnight Financing Rate (“SOFR”) which began the year at 4.30% ended the first half of 2023 at 5.09%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Portfolio positioning on June 30, 2023 reflected our outlook that the Fed was likely to raise interest rates in July of 2023 with future rate hikes much less certain. Portfolio purchases during the period were focused on floating rate securities indexed to SOFR and select fixed rate investments that were in line with our interest rate expectations. Repurchase agreements continued to make up a substantial amount of the Portfolio at period-end.

Weighted Average Maturity (the average amount of time until the securities in the portfolio mature or the coupon resets and describes interest rate sensitivity) increased significantly—from 16 days at the beginning of the year to 37 days to end June. The Weighted Average Life (the average amount of time until the securities in the portfolio mature and describes credit sensitivity) decreased from 59 days to 56 days over the period. Fixed rate investments with final maturities of 3 months to 1 year were added at yields of 4.88% to 5.93%. Very short-dated investments continued to benefit the Portfolio for much of the period by allowing the yield to adjust quickly to continued rate increases. Floating rate investments with maturities of 3 months to 1 year were added at spreads 0.15% to 0.60% over SOFR. Technical imbalances persist in the Treasury bill market—demand continues to outpace supply. Increased Treasury bill issuance since the debt ceiling resolution has eased the imbalance somewhat but bill yields remain low on a relative basis. Our allocation to floating rate instruments decreased to 25% and was comprised of securities indexed to SOFR and the federal funds effective rate. These contributed 1.34% to gross yield while fixed rate investments contributed the balance. We continued to focus our investments in the top two to five systemically important issuers domiciled in each of a select group of countries.

Eric Hiatt

Edward Ingold

Portfolio Managers

BlackRock Advisors, LLC

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

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

BHFTII-1

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
BlackRock Ultra-Short Term Bond Portfolio
Class A		2.31		3.76		1.42		0.91
Class B		2.18		3.51		1.17		0.72
Class E		2.23		3.61		1.27		0.80
Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index		2.25		3.59		1.55		0.99

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Issuers

	% of Net Assets
BofA Securities, Inc.		15.8
JPMorgan Securities LLC		7.7
Province of Quebec Canada		3.3
Chariot Funding LLC		3.1
Bank of America N.A.		3.0
Longship Funding LLC		2.9
Westpac Banking Corp.		2.9
Charta LLC		2.9
Sumitomo Mitsui Trust Bank Ltd (NY)		2.8
Mitsubishi UFJ Trust & Banking Corp.		2.4

BHFTII-2

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Ultra-Short Term Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.36%		$	1,000.00	$	1,023.10	$	1.81
	Hypothetical*		0.36%		$	1,000.00	$	1,023.01	$	1.81
Class B (a)	Actual		0.61	%	$	1,000.00	$	1,021.80	$	3.06
	Hypothetical*		0.61%		$	1,000.00	$	1,021.77	$	3.06
Class E (a)	Actual		0.51	%	$	1,000.00	$	1,022.30	$	2.56
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56

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

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

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

BHFTII-3

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes — 0.3% of Net Assets

Security Description	Principal Amount*		Value
Auto Manufacturers—0.3%
Toyota Motor Credit Corp. 5.447%, SOFR + 0.380%, 02/22/24 (a) (Cost $2,270,000)		2,270,000	$	2,268,710
Short-Term Investments—99.5%
Certificate of Deposit—26.4%
Bank of America N.A. 5.250%, 01/31/24		5,000,000		4,982,081
5.310%, 09/15/23		2,000,000		1,999,999
5.340%, 07/14/23		10,000,000		10,000,333
5.440%, 02/06/24		4,597,000		4,582,280
5.750%, 01/09/24		5,000,000		4,998,281
Bank of Montreal (Chicago) 5.480%, 08/24/23		4,000,000		4,001,286
Bank of Nova Scotia 5.550%, SOFR + 0.490%, 01/26/24 (a)		2,000,000		2,000,377
5.800%, SOFR + 0.740%, 08/07/23 (a)		5,000,000		5,002,774
5.820%, 06/13/24		3,000,000		2,993,225
BNP Paribas S.A. (NY) 5.250%, 01/31/24		4,000,000		3,985,423
5.690%, SOFR + 0.630%, 02/05/24 (a)		3,000,000		3,002,918
Canadian Imperial Bank of Commerce (NY) 5.400%, 02/08/24		4,000,000		3,988,891
5.600%, 12/01/23		4,000,000		3,997,948
5.600%, 03/04/24		3,000,000		2,992,250
5.710%, SOFR + 0.650%, 07/03/23 (a)		5,000,000		5,000,224
5.810%, SOFR + 0.750%, 07/21/23 (a)		1,500,000		1,500,605
5.930%, 06/28/24		3,000,000		2,997,398
Citibank N.A. 4.160%, 09/01/23		4,500,000		4,489,488
5.680%, SOFR + 0.620%, 09/21/23 (a)		3,000,000		3,002,250
5.800%, 03/04/24		3,000,000		2,997,673
Credit Agricole Corporate & Investment Bank 5.440%, SOFR + 0.380%, 11/17/23 (a)		4,000,000		4,000,489
Credit Agricole Corporate & Investment Bank (NY) 5.690%, 12/13/23		3,000,000		2,999,481
Credit Industriel et Commercial 5.550%, SOFR + 0.490%, 07/10/23 (a)		10,000,000		10,001,057
DZ Bank AG (NY) 5.400%, 11/09/23		2,000,000		1,998,689
Mitsubishi UFJ Trust & Banking Corp. 5.080%, 07/05/23		11,500,000		11,500,033
5.200%, SOFR + 0.140%, 07/10/23 (a)		10,000,000		9,999,901
Mizuho Bank, Ltd. 5.410%, 10/20/23		4,500,000		4,500,192
5.460%, 08/17/23		7,000,000		7,001,990
5.460%, SOFR + 0.400%, 08/18/23 (a)		7,200,000		7,202,081
Nordea Bank Abp (NY) 5.030%, 08/17/23		3,000,000		2,999,231
Royal Bank of Canada 5.860%, SOFR + 0.800%, 10/19/23 (a)		3,000,000		3,004,660
Certificate of Deposit—(Continued)
Standard Chartered Bank (NY) 5.210%, 10/31/23		5,000,000		4,994,265
5.630%, 03/01/24		4,000,000		3,990,943
State Street Bank and Trust Co. 5.560%, 03/28/24		5,000,000		4,998,567
Sumitomo Mitsui Banking Corp (NY) 5.210%, SOFR + 0.150%, 09/08/23 (a)		8,000,000		7,998,377
5.370%, SOFR + 0.310%, 08/11/23 (a)		8,000,000		8,000,837
Sumitomo Mitsui Trust Bank, Ltd. (NY) 5.240%, SOFR + 0.180%, 08/25/23 (a)		5,000,000		4,999,976
5.370%, SOFR + 0.310%, 08/08/23 (a)		7,000,000		7,001,166
5.380%, SOFR + 0.320%, 09/08/23 (a)		5,000,000		5,000,738
5.540%, 09/21/23		7,500,000		7,500,793
Svenska Handelsbanken AB 5.610%, SOFR + 0.550%, 04/29/24 (a)		3,000,000		2,998,988
5.720%, SOFR + 0.660%, 07/03/23 (a)		5,000,000		4,998,645
Toronto-Dominion Bank (NY) 4.120%, 08/28/23		4,000,000		3,991,936
5.270%, 01/24/24		3,000,000		2,989,317
5.810%, SOFR + 0.500%, 01/29/24 (a)		5,000,000		5,001,842
Wells Fargo Bank N.A. 5.560%, SOFR + 0.500%, 01/22/24 (a)		5,000,000		5,003,268
Westpac Banking Corp. 5.510%, SOFR + 0.450%, 07/13/23 (a)		8,000,000		8,000,971
5.640%, SOFR + 0.580%, 05/17/24 (a)		3,000,000		3,000,011
				234,194,148
Commercial Paper—47.1%
Antalis S.A. 4.903%, 08/01/23 (b)		5,000,000		4,976,618
ANZ New Zealand International Ltd. 5.365%, 11/09/23 (b)		3,200,000		3,136,898
ASB Bank Ltd. 5.201%, 08/18/23 (b)		4,000,000		3,971,656
Australia & New Zealand Banking Group, Ltd. 5.560%, SOFR + 0.500%, 04/02/24 (a)		2,000,000		1,999,518
5.594%, 11/08/23 (b)		7,000,000		6,863,061
Bank of Nova Scotia 5.720%, SOFR + 0.660%, 08/18/23 (a)		4,000,000		4,002,385
Bedford Row Funding Corp. 4.139%, 07/05/23 (b)		15,000,000		14,989,471
Bennington Stark Capital Co. LLC. 4.312%, 07/06/23 (b)		20,000,000		19,983,023
BNZ International Funding, Ltd. 5.469%, SOFR + 0.400%, 10/27/23 (144A) (a)		6,000,000		6,000,401
BPCE S.A. 4.095%, 09/01/23 (b)		5,000,000		4,953,196
5.430%, SOFR + 0.370%, 10/31/23 (a)		9,000,000		9,002,827
Cabot Trail Funding LLC 5.328%, 08/24/23 (b)		8,100,000		8,033,794
Caterpillar Financial Services Corp. 4.139%, 07/05/23 (b)		20,000,000		19,986,036

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Short-Term Investments —(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
CDP Financial, Inc. 5.589%, 05/29/24 (b)		4,000,000	$	3,791,547
5.602%, 12/04/23 (144A) (b)		6,000,000		5,855,796
Chariot Funding LLC 5.177%, 08/04/23 (b)		8,000,000		7,959,268
5.207%, 08/11/23 (b)		11,000,000		10,932,497
5.468%, 09/05/23 (b)		9,000,000		8,909,918
Charta LLC 5.285%, 08/16/23 (b)		12,000,000		11,917,327
5.569%, 10/04/23 (b)		6,000,000		5,912,320
5.591%, 10/05/23 (b)		8,000,000		7,881,833
Columbia Funding Co. LLC 4.858%, 08/02/23 (b)		5,500,000		5,473,632
Commonwealth Bank of Australia 5.400%, 02/16/24 (144A) (b)		5,000,000		4,991,959
5.660%, SOFR + 0.600%, 07/13/23 (144A) (a)		6,000,000		6,000,599
Concord Minutemen Capital Co LLC 5.460%, SOFR + 0.400%, 08/30/23 (a)		3,000,000		3,000,150
5.460%, SOFR + 0.400%, 09/28/23 (a)		7,000,000		7,000,093
Cooperatieve Rabobank UA 5.599%, 12/01/23 (b)		4,000,000		3,905,581
Federation des Caisses Desjardins du Quebec 4.866%, 07/13/23 (b)		10,000,000		9,981,627
5.320%, 08/09/23 (144A) (b)		7,000,000		6,959,633
Great Bear Funding LLC 4.131%, 07/05/23 (b)		3,000,000		2,997,890
ING U.S Funding LLC 5.416%, 11/08/23 (b)		3,000,000		2,939,707
Lloyds Bank plc 5.437%, 11/13/23 (b)		6,000,000		5,872,908
Longship Funding LLC 4.123%, 07/05/23 (b)		15,000,000		14,989,450
4.295%, 07/06/23 (b)		11,000,000		10,990,711
Mackinac Funding Co. LLC 4.972%, 08/07/23 (b)		5,000,000		4,972,012
Macquarie Bank Ltd. 5.117%, 10/23/23 (b)		7,500,000		7,367,942
5.267%, 11/06/23 (b)		1,920,000		1,881,782
5.491%, 02/12/24 (b)		4,000,000		3,856,662
Mercedes-Benz Finance North America LLC 4.180%, 07/05/23 (b)		12,000,000		11,991,773
4.462%, 07/07/23 (b)		5,000,000		4,995,226
National Australia Bank Ltd. 5.530%, SOFR + 0.470%, 07/13/23 (a)		8,000,000		8,001,028
NRW Bank 4.270%, 07/06/23 (b)		15,000,000		14,987,360
Podium Funding Trust 5.424%, 11/06/23 (b)		7,000,000		6,859,057
Province of Quebec Canada 4.800%, 07/13/23 (b)		17,000,000		16,969,054
4.991%, 07/25/23 (b)		12,000,000		11,957,642
PSP Capital, Inc. 3.872%, 08/17/23 (b)		6,000,000		5,958,384
Ridgefield Funding Co. LLC 4.858%, 08/02/23 (b)		8,000,000		7,961,647
5.260%, SOFR + 0.200%, 07/10/23 (144A) (a)		5,000,000		5,000,076
Commercial Paper—(Continued)
Royal Bank of Canada 5.660%, SOFR + 0.600%, 05/23/24 (a)		3,550,000		3,550,662
Swedbank AB 5.330%, SOFR + 0.270%, 09/01/23 (a)		3,600,000		3,600,463
UBS AG 5.452%, SOFR + 0.400%, 08/02/23 (144A) (a)		3,000,000		3,000,259
UnitedHealth Group, Inc. 4.123%, 07/05/23 (b)		15,000,000		14,989,452
Victory Receivables Corp. 5.495%, 09/14/23 (b)		10,000,000		9,885,388
Westpac Banking Corp. 5.580%, SOFR + 0.520%, 07/07/23 (a)		10,000,000		10,000,780
5.580%, SOFR + 0.520%, 04/19/24 (a)		2,000,000		1,999,703
5.759%, 03/13/24 (b)		3,000,000		2,879,745
				418,829,427
Repurchase Agreements—23.4%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.060%, due on 07/03/23 with a maturity value of $140,059,033; collateralized by U.S. Treasury Note at 1.875%, maturing 06/30/26, with a market value of $142,789,386.		140,000,000		140,000,000
JPMorgan Securities LLC Repurchase Agreement dated 06/30/23 at 5.060%, due on 07/03/23 with a maturity value of $68,028,673; collateralized by U.S. Government Agency Obligations with rates ranging from 2.500% -5.500%, with maturity dates ranging from 02/20/37-05/20/53, and an aggregate market value of $77,523,857.		68,000,000		68,000,000
				208,000,000
U.S. Treasury—0.9%
U.S. Treasury Bill 5.076%, 08/10/23 (b)		8,000,000		7,956,659
Time Deposit—1.7%
Royal Bank Of Canada (Toronto) 5.070%, 07/03/23		15,000,000		15,000,000
Total Short-Term Investments (Cost $884,217,164)				883,980,234
Total Investments— 99.8% (Cost $886,487,164)				886,248,944
Other assets and liabilities (net) — 0.2%				2,115,659
Net Assets—100.0%			$	888,364,603

*

Principal amount stated in U.S. dollars unless otherwise noted.

(a)

Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

(b)	The rate shown represents current yield to maturity.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, the market value of 144A securities was $37,808,723, which is 4.3% of net assets.

Glossary of Abbreviations

Index Abbreviations
(SOFR)—	Secured Overnight Financing Rate

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Total Corporate Bonds & Notes*	$	—	$	2,268,710	$	—	$	2,268,710
Total Short-Term Investments*		—		883,980,234		—		883,980,234
Total Investments	$	—	$	886,248,944	$	—	$	886,248,944

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a)	$	678,248,944
Repurchase Agreements at value which equals cost		208,000,000
Cash		629,653
Receivable for:
Fund shares sold		368,033
Interest		2,034,846
Prepaid expenses		7,427
Total Assets		889,288,903
Liabilities
Payables for:
Fund shares redeemed		312,828
Accrued Expenses:
Management fees		237,881
Distribution and service fees		90,587
Deferred trustees’ fees		154,091
Other expenses		128,913
Total Liabilities		924,300
Net Assets	$	888,364,603
Net Assets Consist of:
Paid in surplus	$	868,375,196
Distributable earnings (Accumulated losses)		19,989,407
Net Assets	$	888,364,603
Net Assets
Class A	$	418,285,049
Class B		395,241,686
Class E		74,837,868
Capital Shares Outstanding*
Class A		4,106,593
Class B		3,889,142
Class E		735,327
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	101.86
Class B		101.63
Class E		101.77

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding repurchase agreements, was $678,487,164.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Interest	$	22,746,646
Total investment income		22,746,646
Expenses
Management fees		1,601,993
Administration fees		24,214
Custodian and accounting fees		46,925
Distribution and service fees—Class B		507,752
Distribution and service fees—Class E		56,699
Audit and tax services		20,780
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		24,681
Insurance		4,649
Miscellaneous		6,366
Total expenses		2,333,341
Less management fee waiver		(114,418	)
Net expenses		2,218,923
Net Investment Income		20,527,723
Net Realized and Unrealized Gain (Loss)
Net realized loss on investments		(415	)
Net change in unrealized depreciation on investments		(71,223	)
Net realized and unrealized gain (loss)		(71,638	)
Net Increase (Decrease) in Net Assets From Operations	$	20,456,085

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	20,527,723		$	13,738,733
Net realized gain (loss)		(415	)		1,410
Net change in unrealized appreciation (depreciation)		(71,223	)		(114,591	)
Increase (decrease) in net assets from operations		20,456,085			13,625,552
From Distributions to Shareholders
Class A		(7,042,474	)		0
Class B		(5,670,280	)		0
Class E		(1,148,518	)		0
Total distributions		(13,861,272	)		0
Increase (decrease) in net assets from capital share transactions		(88,697,140	)		(97,548,844	)
Total increase (decrease) in net assets		(82,102,327	)		(83,923,292	)
Net Assets
Beginning of period		970,466,930			1,054,390,222
End of period	$	888,364,603		$	970,466,930

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		947,097		$	96,621,373			1,343,555		$	134,616,181
Reinvestments		69,275			7,042,474			0			0
Redemptions		(1,550,458	)		(158,216,664	)		(2,381,726	)		(239,273,664	)
Net increase (decrease)		(534,086	)	$	(54,552,817	)		(1,038,171	)	$	(104,657,483	)
Class B
Sales		541,175		$	55,021,385			1,731,329		$	172,978,838
Reinvestments		55,898			5,670,280			0			0
Redemptions		(882,825	)		(89,887,414	)		(1,624,592	)		(162,260,675	)
Net increase (decrease)		(285,752	)	$	(29,195,749	)		106,737		$	10,718,163
Class E
Sales		37,918		$	3,875,179			179,641		$	17,969,425
Reinvestments		11,307			1,148,518			0			0
Redemptions		(97,831	)		(9,972,271	)		(215,777	)		(21,578,949	)
Net increase (decrease)		(48,606	)	$	(4,948,574	)		(36,136	)	$	(3,609,524	)
Increase (decrease) derived from capital shares transactions				$	(88,697,140	)				$	(97,548,844	)

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	101.26		$	99.82		$	100.35		$	101.88		$	101.58		$	100.82
Income (Loss) from Investment Operations
Net investment income (loss) (a)		2.33			1.41			(0.20	)		0.40			2.12			1.81
Net realized and unrealized gain (loss)		0.01			0.03			0.01			0.04			0.02			0.00	(b)
Total income (loss) from investment operations		2.34			1.44			(0.19	)		0.44			2.14			1.81
Less Distributions
Distributions from net investment income		(1.74	)		0.00			(0.34	)		(1.97	)		(1.84	)		(1.04	)
Distributions from net realized capital gains		(0.00	)(c)		0.00			0.00			0.00			0.00			(0.01	)
Total distributions		(1.74	)		0.00			(0.34	)		(1.97	)		(1.84	)		(1.05	)
Net Asset Value, End of Period	$	101.86		$	101.26		$	99.82		$	100.35		$	101.88		$	101.58
Total Return (%) (d)		2.31	(e)		1.44			(0.19	)		0.43			2.13			1.81
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.39	(f)		0.38			0.38			0.39			0.39			0.39
Net ratio of expenses to average net assets (%) (g)		0.36	(f)		0.36			0.36			0.36			0.37			0.36
Ratio of net investment income (loss) to average net assets (%)		4.60	(f)		1.41			(0.20	)		0.40			2.08			1.79
Portfolio turnover rate (%)		0	(e)(h)		0	(h)		0	(h)		0	(h)		0	(h)		0	(h)
Net assets, end of period (in millions)	$	418.3		$	469.9		$	566.9		$	377.4		$	320.7		$	307.9
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	100.91		$	99.72		$	100.24		$	101.77		$	101.46		$	100.68
Income (Loss) from Investment Operations
Net investment income (loss) (a)		2.20			1.23			(0.44	)		0.16			1.87			1.55
Net realized and unrealized gain (loss)		0.00			(0.04	)		(0.01	)		0.04			0.02			0.00	(b)
Total income (loss) from investment operations		2.20			1.19			(0.45	)		0.20			1.89			1.55
Less Distributions
Distributions from net investment income		(1.48	)		0.00			(0.07	)		(1.73	)		(1.58	)		(0.76	)
Distributions from net realized capital gains		(0.00	)(c)		0.00			0.00			0.00			0.00			(0.01	)
Total distributions		(1.48	)		0.00			(0.07	)		(1.73	)		(1.58	)		(0.77	)
Net Asset Value, End of Period	$	101.63		$	100.91		$	99.72		$	100.24		$	101.77		$	101.46
Total Return (%) (d)		2.18	(e)		1.18			(0.45	)		0.19			1.88			1.55
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64	(f)		0.63			0.63			0.64			0.64			0.64
Net ratio of expenses to average net assets (%) (g)		0.61	(f)		0.61			0.61			0.61			0.62			0.61
Ratio of net investment income (loss) to average net assets (%)		4.36	(f)		1.23			(0.44	)		0.16			1.84			1.53
Portfolio turnover rate (%)		0	(e)(h)		0	(h)		0	(h)		0	(h)		0	(h)		0	(h)
Net assets, end of period (in millions)	$	395.2		$	421.3		$	405.7		$	446.3		$	391.7		$	412.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	101.10		$	99.81		$	100.33		$	101.85		$	101.53		$	100.74
Income (Loss) from Investment Operations
Net investment income (loss) (a)		2.26			1.28			(0.34	)		0.31			1.97			1.64
Net realized and unrealized gain (loss)		(0.02	)		0.01			0.00			(0.02	)		0.02			0.02
Total income (loss) from investment operations		2.24			1.29			(0.34	)		0.29			1.99			1.66
Less Distributions
Distributions from net investment income		(1.57	)		0.00			(0.18	)		(1.81	)		(1.67	)		(0.86	)
Distributions from net realized capital gains		(0.00	)(c)		0.00			0.00			0.00			0.00			(0.01	)
Total distributions		(1.57	)		0.00			(0.18	)		(1.81	)		(1.67	)		(0.87	)
Net Asset Value, End of Period	$	101.77		$	101.10		$	99.81		$	100.33		$	101.85		$	101.53
Total Return (%) (d)		2.23	(e)		1.28			(0.34	)		0.29			1.98			1.66
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(f)		0.53			0.53			0.54			0.54			0.54
Net ratio of expenses to average net assets (%) (g)		0.51	(f)		0.51			0.51			0.51			0.52			0.51
Ratio of net investment income (loss) to average net assets (%)		4.46	(f)		1.28			(0.34	)		0.30			1.94			1.62
Portfolio turnover rate (%)		0	(e)(h)		0	(h)		0	(h)		0	(h)		0	(h)		0	(h)
Net assets, end of period (in millions)	$	74.8		$	79.3		$	81.8		$	90.2		$	96.7		$	98.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net realized and unrealized gain (loss) on investments was less than $0.01.
(c)	Distributions from net realized capital gains were less than $0.01 per share.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of the management fee waivers (see Note 4 of the Notes to Financial Statements).
(h)	There were no long term transactions during the six months ended June 30, 2023 and for years ended December 31, 2022, 2021, 2020, 2019 and 2018.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodology to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for

BHFTII-11

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At June 30, 2023, the Portfolio had investments in repurchase agreements with a gross value of $208,000,000, which is included as Repurchase agreements on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of

BHFTII-12

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

BHFTII-13

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

4. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average daily net assets
$1,601,993		0.350	%	Of the first $1 billion
		0.300	%	Of amount in excess of $1 billion

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

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” as follows:

% per annum reduction	Average daily net assets
0.025%	Of the first $	1 billion

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

BHFTII-14

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

5. Contractual Obligations

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

6. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	886,487,166
Gross unrealized appreciation		42,843
Gross unrealized (depreciation)		(281,065	)
Net unrealized appreciation (depreciation)	$	(238,222	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$—	$	2,388,156	$	—	$	—	$	—	$	2,388,156

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$13,713,890	$	—	$	(166,999	)	$	—	$	13,546,891

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A and B shares of the Brighthouse Asset Allocation 20 Portfolio returned 3.77% and 3.60%, respectively. The Portfolio’s benchmark, the Dow Jones Conservative Portfolio Index¹, returned 3.62%.

MARKET ENVIRONMENT / CONDITIONS

Global markets sustained the momentum garnered in the final quarter of 2022 as bonds and equities delivered positive results during the first three months of 2023. The impact of the historic 2022 rate hikes by the U.S. Federal Reserve (the “Fed”) to ease inflationary pressures appeared to have taken hold, and helped fuel investor speculation monetary tightening may soon end. A persistent downward trend in year-over-year headline Consumer Price Index levels since last July provided tangible evidence Fed policy was having the desired effect and factored into the Fed’s decision to implement minimal 0.25% rate hikes at its February and March meetings. The failures of Silicon Valley Bank and Signature Bank in March introduced uncertainty on future policy actions, as the Fed weighed the risk of implementing additional rate hikes against the possibility of further banking sector stresses and recessionary fears. However, progress in the fight against inflation and swift action by the Fed to inject liquidity into the banking sector were cheered by both bond and equity investors to close out the first quarter of 2023.

In the second quarter of 2023, investor enthusiasm began to falter. Bond markets were being pressured by central bank actions to raise rates as inflationary concerns continued to exist. In May, the Fed enacted its tenth consecutive rate hike before it voted to hold rates in check at its June meeting. The yield on the 10-year U.S. Treasury Bond rose throughout the quarter and negatively impacted government and investment grade credit bonds. Economic growth, as measured by the real gross domestic product (“GDP”) rate, initially came in below the consensus forecast of 1.9% for much of the quarter before being revised upwards at the end of June to a reported 2.0% annual gain. Despite the revision to the 1Q23 real GDP growth rate, it marked the third straight quarter of declining GDP levels. While recessionary concerns lingered, euphoria over harnessing the power of artificial intelligence propelled a handful of technology companies to higher valuations and led equity market returns in the period.

In the first half of 2023, the S&P 500 Index returned 16.89%. Outside the U.S., the MSCI EAFE Index delivered a 11.67% return and the MSCI Emerging Markets Index posted a positive 4.89% result. Despite a pullback during the second quarter, global bonds managed to produce gains over the six months of 2023. In the U.S., the Bloomberg U.S. Aggregate Bond Index gained 2.09%. Outside the U.S., the FTSE World Government Bond Index ex-U.S. returned 1.52% during the period.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Brighthouse Asset Allocation 20 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 20% to equities and 80% to fixed income.

Over the six-month period, the Portfolio outperformed the Dow Jones Conservative Portfolio Index. Performance strength within the underlying fixed income and mid cap equity portfolios offset weakness within the underlying large cap equity portfolios.

The underlying fixed income portfolios added to relative performance. On an absolute return basis, the top performing portfolios were the Brighthouse/Eaton Vance Floating Rate Portfolio and the BlackRock High Yield Portfolio as lower credit bank loans and bonds benefited over the period in which riskier assets were rewarded. The BlackRock Bond Income Portfolio exceeded its benchmark by 0.6%. The Portfolio’s duration (bond price changes in response to interest rate levels) positioning along with allocations to and selections within securitized assets, investment grade credit bonds, and Agency Mortgage-Backed-Securities (“MBS”) contributed to relative results. The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 1.6% during the period. Allocations to both high yield bonds and bank loans were primary contributors. Exposures to Collateralized Loan Obligations and non-agency MBS securities bolstered returns. Conversely, the Brighthouse/Templeton International Bond Portfolio underperformed its benchmark by 1.9%. The Portfolio’s currency positioning in the euro, Japanese yen, and South Korean won detracted from relative results during the period.

Performance from the underlying domestic equity portfolios was mixed for the period. Large cap and small cap portfolios underperformed, while mid cap portfolios were positive contributors. In large cap, the Brighthouse/Wellington Core Equity Opportunities Portfolio underperformed its benchmark by 13.3%. Negative security selection in the Industrials, Consumer Discretionary, and Information Technology (“IT”) sectors were key detractors in the period. Underweight positions in the IT and Communication Services sectors, and an overweight in the Consumer Discretionary sector further pressured results. The MFS Value Portfolio fell 3.0% relative to its benchmark. A combination of negative security selection and an underweight to the Communication Services sector, and weak selection in the Industrials sector pressured relative performance. On the positive side, the BlackRock Capital Appreciation Portfolio beat its benchmark by 4.9%. Positive security selection occurred across multiple sectors and was strongest in the Health Care sector. Underweight positions in the Consumer Staples and Industrials sectors added to results. Across mid cap, the Brighthouse/Artisan Mid Cap Value Portfolio outperformed its benchmark by 4.4%. Strong selection in Financials was the largest relative contributor to results followed by selection in IT. The T. Rowe Price Mid Cap Growth Portfolio’s absolute performance lifted overall mid cap results. Within small cap, the Loomis Small Cap Growth Portfolio underperformed its benchmark by 4.3%. Results were negatively impacted from security selection in the Health Care, IT, and Industrials sec-

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

tors. Additionally, overall small cap performance was negatively imp-acted by the absolute performance of the JPMorgan Small Cap Value Portfolio. Conversely, the Neuberger Berman Genesis Portfolio outp- erformed its benchmark by 9.5%. Overweight positions in the IT and Industrials sectors and an underweight in the Financials sector were primary contributors. Positive security selection in the Health Care sector boosted relative results.

Non-U.S. equity portfolios had mixed performance results over the period. Developed market portfolios experienced weakness while the emerging market portfolio was a positive contributor. Within developed markets, overall performance was negatively impacted by the absolute performance of the VanEck Global Natural Resources Portfolio and the CBRE Global Real Estate Portfolio. The MFS Research International Portfolio underperformed its benchmark by 1.7%. Negative security selection in the Financials, Health Care, and Consumer Staples sectors were leading detractors over the period.

Regionally, selection in the United Kingdom (“U.K.”) and Europe ex-U.K. hurt relative results. On a positive note, the Baillie Gifford International Stock Portfolio outperformed its benchmark by 5.5%. An overweight position and security selection in the IT sector was the largest contributor to relative results over the period. From a regional perspective, security selection across Europe ex-U.K., Emerging Markets, and North America drove the outperformance. In emerging markets, the Brighthouse/abrdn Emerging Markets Equity Portfolio outperformed its benchmark by 0.1%. The Portfolio benefited from positive security selection in the Financials and Industrials sectors. Regionally, selection was positive across Latin America and Europe, Middle East & Africa.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The Dow Jones Conservative Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Conservative Portfolio Index level is set to 20% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES CONSERVATIVE PORTFOLIO INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 20 Portfolio
Class A		3.77		2.67		2.66		3.30
Class B		3.60		2.50		2.42		3.03
Dow Jones Conservative Portfolio Index		3.62		2.45		0.80		1.90

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Western Asset Management U.S. Government Portfolio (Class A)		13.0
PIMCO Total Return Portfolio (Class A)		12.5
BlackRock Bond Income Portfolio (Class A)		12.2
TCW Core Fixed Income Portfolio (Class A)		9.5
PIMCO Inflation Protected Bond Portfolio (Class A)		8.5
JPMorgan Core Bond Portfolio (Class A)		7.7
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		5.0
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		5.0
MFS Value Portfolio (Class A)		2.3
Invesco Comstock Portfolio (Class A)		2.0

Asset Allocation

	% of Net Assets
Investment Grade Fixed Income		68.3
U.S. Large Cap Equities		11.0
High Yield Fixed Income		7.5
International Developed Market Equities		3.8
International Fixed Income		3.5
U.S. Small Cap Equities		3.3
Global Equities		1.5
Real Estate Equities		0.5
U.S. Mid Cap Equities		0.5
Emerging Market Equities		0.2

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 20 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A(a)(b)	Actual		0.63	%	$	1,000.00	$	1,037.70	$	3.18
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class B(a)(b)	Actual		0.88	%	$	1,000.00	$	1,036.00	$	4.44
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

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

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

(a) The annualized expense ratio shown reflects an expense limitation agreement between Brighthouse Investment Advisers, LLC and the Portfolio as described in Note 5 of the Notes to Financial Statements.

(b) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.1%
AB International Bond Portfolio (Class A) (a)		1,048,591	$	7,895,887
Baillie Gifford International Stock Portfolio (Class A) (b)		391,505		3,973,775
BlackRock Bond Income Portfolio (Class A) (b)		540,111		48,361,498
BlackRock Capital Appreciation Portfolio (Class A) (b)		92,941		3,015,937
BlackRock High Yield Portfolio (Class A) (a)		433,944		2,976,856
Brighthouse Small Cap Value Portfolio (Class A) (a)		310,297		4,018,347
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		113,612		987,292
Brighthouse/Artisan International Portfolio (Class A) (a)		305,437		3,002,448
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		4,992		1,003,868
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		735,128		6,946,959
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		2,332,221		19,730,593
Brighthouse/Templeton International Bond Portfolio (Class A) (a) (c)		785,126		5,912,001
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		256,712		7,031,354
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		316,730		4,012,964
CBRE Global Real Estate Portfolio (Class A) (a)		207,663		1,989,408
Harris Oakmark International Portfolio (Class A) (a)		307,150		3,983,736
Invesco Comstock Portfolio (Class A) (a)		680,270		8,027,187
Invesco Global Equity Portfolio (Class A) (a)		45,607		999,251
Jennison Growth Portfolio (Class A) (b) (c)		235,934		3,010,523
JPMorgan Core Bond Portfolio (Class A) (a)		3,482,972		30,615,323
JPMorgan Small Cap Value Portfolio (Class A) (a)		195,483		2,003,706
Loomis Sayles Small Cap Growth Portfolio (Class A) (b) (c)		97,080		1,006,723
MFS Research International Portfolio (Class A) (a)		338,741		3,986,981
Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (b)		688,278		9,043,976
Neuberger Berman Genesis Portfolio (Class A) (b)		112,516		2,015,166
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		3,607,093		33,582,031
PIMCO Total Return Portfolio (Class A) (a)		5,171,150		49,281,061
T. Rowe Price Large Cap Growth Portfolio (Class A) (b) (c)		160,700		3,014,740
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		246,252		6,011,006
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		112,339		1,005,435
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		215,314		4,026,369
TCW Core Fixed Income Portfolio (Class A) (a)		4,355,936		37,461,049
VanEck Global Natural Resources Portfolio (Class A) (b)		427,317		4,999,612
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		1,902,422		19,766,169
Western Asset Management U.S. Government Portfolio (Class A) (b)		5,019,857		51,302,942
Total Mutual Funds (Cost $451,916,800)				396,002,173
Total Investments—100.1% (Cost $451,916,800)				396,002,173
Other assets and liabilities (net)—(0.1)%				(298,523	)
Net Assets—100.0%			$	395,703,650

(a)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(b)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(c)	Non-income producing security.

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	396,002,173	$	—	$	—	$	396,002,173
Total Investments	$	396,002,173	$	—	$	—	$	396,002,173

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Affiliated investments at value (a)	$	396,002,173
Receivable for:
Affiliated investments sold		149,549
Fund shares sold		24,170
Due from investment adviser		13,621
Total Assets		396,189,513
Liabilities
Payables for:
Affiliated investments purchased		15,673
Fund shares redeemed		158,045
Accrued Expenses:
Management fees		32,492
Distribution and service fees		76,645
Deferred trustees’ fees		154,342
Other expenses		48,666
Total Liabilities		485,863
Net Assets	$	395,703,650
Net Assets Consist of:
Paid in surplus	$	450,355,020
Distributable earnings (Accumulated losses)		(54,651,370	)
Net Assets	$	395,703,650
Net Assets
Class A	$	22,441,496
Class B		373,262,154
Capital Shares Outstanding*
Class A		2,452,214
Class B		41,106,177
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.15
Class B		9.08

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $451,916,800.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends from affiliated investments	$	11,296,165
Total investment income		11,296,165
Expenses
Management fees		199,006
Administration fees		15,001
Custodian and accounting fees		13,575
Distribution and service fees—Class B		469,351
Audit and tax services		16,337
Legal		21,516
Trustees’ fees and expenses		17,766
Miscellaneous		4,063
Total expenses		756,615
Less expenses reimbursed by the Adviser		(88,259	)
Net expenses		668,356
Net Investment Income		10,627,809
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investments		(4,222,813	)
Capital gain distributions from affiliated investments		5,400,738
Net realized gain (loss)		1,177,925
Net change in unrealized appreciation on affiliated investments		2,542,598
Net realized and unrealized gain (loss)		3,720,523
Net Increase (Decrease) in Net Assets From Operations	$	14,348,332

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	10,627,809		$	12,337,874
Net realized gain (loss)		1,177,925			8,987,133
Net change in unrealized appreciation (depreciation)		2,542,598			(87,544,388	)
Increase (decrease) in net assets from operations		14,348,332			(66,219,381	)
From Distributions to Shareholders
Class A		(1,314,562	)		(1,631,574	)
Class B		(21,134,058	)		(27,018,620	)
Total distributions		(22,448,620	)		(28,650,194	)
Increase (decrease) in net assets from capital share transactions		4,220,709			(45,486,317	)
Total increase (decrease) in net assets		(3,879,579	)		(140,355,892	)
Net Assets
Beginning of period		399,583,229			539,939,121
End of period	$	395,703,650		$	399,583,229

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		196,866		$	1,884,958			200,276		$	2,033,937
Reinvestments		144,141			1,314,562			172,836			1,631,574
Redemptions		(301,077	)		(2,895,762	)		(476,811	)		(4,786,365	)
Net increase (decrease)		39,930		$	303,758			(103,699	)	$	(1,120,854	)
Class B
Sales		1,904,371		$	18,162,047			2,815,223		$	28,467,864
Reinvestments		2,335,255			21,134,058			2,883,524			27,018,620
Redemptions		(3,721,567	)		(35,379,154	)		(10,047,452	)		(99,851,947	)
Net increase (decrease)		518,059		$	3,916,951			(4,348,705	)	$	(44,365,463	)
Increase (decrease) derived from capital shares transactions				$	4,220,709					$	(45,486,317	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.37		$	11.48		$	11.55		$	11.11		$	10.35		$	11.01
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.26			0.30			0.22			0.35			0.33			0.24
Net realized and unrealized gain (loss)		0.09			(1.74	)		0.24			0.68			0.91			(0.50	)
Total income (loss) from investment operations		0.35			(1.44	)		0.46			1.03			1.24			(0.26	)
Less Distributions
Distributions from net investment income		(0.36	)		(0.35	)		(0.38	)		(0.34	)		(0.27	)		(0.26	)
Distributions from net realized capital gains		(0.21	)		(0.32	)		(0.15	)		(0.25	)		(0.21	)		(0.14	)
Total distributions		(0.57	)		(0.67	)		(0.53	)		(0.59	)		(0.48	)		(0.40	)
Net Asset Value, End of Period	$	9.15		$	9.37		$	11.48		$	11.55		$	11.11		$	10.35
Total Return (%) (b)		3.77	(c)		(12.54	)		4.01			9.70			12.14			(2.41	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.14	(e)		0.13			0.13			0.13			0.13			0.13
Net ratio of expenses to average net assets (%) (d)(f)		0.10	(e)		0.10			0.10			0.10			0.10			0.10
Ratio of net investment income (loss) to average net assets (%) (g)		2.70	(i)		2.95			1.90			3.17			3.05			2.26
Portfolio turnover rate (%)		8	(c)		9			8			14			13			11
Net assets, end of period (in millions)	$	22.4		$	22.6		$	28.9		$	31.3		$	34.0		$	33.6
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.29		$	11.37		$	11.45		$	11.01		$	10.27		$	10.92
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.25			0.27			0.19			0.32			0.30			0.21
Net realized and unrealized gain (loss)		0.08			(1.71	)		0.23			0.69			0.89			(0.49	)
Total income (loss) from investment operations		0.33			(1.44	)		0.42			1.01			1.19			(0.28	)
Less Distributions
Distributions from net investment income		(0.33	)		(0.32	)		(0.35	)		(0.32	)		(0.24	)		(0.23	)
Distributions from net realized capital gains		(0.21	)		(0.32	)		(0.15	)		(0.25	)		(0.21	)		(0.14	)
Total distributions		(0.54	)		(0.64	)		(0.50	)		(0.57	)		(0.45	)		(0.37	)
Net Asset Value, End of Period	$	9.08		$	9.29		$	11.37		$	11.45		$	11.01		$	10.27
Total Return (%) (b)		3.60	(c)		(12.69	)		3.69			9.52			11.74			(2.61	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.39	(e)		0.38			0.38			0.38			0.38			0.38
Net ratio of expenses to average net assets (%) (d)(f)		0.35	(e)		0.35			0.35			0.35			0.35			0.35
Ratio of net investment income (loss) to average net assets (%) (g)		2.47	(i)		2.69			1.62			2.96			2.82			2.00
Portfolio turnover rate (%)		8	(c)		9			8			14			13			11
Net assets, end of period (in millions)	$	373.3		$	377.0		$	511.1		$	568.2		$	525.9		$	507.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).
(g)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(i)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 20 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Asset Allocation Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Asset Allocation Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the six months ended June 30, 2023 were as follows:

Purchases				Sales
U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
$	0	$	30,725,743	$	0	$	32,939,466

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2023	% per annum			Average Daily Net Assets
$199,006		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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

Expense Limitation Agreement - Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, Brighthouse Investment Advisers has contractually agreed, from May 1, 2023 to April 30, 2024, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including acquired fund fees and expenses, brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then-current fiscal year). For the Asset Allocation Portfolio, this subsidy, and identical subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation Portfolio to repay Brighthouse Investment Advisers in future years, if any, when a class’ expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by Brighthouse Investment Advisers more than five years after the end of the fiscal year in which such expense was incurred. The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from May 1, 2023 to April 30, 2024 are 0.10% and 0.35% for Class A and B, respectively.

As of June 30, 2023, the amount of expenses deferred in 2018 subject to repayment until December 31, 2023 was $153,825. The amount of expenses deferred in 2019 subject to repayment until December 31, 2024 was $187,177. The amount of expenses deferred in 2020 subject to repayment until December 31, 2025 was $180,341. The amount of expenses deferred in 2021 subject to repayment until December 31, 2026 was $172,017. The amount of expenses deferred in 2022 subject to repayment until December 31, 2027 was $151,581. The amount of expenses deferred in 2023 subject to repayment until December 31, 2028 was $88,259.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2023 were as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2023
AB International Bond Portfolio (Class A)	$	8,038,634	$	540,772	$	(520,012	)	$	(145,634	)	$	(17,873	)	$	7,895,887
Baillie Gifford International Stock Portfolio (Class A)		4,942,699		301,041		(1,923,391	)		(210,353	)		863,779			3,973,775
BlackRock Bond Income Portfolio (Class A)		48,974,793		2,334,153		(2,764,361	)		(654,880	)		471,793			48,361,498
BlackRock Capital Appreciation Portfolio (Class A)		2,915,546		131,201		(870,887	)		(314,887	)		1,154,964			3,015,937
BlackRock High Yield Portfolio (Class A)		2,002,992		1,351,270		(334,696	)		(5,441	)		(37,269	)		2,976,856
Brighthouse Small Cap Value Portfolio (Class A)		3,949,496		831,893		(621,754	)		126,649			(267,937	)		4,018,347
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		1,001,075		74,277		(127,563	)		(19,556	)		59,059			987,292
Brighthouse/Artisan International Portfolio (Class A)		3,007,815		139,852		(372,136	)		(36,480	)		263,397			3,002,448
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		983,691		185,353		(124,783	)		7,543			(47,936	)		1,003,868
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		8,055,508		613,383		(1,759,922	)		(86,215	)		124,205			6,946,959
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		20,123,127		1,327,755		(1,369,880	)		(204,550	)		(145,859	)		19,730,593
Brighthouse/Templeton International Bond Portfolio (Class A)		6,053,494		170,459		(283,383	)		(95,567	)		66,998			5,912,001
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		7,030,208		1,068,581		(464,782	)		(44,749	)		(557,904	)		7,031,354
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		3,960,447		328,069		(610,219	)		(40,482	)		375,149			4,012,964
CBRE Global Real Estate Portfolio (Class A)		1,998,299		188,612		(205,021	)		(40,085	)		47,603			1,989,408
Harris Oakmark International Portfolio (Class A)		4,009,661		184,374		(807,533	)		325,087			272,147			3,983,736
Invesco Comstock Portfolio (Class A)		7,984,596		1,947,440		(685,516	)		216,393			(1,435,726	)		8,027,187
Invesco Global Equity Portfolio (Class A)		983,156		75,928		(217,571	)		8,758			148,980			999,251
Jennison Growth Portfolio (Class A)		2,908,781		102,116		(955,828	)		(717,776	)		1,673,230			3,010,523
JPMorgan Core Bond Portfolio (Class A)		31,015,567		1,508,655		(1,801,833	)		(224,786	)		117,720			30,615,323
JPMorgan Small Cap Value Portfolio (Class A)		1,963,910		466,016		(307,163	)		74,325			(193,382	)		2,003,706
Loomis Sayles Small Cap Growth Portfolio (Class A)		990,143		70,312		(146,911	)		(29,406	)		122,585			1,006,723
MFS Research International Portfolio (Class A)		3,008,098		1,313,687		(481,141	)		(213	)		146,550			3,986,981
MFS Value Portfolio (Class A)		9,020,191		1,466,072		(401,682	)		(24,325	)		(1,016,280	)		9,043,976

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2023
Neuberger Berman Genesis Portfolio (Class A)	$	1,956,771	$	326,882	$	(330,406	)	$	(9,348	)	$	71,267		$	2,015,166
PIMCO Inflation Protected Bond Portfolio (Class A)		36,172,230		1,743,297		(4,160,953	)		(569,464	)		396,921			33,582,031
PIMCO Total Return Portfolio (Class A)		48,070,166		3,638,862		(1,876,520	)		(444,106	)		(107,341	)		49,281,061
T. Rowe Price Large Cap Growth Portfolio (Class A)		2,907,452		99,351		(869,536	)		(191,737	)		1,069,210			3,014,740
T. Rowe Price Large Cap Value Portfolio (Class A)		5,997,413		1,279,614		(385,065	)		(1,108	)		(879,848	)		6,011,006
T. Rowe Price Mid Cap Growth Portfolio (Class A)		987,964		88,353		(148,403	)		(23,127	)		100,648			1,005,435
T. Rowe Price Small Cap Growth Portfolio (Class A)		3,953,583		294,978		(676,927	)		(37,901	)		492,636			4,026,369
TCW Core Fixed Income Portfolio (Class A)		37,904,804		1,878,859		(2,023,346	)		(214,049	)		(85,219	)		37,461,049
VanEck Global Natural Resources Portfolio (Class A)		4,825,517		759,552		(184,527	)		117,355			(518,285	)		4,999,612
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		20,000,819		1,577,239		(1,236,100	)		(232,574	)		(343,215	)		19,766,169
Western Asset Management U.S. Government Portfolio (Class A)		52,197,465		2,317,485		(2,889,715	)		(480,124	)		157,831			51,302,942
	$	399,896,111	$	30,725,743	$	(32,939,466	)	$	(4,222,813	)	$	2,542,598		$	396,002,173

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2023
AB International Bond Portfolio (Class A)	$	—	$	409,530		1,048,591
Baillie Gifford International Stock Portfolio (Class A)		—		49,648		391,505
BlackRock Bond Income Portfolio (Class A)		—		1,511,025		540,111
BlackRock Capital Appreciation Portfolio (Class A)		56,184		1,215		92,941
BlackRock High Yield Portfolio (Class A)		—		161,541		433,944
Brighthouse Small Cap Value Portfolio (Class A)		329,891		49,597		310,297
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		—		12,341		113,612
Brighthouse/Artisan International Portfolio (Class A)		—		52,350		305,437
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		127,292		8,392		4,992
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		397,454		735,128
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		722,175		2,332,221
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		785,126
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		738,166		99,989		256,712
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		213,267		32,532		316,730
CBRE Global Real Estate Portfolio (Class A)		—		54,512		207,663
Harris Oakmark International Portfolio (Class A)		—		82,662		307,150
Invesco Comstock Portfolio (Class A)		1,388,867		175,820		680,270
Invesco Global Equity Portfolio (Class A)		55,658		3,598		45,607
Jennison Growth Portfolio (Class A)		—		—		235,934
JPMorgan Core Bond Portfolio (Class A)		—		944,464		3,482,972
JPMorgan Small Cap Value Portfolio (Class A)		166,574		26,941		195,483
Loomis Sayles Small Cap Growth Portfolio (Class A)		—		—		97,080
MFS Research International Portfolio (Class A)		75,693		67,829		338,741
MFS Value Portfolio (Class A)		1,062,062		168,074		688,278
Neuberger Berman Genesis Portfolio (Class A)		171,495		2,525		112,516
PIMCO Inflation Protected Bond Portfolio (Class A)		—		796,968		3,607,093
PIMCO Total Return Portfolio (Class A)		—		1,528,431		5,171,150
T. Rowe Price Large Cap Growth Portfolio (Class A)		—		—		160,700
T. Rowe Price Large Cap Value Portfolio (Class A)		873,651		125,341		246,252
T. Rowe Price Mid Cap Growth Portfolio (Class A)		48,679		—		112,339
T. Rowe Price Small Cap Growth Portfolio (Class A)		93,259		2,134		215,314
TCW Core Fixed Income Portfolio (Class A)		—		1,157,111		4,355,936
VanEck Global Natural Resources Portfolio (Class A)		—		153,168		427,317
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		1,304,770		1,902,422
Western Asset Management U.S. Government Portfolio (Class A)		—		1,194,028		5,019,857
	$	5,400,738	$	11,296,165

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	461,828,056
Gross unrealized appreciation		947,009
Gross unrealized (depreciation)		(66,772,892	)
Net unrealized appreciation (depreciation)	$	(65,825,883	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$14,563,737	$	17,379,934	$	14,086,457	$	7,119,482	$	28,650,194	$	24,499,416

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$13,573,097	$	8,396,853	$	(68,368,481	)	$	—	$	(46,398,531	)

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A and B shares of the Brighthouse Asset Allocation 40 Portfolio returned 5.77% and 5.65%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Conservative Portfolio Index¹, returned 5.26%.

MARKET ENVIRONMENT / CONDITIONS

Global markets sustained the momentum garnered in the final quarter of 2022 as bonds and equities delivered positive results during the first three months of 2023. The impact of the historic 2022 rate hikes by the U.S. Federal Reserve (the “Fed”) to ease inflationary pressures appeared to have taken hold, and helped fuel investor speculation monetary tightening may soon end. A persistent downward trend in year-over-year headline Consumer Price Index levels since last July provided tangible evidence Fed policy was having the desired effect and factored into the Fed’s decision to implement minimal 0.25% rate hikes at its February and March meetings. The failures of Silicon Valley Bank and Signature Bank in March introduced uncertainty on future policy actions, as the Fed weighed the risk of implementing additional rate hikes against the possibility of further banking sector stresses and recessionary fears. However, progress in the fight against inflation and swift action by the Fed to inject liquidity into the banking sector were cheered by both bond and equity investors to close out the first quarter of 2023.

In the second quarter of 2023, investor enthusiasm began to falter. Bond markets were being pressured by central bank actions to raise rates as inflationary concerns continued to exist. In May, the Fed enacted its tenth consecutive rate hike before it voted to hold rates in check at its June meeting. The yield on the 10-year U.S. Treasury Bond rose throughout the quarter and negatively impacted government and investment grade credit bonds. Economic growth, as measured by the real gross domestic product (“GDP”) rate, initially came in below the consensus forecast of 1.9% for much of the quarter before being revised upwards at the end of June to a reported 2.0% annual gain. Despite the revision to the 1Q23 real GDP growth rate, it marked the third straight quarter of declining GDP levels. While recessionary concerns lingered, euphoria over harnessing the power of artificial intelligence propelled a handful of technology companies to higher valuations and led equity market returns in the period.

In the first half of 2023, the S&P 500 Index returned 16.89%. Outside the U.S., the MSCI EAFE Index delivered a 11.67% return and the MSCI Emerging Markets Index posted a positive 4.89% result. Despite a pullback during the second quarter, global bonds managed to produce gains over the six months of 2023. In the U.S., the Bloomberg U.S. Aggregate Bond Index gained 2.09%. Outside the U.S., the FTSE World Government Bond Index ex-U.S. returned 1.52% during the period.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Brighthouse Asset Allocation 40 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 40% to equities and 60% to fixed income.

Over the six-month period, the Portfolio outperformed the Dow Jones Moderate Portfolio Index. Performance strength within the underlying fixed income and mid cap equity portfolios offset weakness within the underlying large cap equity portfolios.

The underlying fixed income portfolios added to relative performance. On an absolute return basis, the top performing portfolios were the Brighthouse/Eaton Vance Floating Rate Portfolio and the BlackRock High Yield Portfolio as lower credit bank loans and bonds benefited over the period in which riskier assets were rewarded. The BlackRock Bond Income Portfolio exceeded its benchmark by 0.6%. The Portfolio’s duration (bond price changes in response to interest rate levels) positioning along with allocations to and selections within securitized assets, investment grade credit bonds, and Agency Mortgage-Backed-Securities (“MBS”) contributed to relative results. The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 1.6% during the period. Allocations to both high yield bonds and bank loans were primary contributors. Exposures to Collateralized Loan Obligations and non-agency MBS securities bolstered returns. Conversely, the Brighthouse/Templeton International Bond Portfolio underperformed its benchmark by 1.9%. The Portfolio’s currency positioning in the euro, Japanese yen, and South Korean won detracted from relative results during the period.

Performance from the underlying domestic equity portfolios was mixed for the period. Large cap and small cap portfolios underperformed, while mid cap portfolios were positive contributors. In large cap, the Brighthouse/Wellington Core Equity Opportunities Portfolio underperformed its benchmark by 13.3%. Negative security selection in the Industrials, Consumer Discretionary, and Information Technology (“IT”) sectors were key detractors in the period. Underweight positions in the IT and Communication Services sectors, and an overweight in the Consumer Discretionary sector further pressured results. The T. Rowe Price Large Cap Value Portfolio fell 3.3% relative to its benchmark. A combination of negative security selection within the Financials, Communication Services, and Materials sectors, and an underweight in the Communication Services sector hurt relative performance. On the positive side, the BlackRock Capital Appreciation Portfolio beat its benchmark by 4.9%. Positive security selection occurred across multiple sectors and was strongest in the Health Care sector. Underweight positions in the Consumer Staples and Industrials sectors added to results. Across mid cap, the Brighthouse/Artisan Mid Cap Value Portfolio outperformed its benchmark by 4.4%. Strong selection in Financials was the largest relative contributor to results followed by selection in IT. The T. Rowe Price Mid Cap Growth Portfolio’s absolute performance lifted overall mid cap results. Within small cap, the Invesco Small Cap Growth Portfolio underperformed its benchmark by 3.7%. Negative security selection in the Health Care and Consumer

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Discretionary sectors were the primary detractors to relative results. Additionally, overall small cap performance was negatively impacted by the absolute performance of the JPMorgan Small Cap Value Portfolio. Conversely, the Neuberger Berman Genesis Portfolio outperformed its benchmark by 9.5%. Overweight positions in the IT and Industrials sectors and an underweight in the Financials sector were primary contributors. Positive security selection in the Health Care sector boosted relative results.

Non-U.S. equity portfolios had mixed performance results over the period. Developed market portfolios experienced weakness while emerging market portfolios were positive contributors. Within developed markets, overall performance was negatively impacted by the absolute performance of the VanEck Global Natural Resources Portfolio and the CBRE Global Real Estate Portfolio. The MFS Research International Portfolio underperformed its benchmark by 1.7%. Negative security selection in the Financials, Health Care, and Consumer Staples sectors were leading detractors over the period. Regionally, selection in the United Kingdom (“U.K.”) and Europe ex-U.K. hurt relative results. On a positive note, the Baillie Gifford International Stock Portfolio outperformed its benchmark by 5.5%. An overweight position and security selection in the IT sector was the largest contributor to relative results over the period. From a regional perspective, security selection across Europe ex-U.K., Emerging Markets, and North America drove the outperformance. The Invesco Global Equity Portfolio outperformed its benchmark by 9.6%. An overweight position and security selection in the Communication Services sector was the largest contributor to results over the period. In emerging markets, the SSGA Emerging Markets Enhanced Index Portfolio outperformed its benchmark by 2.0%. Positive security selection in the IT, Utilities, Industrials sectors were leading contributors to relative performance. At the country level, exposures in China, Taiwan, and India notable contributors during the period.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The The Dow Jones Moderately Conservative Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderately Conservative Portfolio Index level is set to 40% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY CONSERVATIVE PORTFOLIO INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 40 Portfolio
Class A		5.77		6.10		4.02		4.88
Class B		5.65		5.87		3.78		4.62
Dow Jones Moderately Conservative Portfolio Index		5.26		4.90		2.83		4.04

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		9.5
PIMCO Total Return Portfolio (Class A)		9.1
Western Asset Management U.S. Government Portfolio (Class A)		8.0
TCW Core Fixed Income Portfolio (Class A)		7.2
PIMCO Inflation Protected Bond Portfolio (Class A)		5.5
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		4.0
MFS Value Portfolio (Class A)		3.8
JPMorgan Core Bond Portfolio (Class A)		3.7
T. Rowe Price Large Cap Value Portfolio (Class A)		3.6
AB International Bond Portfolio (Class A)		3.5

Asset Allocation

	% of Net Assets
Investment Grade Fixed Income		46.0
U.S. Large Cap Equities		21.9
International Developed Market Equities		8.8
High Yield Fixed Income		6.5
International Fixed Income		6.0
U.S. Small Cap Equities		4.7
Global Equities		2.9
Emerging Market Equities		1.4
U.S. Mid Cap Equities		1.1
Real Estate Equities		0.7

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 40 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A(a)	Actual		0.62	%	$	1,000.00	$	1,057.70	$	3.16
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11
Class B(a)	Actual		0.87	%	$	1,000.00	$	1,056.50	$	4.44
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36

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

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

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
AB International Bond Portfolio (Class A) (a)		17,399,468	$	131,017,997
Allspring Mid Cap Value Portfolio (Class A) (a)		878,663		9,586,209
Baillie Gifford International Stock Portfolio (Class A) (b)		9,309,120		94,487,563
BlackRock Bond Income Portfolio (Class A) (b)		3,962,500		354,802,269
BlackRock Capital Appreciation Portfolio (Class A) (b)		2,065,236		67,016,907
BlackRock High Yield Portfolio (Class A) (a)		4,073,132		27,941,684
Brighthouse Small Cap Value Portfolio (Class A) (a)		3,690,235		47,788,546
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		3,219,718		27,979,348
Brighthouse/Artisan International Portfolio (Class A) (a)		6,686,647		65,729,742
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		47,540		9,559,368
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		6,986,187		66,019,470
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		13,262,895		112,204,093
Brighthouse/Templeton International Bond Portfolio (Class A) (a) (c)		12,350,795		93,001,490
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		4,533,570		124,174,487
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		6,783,534		85,947,374
CBRE Global Real Estate Portfolio (Class A) (a)		2,934,047		28,108,170
Harris Oakmark International Portfolio (Class A) (a)		8,029,471		104,142,237
Invesco Comstock Portfolio (Class A) (a)		10,526,072		124,207,652
Invesco Global Equity Portfolio (Class A) (a)		1,737,676		38,072,472
Invesco Small Cap Growth Portfolio (Class A) (a) (c)		2,386,880		19,142,775
Jennison Growth Portfolio (Class A) (b) (c)		3,743,484		47,766,859
JPMorgan Core Bond Portfolio (Class A) (a)		15,946,366		140,168,556
JPMorgan Small Cap Value Portfolio (Class A) (a)		2,765,893		28,350,402
Loomis Sayles Growth Portfolio (Class A) (a)		2,685,227		37,888,559
Loomis Sayles Small Cap Growth Portfolio (Class A) (b) (c)		924,912		9,591,337
MFS Research International Portfolio (Class A) (a)		5,378,179		63,301,166
MFS Value Portfolio (Class A) (b)		10,912,563		143,391,083
Affiliated Investment Companies—(Continued)
Neuberger Berman Genesis Portfolio (Class A) (b)		1,072,619		19,210,598
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		22,100,040		205,751,374
PIMCO Total Return Portfolio (Class A) (a)		35,665,314		339,890,446
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a)		3,035,994		28,113,304
T. Rowe Price Large Cap Growth Portfolio (Class A) (b) (c)		3,060,304		57,411,306
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		5,462,076		133,329,281
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		2,140,837		19,160,494
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		2,563,056		47,929,138
TCW Core Fixed Income Portfolio (Class A) (a)		31,340,886		269,531,617
VanEck Global Natural Resources Portfolio (Class A) (b)		6,142,308		71,865,001
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		14,421,417		149,838,525
Western Asset Management U.S. Government Portfolio (Class A) (b)		29,227,968		298,709,834
Total Mutual Funds (Cost $4,232,553,975)				3,742,128,733
Total Investments—100.0% (Cost $4,232,553,975)				3,742,128,733
Other assets and liabilities (net)—0.0%				(1,211,853	)
Net Assets—100.0%			$	3,740,916,880

(a)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security.

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	3,742,128,733	$	—	$	—	$	3,742,128,733
Total Investments	$	3,742,128,733	$	—	$	—	$	3,742,128,733

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Affiliated investments at value (a)	$	3,742,128,733
Receivable for:
Affiliated investments sold		1,400,634
Fund shares sold		36,150
Total Assets		3,743,565,517
Liabilities
Payables for:
Affiliated investment purchased		17,497
Fund shares redeemed		1,419,287
Accrued Expenses:
Management fees		183,828
Distribution and service fees		752,730
Deferred trustees’ fees		228,168
Other expenses		47,127
Total Liabilities		2,648,637
Net Assets	$	3,740,916,880
Net Assets Consist of:
Paid in surplus	$	4,143,942,344
Distributable earnings (Accumulated losses)		(403,025,464	)
Net Assets	$	3,740,916,880
Net Assets
Class A	$	60,202,786
Class B		3,680,714,094
Capital Shares Outstanding*
Class A		6,529,072
Class B		404,128,769
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.22
Class B		9.11

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $4,232,553,975.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends from affiliated investments	$	93,977,561
Total investment income		93,977,561
Expenses
Management fees		1,126,491
Administration fees		15,001
Custodian and accounting fees		13,575
Distribution and service fees—Class B		4,626,804
Audit and tax services		16,337
Legal		21,516
Trustees’ fees and expenses		17,766
Miscellaneous		5,305
Total expenses		5,842,795
Net Investment Income		88,134,766
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investments		(41,736,886	)
Capital gain distributions from affiliated investments		94,047,279
Net realized gain (loss)		52,310,393
Net change in unrealized appreciation on affiliated investments		68,700,443
Net realized and unrealized gain (loss)		121,010,836
Net Increase (Decrease) in Net Assets From Operations	$	209,145,602

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	88,134,766		$	101,969,680
Net realized gain (loss)		52,310,393			213,876,496
Net change in unrealized appreciation (depreciation)		68,700,443			(988,037,005	)
Increase (decrease) in net assets from operations		209,145,602			(672,190,829	)
From Distributions to Shareholders
Class A		(5,241,886	)		(5,460,511	)
Class B		(315,438,785	)		(332,950,156	)
Total distributions		(320,680,671	)		(338,410,667	)
Increase (decrease) in net assets from capital share transactions		70,867,825			(225,146,277	)
Total increase (decrease) in net assets		(40,667,244	)		(1,235,747,773	)
Net Assets
Beginning of period		3,781,584,124			5,017,331,897
End of period	$	3,740,916,880		$	3,781,584,124

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		198,569		$	1,969,326			246,521		$	2,578,682
Reinvestments		571,012			5,241,886			572,981			5,460,511
Redemptions		(556,224	)		(5,495,164	)		(854,544	)		(8,693,683	)
Net increase (decrease)		213,357		$	1,716,048			(35,042	)	$	(654,490	)
Class B
Sales		3,510,825		$	34,186,727			3,574,700		$	36,098,792
Reinvestments		34,778,256			315,438,785			35,345,027			332,950,156
Redemptions		(28,900,366	)		(280,473,735	)		(58,011,666	)		(593,540,735	)
Net increase (decrease)		9,388,715		$	69,151,777			(19,091,939	)	$	(224,491,787	)
Increase (decrease) derived from capital shares transactions				$	70,867,825					$	(225,146,277	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.55		$	12.09		$	11.98		$	11.66		$	10.85		$	11.95
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.24			0.28			0.19			0.32			0.31			0.24
Net realized and unrealized gain (loss)		0.31			(1.93	)		0.71			0.88			1.37			(0.72	)
Total income (loss) from investment operations		0.55			(1.65	)		0.90			1.20			1.68			(0.48	)
Less Distributions
Distributions from net investment income		(0.37	)		(0.31	)		(0.36	)		(0.34	)		(0.29	)		(0.27	)
Distributions from net realized capital gains		(0.51	)		(0.58	)		(0.43	)		(0.54	)		(0.58	)		(0.35	)
Total distributions		(0.88	)		(0.89	)		(0.79	)		(0.88	)		(0.87	)		(0.62	)
Net Asset Value, End of Period	$	9.22		$	9.55		$	12.09		$	11.98		$	11.66		$	10.85
Total Return (%) (b)		5.77	(c)		(13.63	)		7.68			11.31			15.94			(4.25	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.06	(e)		0.06			0.06			0.06			0.06			0.06
Ratio of net investment income (loss) to average net assets (%) (f)		2.41	(g)		2.67			1.60			2.88			2.69			2.04
Portfolio turnover rate (%)		6	(c)		10			7			9			11			8
Net assets, end of period (in millions)	$	60.2		$	60.3		$	76.8		$	75.7		$	74.5		$	71.9
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.43		$	11.94		$	11.84		$	11.53		$	10.74		$	11.82
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.25			0.16			0.29			0.27			0.21
Net realized and unrealized gain (loss)		0.30			(1.90	)		0.70			0.87			1.35			(0.71	)
Total income (loss) from investment operations		0.53			(1.65	)		0.86			1.16			1.62			(0.50	)
Less Distributions
Distributions from net investment income		(0.34	)		(0.28	)		(0.33	)		(0.31	)		(0.25	)		(0.23	)
Distributions from net realized capital gains		(0.51	)		(0.58	)		(0.43	)		(0.54	)		(0.58	)		(0.35	)
Total distributions		(0.85	)		(0.86	)		(0.76	)		(0.85	)		(0.83	)		(0.58	)
Net Asset Value, End of Period	$	9.11		$	9.43		$	11.94		$	11.84		$	11.53		$	10.74
Total Return (%) (b)		5.65	(c)		(13.84	)		7.42			11.04			15.60			(4.40	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.31	(e)		0.31			0.31			0.31			0.31			0.31
Ratio of net investment income (loss) to average net assets (%) (f)		2.17	(g)		2.42			1.34			2.63			2.44			1.79
Portfolio turnover rate (%)		6	(c)		10			7			9			11			8
Net assets, end of period (in millions)	$	3,680.7		$	3,721.3		$	4,940.6		$	5,241.0		$	5,311.0		$	5,268.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 40 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Asset Allocation Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Asset Allocation Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the six months ended June 30, 2023 were as follows:

Purchases				Sales
U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
$	0	$	218,603,449	$	0	$	286,303,065

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$1,126,491		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2023 were as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2023
AB International Bond Portfolio (Class A)	$	133,583,365	$	6,824,326	$	(6,673,081	)	$	(1,902,505	)	$	(814,108	)	$	131,017,997
Allspring Mid Cap Value Portfolio (Class A)		9,526,484		1,541,074		(683,653	)		86,464			(884,160	)		9,586,209
Baillie Gifford International Stock Portfolio (Class A)		103,687,984		1,237,350		(24,032,643	)		(1,453,640	)		15,048,512			94,487,563
BlackRock Bond Income Portfolio (Class A)		361,877,370		11,145,541		(17,006,359	)		(3,097,411	)		1,883,128			354,802,269
BlackRock Capital Appreciation Portfolio (Class A)		61,609,306		1,303,426		(14,118,751	)		(3,231,723	)		21,454,649			67,016,907
BlackRock High Yield Portfolio (Class A)		18,972,342		10,161,186		(817,775	)		(126,732	)		(247,337	)		27,941,684
Brighthouse Small Cap Value Portfolio (Class A)		46,920,769		6,422,945		(3,796,443	)		796,928			(2,555,653	)		47,788,546
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		28,442,571		482,717		(2,046,816	)		309,510			791,366			27,979,348
Brighthouse/Artisan International Portfolio (Class A)		66,707,754		1,169,835		(7,175,924	)		(330,563	)		5,358,640			65,729,742
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		9,305,872		1,412,713		(764,208	)		62,766			(457,775	)		9,559,368
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		75,905,148		3,815,993		(14,035,763	)		(642,834	)		976,926			66,019,470
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		114,130,802		4,162,924		(4,106,310	)		(578,571	)		(1,404,752	)		112,204,093
Brighthouse/Templeton International Bond Portfolio (Class A)		95,512,235		25,905		(2,067,679	)		(959,243	)		490,272			93,001,490
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		124,065,411		14,702,680		(4,105,727	)		294,541			(10,782,418	)		124,174,487
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		84,947,422		5,274,368		(11,359,862	)		(141,123	)		7,226,569			85,947,374
CBRE Global Real Estate Portfolio (Class A)		28,490,412		1,278,596		(1,729,451	)		(223,533	)		292,146			28,108,170
Harris Oakmark International Portfolio (Class A)		104,476,162		2,390,357		(18,271,920	)		(4,204,024	)		19,751,662			104,142,237
Invesco Comstock Portfolio (Class A)		123,850,607		25,711,787		(6,489,133	)		(203,583	)		(18,662,026	)		124,207,652
Invesco Global Equity Portfolio (Class A)		37,314,772		2,280,472		(7,450,396	)		786,016			5,141,608			38,072,472
Invesco Small Cap Growth Portfolio (Class A)		18,477,079		254,504		(1,419,317	)		(995,105	)		2,825,614			19,142,775
Jennison Growth Portfolio (Class A)		42,706,490		39,386		(9,662,699	)		(3,670,814	)		18,354,496			47,766,859
JPMorgan Core Bond Portfolio (Class A)		142,884,002		4,347,195		(6,625,738	)		(804,978	)		368,075			140,168,556
JPMorgan Small Cap Value Portfolio (Class A)		27,823,369		4,096,810		(1,788,127	)		(530,891	)		(1,250,759	)		28,350,402
Loomis Sayles Growth Portfolio (Class A)		36,886,768		2,138,161		(11,668,551	)		(2,422,126	)		12,954,307			37,888,559
Loomis Sayles Small Cap Growth Portfolio (Class A)		9,426,843		155,667		(868,822	)		(203,190	)		1,080,839			9,591,337
MFS Research International Portfolio (Class A)		57,031,204		8,802,676		(5,782,702	)		1,230,060			2,019,928			63,301,166
MFS Value Portfolio (Class A)		143,147,343		20,104,207		(3,440,445	)		33,397			(16,453,419	)		143,391,083
Neuberger Berman Genesis Portfolio (Class A)		18,494,073		1,841,334		(1,674,336	)		127,852			421,675			19,210,598
PIMCO Inflation Protected Bond Portfolio (Class A)		227,954,341		4,991,708		(26,337,343	)		(5,543,501	)		4,686,169			205,751,374
PIMCO Total Return Portfolio (Class A)		343,295,896		12,717,429		(12,540,799	)		(2,622,511	)		(959,569	)		339,890,446
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		28,541,428		958,321		(2,419,157	)		(125,314	)		1,158,026			28,113,304
T. Rowe Price Large Cap Growth Portfolio (Class A)		51,075,483		397,792		(10,161,962	)		(3,503,224	)		19,603,217			57,411,306
T. Rowe Price Large Cap Value Portfolio (Class A)		133,606,976		23,781,905		(4,621,932	)		(547,704	)		(18,889,964	)		133,329,281
T. Rowe Price Mid Cap Growth Portfolio (Class A)		18,816,635		961,544		(2,071,237	)		(199,654	)		1,653,206			19,160,494
T. Rowe Price Small Cap Growth Portfolio (Class A)		47,006,077		1,540,609		(5,976,814	)		(2,186,268	)		7,545,534			47,929,138
TCW Core Fixed Income Portfolio (Class A)		275,726,126		8,397,212		(12,554,368	)		(1,440,799	)		(596,554	)		269,531,617
VanEck Global Natural Resources Portfolio (Class A)		73,093,724		4,804,677		(160,121	)		29,648			(5,902,927	)		71,865,001
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		152,375,575		9,891,579		(8,086,888	)		(1,619,948	)		(2,721,793	)		149,838,525
Western Asset Management U.S. Government Portfolio (Class A)		305,168,572		7,036,538		(11,709,813	)		(1,982,556	)		197,093			298,709,834
	$	3,782,864,792	$	218,603,449	$	(286,303,065	)	$	(41,736,886	)	$	68,700,443		$	3,742,128,733

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2023
AB International Bond Portfolio (Class A)	$	—	$	6,799,817		17,399,468
Allspring Mid Cap Value Portfolio (Class A)		1,268,750		120,141		878,663
Baillie Gifford International Stock Portfolio (Class A)		—		1,191,801		9,309,120
BlackRock Bond Income Portfolio (Class A)		—		11,067,544		3,962,500
BlackRock Capital Appreciation Portfolio (Class A)		1,256,707		27,183		2,065,236
BlackRock High Yield Portfolio (Class A)		—		1,506,471		4,073,132
Brighthouse Small Cap Value Portfolio (Class A)		3,903,525		586,870		3,690,235
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		—		351,964		3,219,718
Brighthouse/Artisan International Portfolio (Class A)		—		1,143,272		6,686,647
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		1,212,052		79,904		47,540
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		3,784,440		6,986,187
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		4,102,816		13,262,895
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		12,350,795
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		12,882,159		1,744,962		4,533,570
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		4,575,720		697,991		6,783,534
CBRE Global Real Estate Portfolio (Class A)		—		767,931		2,934,047
Harris Oakmark International Portfolio (Class A)		—		2,157,299		8,029,471
Invesco Comstock Portfolio (Class A)		21,455,304		2,716,078		10,526,072
Invesco Global Equity Portfolio (Class A)		2,129,363		137,646		1,737,676
Invesco Small Cap Growth Portfolio (Class A)		—		—		2,386,880
Jennison Growth Portfolio (Class A)		—		—		3,743,484
JPMorgan Core Bond Portfolio (Class A)		—		4,313,068		15,946,366
JPMorgan Small Cap Value Portfolio (Class A)		2,362,337		382,069		2,765,893
Loomis Sayles Growth Portfolio (Class A)		2,134,278		—		2,685,227
Loomis Sayles Small Cap Growth Portfolio (Class A)		—		—		924,912
MFS Research International Portfolio (Class A)		1,197,874		1,073,419		5,378,179
MFS Value Portfolio (Class A)		16,748,114		2,650,439		10,912,563
Neuberger Berman Genesis Portfolio (Class A)		1,628,938		23,984		1,072,619
PIMCO Inflation Protected Bond Portfolio (Class A)		—		4,891,374		22,100,040
PIMCO Total Return Portfolio (Class A)		—		10,606,508		35,665,314
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		934,145		3,035,994
T. Rowe Price Large Cap Growth Portfolio (Class A)		—		—		3,060,304
T. Rowe Price Large Cap Value Portfolio (Class A)		19,251,819		2,762,019		5,462,076
T. Rowe Price Mid Cap Growth Portfolio (Class A)		928,683		—		2,140,837
T. Rowe Price Small Cap Growth Portfolio (Class A)		1,111,656		25,438		2,563,056
TCW Core Fixed Income Portfolio (Class A)		—		8,323,962		31,340,886
VanEck Global Natural Resources Portfolio (Class A)		—		2,191,040		6,142,308
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		9,875,722		14,421,417
Western Asset Management U.S. Government Portfolio (Class A)		—		6,940,244		29,227,968
	$	94,047,279	$	93,977,561

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	4,284,757,245
Gross unrealized appreciation		50,193,369
Gross unrealized (depreciation)		(592,821,881	)
Net unrealized appreciation (depreciation)	$	(542,628,512	)

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$109,123,662	$	139,148,388	$	229,287,005	$	182,466,817	$	338,410,667	$	321,615,205

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$127,998,116	$	192,067,710	$	(611,328,956	)	$	—	$	(291,263,130	)

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A and B shares of the Brighthouse Asset Allocation 60 Portfolio returned 8.07% and 7.93%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned 6.99%.

MARKET ENVIRONMENT / CONDITIONS

Global markets sustained the momentum garnered in the final quarter of 2022 as bonds and equities delivered positive results during the first three months of 2023. The impact of the historic 2022 rate hikes by the U.S. Federal Reserve (the “Fed”) to ease inflationary pressures appeared to have taken hold, and helped fuel investor speculation monetary tightening may soon end. A persistent downward trend in year-over-year headline Consumer Price Index levels since last July provided tangible evidence Fed policy was having the desired effect and factored into the Fed’s decision to implement minimal 0.25% rate hikes at its February and March meetings. The failures of Silicon Valley Bank and Signature Bank in March introduced uncertainty on future policy actions, as the Fed weighed the risk of implementing additional rate hikes against the possibility of further banking sector stresses and recessionary fears. However, progress in the fight against inflation and swift action by the Fed to inject liquidity into the banking sector were cheered by both bond and equity investors to close out the first quarter of 2023.

In the second quarter of 2023, investor enthusiasm began to falter. Bond markets were being pressured by central bank actions to raise rates as inflationary concerns continued to exist. In May, the Fed enacted its tenth consecutive rate hike before it voted to hold rates in check at its June meeting. The yield on the 10-year U.S. Treasury Bond rose throughout the quarter and negatively impacted government and investment grade credit bonds. Economic growth, as measured by the real gross domestic product (“GDP”) rate, initially came in below the consensus forecast of 1.9% for much of the quarter before being revised upwards at the end of June to a reported 2.0% annual gain. Despite the revision to the 1Q23 real GDP growth rate, it marked the third straight quarter of declining GDP levels. While recessionary concerns lingered, euphoria over harnessing the power of artificial intelligence propelled a handful of technology companies to higher valuations and led equity market returns in the period.

In the first half of 2023, the S&P 500 Index returned 16.89%. Outside the U.S., the MSCI EAFE Index delivered a 11.67% return and the MSCI Emerging Markets Index posted a positive 4.89% result. Despite a pullback during the second quarter, global bonds managed to produce gains over the six months of 2023. In the U.S., the Bloomberg U.S. Aggregate Bond Index gained 2.09%. Outside the U.S., the FTSE World Government Bond Index ex-U.S. returned 1.52% during the period.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Brighthouse Asset Allocation 60 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 60% to equities and 40% to fixed income.

Over the six-month period, the Portfolio outperformed the Dow Jones Moderate Portfolio Index. Performance strength within the underlying fixed income, mid cap, and small cap equity portfolios offset weakness within the underlying large cap equity portfolios.

The underlying fixed income portfolios added to relative performance. On an absolute return basis, the top performing portfolios were the Brighthouse/Eaton Vance Floating Rate Portfolio and the BlackRock High Yield Portfolio as lower credit bank loans and bonds benefited over the period in which riskier assets were rewarded. The BlackRock Bond Income Portfolio exceeded its benchmark by 0.6%. The Portfolio’s duration (bond price changes in response to interest rate levels) positioning along with allocations to and selections within securitized assets, investment grade credit bonds, and Agency Mortgage-Backed-Securities (“MBS”) contributed to relative results. The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 1.6% during the period. Allocations to both high yield bonds and bank loans were primary contributors. Exposures to Collateralized Loan Obligations and non-agency MBS securities bolstered returns. Conversely, the Brighthouse/Templeton International Bond Portfolio underperformed its benchmark by 1.9%. The Portfolio’s currency positioning in the euro, Japanese yen, and South Korean won detracted from relative results during the period.

Performance from the underlying domestic equity portfolios was mixed for the period. Large cap portfolios underperformed, while mid cap and small cap portfolios were positive contributors. In large cap, the Brighthouse/Wellington Core Equity Opportunities Portfolio underperformed its benchmark by 13.3%. Negative security selection in the Industrials, Consumer Discretionary, and Information Technology (“IT”) sectors were key detractors in the period. Underweight positions in the IT and Communication Services sectors, and an overweight in the Consumer Discretionary sector further pressured results. The T. Rowe Price Large Cap Value Portfolio fell 3.3% relative to its benchmark. A combination of negative security selection within the Financials, Communication Services, and Materials sectors, and an underweight in the Communication Services sector hurt relative performance. On the positive side, the Jennison Growth Portfolio beat its benchmark by 7.4%. Security selection drove relative outperformance. Selection in the IT sector had the largest positive impact on results followed by Health Care and Industrials. Across mid cap, the Brighthouse/Artisan Mid Cap Value Portfolio outperformed its benchmark by 4.4%. Strong selection in Financials was the largest relative contributor to results followed by selection in IT. The T. Rowe Price Mid Cap Growth Portfolio’s absolute performance lifted overall mid cap results. Within small cap, the Neuberger Berman Genesis Portfolio outperformed its benchmark by 9.5%. Overweight positions in the IT and Industrials sectors and an underweight in the Financials sector were primary contributors. Positive security selection in the Health

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Care sector boosted relative results. Strong absolute performance by the T. Rowe Price Small Cap Growth Portfolio benefited overall small cap results.

Non-U.S. equity portfolios had mixed performance results over the period. Developed market portfolios detracted from performance while emerging market portfolios were positive contributors. Within developed markets, overall performance was negatively impacted by the absolute performance of the VanEck Global Natural Resources Portfolio and the CBRE Global Real Estate Portfolio. The MFS Research International Portfolio underperformed its benchmark by 1.7%. Negative security selection in the Financials, Health Care, and Consumer Staples sectors were leading detractors over the period. Regionally, selection in the United Kingdom (“U.K.”) and Europe

ex-U.K. hurt relative results. On a positive note, the Harris Oakmark International Portfolio outperformed its benchmark by 6.2%. An overweight position and security selection in the Consumer Discretionary sector was the largest contributor to relative results over the period. From a country perspective, selection and an overweight position in Germany had the largest positive impact to performance. In emerging markets, the SSGA Emerging Markets Enhanced Index Portfolio outperformed its benchmark by 2.0%. Positive security selection in the IT, Utilities, Industrials sectors were leading contributors to relative performance. At the country level, exposures in China, Taiwan, and India were notable contributors during the period.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

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Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 60 Portfolio
Class A		8.07		9.63		5.43		6.51
Class B		7.93		9.39		5.18		6.26
Dow Jones Moderate Portfolio Index		6.99		8.00		4.57		5.94

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		6.9
PIMCO Total Return Portfolio (Class A)		6.0
MFS Value Portfolio (Class A)		5.1
TCW Core Fixed Income Portfolio (Class A)		5.1
T. Rowe Price Large Cap Value Portfolio (Class A)		4.5
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		4.3
Invesco Comstock Portfolio (Class A)		4.1
Harris Oakmark International Portfolio (Class A)		4.0
Western Asset Management U.S. Government Portfolio (Class A)		4.0
Baillie Gifford International Stock Portfolio (Class A)		3.5

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		31.6
Investment Grade Fixed Income		29.1
International Developed Market Equities		13.9
U.S. Small Cap Equities		7.2
International Fixed Income		4.7
High Yield Fixed Income		4.6
Global Equities		3.8
Emerging Market Equities		2.5
Real Estate Equities		1.5
U.S. Mid Cap Equities		1.1

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 60 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023			Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A(a)	Actual		0.65	%	$	1,000.00	$	1,080.70		$	3.35
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.57	��	$	3.26
Class B(a)	Actual		0.90	%	$	1,000.00	$	1,079.30		$	4.64
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.33		$	4.51

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

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

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
AB International Bond Portfolio (Class A) (a)		31,649,242	$	238,318,793
Allspring Mid Cap Value Portfolio (Class A) (a)		2,237,959		24,416,136
Baillie Gifford International Stock Portfolio (Class A) (b)		33,246,320		337,450,143
BlackRock Bond Income Portfolio (Class A) (b)		7,386,923		661,425,109
BlackRock Capital Appreciation Portfolio (Class A) (b)		7,620,259		247,277,399
BlackRock High Yield Portfolio (Class A) (a)		11,324,472		77,685,875
Brighthouse Small Cap Value Portfolio (Class A) (a)		13,065,492		169,198,121
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		16,418,759		142,679,015
Brighthouse/Artisan International Portfolio (Class A) (a)		29,103,916		286,091,492
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		121,567		24,444,738
Brighthouse/Dimensional International Small Company Portfolio (Class A) (b)		10,031,339		94,595,527
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		17,786,382		168,081,312
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		22,358,702		189,154,623
Brighthouse/Templeton International Bond Portfolio (Class A) (a) (c)		28,064,503		211,325,708
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		15,081,405		413,079,688
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		23,154,666		293,369,616
CBRE Global Real Estate Portfolio (Class A) (a)		14,669,615		140,534,909
Harris Oakmark International Portfolio (Class A) (a)		29,760,127		385,988,841
Invesco Comstock Portfolio (Class A) (a)		32,910,395		388,342,665
Invesco Global Equity Portfolio (Class A) (a)		4,452,635		97,557,223
Invesco Small Cap Growth Portfolio (Class A) (a) (c)		15,160,306		121,585,652
Jennison Growth Portfolio (Class A) (b) (c)		21,273,128		271,445,111
JPMorgan Core Bond Portfolio (Class A) (a)		26,868,750		236,176,315
JPMorgan Small Cap Value Portfolio (Class A) (a)		6,968,779		71,429,989
Loomis Sayles Growth Portfolio (Class A) (a)		19,102,542		269,536,874
Affiliated Investment Companies—(Continued)
Loomis Sayles Small Cap Growth Portfolio (Class A) (b) (c)		7,031,128		72,912,796
MFS Research International Portfolio (Class A) (a)		19,162,411		225,541,581
MFS Value Portfolio (Class A) (b)		36,983,731		485,966,225
Neuberger Berman Genesis Portfolio (Class A) (b)		4,126,731		73,909,759
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		28,000,767		260,687,142
PIMCO Total Return Portfolio (Class A) (a)		59,673,271		568,686,269
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a)		10,358,506		95,919,768
T. Rowe Price Large Cap Growth Portfolio (Class A) (b) (c)		11,833,730		222,000,780
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		17,723,901		432,640,414
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		5,494,214		49,173,219
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		9,212,663		172,276,801
TCW Core Fixed Income Portfolio (Class A) (a)		56,259,892		483,835,067
VanEck Global Natural Resources Portfolio (Class A) (b)		23,094,914		270,210,494
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		18,266,990		189,794,027
Western Asset Management U.S. Government Portfolio (Class A) (b)		36,918,954		377,311,709
Total Mutual Funds (Cost $10,651,017,228)				9,542,056,925
Total Investments—100.0% (Cost $10,651,017,228)				9,542,056,925
Other assets and liabilities (net)—0.0%				(2,535,930	)
Net Assets—100.0%			$	9,539,520,995

(a)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security.

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	9,542,056,925	$	—	$	—	$	9,542,056,925
Total Investments	$	9,542,056,925	$	—	$	—	$	9,542,056,925

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Affiliated investments at value (a)	$	9,542,056,925
Receivable for:
Affiliated investments sold		2,508,773
Fund shares sold		190,399
Total Assets		9,544,756,097
Liabilities
Payables for:
Affiliated investments purchased		19,526
Fund shares redeemed		2,679,646
Accrued Expenses:
Management fees		419,106
Distribution and service fees		1,880,382
Deferred trustees’ fees		191,255
Other expenses		45,187
Total Liabilities		5,235,102
Net Assets	$	9,539,520,995
Net Assets Consist of:
Paid in surplus	$	10,284,876,592
Distributable earnings (Accumulated losses)		(745,355,597	)
Net Assets	$	9,539,520,995
Net Assets
Class A	$	300,351,509
Class B		9,239,169,486
Capital Shares Outstanding*
Class A		31,938,717
Class B		988,414,038
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.40
Class B		9.35

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $10,651,017,228.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends from affiliated investments	$	200,005,097
Total investment income		200,005,097
Expenses
Management fees		2,553,586
Administration fees		15,001
Custodian and accounting fees		13,575
Distribution and service fees—Class B		11,469,987
Audit and tax services		16,337
Legal		21,516
Trustees’ fees and expenses		17,765
Miscellaneous		7,337
Total expenses		14,115,104
Net Investment Income		185,889,993
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investments		(61,394,116	)
Capital gain distributions from affiliated investments		314,500,155
Net realized gain (loss)		253,106,039
Net change in unrealized appreciation on affiliated investments		291,386,303
Net realized and unrealized gain (loss)		544,492,342
Net Increase (Decrease) in Net Assets From Operations	$	730,382,335

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	185,889,993		$	198,397,685
Net realized gain (loss)		253,106,039			857,766,817
Net change in unrealized appreciation (depreciation)		291,386,303			(2,924,278,898	)
Increase (decrease) in net assets from operations		730,382,335			(1,868,114,396	)
From Distributions to Shareholders
Class A		(34,030,387	)		(31,316,809	)
Class B		(1,029,809,947	)		(986,071,675	)
Total distributions		(1,063,840,334	)		(1,017,388,484	)
Increase (decrease) in net assets from capital share transactions		470,933,973			(180,447,658	)
Total increase (decrease) in net assets		137,475,974			(3,065,950,538	)
Net Assets
Beginning of period		9,402,045,021			12,467,995,559
End of period	$	9,539,520,995		$	9,402,045,021

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		499,082		$	5,089,584			717,156		$	7,636,905
Reinvestments		3,639,614			34,030,387			3,221,894			31,316,809
Redemptions		(1,565,926	)		(15,879,430	)		(2,908,461	)		(30,839,009	)
Net increase (decrease)		2,572,770		$	23,240,541			1,030,589		$	8,114,705
Class B
Sales		2,803,118		$	28,165,584			6,780,407		$	72,246,244
Reinvestments		110,851,447			1,029,809,947			101,972,252			986,071,675
Redemptions		(60,457,559	)		(610,282,099	)		(116,595,920	)		(1,246,880,282	)
Net increase (decrease)		53,197,006		$	447,693,432			(7,843,261	)	$	(188,562,363	)
Increase (decrease) derived from capital shares transactions				$	470,933,973					$	(180,447,658	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.81		$	12.92		$	12.55		$	12.17		$	11.30		$	12.72
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.21			0.23			0.17			0.28			0.26			0.22
Net realized and unrealized gain (loss)		0.58			(2.20	)		1.20			1.22			1.88			(0.92	)
Total income (loss) from investment operations		0.79			(1.97	)		1.37			1.50			2.14			(0.70	)
Less Distributions
Distributions from net investment income		(0.35	)		(0.28	)		(0.31	)		(0.29	)		(0.28	)		(0.24	)
Distributions from net realized capital gains		(0.85	)		(0.86	)		(0.69	)		(0.83	)		(0.99	)		(0.48	)
Total distributions		(1.20	)		(1.14	)		(1.00	)		(1.12	)		(1.27	)		(0.72	)
Net Asset Value, End of Period	$	9.40		$	9.81		$	12.92		$	12.55		$	12.17		$	11.30
Total Return (%) (b)		8.07	(c)		(15.17	)		11.17			14.09			19.85			(5.93	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (e)		0.06	(d)		0.06			0.05			0.05			0.05			0.05
Ratio of net investment income (loss) to average net assets (%) (f)		2.06	(g)		2.16			1.33			2.43			2.21			1.76
Portfolio turnover rate (%)		6	(c)		14			9			10			13			10
Net assets, end of period (in millions)	$	300.4		$	288.1		$	366.2		$	343.6		$	327.6		$	294.6
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.75		$	12.83		$	12.47		$	12.09		$	11.24		$	12.65
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.20			0.20			0.14			0.25			0.23			0.19
Net realized and unrealized gain (loss)		0.57			(2.18	)		1.19			1.22			1.85			(0.91	)
Total income (loss) from investment operations		0.77			(1.98	)		1.33			1.47			2.08			(0.72	)
Less Distributions
Distributions from net investment income		(0.32	)		(0.24	)		(0.28	)		(0.26	)		(0.24	)		(0.21	)
Distributions from net realized capital gains		(0.85	)		(0.86	)		(0.69	)		(0.83	)		(0.99	)		(0.48	)
Total distributions		(1.17	)		(1.10	)		(0.97	)		(1.09	)		(1.23	)		(0.69	)
Net Asset Value, End of Period	$	9.35		$	9.75		$	12.83		$	12.47		$	12.09		$	11.24
Total Return (%) (b)		7.93	(c)		(15.33	)		10.90			13.85			19.42			(6.12	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (e)		0.31	(d)		0.31			0.30			0.30			0.30			0.30
Ratio of net investment income (loss) to average net assets (%) (f)		1.78	(g)		1.90			1.08			2.18			1.98			1.51
Portfolio turnover rate (%)		6	(c)		14			9			10			13			10
Net assets, end of period (in millions)	$	9,239.2		$	9,113.9		$	12,101.8		$	12,299.1		$	12,158.4		$	11,604.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 60 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Asset Allocation Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Asset Allocation Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	568,228,111	$	0	$	660,859,368

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$2,553,586		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2023 were as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2023
AB International Bond Portfolio (Class A)	$	238,012,589	$	12,288,606	$	(7,008,450	)	$	(1,969,333	)	$	(3,004,619	)	$	238,318,793
Allspring Mid Cap Value Portfolio (Class A)		24,020,584		3,483,572		(1,081,328	)		(15,163	)		(1,991,529	)		24,416,136
Baillie Gifford International Stock Portfolio (Class A)		356,399,230		4,254,565		(70,151,291	)		11,338,715			35,608,924			337,450,143
BlackRock Bond Income Portfolio (Class A)		661,196,454		20,647,185		(17,851,997	)		(2,558,806	)		(7,727	)		661,425,109
BlackRock Capital Appreciation Portfolio (Class A)		216,061,354		4,838,228		(38,820,588	)		(4,574,822	)		69,773,227			247,277,399
BlackRock High Yield Portfolio (Class A)		56,753,133		23,379,257		(1,596,061	)		(236,667	)		(613,787	)		77,685,875
Brighthouse Small Cap Value Portfolio (Class A)		165,404,593		20,941,389		(10,784,916	)		(1,721,901	)		(4,641,044	)		169,198,121
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		142,841,489		1,819,041		(7,473,870	)		(803,814	)		6,296,169			142,679,015
Brighthouse/Artisan International Portfolio (Class A)		287,810,301		4,984,232		(28,497,495	)		(482,118	)		22,276,572			286,091,492
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		23,464,028		3,274,542		(1,270,615	)		120,369			(1,143,586	)		24,444,738
Brighthouse/Dimensional International Small Company Portfolio (Class A)		97,065,984		5,441,254		(8,710,047	)		(4,064,550	)		4,862,886			94,595,527
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		188,810,057		9,564,299		(31,068,659	)		(1,934,299	)		2,709,914			168,081,312
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		188,913,317		6,951,140		(3,324,616	)		(449,122	)		(2,936,096	)		189,154,623
Brighthouse/Templeton International Bond Portfolio (Class A)		218,891,130		1,299		(6,502,291	)		(3,917,470	)		2,853,040			211,325,708
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		407,555,796		48,478,768		(8,198,184	)		164,506			(34,921,198	)		413,079,688
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		283,735,584		17,996,110		(31,868,823	)		(2,713,605	)		26,220,350			293,369,616
CBRE Global Real Estate Portfolio (Class A)		141,330,594		3,859,016		(4,742,847	)		254,120			(165,974	)		140,534,909
Harris Oakmark International Portfolio (Class A)		383,747,870		7,966,567		(63,433,464	)		4,602,969			53,104,899			385,988,841
Invesco Comstock Portfolio (Class A)		383,153,318		75,011,693		(10,998,132	)		156,328			(58,980,542	)		388,342,665
Invesco Global Equity Portfolio (Class A)		93,011,230		5,821,692		(16,096,035	)		(462,983	)		15,283,319			97,557,223
Invesco Small Cap Growth Portfolio (Class A)		115,438,043		61,332		(5,250,291	)		(3,049,308	)		14,385,876	��		121,585,652
Jennison Growth Portfolio (Class A)		231,899,722		4,674,517		(46,674,634	)		(18,037,381	)		99,582,887			271,445,111
JPMorgan Core Bond Portfolio (Class A)		235,439,248		7,289,937		(5,714,024	)		(654,979	)		(183,867	)		236,176,315
JPMorgan Small Cap Value Portfolio (Class A)		69,758,558		9,515,525		(3,225,736	)		(653,002	)		(3,965,356	)		71,429,989
Loomis Sayles Growth Portfolio (Class A)		252,955,367		15,291,441		(71,592,438	)		(6,873,297	)		79,755,801			269,536,874
Loomis Sayles Small Cap Growth Portfolio (Class A)		71,003,198		35,169		(4,668,751	)		(493,087	)		7,036,267			72,912,796
MFS Research International Portfolio (Class A)		216,056,767		17,072,363		(20,452,583	)		2,244,741			10,620,293			225,541,581
MFS Value Portfolio (Class A)		479,249,425		65,312,780		(3,288,025	)		109,345			(55,417,300	)		485,966,225
Neuberger Berman Genesis Portfolio (Class A)		69,763,127		6,312,365		(4,160,811	)		1,333,431			661,647			73,909,759
PIMCO Inflation Protected Bond Portfolio (Class A)		281,203,277		6,242,779		(25,570,997	)		(3,950,992	)		2,763,075			260,687,142
PIMCO Total Return Portfolio (Class A)		567,330,604		18,029,909		(10,582,535	)		(2,250,400	)		(3,841,309	)		568,686,269
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		94,375,591		3,191,255		(5,001,961	)		(241,222	)		3,596,105			95,919,768
T. Rowe Price Large Cap Growth Portfolio (Class A)		189,383,527		4,831,045		(33,179,130	)		(10,772,320	)		71,737,658			222,000,780
T. Rowe Price Large Cap Value Portfolio (Class A)		430,629,718		71,206,884		(5,944,851	)		(581,047	)		(62,670,290	)		432,640,414
T. Rowe Price Mid Cap Growth Portfolio (Class A)		47,316,826		2,370,643		(4,145,523	)		(913,451	)		4,544,724			49,173,219
T. Rowe Price Small Cap Growth Portfolio (Class A)		165,128,960		4,069,167		(15,704,982	)		(3,972,495	)		22,756,151			172,276,801
TCW Core Fixed Income Portfolio (Class A)		485,642,185		14,962,564		(12,842,824	)		(1,436,917	)		(2,489,941	)		483,835,067
VanEck Global Natural Resources Portfolio (Class A)		276,985,369		15,464,572		(183,174	)		31,340			(22,087,613	)		270,210,494
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		189,006,694		12,474,774		(6,099,791	)		(1,185,157	)		(4,402,493	)		189,794,027
Western Asset Management U.S. Government Portfolio (Class A)		377,951,154		8,816,635		(7,096,598	)		(780,272	)		(1,579,210	)		377,311,709
	$	9,404,695,995	$	568,228,111	$	(660,859,368	)	$	(61,394,116	)	$	291,386,303		$	9,542,056,925

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2023
AB International Bond Portfolio (Class A)	$	—	$	12,287,913		31,649,242
Allspring Mid Cap Value Portfolio (Class A)		3,174,144		300,567		2,237,959
Baillie Gifford International Stock Portfolio (Class A)		—		4,254,565		33,246,320
BlackRock Bond Income Portfolio (Class A)		—		20,611,680		7,386,923
BlackRock Capital Appreciation Portfolio (Class A)		4,655,029		100,691		7,620,259
BlackRock High Yield Portfolio (Class A)		—		4,188,708		11,324,472
Brighthouse Small Cap Value Portfolio (Class A)		13,766,326		2,069,680		13,065,492
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		—		1,792,036		16,418,759
Brighthouse/Artisan International Portfolio (Class A)		—		4,976,857		29,103,916
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		3,067,168		202,201		121,567
Brighthouse/Dimensional International Small Company Portfolio (Class A)		3,018,264		2,422,180		10,031,339
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		9,541,863		17,786,382
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		6,914,808		22,358,702
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		28,064,503
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		42,659,579		5,778,482		15,081,405
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		15,612,594		2,381,582		23,154,666
CBRE Global Real Estate Portfolio (Class A)		—		3,838,743		14,669,615
Harris Oakmark International Portfolio (Class A)		—		7,964,387		29,760,127
Invesco Comstock Portfolio (Class A)		66,503,898		8,418,885		32,910,395
Invesco Global Equity Portfolio (Class A)		5,467,846		353,451		4,452,635
Invesco Small Cap Growth Portfolio (Class A)		—		—		15,160,306
Jennison Growth Portfolio (Class A)		—		—		21,273,128
JPMorgan Core Bond Portfolio (Class A)		—		7,265,218		26,868,750
JPMorgan Small Cap Value Portfolio (Class A)		5,949,567		962,245		6,968,779
Loomis Sayles Growth Portfolio (Class A)		15,285,384		—		19,102,542
Loomis Sayles Small Cap Growth Portfolio (Class A)		—		—		7,031,128
MFS Research International Portfolio (Class A)		4,268,174		3,824,727		19,162,411
MFS Value Portfolio (Class A)		56,350,218		8,917,590		36,983,731
Neuberger Berman Genesis Portfolio (Class A)		6,191,907		91,169		4,126,731
PIMCO Inflation Protected Bond Portfolio (Class A)		—		6,179,795		28,000,767
PIMCO Total Return Portfolio (Class A)		—		17,747,156		59,673,271
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		3,189,175		10,358,506
T. Rowe Price Large Cap Growth Portfolio (Class A)		—		—		11,833,730
T. Rowe Price Large Cap Value Portfolio (Class A)		62,181,351		8,921,030		17,723,901
T. Rowe Price Mid Cap Growth Portfolio (Class A)		2,370,643		—		5,494,214
T. Rowe Price Small Cap Growth Portfolio (Class A)		3,978,063		91,031		9,212,663
TCW Core Fixed Income Portfolio (Class A)		—		14,939,180		56,259,892
VanEck Global Natural Resources Portfolio (Class A)		—		8,238,160		23,094,914
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		12,474,648		18,266,990
Western Asset Management U.S. Government Portfolio (Class A)		—		8,764,694		36,918,954
	$	314,500,155	$	200,005,097

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	10,725,595,513
Gross unrealized appreciation		130,288,239
Gross unrealized (depreciation)		(1,313,826,826	)
Net unrealized appreciation (depreciation)	$	(1,183,538,587	)

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$221,924,534	$	269,770,302	$	795,463,950	$	663,767,759	$	1,017,388,484	$	933,538,061

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$292,383,560	$	770,833,641	$	(1,474,924,891	)	$	—	$	(411,707,690	)

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A and B shares of the Brighthouse Asset Allocation 80 Portfolio returned 10.89% and 10.76%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Portfolio Index¹, returned 8.83%.

MARKET ENVIRONMENT / CONDITIONS

Global markets sustained the momentum garnered in the final quarter of 2022 as bonds and equities delivered positive results during the first three months of 2023. The impact of the historic 2022 rate hikes by the U.S. Federal Reserve (the “Fed”) to ease inflationary pressures appeared to have taken hold, and helped fuel investor speculation monetary tightening may soon end. A persistent downward trend in year-over-year headline Consumer Price Index levels since last July provided tangible evidence Fed policy was having the desired effect and factored into the Fed’s decision to implement minimal 0.25% rate hikes at its February and March meetings. The failures of Silicon Valley Bank and Signature Bank in March introduced uncertainty on future policy actions, as the Fed weighed the risk of implementing additional rate hikes against the possibility of further banking sector stresses and recessionary fears. However, progress in the fight against inflation and swift action by the Fed to inject liquidity into the banking sector were cheered by both bond and equity investors to close out the first quarter of 2023.

In the second quarter of 2023, investor enthusiasm began to falter. Bond markets were being pressured by central bank actions to raise rates as inflationary concerns continued to exist. In May, the Fed enacted its tenth consecutive rate hike before it voted to hold rates in check at its June meeting. The yield on the 10-year U.S. Treasury Bond rose throughout the quarter and negatively impacted government and investment grade credit bonds. Economic growth, as measured by the real gross domestic product (“GDP”) rate, initially came in below the consensus forecast of 1.9% for much of the quarter before being revised upwards at the end of June to a reported 2.0% annual gain. Despite the revision to the 1Q23 real GDP growth rate, it marked the third straight quarter of declining GDP levels. While recessionary concerns lingered, euphoria over harnessing the power of artificial intelligence propelled a handful of technology companies to higher valuations and led equity market returns in the period.

In the first half of 2023, the S&P 500 Index returned 16.89%. Outside the U.S., the MSCI EAFE Index delivered a 11.67% return and the MSCI Emerging Markets Index posted a positive 4.89% result. Despite a pullback during the second quarter, global bonds managed to produce gains over the six months of 2023. In the U.S., the Bloomberg U.S. Aggregate Bond Index gained 2.09%. Outside the U.S., the FTSE World Government Bond Index ex-U.S. returned 1.52% during the period.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Brighthouse Asset Allocation 80 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 80% to equities and 20% to fixed income.

Over the six-month period, the Portfolio outperformed the Dow Jones Moderately Aggressive Portfolio Index. Performance strength within the underlying fixed income and mid cap equity portfolios offset weakness within the underlying large cap and small cap equity portfolios.

The underlying fixed income portfolios added to relative performance. On an absolute return basis, the top performing portfolios were the Brighthouse/Eaton Vance Floating Rate Portfolio and the BlackRock High Yield Portfolio as lower credit bank loans and bonds benefited over the period in which riskier assets were rewarded. The BlackRock Bond Income Portfolio exceeded its benchmark by 0.6%. The Portfolio’s duration (bond price changes in response to interest rate levels) positioning along with allocations to and selections within securitized assets, investment grade credit bonds, and Agency Mortgage-Backed-Securities (“MBS”) contributed to relative results. The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark by 1.6% during the period. Allocations to both high yield bonds and bank loans were primary contributors. Exposures to Collateralized Loan Obligations and non-agency MBS securities bolstered returns. Conversely, the Brighthouse/Templeton International Bond Portfolio underperformed its benchmark by 1.9%. The Portfolio’s currency positioning in the euro, Japanese yen, and South Korean won detracted from relative results during the period.

Performance from the underlying domestic equity portfolios was mixed for the period. Large cap and small cap portfolios underperformed, while mid cap portfolios were positive contributors. In large cap, the Brighthouse/Wellington Core Equity Opportunities Portfolio underperformed its benchmark by 13.3%. Negative security selection in the Industrials, Consumer Discretionary, and Information Technology (“IT”) sectors were key detractors in the period. Underweight positions in the IT and Communication Services sectors, and an overweight in the Consumer Discretionary sector further pressured results. The MFS Value Portfolio fell 3.0% relative to its benchmark. A combination of negative security selection and an underweight to the Communication Services sector, and weak selection in the Industrials sector pressured relative performance. On the positive side, the Loomis Sayles Growth Portfolio beat its benchmark by 9.3%. Security selection drove relative outperformance. Selection in the IT and Communication Services sector had the largest positive impact on results. In mid cap, the Morgan Stanley Discovery Portfolio outperformed its benchmark by 12.2%. Security selection was led by strong relative results in the Consumer Discretionary sector and positive selection in the Financials and IT sectors. An overweight position in Communication Services and an underweight to Energy bolstered performance in the period. The Brighthouse/Artisan Mid Cap Value Portfolio outperformed its benchmark by 4.4%. Strong selection in Financials was the largest

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

relative contributor to results followed by selection in IT. Within small cap, the Loomis Small Cap Growth Portfolio underperformed its benchmark by 4.3%. Results were negatively impacted from security selection in the Health Care, IT, and Industrials sectors. The Invesco Small Cap Growth Portfolio underperformed its benchmark by 3.7%. Negative security selection in the Health Care and Consumer Discretionary sectors were the primary detractors to relative results. Additionally, overall small cap performance was negatively impacted by the absolute performance of the JPMorgan Small Cap Value Portfolio.

Non-U.S. equity portfolios had mixed performance results over the period. Developed market portfolios experienced weakness while emerging market portfolios were positive contributors. Within developed markets, overall performance was negatively impacted by the absolute performance of the VanEck Global Natural Resources Portfolio and the CBRE Global Real Estate Portfolio. The MFS Research International Portfolio underperformed its benchmark by 1.7%. Negative security selection in the Financials, Health Care, and Consumer Staples sectors were leading detractors over the period. Regionally, selection in the United Kingdom (“U.K.”) and Europe ex-U.K. hurt relative results. On a positive note, the Harris Oakmark International Portfolio outperformed its benchmark by 6.2%. An overweight position and security selection in the Consumer Discretionary sector was the largest contributor to relative results over the period. From a country perspective, selection and an overweight position in Germany had the largest positive impact to performance. In emerging markets, the SSGA Emerging Markets Enhanced Index Portfolio outperformed its benchmark by 2.0%. Positive security selection in the IT, Utilities, Industrials sectors were leading contributors to relative performance. At the country level, exposures in China, Taiwan, and India were notable contributors during the period.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The Dow Jones Moderately Aggressive Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderately Aggressive Portfolio Index level is set to 80% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY AGGRESSIVE PORTFOLIO INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 80 Portfolio
Class A		10.89		13.57		6.68		8.03
Class B		10.76		13.23		6.42		7.76
Dow Jones Moderately Aggressive Portfolio Index		8.83		11.37		6.16		7.60

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
MFS Value Portfolio (Class A)		5.7
Invesco Comstock Portfolio (Class A)		5.0
T. Rowe Price Large Cap Value Portfolio (Class A)		5.0
Harris Oakmark International Portfolio (Class A)		4.8
Jennison Growth Portfolio (Class A)		4.8
Loomis Sayles Growth Portfolio (Class A)		4.8
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		4.5
Baillie Gifford International Stock Portfolio (Class A)		4.5
T. Rowe Price Large Cap Growth Portfolio (Class A)		4.2
Brighthouse/Artisan International Portfolio (Class A)		4.0

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		40.6
International Developed Market Equities		18.6
Investment Grade Fixed Income		12.4
U.S. Small Cap Equities		10.2
Global Equities		4.3
Emerging Market Equities		3.5
High Yield Fixed Income		3.2
U.S. Mid Cap Equities		2.6
Real Estate Equities		2.4
International Fixed Income		2.2

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 80 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A(a)	Actual		0.68	%	$	1,000.00	$	1,108.90	$	3.56
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41
Class B(a)	Actual		0.93	%	$	1,000.00	$	1,107.60	$	4.86
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.18	$	4.66

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

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

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
AB International Bond Portfolio (Class A) (a)		8,219,185	$	61,890,461
Allspring Mid Cap Value Portfolio (Class A) (a)		5,796,017		63,234,543
Baillie Gifford International Stock Portfolio (Class A) (b)		37,404,153		379,652,155
BlackRock Bond Income Portfolio (Class A) (b)		3,626,197		324,689,657
BlackRock Capital Appreciation Portfolio (Class A) (b)		8,250,416		267,725,984
BlackRock High Yield Portfolio (Class A) (a)		8,624,245		59,162,321
Brighthouse Small Cap Value Portfolio (Class A) (a)		16,172,430		209,432,971
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		19,012,690		165,220,276
Brighthouse/Artisan International Portfolio (Class A) (a)		33,788,958		332,145,453
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		106,102		21,335,058
Brighthouse/Dimensional International Small Company Portfolio (Class A) (b)		17,421,406		164,283,863
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		8,885,110		83,964,289
Brighthouse/Templeton International Bond Portfolio (Class A) (a) (c)		16,371,882		123,280,274
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		13,871,774		379,947,902
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		23,876,329		302,513,095
CBRE Global Real Estate Portfolio (Class A) (a)		21,109,988		202,233,681
Frontier Mid Cap Growth Portfolio (Class A) (b) (c)		1,796,220		43,720,006
Harris Oakmark International Portfolio (Class A) (a)		31,127,040		403,717,712
Invesco Comstock Portfolio (Class A) (a)		35,717,109		421,461,891
Invesco Global Equity Portfolio (Class A) (a)		5,926,808		129,856,356
Invesco Small Cap Growth Portfolio (Class A) (a) (c)		23,810,591		190,960,940
Jennison Growth Portfolio (Class A) (b) (c)		31,481,864		401,708,590
JPMorgan Core Bond Portfolio (Class A)��(a)		16,140,333		141,873,527
JPMorgan Small Cap Value Portfolio (Class A) (a)		12,072,103		123,739,059
Loomis Sayles Growth Portfolio (Class A) (a)		28,252,402		398,641,386
Loomis Sayles Small Cap Growth Portfolio (Class A) (b) (c)		14,362,147		148,935,460
MFS Research International Portfolio (Class A) (a)		23,215,734		273,249,193
Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (b)		36,650,271		481,584,566
Morgan Stanley Discovery Portfolio (Class A) (a) (c)		4,294,220		22,287,003
Neuberger Berman Genesis Portfolio (Class A) (b)		1,207,117		21,619,468
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		11,001,458		102,423,576
PIMCO Total Return Portfolio (Class A) (a)		26,576,744		253,276,372
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a)		13,592,904		125,870,293
T. Rowe Price Large Cap Growth Portfolio (Class A) (b) (c)		18,906,063		354,677,746
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		17,012,409		415,272,905
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		4,857,863		43,477,874
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		8,131,598		152,060,890
TCW Core Fixed Income Portfolio (Class A) (a)		25,838,446		222,210,633
VanEck Global Natural Resources Portfolio (Class A) (b)		19,988,228		233,862,265
Victory Sycamore Mid Cap Value Portfolio (Class A) (a)		1,120,116		20,509,320
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		11,822,190		122,832,556
Total Mutual Funds (Cost $9,227,839,493)				8,390,541,570
Total Investments—100.0% (Cost $9,227,839,493)				8,390,541,570
Other assets and liabilities (net)—0.0%				(2,240,300	)
Net Assets—100.0%			$	8,388,301,270

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(b)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(c)	Non-income producing security.

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	8,390,541,570	$	—	$	—	$	8,390,541,570
Total Investments	$	8,390,541,570	$	—	$	—	$	8,390,541,570

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Affiliated investments at value (a)	$	8,390,541,570
Receivable for:
Affiliated investments sold		1,354,334
Fund shares sold		106,717
Total Assets		8,392,002,621
Liabilities
Payables for:
Fund shares redeemed		1,461,051
Accrued Expenses:
Management fees		370,211
Distribution and service fees		1,607,790
Deferred trustees’ fees		216,665
Other expenses		45,634
Total Liabilities		3,701,351
Net Assets	$	8,388,301,270
Net Assets Consist of:
Paid in surplus	$	8,900,273,294
Distributable earnings (Accumulated losses)		(511,972,024	)
Net Assets	$	8,388,301,270
Net Assets
Class A	$	442,701,676
Class B		7,945,599,594
Capital Shares Outstanding*
Class A		44,021,419
Class B		794,806,600
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.06
Class B		10.00

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $9,227,839,493.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends from affiliated investments	$	137,902,870
Total investment income		137,902,870
Expenses
Management fees		2,232,991
Administration fees		15,001
Custodian and accounting fees		13,575
Distribution and service fees—Class B		9,702,745
Audit and tax services		16,337
Legal		21,516
Trustees’ fees and expenses		17,766
Miscellaneous		6,891
Total expenses		12,026,822
Net Investment Income		125,876,048
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investments		(60,542,472	)
Capital gain distributions from affiliated investments		335,479,639
Net realized gain (loss)		274,937,167
Net change in unrealized appreciation on affiliated investments		440,099,478
Net realized and unrealized gain (loss)		715,036,645
Net Increase (Decrease) in Net Assets From Operations	$	840,912,693

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	125,876,048		$	122,477,177
Net realized gain (loss)		274,937,167			1,075,265,324
Net change in unrealized appreciation (depreciation)		440,099,478			(3,101,268,321	)
Increase (decrease) in net assets from operations		840,912,693			(1,903,525,820	)
From Distributions to Shareholders
Class A		(63,726,018	)		(50,275,861	)
Class B		(1,136,911,895	)		(943,317,777	)
Total distributions		(1,200,637,913	)		(993,593,638	)
Increase (decrease) in net assets from capital share transactions		733,636,118			54,355,090
Total increase (decrease) in net assets		373,910,898			(2,842,764,368	)
Net Assets
Beginning of period		8,014,390,372			10,857,154,740
End of period	$	8,388,301,270		$	8,014,390,372

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		397,911		$	4,389,073			876,857		$	10,286,189
Reinvestments		6,385,373			63,726,018			4,811,087			50,275,861
Redemptions		(1,475,642	)		(16,469,548	)		(2,553,348	)		(29,925,719	)
Net increase (decrease)		5,307,642		$	51,645,543			3,134,596		$	30,636,331
Class B
Sales		2,137,350		$	23,683,900			4,989,874		$	57,789,390
Reinvestments		114,608,054			1,136,911,895			90,703,632			943,317,777
Redemptions		(43,486,301	)		(478,605,220	)		(83,177,128	)		(977,388,408	)
Net increase (decrease)		73,259,103		$	681,990,575			12,516,378		$	23,718,759
Increase (decrease) derived from capital shares transactions				$	733,636,118					$	54,355,090

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.61		$	14.67		$	13.91		$	13.48		$	12.36		$	14.25
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.19			0.16			0.25			0.24			0.21
Net realized and unrealized gain (loss)		0.96			(2.81	)		1.86			1.68			2.57			(1.25	)
Total income (loss) from investment operations		1.14			(2.62	)		2.02			1.93			2.81			(1.04	)
Less Distributions
Distributions from net investment income		(0.37	)		(0.26	)		(0.28	)		(0.27	)		(0.28	)		(0.22	)
Distributions from net realized capital gains		(1.32	)		(1.18	)		(0.98	)		(1.23	)		(1.41	)		(0.63	)
Total distributions		(1.69	)		(1.44	)		(1.26	)		(1.50	)		(1.69	)		(0.85	)
Net Asset Value, End of Period	$	10.06		$	10.61		$	14.67		$	13.91		$	13.48		$	12.36
Total Return (%) (b)		10.89	(c)		(17.71	)		14.87			17.01			24.04			(7.91	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.06	(e)		0.06			0.06			0.06			0.06			0.06
Ratio of net investment income (loss) to average net assets (%) (f)		1.63	(g)		1.62			1.08			2.01			1.82			1.50
Portfolio turnover rate (%)		7	(c)		14			10			12			13			11
Net assets, end of period (in millions)	$	442.7		$	410.6		$	522.1		$	484.8		$	439.2		$	378.2
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.54		$	14.58		$	13.82		$	13.41		$	12.30		$	14.18
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.17			0.16			0.12			0.22			0.21			0.17
Net realized and unrealized gain (loss)		0.95			(2.80	)		1.87			1.66			2.55			(1.23	)
Total income (loss) from investment operations		1.12			(2.64	)		1.99			1.88			2.76			(1.06	)
Less Distributions
Distributions from net investment income		(0.34	)		(0.22	)		(0.25	)		(0.24	)		(0.24	)		(0.19	)
Distributions from net realized capital gains		(1.32	)		(1.18	)		(0.98	)		(1.23	)		(1.41	)		(0.63	)
Total distributions		(1.66	)		(1.40	)		(1.23	)		(1.47	)		(1.65	)		(0.82	)
Net Asset Value, End of Period	$	10.00		$	10.54		$	14.58		$	13.82		$	13.41		$	12.30
Total Return (%) (b)		10.76	(c)		(17.97	)		14.71			16.59			23.73			(8.11	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.31	(e)		0.31			0.31			0.31			0.31			0.31
Ratio of net investment income (loss) to average net assets (%) (f)		1.36	(g)		1.37			0.83			1.76			1.58			1.26
Portfolio turnover rate (%)		7	(c)		14			10			12			13			11
Net assets, end of period (in millions)	$	7,945.6		$	7,603.8		$	10,335.0		$	10,204.2		$	9,862.7		$	9,018.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 80 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Asset Allocation Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Asset Allocation Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Asset Allocation Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the six months ended June 30, 2023 were as follows:

Purchases				Sales
U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
$	0	$	559,993,003	$	0	$	565,692,527

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2023	% per annum			Average Daily Net Assets
$2,232,991		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2023 were as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2023
AB International Bond Portfolio (Class A)	$	60,878,089	$	3,184,850	$	(870,800	)	$	(240,422	)	$	(1,061,256	)	$	61,890,461
Allspring Mid Cap Value Portfolio (Class A)		82,786,743		8,986,305		(23,496,736	)		(262,726	)		(4,779,043	)		63,234,543
Baillie Gifford International Stock Portfolio (Class A)		366,667,917		4,770,898		(40,229,844	)		5,375,528			43,067,656			379,652,155
BlackRock Bond Income Portfolio (Class A)		319,902,101		10,165,037		(3,968,033	)		(602,534	)		(806,914	)		324,689,657
BlackRock Capital Appreciation Portfolio (Class A)		219,189,246		5,997,033		(24,947,835	)		(2,158,246	)		69,645,786			267,725,984
BlackRock High Yield Portfolio (Class A)		40,377,760		20,151,990		(600,534	)		(99,326	)		(667,569	)		59,162,321
Brighthouse Small Cap Value Portfolio (Class A)		203,265,084		24,151,202		(9,763,980	)		(768,210	)		(7,451,125	)		209,432,971
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		162,565,082		2,080,394		(5,599,930	)		(494,941	)		6,669,671			165,220,276
Brighthouse/Artisan International Portfolio (Class A)		331,491,076		5,788,229		(30,216,175	)		(530,803	)		25,613,126			332,145,453
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		20,174,549		2,846,004		(772,704	)		(46,321	)		(866,470	)		21,335,058
Brighthouse/Dimensional International Small Company Portfolio (Class A)		167,751,321		9,451,910		(14,262,470	)		(6,732,320	)		8,075,422			164,283,863
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		80,303,249		4,757,670		(995,079	)		(72,730	)		(28,821	)		83,964,289
Brighthouse/Templeton International Bond Portfolio (Class A)		145,861,576		5,494		(22,142,535	)		(10,544,349	)		10,100,088			123,280,274
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		371,828,653		44,453,878		(4,412,652	)		329,363			(32,251,340	)		379,947,902
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		283,557,371		18,431,514		(22,882,628	)		(2,501,089	)		25,907,927			302,513,095
CBRE Global Real Estate Portfolio (Class A)		199,267,779		5,556,731		(2,364,420	)		(492,802	)		266,393			202,233,681
Frontier Mid Cap Growth Portfolio (Class A)		39,715,577		1,457		(1,640,309	)		(853,905	)		6,497,186			43,720,006
Harris Oakmark International Portfolio (Class A)		413,118,840		8,324,216		(80,267,084	)		(15,968,124	)		78,509,864			403,717,712
Invesco Comstock Portfolio (Class A)		412,052,170		81,256,071		(7,902,155	)		(265,015	)		(63,679,180	)		421,461,891
Invesco Global Equity Portfolio (Class A)		118,411,002		7,716,393		(15,224,336	)		1,585,429			17,367,868			129,856,356
Invesco Small Cap Growth Portfolio (Class A)		177,469,077		13,928		(3,969,606	)		(2,331,981	)		19,779,522			190,960,940
Jennison Growth Portfolio (Class A)		323,594,745		10,151,308		(47,995,031	)		(13,218,478	)		129,176,046			401,708,590
JPMorgan Core Bond Portfolio (Class A)		139,562,871		4,388,551		(1,513,814	)		(173,789	)		(390,292	)		141,873,527
JPMorgan Small Cap Value Portfolio (Class A)		119,952,862		15,655,596		(3,678,522	)		(1,402,170	)		(6,788,707	)		123,739,059
Loomis Sayles Growth Portfolio (Class A)		353,599,546		22,378,813		(79,982,133	)		2,430,217			100,214,943			398,641,386
Loomis Sayles Small Cap Growth Portfolio (Class A)		142,176,620		2,471		(6,360,976	)		(2,496,501	)		15,613,846			148,935,460
MFS Research International Portfolio (Class A)		270,045,144		9,858,703		(23,072,174	)		5,300,047			11,117,473			273,249,193
MFS Value Portfolio (Class A)		474,463,843		64,656,819		(2,804,478	)		(1,640,166	)		(53,091,452	)		481,584,566
Morgan Stanley Discovery Portfolio (Class A)		15,858,278		2,817,546		(1,198,597	)		(4,200,263	)		9,010,039			22,287,003
Neuberger Berman Genesis Portfolio (Class A)		19,977,964		1,828,133		(738,742	)		63,538			488,575			21,619,468
PIMCO Inflation Protected Bond Portfolio (Class A)		119,448,646		2,450,790		(19,270,520	)		(896,153	)		690,813			102,423,576
PIMCO Total Return Portfolio (Class A)		240,892,804		17,706,423		(2,258,525	)		(436,298	)		(2,628,032	)		253,276,372
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		120,566,907		4,161,641		(3,059,234	)		(132,106	)		4,333,085			125,870,293
T. Rowe Price Large Cap Growth Portfolio (Class A)		287,332,637		10,304,923		(37,069,149	)		(3,324,480	)		97,433,815			354,677,746
T. Rowe Price Large Cap Value Portfolio (Class A)		410,991,461		68,296,223		(3,206,935	)		(112,049	)		(60,695,795	)		415,272,905
T. Rowe Price Mid Cap Growth Portfolio (Class A)		40,639,923		2,074,905		(2,352,129	)		(610,785	)		3,725,960			43,477,874
T. Rowe Price Small Cap Growth Portfolio (Class A)		141,644,615		3,572,629		(9,330,963	)		(1,367,561	)		17,542,170			152,060,890
TCW Core Fixed Income Portfolio (Class A)		220,378,476		6,893,748		(3,157,422	)		(323,212	)		(1,580,957	)		222,210,633
VanEck Global Natural Resources Portfolio (Class A)		238,546,020		14,492,882		(170,461	)		50,559			(19,056,735	)		233,862,265
Victory Sycamore Mid Cap Value Portfolio (Class A)		—		22,127,948		—			—			(1,618,628	)		20,509,320
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		120,376,464		8,081,747		(1,942,877	)		(377,298	)		(3,305,480	)		122,832,556
	$	8,016,684,088	$	559,993,003	$	(565,692,527	)	$	(60,542,472	)	$	440,099,478		$	8,390,541,570

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2023
AB International Bond Portfolio (Class A)	$	—	$	3,180,577		8,219,185
Allspring Mid Cap Value Portfolio (Class A)		8,200,110		776,488		5,796,017
Baillie Gifford International Stock Portfolio (Class A)		—		4,770,898		37,404,153
BlackRock Bond Income Portfolio (Class A)		—		10,117,157		3,626,197
BlackRock Capital Appreciation Portfolio (Class A)		4,979,376		107,707		8,250,416
BlackRock High Yield Portfolio (Class A)		—		3,189,463		8,624,245
Brighthouse Small Cap Value Portfolio (Class A)		17,027,760		2,560,015		16,172,430
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		—		2,066,638		19,012,690
Brighthouse/Artisan International Portfolio (Class A)		—		5,776,189		33,788,958
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		2,669,001		175,952		106,102
Brighthouse/Dimensional International Small Company Portfolio (Class A)		5,241,717		4,206,519		17,421,406
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		4,752,264		8,885,110
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		16,371,882
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		39,129,415		5,300,302		13,871,774
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		15,990,788		2,439,273		23,876,329
CBRE Global Real Estate Portfolio (Class A)		—		5,523,519		21,109,988
Frontier Mid Cap Growth Portfolio (Class A)		—		—		1,796,220
Harris Oakmark International Portfolio (Class A)		—		8,324,216		31,127,040
Invesco Comstock Portfolio (Class A)		72,100,844		9,127,416		35,717,109
Invesco Global Equity Portfolio (Class A)		7,246,708		468,440		5,926,808
Invesco Small Cap Growth Portfolio (Class A)		—		—		23,810,591
Jennison Growth Portfolio (Class A)		—		—		31,481,864
JPMorgan Core Bond Portfolio (Class A)		—		4,363,984		16,140,333
JPMorgan Small Cap Value Portfolio (Class A)		10,306,139		1,666,849		12,072,103
Loomis Sayles Growth Portfolio (Class A)		22,372,237		—		28,252,402
Loomis Sayles Small Cap Growth Portfolio (Class A)		—		—		14,362,147
MFS Research International Portfolio (Class A)		5,170,510		4,633,314		23,215,734
MFS Value Portfolio (Class A)		55,777,681		8,826,984		36,650,271
Morgan Stanley Discovery Portfolio (Class A)		—		—		4,294,220
Neuberger Berman Genesis Portfolio (Class A)		1,801,044		26,518		1,207,117
PIMCO Inflation Protected Bond Portfolio (Class A)		—		2,427,235		11,001,458
PIMCO Total Return Portfolio (Class A)		—		7,903,375		26,576,744
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		4,153,916		13,592,904
T. Rowe Price Large Cap Growth Portfolio (Class A)		—		—		18,906,063
T. Rowe Price Large Cap Value Portfolio (Class A)		59,684,351		8,562,791		17,012,409
T. Rowe Price Mid Cap Growth Portfolio (Class A)		2,074,905		—		4,857,863
T. Rowe Price Small Cap Growth Portfolio (Class A)		3,492,656		79,923		8,131,598
TCW Core Fixed Income Portfolio (Class A)		—		6,860,861		25,838,446
VanEck Global Natural Resources Portfolio (Class A)		—		7,129,241		19,988,228
Victory Sycamore Mid Cap Value Portfolio (Class A)		2,214,397		331,573		1,120,116
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		8,073,273		11,822,190
	$	335,479,639	$	137,902,870

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	9,302,414,172
Gross unrealized appreciation		132,921,209
Gross unrealized (depreciation)		(1,044,793,811	)
Net unrealized appreciation (depreciation)	$	(911,872,602	)

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$159,297,210	$	184,202,720	$	834,296,428	$	711,148,515	$	993,593,638	$	895,351,235

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$247,863,977	$	952,076,924	$	(1,351,972,080	)	$	—	$	(152,031,179	)

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Managed By Artisan Partners Limited Partnership

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Brighthouse/Artisan Mid Cap Value Portfolio returned 9.65%, 9.51%, and 9.57%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 5.23%.

MARKET ENVIRONMENT / CONDITIONS

A strong rally in the month of June lifted the Russell Midcap Value Index’s six-month return into positive territory. Since last October, United States (“U.S.”) stocks have been climbing a proverbial wall of worry as fears of a looming recession have yet to materialize amid resilient growth and still tight labor and real estate markets. On the earnings front, year-over-year earnings growth for U.S. equities was negative for a second consecutive quarter, but forward guidance was better than expected, and current bottom-up earnings estimates show year-over-year earnings growth turning positive in the second half of 2023. Not surprisingly, rising equity prices have coincided with falling market volatility. In June, the VIX volatility index dropped to its lowest levels since January 2020, just prior to the pandemic.

Sentiment has also benefited from inflation easing. Better inflation readings and the Federal Reserve’s (the “Fed”) decision in June to pause interest rate hikes for the first time since March 2022, when it began its aggressive monetary tightening campaign, have boosted hopes of a soft economic landing, a cyclical slowdown in economic growth that avoids recession. Despite the pause, Fed Chair Jay Powell signaled that additional hikes may be necessary if inflation proves sticky as core inflation is still running hot at above 5%.

Year-to-date returns in the Russell Midcap Value Index were led by the Industrials, Consumer Discretionary and Information Technology (“IT”) sectors as shares of more economically sensitive companies benefited from an improved economic outlook. The weakest sectors—Financials, Utilities and Energy—suffered single-digit declines. The remaining sectors finished with single-digit gains.

For the broader U.S. equity market in 2023, market breadth has been quite narrow, with a handful of tech-oriented mega caps that have large index weights driving a disproportionate share of the gains. Certainly, excitement related to artificial intelligence (“AI”) has been a driver of the rally, but we also believe investors are gravitating to secular growth companies, viewing them as winners regardless of the economic environment. Additionally, last year’s selloff and investor positioning coming into the year set these stocks up well for their subsequent rebounds. Although AI is a small pocket where we see revived animal spirits, we don’t see this as redux of 2021 when meme stock mania took hold and speculation was rampant.

PORTFOLIO REVIEW/PERIOD END POSITIONING

The Portfolio outperformed the Russell Midcap Value Index over the six-month period. Stock selection was positive, with notable strength among our Financials, IT and Consumer Discretionary stocks. In the Financials sector, the Portfolio’s results were led by the bank stocks—an area we added to in the first quarter amid the tumult in the regional banking sector. Leading the way was First Citizens BancShares. In the IT sector, technical equipment company Vontier was the winner, and in the Consumer Discretionary sector, auto retailer AutoNation drove our sector results. Sector positioning was also favorable due to our below-benchmark weighting in Utilities and above-benchmark weighting in Consumer Discretionary.

The Portfolio’s top contributor was First Citizens BancShares. Headquartered in Raleigh, North Carolina and one of the largest family-controlled banks in the U.S., First Citizens was a big winner from its acquisition of the failed Silicon Valley Bank. The bank purchased $72.1 billion in loans at a deeply discounted price of $16.5 billion. The transaction adds scale, geographic diversity and is financially attractive with downside protections from a loss-sharing agreement with the Federal Deposit Insurance Corporation. First Citizens is now one of the top-15 largest U.S. banks. The bank is run by and almost fully controlled by CEO Frank Holding and his family members. They have significant ownership, aligning their interest with minority shareholders. They’ve done an admirable job of growing the bank by keeping a strong capital and liquidity profile that allows for opportunistic mergers and acquisitions during times of market stress, like we just experienced in March. In the Global Financial Crisis, First Citizens used its position of strength to acquire when others could not, and during the COVID-induced stress of 2020, it flexed its muscles again with the acquisition of CIT Group at a great price.

The Portfolio’s biggest detractor was NOV, a provider of equipment and technology used in oil and gas drilling and production. Shares have been digesting prior year gains amid a general rotation away from energy stocks. NOV’s first quarter earnings were hurt by lingering supply chain issues resulting in production interruptions and softening activity in North America related to low natural gas prices. Improving offshore and international land markets were positives. NOV is the Portfolio’s sole Energy sector holding. Unlike most of the sector that lacks an economic moat, NOV, through several significant acquisitions in the 1990s and 2000s, has transformed itself into a leader in many attractive high-margin lines of business. NOV has a moat around the rig technologies business, and unlike many energy-focused companies, has a history of generating free cash flow and acceptable returns on tangible capital. NOV’s valuation remains undemanding, in our view, and we believe margins can continue their rise as offshore activity increases and cost savings opportunities are realized.

The biggest sector-level changes during the period were a reduction in exposure to the Materials sector and an increased weighting in the Health Care sector. In the Materials sector, we sold chemical companies Celanese and Corteva. In the Health Care sector, we purchased global medical technology company Baxter International and life science research and clinical diagnostics products company Bio-Rad Laboratories.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Managed By Artisan Partners Limited Partnership

Portfolio Manager Commentary*—(Continued)

At period end, the Portfolio maintained above-benchmark positions in the Communications Services, Consumer Discretionary and Financials sectors. Our largest sector underweights were Materials, Industrials and Utilities.

Daniel L. Kane

Thomas Reynolds

Craig Inman

Portfolio Managers

Artisan Partners Limited Partnership

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

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Artisan Mid Cap Value Portfolio
Class A		9.65		12.71		6.49		7.52
Class B		9.51		12.42		6.23		7.25
Class E		9.57		12.54		6.33		7.36
Russell Midcap Value Index		5.23		10.50		6.84		9.03

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
First Citizens BancShares, Inc.- Class A		4.5
Analog Devices, Inc.		4.2
Vontier Corp.		3.3
Arch Capital Group, Ltd.		3.2
Globe Life, Inc.		2.9
Dentsply Sirona, Inc.		2.8
Marriott International, Inc. - Class A		2.7
U-Haul Holding Co. (Non-Voting Shares)		2.6
Lamar Advertising Co.- Class A		2.6
Baxter International, Inc.		2.5

Top Sectors

	% of Net Assets
Financials		22.4
Consumer Discretionary		13.6
Industrials		12.6
Communication Services		12.3
Information Technology		11.0
Health Care		9.1
Consumer Staples		6.8
Real Estate		5.4
Utilities		2.3
Energy		2.1

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Artisan Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.76	%	$	1,000.00	$	1,096.50	$	3.95
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class B (a)	Actual		1.01	%	$	1,000.00	$	1,095.10	$	5.25
	Hypothetical*		1.01	%	$	1,000.00	$	1,019.79	$	5.06
Class E (a)	Actual		0.91	%	$	1,000.00	$	1,095.70	$	4.73
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.28	$	4.56

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—97.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.8%
CAE, Inc. (a)		634,549	$	14,201,207
Air Freight & Logistics—2.0%
Expeditors International of Washington, Inc. (b)		131,433		15,920,479
Automobile Components—3.5%
BorgWarner, Inc. (b)		247,827		12,121,219
Gentex Corp.		517,677		15,147,229
				27,268,448
Banks—11.4%
Comerica, Inc. (b)		196,446		8,321,453
Fifth Third Bancorp (b)		602,871		15,801,249
First Citizens BancShares, Inc. - Class A		27,169		34,870,053
M&T Bank Corp. (b)		139,392		17,251,154
Washington Federal, Inc. (b)		488,458		12,953,906
				89,197,815
Capital Markets—1.8%
Moelis & Co. - Class A (b)		316,404		14,345,757
Consumer Staples Distribution & Retail—4.8%
Dollar General Corp.		66,157		11,232,136
Kroger Co. (The)		324,475		15,250,325
Sysco Corp.		151,072		11,209,542
				37,692,003
Diversified Consumer Services—1.2%
H&R Block, Inc. (b)		281,548		8,972,935
Electric Utilities—2.3%
OGE Energy Corp.		500,769		17,982,615
Electrical Equipment—2.4%
nVent Electric plc		364,153		18,815,785
Electronic Equipment, Instruments & Components—3.3%
Vontier Corp. (b)		796,340		25,650,111
Energy Equipment & Services—2.1%
NOV, Inc.		1,043,923		16,744,525
Entertainment—3.6%
Electronic Arts, Inc. (b)		106,653		13,832,894
Warner Bros Discovery, Inc. (a)		1,115,968		13,994,239
				27,827,133
Financial Services—1.9%
Corebridge Financial, Inc. (b)		833,104		14,712,617
Food Products—2.0%
Tyson Foods, Inc. - Class A (b)		301,495		15,388,305
Ground Transportation—2.9%
U-Haul Holding Co. (b)		44,169		2,443,429
U-Haul Holding Co. (Non-Voting Shares) (b)		397,523		20,142,490
				22,585,919
Health Care Equipment & Supplies—5.4%
Baxter International, Inc.		433,410		19,746,160
Dentsply Sirona, Inc.		552,076		22,094,081
				41,840,241
Health Care Providers & Services—2.2%
Centene Corp. (a)		257,732		17,384,023
Hotels, Restaurants & Leisure—6.9%
Expedia Group, Inc. (a)(b)		162,151		17,737,698
Marriott International, Inc. - Class A		113,543		20,856,714
Vail Resorts, Inc. (b)		61,921		15,589,231
				54,183,643
Insurance—7.3%
Arch Capital Group, Ltd. (a)		336,606		25,194,959
Globe Life, Inc.		204,109		22,374,429
Progressive Corp. (The)		68,601		9,080,714
				56,650,102
Interactive Media & Services—2.2%
IAC, Inc. (a)(b)		274,310		17,226,668
Life Sciences Tools & Services—1.5%
Bio-Rad Laboratories, Inc. - Class A (a)		31,296		11,864,940
Machinery—1.8%
Otis Worldwide Corp.		162,113		14,429,678
Media—6.5%
Cable One, Inc. (b)		26,808		17,615,001
News Corp. - Class A		837,168		16,324,776
Omnicom Group, Inc.		180,633		17,187,230
				51,127,007
Real Estate Management & Development—1.2%
Jones Lang LaSalle, Inc. (a)(b)		58,725		9,149,355
Semiconductors & Semiconductor Equipment—4.2%
Analog Devices, Inc.		168,935		32,910,227
Software—1.9%
Check Point Software Technologies, Ltd. (a)		117,255		14,729,573
Specialized REITs—4.2%
Lamar Advertising Co. - Class A (b)		201,890		20,037,582
Public Storage (b)		45,019		13,140,146
				33,177,728

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—2.0%
AutoNation, Inc. (a)(b)		97,038	$	15,973,425
Technology Hardware, Storage & Peripherals—1.6%
NetApp, Inc.		161,815		12,362,666
Trading Companies & Distributors—1.7%
Air Lease Corp. (b)		309,900		12,969,315
Total Common Stocks (Cost $558,054,540)				763,284,245
Escrow Shares—0.0%
Wireless Telecommunication Services—0.0%
GCI Liberty, Inc. (a) (c) (Cost $0)		108,185		0
Short-Term Investment—0.9%
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $6,682,218; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $6,814,625.		6,680,938		6,680,938
Total Short-Term Investments (Cost $6,680,938)				6,680,938
Securities Lending Reinvestments (d)—10.4%
Certificates of Deposit—1.9%
Bank of America N.A. 5.440%, FEDEFF PRV + 0.370%, 11/17/23 (e)		1,000,000		999,971
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (e)		1,000,000		1,001,762
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (e)		1,000,000		1,000,257
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (e)		1,000,000		999,281
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 07/20/23		1,000,000		997,130
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (e)		2,000,000		2,000,064
MUFG Bank Ltd. (NY) 5.280%, SOFR + 0.220%, 08/14/23 (e)		1,000,000		999,940
Nordea Bank Abp 5.410%, SOFR + 0.350%, 10/23/23 (e)		1,000,000		1,000,155
Oversea-Chinese Banking Corp., Ltd. 5.300%, SOFR + 0.240%, 08/08/23 (e)		2,000,000		2,000,054
Rabobank International 5.380%, SOFR + 0.320%, 07/12/23 (e)		1,000,000		1,000,023
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (e)		1,000,000		1,000,021
Sumitomo Mitsui Trust Bank, Ltd. Zero Coupon, 09/08/23		1,000,000		989,530
Svenska Handelsbanken AB 5.400%, SOFR + 0.340%, 10/31/23 (e)		1,000,000		1,000,269
				14,988,457
Commercial Paper—0.5%
Skandinaviska Enskilda Banken AB
5.330%, SOFR + 0.270%, 08/25/23 (e)		1,000,000		1,000,061
5.420%, SOFR + 0.360%, 11/15/23 (e)		1,000,000		1,000,148
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (e)		1,000,000		1,000,000
United Overseas Bank, Ltd. 5.250%, 08/21/23		1,000,000		992,302
				3,992,511
Repurchase Agreements—5.7%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $16,298,401; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% -2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $16,617,378.		16,291,545		16,291,545
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.370%, due on 08/04/23 with a maturity value of $4,020,883; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% -3.750%, maturity dates ranging from 08/15/28 - 05/15/33, and various Common Stock with an aggregate market value of $4,338,243.		4,000,000		4,000,000
Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $2,058,073; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $3,901,648; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $3,987,982.		3,900,000		3,900,000
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $3,002,958; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% -5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $3,074,139.		3,000,000		3,000,000
Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $10,010,111; collateralized by various Common Stock with an aggregate market value of $11,159,188.		10,000,000		10,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 06/30/23 at 5.290%, due on 08/04/23 with a maturity value of $1,005,143; collateralized by various Common Stock with an aggregate market value of $1,111,274.		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $2,000,862; collateralized by various Common Stock with an aggregate market value of $2,224,722.		2,000,000		2,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $2,302,312; collateralized by various Common Stock with an aggregate market value of $2,561,595.		2,300,000		2,300,000
				44,491,545

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Time Deposits—0.6%
Banco Santander S.A. (NY) 5.060%, 07/03/23		1,000,000	$	1,000,000
Barclays (NY) 5.080%, 07/03/23		2,000,000		2,000,000
DNB Bank ASA (NY) 5.020%, 07/03/23		1,000,000		1,000,000
DZ Bank AG (NY) 5.040%, 07/03/23 (d)		1,000,000		1,000,000
				5,000,000
Mutual Funds—1.7%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (f)		10,000,000		10,000,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.030% (f)		2,000,000		2,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (f)		1,000,000		1,000,000
				13,000,000
Total Securities Lending Reinvestments (Cost $81,471,695)				81,472,513
Total Investments— 108.9% (Cost $646,207,173)				851,437,696
Other assets and liabilities (net)—(8.9)%				(69,584,103	)
Net Assets—100.0%			$	781,853,593

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $87,287,499 and the collateral received consisted of cash in the amount of $81,454,410 and non-cash collateral with a value of $8,859,429. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(e)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(f)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV) —	Effective Federal Funds Rate
(SOFR) —	Secured Overnight Financing Rate

Other Abbreviations

(REIT) — Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	763,284,245	$	—		$	—	$	763,284,245
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		—		6,680,938			—		6,680,938
Securities Lending Reinvestments
Certificates of Deposit		—		14,988,457			—		14,988,457
Commercial Paper		—		3,992,511			—		3,992,511
Repurchase Agreements		—		44,491,545			—		44,491,545
Time Deposits		—		5,000,000			—		5,000,000
Mutual Funds		13,000,000		—			—		13,000,000
Total Securities Lending Reinvestments		13,000,000		68,472,513			—		81,472,513
Total Investments	$	776,284,245	$	75,153,451		$	0	$	851,437,696
Collateral for Securities Loaned (Liability)	$	—	$	(81,454,410	)	$	—	$	(81,454,410	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a)(b)	$	851,437,696
Receivable for:
Investments sold		11,909,682
Fund shares sold		201,196
Dividends and interest		986,677
Prepaid expenses		6,010
Total Assets		864,541,261
Liabilities
Collateral for securities loaned		81,454,410
Payables for:
Fund shares redeemed		451,938
Accrued Expenses:
Management fees		452,000
Distribution and service fees		59,751
Deferred trustees’ fees		154,147
Other expenses		115,422
Total Liabilities		82,687,668
Net Assets	$	781,853,593
Net Assets Consist of:
Paid in surplus	$	537,995,499
Distributable earnings (Accumulated losses)		243,858,094
Net Assets	$	781,853,593
Net Assets
Class A	$	461,823,095
Class B		269,435,639
Class E		50,594,859
Capital Shares Outstanding*
Class A		2,296,747
Class B		1,421,583
Class E		259,145
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	201.08
Class B		189.53
Class E		195.24

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $646,207,173.
(b)	Includes securities loaned at value of $87,287,499.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends	$	7,640,664
Interest		126,063
Securities lending income		89,425
Total investment income		7,856,152
Expenses
Management fees		3,137,971
Administration fees		21,517
Custodian and accounting fees		23,970
Distribution and service fees—Class B		327,154
Distribution and service fees—Class E		37,342
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		31,563
Insurance		3,775
Miscellaneous		6,799
Total expenses		3,652,358
Less management fee waiver		(371,358	)
Net expenses		3,281,000
Net Investment Income		4,575,152
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		35,900,790
Net change in unrealized appreciation on investments		30,513,768
Net realized and unrealized gain (loss)		66,414,558
Net Increase (Decrease) in Net Assets From Operations	$	70,989,710

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	4,575,152		$	6,876,244
Net realized gain (loss)		35,900,790			99,659,665
Net change in unrealized appreciation (depreciation)		30,513,768			(225,784,953	)
Increase (decrease) in net assets from operations		70,989,710			(119,249,044	)
From Distributions to Shareholders
Class A		(62,025,079	)		(77,121,043	)
Class B		(37,339,491	)		(45,576,841	)
Class E		(6,880,844	)		(8,681,396	)
Total distributions		(106,245,414	)		(131,379,280	)
Increase (decrease) in net assets from capital share transactions		61,388,284			10,876,023
Total increase (decrease) in net assets		26,132,580			(239,752,301	)
Net Assets
Beginning of period		755,721,013			995,473,314
End of period	$	781,853,593		$	755,721,013

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		10,042		$	2,212,467			25,791		$	6,409,072
Reinvestments		314,784			62,025,079			370,098			77,121,043
Redemptions		(139,511	)		(30,898,964	)		(312,371	)		(77,879,258	)
Net increase (decrease)		185,315		$	33,338,582			83,518		$	5,650,857
Class B
Sales		18,601		$	3,899,781			40,367		$	9,529,397
Reinvestments		201,020			37,339,491			230,163			45,576,841
Redemptions		(77,966	)		(16,329,123	)		(214,871	)		(50,620,534	)
Net increase (decrease)		141,655		$	24,910,149			55,659		$	4,485,704
Class E
Sales		1,551		$	328,108			1,437		$	331,304
Reinvestments		35,963			6,880,844			42,738			8,681,396
Redemptions		(19,035	)		(4,069,399	)		(34,537	)		(8,273,238	)
Net increase (decrease)		18,479		$	3,139,553			9,638		$	739,462
Increase (decrease) derived from capital shares transactions				$	61,388,284					$	10,876,023

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	212.25		$	290.67		$	236.08		$	229.44		$	211.86		$	259.07
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.41			2.19			2.42			2.44			2.34			1.75
Net realized and unrealized gain (loss)		18.43			(39.64	)		60.63			10.26			45.48			(33.63	)
Total income (loss) from investment operations		19.84			(37.45	)		63.05			12.70			47.82			(31.88	)
Less Distributions
Distributions from net investment income		(1.92	)		(2.54	)		(2.58	)		(1.90	)		(1.85	)		(1.62	)
Distributions from net realized capital gains		(29.09	)		(38.43	)		(5.88	)		(4.16	)		(28.39	)		(13.71	)
Total distributions		(31.01	)		(40.97	)		(8.46	)		(6.06	)		(30.24	)		(15.33	)
Net Asset Value, End of Period	$	201.08		$	212.25		$	290.67		$	236.08		$	229.44		$	211.86
Total Return (%) (b)		9.65	(c)		(12.62	)		26.91			6.25			23.75			(13.20	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86	(d)		0.85			0.85			0.87			0.86			0.85
Net ratio of expenses to average net assets (%) (e)		0.76	(d)		0.76			0.77			0.78			0.81			0.81
Ratio of net investment income (loss) to average net assets (%)		1.29	(d)		0.91			0.88			1.25			1.03			0.70
Portfolio turnover rate (%)		16	(c)		20			12			44			15			23
Net assets, end of period (in millions)	$	461.8		$	448.2		$	589.4		$	564.1		$	546.9		$	476.3
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	201.42		$	278.02		$	226.22		$	220.07		$	204.18		$	250.17
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.08			1.51			1.65			1.88			1.70			1.09
Net realized and unrealized gain (loss)		17.45			(37.89	)		58.07			9.79			43.77			(32.43	)
Total income (loss) from investment operations		18.53			(36.38	)		59.72			11.67			45.47			(31.34	)
Less Distributions
Distributions from net investment income		(1.33	)		(1.79	)		(2.04	)		(1.36	)		(1.19	)		(0.94	)
Distributions from net realized capital gains		(29.09	)		(38.43	)		(5.88	)		(4.16	)		(28.39	)		(13.71	)
Total distributions		(30.42	)		(40.22	)		(7.92	)		(5.52	)		(29.58	)		(14.65	)
Net Asset Value, End of Period	$	189.53		$	201.42		$	278.02		$	226.22		$	220.07		$	204.18
Total Return (%) (b)		9.51	(c)		(12.84	)		26.59			5.98			23.44			(13.42	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11	(d)		1.10			1.10			1.12			1.11			1.10
Net ratio of expenses to average net assets (%) (e)		1.01	(d)		1.01			1.02			1.03			1.06			1.06
Ratio of net investment income (loss) to average net assets (%)		1.04	(d)		0.66			0.63			1.00			0.78			0.45
Portfolio turnover rate (%)		16	(c)		20			12			44			15			23
Net assets, end of period (in millions)	$	269.4		$	257.8		$	340.4		$	318.9		$	323.0		$	293.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	206.73		$	284.18		$	231.04		$	224.61		$	207.89		$	254.48
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.21			1.79			1.95			2.12			1.95			1.36
Net realized and unrealized gain (loss)		17.94			(38.74	)		59.32			10.02			44.61			(33.02	)
Total income (loss) from investment operations		19.15			(36.95	)		61.27			12.14			46.56			(31.66	)
Less Distributions
Distributions from net investment income		(1.55	)		(2.07	)		(2.25	)		(1.55	)		(1.45	)		(1.22	)
Distributions from net realized capital gains		(29.09	)		(38.43	)		(5.88	)		(4.16	)		(28.39	)		(13.71	)
Total distributions		(30.64	)		(40.50	)		(8.13	)		(5.71	)		(29.84	)		(14.93	)
Net Asset Value, End of Period	$	195.24		$	206.73		$	284.18		$	231.04		$	224.61		$	207.89
Total Return (%) (b)		9.57	(c)		(12.75	)		26.71			6.09			23.56			(13.33	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01	(d)		1.00			1.00			1.02			1.01			1.00
Net ratio of expenses to average net assets (%) (e)		0.91	(d)		0.91			0.92			0.93			0.96			0.96
Ratio of net investment income (loss) to average net assets (%)		1.14	(d)		0.76			0.73			1.10			0.88			0.55
Portfolio turnover rate (%)		16	(c)		20			12			44			15			23
Net assets, end of period (in millions)	$	50.6		$	49.8		$	65.7		$	64.3		$	65.8		$	61.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

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

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $6,680,938. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $44,491,545. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

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

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

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	118,593,096	$	0	$	155,372,065

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment  Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$3,137,971		0.820	%	Of the first $1 billion
		0.780	%	On amounts in excess of $1 billion

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

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.090%	First $500 million
0.110%	$500 million to $1 billion
0.130%	Over of $1 billion

An identical agreement was in place for the period from April 29, 2022 through April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	648,024,775
Gross unrealized appreciation		224,065,418
Gross unrealized (depreciation)		(20,652,497	)
Net unrealized appreciation (depreciation)	$	203,412,921

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$14,116,238	$	8,512,220	$	117,263,042	$	21,151,042	$	131,379,280	$	29,663,262

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$6,363,906	$	100,003,090	$	172,899,155	$	—	$	279,266,151

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Managed by Dimensional Fund Advisors LP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A and B shares of the Brighthouse/Dimensional International Small Company Portfolio returned 6.47% and 6.47%, respectively. The Portfolio’s benchmark, the MSCI World ex-U.S. Small Cap Index¹, returned 5.50%.

MARKET ENVIRONMENT / CONDITIONS

In U.S. dollar terms, developed ex-U.S. markets had positive performance for the six-month period ended June 30, 2023, trailing the U.S. market but outperforming emerging markets. The MSCI World ex-U.S. Investable Market Index (net dividends) returned 10.5%, as compared to 16.2% for the Russell 3000 Index and 5.6% for the MSCI Emerging Markets Investable Market Index (net dividends).

Along the market capitalization dimension, small caps (MSCI World ex-U.S. Small Cap Index, net dividends) underperformed large caps (MSCI World ex-U.S. Index, net dividends) by 5.8%. Mid-caps (MSCI World ex-U.S. Mid Cap Index, net dividends), a subset of the MSCI World ex-U.S. Index universe, outperformed small caps by 3.2% and underperformed large caps by 2.6%.

Along the relative price dimension, large cap value stocks (MSCI World ex-U.S. Value Index, net dividends) underperformed large cap growth stocks (MSCI World ex-U.S. Growth Index, net dividends) by 4.8%, and small cap value stocks (MSCI World ex-U.S. Small Cap Value Index, net dividends) underperformed small cap growth stocks (MSCI World ex-U.S. Small Cap Growth Index, net dividends) by 0.4%.

Along the profitability dimension, large cap stocks with higher profitability performed in line with large cap stocks with lower profitability. Small caps stocks with higher profitability outperformed small cap stocks with lower profitability during the reporting period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark during the reporting period. The Portfolio’s exclusion of Real Estate Investment Trusts contributed positively to relative performance, as these stocks underperformed over the period. Conversely, the Portfolio’s emphasis on small cap stocks in Japan and the United Kingdom detracted from relative performance, as small caps and mid-caps with larger market capitalizations and held by the Portfolio’s benchmark outperformed in both countries. The Portfolio’s exclusion of stocks with high asset growth had no material impact on relative performance. Similarly, the Portfolio’s exclusion of stocks with the lowest profitability and highest relative prices had no material impact on relative performance.

The Portfolio held approximately 3,700 securities as of June 30, 2023, and was well diversified across both countries and sectors. Dimensional designs the Portfolio to provide broad exposure to small cap securities within non-U.S. developed markets. As a result of the Portfolio’s diversified investment approach, performance is determined principally by broad trends in non-U.S. developed equity markets rather than by the behavior of a limited group of securities in a particular industry, country, or asset class.

Jed Fogdall

Arun Keswani

Joel Schneider

Portfolio Managers

Dimensional Fund Advisors LP

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

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

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Dimensional International Small Company Portfolio
Class A		6.47		11.71		2.05		6.15
Class B		6.47		11.50		1.80		5.89
MSCI World ex-U.S. Small Cap Index		5.50		10.05		1.83		5.97

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Banco BPM S.p.A.		0.4
BE Semiconductor Industries NV		0.3
Georg Fischer AG		0.3
Banco de Sabadell S.A.		0.3
Hugo Boss AG		0.3
Bank of Ireland Group plc		0.3
PSP Swiss Property AG		0.3
Helvetia Holding AG		0.3
Rexel S.A.		0.3
Swiss Prime Site AG		0.3

Top Countries

	% of Net Assets
Japan		24.1
United Kingdom		11.5
Canada		11.4
Switzerland		8.0
Germany		6.2
Australia		6.1
France		5.0
Italy		4.0
Denmark		2.7
Spain		2.5

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Dimensional International Small Company Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.79	%	$	1,000.00	$	1,064.70	$	4.04
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96
Class B (a)	Actual		1.04	%	$	1,000.00	$	1,064.70	$	5.32
	Hypothetical*		1.04	%	$	1,000.00	$	1,019.64	$	5.21

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

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

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

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—98.9% of Net Assets

Security Description	Shares		Value
Australia—6.1%
A2B Australia, Ltd. (a)		55,813	$	55,127
Accent Group, Ltd.		97,699		109,679
Adairs, Ltd.		41,549		43,814
Adbri, Ltd.		108,171		173,162
Ainsworth Game Technology, Ltd. (a)		51,616		36,106
Alkane Resources, Ltd. (a)		122,642		58,050
Alliance Aviation Services, Ltd. (a)		6,026		11,581
Altium, Ltd.		5,539		137,129
Alumina, Ltd.		211,513		196,425
AMA Group, Ltd. (a)		197,423		13,168
AMP, Ltd.		395,252		298,779
Ansell, Ltd.		22,008		393,636
Appen, Ltd. (a)		15,982		25,734
Arafura Rare Earths, Ltd. (a)		350,967		71,950
ARB Corp., Ltd.		22,036		423,868
Ardent Leisure Group, Ltd.		113,950		34,161
Argosy Minerals, Ltd. (a)		61,527		16,150
ARN Media, Ltd.		82,651		57,988
AUB Group, Ltd.		27,518		542,174
Audinate Group, Ltd. (a)		11,752		73,048
Aurelia Metals, Ltd. (a)		407,982		25,383
Aussie Broadband, Ltd. (a)		32,987		65,692
Austal, Ltd.		105,389		167,719
Australian Agricultural Co., Ltd. (a)		78,371		76,562
Australian Clinical Labs, Ltd.		5,526		12,716
Australian Ethical Investment, Ltd.		7,596		16,994
Australian Finance Group, Ltd.		54,872		65,633
Australian Strategic Materials, Ltd. (a)		36,700		27,070
Auswide Bank, Ltd.		11,045		39,656
AVJennings, Ltd.		10,332		2,740
AVZ Minerals, Ltd. (a) (b) (c)		403,512		42,308
Baby Bunting Group, Ltd.		24,951		22,875
Bank of Queensland, Ltd.		92,549		340,303
Bapcor, Ltd.		85,877		342,029
Beach Energy, Ltd.		276,185		249,696
Bega Cheese, Ltd.		82,207		156,795
Bellevue Gold, Ltd. (a)		246,272		210,395
Black Rock Mining, Ltd. (a)		70,006		5,174
Blackmores, Ltd.		2,263		142,410
Boral, Ltd. (a)		77,809		209,719
Boss Energy, Ltd. (a)		54,871		114,193
Bravura Solutions, Ltd.		144,124		45,192
Breville Group, Ltd.		25,536		342,098
Brickworks, Ltd.		12,229		218,002
Bubs Australia, Ltd. (a)		40,453		4,869
BWX, Ltd. (a) (b) (c)		32,748		4,363
Calidus Resources, Ltd. (a)		42,447		4,810
Capitol Health, Ltd.		260,324		46,836
Capral, Ltd.		5,292		24,744
Capricorn Metals, Ltd. (a)		63,797		173,647
Carnarvon Energy, Ltd. (a)		136,527		11,858
Cash Converters International, Ltd.		152,939		22,939
Catapult Group International, Ltd. (a)		33,605		22,336
Cedar Woods Properties, Ltd.		19,138		64,189
Challenger, Ltd.		14,184		61,603
Champion Iron, Ltd.		59,773		244,389
City Chic Collective, Ltd. (a)		43,372		10,975
Australia—(Continued)
Clinuvel Pharmaceuticals, Ltd.		9,453		112,643
Clover Corp., Ltd.		39,945		31,918
Codan, Ltd.		31,190		167,700
Collins Foods, Ltd.		30,579		201,722
Cooper Energy, Ltd. (a)		753,059		75,529
Core Lithium, Ltd. (a)		58,451		35,415
Corporate Travel Management, Ltd.		28,366		340,495
Costa Group Holdings, Ltd.		130,158		237,295
Credit Corp. Group, Ltd.		20,160		268,030
CSR, Ltd.		156,422		543,929
Data #3, Ltd.		49,016		235,916
De Grey Mining, Ltd. (a)		320,331		289,325
Deep Yellow, Ltd. (a)		17,263		8,747
Dicker Data, Ltd.		13,151		72,012
Domain Holdings Australia, Ltd.		72,641		185,430
Domino’s Pizza Enterprises, Ltd.		1,990		61,585
Downer EDI, Ltd.		150,888		415,418
Eagers Automotive, Ltd.		35,943		325,436
Earlypay, Ltd.		54,160		6,898
Elanor Investor Group		5,934		6,423
Elders, Ltd.		45,511		200,688
Elixir Energy, Ltd. (a)		29,923		1,601
Emeco Holdings, Ltd.		105,907		45,966
Emerald Resources NL (a)		42,078		57,538
EML Payments, Ltd. (a)		62,760		26,285
Energy Transition Minerals, Ltd. (a)		349,524		9,348
Energy World Corp., Ltd. (a) (b) (c)		472,609		8,186
EQT Holdings, Ltd.		5,064		87,460
Estia Health, Ltd.		52,899		104,523
Euroz Hartleys Group, Ltd.		23,680		17,228
EVT, Ltd.		32,425		254,841
Fiducian Group, Ltd.		3,121		12,141
Finbar Group, Ltd.		6,909		3,051
Firefinch, Ltd. (a) (b) (c)		39,761		993
FleetPartners Group, Ltd. (a)		82,973		143,023
Fleetwood, Ltd. (a)		35,042		52,738
Flight Centre Travel Group, Ltd. (a)		30,788		392,352
Frontier Digital Ventures, Ltd. (a)		10,683		2,820
G8 Education, Ltd.		256,891		178,403
Galan Lithium, Ltd. (a) (b) (c)		30,176		17,657
Gold Road Resources, Ltd.		243,543		243,165
GR Engineering Services, Ltd.		5,075		7,234
GrainCorp, Ltd. - Class A		58,664		307,473
Grange Resources, Ltd.		120,000		42,979
GUD Holdings, Ltd.		43,884		259,835
GWA Group, Ltd.		64,632		75,383
Hansen Technologies, Ltd.		51,497		178,160
Harvey Norman Holdings, Ltd.		46,048		107,275
Hastings Technology Metals, Ltd. (a)		7,646		6,855
Healius, Ltd.		153,195		325,750
Helia Group, Ltd.		88,585		204,634
HUB24, Ltd.		19,005		324,214
Humm Group, Ltd.		113,129		35,047
IDM International, Ltd. (a) (b) (c)		1,969		0
Iluka Resources, Ltd.		24,980		186,328
Imdex, Ltd.		138,217		174,119
Immutep, Ltd. (ADR) (a)		8,886		18,749

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
Infomedia, Ltd.		109,692	$	117,171
Inghams Group, Ltd.		86,621		151,994
Insignia Financial, Ltd.		177,304		335,389
Integral Diagnostics, Ltd.		46,301		101,154
Integrated Research, Ltd. (a)		28,972		7,451
Invocare, Ltd.		44,413		373,346
ioneer, Ltd. (a)		304,527		69,664
IPH, Ltd.		61,113		319,687
Iress, Ltd.		52,976		363,932
IVE Group, Ltd.		19,754		30,362
JB Hi-Fi, Ltd.		5,852		171,121
Johns Lyng Group, Ltd.		42,975		153,151
Jumbo Interactive, Ltd.		12,118		115,562
Jupiter Mines, Ltd.		439,415		57,412
Karoon Energy, Ltd. (a)		153,435		202,921
Kelsian Group, Ltd.		15,072		73,345
Kogan.com, Ltd. (a)		16,956		54,963
LEO LIithium, Ltd. (a)		28,400		20,415
Lifestyle Communities, Ltd.		20,891		220,128
Link Administration Holdings, Ltd.		158,207		177,212
Lovisa Holdings, Ltd.		13,735		177,745
Lycopodium, Ltd.		6,179		43,766
MA Financial Group, Ltd.		11,341		38,638
Macmahon Holdings, Ltd.		380,170		39,289
Macquarie Telecom Group, Ltd. (a)		972		44,276
Mader Group, Ltd.		3,508		13,355
Magellan Financial Group, Ltd.		11,467		73,144
Mayne Pharma Group, Ltd. (a)		22,607		66,294
McMillan Shakespeare, Ltd.		26,993		325,959
McPherson’s, Ltd.		39,600		10,352
Mesoblast, Ltd. (a)		47,739		36,222
Metals X, Ltd. (a)		147,577		28,191
Metcash, Ltd.		130,489		327,957
MMA Offshore, Ltd. (a)		78,350		60,181
Monadelphous Group, Ltd.		32,335		253,860
Monash IVF Group, Ltd.		52,109		39,899
Morning Star Gold NL (a) (b) (c)		33,455		0
Mount Gibson Iron, Ltd. (a)		158,334		46,217
Myer Holdings, Ltd.		275,411		108,608
MyState, Ltd.		24,762		52,470
Nanosonics, Ltd. (a)		62,508		198,996
Navigator Global Investments, Ltd.		52,466		46,316
Netwealth Group, Ltd.		28,212		262,184
New Hope Corp., Ltd.		114,040		371,566
Newcrest Mining, Ltd.		15,854		282,314
nib holdings, Ltd.		121,489		685,745
Nick Scali, Ltd.		21,771		132,511
Nickel Industries, Ltd.		203,875		121,405
Nine Entertainment Co. Holdings, Ltd.		208,760		275,189
Novonix, Ltd. (a)		53,945		35,859
NRW Holdings, Ltd.		134,771		228,260
Nufarm, Ltd.		102,823		351,361
Objective Corp., Ltd.		2,117		19,427
OceanaGold Corp.		212,111		417,898
OFX Group, Ltd. (a)		76,506		101,572
OM Holdings, Ltd.		21,506		7,237
Omni Bridgeway, Ltd. (a)		75,128		131,169
Australia—(Continued)
oOh!media, Ltd.		130,777		103,652
Orora, Ltd.		248,793		549,012
Pacific Current Group, Ltd.		12,733		63,175
Pacific Smiles Group, Ltd.		13,431		12,125
Pact Group Holdings, Ltd.		50,886		22,323
Paladin Energy, Ltd. (a)		599,035		294,350
Panoramic Resources, Ltd. (a)		200,216		12,359
Pantoro, Ltd. (a)		189,871		9,177
Peet, Ltd.		88,199		72,635
PeopleIN, Ltd.		8,895		13,959
Perenti, Ltd. (a)		204,417		139,926
Perpetual, Ltd.		30,819		536,339
Perseus Mining, Ltd.		340,886		378,560
PEXA Group, Ltd. (a)		21,038		192,316
Pinnacle Investment Management Group, Ltd.		20,949		140,477
Platinum Asset Management, Ltd.		124,443		144,325
PointsBet Holdings, Ltd. (a)		9,123		10,981
Poseidon Nickel, Ltd. (a)		238,025		5,869
Praemium, Ltd.		98,955		44,797
Premier Investments, Ltd.		17,241		234,285
Propel Funeral Partners, Ltd.		8,061		22,612
PSC Insurance Group, Ltd.		21,994		80,737
PWR Holdings, Ltd.		16,772		97,161
QANTM Intellectual Property, Ltd.		14,173		7,929
Ramelius Resources, Ltd.		232,740		197,386
Red 5, Ltd. (a)		667,508		85,357
Redbubble, Ltd. (a)		43,202		10,749
Regis Healthcare, Ltd.		26,109		38,619
Regis Resources, Ltd. (a)		214,118		264,192
Reject Shop, Ltd. (The) (a)		12,421		37,656
Resolute Mining, Ltd. (a)		677,338		176,961
Retail Food Group, Ltd. (a)		218,228		8,333
Ridley Corp., Ltd.		96,057		128,327
RPMGlobal Holdings, Ltd. (a)		32,785		32,228
Sandfire Resources, Ltd. (a)		134,756		534,261
Select Harvests, Ltd.		34,996		96,949
Servcorp, Ltd.		21,215		42,468
Service Stream, Ltd.		154,571		83,293
Seven West Media, Ltd. (a)		319,979		80,202
SG Fleet Group, Ltd.		27,529		42,348
Shaver Shop Group, Ltd.		18,090		11,406
Sierra Rutile Holdings, Ltd. (a)		66,772		11,205
Sigma Healthcare, Ltd.		323,902		182,118
Silver Lake Resources, Ltd. (a)		202,549		131,733
Silver Mines, Ltd. (a)		80,623		9,669
SmartGroup Corp., Ltd.		33,331		176,726
SolGold plc (a) (d)		36,239		7,319
SOLVAR, Ltd.		50,348		51,971
Southern Cross Media Group, Ltd.		76,997		44,437
SRG Global, Ltd.		42,479		21,281
St. Barbara, Ltd. (a)		208,312		66,583
Star Entertainment Group, Ltd. (The) (a)		368,557		284,927
Strandline Resources, Ltd. (a)		38,046		7,003
Strike Energy, Ltd. (a)		198,861		58,541
Sunland Group, Ltd.		40,150		36,040
Super Retail Group, Ltd.		52,166		399,413
Superloop, Ltd. (a)		59,252		22,894

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
Symbio Holdings, Ltd.		4,332	$	5,818
Syrah Resources, Ltd. (a)		163,680		99,652
Tabcorp Holdings, Ltd.		362,897		269,662
Technology One, Ltd.		31,465		330,072
Temple & Webster Group, Ltd. (a)		14,313		56,402
Ten Sixty Four, Ltd. (b) (c)		60,972		17,465
Terracom, Ltd.		54,002		15,251
Tietto Minerals, Ltd. (a)		61,032		19,078
Tribune Resources, Ltd.		2,377		5,086
Tyro Payments, Ltd. (a)		64,496		49,124
United Malt Group, Ltd. (a)		78,227		229,538
Virgin Australia Holdings Pty., Ltd. (a) (b) (c)		968,773		1
Vista Group International, Ltd. (a) (d)		33,201		35,318
Viva Energy Group, Ltd.		91,377		184,099
Vulcan Energy Resources, Ltd. (a)		9,635		27,083
Webjet, Ltd. (a)		84,765		392,038
West African Resources, Ltd. (a)		238,805		138,935
Westgold Resources, Ltd. (a)		123,130		118,782
Zip Co., Ltd. (a)		40,088		11,071
				31,294,512
Austria—1.5%
A-TEC Industries AG (a) (b) (c)		1		0
Agrana Beteiligungs AG		4,073		77,096
ams-OSRAM AG (a)		58,625		422,143
Andritz AG		17,117		955,182
Austria Technologie & Systemtechnik AG (d)		5,424		194,764
BAWAG Group AG (a)		19,071		880,645
CA Immobilien Anlagen AG		8,328		241,421
DO & Co. AG (a)		2,435		332,682
EVN AG		6,679		147,932
FACC AG (a) (d)		6,291		41,874
Kapsch TrafficCom AG (a) (d)		1,870		23,363
Kontron AG		14,178		280,234
Lenzing AG (a) (d)		2,858		140,131
Mayr Melnhof Karton AG		2,085		305,231
Oesterreichische Post AG (d)		4,583		163,495
Palfinger AG		4,392		133,943
POLYTEC Holding AG		6,228		32,073
Porr AG		2,768		39,214
Raiffeisen Bank International AG (a)		27,326		434,024
Rosenbauer International AG (a) (d)		1,414		46,947
Schoeller-Bleckmann Oilfield Equipment AG		2,803		162,517
Semperit AG Holding		2,077		47,367
Telekom Austria AG (a)		27,521		203,706
UBM Development AG		1,083		30,955
UNIQA Insurance Group AG		32,519		260,969
Vienna Insurance Group AG Wiener Versicherung Gruppe		7,619		199,255
voestalpine AG (d)		26,834		964,289
Wienerberger AG		26,096		799,247
Zumtobel Group AG		8,536		68,827
				7,629,526
Belgium—1.7%
Ackermans & van Haaren NV		6,479		1,068,347
AGFA-Gevaert N.V. (a)		40,080		98,388
Belgium—(Continued)
Atenor (d)		1,484		42,363
Azeus Group NV		534		12,201
Barco NV		21,013		524,161
Bekaert S.A.		10,571		479,155
Biocartis Group NV (a) (d)		16,248		6,437
bpost S.A. (d)		18,928		83,163
Cie d’Entreprises CFE (d)		2,249		22,718
Deceuninck NV		27,313		67,976
Deme Group NV (a)		2,052		280,098
Econocom Group S.A.		33,279		96,428
Etablissements Franz Colruyt NV		10,350		389,890
Euronav NV		50,769		769,588
EVS Broadcast Equipment S.A. (d)		3,873		90,457
Exmar NV		9,051		105,794
Fagron		14,385		242,134
Galapagos NV (a)		9,086		369,720
GIMV NV (d)		4,984		237,545
Greenyard NV (a) (d)		5,819		41,683
Immobel S.A. (d)		1,276		48,515
Ion Beam Applications		6,507		108,543
Jensen-Group NV		1,035		34,810
Kinepolis Group NV		3,776		170,125
Lotus Bakeries NV		92		729,827
MDxHealth S.A. (a) (d)		8,434		2,842
Melexis NV		5,164		508,270
Mithra Pharmaceuticals S.A. (a) (d)		506		1,100
Ontex Group NV (a) (d)		16,729		125,961
Orange Belgium S.A. (a)		4,348		65,942
Proximus SADP		28,286		210,784
Recticel S.A. (d)		13,170		156,655
Roularta Media Group NV		1,629		29,449
Shurgard Self Storage, Ltd		5,118		233,709
Sipef NV		1,593		98,555
Telenet Group Holding NV		8,880		199,882
TER Beke S.A.		148		12,919
Tessenderlo Group S.A. (d)		5,859		191,898
Van de Velde NV		1,970		71,018
VGP NV (d)		1,667		163,356
Viohalco S.A.		26,609		169,847
X-Fab Silicon Foundries SE (a)		14,349		155,378
				8,517,631
Cambodia—0.0%
NagaCorp, Ltd. (a)		254,719		134,844
Canada—11.4%
5N Plus, Inc. (a)		33,732		83,009
Absolute Software Corp. (d)		1,711		19,580
Acadian Timber Corp. (d)		3,800		48,248
Advantage Energy, Ltd. (a)		51,525		336,434
Aecon Group, Inc.		17,346		161,970
AG Growth International, Inc. (d)		5,820		222,608
AGF Management, Ltd. - Class B		19,644		116,552
Aimia, Inc. (a) (d)		24,635		61,367
AirBoss of America Corp. (d)		3,761		19,447
Alamos Gold, Inc. - Class A (d)		106,298		1,266,188

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Alaris Equity Partners Income (d)		5,355	$	61,240
Algoma Central Corp.		4,710		53,864
Altius Minerals Corp. (d)		12,660		209,288
Altus Group, Ltd. (d)		11,988		397,534
Americas Gold And Silver Corp. (a) (d)		4,400		1,544
Amerigo Resources, Ltd. (d)		35,000		40,687
Andlauer Healthcare Group, Inc.		2,269		76,219
Andrew Peller, Ltd. - Class A (d)		11,417		35,335
Aritzia, Inc. (a) (d)		24,317		675,131
Ascot Resources, Ltd. (a) (d)		16,500		6,477
Atco, Ltd. - Class I		19,446		578,940
Athabasca Oil Corp. (a) (d)		144,824		313,753
ATS Corp. (a)		23,133		1,064,319
Aurora Cannabis, Inc. (a)		8,729		4,667
AutoCanada, Inc. (a) (d)		6,928		100,514
B2Gold Corp. (d)		290,751		1,037,500
Badger Infrastructure Solutions, Ltd.		9,962		202,286
Ballard Power Systems, Inc. (a) (d)		37,678		164,276
Baytex Energy Corp. (a) (d)		136,747		445,931
Birchcliff Energy, Ltd. (d)		71,688		424,257
Bird Construction, Inc.		18,612		118,577
Black Diamond Group, Ltd. (d)		19,812		90,479
BlackBerry, Ltd. (a)		98,259		543,372
BMTC Group, Inc.		5,387		65,063
Bombardier, Inc. - Class A (a)		584		28,813
Bombardier, Inc. - Class B (a) (d)		20,573		1,014,246
Boralex, Inc. - Class A (d)		25,118		683,907
Boyd Group Services, Inc.		5,283		1,007,947
Bridgemarq Real Estate Services		3,500		39,075
Brookfield Infrastructure Corp. - Class A		3,980		181,492
Calian Group, Ltd. (d)		2,846		132,187
Canaccord Genuity Group, Inc.		30,012		189,168
Canada Goose Holdings, Inc. (a) (d)		9,656		171,877
Canada Goose Holdings, Inc. (a)		4,869		86,666
Canadian Western Bank		25,085		468,089
Canfor Corp. (a)		16,241		291,535
Canfor Pulp Products, Inc. (a)		11,097		17,088
Capital Power Corp. (d)		31,332		995,718
Capstone Copper Corp. (a)		122,839		557,284
Cardinal Energy, Ltd. (d)		32,459		161,223
Cascades, Inc. (d)		22,326		197,011
Celestica, Inc. (a) (d)		27,693		401,990
Centerra Gold, Inc.		50,985		305,583
CES Energy Solutions Corp. (d)		84,181		166,487
CI Financial Corp. (d)		47,012		533,731
Clairvest Group, Inc.		200		12,458
Cogeco Communications, Inc. (d)		3,980		212,377
Cogeco, Inc.		1,609		67,858
Colliers International Group, Inc.		4,312		423,357
Computer Modelling Group, Ltd.		28,920		145,391
Corby Spirit and Wine, Ltd. (d)		3,957		42,415
Corus Entertainment, Inc. - B Shares		61,870		61,181
Crescent Point Energy Corp. (d)		149,673		1,007,599
Crew Energy, Inc. (a) (d)		41,970		172,347
Cronos Group, Inc. (a)		15,221		29,985
Definity Financial Corp.		4,790		127,095
Denison Mines Corp. (a) (d)		231,048		289,519
Canada—(Continued)
Dexterra Group, Inc.		11,442		49,577
Doman Building Materials Group, Ltd. (d)		19,304		95,445
Dorel Industries, Inc. - Class B (a) (d)		8,626		29,887
DREAM Unlimited Corp. - Class A (d)		7,503		116,842
Dundee Precious Metals, Inc.		45,872		302,985
Dye & Durham, Ltd.		2,329		31,839
E-L Financial Corp., Ltd.		677		473,453
ECN Capital Corp. (d)		39,318		79,244
Eldorado Gold Corp. (a)		51,016		516,418
Element Fleet Management Corp.		6,183		94,186
Endeavour Silver Corp. (a) (d)		34,348		99,822
Enerflex, Ltd.		29,289		199,424
Enerplus Corp. (d)		5,324		77,038
Enerplus Corp.		56,230		814,958
Enghouse Systems, Ltd.		12,678		308,062
Ensign Energy Services, Inc. (a)		39,626		56,534
EQB, Inc.		8,098		427,900
Equinox Gold Corp. (a) (d)		27,871		127,649
Equinox Gold Corp. (a)		28,628		131,173
ERO Copper Corp. (a) (d)		13,490		272,906
Evertz Technologies, Ltd.		8,149		84,581
Exchange Income Corp.		4,751		187,960
Exco Technologies, Ltd. (d)		7,732		46,576
Extendicare, Inc. (d)		23,362		125,738
Fiera Capital Corp. (d)		22,157		108,046
Finning International, Inc.		39,332		1,209,873
Firm Capital Mortgage Investment Corp. (d)		9,574		73,788
First Majestic Silver Corp. (d)		9,430		53,280
First Majestic Silver Corp.		45,160		255,330
First Mining Gold Corp. (a) (d)		50,000		6,416
First National Financial Corp.		4,907		140,645
Fission Uranium Corp. (a) (d)		114,725		52,827
Fortuna Silver Mines, Inc. (a) (d)		79,418		258,382
Freehold Royalties, Ltd. (d)		35,012		355,208
Galiano Gold, Inc. (a) (d)		23,027		13,906
Gamehost, Inc.		4,952		35,138
GDI Integrated Facility Services, Inc. (a)		3,200		100,777
Gibson Energy, Inc. (d)		40,325		634,059
Goeasy, Ltd.		3,895		325,125
GoGold Resources, Inc. (a) (d)		28,473		32,670
GoldMoney, Inc. (a) (d)		2,199		14,890
Guardian Capital Group, Ltd. - Class A		5,600		177,543
Hanfeng Evergreen, Inc. (a) (b) (c)		12,100		0
Headwater Exploration, Inc. (d)		38,821		186,083
Heroux-Devtek, Inc. (a) (d)		9,253		107,146
High Liner Foods, Inc. (d)		6,007		63,074
Home Capital Group, Inc. (d)		14,784		481,101
HudBay Minerals, Inc. (d)		84,923		407,066
IAMGOLD Corp. (a) (d)		5,500		14,465
IAMGOLD Corp. (a)		118,555		314,118
Imperial Metals Corp. (a) (d)		19,966		27,882
Information Services Corp. (d)		2,900		46,387
Innergex Renewable Energy, Inc. (d)		35,108		327,030
InPlay Oil Corp. (d)		5,900		11,001
Interfor Corp. (a)		13,232		249,508
International Petroleum Corp. (a)		17,308		141,770
International Tower Hill Mines, Ltd. (a)		21,604		8,969

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Invesque, Inc. (a)		9,800	$	7,840
Jamieson Wellness, Inc.		12,357		279,927
Journey Energy, Inc. (a)		100		413
K-Bro Linen, Inc.		3,219		76,104
K92 Mining, Inc. (a)		27,548		119,570
Karora Resources, Inc. (a)		28,791		88,019
Kelt Exploration, Ltd. (a) (d)		46,751		197,274
Keyera Corp.		3,390		78,177
Kinaxis, Inc. (a)		1,175		167,902
Knight Therapeutics, Inc. (a)		27,915		104,095
KP Tissue, Inc. (d)		1,400		10,832
Labrador Iron Ore Royalty Corp. (d)		16,600		389,453
Largo, Inc. (a) (d)		8,317		35,283
Lassonde Industries, Inc. - Class A		900		71,035
Laurentian Bank of Canada		11,504		287,090
Leon’s Furniture, Ltd.		7,239		119,944
Lightspeed Commerce, Inc. (a)		28,006		473,862
Lightstream Resources, Ltd. (a) (b) (c)		108,373		0
Linamar Corp.		11,544		606,675
Logan Energy Corp. (a)		4,225		0
Logistec Corp. - Class B		600		28,991
Lucara Diamond Corp. (a) (d)		110,136		38,243
Lundin Gold, Inc.		11,400		136,396
MAG Silver Corp. (a)		7,165		79,818
Magellan Aerospace Corp.		5,794		36,476
Mainstreet Equity Corp. (a)		1,561		155,540
Major Drilling Group International, Inc. (a)		24,677		170,257
Manitok Energy, Inc. (a) (b) (c)		122		0
Maple Leaf Foods, Inc. (d)		26,200		511,837
Martinrea International, Inc.		23,101		231,054
Maxim Power Corp. (a)		2,800		10,061
MDF Commerce, Inc. (a) (d)		4,176		11,002
Medical Facilities Corp.		9,161		57,328
MEG Energy Corp. (a)		56,694		898,716
Melcor Developments, Ltd.		3,120		26,731
Methanex Corp.		14,040		580,835
Methanex Corp.		1,300		53,717
Morguard Corp.		1,400		107,794
Mountain Province Diamonds, Inc. (a)		1,600		562
MTY Food Group, Inc. (d)		5,720		261,615
Mullen Group, Ltd.		23,154		265,316
Neo Performance Materials, Inc. (d)		4,300		26,616
New Gold, Inc. (a)		172,247		187,232
NFI Group, Inc. (d)		13,975		120,471
North American Construction Group, Ltd.		10,441		199,796
North West Co., Inc. (The)		13,971		331,149
Nuvei Corp. (a)		4,434		131,069
NuVista Energy, Ltd. (a)		47,717		382,528
Obsidian Energy, Ltd. (a) (d)		5,354		31,214
Onex Corp. (d)		6,780		374,480
Organigram Holdings, Inc. (a)		36,998		14,429
Orla Mining, Ltd. (a) (d)		25,466		106,957
Osisko Gold Royalties, Ltd.		42,611		654,891
Osisko Mining, Inc. (a)		54,809		133,221
Pan American Silver Corp. (d)		18,187		264,963
Paramount Resources, Ltd. - Class A		19,290		419,364
Parex Resources, Inc.		34,059		682,851
Canada—(Continued)
Park Lawn Corp. (d)		9,456		173,666
Parkland Corp.		42,466		1,057,843
Pason Systems, Inc.		24,116		209,166
Peyto Exploration & Development Corp. (d)		52,091		430,962
PHX Energy Services Corp. (d)		12,350		56,494
Pizza Pizza Royalty Corp.		6,998		78,234
Polaris Renewable Energy, Inc.		5,300		57,011
Pollard Banknote, Ltd. (d)		2,690		52,389
PolyMet Mining Corp. (a)		3,835		3,011
PrairieSky Royalty, Ltd. (d)		56,452		986,925
Precision Drilling Corp. (a) (d)		3,794		185,211
Premium Brands Holdings Corp.		11,855		935,424
Primo Water Corp. (d)		43,505		545,147
Pulse Seismic, Inc. (d)		13,500		17,222
Quarterhill, Inc. (d)		37,345		41,581
Questerre Energy Corp. - Class A (a) (d)		83,569		13,247
Real Matters, Inc. (a) (d)		25,451		116,424
RF Capital Group ,Inc. (a) (d)		1,730		12,328
Richelieu Hardware, Ltd.		14,790		467,787
Rogers Sugar, Inc. (d)		35,106		152,906
Russel Metals, Inc.		22,122		612,853
Sandstorm Gold, Ltd.		3,256		16,689
Savaria Corp.		10,600		135,226
Seabridge Gold, Inc. (a)		12,210		147,131
Secure Energy Services, Inc. (d)		69,364		331,963
Shawcor, Ltd. (a)		21,791		315,166
Sienna Senior Living, Inc. (d)		22,176		192,842
SilverCrest Metals, Inc. (a) (d)		11,918		69,821
Sleep Country Canada Holdings, Inc.		11,404		247,148
SNC-Lavalin Group, Inc.		45,239		1,186,681
SNDL, Inc. (a)		11,204		15,349
Spartan Delta Corp.		4,225		15,149
Spin Master Corp.		8,748		231,453
Sprott, Inc.		6,042		195,615
SSR Mining, Inc. (d)		52,693		747,387
Stelco Holdings, Inc.		9,844		321,161
Stella-Jones, Inc.		16,794		864,832
Steppe Gold, Ltd. (a) (d)		6,300		4,090
SunOpta, Inc. (a) (d)		24,892		166,479
Superior Plus Corp. (d)		46,786		335,157
Surge Energy, Inc. (d)		12,100		64,302
Tamarack Valley Energy, Ltd. (d)		85,898		208,139
Taseko Mines, Ltd. (a) (d)		93,786		134,511
TECSYS, Inc.		172		3,617
TeraGo, Inc. (a) (d)		4,100		6,314
TerraVest Industries, Inc. (d)		1,600		35,025
Tidewater Midstream and Infrastructure, Ltd. (d)		79,200		55,899
Timbercreek Financial Corp. (d)		23,751		133,569
Torex Gold Resources, Inc. (a)		27,594		392,013
Total Energy Services, Inc.		11,886		78,866
TransAlta Corp.		67,178		628,803
TransAlta Renewables, Inc.		28,608		245,751
Transcontinental, Inc. - Class A		19,220		212,693
Trevali Mining Corp. (a) (b) (c)		9,060		0
Trican Well Service, Ltd.		66,213		176,435
Tricon Residential, Inc. (d)		63,428		559,229
Triple Flag Precious Metals Corp.		3,866		53,252

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Trisura Group, Ltd. (a)		10,823	$	306,941
Uni-Select, Inc. (a)		13,271		471,335
Vecima Networks, Inc.		2,500		33,119
Vermilion Energy, Inc. (d)		33,426		416,832
Vermilion Energy, Inc.		11,128		138,544
VersaBank (d)		2,000		15,097
Wajax Corp. (d)		7,185		135,266
Wesdome Gold Mines, Ltd. (a)		43,307		225,566
Western Forest Products, Inc. (d)		105,262		82,636
Westshore Terminals Investment Corp. (d)		14,870		350,661
Whitecap Resources, Inc. (d)		51,977		363,712
WildBrain, Ltd. (a) (d)		49,540		59,459
Winpak, Ltd.		8,452		262,923
Yellow Pages, Ltd. (d)		4,891		46,039
Zenith Capital Corp. (a) (b) (c)		12,830		1,283
				58,733,071
China—0.2%
AustAsia Group, Ltd. (a)		19,734		7,716
Bund Center Investment, Ltd.		107,700		37,429
China Gold International Resources Corp., Ltd. (d)		79,013		298,815
China Sunsine Chemical Holdings, Ltd.		70,000		21,297
CITIC Telecom International Holdings, Ltd.		438,000		167,903
First Sponsor Group, Ltd.		9,490		8,701
Fountain SET Holdings, Ltd. (a)		280,000		23,245
Guotai Junan International Holdings, Ltd.		806,600		60,818
KRP Development Holdings, Ltd. (a)		35,000		5,147
Neo-Neon Holdings, Ltd. (a)		322,500		17,286
SITC International Holdings Co., Ltd.		78,000		143,157
Theme International Holdings, Ltd. (a)		170,000		19,154
TI Fluid Systems plc		24,645		42,967
Yangzijiang Shipbuilding Holdings, Ltd.		126,600		140,649
				994,284
Colombia—0.0%
Canacol Energy Ltd. (d)		7,932		63,049
Frontera Energy Corp. (a)		10,147		84,332
Gran Tierra Energy, Inc. (a) (d)		11,221		54,887
				202,268
Denmark—2.7%
ALK Abello A/S (a)		35,460		387,377
Alm Brand A/S		239,330		375,448
Ambu A/S - Class B (a)		18,846		308,275
Bang & Olufsen A/S (a)		30,627		47,433
Bavarian Nordic A/S (a) (d)		20,257		575,743
Better Collective A/S (a)		4,469		92,388
Brodrene Hartmann A/S (a)		653		26,701
cBrain A/S (d)		939		21,357
Chemometec A/S (a)		3,943		270,049
Columbus A/S		20,865		20,120
D/S Norden A/S		5,677		283,135
DFDS A/S		9,415		343,070
FLSmidth & Co. A/S (d)		12,789		618,647
GN Store Nord AS (a)		17,034		425,616
Denmark—(Continued)
H Lundbeck A/S		42,029		200,146
H+H International A/S - Class B (a)		4,441		53,169
Harboes Bryggeri A/S - Class B (a)		1,454		15,634
ISS A/S		36,366		770,770
Jeudan A/S		2,360		88,896
Jyske Bank A/S (a)		13,212		1,004,820
Matas A/S		9,436		139,077
Netcompany Group A/S (a) (d)		7,774		321,667
Nilfisk Holding A/S (a)		3,340		61,584
NKT A/S (a) (d)		9,347		566,535
NKT A/S (a) (d)		2,335		141,528
NNIT A/S (a)		2,656		31,117
North Media A/S (d)		679		6,273
NTG Nordic Transport Group A/S - Class A (a)		2,706		171,070
Parken Sport & Entertainment A/S		2,351		37,243
PER Aarsleff Holding A/S		5,304		261,167
Ringkjoebing Landbobank A/S		7,671		1,099,699
Rockwool International A/S - B Shares		662		171,190
Royal Unibrew A/S		13,170		1,177,821
RTX A/S (a) (d)		2,486		39,401
Scandinavian Tobacco Group A/S - Class A		16,637		276,911
Schouw & Co. A/S		3,672		290,195
SimCorp A/S		7,202		763,103
Solar A/S - B Shares		1,534		113,512
SP Group A/S		716		27,584
Spar Nord Bank A/S		23,405		366,220
Sparekassen Sjaelland-Fyn A/S		1,358		37,305
Sydbank A/S		16,079		743,431
TCM Group A/S (a)		502		4,886
Tivoli A/S (d)		844		94,754
Topdanmark A/S		11,821		581,409
UIE plc		6,060		160,781
Vestjysk Bank A/S (d)		23,730		12,411
Zealand Pharma A/S (a)		8,958		321,418
				13,948,086
Faeroe Islands—0.0%
BankNordik P/F		1,109		23,248
Finland—2.2%
Aktia Bank Oyj		14,048		142,620
Alma Media Oyj		10,487		105,569
Anora Group Oyj		1,398		7,505
Apetit Oyj		1,205		15,911
Aspo Oyj		7,386		56,263
Atria Oyj		3,290		38,126
Bittium Oyj (d)		8,034		36,911
Cargotec Oyj - B Shares		10,991		603,561
Caverion Oyj		7,550		70,288
Citycon Oyj (a)		21,486		136,471
Digia Oyj		6,625		43,075
Enento Group Oyj (a)		3,892		89,497
eQ Oyj		382		7,128
F-Secure Oyj		26,373		67,208
Finnair Oyj (a)		272,008		167,822
Fiskars Oyj Abp		6,971		117,738

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Finland—(Continued)
Harvia Oyj (d)		2,955	$	74,523
HKScan Oyj - A Shares (a)		6,704		5,610
Huhtamaki Oyj (d)		22,314		732,945
Ilkka Oyj		5,725		20,557
Kamux Corp. (d)		4,328		25,657
Kemira Oyj		28,960		461,088
Kojamo Oyj		26,601		250,174
Konecranes Oyj		16,247		653,178
Lassila & Tikanoja Oyj		8,464		92,068
Marimekko Oyj		1,890		18,744
Metsa Board Oyj - Class B		38,917		287,459
Musti Group Oyj (a)		5,196		101,588
Nokian Renkaat Oyj		31,881		277,955
Olvi Oyj - A Shares		4,019		127,386
Oriola Oyj		4,196		6,147
Oriola-KD Oyj - B Shares		32,135		45,129
Orion Oyj - Class A		7,027		297,499
Orion Oyj - Class B		14,294		593,166
Outokumpu Oyj		95,330		509,645
Ponsse Oyj		3,208		112,128
QT Group Oyj (a)		2,738		228,724
Raisio Oyj - V Shares		35,039		78,292
Rapala VMC Oyj		8,902		35,216
Revenio Group Oyj		5,309		183,826
Sanoma Oyj		20,268		146,828
Stockmann Oyj Abp - B Shares (a)		3,752		8,400
Talenom Oyj		2,085		16,558
Teleste Oyj (a)		2,149		8,606
Terveystalo Oyj		14,772		133,295
TietoEVRY Oyj		22,579		623,224
Tokmanni Group Corp.		13,877		181,078
Uponor Oyj		17,933		560,975
Vaisala Oyj - A Shares		5,709		262,586
Valmet Oyj (d)		46,155		1,284,294
Wartsila Oyj Abp		93,038		1,048,250
WithSecure Oyj (a)		26,373		33,691
YIT Oyj		36,175		84,389
				11,316,571
France—5.0%
ABC Arbitrage		2,865		18,605
AKWEL		2,629		38,708
ALD S.A.		29,256		313,628
Altamir (d)		7,426		224,547
Alten S.A. (a)		6,873		1,083,188
Arkema S.A.		3,311		312,325
Assystem S.A.		1,779		92,036
Atos SE (a)		18,990		270,944
Aubay		1,573		81,724
Axway Software S.A.		2,132		48,388
Bastide le Confort Medical (a)		938		29,296
Beneteau S.A.		15,076		254,978
Bigben Interactive (d)		4,507		26,207
Boiron S.A.		1,382		59,137
Bonduelle SCA		4,120		49,942
Burelle S.A.		72		34,486
France—(Continued)
Casino Guichard Perrachon S.A. (a) (d)		6,946		30,898
Catana Group (d)		2,793		21,356
CBo Territoria		2,864		11,187
Cegedim S.A. (a) (d)		2,295		53,623
CGG S.A. (a)		189,243		143,832
Chargeurs S.A.		5,575		67,461
Cie des Alpes		6,924		104,610
Cie Plastic Omnium S.A.		15,132		266,197
Clariane SE (d)		19,303		140,449
Coface S.A.		31,535		435,119
Derichebourg S.A.		22,712		126,309
Ekinops SAS (a)		1,670		14,457
Electricite de Strasbourg S.A. (d)		329		31,232
Elior Group S.A. (a)		29,385		84,171
Elis S.A. (d)		50,853		988,563
Equasens		582		53,785
Eramet S.A.		2,619		239,604
Esso S.A. Francaise (a) (d)		753		41,033
Etablissements Maurel et Prom		12,067		51,415
Eurazeo S.E.		9,383		660,498
Eutelsat Communications S.A. (d)		47,151		308,123
Exail Technologies S.A. (a) (d)		395		7,722
Exel Industries - A Shares		618		33,523
Fnac Darty S.A. (d)		4,015		150,385
Foraco International S.A. (a)		17,535		22,767
Forvia (a)		34,097		804,288
Gaztransport Et Technigaz S.A.		5,849		595,596
GEA (d)		165		17,014
Genfit S.A. (a) (d)		3,254		12,425
GL Events (a)		3,124		67,280
Groupe Crit		1,062		85,765
Guerbet		1,201		22,305
Guillemot Corp.		770		5,630
Haulotte Group S.A. (d)		5,337		18,365
ID Logistics Group (a)		796		234,638
Imerys S.A. (d)		7,588		295,806
Infotel S.A.		342		21,503
Interparfums S.A.		2,436		173,680
IPSOS		13,160		732,137
Jacquet Metals S.A.		2,954		61,274
JCDecaux S.E. (a)		13,978		277,122
Kaufman & Broad S.A.		3,970		117,481
La Francaise des Jeux SAEM		4,618		181,825
Laurent-Perrier		1,255		176,664
Lectra		3,619		107,823
LISI (d)		1,686		48,393
LNA Sante S.A. (d)		1,534		48,209
Lumibird (a)		562		9,075
Maisons du Monde S.A. (a) (d)		7,475		75,234
Manitou BF S.A. (d)		3,242		86,712
Mersen S.A.		7,440		337,313
Metropole Television S.A.		6,596		93,459
Nacon S.A. (a) (d)		2,027		4,382
Neoen S.A.		9,011		285,390
Nexans S.A.		6,166		535,082
Nexity S.A.		9,433		190,619
Nicox (a)		1,834		987

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
France—(Continued)
NRJ Group		9,690	$	72,792
Oeneo S.A. (d)		3,143		47,844
OL Groupe S.A. (a)		3,273		10,607
Plastiques Du Val De Loire (a) (d)		1,576		5,643
Prodways Group S.A. (a) (d)		658		1,169
Quadient S.A.		9,003		185,325
Rallye S.A. (a) (d)		9,791		6,038
Recylex S.A. (a) (b) (c)		3,335		0
Rexel S.A.		53,419		1,320,841
Robertet S.A.		19		17,287
Rothschild & Co.		8,416		427,504
Rubis SCA		22,814		554,058
Samse S.A. (d)		107		22,831
Savencia S.A.		1,728		109,771
SCOR SE		40,311		1,184,947
SEB S.A.		3,651		377,483
Seche Environnement S.A.		1,198		147,959
SMCP S.A. (a)		1,230		10,729
Societe BIC S.A.		5,989		343,356
Societe LDC S.A.		211		26,714
Societe pour l’Informatique Industrielle		1,887		110,990
Soitec (a)		5,577		943,371
Solocal Group (a) (d)		33,527		4,819
Sopra Steria Group SACA		4,352		868,318
SPIE S.A.		33,854		1,094,683
STEF S.A.		1,051		124,761
Sword Group		1,364		61,061
Synergie SE		3,366		117,907
Technicolor Creative Studios S.A. (a)		29,526		1,098
Technip Energies NV		29,181		671,810
Television Francaise 1		9,749		66,965
Thermador Groupe		1,800		161,882
Tikehau Capital SCA (d)		7,508		185,604
Totalenergies EP Gabon		324		64,437
Trigano S.A.		2,762		396,071
UBISOFT Entertainment S.A. (a)		18,776		530,724
Valeo		49,990		1,072,650
Vallourec S.A. (a)		36,022		425,254
Vantiva S.A. (a) (d)		29,526		6,827
Verallia S.A.		15,618		586,384
Vetoquinol S.A.		644		64,231
Vicat S.A.		4,477		142,238
VIEL & Cie S.A.		4,205		34,872
Vilmorin & Cie S.A.		1,494		102,052
Virbac S.A.		1,006		297,301
Voltalia S.A. (a) (d)		1,924		30,625
Vranken-Pommery Monopole S.A.		958		19,340
Wavestone		1,052		57,529
				25,866,636
Georgia—0.1%
Bank of Georgia Group plc		13,336		495,545
Germany—5.8%
1&1 AG (d)		13,083		144,025
7C Solarparken AG		12,415		50,470
Germany—(Continued)
Adesso SE (d)		561		75,810
Adtran Networks SE (a)		908		19,599
All for One Group SE		498		22,732
Allgeier SE (d)		2,942		81,047
Amadeus Fire AG		1,059		129,297
Atoss Software AG		1,110		251,443
Aurubis AG		9,514		815,201
Auto1 Group SE (a) (d)		9,285		86,203
Basler AG (d)		3,660		68,291
BayWa AG (d)		4,390		180,976
BayWa AG		305		17,166
Bechtle AG		18,311		725,534
Bertrandt AG		2,127		113,710
Bijou Brigitte AG		1,351		72,680
Bilfinger SE		10,033		389,884
Borussia Dortmund GmbH & Co. KGaA (a)		26,685		127,068
CANCOM SE		10,426		315,576
CECONOMY AG (a)		47,148		118,287
CENIT AG		3,413		48,060
Cewe Stiftung & Co. KGaA		1,828		181,894
CompuGroup Medical SE & Co. KgaA		7,186		353,489
CropEnergies AG		9,235		100,961
CTS Eventim AG & Co. KGaA		12,005		758,151
Data Modul AG		138		9,036
Dermapharm Holding SE		3,703		183,012
Deutsche Beteiligungs AG		4,577		144,355
Deutsche Pfandbriefbank AG (d)		43,005		314,654
Deutz AG		26,653		156,550
DIC Asset AG (d)		13,461		74,747
Dr. Hoenle AG (a) (d)		2,084		52,492
Draegerwerk AG & Co. KGaA		1,062		43,571
Duerr AG		15,842		512,407
DWS Group GmbH & Co. KGaA		1,247		38,180
Eckert & Ziegler AG		4,645		184,424
Elmos Semiconductor SE		1,458		119,709
ElringKlinger AG		8,918		80,257
Encavis AG (a) (d)		28,569		468,320
Energiekontor AG		1,621		124,043
EuroEyes International Eye Clinic, Ltd. - Class C		10,000		6,152
Evotec SE (a) (d)		6,989		157,106
Fielmann AG		6,684		355,877
Flatexdegiro AG (a)		7,334		72,692
FORTEC Elektronik AG		253		7,818
Fraport AG Frankfurt Airport Services Worldwide (a)		8,815		469,925
Freenet AG		33,937		851,204
Fuchs Petrolub SE (d)		8,457		270,821
GEA Group AG		1,116		46,640
Gerresheimer AG		9,767		1,098,721
Gesco SE		2,953		79,651
GFT Technologies SE		5,130		144,398
Grand City Properties S.A.		31,748		248,952
GRENKE AG		1,003		29,218
H&R GmbH & Co. KGaA		4,195		23,825
Hamburger Hafen und Logistik AG		8,624		107,432
Hawesko Holding S.E.		223		9,307
Heidelberger Druckmaschinen AG (a) (d)		84,200		131,452
HelloFresh SE (a) (d)		14,576		360,409

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Hensoldt AG		8,436	$	276,885
HOCHTIEF AG		5,762		497,790
Hornbach Holding AG & Co. KGaA		2,658		209,534
Hugo Boss AG		19,116		1,492,216
Hypoport SE (a)		598		109,288
Indus Holding AG		6,490		182,662
Init Innovation in Traffic Systems SE		1,794		58,141
Instone Real Estate Group SE		9,568		57,219
IVU Traffic Technologies AG		1,432		23,738
Jenoptik AG		16,935		581,382
JOST Werke SE		2,840		153,657
K&S AG (d)		39,216		682,688
KION Group AG		5,999		241,230
Kloeckner & Co. SE		21,296		224,946
Koenig & Bauer AG (a)		4,373		90,641
Krones AG		4,712		571,452
KSB SE & Co. KGaA		82		52,370
KWS Saat SE & Co. KGaA (d)		3,725		228,825
LANXESS AG		22,664		682,433
LEG Immobilien SE (a)		1,404		80,633
Leifheit AG		2,964		62,661
Manz AG (a) (d)		1,272		26,426
Medigene AG (a) (d)		2,446		5,030
METRO AG (a) (d)		25,342		205,724
MLP SE		22,156		138,037
Nagarro SE (a) (d)		2,942		255,983
New Work SE		895		120,482
Nexus AG		3,123		192,556
Nordex SE (a) (d)		19,465		236,346
Norma Group SE		10,781		199,054
OHB SE		1,607		56,014
PATRIZIA SE		15,140		180,130
Pfeiffer Vacuum Technology AG		1,244		202,259
PNE AG (d)		9,395		145,151
Progress-Werk Oberkirch AG		822		24,951
ProSiebenSat.1 Media SE (a)		57,073		531,987
PSI Software AG		4,019		144,096
Puma SE		2,061		123,940
PVA TePla AG (a)		2,716		56,356
q.beyond AG (a)		24,973		17,777
R Stahl AG (a)		1,594		38,333
Rational AG		140		101,292
SAF-Holland SE		9,928		138,728
Salzgitter AG		10,956		396,083
Scout24 SE		2,656		168,364
Secunet Security Networks AG (d)		391		92,770
SGL Carbon SE (a) (d)		8,945		82,295
Siltronic AG		4,688		358,098
Sirius Real Estate, Ltd.		213,438		231,538
Sixt SE (d)		4,289		513,884
SMA Solar Technology AG (a) (d)		2,279		278,273
Software AG (d)		16,206		563,365
Softwareone Holding AG (a) (d)		16,598		329,860
Stabilus SE		6,982		419,512
STRATEC SE (d)		1,553		107,499
Stroeer SE & Co. KGaA (a)		8,363		406,334
Suedzucker AG		21,506		383,168
Germany—(Continued)
Surteco Group SE		2,209		46,524
SUSE S.A. (a)		611		8,606
Suss Microtec SE		6,216		165,142
Synlab AG		2,964		29,271
TAG Immobilien AG (a)		52,366		494,871
Takkt AG		11,656		177,142
TeamViewer SE (a)		34,398		552,066
Technotrans SE		2,191		62,152
ThyssenKrupp AG		103,727		811,154
TUI AG (a)		4,243		30,152
United Internet AG		4,445		62,588
Varta AG (a) (d)		2,851		58,435
VERBIO Vereinigte BioEnergie AG (d)		6,932		278,983
Vitesco Technologies Group AG - Class A (a)		2,649		218,131
Vossloh AG		3,146		140,737
Wacker Neuson SE		8,944		216,617
Washtec AG		3,673		143,694
Westwing Group SE (a)		1,155		10,869
Wuestenrot & Wuerttembergische AG		4,932		84,452
Zeal Network SE		1,619		60,945
				29,909,528
Ghana—0.0%
Tullow Oil plc (a) (d)		415,488		148,959
Greece—0.0%
Okeanis Eco Tankers Corp. (a)		983		21,154
Greenland—0.0%
Gronlandsbanken A/S		140		12,617
Guernsey, Channel Islands—0.0%
Raven Property Group, Ltd. (a) (b) (c)		112,611		0
Hong Kong—2.0%
Aceso Life Science Group, Ltd. (a)		1,001,000		13,413
Aeon Credit Service Asia Co., Ltd.		44,000		30,672
Aidigong Maternal & Child Health, Ltd. (a)		180,000		8,287
Allied Group, Ltd.		382,000		79,120
APAC Resources, Ltd.		84,990		11,714
Apollo Future Mobility Group, Ltd. (a)		348,000		6,959
Applied Development Holdings, Ltd. (a)		390,000		4,878
Asia Financial Holdings, Ltd.		88,000		36,049
Asia Standard International Group, Ltd. (a)		296,000		22,665
ASMPT, Ltd.		62,100		613,492
Associated International Hotels, Ltd.		14,000		13,936
Bank of East Asia, Ltd. (The)		85,823		118,667
Bel Global Resources Holdings, Ltd. (a) (b) (c)		520,000		0
BOCOM International Holdings Co., Ltd.		117,000		6,203
Brightoil Petroleum Holdings, Ltd. (a) (b) (c)		591,000		0
Build King Holdings, Ltd.		160,000		20,885
Burwill Holdings, Ltd. (a) (b) (c)		1,566,000		0
C-Mer Eye Care Holdings, Ltd. (a)		74,000		35,766
Cadeler A/S (a)		3,200		13,397
Cafe de Coral Holdings, Ltd.		94,000		120,913
Century City International Holdings, Ltd. (a) (b) (c)		616,000		22,851

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Chen Hsong Holdings		150,000	$	31,012
Cheuk Nang Holdings, Ltd.		108,566		26,324
Chevalier International Holdings, Ltd.		75,139		63,862
China Baoli Technologies Holdings, Ltd. (a)		2,850		223
China Best Group Holding, Ltd. (a)		45,000		1,534
China Energy Development Holdings, Ltd. (a)		3,376,000		37,056
China Motor Bus Co., Ltd.		4,800		43,293
China Solar (a) (b) (c)		162,000		0
China Star Entertainment, Ltd. (a)		378,000		35,598
Chinese Estates Holdings, Ltd. (a)		151,000		45,553
Chinney Investment, Ltd.		8,000		1,154
Chow Sang Sang Holdings International, Ltd.		94,000		104,944
Chuang’s China Investments, Ltd.		511,500		13,266
Chuang’s Consortium International, Ltd.		382,357		25,405
CK Life Sciences International Holdings, Inc.		304,000		29,508
CMBC Capital Holdings, Ltd.		19,000		3,300
CNT Group, Ltd.		246,000		10,360
Convenience Retail Asia, Ltd.		36,000		3,861
Convoy, Inc. (a) (b) (c)		1,314,000		5,249
Cowell e Holdings, Inc. (a) (d)		39,000		72,297
Crystal International Group, Ltd.		29,500		9,078
CSC Holdings Ltd. (a)		4,927,500		22,117
CSI Properties, Ltd.		2,274,023		41,193
Dah Sing Banking Group, Ltd.		112,271		83,861
Dah Sing Financial Holdings, Ltd.		41,460		103,641
Dickson Concepts International, Ltd.		87,500		48,026
DMX Technologies Group, Ltd. (a) (b) (c)		186,000		0
Dynamic Holdings, Ltd.		20,000		27,880
Eagle Nice International Holdings, Ltd.		80,000		44,776
EC Healthcare		59,000		31,475
EcoGreen International Group, Ltd. (a) (b) (c)		118,800		5,402
Emperor International Holdings, Ltd.		529,250		34,404
Emperor Watch & Jewellery, Ltd.		1,520,000		34,670
ENM Holdings, Ltd. (a)		412,000		27,326
Esprit Holdings, Ltd. (a)		504,275		38,674
Fairwood Holdings, Ltd.		26,500		38,764
Far East Consortium International, Ltd.		360,687		85,748
First Pacific Co., Ltd.		570,000		197,800
Fosun Tourism Group (a) (d)		14,400		13,627
G-Resources Group, Ltd.		123,180		29,253
Genting Hong Kong, Ltd. (a) (b) (c)		327,000		3,247
Get Nice Financial Group, Ltd.		104,000		8,500
Giordano International, Ltd.		322,000		100,829
Glorious Sun Enterprises, Ltd.		393,000		38,640
Gold Finance Holdings, Ltd. (a) (b) (c)		214,000		0
Gold Peak Technology Group Ltd. (a)		277,714		19,111
Golden Resources Development International, Ltd.		264,000		24,975
Good Resources Holdings, Ltd. (a) (b) (c)		420,000		0
GR Properties, Ltd. (a)		82,000		9,835
Great Eagle Holdings, Ltd.		49,491		96,669
Guoco Group, Ltd.		1,000		7,402
Haitong International Securities Group, Ltd. (a)		680,117		58,386
Hang Lung Group, Ltd.		176,000		267,443
Hanison Construction Holdings, Ltd.		148,009		20,798
Harbour Centre Development, Ltd. (a)		88,000		81,644
HK Electric Investments & HK Electric Investments, Ltd.		60,000		35,921
HKBN, Ltd.		167,500		90,494
HKR International, Ltd.		343,680		88,994
Hong Kong—(Continued)
Hon Kwok Land Investment Co., Ltd.		140,000		35,375
Hong Kong Economic Times Holdings, Ltd.		50,000		7,338
Hong Kong Ferry Holdings Co., Ltd.		39,000		27,490
Hong Kong Technology Venture Co., Ltd, (d)		96,000		54,829
Hongkong & Shanghai Hotels (The) (a)		95,902		84,642
Hongkong Chinese, Ltd.		510,000		27,348
Hsin Chong Group Holdings, Ltd. (a) (b) (c)		918,000		0
Hung Hing Printing Group, Ltd.		252,000		32,841
Hutchison Port Holdings Trust		1,123,200		217,326
Hutchison Telecommunications Hong Kong Holdings, Ltd.		366,000		58,109
Hysan Development Co., Ltd.		149,000		364,356
Imagi International Holdings, Ltd. (a)		90,112		3,507
International Housewares Retail Co., Ltd.		105,000		39,151
IPE Group, Ltd. (a)		285,000		18,003
IRC, Ltd. (a)		936,000		11,036
ITC Properties Group, Ltd.		182,746		22,353
Jacobson Pharma Corp., Ltd.		90,000		11,033
Johnson Electric Holdings, Ltd.		88,873		113,794
K Wah International Holdings, Ltd.		172,000		55,149
Kader Holdings Co., Ltd. (a)		104,000		5,043
Karrie International Holdings, Ltd.		140,000		13,236
Keck Seng Investments Hong Kong, Ltd.		72,000		22,623
Kerry Logistics Network, Ltd.		88,500		104,660
Kerry Properties, Ltd.		127,000		263,352
Kingmaker Footwear Holdings, Ltd.		102,000		10,153
Kowloon Development Co., Ltd.		124,000		127,975
Lai Sun Development Co., Ltd. (a)		111,919		20,441
Lai Sun Garment International, Ltd. (a)		194,634		33,780
Lam Soon Hong Kong, Ltd.		15,000		17,764
Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		207,000		26,724
Lerthai Group (a) (b) (c)		18,000		0
Lippo China Resources, Ltd.		210,600		19,656
Lippo, Ltd. (a)		122,000		27,713
Liu Chong Hing Investment, Ltd.		78,000		59,170
Luk Fook Holdings International, Ltd.		81,000		207,837
Lung Kee Bermuda Holdings		90,000		22,434
Magnificent Hotel Investment, Ltd. (a)		1,310,000		19,124
Man Wah Holdings, Ltd.		240,800		161,375
Mandarin Oriental International, Ltd. (a)		67,000		110,482
Mason Group Holdings, Ltd. (a)		7,685,000		32,280
Matrix Holdings, Ltd.		36,000		10,337
Melco International Development, Ltd. (a)		105,000		97,819
MH Development, Ltd. (a) (b) (c)		124,000		0
Midland Holdings, Ltd. (a)		178,010		17,320
Miramar Hotel & Investment		51,000		75,305
Modern Dental Group, Ltd.		79,000		30,647
Nameson Holdings, Ltd.		130,000		8,206
National Electronic Holdings, Ltd.		182,600		18,875
Newocean Energy Holdings, Ltd. (a) (b) (c)		398,000		356
Nissin Foods Co., Ltd.		47,000		40,239
NWS Holdings, Ltd.		279,000		316,742
Oriental Watch Holdings		96,484		53,611
Oshidori International Holdings, Ltd. (a)		1,068,000		30,652
Pacific Andes International Holdings, Ltd. (a) (b) (c)		1,819,984		0
Pacific Basin Shipping, Ltd.		1,193,000		363,538
Pacific Century Premium Developments, Ltd. (a)		49,788		2,254

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Pacific Textiles Holdings, Ltd.		266,000	$	62,249
Paliburg Holdings, Ltd. (a) (b) (c)		208,000		42,092
Paradise Entertainment, Ltd. (a)		168,000		24,484
PC Partner Group, Ltd.		54,000		29,879
PCCW, Ltd.		576,582		299,145
Perfect Medical Health Management, Ltd.		108,000		53,684
Pico Far East Holdings, Ltd.		252,000		44,138
Playmates Holdings, Ltd.		460,000		36,957
PT International Development Co., Ltd. (a)		279,000		3,401
Public Financial Holdings, Ltd.		166,000		43,884
Realord Group Holdings, Ltd. (a)		20,000		15,855
Regal Hotels International Holdings, Ltd. (a)		126,000		53,062
Regina Miracle International Holdings, Ltd.		71,000		25,931
Samson Holding, Ltd.		146,000		4,379
SAS Dragon Holdings, Ltd.		140,000		57,887
SEA Holdings, Ltd.		63,896		14,678
Shangri-La Asia, Ltd. (a)		234,000		179,145
Shin Hwa World, Ltd. (a)		310,800		3,809
Shun Ho Property Investments, Ltd. (a)		21,615		3,172
Shun Tak Holdings, Ltd. (a)		379,500		59,689
Singamas Container Holdings, Ltd.		506,000		41,414
SmarTone Telecommunications Holdings, Ltd.		107,888		66,801
Soundwill Holdings, Ltd.		41,500		34,712
South China Holdings Co., Ltd. (a)		1,240,000		6,805
Stella International Holdings, Ltd.		141,000		133,310
Sun Hung Kai & Co., Ltd.		153,440		59,642
SUNeVision Holdings, Ltd.		176,000		90,052
TAI Cheung Holdings, Ltd.		192,000		90,046
Tan Chong International, Ltd.		63,000		13,668
Tao Heung Holdings, Ltd.		204,000		21,273
Television Broadcasts, Ltd. (a)		97,700		61,193
Texwinca Holdings, Ltd.		236,000		35,989
Tradelink Electronic Commerce, Ltd.		256,000		28,470
Transport International Holdings, Ltd.		65,760		83,177
United Laboratories International Holdings, Ltd. (The)		241,000		201,630
Up Energy Development Group Ltd. (a) (b) (c)		92,000		0
Upbest Group, Ltd.		16,000		1,164
Value Partners Group, Ltd. (d)		215,000		67,883
Valuetronics Holdings, Ltd.		89,790		35,930
Vedan International Holdings, Ltd. (a)		296,000		16,243
Vitasoy International Holdings, Ltd.		162,000		202,113
VPower Group International Holdings, Ltd. (a)		53,251		2,190
VSTECS Holdings, Ltd.		169,200		87,268
VTech Holdings, Ltd.		42,200		277,302
Wai Kee Holdings, Ltd. (a)		54,000		10,408
Wang On Group, Ltd. (a)		2,200,000		11,206
Wealthking Investments, Ltd. (a)		284,000		11,011
Wing On Co. International, Ltd.		46,000		76,314
Wing Tai Properties, Ltd.		176,000		74,344
Yue Yuen Industrial Holdings, Ltd.		164,000		213,996
Yunfeng Financial Group, Ltd. (a)		34,000		5,247
Zhaobangji Properties Holdings, Ltd. (a)		184,000		8,350
				10,286,343
India—0.0%
Rhi Magnesita NV		3,120		105,245
Ireland—0.6%
Bank of Ireland Group plc		154,032		1,471,630
C&C Group plc (d)		120,783		192,351
Cairn Homes plc		89,136		112,788
COSMO Pharmaceuticals NV		1,257		63,533
Dalata Hotel Group plc (a)		23,703		119,927
FBD Holdings plc		9,980		138,807
Glanbia plc		33,742		504,805
Glenveagh Properties plc (a)		61,605		75,268
Greencore Group plc (a)		159,206		147,800
Hostelworld Group plc (a)		16,696		26,961
Irish Continental Group plc		22,005		112,217
Permanent TSB Group Holdings plc (a)		15,086		36,549
				3,002,636
Isle of Man—0.0%
Hansard Global plc		2,566		1,496
Strix Group plc (d)		23,629		30,800
				32,296
Israel—1.2%
Abra Information Technologies, Ltd. (a)		7,868		7,085
Adgar Investment and Development, Ltd.		11,788		13,585
Afcon Holdings, Ltd. (a)		771		16,330
AFI Properties, Ltd. (a)		3,584		133,450
Africa Israel Residences, Ltd.		880		42,353
Airport City, Ltd. (a)		1		7
Allot, Ltd. (a)		10,216		30,810
Alrov Properties and Lodgings, Ltd.		2,314		105,476
Arad, Ltd.		2,224		34,628
AudioCodes, Ltd.		5,714		52,166
Aura Investments, Ltd.		3,293		5,991
Avgol Industries 1953, Ltd. (a)		27,883		10,995
Azorim-Investment Development & Construction Co., Ltd. (a)		23,193		70,720
Bet Shemesh Engines Holdings 1997 Ltd. (a)		2,139		57,549
Blue Square Real Estate, Ltd.		1,325		76,865
Camtek, Ltd. (a)		810		28,367
Carasso Motors, Ltd.		5,984		26,742
Cellcom Israel, Ltd. (a)		24,928		86,283
Ceragon Networks, Ltd. (a)		14,799		31,078
Clal Insurance Enterprises Holdings, Ltd. (a)		10,582		164,913
Compugen, Ltd. (a)		1,588		1,795
Danel Adir Yeoshua, Ltd.		1,759		124,953
Delek Automotive Systems, Ltd.		12,832		98,370
Delta Galil, Ltd.		3,185		124,763
Dor Alon Energy in Israel 1988, Ltd.		2,364		43,843
Electra Consumer Products 1970, Ltd.		1,793		44,544
Electra Real Estate, Ltd.		6,750		77,236
Equital, Ltd. (a)		5,754		161,708
FMS Enterprises Migun, Ltd.		1,295		41,296
Formula Systems 1985, Ltd.		2,715		200,068
Fox Wizel, Ltd.		1,176		96,484

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Israel—(Continued)
Gav-Yam Lands Corp., Ltd.		18,811	$	132,561
Gilat Satellite Networks, Ltd. (a)		9,844		59,968
Globrands, Ltd.		93		9,967
Hilan, Ltd.		3,895		192,678
IDI Insurance Co., Ltd.		2,662		60,336
IES Holdings, Ltd. (a)		569		41,834
Ilex Medical, Ltd.		959		17,884
Inrom Construction Industries, Ltd.		22,474		77,736
Isracard, Ltd.		22,812		95,188
Israel Canada T.R., Ltd.		30,064		69,657
Israel Land Development Co., Ltd. (The)		3,950		31,038
Isras Investment Co., Ltd.		541		99,741
Issta, Ltd.		1,175		24,867
Kamada, Ltd. (a)		7,951		41,972
Kerur Holdings, Ltd.		2,088		45,742
Klil Industries, Ltd.		315		16,079
Lahav L.R. Real Estate, Ltd.		7,734		7,194
Levinstein Properties, Ltd.		1,208		24,777
M Yochananof & Sons, Ltd.		586		26,053
Magic Software Enterprises, Ltd.		5,909		77,525
Malam - Team, Ltd.		2,688		46,421
Matrix IT, Ltd.		6,643		135,638
Maytronics, Ltd.		1		7
Mediterranean Towers, Ltd.		28,011		61,135
Mega Or Holdings, Ltd.		4,941		102,616
Mehadrin, Ltd. (a)		108		3,664
Meitav Investment House, Ltd. (a)		10,041		35,736
Menora Mivtachim Holdings, Ltd.		7,897		167,576
Migdal Insurance & Financial Holding, Ltd.		56,284		68,568
Mivtach Shamir Holdings, Ltd. (a)		1,966		47,772
Mizrahi Tefahot Bank, Ltd.		1		31
Naphtha Israel Petroleum Corp., Ltd.		12,347		51,419
Nawi Brothers, Ltd.		4,888		33,124
Neto Malinda Trading, Ltd. (a)		783		14,259
Neto ME Holdings, Ltd. (a)		788		18,672
Novolog, Ltd.		43,939		21,298
Oil Refineries, Ltd.		418,554		119,695
One Software Technologies, Ltd.		9,000		121,437
Partner Communications Co., Ltd. (a)		33,663		132,711
Paz Oil Co., Ltd. (a)		2,185		234,849
Perion Network, Ltd. (a)		7,105		222,733
Plasson Industries, Ltd.		1,078		46,293
Plus500, Ltd.		25,321		471,161
Prashkovsky Investments and Construction, Ltd.		569		13,861
Priortech, Ltd. (a)		2,244		44,918
Rami Levi Chain Stores Hashikma Marketing, Ltd.		2,198		130,042
Sano-Brunos Enterprises, Ltd.		46		2,722
Scope Metals Group, Ltd. (a)		1,844		66,909
Summit Real Estate Holdings, Ltd.		8,001		102,998
Suny Cellular Communication, Ltd.		16,495		6,413
Tadiran Group, Ltd.		855		65,257
Tel Aviv Stock Exchange, Ltd. (a)		12,781		65,985
Telsys, Ltd.		402		26,826
Tera Light, Ltd. (a)		8,846		12,674
Tremor International, Ltd. (ADR) (a) (d)		7,429		53,489
Victory Supermarket Chain, Ltd.		589		5,778
Israel—(Continued)
YH Dimri Construction & Development, Ltd.		1,750		108,621
				6,026,558
Italy—4.0%
A2A S.p.A.		383,540		702,608
ACEA S.p.A.		12,264		160,420
Aeffe S.p.A. (a) (d)		11,359		14,557
Anima Holding S.p.A. (d)		64,158		239,227
Aquafil S.p.A.		3,537		14,537
Ariston Holding NV		3,301		34,930
Arnoldo Mondadori Editore S.p.A.		41,344		90,454
Ascopiave S.p.A.		19,908		51,255
Avio S.p.A. (a) (d)		6,077		61,901
Azimut Holding S.p.A. (d)		28,124		607,947
Banca Farmafactoring S.p.A.		8,632		94,626
Banca Generali S.p.A.		15,246		525,462
Banca IFIS S.p.A.		7,714		123,721
Banca Mediolanum S.p.A.		37,002		335,477
Banca Popolare di Sondrio S.p.A.		137,290		573,783
Banca Profilo S.p.A. (a) (d)		117,883		26,915
Banca Sistema S.p.A.		13,168		17,301
Banco BPM S.p.A.		456,529		2,125,465
Banco di Desio e della Brianza S.p.A.		20,306		73,705
BPER Banca		310,312		945,972
Brembo S.p.A.		35,796		531,161
Brunello Cucinelli S.p.A.		9,914		874,100
Buzzi Unicem S.p.A.		25,101		629,544
Cairo Communication S.p.A.		19,722		35,618
Carel Industries S.p.A.		6,872		207,253
Cementir Holding NV		14,671		118,860
CIR SpA-Compagnie Industriali (a)		216,377		89,442
Credito Emiliano S.p.A.		23,832		186,063
d’Amico International Shipping S.A.		11,515		44,716
Danieli & C Officine Meccaniche S.p.A. (d)		3,431		82,172
De’Longhi S.p.A.		17,430		381,496
doValue S.p.A.		7,705		35,639
El.En. S.p.A.		1,963		23,572
Elica S.p.A.		11,044		33,043
Emak S.p.A. (d)		23,063		26,253
Enav S.p.A.		38,399		163,996
ERG S.p.A.		3,712		109,387
Esprinet S.p.A.		9,278		56,446
Eurotech S.p.A. (a) (d)		10,078		30,854
Fila S.p.A.		3,057		26,272
Fincantieri S.p.A. (a) (d)		93,136		51,833
FNM S.p.A.		55,327		26,586
Geox S.p.A. (a) (d)		34,378		32,615
Gruppo MutuiOnline S.p.A. (a)		7,906		266,135
Hera S.p.A.		222,837		662,595
IMMSI S.p.A.		51,196		27,463
Interpump Group S.p.A.		15,233		847,224
Iren S.p.A.		217,068		403,382
Italgas S.p.A. (d)		126,621		749,982
Italmobiliare S.p.A.		4,207		115,108
Iveco Group NV (a)		36,512		329,804
IVS Group S.A.		7,886		41,811

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
KME Group S.p.A. (a) (d)		67,020	$	71,153
Leonardo S.p.A.		107,918		1,226,099
LU-VE S.p.A.		1,991		66,704
Maire Tecnimont S.p.A. (d)		42,334		164,026
Openjobmetis S.p.A. agenzia per il lavoro		1,209		11,638
OVS S.p.A.		72,276		200,760
Pharmanutra S.p.A.		826		54,737
Piaggio & C S.p.A.		60,717		252,251
Pirelli & C S.p.A. (a)		96,017		475,442
RAI Way S.p.A.		24,727		148,754
Reply S.p.A.		5,783		656,693
Rizzoli Corriere Della Sera Mediagroup S.p.A.		39,016		31,050
Sabaf S.p.A. (a)		3,059		47,686
SAES Getters S.p.A. (d)		1,173		36,314
Safilo Group S.p.A. (a)		12,212		16,590
Salvatore Ferragamo S.p.A. (d)		10,353		170,565
Sanlorenzo SpA		813		34,939
Saras S.p.A. (d)		169,450		210,315
Sesa S.p.A.		2,065		257,745
Sogefi S.p.A. (a)		24,822		33,103
SOL S.p.A.		11,001		317,786
Spaxs SpA (d)		12,140		84,297
Tamburi Investment Partners S.p.A.		24,878		251,107
Technogym S.p.A.		31,905		295,684
Technoprobe S.p.A. (a)		25,374		200,638
Telecom Italia S.p.A. (a) (d)		1,267,708		357,430
Tinexta S.p.A.		4,084		75,151
TXT e-solutions S.p.A. (d)		2,997		73,213
Uni Land S.p.A. (a) (b) (c)		4,937		0
Unieuro S.p.A. (d)		3,192		34,476
Unipol Gruppo S.p.A.		98,029		524,443
UnipolSai Assicurazioni S.p.A. (d)		48,949		121,487
Webuild S.p.A.		70,140		132,563
Zignago Vetro S.p.A.		6,769		115,599
				20,811,126
Japan—24.1%
&Do Holdings Co., Ltd. (d)		1,400		11,493
77 Bank, Ltd. (The)		13,300		238,268
A&D HOLON Holdings Co., Ltd.		6,000		74,953
A/S One Corp.		6,700		265,656
Access Co., Ltd. (a)		2,300		15,845
Achilles Corp.		3,700		37,160
Ad-sol Nissin Corp.		1,900		22,573
Adastria Co., Ltd.		6,340		135,363
ADEKA Corp.		22,300		426,626
Adtec Plasma Technology Co., Ltd.		600		6,105
Advan Group Co., Ltd.		6,700		43,181
Advance Create Co., Ltd.		1,600		13,484
Advanced Media, Inc. (d)		1,200		17,478
Adventure, Inc. (d)		600		41,178
Aeon Delight Co., Ltd.		6,200		132,396
Aeon Fantasy Co., Ltd.		2,400		53,353
AEON Financial Service Co., Ltd.		9,300		83,224
Aeon Hokkaido Corp.		4,800		29,054
Aeon Kyushu Co. Ltd.		600		9,885
Japan—(Continued)
Aeria, Inc. (a) (d)		2,200		6,194
AFC-HD AMS Life Science Co., Ltd.		1,900		10,689
Agro-Kanesho Co., Ltd.		1,000		11,926
Ahresty Corp.		9,200		44,345
Ai Holdings Corp.		10,200		164,687
Aica Kogyo Co., Ltd.		13,000		286,176
Aichi Corp.		9,000		54,770
Aichi Financial Group, Inc.		12,558		203,819
Aichi Steel Corp.		3,200		68,169
Aichi Tokei Denki Co., Ltd.		3,000		31,529
Aida Engineering, Ltd.		13,300		87,182
Aiful Corp.		51,900		121,134
Ain Holdings, Inc.		5,700		200,789
Ainavo Holdings Co., Ltd.		1,100		9,285
Aiphone Co., Ltd.		3,000		50,323
Airport Facilities Co., Ltd.		7,500		28,673
Airtrip Corp.		2,500		48,766
Aisan Industry Co., Ltd.		8,700		71,178
AIT Corp.		1,600		20,763
Aizawa Securities Group Co., Ltd.		6,800		37,653
Ajis Co., Ltd.		500		8,290
Akatsuki Corp.		8,100		20,476
Akatsuki, Inc.		2,100		29,809
Akebono Brake Industry Co., Ltd. (a)		17,400		17,081
Akita Bank, Ltd. (The)		4,100		47,848
Albis Co., Ltd.		1,600		26,732
Alconix Corp.		6,400		61,220
Alinco, Inc.		4,600		32,023
Alleanza Holdings Co., Ltd.		1,400		9,657
Alpen Co., Ltd. (d)		4,800		65,944
Alpha Corp.		2,200		19,696
AlphaPolis Co., Ltd. (a)		400		7,775
Alps Alpine Co., Ltd.		27,600		240,800
Alps Logistics Co., Ltd.		4,800		53,912
Altech Corp. (d)		4,520		94,047
Amano Corp.		14,400		304,182
Amiyaki Tei Co., Ltd.		1,100		27,871
Amuse, Inc.		2,800		35,178
Amvis Holdings, Inc.		3,700		84,207
Anabuki Kosan, Inc. (d)		800		12,067
Anest Iwata Corp.		10,400		85,822
AnGes, Inc. (a) (d)		13,200		10,248
Anicom Holdings, Inc.		15,600		68,309
Anritsu Corp.		39,400		334,286
AOI Electronics Co., Ltd.		1,100		14,091
AOKI Holdings, Inc.		9,300		56,890
Aoyama Trading Co., Ltd.		10,400		95,746
Aoyama Zaisan Networks Co., Ltd. (d)		2,800		19,575
Aozora Bank, Ltd. (d)		9,400		175,513
Apaman Co., Ltd.		2,100		6,714
Arakawa Chemical Industries, Ltd.		4,600		31,958
Arata Corp.		3,800		124,342
Arcland Service Holdings Co., Ltd.		4,000		81,136
ARCLANDS Corp.		2,200		24,075
Arcs Co., Ltd.		11,464		196,214
Arealink Co., Ltd.		3,100		53,399
Argo Graphics, Inc.		4,800		130,627

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Arisawa Manufacturing Co., Ltd. (d)		9,400	$	72,648
ARTERIA Networks Corp.		4,700		64,371
Artiza Networks, Inc.		1,800		12,041
Artnature, Inc.		5,000		26,476
Aruhi Corp.		2,000		13,760
Asahi Broadcasting Group Holdings Corp.		2,400		11,042
Asahi Co., Ltd.		4,500		40,657
Asahi Diamond Industrial Co., Ltd.		15,700		95,026
Asahi Holdings, Inc.		20,000		270,029
Asahi Intelligence Service Co., Ltd.		100		860
Asahi Kogyosha Co., Ltd.		2,400		40,718
Asahi Net, Inc.		5,000		22,127
Asahi Printing Co., Ltd.		400		2,347
ASAHI YUKIZAI Corp.		3,900		119,032
Asahipen Corp.		400		4,891
Asanuma Corp.		3,900		88,628
Asax Co., Ltd.		3,200		14,278
Ascentech K.K.		1,400		6,199
Ashimori Industry Co., Ltd.		1,600		22,057
Asia Pile Holdings Corp.		3,800		16,335
ASKA Pharmaceutical Holdings Co., Ltd.		6,200		62,284
ASKUL Corp.		9,200		128,431
Astena Holdings Co., Ltd.		9,000		27,972
Atsugi Co., Ltd. (a)		6,100		17,839
Aucnet, Inc.		2,700		32,048
Autobacs Seven Co., Ltd.		19,200		204,241
Avant Group Corp.		5,800		57,105
Avantia Co., Ltd.		3,000		18,109
Avex, Inc.		7,600		79,862
Awa Bank, Ltd. (The)		9,600		133,252
Axial Retailing, Inc.		5,100		128,480
Axyz Co., Ltd.		500		10,524
AZ-COM Maruwa Holdings, Inc.		7,400		99,664
Bando Chemical Industries, Ltd.		9,100		91,571
Bank of Iwate, Ltd. (The)		3,700		53,005
Bank of Kochi, Ltd. (The)		1,600		8,003
Bank of Nagoya, Ltd. (The)		2,500		57,858
Bank of Saga, Ltd. (The)		4,300		49,851
Bank of the Ryukyus, Ltd.		12,400		79,152
Base Co., Ltd.		600		23,930
Beauty Garage, Inc.		800		24,484
Belc Co., Ltd.		2,800		124,888
Bell System24 Holdings, Inc. (a)		8,200		77,612
Belluna Co., Ltd.		14,700		72,734
Benesse Holdings, Inc.		16,500		211,012
Bengo4.com, Inc. (a) (d)		1,400		37,251
Bic Camera, Inc.		18,000		133,704
Bike O & Co., Ltd. (d)		1,600		9,081
BML, Inc.		6,100		122,924
Bookoff Group Holdings, Ltd. (d)		3,500		30,041
Bourbon Corp.		2,100		30,915
BP Castrol KK		2,600		15,870
Br Holdings Corp.		7,400		20,193
BrainPad, Inc.		3,300		22,507
Bull-Dog Sauce Co., Ltd. (d)		1,200		16,447
Bunka Shutter Co., Ltd.		13,200		101,872
Business Brain Showa-Ota, Inc.		2,600		41,859
Japan—(Continued)
Business Engineering Corp.		800		18,772
BuySell Technologies Co., Ltd. (d)		400		15,127
C Uyemura & Co., Ltd.		3,100		177,098
C.I. Takiron Corp.		13,600		54,412
CAC Holdings Corp.		4,400		52,509
Canare Electric Co., Ltd.		800		7,652
Canon Electronics, Inc.		6,000		84,441
Careerlink Co., Ltd.		1,000		21,321
Carenet, Inc. (d)		3,600		23,596
Carlit Holdings Co., Ltd.		7,300		42,170
Carta Holdings, Inc. (d)		900		7,722
Casa, Inc.		1,000		6,323
Casio Computer Co., Ltd.		3,800		30,860
Cawachi, Ltd.		4,000		61,082
CDS Co., Ltd.		700		8,691
CellSource Co., Ltd. (a) (d)		600		11,643
Celsys ,Inc.		6,900		35,899
Central Automotive Products, Ltd.		3,000		66,280
Central Glass Co., Ltd.		6,400		137,721
Central Security Patrols Co., Ltd.		2,300		45,182
Central Sports Co., Ltd.		2,400		39,976
Ceres, Inc. (d)		1,600		11,604
Change Holdings, Inc. (d)		5,500		87,351
Charm Care Corp.		3,800		34,324
Chiba Kogyo Bank, Ltd. (The)		9,300		40,659
Chilled & Frozen Logistics Holdings Co., Ltd.		2,800		24,632
Chino Corp.		2,700		46,417
Chiyoda Co., Ltd.		5,800		35,983
Chiyoda Corp. (a) (d)		38,700		95,726
Chiyoda Integre Co., Ltd.		2,500		41,913
Chofu Seisakusho Co., Ltd.		5,100		88,738
Chori Co., Ltd.		3,600		74,336
Chubu Shiryo Co., Ltd.		6,800		49,944
Chudenko Corp.		6,600		105,715
Chuetsu Pulp & Paper Co., Ltd.		1,900		17,883
Chugai Ro Co., Ltd.		1,400		20,240
Chugin Financial Group, Inc.		36,700		221,671
Chugoku Electric Power Co., Inc. (The) (a)		34,400		232,133
Chugoku Marine Paints, Ltd.		9,800		82,842
Chuo Gyorui Co., Ltd.		200		4,179
Chuo Spring Co., Ltd.		4,300		20,983
Citizen Watch Co., Ltd.		63,400		382,846
CKD Corp.		9,700		159,376
Cleanup Corp.		7,300		37,570
CMIC Holdings Co., Ltd.		3,100		41,665
CMK Corp.		15,500		60,197
COLOPL, Inc.		7,200		32,594
Colowide Co., Ltd. (d)		19,300		273,582
Como Co., Ltd.		400		7,542
Computer Engineering & Consulting, Ltd.		1,500		18,849
Computer Institute of Japan, Ltd.		8,160		35,128
Comture Corp.		5,900		85,315
Core Corp.		2,500		30,657
Corona Corp.		4,400		27,689
Cosel Co., Ltd.		8,100		70,607
Cosmos Initia Co., Ltd.		3,500		14,839
Cota Co., Ltd.		5,473		62,505

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
CRE, Inc.		2,100	$	20,038
Create Medic Co., Ltd.		1,800		11,232
Create Restaurants Holdings, Inc.		29,400		199,621
Create SD Holdings Co., Ltd.		5,600		138,233
Credit Saison Co., Ltd.		6,800		104,702
Creek & River Co., Ltd.		2,700		36,950
Cresco, Ltd.		4,000		58,879
Cross Cat Co., Ltd.		1,400		11,786
CTI Engineering Co., Ltd.		2,900		74,250
CTS Co., Ltd.		7,700		39,565
Cube System, Inc.		2,500		21,613
Curves Holdings Co., Ltd.		13,000		67,927
Cyber Com Co., Ltd.		1,100		11,093
Cybozu, Inc.		5,300		86,678
Dai Nippon Toryo Co., Ltd.		6,000		38,378
Dai-Dan Co., Ltd.		3,900		74,057
Daicel Corp.		19,000		170,496
Daido Kogyo Co., Ltd.		2,000		10,311
Daido Metal Co., Ltd.		13,400		45,862
Daido Steel Co., Ltd.		6,900		288,489
Daihatsu Diesel Manufacturing Co., Ltd.		6,700		33,759
Daihen Corp.		5,600		216,960
Daiho Corp.		1,900		51,228
Daiichi Jitsugyo Co., Ltd.		2,000		79,014
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		5,000		34,042
Daiichikosho Co., Ltd.		4,500		79,379
Daiken Corp.		3,400		54,253
Daiken Medical Co., Ltd.		4,400		16,039
Daiki Aluminium Industry Co., Ltd.		7,000		68,142
Daiki Axis Co., Ltd. (d)		1,300		6,478
Daiko Denshi Tsushin, Ltd.		1,300		5,180
Daikoku Denki Co., Ltd.		2,700		74,124
Daikokutenbussan Co., Ltd. (d)		1,300		48,191
Daikyonishikawa Corp.		11,600		64,022
Dainichi Co., Ltd.		4,100		20,617
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		4,000		58,395
Daio Paper Corp.		16,200		127,624
Daiseki Co., Ltd.		12,839		362,163
Daishi Hokuetsu Financial Group, Inc.		9,700		210,742
Daishinku Corp.		7,400		33,577
Daisue Construction Co., Ltd.		2,300		21,893
Daito Bank, Ltd. (The)		1,400		6,129
Daito Pharmaceutical Co., Ltd.		3,960		63,052
Daitron Co., Ltd.		2,400		50,786
Daiwa Industries, Ltd.		7,700		74,303
Daiwabo Holdings Co., Ltd.		23,700		459,425
DCM Holdings Co., Ltd.		28,700		243,508
Dear Life Co., Ltd.		7,500		42,461
Delica Foods Holdings Co., Ltd.		600		2,489
DeNA Co., Ltd.		19,200		249,971
Denka Co., Ltd.		9,100		172,025
Densan System Holdings Co., Ltd.		1,700		38,866
Denyo Co., Ltd.		4,800		68,926
Dexerials Corp.		15,300		336,012
DIC Corp.		14,500		264,110
Digital Arts, Inc.		2,900		117,950
Digital Garage, Inc.		700		18,741
Japan—(Continued)
Digital Hearts Holdings Co. Ltd.		2,600		23,181
Digital Holdings, Inc.		2,100		15,145
Digital Information Technologies Corp.		2,100		23,374
Dip Corp.		9,500		237,417
Direct Marketing MiX, Inc.		3,000		17,957
DKK Co., Ltd.		2,600		40,138
DKS Co., Ltd.		2,800		34,429
DMG Mori Co., Ltd. (d)		31,300		546,443
DMW Corp.		700		17,619
Doshisha Co., Ltd.		6,600		106,461
Double Standard, Inc.		1,400		25,706
Doutor Nichires Holdings Co., Ltd.		7,600		111,271
Dowa Holdings Co., Ltd.		5,700		180,826
Drecom Co., Ltd. (d)		2,700		13,855
DTS Corp.		10,700		252,857
Duskin Co., Ltd.		11,400		254,797
DyDo Group Holdings, Inc. (d)		2,700		94,515
E-Guardian, Inc.		2,400		33,671
Eagle Industry Co., Ltd.		7,800		95,189
Earth Corp.		300		10,569
EAT&Holdings Co., Ltd.		1,400		21,099
Ebara Foods Industry, Inc.		700		14,321
Ebara Jitsugyo Co., Ltd.		3,000		63,257
Ebase Co., Ltd.		4,800		25,502
Eco’s Co., Ltd.		2,100		27,803
EDION Corp.		20,200		204,131
EF-ON, Inc.		6,100		24,001
eGuarantee, Inc.		8,200		109,540
Ehime Bank, Ltd. (The)		9,800		55,049
Eidai Co., Ltd.		10,000		14,948
Eiken Chemical Co., Ltd.		7,500		80,386
Eizo Corp.		4,400		145,234
Elan Corp.		8,200		49,919
Elecom Co., Ltd.		11,700		118,005
Elematec Corp.		4,700		59,839
EM Systems Co., Ltd.		3,500		19,365
en-japan, Inc.		8,300		143,814
Endo Lighting Corp.		2,600		22,923
Enplas Corp.		1,700		69,303
Entrust, Inc.		1,500		9,835
eRex Co., Ltd.		8,000		63,027
ES-Con Japan, Ltd.		6,700		38,441
Eslead Corp.		2,000		36,135
ESPEC Corp.		5,700		90,797
Exedy Corp.		7,700		129,971
EXEO Group, Inc.		15,200		305,766
Ezaki Glico Co., Ltd. (d)		13,000		340,339
F&M Co., Ltd.		1,600		28,423
F-Tech, Inc.		6,000		39,077
Faith, Inc.		2,680		9,593
FALCO HOLDINGS Co., Ltd.		2,300		30,269
FCC Co., Ltd.		9,200		120,023
FDK Corp. (a) (d)		3,600		22,074
Feed One Co., Ltd.		8,276		41,509
Ferrotec Holdings Corp.		11,700		297,094
Fibergate, Inc.		1,800		18,714
FIDEA Holdings Co., Ltd.		5,050		48,257

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Financial Partners Group Co., Ltd.		1,500	$	13,308
FINDEX, Inc.		3,900		17,568
First Bank of Toyama, Ltd. (The)		10,700		55,412
First Brothers Co., Ltd. (d)		900		5,837
First Juken Co., Ltd.		1,600		12,241
First-corp, Inc.		1,600		8,699
Fixstars Corp.		4,100		43,333
FJ Next Holdings Co., Ltd.		3,800		26,599
Focus Systems Corp.		2,900		21,292
Forval Corp.		1,900		14,452
Foster Electric Co., Ltd.		7,400		48,291
FP Corp.		3,600		73,355
France Bed Holdings Co., Ltd.		7,900		63,523
FreakOut Holdings, Inc. (a)		800		6,652
Freebit Co., Ltd.		2,100		20,669
Freund Corp.		2,400		10,787
FTGroup Co., Ltd.		1,500		11,243
Fudo Tetra Corp.		4,130		52,657
Fuji Corp.		16,500		292,810
Fuji Corp., Ltd.		8,600		40,470
Fuji Corp/Miyagi		2,300		26,610
Fuji Kyuko Co., Ltd.		5,300		203,808
Fuji Media Holdings, Inc.		8,400		88,259
Fuji Oil Co., Ltd.		21,100		40,119
Fuji Oil Holdings, Inc.		10,600		146,790
Fuji Pharma Co., Ltd.		4,600		37,195
Fuji Seal International, Inc.		12,100		128,166
Fuji Soft, Inc. (d)		2,800		90,008
Fujibo Holdings, Inc.		2,800		62,039
Fujicco Co., Ltd.		5,700		74,593
Fujikura Composites, Inc.		5,800		39,607
Fujikura Kasei Co., Ltd.		9,500		30,343
Fujikura, Ltd.		30,700		257,962
Fujimi, Inc.		9,900		244,621
Fujimori Kogyo Co., Ltd.		4,400		109,879
Fujisash Co., Ltd.		24,500		14,963
Fujishoji Co., Ltd.		1,300		13,940
Fujiya Co., Ltd.		3,300		56,584
FuKoKu Co., Ltd.		5,100		49,662
Fukuda Corp.		1,700		57,484
Fukuda Denshi Co., Ltd.		4,200		136,788
Fukui Bank, Ltd. (The)		5,400		54,343
Fukui Computer Holdings, Inc.		2,700		52,470
Fukushima Bank, Ltd. (The)		11,200		16,654
Fukushima Galilei Co., Ltd.		3,800		142,082
Fukuyama Transporting Co., Ltd.		3,200		89,295
FULLCAST Holdings Co., Ltd.		5,400		82,375
Funai Soken Holdings, Inc.		10,370		184,161
Furukawa Battery Co., Ltd. (The)		5,000		36,306
Furukawa Co., Ltd.		8,800		95,899
Furukawa Electric Co., Ltd.		17,300		306,483
Furuno Electric Co., Ltd.		6,900		51,079
Furuya Metal Co., Ltd. (d)		1,100		91,480
Furyu Corp.		4,300		39,490
Fuso Chemical Co., Ltd.		4,600		144,714
Fuso Pharmaceutical Industries, Ltd.		2,600		36,222
Futaba Corp.		10,200		34,165
Japan—(Continued)
Futaba Industrial Co., Ltd.		16,400		60,462
Future Corp.		11,200		133,519
Fuyo General Lease Co., Ltd.		4,600		354,317
G-7 Holdings, Inc.		5,800		53,030
G-Tekt Corp.		6,500		78,101
Gakken Holdings Co., Ltd.		6,400		38,487
Gakkyusha Co., Ltd.		2,800		40,870
Gecoss Corp.		4,600		27,980
Genki Sushi Co., Ltd. (d)		1,600		37,435
Genky DrugStores Co., Ltd.		2,400		73,524
Geo Holdings Corp.		6,000		76,521
Gift Holdings, Inc.		800		27,460
GL Sciences, Inc.		1,300		21,794
GLOBERIDE, Inc.		5,200		82,061
Glory, Ltd.		12,000		241,401
GMO Financial Gate, Inc.		400		32,297
GMO Financial Holdings, Inc.		8,000		38,958
GMO GlobalSign Holdings K.K.		1,000		21,908
GMO internet group, Inc.		2,600		49,860
GMO Pepabo, Inc.		700		8,767
Godo Steel, Ltd.		2,300		58,783
Goldcrest Co., Ltd.		3,830		47,831
Golf Digest Online, Inc.		900		5,192
Good Com Asset Co., Ltd.		3,200		18,714
Grandy House Corp.		3,600		14,547
gremz, Inc.		900		18,609
GS Yuasa Corp.		15,900		312,320
GSI Creos Corp.		2,800		39,918
Gun-Ei Chemical Industry Co., Ltd.		1,800		36,242
GungHo Online Entertainment, Inc.		10,500		206,478
Gunma Bank, Ltd. (The)		84,400		311,861
Gunze, Ltd.		3,700		114,292
H-One Co., Ltd.		6,000		31,209
H.U. Group Holdings, Inc.		14,400		275,321
H2O Retailing Corp.		22,000		224,505
HABA Laboratories, Inc.		700		11,614
Hachijuni Bank, Ltd. (The)		47,990		209,331
Hagihara Industries, Inc.		4,000		39,698
Hagiwara Electric Holdings Co., Ltd. - Class C		2,400		56,960
Hakudo Co., Ltd.		2,400		39,125
Hakuto Co., Ltd.		3,100		120,273
Halows Co., Ltd.		2,100		56,854
Hamakyorex Co., Ltd.		4,600		122,795
Hamee Corp.		1,800		13,159
Handsman Co., Ltd.		800		5,760
Hanwa Co., Ltd.		8,400		265,681
Happinet Corp.		4,100		63,255
Hard Off Corp. Co., Ltd.		3,700		37,034
Harima Chemicals Group, Inc.		4,300		26,307
Hashimoto Sogyo Holdings Co. Ltd.		1,400		12,302
Hazama Ando Corp. (d)		47,490		354,932
Heiwa Corp.		15,000		261,246
Heiwa Real Estate Co., Ltd.		5,700		150,760
Heiwado Co., Ltd.		7,500		112,249
Hennge KK (a)		600		3,807
HI-LEX Corp.		5,500		45,823
Hibiya Engineering, Ltd.		5,100		78,467

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Himaraya Co., Ltd.		2,600	$	17,264
Hioki EE Corp. (d)		2,600		169,621
Hirakawa Hewtech Corp.		2,000		22,157
Hirano Tecseed Co., Ltd. (d)		1,300		19,421
Hirata Corp.		1,000		59,705
Hirogin Holdings, Inc.		61,700		351,749
Hirose Tusyo, Inc.		300		6,176
Hiroshima Electric Railway Co., Ltd.		1,500		8,401
Hiroshima Gas Co., Ltd.		7,000		18,431
Hisaka Works, Ltd.		5,500		34,991
Hitachi Zosen Corp.		44,700		296,714
Hito Communications Holdings, Inc.		1,700		18,328
Hochiki Corp.		4,600		57,366
Hodogaya Chemical Co., Ltd.		1,800		43,245
Hogy Medical Co., Ltd. (d)		3,700		81,801
Hokkaido Electric Power Co., Inc. (a)		50,700		208,853
Hokkaido Gas Co., Ltd.		3,900		63,837
Hokkan Holdings, Ltd.		3,300		31,781
Hokko Chemical Industry Co., Ltd.		4,800		33,764
Hokkoku Financial Holdings, Inc.		6,000		173,885
Hokuetsu Corp. (d)		29,900		180,696
Hokuetsu Industries Co., Ltd.		5,900		57,847
Hokuhoku Financial Group, Inc.		27,600		221,960
Hokuriku Electric Industry Co., Ltd.		2,800		24,305
Hokuriku Electric Power Co. (a)		47,000		253,387
Hokuriku Electrical Construction Co., Ltd.		3,600		23,636
Hokuriku Gas Co., Ltd.		1,000		21,377
Hokuto Corp.		6,300		80,170
Honeys Holdings Co., Ltd.		4,630		56,958
Honma Golf, Ltd.		27,000		11,324
Hoosiers Holdings Co., Ltd.		8,000		55,756
Horiba, Ltd.		3,500		201,070
Hoshi Iryo-Sanki Co., Ltd.		300		8,539
Hosiden Corp.		12,700		159,445
Hosokawa Micron Corp.		3,600		87,939
Hotland Co., Ltd. (d)		3,200		37,433
Hotto Link, Inc. (a)		800		1,853
House Foods Group, Inc.		2,400		53,472
Howa Machinery, Ltd.		4,400		24,815
HS Holdings Co., Ltd.		5,000		34,467
Hyakugo Bank, Ltd. (The)		53,100		155,214
Hyakujushi Bank, Ltd. (The)		5,800		75,044
I’ll, Inc.		900		18,663
I’rom Group Co., Ltd. (d)		2,700		36,938
i-mobile Co., Ltd.		1,800		15,343
I-NE Co., Ltd. (a)		800		15,325
I-Net Corp.		3,520		40,390
I-PEX, Inc.		3,100		29,031
IBJ, Inc.		4,900		22,766
Ichigo, Inc.		10,400		19,980
Ichiken Co., Ltd.		1,800		24,461
Ichikoh Industries, Ltd.		9,000		34,235
Ichimasa Kamaboko Co., Ltd. (d)		1,100		5,714
ICHINEN HOLDINGS Co., Ltd.		5,200		48,979
Ichiyoshi Securities Co., Ltd.		10,100		42,557
Icom, Inc.		2,000		40,401
ID Holdings Corp.		3,899		34,896
Japan—(Continued)
Idec Corp.		7,500		173,216
IDOM, Inc.		17,200		105,106
Iino Kaiun Kaisha, Ltd.		23,200		137,293
IJTT Co., Ltd.		9,000		36,606
Imagica Group, Inc.		4,500		21,332
Imasen Electric Industrial		2,000		8,585
Imuraya Group Co., Ltd. (d)		2,900		45,199
Inaba Denki Sangyo Co., Ltd.		14,000		319,832
Inaba Seisakusho Co., Ltd.		3,200		36,411
Inabata & Co., Ltd.		11,700		263,601
Inageya Co., Ltd.		2,000		20,768
Ines Corp.		5,100		53,322
Infocom Corp.		4,500		71,271
Infomart Corp.		6,500		14,905
Information Services International-Dentsu, Ltd.		1,600		56,280
INFRONEER Holdings, Inc.		7,975		75,009
Innotech Corp.		3,900		44,268
Insource Co., Ltd.		11,200		92,253
Intage Holdings, Inc. (d)		10,200		116,477
Intelligent Wave, Inc.		3,400		18,134
Inter Action Corp.		2,700		26,200
Inui Global Logistics Co., Ltd. (d)		3,000		27,229
IR Japan Holdings, Ltd.		2,000		22,760
Iriso Electronics Co., Ltd.		5,500		160,268
ISB Corp.		400		4,675
Ise Chemicals Corp.		800		43,824
Iseki & Co., Ltd.		5,700		49,665
Ishihara Chemical Co., Ltd.		1,200		14,313
Ishihara Sangyo Kaisha, Ltd.		7,600		69,510
Ishii Iron Works Co., Ltd.		900		15,479
Ishizuka Glass Co., Ltd.		500		5,595
Itfor, Inc.		7,800		58,046
ITmedia, Inc.		1,500		13,884
Itochu Enex Co., Ltd.		13,300		117,401
Itochu-Shokuhin Co., Ltd.		1,600		57,657
Itoham Yonekyu Holdings, Inc.		29,500		148,453
Itoki Corp.		9,900		68,982
IwaiCosmo Holdings, Inc.		5,100		51,002
Iwaki Co., Ltd.		1,300		12,583
Iwatsuka Confectionery Co., Ltd.		1,000		35,848
Iyogin Holdings, Inc.		57,100		322,287
Izumi Co., Ltd.		7,400		176,588
J Trust Co., Ltd. (d)		16,800		50,616
J-Lease Co., Ltd.		600		9,342
J-Oil Mills, Inc.		5,700		63,422
J-Stream, Inc.		1,000		4,067
JAC Recruitment Co., Ltd.		3,900		70,876
Jaccs Co., Ltd.		6,100		213,768
JAFCO Group Co., Ltd.		8,900		114,331
JANOME Corp.		7,099		30,456
Japan Aviation Electronics Industry, Ltd.		13,600		284,897
Japan Cash Machine Co., Ltd.		1,200		9,873
Japan Communications, Inc. (a)		35,600		60,002
Japan Electronic Materials Corp.		2,400		28,135
Japan Elevator Service Holdings Co., Ltd.		17,300		227,325
Japan Foundation Engineering Co., Ltd.		7,900		27,951
Japan Investment Adviser Co., Ltd.		3,200		24,711

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Japan Lifeline Co., Ltd.		15,500	$	111,293
Japan Material Co., Ltd.		15,600		260,821
Japan Medical Dynamic Marketing, Inc.		4,400		31,169
Japan Oil Transportation Co., Ltd.		700		13,874
Japan Petroleum Exploration Co., Ltd.		8,800		263,704
Japan Property Management Center Co., Ltd.		4,100		31,213
Japan Pulp & Paper Co., Ltd.		3,100		105,023
Japan Pure Chemical Co., Ltd.		500		9,005
Japan Securities Finance Co., Ltd.		24,000		186,989
Japan Steel Works, Ltd. (The)		3,800		81,783
Japan Transcity Corp.		9,700		42,018
Japan Wool Textile Co., Ltd. (The)		12,600		91,238
Jastec Co., Ltd.		4,300		40,382
JBCC Holdings, Inc.		3,800		67,691
JCR Pharmaceuticals Co., Ltd.		7,900		70,128
JCU Corp.		5,700		135,763
Jeol, Ltd.		7,200		256,725
JFE Systems, Inc.		700		12,114
JIG-SAW, Inc. (a)		900		36,948
Jimoto Holdings, Inc.		6,790		18,232
JINS Holdings, Inc.		3,200		66,312
JINUSHI Co., Ltd.		3,500		46,238
JK Holdings Co., Ltd.		2,800		19,093
JM Holdings Co., Ltd.		3,200		44,356
JMS Co., Ltd.		6,400		26,360
Joban Kosan Co., Ltd. (a)		1,700		14,560
Joshin Denki Co., Ltd.		5,000		68,286
Joyful Honda Co., Ltd.		11,900		140,497
JP-Holdings, Inc.		17,900		42,847
JSB Co., Ltd.		1,000		35,070
JSP Corp.		3,900		50,731
Juki Corp.		7,200		29,179
Juroku Financial Group, Inc.		8,700		188,906
Justsystems Corp.		8,000		224,025
JVC Kenwood Corp.		44,100		151,867
K&O Energy Group, Inc.		2,800		44,143
K’s Holdings Corp.		30,100		262,685
Kadoya Sesame Mills, Inc.		800		19,273
Kaga Electronics Co., Ltd.		4,300		191,760
Kagome Co., Ltd.		3,900		85,438
Kaken Pharmaceutical Co., Ltd.		5,200		130,473
Kakiyasu Honten Co., Ltd.		2,500		40,332
Kamakura Shinsho, Ltd.		3,700		18,714
Kameda Seika Co., Ltd.		3,500		105,212
Kamei Corp.		5,700		58,824
Kanaden Corp.		5,000		45,181
Kanagawa Chuo Kotsu Co., Ltd.		2,400		52,217
Kanamic Network Co., Ltd.		900		2,966
Kanamoto Co., Ltd.		8,600		131,497
Kandenko Co., Ltd.		21,900		176,411
Kaneka Corp.		11,100		311,538
Kaneko Seeds Co., Ltd.		1,300		13,175
Kanematsu Corp.		21,200		296,889
Kanemi Co., Ltd.		100		2,031
Kanto Denka Kogyo Co., Ltd.		12,100		83,091
Kasai Kogyo Co., Ltd. (a)		8,600		9,255
Katakura & Co-op Agri Corp.		1,600		14,095
Japan—(Continued)
Katakura Industries Co., Ltd.		6,100		69,198
Katitas Co., Ltd.		11,600		199,673
Kato Sangyo Co., Ltd.		6,000		164,944
Kato Works Co., Ltd.		3,800		32,074
Kawada Technologies, Inc.		1,500		60,527
Kawai Musical Instruments Manufacturing Co., Ltd.		1,600		40,038
KeePer Technical Laboratory Co., Ltd. (d)		3,000		102,058
Keihanshin Building Co., Ltd.		8,200		65,930
Keihin Co., Ltd./Minato-Ku Tokyo Japan (d)		2,300		28,916
KEIWA, Inc.		1,200		9,533
Keiyo Bank, Ltd. (The)		26,900		100,113
Keiyo Co., Ltd.		10,600		59,119
Kenko Mayonnaise Co., Ltd.		4,100		37,730
KFC Holdings Japan, Ltd.		4,000		78,882
KH Neochem Co., Ltd.		9,400		153,801
Ki-Star Real Estate Co., Ltd.		2,600		89,645
Kibun Foods, Inc.		1,500		10,779
Kimoto Co., Ltd. (d)		14,900		20,261
Kimura Chemical Plants Co., Ltd.		3,300		16,521
King Jim Co., Ltd. (d)		1,400		8,535
Kintetsu Department Store Co., Ltd.		400		7,060
Kissei Pharmaceutical Co., Ltd.		6,800		136,456
Kita-Nippon Bank, Ltd. (The)		2,200		31,221
Kitagawa Corp.		3,100		24,593
Kitano Construction Corp.		1,400		29,560
Kitanotatsujin Corp.		14,100		28,423
Kitz Corp.		19,100		143,881
Kiyo Bank, Ltd. (The)		15,500		160,122
Koa Corp.		8,400		105,637
Koatsu Gas Kogyo Co., Ltd.		9,100		47,462
Kobe Electric Railway Co., Ltd. (a)		1,400		29,211
Kohnan Shoji Co., Ltd.		7,100		172,896
Kohsoku Corp.		3,300		47,220
Koike Sanso Kogyo Co., Ltd.		700		15,719
Kojima Co., Ltd. (d)		7,800		32,248
Kokuyo Co., Ltd.		21,700		298,870
Komatsu Matere Co., Ltd.		4,200		19,732
Komatsu Wall Industry Co., Ltd.		1,800		33,648
KOMEDA Holdings Co., Ltd.		12,600		237,332
Komehyo Holdings Co., Ltd.		1,300		43,314
Komeri Co., Ltd.		8,200		167,136
Komori Corp.		12,700		83,220
Konaka Co., Ltd.		7,300		19,585
Kondotec, Inc.		6,900		57,674
Konica Minolta, Inc.		72,700		250,745
Konishi Co., Ltd.		8,000		127,820
Konoike Transport Co., Ltd.		6,900		79,479
Konoshima Chemical Co., Ltd.		600		7,485
Kosaido Holdings Co., Ltd.		3,700		54,185
Koshidaka Holdings Co., Ltd.		2,400		20,152
Kotobuki Spirits Co., Ltd.		2,600		190,751
Kotobukiya Co., Ltd. (d)		1,500		29,262
Kozo Keikaku Engineering, Inc.		1,200		28,262
KPP Group Holdings Co., Ltd.		3,700		16,415
Krosaki Harima Corp.		1,300		80,402
KRS Corp.		4,400		29,108
KU Holdings Co., Ltd.		5,500		48,073

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Kumagai Gumi Co., Ltd.		9,400	$	201,317
Kumiai Chemical Industry Co., Ltd.		10,995		86,028
Kunimine Industries Co., Ltd.		1,200		8,478
Kurabo Industries, Ltd.		4,200		66,558
Kureha Corp.		4,300		246,366
Kurimoto, Ltd.		2,800		43,516
Kuriyama Holdings Corp.		2,300		15,079
Kusuri no. Aoki Holdings Co., Ltd.		3,900		220,014
KYB Corp.		4,600		162,186
Kyoden Co., Ltd.		6,500		20,834
Kyodo Printing Co., Ltd.		2,100		46,239
Kyoei Steel, Ltd.		4,700		66,576
Kyokuto Boeki Kaisha, Ltd.		3,600		44,039
Kyokuto Kaihatsu Kogyo Co., Ltd.		8,800		106,418
Kyokuto Securities Co., Ltd.		7,600		33,766
Kyokuyo Co., Ltd.		2,700		67,823
Kyorin Pharmaceutical Co., Ltd.		10,200		123,878
KYORITSU Co., Ltd.		6,800		7,014
Kyoritsu Maintenance Co., Ltd.		5,900		224,517
Kyosan Electric Manufacturing Co., Ltd.		12,600		43,972
Kyowa Electronic Instruments Co., Ltd.		8,000		20,145
Kyowa Leather Cloth Co., Ltd.		3,300		12,992
Kyudenko Corp.		10,600		285,188
Kyushu Financial Group, Inc.		80,900		343,217
LAC Co., Ltd.		5,900		30,794
Lacto Japan Co., Ltd.		1,400		19,683
LEC, Inc.		5,000		30,128
Leopalace21 Corp. (a) (d)		39,300		73,134
Life Corp.		4,000		85,140
LIFULL Co., Ltd.		17,000		33,950
Like, Inc.		2,100		24,572
Linical Co., Ltd.		2,600		14,770
Link And Motivation, Inc.		8,900		26,558
Lintec Corp.		10,500		166,197
LITALICO, Inc.		4,700		75,913
Look Holdings, Inc.		2,200		37,067
M&A Capital Partners Co., Ltd. (a)		3,600		83,928
m-up Holdings, Inc.		7,400		57,936
Mabuchi Motor Co., Ltd. (d)		13,100		365,541
Macnica Holdings, Inc.		12,950		540,616
Macromill, Inc.		12,100		70,950
Maeda Kosen Co., Ltd.		5,100		113,550
Maezawa Kasei Industries Co., Ltd. (d)		4,300		46,307
Maezawa Kyuso Industries Co., Ltd.		5,800		44,947
Makino Milling Machine Co., Ltd.		5,800		226,039
Management Solutions Co., Ltd.		1,800		51,413
Mandom Corp.		8,900		89,592
Mani, Inc.		18,500		219,396
MarkLines Co., Ltd.		3,000		53,754
Mars Group Holdings Corp.		3,600		71,623
Marubun Corp.		4,200		38,458
Marudai Food Co., Ltd.		4,700		48,551
Marufuji Sheet Piling Co., Ltd.		1,300		20,459
Maruha Nichiro Corp.		10,400		175,169
Maruichi Steel Tube, Ltd.		9,300		213,916
MARUKA FURUSATO Corp.		993		15,794
Marumae Co., Ltd. (d)		2,500		29,778
Japan—(Continued)
Marusan Securities Co., Ltd. (d)		16,400		50,384
Maruwa Co., Ltd.		2,600		403,435
Maruyama Manufacturing Co., Inc.		1,500		19,649
Maruzen CHI Holdings Co., Ltd. (d)		11,900		29,416
Maruzen Co. Ltd/Taito ward		900		12,826
Maruzen Showa Unyu Co., Ltd.		3,600		98,450
Marvelous, Inc.		9,500		44,415
Matching Service Japan Co., Ltd.		1,200		9,462
Matsuda Sangyo Co., Ltd.		3,600		56,942
Matsui Construction Co., Ltd.		6,400		30,902
Matsui Securities Co., Ltd.		31,000		171,117
Max Co., Ltd.		7,700		142,020
Maxe,ll Ltd.		12,900		143,659
Maxvalu Tokai Co., Ltd.		3,500		66,867
MCJ Co., Ltd.		17,300		120,603
MEC Co., Ltd.		4,200		103,628
Media Do Co., Ltd. (a)		2,100		20,851
Medical Data Vision Co., Ltd.		6,800		34,485
Medical System Network Co., Ltd.		7,000		18,630
Medikit Co., Ltd.		1,300		23,194
Medius Holdings Co., Ltd.		1,800		10,944
MedPeer, Inc. (a)		2,600		18,294
Megachips Corp.		4,200		109,021
Megmilk Snow Brand Co., Ltd.		12,100		164,156
Meidensha Corp.		9,000		125,043
Meiji Electric Industries Co., Ltd.		1,000		9,990
Meiji Shipping Co., Ltd. (d)		4,300		16,862
Meiko Electronics Co., Ltd.		6,300		119,240
Meisei Industrial Co., Ltd.		9,900		67,953
Meitec Corp.		18,900		326,170
Meito Sangyo Co., Ltd.		3,000		34,165
Meiwa Corp.		8,100		38,219
Meiwa Estate Co., Ltd.		5,200		37,218
Melco Holdings, Inc.		1,500		33,176
Members Co., Ltd.		1,800		22,685
Menicon Co., Ltd.		17,600		308,211
Mercuria Holdings Co., Ltd.		2,100		11,199
MetaReal Corp. (a)		1,400		19,467
METAWATER Co., Ltd.		3,600		46,050
Micronics Japan Co., Ltd.		6,300		88,236
Midac Holdings Co., Ltd.		900		9,573
Mie Kotsu Group Holdings, Inc.		8,600		34,142
Mikuni Corp.		7,300		22,988
Milbon Co., Ltd.		6,720		229,931
MIMAKI ENGINEERING Co., Ltd.		1,700		11,150
Mimasu Semiconductor Industry Co., Ltd.		4,400		95,825
Ministop Co., Ltd.		4,300		43,143
Miraial Co., Ltd.		2,900		31,970
MIRAIT ONE Corp.		21,880		275,875
Mirarth Holdings, Inc.		24,900		76,836
Miroku Jyoho Service Co., Ltd.		5,500		60,176
Mitani Corp.		22,700		214,657
Mitani Sekisan Co., Ltd.		2,100		71,918
Mito Securities Co., Ltd.		10,400		24,825
Mitsuba Corp.		9,300		52,738
Mitsubishi Kakoki Kaisha, Ltd.		800		15,447
Mitsubishi Logisnext Co., Ltd.		8,400		77,778

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Mitsubishi Logistics Corp.		4,800	$	118,723
Mitsubishi Materials Corp.		5,100		92,065
Mitsubishi Paper Mills, Ltd.		8,800		34,627
Mitsubishi Pencil Co., Ltd. (d)		8,200		95,754
Mitsubishi Research Institute, Inc.		2,000		76,495
Mitsubishi Shokuhin Co., Ltd.		4,300		111,278
Mitsubishi Steel Manufacturing Co., Ltd.		4,400		42,485
Mitsuboshi Belting, Ltd.		4,800		147,659
Mitsui DM Sugar Holdings Co., Ltd.		4,800		92,002
Mitsui E&S Co., Ltd.		24,900		85,144
Mitsui Matsushima Holdings Co., Ltd. - Class C (d)		3,100		56,123
Mitsui Mining & Smelting Co., Ltd.		13,900		320,433
Mitsui-Soko Holdings Co., Ltd.		6,100		148,787
Mitsuuroko Group Holdings Co., Ltd.		7,800		74,977
Mixi, Inc.		11,700		217,934
Miyaji Engineering Group, Inc.		1,800		49,977
Miyazaki Bank, Ltd. (The)		4,100		66,693
Miyoshi Oil & Fat Co., Ltd.		2,800		19,925
Mizuho Leasing Co., Ltd.		6,700		219,444
Mizuho Medy Co., Ltd.		500		7,361
Mizuno Corp.		4,700		121,940
Mochida Pharmaceutical Co., Ltd.		4,700		107,770
Monex Group, Inc.		45,500		175,640
Money Partners Group Co., Ltd.		7,100		13,318
Monogatari Corp. (The)		7,800		189,223
MORESCO Corp.		2,500		20,535
Morinaga & Co., Ltd.		8,800		275,596
Morinaga Milk Industry Co., Ltd.		8,800		288,307
Moriroku Holdings Co., Ltd.		800		11,568
Morita Holdings Corp.		8,800		95,412
Morito Co., Ltd.		3,400		25,074
Morozoff, Ltd.		1,800		46,633
Mortgage Service Japan, Ltd.		1,200		4,686
Mory Industries, Inc.		1,600		38,148
Mr. Max Holdings, Ltd.		8,400		36,868
MRK Holdings, Inc. (d)		15,600		11,809
Mugen Estate Co., Ltd.		3,300		16,066
Murakami Corp.		2,500		52,161
Musashi Seimitsu Industry Co., Ltd.		13,400		165,311
Musashino Bank, Ltd. (The)		7,500		114,148
Mutoh Holdings Co., Ltd.		900		10,900
NAC Co., Ltd.		3,600		23,994
Nachi-Fujikoshi Corp.		3,800		108,270
Nafco Co., Ltd.		2,600		34,301
Nagano Keiki Co., Ltd.		4,200		69,225
Nagase & Co., Ltd.		23,700		394,006
Nagatanien Holdings Co., Ltd.		4,000		59,420
Nagawa Co., Ltd.		1,500		71,840
Naigai Trans Line, Ltd.		2,100		37,014
Nakabayashi Co., Ltd.		5,500		19,579
Nakamuraya Co., Ltd.		1,600		34,129
Nakanishi, Inc.		16,800		372,653
Nakano Corp.		4,000		10,861
Nakayama Steel Works, Ltd.		6,300		37,025
Nakayamafuku Co., Ltd.		2,000		4,799
Namura Shipbuilding Co., Ltd. (a)		11,256		49,212
Nankai Electric Railway Co., Ltd.		2,500		55,880
Japan—(Continued)
Nanto Bank, Ltd. (The)		7,800		132,773
Narasaki Sangyo Co., Ltd.		800		12,951
Natori Co., Ltd.		2,600		35,229
NEC Capital Solutions, Ltd.		2,500		56,003
NEC Networks & System Integration Corp.		11,000		152,150
NET One Systems Co., Ltd.		15,700		345,160
Neturen Co., Ltd.		7,300		49,502
New Art Holdings Co., Ltd.		1,235		14,197
New Japan Chemical Co., Ltd. (a)		9,900		16,618
Nextage Co., Ltd. (d)		12,300		239,115
NexTone, Inc. (a)		700		11,353
NF Holdings Corp.		1,600		14,526
NHK Spring Co., Ltd.		49,600		363,177
Nicca Chemical Co., Ltd.		1,400		8,256
Nice Corp.		2,300		23,960
Nichia Steel Works, Ltd.		9,100		19,503
Nichias Corp.		15,300		319,137
Nichiban Co., Ltd.		3,200		42,138
Nichicon Corp.		11,800		125,976
Nichiden Corp.		3,500		58,346
Nichiha Corp.		6,800		146,057
Nichimo Co., Ltd.		1,600		44,355
Nichireki Co., Ltd.		7,100		90,850
Nichirin Co., Ltd.		1,400		27,166
Nihon Chouzai Co., Ltd.		3,320		27,182
Nihon Dempa Kogyo Co., Ltd.		3,300		29,873
Nihon Dengi Co., Ltd.		400		11,845
Nihon Flush Co., Ltd.		6,000		40,520
Nihon House Holdings Co., Ltd.		10,000		25,749
Nihon Kagaku Sangyo Co., Ltd.		3,000		23,126
Nihon Kohden Corp.		5,000		133,636
Nihon Nohyaku Co., Ltd.		11,900		59,337
Nihon Parkerizing Co., Ltd.		24,500		183,098
Nihon Plast Co., Ltd.		4,500		13,953
Nihon Tokushu Toryo Co., Ltd.		2,900		21,589
Nihon Yamamura Glass Co., Ltd. (a)		3,800		30,707
Nikkiso Co., Ltd. (d)		12,400		78,545
Nikko Co., Ltd.		9,000		40,885
Nikkon Holdings Co., Ltd.		14,100		282,041
Nippn Corp.		12,200		156,231
Nippon Air Conditioning Services Co., Ltd.		9,600		50,218
Nippon Aqua Co., Ltd.		3,000		18,394
Nippon Beet Sugar Manufacturing Co., Ltd.		2,900		37,585
Nippon Carbide Industries Co., Inc.		2,300		22,474
Nippon Carbon Co., Ltd.		3,000		90,678
Nippon Chemi-Con Corp. (a)		5,900		51,632
Nippon Chemical Industrial Co., Ltd.		2,400		31,593
Nippon Coke & Engineering Co., Ltd. (a)		61,100		49,314
Nippon Computer Dynamics Co., Ltd.		1,700		11,181
Nippon Concept Corp.		1,500		18,390
Nippon Concrete Industries Co., Ltd. (a)		14,000		31,971
Nippon Denko Co., Ltd. (d)		29,065		57,109
Nippon Densetsu Kogyo Co., Ltd.		10,300		141,337
Nippon Dry-Chemical Co., Ltd.		1,000		12,487
Nippon Electric Glass Co., Ltd. (d)		17,600		310,267
Nippon Felt Co., Ltd.		8,600		24,954
Nippon Filcon Co., Ltd.		5,200		17,040

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nippon Fine Chemical Co., Ltd.		3,700	$	74,657
Nippon Gas Co., Ltd.		29,600		414,902
Nippon Hume Corp.		6,700		36,045
Nippon Kayaku Co., Ltd.		25,700		218,490
Nippon Kodoshi Corp.		1,600		22,452
Nippon Koei Co., Ltd. (a) (b) (c) (d)		3,400		85,180
Nippon Light Metal Holdings Co., Ltd.		16,500		166,532
Nippon Paper Industries Co., Ltd. (a)		26,600		219,467
Nippon Parking Development Co., Ltd. - Class C (d)		53,400		83,383
Nippon Pillar Packing Co., Ltd.		4,700		153,008
Nippon Piston Ring Co., Ltd.		3,200		34,953
Nippon Rietec Co., Ltd.		3,700		35,485
Nippon Road Co., Ltd. (The)		900		58,477
Nippon Seiki Co., Ltd.		13,100		89,503
Nippon Seisen Co., Ltd.		700		24,021
Nippon Sharyo, Ltd.		2,600		36,349
Nippon Sheet Glass Co., Ltd. (a)		15,100		70,998
Nippon Shokubai Co., Ltd.		3,100		116,242
Nippon Signal Company, Ltd.		11,900		88,911
Nippon Soda Co., Ltd.		6,000		216,506
Nippon Thompson Co., Ltd.		15,700		65,031
Nippon Yakin Kogyo Co., Ltd. (d)		3,500		99,406
Nipro Corp.		39,400		279,490
Nishi-Nippon Financial Holdings, Inc.		30,100		268,963
Nishi-Nippon Railroad Co., Ltd.		15,900		270,757
Nishikawa Rubber Co., Ltd.		1,200		10,648
Nishimatsu Construction Co., Ltd.		9,800		238,513
Nishimatsuya Chain Co., Ltd.		11,300		133,665
Nishimoto Co., Ltd.		1,400		45,560
Nishio Holdings Co., Ltd.		6,000		141,887
Nissan Shatai Co., Ltd.		12,600		73,775
Nissan Tokyo Sales Holdings Co., Ltd.		11,000		29,293
Nissei ASB Machine Co., Ltd.		2,300		65,768
Nissei Plastic Industrial Co., Ltd.		4,500		31,088
Nissha Co., Ltd. (d)		11,100		130,184
Nisshin Group Holdings Co., Ltd.		12,300		44,231
Nisshin Oillio Group, Ltd. (The)		5,900		140,425
Nisshinbo Holdings, Inc.		33,720		280,140
Nissin Corp. (d)		4,300		75,367
Nisso Corp.		1,400		8,928
Nissui Corp.		80,800		362,978
Nitta Corp.		5,000		106,267
Nitta Gelatin, Inc.		4,500		23,184
NITTAN Corp.		6,300		13,488
Nittetsu Mining Co., Ltd.		3,400		106,210
Nitto Boseki Co., Ltd.		4,700		75,153
Nitto Fuji Flour Milling Co., Ltd.		800		25,973
Nitto Kogyo Corp.		7,600		188,631
Nitto Kohki Co., Ltd.		3,200		44,022
Nitto Seiko Co., Ltd.		8,900		36,097
Nittoc Construction Co., Ltd.		5,950		42,703
NJS Co., Ltd. (d)		2,200		41,272
Noevir Holdings Co., Ltd.		3,200		121,798
Nohmi Bosai, Ltd.		6,100		76,724
Nojima Corp.		18,000		171,395
NOK Corp.		13,300		195,004
Nomura Micro Science Co., Ltd.		1,300		61,244
Japan—(Continued)
Noritake Co., Ltd.		2,500		95,138
Noritsu Koki Co., Ltd. (d)		5,200		84,216
Noritz Corp.		8,500		105,198
North Pacific Bank, Ltd.		74,900		149,212
NS Tool Co., Ltd.		4,800		38,181
NS United Kaiun Kaisha, Ltd.		2,500		59,667
NSD Co., Ltd.		18,540		373,160
NSW, Inc.		1,900		32,225
NTN Corp.		110,900		235,846
Oat Agrio Co., Ltd.		400		5,725
Obara Group, Inc. (d)		2,700		78,355
Oenon Holdings, Inc.		12,300		29,878
Ogaki Kyoritsu Bank, Ltd. (The)		9,400		120,944
Ohara, Inc.		1,600		16,483
Ohashi Technica, Inc.		3,800		42,083
Ohba Co., Ltd.		4,600		24,963
Ohsho Food Service Corp.		3,600		167,508
OIE Sangyo Co., Ltd.		800		7,166
Oiles Corp.		6,200		86,020
Oisix ra daichi, Inc. (a)		5,600		96,106
Oita Bank, Ltd. (The)		4,300		64,989
Okabe Co., Ltd. (d)		9,400		48,063
Okada Aiyon Corp.		1,900		31,361
Okamoto Industries, Inc.		2,800		76,061
Okamoto Machine Tool Works, Ltd.		1,400		62,096
Okamura Corp.		16,500		219,560
Okasan Securities Group, Inc.		39,200		130,736
Oki Electric Industry Co., Ltd.		22,700		142,223
Okinawa Cellular Telephone Co.		7,500		156,341
Okinawa Electric Power Co., Inc. (The) (a)		13,527		107,997
Okinawa Financial Group, Inc.		6,460		93,619
OKUMA Corp.		6,400		344,199
Okumura Corp.		7,700		218,208
Okura Industrial Co., Ltd.		3,000		46,175
Okuwa Co., Ltd.		7,400		43,047
Onoken Co., Ltd.		4,300		47,942
Onward Holdings Co., Ltd.		22,500		62,578
Open Up Group, Inc. (d)		3,600		52,819
Optex Group Co., Ltd.		6,800		95,892
Optim Corp. (a)		4,200		29,722
Optorun Co., Ltd.		5,500		93,400
Organo Corp.		7,300		216,209
Oricon, Inc.		1,200		8,031
Orient Corp.		11,670		91,633
Oriental Shiraishi Corp.		33,400		71,672
Origin Co., Ltd.		2,200		19,692
Oro Co., Ltd.		2,100		30,440
Osaka Organic Chemical Industry, Ltd.		4,100		82,788
Osaka Soda Co., Ltd.		3,400		129,091
Osaka Steel Co., Ltd.		3,700		36,102
Osaki Electric Co., Ltd.		11,700		44,709
OSG Corp.		22,400		322,364
OUG Holdings, Inc.		700		11,945
Outsourcing, Inc.		32,100		306,400
Oyo Corp.		4,900		68,517
Ozu Corp.		600		6,614
Pacific Industrial Co., Ltd.		11,700		106,126

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Pacific Metals Co., Ltd. (a)		5,100	$	54,074
Pack Corp. (The) (d)		3,900		81,333
Pal Group Holdings Co., Ltd.		4,300		116,521
PALTAC Corp.		1,900		63,248
Paraca, Inc.		300		4,054
Paramount Bed Holdings Co., Ltd.		12,000		200,143
Paris Miki Holdings, Inc.		10,600		24,257
Pasona Group, Inc.		6,200		72,018
PC Depot Corp.		7,000		23,339
PCI Holdings, Inc.		1,800		14,386
Pegasus Co., Ltd.		5,400		22,043
Penta-Ocean Construction Co., Ltd.		60,100		323,784
People Dreams & Technologies Group Co., Ltd.		1,400		16,355
PeptiDream, Inc. (a)		3,900		58,290
PIA Corp. (a)		500		11,775
Pickles Holdings Co., Ltd.		2,600		22,853
Pigeon Corp. (d)		31,900		440,085
Pilot Corp. (d)		5,800		184,218
Piolax, Inc.		7,300		110,499
Pole To Win Holdings, Inc.		7,900		43,144
PR Times, Inc. (a) (d)		700		6,930
Premium Group Co., Ltd.		7,800		94,578
Premium Water Holdings, Inc.		500		8,965
Press Kogyo Co., Ltd.		22,400		96,018
Pressance Corp.		4,000		56,410
Prestige International, Inc.		27,100		115,047
Prima Meat Packers, Ltd.		6,700		101,090
Pro-Ship, Inc.		2,300		22,639
Procrea Holdings, Inc. (d)		6,521		92,835
Pronexus, Inc.		5,100		35,446
Proto Corp.		7,500		59,430
PS Mitsubishi Construction Co., Ltd.		8,800		46,653
Punch Industry Co., Ltd.		2,700		9,420
QB Net Holdings Co., Ltd.		1,400		14,410
Qol Holdings Co., Ltd.		7,400		89,265
Quick Co., Ltd.		4,000		64,962
Raccoon Holdings, Inc.		4,100		19,471
Raito Kogyo Co., Ltd.		10,700		147,603
Raiznext Corp.		7,700		79,447
RaQualia Pharma, Inc. (a)		1,600		8,226
Rasa Industries, Ltd.		2,600		38,498
Raysum Co., Ltd.		1,000		20,613
Relo Group, Inc.		3,000		40,940
Rengo Co., Ltd.		50,000		308,585
RENOVA, Inc. (a)		5,100		57,710
Resorttrust, Inc.		23,800		352,486
Restar Holdings Corp.		4,500		76,698
Retail Partners Co., Ltd.		4,300		47,723
Rheon Automatic Machinery Co., Ltd.		5,000		49,554
Rhythm Co., Ltd.		2,500		28,780
Riberesute Corp. (d)		4,300		21,223
Ricoh Leasing Co., Ltd.		3,900		114,259
Ride On Express Holdings Co., Ltd.		1,700		12,452
Right On Co., Ltd. (a)		5,900		24,212
Riken Corp. (d)		2,500		54,496
Riken Keiki Co., Ltd.		3,700		148,648
Riken Technos Corp.		9,900		45,157
Japan—(Continued)
Riken Vitamin Co., Ltd.		5,400		80,312
Rion Co., Ltd.		2,200		29,862
Riso Kyoiku Co., Ltd.		34,770		63,789
Rock Field Co., Ltd.		6,600		68,459
Rokko Butter Co., Ltd.		3,600		32,639
Roland Corp. (d)		2,800		80,720
Roland DG Corp.		3,000		75,817
Rorze Corp.		2,500		202,978
Round One Corp.		37,800		150,122
RS Technologies Co., Ltd.		2,800		62,571
Ryobi, Ltd. (d)		6,200		88,641
Ryoden Corp.		4,500		69,035
Ryosan Co., Ltd.		3,900		118,814
S Foods, Inc.		4,500		98,488
S&B Foods, Inc.		1,500		37,219
S-Pool, Inc.		18,000		66,172
Sac’s Bar Holdings, Inc.		6,850		48,821
Sagami Rubber Industries Co., Ltd.		1,800		9,254
Saibu Gas Holdings Co., Ltd.		6,400		92,285
Saison Information Systems Co., Ltd.		600		7,687
Sakai Chemical Industry Co., Ltd.		4,700		61,210
Sakai Heavy Industries, Ltd.		1,000		37,535
Sakai Moving Service Co., Ltd.		2,800		97,375
Sakata INX Corp.		10,100		85,626
Sakura Internet, Inc. (d)		4,400		39,940
Sala Corp.		13,800		75,378
SAMTY Co., Ltd.		6,200		96,515
San Holdings, Inc.		2,800		42,986
San ju San Financial Group, Inc.		6,670		73,547
San-A Co., Ltd.		5,700		180,406
San-Ai Obbli Co., Ltd.		17,800		188,809
San-In Godo Bank, Ltd. (The)		33,700		190,193
Sanden Corp. (a) (d)		4,400		6,086
Sanei Architecture Planning Co., Ltd.		2,800		27,328
Sangetsu Corp.		12,600		218,080
Sanken Electric Co., Ltd.		4,000		377,431
Sanki Engineering Co., Ltd.		10,300		108,463
Sanko Metal Industrial Co., Ltd.		1,000		30,720
Sankyo Frontier Co., Ltd.		1,000		25,751
Sankyo Seiko Co., Ltd.		10,800		42,401
Sankyo Tateyama, Inc.		8,200		41,578
Sankyu, Inc.		6,900		228,574
Sanoh Industrial Co., Ltd.		6,300		37,798
Sansei Technologies, Inc.		800		7,848
Sansha Electric Manufacturing Co., Ltd.		2,700		27,043
Sanshin Electronics Co., Ltd.		2,400		35,862
Sanyo Chemical Industries, Ltd.		3,300		97,476
Sanyo Denki Co., Ltd.		2,500		134,876
Sanyo Electric Railway Co., Ltd.		4,800		73,050
Sanyo Industries, Ltd.		1,300		17,614
Sanyo Shokai, Ltd.		2,500		33,456
Sanyo Special Steel Co., Ltd.		5,000		99,328
Sanyo Trading Co., Ltd.		5,300		51,886
Sapporo Holdings, Ltd.		10,600		273,141
Sata Construction Co., Ltd.		2,600		8,472
Sato Holdings Corp.		8,100		109,940
Sato Shoji Corp.		4,100		41,480

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Satori Electric Co., Ltd.		2,100	$	24,783
Sawai Group Holdings Co., Ltd.		7,500		189,199
Saxa Holdings, Inc.		2,400		35,164
SB Technology, Corp.		3,000		54,625
SBI Insurance Group Co., Ltd.		1,400		9,899
SBS Holdings, Inc.		5,200		115,664
Scroll Corp.		8,000		53,669
SEC Carbon, Ltd.		200		14,752
Seed Co., Ltd.		1,700		6,889
Seika Corp.		2,600		35,672
Seikagaku Corp.		9,800		51,438
Seikitokyu Kogyo Co., Ltd.		8,400		82,711
Seiko Group Corp.		7,600		138,011
Seiko PMC Corp.		3,500		14,461
Seikoh Giken Co. Ltd.		700		7,518
Seino Holdings Co., Ltd.		3,800		54,129
Seiren Co., Ltd. (d)		12,600		216,654
Sekisui Jushi Corp.		6,100		97,232
Sekisui Kasei Co., Ltd.		8,100		24,767
SEMITEC Corp.		1,600		24,470
Senko Group Holdings Co., Ltd.		29,400		211,794
Senshu Electric Co., Ltd.		3,800		97,181
Senshu Ikeda Holdings, Inc.		63,200		102,961
Senshukai Co., Ltd. (a) (d)		11,000		30,812
SERAKU Co., Ltd.		700		7,831
Seria Co., Ltd.		11,900		190,008
Seven Bank, Ltd.		33,800		66,570
Shibaura Electronics Co., Ltd.		1,900		87,843
Shibaura Machine Co., Ltd.		5,700		193,396
Shibaura Mechatronics Corp.		900		140,406
Shibusawa Warehouse Co., Ltd. (The)		2,800		54,432
Shibuya Corp.		4,400		80,813
Shidax Corp.		3,000		14,531
Shiga Bank, Ltd. (The)		9,500		179,321
Shikibo, Ltd.		4,700		32,989
Shikoku Bank, Ltd. (The)		10,600		63,219
Shikoku Electric Power Co., Inc. (a)		40,900		278,433
Shikoku Kasei Holdings Corp.		8,700		91,275
Shima Seiki Manufacturing, Ltd.		7,000		90,565
Shimizu Bank, Ltd. (The)		3,400		34,565
Shimojima Co., Ltd.		4,200		32,584
Shin Nippon Air Technologies Co., Ltd.		2,100		33,449
Shin Nippon Biomedical Laboratories, Ltd.		5,300		78,744
Shin-Etsu Polymer Co., Ltd.		11,900		126,606
Shinagawa Refractories Co., Ltd.		1,600		60,241
Shindengen Electric Manufacturing Co., Ltd.		1,900		43,183
Shinki Bus Co., Ltd.		900		21,395
Shinko Shoji Co., Ltd.		8,400		68,958
Shinmaywa Industries, Ltd.		15,000		141,188
Shinnihon Corp.		6,300		55,767
Shinnihonseiyaku Co., Ltd.		1,100		10,830
Shinsho Corp.		1,400		56,598
Shinwa Co., Ltd.		3,200		52,297
Shinwa Co., Ltd.		2,200		11,695
Ship Healthcare Holdings, Inc.		15,700		259,233
Shizuki Electric Co., Inc.		8,000		26,927
Shizuoka Gas Co., Ltd.		11,300		92,106
Japan—(Continued)
Shoei Co., Ltd.		12,600		233,567
Shoei Foods Corp.		3,400		101,118
Shofu, Inc.		3,500		56,349
Showa Sangyo Co., Ltd.		5,700		106,194
SIGMAXYZ Holdings, Inc.		7,200		69,588
Siix Corp.		7,800		85,475
Silver Life Co., Ltd. (a) (d)		900		8,900
Simplex Holdings, Inc.		700		12,804
Sinanen Holdings Co., Ltd.		1,800		47,726
Sinfonia Technology Co., Ltd.		6,200		74,394
Sinko Industries, Ltd.		5,600		81,358
Sintokogio, Ltd.		10,800		82,627
SK-Electronics Co., Ltd.		2,700		32,767
SKY Perfect JSAT Holdings, Inc.		43,700		174,197
Smaregi, Inc. (a) (d)		1,200		18,687
SMK Corp.		1,700		28,574
SMS Co., Ltd.		8,200		164,312
Snow Peak, Inc. (d)		5,400		70,396
SNT Corp.		7,300		12,809
Soda Nikka Co., Ltd.		4,500		25,722
Sodick Co., Ltd. (d)		14,500		72,018
Soft99 Corp.		5,100		48,958
Softcreate Holdings Corp.		4,600		56,747
Software Service, Inc.		900		67,208
Soiken Holdings, Inc.		2,100		4,369
Soken Chemical & Engineering Co. Ltd.		700		9,292
Solasto Corp.		12,800		59,305
Soliton Systems KK		2,500		22,559
Solxyz Co., Ltd.		1,400		4,397
Sotetsu Holdings, Inc.		12,100		213,498
Sotoh Co., Ltd.		3,100		17,100
Space Co., Ltd.		5,060		36,483
Sparx Group Co., Ltd.		5,840		62,383
SPK Corp.		3,400		42,489
Sprix, Inc.		1,300		7,220
SRA Holdings		3,100		70,039
SRE Holdings Corp. (a)		1,900		50,827
ST Corp.		4,100		43,007
St-Care Holding Corp.		2,300		12,428
St. Marc Holdings Co., Ltd.		5,100		66,819
Star Mica Holdings Co., Ltd.		6,000		27,274
Star Micronics Co., Ltd.		9,200		115,385
Starts Corp., Inc.		8,700		178,692
Starzen Co., Ltd.		3,700		58,793
Stella Chemifa Corp.		3,000		65,050
Step Co., Ltd.		2,500		31,432
Strike Co., Ltd.		2,200		53,283
Studio Alice Co., Ltd.		2,900		44,698
Subaru Enterprise Co., Ltd.		100		6,984
Sugimoto & Co., Ltd.		3,000		45,586
Sumida Corp.		7,500		76,550
Suminoe Textile Co., Ltd.		1,400		21,266
Sumitomo Bakelite Co., Ltd.		7,900		329,494
Sumitomo Dainippon Pharma Co., Ltd.		4,500		19,973
Sumitomo Densetsu Co., Ltd.		4,900		105,855
Sumitomo Mitsui Construction Co., Ltd.		40,360		103,828
Sumitomo Osaka Cement Co., Ltd.		7,900		209,461

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Sumitomo Riko Co., Ltd.		11,500	$	68,553
Sumitomo Seika Chemicals Co., Ltd.		2,200		68,394
Sumitomo Warehouse Co., Ltd. (The)		14,700		242,283
Sun Frontier Fudousan Co., Ltd.		8,800		87,586
Sun-Wa Technos Corp.		3,000		49,949
Suncall Corp.		8,300		30,438
Suruga Bank, Ltd.		39,500		158,002
Suzuki Co., Ltd.		3,300		21,671
SWCC Corp.		7,600		101,597
System Information Co., Ltd.		2,800		14,940
System Research Co., Ltd.		1,200		22,515
Systems Engineering Consultants Co., Ltd.		600		13,792
Systena Corp.		71,400		145,592
Syuppin Co., Ltd.		6,100		48,827
T Hasegawa Co., Ltd.		6,000		144,073
T RAD Co., Ltd.		1,900		24,368
T&K Toka Co., Ltd.		5,700		46,739
T-Gaia Corp.		6,000		72,278
Tachi-S Co., Ltd.		8,900		96,128
Tachibana Eletech Co., Ltd.		4,840		100,059
Tachikawa Corp.		3,100		27,506
Tadano, Ltd.		28,200		224,952
Taihei Dengyo Kaisha, Ltd.		3,700		109,701
Taiheiyo Cement Corp.		17,300		339,498
Taiheiyo Kouhatsu, Inc.		2,100		11,000
Taiho Kogyo Co., Ltd.		6,400		41,694
Taikisha, Ltd.		6,700		191,035
Taiko Bank, Ltd. (The)		3,100		22,681
Taisei Lamick Co., Ltd.		2,200		44,518
Taiyo Holdings Co., Ltd.		9,800		182,422
Takamatsu Construction Group Co., Ltd.		3,700		66,602
Takamiya Co., Ltd.		5,200		19,385
Takano Co., Ltd.		4,600		25,582
Takaoka Toko Co., Ltd.		3,165		47,384
Takara & Co., Ltd.		1,300		21,079
Takara Bio, Inc.		11,100		127,570
Takara Holdings, Inc.		36,400		296,405
Takara Standard Co., Ltd.		8,300		106,194
Takasago International Corp.		3,600		67,759
Takasago Thermal Engineering Co., Ltd.		11,100		186,667
Takashima & Co., Ltd.		1,500		36,267
Takashimaya Co., Ltd.		3,800		53,083
Takemoto Yohki Co., Ltd.		1,200		7,007
Takeuchi Manufacturing Co., Ltd.		9,400		291,873
Takisawa Machine Tool Co., Ltd.		2,200		18,762
Takuma Co., Ltd.		12,900		132,982
Tama Home Co., Ltd.		4,000		91,680
Tamron Co., Ltd.		5,100		143,067
Tamura Corp. (d)		22,100		102,958
Tanseisha Co., Ltd.		11,750		64,533
Tatsuta Electric Wire and Cable Co., Ltd. (a)		14,200		70,168
Tayca Corp.		4,000		38,288
Tazmo Co., Ltd.		2,500		42,509
TBK Co., Ltd. (a)		8,000		22,331
TDC Soft, Inc.		4,900		61,538
TechMatrix Corp.		9,800		127,118
Techno Medica Co., Ltd.		2,400		31,151
Japan—(Continued)
Techno Ryowa, Ltd.		4,800		31,970
Teijin, Ltd.		25,700		258,381
Teikoku Electric Manufacturing Co., Ltd.		4,200		79,587
Teikoku Sen-I Co., Ltd. (d)		4,900		55,744
Teikoku Tsushin Kogyo Co., Ltd.		3,000		35,074
Tekken Corp.		2,700		38,705
Temairazu, Inc.		700		19,497
Tenma Corp.		3,600		65,594
TERILOGY HOLDINGS		1,600		3,648
Tess Holdings Co., Ltd. (d)		1,300		8,299
Tigers Polymer Corp.		2,200		9,139
TKC Corp.		7,400		200,287
TKP Corp. (a)		2,100		40,187
Toa Corp.		6,000		38,556
Toa Corp.		3,300		71,384
TOA ROAD Corp.		2,200		71,348
Toagosei Co., Ltd. (d)		25,200		226,511
Tobishima Corp.		5,560		49,126
TOC Co., Ltd.		10,000		43,927
Tocalo Co., Ltd.		17,400		182,656
Tochigi Bank, Ltd. (The)		27,400		47,958
Toda Corp.		36,000		202,651
Toda Kogyo Corp. (a)		600		9,730
Toei Co., Ltd.		400		51,037
Toell Co., Ltd.		3,100		16,333
Toenec Corp.		1,900		47,528
Toho Bank, Ltd. (The)		57,800		91,116
Toho Co., Ltd.		1,700		34,482
Toho Gas Co., Ltd.		9,100		157,878
Toho Holdings Co., Ltd.		13,700		252,236
Toho Titanium Co., Ltd. (d)		9,800		119,494
Toho Zinc Co., Ltd.		3,400		40,013
Tohoku Bank, Ltd. (The)		4,700		33,804
Tohokushinsha Film Corp.		4,800		31,516
Tokai Carbon Co., Ltd.		32,400		298,355
Tokai Corp.		5,800		76,226
TOKAI Holdings Corp.		24,700		154,485
Tokai Lease Co., Ltd.		1,600		14,447
Tokai Rika Co., Ltd.		14,000		208,195
Tokai Tokyo Financial Holdings, Inc.		50,800		135,221
Token Corp.		1,760		91,087
Tokushu Tokai Paper Co., Ltd.		2,500		56,027
Tokuyama Corp.		15,800		261,516
Tokyo Base Co., Ltd. (d)		4,100		10,105
Tokyo Electron Device, Ltd.		2,000		147,537
Tokyo Energy & Systems, Inc.		6,200		42,082
Tokyo Individualized Educational Institute, Inc.		2,500		8,966
Tokyo Keiki, Inc.		4,200		38,315
Tokyo Kiraboshi Financial Group, Inc.		7,324		160,023
Tokyo Ohka Kogyo Co., Ltd. (d)		1,600		98,050
Tokyo Rakutenchi Co., Ltd. (d)		1,000		28,638
Tokyo Rope Manufacturing Co., Ltd.		2,800		22,776
Tokyo Sangyo Co., Ltd.		5,500		34,060
Tokyo Seimitsu Co., Ltd.		10,900		603,377
Tokyo Steel Manufacturing Co., Ltd.		18,900		178,872
Tokyo Tekko Co., Ltd.		2,500		57,353
Tokyo Theatres Co., Inc.		2,900		22,719

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Tokyotokeiba Co., Ltd.		4,200	$	114,881
Tokyu Construction Co., Ltd.		21,400		110,791
Toli Corp.		15,600		36,908
Tomato Bank, Ltd.		4,200		30,429
Tomen Devices Corp.		800		28,096
Tomoe Corp.		9,800		33,628
Tomoe Engineering Co., Ltd.		2,100		42,902
Tomoku Co., Ltd.		3,000		43,289
TOMONY Holdings, Inc.		40,500		103,428
Tomy Co., Ltd.		23,200		292,660
Tonami Holdings Co., Ltd.		1,300		41,691
Topcon Corp.		28,800		421,486
Topre Corp.		9,800		108,871
Topy Industries, Ltd.		4,000		63,152
Torex Semiconductor, Ltd.		500		8,298
Toridolll Holdings Corp.		11,600		252,927
Torigoe Co., Ltd. (The)		6,000		25,557
Torii Pharmaceutical Co., Ltd.		3,500		88,211
Torishima Pump Manufacturing Co., Ltd.		5,200		68,871
Tosei Corp.		9,300		113,234
Toshiba TEC Corp.		6,000		172,858
Totech Corp.		700		23,300
Totetsu Kogyo Co., Ltd.		7,200		134,052
Tottori Bank, Ltd. (The)		3,700		29,812
Toukei Computer Co., Ltd.		300		12,794
Towa Bank, Ltd. (The)		11,500		42,742
Towa Corp.		6,300		113,185
Towa Pharmaceutical Co., Ltd.		7,700		94,951
Toyo Construction Co., Ltd.		25,499		192,039
Toyo Corp.		7,900		79,101
Toyo Denki Seizo KK		3,200		21,756
Toyo Engineering Corp. (a)		8,200		33,701
Toyo Gosei Co., Ltd.		800		57,226
Toyo Ink SC Holdings Co., Ltd.		8,900		134,752
Toyo Kanetsu KK		2,400		57,031
Toyo Machinery & Metal Co., Ltd.		6,000		28,183
Toyo Securities Co., Ltd.		14,100		30,275
Toyo Tanso Co., Ltd.		3,600		129,086
Toyo Tire Corp.		19,400		258,274
Toyo Wharf & Warehouse Co., Ltd.		2,500		24,026
Toyobo Co., Ltd.		22,100		158,540
Toyoda Gosei Co., Ltd.		2,300		43,782
TPR Co., Ltd.		6,300		74,385
Traders Holdings Co., Ltd.		2,800		11,100
Trancom Co., Ltd.		2,300		105,137
Trans Genic, Inc.		2,700		5,675
Transaction Co., Ltd.		1,400		18,621
Transcosmos, Inc.		4,200		104,379
TRE Holdings Corp.		5,600		48,457
Tri Chemical Laboratories, Inc.		6,000		117,743
Trusco Nakayama Corp.		11,300		179,519
TS Tech Co., Ltd.		20,700		262,264
TSI Holdings Co., Ltd.		14,405		79,090
Tsubaki Nakashima Co., Ltd. (d)		13,000		73,380
Tsubakimoto Chain Co.		6,300		161,092
Tsubakimoto Kogyo Co., Ltd.		1,600		46,056
Tsugami Corp.		10,600		102,359
Japan—(Continued)
Tsukishima Holdings Co., Ltd.		7,200		60,677
Tsukuba Bank, Ltd.		26,700		37,739
Tsumura & Co.		16,200		299,876
Tsurumi Manufacturing Co., Ltd.		4,500		81,705
Tsutsumi Jewelry Co., Ltd.		700		11,419
TV Asahi Holdings Corp.		6,300		72,033
TV Tokyo Holdings Corp.		1,800		42,260
TYK Corp.		6,000		14,295
UACJ Corp.		7,985		151,935
UBE Corp.		24,700		424,497
Ubicom Holdings, Inc.		500		5,591
Uchida Yoko Co., Ltd.		2,100		85,003
Ueki Corp.		2,200		21,345
ULS Group, Inc.		600		16,315
Ulvac, Inc. (d)		6,800		289,376
Union Tool Co.		2,900		65,114
Unipres Corp.		10,600		85,794
United Arrows, Ltd.		3,100		53,710
United Super Markets Holdings, Inc. (d)		15,500		119,864
UNITED, Inc.		6,000		36,865
Unitika, Ltd. (a)		15,600		25,409
Universal Entertainment Corp. (a)		6,100		104,067
Urbanet Corp. Co., Ltd. (d)		4,500		10,275
Usen-Next Holdings Co., Ltd.		2,700		63,618
Ushio, Inc.		25,500		344,421
UT Group Co., Ltd. (a)		6,600		139,473
UUUM Co., Ltd. (a) (d)		1,800		9,057
V Technology Co., Ltd.		2,700		45,610
V-Cube, Inc.		2,100		6,915
Valor Holdings Co., Ltd.		9,800		136,301
Valqua, Ltd.		4,600		125,928
Value HR Co., Ltd. (d)		2,000		20,118
ValueCommerce Co., Ltd.		4,300		40,281
Vector, Inc.		8,200		76,707
Vertex Corp.		3,000		32,879
Village Vanguard Co., Ltd. (a)		2,300		17,060
VINX Corp.		1,000		9,734
Vision, Inc. (a)		3,100		39,794
Visional, Inc. (a)		1,000		55,361
Vital KSK Holdings, Inc.		10,800		66,940
VT Holdings Co., Ltd.		19,800		75,381
Wacoal Holdings Corp.		11,200		224,239
Wacom Co., Ltd.		39,500		162,131
Wakachiku Construction Co., Ltd.		2,800		61,849
Wakamoto Pharmaceutical Co., Ltd.		9,000		14,275
Wakita & Co., Ltd.		9,700		87,186
Warabeya Nichiyo Holdings Co., Ltd.		4,200		64,873
Waseda Academy Co., Ltd.		1,400		13,112
Watahan & Co., Ltd.		3,200		30,442
Watts Co., Ltd.		1,900		9,442
WDB Holdings Co., Ltd.		2,700		39,920
Weathernews, Inc.		1,500		69,354
Welbe, Inc. (a)		2,300		7,231
Wellneo Sugar Co., Ltd.		2,400		32,990
Wellnet Corp. (d)		4,400		18,378
West Holdings Corp.		5,629		98,086
Will Group, Inc.		4,200		32,268

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
WIN-Partners Co., Ltd.		5,000	$	35,793
WingArc1st, Inc.		1,800		29,728
Wood One Co., Ltd.		2,600		21,225
World Co., Ltd.		5,000		57,486
World Holdings Co., Ltd.		2,500		47,188
Wowow, Inc.		2,200		17,498
Xebio Holdings Co., Ltd.		7,300		55,266
YA-MAN, Ltd. (d)		8,800		61,797
Yachiyo Industry Co., Ltd.		3,900		31,831
Yahagi Construction Co., Ltd.		9,500		81,762
Yaizu Suisankagaku Industry Co., Ltd. (d)		4,400		25,112
YAKUODO Holdings Co., Ltd.		2,900		51,198
YAMABIKO Corp.		10,200		110,961
YAMADA Consulting Group Co., Ltd.		3,100		34,915
Yamagata Bank, Ltd. (The)		6,900		50,355
Yamaguchi Financial Group, Inc.		54,800		370,412
Yamaichi Electronics Co., Ltd.		6,100		101,168
Yamanashi Chuo Bank, Ltd. (The)		7,800		67,777
Yamatane Corp.		3,400		40,737
Yamato Corp.		5,000		31,969
Yamaura Corp.		2,800		22,631
Yamaya Corp.		1,150		21,697
Yamazawa Co., Ltd.		1,000		8,810
Yamazen Corp.		16,300		125,602
Yaoko Co., Ltd.		2,600		130,567
Yashima Denki Co., Ltd.		7,500		72,727
Yasuda Logistics Corp.		4,900		33,466
Yasunaga Corp. (d)		1,700		11,008
Yellow Hat, Ltd.		9,200		118,540
Yodogawa Steel Works, Ltd.		5,500		129,954
Yokogawa Bridge Holdings Corp.		9,200		161,946
Yokorei Co., Ltd.		14,000		114,036
Yokowo Co., Ltd.		4,300		55,611
Yomeishu Seizo Co., Ltd.		2,400		31,015
Yondenko Corp.		2,400		37,413
Yondoshi Holdings, Inc.		4,600		57,528
Yonex Co., Ltd.		9,500		91,923
Yorozu Corp.		6,500		43,206
Yoshinoya Holdings Co., Ltd. (d)		17,200		305,105
Yotai Refractories Co., Ltd.		4,100		41,185
Yuasa Funashoku Co., Ltd.		1,300		26,687
Yuasa Trading Co., Ltd.		4,800		146,916
Yuken Kogyo Co., Ltd.		1,300		18,500
Yukiguni Maitake Co., Ltd.		2,100		14,230
Yurtec Corp.		10,300		61,769
Yushin Precision Equipment Co., Ltd.		2,900		14,456
Yushiro Chemical Industry Co., Ltd.		3,700		27,983
Yutaka Giken Co., Ltd.		600		7,524
Zaoh Co., Ltd.		800		13,480
Zenrin Co., Ltd.		9,750		62,563
ZERIA Pharmaceutical Co., Ltd.		2,800		47,695
ZIGExN Co., Ltd.		8,400		46,264
Zuiko Corp.		4,000		35,447
				123,996,334
Jersey, Channel Islands—0.1%
Centamin plc		366,127		425,801
JTC plc		1,205		10,882
				436,683
Jordan—0.0%
Hikma Pharmaceuticals plc		7,175		172,376
Liechtenstein—0.1%
Liechtensteinische Landesbank AG		3,366		220,724
VP Bank AG - Class A		1,049		98,956
				319,680
Luxembourg—0.3%
ADLER Group S.A (a) (d)		1,495		904
APERAM S.A.		13,472		421,308
Befesa S.A.		9,306		355,394
L’Occitane International S.A.		51,500		124,060
SES S.A.		84,181		495,890
				1,397,556
Macau—0.0%
MECOM Power and Construction, Ltd.		211,500		26,800
SJM Holdings, Ltd. (a)		384,249		164,783
				191,583
Malta—0.0%
Gaming Innovation Group, Inc. (a)		5,882		13,535
Mongolia—0.0%
Mongolian Mining Corp. (a)		33,000		8,373
Netherlands—2.2%
Aalberts NV		24,095		1,014,319
Acomo NV		2,850		68,103
Alfen NV (a) (d)		4,827		324,694
AMG Critical Materials NV		9,489		491,479
Arcadis NV		18,701		782,968
ASR Nederland NV		20,052		901,899
Basic-Fit NV (a) (d)		8,733		333,477
BE Semiconductor Industries NV		16,004		1,734,944
Beter Bed Holding NV (d)		5,373		17,202
Brack Capital Properties NV (a)		856		92,050
Brunel International NV		6,045		78,807
Corbion NV		16,447		392,535
CTP NV		9,297		120,700
Euronext NV		2,332		158,619
Flow Traders Ltd.		10,451		230,607
ForFarmers NV		10,101		30,348
Fugro NV (a)		23,967		372,779
Heijmans NV		6,019		71,231
Just Eat Takeaway.com NV (a) (d)		975		14,981
Kendrion NV		3,766		69,474
Koninklijke BAM Groep NV		68,574		132,142
Koninklijke Vopak NV		13,444		479,434
Lucas Bols B.V. (d)		1,325		15,110

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Netherlands—(Continued)
MFE-MediaForEurope NV - Class A		184,032	$	102,647
MFE-MediaForEurope NV - Class B (d)		95,311		73,113
Nedap NV		1,575		100,053
New World Resources plc - Class A (a) (b) (c)		11,898		0
OCI NV (a)		5,473		131,388
Ordina NV		23,469		145,205
Pharming Group NV (a)		76,183		89,465
PostNL NV (d)		94,886		165,320
Redcare Pharmacy NV (a)		680		70,363
Rhi Magnesita NV		4,696		158,848
SBM Offshore NV		31,084		426,376
SIF Holding NV (a) (d)		1,259		18,307
Signify NV		28,840		808,695
Sligro Food Group NV		6,049		104,145
SRH NV (a) (b) (c)		105,329		0
TKH Group NV		11,770		583,835
TomTom NV (a) (d)		22,362		173,806
Van Lanschot Kempen NV		6,057		203,310
				11,282,778
New Zealand—0.4%
Air New Zealand, Ltd. (a)		216,039		103,613
Arvida Group, Ltd.		95,215		73,826
Briscoe Group, Ltd.		13,123		32,943
Channel Infrastructure NZ, Ltd.		39,302		35,515
Chorus, Ltd.		64,190		332,188
Delegat Group, Ltd.		6,671		35,399
Eroad, Ltd. (a)		4,808		3,696
Freightways Group Ltd.		25,733		131,620
Gentrack Group, Ltd. (a)		7,810		20,022
Hallenstein Glasson Holdings, Ltd.		13,182		49,626
Heartland Group Holdings, Ltd.		122,296		127,986
Investore Property, Ltd. (REIT) (d)		46,089		40,231
KMD Brands Ltd. (d)		106,864		65,625
Manawa Energy, Ltd.		13,980		42,517
Michael Hill International, Ltd.		82,929		49,098
NZME, Ltd.		71,247		41,542
NZX, Ltd.		79,447		56,730
Oceania Healthcare, Ltd.		113,418		53,588
Pacific Edge, Ltd. (a) (d)		89,677		4,791
PGG Wrightson, Ltd.		5,854		14,684
Restaurant Brands New Zealand, Ltd.		7,507		28,823
Sanford, Ltd.		17,782		44,663
Scales Corp., Ltd. (d)		25,709		49,789
Serko, Ltd. (a)		5,880		13,592
Skellerup Holdings, Ltd.		34,311		96,686
SKY Network Television, Ltd.		38,232		57,163
SKYCITY Entertainment Group, Ltd.		133,795		187,279
Steel & Tube Holdings, Ltd.		51,732		35,612
Summerset Group Holdings, Ltd.		22,516		132,663
Synlait Milk, Ltd. (a)		17,226		17,670
Tourism Holdings, Ltd. (a)		26,255		62,366
TOWER, Ltd.		53,852		20,960
Turners Automotive Group, Ltd.		8,394		18,672
Warehouse Group, Ltd. (The)		26,369		28,559
				2,109,737
Norway—0.7%
2020 Bulkers, Ltd. (a) (d)		3,023		28,733
ABG Sundal Collier Holding ASA		134,443		65,256
AF Gruppen ASA		720		8,930
Akastor ASA (a) (d)		47,184		48,616
Aker Carbon Capture ASA (a)		38,063		49,922
Aker Solutions ASA		12,676		45,882
AMSC ASA (a) (d)		16,816		62,588
Arcticzymes Technologies ASA (a)		4,578		17,061
Atea ASA (a)		14,965		217,499
Axactor ASA (a)		50,628		24,007
B2Holding ASA		54,575		33,765
Belships ASA (d)		6,016		9,463
BLUENORD ASA (a) (d)		3,930		149,684
Bonheur ASA		6,131		148,509
Borregaard ASA		9,707		143,645
Bouvet ASA		9,623		58,197
BW Energy, Ltd. (a)		26,286		63,208
BW Offshore, Ltd.		24,958		60,921
Cloudberry Clean Energy ASA (a)		5,774		6,893
Crayon Group Holding ASA (a)		9,599		93,856
DNO ASA (d)		116,360		102,515
Europris ASA		48,402		322,871
Grieg Seafood ASA (d)		13,378		83,731
Hexagon Composites ASA (a)		36,341		92,214
IDEX Biometrics ASA (a)		200,592		13,348
Itera ASA		17,553		24,521
Kahoot ASA (a)		28,011		76,613
Kid ASA		4,010		28,174
Kitron ASA		28,832		116,917
Kongsberg Automotive ASA (a)		222,670		50,908
Medistim ASA		1,762		45,791
MPC Container Ships ASA		39,419		67,368
Multiconsult ASA		1,528		21,923
Nekkar ASA (a) (d)		8,927		5,181
Norske Skog ASA (d)		5,807		22,848
Norwegian Air Shuttle ASA (a)		68,212		65,454
Odfjell Drilling, Ltd. (a)		25,648		61,784
Odfjell SE - A Shares (d)		1,949		16,160
OKEA ASA		884		2,531
Otello Corp. ASA		150		112
Pareto Bank ASA (d)		2,287		10,645
PGS ASA (a)		142,218		79,001
Protector Forsikring ASA		18,584		286,017
REC Silicon ASA (a) (d)		64,361		96,327
Scatec ASA		7,609		49,854
Selvaag Bolig ASA		13,262		39,878
Sparebank 1 Oestlandet		3,002		36,361
SpareBank 1 Sorost-Norge (d)		3,854		18,168
Sparebanken More		2,450		17,621
Stolt-Nielsen, Ltd.		6,538		166,317
Ultimovacs ASA (a) (d)		1,682		12,099
Veidekke ASA		28,524		305,605
Wilh Wilhelmsen Holding ASA - Class A		2,124		55,829
XXL ASA (a) (d)		45,078		7,486
				3,738,807

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Peru—0.0%
Hochschild Mining plc		95,965	$	86,667
Philippines—0.0%
Del Monte Pacific, Ltd.		77,636		11,266
Poland—0.0%
InPost S.A. (a)		4,880		52,950
Portugal—0.4%
Altri SGPS S.A. (d)		22,337		101,422
Banco Comercial Portugues S.A. - Class R (a)		2,143,248		514,299
Corticeira Amorim SGPS S.A.		2,047		21,611
CTT-Correios de Portugal S.A.		39,990		152,155
Greenvolt-Energias Renovaveis S.A. (a) (d)		9,644		64,401
Mota-Engil SGPS S.A. (d)		25,385		62,230
Navigator Co. S.A. (The) (d)		64,155		217,409
NOS SGPS S.A.		68,800		244,814
REN - Redes Energeticas Nacionais SGPS S.A.		122,322		333,161
Sonae SGPS S.A.		276,742		272,228
				1,983,730
Singapore—1.1%
Abterra, Ltd. (a) (b) (c)		51,720		0
AEM Holdings, Ltd.		46,700		128,746
Avarga, Ltd. (a)		46,000		6,732
Banyan Tree Holdings, Ltd. (a)		97,700		26,433
Best World International, Ltd. (a)		17,862		24,255
BOC Aviation, Ltd.		2,100		17,010
Bonvests Holdings, Ltd.		18,000		13,110
Boustead Singapore, Ltd.		82,025		50,958
Bukit Sembawang Estates, Ltd.		56,100		167,673
BW LPG, Ltd.		21,752		217,290
Capitaland India Trust		219,100		184,667
Centurion Corp., Ltd.		98,400		27,313
China Aviation Oil Singapore Corp., Ltd.		55,000		38,301
Chuan Hup Holdings, Ltd.		125,000		16,769
ComfortDelGro Corp., Ltd.		398,200		342,110
COSCO Shipping International Singapore Co., Ltd. (a)		214,300		25,063
Creative Technology, Ltd. (a)		16,300		15,320
CSE Global, Ltd.		114,300		32,883
CW Group Holdings, Ltd. (a) (b) (c)		106,000		0
Delfi, Ltd.		80,600		77,076
Ezion Holdings, Ltd. (a) (b) (c)		753,729		1
Ezra Holdings, Ltd. (a) (b) (c)		1,000,703		1
Far East Orchard, Ltd.		76,120		56,899
First Resources, Ltd.		120,500		124,291
Food Empire Holdings, Ltd.		54,000		40,793
Fraser and Neave, Ltd.		36,400		28,987
Frencken Group, Ltd.		57,600		38,608
Fu Yu Corp., Ltd.		98,800		13,159
Gallant Venture, Ltd. (a)		257,900		24,900
Geo Energy Resources, Ltd.		155,000		25,796
Golden Agri-Resources, Ltd.		1,125,500		205,157
Golden Energy & Resources, Ltd. (a)		69,000		9,179
GuocoLand, Ltd.		68,800		77,324
Haw Par Corp., Ltd.		18,900		130,863
Singapore—(Continued)
Hiap Hoe, Ltd.		58,000		30,878
Ho Bee Land, Ltd.		49,800		75,536
Hong Fok Corp., Ltd.		90,940		66,801
Hong Leong Asia, Ltd.		52,600		24,334
Hong Leong Finance, Ltd.		43,900		81,213
Hotel Grand Central, Ltd.		26,435		16,907
Hour Glass, Ltd. (The)		68,400		101,191
Hrnetgroup, Ltd.		67,700		37,058
Hyflux, Ltd. (a) (b) (c)		179,500		0
iFAST Corp., Ltd.		25,500		86,982
IGG, Inc. (a)		192,000		95,151
Indofood Agri Resources, Ltd.		152,000		35,629
InnoTek, Ltd.		17,400		5,402
Japfa, Ltd.		98,670		15,661
Keppel Infrastructure Trust		823,428		310,601
KSH Holdings, Ltd.		25,700		6,169
Low Keng Huat Singapore, Ltd.		122,600		35,808
Metro Holdings, Ltd.		141,600		63,899
Mewah International, Inc.		110,000		22,802
Midas Holdings, Ltd. (a) (b) (c)		452,000		0
mm2 Asia, Ltd. (a)		299,600		8,858
Nanofilm Technologies International, Ltd.		29,200		29,292
NetLink NBN Trust		345,500		218,501
NSL, Ltd.		15,000		8,990
Overseas Union Enterprise, Ltd.		70,300		54,615
Oxley Holdings, Ltd.		268,718		25,290
Pan-United Corp., Ltd.		53,750		15,366
Propnex, Ltd.		15,400		11,546
PSC Corp, Ltd.		19,000		4,789
Q&M Dental Group Singapore, Ltd.		50,160		10,772
QAF, Ltd.		74,167		44,765
Raffles Education, Ltd. (a)		335,506		13,982
Raffles Medical Group, Ltd.		202,111		203,545
Rickmers Maritime (a) (b) (c)		110,000		0
SATS, Ltd. (a)		123,039		235,135
SBS Transit, Ltd.		25,600		49,276
Sheng Siong Group, Ltd.		146,100		177,185
SHS Holdings, Ltd.		47,000		4,865
SIA Engineering Co., Ltd. (a)		55,200		101,792
SIIC Environment Holdings, Ltd.		220,300		35,009
Sinarmas Land, Ltd.		618,500		91,990
Sing Holdings, Ltd.		82,000		20,615
Singapore Land Group, Ltd.		20,800		31,402
Singapore Post, Ltd.		259,000		86,417
Stamford Land Corp., Ltd.		304,601		87,826
StarHub, Ltd.		117,100		89,932
Straits Trading Co., Ltd.		14,224		21,702
Swiber Holdings Ltd. (a) (b) (c)		235,498		0
Thomson Medical Group, Ltd.		328,600		14,385
Tuan Sing Holdings, Ltd.		189,225		42,679
UMS Holdings, Ltd.		145,312		114,214
United Overseas Insurance, Ltd.		4,000		18,190
UOB-Kay Hian Holdings, Ltd.		135,107		139,077
Venture Corp., Ltd.		24,700		269,779
Vicom, Ltd.		26,000		32,867
Wee Hur Holdings, Ltd.		85,000		12,333
Wing Tai Holdings, Ltd.		109,921		119,596

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Singapore—(Continued)
Yeo Hiap Seng, Ltd.		20,155	$	9,687
				5,755,953
Spain—2.5%
Acerinox S.A.		39,911		424,449
Alantra Partners S.A. (d)		6,139		67,026
Almirall S.A.		19,817		163,818
Amper S.A. (a) (d)		224,339		24,861
Applus Services S.A.		33,014		355,333
Atresmedia Corp. de Medios de Comunicacion S.A. (d)		26,979		102,763
Azkoyen S.A.		3,142		22,223
Banco de Sabadell S.A.		1,485,718		1,717,847
Bankinter S.A.		169,125		1,042,848
Caja de Ahorros del Mediterraneo (a) (b) (c) (d)		14,621		0
Cia de Distribucion Integral Logista Holdings S.A.		12,772		344,222
Cie Automotive S.A.		12,311		376,868
Construcciones y Auxiliar de Ferrocarriles S.A.		5,033		169,097
Distribuidora Internacional de Alimentacion S.A. (a)		2,455,491		38,388
Ebro Foods S.A.		14,580		257,128
eDreams ODIGEO S.A. (a)		17,603		126,158
Elecnor S.A.		8,759		124,372
Enagas S.A. (d)		57,452		1,128,849
Ence Energia y Celulosa S.A (d)		36,246		114,249
Ercros S.A.		20,859		72,603
Faes Farma S.A.		86,911		301,702
Fluidra S.A. (d)		14,698		286,262
Fomento de Construcciones y Contratas S.A. (a)		4,959		63,826
Gestamp Automocion S.A.		22,065		103,815
Global Dominion Access S.A.		22,659		97,025
Grenergy Renovables S.A. (a) (d)		1,152		35,433
Grifols S.A. (a)		10,113		129,705
Grupo Catalana Occidente S.A.		8,863		272,427
Grupo Empresarial San Jose S.A. (d)		8,320		33,729
Iberpapel Gestion S.A.		1,128		18,595
Indra Sistemas S.A.		42,149		532,777
Laboratorios Farmaceuticos Rovi S.A.		4,330		200,218
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros (d)		186,237		167,785
Mapfre S.A. (d)		182,747		363,465
Melia Hotels International S.A. (a) (d)		31,617		219,620
Miquel y Costas & Miquel S.A.		8,745		110,028
Neinor Homes S.A. (a)		4,237		42,677
Obrascon Huarte Lain S.A. (a) (d)		47,913		24,418
Pharma Mar S.A.		2,214		73,622
Prim S.A. (d)		3,013		36,835
Promotora de Informaciones S.A. - Class A (a) (d)		83,921		34,786
Prosegur Cash S.A.		28,432		18,461
Prosegur Cia de Seguridad S.A.		49,013		87,130
Realia Business S.A. (a)		123,493		139,509
Sacyr S.A. (d)		134,204		459,115
Solaria Energia y Medio Ambiente S.A. (a)		19,439		298,474
Talgo S.A. (a) (d)		22,594		82,585
Tecnicas Reunidas S.A. (a)		16,165		147,181
Tubacex S.A.		28,472		84,524
Unicaja Banco S.A. (d)		267,421		281,510
Vidrala S.A.		5,686		536,503
Spain—(Continued)
Viscofan S.A.		10,515		726,284
Vocento S.A. (d)		18,128		14,644
				12,697,772
Sweden—2.4%
AcadeMedia AB		21,250		99,299
AddLife AB - Class B		3,970		44,775
AddNode Group AB		29,228		226,323
AFRY AB		16,879		249,353
Alimak Group AB		20,850		163,025
Alligo AB - Class B		8,890		90,643
Ambea AB		4,741		15,421
Annehem Fastigheter AB - Class B (a)		7,859		12,994
AQ Group AB		654		26,056
Arjo AB - B Shares		55,404		200,883
Atrium Ljungberg AB - B Shares		3,376		58,394
Attendo AB (a)		28,610		83,832
Beijer Alma AB (d)		13,962		291,882
Bergman & Beving AB		10,176		162,817
Besqab AB (a) (d)		3,183		8,063
Betsson AB - Class B (a)		39,536		421,134
BHG Group AB (a) (d)		13,680		19,029
Bilia AB - A Shares		22,345		233,225
Biogaia AB - B Shares		3,014		32,421
BioInvent International AB (a)		2,421		4,048
Biotage AB		16,595		206,800
Bonava AB - B Shares		18,068		30,414
Boozt AB (a)		5,455		60,964
Bravida Holding AB		4,694		45,111
Bufab AB		8,362		286,448
Bulten AB		4,294		39,599
Bure Equity AB		10,783		250,829
Byggmax Group AB (a) (d)		18,326		49,130
Catella AB		2,281		5,607
Catena AB		6,450		236,261
Cellavision AB		2,146		36,537
Cibus Nordic Real Estate AB		2,907		28,300
Clas Ohlson AB - B Shares		12,720		95,521
Cloetta AB - B Shares		61,762		112,357
Collector Bank AB (a)		5,059		13,701
Coor Service Management Holding AB		24,209		118,756
Corem Property Group AB - Class B		68,633		32,321
Corem Property Group AB - Class D (d)		1,405		15,773
Dios Fastigheter AB		26,164		167,020
Dometic Group AB		8,120		53,432
Duni AB		10,660		104,866
Dustin Group AB (a)		18,802		52,169
Eastnine AB		5,243		54,131
Elanders AB - B Shares (d)		1,453		16,066
Electrolux Professional AB - Class B		46,563		252,747
Eltel AB (a)		18,428		12,657
Enea AB (a)		4,082		15,975
Eolus Vind AB - B Shares		935		6,186
Ependion AB		7,843		98,776
eWork Group AB (d)		2,864		39,126
Fagerhult AB		19,392		122,962

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—(Continued)
Fastighets AB Trianon (a)		3,988	$	5,961
FastPartner AB - Class A		10,644		39,990
Ferronordic AB		275		1,907
Fingerprint Cards AB - Class B (a)		37,915		6,468
FormPipe Software AB (a)		2,450		5,954
G5 Entertainment AB		208		3,850
GARO AB (d)		4,784		27,871
Granges AB		31,689		302,548
Heba Fastighets AB - Class B		19,054		46,995
Hemnet Group AB		2,719		47,590
HMS Networks AB		4,108		201,250
Hoist Finance AB (a)		12,983		33,670
Humana AB (a)		6,890		14,179
Instalco AB (d)		38,975		194,512
Inwido AB		16,291		148,326
ITAB Shop Concept AB		1,944		1,756
JM AB		14,820		197,673
Karnov Group AB (a)		14,120		64,404
Know It AB		6,672		107,899
Lagercrantz Group AB - B Shares		8,604		110,967
Lime Technologies AB		1,294		32,806
Lindab International AB		21,935		311,853
Loomis AB		11,758		343,355
Medcap AB (a)		379		9,663
MEKO AB		11,543		119,201
MIPS AB (d)		5,892		292,528
Modern Times Group MTG AB - Class B (a)		23,462		149,654
Momentum Group AB		8,890		100,137
Munters Group AB		20,599		233,915
Mycronic AB		14,572		361,185
NCAB Group AB		20,370		158,700
NCC AB - B Shares		17,089		149,399
Nederman Holding AB		6,257		122,406
Net Insight AB - Class B (a)		74,697		33,358
New Wave Group AB - B Shares		37,020		325,834
Nilorngruppen AB - B Shares		1,106		6,856
Nobia AB (a)		40,224		51,070
Nolato AB - B Shares		52,647		247,401
Nordic Paper Holding AB		2,747		7,926
Nordic Waterproofing Holding AB		6,754		86,298
Note AB (a)		1,582		33,311
NP3 Fastigheter AB		8,531		128,992
Nyfosa AB		44,721		248,132
OEM International AB - B Shares		22,800		207,293
Orron Energy AB (a)		9,493		9,987
Ovzon AB (a)		673		1,525
Peab AB - Class B		15,067		59,944
Platzer Fastigheter Holding AB - Class B		15,422		114,249
Pricer AB - B Shares (d)		32,212		21,325
Proact IT Group AB		8,496		62,310
Ratos AB - B Shares		61,820		173,544
RaySearch Laboratories AB (a)		7,859		46,127
Rejlers AB		1,659		22,237
Rottneros AB		26,936		28,910
Scandi Standard AB		18,069		85,644
Scandic Hotels Group AB (a)		33,911		137,371
Sdiptech AB - Class B (a)		4,249		105,325
Sweden—(Continued)
Sensys Gatso Group AB (a)		2,791		20,053
SkiStar AB		13,849		148,234
Softronic AB - B Shares		3,875		5,713
Solid Forsakring AB		2,708		15,941
Stendorren Fastigheter AB (a)		1,576		23,759
Stillfront Group AB (a)		27,529		46,135
Storskogen Group AB - Class B		38,305		35,027
Systemair AB		22,572		164,474
Tethys Oil AB (a)		2,076		9,394
TF Bank AB (a)		690		10,211
Troax Group AB		11,680		230,368
VBG Group AB - B Shares		2,387		40,317
Viaplay Group AB (a)		3,680		21,109
Vitec Software Group AB - B Shares		5,020		252,218
Volati AB		1,043		10,907
				12,331,560
Switzerland—8.0%
Accelleron Industries AG		3,637		86,997
Adecco Group AG		23,812		777,239
Aevis Victoria S.A.		730		15,007
Allreal Holding AG		4,049		683,943
ALSO Holding AG		1,991		428,982
APG SGA S.A.		390		81,473
Arbonia AG		14,726		166,934
Aryzta AG (a)		240,805		400,134
Ascom Holding AG		3,201		39,049
Autoneum Holding AG (a) (d)		992		162,571
Baloise Holding AG		8,025		1,180,244
Banque Cantonale de Geneve		750		181,859
Banque Cantonale Vaudoise		4,941		521,997
Basilea Pharmaceutica AG (a)		1,225		57,944
Belimo Holding AG		2,620		1,307,192
Bell Food Group AG		693		197,133
Bellevue Group AG		3,322		98,828
Berner Kantonalbank AG		1,236		320,588
BKW AG		5,594		988,157
Bossard Holding AG - Class A		1,729		384,336
Bucher Industries AG		1,852		817,016
Burckhardt Compression Holding AG		714		419,138
Burkhalter Holding AG		734		75,505
Bystronic AG (d)		398		264,719
Calida Holding AG		1,703		64,871
Carlo Gavazzi Holding AG		124		52,210
Cembra Money Bank AG		8,164		677,380
Cicor Technologies, Ltd. (a) (d)		644		30,939
Cie Financiere Tradition S.A.		607		80,399
Clariant AG (a)		59,367		858,160
Coltene Holding AG (a)		1,092		86,373
Comet Holding AG		1,743		444,927
Daetwyler Holding AG		1,318		281,119
DKSH Holding AG		10,037		746,811
dormakaba Holding AG		861		387,105
Dufry AG (a)		21,834		995,283
EDAG Engineering Group AG		3,171		38,598
EFG International AG (a)		23,424		237,997

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
Emmi AG		625	$	602,542
Energiedienst Holding AG		3,972		172,971
Evolva Holding S.A. (a)		337		1,688
Feintool International Holding AG (d)		1,764		42,288
Fenix Outdoor International AG		1,091		75,377
Ferrexpo plc (a)		27,630		31,410
Flughafen Zurich AG		5,491		1,141,274
Forbo Holding AG		276		396,089
Fundamenta Real Estate AG (a)		4,539		82,428
Galenica AG		13,396		1,082,011
GAM Holding AG (a) (d)		62,659		37,867
Georg Fischer AG		22,914		1,720,865
Gurit Holding AG - Class BR (a) (d)		1,247		116,169
Helvetia Holding AG		10,528		1,425,152
Hiag Immobilien Holding AG		1,482		125,856
Highlight Communications AG (a)		7,829		29,054
HOCHDORF Holding AG (a) (d)		174		3,849
Huber & Suhner AG		4,607		379,756
Hypothekarbank Lenzburg AG		3		14,481
Implenia AG		4,062		197,332
Ina Invest Holding AG (a)		1,388		28,361
Inficon Holding AG		501		604,376
Interroll Holding AG		220		681,098
Intershop Holding AG		394		262,764
Investis Holding S.A.		421		43,173
IWG plc (a)		194,505		340,684
Jungfraubahn Holding AG		970		162,763
Kardex Holding AG		2,082		468,220
Komax Holding AG		1,115		288,872
Kudelski S.A. (a)		13,221		25,123
Landis & Gyr Group AG (a) (d)		4,662		400,142
LEM Holding S.A.		166		415,448
Luzerner Kantonalbank AG (d)		4,993		411,101
Medacta Group S.A.		1,064		145,226
Medmix AG		5,258		139,049
Meier Tobler Group AG		1,744		102,896
Metall Zug AG - B Shares		62		113,583
Mikron Holding AG		2,145		26,842
Mobilezone Holding AG		12,863		197,761
Mobimo Holding AG		2,004		541,159
Novavest Real Estate AG (a)		468		19,407
OC Oerlikon Corp. AG		58,471		290,999
Orascom Development Holding AG (a) (d)		4,230		30,158
Orell Fuessli AG (d)		331		28,120
Orior AG		1,947		166,409
Phoenix Mecano AG (a)		244		104,137
Plazza AG - Class A		222		78,381
PSP Swiss Property AG		12,811		1,432,269
Resurs Holding AB		27,086		50,397
Rieter Holding AG		686		71,200
Romande Energie Holding S.A.		2,775		164,658
Schaffner Holding AG (d)		204		64,963
Schweiter Technologies AG (d)		286		206,034
Schweizerische Nationalbank (a) (d)		5		24,974
Sensirion Holding AG (a)		2,180		238,727
SFS Group AG		5,311		700,938
Siegfried Holding AG (a)		1,138		940,548
Switzerland—(Continued)
SIG Group AG (a)		2,682		74,122
St. Galler Kantonalbank AG		810		439,677
Stadler Rail AG		3,343		130,716
Sulzer AG		5,258		452,303
Swiss Prime Site AG		15,133		1,313,332
Swiss Steel Holding AG (a) (d)		161,565		23,969
Swissquote Group Holding S.A.		3,768		785,822
Temenos AG		15,465		1,231,358
TX Group AG		920		110,006
U-Blox Holding AG (a)		2,020		221,597
V-ZUG Holding AG (a)		780		62,302
Valiant Holding AG		5,102		531,152
VAT Group AG		2,084		863,143
Vaudoise Assurances Holding S.A.		261		127,776
Vetropack Holding AG		3,874		179,725
Von Roll Holding AG (a) (d)		16,704		14,599
Vontobel Holding AG (d)		7,918		503,310
VZ Holding AG		3,926		361,769
Walliser Kantonalbank		1,345		166,126
Warteck Invest AG		53		118,202
Ypsomed Holding AG		692		208,687
Zehnder Group AG		3,277		264,918
Zug Estates Holding AG - B Shares		83		147,907
Zuger Kantonalbank AG		45		383,098
				41,044,192
Taiwan—0.0%
FIT Hon Teng, Ltd. (a)		80,000		14,236
Tanzania—0.0%
Helios Towers plc (a)		110,176		130,506
United Arab Emirates—0.0%
Borr Drilling, Ltd. (a) (d)		7,416		55,842
Borr Drilling, Ltd. (ADR) (a)		11,624		85,074
Network International Holdings plc (a)		11,307		55,032
Shelf Drilling, Ltd. (a)		19,770		36,268
				232,216
United Kingdom—11.5%
4imprint Group plc		7,046		430,255
888 Holdings plc (a)		63,335		78,928
A.G. Barr plc		33,154		197,993
abrdn plc		95,545		265,151
accesso Technology Group plc (a)		2,402		23,512
Advanced Medical Solutions Group plc		23,347		67,055
AJ Bell plc		59,750		243,553
Alfa Financial Software Holdings plc		10,992		27,293
Allfunds Group Plc		2,273		13,897
Alliance Pharma plc (d)		95,282		60,318
Anglo-Eastern Plantations plc		5,782		55,164
Ascential plc (a)		79,762		224,457
Ashmore Group plc		97,994		259,058
ASOS plc (a) (d)		1,729		8,417
Avon Protection plc		8,677		93,840
Babcock International Group plc (a)		152,440		548,204

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Bakkavor Group plc (d)		12,493	$	15,080
Balfour Beatty plc		181,242		785,464
Beazley plc		70,012		525,335
Begbies Traynor Group plc		20,686		34,641
Bellway plc		23,612		597,641
Bloomsbury Publishing plc		28,218		156,248
Bodycote plc		59,365		483,063
boohoo Group plc (a)		68,276		29,404
BRAEMAR plc		7,120		21,076
Breedon Group plc		2,572		10,650
Bridgepoint Group plc		4,163		10,704
Britvic plc		74,790		813,526
Brooks Macdonald Group plc		486		13,344
Bytes Technology Group plc		44,836		300,249
Capita plc (a)		344,633		120,059
Capricorn Energy plc		80,205		189,020
Card Factory plc (a)		103,756		119,099
Carr’s Group plc (d)		19,239		36,427
Castings plc		2,870		14,356
Cazoo Group Ltd. (a) (d)		1,396		1,647
Centaur Media plc		92,526		55,890
Central Asia Metals plc		20,359		46,615
Chemring Group plc		94,962		341,854
Chesnara plc		50,709		174,482
Clarkson plc		8,219		308,973
Close Brothers Group plc		45,801		513,953
CMC Markets plc		42,124		82,415
Coats Group plc		319,324		282,657
Computacenter plc		22,674		659,611
Concentric AB		9,871		188,150
Costain Group plc (a)		35,950		20,972
Cranswick plc		15,838		653,114
Crest Nicholson Holdings plc		83,456		200,067
Currys plc		250,394		166,389
CVS Group plc		15,668		393,765
De La Rue plc (a)		52,440		31,776
Deliveroo plc (a)		68,684		99,907
DFS Furniture plc		51,390		70,487
Dialight plc (a) (d)		5,140		14,425
Diploma plc		19,700		748,015
Direct Line Insurance Group plc		95,434		165,091
DiscoverIE Group plc		15,588		166,293
Domino’s Pizza Group plc		124,310		436,198
dotdigital group plc		41,626		44,716
Dr. Martens plc		56,127		87,194
Drax Group plc		123,481		909,804
Dunelm Group plc		27,630		394,392
DWF Group plc		31,362		23,903
easyJet plc (a)		5,538		34,094
Ecora Resources plc (d)		51,447		75,169
EKF Diagnostics Holdings plc (d)		38,020		15,222
Elementis plc (a)		188,304		244,146
EMIS Group plc		13,707		238,580
Energean plc (d)		27,001		352,224
EnQuest plc (a)		515,849		97,665
Epwin Group plc		14,369		12,407
Ergomed plc (a)		6,678		82,680
United Kingdom—(Continued)
Esken, Ltd. (a)		102,535		3,573
Essentra plc		94,236		194,106
FD Technologies plc (a)		3,285		80,124
FDM Group Holdings plc		21,321		152,093
Fevertree Drinks plc		23,602		366,505
Firstgroup plc		145,351		269,982
Flex LNG, Ltd.		2,397		73,005
Flowtech Fluidpower plc (d)		6,703		8,090
Forterra plc		58,426		120,061
Foxtons Group plc		74,860		35,960
Frasers Group plc (a)		31,394		280,110
Frontier Developments plc (a)		3,312		24,847
Fuller Smith & Turner plc - Class A		9,279		70,462
Funding Circle Holdings plc (a)		10,326		7,381
Galliford Try Holdings plc		39,862		98,647
Games Workshop Group plc		8,487		1,179,372
Gamma Communications plc		15,986		232,044
Gem Diamonds, Ltd. (a)		44,142		10,481
Genel Energy plc		14,530		19,086
Genuit Group plc		68,299		254,822
Georgia Capital plc (a)		7,105		74,968
Gooch & Housego plc (d)		2,212		17,479
Goodwin plc		121		6,608
Grafton Group plc		62,887		625,802
Grainger plc		208,838		603,410
Greggs plc		29,520		957,622
Gulf Keystone Petroleum, Ltd.		64,377		98,437
Gym Group plc (The) (a) (d)		49,004		56,813
H&T Group plc (d)		1,027		5,680
Halfords Group plc		72,677		198,916
Hargreaves Lansdown plc		18,673		193,375
Harworth Group plc		4,382		5,871
Hays plc		457,753		595,425
Headlam Group plc		29,149		92,178
Helical plc		38,476		126,984
Henry Boot plc		14,477		38,613
Hill & Smith plc		26,057		496,898
Hilton Food Group plc		19,243		152,484
Hiscox, Ltd.		63,107		876,418
Hollywood Bowl Group plc		35,798		113,579
Howden Joinery Group plc		52,063		425,069
Hunting plc		47,371		119,916
Ibstock plc		123,730		220,051
IDOX plc (d)		75,537		64,845
IG Group Holdings plc		30,003		257,886
IMI plc		10,005		209,069
Impax Asset Management Group plc		14,750		106,699
Inchcape plc		94,730		936,211
Indivior plc (a)		35,234		817,227
IntegraFin Holdings plc		51,584		155,619
Intermediate Capital Group plc		24,829		435,109
International Distributions Services plc		61,338		172,168
International Personal Finance plc		79,366		113,356
iomart Group plc		16,833		36,948
IP Group plc		225,731		162,471
IQE plc (a) (d)		87,265		23,547
ITV plc		636,123		553,699

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
J.D. Wetherspoon plc (a)		21,503	$	183,867
James Fisher & Sons plc (a)		15,436		78,619
James Halstead plc (d)		59,490		159,742
Jet2 plc		34,034		538,355
John Wood Group plc (a)		195,202		336,132
Johnson Matthey plc		2,928		65,133
Johnson Service Group plc		61,047		80,207
Jupiter Fund Management plc		156,485		213,967
Just Group plc		224,609		222,836
Kainos Group plc		20,314		318,712
Keller Group plc		23,073		205,105
Kier Group plc (a)		94,700		90,570
Kin & Carta plc (a)		25,591		20,491
Lancashire Holdings, Ltd.		72,054		528,879
Learning Technologies Group plc		73,668		77,653
Liontrust Asset Management plc		12,072		109,946
Lookers plc		93,433		142,178
LSL Property Services plc		25,826		91,820
Luceco plc		31,684		50,266
M&C Saatchi plc		3,677		7,097
Man Group plc		374,661		1,039,290
Marks & Spencer Group plc (a)		395,896		968,551
Marshalls plc		23,839		72,836
Marston’s plc (a)		211,171		78,850
McBride plc (a)		63,975		21,521
ME Group International plc (d)		89,030		185,569
Mears Group plc		36,497		134,870
Medica Group plc		4,619		12,385
Metro Bank Holdings plc (a)		2,816		4,256
Midwich Group plc (d)		2,355		13,117
Mitchells & Butlers plc (a)		84,608		219,308
Mitie Group plc		406,977		499,566
MJ Gleeson plc		13,112		62,408
Mobico Group plc		165,517		204,511
Moneysupermarket.com Group plc		146,027		502,545
Morgan Advanced Materials plc		95,467		333,123
Morgan Sindall Group plc		14,007		326,414
Mortgage Advice Bureau Holdings, Ltd.		6,665		50,096
Motorpoint group plc (a)		14,323		17,362
MP Evans Group plc		2,300		20,454
N Brown Group plc (a) (d)		62,840		18,650
Naked Wines plc (a)		1,427		1,711
NCC Group plc		88,729		109,199
Next 15 Group plc		16,972		146,327
Ninety One plc		93,523		200,074
Norcros plc		11,343		24,337
Numis Corp. plc		16,141		68,174
Odfjell Technology Ltd.		4,274		17,668
On the Beach Group plc (a)		32,313		39,567
OSB Group plc		95,681		585,969
Oxford Instruments plc		15,582		540,527
Pagegroup plc		102,025		520,261
Pan African Resources plc		368,191		58,882
Paragon Banking Group plc		63,215		427,921
Parkmead Group plc (The) (a)		28,991		5,337
PayPoint plc		21,008		128,960
Pendragon plc (a)		345,188		77,369
United Kingdom—(Continued)
Pennon Group plc		68,031		615,171
Persimmon plc		14,326		186,766
Petrofac, Ltd. (a) (d)		85,847		86,483
Pets at Home Group plc		148,432		710,728
Pharos Energy plc		50,968		14,239
Phoenix Spree Deutschland, Ltd.		665		1,572
Playtech plc (a)		80,893		606,136
Polar Capital Holdings plc		16,568		108,642
Porvair plc		8,570		69,053
PPHE Hotel Group, Ltd.		3,290		46,807
Premier Foods plc		206,665		334,829
PZ Cussons plc		74,104		152,774
QinetiQ Group plc		170,380		766,306
Quilter plc (d)		370,926		373,483
Rank Group plc (a)		54,017		60,728
Rathbones Group plc		17,130		405,561
Reach plc		103,289		87,351
Record plc		12,453		15,497
Redde Northgate plc		57,053		271,934
Redrow plc		80,746		452,578
Renew Holdings plc		8,917		84,267
Renewi plc (a) (d)		25,541		167,028
Renishaw plc		2,360		116,940
Renold plc (a)		238		85
Restaurant Group plc (The) (a)		92,660		44,804
Ricardo plc		13,452		97,735
RM plc (a)		43,283		46,123
Robert Walters plc		16,356		85,569
Rotork plc		207,102		802,847
RS GROUP plc		25,838		249,731
RWS Holdings plc		12,286		36,815
S&U plc		1,188		34,304
S4 Capital plc (a)		28,030		44,892
Sabre Insurance Group plc		49,439		85,009
Saga plc (a) (d)		8,514		12,933
Savills plc		45,458		492,488
Secure Trust Bank plc		458		3,609
Senior plc		159,684		355,554
Serco Group plc		300,955		595,105
Serica Energy plc		47,039		125,787
Severfield plc		100,890		86,965
SIG plc (a)		255,262		112,500
Smart Metering Systems plc		23,321		203,975
Smiths News plc (d)		20,535		12,203
Softcat plc		30,193		542,889
Spectris plc		17,045		778,172
Speedy Hire plc		151,595		69,483
Spire Healthcare Group plc		62,350		168,380
Spirent Communications plc		181,575		377,670
SSP Group plc (a)		185,760		591,950
SThree plc		41,761		181,573
Studio Retail Group plc (a) (b) (c)		17,439		0
STV Group plc		7,194		20,474
Superdry plc (a)		18,185		18,279
Synthomer plc (a)		101,465		93,896
T. Clarke plc		15,381		27,567
Tate & Lyle plc		97,547		900,782

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Taylor Wimpey plc		106,007	$	138,468
TBC Bank Group plc		6,166		193,348
Telecom Plus plc		18,238		391,452
Topps Tiles plc		61,961		37,796
TORM plc - Class A		8,003		192,477
TP ICAP Group plc		235,823		454,162
Travis Perkins plc		50,576		523,432
Trifast plc		20,432		20,350
TT electronics plc		54,423		109,006
Tyman plc		21,078		68,597
Vanquis Banking Group plc		52,029		126,176
Verici Dx plc (a)		760		113
Vertu Motors plc		46,012		41,784
Vesuvius plc		68,585		347,411
Victrex plc		24,560		434,079
VIDENDUM plc		10,351		91,111
Virgin Money UK plc		239,897		456,215
Vistry Group plc		69,276		582,993
Volex plc		20,602		74,430
Volution Group plc		34,155		164,183
Vp plc (d)		4,147		31,842
Watches of Switzerland Group plc (a)		47,460		369,057
Watkin Jones plc (d)		46,386		42,093
WH Smith plc		30,332		598,149
Wickes Group plc		76,029		118,672
Wincanton plc		40,925		130,830
Xaar plc (a)		18,088		39,619
XPS Pensions Group plc		7,428		16,498
Young & Co’s Brewery plc - Class A		4,640		70,718
Young & Co’s Brewery plc (Non-Voting Shares)		1,744		18,003
Zotefoams plc		7,268		31,142
				59,144,391
United States—0.6%
ADTRAN Holdings, Inc.		14,095		148,398
Argonaut Gold, Inc. (a) (d)		80,499		32,206
Bausch Health Cos., Inc. (Toronto-Traded Shares) (a)		4,017		32,142
Bausch Health Cos., Inc. (a)		48,161		385,288
Burford Capital, Ltd.		35,459		433,023
Diversified Energy Co., plc		191,404		214,813
Energy Fuels, Inc. (a)		7,296		45,326
Frontage Holdings Corp. (a)		58,000		14,824
Noble Corp. plc (a)		1,699		69,151
Ormat Technologies, Inc.		1		45
Primo Water Corp.		2,400		30,096
PureTech Health plc (a)		49,670		136,427
Reliance Worldwide Corp., Ltd.		176,413		485,294
Samsonite International S.A. (a)		177,300		504,056
Sims, Ltd.		43,872		464,000
Varia US Properties AG (d)		1,203		50,207
Viemed Healthcare, Inc. (a)		5,284		51,678
				3,096,974
Total Common Stocks (Cost $511,420,541)				509,762,539
Preferred Stocks—0.4%
Security Description	Shares		Value
Germany—0.4%
Draegerwerk AG & Co. KGaA		3,031		144,029
Fuchs Petrolub SE		17,122		676,474
Jungheinrich AG		16,012		585,953
Sixt SE		4,716		368,976
Sto SE & Co. KGaA		618		103,571
Villeroy & Boch AG		505		9,865
				1,888,868
Italy—0.0%
Danieli & C Officine Meccaniche S.p.A. (Savings Shares)		4,725		86,790
Total Preferred Stocks (Cost $1,781,415)				1,975,658
Rights—0.0%
Australia—0.0%
Centrebet International, Ltd. (Litigation Units) (a)		9,600		0
Austria—0.0%
Intercell AG (a) (b) (c)		24,163		0
Lenzing AG (a)		2,858		16,774
S Immo AG (a) (b) (c)		17,333		0
Strabag SE (a)		2,729		0
				16,774
Hong Kong—0.0%
Fortune Oil, Ltd. (a) (b) (c)		575,627		1
Japan—0.0%
Tess Holdings Co., Ltd. (a)		1,300		4,696
Netherlands—0.0%
SIF Holding N.V. (a) (d)		1,259		213
Singapore—0.0%
CapitaLand India Trust Management Pte., Ltd., Expires 07/10/23 (a)		26,072		1,539
Spain—0.0%
Sacyr S.A. (a)		134,204		12,023
Total Rights (Cost $53,593)				35,246
Warrants—0.0%
Australia—0.0%
Decmil Group, Ltd., Expires 09/06/23 (a)		4,018		0
Canada—0.0%
Logan Energy Corp. (a)		4,225		0
Italy—0.0%
Webuild S.p.A., Expires 08/02/30 (a) (d)		6,346		0

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Warrants—(Continued)

Security Description	Shares/ Principal Amount*		Value
Mongolia—0.0%
MECOM Power & Construction Ltd., Expires 05/24/24 (a)		14,100	$	119
Total Warrants (Cost $64)				119
Short-Term Investment—0.2%
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $1,118,399; collateralized by U.S. Treasury Note at 0.750%, maturing 03/31/26, with a market value of $1,140,622.		1,118,185		1,118,185
Total Short-Term Investments (Cost $1,118,185)				1,118,185
Securities Lending Reinvestments (e)—4.7%
Repurchase Agreements—1.6%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $2,088,691; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $2,129,568.		2,087,812		2,087,812
Cantor Fitzgerald & Co. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $1,000,423; collateralized by U.S. Government Agency Obligations with rates ranging from 1.378% - 8.917%, maturity dates ranging from 08/01/23 - 01/20/73, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $600,254; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $613,536.		600,000		600,000
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $1,000,986; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $1,024,713.		1,000,000		1,000,000
Societe Generale
Repurchase Agreement dated 06/30/23 at 5.160%, due on 07/03/23 with a maturity value of $500,215; collateralized by various Common Stock with an aggregate market value of $556,869.		500,000		500,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $1,000,431; collateralized by various Common Stock with an aggregate market value of $1,112,361.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $800,804; collateralized by various Common Stock with an aggregate market value of $890,990.		800,000		800,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $1,000,429; collateralized by various Common Stock with an aggregate market value of $1,100,472.		1,000,000		1,000,000
				7,987,812
Mutual Funds—3.1%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (f)		2,000,000		2,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.000% (f)		2,000,000		2,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (f)		2,000,000		2,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (f)		2,000,000		2,000,000
HSBC U.S. Government Money Market Fund, Class I 5.010% (f)		1,000,000		1,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (f)		2,000,000		2,000,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (f)		2,000,000		2,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030% (f)		1,000,000		1,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.050% (f)		1,000,000		1,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (f)		1,000,000		1,000,000
				16,000,000
Total Securities Lending Reinvestments (Cost $23,987,812)				23,987,812
Total Investments—104.2% (Cost $538,361,610)				536,879,559
Other assets and liabilities (net)—(4.2)%				(21,700,619	)
Net Assets—100.0%			$	515,178,940

(a)	Non-income producing security.
(b)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent less than 0.05% of net assets.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

(d)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $48,031,496 and the collateral received consisted of cash in the amount of $23,987,812 and non-cash collateral with a value of $26,421,668. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(e)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(f)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Ten Largest Industries as of June 30, 2023 (Unaudited)	% of Net Assets
Machinery		6.9
Banks		5.5
Metals & Mining		5.5
Real Estate Management & Development		3.9
Oil, Gas & Consumable Fuels		3.9
Electronic Equipment, Instruments & Components		3.6
Chemicals		3.4
Capital Markets		3.4
Food Products		3.3
Construction & Engineering		3.1

Glossary of Abbreviations

Other Abbreviations

(ADR) —	American Depositary Receipt
(REIT) —	Real Estate Investment Trust

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	718,961	$	30,484,578	$	90,973	$	31,294,512
Austria		—		7,629,526		0		7,629,526
Belgium		—		8,517,631		—		8,517,631
Cambodia		—		134,844		—		134,844
Canada		58,603,450		128,338		1,283		58,733,071
China		362,231		632,053		—		994,284
Colombia		202,268		—		—		202,268
Denmark		—		13,948,086		—		13,948,086
Faeroe Islands		—		23,248		—		23,248
Finland		—		11,316,571		—		11,316,571
France		22,767		25,843,869		0		25,866,636
Georgia		—		495,545		—		495,545
Germany		224,946		29,684,582		—		29,909,528
Ghana		—		148,959		—		148,959
Greece		—		21,154		—		21,154
Greenland		—		12,617		—		12,617
Guernsey, Channel Islands		—		—		0		0
Hong Kong		749,943		9,457,203		79,197		10,286,343
India		—		105,245		—		105,245
Ireland		—		3,002,636		—		3,002,636

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Isle of Man	$	—	$	32,296		$	—	$	32,296
Israel		136,727		5,889,831			—		6,026,558
Italy		—		20,811,126			0		20,811,126
Japan		—		123,911,154			85,180		123,996,334
Jersey, Channel Islands		—		436,683			—		436,683
Jordan		—		172,376			—		172,376
Liechtenstein		—		319,680			—		319,680
Luxembourg		—		1,397,556			—		1,397,556
Macau		—		191,583			—		191,583
Malta		—		13,535			—		13,535
Mongolia		—		8,373			—		8,373
Netherlands		—		11,282,778			0		11,282,778
New Zealand		—		2,109,737			—		2,109,737
Norway		—		3,738,807			—		3,738,807
Peru		—		86,667			—		86,667
Philippines		—		11,266			—		11,266
Poland		—		52,950			—		52,950
Portugal		—		1,983,730			—		1,983,730
Singapore		133,153		5,622,798			2		5,755,953
Spain		—		12,697,772			0		12,697,772
Sweden		—		12,331,560			—		12,331,560
Switzerland		104,137		40,940,055			—		41,044,192
Taiwan		—		14,236			—		14,236
Tanzania		—		130,506			—		130,506
United Arab Emirates		55,842		176,374			—		232,216
United Kingdom		5,903		59,138,488			0		59,144,391
United States		576,736		2,520,238			—		3,096,974
Total Common Stocks		61,897,064		447,608,840			256,635		509,762,539
Total Preferred Stocks*		—		1,975,658			—		1,975,658
Rights
Australia		—		0			—		0
Austria		—		16,774			0		16,774
Hong Kong		—		—			1		1
Japan		—		4,696			—		4,696
Netherlands		213		—			—		213
Singapore		—		1,539			—		1,539
Spain		12,023		—			—		12,023
Total Rights		12,236		23,009			1		35,246
Warrants
Australia		—		0			—		0
Canada		—		0			—		0
Italy		—		0			—		0
Mongolia		119		—			—		119
Total Warrants		119		0			—		119
Total Short-Term Investment*		—		1,118,185			—		1,118,185
Securities Lending Reinvestments
Repurchase Agreements		—		7,987,812			—		7,987,812
Mutual Funds		16,000,000		—			—		16,000,000
Total Securities Lending Reinvestments		16,000,000		7,987,812			—		23,987,812
Total Investments	$	77,909,419	$	458,713,504		$	256,636	$	536,879,559
Collateral for Securities Loaned (Liability)	$	—	$	(23,987,812	)	$	—	$	(23,987,812	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

During the period ended June 30, 2023, transfers into Level 3 in the amount of $242,259 were due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	536,879,559
Cash		1,894
Cash denominated in foreign currencies (c)		1,017,476
Receivable for:
Investments sold		521,969
Fund shares sold		5,072
Dividends and interest		2,032,494
Prepaid expenses		4,136
Total Assets		540,462,600
Liabilities
Collateral for securities loaned		23,987,812
Payables for:
Investments purchased		497,771
Fund shares redeemed		25,814
Accrued Expenses:
Management fees		273,923
Distribution and service fees		13,071
Deferred trustees’ fees		154,342
Other expenses		330,927
Total Liabilities		25,283,660
Net Assets	$	515,178,940
Net Assets Consist of:
Paid in surplus	$	509,263,936
Distributable earnings (Accumulated losses)		5,915,004
Net Assets	$	515,178,940
Net Assets
Class A	$	451,247,431
Class B		63,931,509
Capital Shares Outstanding*
Class A		47,844,294
Class B		6,833,756
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.43
Class B		9.36

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $538,361,610.
(b)	Includes securities loaned at value of $48,031,496.
(c)	Identified cost of cash denominated in foreign currencies was $1,015,656.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	10,363,366
Interest		8,567
Securities lending income		261,915
Total investment income		10,633,848
Expenses
Management fees		2,115,268
Administration fees		17,134
Custodian and accounting fees		217,404
Distribution and service fees—Class B		80,892
Audit and tax services		36,483
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		11,226
Insurance		2,477
Miscellaneous		45,526
Total expenses		2,565,692
Less management fee waiver		(416,758	)
Net expenses		2,148,934
Net Investment Income		8,484,914
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		9,321,277
Foreign currency transactions		(88,978	)
Net realized gain (loss)		9,232,299
Net change in unrealized appreciation (depreciation) on:
Investments		16,456,857
Foreign currency transactions		23,589
Net change in unrealized appreciation (depreciation)		16,480,446
Net realized and unrealized gain (loss)		25,712,745
Net Increase (Decrease) in Net Assets From Operations	$	34,197,659

(a) Net of foreign withholding taxes of $1,131,399.

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	8,484,914		$	13,418,811
Net realized gain (loss)		9,232,299			17,514,443
Net change in unrealized appreciation (depreciation)		16,480,446			(150,252,325	)
Increase (decrease) in net assets from operations		34,197,659			(119,319,071	)
From Distributions to Shareholders
Class A		(25,966,317	)		(67,111,201	)
Class B		(3,539,535	)		(9,121,187	)
Total distributions		(29,505,852	)		(76,232,388	)
Increase (decrease) in net assets from capital share transactions		(18,172,523	)		30,913,982
Total increase (decrease) in net assets		(13,480,716	)		(164,637,477	)
Net Assets
Beginning of period		528,659,656			693,297,133
End of period	$	515,178,940		$	528,659,656

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,503		$	14,749			6,735		$	60,090
Reinvestments		2,718,986			25,966,317			7,286,775			67,111,201
Redemptions		(4,268,549	)		(42,518,336	)		(3,905,979	)		(41,054,772	)
Net increase (decrease)		(1,548,060	)	$	(16,537,270	)		3,387,531		$	26,116,519
Class B
Sales		84,871		$	825,944			507,355		$	4,954,004
Reinvestments		373,763			3,539,535			997,942			9,121,187
Redemptions		(611,279	)		(6,000,732	)		(909,564	)		(9,277,728	)
Net increase (decrease)		(152,645	)	$	(1,635,253	)		595,733		$	4,797,463
Increase (decrease) derived from capital shares transactions				$	(18,172,523	)��				$	30,913,982

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.39		$	13.25		$	12.43		$	12.22		$	11.07		$	15.32
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.16			0.25			0.22			0.16			0.22			0.23
Net realized and unrealized gain (loss)		0.46			(2.59	)		1.54			0.75			2.20			(3.05	)
Total income (loss) from investment operations		0.62			(2.34	)		1.76			0.91			2.42			(2.82	)
Less Distributions
Distributions from net investment income		(0.26	)		(0.30	)		(0.24	)		(0.29	)		(0.16	)		(0.40	)
Distributions from net realized capital gains		(0.32	)		(1.22	)		(0.70	)		(0.41	)		(1.11	)		(1.03	)
Total distributions		(0.58	)		(1.52	)		(0.94	)		(0.70	)		(1.27	)		(1.43	)
Net Asset Value, End of Period	$	9.43		$	9.39		$	13.25		$	12.43		$	12.22		$	11.07
Total Return (%) (b)		6.47	(c)		(17.47	)		14.16			9.12			23.30			(20.37	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.95	(d)		0.96			0.93			0.94			0.95			0.93
Net ratio of expenses to average net assets (%) (e)		0.79	(d)		0.81			0.83			0.93			0.94			0.92
Ratio of net investment income (loss) to average net assets (%)		3.28	(d)		2.40			1.69			1.47			1.95			1.64
Portfolio turnover rate (%)		4	(c)		11			10			18			14			16
Net assets, end of period (in millions)	$	451.2		$	463.7		$	609.4		$	636.0		$	594.9		$	495.7
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.30		$	13.13		$	12.33		$	12.13		$	10.99		$	15.22
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.15			0.22			0.19			0.13			0.19			0.19
Net realized and unrealized gain (loss)		0.46			(2.57	)		1.52			0.74			2.19			(3.02	)
Total income (loss) from investment operations		0.61			(2.35	)		1.71			0.87			2.38			(2.83	)
Less Distributions
Distributions from net investment income		(0.23	)		(0.26	)		(0.21	)		(0.26	)		(0.13	)		(0.37	)
Distributions from net realized capital gains		(0.32	)		(1.22	)		(0.70	)		(0.41	)		(1.11	)		(1.03	)
Total distributions		(0.55	)		(1.48	)		(0.91	)		(0.67	)		(1.24	)		(1.40	)
Net Asset Value, End of Period	$	9.36		$	9.30		$	13.13		$	12.33		$	12.13		$	10.99
Total Return (%) (b)		6.47	(c)		(17.70	)		13.85			8.79			23.03			(20.56	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.20	(d)		1.21			1.18			1.19			1.20			1.18
Net ratio of expenses to average net assets (%) (e)		1.04	(d)		1.06			1.08			1.18			1.19			1.17
Ratio of net investment income (loss) to average net assets (%)		3.03	(d)		2.15			1.44			1.23			1.70			1.39
Portfolio turnover rate (%)		4	(c)		11			10			18			14			16
Net assets, end of period (in millions)	$	63.9		$	65.0		$	83.9		$	85.0		$	84.3		$	74.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-43

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTII-44

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended June 30, 2023, the Portfolio received EU tax reclaim payments in the amount of $289 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTII-45

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $1,118,185. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $7,987,812. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-46

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(23,987,633	)	$	—	$	—	$	—	$	(23,987,633	)
Rights		(179	)		—		—		—		(179	)
Total Borrowings	$	(23,987,812	)	$	—	$	—	$	—	$	(23,987,812	)
Gross amount of recognized liabilities for securities lending transactions										$	(23,987,812	)

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could

BHFTII-47

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases				Sales
U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
$	0	$	19,864,943	$	0	$	57,700,397

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum	Average Daily Net Assets
$2,115,268	0.850%	Of the first $100 million
	0.800%	On amounts in excess of $100 million

BHFTII-48

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Dimensional Fund Advisors LP is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.200%	Of the first $100 million
0.150%	On amounts in excess of $100 million

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	548,346,238
Gross unrealized appreciation		120,482,728
Gross unrealized (depreciation)		(131,949,406	)
Net unrealized appreciation (depreciation)	$	(11,466,678	)

BHFTII-49

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income		Long-Term Capital Gain		Total
2022	2021	2022	2021	2022	2021
$22,996,258	$16,809,617	$53,236,130	$30,641,036	$76,232,388	$47,450,653

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$12,942,267	$	16,369,862	$	(27,936,381	)	$	—	$	1,375,748

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-50

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-51

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Brighthouse/Wellington Balanced Portfolio returned 10.30%, 10.15%, and 10.29%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg U.S. Aggregate Bond Index², returned 16.89% and 2.09%, respectively. A blend of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) returned 10.81%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities, as measured by the S&P 500 Index, posted positive results over the trailing six-month period ended June 30, 2023. In the first quarter, U.S. equities surged higher. The sudden collapse of two U.S. regional banks prompted swift policy actions by federal regulators, which helped stabilize liquidity and stem the potential for broader contagion. The tumult generated more uncertainty about the U.S. economic outlook, as investors grappled to assess the impact of tightening credit conditions and the path of interest rates and inflation. Shares of large technology companies surged, helping growth stocks significantly outperform their value counterparts. A modest decline in consumer price growth during the quarter and a sharp drop in the Producer Price Index in March offered greater assurances that price pressures were easing. However, prices remained highly elevated, and the Federal Reserve’s (the “Fed”) task of curbing inflation was further complicated by a robust job market, resilient consumer spending, and upheaval in the banking industry. The Fed slowed its pace of policy tightening, raising interest rates by 25 basis points in February and March, to a range between 4.75%—5.00%. The median forecast of members of the Federal Open Market Committee revealed that interest rates are anticipated to peak at 5.10% in 2023. Fed Chair Jerome Powell pushed back on views of rate cuts in 2023, although federal funds futures indicated that markets expect the Fed to lower rates by the end of the year. U.S. Gross Domestic Product (“GDP”) grew at a 2.6% annual pace in the fourth quarter of 2022, while corporate earnings for the same period lagged expectations, as profit margins were squeezed by elevated input costs and weaker demand.

U.S. equities advanced during the second quarter, largely driven by a potent rally in a narrow group of mega cap technology companies that benefited from investor optimism about their earnings potential and growth prospects and exuberance surrounding generative artificial intelligence. Markedly stronger-than-forecast first quarter corporate earnings and improving earnings prospects bolstered market sentiment. Despite the strains from lofty interest rates and tightening credit conditions, the economy showed remarkable vigor; a robust labor market, resilient consumer spending, and renewed strength in the housing market offered hope that the U.S. could achieve a moderate economic slowdown rather than a full-blown recession. In June, the Fed held interest rates stable for the first time in 15 months to assess the impact of tighter monetary policy and recent banking industry stresses on the economy and inflation. However, most Fed policymakers anticipate two more rate hikes this year amid concerns that stronger-than-expected economic growth and robust wage gains could lead to more persistent inflation. Annualized U.S. GDP in the first quarter was revised sharply higher to 2%—well above the previous estimate of 1.3%—driven by the largest annual increase in consumer spending since mid-2021. Following months of high stakes political negotiations that unsettled financial markets, President Joe Biden signed into law a bill to suspend the U.S. debt ceiling and limit government spending.

During the reporting period, returns varied by market-cap. Large-cap stocks, as measured by the S&P 500 Index, outperformed mid- and small-cap stocks, as measured by the S&P MidCap 400 Index and Russell 2000 Index, respectively.

Most global fixed income sectors generated positive total returns during the period while higher-yielding sectors generally outperformed. Most front-end developed market sovereign yields rose as central banks kept monetary policy restrictive; longer-term yields were flat to lower as many yield curves inverted. U.S. lawmakers struck a last-minute deal to raise the debt ceiling and avert a default, boosting market sentiment. Despite concerns about tighter lending standards, credit sectors produced positive excess returns over duration-equivalent government bonds. Securitized sectors underperformed during March amid regional bank stress but rebounded later during the period as markets absorbed the Federal Deposit Insurance Company asset sales of Mortgage-Backed Securities from Silicon Valley Bank and Signature Bank. The U.S. dollar performance was mixed during the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its blended benchmark for the period ended June 30, 2023.

The equity portion of the Portfolio (the “Equity Portfolio”) underperformed its benchmark, the S&P 500 Index, for the six-month period ended June 30, 2023. Challenging stock selection within the Information Technology (“IT”), Consumer Discretionary, and Financials sectors detracted most from relative performance. This was partially offset by stronger stock selection within the Health Care, Energy, and Communication Services sectors.

Among the Equity Portfolio’s largest individual relative detractors included underweight positions in NVIDIA, Apple, and Tesla. Shares of NVIDIA surged over the period after the chipmaker provided their second-quarter revenue and gross margin outlook sharply above estimates. Shares of Apple climbed higher over the period. Despite the iPhone maker reporting a miss on consensus expectations for the first quarter, its install base grew to 2 billion devices. Apple later reported second-quarter earnings ahead of consensus estimates led by strong iPhone sales and healthy operating margins. Additionally, Apple’s Board of Directors authorized an additional share buyback of up to $90 billion. We remained underweight both stocks and instead owned overweight positions in other semiconductor

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

companies such as Advanced Micro Devices and internet related stocks such as Meta and Alphabet. Shares of Tesla rose over the period after reporting strong financial results in 2022. Elon Musk’s outlook gave investors optimism that demand remained strong and outpaced production capacity following last year’s vehicle price cuts. The company’s Model Y was the number one selling vehicle globally in the first quarter becoming the first Electric Vehicle (“EV”) to claim that title. Additionally, fellow EV maker Rivian announced it will join Ford and General Motors in adopting Tesla’s North American Charging Standard.

Top contributors to relative performance within the Equity Portfolio during the period included overweight positions in Meta Platforms, and Amazon.com, and an out of benchmark position in Airbnb. Shares of Meta reported upbeat first quarter 2023 results; revenue, earnings, and user growth exceeded expectations. Shares of Amazon benefited from positive investor sentiment attributed partly to further cost cutting measures. Shares of Airbnb rose over the period after the vacation rental company reported fourth-quarter revenue and earnings before interest, taxes and depreciation above expectations. Management also provided better-than-expected guidance for the first quarter of 2023, driven by a recovery in international markets and longer booking windows.

The Equity Portfolio is managed in an industry-neutral structure relative to the benchmark, which promotes stock selection as the primary driver of performance. On an absolute basis, the Portfolio ended the period with the most exposure to the IT, Health Care and Communication Services sectors.

The fixed income portion of the Portfolio (the “Fixed Income Portfolio”) outperformed the Bloomberg U.S. Aggregate Bond Index for the six-month period ended June 30, 2023. The Portfolio’s out-of-benchmark exposure to High Yield (“HY”) and positioning within Investment Grade (“IG”) Credit were the primary drivers of relative outperformance. An allocation to Structured Finance sectors contributed to relative performance, particularly exposure to Non-Agency Residential Mortgage-Backed Securities (“RMBS”) supported by stronger recent housing data releases and tighter sector spreads. An overweight to Agency Mortgage-Backed Securities (“MBS”) pass-throughs also benefited performance, as did Asset-Backed Securities (“ABS”) and Collateralized Loan Obligations amid generally resilient economic data. The Portfolio implemented tactical duration positions throughout the period which had a positive impact on relative performance. Select exposure within Emerging Markets (“EM”) debt detracted from performance overall, with select positioning within EM corporate issuers outperforming and positioning in the credit default swap index (“CDX”) detracting.

During the period, the Fixed Income Portfolio used Treasury futures, swaps, and options to manage duration and yield curve positioning. The Portfolio also used Currency Forwards, Futures, and Options to implement non-U.S. rate and currency positions. Credit Default Swaps (“CDS”) were used to manage credit exposure, and IG, HY, and EM CDS index positions were used as a source of liquidity and to manage overall portfolio risk. EM CDX positions had a negative impact on performance during the period, while IG and HY CDX had a slight positive impact.

At the end of the period, the Fixed Income Portfolio had a longer duration posture relative to the benchmark. The Portfolio was underweight IG Credit by the end of the period, as we observed better opportunities in HY and select EM corporate exposures. The Portfolio continued to be overweight to Securitized sectors (Agency MBS, ABS, Commercial MBS, Non-Agency RMBS) at period-end.

Mary Pryshlak

Jonathan White

Joseph F. Marvan

Robert D. Burn

Campe Goodman

Portfolio Managers

Wellington Management Company LLP

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

¹ The S&P 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX, THE BLOOMBERG U.S. AGGREGATE BOND INDEX AND THE BLENDED INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Wellington Balanced Portfolio
Class A		10.30		11.08		7.45		8.64
Class B		10.15		10.72		7.17		8.36
Class E		10.29		10.92		7.29		8.48
S&P 500 Index		16.89		19.59		12.31		12.86
Bloomberg U.S. Aggregate Bond Index		2.09		-0.94		0.77		1.52
Blended Index		10.81		11.24		7.94		8.45

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Equity Sectors

	% of Net Assets
Information Technology		13.0
Health Care		9.7
Communication Services		8.0
Financials		7.0
Consumer Discretionary		6.8

Top Equity Holdings

	% of Net Assets
Microsoft Corp.		4.7
Alphabet, Inc.		3.2
Amazon.com, Inc.		3.2
Meta Platforms, Inc.		2.3
Apple, Inc.		2.0

Top Fixed Income Sectors

	% of Net Assets
Agency Mortgage-Backed Securities		19.3
Corporate Bonds & Notes		10.9
U.S. Treasury		5.0
Non-Agency Mortgage-Backed Securities		4.5
Asset-Backed Securities		4.3

Top Fixed Income Issuers

	% of Net Assets
Uniform Mortgage-Backed Securities 30 Yr. Pool		5.4
Fannie Mae 30 Yr. Pool		4.6
U.S. Treasury Bonds		4.0
Ginnie Mae II 30 Yr. Pool		3.3
Freddie Mac 30 Yr. Pool		1.9

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Wellington Balanced Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.50	%	$	1,000.00	$	1,103.00	$	2.61
	Hypothetical*		0.50	%	$	1,000.00	$	1,022.32	$	2.51
Class B (a)	Actual		0.75	%	$	1,000.00	$	1,101.50	$	3.91
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.08	$	3.76
Class E (a)	Actual		0.65	%	$	1,000.00	$	1,102.90	$	3.39
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.57	$	3.26

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

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

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—60.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.3%
Boeing Co. (The) (a)		13,726	$	2,898,382
General Dynamics Corp.		18,183		3,912,073
Lockheed Martin Corp.		7,916		3,644,368
Raytheon Technologies Corp.		48,399		4,741,166
				15,195,989
Air Freight & Logistics—0.2%
C.H. Robinson Worldwide, Inc.		25,534		2,409,133
Automobiles—0.3%
Ford Motor Co.		61,421		929,300
Tesla, Inc. (a)		9,569		2,504,877
				3,434,177
Banks—1.0%
JPMorgan Chase & Co.		81,533		11,858,160
Beverages—1.1%
Constellation Brands, Inc. - Class A		19,458		4,789,198
Monster Beverage Corp. (a)		140,882		8,092,262
				12,881,460
Biotechnology—1.0%
Alnylam Pharmaceuticals, Inc. (a)		2,343		445,029
Apellis Pharmaceuticals, Inc. (a) (b)		1,964		178,920
Ascendis Pharma A/S (ADR) (a) (b)		3,879		346,201
Biogen, Inc. (a)		4,430		1,261,886
Celldex Therapeutics, Inc. (a)		6,616		224,481
Cytokinetics, Inc. (a) (b)		18,583		606,177
Genmab A/S (ADR) (a) (b)		10,756		408,836
Gilead Sciences, Inc.		9,510		732,936
Immunocore Holdings plc (ADR) (a) (b)		4,163		249,613
ImmunoGen, Inc. (a)		13,381		252,499
Karuna Therapeutics, Inc. (a)		3,134		679,608
Moderna, Inc. (a)		3,262		396,333
Prothena Corp. plc (a) (b)		2,760		188,453
PTC Therapeutics, Inc. (a)		4,570		185,862
Regeneron Pharmaceuticals, Inc. (a)		1,904		1,368,100
Revolution Medicines, Inc. (a) (b)		8,910		238,343
Roivant Sciences, Ltd. (a) (b)		20,400		205,632
Sage Therapeutics, Inc. (a)		13,423		631,149
Sarepta Therapeutics, Inc. (a)		2,298		263,167
Syndax Pharmaceuticals, Inc. (a)		7,100		148,603
United Therapeutics Corp. (a)		1,430		315,673
Vaxcyte, Inc. (a) (b)		4,252		212,345
Vertex Pharmaceuticals, Inc. (a)		6,809		2,396,155
				11,936,001
Broadline Retail—3.5%
Amazon.com, Inc. (a)		279,979		36,498,062
Etsy, Inc. (a) (b)		35,723		3,022,523
				39,520,585
Building Products—0.6%
Azek Co., Inc. (The) (a)		38,215		1,157,532
Builders FirstSource, Inc. (a)		13,642		1,855,312
Fortune Brands Innovations, Inc.		15,450		1,111,628
Johnson Controls International plc		19,060		1,298,748
Masterbrand, Inc. (a)		11,407		132,663
Trane Technologies plc		2,400		459,024
Zurn Elkay Water Solutions Corp. - Class C (b)		22,748		611,694
				6,626,601
Capital Markets—2.0%
Ares Management Corp. - Class A		91,947		8,859,093
Morgan Stanley		36,436		3,111,634
S&P Global, Inc.		18,092		7,252,902
Tradeweb Markets, Inc. - Class A		46,947		3,214,931
				22,438,560
Chemicals—1.7%
Cabot Corp.		41,090		2,748,510
Celanese Corp. (b)		17,367		2,011,099
FMC Corp.		27,907		2,911,816
Ingevity Corp. (a) (b)		17,922		1,042,344
Linde plc		15,851		6,040,499
Livent Corp. (a) (b)		33,591		921,401
PPG Industries, Inc.		23,095		3,424,988
				19,100,657
Commercial Services & Supplies—0.4%
Clean Harbors, Inc. (a) (b)		11,484		1,888,314
Waste Connections, Inc.		16,033		2,291,597
				4,179,911
Construction & Engineering—0.2%
Fluor Corp. (a)		63,606		1,882,738
MasTec, Inc. (a)		6,485		765,035
				2,647,773
Consumer Finance—0.6%
American Express Co.		38,021		6,623,258
Consumer Staples Distribution & Retail—0.9%
Performance Food Group Co. (a)		175,378		10,564,771
Containers & Packaging—0.1%
Ball Corp. (b)		15,649		910,928
Electric Utilities—1.6%
Edison International		45,520		3,161,364
Exelon Corp.		83,107		3,385,779
NextEra Energy, Inc.		47,633		3,534,369
PG&E Corp. (a)		284,806		4,921,448
Southern Co. (The)		51,049		3,586,192
				18,589,152

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—0.2%
AMETEK, Inc.		9,563	$	1,548,058
Emerson Electric Co.		9,628		870,275
				2,418,333
Energy Equipment & Services—0.3%
Schlumberger, Ltd.		65,329		3,208,961
Entertainment—1.1%
Activision Blizzard, Inc. (a)		35,117		2,960,363
Spotify Technology S.A. (a)		21,472		3,447,330
Walt Disney Co. (The) (a)		67,268		6,005,687
				12,413,380
Financial Services—1.8%
Block, Inc. (a)		64,734		4,309,342
Equitable Holdings, Inc.		49,001		1,330,867
FleetCor Technologies, Inc. (a)		8,727		2,191,175
Global Payments, Inc.		29,701		2,926,143
PayPal Holdings, Inc. (a)		30,273		2,020,117
Visa, Inc. - Class A (b)		19,052		4,524,469
WEX, Inc. (a)		18,356		3,342,077
				20,644,190
Food Products—0.8%
Hershey Co. (The)		19,783		4,939,815
Lamb Weston Holdings, Inc.		37,279		4,285,221
				9,225,036
Gas Utilities—0.3%
Atmos Energy Corp. (b)		24,833		2,889,071
Ground Transportation—0.1%
Knight-Swift Transportation Holdings, Inc.		28,550		1,586,238
Health Care Equipment & Supplies—1.7%
Abbott Laboratories		38,265		4,171,650
Boston Scientific Corp. (a)		75,998		4,110,732
DexCom, Inc. (a)		21,512		2,764,507
Edwards Lifesciences Corp. (a)		33,770		3,185,524
Insulet Corp. (a)		8,477		2,444,258
Stryker Corp.		8,910		2,718,352
				19,395,023
Health Care Providers & Services—2.4%
Agilon Health, Inc. (a) (b)		100,643		1,745,150
AmerisourceBergen Corp. (b)		20,238		3,894,398
Centene Corp. (a)		59,334		4,002,078
Elevance Health, Inc.		7,709		3,425,032
HCA Healthcare, Inc.		12,504		3,794,714
Humana, Inc.		7,681		3,434,405
Molina Healthcare, Inc. (a)		11,399		3,433,835
UnitedHealth Group, Inc.		8,939		4,296,441
				28,026,053
Health Care REITs—0.3%
Welltower, Inc.		38,852		3,142,738
Hotel & Resort REITs—0.3%
Ryman Hospitality Properties, Inc.		32,722		3,040,528
Hotels, Restaurants & Leisure—1.2%
Airbnb, Inc. - Class A (a)		50,225		6,436,836
Chipotle Mexican Grill, Inc. (a)		1,015		2,171,085
DraftKings, Inc. - Class A (a)		40,858		1,085,597
Hyatt Hotels Corp. - Class A		35,063		4,017,519
				13,711,037
Household Durables—0.3%
DR Horton, Inc.		7,960		968,652
Lennar Corp. - Class A		12,442		1,559,107
Skyline Champion Corp. (a)		22,593		1,478,712
				4,006,471
Industrial Conglomerates—0.2%
Honeywell International, Inc.		11,056		2,294,120
Industrial REITs—0.2%
Rexford Industrial Realty, Inc.		47,783		2,495,228
Insurance—1.6%
Arch Capital Group, Ltd. (a)		38,854		2,908,222
Assured Guaranty, Ltd.		32,031		1,787,330
Chubb, Ltd.		17,981		3,462,421
Everest Re Group, Ltd.		3,409		1,165,401
Marsh & McLennan Cos., Inc.		30,613		5,757,693
Progressive Corp. (The)		19,363		2,563,080
Trupanion, Inc. (a) (b)		58,554		1,152,343
				18,796,490
Interactive Media & Services—5.9%
Alphabet, Inc. - Class A (a)		309,806		37,083,778
Bumble, Inc. - Class A (a)		129,695		2,176,282
Cargurus, Inc. (a)		102,181		2,312,356
Meta Platforms, Inc. - Class A (a)		89,886		25,795,485
				67,367,901
IT Services—1.0%
GoDaddy, Inc. - Class A (a)		57,367		4,309,983
Okta, Inc. (a) (b)		5,310		368,248
Snowflake, Inc. - Class A (a) (b)		4,849		853,327
VeriSign, Inc. (a)		28,010		6,329,420
				11,860,978
Life Sciences Tools & Services—1.3%
Agilent Technologies, Inc.		26,374		3,171,474
Danaher Corp.		25,112		6,026,880
ICON plc (a)		13,652		3,415,730
Illumina, Inc. (a)		11,957		2,241,818
				14,855,902

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—0.8%
Caterpillar, Inc.		5,783	$	1,422,907
Flowserve Corp.		42,753		1,588,274
Fortive Corp.		25,285		1,890,559
Ingersoll Rand, Inc.		14,396		940,923
Middleby Corp. (The) (a)		11,419		1,688,071
Westinghouse Air Brake Technologies Corp.		18,648		2,045,126
				9,575,860
Media—0.5%
New York Times Co. (The) - Class A		60,516		2,383,120
Omnicom Group, Inc.		37,703		3,587,441
				5,970,561
Oil, Gas & Consumable Fuels—2.6%
BP plc (ADR) (b)		247,535		8,735,510
ConocoPhillips		58,792		6,091,439
Diamondback Energy, Inc.		7,477		982,179
EOG Resources, Inc.		16,309		1,866,402
Marathon Petroleum Corp.		27,835		3,245,561
Shell plc (ADR)		138,632		8,370,600
				29,291,691
Passenger Airlines—0.2%
Delta Air Lines, Inc. (a)		47,661		2,265,804
Personal Care Products—0.2%
Estee Lauder Cos., Inc. (The) - Class A		12,677		2,489,509
Pharmaceuticals—3.2%
Aclaris Therapeutics, Inc. (a)		14,419		149,525
AstraZeneca plc (ADR) (b)		60,004		4,294,486
Elanco Animal Health, Inc. (a)		55,622		559,557
Eli Lilly and Co.		24,819		11,639,615
GSK plc (ADR)		38,218		1,362,090
Merck & Co., Inc.		72,424		8,357,005
Novartis AG (ADR)		19,250		1,942,517
Pfizer, Inc.		160,466		5,885,893
Zoetis, Inc.		12,309		2,119,733
				36,310,421
Professional Services—0.6%
Ceridian HCM Holding, Inc. (a)		45,501		3,047,202
Genpact, Ltd.		37,527		1,409,889
Science Applications International Corp. (b)		17,355		1,952,090
TriNet Group, Inc. (a)		5,610		532,782
				6,941,963
Real Estate Management & Development—0.1%
CoStar Group, Inc. (a)		9,339		831,171
Semiconductors & Semiconductor Equipment—3.9%
Advanced Micro Devices, Inc. (a)		86,891		9,897,754
KLA Corp.		10,006		4,853,110
Marvell Technology, Inc.		24,769		1,480,691
Semiconductors & Semiconductor Equipment—(Continued)
Micron Technology, Inc.		57,679		3,640,122
NVIDIA Corp.		18,014		7,620,282
ON Semiconductor Corp. (a)		41,662		3,940,392
Teradyne, Inc. (b)		35,557		3,958,561
Texas Instruments, Inc.		49,652		8,938,353
				44,329,265
Software—6.1%
Aurora Innovation, Inc. (a) (b)		138,552		407,343
Bentley Systems, Inc. - Class B (b)		7,040		381,779
Guidewire Software, Inc. (a)		8,877		675,362
Hashicorp, Inc. - Class A (a)		31,515		825,063
HubSpot, Inc. (a)		2,372		1,262,117
Microsoft Corp.		156,440		53,274,077
Palo Alto Networks, Inc. (a) (b)		7,074		1,807,478
Salesforce, Inc. (a)		24,602		5,197,418
SentinelOne, Inc. - Class A (a)		21,956		331,536
ServiceNow, Inc. (a)		7,009		3,938,848
Workday, Inc. - Class A (a)		8,629		1,949,205
				70,050,226
Specialized REITs—0.2%
Public Storage		7,215		2,105,914
Specialty Retail—1.2%
AutoZone, Inc. (a)		1,182		2,947,152
TJX Cos., Inc. (The)		125,566		10,646,741
				13,593,893
Technology Hardware, Storage & Peripherals—2.0%
Apple, Inc.		115,583		22,419,635
Textiles, Apparel & Luxury Goods—0.3%
Deckers Outdoor Corp. (a)		2,112		1,114,418
NIKE, Inc. - Class B		24,165		2,667,091
				3,781,509
Tobacco—0.9%
Philip Morris International, Inc.		104,919		10,242,193
Trading Companies & Distributors—0.1%
Herc Holdings, Inc.		1,470		201,169
WESCO International, Inc.		4,378		783,925
				985,094
Wireless Telecommunication Services—0.5%
T-Mobile U.S., Inc. (a) (b)		41,221		5,725,597
Total Common Stocks (Cost $576,628,106)				697,205,100

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—24.3%

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—19.3%
Connecticut Avenue Securities Trust (CMO)
7.300%, 1M LIBOR + 2.150%, 09/25/31 (144A) (c)		7,341	$	7,350
7.300%, 1M LIBOR + 2.150%, 11/25/39 (144A) (c)		123,109		123,454
7.617%, SOFR30A + 2.550%, 07/25/42 (144A) (c)		160,407		162,676
8.167%, SOFR30A + 3.100%, 06/25/43 (144A) (c)		310,000		311,358
8.700%, 1M LIBOR + 3.550%, 07/25/29 (c)		158,216		163,745
9.500%, 1M LIBOR + 4.350%, 05/25/29 (c)		270,744		284,281
Fannie Mae 15 Yr. Pool
2.000%, 06/01/36		627,007		559,105
3.000%, 07/01/28		367,353		350,615
3.000%, 02/01/31		52,887		49,787
3.000%, 08/01/33		146,717		138,095
4.000%, 04/01/26		5,578		5,443
4.000%, 02/01/29		100,660		98,366
4.500%, 06/01/24		6,698		6,616
4.500%, 02/01/25		3,524		3,477
4.500%, 04/01/25		735		726
4.500%, 07/01/25		1,714		1,689
4.500%, 06/01/26		73,258		72,269
4.500%, 12/01/37		287,924		283,544
Fannie Mae 20 Yr. Pool
2.000%, 09/01/40		294,963		253,914
2.000%, 12/01/40		1,079,224		925,148
2.000%, 04/01/41		323,725		276,439
2.000%, 05/01/41		104,330		89,091
2.000%, 10/01/41		391,781		333,009
2.000%, 02/01/42		245,452		210,241
2.500%, 06/01/40		682,218	��	604,435
3.000%, 03/01/37		307,686		284,100
Fannie Mae 30 Yr. Pool
1.500%, 09/01/51		2,007,118		1,552,548
2.000%, 08/01/50		224,005		183,692
2.000%, 12/01/50		612,755		503,932
2.000%, 01/01/51		355,584		295,656
2.000%, 02/01/51		2,044,594		1,676,784
2.000%, 03/01/51		3,425,213		2,803,251
2.000%, 04/01/51		3,631,175		2,974,466
2.000%, 05/01/51		1,265,703		1,036,274
2.000%, 07/01/51		567,859		464,135
2.500%, 06/01/50		289,311		247,043
2.500%, 07/01/50		49,925		42,600
2.500%, 09/01/50		452,377		387,102
2.500%, 10/01/50		777,239		667,678
2.500%, 01/01/51		324,450		277,829
2.500%, 05/01/51		5,488,153		4,683,640
2.500%, 06/01/51		640,572		545,189
2.500%, 07/01/51		376,208		321,225
2.500%, 08/01/51		206,675		178,109
2.500%, 09/01/51		247,232		210,931
2.500%, 10/01/51		240,225		203,877
2.500%, 11/01/51		3,525,784		3,025,404
2.500%, 12/01/51		439,521		376,659
2.500%, 01/01/52		441,284		378,034
2.500%, 03/01/52		642,193		547,709
2.500%, 04/01/52		431,888		368,356
3.000%, 02/01/43		346,740		313,013
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.000%, 03/01/43		437,561		394,996
3.000%, 04/01/43		420,712		379,787
3.000%, 05/01/43		1,108,340		1,000,524
3.000%, 06/01/43		142,848		128,952
3.000%, 02/01/50		201,006		179,297
3.000%, 08/01/50		720,230		638,942
3.000%, 10/01/50		289,183		256,025
3.000%, 12/01/50		398,160		352,507
3.000%, 04/01/51		148,016		131,049
3.000%, 05/01/51		381,616		340,808
3.000%, 08/01/51		191,813		170,021
3.000%, 10/01/51		122,710		108,565
3.000%, 11/01/51		992,327		875,824
3.000%, 12/01/51		560,089		495,621
3.000%, 01/01/52		256,516		226,693
3.000%, 04/01/52		266,288		236,454
3.000%, 05/01/52		379,716		336,925
3.500%, 03/01/43		14,082		13,184
3.500%, 05/01/43		32,252		30,103
3.500%, 07/01/43		78,296		73,186
3.500%, 08/01/43		107,900		100,969
3.500%, 10/01/44		133,298		124,187
3.500%, 02/01/45		132,353		123,190
3.500%, 01/01/46		147,355		137,066
3.500%, 03/01/46		113,540		105,670
3.500%, 09/01/46		205,176		190,242
3.500%, 10/01/46		88,713		82,297
3.500%, 11/01/46		100,007		93,008
3.500%, 12/01/46		548,609		513,634
3.500%, 05/01/47		188,108		174,951
3.500%, 09/01/47		415,780		383,874
3.500%, 12/01/47		56,489		52,394
3.500%, 01/01/48		229,196		211,527
3.500%, 02/01/48		262,118		242,330
3.500%, 07/01/48		292,743		272,265
3.500%, 11/01/48		61,731		56,973
3.500%, 04/01/52		636,667		581,732
4.000%, 10/01/40		280,190		269,407
4.000%, 11/01/40		105,191		101,141
4.000%, 12/01/40		76,150		73,218
4.000%, 02/01/41		37,699		35,759
4.000%, 03/01/41		104,695		100,662
4.000%, 08/01/42		57,139		54,925
4.000%, 09/01/42		103,625		99,632
4.000%, 03/01/45		11,535		11,033
4.000%, 07/01/45		85,807		82,057
4.000%, 05/01/46		25,143		23,987
4.000%, 06/01/46		99,739		95,135
4.000%, 04/01/47		114,441		109,251
4.000%, 10/01/47		408,279		389,303
4.000%, 06/01/48		795,199		758,206
4.000%, 09/01/48		143,417		136,735
4.000%, 01/01/49		358,349		341,653
4.000%, 04/01/49		913,458		864,638
4.000%, 04/01/50		622,901		593,897

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 06/01/52		379,549	$	356,997
4.500%, 04/01/33		190,000		190,308
4.500%, 10/01/40		215,212		212,528
4.500%, 09/01/41		26,661		26,329
4.500%, 10/01/41		103,836		102,541
4.500%, 08/01/42		33,254		32,839
4.500%, 09/01/43		488,148		478,992
4.500%, 10/01/43		82,884		81,268
4.500%, 12/01/43		66,642		65,398
4.500%, 01/01/44		170,170		167,091
4.500%, 04/01/49		135,873		132,874
5.000%, 07/01/41		16,504		16,611
5.000%, 08/01/41		10,743		10,820
5.000%, 09/01/52		4,892,362		4,797,372
5.000%, 10/01/52		2,213,741		2,172,778
5.000%, 11/01/52		1,412,985		1,385,872
5.000%, 04/01/53		1,079,057		1,057,657
5.500%, 08/01/28		13,759		13,694
5.500%, 04/01/33		17,229		17,628
5.500%, 08/01/37		99,312		101,619
5.500%, 04/01/41		7,653		7,688
5.500%, 10/01/52		374,043		373,551
5.500%, 11/01/52		667,248		666,242
5.500%, 12/01/52		1,165,711		1,163,849
6.000%, 03/01/28		445		449
6.000%, 02/01/34		70,338		72,022
6.000%, 08/01/34		36,529		37,805
6.000%, 04/01/35		312,760		322,678
6.000%, 02/01/38		19,452		20,151
6.000%, 03/01/38		8,739		9,074
6.000%, 05/01/38		24,986		25,925
6.000%, 10/01/38		6,518		6,687
6.000%, 12/01/38		9,990		10,373
6.000%, 05/01/53		399,015		407,737
6.500%, 05/01/40		169,274		176,297
Fannie Mae ARM Pool
4.005%, 12M LIBOR + 1.755%, 12/01/40 (c)		1,162		1,142
4.250%, 12M LIBOR + 1.750%, 03/01/41 (c)		3,876		3,795
4.406%, 12M LIBOR + 1.821%, 09/01/41 (c)		22,621		22,932
4.534%, 12M LIBOR + 1.776%, 06/01/41 (c)		19,617		19,360
Fannie Mae Pool
2.000%, 05/01/36		439,647		389,848
2.000%, 08/01/36		513,842		455,672
2.000%, 09/01/36		300,600		266,543
2.000%, 12/01/36		237,600		210,708
2.250%, 04/01/33		200,057		165,642
2.500%, 01/01/57		554,877		470,648
3.500%, 09/01/57		976,659		890,075
3.500%, 05/01/58		568,437		518,044
3.520%, 11/01/32		380,000		351,505
4.000%, 06/01/41		326,275		310,306
4.030%, 06/01/28		290,823		282,445
4.190%, 04/01/28		375,000		366,274
4.370%, 05/01/28		142,918		141,185
4.410%, 04/01/30		290,000		285,563
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool
4.460%, 05/01/28		333,325		329,599
4.500%, 01/01/51		611,277		598,428
4.510%, 05/01/33		190,821		190,667
4.750%, 04/01/28		95,000		95,077
5.500%, 06/01/53		592,456		589,666
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/36 (e)		10,599		8,945
Zero Coupon, 06/25/36 (e)		91,967		78,387
Zero Coupon, 06/25/41 (e)		86,006		64,037
0.096%, 08/25/44 (c) (d)		165,851		8,323
0.142%, 04/25/55 (c) (d)		232,241		8,960
0.250%, 05/25/46 (c) (d)		218,816		8,986
0.330%, 06/25/55 (c) (d)		176,867		8,176
1.750%, 12/25/42		239,632		206,905
2.000%, 09/25/39		138,914		120,287
2.000%, 03/25/52 (d)		922,946		116,579
2.500%, 06/25/28 (d)		42,725		1,727
2.500%, 02/25/51 (d)		770,739		121,779
2.500%, 09/25/52 (d)		592,046		92,206
3.000%, 02/25/27 (d)		51,675		980
3.000%, 09/25/27 (d)		34,095		1,374
3.000%, 01/25/28 (d)		205,830		7,897
3.000%, 03/25/43		412,138		361,209
3.000%, 04/25/43		468,765		420,895
3.000%, 08/25/49		293,712		264,220
3.500%, 05/25/27 (d)		93,847		3,951
3.500%, 10/25/27 (d)		61,150		2,950
3.500%, 05/25/30 (d)		85,963		5,816
3.500%, 08/25/30 (d)		23,924		1,331
3.500%, 02/25/31 (d)		33,566		1,118
3.500%, 03/25/34 (d)		917,659		48,882
3.500%, 09/25/35 (d)		69,081		6,763
3.500%, 11/25/39 (d)		512,570		47,251
3.500%, 01/25/42		416,000		378,891
3.500%, 11/25/42		529,899		483,337
3.500%, 04/25/46		168,952		141,090
3.500%, 10/25/46 (d)		74,628		12,944
3.500%, 12/25/58		543,310		496,488
4.000%, 05/25/27 (d)		44,177		1,522
4.000%, 03/25/42 (d)		40,090		4,963
4.000%, 11/25/42 (d)		25,560		2,632
4.500%, 07/25/27 (d)		12,892		253
5.000%, 12/25/43 (d)		300,523		57,517
5.000%, 06/25/48 (d)		338,789		56,656
5.500%, 04/25/35		171,753		175,660
5.500%, 04/25/37		47,518		48,078
5.500%, 11/25/40 (d)		321,261		44,262
5.500%, 09/25/44 (d)		225,146		42,175
5.500%, 06/25/48 (d)		243,079		46,523
5.538%, 05/25/42 (c) (d)		7,448		571
6.000%, 01/25/42 (d)		187,489		17,749
Fannie Mae-ACES
0.401%, 01/25/30 (c) (d)		1,856,795		24,144
1.283%, 06/25/34 (c) (d)		3,826,692		271,978
1.532%, 05/25/29 (c) (d)		2,126,728		109,481

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae-ACES
3.329%, 10/25/23 (c)		122,890	$	122,044
Freddie Mac 15 Yr. Gold Pool
3.000%, 07/01/28		158,704		151,511
3.000%, 08/01/29		103,185		98,436
3.000%, 04/01/33		211,227		198,336
Freddie Mac 15 Yr. Pool 3.000%, 10/01/32		208,556		196,300
Freddie Mac 20 Yr. Gold Pool
3.000%, 11/01/36		404,633		374,409
3.000%, 01/01/37		255,855		236,666
3.500%, 08/01/34		218,596		207,101
Freddie Mac 20 Yr. Pool
2.000%, 12/01/40		75,878		65,082
2.000%, 05/01/41		493,627		421,522
2.000%, 12/01/41		534,644		454,328
Freddie Mac 30 Yr. Gold Pool
3.000%, 12/01/44		4,885		4,415
3.000%, 08/01/46		433,693		388,710
3.000%, 10/01/46		441,999		397,119
3.000%, 11/01/46		988,805		886,055
3.000%, 12/01/46		290,070		259,907
3.000%, 01/01/47		272,108		243,758
3.500%, 08/01/42		54,440		51,029
3.500%, 11/01/42		69,652		65,287
3.500%, 06/01/46		74,003		68,903
3.500%, 10/01/47		266,871		246,576
3.500%, 03/01/48		252,340		233,781
4.000%, 05/01/42		229,237		220,659
4.000%, 08/01/42		75,375		72,553
4.000%, 09/01/42		99,227		95,512
4.000%, 07/01/44		4,857		4,693
4.000%, 02/01/46		78,901		75,555
4.000%, 09/01/48		34,089		32,538
4.500%, 09/01/43		36,610		35,975
4.500%, 11/01/43		322,910		317,249
5.000%, 05/01/39		2,927		2,935
5.000%, 06/01/41		190,673		192,204
5.500%, 07/01/33		41,687		42,264
5.500%, 04/01/39		18,108		18,598
5.500%, 06/01/41		65,905		67,727
Freddie Mac 30 Yr. Pool
2.000%, 09/01/50		227,271		186,941
2.000%, 10/01/50		439,368		361,354
2.000%, 02/01/51		674,870		554,822
2.000%, 03/01/51		2,112,414		1,733,362
2.000%, 04/01/51		757,315		620,704
2.000%, 05/01/51		420,683		347,638
2.000%, 08/01/51		173,924		142,334
2.000%, 11/01/51		176,774		144,940
2.000%, 04/01/52		684,988		562,707
2.500%, 05/01/50		232,144		199,519
2.500%, 06/01/50		298,889		255,029
2.500%, 07/01/50		1,210,228		1,034,744
2.500%, 09/01/50		458,179		389,099
2.500%, 11/01/50		512,812		437,871
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Pool
2.500%, 02/01/51		156,276		134,407
2.500%, 03/01/51		389,265		332,129
2.500%, 05/01/51		195,452		166,648
2.500%, 07/01/51		199,654		170,257
2.500%, 08/01/51		156,946		133,868
2.500%, 10/01/51		303,636		258,310
2.500%, 04/01/52		222,071		188,674
3.000%, 07/01/50		200,637		177,804
3.000%, 05/01/52		290,848		258,002
3.500%, 12/01/47		107,618		99,318
3.500%, 12/01/48		161,374		148,929
4.000%, 04/01/49		679,993		647,982
4.000%, 07/01/49		350,544		334,225
5.000%, 09/01/52		5,213,025		5,111,616
5.000%, 11/01/52		345,673		338,981
5.000%, 12/01/52		361,330		354,194
5.000%, 01/01/53		3,464,921		3,395,539
5.000%, 04/01/53		1,185,900		1,162,129
5.500%, 02/01/53		575,847		575,091
6.000%, 12/01/52		378,200		386,355
6.000%, 03/01/53		196,462		200,704
Freddie Mac ARM Non-Gold Pool 4.400%, 12M LIBOR + 1.900%, 02/01/41 (c)		4,365		4,265
Freddie Mac Multifamily Structured Pass-Through Certificates
0.736%, 03/25/27 (c) (d)		4,011,282		74,959
0.748%, 10/25/26 (c) (d)		1,130,808		18,614
0.885%, 06/25/27 (c) (d)		2,388,905		57,700
0.971%, 11/25/30 (c) (d)		959,561		47,638
1.119%, 10/25/30 (c) (d)		1,652,831		93,586
1.211%, 06/25/30 (c) (d)		3,034,024		186,875
1.246%, 01/25/30 (c) (d)		2,474,756		141,762
1.537%, 05/25/30 (c) (d)		2,354,524		182,744
1.680%, 05/25/30 (c) (d)		1,481,700		124,546
Freddie Mac Pool
2.000%, 05/01/36		392,590		348,113
2.000%, 06/01/36		140,034		124,186
5.000%, 04/01/53		296,341		291,061
Freddie Mac REMICS (CMO)
Zero Coupon, 11/15/36 (e)		9,119		7,262
1.000%, 02/25/51		569,490		470,758
1.500%, 05/15/37 (d)		2,434,607		143,077
1.750%, 10/15/42		140,833		119,937
2.000%, 07/25/50		152,786		127,397
2.000%, 06/15/52 (d)		995,750		121,859
2.500%, 05/15/28 (d)		48,610		1,992
2.500%, 06/25/50 (d)		751,118		107,744
2.500%, 03/15/52 (d)		776,459		110,621
2.500%, 03/25/52		494,404		428,202
3.000%, 03/15/28 (d)		97,258		4,558
3.000%, 05/15/32 (d)		42,306		1,062
3.000%, 03/15/33 (d)		67,009		5,782
3.000%, 03/25/40		500,000		433,093
3.000%, 05/15/46		249,239		227,816
3.000%, 09/25/51 (d)		734,550		119,556
3.250%, 11/15/41		84,901		78,000

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac REMICS (CMO)
3.500%, 09/15/26 (d)		19,103	$	672
3.500%, 03/15/27 (d)		20,265		596
3.500%, 03/15/41 (d)		52,974		1,935
3.500%, 10/15/45		98,045		88,582
3.500%, 12/15/46		278,873		256,015
4.000%, 07/15/27 (d)		63,786		1,579
4.000%, 03/15/28 (d)		42,031		1,336
4.000%, 06/15/28 (d)		24,580		880
4.000%, 07/15/30 (d)		77,076		5,996
4.000%, 05/25/40 (d)		321,839		48,128
4.000%, 09/15/41		336,480		318,663
4.750%, 07/15/39		204,360		198,475
5.000%, 09/15/33 (d)		85,348		12,728
5.000%, 02/15/48 (d)		123,481		24,960
5.500%, 08/15/33		21,543		21,619
5.500%, 07/15/36		49,651		50,190
5.500%, 06/15/46		68,702		69,482
6.500%, 07/15/36		56,151		56,809
6.500%, 04/15/39 (d)		300,794		58,644
Freddie Mac STACR REMIC Trust (CMO)
7.967%, SOFR30A + 2.900%, 04/25/42 (144A) (c)		359,000		358,440
8.317%, SOFR30A + 3.250%, 04/25/43 (144A) (c)		325,000		326,216
8.417%, SOFR30A + 3.350%, 06/25/43 (144A) (c)		935,000		944,350
8.567%, SOFR30A + 3.500%, 05/25/43 (144A) (c)		685,000		696,984
8.617%, SOFR30A + 3.550%, 08/25/42 (144A) (c)		155,000		157,131
8.767%, SOFR30A + 3.700%, 09/25/42 (144A) (c)		290,000		299,063
9.067%, SOFR30A + 4.000%, 07/25/42 (144A) (c)		380,000		391,400
Ginnie Mae I 30 Yr. Pool
3.000%, 12/15/44		17,982		16,200
3.000%, 02/15/45		22,233		20,024
3.000%, 04/15/45		173,021		155,833
3.000%, 05/15/45		788,490		710,137
3.000%, 07/15/45		7,262		6,540
3.875%, 08/15/42		218,141		210,601
4.000%, 09/15/42		285,683		278,069
4.500%, 04/15/41		189,173		186,899
4.500%, 02/15/42		372,674		368,215
5.000%, 12/15/38		15,314		15,452
5.000%, 04/15/39		288,864		291,461
5.000%, 07/15/39		19,186		19,275
5.000%, 12/15/40		42,581		42,797
5.500%, 12/15/40		160,932		164,701
Ginnie Mae II 30 Yr. Pool
2.000%, 10/20/50		689,593		582,972
2.000%, TBA (f)		1,860,000		1,563,199
2.500%, 09/20/51		558,107		483,776
2.500%, 10/20/51		1,856,366		1,608,597
2.500%, TBA (f)		4,630,000		4,008,929
3.000%, 04/20/51		1,981,750		1,780,974
3.000%, 08/20/51		442,389		396,790
3.000%, 09/20/51		722,070		647,662
3.000%, 12/20/51		1,820,704		1,630,193
3.000%, 04/20/52		833,972		745,074
3.000%, 07/20/52		445,793		398,436
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
3.000%, TBA (f)		3,425,000		3,060,157
3.500%, 06/20/46		326,402		306,137
3.500%, 07/20/46		77,535		72,617
3.500%, 10/20/46		82,575		77,336
3.500%, 02/20/47		376,103		352,248
3.500%, 08/20/47		67,759		63,317
3.500%, 11/20/47		76,602		71,649
3.500%, 03/20/48		97,979		91,654
3.500%, 02/20/49		292,324		272,902
3.500%, 07/20/49		282,197		263,013
3.500%, 01/20/51		80,153		74,640
3.500%, 04/20/52		221,275		204,205
3.500%, 06/20/52		644,263		594,557
3.500%, 08/20/52		477,442		440,609
3.500%, 11/20/52		2,402,045		2,216,688
3.500%, 12/20/52		4,162,128		3,840,971
3.500%, 01/20/53		981,402		905,674
4.000%, 08/20/45		281,603		271,234
4.000%, 11/20/47		103,740		98,745
4.000%, 03/20/48		237,091		225,678
4.000%, 07/20/48		761,039		729,288
4.000%, TBA (f)		835,000		790,086
4.500%, 01/20/46		36,478		36,157
4.500%, 05/20/52		59,852		57,803
4.500%, TBA (f)		2,040,000		1,968,919
5.000%, 10/20/39		6,462		6,564
5.000%, 11/20/49		285,101		283,218
5.000%, TBA (f)		6,300,000		6,190,734
Government National Mortgage Association (CMO)
0.641%, 02/16/53 (c) (d)		764,033		12,049
2.500%, 12/16/39		96,299		87,717
2.500%, 07/20/41		200,087		176,723
3.000%, 09/20/28 (d)		40,547		1,661
3.000%, 05/20/35 (d)		615,957		37,338
3.000%, 02/16/43 (d)		59,079		7,299
3.000%, 02/20/52		399,751		359,561
3.500%, 02/16/27 (d)		14,821		512
3.500%, 03/20/27 (d)		43,011		1,670
3.500%, 10/20/29 (d)		298,170		21,731
3.500%, 07/20/40 (d)		33,375		1,049
3.500%, 02/20/41 (d)		41,164		1,047
3.500%, 04/20/42 (d)		119,735		5,549
3.500%, 10/20/42 (d)		325,088		52,453
3.500%, 05/20/43 (d)		39,869		5,779
3.500%, 07/20/43 (d)		112,845		14,637
4.000%, 12/16/26 (d)		8,216		211
4.000%, 05/20/29 (d)		139,165		4,160
4.000%, 05/16/42 (d)		33,925		3,626
4.000%, 09/16/42 (d)		560,521		111,193
4.000%, 03/20/43 (d)		60,249		10,653
4.000%, 01/20/44 (d)		28,088		4,907
4.000%, 11/20/44 (d)		437,078		60,625
4.000%, 03/20/47 (d)		184,261		26,996
4.500%, 04/20/45 (d)		91,348		16,804

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO)
4.500%, 08/20/45 (d)		359,620	$	67,680
4.500%, 05/20/48 (d)		296,953		46,333
5.000%, 02/16/40 (d)		226,721		46,186
5.000%, 10/16/41 (d)		112,721		17,681
5.000%, 12/20/43 (d)		263,479		51,847
5.000%, 01/16/47 (d)		50,049		10,002
5.500%, 03/20/39 (d)		137,980		23,757
5.500%, 02/16/47 (d)		154,696		25,850
5.500%, 02/20/47 (d)		99,656		16,029
6.000%, 09/20/40 (d)		193,294		36,184
6.000%, 02/20/46 (d)		163,010		32,589
Uniform Mortgage-Backed Securities 15 Yr. Pool
2.500%, TBA (f)		1,100,000		1,001,387
3.000%, TBA (f)		2,255,000		2,103,492
3.500%, TBA (f)		505,000		480,125
4.000%, TBA (f)		60,000		57,916
4.500%, TBA (f)		8,297,000		8,134,949
Uniform Mortgage-Backed Securities 30 Yr. Pool
2.000%, TBA (f)		13,016,000		10,613,633
4.500%, TBA (f)		32,389,000		31,138,987
5.500%, TBA (f)		17,814,000		17,727,713
6.000%, TBA (f)		2,300,000		2,320,305
				221,504,038
U.S. Treasury—5.0%
U.S. Treasury Bonds
1.250%, 05/15/50		11,030,000		6,202,221
1.375%, 11/15/40		3,040,000		2,033,950
1.625%, 11/15/50		3,460,000		2,148,714
2.250%, 08/15/46		910,000		664,833
2.375%, 11/15/49		1,385,000		1,034,151
2.500%, 02/15/45		2,555,000		1,978,129
2.875%, 08/15/45 (g) (h)		19,040,000		15,711,719
2.875%, 11/15/46		1,200,000		989,016
3.000%, 02/15/47		6,040,000		5,085,397
3.000%, 08/15/52		2,540,000		2,159,595
3.125%, 08/15/44 (i)		2,010,000		1,739,357
3.125%, 05/15/48		2,465,000		2,126,351
3.375%, 08/15/42		2,385,000		2,164,853
3.875%, 05/15/43		1,435,000		1,400,246
U.S. Treasury Inflation Indexed Bonds
0.125%, 02/15/52 (j)		847,693		561,621
0.250%, 02/15/50 (j)		7,108,114		4,965,198
U.S. Treasury Inflation Indexed Notes
0.250%, 07/15/29 (j)		2,982,212		2,722,608
0.750%, 07/15/28 (j)		3,214,158		3,045,352
				56,733,311
Total U.S. Treasury & Government Agencies (Cost $306,138,121)				278,237,349
Corporate Bonds & Notes—10.9%
Security Description	Principal Amount*		Value
Advertising—0.0%
Lamar Media Corp. 3.625%, 01/15/31		665,000		560,263
Aerospace/Defense—0.1%
Boeing Co. (The)
5.040%, 05/01/27		245,000		242,003
5.150%, 05/01/30		300,000		297,105
Northrop Grumman Corp. 5.150%, 05/01/40		175,000		172,255
Raytheon Technologies Corp.
5.150%, 02/27/33		150,000		152,050
5.375%, 02/27/53		50,000		51,920
				915,333
Agriculture—0.2%
BAT Capital Corp. 4.742%, 03/16/32		45,000		41,029
BAT International Finance plc 4.448%, 03/16/28		162,000		152,913
Philip Morris International, Inc.
4.875%, 02/15/28 (b)		665,000		654,839
5.125%, 11/17/27		305,000		305,934
5.125%, 02/15/30		550,000		543,809
5.375%, 02/15/33		285,000		284,372
5.625%, 11/17/29 (b)		205,000		208,881
				2,191,777
Apparel—0.1%
Hanesbrands, Inc. 4.875%, 05/15/26 (144A)		140,000		130,695
William Carter Co. (The) 5.625%, 03/15/27 (144A)		765,000		742,302
				872,997
Auto Manufacturers—0.0%
General Motors Financial Co., Inc. 3.600%, 06/21/30		215,000		185,755
Banks—2.1%
Bank of America Corp.
1.898%, SOFR + 1.530%, 07/23/31 (c)		65,000		51,763
1.922%, SOFR + 1.370%, 10/24/31 (c)		60,000		47,494
2.572%, SOFR + 1.210%, 10/20/32 (c)		230,000		187,335
2.592%, SOFR + 2.150%, 04/29/31 (c)		520,000		436,559
2.687%, SOFR + 1.320%, 04/22/32 (c)		1,265,000		1,048,364
2.972%, SOFR + 1.330%, 02/04/33 (c)		270,000		225,079
3.194%, 3M TSFR + 1.442%, 07/23/30 (c)		305,000		268,829
4.376%, SOFR + 1.580%, 04/27/28 (c)		890,000		854,386
5.202%, SOFR + 1.630%, 04/25/29 (c)		405,000		400,574
Bank of Ireland Group plc 6.253%, 1Y H15 + 2.650%, 09/16/26 (144A) (c)		925,000		917,712
Barclays plc
5.746%, 1Y H15 + 3.000%, 08/09/33 (b) (c)		200,000		193,429
6.224%, SOFR + 2.980%, 05/09/34 (c)		235,000		234,068
7.119%, SOFR + 3.570%, 06/27/34 (c)		365,000		364,854
7.385%, 1Y H15 + 3.300%, 11/02/28 (c)		200,000		208,321

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
BNP Paribas S.A.
2.219%, SOFR + 2.074%, 06/09/26 (144A) (c)		465,000	$	430,038
4.375%, 5Y USD Swap + 1.483%, 03/01/33 (144A) (c)		335,000		303,137
5.125%, 1Y H15 + 1.450%, 01/13/29 (144A) (c)		200,000		195,702
5.335%, 1Y H15 + 1.500%, 06/12/29 (144A) (c)		255,000		251,487
Citigroup, Inc. 6.174%, SOFR + 2.660%, 05/25/34 (c)		400,000		403,485
Credit Agricole Corporate & Investment Bank S.A. 5.514%, 07/05/33 (144A)		250,000		251,494
Credit Suisse AG 7.500%, 02/15/28		250,000		265,553
Danske Bank A/S
1.621%, 1Y H15 + 1.350%, 09/11/26 (144A) (c)		200,000		179,398
5.375%, 01/12/24 (144A)		450,000		447,342
Deutsche Bank AG
2.129%, SOFR + 1.870%, 11/24/26 (c)		150,000		133,458
2.311%, SOFR + 1.219%, 11/16/27 (c)		635,000		545,679
7.079%, SOFR + 3.650%, 02/10/34 (c)		200,000		185,007
Goldman Sachs Group, Inc. (The)
2.383%, SOFR + 1.248%, 07/21/32 (c)		660,000		528,659
2.615%, SOFR + 1.281%, 04/22/32 (b) (c)		910,000		746,309
4.223%, 3M TSFR + 1.563%, 05/01/29 (c)		485,000		458,078
HSBC Holdings plc
2.206%, SOFR + 1.285%, 08/17/29 (c)		200,000		167,313
4.583%, 3M TSFR + 1.796%, 06/19/29 (c)		420,000		395,254
4.762%, SOFR + 2.530%, 03/29/33 (c)		230,000		207,571
5.402%, SOFR + 2.870%, 08/11/33 (c)		1,190,000		1,163,422
6.161%, SOFR + 1.970%, 03/09/29 (c)		200,000		201,702
6.332%, SOFR + 2.650%, 03/09/44 (c)		390,000		404,279
6.547%, SOFR + 2.980%, 06/20/34 (c)		585,000		582,729
Intesa Sanpaolo SpA 6.625%, 06/20/33 (144A)		400,000		398,532
JPMorgan Chase & Co. 2.545%, SOFR + 1.180%, 11/08/32 (c)		420,000		344,116
3.509%, 3M TSFR + 0.945%, 01/23/29 (c)		525,000		485,298
3.960%, 3M TSFR + 1.507%, 01/29/27 (c)		215,000		206,714
4.005%, 3M TSFR + 1.382%, 04/23/29 (c)		410,000		385,996
4.323%, SOFR + 1.560%, 04/26/28 (c)		80,000		77,219
4.851%, SOFR + 1.990%, 07/25/28 (c)		40,000		39,464
M&T Bank Corp. 5.053%, SOFR + 1.850%, 01/27/34 (c)		1,120,000		1,022,917
Morgan Stanley
1.794%, SOFR + 1.034%, 02/13/32 (b) (c)		880,000		682,613
1.928%, SOFR + 1.020%, 04/28/32 (c)		635,000		495,700
2.239%, SOFR + 1.178%, 07/21/32 (c)		45,000		35,765
2.475%, SOFR + 1.000%, 01/21/28 (c)		310,000		279,755
4.210%, SOFR + 1.610%, 04/20/28 (c)		205,000		196,932
4.431%, 3M TSFR + 1.890%, 01/23/30 (c)		130,000		123,687
5.123%, SOFR + 1.730%, 02/01/29 (c)		55,000		54,243
5.164%, SOFR + 1.590%, 04/20/29 (c)		480,000		474,137
Societe Generale S.A. 6.221%, 1Y H15 + 3.200%, 06/15/33 (144A) (b) (c)		1,190,000		1,107,799
Standard Chartered plc 7.767%, 1Y H15 + 3.450%, 11/16/28 (144A) (c)		215,000		228,083
UBS Group AG
3.091%, SOFR + 1.730%, 05/14/32 (144A) (c)		250,000		202,232
Banks—(Continued)
UBS Group AG
6.442%, SOFR + 3.700%, 08/11/28 (144A) (c)		250,000		250,925
6.537%, SOFR + 3.920%, 08/12/33 (144A) (c)		970,000		993,680
Wells Fargo & Co.
2.572%, 3M TSFR + 1.262%, 02/11/31 (c)		155,000		131,237
2.879%, 3M TSFR + 1.432%, 10/30/30 (c)		135,000		116,597
3.000%, 10/23/26		390,000		362,023
3.350%, SOFR + 1.500%, 03/02/33 (c)		280,000		239,639
4.808%, SOFR + 1.980%, 07/25/28 (c)		375,000		366,534
4.897%, SOFR + 2.100%, 07/25/33 (c)		475,000		455,626
5.389%, SOFR + 2.020%, 04/24/34 (c)		160,000		158,978
				23,802,304
Beverages—0.0%
Bacardi Ltd./Bacardi-Martini BV 5.400%, 06/15/33		220,000		218,055
Biotechnology—0.2%
Amgen, Inc.
5.250%, 03/02/30		110,000		110,220
5.250%, 03/02/33		700,000		700,893
5.750%, 03/02/63		225,000		228,248
CSL Finance plc 4.050%, 04/27/29 (144A) (b)		325,000		308,368
Royalty Pharma plc
2.150%, 09/02/31		540,000		423,292
2.200%, 09/02/30		395,000		317,533
				2,088,554
Building Materials—0.1%
Builders FirstSource, Inc. 5.000%, 03/01/30 (144A) (b)		785,000		733,987
Standard Industries, Inc.
3.375%, 01/15/31 (144A)		125,000		100,630
4.375%, 07/15/30 (144A)		720,000		623,590
				1,458,207
Chemicals—0.0%
Celanese U.S. Holdings LLC 6.165%, 07/15/27		395,000		392,957
Commercial Services—0.3%
Ashtead Capital, Inc.
4.375%, 08/15/27 (144A)		1,000,000		940,157
5.500%, 08/11/32 (144A)		420,000		406,376
Gartner, Inc. 4.500%, 07/01/28 (144A)		386,000		360,605
Howard University
2.291%, 10/01/26		100,000		90,653
2.701%, 10/01/29		260,000		221,202
2.801%, 10/01/30		100,000		83,707
2.901%, 10/01/31		100,000		82,136
3.476%, 10/01/41		115,000		86,556

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
Service Corp. International
3.375%, 08/15/30		785,000	$	656,496
5.125%, 06/01/29 (b)		858,000		808,425
United Rentals North America, Inc.
4.000%, 07/15/30 (b)		85,000		75,279
4.875%, 01/15/28		65,000		61,853
				3,873,445
Computers—0.1%
Booz Allen Hamilton, Inc. 3.875%, 09/01/28 (144A)		1,256,000		1,136,002
Cosmetics/Personal Care—0.1%
Haleon U.S. Capital LLC 3.375%, 03/24/29		490,000		445,225
Kenvue, Inc. 5.050%, 03/22/53 (144A)		210,000		214,334
				659,559
Distribution/Wholesale—0.0%
LKQ Corp. 5.750%, 06/15/28 (144A) (b)		170,000		169,447
Diversified Financial Services—0.3%
American Express Co. 5.043%, SOFR + 1.835%, 05/01/34 (c)		105,000		102,703
Capital One Financial Corp.
1.878%, SOFR + 0.855%, 11/02/27 (c)		160,000		137,061
3.273%, SOFR + 1.790%, 03/01/30 (c)		120,000		101,889
5.247%, SOFR + 2.600%, 07/26/30 (c)		565,000		532,630
5.468%, SOFR + 2.080%, 02/01/29 (c)		155,000		148,484
5.817%, SOFR + 2.600%, 02/01/34 (b) (c)		140,000		133,570
6.312%, SOFR + 2.640%, 06/08/29 (c)		105,000		104,293
6.377%, SOFR + 2.860%, 06/08/34 (c)		120,000		119,140
GTP Acquisition Partners I LLC 3.482%, 06/15/50 (144A)		1,355,000		1,293,742
Intercontinental Exchange, Inc. 4.350%, 06/15/29		110,000		107,584
Nasdaq, Inc.
5.350%, 06/28/28		150,000		150,216
5.550%, 02/15/34		140,000		140,551
6.100%, 06/28/63		50,000		51,128
OneMain Finance Corp. 6.125%, 03/15/24		155,000		154,471
Synchrony Financial
2.875%, 10/28/31		180,000		130,887
7.250%, 02/02/33		270,000		243,155
				3,651,504
Electric—1.5%
AES Corp. (The) 3.300%, 07/15/25 (144A)		335,000		316,353
Electric—(Continued)
Alabama Power Co.
3.450%, 10/01/49		245,000		179,153
4.150%, 08/15/44		225,000		187,524
Berkshire Hathaway Energy Co.
1.650%, 05/15/31		165,000		127,948
4.600%, 05/01/53		220,000		188,490
Cleco Corporate Holdings LLC
3.375%, 09/15/29		275,000		233,246
4.973%, 05/01/46		20,000		16,825
Consolidated Edison Co. of New York, Inc. 3.200%, 12/01/51		250,000		173,286
Dominion Energy, Inc.
3.375%, 04/01/30		43,000		38,461
5.375%, 11/15/32 (b)		952,000		955,259
6.300%, 03/15/33		15,000		15,921
Duke Energy Carolinas LLC 4.250%, 12/15/41		205,000		177,462
Duke Energy Corp.
2.550%, 06/15/31		770,000		634,464
4.500%, 08/15/32 (b)		285,000		268,694
5.000%, 08/15/52		85,000		77,702
Duke Energy Indiana LLC 2.750%, 04/01/50		145,000		92,600
Duke Energy Ohio, Inc. 5.250%, 04/01/33		10,000		10,071
Duke Energy Progress LLC
4.000%, 04/01/52		130,000		105,247
4.375%, 03/30/44		320,000		277,294
Edison International 6.950%, 11/15/29		545,000		573,273
Electricite de France S.A. 6.250%, 05/23/33 (144A)		240,000		243,979
Emera, Inc. 6.750%, 3M LIBOR + 5.440%, 06/15/76 (c)		560,000		541,509
Enel Finance International NV 5.000%, 06/15/32 (144A)		435,000		411,204
Evergy Metro, Inc. 2.250%, 06/01/30		10,000		8,317
Evergy, Inc.
2.450%, 09/15/24		85,000		81,424
2.900%, 09/15/29		345,000		301,043
Eversource Energy
5.125%, 05/15/33		560,000		551,880
5.450%, 03/01/28		95,000		95,637
Florida Power & Light Co. 5.100%, 04/01/33		140,000		142,061
Georgia Power Co.
4.300%, 03/15/42		140,000		120,665
4.700%, 05/15/32		170,000		164,322
4.950%, 05/17/33		135,000		133,258
Investment Energy Resources, Ltd. 6.250%, 04/26/29 (144A)		200,000		185,296
IPALCO Enterprises, Inc. 3.700%, 09/01/24		335,000		323,883
Kentucky Utilities Co.
5.450%, 04/15/33		160,000		162,945

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Louisville Gas & Electric Co. 5.450%, 04/15/33		165,000	$	168,023
National Grid plc 5.602%, 06/12/28		75,000		75,314
National Rural Utilities Cooperative Finance Corp.
4.800%, 03/15/28		125,000		123,577
5.800%, 01/15/33		210,000		219,578
NextEra Energy Capital Holdings, Inc.
2.250%, 06/01/30		150,000		124,758
4.625%, 07/15/27		625,000		611,130
5.000%, 02/28/30		110,000		108,774
5.000%, 07/15/32		260,000		256,419
6.051%, 03/01/25		55,000		55,207
NRG Energy, Inc. 2.450%, 12/02/27 (144A) (b)		360,000		303,375
Oglethorpe Power Corp.
4.500%, 04/01/47		130,000		107,386
5.050%, 10/01/48		35,000		30,872
Pacific Gas and Electric Co.
2.500%, 02/01/31		840,000		657,622
3.500%, 08/01/50		45,000		28,625
4.400%, 03/01/32		70,000		60,618
4.550%, 07/01/30		335,000		303,184
4.950%, 07/01/50		862,000		677,024
5.250%, 03/01/52		128,000		103,953
5.900%, 06/15/32		400,000		384,962
6.100%, 01/15/29		185,000		182,024
6.150%, 01/15/33		410,000		401,001
6.400%, 06/15/33		800,000		795,621
PPL Capital Funding, Inc. 4.125%, 04/15/30		85,000		78,762
Puget Energy, Inc.
3.650%, 05/15/25		270,000		258,121
4.100%, 06/15/30		215,000		195,756
Sempra Energy
3.400%, 02/01/28		365,000		335,946
5.400%, 08/01/26		270,000		268,679
Southern California Edison Co.
2.250%, 06/01/30		150,000		125,379
2.850%, 08/01/29		315,000		275,199
5.300%, 03/01/28		140,000		139,984
Southern Co. (The) 5.200%, 06/15/33		470,000		466,174
Southwestern Electric Power Co. 5.300%, 04/01/33		315,000		310,904
Virginia Electric & Power Co. 5.000%, 04/01/33		285,000		281,672
Xcel Energy, Inc. 4.600%, 06/01/32		185,000		174,696
				16,807,015
Energy-Alternate Sources—0.1%
Energo-Pro A.S. 8.500%, 02/04/27 (144A)		645,000		611,138
Energy-Alternate Sources—(Continued)
FS Luxembourg S.a.r.l.
10.000%, 12/15/25 (144A)		245,000		251,074
Greenko Wind Projects Mauritius, Ltd. 5.500%, 04/06/25		325,000		310,661
				1,172,873
Engineering & Construction—0.1%
IHS Holding, Ltd. 6.250%, 11/29/28 (144A)		390,000		318,060
International Airport Finance S.A. 12.000%, 03/15/33 (144A)		914,285		841,142
				1,159,202
Entertainment—0.2%
Warnermedia Holdings, Inc.
4.279%, 03/15/32		225,000		199,547
5.141%, 03/15/52 (b)		720,000		586,259
WMG Acquisition Corp.
3.000%, 02/15/31 (144A) (b)		160,000		129,437
3.750%, 12/01/29 (144A) (b)		285,000		246,372
3.875%, 07/15/30 (144A)		855,000		737,534
				1,899,149
Environmental Control—0.1%
Clean Harbors, Inc. 4.875%, 07/15/27 (144A)		1,195,000		1,144,245
Food—0.1%
Conagra Brands, Inc. 1.375%, 11/01/27		255,000		215,941
General Mills, Inc. 4.950%, 03/29/33		85,000		84,241
NBM U.S. Holdings, Inc. 7.000%, 05/14/26 (144A)		635,000		615,912
				916,094
Gas—0.1%
KeySpan Gas East Corp. 5.994%, 03/06/33 (144A)		275,000		277,135
NiSource, Inc.
3.490%, 05/15/27		95,000		89,381
3.600%, 05/01/30		265,000		238,653
5.250%, 03/30/28		315,000		314,751
5.400%, 06/30/33		510,000		510,341
Southern California Gas Co. 5.200%, 06/01/33		250,000		246,681
				1,676,942
Hand/Machine Tools—0.1%
Regal Rexnord Corp.
6.050%, 04/15/28 (144A)		650,000		645,260
6.300%, 02/15/30 (144A)		255,000		254,245
				899,505

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Products—0.2%
Alcon Finance Corp.
2.750%, 09/23/26 (144A)		200,000	$	183,679
3.000%, 09/23/29 (144A)		265,000		233,851
5.375%, 12/06/32 (144A) (b)		200,000		202,664
Avantor Funding, Inc. 4.625%, 07/15/28 (144A)		780,000		723,000
GE HealthCare Technologies, Inc.
5.857%, 03/15/30		200,000		205,266
5.905%, 11/22/32		195,000		204,005
Hologic, Inc. 4.625%, 02/01/28 (144A)		658,000		618,878
				2,371,343
Healthcare-Services—0.3%
Centene Corp.
2.450%, 07/15/28		215,000		183,772
3.375%, 02/15/30		20,000		17,189
4.250%, 12/15/27		110,000		102,845
4.625%, 12/15/29		1,185,000		1,090,718
CommonSpirit Health 3.347%, 10/01/29		105,000		92,374
Humana, Inc.
3.700%, 03/23/29		535,000		489,993
5.875%, 03/01/33		75,000		77,940
Kaiser Foundation Hospitals
2.810%, 06/01/41		110,000		80,804
3.002%, 06/01/51		205,000		143,510
Sutter Health 3.361%, 08/15/50		55,000		39,473
UnitedHealth Group, Inc.
2.750%, 05/15/40		315,000		234,005
3.500%, 08/15/39		60,000		50,323
4.000%, 05/15/29		340,000		324,923
4.950%, 05/15/62		60,000		57,682
5.250%, 02/15/28		85,000		86,660
5.350%, 02/15/33		355,000		368,882
5.875%, 02/15/53		45,000		49,983
6.050%, 02/15/63		65,000		73,500
				3,564,576
Home Builders—0.1%
Taylor Morrison Communities, Inc.
5.125%, 08/01/30 (144A)		120,000		110,796
5.750%, 01/15/28 (144A)		623,000		602,391
Toll Brothers Finance Corp. 4.875%, 11/15/25		130,000		127,537
				840,724
Insurance—0.3%
Aon Corp./Aon Global Holdings plc 5.350%, 02/28/33		150,000		151,093
Athene Global Funding
2.646%, 10/04/31 (144A)		510,000		386,064
2.717%, 01/07/29 (144A)		735,000		598,554
Insurance—(Continued)
Corebridge Financial, Inc.
3.850%, 04/05/29		160,000		143,891
6.875%, 5Y H15 + 3.846%, 12/15/52 (c)		515,000		493,622
Equitable Financial Life Global Funding 1.800%, 03/08/28 (144A)		755,000		636,735
Marsh & McLennan Cos., Inc.
4.750%, 03/15/39		245,000		230,881
Unum Group 4.500%, 12/15/49 (b)		220,000		168,852
Willis North America, Inc. 3.600%, 05/15/24		130,000		126,841
				2,936,533
Internet—0.2%
Gen Digital, Inc.
5.000%, 04/15/25 (144A)		905,000		886,317
6.750%, 09/30/27 (144A) (b)		260,000		259,268
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
3.500%, 03/01/29 (144A)		170,000		145,663
5.250%, 12/01/27 (144A)		983,000		933,850
Meta Platforms, Inc. 4.800%, 05/15/30		220,000		220,161
				2,445,259
Iron/Steel—0.1%
ArcelorMittal S.A. 6.800%, 11/29/32		430,000		441,463
Vale Overseas, Ltd. 6.125%, 06/12/33		365,000		365,653
				807,116
Machinery-Diversified—0.0%
Otis Worldwide Corp. 2.565%, 02/15/30		300,000		258,641
Media—0.5%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
5.125%, 07/01/49		160,000		125,876
5.750%, 04/01/48		5,000		4,280
6.484%, 10/23/45		1,290,000		1,212,752
6.834%, 10/23/55		90,000		84,846
Comcast Corp.
2.937%, 11/01/56		54,000		35,166
2.987%, 11/01/63		157,000		99,473
3.750%, 04/01/40		220,000		185,358
COX Communications, Inc. 2.600%, 06/15/31 (144A)		270,000		220,385
Discovery Communications LLC
3.625%, 05/15/30		180,000		157,892
4.000%, 09/15/55		516,000		342,961
5.200%, 09/20/47		190,000		155,501
5.300%, 05/15/49		517,000		428,421
Paramount Global
4.200%, 06/01/29		45,000		40,113
4.200%, 05/19/32 (b)		260,000		217,895

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Paramount Global
4.375%, 03/15/43		150,000	$	105,823
4.950%, 01/15/31 (b)		655,000		590,349
5.250%, 04/01/44		250,000		189,861
5.850%, 09/01/43		40,000		34,088
Sirius XM Radio, Inc.
3.125%, 09/01/26 (144A)		835,000		747,531
4.000%, 07/15/28 (144A)		70,000		60,821
4.125%, 07/01/30 (144A) (b)		100,000		81,655
Time Warner Cable LLC 4.500%, 09/15/42		200,000		149,598
				5,270,645
Mining—0.1%
Anglo American Capital plc 2.625%, 09/10/30 (144A)		385,000		317,579
Glencore Funding LLC 5.700%, 05/08/33 (144A)		260,000		257,966
				575,545
Office/Business Equipment—0.1%
CDW LLC / CDW Finance Corp.
2.670%, 12/01/26		120,000		107,746
3.250%, 02/15/29		1,304,000		1,117,311
3.569%, 12/01/31		105,000		88,601
				1,313,658
Oil & Gas—0.7%
Aker BP ASA 6.000%, 06/13/33 (144A)		490,000		490,174
BP Capital Markets America, Inc.
2.939%, 06/04/51		245,000		167,191
3.000%, 02/24/50		85,000		59,237
4.812%, 02/13/33		435,000		428,678
4.893%, 09/11/33		270,000		267,212
ConocoPhillips Co. 4.025%, 03/15/62		90,000		73,222
Continental Resources, Inc.
2.875%, 04/01/32 (144A)		125,000		96,038
5.750%, 01/15/31 (144A)		125,000		118,832
Diamondback Energy, Inc.
6.250%, 03/15/33		250,000		258,617
6.250%, 03/15/53		175,000		177,023
Ecopetrol S.A.
4.625%, 11/02/31		985,000		760,403
8.625%, 01/19/29		765,000		766,760
Energean Israel Finance, Ltd.
4.500%, 03/30/24 (144A)		180,000		177,840
4.875%, 03/30/26 (144A)		155,000		143,803
5.875%, 03/30/31 (144A)		155,000		135,431
8.500%, 09/30/33 (144A)		210,000		209,475
EQT Corp. 3.625%, 05/15/31 (144A)		195,000		167,718
Oil & Gas—(Continued)
Equinor ASA
3.625%, 04/06/40		170,000		142,584
3.700%, 04/06/50		110,000		89,412
Hess Corp.
7.125%, 03/15/33		37,000		40,359
7.300%, 08/15/31		190,000		208,346
Leviathan Bond, Ltd. 6.500%, 06/30/27 (144A)		480,000		458,400
Marathon Oil Corp. 6.600%, 10/01/37		335,000		334,005
Ovintiv, Inc.
6.250%, 07/15/33		330,000		325,489
6.500%, 08/15/34		85,000		85,183
6.625%, 08/15/37		190,000		187,538
Piedmont Natural Gas Co., Inc. 5.400%, 06/15/33		145,000		144,661
Pioneer Natural Resources Co. 5.100%, 03/29/26		45,000		44,730
Shell International Finance B.V.
2.875%, 11/26/41		120,000		89,693
3.000%, 11/26/51		155,000		109,186
3.250%, 04/06/50		125,000		92,986
Var Energi ASA 7.500%, 01/15/28 (144A)		530,000		544,697
Viper Energy Partners L.P. 5.375%, 11/01/27 (144A) (b)		535,000		513,449
				7,908,372
Packaging & Containers—0.1%
Ball Corp.
4.000%, 11/15/23		200,000		198,500
6.000%, 06/15/29 (b)		1,550,000		1,538,375
				1,736,875
Pharmaceuticals—0.1%
Cigna Group (The) 5.400%, 03/15/33		235,000		239,144
CVS Health Corp.
4.125%, 04/01/40		155,000		130,623
5.125%, 02/21/30		380,000		377,376
5.250%, 01/30/31		120,000		119,623
				866,766
Pipelines—0.4%
Cheniere Energy Partners L.P. 5.950%, 06/30/33 (144A)		140,000		140,407
Enbridge, Inc. 5.700%, 03/08/33		170,000		172,334
Energy Transfer L.P.
5.250%, 04/15/29		115,000		112,268
5.550%, 02/15/28		240,000		239,326
5.950%, 10/01/43		20,000		18,658
6.125%, 12/15/45		45,000		42,753
6.250%, 04/15/49		60,000		58,601

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
EQM Midstream Partners L.P. 6.500%, 07/01/27 (144A)		30,000	$	29,588
Greensaif Pipelines Bidco S.a.r.l.
6.129%, 02/23/38 (144A)		420,000		428,997
6.510%, 02/23/42 (144A)		365,000		379,433
MPLX L.P.
2.650%, 08/15/30		25,000		20,916
4.950%, 09/01/32		205,000		195,818
4.950%, 03/14/52		95,000		80,683
ONEOK, Inc.
3.400%, 09/01/29		210,000		183,103
4.350%, 03/15/29		85,000		79,038
5.200%, 07/15/48		180,000		153,444
6.100%, 11/15/32		215,000		218,731
Plains All American Pipeline L.P. / PAA Finance Corp.
3.800%, 09/15/30		365,000		323,860
4.900%, 02/15/45		180,000		144,897
Sabine Pass Liquefaction LLC 4.500%, 05/15/30		195,000		185,360
Targa Resources Corp.
4.200%, 02/01/33		220,000		194,730
6.125%, 03/15/33		155,000		158,377
6.250%, 07/01/52		215,000		210,160
6.500%, 02/15/53		70,000		71,486
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.
4.000%, 01/15/32		160,000		138,309
4.875%, 02/01/31		65,000		60,069
TransCanada PipeLines, Ltd. 2.500%, 10/12/31		195,000		157,275
Transcontinental Gas Pipe Line Co. LLC 3.250%, 05/15/30		125,000		111,095
Western Midstream Operating L.P.
4.500%, 03/01/28		75,000		70,724
4.750%, 08/15/28		35,000		33,219
6.150%, 04/01/33		240,000		241,894
Williams Cos., Inc. (The)
4.650%, 08/15/32 (b)		380,000		359,865
5.650%, 03/15/33		180,000		182,385
				5,197,803
Real Estate Investment Trusts—0.4%
American Tower Corp.
2.700%, 04/15/31		80,000		66,338
3.650%, 03/15/27		280,000		262,121
American Tower Trust #1 5.490%, 03/15/28 (144A)		925,000		925,748
Crown Castle, Inc.
2.900%, 03/15/27		240,000		219,614
3.800%, 02/15/28		20,000		18,641
4.800%, 09/01/28		695,000		674,176
5.000%, 01/11/28		100,000		98,137
EPR Properties 4.950%, 04/15/28		400,000		357,341
Real Estate Investment Trusts—(Continued)
GLP Capital L.P. / GLP Financing II, Inc.
4.000%, 01/15/31		195,000		168,589
5.300%, 01/15/29 (b)		235,000		223,756
5.750%, 06/01/28		270,000		264,159
SBA Tower Trust 2.836%, 01/15/50 (144A)		545,000		517,485
VICI Properties L.P.
4.950%, 02/15/30		596,000		559,096
5.125%, 05/15/32 (b)		135,000		126,312
				4,481,513
Retail—0.2%
AutoZone, Inc.
4.750%, 08/01/32		190,000		183,361
4.750%, 02/01/33		60,000		57,479
FirstCash, Inc.
4.625%, 09/01/28 (144A)		758,000		677,048
5.625%, 01/01/30 (144A)		585,000		528,737
Gap, Inc. (The)
3.625%, 10/01/29 (144A)		487,000		344,111
3.875%, 10/01/31 (144A)		913,000		624,964
O’Reilly Automotive, Inc. 4.700%, 06/15/32 (b)		440,000		423,799
				2,839,499
Semiconductors—0.2%
Broadcom, Inc.
3.137%, 11/15/35 (144A)		346,000		265,398
4.000%, 04/15/29 (144A)		565,000		521,836
Intel Corp.
3.100%, 02/15/60		185,000		118,319
4.900%, 08/05/52		230,000		212,283
5.125%, 02/10/30		100,000		100,613
5.700%, 02/10/53		70,000		71,211
5.900%, 02/10/63		175,000		180,726
Marvell Technology, Inc.
2.450%, 04/15/28 (b)		420,000		366,694
2.950%, 04/15/31		85,000		71,253
NVIDIA Corp. 3.500%, 04/01/40		235,000		201,181
NXP B.V. / NXP Funding LLC 5.550%, 12/01/28		165,000		166,023
Qorvo, Inc. 3.375%, 04/01/31 (144A)		260,000		209,609
				2,485,146
Software—0.5%
Black Knight InfoServ LLC 3.625%, 09/01/28 (144A)		1,478,000		1,328,013
Fair Isaac Corp. 4.000%, 06/15/28 (144A)		853,000		782,547
MSCI, Inc.
3.625%, 11/01/31 (144A)		355,000		303,054
3.875%, 02/15/31 (144A)		115,000		99,650
4.000%, 11/15/29 (144A)		190,000		171,954

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
Open Text Corp.
3.875%, 12/01/29 (144A)		740,000	$	618,538
6.900%, 12/01/27 (144A)		545,000		554,826
Open Text Holdings, Inc. 4.125%, 12/01/31 (144A)		130,000		106,563
Oracle Corp.
2.950%, 04/01/30		100,000		87,287
3.850%, 04/01/60		830,000		584,978
4.000%, 07/15/46		5,000		3,843
4.100%, 03/25/61		130,000		95,928
4.125%, 05/15/45		15,000		11,755
6.150%, 11/09/29		405,000		421,835
SS&C Technologies, Inc. 5.500%, 09/30/27 (144A)		735,000		703,636
				5,874,407
Telecommunications—0.3%
AT&T, Inc.
2.550%, 12/01/33		115,000		90,330
3.550%, 09/15/55		774,000		541,851
3.650%, 09/15/59		31,000		21,583
3.800%, 12/01/57		251,000		181,723
5.400%, 02/15/34		250,000		250,429
Nokia Oyj 4.375%, 06/12/27		720,000		678,171
Rogers Communications, Inc.
3.800%, 03/15/32 (144A)		90,000		78,671
4.550%, 03/15/52 (144A)		240,000		193,014
T-Mobile USA, Inc.
2.050%, 02/15/28		365,000		316,486
3.875%, 04/15/30		130,000		119,765
5.050%, 07/15/33		305,000		299,479
Verizon Communications, Inc.
2.355%, 03/15/32		455,000		365,949
2.550%, 03/21/31		315,000		263,004
2.650%, 11/20/40		65,000		45,214
2.850%, 09/03/41		105,000		74,679
3.850%, 11/01/42		85,000		68,756
				3,589,104
Trucking & Leasing—0.2%
DAE Funding LLC 1.550%, 08/01/24 (144A)		885,000		840,067
Penske Truck Leasing Co. L.P. / PTL Finance Corp.
2.700%, 11/01/24 (144A)		455,000		434,149
4.000%, 07/15/25 (144A)		365,000		349,139
4.400%, 07/01/27 (144A)		285,000		268,998
				1,892,353
Total Corporate Bonds & Notes (Cost $135,688,378)				125,107,062
Mortgage-Backed Securities—4.5%
Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—3.0%
Adjustable Rate Mortgage Trust
5.650%, 1M LIBOR + 0.500%, 01/25/36 (c)		66,789		61,059
5.690%, 1M LIBOR + 0.540%, 11/25/35 (c)		30,840		30,319
Alternative Loan Trust
5.326%, 12M MTA + 1.350%, 08/25/35 (c)		151,333		119,792
5.500%, 11/25/35		325,156		186,986
5.500%, 1M LIBOR + 0.800%, 12/25/35 (c)		70,536		58,873
5.500%, 1M LIBOR + 0.450%, 03/01/38 (c)		129,291		96,881
5.690%, 1M LIBOR + 0.540%, 01/25/36 (c)		67,382		60,288
Angel Oak Mortgage Trust LLC
0.951%, 07/25/66 (144A) (c)		668,654		542,797
0.985%, 04/25/66 (144A) (c)		276,254		224,919
0.990%, 04/25/53 (144A) (c)		243,795		218,388
1.068%, 05/25/66 (144A) (c)		529,972		430,234
1.820%, 11/25/66 (144A) (c)		492,136		409,436
Arroyo Mortgage Trust 3.347%, 04/25/49 (144A) (c)		326,617		301,286
Bear Stearns Adjustable Rate Mortgage Trust 3.889%, 07/25/36 (c)		136,273		115,217
Bear Stearns ALT-A Trust 5.630%, 1M LIBOR + 0.480%, 02/25/36 (c)		220,722		191,017
Bear Stearns Mortgage Funding Trust
5.330%, 1M LIBOR + 0.180%, 10/25/36 (c)		73,319		61,784
5.550%, 1M LIBOR + 0.400%, 02/25/37 (c)		293,703		263,623
BINOM Securitization Trust 2.034%, 06/25/56 (144A) (c)		331,223		280,954
BRAVO Residential Funding Trust
0.941%, 02/25/49 (144A) (c)		188,041		163,319
0.970%, 03/25/60 (144A) (c)		159,953		148,013
COLT Mortgage Loan Trust
0.910%, 06/25/66 (144A) (c)		452,744		358,607
0.956%, 09/27/66 (144A) (c)		793,432		613,483
4.301%, 03/25/67 (144A) (c)		176,578		167,611
Countrywide Home Loan Mortgage Pass-Through Trust
3.611%, 09/25/47 (c)		169,237		148,353
4.344%, 06/20/35 (c)		4,675		4,353
5.550%, 1M LIBOR + 0.400%, 04/25/46 (c)		166,843		139,605
5.830%, 1M LIBOR + 0.680%, 02/25/35 (c)		64,414		54,604
CSMC Trust
0.938%, 05/25/66 (144A) (c)		406,516		314,054
1.179%, 02/25/66 (144A) (c)		563,713		467,545
1.796%, 12/27/60 (144A) (c)		289,201		266,610
1.841%, 10/25/66 (144A) (c)		511,499		419,980
2.265%, 11/25/66 (144A) (c)		1,217,602		1,030,189
3.250%, 04/25/47 (144A) (c)		292,332		259,577
Deephaven Residential Mortgage Trust 0.899%, 04/25/66 (144A) (c)		188,887		159,076
Deutsche ALT-A Securities Mortgage Loan Trust 5.450%, 1M LIBOR + 0.300%, 12/25/36 (c)		152,333		140,295
Ellington Financial Mortgage Trust
0.931%, 06/25/66 (144A) (c)		185,619		146,800
2.206%, 01/25/67 (144A) (c)		570,685		474,295
GCAT Trust
1.036%, 05/25/66 (144A) (c)		389,105		312,474
1.091%, 05/25/66 (144A) (c)		508,991		409,565
1.262%, 07/25/66 (144A) (c)		1,000,107		781,498
1.915%, 08/25/66 (144A) (c)		372,103		317,146

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
GreenPoint Mortgage Funding Trust 5.376%, 12M MTA + 1.400%, 10/25/45 (c)		130,686	$	102,601
GSR Mortgage Loan Trust
3.935%, 01/25/36 (c)		167,581		163,737
5.450%, 1M LIBOR + 0.300%, 01/25/37 (c)		436,542		103,477
6.000%, 07/25/37		137,564		91,014
Imperial Fund Mortgage Trust 3.638%, 03/25/67 (144A) (k)		1,189,061		1,067,119
IndyMac INDX Mortgage Loan Trust 3.369%, 10/25/35 (c)		8,675		7,751
JPMorgan Mortgage Trust 3.927%, 05/25/36 (c)		11,217		9,108
Legacy Mortgage Asset Trust
1.650%, 11/25/60 (144A) (k)		192,144		174,463
1.750%, 04/25/61 (144A) (k)		285,746		264,266
1.750%, 07/25/61 (144A) (k)		376,646		352,327
6.250%, 11/25/59 (144A) (k)		686,473		680,786
LSTAR Securities Investment, Ltd. 8.005%, 1M LIBOR + 2.800%, 02/01/26 (144A) (c)		470,136		464,259
MASTR Adjustable Rate Mortgages Trust
3.506%, 09/25/33 (c)		45,043		40,791
4.560%, 11/21/34 (c)		33,232		31,278
Metlife Securitization Trust 3.750%, 03/25/57 (144A) (c)		296,406		276,358
MFA Trust
1.029%, 11/25/64 (144A) (c)		293,191		242,365
1.153%, 04/25/65 (144A) (c)		227,704		197,594
Mill City Mortgage Loan Trust
3.500%, 08/25/58 (144A) (c)		290,264		276,802
3.500%, 04/25/66 (144A) (c)		674,270		639,339
Morgan Stanley Mortgage Loan Trust
4.445%, 05/25/36 (c)		130,398		60,454
New Residential Mortgage Loan Trust
0.941%, 10/25/58 (144A) (c)		180,059		159,324
2.492%, 09/25/59 (144A) (c)		80,495		72,770
3.500%, 08/25/59 (144A) (c)		302,816		278,820
3.750%, 11/26/35 (144A) (c)		275,610		256,831
3.911%, 09/25/57 (144A) (c)		419,566		383,606
4.000%, 02/25/57 (144A) (c)		514,367		479,388
4.000%, 03/25/57 (144A) (c)		530,707		494,088
4.000%, 04/25/57 (144A) (c)		424,129		398,869
4.000%, 05/25/57 (144A) (c)		295,165		269,705
5.900%, 1M LIBOR + 0.750%, 01/25/48 (144A) (c)		363,163		351,906
NMLT Trust 1.185%, 05/25/56 (144A) (c)		830,603		673,921
OBX Trust
1.054%, 07/25/61 (144A) (c)		498,248		374,461
1.072%, 02/25/66 (144A) (c)		525,684		420,061
2.305%, 11/25/61 (144A) (c)		994,424		832,121
Preston Ridge Partners Mortgage LLC
1.793%, 06/25/26 (144A) (k)		525,902		477,220
1.793%, 07/25/26 (144A) (k)		470,107		426,269
1.867%, 04/25/26 (144A) (k)		870,609		805,793
2.363%, 11/25/25 (144A) (k)		129,255		123,509
2.363%, 10/25/26 (144A) (k)		930,787		864,912
2.487%, 10/25/26 (144A) (k)		411,510		383,226
Collateralized Mortgage Obligations—(Continued)
RALI Series Trust
5.750%, 1M LIBOR + 0.600%, 04/25/36 (c)		445,416		375,878
6.000%, 12/25/35		114,921		102,867
RFMSI Trust 3.707%, 08/25/35 (c)		49,121		24,074
Seasoned Credit Risk Transfer Trust
2.500%, 08/25/59		481,108		405,138
3.500%, 11/25/57		402,792		367,809
3.500%, 03/25/58		781,503		695,841
3.500%, 07/25/58		1,108,342		1,004,364
3.500%, 08/25/58		217,309		196,210
3.500%, 10/25/58		851,193		761,822
Starwood Mortgage Residential Trust
0.943%, 05/25/65 (144A) (c)		149,793		131,976
1.219%, 05/25/65 (144A) (c)		410,532		349,627
1.920%, 11/25/66 (144A) (c)		776,015		627,721
Structured Adjustable Rate Mortgage Loan Trust 5.450%, 1M LIBOR + 0.300%, 09/25/34 (c)		33,851		30,248
Toorak Mortgage Corp., Ltd. 2.240%, 06/25/24 (144A) (k)		670,000		651,316
Towd Point Mortgage Trust
2.750%, 10/25/56 (144A) (c)		120,366		118,583
2.750%, 04/25/57 (144A) (c)		20,942		20,701
2.750%, 06/25/57 (144A) (c)		295,577		277,499
2.918%, 11/30/60 (144A) (c)		1,214,131		991,931
Verus Securitization Trust
0.918%, 02/25/64 (144A) (c)		251,820		215,180
0.938%, 07/25/66 (144A) (c)		348,292		272,128
1.031%, 02/25/66 (144A) (c)		218,786		182,842
1.824%, 11/25/66 (144A) (c)		540,814		451,902
1.829%, 10/25/66 (144A) (c)		1,241,465		1,051,430
4.130%, 02/25/67 (144A) (k)		183,168		167,273
WaMu Mortgage Pass-Through Certificates Trust
3.784%, 06/25/37 (c)		66,333		57,972
4.856%, 12M MTA + 0.880%, 10/25/46 (c)		118,093		100,860
Washington Mutual Mortgage Pass-Through Certificates 5.750%, 1M LIBOR + 0.600%, 07/25/36 (c)		53,943		34,547
Wells Fargo Mortgage-Backed Securities Trust
4.240%, 10/25/36 (c)		45,739		42,485
4.517%, 09/25/36 (c)		40,649		37,968
				34,471,786
Commercial Mortgage-Backed Securities—1.5%
BANK
0.709%, 11/15/62 (c) (d)		4,541,586		136,827
0.755%, 11/15/62 (c) (d)		2,237,737		74,052
0.807%, 12/15/52 (c) (d)		3,631,208		126,380
0.848%, 11/15/50 (c) (d)		6,804,486		169,255
0.908%, 11/15/54 (c) (d)		787,790		19,544
0.936%, 09/15/62 (c) (d)		4,042,046		157,673
1.034%, 05/15/62 (c) (d)		2,867,039		115,675
1.204%, 02/15/56 (c) (d)		1,368,046		91,424
1.878%, 03/15/63 (c) (d)		4,895,447		460,410
2.036%, 02/15/54		565,000		449,584
3.688%, 02/15/61		1,700,000		1,567,764

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Barclays Commercial Mortgage Trust
1.100%, 04/15/53 (c) (d)		1,280,000	$	73,110
1.624%, 02/15/50 (c) (d)		4,769,535		198,766
3.662%, 04/15/55 (c)		230,000		203,200
4.600%, 06/15/55 (c)		245,000		232,424
5.132%, 12/15/51 (c)		475,000		382,791
5.439%, 12/15/55 (c)		325,000		330,194
5.710%, 12/15/55 (c)		105,000		108,813
Benchmark Mortgage Trust
0.656%, 07/15/51 (c) (d)		4,048,394		65,256
0.680%, 01/15/51 (c) (d)		1,777,629		32,569
1.162%, 08/15/52 (c) (d)		1,964,821		74,476
1.357%, 03/15/62 (c) (d)		5,790,685		285,798
1.628%, 01/15/54 (c) (d)		2,356,510		199,359
1.913%, 07/15/53 (c) (d)		1,322,827		95,439
3.882%, 02/15/51 (c)		795,000		725,315
4.016%, 03/15/52		630,000		571,354
BPR Trust 8.379%, 1M TSFR + 3.232%, 08/15/24 (144A) (c)		575,000		569,924
BX Commercial Mortgage Trust 6.182%, 1M TSFR + 1.034%, 10/15/36 (144A) (c)		884,242		878,742
BX Trust 7.598%, 1M TSFR + 2.451%, 08/15/39 (144A) (c)		526,644		525,181
CAMB Commercial Mortgage Trust 7.743%, 1M LIBOR + 2.550%, 12/15/37 (144A) (c)		665,000		640,608
Citigroup Commercial Mortgage Trust
1.049%, 07/10/47 (c) (d)		3,024,647		20,664
1.153%, 04/10/48 (c) (d)		3,699,708		52,072
Commercial Mortgage Pass-Through Certificates Mortgage Trust
0.648%, 02/10/47 (c) (d)		2,531,267		2,390
1.327%, 10/15/45 (c) (d)		68,890		2
2.819%, 01/10/39 (144A)		205,000		169,830
2.853%, 10/15/45		5,934		5,518
3.796%, 08/10/47		225,000		218,686
3.961%, 03/10/47		235,125		231,798
4.074%, 02/10/47 (c)		115,000		113,350
4.084%, 01/10/39 (144A) (c)		210,000		156,895
4.205%, 08/10/46		23,823		23,771
4.236%, 02/10/47 (c)		190,000		187,781
4.750%, 10/15/45 (144A) (c)		273,831		18,751
Credit Suisse First Boston Mortgage Securities Corp. 4.877%, 04/15/37		597		585
CSAIL Commercial Mortgage Trust
0.852%, 06/15/57 (c) (d)		10,737,492		99,601
1.050%, 11/15/48 (c) (d)		667,978		11,269
2.023%, 01/15/49 (c) (d)		1,463,206		57,143
DBJPM Mortgage Trust 1.825%, 09/15/53 (c) (d)		1,007,310		63,811
GS Mortgage Securities Corp. Trust
2.954%, 11/05/34 (144A)		1,200,000		858,449
5.878%, 1M TSFR + 0.731%, 08/15/36 (144A) (c)		90,000		89,382
GS Mortgage Securities Trust
0.024%, 07/10/46 (c) (d)		3,908,072		2
0.088%, 08/10/44 (144A) (c) (d)		126,064		1
5.168%, 04/10/47 (144A) (c)		465,000		369,042
Commercial Mortgage-Backed Securities—(Continued)
JPMBB Commercial Mortgage Securities Trust 0.738%, 09/15/47 (c) (d)		2,675,820		13,673
JPMorgan Chase Commercial Mortgage Securities Trust
2.733%, 10/15/45 (144A) (c)		276,676		244,578
2.812%, 01/16/37 (144A)		305,000		276,079
3.910%, 12/15/47 (144A) (c)		130,000		94,064
Morgan Stanley Bank of America Merrill Lynch Trust
1.100%, 12/15/47 (c) (d)		1,710,467		14,732
1.110%, 10/15/48 (c) (d)		722,832		9,055
3.766%, 11/15/46		136,824		136,084
4.259%, 10/15/46 (c)		80,628		80,332
Morgan Stanley Capital Trust
1.480%, 06/15/50 (c) (d)		1,481,559		48,300
3.912%, 09/09/32 (144A)		1,140,000		917,270
5.251%, 07/15/49 (144A) (c)		265,000		146,316
5.283%, 10/12/52 (144A) (c)		12,137		5,158
SFAVE Commercial Mortgage Securities Trust 3.872%, 01/05/43 (144A) (c)		150,000		105,524
SG Commercial Mortgage Securities Trust 2.632%, 03/15/37 (144A)		1,230,000		1,135,281
UBS Commercial Mortgage Trust 1.220%, 08/15/50 (c) (d)		699,667		23,850
Wells Fargo Commercial Mortgage Trust
1.025%, 09/15/57 (c) (d)		4,534,118		71,834
1.209%, 05/15/48 (c) (d)		2,640,386		33,808
2.942%, 10/15/49		890,000		813,839
4.286%, 05/15/48 (c)		80,000		65,742
WF-RBS Commercial Mortgage Trust
1.404%, 03/15/47 (c) (d)		1,263,316		3,062
3.016%, 11/15/47 (144A)		87,519		4,803
3.723%, 05/15/47		84,713		82,899
3.995%, 05/15/47		160,281		156,037
4.045%, 03/15/47		40,000		39,417
4.101%, 03/15/47		335,000		329,653
5.000%, 06/15/44 (144A) (c)		105,000		53,606
				17,217,696
Total Mortgage-Backed Securities (Cost $63,292,295)				51,689,482
Asset-Backed Securities—4.3%
Asset-Backed - Automobile—1.0%
American Credit Acceptance Receivables Trust 4.550%, 10/13/26 (144A)		55,000		54,337
AmeriCredit Automobile Receivables Trust 2.580%, 09/18/25		535,000		521,164
ARI Fleet Lease Trust 5.410%, 02/17/32 (144A)		795,000		786,532
Carvana Auto Receivables Trust 4.130%, 04/12/27		970,000		943,378
Chesapeake Funding II LLC 5.650%, 05/15/35		658,622		653,346
CPS Auto Receivables Trust 5.910%, 08/16/27 (144A)		957,008		954,318

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Automobile—(Continued)
Credit Acceptance Auto Loan Trust 1.000%, 05/15/30 (144A)		336,976	$	328,214
Drive Auto Receivables Trust 2.700%, 02/16/27		260,378		257,119
DT Auto Owner Trust
5.190%, 10/16/28 (144A)		250,000		245,437
5.410%, 02/15/29 (144A)		280,000		276,330
Enterprise Fleet Financing LLC 5.420%, 10/22/29 (144A)		390,000		388,017
Exeter Automobile Receivables Trust
2.180%, 06/15/26		405,000		400,932
2.580%, 09/15/25 (144A)		528,831		520,521
2.730%, 12/15/25 (144A)		206,899		202,417
4.570%, 01/15/27		370,000		363,678
6.030%, 08/16/27		162,000		161,571
6.110%, 09/15/27		158,000		157,622
Flagship Credit Auto Trust
4.690%, 07/17/28 (144A)		503,000		489,136
5.050%, 01/18/28 (144A)		140,000		136,703
GLS Auto Receivables Issuer Trust 4.920%, 01/15/27 (144A)		90,000		88,432
Santander Drive Auto Receivables Trust
1.480%, 01/15/27		140,000		135,227
4.420%, 11/15/27		735,000		715,570
4.430%, 03/15/27		235,000		230,354
4.720%, 06/15/27		165,000		161,713
4.980%, 02/15/28		295,000		289,569
5.950%, 01/17/28		650,000		647,099
SFS Auto Receivables Securitization Trust 5.710%, 01/22/30 (144A)		245,000		244,003
Tricolor Auto Securitization Trust 6.480%, 08/17/26 (144A)		254,601		253,845
Westlake Automobile Receivables Trust
1.650%, 02/17/26 (144A)		415,000		398,668
2.720%, 11/15/24 (144A)		62,440		62,353
4.310%, 09/15/27 (144A)		560,000		547,048
5.410%, 01/18/28 (144A)		160,000		158,009
World Omni Auto Receivables Trust 5.030%, 05/15/29		270,000		265,569
				12,038,231
Asset-Backed - Home Equity—0.1%
GSAA Home Equity Trust
5.250%, 1M LIBOR + 0.100%, 12/25/46 (c)		45,869		22,766
5.750%, 1M LIBOR + 0.600%, 03/25/36 (c)		523,199		282,696
5.985%, 06/25/36 (c)		429,685		116,478
Renaissance Home Equity Loan Trust 6.120%, 11/25/36 (k)		239,171		94,071
Soundview Home Loan Trust 5.650%, 1M LIBOR + 0.500%, 11/25/36 (c)		380,625		352,415
				868,426
Asset-Backed - Other—3.1%
510 Asset Backed Trust 2.116%, 06/25/61 (144A) (k)		677,166		612,589
AASET Trust 3.351%, 01/16/40 (144A)		123,838		103,944
Affirm Asset Securitization Trust
1.900%, 01/15/25 (144A)		43,677		43,102
3.460%, 10/15/24 (144A)		14,270		14,211
6.610%, 01/18/28 (144A)		385,000		382,107
Amur Equipment Finance Receivables XI LLC Trust 5.300%, 06/21/28 (144A)		237,454		235,244
Arbor Realty Commercial Real Estate Notes, Ltd. 6.293%, 1M LIBOR + 1.100%, 05/15/36 (144A) (c)		210,000		206,206
Avant Loans Funding Trust 1.210%, 07/15/30 (144A)		455,000		447,274
Bain Capital Credit CLO, Ltd. 6.435%, 3M LIBOR + 1.180%, 07/25/34 (144A) (c)		1,325,000		1,298,650
Benefit Street Partners CLO XXXI, Ltd. 7.220%, 3M TSFR + 2.350%, 04/25/36 (144A) (c)		575,000		566,208
BlueMountain CLO XXIV, Ltd. 6.350%, 3M LIBOR + 1.100%, 04/20/34 (144A) (c)		825,000		806,935
CCG Receivables Trust 5.820%, 09/16/30 (144A)		345,000		345,387
CF Hippolyta Issuer LLC 1.990%, 07/15/60 (144A)		243,076		203,024
Cirrus Funding, Ltd. 4.800%, 01/25/37 (144A)		940,000		907,324
CNH Equipment Trust 4.770%, 10/15/30		170,000		167,094
Dell Equipment Finance Trust 5.650%, 09/22/28 (144A)		558,000		558,498
Domino’s Pizza Master Issuer LLC
2.662%, 04/25/51 (144A)		509,600		431,997
3.668%, 10/25/49 (144A)		319,275		278,976
4.116%, 07/25/48 (144A)		668,500		633,094
Elmwood 23 CLO, Ltd. 7.307%, 3M TSFR + 2.250%, 04/16/36 (144A) (c)		530,000		526,769
Finance America Mortgage Loan Trust 6.200%, 1M LIBOR + 1.050%, 09/25/33 (c)		42,323		40,891
FirstKey Homes Trust
4.145%, 05/17/39 (144A)		288,369		271,676
4.250%, 07/17/39 (144A)		1,183,308		1,114,718
GMACM Home Equity Loan Trust 5.650%, 1M LIBOR + 0.500%, 10/25/34 (144A) (c)		9,817		9,746
Golub Capital Partners CLO 68B, Ltd. 8.134%, 3M LIBOR + 2.800%, 07/25/36 (144A) (c)		460,000		460,000
Invesco U.S. CLO, Ltd. 7.156%, 3M TSFR + 2.300%, 04/21/36 (144A) (c)		345,000		338,968
JFIN CLO, Ltd. 6.273%, 3M LIBOR + 1.000%, 04/24/29 (144A) (c)		557,176		553,461
KKR CLO, Ltd.
6.260%, 3M LIBOR + 1.000%, 04/15/31 (144A) (c)		1,230,000		1,215,331
Knollwood CDO, Ltd. 8.411%, 3M LIBOR + 3.200%, 01/10/39 (144A) (c)		820,874		82
Kubota Credit Owner Trust 5.020%, 06/15/27 (144A)		385,000		380,681

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
LCM XX L.P. 6.290%, 3M LIBOR + 1.040%, 10/20/27 (144A) (c)		134,961	$	134,731
MF1, Ltd. 6.817%, SOFR30A + 1.750%, 02/19/37 (144A) (c)		685,000		672,389
MFA LLC 2.363%, 03/25/60 (144A) (k)		529,491		502,398
Morgan Stanley ABS Capital I, Inc. Trust 5.450%, 1M LIBOR + 0.300%, 06/25/36 (c)		7,828		6,572
NRZ Excess Spread-Collateralized Notes 3.844%, 12/25/25 (144A)		88,249		81,928
Octagon 61, Ltd. 7.419%, 3M TSFR + 2.350%, 04/20/36 (144A) (c)		745,000		750,157
Octagon Investment Partners 45, Ltd. 6.326%, 3M TSFR + 1.340%, 04/15/35 (144A) (c)		1,155,000		1,120,735
OZLM VII, Ltd. 6.270%, 3M LIBOR + 1.010%, 07/17/29 (144A) (c)		164,250		163,060
OZLM XVIII, Ltd. 6.280%, 3M LIBOR + 1.020%, 04/15/31 (144A) (c)		900,000		886,196
PRET LLC 2.487%, 07/25/51 (144A) (k)		338,015		312,078
Pretium Mortgage Credit Partners LLC
1.992%, 06/27/60 (144A) (k)		464,445		425,095
1.992%, 02/25/61 (144A) (k)		778,139		718,378
2.981%, 01/25/52 (144A) (k)		983,251		905,085
Progress Residential Trust
1.510%, 10/17/38 (144A)		805,225		701,192
3.200%, 04/17/39 (144A)		278,100		252,899
4.438%, 05/17/41 (144A)		763,655		715,728
4.451%, 06/17/39 (144A)		214,898		204,274
4.750%, 10/27/39 (144A)		349,449		335,350
Regatta VI Funding, Ltd. 6.410%, 3M LIBOR + 1.160%, 04/20/34 (144A) (c)		1,200,000		1,178,876
RR 1 LLC 6.410%, 3M LIBOR + 1.150%, 07/15/35 (144A) (c)		1,115,000		1,096,212
RR 26, Ltd. 6.982%, 3M TSFR + 2.250%, 04/15/38 (144A) (c)		520,000		519,018
Sapphire Aviation Finance II, Ltd. 3.228%, 03/15/40 (144A)		176,472		148,356
Sound Point CLO XXIX, Ltd. 6.325%, 3M LIBOR + 1.070%, 04/25/34 (144A) (c)		1,300,000		1,264,543
Summit Issuer LLC 2.290%, 12/20/50 (144A)		320,000		285,709
Taco Bell Funding LLC 2.294%, 08/25/51 (144A)		1,894,155		1,555,103
Texas Debt Capital CLO, Ltd. 7.122%, 3M TSFR + 2.300%, 04/20/36 (144A) (c)		635,000		630,393
Tricon Residential Trust 4.849%, 07/17/40 (144A)		771,961		738,802
Upstart Securitization Trust 0.830%, 07/20/31 (144A)		36,380		36,021
VCAT LLC
1.743%, 05/25/51 (144A) (k)		428,699		396,857
2.115%, 03/27/51 (144A) (k)		127,658		120,428
Venture 42 CLO, Ltd. 6.390%, 3M LIBOR + 1.130%, 04/15/34 (144A) (c)		1,300,000		1,265,644
Asset-Backed - Other—(Continued)
Venture 43 CLO, Ltd.
6.500%, 3M LIBOR + 1.240%, 04/15/34 (144A) (c)		500,000		487,937
VOLT XCIV LLC 2.240%, 02/27/51 (144A) (k)		473,493		435,090
Voya CLO, Ltd. 6.162%, 3M LIBOR + 0.900%, 01/18/29 (144A) (c)		772,644		767,709
Wellfleet CLO X, Ltd. 6.420%, 3M LIBOR + 1.170%, 07/20/32 (144A) (c)		1,065,000		1,043,969
Wendy’s Funding LLC
2.370%, 06/15/51 (144A)		1,161,300		960,321
3.884%, 03/15/48 (144A)		411,075		371,999
Wingstop Funding LLC 2.841%, 12/05/50 (144A)		162,525		140,305
				35,485,724
Asset-Backed - Student Loan—0.1%
Navient Private Education Refi Loan Trust
1.110%, 02/18/70 (144A)		490,351		409,285
5.510%, 10/15/71 (144A)		609,832		601,083
				1,010,368
Total Asset-Backed Securities (Cost $51,997,070)				49,402,749
Foreign Government—1.1%
Banks—0.0%
Bank Gospodarstwa Krajowego 5.375%, 05/22/33 (144A)		200,000		198,811
Sovereign—1.1%
Angolan Government International Bond 8.000%, 11/26/29		400,000		338,540
Benin Government International Bond 4.950%, 01/22/35 (144A) (EUR)		620,000		475,475
Bermuda Government International Bonds
2.375%, 08/20/30 (144A)		200,000		166,702
5.000%, 07/15/32 (144A)		405,000		394,875
Brazil Notas do Tesouro Nacional 10.000%, 01/01/31 (BRL)		11,104,000		2,142,208
Chile Government International Bond 1.250%, 01/22/51 (EUR)		250,000		141,992
Colombia Government International Bonds
5.000%, 06/15/45		800,000		555,435
5.200%, 05/15/49		200,000		137,150
5.625%, 02/26/44		225,000		167,121
Costa Rica Government International Bond 6.550%, 04/03/34 (144A)		280,000		280,980
Hungary Government International Bonds
1.625%, 04/28/32 (EUR)		1,320,000		1,091,811
6.750%, 09/25/52 (144A)		200,000		206,090
Indonesia Government International Bonds
1.100%, 03/12/33 (EUR)		1,170,000		945,400
2.150%, 07/18/24 (EUR)		100,000		106,665

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Ivory Coast Government International Bond 4.875%, 01/30/32 (EUR)		460,000	$	389,947
North Macedonia Government International Bonds
2.750%, 01/18/25 (EUR)		425,000		440,897
3.675%, 06/03/26 (144A) (EUR)		515,000		524,738
Philippine Government International Bonds
1.200%, 04/28/33 (EUR)		775,000		643,021
1.750%, 04/28/41 (EUR)		300,000		211,856
Romanian Government International Bonds
2.625%, 12/02/40 (144A) (EUR)		635,000		420,174
2.750%, 04/14/41 (EUR)		1,045,000		697,832
3.375%, 02/08/38 (EUR)		310,000		242,546
4.625%, 04/03/49 (EUR)		738,000		621,116
Saudi Government International Bonds
2.000%, 07/09/39 (EUR)		285,000		222,328
5.000%, 01/18/53 (144A)		200,000		185,040
				11,749,939
Total Foreign Government (Cost $15,933,947)				11,948,750
Municipals—0.6%
Chicago Board of Education, General Obligation Unlimited, Build America Bonds
6.038%, 12/01/29		85,000		83,953
6.138%, 12/01/39		325,000		306,935
6.319%, 11/01/29		480,000		479,066
Chicago Transit Authority Sale Tax Receipts Fund 3.912%, 12/01/40		170,000		148,761
Metropolitan Transportation Authority
4.750%, 11/15/45		505,000		513,973
5.175%, 11/15/49		1,390,000		1,266,043
Municipal Electric Authority of Georgia, Build America Bond 6.637%, 04/01/57		189,000		215,714
New York Transportation Development Corp. 4.248%, 09/01/35		1,150,000		1,118,846
Philadelphia, Authority for Industrial Development 6.550%, 10/15/28		1,235,000		1,304,406
State Board of Administration Finance Corp. 1.258%, 07/01/25		975,000		900,175
State of California General Obligation Unlimited, Build America Bond 7.300%, 10/01/39		180,000		217,345
Texas Natural Gas Securitization Finance Corp. 5.102%, 04/01/35		595,000		597,173
Total Municipals (Cost $7,795,762)				7,152,390
Floating Rate Loans (l)—0.0%
Entertainment—0.0%
Crown Finance U.S., Inc. 2022 DIP Term Loan, 15.238%, 1M TSFR + 10.000%, 09/07/23		39,502		39,979
Oil & Gas—0.0%
Paragon Offshore Finance Co. Term Loan B, 07/18/22 (m) (n) (o)		587		0
Total Floating Rate Loans (Cost $39,349)				39,979
Short-Term Investment—1.5%
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $17,013,871; collateralized by U.S. Treasury Note at 4.125%, maturing 06/15/26, with a market value of $17,350,894.		17,010,611		17,010,611
Total Short-Term Investments (Cost $17,010,611)				17,010,611
Securities Lending Reinvestments (p)—2.3%
Certificate of Deposit—0.1%
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (c)		1,000,000		1,001,762
Repurchase Agreements—1.0%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $1,064,875; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $1,085,715.		1,064,427		1,064,427
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $1,029,037; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $700,296; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $715,792.		700,000		700,000
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $2,302,267; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $2,356,840.		2,300,000		2,300,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $1,100,478; collateralized by various Common Stock with an aggregate market value of $1,222,929.		1,100,000		1,100,000

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (p)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $2,000,862; collateralized by various Common Stock with an aggregate market value of $2,226,098.		2,000,000	$	2,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $900,905; collateralized by various Common Stock with an aggregate market value of $1,002,363.		900,000		900,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $2,000,858; collateralized by various Common Stock with an aggregate market value of $2,200,945.		2,000,000		2,000,000
				11,064,427
Mutual Funds—1.2%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (q)		1,000,000		1,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.000% (q)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (q)		2,000,000		2,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (q)		2,000,000		2,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (q)		1,000,000		1,000,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (q)		2,000,000		2,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030% (q)		2,000,000		2,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.050% (q)		1,000,000		1,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (q)		2,000,000		2,000,000
				14,000,000
Total Securities Lending Reinvestments (Cost $26,064,427)				26,066,189
Total Purchased Options— 0.0% (r) (Cost $62,700)				52,942
Total Investments— 110.4% (Cost $1,200,650,766)				1,263,912,603
Other assets and liabilities (net)—(10.4)%				(119,182,719	)
Net Assets—100.0%			$	1,144,729,884

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $40,147,297 and the collateral received consisted of cash in the amount of $26,064,427 and non-cash collateral with a value of $14,703,536. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(d)	Interest only security.
(e)	Principal only security.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(g)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2023, the market value of securities pledged was $2,862,603.
(h)	All or a portion of the security was pledged as collateral against open forward foreign currency exchange contracts and OTC option contracts. As of June 30, 2023, the market value of securities pledged was $240,957.
(i)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2023, the market value of securities pledged was $1,608,689.
(j)	Principal amount of security is adjusted for inflation.
(k)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(l)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(m)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent less than 0.05% of net assets.
(n)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(o)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(p)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(q)	The rate shown represents the annualized seven-day yield as of June 30, 2023.
(r)	For a breakout of open positions, see details shown in the Purchased Options table that follows.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, the market value of 144A securities was $128,736,330, which is 11.2% of net assets.

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Ginnie Mae II 30 Yr. Pool		3.500	%		TBA	$	(2,999,000	)	$	(2,777,810	)	$	(2,767,866	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		1.500	%		TBA		(75,000	)		(58,236	)		(57,946	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		2.500	%		TBA		(7,424,000	)		(6,298,650	)		(6,294,740	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		3.000	%		TBA		(6,244,000	)		(5,536,707	)		(5,494,964	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		3.500	%		TBA		(8,395,000	)		(7,717,556	)		(7,649,616	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		4.000	%		TBA		(3,221,000	)		(3,041,849	)		(3,022,581	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		5.000	%		TBA		(5,590,000	)		(5,502,324	)		(5,477,325	)
Totals									$	(30,933,132	)	$	(30,765,038	)

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Depreciation
BRL	10,580,000	GSI		09/20/23		USD	2,129,716	$	(49,638	)
EUR	6,686,000	DBAG		09/20/23		USD	7,205,413		(118,249	)
Net Unrealized Depreciation								$	(167,887	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures		09/15/23		18			USD	4,039,425		$	68,860
U.S. Treasury Note 2 Year Futures		09/29/23		290			USD	58,969,688			(155,501	)
U.S. Treasury Note 5 Year Futures		09/29/23		410			USD	43,908,438			(754,941	)
U.S. Treasury Note Ultra 10 Year Futures		09/20/23		137			USD	16,225,938			(211,375	)
U.S. Treasury Ultra Long Bond Futures		09/20/23		48			USD	6,538,500			21,720
Futures Contracts—Short
Euro-Bobl Futures		09/07/23		(120	)		EUR	(13,885,200	)		130,758
Euro-Bund Futures		09/07/23		(37	)		EUR	(4,948,380	)		10,929
Euro-Buxl 30 Year Bond Futures		09/07/23		(46	)		EUR	(6,421,600	)		(167,851	)
U.S. Treasury Long Bond Futures		09/20/23		(2	)		USD	(253,813	)		450
U.S. Treasury Note 10 Year Futures		09/20/23		(186	)		USD	(20,881,406	)		392,024
Net Unrealized Depreciation										$	(664,927	)

Purchased Options

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate		Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - OTC-10 Yr. IRS	3.110%	BBP	12M SOFR		Pay		04/20/26		550,000		USD	550,000	$	31,350	$	24,801	$	(6,549	)
Put - OTC-10 Yr. IRS	3.110%	BBP	12M SOFR		Receive		04/20/26		550,000		USD	550,000		31,350		28,141		(3,209	)
Totals													$	62,700	$	52,942	$	(9,758	)

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency		Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Receive	12M SOFR		Annually	2.880%		Annually		03/15/53		USD	1,610,000	$	93,511		$	18,559		$	74,952
Receive	12M SOFR		Annually	2.970%		Annually		03/15/53		USD	2,325,000		95,933			4,738			91,195
Receive	12M SOFR		Annually	3.155%		Annually		04/22/36		USD	75,000		222			—			222
Receive	12M SOFR		Annually	3.250%		Annually		06/21/53		USD	860,000		(10,664	)		(8,848	)		(1,816	)
Totals												$	179,002		$	14,449		$	164,553

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2023(b)			Notional Amount(c)			Market Value		Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Brazilian Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		06/20/27		1.295	%		USD	1,491,000	$	15,617	$	66,307	$	(50,690	)
Brazilian Government International Bond 4.250%, due 01/07/25		(1.000	%)		Quarterly		06/20/28		1.763	%		USD	2,335,000		76,175		118,137		(41,962	)
CDX.EM.38.V1		(1.000	%)		Quarterly		12/20/27		2.083	%		USD	7,010,000		293,340		410,304		(116,964	)
Totals														$	385,132	$	594,748	$	(209,616	)

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2023(b)			Notional Amount(c)			Market Value		Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.40.V1		5.000	%		Quarterly		06/20/28		4.292	%		USD	1,515,000	$	41,946	$	26,126	$	15,820

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

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(DBAG)—	Deutsche Bank AG
(GSI)—	Goldman Sachs International

Currencies

(BRL)—	Brazilian Real
(EUR)—	Euro
(USD)—	United States Dollar

Index Abbreviations

(CDX.EM)—	Markit Emerging Market CDS Index
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(MTA)—	Monthly Treasury Average Index
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(TSFR)—	Term Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Glossary of Abbreviations—(Continued)

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(ACES)—	Alternative Credit Enhancement Securities
(ADR)—	American Depositary Receipt
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(IRS)—	Interest Rate Swap
(REIT)—	Real Estate Investment Trust
(REMIC)—	Real Estate Mortgage Investment Conduit
(STACR)—	Structured Agency Credit Risk

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	697,205,100		$	—		$	—	$	697,205,100
Total U.S. Treasury & Government Agencies*		—			278,237,349			—		278,237,349
Total Corporate Bonds & Notes*		—			125,107,062			—		125,107,062
Total Mortgage-Backed Securities*		—			51,689,482			—		51,689,482
Total Asset-Backed Securities*		—			49,402,749			—		49,402,749
Total Foreign Government*		—			11,948,750			—		11,948,750
Total Municipals*		—			7,152,390			—		7,152,390
Floating Rate Loans
Entertainment		—			39,979			—		39,979
Oil & Gas		—			—			0		0
Total Floating Rate Loans		—			39,979			0		39,979
Total Short-Term Investment*		—			17,010,611			—		17,010,611
Securities Lending Reinvestments
Certificate of Deposit		—			1,001,762			—		1,001,762
Repurchase Agreements		—			11,064,427			—		11,064,427
Mutual Funds		14,000,000			—			—		14,000,000
Total Securities Lending Reinvestments		14,000,000			12,066,189			—		26,066,189
Total Purchased Options at Value		—			52,942			—		52,942
Total Investments	$	711,205,100		$	552,707,503		$	0	$	1,263,912,603
Collateral for Securities Loaned (Liability)	$	—		$	(26,064,427	)	$	—	$	(26,064,427	)
TBA Forward Sales Commitments (Liability)	$	—		$	(30,765,038	)	$	—	$	(30,765,038	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—		$	(167,887	)	$	—	$	(167,887	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	624,741		$	—		$	—	$	624,741
Futures Contracts (Unrealized Depreciation)		(1,289,668	)		—			—		(1,289,668	)
Total Futures Contracts	$	(664,927	)	$	—		$	—	$	(664,927	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	182,189		$	—	$	182,189
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(211,432	)		—		(211,432	)
Total Centrally Cleared Swap Contracts	$	—		$	(29,243	)	$	—	$	(29,243	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	1,263,912,603
Cash		186
Cash denominated in foreign currencies (c)		178,352
Receivable for:
Investments sold		5,878,206
TBA securities sold (d)		39,528,831
Fund shares sold		472,784
Principal paydowns		137,164
Dividends and interest		3,828,462
Variation margin on futures contracts		272,047
Prepaid expenses		9,320
Total Assets		1,314,217,955
Liabilities
TBA Forward sales commitments, at value		30,765,038
Unrealized depreciation on forward foreign currency exchange contracts		167,887
Collateral for securities loaned		26,064,427
Payables for:
Investments purchased		11,478,944
TBA securities purchased (d)		99,937,127
Fund shares redeemed		48,367
Variation margin on centrally cleared swap contracts		60,085
Premium on purchased options		62,700
Accrued Expenses:
Management fees		409,355
Distribution and service fees		12,764
Deferred trustees’ fees		155,398
Other expenses		325,979
Total Liabilities		169,488,071
Net Assets	$	1,144,729,884
Net Assets Consist of:
Paid in surplus	$	1,079,486,782
Distributable earnings (Accumulated losses)		65,243,102
Net Assets	$	1,144,729,884
Net Assets
Class A	$	1,072,906,732
Class B		48,595,995
Class E		23,227,157
Capital Shares Outstanding*
Class A		63,796,977
Class B		2,913,083
Class E		1,384,616
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.82
Class B		16.68
Class E		16.78

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,200,650,766.
(b)	Includes securities loaned at value of $40,147,297.
(c)	Identified cost of cash denominated in foreign currencies was $179,055.
(d)	Included within TBA securities sold is $33,660,095 related to TBA forward sale commitments and included within TBA securities purchased is $2,720,254 related to TBA forward sale commitments.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	4,446,855
Interest (b)		9,446,314
Securities lending income		46,817
Total investment income		13,939,986
Expenses
Management fees		2,597,590
Administration fees		33,853
Custodian and accounting fees		157,134
Distribution and service fees—Class B		59,421
Distribution and service fees—Class E		16,871
Audit and tax services		52,497
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		37,351
Insurance		5,301
Miscellaneous		8,893
Total expenses		3,008,193
Less management fee waiver		(150,066	)
Less broker commission recapture		(4,526	)
Net expenses		2,853,601
Net Investment Income		11,086,385
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		5,482,178
Purchased options		858
Futures contracts		971,755
Written options		196,728
Swap contracts		(383,323	)
Foreign currency transactions		42,958
Forward foreign currency transactions		(321,135	)
Net realized gain (loss)		5,990,019
Net change in unrealized appreciation (depreciation) on:
Investments		93,872,849
Purchased options		(9,758	)
Futures contracts		(1,381,198	)
Swap contracts		55,683
Foreign currency transactions		(19,708	)
Forward foreign currency transactions		13,655
Net change in unrealized appreciation (depreciation)		92,531,523
Net realized and unrealized gain (loss)		98,521,542
Net Increase (Decrease) in Net Assets From Operations	$	109,607,927

(a)	Net of foreign withholding taxes of $14,951.
(b)	Net of foreign withholding taxes of $9,594.

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	11,086,385		$	19,908,741
Net realized gain (loss)		5,990,019			3,076,761
Net change in unrealized appreciation (depreciation)		92,531,523			(263,893,255	)
Increase (decrease) in net assets from operations		109,607,927			(240,907,753	)
From Distributions to Shareholders
Class A		(30,612,057	)		(170,597,556	)
Class B		(1,269,142	)		(8,145,507	)
Class E		(628,425	)		(3,761,228	)
Total distributions		(32,509,624	)		(182,504,291	)
Increase (decrease) in net assets from capital share transactions		(19,945,288	)		68,943,431
Total increase (decrease) in net assets		57,153,015			(354,468,613	)
Net Assets
Beginning of period		1,087,576,869			1,442,045,482
End of period	$	1,144,729,884		$	1,087,576,869

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		207,888		$	3,435,610			618,714		$	11,293,388
Reinvestments		1,838,562			30,612,057			10,985,033			170,597,556
Redemptions		(3,149,031	)		(52,069,799	)		(6,264,482	)		(112,205,209	)
Net increase (decrease)		(1,102,581	)	$	(18,022,132	)		5,339,265		$	69,685,735
Class B
Sales		27,186		$	449,918			244,529		$	4,103,463
Reinvestments		76,825			1,269,142			528,586			8,145,507
Redemptions		(188,958	)		(3,102,362	)		(788,172	)		(13,793,307	)
Net increase (decrease)		(84,947	)	$	(1,383,302	)		(15,057	)	$	(1,544,337	)
Class E
Sales		20,259		$	338,453			23,311		$	406,499
Reinvestments		37,834			628,425			242,817			3,761,228
Redemptions		(91,815	)		(1,506,732	)		(189,557	)		(3,365,694	)
Net increase (decrease)		(33,722	)	$	(539,854	)		76,571		$	802,033
Increase (decrease) derived from capital shares transactions				$	(19,945,288	)				$	68,943,431

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.70		$	22.57		$	22.09		$	20.12		$	17.82		$	20.38
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.16			0.30			0.27			0.31			0.36			0.37
Net realized and unrealized gain (loss)		1.45			(4.19	)		2.66			3.02			3.58			(1.02	)
Total income (loss) from investment operations		1.61			(3.89	)		2.93			3.33			3.94			(0.65	)
Less Distributions
Distributions from net investment income		(0.36	)		(0.34	)		(0.43	)		(0.46	)		(0.44	)		(0.36	)
Distributions from net realized capital gains		(0.13	)		(2.64	)		(2.02	)		(0.90	)		(1.20	)		(1.55	)
Total distributions		(0.49	)		(2.98	)		(2.45	)		(1.36	)		(1.64	)		(1.91	)
Net Asset Value, End of Period	$	16.82		$	15.70		$	22.57		$	22.09		$	20.12		$	17.82
Total Return (%) (b)		10.30	(c)		(17.08	)		14.02			17.72			22.99			(3.76	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(d)		0.52			0.51			0.53			0.53			0.53
Net ratio of expenses to average net assets (%) (e) (f)		0.50	(d)		0.49			0.48			0.50			0.50			0.50
Ratio of net investment income (loss) to average net assets (%)		2.01	(d)		1.67			1.21			1.57			1.88			1.89
Portfolio turnover rate (%)		115	(c) (g)		214	(g)		250	(g)		298	(g)		322	(g)		341	(g)
Net assets, end of period (in millions)	$	1,072.9		$	1,018.8		$	1,344.5		$	1,280.5		$	1,179.3		$	1,050.5
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.55		$	22.37		$	21.92		$	19.97		$	17.69		$	20.24
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.14			0.25			0.21			0.26			0.31			0.32
Net realized and unrealized gain (loss)		1.44			(4.15	)		2.64			3.00			3.56			(1.01	)
Total income (loss) from investment operations		1.58			(3.90	)		2.85			3.26			3.87			(0.69	)
Less Distributions
Distributions from net investment income		(0.32	)		(0.28	)		(0.38	)		(0.41	)		(0.39	)		(0.31	)
Distributions from net realized capital gains		(0.13	)		(2.64	)		(2.02	)		(0.90	)		(1.20	)		(1.55	)
Total distributions		(0.45	)		(2.92	)		(2.40	)		(1.31	)		(1.59	)		(1.86	)
Net Asset Value, End of Period	$	16.68		$	15.55		$	22.37		$	21.92		$	19.97		$	17.69
Total Return (%) (b)		10.15	(c)		(17.31	)		13.73			17.45			22.72			(4.01	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(d)		0.77			0.76			0.78			0.78			0.78
Net ratio of expenses to average net assets (%) (e) (f)		0.75	(d)		0.74			0.73			0.75			0.75			0.75
Ratio of net investment income (loss) to average net assets (%)		1.76	(d)		1.41			0.96			1.32			1.63			1.64
Portfolio turnover rate (%)		115	(c) (g)		214	(g)		250	(g)		298	(g)		322	(g)		341	(g)
Net assets, end of period (in millions)	$	48.6		$	46.6		$	67.4		$	67.3		$	63.9		$	57.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.65		$	22.50		$	22.03		$	20.07		$	17.77		$	20.33
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.15			0.27			0.24			0.28			0.33			0.34
Net realized and unrealized gain (loss)		1.45			(4.18	)		2.65			3.01			3.58			(1.02	)
Total income (loss) from investment operations		1.60			(3.91	)		2.89			3.29			3.91			(0.68	)
Less Distributions
Distributions from net investment income		(0.34	)		(0.30	)		(0.40	)		(0.43	)		(0.41	)		(0.33	)
Distributions from net realized capital gains		(0.13	)		(2.64	)		(2.02	)		(0.90	)		(1.20	)		(1.55	)
Total distributions		(0.47	)		(2.94	)		(2.42	)		(1.33	)		(1.61	)		(1.88	)
Net Asset Value, End of Period	$	16.78		$	15.65		$	22.50		$	22.03		$	20.07		$	17.77
Total Return (%) (b)		10.29	(c)		(17.26	)		13.86			17.53			22.85			(3.88	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68	(d)		0.67			0.66			0.68			0.68			0.68
Net ratio of expenses to average net assets (%) (e) (f)		0.65	(d)		0.64			0.63			0.65			0.65			0.65
Ratio of net investment income (loss) to average net assets (%)		1.86	(d)		1.52			1.06			1.42			1.73			1.74
Portfolio turnover rate (%)		115	(c) (g)		214	(g)		250	(g)		298	(g)		322	(g)		341	(g)
Net assets, end of period (in millions)	$	23.2		$	22.2		$	30.2		$	30.0		$	29.0		$	27.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the six months ended June 30, 2023 and for each of the years ended December 31, 2022 through 2018. (see Note 6 of the Notes to Financial Statements).
(g)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 32%, 57%, 62%, 77%, 60% and 62% for the six months ended June 30, 2023, and for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market

BHFTII-33

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

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

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

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

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

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

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

BHFTII-34

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

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

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

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

BHFTII-35

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2023, the Portfolio did not have any unfunded loan commitments.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

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

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

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

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio

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foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

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

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

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

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

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $17,010,611. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $11,064,427. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at

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June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(21,782,736	)	$	—	$	—	$	—	$	(21,782,736	)
Corporate Bonds & Notes		(4,281,691	)		—		—		—		(4,281,691	)
Total Borrowings	$	(26,064,427	)	$	—	$	—	$	—	$	(26,064,427	)
Gross amount of recognized liabilities for securities lending transactions										$	(26,064,427	)

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

3. Investments in Derivative Instruments

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

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

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets

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and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the futures contract or option may not correlate perfectly with changes in the value of the underlying asset. The exchange’s clearinghouse, as counterparty to all futures, guarantees the futures contracts against default.

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

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

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

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

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

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

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

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

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Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. The Portfolio may pay or receive an upfront payment upon entering into a swap agreement. Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

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

Centrally Cleared Swaps: Certain swaps are required to be (or are capable of being) cleared through a regulated clearinghouse. Since the Portfolio is not a member of a clearinghouse and only members of a clearinghouse (“clearing members” or “clearing brokers”) can participate directly in the clearinghouse, the Portfolio holds cleared swaps through accounts at a clearing member. The Portfolio typically will be required to post margin required by the clearinghouse and/or its clearing member; the margin required by a clearinghouse and/or clearing member may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

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

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

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Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

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

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2023, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money market reference rates. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

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

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The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2023 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)	$	52,942
	Unrealized appreciation on centrally cleared swap contracts (b) (c)		166,369	Unrealized depreciation on centrally cleared swap contracts (b) (c)	$	1,816
	Unrealized appreciation on futures contracts (c) (d)		555,881	Unrealized depreciation on futures contracts (c) (d)		1,289,668
Credit	Unrealized appreciation on centrally cleared swap contracts (b) (c)		15,820	Unrealized depreciation on centrally cleared swap contracts (b) (c)		209,616
Equity	Unrealized appreciation on futures contracts (c) (d)		68,860
Foreign Exchange				Unrealized depreciation on forward foreign currency exchange contracts		167,887
Total		$	859,872		$	1,668,987

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

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

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2023.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Received†		Net Amount*
Barclays Bank plc	$	52,942	$	—	$	—	$	52,942

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2023.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Pledged†			Net Amount**
Deutsche Bank AG	$	118,249	$	—	$	—		$	118,249
Goldman Sachs International		49,638		—		(49,638	)		—
	$	167,887	$	—	$	(49,638	)	$	118,249

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity		Foreign Exchange			Total
Purchased options	$	858		$	—		$	—	$	—		$	858
Forward foreign currency transactions		—			—			—		(321,135	)		(321,135	)
Futures contracts		801,572			—			170,183		—			971,755
Swap contracts		(13,043	)		(370,280	)		—		—			(383,323	)
Written options		—			196,728			—		—			196,728
	$	789,387		$	(173,552	)	$	170,183	$	(321,135	)	$	464,883

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Notes to Financial Statements—June 30, 2023—(Continued)

Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity		Foreign Exchange		Total
Purchased options	$	(9,758	)	$	—		$	—	$	—	$	(9,758	)
Forward foreign currency transactions		—			—			—		13,655		13,655
Futures contracts		(1,631,009	)		—			249,811		—		(1,381,198	)
Swap contracts		164,553			(108,870	)		—		—		55,683
	$	(1,476,214	)	$	(108,870	)	$	249,811	$	13,655	$	(1,321,618	)

For the six months ended June 30, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	1,275,000
Forward foreign currency transactions		11,954,646
Futures contracts long		74,502,010
Futures contracts short		(51,732,131	)
Swap contracts		14,604,956
Written options		(66,350,000	)

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

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse. The Portfolio’s clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

by the clearinghouse and additional initial margin is held by the Portfolio’s clearing broker. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

LIBOR Replacement Risk: Many financial instruments historically used a floating rate based on LIBOR, which was the offered rate at which major international banks could obtain wholesale, unsecured funding. LIBOR may have been a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may have been used in other ways that affected the Portfolio’s investment performance. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. Markets are developing in these new rates, but concerns around liquidity of the new rates and how to appropriately mitigate any economic value transfer as a result of the transition remain. Neither the effect of the transition process nor its ultimate success can yet be fully known. The transition away from LIBOR and use of replacement rates may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that were tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions that were historically tied to LIBOR, particularly insofar as the documentation governing such instruments did not include “fall back” provisions addressing the transition from LIBOR. The Subadviser may have exercised discretion in determining a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR and the use of replacement rates may adversely affect transactions that used LIBOR as a reference rate, financial institutions, funds and other market participants that engaged in such transactions, and the financial markets generally. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$1,081,992,549	$	272,030,573	$	1,102,901,350	$	299,379,765

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2023 were as follows:

Purchases	Sales
$997,886,418	$	1,013,504,571

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2023	% per annum			Average Daily Net Assets
$2,597,590		0.500	%	Of the first $500 million
		0.450	%	Of the next $500 million
		0.400	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.020%	On the first $	500 million

Any reductions in total advisory fees paid by the Portfolio due to these waivers may be reduced or eliminated by changes in the advisory fee structure at higher asset levels. Brighthouse Investment Advisers will receive advisory fees equal to 0.480% of the Portfolio’s average daily net assets for amounts over $500 million but less than $750 million (0.030% over the contractual advisory fee rate) and 0.460% for amounts over $750 million but less than $1 billion (0.010% over the contractual advisory fee rate). As a result, the dollar amount of the waiver will be reduced as assets grow beyond $500 million up to $1 billion, but the advisory fee net of waivers will never exceed the contractual dollar amount that would otherwise be payable under the advisory fee. An identical agreement was in place for the period April 29, 2022 to April 30, 2023. There were no fees waived during the six months ended June 30, 2023.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee agreement, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $150,066 was waived in the aggregate for the six months ended June 30, 2023 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	1,182,125,962
Gross unrealized appreciation		144,764,190
Gross unrealized (depreciation)		(93,863,476	)
Net unrealized appreciation (depreciation)	$	50,900,714

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$62,446,712	$	54,565,035	$	120,057,579	$	92,789,033	$	182,504,291	$	147,354,068

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$23,884,381	$	8,365,261	$	(43,951,223	)	$	—	$	(11,701,581	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-47

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-48

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Brighthouse/Wellington Core Equity Opportunities Portfolio returned 3.39%, 3.25%, and 3.27%, respectively. The Portfolio’s benchmark, the Russell 1000 Index¹, returned 16.68%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities surged higher in the first quarter. The sudden collapse of two U.S. regional banks prompted swift policy actions by federal regulators, which helped stabilize liquidity and stem the potential for broader contagion. The turmoil generated more uncertainty about the U.S. economic outlook, as investors grappled to assess the impact of tightening credit conditions and the path of interest rates and inflation. Shares of large technology companies surged, helping growth stocks to significantly outperform their value counterparts. A modest decline in consumer price growth during the quarter and a sharp drop in the Producer Price Index in March offered greater assurances that price pressures were easing. However, prices remained highly elevated, and the Federal Reserve’s (the “Fed”) task of curbing inflation was further complicated by a robust job market, resilient consumer spending, and tumult in the banking industry. The Fed slowed its pace of policy tightening, raising interest rates by 25 basis points in February and March, to a range between 4.75%—5%. The median forecast of members of the Federal Open Market Committee revealed that interest rates were anticipated to peak at 5.1% in 2023. Fed Chair Jerome Powell pushed back on views of interest rate cuts in 2023, although Fed Funds futures indicated that markets expect the Fed to lower rates by the end of the year.

U.S. equities advanced during the reporting period, largely driven by a potent rally in a narrow group of mega-cap technology companies that benefited from investor optimism about their earnings potential and growth prospects and exuberance surrounding generative artificial intelligence. Markedly stronger-than-forecast first-quarter corporate earnings and improving earnings prospects bolstered market sentiment. Despite the strains from lofty interest rates and tightening credit conditions, the economy showed remarkable vigor; a robust labor market, resilient consumer spending, and renewed strength in the housing market offered hope that the U.S. could achieve a moderate economic slowdown rather than a full-blown recession. In June, the Fed held interest rates stable for the first time in 15 months to assess the impact of tighter monetary policy and recent banking industry stresses on the economy and inflation. However, most Fed policymakers anticipate two more interest rate hikes this year amid concerns that stronger-than-expected economic growth and robust wage gains could lead to more persistent inflation. Annualized U.S. GDP in the first quarter was revised sharply higher to 2%—well above the previous estimate of 1.3%—driven by the largest annual increase in consumer spending since mid-2021. Following months of high stakes political negotiations that unsettled financial markets, President Joe Biden signed into law a bill to suspend the U.S. debt ceiling until January 2025 and limit government spending.

Within the Standard and Poor’s 500 Index, seven of the 11 sectors gained for the six months ended June 30, 2023. Information Technology (“IT”) (42.6%) and Communication Services (36.2%) were the best performing sectors.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark, the Russell 1000 Index, for the six-month period ended June 30, 2023. Stock selection drove relative underperformance. Weak selection in Industrials, Consumer Discretionary, and IT was partially offset by selection in Materials, Financials and Health Care. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance due to an underweight position in IT, an overweight position in Consumer Staples and a lack of exposure to Communication Services. This was partially offset by a lack of exposure to Energy and underweights to Utilities and Financials.

The Portfolio’s lack of exposure to benchmark constituents Apple and NVIDIA as well as an overweight position in Northrop Grumman, were among the top relative detractors during the period. Shares of Northrop Grumman, an aerospace and defense technology company, were down on weaker than expected first quarter results as well as a perceived decrease in geopolitical tension, which had driven the stock up in 2022.

The Portfolio’s overweight positions in Stryker and Ecolab, as well as its lack of exposure to benchmark constituent Chevron, were among the top relative contributors during the period. The share price of Stryker, a U.S.-based medical device and equipment maker focused on orthopedics, surgical, and spinal applications, rose during the period along with other hospital and medical devices companies after UnitedHealth Group (the largest U.S. health insurer) said it was seeing an uptick in elective procedures and other medical care. Shares of Ecolab, a U.S.-based chemical company providing water, hygiene and infection prevention solutions and services, ended the period higher. The company reported strong first quarter results that beat consensus estimates. Increased demand for its laboratory services offset the impact of inflation.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

At the end of the period, the Portfolio was most overweight the Industrials and Consumer Staples sectors and most underweight the IT and Communication Services sectors.

Donald J. Kilbride

Peter Fisher

Portfolio Managers

Wellington Management Company LLP

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

¹ The Russell 1000 Index is an unmanaged measure of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investable U.S. equity market.

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Wellington Core Equity Opportunities Portfolio
Class A		3.39		10.48		11.81		11.54
Class B		3.25		10.18		11.53		11.26
Class E		3.27		10.27		11.64		11.37
Russell 1000 Index		16.68		19.36		11.92		12.65

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Microsoft Corp.		4.0
Stryker Corp.		3.6
TJX Cos., Inc. (The)		3.5
UnitedHealth Group, Inc.		3.4
Honeywell International, Inc.		3.2
McDonald’s Corp.		3.0
Marsh & McLennan Cos., Inc.		3.0
Colgate-Palmolive Co.		2.9
Linde plc		2.9
Visa, Inc. - Class A		2.9

Top Sectors

	% of Net Assets
Industrials		20.7
Health Care		18.0
Consumer Staples		14.5
Financials		14.0
Consumer Discretionary		11.1
Information Technology		9.2
Materials		5.6
Real Estate		2.7
Utilities		1.0

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Wellington Core Equity Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.58	%	$	1,000.00	$	1,033.90	$	2.92
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91
Class B (a)	Actual		0.83	%	$	1,000.00	$	1,032.50	$	4.18
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16
Class E (a)	Actual		0.73	%	$	1,000.00	$	1,032.70	$	3.68
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—96.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—8.8%
General Dynamics Corp.		313,889	$	67,533,218
Lockheed Martin Corp.		102,771		47,313,713
Northrop Grumman Corp.		193,399		88,151,264
Raytheon Technologies Corp.		773,682		75,789,889
				278,788,084
Air Freight & Logistics—1.9%
United Parcel Service, Inc. - Class B		333,679		59,811,961
Banks—0.9%
PNC Financial Services Group, Inc. (The)		225,476		28,398,702
Beverages—6.7%
Coca-Cola Co. (The)		1,163,601		70,072,052
Diageo plc		1,238,101		53,109,505
PepsiCo, Inc.		481,155		89,119,529
				212,301,086
Chemicals—5.6%
Ecolab, Inc.		445,415		83,154,526
Linde plc		242,222		92,305,960
				175,460,486
Consumer Finance—2.5%
American Express Co.		457,472		79,691,622
Consumer Staples Distribution & Retail—2.1%
Costco Wholesale Corp.		123,477		66,477,547
Electric Utilities—1.0%
NextEra Energy, Inc.		423,751		31,442,324
Financial Services—5.5%
MasterCard, Inc . - Class A		210,308		82,714,136
Visa, Inc. - Class A (a)		388,150		92,177,862
				174,891,998
Ground Transportation—4.1%
Canadian National Railway Co.		515,112		62,377,254
Union Pacific Corp.		322,403		65,970,102
				128,347,356
Health Care Equipment & Supplies—7.5%
Abbott Laboratories		537,673		58,617,110
Medtronic plc		714,719		62,966,744
Stryker Corp.		373,796		114,041,422
				235,625,276
Health Care Providers & Services—3.4%
UnitedHealth Group, Inc.		224,235		107,776,310
Hotels, Restaurants & Leisure—3.0%
McDonald’s Corp.		316,593		94,474,517
Household Products—5.7%
Colgate-Palmolive Co.		1,200,669		92,499,540
Procter & Gamble Co. (The)		571,289		86,687,393
				179,186,933
Industrial Conglomerates—3.2%
Honeywell International, Inc.		490,087		101,693,053
Insurance—5.1%
Chubb, Ltd.		343,411		66,127,222
Marsh & McLennan Cos., Inc.		496,252		93,335,076
				159,462,298
IT Services—2.8%
Accenture plc - Class A		281,107		86,743,998
Life Sciences Tools & Services—2.4%
Danaher Corp.		314,853		75,564,720
Machinery—1.0%
Deere & Co.		79,894		32,372,250
Pharmaceuticals—4.7%
Johnson & Johnson		466,648		77,239,577
Merck & Co., Inc.		403,755		46,589,290
Pfizer, Inc.		622,625		22,837,885
				146,666,752
Professional Services—1.6%
Automatic Data Processing, Inc.		233,482		51,317,009
Semiconductors & Semiconductor Equipment—2.5%
Texas Instruments, Inc.		429,475		77,314,090
Software—4.0%
Microsoft Corp.		367,372		125,104,861
Specialized REITs—2.7%
American Tower Corp.		218,717		42,417,975
Public Storage		144,839		42,275,607
				84,693,582
Specialty Retail—5.2%
Home Depot, Inc. (The)		177,693		55,198,554
TJX Cos., Inc. (The)		1,295,280		109,826,791
				165,025,345
Textiles, Apparel & Luxury Goods—2.9%
NIKE, Inc. - Class B		827,620		91,344,419
Total Common Stocks (Cost $2,195,158,827)				3,049,976,579

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Escrow Shares—0.0%

Security Description	Shares/ Principal Amount*		Value
Forest Products & Paper—0.0%
Sino-Forest Corp. (b)(c)(d) (Cost $0)		5,844,000	$	0
Short-Term Investments—3.2%
Repurchase Agreement—1.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $33,640,388; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $34,306,627.		33,633,942		33,633,942
U.S. Treasury—2.1%
U.S. Treasury Bills 5.057%, 09/05/23 (a) (e)		35,695,000		35,369,620
5.136%, 08/22/23 (e)		29,010,000		28,801,894
				64,171,514
Total Short-Term Investments (Cost $97,795,871)				97,805,456
Securities Lending Reinvestments (f)—0.0%
Repurchase Agreements—0.0%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $200,084; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $204,000.		200,000		200,000
Cantor Fitzgerald & Co. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $200,085; collateralized by U.S. Government Agency Obligations with rates ranging from 1.378% - 8.917%, maturity dates ranging from 08/01/23 - 01/20/73, and an aggregate market value of $204,000.		200,000		200,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $200,084; collateralized by U.S. Treasury Obligations at 4.125%, maturing 01/31/25, and an aggregate market value of $204,000.		200,000		200,000
Repurchase Agreements—(Continued)
ING Financial Markets LLC Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $200,084; collateralized by U.S. Government Agency Obligations with rates ranging from 0.500% - 6.625%, maturity dates ranging from 05/20/24 - 01/19/33, and an aggregate market value of $204,007.		200,000		200,000
NatWest Markets Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $200,084; collateralized by U.S. Treasury Obligations with rates ranging from 1.875% - 4.000%, maturity dates ranging from 09/15/25 - 02/15/32, and an aggregate market value of $204,086.		200,000		200,000
				1,000,000
Total Securities Lending Reinvestments (Cost $1,000,000)				1,000,000
Total Investments—100.0% (Cost $2,293,954,698)				3,148,782,035
Other assets and liabilities (net)—0.0%				991,058
Net Assets — 100.0%			$	3,149,773,093

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $93,168,509 and the collateral received consisted of cash in the amount of $1,000,000 and non-cash collateral with a value of $92,778,203. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.

Glossary of Abbreviations    

Other Abbreviations

(REIT)— Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	278,788,084	$	—		$	—	$	278,788,084
Air Freight & Logistics		59,811,961		—			—		59,811,961
Banks		28,398,702		—			—		28,398,702
Beverages		159,191,581		53,109,505			—		212,301,086
Chemicals		175,460,486		—			—		175,460,486
Consumer Finance		79,691,622		—			—		79,691,622
Consumer Staples Distribution & Retail		66,477,547		—			—		66,477,547
Electric Utilities		31,442,324		—			—		31,442,324
Financial Services		174,891,998		—			—		174,891,998
Ground Transportation		128,347,356		—			—		128,347,356
Health Care Equipment & Supplies		235,625,276		—			—		235,625,276
Health Care Providers & Services		107,776,310		—			—		107,776,310
Hotels, Restaurants & Leisure		94,474,517		—			—		94,474,517
Household Products		179,186,933		—			—		179,186,933
Industrial Conglomerates		101,693,053		—			—		101,693,053
Insurance		159,462,298		—			—		159,462,298
IT Services		86,743,998		—			—		86,743,998
Life Sciences Tools & Services		75,564,720		—			—		75,564,720
Machinery		32,372,250		—			—		32,372,250
Pharmaceuticals		146,666,752		—			—		146,666,752
Professional Services		51,317,009		—			—		51,317,009
Semiconductors & Semiconductor Equipment		77,314,090		—			—		77,314,090
Software		125,104,861		—			—		125,104,861
Specialized REITs		84,693,582		—			—		84,693,582
Specialty Retail		165,025,345		—			—		165,025,345
Textiles, Apparel & Luxury Goods		91,344,419		—			—		91,344,419
Total Common Stocks		2,996,867,074		53,109,505			—		3,049,976,579
Total Escrow Shares*		—		—			0		0
Total Short-Term Investments*		—		97,805,456			—		97,805,456
Total Securities Lending Reinvestments*		—		1,000,000			—		1,000,000
Total Investments	$	2,996,867,074	$	151,914,961		$	0	$	3,148,782,035
Collateral for Securities Loaned (Liability)	$	—	$	(1,000,000	)	$	—	$	(1,000,000	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a)(b)	$	3,148,782,035
Cash denominated in foreign currencies (c)		264,393
Receivable for:
Investments sold		463,396
Fund shares sold		1,494,473
Dividends and interest		3,283,212
Prepaid expenses		24,864
Total Assets		3,154,312,373
Liabilities
Collateral for securities loaned		1,000,000
Payables for:
Fund shares redeemed		1,442,872
Accrued Expenses:
Management fees		1,423,675
Distribution and service fees		190,263
Deferred trustees’ fees		222,962
Other expenses		259,508
Total Liabilities		4,539,280
Net Assets	$	3,149,773,093
Net Assets Consist of:
Paid in surplus	$	2,229,006,209
Distributable earnings (Accumulated losses)		920,766,884
Net Assets	$	3,149,773,093
Net Assets
Class A	$	1,965,927,624
Class B		590,947,944
Class E		592,897,525
Capital Shares Outstanding*
Class A		71,788,444
Class B		22,085,543
Class E		22,028,633
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	27.39
Class B		26.76
Class E		26.91

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,293,954,698.
(b)	Includes securities loaned at value of $93,168,509.
(c)	Identified cost of cash denominated in foreign currencies was $264,373.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	29,571,276
Interest		937,191
Securities lending income		7,535
Total investment income		30,516,002
Expenses
Management fees		10,996,278
Administration fees		63,319
Custodian and accounting fees		78,230
Distribution and service fees—Class B		722,513
Distribution and service fees—Class E		438,781
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		61,330
Insurance		15,019
Miscellaneous		14,171
Total expenses		12,451,908
Less management fee waiver		(2,330,753	)
Less broker commission recapture		(916	)
Net expenses		10,120,239
Net Investment Income		20,395,763
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		48,175,055
Foreign currency transactions		30,218
Net realized gain (loss)		48,205,273
Net change in unrealized appreciation (depreciation) on:
Investments		33,283,093
Foreign currency transactions		(39	)
Net change in unrealized appreciation (depreciation)		33,283,054
Net realized and unrealized gain (loss)		81,488,327
Net Increase (Decrease) in Net Assets From Operations	$	101,884,090

(a) Net of foreign withholding taxes of $92,662.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	20,395,763		$	44,010,405
Net realized gain (loss)		48,205,273			326,195,573
Net change in unrealized appreciation (depreciation)		33,283,054			(582,155,279	)
Increase (decrease) in net assets from operations		101,884,090			(211,949,301	)
From Distributions to Shareholders
Class A		(230,770,352	)		(412,092,119	)
Class B		(69,543,920	)		(121,585,608	)
Class E		(70,035,182	)		(126,579,004	)
Total distributions		(370,349,454	)		(660,256,731	)
Increase (decrease) in net assets from capital share transactions		257,794,795			48,739,274
Total increase (decrease) in net assets		(10,670,569	)		(823,466,758	)
Net Assets
Beginning of period		3,160,443,662			3,983,910,420
End of period	$	3,149,773,093		$	3,160,443,662

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		710,995		$	21,137,753			854,954		$	27,994,700
Reinvestments		8,617,265			230,770,352			14,850,166			412,092,119
Redemptions		(2,720,649	)		(80,840,201	)		(12,870,892	)		(427,755,158	)
Net increase (decrease)		6,607,611		$	171,067,904			2,834,228		$	12,331,661
Class B
Sales		600,677		$	17,413,910			1,081,109		$	34,540,702
Reinvestments		2,657,391			69,543,920			4,471,703			121,585,608
Redemptions		(1,298,608	)		(37,582,978	)		(3,922,671	)		(128,404,388	)
Net increase (decrease)		1,959,460		$	49,374,852			1,630,141		$	27,721,922
Class E
Sales		222,698		$	6,487,565			307,168		$	9,997,053
Reinvestments		2,660,911			70,035,182			4,631,504			126,579,004
Redemptions		(1,343,804	)		(39,170,708	)		(3,866,190	)		(127,890,366	)
Net increase (decrease)		1,539,805		$	37,352,039			1,072,482		$	8,685,691
Increase (decrease) derived from capital shares transactions				$	257,794,795					$	48,739,274

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	30.09		$	39.97		$	34.36		$	35.51		$	30.01		$	32.30
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.21			0.45			0.47			0.49			0.52			0.50
Net realized and unrealized gain (loss)		0.72			(3.09	)		7.60			2.66			8.43			(0.45	)
Total income (loss) from investment operations		0.93			(2.64	)		8.07			3.15			8.95			0.05
Less Distributions
Distributions from net investment income		(0.43	)		(0.54	)		(0.53	)		(0.56	)		(0.57	)		(0.58	)
Distributions from net realized capital gains		(3.20	)		(6.70	)		(1.93	)		(3.74	)		(2.88	)		(1.76	)
Total distributions		(3.63	)		(7.24	)		(2.46	)		(4.30	)		(3.45	)		(2.34	)
Net Asset Value, End of Period	$	27.39		$	30.09		$	39.97		$	34.36		$	35.51		$	30.01
Total Return (%) (b)		3.39	(c)		(5.08	)		24.43			11.27			30.94			(0.09	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73	(d)		0.73			0.72			0.73			0.72			0.72
Net ratio of expenses to average net assets (%) (e)(f)		0.58	(d)		0.58			0.57			0.58			0.58			0.57
Ratio of net investment income (loss) to average net assets (%)		1.40	(d)		1.37			1.27			1.53			1.54			1.54
Portfolio turnover rate (%)		4	(c)		10			15			15			16			22
Net assets, end of period (in millions)	$	1,965.9		$	1,961.3		$	2,492.0		$	2,492.1		$	2,457.8		$	2,225.6
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period		$29.44		$	39.25		$	33.79		$	34.99		$	29.60		$	31.89
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.17			0.36			0.37			0.41			0.43			0.41
Net realized and unrealized gain (loss)		0.70			(3.03	)		7.47			2.60			8.32			(0.44	)
Total income (loss) from investment operations		0.87			(2.67	)		7.84			3.01			8.75			(0.03	)
Less Distributions
Distributions from net investment income		(0.35	)		(0.44	)		(0.45	)		(0.47	)		(0.48	)		(0.50	)
Distributions from net realized capital gains		(3.20	)		(6.70	)		(1.93	)		(3.74	)		(2.88	)		(1.76	)
Total distributions		(3.55	)		(7.14	)		(2.38	)		(4.21	)		(3.36	)		(2.26	)
Net Asset Value, End of Period	$	26.76		$	29.44		$	39.25		$	33.79		$	34.99		$	29.60
Total Return (%) (b)		3.25	(c)		(5.31	)		24.11			10.97			30.64			(0.35	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98	(d)		0.98			0.97			0.98			0.97			0.97
Net ratio of expenses to average net assets (%) (e)(f)		0.83	(d)		0.83			0.82			0.83			0.83			0.82
Ratio of net investment income (loss) to average net assets (%)		1.15	(d)		1.12			1.02			1.28			1.29			1.29
Portfolio turnover rate (%)		4	(c)		10			15			15			16			22
Net assets, end of period (in millions)	$	590.9		$	592.5		$	726.0		$	679.8		$	681.3		$	601.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	29.61		$	39.44		$	33.94		$	35.13		$	29.71		$	32.00
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.40			0.41			0.44			0.46			0.44
Net realized and unrealized gain (loss)		0.70			(3.05	)		7.50			2.62			8.36			(0.44	)
Total income (loss) from investment operations		0.88			(2.65	)		7.91			3.06			8.82			0.00
Less Distributions
Distributions from net investment income		(0.38	)		(0.48	)		(0.48	)		(0.51	)		(0.52	)		(0.53	)
Distributions from net realized capital gains		(3.20	)		(6.70	)		(1.93	)		(3.74	)		(2.88	)		(1.76	)
Total distributions		(3.58	)		(7.18	)		(2.41	)		(4.25	)		(3.40	)		(2.29	)
Net Asset Value, End of Period	$	26.91		$	29.61		$	39.44		$	33.94		$	35.13		$	29.71
Total Return (%) (b)		3.27	(c)		(5.21	)		24.23			11.08			30.77			(0.25	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88	(d)		0.88			0.87			0.88			0.87			0.87
Net ratio of expenses to average net assets (%) (e) (f)		0.73	(d)		0.73			0.72			0.73			0.73			0.72
Ratio of net investment income (loss) to average net assets (%)		1.25	(d)		1.22			1.12			1.38			1.39			1.39
Portfolio turnover rate (%)		4	(c)		10			15			15			16			22
Net assets, end of period (in millions)	$	592.9		$	606.6		$	765.8		$	712.8		$	717.9		$	653.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the six months ended June 30, 2023 and for each of the years ended December 31, 2022 through 2018. (see Note 5 of the Notes to Financial Statements).
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

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

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $33,633,942. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $1,000,000. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	—		$	—	$	—	$	—	$	—
U.S. Treasury		(1,000,000	)		—		—		—		(1,000,000	)
Total Borrowings	$	(1,000,000	)	$	—	$	—	$	—	$	(1,000,000	)
Gross amount of recognized liabilities for securities lending transactions										$	(1,000,000	)

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

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

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 0	$	126,529,880	$	0	$	253,264,362

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$10,996,278		0.750	%	Of the first $1 billion
		0.700	%	On the next $2 billion
		0.650	%	On amounts in excess of $3 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.120%	First $500 million
0.145%	$500 million to $1 billion
0.120%	$1 billion to $3 billion
0.080%	$3 billion to $4.5 billion
0.105%	Over $4.5 billion

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 were $1,888,086 and are included in the total amount shown as management fee waivers in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $442,667 was waived in the aggregate for the six months ended June 30, 2023 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	2,296,128,222
Gross unrealized appreciation		856,984,205
Gross unrealized (depreciation)		(4,330,392	)
Net unrealized appreciation (depreciation)	$	852,653,813

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$53,836,793	$	52,327,852	$	606,419,938	$	200,471,740	$	660,256,731	$	252,799,592

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$43,562,331	$	326,520,601	$	819,371,312	$	—	$	1,189,454,244

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-19

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Managed by Frontier Capital Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B, D and E shares of the Frontier Mid Cap Growth Portfolio returned 14.38%, 14.29%, 14.34%, and 14.29%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 15.94%.

MARKET ENVIRONMENT/ CONDITIONS

2023 began on an upbeat note—inflation appeared to be subsiding, and many wagered that the Federal Reserve (the “Fed”) would transition from monetary tightening to cutting rates by year-end. Growth stocks rallied, with the Nasdaq composite posting its best start since 2001. Midway through the period, a hotter-than-expected employment report, followed by the sudden collapse of several U.S. banks, rattled the markets. Government agencies and financial institutions scrambled to shore up liquidity to prevent further failures. The Fed responded by signaling in early May that it was nearing the end of its rate-hiking campaign. Equities gained further strength from a better-than-expected earnings season, highlighted by an exceptionally strong revenue outlook from NVIDIA Corp. The semiconductor supplier guided to $11 billion worth of Artificial Intelligence chips sales compared with analysts’ estimates of $7 billion. Technology stocks surged on the news. Simultaneously, a string of encouraging economic data and the resolution of the federal debt-ceiling crisis led to a broad and brisk market rally in June that powered the Russell Midcap Growth index to a 15.94% gain in the first six months of the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the reporting period, the Portfolio underperformed the Russell Midcap Growth Index due to a mix of challenging stock selection and adverse sector allocation. Communication Services and Information Technology were the top two performing sectors as investors flocked to high-growth stocks in anticipation of peaking interest rates. The Portfolio’s combined underweight position (27% vs. 29%) in these sectors and a collective overweight position (32% vs. 24%) in Health Care and Financials drove the allocation headwind.

Consumer Discretionary and Consumer Staples were the primary detractors of stock selection, followed by Financials with partial offsets in Materials, Industrials, and Energy. Fitness centers operator Planet Fitness declined on lackluster new store growth as franchisees contend with higher financing costs. Aftermarket auto parts retailer Advance Auto Parts fell on continued share loss. The company’s inventory and pricing investments impacted its profitability more than anticipated. Considering the new competitive landscape, we reduced our estimate of the company’s earnings power and sold the stock. In Consumer Staples, discount retailer Dollar General Corp. reduced its same-store-sales growth outlook as lower-end consumers are spending less than previous expectations. In Financials, SVB Financial Group collapsed as the bank’s efforts to strengthen its balance sheet and reposition its securities portfolio to profit from higher interest rates triggered a run on its uninsured deposits, leading to its demise. We exited our position during the period.

ATI, a manufacturer of specialty alloys, was the largest contributor in Materials on strong earnings rebound as the company benefited from an upswing in the aerospace cycle that was expected to last several years. ATI is signing favorable long-term supply contracts with customers because it can reliably supply high-grade titanium and other critical elements in light of a structural shortage due to the Russia-Ukraine war. Cement and wallboard manufacturer Eagle Materials increased its earnings per share by 40% despite a slowdown in single-family residential construction. The company raised prices in a supply-constrained environment in the face of robust demand from infrastructure projects and multi-family residential buildouts. In Industrials, building materials supplier Builders FirstSource exceeded earnings forecast by over 90% on higher-than-anticipated profitability due to an improving product mix, fueled partly by booming demand from multi-family housing construction. The company’s crisp execution has allowed it to buy back a fourth of its outstanding shares over the past year without sacrificing its ability to grow organically and make strategic acquisitions. Trucking and logistics services provider XPO rose sharply on key management hires and an upbeat earnings report. The company focuses on the Less-Than-Truckload market and is on a multi-year mission to narrow the profitability gap versus market-leading operators. Its strategy was boosted when it hired away the chief operating officer from its best-in-class competitor to strengthen its management team further. Subsequently, XPO’s quarterly earnings outpaced investors’ expectations as the company displayed impressive pricing discipline in a challenging demand environment. Coterra Energy performed well during the period on the back of a solid earnings print which included better cash flow per share growth, production ahead of guidance and reconfirmation of its full year capital expenditure budget. In addition, the company bought back more shares than the market anticipated, and we continue to strongly believe the company has the assets needed to navigate the turbulent commodity markets with its balanced oil and natural gas portfolio.

BHFTII-1

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Managed by Frontier Capital Management Company, LLC

Portfolio Manager Commentary*—(Continued)

During the period, we sold sixteen stocks and started eighteen new positions. We added to the Portfolio’s holdings in Industrials and Materials, which benefited from improved pricing power. The Portfolio is overweight both sectors. We reduced exposure to Financials and Health Care, now underweight the sectors, due to higher interest rates and the expiry of certain pandemic-era subsidies. We remained underweight Consumer Staples due to their low growth prospects relative to valuations.

Christopher J. Scarpa

Ravi Dabas

Portfolio Managers

Frontier Capital Management Company, LLC

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

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

BHFTII-2

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Frontier Mid Cap Growth Portfolio
Class A		14.38		19.90		8.46		10.87
Class B		14.29		19.69		8.21		10.60
Class D		14.34		19.83		8.36		10.76
Class E		14.29		19.69		8.30		10.70
Russell Midcap Growth Index		15.94		23.13		9.72		11.53

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Palo Alto Networks, Inc.		2.8
KBR, Inc.		2.4
Aon plc - Class A		2.4
Veeva Systems, Inc. - Class A		2.3
XPO, Inc.		2.3
Mattel, Inc.		2.2
Fair Isaac Corp.		2.0
HubSpot, Inc.		1.8
Quanta Services, Inc.		1.8
Monolithic Power Systems, Inc.		1.8

Top Sectors

	% of Net Assets
Information Technology		25.9
Industrials		21.1
Health Care		19.7
Consumer Discretionary		12.5
Financials		7.7
Materials		5.0
Communication Services		3.8
Energy		3.3
Consumer Staples		0.6

BHFTII-3

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Frontier Mid Cap Growth Portfolio		Annualized Expense Ratio		Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A(a)	Actual		0.71%		$1,000.00		$1,143.80		$3.77
	Hypothetical*		0.71%		$1,000.00		$1,021.27		$3.56
Class B(a)	Actual		0.96%		$1,000.00		$1,142.90		$5.10
	Hypothetical*		0.96%		$1,000.00		$1,020.03		$4.81
Class D(a)	Actual		0.81%		$1,000.00		$1,143.40		$4.30
	Hypothetical*		0.81%		$1,000.00		$1,020.78		$4.06
Class E(a)	Actual		0.86%		$1,000.00		$1,142.90		$4.57
	Hypothetical*		0.86%		$1,000.00		$1,020.53		$4.31

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.5%
BWX Technologies, Inc. (a)		74,451	$	5,328,458
Biotechnology—1.9%
BioMarin Pharmaceutical, Inc. (b)		61,179		5,302,996
Exact Sciences Corp. (a) (b)		85,010		7,982,439
Natera, Inc. (a) (b)		141,035		6,862,763
				20,148,198
Building Products—1.5%
Builders FirstSource, Inc. (a) (b)		115,443		15,700,248
Capital Markets—3.0%
KKR & Co., Inc.		213,297		11,944,632
Moody’s Corp.		21,213		7,376,184
MSCI, Inc.		27,836		13,063,157
				32,383,973
Chemicals—2.0%
Albemarle Corp.		58,136		12,969,560
Sherwin-Williams Co. (The)		30,756		8,166,333
				21,135,893
Commercial Services & Supplies—2.9%
Cintas Corp.		32,104		15,958,256
Waste Connections, Inc.		103,957		14,858,574
				30,816,830
Communications Equipment—1.0%
Arista Networks, Inc. (b)		63,097		10,225,500
Construction & Engineering—3.2%
MasTec, Inc. (a)(b)		129,851		15,318,522
Quanta Services, Inc. (a)		96,344		18,926,779
				34,245,301
Construction Materials—1.4%
Eagle Materials, Inc.		80,786		15,060,126
Consumer Staples Distribution & Retail—0.6%
Dollar General Corp.		37,544		6,374,220
Diversified Consumer Services—1.2%
Bright Horizons Family Solutions, Inc. (a) (b)		138,751		12,827,530
Electrical Equipment—1.7%
Array Technologies, Inc. (a)(b)		591,757		13,373,708
Shoals Technologies Group, Inc. - Class A (a)(b)		201,576		5,152,283
				18,525,991
Electronic Equipment, Instruments & Components —1.2%
Amphenol Corp. - Class A		90,943		7,725,608
Coherent Corp. (a)(b)		109,248		5,569,463
				13,295,071
Entertainment—2.2%
Live Nation Entertainment, Inc. (a) (b)		107,856		9,826,760
Warner Bros Discovery, Inc. (b)		1,074,471		13,473,866
				23,300,626
Financial Services—2.3%
Apollo Global Management, Inc. (a)		197,502		15,170,129
Block, Inc. (b)		70,768		4,711,026
Global Payments, Inc.		45,083		4,441,577
				24,322,732
Ground Transportation—3.6%
Knight-Swift Transportation Holdings, Inc.		261,802		14,545,719
XPO, Inc. (a)(b)		407,526		24,044,034
				38,589,753
Health Care Equipment & Supplies—12.5%
Alcon, Inc. (a)		139,493		11,453,770
Align Technology, Inc. (b)		30,351		10,733,328
DexCom, Inc. (b)		141,172		18,142,014
Edwards Lifesciences Corp. (b)		80,012		7,547,532
Hologic, Inc. (b)		192,631		15,597,332
IDEXX Laboratories, Inc. (b)		34,487		17,320,406
Inspire Medical Systems, Inc. (b)		46,065		14,954,542
Insulet Corp. (a)(b)		34,951		10,077,771
ResMed, Inc.		40,669		8,886,176
STERIS plc		47,054		10,586,209
Teleflex, Inc. (a)		33,380		8,078,961
				133,378,041
Health Care Providers & Services—0.6%
Humana, Inc.		13,969		6,245,959
Health Care Technology—2.3%
Veeva Systems, Inc. - Class A (b)		123,413		24,402,452
Hotels, Restaurants & Leisure—4.7%
Boyd Gaming Corp.		174,821		12,127,333
Caesars Entertainment, Inc. (b)		157,761		8,041,078
Chipotle Mexican Grill, Inc. (b)		5,781		12,365,559
Domino’s Pizza, Inc.		28,957		9,758,220
Planet Fitness, Inc. - Class A (a)(b)		115,035		7,757,960
				50,050,150
Insurance—2.4%
Aon plc - Class A		73,719		25,447,799
IT Services—3.3%
EPAM Systems, Inc. (b)		32,840		7,380,790
MongoDB, Inc. (a)(b)		41,889		17,215,960
Okta, Inc. (a)(b)		65,659		4,553,452
Twilio, Inc. - Class A (b)		102,849		6,543,253
				35,693,455
Leisure Products—2.2%
Mattel, Inc. (a)(b)		1,187,046		23,194,879

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—2.4%
Agilent Technologies, Inc. (a)		86,318	$	10,379,739
Illumina, Inc. (a) (b)		27,714		5,196,098
IQVIA Holdings, Inc. (b)		44,801		10,069,921
				25,645,758
Machinery—1.0%
Stanley Black & Decker, Inc. (a)		116,827		10,947,858
Media—1.6%
Trade Desk, Inc. (The) - Class A (a) (b)		218,353		16,861,219
Metals & Mining—1.6%
ATI, Inc. (a)(b)		382,624		16,923,460
Oil, Gas & Consumable Fuels—3.3%
Coterra Energy, Inc.		514,144		13,007,843
Permian Resources Corp. (a)		872,281		9,560,200
SM Energy Co. (a)		409,417		12,949,860
				35,517,903
Professional Services—5.6%
Equifax, Inc. (a)		48,418		11,392,756
KBR, Inc. (a)		396,556		25,799,933
Paycom Software, Inc.		16,734		5,375,630
TransUnion (a)		212,213		16,622,644
				59,190,963
Semiconductors & Semiconductor Equipment—10.4%
KLA Corp.		29,199		14,162,099
Lam Research Corp.		27,883		17,924,865
Marvell Technology, Inc.		267,826		16,010,638
Microchip Technology, Inc.		131,722		11,800,974
Monolithic Power Systems, Inc. (a)		34,981		18,897,786
SolarEdge Technologies, Inc. (a) (b)		26,618		7,161,573
Universal Display Corp.		93,624		13,494,027
Wolfspeed, Inc. (a)(b)		199,727		11,102,824
				110,554,786
Software—10.0%
Bill Holdings, Inc. (a) (b)		112,772		13,177,408
Fair Isaac Corp. (a) (b)		26,790		21,678,736
Guidewire Software, Inc. (a) (b)		102,102		7,767,920
HubSpot, Inc. (b)		36,006		19,158,433
Palantir Technologies, Inc. - Class A (a) (b)		554,565		8,501,481
Palo Alto Networks, Inc. (a)(b)		115,109		29,411,501
Workday, Inc. - Class A (b)		30,457		6,879,932
				106,575,411
Specialty Retail—4.4%
Burlington Stores, Inc. (b)		29,655		4,667,400
Chewy, Inc. - Class A (a) (b)		141,673		5,591,833
Floor & Decor Holdings, Inc. - Class A (a) (b)		17,411		1,810,048
Lithia Motors, Inc. (a)		38,418		11,683,298
Specialty Retail—(Continued)
O’Reilly Automotive, Inc. (b)		5,164		4,933,169
Ross Stores, Inc.		71,742		8,044,431
Tractor Supply Co. (a)		45,728		10,110,461
				46,840,640
Trading Companies & Distributors—1.1%
Beacon Roofing Supply, Inc. (a) (b)		139,283		11,557,703
Total Common Stocks (Cost $947,530,876)				1,061,308,886
Short-Term Investment—0.8%
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $8,072,973; collateralized by U.S. Treasury Note at 4.125%, maturing 06/15/26, with a market value of $8,232,870.		8,071,426		8,071,426
Total Short-Term Investments (Cost $8,071,426)				8,071,426
Securities Lending Reinvestments (c)—23.6%
Certificates of Deposit—3.6%
Bank of America N.A. 5.440%, FEDEFF PRV + 0.370%, 11/17/23 (d)		2,000,000		1,999,942
Bank of Nova Scotia 5.740%, SOFR + 0.680%, 08/16/23 (d)		1,000,000		1,000,543
Barclays Bank plc 5.550%, 09/22/23		1,000,000		999,827
BNP Paribas S.A. 5.260%, SOFR + 0.200%, 09/18/23 (d)		2,000,000		2,000,000
5.310%, SOFR + 0.250%, 09/08/23 (d)		1,000,000		1,000,000
5.510%, SOFR + 0.450%, 10/10/23 (d)		3,000,000		3,000,000
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (d)		3,000,000		3,000,771
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (d)		3,000,000		2,997,843
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 07/20/23		1,000,000		997,130
Zero Coupon, 08/18/23		1,000,000		992,800
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (d)		4,000,000		4,000,128
MUFG Bank Ltd. (NY) 5.240%, SOFR + 0.180%, 08/28/23 (d)		2,000,000		1,999,670
5.260%, SOFR + 0.200%, 08/21/23 (d)		2,000,000		1,999,784
Nordea Bank Abp 5.410%, SOFR + 0.350%, 10/23/23 (d)		2,000,000		2,000,310
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (d)		3,000,000		3,000,063
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 09/08/23		2,000,000		1,979,060
Svenska Handelsbanken AB
5.290%, SOFR + 0.230%, 08/08/23 (d)		2,000,000		2,000,124
5.400%, SOFR + 0.340%, 10/31/23 (d)		1,000,000		1,000,269
Toronto-Dominion Bank (The) 5.470%, FEDEFF PRV + 0.400%, 02/13/24 (d)		2,000,000		2,000,286
				37,968,550

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—1.6%
Bank of Montreal 5.280%, 08/07/23		3,000,000	$	2,982,948
ING U.S. Funding LLC 5.780%, SOFR + 0.720%, 08/04/23 (d)		5,000,000		5,002,365
Skandinaviska Enskilda Banken AB 5.330%, SOFR + 0.270%, 08/25/23 (d)		2,000,000		2,000,122
5.420%, SOFR + 0.360%, 11/15/23 (d)		4,000,000		4,000,592
United Overseas Bank, Ltd. 5.250%, 08/21/23		3,000,000		2,976,906
				16,962,933
Repurchase Agreements—8.5%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $16,362,878; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $16,683,117.		16,355,995		16,355,995
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.370%, due on 08/04/23 with a maturity value of $6,031,325; collateralized by U.S. Treasury Obligations with rates ranging from 01.500% - 3.750%, maturity dates ranging from 08/15/28 - 05/15/33, and various Common Stock with an aggregate market value of $6,507,365.		6,000,000		6,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $7,129,026; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $7,286,776.		7,126,016		7,126,016
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $8,608,478; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $8,812,531.		8,600,000		8,600,000
Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $20,020,222; collateralized by various Common Stock with an aggregate market value of $22,318,377.		20,000,000		20,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $10,004,342; collateralized by various Common Stock with an aggregate market value of $11,117,538.		10,000,000		10,000,000
Santander U.S. Capital Markets LLC Repurchase Agreement dated 06/30/23 at 5.090%, due on 07/03/23 with a maturity value of $10,004,242; collateralized by U.S. Government Agency Obligations with rates ranging from 1.000% - 6.566%, maturity dates ranging from 08/25/24 - 05/20/71, and an aggregate market value of $10,204,327.		10,000,000		10,000,000
Societe Generale Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $11,004,739; collateralized by various Common Stock with an aggregate market value of $12,235,971.		11,000,000		11,000,000
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $2,002,011; collateralized by various Common Stock with an aggregate market value of $2,227,474.		2,000,000		2,000,000
				91,082,011
Time Deposits—1.4%
ABN AMRO Bank NV 5.060%, 07/03/23		2,000,000		2,000,000
Australia & New Zealand Banking Group, Ltd. 5.050%, 07/03/23		2,000,000		2,000,000
Banco Santander S.A. (NY) 5.060%, 07/03/23		2,000,000		2,000,000
DNB Bank ASA (NY) 5.020%, 07/03/23		2,000,000		2,000,000
DZ Bank AG (NY) 5.040%, 07/03/23		2,000,000		2,000,000
National Australia Bank, Ltd. 5.050%, 07/03/23		2,000,000		2,000,000
National Bank of Canada 5.120%, OBFR + 0.050%, 07/07/23 (d)		1,000,000		1,000,000
Nordea Bank Abp 5.050%, 07/03/23		2,000,000		2,000,000
				15,000,000
Mutual Funds—8.5%
Allspring Government Money Market Fund, Select Class  5.020% (e)		15,143,913		15,143,913
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (e)		10,000,000		10,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.000% (e)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (e)		15,000,000		15,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (e)		10,000,000		10,000,000
HSBC U.S. Government Money Market Fund, Class I 5.010% (e)		10,000,000		10,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (e)		5,000,000		5,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030% (e)		10,000,000		10,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (e)		10,000,000		10,000,000
				90,143,913
Total Securities Lending Reinvestments (Cost $251,159,333)				251,157,407
Total Investments—124.0% (Cost $1,206,761,635)				1,320,537,719
Other assets and liabilities (net)—(24.0)%				(255,312,271	)
Net Assets—100.0%			$	1,065,225,448

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $314,930,412 and the collateral received consisted of cash in the amount of $251,086,146 and non-cash collateral with a value of $66,830,664. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Glossary of Abbreviations    

Index Abbreviations

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

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,061,308,886	$	—		$	—	$	1,061,308,886
Total Short-Term Investment*		—		8,071,426			—		8,071,426
Securities Lending Reinvestments
Certificates of Deposit		—		37,968,550			—		37,968,550
Commercial Paper		—		16,962,933			—		16,962,933
Repurchase Agreements		—		91,082,011			—		91,082,011
Time Deposits		—		15,000,000			—		15,000,000
Mutual Funds		90,143,913		—			—		90,143,913
Total Securities Lending Reinvestments		90,143,913		161,013,494			—		251,157,407
Total Investments	$	1,151,452,799	$	169,084,920		$	—	$	1,320,537,719
Collateral for Securities Loaned (Liability)	$	—	$	(251,086,146	)	$	—	$	(251,086,146	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a)(b)	$	1,320,537,719
Cash		10,856
Receivable for:
Investments sold		4,684,199
Fund shares sold		364,765
Dividends and interest		198,208
Prepaid expenses		8,338
Total Assets		1,325,804,085
Liabilities
Collateral for securities loaned		251,086,146
Payables for:
Investments purchased		7,670,990
Fund shares redeemed		900,103
Accrued Expenses:
Management fees		568,159
Distribution and service fees		34,640
Deferred trustees’ fees		177,625
Other expenses		140,974
Total Liabilities		260,578,637
Net Assets	$	1,065,225,448
Net Assets Consist of:
Paid in surplus	$	1,014,274,860
Distributable earnings (Accumulated losses)		50,950,588
Net Assets	$	1,065,225,448
Net Assets
Class A	$	842,572,576
Class B		141,528,649
Class D		73,821,733
Class E		7,302,490
Capital Shares Outstanding*
Class A		34,613,091
Class B		7,761,460
Class D		3,215,456
Class E		323,786
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	24.34
Class B		18.23
Class D		22.96
Class E		22.55

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $314,930,412.
(b)	Identified cost of investments was $1,206,761,635.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	3,057,049
Interest		138,096
Securities lending income		191,932
Total investment income		3,387,077
Expenses
Management fees		3,657,424
Administration fees		25,966
Custodian and accounting fees		34,634
Distribution and service fees—Class B		165,611
Distribution and service fees—Class D		35,067
Distribution and service fees—Class E		5,359
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		36,517
Insurance		4,374
Miscellaneous		8,302
Total expenses		4,035,521
Less management fee waiver		(263,226	)
Less broker commission recapture		(26,324	)
Net expenses		3,745,971
Net Investment Loss		(358,894	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss)on:
Investments		(13,671,754	)
Foreign currency transactions		(3,643	)
Net realized gain (loss)		(13,675,397	)
Net change in unrealized appreciation on investments		151,364,669
Net realized and unrealized gain (loss)		137,689,272
Net Increase (Decrease) in Net Assets From Operations	$	137,330,378

(a) Net of foreign withholding taxes of $14,188.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(358,894	)	$	(1,331,954	)
Net realized gain (loss)		(13,675,397	)		(45,211,240	)
Net change in unrealized appreciation (depreciation)		151,364,669			(355,531,666	)
Increase (decrease) in net assets from operations		137,330,378			(402,074,860	)
From Distributions to Shareholders
Class A		0			(248,481,947	)
Class B		0			(50,426,272	)
Class D		0			(22,792,054	)
Class E		0			(2,460,063	)
From return of capital
Class A		0			(266,232	)
Class B		0			(54,029	)
Class D		0			(24,420	)
Class E		0			(2,636	)
Total distributions		0			(324,507,653	)
Increase (decrease) in net assets from capital share transactions		(49,819,945	)		258,788,226
Total increase (decrease) in net assets		87,510,433			(467,794,287	)
Net Assets
Beginning of period		977,715,015			1,445,509,302
End of period	$	1,065,225,448		$	977,715,015

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		63,349		$	1,441,185			500,507		$	15,557,949
Reinvestments		0			0			12,187,564			248,748,179
Redemptions		(1,849,822	)		(42,449,556	)		(2,400,743	)		(65,773,641	)
Net increase (decrease)		(1,786,473	)	$	(41,008,371	)		10,287,328		$	198,532,487
Class B
Sales		211,327		$	3,630,409			590,406		$	14,106,289
Reinvestments		0			0			3,292,909			50,480,301
Redemptions		(484,849	)		(8,276,327	)		(1,031,407	)		(21,285,257	)
Net increase (decrease)		(273,522	)	$	(4,645,918	)		2,851,908		$	43,301,333
Class D
Sales		39,718		$	851,169			78,349		$	2,061,273
Reinvestments		0			0			1,184,041			22,816,474
Redemptions		(204,095	)		(4,394,275	)		(345,862	)		(9,369,681	)
Net increase (decrease)		(164,377	)	$	(3,543,106	)		916,528		$	15,508,066
Class E
Sales		3,881		$	82,133			16,491		$	411,030
Reinvestments		0			0			130,026			2,462,699
Redemptions		(33,224	)		(704,683	)		(58,293	)		(1,427,389	)
Net increase (decrease)		(29,343	)	$	(622,550	)		88,224		$	1,446,340
Increase (decrease) derived from capital shares transactions				$	(49,819,945	)				$	258,788,226

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	21.28		$	43.74		$	44.02		$	37.70		$	32.45		$	38.43
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	) (b)		(0.02	)		(0.18	)		(0.04	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss)		3.06			(12.71	)		6.16			10.57			10.30			(1.60	)
Total income (loss) from investment operations		3.06			(12.73	)		5.98			10.53			10.29			(1.63	)
Less Distributions
Distributions from net realized capital gains		0.00			(9.72	)		(6.26	)		(4.21	)		(5.04	)		(4.35	)
Distributions from return of capital		0.00			(0.01	)		0.00			0.00			0.00			0.00
Total distributions		0.00			(9.73	)		(6.26	)		(4.21	)		(5.04	)		(4.35	)
Net Asset Value, End of Period	$	24.34		$	21.28		$	43.74		$	44.02		$	37.70		$	32.45
Total Return (%) (c)		14.38	(d)		(28.15	)		14.68			31.70			33.13			(5.64	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76	(e)		0.75			0.73			0.75			0.75			0.75
Net ratio of expenses to average net assets (%) (f)		0.71	(e)		0.70			0.71			0.73			0.73			0.73
Ratio of net investment income (loss) to average net assets (%)		(0.03	) (e)		(0.08	)		(0.40	)		(0.10	)		(0.02	)		(0.08	)
Portfolio turnover rate (%)		35	(d)		47			55			64			60			44
Net assets, end of period (in millions)	$	842.6		$	774.6		$	1,142.1		$	1,114.0		$	955.7		$	799.0
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.96		$	36.41		$	37.72		$	32.99		$	28.97		$	34.83
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.07	)		(0.24	)		(0.11	)		(0.09	)		(0.11	)
Net realized and unrealized gain (loss)		2.29			(10.65	)		5.19			9.05			9.15			(1.40	)
Total income (loss) from investment operations		2.27			(10.72	)		4.95			8.94			9.06			(1.51	)
Less Distributions
Distributions from net realized capital gains		0.00			(9.72	)		(6.26	)		(4.21	)		(5.04	)		(4.35	)
Distributions from return of capital		0.00			(0.01	)		0.00			0.00			0.00			0.00
Total distributions		0.00			(9.73	)		(6.26	)		(4.21	)		(5.04	)		(4.35	)
Net Asset Value, End of Period	$	18.23		$	15.96		$	36.41		$	37.72		$	32.99		$	28.97
Total Return (%) (c)		14.29	(d)		(28.33	)		14.38			31.38			32.84			(5.90	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01	(e)		1.00			0.98			1.00			1.00			1.00
Net ratio of expenses to average net assets (%) (f)		0.96	(e)		0.95			0.96			0.98			0.98			0.98
Ratio of net investment income (loss) to average net assets (%)		(0.28	) (e)		(0.33	)		(0.65	)		(0.35	)		(0.27	)		(0.33	)
Portfolio turnover rate (%)		35	(d)		47			55			64			60			44
Net assets, end of period (in millions)	$	141.5		$	128.2		$	188.7		$	188.5		$	164.6		$	144.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	20.08		$	42.10		$	42.64		$	36.68		$	31.71		$	37.69
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.05	)		(0.21	)		(0.07	)		(0.04	)		(0.06	)
Net realized and unrealized gain (loss)		2.89			(12.24	)		5.93			10.24			10.05			(1.57	)
Total income (loss) from investment operations		2.88			(12.29	)		5.72			10.17			10.01			(1.63	)
Less Distributions
Distributions from net realized capital gains		0.00			(9.72	)		(6.26	)		(4.21	)		(5.04	)		(4.35	)
Distributions from return of capital		0.00			(0.01	)		0.00			0.00			0.00			0.00
Total distributions		0.00			(9.73	)		(6.26	)		(4.21	)		(5.04	)		(4.35	)
Net Asset Value, End of Period	$	22.96		$	20.08		$	42.10		$	42.64		$	36.68		$	31.71
Total Return (%) (c)		14.34	(d)		(28.21	)		14.54			31.59			33.01			(5.76	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86	(e)		0.85			0.83			0.85			0.85			0.85
Net ratio of expenses to average net assets (%) (f)		0.81	(e)		0.80			0.81			0.83			0.83			0.83
Ratio of net investment income (loss) to average net assets (%)		(0.13	) (e)		(0.18	)		(0.50	)		(0.20	)		(0.12	)		(0.18	)
Portfolio turnover rate (%)		35	(d)		47			55			64			60			44
Net assets, end of period (in millions)	$	73.8		$	67.9		$	103.7		$	99.8		$	85.6		$	74.2
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	19.73		$	41.63		$	42.25		$	36.40		$	31.52		$	37.50
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.06	)		(0.23	)		(0.09	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss)		2.84			(12.11	)		5.87			10.15			9.98			(1.55	)
Total income (loss) from investment operations		2.82			(12.17	)		5.64			10.06			9.92			(1.63	)
Less Distributions
Distributions from net realized capital gains		0.00			(9.72	)		(6.26	)		(4.21	)		(5.04	)		(4.35	)
Distributions from return of capital		0.00			(0.01	)		0.00			0.00			0.00			0.00
Total distributions		0.00			(9.73	)		(6.26	)		(4.21	)		(5.04	)		(4.35	)
Net Asset Value, End of Period	$	22.55		$	19.73		$	41.63		$	42.25		$	36.40		$	31.52
Total Return (%) (c)		14.29	(d)		(28.25	)		14.48			31.53			32.92			(5.79	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.91	(e)		0.90			0.88			0.90			0.90			0.90
Net ratio of expenses to average net assets (%) (f)		0.86	(e)		0.85			0.86			0.88			0.88			0.88
Ratio of net investment income (loss) to average net assets (%)		(0.18	) (e)		(0.23	)		(0.55	)		(0.25	)		(0.17	)		(0.23	)
Portfolio turnover rate (%)		35	(d)		47			55			64			60			44
Net assets, end of period (in millions)	$	7.3		$	7.0		$	11.0		$	11.4		$	10.0		$	8.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTII-13

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-14

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

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

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $8,071,426. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $91,082,011. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

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

BHFTII-15

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty

BHFTII-16

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 0	$	354,521,607	$	0	$	403,474,732

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$3,657,424		0.750	%	Of the first $500 million
		0.700	%	Of the next $500 million
		0.650	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Frontier Capital Management Company, LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.100%	On the first $500 million
0.025%	Over $850 million and less than $1 billion
(0.025)%	Over $1 billion and less than $1.15 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

BHFTII-17

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	1,217,511,189
Gross unrealized appreciation		163,942,707
Gross unrealized (depreciation)		(60,916,177	)
Net unrealized appreciation (depreciation)	$	103,026,530

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2022	2021		2022		2021		2022		2021		2022		2021
$54,868,580	$	—	$	269,291,756	$	195,891,781	$	347,317	$	—	$	324,507,653	$	195,891,781

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$—	$	—	$	(48,338,139	)	$	(37,865,537	)	$	(86,203,676	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $37,865,537.

BHFTII-18

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-19

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-20

Brighthouse Funds Trust II

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Jennison Growth Portfolio returned 36.47%, 36.36%, and 36.50%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 29.02%.

MARKET ENVIRONMENT / CONDITIONS

Equities rose strongly in the first half of 2023, led by gains in growth stocks, especially technology companies.

Investor expectations for the markets and the economy were mixed at the start of the year. Since the U.S. Federal Reserve’s (the “Fed”) hiking cycle began in March 2022, the federal funds rate rose from the 0.25%—0.50% range to the 4.75%—5.00% range, reflecting the Fed’s urgency to reestablish price stability. Companies took aggressive steps on cost rationalization, expecting a more challenging environment ahead. Headcount reductions featured prominently in these plans and began to impact hiring in sectors beyond technology. The first months of the year, however, delivered a better-than-feared outcome. The labor market continued to show strength, with wage growth supporting consumer spending. Commodity prices declined, supply chain pressures eased, and freight costs fell. The Fed moderated the pace of monetary tightening with 25 basis point hikes in February and March.

The Fed announced a pause in its policy tightening in June. Commentary from Federal Open Market Committee members emphasized the need to remain vigilant in the ongoing process of fighting inflation. At the same time, they acknowledged the diminishing pace of gains in the headline inflation rate year over year, coupled with the lagging effects of rate increases of the past 12 months that had yet to fully reveal themselves.

The Russell 1000 Growth Index (the “Index”) posted significant gains in the first six months of 2023. Among the benchmark’s largest sectors, Information Technology (“IT”), Communication Services, and Consumer Discretionary outperformed the broad index. Meanwhile, the overall performance of Healthcare and Industrials, while positive, lagged the overall benchmark significantly. The Energy sector saw the largest decline over the period, with Utilities and Real Estate also producing negative results.

Interest in artificial intelligence (“AI”), catalyzed by the launch of ChatGPT in late November of last year, continued to grow through the first half of 2023. Investors expressed greatest enthusiasm for companies that supply the foundational components to design, build, and run AI and machine-learning capabilities. AI offers the potential for transformative technological change, but investors remain divided about who has the most to gain and lose from the application of these new technologies across companies and industries.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Index for the first half of the 2023, driven by stock selection in IT, and an overweight to Consumer Discretionary and Industrials. The rebound in stock prices of select technology companies reflected both the depressed nature of valuations when the year began and the first signs of upgrades to near- and medium-term revenue and profit expectations from company management teams. Another driver of share prices for the period was investor interest in AI, especially select semiconductor and software companies.

Many of the largest and longest held companies in the Portfolio made initial product announcements incorporating AI capabilities (e.g., Microsoft, Salesforce.com, and Adobe). Others, such as Nvidia and Advanced Micro Devices, are providing the advanced semiconductors required to enable these AI technologies. Nvidia reported substantially better-than-expected results in late May and guided to an increase for sales growth in the current quarter, far ahead of expectations. We believe Nvidia’s graphical processing units are best suited for the training of models used in generative AI as well as the inferencing abilities that the models, once trained, can deliver. In addition, we believe Advanced Micro Devices has an opportunity to become an alternative silicon provider in AI applications, albeit with performance that has yet to fully prove itself in the most advanced settings such as datacenters. The company is currently working with customers on required software development to help achieve these objectives. We are encouraged by their early success in the enterprise market.

The Portfolio also benefited from its position in Tesla, which rose after a slate of positive news in 2023, including strong April deliveries (benefiting from price cuts, higher demand, and increased capacity from new plants in Germany and Texas) and continued progress on their new Gen III platform. The company also achieved a significant breakthrough in its efforts to unify the electric vehicle industry around a common charging network infrastructure with the announcement that Ford, General Motors, and Rivian would adopt plug-in compatibility with Tesla’s North American charging network. While the short-term impact will be small, this should provide a steady, and growing, source of revenue over time.

Detractors from the Portfolio over the past six months included holdings across a range of sectors and reflected mostly idiosyncratic factors.

Apple and Microsoft outperformed the Index during the period. Apple continued to demonstrate the power of its ecosystem, and Microsoft gained share across multiple product lines. Apple and Microsoft, together, represented about 25% of the benchmark as of the end of June. Both companies are top-ten positions in the Portfolio, reflecting our high conviction in their prospects. However, due to guidelines and fiduciary responsibilities, we hold them at lower-than-benchmark weights, which hindered relative performance.

BHFTII-1

Brighthouse Funds Trust II

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*—(Continued)

Conflicting signals on end-market demand and the expectation of an economic slowdown challenged the share prices of several of our retail holdings. In some cases, there are ongoing normalizations in sales trends following the COVID-19 pandemic (Costco, Home Depot, and Ulta Beauty). We believe these best-in-class retailers are well positioned to manage slowing trends and should continue to take market share while reinvesting in their business for future growth once the environment normalizes.

Our Portfolio positioning reflects our goal of identfying exceptional companies with sustainable competitive advantages that we believe can create long-term growth in economic value and generate superior returns. Sector weights are a by-product of our research-based stock selection. As of June 30, 2023, the Portfolio was overweight Consumer Discretionary and slightly underweight IT relative to the Index.

Kathleen A. McCarragher

Michael A. Del Balso

Blair A. Boyer

Natasha Kuhlkin

Portfolio Managers

Jennison Associates LLC

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

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

BHFTII-2

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Jennison Growth Portfolio
Class A		36.47		31.68		12.78		15.60
Class B		36.36		31.49		12.51		15.32
Class E		36.50		31.61		12.62		15.44
Russell 1000 Growth Index		29.02		27.11		15.14		15.75

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
NVIDIA Corp.		7.8
Microsoft Corp.		7.8
Apple, Inc.		7.6
Amazon.com, Inc.		5.8
Tesla, Inc.		5.0
Eli Lilly and Co.		3.2
Visa, Inc. - Class A		3.1
Advanced Micro Devices, Inc.		3.0
Alphabet, Inc.- Class C		2.6
Alphabet, Inc.- Class A		2.6

Top Sectors

	% of Net Assets
Information Technology		39.1
Consumer Discretionary		24.7
Health Care		11.3
Communication Services		9.7
Financials		8.7
Consumer Staples		3.1
Industrials		2.1
Real Estate		1.0

BHFTII-3

Brighthouse Funds Trust II

Jennison Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Jennison Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.55	%	$	1,000.00	$	1,364.70	$	3.22
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class B (a)	Actual		0.80	%	$	1,000.00	$	1,363.60	$	4.69
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01
Class E (a)	Actual		0.70	%	$	1,000.00	$	1,365.00	$	4.10
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.32	$	3.51

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—99.0% of Net Assets

Security Description	Shares		Value
Automobile Components—0.3%
Mobileye Global, Inc.- Class A (a) (b)		178,817	$	6,870,149
Automobiles—4.9%
Tesla, Inc. (a) (b)		496,142		129,875,091
Biotechnology—1.0%
Vertex Pharmaceuticals, Inc. (a)		75,047		26,409,790
Broadline Retail—7.7%
Amazon.com, Inc. (a)		1,174,945		153,165,830
MercadoLibre, Inc. (a)		41,763		49,472,450
				202,638,280
Capital Markets—1.7%
Goldman Sachs Group, Inc. (The)		60,818		19,616,238
Moody’s Corp.		33,139		11,523,093
S&P Global, Inc.		34,094		13,667,944
				44,807,275
Consumer Finance—0.5%
American Express Co.		72,595		12,646,049
Consumer Staples Distribution & Retail—2.0%
Costco Wholesale Corp.		96,281		51,835,765
Entertainment—1.4%
Netflix, Inc. (a)		85,900		37,838,091
Financial Services—6.5%
Adyen NV (a)		16,380		28,380,226
MasterCard, Inc. - Class A		160,150		62,986,995
Visa, Inc. - Class A (b)		337,259		80,092,267
				171,459,488
Ground Transportation—2.1%
Uber Technologies, Inc. (a)		1,253,510		54,114,027
Health Care Equipment & Supplies—2.3%
DexCom, Inc. (a) (b)		206,445		26,530,247
Intuitive Surgical, Inc. (a)		95,625		32,698,012
				59,228,259
Health Care Providers & Services—1.7%
UnitedHealth Group, Inc.		94,383		45,364,245
Hotels, Restaurants & Leisure—2.4%
Airbnb, Inc. - Class A (a) (b)		208,213		26,684,578
Chipotle Mexican Grill, Inc. (a)		7,851		16,793,289
Marriott International, Inc. - Class A		101,255		18,599,531
				62,077,398
Interactive Media & Services—7.7%
Alphabet, Inc. - Class A (a)		564,111		67,524,087
Alphabet, Inc. - Class C (a)		562,387		68,031,955
Meta Platforms, Inc. - Class A (a)		234,637		67,336,126
				202,892,168
IT Services—1.9%
MongoDB, Inc. (a) (b)		47,844		19,663,406
Snowflake, Inc. - Class A (a) (b)		169,805		29,882,284
				49,545,690
Media—0.6%
Trade Desk, Inc. (The) - Class A (a) (b)		191,801		14,810,873
Personal Care Products—1.1%
L’Oreal S.A.		64,801		30,241,173
Pharmaceuticals—6.4%
AstraZeneca plc (ADR)		468,268		33,513,941
Eli Lilly and Co.		179,988		84,410,772
Novo Nordisk A/S (ADR)		301,207		48,744,329
				166,669,042
Semiconductors & Semiconductor Equipment—14.6%
Advanced Micro Devices, Inc. (a)		694,545		79,115,621
ASML Holding NV		31,480		22,815,130
Broadcom, Inc.		72,902		63,237,382
Micron Technology, Inc.		174,876		11,036,424
NVIDIA Corp.		486,377		205,747,199
				381,951,756
Software—15.0%
Adobe, Inc. (a)		130,502		63,814,173
Cadence Design Systems, Inc. (a)		112,016		26,269,992
Crowdstrike Holdings, Inc. - Class A (a) (b)		118,934		17,467,837
Microsoft Corp.		602,388		205,137,210
Salesforce, Inc. (a)		248,836		52,569,093
ServiceNow, Inc. (a)		51,197		28,771,178
				394,029,483
Specialized REITs—1.0%
American Tower Corp.		131,165		25,438,140
Specialty Retail—3.6%
Home Depot, Inc. (The)		75,729		23,524,457
O’Reilly Automotive, Inc. (a)		28,305		27,039,766
TJX Cos., Inc. (The)		320,105		27,141,703
Ulta Beauty, Inc. (a)		35,766		16,831,301
				94,537,227
Technology Hardware, Storage & Peripherals—7.6%
Apple, Inc.		1,031,772		200,132,815
Textiles, Apparel & Luxury Goods—5.0%
Lululemon Athletica, Inc. (a)		116,938		44,261,033
LVMH Moet Hennessy Louis Vuitton SE		66,985		63,215,476
NIKE, Inc. - Class B		219,343		24,208,887
				131,685,396
Total Common Stocks (Cost $1,465,075,909)				2,597,097,670

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Preferred Stock—0.8%

Security Description	Shares/ Principal Amount*		Value
Automobiles—0.8%
Dr. Ing HC F Porsche AG (a) (Cost $16,296,280)		173,140	$	21,489,310
Securities Lending Reinvestments (c)—4.2%
Certificates of Deposit—1.7%
Bank of America N.A. 5.440%, FEDEFF PRV + 0.370%, 11/17/23 (d)		2,000,000		1,999,942
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (d)		3,000,000		3,005,286
BNP Paribas S.A. 5.260%, SOFR + 0.200%, 09/18/23 (d)		4,000,000		4,000,000
5.310%, SOFR + 0.250%, 09/08/23 (d)		2,000,000		2,000,000
5.510%, SOFR + 0.450%, 10/10/23 (d)		3,000,000		3,000,000
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (d)		4,000,000		4,001,028
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (d)		3,000,000		2,997,843
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 07/20/23		1,000,000		997,130
Zero Coupon, 08/18/23		1,000,000		992,800
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (d)		3,000,000		3,000,096
MUFG Bank Ltd. (NY) 5.240%, SOFR + 0.180%, 08/28/23 (d)		2,000,000		1,999,670
5.260%, SOFR + 0.200%, 08/21/23 (d)		2,000,000		1,999,784
Nordea Bank Abp 5.410%, SOFR + 0.350%, 10/23/23 (d)		3,000,000		3,000,465
Oversea-Chinese Banking Corp., Ltd. 5.300%, SOFR + 0.240%, 08/08/23 (d)		2,000,000		2,000,054
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (d)		3,000,000		3,000,063
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 09/08/23		1,000,000		989,530
Svenska Handelsbanken AB 5.290%, SOFR + 0.230%, 08/08/23 (d)		2,000,000		2,000,124
5.400%, SOFR + 0.340%, 10/31/23 (d)		2,000,000		2,000,538
Toronto-Dominion Bank (The) 5.470%, FEDEFF PRV + 0.400%, 02/13/24 (d)		2,000,000		2,000,286
				44,984,639
Commercial Paper—0.4%
ING U.S. Funding LLC 5.780%, SOFR + 0.720%, 08/04/23 (d)		3,000,000		3,001,419
Skandinaviska Enskilda Banken AB 5.420%, SOFR + 0.360%, 11/15/23 (d)		3,000,000		3,000,444
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (d)		2,000,000		2,000,000
United Overseas Bank, Ltd. 5.250%, 08/21/23		2,000,000		1,984,604
				9,986,467
Repurchase Agreements—1.7%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $17,356,699; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $17,696,388.		17,349,398		17,349,398
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $6,174,220; collateralized by various Common Stock with an aggregate market value of $6,600,001.		6,000,000		6,000,000
National Bank of Canada
Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $7,807,690; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $7,992,761.		7,800,000		7,800,000
Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $10,010,111; collateralized by various Common Stock with an aggregate market value of $11,159,188.		10,000,000		10,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 06/30/23 at 5.290%, due on 08/04/23 with a maturity value of $5,025,715; collateralized by various Common Stock with an aggregate market value of $5,556,370.		5,000,000		5,000,000
				46,149,398
Time Deposits—0.3%
Australia & New Zealand Banking Group, Ltd. 5.050%, 07/03/23		2,000,000		2,000,000
Banco Santander S.A. (NY) 5.060%, 07/03/23		1,000,000		1,000,000
DNB Bank ASA (NY) 5.020%, 07/03/23		1,000,000		1,000,000
DZ Bank AG (NY) 5.040%, 07/03/23		1,000,000		1,000,000
National Australia Bank, Ltd. 5.050%, 07/03/23		2,000,000		2,000,000
				7,000,000
Mutual Funds—0.1%
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (e)		2,000,000		2,000,000
Total Securities Lending Reinvestments (Cost $110,115,573)				110,120,504
Total Investments - 104.0% (Cost $1,591,487,762)				2,728,707,484
Other assets and liabilities (net) - (4.0)%				(105,610,240	)
Net Assets—100.0%			$	2,623,097,244

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

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $138,122,048 and the collateral received consisted of cash in the amount of $110,080,334 and non-cash collateral with a value of $29,068,917. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Automobile Components	$	6,870,149	$	—	$	—	$	6,870,149
Automobiles		129,875,091		—		—		129,875,091
Biotechnology		26,409,790		—		—		26,409,790
Broadline Retail		202,638,280		—		—		202,638,280
Capital Markets		44,807,275		—		—		44,807,275
Consumer Finance		12,646,049		—		—		12,646,049
Consumer Staples Distribution & Retail		51,835,765		—		—		51,835,765
Entertainment		37,838,091		—		—		37,838,091
Financial Services		143,079,262		28,380,226		—		171,459,488
Ground Transportation		54,114,027		—		—		54,114,027
Health Care Equipment & Supplies		59,228,259		—		—		59,228,259
Health Care Providers & Services		45,364,245		—		—		45,364,245
Hotels, Restaurants & Leisure		62,077,398		—		—		62,077,398
Interactive Media & Services		202,892,168		—		—		202,892,168
IT Services		49,545,690		—		—		49,545,690
Media		14,810,873		—		—		14,810,873
Personal Care Products		—		30,241,173		—		30,241,173

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Pharmaceuticals	$	166,669,042	$	—		$	—	$	166,669,042
Semiconductors & Semiconductor Equipment		381,951,756		—			—		381,951,756
Software		394,029,483		—			—		394,029,483
Specialized REITs		25,438,140		—			—		25,438,140
Specialty Retail		94,537,227		—			—		94,537,227
Technology Hardware, Storage & Peripherals		200,132,815		—			—		200,132,815
Textiles, Apparel & Luxury Goods		68,469,920		63,215,476			—		131,685,396
Total Common Stocks		2,475,260,795		121,836,875			—		2,597,097,670
Total Preferred Stock*		—		21,489,310			—		21,489,310
Securities Lending Reinvestments
Certificates of Deposit		—		44,984,639			—		44,984,639
Commercial Paper		—		9,986,467			—		9,986,467
Repurchase Agreements		—		46,149,398			—		46,149,398
Time Deposits		—		7,000,000			—		7,000,000
Mutual Funds		2,000,000		—			—		2,000,000
Total Securities Lending Reinvestments		2,000,000		108,120,504			—		110,120,504
Total Investments	$	2,477,260,795	$	251,446,689		$	—	$	2,728,707,484
Collateral for Securities Loaned (Liability)	$	—	$	(110,080,334	)	$	—	$	(110,080,334	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	2,728,707,484
Cash denominated in foreign currencies (c)		69,648
Receivable for:
Investments sold		13,683,957
Fund shares sold		765,153
Dividends		704,167
Prepaid expenses		21,467
Total Assets		2,743,951,876
Liabilities
Due to custodian		662,297
Collateral for securities loaned		110,080,334
Payables for:
Investments purchased		5,633,449
Fund shares redeemed		2,784,335
Accrued Expenses:
Management fees		1,110,813
Distribution and service fees		197,224
Deferred trustees’ fees		197,240
Other expenses		188,940
Total Liabilities		120,854,632
Net Assets	$	2,623,097,244
Net Assets Consist of:
Paid in surplus	$	1,409,289,973
Distributable earnings (Accumulated losses)		1,213,807,271
Net Assets	$	2,623,097,244
Net Assets
Class A	$	1,642,315,414
Class B		968,102,164
Class E		12,679,666
Capital Shares Outstanding*
Class A		128,667,014
Class B		79,690,235
Class E		1,015,318
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.76
Class B		12.15
Class E		12.49

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,591,487,762.
(b)	Includes securities loaned at value of $138,122,048.
(c)	Identified cost of cash denominated in foreign currencies was $71,191.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	7,550,124
Interest		96,662
Securities lending income		171,401
Total investment income		7,818,187
Expenses
Management fees		7,165,431
Administration fees		50,420
Custodian and accounting fees		62,587
Distribution and service fees—Class B		1,083,576
Distribution and service fees—Class E		8,325
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		36,535
Insurance		9,432
Miscellaneous		12,639
Total expenses		8,491,212
Less management fee waiver		(944,870	)
Less broker commission recapture		(23,187	)
Net expenses		7,523,155
Net Investment Income		295,032
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		143,925,085
Foreign currency transactions		(24,517	)
Net realized gain (loss)		143,900,568
Net change in unrealized appreciation (depreciation) on:
Investments		596,188,461
Foreign currency transactions		8,088
Net change in unrealized appreciation (depreciation)		596,196,549
Net realized and unrealized gain (loss)		740,097,117
Net Increase (Decrease) in Net Assets From Operations	$	740,392,149

(a) Net of foreign withholding taxes of $226,403.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	295,032		$	(2,772,308	)
Net realized gain (loss)		143,900,568			(66,509,597	)
Net change in unrealized appreciation (depreciation)		596,196,549			(1,252,250,509	)
Increase (decrease) in net assets from operations		740,392,149			(1,321,532,414	)
From Distributions to Shareholders
Class A		0			(366,175,729	)
Class B		0			(224,849,934	)
Class E		0			(2,956,177	)
From return of capital
Class A		0			(260,512	)
Class B		0			(159,967	)
Class E		0			(2,103	)
Total distributions		0			(594,404,422	)
Increase (decrease) in net assets from capital share transactions		(199,069,182	)		622,794,342
Total increase (decrease) in net assets		541,322,967			(1,293,142,494	)
Net Assets
Beginning of period		2,081,774,277			3,374,916,771
End of period	$	2,623,097,244		$	2,081,774,277

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		4,999,071		$	52,011,358			9,227,530		$	135,251,837
Reinvestments		0			0			37,699,202			366,436,241
Redemptions		(15,428,303	)		(175,753,202	)		(7,888,307	)		(101,656,550	)
Net increase (decrease)		(10,429,232	)	$	(123,741,844	)		39,038,425		$	400,031,528
Class B
Sales		1,774,748		$	18,202,393			8,202,850		$	103,968,558
Reinvestments		0			0			24,246,757			225,009,901
Redemptions		(8,708,034	)		(92,826,319	)		(8,805,623	)		(107,294,154	)
Net increase (decrease)		(6,933,286	)	$	(74,623,926	)		23,643,984		$	221,684,305
Class E
Sales		76,759		$	871,083			77,917		$	949,398
Reinvestments		0			0			310,418			2,958,280
Redemptions		(143,658	)		(1,574,495	)		(219,981	)		(2,829,169	)
Net increase (decrease)		(66,899	)	$	(703,412	)		168,354		$	1,078,509
Increase (decrease) derived from capital shares transactions				$	(199,069,182	)				$	622,794,342

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights

Selected per share data

	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.35		$	20.85		$	22.63		$	16.32		$	14.50		$	16.85
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			(0.00	)(b)		(0.06	)		(0.01	)		0.04			0.07
Net realized and unrealized gain (loss)		3.40			(7.97	)		3.29			8.49			4.38			0.35
Total income (loss) from investment operations		3.41			(7.97	)		3.23			8.48			4.42			0.42
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.04	)		(0.08	)		(0.06	)
Distributions from net realized capital gains		0.00			(3.53	)		(5.01	)		(2.13	)		(2.52	)		(2.71	)
Distributions from return of capital		0.00			(0.00	)(c)		0.00			0.00			0.00			0.00
Total distributions		0.00			(3.53	)		(5.01	)		(2.17	)		(2.60	)		(2.77	)
Net Asset Value, End of Period	$	12.76		$	9.35		$	20.85		$	22.63		$	16.32		$	14.50
Total Return (%) (d)		36.47	(e)		(38.87	)		17.17			56.80			32.83			0.35
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63	(f)		0.62			0.61			0.62			0.62			0.62
Net ratio of expenses to average net assets (%) (g)		0.55	(f)		0.54			0.53			0.54			0.54			0.54
Ratio of net investment income (loss) to average net assets (%)		0.12	(f)		(0.02	)		(0.26	)		(0.04	)		0.25			0.44
Portfolio turnover rate (%)		20	(e)		19			23			34			25			26
Net assets, end of period (in millions)	$	1,642.3		$	1,300.2		$	2,086.0		$	2,134.3		$	1,864.7		$	1,625.6
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.91		$	20.17		$	22.09		$	15.98		$	14.24		$	16.59
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.03	)		(0.11	)		(0.05	)		0.00	(b)		0.03
Net realized and unrealized gain (loss)		3.25			(7.70	)		3.20			8.29			4.29			0.35
Total income (loss) from investment operations		3.24			(7.73	)		3.09			8.24			4.29			0.38
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.00	)(h)		(0.03	)		(0.02	)
Distributions from net realized capital gains		0.00			(3.53	)		(5.01	)		(2.13	)		(2.52	)		(2.71	)
Distributions from return of capital		0.00			(0.00	)(c)		0.00			0.00			0.00			0.00
Total distributions		0.00			(3.53	)		(5.01	)		(2.13	)		(2.55	)		(2.73	)
Net Asset Value, End of Period	$	12.15		$	8.91		$	20.17		$	22.09		$	15.98		$	14.24
Total Return (%) (d)		36.36	(e)		(39.02	)		16.91			56.37			32.49			0.11
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88	(f)		0.87			0.86			0.87			0.87			0.87
Net ratio of expenses to average net assets (%) (g)		0.80	(f)		0.79			0.78			0.79			0.79			0.79
Ratio of net investment income (loss) to average net assets (%)		(0.13)	(f)		(0.27	)		(0.51	)		(0.29	)		0.00	(i)		0.19
Portfolio turnover rate (%)		20	(e)		19			23			34			25			26
Net assets, end of period (in millions)	$	968.1		$	771.6		$	1,270.2		$	1,226.6		$	921.5		$	788.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights

Selected per share data

	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.15		$	20.55		$	22.40		$	16.17		$	14.39		$	16.74
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(b)		(0.02	)		(0.09	)		(0.04	)		0.02			0.05
Net realized and unrealized gain (loss)		3.34			(7.85	)		3.25			8.42			4.33			0.35
Total income (loss) from investment operations		3.34			(7.87	)		3.16			8.38			4.35			0.40
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.02	)		(0.05	)		(0.04	)
Distributions from net realized capital gains		0.00			(3.53	)		(5.01	)		(2.13	)		(2.52	)		(2.71	)
Distributions from return of capital		0.00			(0.00	)(c)		0.00			0.00			0.00			0.00
Total distributions		0.00			(3.53	)		(5.01	)		(2.15	)		(2.57	)		(2.75	)
Net Asset Value, End of Period	$	12.49		$	9.15		$	20.55		$	22.40		$	16.17		$	14.39
Total Return (%) (d)		36.50	(e)		(38.98	)		17.00			56.60			32.56			0.22
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(f)		0.77			0.76			0.77			0.77			0.77
Net ratio of expenses to average net assets (%) (g)		0.70	(f)		0.69			0.68			0.69			0.69			0.69
Ratio of net investment income (loss) to average net assets (%)		(0.03)	(f)		(0.17	)		(0.41	)		(0.19	)		0.10			0.28
Portfolio turnover rate (%)		20	(e)		19			23			34			25			26
Net assets, end of period (in millions)	$	12.7		$	9.9		$	18.8		$	20.6		$	14.4		$	12.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Distributions from return of capital were less than $0.01.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Distributions from net investment income were less than $0.01.
(i)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTII-13

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTII-14

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Due to Custodian - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2023, the Portfolio had a payment of $662,297 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at June 30, 2023. The Portfolio’s average overdraft advances during the six months ended June 30, 2023 were not significant.

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

At June 30, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $46,149,398, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-15

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

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

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the

BHFTII-16

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	468,778,242	$	0	$	603,701,725

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average daily net assets
$7,165,431		0.700	%	Of the first $200 million
		0.650	%	Of the next $300 million
		0.600	%	Of the next $1.5 billion
		0.550	%	On amounts in excess of $2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Jennison Associates LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.100%	Of the first $200 million
0.050%	On the next $800 million
0.100%	On the next $1 billion
0.080%	On amounts in excess of $2 billion

BHFTII-17

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees – The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	1,592,855,894
Gross unrealized appreciation		1,185,645,334
Gross unrealized (depreciation)		(49,793,744	)
Net unrealized appreciation (depreciation)	$	1,135,851,590

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:    

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2022	2021		2022		2021		2022		2021		2022		2021
$—	$	—	$	593,981,840	$	719,352,953	$	422,582	$	—	$	594,404,422	$	719,352,953

BHFTII-18

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$—	$	—	$	539,651,681	$	(66,040,593	)	$	473,611,088

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $63,015,896 and accumulated long-term capital losses of $3,024,697.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-19

Brighthouse Funds Trust II

Jennison Growth Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-20

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Loomis Sayles Small Cap Core Portfolio returned 9.51%, 9.38%, and 9.43%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 8.09%.

MARKET ENVIRONMENT / CONDITIONS

For the first six months of the year, the U.S. equity market posted positive returns within the context of a broad-based, favorable performance across all market cap ranges and investment styles. Stocks began the year with a strong advance, driven by moderating inflation measures, speculation the U.S. Federal Reserve (the “Fed”) would soon pause or pivot from its aggressive rate increases, and growing optimism the U.S. economy could avert a recession. By March, however, a consequence of the massive monetary stimulus in the wake of COVID-19 followed by rapid Fed tightening became evident, sudden weakness emerged in the deposit and asset base of many regional banks causing equity markets to decline as investors assessed the implications of a crisis of confidence in the Banking sector. Once those fears subsided, focus shifted to a growing expectation the U.S. economy would accomplish a “soft landing”, a cyclical slowdown in economic growth that avoids recession, as prior economic stimulus measures were withdrawn, moving the market higher again. At the same time, the “emergence” of generative artificial intelligence (“AI”) created a renewed investor urgency to participate in transformational technological advances. As a result, market leadership was clearly with large cap growth stocks, augmented by outsized gains in several well-known, mega caps in information technology or technology-enabled businesses. In contrast, small cap value performance, while positive, was one of the weaker performing market segments as a larger concentration of bank stocks and real estate equities weighed down index returns.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Loomis Sayles Small Cap Core Portfolio outperformed the return of the Russell 2000 Index during the six months ended June 30, 2023. Early in the year, the Portfolio’s return was behind the benchmark as the strong market rally was driven by smaller and lower quality stocks. As the first quarter progressed, the market shifted toward higher quality leadership, especially in the face of the regional banking crisis, which was positive for relative performance. During the second quarter, relative performance moved steadily higher with both sector weighting and stock selection adding value. The net effect of these contrasting market environments was overall outperformance for the period. Sector allocation effects aided relative return as our long-term, fundamental approach and valuation work led us to overweight stocks in top performing index sectors including Information Technology (“IT”) and Industrials, while underweighting underperforming index sectors such as Financials, Utilities and Real Estate. Stock selection measures were also positive, with notable contributions from the Consumer Staples, Energy, IT and Financials sectors which was somewhat offset by lagging selection within the Industrials, Materials and Health Care sectors. Given the turmoil within regional banks, Financials was the worst performing index sector. However, our underweight to the sector, combined with our higher quality positions within banks contributed a fair amount of the total excess return for the period.

The Portfolio’s top individual contributors included investment technology stocks Rambus and Super Micro Computer. Rambus develops and designs semiconductors and maintains intellectual property for high-speed component-to-component interface technology, with data centers an example of a large end market. The company’s products facilitate high speed communication between memory and microprocessors and the shares increased as the latest generation processors from Intel and AMD usher in the era of the next generation of memory storage. Super Micro is a vertically integrated supplier of servers for data centers and cloud computing, as well as related accessories including cables and power supplies. Being vertically integrated provides certain competitive advantages, establishing Super Micro as a low-cost provider and allowing the company to provide custom designs and configurations at a reduced time to market. We believe the break-out performance was driven by the seemingly sudden emergence of AI and ChatGPT, and investors sought out those companies providing enabling technology, such as Super Micro.

The largest detractors to performance on a security level were Concentrix Corp. and Ameris Bancorp. Concentrix offers customer experience and customer support solutions to large enterprises worldwide. The company helps clients maintain a consistent brand experience across communication channels including voice, chat, email, social media, text message, and custom applications. The stock declined as a large customer paused a major program, and the stock’s valuation was reduced as investors digested the impact of generative AI on the information technology service industry. Ameris Bancorp is a regional bank based in Georgia. Regional bank stocks were hurt during March after the failure of several banks as investors feared a contagion effect of deposit outflows and tightening credit availability. We note the company has a very granular loan and deposit base without the concentration of more troubled banks, and very strong capital levels in our view. There was no change in our position in Ameris.

During the period, we added new stocks with attractive investment potential and eliminated holdings where the valuation has exceeded our target levels or where fundamentals no longer fit our investment thesis. New positions included Moog (an industrial motion control company serving the aircraft and industrial machinery industries), Tidewater (U.S. based owner and operator of one of the largest fleets of Offshore Support Vessels in the global offshore energy industry) and Crane NXT (post spin the company provides cash and coin acceptor technology in addition to providing paper, printing, and security for domestic and international currencies).

BHFTII-1

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

Positions eliminated included two banks, CVB Financial (community bank in southern California with slowing loan growth and rising cost of deposits) and Atlantic Union Bankshares (regional bank in Virginia facing net interest margin pressure with a premium stock valuation), and Charles River Laboratories (non-clinical health care contract research organization facing new fundamental challenges and a market cap outside our preferred range).

As of June 30, 2023, the Portfolio continued to be positioned in the larger capitalization range of the small cap universe with a focus on companies with quality balance sheets, solid fundamental execution while selling at reasonable valuations. Sector weight changes during the period reflected both our repositioning within the Portfolio as well as market impacts. The Portfolio has representation in all market sectors, with overweight positions in the Industrials, Energy and Consumer Staples sectors while underweight to the Real Estate, Utilities, Financials, Consumer Discretionary, Health Care and Materials sectors relative to the Russell 2000 Index.

Mark Burns

John Slavik

Joe Gatz

Jeff Schwatz

Portfolio Managers

Loomis, Sayles & Company, L.P.

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

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

BHFTII-2

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Core Portfolio
Class A		9.51		19.29		6.11		9.08
Class B		9.38		18.99		5.85		8.80
Class E		9.43		19.11		5.96		8.91
Russell 2000 Index		8.09		12.31		4.21		8.26

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Weatherford International plc		1.8
Rambus, Inc.		1.5
Clean Harbors, Inc.		1.3
BellRing Brands, Inc.		1.3
Noble Corp. plc		1.3
Arcosa, Inc.		1.2
Vontier Corp.		1.2
Option Care Health, Inc.		1.2
Tenet Healthcare Corp.		1.2
Northern Oil and Gas, Inc.		1.1

Top Sectors

	% of Net Assets
Industrials		24.6
Health Care		15.4
Financials		13.3
Information Technology		12.6
Energy		9.0
Consumer Discretionary		8.9
Consumer Staples		4.6
Materials		3.3
Real Estate		2.8
Communication Services		2.1

BHFTII-3

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Loomis Sayles Small Cap Core Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.89	%	$	1,000.00	$	1,095.10	$	4.62
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46
Class B (a)	Actual		1.14	%	$	1,000.00	$	1,093.80	$	5.92
	Hypothetical*		1.14	%	$	1,000.00	$	1,019.14	$	5.71
Class E (a)	Actual		1.04	%	$	1,000.00	$	1,094.30	$	5.40
	Hypothetical*		1.04	%	$	1,000.00	$	1,019.64	$	5.21

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—97.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.3%
AAR Corp. (a)		14,164	$	818,112
Hexcel Corp.		16,790		1,276,376
Leonardo DRS, Inc. (a) (b)		218,405		3,787,143
Moog, Inc. - Class A		34,935		3,788,002
V2X, Inc. (a) (b)		49,236		2,440,136
				12,109,769
Automobile Components—1.0%
Dorman Products, Inc. (a)		9,573		754,640
Gentherm, Inc. (a)		14,353		811,088
LCI Industries		10,801		1,364,814
Patrick Industries, Inc.		11,349		907,920
				3,838,462
Banks—7.2%
Ameris Bancorp		66,238		2,266,002
Axos Financial, Inc. (a)		29,380		1,158,747
Bancorp, Inc. (The) (a)		28,030		915,179
Cadence Bank		102,092		2,005,087
Home BancShares, Inc.		140,402		3,201,166
OceanFirst Financial Corp.		148,501		2,319,586
Pinnacle Financial Partners, Inc.		37,265		2,111,062
Popular, Inc.		41,850		2,532,762
Prosperity Bancshares, Inc.		41,918		2,367,529
SouthState Corp.		36,037		2,371,235
Wintrust Financial Corp.		45,830		3,328,174
WSFS Financial Corp.		53,803		2,029,449
				26,605,978
Beverages—0.1%
Vita Coco Co., Inc. (The) (a)		17,229		462,943
Biotechnology—2.7%
Alkermes plc (a)		69,272		2,168,214
Inhibrx, Inc. (a)		26,778		695,157
Insmed, Inc. (a)		37,531		791,904
PTC Therapeutics, Inc. (a)		16,154		656,983
Replimune Group, Inc. (a)		27,616		641,244
United Therapeutics Corp. (a)		12,725		2,809,044
Vericel Corp. (a)		28,244		1,061,127
Xencor, Inc. (a)		24,454		610,616
Xenon Pharmaceuticals, Inc. (a)		17,527		674,789
				10,109,078
Building Products—2.9%
Azek Co., Inc. (The) (a)		31,043		940,292
Griffon Corp.		50,320		2,027,896
Janus International Group Inc. (a)		172,577		1,839,671
Quanex Building Products Corp.		92,117		2,473,341
UFP Industries, Inc.		34,713		3,368,897
				10,650,097
Capital Markets—1.3%
Focus Financial Partners, Inc. - Class A (a)		9,593		503,728
Hamilton Lane, Inc. - Class A		14,450		1,155,711
Capital Markets—(Continued)
PJT Partners, Inc. - Class A		13,387	$	932,271
Stifel Financial Corp.		37,903		2,261,672
				4,853,382
Chemicals—2.4%
Ashland, Inc.		20,758		1,804,078
Cabot Corp.		40,908		2,736,336
Ecovyst, Inc. (a)		216,145		2,477,022
LSB Industries, Inc. (a)		177,057		1,744,011
				8,761,447
Commercial Services & Supplies—2.3%
Casella Waste Systems, Inc. - Class A (a)		18,510		1,674,229
Clean Harbors, Inc. (a)		28,913		4,754,165
Driven Brands Holdings, Inc. (a)		27,962		756,652
VSE Corp.		22,816		1,247,807
				8,432,853
Communications Equipment—0.8%
Calix, Inc. (a)		18,949		945,744
Viavi Solutions, Inc. (a)		192,881		2,185,342
				3,131,086
Construction & Engineering—2.4%
AECOM		15,897		1,346,317
Arcosa, Inc.		58,589		4,439,288
MDU Resources Group, Inc.		98,621		2,065,124
WillScot Mobile Mini Holdings Corp. (a)		23,073		1,102,659
				8,953,388
Construction Materials—0.6%
Knife River Corp. (a)		49,611		2,158,079
Consumer Staples Distribution & Retail—0.7%
Andersons, Inc. (The)		55,634		2,567,509
Diversified Consumer Services—0.2%
Grand Canyon Education, Inc. (a)		6,371		657,551
Electric Utilities—0.5%
ALLETE, Inc.		33,428		1,937,821
Electrical Equipment—0.7%
Atkore, Inc. (a)		17,370		2,708,678
Electronic Equipment, Instruments & Components—5.8%
Advanced Energy Industries, Inc.		10,568		1,177,804
Itron, Inc. (a)		9,774		704,705
Kimball Electronics, Inc. (a)		73,011		2,017,294
Littelfuse, Inc.		6,391		1,861,762
Methode Electronics, Inc.		39,675		1,329,906
National Instruments Corp.		22,888		1,313,771
Novanta, Inc. (a)		8,091		1,489,553
Rogers Corp. (a)		12,249		1,983,481
TD SYNNEX Corp.		29,803		2,801,482

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
TTM Technologies, Inc. (a)		167,994	$	2,335,117
Vontier Corp.		137,600		4,432,096
				21,446,971
Energy Equipment & Services—5.1%
Cactus, Inc. - Class A		26,411		1,117,713
ChampionX Corp.		82,665		2,565,922
Newpark Resources, Inc. (a)		163,790		856,622
Noble Corp. plc (a) (b)		112,521		4,648,242
Tidewater, Inc. (a)		54,156		3,002,409
Weatherford International plc (a)		99,566		6,613,174
				18,804,082
Entertainment—0.6%
Liberty Media Corp. Liberty Braves - Class C (a)		56,744		2,248,197
Financial Services—3.1%
Cannae Holdings, Inc. (a)		77,064		1,557,464
Euronet Worldwide, Inc. (a)		25,039		2,938,828
EVERTEC, Inc.		29,057		1,070,169
Federal Agricultural Mortgage Corp. - Class C		22,831		3,281,728
Flywire Corp. (a)		14,507		450,297
International Money Express, Inc. (a)		97,840		2,400,015
				11,698,501
Food Products—1.3%
Hostess Brands, Inc. (a)		25,388		642,824
J & J Snack Foods Corp.		8,603		1,362,371
Nomad Foods, Ltd. (a)		69,309		1,214,294
Simply Good Foods Co. (The) (a)		21,035		769,671
Sovos Brands, Inc. (a)		52,009		1,017,296
				5,006,456
Ground Transportation—0.2%
Marten Transport, Ltd.		37,644		809,346
Health Care Equipment & Supplies—5.9%
AtriCure, Inc. (a)		20,640		1,018,791
Axonics, Inc. (a)		20,169		1,017,930
CONMED Corp.		24,134		3,279,569
Embecta Corp.		37,405		807,948
Inmode, Ltd. (a) (b)		71,591		2,673,924
Inspire Medical Systems, Inc. (a) (b)		5,856		1,901,092
Lantheus Holdings, Inc. (a) (b)		48,565		4,075,575
LivaNova plc (a)		9,549		491,105
Merit Medical Systems, Inc. (a)		19,045		1,592,924
NuVasive, Inc. (a)		10,709		445,387
PROCEPT BioRobotics Corp. (a)		16,484		582,709
Treace Medical Concepts, Inc. (a)		28,747		735,348
UFP Technologies, Inc. (a)		17,693		3,429,788
				22,052,090
Health Care Providers & Services—3.6%
Acadia Healthcare Co., Inc. (a)		11,591		923,107
AMN Healthcare Services, Inc. (a)		16,202		1,767,962
Health Care Providers & Services—(Continued)
Ensign Group, Inc. (The)		12,030		1,148,384
Option Care Health, Inc. (a)		134,927		4,383,778
Progyny, Inc. (a)		22,071		868,273
Tenet Healthcare Corp. (a)		52,552		4,276,682
				13,368,186
Health Care Technology—0.9%
Evolent Health, Inc. - Class A (a)		36,399		1,102,890
Phreesia, Inc. (a)		21,236		658,528
Veradigm, Inc. (a)		116,812		1,471,831
				3,233,249
Hotels, Restaurants & Leisure—2.3%
Churchill Downs, Inc.		21,806		3,034,741
Life Time Group Holdings, Inc. (a)		56,790		1,117,059
Marriott Vacations Worldwide Corp.		17,598		2,159,627
Papa John’s International, Inc.		10,544		778,463
Texas Roadhouse, Inc.		12,074		1,355,669
				8,445,559
Household Durables—1.9%
Installed Building Products, Inc.		8,615		1,207,478
KB Home		51,453		2,660,635
Skyline Champion Corp. (a)		48,478		3,172,885
				7,040,998
Household Products—0.5%
Spectrum Brands Holdings, Inc.		25,106		1,959,523
Industrial REITs—0.8%
STAG Industrial, Inc.		79,648		2,857,770
Insurance—1.7%
BRP Group, Inc. - Class A (a)		37,909		939,385
Employers Holdings, Inc.		58,245		2,178,945
Kemper Corp.		39,719		1,916,839
Kinsale Capital Group, Inc.		3,335		1,247,957
				6,283,126
IT Services—0.0%
Grid Dynamics Holdings, Inc. (a)		5,660		52,355
Leisure Products—1.3%
Brunswick Corp.		32,606		2,824,984
Malibu Boats, Inc. - Class A (a)		13,250		777,245
Topgolf Callaway Brands Corp. (a)		54,071		1,073,309
				4,675,538
Life Sciences Tools & Services—0.2%
Medpace Holdings, Inc. (a)		3,898		936,183
Machinery—4.4%
Albany International Corp. - Class A		35,254		3,288,493
Columbus McKinnon Corp.		45,830		1,862,990
Crane NXT Co.		52,244		2,948,651

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
ESCO Technologies, Inc.		8,045	$	833,703
Helios Technologies, Inc.		13,492		891,686
Kadant, Inc.		18,511		4,111,293
RBC Bearings, Inc. (a)		4,297		934,469
Wabash National Corp.		52,848		1,355,023
				16,226,308
Marine Transportation—0.6%
Genco Shipping & Trading, Ltd. (b)		146,709		2,058,327
Media—1.1%
John Wiley & Sons, Inc. - Class A		43,703		1,487,213
Scholastic Corp.		37,706		1,466,386
Thryv Holdings, Inc. (a)		50,029		1,230,714
				4,184,313
Metals & Mining—0.4%
Arconic Corp. (a)		47,397		1,402,003
Office REITs—0.8%
Equity Commonwealth		96,081		1,946,601
Postal Realty Trust, Inc. - Class A		66,005		970,934
				2,917,535
Oil, Gas & Consumable Fuels—3.9%
Antero Resources Corp. (a)		49,926		1,149,796
California Resources Corp.		56,132		2,542,218
Delek U.S. Holdings, Inc.		74,012		1,772,587
Denbury, Inc. (a)		10,906		940,752
International Seaways, Inc.		42,811		1,637,093
Kosmos Energy, Ltd. (a)		264,510		1,584,415
Magnolia Oil & Gas Corp. - Class A (b)		38,755		809,979
Northern Oil and Gas, Inc. (b)		123,161		4,226,886
				14,663,726
Personal Care Products—1.9%
BellRing Brands, Inc. (a)		129,782		4,750,021
elf Beauty, Inc. (a)		12,968		1,481,335
Inter Parfums, Inc.		7,032		950,937
				7,182,293
Pharmaceuticals—2.0%
ANI Pharmaceuticals, Inc. (a)		29,684		1,597,890
Pacira BioSciences, Inc. (a)		60,908		2,440,583
Supernus Pharmaceuticals, Inc. (a)		106,647		3,205,809
Ventyx Biosciences, Inc. (a)		11,901		390,353
				7,634,635
Professional Services—4.4%
Alight, Inc. - Class A (a)		217,091		2,005,921
Concentrix Corp.		22,364		1,805,893
CSG Systems International, Inc.		38,705		2,041,302
FTI Consulting, Inc. (a)		4,954		942,251
Huron Consulting Group, Inc. (a)		11,373		965,681
ICF International, Inc.		6,657		828,064
Professional Services—(Continued)
Insperity, Inc.		8,929		1,062,194
KBR, Inc.		28,985		1,885,764
Korn Ferry		34,238		1,696,150
Science Applications International Corp.		17,898		2,013,167
WNS Holdings, Ltd. (ADR) (a)		14,458		1,065,844
				16,312,231
Real Estate Management & Development—0.6%
Colliers International Group, Inc.		23,447		2,302,261
Retail REITs—0.6%
Agree Realty Corp.		34,862		2,279,626
Semiconductors & Semiconductor Equipment—3.3%
MACOM Technology Solutions Holdings, Inc. (a)		20,672		1,354,636
Onto Innovation, Inc. (a)		6,931		807,254
Rambus, Inc. (a)		87,552		5,618,212
Semtech Corp. (a) (b)		82,240		2,093,830
Silicon Laboratories, Inc. (a)		8,248		1,301,039
Tower Semiconductor, Ltd. (U.S. Listed Shares) (a)		32,584		1,222,552
				12,397,523
Software—1.3%
Box, Inc. - Class A (a)		33,201		975,445
Envestnet, Inc. (a)		7,761		460,615
Intapp, Inc. (a)		14,828		621,442
Model N, Inc. (a)		16,411		580,293
PagerDuty, Inc. (a)		19,782		444,699
Tenable Holdings, Inc. (a)		21,397		931,839
Varonis Systems, Inc. (a)		25,473		678,856
				4,693,189
Specialty Retail—1.2%
Boot Barn Holdings, Inc. (a)		36,718		3,109,647
Valvoline, Inc.		36,819		1,381,081
				4,490,728
Technology Hardware, Storage & Peripherals—1.3%
Pure Storage, Inc. - Class A (a)		46,073		1,696,408
Super Micro Computer, Inc. (a)		13,330		3,322,502
				5,018,910
Textiles, Apparel & Luxury Goods—1.1%
Columbia Sportswear Co.		8,832		682,184
Crocs, Inc. (a)		22,660		2,547,890
Oxford Industries, Inc.		7,592		747,205
				3,977,279
Trading Companies & Distributors—3.6%
Alta Equipment Group, Inc.		105,054		1,820,586
Applied Industrial Technologies, Inc.		8,357		1,210,344
Custom Truck One Source, Inc. (a) (b)		148,425		1,000,385
Herc Holdings, Inc.		19,159		2,621,909
McGrath RentCorp		41,302		3,819,609
MRC Global, Inc. (a)		171,565		1,727,660

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—(Continued)
SiteOne Landscape Supply, Inc. (a)		6,456	$	1,080,476
				13,280,969
Water Utilities—0.3%
Pure Cycle Corp. (a)		101,388		1,115,268
Wireless Telecommunication Services—0.3%
United States Cellular Corp. (a)		70,061		1,235,176
Total Common Stocks (Cost $272,522,712)				362,228,551
Escrow Shares—0.0%
Wireless Telecommunication Services—0.0%
GCI Liberty, Inc. (a)(c)(d) (Cost $0)		39,365		0
Short-Term Investment—2.7%
Repurchase Agreement—2.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $10,107,424; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $10,307,687.		10,105,488		10,105,488
Total Short-Term Investments (Cost $10,105,488)				10,105,488
Securities Lending Reinvestments (e)—2.1%
Repurchase Agreements—0.9%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $1,500,631; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $1,530,000.		1,500,000		1,500,000
Cantor Fitzgerald & Co. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $390,004; collateralized by U.S. Government Agency Obligations with rates ranging from 1.378% - 8.917%, maturity dates ranging from 08/01/23 - 01/20/73, and an aggregate market value of $397,636.		389,839		389,839
ING Financial Markets LLC Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $1,500,631; collateralized by U.S. Government Agency Obligations with rates ranging from 0.500% - 6.625%, maturity dates ranging from 05/20/24 - 01/19/33, and an aggregate market value of $1,530,056.		1,500,000		1,500,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $15,006; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $15,338.		15,000		15,000
Repurchase Agreements—(Continued)
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $15,015; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $15,371.		15,000		15,000
				3,419,839
Mutual Funds—1.2%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class  5.000% (f)		700,000		700,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (f)		700,000		700,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (f)		700,000		700,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (f)		700,000		700,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030 (f)		700,000		700,000
STIT-Government & Agency Portfolio, Institutional Class 5.050% (f)		700,000		700,000
				4,200,000
Total Securities Lending Reinvestments (Cost $7,619,839)				7,619,839
Total Investments—102.2% (Cost $290,248,039)				379,953,878
Other assets and liabilities (net)—(2.2)%				(8,167,813	)
Net Assets—100.0%			$	371,786,065

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $15,247,831 and the collateral received consisted of cash in the amount of $7,619,839 and non-cash collateral with a value of $7,836,832. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(f)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Glossary of Abbreviations

Other Abbreviations

(REIT)—	Real Estate Investment Trust
(ADR)—	American Depositary Receipt

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	362,228,551	$	—		$	—	$	362,228,551
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		—		10,105,488			—		10,105,488
Securities Lending Reinvestments
Repurchase Agreements		—		3,419,839			—		3,419,839
Mutual Funds		4,200,000		—			—		4,200,000
Total Securities Lending Reinvestments		4,200,000		3,419,839			—		7,619,839
Total Investments	$	366,428,551	$	13,525,327		$	0	$	379,953,878
Collateral for Securities Loaned (Liability)	$	—	$	(7,619,839	)	$	—	$	(7,619,839	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	379,953,878
Cash		13,777
Receivable for:
Investments sold		2,158,417
Fund shares sold		10,112
Dividends and interest		208,174
Prepaid expenses		2,882
Total Assets		382,347,240
Liabilities
Collateral for securities loaned		7,619,839
Payables for:
Investments purchased		1,856,845
Fund shares redeemed		569,111
Accrued Expenses:
Management fees		243,748
Distribution and service fees		24,362
Deferred trustees’ fees		154,093
Other expenses		93,177
Total Liabilities		10,561,175
Net Assets	$	371,786,065
Net Assets Consist of:
Paid in surplus	$	266,245,289
Distributable earnings (Accumulated losses)		105,540,776
Net Assets	$	371,786,065
Net Assets
Class A	$	242,976,436
Class B		109,498,484
Class E		19,311,145
Capital Shares Outstanding*
Class A		1,122,764
Class B		563,908
Class E		94,762
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	216.41
Class B		194.18
Class E		203.79

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $290,248,039.
(b)	Includes securities loaned at value of $15,247,831.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	1,956,921
Interest		105,499
Securities lending income		3,962
Total investment income		2,066,382
Expenses
Management fees		1,616,476
Administration fees		14,181
Custodian and accounting fees		24,517
Distribution and service fees—Class B		132,439
Distribution and service fees—Class E		14,022
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		20,779
Insurance		1,563
Miscellaneous		5,548
Total expenses		1,891,792
Less management fee waiver		(151,095	)
Less broker commission recapture		(6,424	)
Net expenses		1,734,273
Net Investment Income		332,109
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		15,938,598
Net change in unrealized appreciation on investments		16,637,048
Net realized and unrealized gain (loss)		32,575,646
Net Increase (Decrease) in Net Assets From Operations	$	32,907,755

(a) Net of foreign withholding taxes of $8,817.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	332,109		$	862,030
Net realized gain (loss)		15,938,598			17,484,843
Net change in unrealized appreciation (depreciation)		16,637,048			(87,385,843	)
Increase (decrease) in net assets from operations		32,907,755			(69,038,970	)
From Distributions to Shareholders
Class A		(11,629,512	)		(45,698,470	)
Class B		(5,612,287	)		(23,625,478	)
Class E		(950,468	)		(3,933,608	)
Total distributions		(18,192,267	)		(73,257,556	)
Increase (decrease) in net assets from capital share transactions		3,042,147			37,150,364
Total increase (decrease) in net assets		17,757,635			(105,146,162	)
Net Assets
Beginning of period		354,028,430			459,174,592
End of period	$	371,786,065		$	354,028,430

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)							Year Ended December 31, 2022
	Shares				Value			Shares			Value
Class A
Sales		8,744			$	1,880,563			15,899		$	3,692,921
Reinvestments		54,730				11,629,512			235,583			45,698,470
Redemptions		(51,338	)			(11,047,726	)		(90,476	)		(20,948,391	)
Net increase (decrease)		12,136			$	2,462,349			161,006		$	28,443,000
Class B
Sales		11,352			$	2,179,204			13,851		$	3,071,966
Reinvestments		29,433				5,612,287			134,926			23,625,478
Redemptions		(36,748	)			(7,176,048	)		(92,258	)		(19,440,894	)
				��
Net increase (decrease)		4,037			$	615,443			56,519		$	7,256,550
Class E
Sales		724			$	146,773			1,620		$	360,610
Reinvestments		4,750				950,468			21,470			3,933,608
Redemptions		(5,604	)			(1,132,886	)		(12,566	)		(2,843,404	)
Net increase (decrease)		(130	)		$	(35,645	)		10,524		$	1,450,814
Increase (decrease) derived from capital shares transactions					$	3,042,147					$	37,150,364

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data

	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	207.66		$	307.10		$	267.73		$	262.79		$	233.39		$	290.82
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.29			0.73			0.04			0.54			0.60			0.72
Net realized and unrealized gain (loss)		19.27			(50.49	)		57.96			24.46			56.79			(27.59	)
Total income (loss) from investment operations		19.56			(49.76	)		58.00			25.00			57.39			(26.87	)
Less Distributions
Distributions from net investment income		(0.43	)		0.00			(0.25	)		(0.32	)		(0.08	)		(0.06	)
Distributions from net realized capital gains		(10.38	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)		(30.50	)
Total distributions		(10.81	)		(49.68	)		(18.63	)		(20.06	)		(27.99	)		(30.56	)
Net Asset Value, End of Period	$	216.41		$	207.66		$	307.10		$	267.73		$	262.79		$	233.39
Total Return (%) (b)		9.51	(c)		(15.06	)		21.95			12.07			25.54			(11.07	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(d)		0.96			0.96			0.98			0.97			0.96
Net ratio of expenses to average net assets (%) (e)		0.89	(d)		0.88			0.87			0.90			0.90			0.88
Ratio of net investment income (loss) to average net assets (%)		0.27	(d)		0.31			0.01			0.24			0.23			0.25
Portfolio turnover rate (%)		15	(c)		31			29			35			31			30
Net assets, end of period (in millions)	$	243.0		$	230.6		$	291.6		$	262.1		$	254.6		$	223.9
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	187.19		$	283.63		$	248.88		$	246.17		$	220.60		$	277.03
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.02			0.13			(0.64	)		(0.02	)		(0.04	)		(0.00	) (f)
Net realized and unrealized gain (loss)		17.35			(46.89	)		53.77			22.47			53.52			(25.93	)
Total income (loss) from investment operations		17.37			(46.76	)		53.13			22.45			53.48			(25.93	)
Less Distributions
Distributions from net realized capital gains		(10.38	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)		(30.50	)
Total distributions		(10.38	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)		(30.50	)
Net Asset Value, End of Period	$	194.18		$	187.19		$	283.63		$	248.88		$	246.17		$	220.60
Total Return (%) (b)		9.38	(c)		(15.28	)		21.64			11.79			25.23			(11.30	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.22	(d)		1.21			1.21			1.23			1.22			1.21
Net ratio of expenses to average net assets (%) (e)		1.14	(d)		1.13			1.12			1.15			1.15			1.13
Ratio of net investment income (loss) to average net assets (%)		0.02	(d)		0.06			(0.23	)		(0.01	)		(0.02	)		(0.00	) (g)
Portfolio turnover rate (%)		15	(c)		31			29			35			31			30
Net assets, end of period (in millions)	$	109.5		$	104.8		$	142.8		$	143.4		$	141.8		$	131.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data

	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	195.97		$	293.73		$	256.93		$	253.13		$	225.95		$	282.79
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.35			(0.38	)		0.19			0.21			0.27
Net realized and unrealized gain (loss)		18.18			(48.43	)		55.56			23.35			54.88			(26.61	)
Total income (loss) from investment operations		18.30			(48.08	)		55.18			23.54			55.09			(26.34	)
Less Distributions
Distributions from net investment income		(0.10	)		0.00			0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(10.38	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)		(30.50	)
Total distributions		(10.48	)		(49.68	)		(18.38	)		(19.74	)		(27.91	)		(30.50	)
Net Asset Value, End of Period	$	203.79		$	195.97		$	293.73		$	256.93		$	253.13		$	225.95
Total Return (%) (b)		9.43	(c)		(15.19	)		21.77			11.90			25.35			(11.21	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.12	(d)		1.11			1.11			1.13			1.12			1.11
Net ratio of expenses to average net assets (%) (e)		1.04	(d)		1.03			1.02			1.05			1.05			1.03
Ratio of net investment income (loss) to average net assets (%)		0.12	(d)		0.16			(0.13	)		0.09			0.08			0.10
Portfolio turnover rate (%)		15	(c)		31			29			35			31			30
Net assets, end of period (in millions)	$	19.3		$	18.6		$	24.8		$	25.2		$	24.8		$	22.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(f)	Net investment income (loss) was less than $0.01.
(g)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $10,105,488. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $3,419,839. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

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

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in

BHFTII-16

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

BHFTII-17

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	52,933,213	$	0	$	68,335,132

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$1,616,476		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.130%	Of the first $25 million
0.080%	On the next $75 million
0.050%	On the next $100 million
0.100%	On the next $300 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-18

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	290,553,680
Gross unrealized appreciation		99,630,685
Gross unrealized (depreciation)		(10,230,487	)
Net unrealized appreciation (depreciation)	$	89,400,198

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$2,325,566	$	239,357	$	70,931,990	$	28,451,161	$	73,257,556	$	28,690,518

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$608,951	$	17,605,483	$	72,763,152	$	—	$	90,977,586

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

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Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

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Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Loomis Sayles Small Cap Growth Portfolio returned 9.27%, 9.03%, and 9.16%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 13.55%.

MARKET ENVIRONMENT / CONDITIONS

The first quarter of 2023 started off with a surge in equities that was primarily led by cyclicals and lower quality names. The mood at the start of the year was generally positive and optimistic that the Federal Reserve (the “Fed”) may be close to concluding its tightening campaign given mortgage rates were declining, employment remained robust and there appeared to be no structural problems on the horizon. However, as the first quarter progressed it became clear that the Fed was not done tightening and that hopes of a soft landing, a cyclical slowdown in economic growth that avoids recession, were anything but certain, being exacerbated by the banking crisis. The run on Silicon Valley Bank, followed by the second and third largest bank failures in U.S. history, did not deter the Fed from continuing to raise rates in fighting inflation. Consistent with this mentality, we saw major reversals into quality growth names as the first quarter progressed. Although the Russell 2000 Growth Index (the “Index”) had a strong absolute return in the second quarter, leadership among small and small/mid cap stocks was narrow and was mostly driven by lower quality names. The lowest return on equity and non-earning stocks significantly outperformed the Index during the second quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Loomis Sayles Small Cap Growth Portfolio underperformed the Index during the six months ended June 30, 2023. Earlier in the year, while the Portfolio picked up strong relative performance in February and March, it was not enough to overcome the ground lost in the low-quality rally of January. As the year progressed, lower quality drove performance in the second quarter, where non-revenue companies were the most dominant group in terms of performance. Given the high-quality nature of our investment process, the Portfolio underperformed against this backdrop. The vast majority of the Portfolio’s underperformance in the second quarter took place in May, on the heels of the artificial intelligence (“AI”) related surge within the Information Technology (“IT”) sector.

The largest detractors to performance were Halozyme Therapeutics, Calix and Axonics. Halozyme is a biotech company focused on drug delivery. The company’s main product, when combined with other drug developers’ products, enables a switch from intravenous to subcutaneous administration. During the period, the Centers for Medicare and Medicaid Services put out its first guidance related to the Inflation Reduction Act’s drug negotiation policies. This guidance put into question the protections that would be provided from the drug price negotiations. While the outcome of this is still murky, the stock sold off during the period related to this update. Calix is a provider of access-related solutions to telecom service providers and is actively transforming their model from a legacy box company to a cloud and software solutions platform. The stock was volatile during the period over demand-related concerns in its service provider customer base. Axonics is a medical device company focused on utilizing sacral nerve modulation to better control overactive bladder, fecal incontinence, and non-obstructive urinary retention. The stock underperformed in the period as the sustainability of the growth came into question as the company will begin lapping their new product launch in 2023.

The Portfolio’s top contributors to performance were Rambus, e.l.f. Beauty and Pure Storage. Rambus is a leading developer of high-speed memory interface intellectual property, which is licensed by users. We believe the company has executed well of late, producing beat and raise results in a semiconductor environment that has remained challenging for most of its peers, leading to outperformance of the stock. e.l.f Beauty is a multi-brand beauty company that makes prestige quality product accessible to everyone. In our view, the company is benefiting from continued momentum of the makeup and skincare category and is gaining market share as innovation and its marketing investment are bearing fruit. Pure Storage gained momentum as they released a new product called “Flash Blade -E”. We believe the new product and interest in their offerings at AI research facilities helped continue the momentum into their earnings report. Our discussion with senior management during the quarter re-reinforced our belief in the secular growth story and superior technology associated with this name.

During the period, we added new stocks with attractive investment potential and eliminated holdings where fundamentals no longer fit our investment thesis, market cap grew beyond our ceiling, or our stop loss was triggered. During the period, we purchased ESCO Technologies, Replimune Group, and AZEK. Replimune Group is a clinical stage biotechnology company focused on using engineered viruses towards driving cancer cell death and stimulating an immune response. ESCO Technologies is a diversified Industrial company addressing the aerospace and defense, utility, and testing end markets. After two of their major end markets were shut down during the pandemic along with supply chain constraints, business recovered and accelerated. We believe new management represents an upgrade and low financial leverage represents dry powder for mergers and acquisitions, which should complement decent organic growth. AZEK is the second largest manufacturer of composite material used in decking and railing products. We like the secular penetration of composite materials continuing to take share from wood and feel that the inventory destocking in the distributor channel is now behind us. We believe demand trends remain fairly strong and AZEK has a very good margin story as volumes recover.

During the period, we sold Shutterstock, Hub Group and Advanced Drainage Systems. Shutterstock was adversely affected by fears that generative AI images would take over the stock image market. The company made a partnership with OpenAI to use their library, seeking to get ahead of this movement. However, investors were not

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Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

convinced that the company did enough to get ahead of these risks and the stock sold off as a result. Hub Group is a leading intermodal transport provider. We sold the stock after its quarterly results came in lower than expected and management lowered forward guidance below street expectations. Hub’s customers slowed their shipping expectations due to worsening economic conditions. Advanced Drainage Systems is a leading manufacturer and provider of plastic pipes for the commercial and residential wastewater market. The company saw a slowdown in its residential business as distributors drastically cut orders in order to work down their inventory. This prompted the company to slightly lower guidance and introduced a level of uncertainty going forward. The stock triggered our stop loss and was ultimately sold.

Sector weight changes during the period ending June 30, 2023, reflected both our repositioning within the Portfolio as well as market impacts. As a result of individual stock selection, our absolute weights in the Industrials and Consumer Discretionary sectors increased while weights in the Healthcare and IT sectors decreased during the period.

As of June 30, 2023, the Portfolio continued to be focused on those higher quality small cap companies we think have the potential to grow into larger entities. Through the stock selection process, the Portfolio is diversified, with a relative overweight to the Consumer Staples, Industrials, Consumer Discretionary, Financials, Energy and Healthcare sectors while underweight to the Materials, IT, Communication Services, Real Estate and Utilities sectors.

Mark Burns

John Slavik

Portfolio Managers

Loomis, Sayles & Company L.P.

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

¹ The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to-book ratios and higher forecasted growth values.

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Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Growth Portfolio
Class A		9.27		18.38		6.66		10.26
Class B		9.03		18.07		6.39		9.99
Class E		9.16		18.22		6.49		10.10
Russell 2000 Growth Index		13.55		18.53		4.22		8.83

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Inspire Medical Systems, Inc.		2.0
KBR, Inc.		2.0
Rambus, Inc.		1.8
Pure Storage, Inc. - Class A		1.8
Casella Waste Systems, Inc. - Class A		1.8
Option Care Health, Inc.		1.7
Merit Medical Systems, Inc.		1.7
Weatherford International plc		1.6
Novanta, Inc.		1.6
elf Beauty, Inc.		1.6

Top Sectors

	% of Net Assets
Health Care		24.1
Industrials		22.6
Information Technology		17.0
Consumer Discretionary		12.5
Financials		7.7
Consumer Staples		7.0
Energy		5.7

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Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Loomis Sayles Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.87	%	$	1,000.00	$	1,092.70	$	4.51
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36
Class B (a)	Actual		1.12	%	$	1,000.00	$	1,090.30	$	5.80
	Hypothetical*		1.12	%	$	1,000.00	$	1,019.24	$	5.61
Class E (a)	Actual		1.02	%	$	1,000.00	$	1,091.60	$	5.29
	Hypothetical*		1.02	%	$	1,000.00	$	1,019.74	$	5.11

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

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

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

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Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—96.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.2%
AAR Corp. (a)		57,677	$	3,331,424
Hexcel Corp.		68,370		5,197,487
				8,528,911
Automobile Components—2.6%
Dorman Products, Inc. (a)		38,982		3,072,951
Gentherm, Inc. (a) (b)		58,448		3,302,897
Patrick Industries, Inc. (b)		46,214		3,697,120
				10,072,968
Banks—1.0%
Bancorp, Inc. (The) (a) (b)		114,141		3,726,704
Beverages—0.5%
Vita Coco Co., Inc. (The) (a) (b)		70,158		1,885,145
Biotechnology—5.5%
Inhibrx, Inc. (a)		109,041		2,830,704
Insmed, Inc. (a)		152,828		3,224,671
PTC Therapeutics, Inc. (a)		65,779		2,675,232
Replimune Group, Inc. (a)		112,452		2,611,135
Vericel Corp. (a)		115,010		4,320,926
Xencor, Inc. (a)		99,578		2,486,463
Xenon Pharmaceuticals, Inc. (a)		71,371		2,747,783
				20,896,914
Building Products—1.0%
Azek Co., Inc. (The) (a)		126,408		3,828,898
Capital Markets—2.7%
Focus Financial Partners, Inc. - Class A (a)		39,064		2,051,250
Hamilton Lane, Inc. - Class A (b)		58,842		4,706,183
PJT Partners, Inc. - Class A		54,512		3,796,216
				10,553,649
Commercial Services & Supplies—2.6%
Casella Waste Systems, Inc. - Class A (a)		75,373		6,817,488
Driven Brands Holdings, Inc. (a)		113,863		3,081,133
				9,898,621
Communications Equipment—1.0%
Calix, Inc. (a)		77,160		3,851,056
Construction & Engineering—2.3%
Arcosa, Inc.		55,350		4,193,869
WillScot Mobile Mini Holdings Corp. (a)		93,953		4,490,014
				8,683,883
Diversified Consumer Services—0.7%
Grand Canyon Education, Inc. (a)		25,944		2,677,680
Electronic Equipment, Instruments & Components—3.6%
Advanced Energy Industries, Inc.		43,033		4,796,028
Electronic Equipment, Instruments & Components—(Continued)
Itron, Inc. (a) (b)		39,802	$	2,869,724
Novanta, Inc. (a)		32,947		6,065,543
				13,731,295
Energy Equipment & Services—3.8%
Cactus, Inc. - Class A		107,549		4,551,474
Noble Corp. plc (a) (b)		92,149		3,806,675
Weatherford International plc (a)		91,674		6,088,987
				14,447,136
Financial Services—1.6%
EVERTEC, Inc.		118,323		4,357,836
Flywire Corp. (a)		59,071		1,833,564
				6,191,400
Food Products—2.6%
Hostess Brands, Inc. (a)		103,383		2,617,658
Simply Good Foods Co. (The) (a) (b)		85,655		3,134,116
Sovos Brands, Inc. (a)		211,785		4,142,515
				9,894,289
Ground Transportation—0.8%
Marten Transport, Ltd.		153,287		3,295,670
Health Care Equipment & Supplies—9.6%
AtriCure, Inc. (a)		84,048		4,148,609
Axonics, Inc. (a)		82,129		4,145,051
CONMED Corp. (b)		37,555		5,103,349
Inspire Medical Systems, Inc. (a) (b)		23,845		7,741,041
LivaNova plc (a)		38,883		1,999,753
Merit Medical Systems, Inc. (a)		77,554		6,486,616
NuVasive, Inc. (a)		43,607		1,813,615
PROCEPT BioRobotics Corp. (a)		67,124		2,372,833
Treace Medical Concepts, Inc. (a)		117,060		2,994,395
				36,805,262
Health Care Providers & Services—4.9%
Acadia Healthcare Co., Inc. (a)		47,198		3,758,849
Ensign Group, Inc. (The) (b)		48,986		4,676,203
Option Care Health, Inc. (a)		204,470		6,643,230
Progyny, Inc. (a)		89,876		3,535,722
				18,614,004
Health Care Technology—1.9%
Evolent Health, Inc. - Class A (a)		148,220		4,491,066
Phreesia, Inc. (a)		86,475		2,681,590
				7,172,656
Hotels, Restaurants & Leisure—3.5%
Life Time Group Holdings, Inc. (a) (b)		231,249		4,548,668
Papa John’s International, Inc.		42,934		3,169,817
Texas Roadhouse, Inc.		49,166		5,520,359
				13,238,844

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—1.3%
Installed Building Products, Inc. (b)		35,079	$	4,916,673
Insurance—2.3%
BRP Group, Inc. - Class A (a)		154,370		3,825,288
Kinsale Capital Group, Inc.		13,579		5,081,262
				8,906,550
IT Services—0.1%
Grid Dynamics Holdings, Inc. (a)		22,890		211,733
Leisure Products—2.0%
Malibu Boats, Inc. - Class A (a)		53,955		3,165,000
Topgolf Callaway Brands Corp. (a)		220,181		4,370,593
				7,535,593
Life Sciences Tools & Services—1.0%
Medpace Holdings, Inc. (a)		15,875		3,812,699
Machinery—4.2%
Albany International Corp. - Class A		55,693		5,195,043
ESCO Technologies, Inc.		32,762		3,395,126
Helios Technologies, Inc.		54,939		3,630,919
RBC Bearings, Inc. (a)		17,498		3,805,290
				16,026,378
Oil, Gas & Consumable Fuels—1.9%
Denbury, Inc. (a)		44,410		3,830,806
Magnolia Oil & Gas Corp. - Class A (b)		157,813		3,298,292
				7,129,098
Personal Care Products—3.9%
BellRing Brands, Inc. (a)		135,756		4,968,669
elf Beauty, Inc. (a)		52,807		6,032,144
Inter Parfums, Inc.		28,634		3,872,176
				14,872,989
Pharmaceuticals—1.3%
Supernus Pharmaceuticals, Inc. (a)		110,927		3,334,465
Ventyx Biosciences, Inc. (a)		48,461		1,589,521
				4,923,986
Professional Services—6.0%
FTI Consulting, Inc. (a)		20,172		3,836,714
Huron Consulting Group, Inc. (a)		46,313		3,932,437
ICF International, Inc.		27,109		3,372,088
KBR, Inc.		118,028		7,678,902
WNS Holdings, Ltd. (ADR) (a)		58,875		4,340,265
				23,160,406
Semiconductors & Semiconductor Equipment—5.5%
MACOM Technology Solutions Holdings, Inc. (a) (b)		84,179		5,516,250
Onto Innovation, Inc. (a)		28,226		3,287,482
Rambus, Inc. (a)		107,663		6,908,735
Silicon Laboratories, Inc. (a)		33,586		5,297,855
				21,010,322
Software—5.0%
Box, Inc. - Class A (a)		135,198		3,972,117
Envestnet, Inc. (a)		31,602		1,875,579
Intapp, Inc. (a)		60,382		2,530,610
Model N, Inc. (a)		66,828		2,363,038
PagerDuty, Inc. (a)		80,555		1,810,876
Tenable Holdings, Inc. (a)		87,131		3,794,555
Varonis Systems, Inc. (a)		103,727		2,764,325
				19,111,100
Specialty Retail—0.9%
Boot Barn Holdings, Inc. (a)		40,786		3,454,166
Technology Hardware, Storage & Peripherals—1.8%
Pure Storage, Inc. - Class A (a)		187,612		6,907,874
Textiles, Apparel & Luxury Goods—1.5%
Columbia Sportswear Co.		35,964		2,777,859
Oxford Industries, Inc.		30,913		3,042,458
				5,820,317
Trading Companies & Distributors—3.4%
Applied Industrial Technologies, Inc.		34,029		4,928,420
McGrath RentCorp		39,687		3,670,254
SiteOne Landscape Supply, Inc. (a)		26,289		4,399,727
				12,998,401
Total Common Stocks (Cost $304,307,911)				368,793,270
Short-Term Investment—3.5%
Repurchase Agreement—3.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $13,378,143; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $13,643,153.		13,375,580		13,375,580
Total Short-Term Investments (Cost $13,375,580)				13,375,580
Securities Lending Reinvestments (c)—2.9%
Repurchase Agreements—0.9%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $933,386; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $951,654.		932,994		932,994
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $300,127; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $306,768.		300,000		300,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $200,197; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $204,943.		200,000	$	200,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $29,103; collateralized by various Common Stock with an aggregate market value of $32,341.		29,090		29,090
Societe Generale Repurchase Agreement dated 06/30/23 at 5.160%, due on 07/03/23 with a maturity value of $250,108; collateralized by various Common Stock with an aggregate market value of $278,434.		250,000		250,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $300,302; collateralized by various Common Stock with an aggregate market value of $334,121.		300,000		300,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $1,400,601; collateralized by various Common Stock with an aggregate market value of $1,540,661.		1,400,000		1,400,000
				3,412,084
Mutual Funds—2.0%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (d)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (d)		1,200,000		1,200,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (d)		1,200,000		1,200,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (d)		1,000,000		1,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030% (d)		1,200,000		1,200,000
STIT-Government & Agency Portfolio, Institutional Class 5.050% (d)		1,000,000		1,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (d)		1,000,000		1,000,000
				7,600,000
Total Securities Lending Reinvestments (Cost $11,012,084)				11,012,084
Total Investments—102.9% (Cost $328,695,575)				393,180,934
Other assets and liabilities (net)—(2.9)%				(11,250,435	)
Net Assets—100.0%			$	381,930,499

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $25,038,557 and the collateral received consisted of cash in the amount of $11,012,084 and non-cash collateral with a value of $14,406,817. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2023.

(d) The rate shown represents the annualized seven-day yield as of June��30, 2023.

Glossary of Abbreviations

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	368,793,270	$	—		$	—	$	368,793,270
Total Short-Term Investment*		—		13,375,580			—		13,375,580
Securities Lending Reinvestments
Repurchase Agreements		—		3,412,084			—		3,412,084
Mutual Funds		7,600,000		—			—		7,600,000
Total Securities Lending Reinvestments		7,600,000		3,412,084			—		11,012,084
Total Investments	$	376,393,270	$	16,787,664		$	—	$	393,180,934
Collateral for Securities Loaned (Liability)	$	—	$	(11,012,084	)	$	—	$	(11,012,084	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	393,180,934
Receivable for:
Investments sold		971,446
Fund shares sold		163,866
Dividends and interest		71,550
Prepaid expenses		2,965
Total Assets		394,390,761
Liabilities
Collateral for securities loaned		11,012,084
Payables for:
Investments purchased		876,416
Fund shares redeemed		87,090
Accrued Expenses:
Management fees		246,010
Distribution and service fees		10,815
Deferred trustees’ fees		154,342
Other expenses		73,505
Total Liabilities		12,460,262
Net Assets	$	381,930,499
Net Assets Consist of:
Paid in surplus	$	311,727,235
Distributable earnings (Accumulated losses)		70,203,264
Net Assets	$	381,930,499
Net Assets
Class A	$	325,699,593
Class B		50,524,225
Class E		5,706,681
Capital Shares Outstanding*
Class A		31,406,788
Class B		5,811,884
Class E		606,427
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.37
Class B		8.69
Class E		9.41

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $328,695,575.
(b)	Includes securities loaned at value of $25,038,557.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	729,499
Interest		101,162
Securities lending income		2,572
Total investment income		833,233
Expenses
Management fees		1,657,871
Administration fees		14,346
Custodian and accounting fees		20,541
Distribution and service fees—Class B		61,542
Distribution and service fees—Class E		4,160
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		12,031
Insurance		1,577
Miscellaneous		5,556
Total expenses		1,839,891
Less management fee waiver		(174,290	)
Less broker commission recapture		(8,700	)
Net expenses		1,656,901
Net Investment Loss		(823,668	)
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		7,960,007
Net change in unrealized appreciation on investments		26,375,216
Net realized and unrealized gain (loss)		34,335,223
Net Increase (Decrease) in Net Assets From Operations	$	33,511,555

(a) Net of foreign withholding taxes of $3,513.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(823,668	)	$	(1,833,453	)
Net realized gain (loss)		7,960,007			(1,101,671	)
Net change in unrealized appreciation (depreciation)		26,375,216			(111,073,732	)
Increase (decrease) in net assets from operations		33,511,555			(114,008,856	)
From Distributions to Shareholders
Class A		0			(74,072,817	)
Class B		0			(13,229,310	)
Class E		0			(1,375,802	)
From Return of Capital
Class A		0			(149,537	)
Class B		0			(26,707	)
Class E		0			(2,777	)
Total distributions		0			(88,856,950	)
Increase (decrease) in net assets from capital share transactions		(17,074,812	)		74,461,907
Total increase (decrease) in net assets		16,436,743			(128,403,899	)
Net Assets
Beginning of period		365,493,756			493,897,655
End of period	$	381,930,499		$	365,493,756

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		145,638		$	1,454,667			1,414,103		$	18,099,302
Reinvestments		0			0			8,580,619			74,222,354
Redemptions		(1,542,969	)		(15,778,654	)		(2,731,996	)		(26,967,419	)
Net increase (decrease)		(1,397,331	)	$	(14,323,987	)		7,262,726		$	65,354,237
Class B
Sales		97,745		$	811,460			292,625		$	2,945,876
Reinvestments		0			0			1,823,386			13,256,017
Redemptions		(398,713	)		(3,318,055	)		(856,180	)		(7,817,104	)
Net increase (decrease)		(300,968	)	$	(2,506,595	)		1,259,831		$	8,384,789
Class E
Sales		5,986		$	53,608			22,367		$	221,029
Reinvestments		0			0			175,392			1,378,579
Redemptions		(33,493	)		(297,838	)		(85,815	)		(876,727	)
Net increase (decrease)		(27,507	)	$	(244,230	)		111,944		$	722,881
Increase (decrease) derived from capital shares transactions				$	(17,074,812	)				$	74,461,907

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.49		$	16.30		$	16.31		$	14.03		$	13.19		$	14.98
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.05	)		(0.09	)		(0.07	)		(0.06	)		(0.01	)
Net realized and unrealized gain (loss)		0.90			(3.96	)		1.65			4.16			3.41			0.43
Total income (loss) from investment operations		0.88			(4.01	)		1.56			4.09			3.35			0.42
Less Distributions
Distributions from net realized capital gains		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)		(2.21	)
Distributions from return of capital		0.00			(0.00	)(b)		0.00			0.00			0.00			0.00
Total distributions		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)		(2.21	)
Net Asset Value, End of Period	$	10.37		$	9.49		$	16.30		$	16.31		$	14.03		$	13.19
Total Return (%) (c)		9.27	(d)		(22.96	)		10.00			34.34			26.88			0.55
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96	(e)		0.95			0.95			0.97			0.98			0.96
Net ratio of expenses to average net assets (%) (f)		0.87	(e)		0.86			0.86			0.88			0.89			0.88
Ratio of net investment income (loss) to average net assets (%)		(0.41	) (e)		(0.43	)		(0.57	)		(0.52	)		(0.45	)		(0.09	)
Portfolio turnover rate (%)		15	(d)		33			44			57			47			44
Net assets, end of period (in millions)	$	325.7		$	311.3		$	416.3		$	428.9		$	283.4		$	240.4
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.97		$	14.35		$	14.57		$	12.76		$	12.22		$	14.05
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.06	)		(0.12	)		(0.09	)		(0.09	)		(0.05	)
Net realized and unrealized gain (loss)		0.75			(3.52	)		1.47			3.71			3.14			0.43
Total income (loss) from investment operations		0.72			(3.58	)		1.35			3.62			3.05			0.38
Less Distributions
Distributions from net realized capital gains		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)		(2.21	)
Distributions from return of capital		0.00			(0.00	) (b)		0.00			0.00			0.00			0.00
Total distributions		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)		(2.21	)
Net Asset Value, End of Period	$	8.69		$	7.97		$	14.35		$	14.57		$	12.76		$	12.22
Total Return (%) (c)		9.03	(d)		(23.10	)		9.74			34.04			26.51			0.28
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.21	(e)		1.20			1.20			1.22			1.23			1.21
Net ratio of expenses to average net assets (%) (f)		1.12	(e)		1.11			1.11			1.13			1.14			1.13
Ratio of net investment income (loss) to average net assets (%)		(0.66	) (e)		(0.68	)		(0.81	)		(0.78	)		(0.70	)		(0.33	)
Portfolio turnover rate (%)		15	(d)		33			44			57			47			44
Net assets, end of period (in millions)	$	50.5		$	48.7		$	69.6		$	73.3		$	63.8		$	57.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data

	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.62		$	15.19		$	15.32		$	13.31		$	12.64		$	14.45
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.06	)		(0.11	)		(0.08	)		(0.08	)		(0.03	)
Net realized and unrealized gain (loss)		0.82			(3.71	)		1.55			3.90			3.26			0.43
Total income (loss) from investment operations		0.79			(3.77	)		1.44			3.82			3.18			0.40
Less Distributions
Distributions from net realized capital gains		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)		(2.21	)
Distributions from return of capital		0.00			(0.00	) (b)		0.00			0.00			0.00			0.00
Total distributions		0.00			(2.80	)		(1.57	)		(1.81	)		(2.51	)		(2.21	)
Net Asset Value, End of Period	$	9.41		$	8.62		$	15.19		$	15.32		$	13.31		$	12.64
Total Return (%) (c)		9.16	(d)		(23.07	)		9.86			34.15			26.68			0.43
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11	(e)		1.10			1.10			1.12			1.13			1.11
Net ratio of expenses to average net assets (%) (f)		1.02	(e)		1.01			1.01			1.03			1.04			1.03
Ratio of net investment income (loss) to average net assets (%)		(0.56	) (e)		(0.58	)		(0.70	)		(0.68	)		(0.60	)		(0.22	)
Portfolio turnover rate (%)		15	(d)		33			44			57			47			44
Net assets, end of period (in millions)	$	5.7		$	5.5		$	7.9		$	8.4		$	7.4		$	7.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from return of capital were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primary due to net operating losses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $13,375,580. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $3,412,084. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

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

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

BHFTII-16

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	55,482,074	$	0	$	77,962,564

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$1,657,871		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.080%	On the first $100 million
0.100%	On the next $400 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares

BHFTII-17

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	329,085,189
Gross unrealized appreciation		77,844,782
Gross unrealized (depreciation)		(13,749,037	)
Net unrealized appreciation (depreciation)	$	64,095,745

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2022	2021		2022		2021		2022		2021		2022		2021
$—	$	—	$	88,677,929	$	46,159,211	$	179,021	$	—	$	88,856,950	$	46,159,211

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$—	$	—	$	37,720,529	$	(876,269	)	$	36,844,260

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $876,269.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-18

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-19

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B, E and G shares of the MetLife Aggregate Bond Index Portfolio returned 1.99%, 1.86%, 1.94%, and 1.84%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned 2.09%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. fixed income market performed moderately well in the first half of 2023 as the Federal Reserve Bank’s (the “Fed”) monetary tightening policy decreased inflation. Gross domestic product expanded at a modest pace during the period as the labor market remained strong with the unemployment rate at 3.5%. The U.S. inflation rate decreased from 7.1% to 4.0% over the period but remained above the Fed’s target rate of 2%. In March, the Fed’s most aggressive tightening policy since the 1980’s created volatility in the regional banking sector. The sector stabilized in May as deposit outflows from small and mid-sized banks slowed dramatically, reflecting a lower probability of solvency concerns. Financial markets were also strained in May as Congress debated whether to increase the federal debt ceiling limit. After weeks of a congressional stalemate, a last-minute agreement was reached to raise the debt limit in exchange for future budget cuts. The public debate disrupted the ultra-short Treasury Bill market, increasing rates from 4.37% to 5.30%, for U.S. debentures expected to mature within three months.

The Federal Open Market Committee (the “FOMC”) increased the federal funds target rate by 0.25% in February, March and May, to a target range of 5.00%—5.25%. The FOMC maintained the current range at the June meeting, marking the first time that rates had not been increased since March 2022, when the target range was 0.00%—0.25%. Additionally, the Fed continued to unwind its asset purchase program. The FOMC stated it remained committed to restoring inflation to its long-term target and additional policy firming may be appropriate, though the committee noted it will consider the impact of financial conditions on the economy.

In June, U.S. Treasury rates ended substantially higher in the front-end. 2-year rates increased 0.48% to 4.88%, while the rest of the curve increased more modestly. 5-year rates increased 0.17% to 4.13%, 10-year rates declined 0.01% to 3.82% and the 30-year declined by 0.8% to 3.85%. The front end of the curve steepened dramatically as the difference between the 2-year and 10-year Treasury yield widened 0.49%, whereas the 10-year and 30-year Treasury yield difference widened only 0.07%.

The Bloomberg U.S. Aggregate Bond Index returned 2.09% during the first six months of 2023. The best performing sector was Corporates, returning 3.21%. Commercial Mortgage-Backed Securities (“CMBS”) and Treasuries were the worst performing sectors, returning 1.20% and 1.59%, respectively. Option-adjusted spreads widened the most in the CMBS sector, by 0.15%, whereas Corporates tightened 0.08%. Option-adjusted spreads for the Index tightened by 0.02% to end the quarter at 0.49%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling approach where the objective is to track the performance of the Index by holding a subset of Index constituents and neutralizing exposures across key characteristics (i.e., duration, term structure, high sector, sub-sector, quality). Factors that impact tracking error include sampling, transaction costs, and contributions and withdrawals.

Stacey Lituchy

Jason Chapin

Brian Leonard

Portfolio Managers

MetLife Investment Management, LLC

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

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

BHFTII-1

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
MetLife Aggregate Bond Index Portfolio
Class A		1.99		-1.09		0.55		1.29
Class B		1.86		-1.39		0.29		1.04
Class E		1.94		-1.26		0.40		1.14
Class G		1.84		-1.43		0.25		0.99
Bloomberg U.S. Aggregate Bond Index		2.09		-0.94		0.77		1.52

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		41.7
Agency Mortgage-Backed Securities		27.5
Corporate Bonds & Notes		26.0
Foreign Government		1.6
Non-Agency Mortgage-Backed Securities		0.9
Municipals		0.6
Asset-Backed Securities		0.4

BHFTII-2

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Aggregate Bond Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.28	%	$	1,000.00	$	1,019.90	$	1.40
	Hypothetical*		0.28	%	$	1,000.00	$	1,023.41	$	1.40
Class B (a)	Actual		0.53	%	$	1,000.00	$	1,018.60	$	2.65
	Hypothetical*		0.53	%	$	1,000.00	$	1,022.17	$	2.66
Class E (a)	Actual		0.43	%	$	1,000.00	$	1,019.40	$	2.15
	Hypothetical*		0.43	%	$	1,000.00	$	1,022.66	$	2.16
Class G (a)	Actual		0.58	%	$	1,000.00	$	1,018.40	$	2.90
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91

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

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

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—69.2% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—27.5%
Fannie Mae 15 Yr. Pool
1.500%, 04/01/36		1,519,606	$	1,310,508
1.500%, 05/01/36		3,869,815		3,337,329
1.500%, 09/01/36		1,658,736		1,430,494
1.500%, 11/01/36		2,565,167		2,212,200
2.000%, 11/01/35		8,131,182		7,219,059
2.000%, 12/01/35		1,264,367		1,122,535
2.000%, 09/01/36		4,009,689		3,554,711
2.000%, 12/01/36		2,536,748		2,248,904
2.000%, 02/01/37		862,191		764,359
2.500%, 12/01/27		626,000		593,808
2.500%, 02/01/28		571,917		541,410
2.500%, 07/01/28		371,489		347,116
2.500%, 10/01/28		645,138		602,812
2.500%, 03/01/30		690,619		641,795
2.500%, 09/01/31		1,231,778		1,141,946
2.500%, 01/01/32		385,997		357,847
2.500%, 04/01/32		908,051		841,783
2.500%, 09/01/32		216,507		200,736
2.500%, 12/01/34		715,122		655,949
2.500%, 09/01/35		693,147		634,064
3.000%, 01/01/27		174,300		167,589
3.000%, 02/01/27		296,361		284,770
3.000%, 03/01/27		147,455		141,490
3.000%, 01/01/29		1,102,815		1,047,139
3.000%, 10/01/29		446,578		424,333
3.000%, 06/01/30		537,522		510,308
3.000%, 02/01/33		614,440		579,687
3.000%, 01/01/36		736,575		690,265
3.500%, 02/01/26		197,211		191,763
3.500%, 03/01/26		130,584		126,843
3.500%, 05/01/29		461,032		442,975
3.500%, 08/01/32		160,112		153,594
3.500%, 03/01/34		236,229		225,929
4.000%, 06/01/24		8,453		8,347
4.000%, 11/01/24		69,420		68,324
4.500%, 08/01/24		21,512		21,251
4.500%, 06/01/25		60,382		59,428
5.000%, 02/01/24		72		71
Fannie Mae 20 Yr. Pool
2.000%, 02/01/41		2,300,129		1,952,436
2.000%, 06/01/41		2,080,877		1,767,524
2.500%, 02/01/41		1,704,678		1,498,393
3.000%, 02/01/33		493,955		463,074
3.000%, 08/01/35		597,383		553,777
3.000%, 05/01/36		690,744		639,968
3.500%, 04/01/32		383,288		365,875
3.500%, 09/01/35		537,831		509,461
3.500%, 07/01/38		388,431		366,835
4.000%, 02/01/31		164,978		160,481
4.000%, 03/01/38		357,863		346,283
4.500%, 08/01/30		94,309		92,869
5.000%, 02/01/24		2,427		2,409
5.000%, 09/01/25		15,446		15,241
5.500%, 01/01/24		1,448		1,440
5.500%, 07/01/24		8,489		8,425
5.500%, 07/01/25		17,489		17,326
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
1.500%, 03/01/51		3,419,506		2,655,158
1.500%, 04/01/51		4,339,759		3,369,266
1.500%, 10/01/51		913,582		708,718
2.000%, 10/01/50		9,548,618		7,821,212
2.000%, 11/01/50		7,519,405		6,158,164
2.000%, 12/01/50		3,829,717		3,135,947
2.000%, 01/01/51		9,410,878		7,704,890
2.000%, 02/01/51		3,974,577		3,253,580
2.000%, 04/01/51		8,332,259		6,811,832
2.000%, 05/01/51		4,249,125		3,473,240
2.000%, 06/01/51		5,177,630		4,231,559
2.000%, 09/01/51		4,461,009		3,644,220
2.000%, 10/01/51		3,598,432		2,936,302
2.000%, 11/01/51		1,818,258		1,483,325
2.000%, 12/01/51		4,582,476		3,741,742
2.000%, 01/01/52		1,383,133		1,127,621
2.500%, 01/01/50		955,258		818,097
2.500%, 03/01/50		880,170		750,201
2.500%, 05/01/50		2,122,638		1,808,874
2.500%, 07/01/50		3,444,937		2,935,180
2.500%, 08/01/50		6,181,212		5,266,082
2.500%, 09/01/50		5,000,183		4,259,518
2.500%, 11/01/50		1,226,349		1,044,503
2.500%, 12/01/50		1,908,062		1,624,982
2.500%, 01/01/51		1,974,252		1,681,200
2.500%, 02/01/51		982,977		836,990
2.500%, 05/01/51		3,103,246		2,634,045
2.500%, 07/01/51		4,117,969		3,495,026
2.500%, 08/01/51		2,089,283		1,773,147
2.500%, 09/01/51		6,816,503		5,784,814
2.500%, 10/01/51		5,206,096		4,417,943
2.500%, 12/01/51		6,279,727		5,328,550
2.500%, 02/01/52		4,135,509		3,508,792
2.500%, 03/01/52		925,508		784,390
3.000%, 08/01/42		687,780		621,780
3.000%, 09/01/42		582,110		526,250
3.000%, 11/01/42		901,552		815,039
3.000%, 12/01/42		626,440		566,327
3.000%, 01/01/43		438,975		396,851
3.000%, 03/01/43		876,637		792,438
3.000%, 07/01/43		888,769		803,405
3.000%, 09/01/43		520,555		470,557
3.000%, 05/01/45		1,216,977		1,091,963
3.000%, 05/01/46		689,565		617,148
3.000%, 06/01/46		955,360		855,029
3.000%, 08/01/46		1,023,038		915,600
3.000%, 02/01/47		1,427,074		1,275,402
3.000%, 11/01/49		638,144		566,684
3.000%, 12/01/49		1,148,137		1,019,567
3.000%, 01/01/50		1,199,350		1,065,046
3.000%, 02/01/50		584,961		519,456
3.000%, 05/01/50		2,392,644		2,122,170
3.000%, 07/01/50		890,255		789,411
3.000%, 08/01/50		3,623,378		3,212,517
3.000%, 11/01/51		2,497,266		2,206,122

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.000%, 04/01/52		3,732,547	$	3,288,584
3.000%, 05/01/52		2,365,256		2,081,466
3.000%, 06/01/52		3,332,618		2,935,449
3.500%, 12/01/40		412,751		385,553
3.500%, 03/01/42		383,659		358,409
3.500%, 05/01/42		723,685		676,057
3.500%, 06/01/42		501,360		468,364
3.500%, 08/01/42		309,973		289,573
3.500%, 09/01/42		1,319,539		1,232,697
3.500%, 01/01/43		495,815		463,184
3.500%, 06/01/43		617,923		573,540
3.500%, 08/01/44		663,899		616,015
3.500%, 02/01/45		726,074		673,705
3.500%, 03/01/45		797,238		739,472
3.500%, 04/01/45		445,223		412,962
3.500%, 09/01/45		621,743		576,693
3.500%, 11/01/45		627,981		582,478
3.500%, 01/01/46		770,003		714,210
3.500%, 03/01/46		715,851		660,938
3.500%, 05/01/46		507,875		468,916
3.500%, 11/01/47		1,183,040		1,091,777
3.500%, 02/01/49		233,334		215,314
3.500%, 08/01/49		272,148		250,572
3.500%, 10/01/49		568,748		523,659
3.500%, 01/01/50		372,818		343,262
3.500%, 02/01/50		185,634		170,917
3.500%, 05/01/50		858,796		789,604
3.500%, 04/01/52		3,713,927		3,385,150
3.500%, 06/01/52		946,015		862,122
3.500%, 08/01/52		3,852,911		3,510,635
4.000%, 08/01/39		276,743		265,765
4.000%, 09/01/39		235,184		225,854
4.000%, 12/01/39		280,939		269,794
4.000%, 06/01/40		283,068		271,885
4.000%, 09/01/40		178,014		170,981
4.000%, 12/01/40		1,528,881		1,468,478
4.000%, 01/01/41		678,406		651,604
4.000%, 12/01/41		270,055		259,233
4.000%, 02/01/42		376,421		361,336
4.000%, 09/01/43		501,647		481,312
4.000%, 05/01/44		525,388		503,521
4.000%, 08/01/44		937,992		898,952
4.000%, 10/01/44		284,093		272,269
4.000%, 11/01/44		733,480		699,076
4.000%, 01/01/45		641,902		615,186
4.000%, 03/01/45		424,815		406,967
4.000%, 10/01/45		591,344		566,501
4.000%, 03/01/47		175,881		167,439
4.000%, 05/01/47		190,246		181,115
4.000%, 06/01/47		1,315,647		1,252,500
4.000%, 07/01/47		309,220		294,379
4.000%, 10/01/47		457,961		435,980
4.000%, 05/01/48		517,886		492,694
4.000%, 06/01/48		438,517		417,186
4.000%, 07/01/48		329,096		313,087
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 09/01/48		158,524		150,813
4.000%, 10/01/48		247,365		235,332
4.000%, 11/01/48		305,639		290,772
4.000%, 04/01/49		508,888		482,583
4.000%, 02/01/50		537,017		509,258
4.000%, 03/01/50		584,051		553,861
4.000%, 09/01/50		449,535		426,326
4.000%, 07/01/52		3,099,207		2,907,274
4.000%, 09/01/52		3,841,036		3,603,161
4.000%, 11/01/52		1,455,030		1,364,921
4.500%, 08/01/33		45,572		44,857
4.500%, 10/01/33		57,087		56,191
4.500%, 04/01/34		47,974		47,227
4.500%, 01/01/39		8,193		8,093
4.500%, 07/01/39		419,577		414,135
4.500%, 09/01/39		512,611		505,963
4.500%, 10/01/39		287,121		283,397
4.500%, 05/01/40		406,229		401,185
4.500%, 08/01/40		454,148		448,065
4.500%, 11/01/40		257,933		254,478
4.500%, 12/01/40		571,202		563,551
4.500%, 04/01/41		1,524,856		1,503,823
4.500%, 05/01/41		304,906		300,630
4.500%, 03/01/44		215,637		212,144
4.500%, 08/01/47		444,938		435,322
4.500%, 10/01/48		221,536		216,204
4.500%, 12/01/48		290,849		283,849
4.500%, 08/01/52		1,885,556		1,812,239
4.500%, 09/01/52		2,855,086		2,744,072
4.500%, 10/01/52		1,914,324		1,839,889
4.500%, 11/01/52		3,374,106		3,242,910
5.000%, 07/01/33		35,183		35,098
5.000%, 08/01/33		153,686		153,316
5.000%, 09/01/33		51,272		51,148
5.000%, 10/01/33		513,125		511,890
5.000%, 03/01/34		63,975		63,821
5.000%, 04/01/34		119,548		119,352
5.000%, 05/01/34		23,575		23,557
5.000%, 09/01/34		98,840		98,761
5.000%, 02/01/35		41,157		41,124
5.000%, 04/01/35		12,057		12,073
5.000%, 05/01/35		14,021		14,039
5.000%, 11/01/35		40,631		40,683
5.000%, 03/01/36		141,881		142,063
5.000%, 07/01/37		109,998		110,624
5.000%, 01/01/39		109,999		110,625
5.000%, 04/01/40		329,040		331,579
5.000%, 07/01/41		205,213		206,819
5.000%, 04/01/49		346,075		344,038
5.000%, 10/01/52		1,894,003		1,855,395
5.000%, 11/01/52		1,442,043		1,412,648
5.000%, 12/01/52		3,861,029		3,782,324
5.000%, 05/01/53		1,980,477		1,939,855
5.000%, 07/01/53		3,500,000		3,428,211
5.500%, 10/01/32		9,690		9,822

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.500%, 02/01/33		25,528	$	25,878
5.500%, 08/01/33		66,510		67,438
5.500%, 10/01/33		36,618		37,130
5.500%, 12/01/33		171,475		173,869
5.500%, 02/01/34		28,774		29,250
5.500%, 03/01/34		20,546		20,887
5.500%, 04/01/34		12,193		12,395
5.500%, 09/01/34		53,777		54,668
5.500%, 12/01/34		36,679		37,287
5.500%, 01/01/35		39,287		39,938
5.500%, 04/01/35		7,559		7,723
5.500%, 06/01/35		39,971		40,840
5.500%, 01/01/37		49,432		50,693
5.500%, 05/01/37		34,812		35,711
5.500%, 05/01/38		26,696		27,455
5.500%, 06/01/38		25,268		25,986
5.500%, 12/01/52		1,906,973		1,897,797
5.500%, 01/01/53		1,912,683		1,903,479
5.500%, 03/01/53		961,711		957,032
5.500%, 04/01/53		976,097		971,348
5.500%, 05/01/53		1,973,957		1,964,354
5.500%, 07/01/53		4,000,000		3,980,750
6.000%, 11/01/28		138		141
6.000%, 12/01/28		204		208
6.000%, 06/01/31		22,120		22,793
6.000%, 09/01/32		23,280		24,188
6.000%, 01/01/33		4,446		4,619
6.000%, 02/01/33		29,667		30,824
6.000%, 03/01/33		19,891		20,699
6.000%, 04/01/33		62,098		64,622
6.000%, 05/01/33		62,509		65,050
6.000%, 05/01/34		54,290		56,604
6.000%, 09/01/34		52,262		54,490
6.000%, 01/01/35		28,642		29,862
6.000%, 07/01/36		9,316		9,777
6.000%, 09/01/36		38,263		40,159
6.000%, 07/01/37		35,926		37,803
6.000%, 08/01/37		59,809		62,935
6.000%, 10/01/37		39,287		41,340
6.000%, 12/01/38		40,755		42,888
6.000%, 04/01/53		2,890,586		2,915,500
6.000%, 05/01/53		983,815		992,295
6.000%, 07/01/53		2,000,000		2,017,264
6.500%, 05/01/28		7,967		8,286
6.500%, 12/01/28		35,647		37,073
6.500%, 03/01/29		968		1,007
6.500%, 04/01/29		6,472		6,733
6.500%, 05/01/29		214		222
6.500%, 08/01/29		327		340
6.500%, 05/01/30		8,491		8,833
6.500%, 09/01/31		2,731		2,841
6.500%, 06/01/32		6,079		6,324
6.500%, 10/01/33		11,873		12,365
6.500%, 10/01/34		80,600		83,941
6.500%, 10/01/37		12,243		12,976
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
7.000%, 06/01/26		112		113
7.000%, 06/01/28		3,704		3,728
7.000%, 10/01/29		1,700		1,753
7.000%, 06/01/32		19,353		20,225
7.000%, 10/01/37		56,510		60,911
7.500%, 09/01/25		578		582
7.500%, 06/01/26		634		640
7.500%, 07/01/29		2,040		2,104
7.500%, 10/01/29		1,446		1,469
8.000%, 11/01/29		26		28
8.000%, 05/01/30		10,808		11,175
8.000%, 11/01/30		320		332
8.000%, 01/01/31		494		508
8.000%, 02/01/31		1,253		1,325
Fannie Mae-ACES
1.610%, 03/25/31		962,219		879,023
2.190%, 01/25/30		1,435,000		1,240,243
Freddie Mac 15 Yr. Gold Pool
2.500%, 12/01/27		222,058		210,655
2.500%, 04/01/28		436,711		408,571
2.500%, 12/01/29		631,415		588,661
2.500%, 01/01/31		934,081		869,145
2.500%, 01/01/32		1,620,800		1,506,552
3.000%, 03/01/27		174,768		168,028
3.000%, 05/01/27		243,662		233,959
3.000%, 11/01/28		368,465		350,297
3.000%, 05/01/31		828,117		785,454
3.500%, 12/01/25		127,362		124,215
3.500%, 05/01/26		47,007		45,737
3.500%, 09/01/30		655,292		630,274
4.000%, 05/01/25		49,400		48,507
4.000%, 08/01/25		25,660		25,156
4.000%, 10/01/25		51,830		50,714
5.500%, 01/01/24		778		775
Freddie Mac 15 Yr. Pool
1.500%, 03/01/36		1,471,336		1,268,889
1.500%, 05/01/36		3,859,463		3,328,424
2.000%, 10/01/35		2,283,679		2,027,544
2.000%, 11/01/35		1,804,189		1,601,833
2.000%, 06/01/36		758,925		672,821
2.500%, 08/01/35		1,173,208		1,073,178
3.000%, 10/01/32		418,936		395,235
3.000%, 03/01/35		685,139		642,346
Freddie Mac 20 Yr. Gold Pool
3.000%, 04/01/33		782,880		734,041
3.000%, 02/01/37		861,708		799,252
3.500%, 04/01/32		465,406		444,759
4.000%, 01/01/31		180,323		175,604
4.000%, 08/01/31		199,431		194,115
4.500%, 05/01/29		40,484		39,651
5.000%, 03/01/27		16,089		15,881
Freddie Mac 20 Yr. Pool
1.500%, 01/01/42		2,737,328		2,223,732
2.000%, 03/01/41		1,955,359		1,662,334
2.000%, 12/01/41		2,664,242		2,259,418
2.500%, 02/01/41		1,446,036		1,271,633

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
3.000%, 10/01/42		898,090	$	812,851
3.000%, 01/01/43		668,798		605,321
3.000%, 03/01/43		598,951		542,103
3.000%, 04/01/43		1,383,808		1,252,322
3.000%, 06/01/43		943,658		854,000
3.000%, 06/01/45		974,994		873,436
3.000%, 06/01/46		962,919		862,833
3.000%, 11/01/46		1,081,094		966,194
3.000%, 01/01/47		1,912,586		1,713,867
3.500%, 01/01/42		306,219		286,393
3.500%, 03/01/42		279,168		261,090
3.500%, 02/01/43		486,063		454,587
3.500%, 05/01/43		736,500		688,347
3.500%, 06/01/43		402,898		376,556
3.500%, 06/01/44		345,202		320,663
3.500%, 10/01/44		446,648		414,897
3.500%, 12/01/44		528,140		490,597
3.500%, 05/01/45		686,395		637,408
3.500%, 11/01/45		666,888		619,294
3.500%, 12/01/45		411,546		382,175
3.500%, 03/01/46		1,176,423		1,090,152
3.500%, 06/01/47		543,453		502,112
3.500%, 08/01/47		348,650		322,128
3.500%, 11/01/47		467,852		432,262
4.000%, 06/01/39		180,659		173,681
4.000%, 12/01/39		343,875		330,592
4.000%, 11/01/40		248,332		238,783
4.000%, 04/01/41		295,058		283,552
4.000%, 09/01/41		256,364		246,367
4.000%, 10/01/41		695,676		668,549
4.000%, 11/01/41		230,439		221,454
4.000%, 07/01/44		567,869		544,867
4.000%, 10/01/44		438,166		420,418
4.000%, 07/01/45		687,381		659,262
4.000%, 01/01/46		633,834		607,905
4.000%, 02/01/46		360,205		345,470
4.000%, 06/01/47		571,827		544,995
4.000%, 10/01/47		305,992		291,634
4.000%, 11/01/47		289,555		275,968
4.000%, 03/01/48		460,459		438,853
4.000%, 05/01/48		211,604		201,544
4.000%, 10/01/48		232,872		221,801
4.000%, 11/01/48		281,316		267,942
4.000%, 01/01/49		166,598		158,678
4.500%, 10/01/35		97,934		96,528
4.500%, 06/01/38		142,087		140,046
4.500%, 02/01/39		85,035		83,999
4.500%, 03/01/39		119,651		118,237
4.500%, 04/01/39		131,668		130,112
4.500%, 09/01/39		160,264		158,370
4.500%, 10/01/39		376,912		372,457
4.500%, 11/01/39		108,157		106,878
4.500%, 01/01/40		117,924		116,530
4.500%, 05/01/40		154,355		152,464
4.500%, 11/01/40		223,168		220,434
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
4.500%, 02/01/41		47,803		47,186
4.500%, 05/01/41		158,390		156,348
4.500%, 06/01/41		97,438		96,182
4.500%, 12/01/43		191,345		188,762
4.500%, 12/01/45		272,875		268,767
4.500%, 08/01/47		414,167		405,679
4.500%, 08/01/48		165,690		161,880
4.500%, 10/01/48		295,315		288,524
4.500%, 12/01/48		190,256		185,881
5.000%, 10/01/33		153,135		152,944
5.000%, 03/01/34		24,422		24,431
5.000%, 08/01/35		146,185		146,544
5.000%, 09/01/35		40,195		40,294
5.000%, 10/01/35		7,081		7,099
5.000%, 01/01/36		122,659		122,960
5.000%, 04/01/38		69,235		69,775
5.000%, 11/01/39		334,511		337,405
5.000%, 05/01/40		381,139		384,523
5.500%, 06/01/34		31,599		32,159
5.500%, 10/01/35		46,489		47,554
5.500%, 01/01/36		74,640		76,351
5.500%, 12/01/37		91,891		94,337
5.500%, 04/01/38		38,825		39,975
5.500%, 07/01/38		50,867		52,373
6.000%, 11/01/28		1,369		1,400
6.000%, 12/01/28		1,105		1,130
6.000%, 04/01/29		619		633
6.000%, 06/01/31		921		950
6.000%, 07/01/31		178		184
6.000%, 09/01/31		30,157		31,110
6.000%, 11/01/32		6,099		6,343
6.000%, 11/01/35		29,074		30,383
6.000%, 02/01/36		36,671		38,321
6.000%, 08/01/36		15,666		16,461
6.000%, 01/01/37		20,810		21,866
6.500%, 02/01/30		3,028		3,152
6.500%, 08/01/31		2,291		2,386
6.500%, 11/01/31		4,822		5,022
6.500%, 03/01/32		91,046		94,839
6.500%, 04/01/32		70,036		72,954
6.500%, 11/01/37		28,726		30,477
7.000%, 12/01/27		284		288
7.000%, 11/01/28		434		445
7.000%, 04/01/29		883		911
7.000%, 05/01/29		197		199
7.000%, 07/01/29		115		116
7.000%, 01/01/31		28,971		29,521
7.500%, 10/01/27		1,835		1,874
7.500%, 10/01/29		2,659		2,778
7.500%, 05/01/30		4,007		4,146
8.000%, 02/01/27		596		609
8.000%, 10/01/28		998		1,025
Freddie Mac 30 Yr. Pool
1.500%, 03/01/51		853,051		662,398
1.500%, 04/01/51		4,308,717		3,345,295

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Pool
2.000%, 10/01/50		3,661,397	$	2,998,916
2.000%, 11/01/50		3,779,917		3,095,522
2.000%, 12/01/50		6,180,812		5,059,240
2.000%, 01/01/51		9,407,233		7,701,619
2.000%, 02/01/51		3,962,740		3,243,769
2.000%, 05/01/51		5,466,506		4,468,343
2.000%, 06/01/51		1,722,633		1,407,873
2.000%, 07/01/51		5,239,328		4,281,347
2.000%, 08/01/51		4,316,514		3,526,728
2.000%, 12/01/51		4,578,437		3,733,101
2.500%, 03/01/50		1,567,220		1,335,792
2.500%, 07/01/50		4,108,528		3,502,398
2.500%, 09/01/50		2,839,938		2,419,251
2.500%, 10/01/50		2,299,504		1,958,696
2.500%, 12/01/50		3,163,954		2,694,535
2.500%, 04/01/51		4,207,292		3,571,411
2.500%, 07/01/51		5,792,795		4,916,610
2.500%, 08/01/51		4,052,894		3,439,720
2.500%, 12/01/51		2,245,323		1,905,274
3.000%, 01/01/48		413,666		370,223
3.000%, 09/01/49		923,374		820,015
3.000%, 12/01/49		1,193,345		1,059,767
3.000%, 02/01/50		605,120		537,385
3.000%, 04/01/50		1,076,633		955,064
3.000%, 05/01/50		1,024,487		908,688
3.000%, 07/01/50		906,040		803,198
3.000%, 11/01/50		976,692		865,616
3.500%, 10/01/47		484,001		446,653
3.500%, 04/01/49		322,754		297,164
3.500%, 05/01/49		206,497		190,125
3.500%, 10/01/49		437,080		402,426
3.500%, 03/01/50		594,726		547,573
3.500%, 06/01/50		1,139,142		1,047,020
3.500%, 08/01/50		1,649,157		1,515,535
4.000%, 02/01/49		162,011		154,128
4.000%, 06/01/49		322,578		305,902
4.500%, 01/01/49		161,856		157,957
6.500%, 04/01/53		959,516		979,559
Freddie Mac Multifamily Structured Pass-Through Certificates
2.519%, 07/25/29		2,250,000		2,010,857
2.785%, 06/25/29		1,800,000		1,635,934
3.187%, 09/25/27 (a)		1,265,000		1,193,218
3.194%, 07/25/27		685,000		646,669
3.780%, 10/25/28 (a)		4,000,000		3,837,539
3.920%, 09/25/28 (a)		2,900,000		2,812,882
3.926%, 07/25/28 (a)		2,500,000		2,428,110
Ginnie Mae I 15 Yr. Pool 3.000%, 08/15/28		368,823		350,156
Ginnie Mae I 30 Yr. Pool
3.000%, 11/15/42		623,221		566,919
3.000%, 12/15/42		655,941		593,496
3.000%, 02/15/43		469,575		424,872
3.000%, 03/15/43		522,841		475,703
3.000%, 07/15/43		458,548		417,207
3.500%, 02/15/42		159,071		149,860
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
4.000%, 07/15/39		386,110		372,973
4.000%, 07/15/40		216,494		209,177
4.500%, 01/15/39		79,817		78,977
4.500%, 04/15/39		207,739		205,493
4.500%, 05/15/39		430,983		426,326
4.500%, 08/15/39		160,603		158,838
4.500%, 01/15/40		185,017		183,017
4.500%, 04/15/40		73,712		72,893
4.500%, 02/15/41		50,775		50,211
4.500%, 04/15/41		58,418		57,743
5.000%, 12/15/35		76,030		76,682
5.000%, 12/15/36		17,639		17,601
5.000%, 01/15/39		227,540		228,863
5.000%, 02/15/39		39,250		39,533
5.000%, 08/15/39		243,125		244,837
5.000%, 09/15/39		38,933		39,204
5.000%, 12/15/39		169,543		170,956
5.000%, 05/15/40		134,873		135,873
5.500%, 03/15/36		45,559		46,233
5.500%, 09/15/38		17,837		18,077
5.500%, 08/15/39		56,254		58,040
6.000%, 01/15/29		834		839
6.000%, 01/15/33		61,090		62,989
6.000%, 03/15/35		43,176		44,944
6.000%, 12/15/35		44,193		45,793
6.000%, 09/15/36		36,813		38,143
6.000%, 07/15/38		101,670		106,643
6.500%, 02/15/27		3,514		3,522
6.500%, 07/15/28		1,172		1,178
6.500%, 08/15/28		2,823		2,856
6.500%, 11/15/28		1,363		1,387
6.500%, 12/15/28		3,551		3,591
6.500%, 07/15/29		1,193		1,206
6.500%, 05/15/36		77,975		81,864
7.000%, 01/15/28		500		511
7.000%, 05/15/28		2,575		2,600
7.000%, 06/15/28		2,721		2,775
7.000%, 10/15/28		2,967		3,020
7.000%, 09/15/29		51		51
7.000%, 01/15/31		865		878
7.000%, 03/15/31		197		199
7.000%, 08/15/31		23,372		24,523
7.000%, 07/15/32		9,524		10,024
8.000%, 08/15/26		449		456
8.000%, 09/15/26		547		547
Ginnie Mae II 30 Yr. Pool
2.000%, 11/20/50		4,222,591		3,565,357
2.000%, 01/20/51		2,196,367		1,850,869
2.000%, 03/20/51		3,792,988		3,196,204
2.000%, 04/20/51		3,882,068		3,270,308
2.000%, 05/20/51		8,722,845		7,346,090
2.000%, 06/20/51		2,008,145		1,690,696
2.000%, 10/20/51		2,633,696		2,214,756
2.000%, 12/20/51		2,246,860		1,888,342
2.500%, 02/20/50		883,384		770,705

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
2.500%, 06/20/50		3,197,532	$	2,786,121
2.500%, 07/20/50		2,305,076		2,007,853
2.500%, 09/20/50		3,822,333		3,327,348
2.500%, 10/20/50		1,125,571		979,499
2.500%, 11/20/50		1,713,909		1,491,009
2.500%, 12/20/50		1,787,318		1,555,386
2.500%, 04/20/51		2,196,800		1,906,758
2.500%, 08/20/51		2,505,735		2,172,118
2.500%, 09/20/51		4,254,272		3,686,668
2.500%, 12/20/51		4,437,775		3,843,220
2.500%, 04/20/52		2,310,488		2,000,072
3.000%, 12/20/42		637,724		582,722
3.000%, 03/20/43		585,461		531,102
3.000%, 12/20/44		539,846		491,814
3.000%, 04/20/45		488,421		444,662
3.000%, 08/20/45		881,586		802,438
3.000%, 11/20/45		472,269		429,869
3.000%, 01/20/46		771,323		702,074
3.000%, 09/20/46		843,030		766,396
3.000%, 10/20/46		862,844		784,409
3.000%, 11/20/46		909,765		827,065
3.000%, 01/20/47		940,652		855,144
3.000%, 04/20/47		412,861		374,089
3.000%, 02/20/48		596,718		540,681
3.000%, 10/20/49		654,213		590,189
3.000%, 01/20/50		1,723,217		1,553,141
3.000%, 05/20/50		1,361,312		1,226,842
3.000%, 07/20/50		875,773		788,902
3.000%, 11/20/50		1,917,654		1,725,060
3.000%, 05/20/52		4,224,825		3,778,334
3.500%, 12/20/41		373,671		353,071
3.500%, 08/20/42		342,910		323,768
3.500%, 01/20/43		485,665		458,555
3.500%, 05/20/43		745,399		702,972
3.500%, 07/20/44		714,246		673,059
3.500%, 02/20/45		733,233		690,951
3.500%, 06/20/45		456,926		428,851
3.500%, 08/20/45		1,079,589		1,013,255
3.500%, 10/20/45		716,681		673,661
3.500%, 12/20/45		659,676		619,143
3.500%, 01/20/46		627,218		588,679
3.500%, 02/20/46		511,278		479,863
3.500%, 06/20/46		561,278		526,326
3.500%, 02/20/47		889,601		834,204
3.500%, 03/20/47		750,531		701,634
3.500%, 09/20/47		310,515		290,284
3.500%, 10/20/48		148,791		139,023
3.500%, 05/20/49		270,705		252,891
3.500%, 07/20/49		297,049		277,422
3.500%, 09/20/49		795,901		742,990
3.500%, 10/20/49		494,852		461,955
3.500%, 11/20/49		685,238		639,592
3.500%, 12/20/49		446,636		416,824
3.500%, 02/20/50		570,380		532,308
3.500%, 06/20/50		650,715		603,845
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
3.500%, 02/20/51		1,067,518		995,976
3.500%, 08/20/52		1,909,770		1,762,130
4.000%, 11/20/40		321,733		313,202
4.000%, 12/20/40		443,523		431,762
4.000%, 11/20/43		214,271		206,975
4.000%, 04/20/44		301,695		291,141
4.000%, 05/20/44		362,361		349,684
4.000%, 09/20/44		596,178		575,321
4.000%, 11/20/44		157,980		152,453
4.000%, 10/20/45		549,841		529,786
4.000%, 11/20/45		297,311		286,467
4.000%, 03/20/47		113,829		109,525
4.000%, 04/20/47		453,582		435,087
4.000%, 09/20/47		416,545		399,561
4.000%, 07/20/48		289,920		277,485
4.000%, 08/20/48		208,070		199,146
4.000%, 09/20/48		376,106		359,975
4.000%, 07/20/49		383,661		367,020
4.000%, 05/20/50		553,293		529,295
4.000%, 07/20/52		2,404,986		2,272,313
4.000%, 10/20/52		1,466,386		1,385,491
4.500%, 08/20/40		258,934		256,400
4.500%, 12/20/40		197,256		195,325
4.500%, 04/20/41		147,288		146,270
4.500%, 03/20/42		157,951		156,860
4.500%, 10/20/43		186,019		183,367
4.500%, 03/20/47		287,689		283,106
4.500%, 03/20/49		198,262		193,883
4.500%, 08/20/52		2,414,173		2,328,979
4.500%, 10/20/52		2,932,598		2,829,110
5.000%, 08/20/40		136,568		138,168
5.000%, 10/20/40		149,790		151,545
5.000%, 06/20/44		316,244		319,949
5.000%, 10/20/48		221,037		220,193
5.000%, 01/20/49		153,131		152,546
5.000%, 04/20/53		1,990,785		1,954,959
5.500%, 04/20/53		2,985,648		2,971,555
6.000%, 01/20/53		985,122		991,419
6.500%, 06/20/31		6,382		6,655
7.500%, 02/20/28		485		496
				545,782,156
Federal Agencies—1.2%
Federal Farm Credit Banks Funding Corp. 4.750%, 03/09/26		2,000,000		2,001,900
Federal Home Loan Banks
2.875%, 09/13/24		2,600,000		2,520,128
3.000%, 09/10/27		2,000,000		1,886,880
3.250%, 11/16/28 (b)		2,700,000		2,584,737
4.875%, 09/13/24		1,000,000		993,000
Federal Home Loan Mortgage Corp.
0.375%, 09/23/25		1,100,000		996,369
1.500%, 02/12/25 (b)		1,500,000		1,417,035
6.250%, 07/15/32 (b)		1,600,000		1,869,072
6.750%, 03/15/31		900,000		1,053,864

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal National Mortgage Association 0.750%, 10/08/27 (b)		1,500,000	$	1,301,385
2.125%, 04/24/26 (b)		2,500,000		2,340,475
2.625%, 09/06/24		800,000		776,016
6.625%, 11/15/30 (b)		1,450,000		1,679,723
Tennessee Valley Authority 3.500%, 12/15/42		1,600,000		1,339,920
				22,760,504
U.S. Treasury—40.5%
U.S. Treasury Bonds
1.125%, 05/15/40 (b)		7,100,000		4,603,906
1.125%, 08/15/40 (b)		3,200,000		2,058,500
1.250%, 05/15/50		3,200,000		1,800,000
1.375%, 11/15/40 (b)		5,500,000		3,681,563
1.375%, 08/15/50		7,600,000		4,418,687
1.625%, 11/15/50 (b)		2,500,000		1,553,516
1.750%, 08/15/41		4,300,000		3,022,766
1.875%, 02/15/41		5,200,000		3,777,312
1.875%, 02/15/51 (b)		5,800,000		3,842,500
1.875%, 11/15/51		6,500,000		4,292,031
2.000%, 02/15/50		8,000,000		5,485,000
2.000%, 08/15/51		7,500,000		5,114,062
2.250%, 05/15/41		3,700,000		2,850,156
2.250%, 08/15/46		3,000,000		2,191,875
2.250%, 08/15/49		6,000,000		4,362,187
2.250%, 02/15/52 (b)		2,100,000		1,518,234
2.375%, 02/15/42		1,300,000		1,012,375
2.375%, 05/15/51		5,100,000		3,793,125
2.500%, 05/15/46		4,800,000		3,690,750
2.750%, 08/15/42		4,820,000		3,971,981
2.750%, 11/15/42		1,200,000		987,188
2.750%, 08/15/47 (b)		3,000,000		2,413,125
2.750%, 11/15/47		800,000		643,625
2.875%, 05/15/43		3,260,000		2,725,666
2.875%, 08/15/45 (b)		3,700,000		3,053,656
2.875%, 11/15/46 (b)		4,600,000		3,789,969
2.875%, 05/15/49		2,300,000		1,901,813
2.875%, 05/15/52		3,900,000		3,233,344
3.000%, 11/15/44		2,600,000		2,200,656
3.000%, 05/15/45		3,100,000		2,618,531
3.000%, 02/15/47 (b)		3,000,000		2,525,625
3.000%, 05/15/47 (b)		2,800,000		2,358,125
3.000%, 08/15/48		7,700,000		6,498,078
3.000%, 02/15/49		7,300,000		6,175,344
3.000%, 08/15/52		4,700,000		3,998,672
3.125%, 11/15/41		3,000,000		2,642,813
3.125%, 02/15/43		3,270,000		2,850,520
3.125%, 08/15/44		4,700,000		4,066,969
3.250%, 05/15/42 (b)		3,100,000		2,766,750
3.375%, 08/15/42		2,200,000		1,997,188
3.375%, 05/15/44		3,000,000		2,704,688
3.375%, 11/15/48		5,000,000		4,521,094
3.500%, 02/15/39		1,872,000		1,794,488
3.625%, 08/15/43		2,600,000		2,439,938
U.S. Treasury—(Continued)
U.S. Treasury Bonds
3.625%, 02/15/44		2,420,000		2,267,238
3.625%, 02/15/53		4,300,000		4,130,016
3.750%, 08/15/41		1,300,000		1,255,719
3.875%, 02/15/43		2,000,000		1,950,625
3.875%, 05/15/43		2,000,000		1,951,563
4.000%, 11/15/42		1,000,000		994,219
4.000%, 11/15/52		500,000		513,906
4.250%, 05/15/39		2,200,000		2,301,750
4.250%, 11/15/40		1,780,000		1,850,366
4.375%, 11/15/39		1,900,000		2,011,625
4.375%, 05/15/40		1,220,000		1,289,006
4.375%, 05/15/41 (b)		1,350,000		1,420,664
4.500%, 02/15/36		600,000		647,063
4.500%, 05/15/38		1,500,000		1,614,844
4.625%, 02/15/40		1,300,000		1,416,797
5.250%, 02/15/29		750,000		789,961
6.250%, 05/15/30		2,500,000		2,830,078
U.S. Treasury Notes
0.250%, 07/31/25 (b)		7,000,000		6,368,359
0.250%, 08/31/25		5,100,000		4,627,453
0.250%, 09/30/25 (b)		9,000,000		8,152,031
0.375%, 07/15/24 (b)		13,000,000		12,346,445
0.375%, 08/15/24		7,000,000		6,622,656
0.375%, 09/15/24		10,100,000		9,518,855
0.375%, 04/30/25		7,200,000		6,624,281
0.375%, 11/30/25		6,100,000		5,506,203
0.375%, 12/31/25		7,200,000		6,489,563
0.375%, 01/31/26		11,200,000		10,054,625
0.375%, 07/31/27		3,100,000		2,651,711
0.375%, 09/30/27		6,300,000		5,361,398
0.500%, 03/31/25 (b)		4,000,000		3,699,844
0.500%, 02/28/26		6,100,000		5,479,992
0.500%, 04/30/27		4,000,000		3,466,250
0.500%, 10/31/27		7,600,000		6,487,312
0.625%, 07/31/26		6,100,000		5,434,719
0.625%, 11/30/27 (b)		7,000,000		5,994,844
0.625%, 12/31/27		7,200,000		6,152,625
0.625%, 05/15/30 (b)		10,000,000		8,012,500
0.625%, 08/15/30		9,600,000		7,648,500
0.750%, 01/31/28		6,100,000		5,232,656
0.875%, 06/30/26		6,000,000		5,406,094
0.875%, 11/15/30 (b)		12,700,000		10,279,062
1.000%, 07/31/28 (b)		4,000,000		3,430,938
1.125%, 02/28/25		3,800,000		3,561,609
1.125%, 10/31/26		6,700,000		6,025,289
1.125%, 02/29/28		1,200,000		1,045,781
1.125%, 08/31/28		6,000,000		5,170,312
1.125%, 02/15/31		11,500,000		9,458,750
1.250%, 11/30/26		2,100,000		1,892,133
1.250%, 12/31/26		7,600,000		6,840,594
1.250%, 03/31/28		5,100,000		4,462,500
1.250%, 04/30/28		6,000,000		5,241,562
1.250%, 05/31/28		3,400,000		2,966,500
1.250%, 06/30/28		5,900,000		5,136,687
1.250%, 09/30/28		6,000,000		5,194,219

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes
1.250%, 08/15/31		14,000,000	$	11,490,937
1.375%, 10/31/28		3,300,000		2,871,258
1.375%, 11/15/31		10,200,000		8,410,219
1.500%, 10/31/24		8,100,000		7,707,340
1.500%, 11/30/24 (b)		7,600,000		7,215,547
1.500%, 02/15/25		2,100,000		1,982,121
1.500%, 08/15/26		5,600,000		5,118,750
1.500%, 01/31/27 (b)		4,000,000		3,623,750
1.500%, 11/30/28 (b)		8,500,000		7,435,508
1.500%, 02/15/30 (b)		8,300,000		7,110,766
1.625%, 02/15/26		6,400,000		5,930,000
1.625%, 05/15/26		4,900,000		4,522,547
1.625%, 09/30/26 (b)		6,000,000		5,495,625
1.625%, 08/15/29		4,500,000		3,925,195
1.625%, 05/15/31		9,800,000		8,330,000
1.750%, 01/31/29		5,000,000		4,420,703
1.875%, 08/31/24		10,200,000		9,800,367
1.875%, 06/30/26		6,900,000		6,403,523
1.875%, 02/28/27		8,700,000		7,974,773
1.875%, 02/28/29		2,100,000		1,867,688
1.875%, 02/15/32 (b)		11,200,000		9,595,250
2.000%, 02/15/25		7,600,000		7,232,766
2.000%, 08/15/25		5,100,000		4,810,336
2.000%, 11/15/26		7,300,000		6,753,070
2.125%, 05/15/25 (b)		5,500,000		5,222,207
2.125%, 05/31/26 (b)		6,800,000		6,360,125
2.250%, 11/15/24		6,700,000		6,433,047
2.250%, 11/15/25		10,800,000		10,202,625
2.250%, 02/15/27 (b)		7,800,000		7,254,000
2.250%, 08/15/27		6,100,000		5,638,687
2.250%, 11/15/27		2,600,000		2,394,641
2.375%, 08/15/24		5,600,000		5,419,313
2.375%, 05/15/27		8,000,000		7,448,750
2.375%, 05/15/29		6,800,000		6,199,156
2.500%, 01/31/25		10,100,000		9,692,449
2.500%, 02/28/26		6,700,000		6,350,344
2.500%, 03/31/27		5,100,000		4,779,656
2.625%, 04/15/25		8,000,000		7,672,812
2.625%, 05/31/27		10,000,000		9,396,875
2.625%, 02/15/29		8,300,000		7,689,172
2.750%, 02/28/25		6,900,000		6,646,910
2.750%, 04/30/27		7,200,000		6,801,750
2.750%, 02/15/28		6,000,000		5,639,531
2.750%, 05/31/29		9,500,000		8,845,391
2.750%, 08/15/32		8,700,000		7,976,812
2.875%, 04/30/25		8,400,000		8,086,969
2.875%, 07/31/25		6,600,000		6,343,219
2.875%, 05/15/28		5,900,000		5,567,664
2.875%, 08/15/28		6,000,000		5,652,656
2.875%, 05/15/32		4,000,000		3,709,375
3.125%, 08/15/25		6,100,000		5,890,789
3.125%, 11/15/28		8,000,000		7,621,875
3.125%, 08/31/29		5,300,000		5,035,000
3.375%, 05/15/33		3,100,000		2,989,563
3.500%, 01/31/28		4,000,000		3,884,688
U.S. Treasury—(Continued)
U.S. Treasury Notes
3.500%, 01/31/30		8,200,000		7,959,125
3.500%, 02/15/33		6,500,000		6,332,422
3.875%, 01/15/26		5,000,000		4,907,031
3.875%, 11/30/27 (b)		4,000,000		3,943,750
3.875%, 12/31/27		500,000		493,086
3.875%, 09/30/29		4,900,000		4,852,531
4.000%, 12/15/25		6,000,000		5,906,250
4.000%, 10/31/29		5,000,000		4,988,281
4.125%, 09/30/27 (b)		4,000,000		3,977,813
4.125%, 10/31/27 (b)		5,900,000		5,869,117
4.250%, 09/30/24		11,000,000		10,854,766
4.375%, 10/31/24 (b)		4,000,000		3,951,719
4.500%, 11/15/25 (b)		4,900,000		4,875,117
				803,013,781
Total U.S. Treasury & Government Agencies (Cost $1,548,482,251)				1,371,556,441
Corporate Bonds & Notes—26.0%
Aerospace/Defense—0.5%
Boeing Co. (The)
5.150%, 05/01/30 (b)		2,300,000		2,278,127
5.930%, 05/01/60		1,100,000		1,088,901
7.250%, 06/15/25		460,000		470,511
Lockheed Martin Corp.
3.550%, 01/15/26 (b)		523,000		507,723
4.090%, 09/15/52		954,000		838,280
Northrop Grumman Corp. 3.250%, 01/15/28 (b)		1,100,000		1,028,753
Northrop Grumman Systems Corp. 7.750%, 02/15/31 (b)		515,000		596,494
Raytheon Technologies Corp.
3.125%, 05/04/27 (b)		1,000,000		935,930
4.500%, 06/01/42		1,645,000		1,515,341
7.500%, 09/15/29 (b)		200,000		225,242
				9,485,302
Agriculture—0.3%
Altria Group, Inc. 5.950%, 02/14/49		1,200,000		1,134,528
BAT Capital Corp. 4.390%, 08/15/37 (b)		1,300,000		1,038,830
Philip Morris International, Inc. 3.250%, 11/10/24 (b)		1,000,000		971,550
Reynolds American, Inc. 4.450%, 06/12/25 (b)		2,800,000		2,722,020
				5,866,928
Airlines—0.1%
Southwest Airlines Co. 5.125%, 06/15/27 (b)		1,900,000		1,885,807

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Apparel—0.1%
NIKE, Inc. 2.750%, 03/27/27 (b)		2,000,000	$	1,880,160
Auto Manufacturers—0.4%
American Honda Finance Corp.
2.250%, 01/12/29		1,000,000		869,470
2.300%, 09/09/26		300,000		275,955
General Motors Financial Co., Inc.
1.250%, 01/08/26 (b)		1,200,000		1,071,996
4.350%, 01/17/27 (b)		3,200,000		3,069,056
Mercedes-Benz Finance North America LLC 8.500%, 01/18/31		550,000		683,419
Toyota Motor Credit Corp. 3.375%, 04/01/30 (b)		2,600,000		2,393,274
				8,363,170
Banks—5.6%
Banco Santander S.A. 4.379%, 04/12/28 (b)		2,200,000		2,073,324
Bank of America Corp.
2.676%, SOFR + 1.930%, 06/19/41 (a)		3,000,000		2,107,320
2.687%, SOFR + 1.320%, 04/22/32 (a)		2,000,000		1,656,980
4.200%, 08/26/24		3,000,000		2,944,170
5.015%, SOFR + 2.160%, 07/22/33 (a) (b)		3,100,000		3,026,003
5.875%, 02/07/42 (b)		3,000,000		3,198,060
Bank of Montreal 0.949%, SOFR + 0.603%, 01/22/27 (a) (b)		2,300,000		2,051,071
Bank of New York Mellon Corp. (The) 3.442%, 3M TSFR + 1.331%, 02/07/28 (a) (b)		1,800,000		1,694,520
Bank of Nova Scotia (The) 4.850%, 02/01/30		1,000,000		964,727
Barclays plc 4.375%, 01/12/26 (b)		3,500,000		3,360,840
Canadian Imperial Bank of Commerce 2.250%, 01/28/25 (b)		1,000,000		948,330
Citigroup, Inc.
2.572%, SOFR + 2.107%, 06/03/31 (a) (b)		2,500,000		2,084,775
3.200%, 10/21/26		1,700,000		1,591,489
4.000%, 08/05/24 (b)		900,000		883,611
4.412%, SOFR + 3.914%, 03/31/31 (a)		2,900,000		2,728,233
4.650%, 07/23/48 (b)		1,300,000		1,178,099
Cooperatieve Rabobank UA 5.750%, 12/01/43 (b)		1,200,000		1,204,404
Deutsche Bank AG 2.129%, SOFR + 1.870%, 11/24/26 (a)		2,000,000		1,775,680
Discover Bank 2.450%, 09/12/24 (b)		1,400,000		1,326,150
Fifth Third Bancorp 8.250%, 03/01/38 (b)		1,175,000		1,347,044
Goldman Sachs Group, Inc. (The)
3.210%, SOFR + 1.513%, 04/22/42 (a)		1,600,000		1,181,984
3.850%, 01/26/27 (b)		1,900,000		1,809,028
4.223%, 3M TSFR + 1.563%, 05/01/29 (a)		1,900,000		1,795,006
6.125%, 02/15/33 (b)		2,075,000		2,229,380
Banks—(Continued)
HSBC Holdings plc
3.973%, 3M TSFR + 1.872%, 05/22/30 (a) (b)		3,500,000		3,141,565
4.250%, 03/14/24		1,400,000		1,379,588
6.500%, 09/15/37 (b)		1,205,000		1,258,948
JPMorgan Chase & Co.
1.953%, SOFR + 1.065%, 02/04/32 (a)		2,100,000		1,673,658
2.522%, SOFR + 2.040%, 04/22/31 (a) (b)		2,000,000		1,693,820
2.950%, 10/01/26 (b)		2,000,000		1,877,180
3.882%, 3M TSFR + 1.622%, 07/24/38 (a)		1,000,000		862,810
3.900%, 07/15/25 (b)		4,700,000		4,582,876
3.964%, 3M TSFR + 1.642%, 11/15/48 (a)		2,400,000		1,963,344
KeyBank N.A. 3.300%, 06/01/25 (b)		2,800,000		2,567,292
KFW
0.500%, 09/20/24		1,000,000		942,800
1.750%, 09/14/29 (b)		2,000,000		1,749,020
3.750%, 02/15/28		2,000,000		1,956,440
Landwirtschaftliche Rentenbank 3.875%, 09/28/27		1,000,000		982,820
Lloyds Banking Group plc
3.574%, 3M LIBOR + 1.205%, 11/07/28 (a)		1,800,000		1,631,934
4.650%, 03/24/26		1,700,000		1,623,024
Mitsubishi UFJ Financial Group, Inc.
0.953%, 1Y H15 + 0.550%, 07/19/25 (a)		2,000,000		1,889,800
3.850%, 03/01/26 (b)		1,000,000		958,620
Mizuho Financial Group, Inc. 4.018%, 03/05/28 (b)		1,800,000		1,692,180
Morgan Stanley
4.300%, 01/27/45		1,900,000		1,662,120
4.350%, 09/08/26 (b)		3,800,000		3,670,230
7.250%, 04/01/32		1,850,000		2,100,268
PNC Bank N.A. 2.950%, 02/23/25		2,100,000		1,998,465
Royal Bank of Canada 1.600%, 01/21/25 (b)		2,100,000		1,974,756
Sumitomo Mitsui Financial Group, Inc. 2.632%, 07/14/26 (b)		4,700,000		4,324,047
Toronto-Dominion Bank (The) 3.766%, 06/06/25 (b)		1,000,000		970,110
Truist Financial Corp. 1.267%, SOFR + 0.609%, 03/02/27 (a)		2,000,000		1,765,240
U.S. Bancorp 3.600%, 09/11/24 (b)		3,000,000		2,913,540
UBS Group AG 4.550%, 04/17/26		2,700,000		2,594,538
Wells Fargo & Co.
2.879%, 3M TSFR + 1.432%, 10/30/30 (a) (b)		2,400,000		2,074,416
3.000%, 10/23/26 (b)		2,000,000		1,858,420
5.013%, 3M TSFR + 4.502%, 04/04/51 (a)		1,000,000		928,530
5.606%, 01/15/44 (b)		2,200,000		2,111,032
Westpac Banking Corp. 2.668%, 5Y H15 + 1.750%, 11/15/35 (a)		1,700,000		1,302,625
				111,836,284

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—0.6%
Anheuser-Busch InBev Worldwide, Inc.
4.439%, 10/06/48 (b)		1,165,000	$	1,050,865
5.550%, 01/23/49 (b)		1,900,000		2,001,061
Coca-Cola Co. (The) 1.650%, 06/01/30 (b)		2,400,000		2,000,616
Constellation Brands, Inc. 3.150%, 08/01/29 (b)		1,900,000		1,715,434
Diageo Capital plc 2.375%, 10/24/29 (b)		1,400,000		1,215,228
Keurig Dr Pepper, Inc. 4.597%, 05/25/28 (b)		1,200,000		1,175,952
PepsiCo, Inc.
2.750%, 03/19/30 (b)		800,000		720,064
4.450%, 04/14/46 (b)		1,300,000		1,253,486
				11,132,706
Biotechnology—0.3%
Amgen, Inc.
2.000%, 01/15/32 (b)		1,600,000		1,271,728
4.663%, 06/15/51		1,000,000		895,850
5.650%, 03/02/53 (b)		2,000,000		2,027,600
Biogen, Inc. 4.050%, 09/15/25 (b)		300,000		290,478
Gilead Sciences, Inc. 3.650%, 03/01/26		2,000,000		1,925,220
				6,410,876
Building Materials—0.1%
Carrier Global Corp. 2.493%, 02/15/27 (b)		2,000,000		1,824,280
Trane Technologies Luxembourg Finance S.A. 3.800%, 03/21/29 (b)		1,000,000		942,060
				2,766,340
Chemicals—0.3%
Dow Chemical Co. (The)
4.375%, 11/15/42 (b)		1,000,000		846,550
9.400%, 05/15/39		650,000		874,699
DuPont de Nemours, Inc. 5.419%, 11/15/48 (b)		1,000,000		988,090
LyondellBasell Industries NV 4.625%, 02/26/55 (b)		1,400,000		1,142,092
Nutrien, Ltd. 4.200%, 04/01/29 (b)		1,000,000		946,490
Sherwin-Williams Co. (The) 3.450%, 06/01/27 (b)		1,800,000		1,697,778
Westlake Corp. 3.125%, 08/15/51 (b)		500,000		313,485
				6,809,184
Commercial Services—0.3%
Global Payments, Inc. 2.900%, 05/15/30 (b)		900,000		762,759
Commercial Services—(Continued)
Massachusetts Institute of Technology 2.294%, 07/01/51		1,200,000		763,200
PayPal Holdings, Inc. 2.850%, 10/01/29 (b)		2,000,000		1,775,740
S&P Global, Inc. 2.300%, 08/15/60		1,600,000		926,592
Yale University 2.402%, 04/15/50		2,000,000		1,321,920
				5,550,211
Computers—0.5%
Apple, Inc.
2.550%, 08/20/60		1,000,000		658,950
2.650%, 02/08/51		1,500,000		1,035,780
3.350%, 08/08/32		2,300,000		2,143,255
Dell International LLC / EMC Corp. 5.300%, 10/01/29		1,800,000		1,785,798
Hewlett Packard Enterprise Co. 4.900%, 10/15/25		1,400,000		1,380,960
HP, Inc. 4.000%, 04/15/29 (b)		1,000,000		933,180
International Business Machines Corp.
3.300%, 05/15/26 (b)		1,900,000		1,810,947
4.000%, 06/20/42 (b)		1,200,000		1,013,412
				10,762,282
Cosmetics/Personal Care—0.2%
Estee Lauder Cos., Inc. (The) 1.950%, 03/15/31 (b)		1,100,000		903,958
Kenvue, Inc. 5.050%, 03/22/53 (144A)		1,000,000		1,019,410
Procter & Gamble Co. (The) 3.550%, 03/25/40 (b)		900,000		795,969
Unilever Capital Corp. 2.900%, 05/05/27 (b)		1,500,000		1,402,920
				4,122,257
Diversified Financial Services—0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.300%, 01/30/32 (b)		1,000,000		817,480
3.650%, 07/21/27 (b)		1,900,000		1,744,352
Air Lease Corp. 2.875%, 01/15/26		900,000		833,337
American Express Co. 3.300%, 05/03/27 (b)		3,000,000		2,801,850
BlackRock, Inc. 3.500%, 03/18/24 (b)		2,300,000		2,262,280
Capital One Financial Corp. 3.800%, 01/31/28 (b)		1,800,000		1,657,638
Charles Schwab Corp. (The) 4.625%, 03/22/30 (b)		900,000		882,297
Intercontinental Exchange, Inc.
3.000%, 06/15/50		1,000,000		693,700
3.750%, 12/01/25		1,000,000		970,640

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Mastercard, Inc. 3.350%, 03/26/30 (b)		1,700,000	$	1,584,825
Nasdaq, Inc. 3.950%, 03/07/52		700,000		537,488
Nomura Holdings, Inc. 2.679%, 07/16/30 (b)		1,000,000		818,090
Visa, Inc. 1.100%, 02/15/31 (b)		3,100,000		2,448,690
				18,052,667
Electric—2.0%
Appalachian Power Co. 3.700%, 05/01/50 (b)		900,000		679,383
CenterPoint Energy Houston Electric LLC 4.500%, 04/01/44		1,300,000		1,163,240
CMS Energy Corp. 4.750%, 5Y H15 + 4.116%, 06/01/50 (a) (b)		1,500,000		1,292,145
Commonwealth Edison Co. 3.000%, 03/01/50 (b)		900,000		622,764
Connecticut Light & Power Co. (The) 4.000%, 04/01/48		1,000,000		843,830
Consolidated Edison Co. of New York, Inc. 3.950%, 03/01/43		2,070,000		1,687,091
Constellation Energy Generation LLC 5.600%, 03/01/28		1,000,000		1,009,370
Dominion Energy, Inc.
3.900%, 10/01/25 (b)		1,900,000		1,834,849
4.600%, 03/15/49 (b)		800,000		687,536
DTE Electric Co. 3.700%, 03/15/45		1,000,000		794,080
Duke Energy Carolinas LLC
3.550%, 03/15/52		1,000,000		762,700
5.300%, 02/15/40 (b)		2,000,000		2,005,060
Duke Energy Corp. 2.650%, 09/01/26 (b)		1,000,000		924,880
Entergy Louisiana LLC 4.000%, 03/15/33 (b)		1,000,000		909,300
Evergy, Inc. 2.900%, 09/15/29 (b)		1,500,000		1,309,305
Exelon Corp.
3.400%, 04/15/26 (b)		1,000,000		952,600
5.625%, 06/15/35		500,000		506,100
Florida Power & Light Co. 5.950%, 02/01/38		1,700,000		1,826,582
Georgia Power Co. 4.300%, 03/15/42 (b)		2,000,000		1,724,520
Louisville Gas and Electric Co. 4.250%, 04/01/49		800,000		668,088
MidAmerican Energy Co.
3.650%, 04/15/29 (b)		1,700,000		1,580,388
4.250%, 07/15/49		1,500,000		1,276,140
National Rural Utilities Cooperative Finance Corp. 2.400%, 03/15/30 (b)		1,800,000		1,523,340
Northern States Power Co. 6.250%, 06/01/36 (b)		1,200,000		1,301,364
Electric—(Continued)
Oncor Electric Delivery Co. LLC 3.100%, 09/15/49		900,000		636,885
Pacific Gas and Electric Co. 2.500%, 02/01/31		3,000,000		2,353,410
PG&E Wildfire Recovery Funding LLC
4.722%, 06/01/37		160,000		156,330
5.212%, 12/01/47		1,100,000		1,097,283
Public Service Electric & Gas Co. 1.900%, 08/15/31 (b)		1,600,000		1,285,872
Sempra Energy 3.400%, 02/01/28		1,100,000		1,013,969
Southern California Edison Co.
3.650%, 03/01/28 (b)		900,000		840,861
4.000%, 04/01/47 (b)		1,000,000		796,970
Southwestern Electric Power Co. 4.100%, 09/15/28 (b)		1,800,000		1,708,452
Union Electric Co. 3.500%, 03/15/29 (b)		1,800,000		1,659,132
				39,433,819
Electrical Components & Equipment—0.0%
Emerson Electric Co. 2.200%, 12/21/31 (b)		500,000		414,120
Electronics—0.1%
Honeywell International, Inc. 2.500%, 11/01/26 (b)		1,800,000		1,681,488
Entertainment—0.0%
Warnermedia Holdings, Inc. 5.141%, 03/15/52		600,000		489,270
Environmental Control—0.1%
Waste Connections, Inc. 2.200%, 01/15/32 (b)		500,000		404,300
Waste Management, Inc. 3.150%, 11/15/27 (b)		1,800,000		1,689,228
				2,093,528
Food—0.4%
Conagra Brands, Inc. 4.850%, 11/01/28 (b)		1,300,000		1,268,514
General Mills, Inc. 4.200%, 04/17/28 (b)		1,500,000		1,457,190
Kraft Heinz Foods Co. 5.000%, 07/15/35 (b)		1,600,000		1,575,328
Kroger Co. (The) 2.200%, 05/01/30 (b)		1,000,000		827,620
Sysco Corp. 6.600%, 04/01/50		900,000		1,026,099
Tyson Foods, Inc. 3.550%, 06/02/27		1,200,000		1,128,516
				7,283,267

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Forest Products & Paper—0.0%
International Paper Co. 4.400%, 08/15/47 (b)		800,000	$	673,368
Gas—0.1%
Atmos Energy Corp. 1.500%, 01/15/31 (b)		1,100,000		866,965
NiSource, Inc. 4.800%, 02/15/44		1,500,000		1,364,100
				2,231,065
Hand/Machine Tools—0.1%
Stanley Black & Decker, Inc. 3.000%, 05/15/32		1,800,000		1,529,982
Healthcare-Products—0.3%
Abbott Laboratories 4.750%, 11/30/36 (b)		1,300,000		1,304,290
Boston Scientific Corp. 1.900%, 06/01/25 (b)		1,900,000		1,781,402
DH Europe Finance II Sarl 3.250%, 11/15/39		900,000		733,248
Medtronic, Inc. 4.625%, 03/15/45 (b)		933,000		906,577
Stryker Corp. 1.150%, 06/15/25 (b)		1,000,000		921,770
				5,647,287
Healthcare-Services—0.7%
CommonSpirit Health 3.910%, 10/01/50		1,500,000		1,159,935
Elevance Health, Inc. 5.850%, 01/15/36		1,800,000		1,841,814
HCA, Inc.
4.125%, 06/15/29		1,800,000		1,667,124
5.900%, 06/01/53		1,000,000		991,440
Humana, Inc. 4.875%, 04/01/30		800,000		783,168
Kaiser Foundation Hospitals 3.002%, 06/01/51 (b)		1,000,000		701,180
Laboratory Corp. of America Holdings 3.600%, 02/01/25 (b)		500,000		483,755
UnitedHealth Group, Inc.
3.500%, 08/15/39		900,000		754,515
3.750%, 07/15/25		2,600,000		2,530,918
4.250%, 06/15/48		1,000,000		881,470
4.950%, 05/15/62		1,300,000		1,252,069
				13,047,388
Home Builders—0.1%
Lennar Corp. 4.750%, 11/29/27 (b)		1,300,000		1,264,068
Household Products/Wares—0.1%
Kimberly-Clark Corp. 3.100%, 03/26/30 (b)		1,100,000		1,004,025
Insurance—0.7%
Allstate Corp. (The) 1.450%, 12/15/30 (b)		1,100,000		854,458
American International Group, Inc. 3.400%, 06/30/30 (b)		800,000		709,032
Aon Corp./Aon Global Holdings plc 5.350%, 02/28/33 (b)		1,000,000		1,008,230
AXA S.A. 8.600%, 12/15/30 (b)		1,165,000		1,403,522
Berkshire Hathaway Finance Corp. 4.200%, 08/15/48 (b)		1,700,000		1,531,870
Berkshire Hathaway, Inc. 3.125%, 03/15/26 (b)		1,500,000		1,445,130
Chubb Corp. (The) 6.000%, 05/11/37		865,000		928,802
Hartford Financial Services Group, Inc. (The) 6.100%, 10/01/41		780,000		767,021
Marsh & McLennan Cos., Inc. 3.750%, 03/14/26 (b)		1,000,000		969,720
Principal Financial Group, Inc. 3.100%, 11/15/26		1,000,000		924,360
Prudential Financial, Inc.
2.100%, 03/10/30 (b)		2,000,000		1,689,340
5.700%, 12/14/36		1,525,000		1,584,750
Travelers Cos., Inc. (The) 3.050%, 06/08/51 (b)		800,000		570,568
				14,386,803
Internet—0.5%
Alibaba Group Holding, Ltd. 4.200%, 12/06/47 (b)		1,400,000		1,100,540
Alphabet, Inc. 2.050%, 08/15/50		1,100,000		686,840
Amazon.com, Inc. 3.100%, 05/12/51 (b)		1,000,000		745,180
3.150%, 08/22/27 (b)		1,000,000		941,000
3.800%, 12/05/24 (b)		1,800,000		1,766,664
3.875%, 08/22/37		1,900,000		1,735,042
eBay, Inc. 3.600%, 06/05/27 (b)		1,500,000		1,420,275
Meta Platforms, Inc. 4.950%, 05/15/33 (b)		1,500,000		1,497,855
				9,893,396
Investment Companies—0.1%
Ares Capital Corp. 4.250%, 03/01/25		900,000		859,338
Owl Rock Capital Corp. 3.400%, 07/15/26 (b)		400,000		354,576
				1,213,914
Iron/Steel—0.0%
Vale Overseas, Ltd. 6.875%, 11/21/36		528,000		554,104

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Lodging—0.0%
Marriott International, Inc. 2.850%, 04/15/31 (b)		1,100,000	$	924,979
Machinery-Construction & Mining—0.1%
Caterpillar, Inc. 3.803%, 08/15/42		1,500,000		1,314,735
Machinery-Diversified—0.1%
John Deere Capital Corp.
2.000%, 06/17/31		1,000,000		823,460
4.050%, 09/08/25 (b)		2,000,000		1,957,020
				2,780,480
Media—0.8%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
3.850%, 04/01/61		3,300,000		2,004,453
6.484%, 10/23/45		900,000		847,413
Comcast Corp.
3.150%, 03/01/26 (b)		2,000,000		1,916,900
3.969%, 11/01/47		900,000		747,576
4.650%, 07/15/42		1,670,000		1,540,374
5.650%, 06/15/35		1,500,000		1,572,480
Discovery Communications LLC
3.950%, 03/20/28 (b)		1,100,000		1,024,067
4.000%, 09/15/55		1,481,000		981,533
Fox Corp. 5.576%, 01/25/49 (b)		1,000,000		935,120
Paramount Global 4.375%, 03/15/43 (b)		1,500,000		1,060,440
Time Warner Cable LLC 6.550%, 05/01/37		100,000		96,170
TWDC Enterprises 18 Corp. 2.950%, 06/15/27		2,000,000		1,870,240
Walt Disney Co. (The)
3.600%, 01/13/51 (b)		1,000,000		795,770
6.550%, 03/15/33		950,000		1,059,478
				16,452,014
Mining—0.2%
Newmont Corp. 6.250%, 10/01/39		1,800,000		1,902,528
Rio Tinto Alcan, Inc. 6.125%, 12/15/33		1,751,000		1,891,010
				3,793,538
Miscellaneous Manufacturing—0.2%
3M Co. 4.000%, 09/14/48 (b)		900,000		788,328
GE Capital International Funding Co., 4.418%, 11/15/35 (b)		1,459,000		1,383,336
General Electric Co. 7.500%, 08/21/35		100,000		116,914
Miscellaneous Manufacturing—(Continued)
Parker-Hannifin Corp. 3.250%, 06/14/29 (b)		900,000		818,973
				3,107,551
Multi-National—1.3%
Asian Development Bank
1.500%, 03/04/31 (b)		2,000,000		1,663,340
1.750%, 09/19/29		900,000		782,415
2.625%, 01/30/24		3,700,000		3,639,468
Asian Infrastructure Investment Bank (The) 0.500%, 05/28/25 (b)		1,000,000		915,360
European Bank for Reconstruction & Development 0.500%, 05/19/25 (b)		1,300,000		1,195,324
European Investment Bank
0.375%, 03/26/26 (b)		2,000,000		1,784,840
1.875%, 02/10/25 (b)		1,000,000		950,260
3.625%, 07/15/30 (b)		1,000,000		971,800
4.875%, 02/15/36 (b)		1,100,000		1,181,499
Inter-American Development Bank
2.125%, 01/15/25		2,000,000		1,910,500
2.250%, 06/18/29		1,400,000		1,253,070
2.375%, 07/07/27		1,500,000		1,392,705
7.000%, 06/15/25		200,000		206,642
International Bank for Reconstruction & Development
0.500%, 10/28/25		2,000,000		1,815,740
1.625%, 11/03/31		2,600,000		2,176,174
2.125%, 03/03/25		2,000,000		1,905,840
2.500%, 07/29/25		2,000,000		1,907,920
				25,652,897
Office/Business Equipment—0.1%
CDW LLC / CDW Finance Corp. 4.250%, 04/01/28 (b)		1,100,000		1,011,747
Oil & Gas—0.9%
BP Capital Markets America, Inc.
2.721%, 01/12/32 (b)		1,000,000		850,000
3.000%, 02/24/50		1,000,000		697,980
Canadian Natural Resources, Ltd. 6.250%, 03/15/38 (b)		1,800,000		1,834,488
Chevron Corp. 2.954%, 05/16/26 (b)		1,500,000		1,428,165
ConocoPhillips Co.
5.300%, 05/15/53		1,000,000		1,017,160
6.950%, 04/15/29		700,000		770,784
Equinor ASA 3.250%, 11/10/24 (b)		1,100,000		1,068,210
Exxon Mobil Corp.
3.176%, 03/15/24 (b)		900,000		884,772
4.114%, 03/01/46		1,600,000		1,408,320
Marathon Oil Corp. 6.600%, 10/01/37 (b)		1,000,000		996,620
Marathon Petroleum Corp. 4.700%, 05/01/25 (b)		600,000		588,792

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Occidental Petroleum Corp. 6.450%, 09/15/36 (b)		1,000,000	$	1,029,420
Phillips 66 4.875%, 11/15/44		1,000,000		921,600
Shell International Finance B.V.
2.375%, 11/07/29 (b)		2,000,000		1,753,480
3.250%, 04/06/50 (b)		900,000		672,336
TotalEnergies Capital International S.A. 3.127%, 05/29/50 (b)		900,000		653,643
Valero Energy Corp. 3.400%, 09/15/26 (b)		1,000,000		943,610
				17,519,380
Oil & Gas Services—0.1%
Halliburton Co. 5.000%, 11/15/45 (b)		1,200,000		1,086,144
Packaging & Containers—0.0%
WRKCo, Inc. 3.000%, 06/15/33 (b)		600,000		489,066
Pharmaceuticals—1.5%
AbbVie, Inc.
3.800%, 03/15/25 (b)		400,000		389,040
4.050%, 11/21/39 (b)		1,300,000		1,131,481
4.400%, 11/06/42		2,200,000		1,969,660
AstraZeneca plc 4.000%, 09/18/42		1,200,000		1,069,104
Becton Dickinson & Co. 4.669%, 06/06/47 (b)		2,000,000		1,833,600
Bristol-Myers Squibb Co.
3.400%, 07/26/29		1,000,000		927,880
4.625%, 05/15/44		2,000,000		1,895,200
Cardinal Health, Inc. 3.410%, 06/15/27 (b)		1,800,000		1,695,798
Cigna Group (The)
2.375%, 03/15/31 (b)		1,500,000		1,258,950
4.500%, 02/25/26 (b)		1,200,000		1,175,520
6.125%, 11/15/41		313,000		334,829
CVS Health Corp.
4.300%, 03/25/28 (b)		544,000		524,606
4.780%, 03/25/38		1,500,000		1,382,745
5.050%, 03/25/48		1,500,000		1,383,330
5.125%, 07/20/45		900,000		831,681
GlaxoSmithKline Capital, Inc. 3.875%, 05/15/28 (b)		1,000,000		962,280
Johnson & Johnson
3.700%, 03/01/46 (b)		1,000,000		880,720
5.950%, 08/15/37		910,000		1,029,829
Merck & Co., Inc. 6.550%, 09/15/37		1,000,000		1,139,700
Merck Sharp & Dohme Corp. 5.950%, 12/01/28 (b)		300,000		319,431
Novartis Capital Corp. 2.200%, 08/14/30 (b)		1,900,000		1,644,621
Pharmaceuticals—(Continued)
Pfizer Investment Enterprises Pte, Ltd. 5.340%, 05/19/63		2,000,000		2,024,020
Pfizer, Inc. 3.600%, 09/15/28		2,100,000		2,015,055
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26		2,000,000		1,877,160
				29,696,240
Pipelines—0.8%
El Paso Natural Gas Co. LLC 8.375%, 06/15/32		220,000		253,343
Enbridge Energy Partners L.P. 5.875%, 10/15/25 (b)		2,000,000		2,007,480
Energy Transfer L.P. 5.150%, 03/15/45 (b)		2,600,000		2,239,640
Enterprise Products Operating LLC
3.200%, 02/15/52		1,100,000		775,335
3.950%, 02/15/27		1,300,000		1,255,384
Kinder Morgan Energy Partners L.P. 6.500%, 02/01/37		2,000,000		2,054,060
MPLX L.P. 5.200%, 03/01/47		1,000,000		878,660
ONEOK, Inc. 3.100%, 03/15/30 (b)		1,100,000		945,131
Sabine Pass Liquefaction LLC 5.875%, 06/30/26		1,600,000		1,613,232
TransCanada PipeLines, Ltd. 6.200%, 10/15/37		1,800,000		1,871,640
Western Midstream Operating L.P. 4.300%, 02/01/30 (b)		1,100,000		990,121
Williams Cos., Inc. (The) 3.750%, 06/15/27 (b)		1,500,000		1,416,615
				16,300,641
Real Estate Investment Trusts—0.8%
Alexandria Real Estate Equities, Inc. 3.550%, 03/15/52		1,100,000		752,356
AvalonBay Communities, Inc. 2.300%, 03/01/30 (b)		1,000,000		838,460
Boston Properties L.P. 3.200%, 01/15/25 (b)		1,400,000		1,327,900
Brixmor Operating Partnership L.P. 4.050%, 07/01/30		900,000		812,439
Crown Castle, Inc. 3.800%, 02/15/28 (b)		1,500,000		1,400,715
Digital Realty Trust L.P. 3.700%, 08/15/27 (b)		1,500,000		1,384,590
Equinix, Inc. 3.200%, 11/18/29		700,000		615,853
ERP Operating L.P. 3.000%, 07/01/29 (b)		1,000,000		881,640
Essex Portfolio L.P. 3.000%, 01/15/30 (b)		1,000,000		855,880
Healthpeak OP LLC 3.500%, 07/15/29 (b)		900,000		806,994

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
NNN REIT, Inc. 2.500%, 04/15/30		1,000,000	$	831,670
Prologis L.P. 3.375%, 12/15/27 (b)		500,000		466,020
Public Storage 3.094%, 09/15/27 (b)		500,000		466,420
Simon Property Group L.P. 3.300%, 01/15/26		2,800,000		2,665,656
Sun Communities Operating LP 5.700%, 01/15/33		700,000		684,901
Welltower OP LLC 4.000%, 06/01/25 (b)		1,500,000		1,449,615
				16,241,109
Retail—0.6%
Home Depot, Inc. (The)
3.000%, 04/01/26 (b)		1,800,000		1,722,330
4.250%, 04/01/46 (b)		2,000,000		1,773,480
Lowe’s Cos., Inc.
4.050%, 05/03/47		1,500,000		1,205,865
4.250%, 04/01/52		1,100,000		897,556
McDonald’s Corp. 4.875%, 12/09/45 (b)		1,500,000		1,433,850
Starbucks Corp. 3.550%, 08/15/29 (b)		1,000,000		933,950
Target Corp. 2.650%, 09/15/30 (b)		1,400,000		1,222,284
Walmart, Inc.
3.900%, 09/09/25 (b)		1,000,000		979,710
4.050%, 06/29/48		900,000		831,762
5.250%, 09/01/35 (b)		935,000		997,411
				11,998,198
Semiconductors—0.4%
Broadcom, Inc.
3.137%, 11/15/35 (144A)		1,600,000		1,226,368
4.300%, 11/15/32 (b)		1,700,000		1,557,642
Intel Corp.
4.750%, 03/25/50 (b)		1,800,000		1,627,632
4.900%, 08/05/52		1,000,000		922,090
QUALCOMM, Inc. 1.650%, 05/20/32 (b)		2,333,000		1,839,384
Texas Instruments, Inc. 2.250%, 09/04/29 (b)		1,000,000		872,970
				8,046,086
Software—0.9%
Fidelity National Information Services, Inc. 1.150%, 03/01/26		1,000,000		892,600
Fiserv, Inc. 2.750%, 07/01/24 (b)		2,000,000		1,940,700
Microsoft Corp.
3.125%, 11/03/25 (b)		5,100,000		4,908,189
4.250%, 02/06/47 (b)		2,000,000		1,942,020
Software—(Continued)
Oracle Corp.
2.875%, 03/25/31 (b)		3,000,000		2,556,780
2.950%, 11/15/24 (b)		2,300,000		2,220,834
2.950%, 04/01/30 (b)		1,200,000		1,047,552
3.850%, 04/01/60		2,100,000		1,473,129
Salesforce, Inc. 2.900%, 07/15/51 (b)		1,000,000		703,870
				17,685,674
Telecommunications—1.2%
America Movil S.A.B. de C.V. 2.875%, 05/07/30		1,000,000		869,760
AT&T, Inc.
3.500%, 09/15/53		1,221,000		864,419
3.650%, 09/15/59		2,686,000		1,868,462
4.100%, 02/15/28 (b)		1,687,000		1,615,825
5.150%, 11/15/46		1,308,000		1,217,513
7.125%, 12/15/31		100,000		109,327
Cisco Systems, Inc. 5.500%, 01/15/40		1,000,000		1,061,950
Deutsche Telekom International Finance B.V. 8.750%, 06/15/30		1,000,000		1,197,890
Orange S.A. 5.500%, 02/06/44		500,000		506,985
Rogers Communications, Inc. 2.900%, 11/15/26 (b)		1,100,000		1,007,985
Sprint LLC 7.625%, 03/01/26 (b)		900,000		934,623
T-Mobile USA, Inc.
2.550%, 02/15/31		2,200,000		1,828,552
3.300%, 02/15/51		1,500,000		1,053,165
4.750%, 02/01/28 (b)		1,000,000		972,020
Telefonica Emisiones S.A. 4.103%, 03/08/27 (b)		900,000		863,370
Verizon Communications, Inc.
2.875%, 11/20/50		1,900,000		1,237,109
3.376%, 02/15/25		2,078,000		2,008,055
3.550%, 03/22/51 (b)		1,000,000		746,780
4.812%, 03/15/39 (b)		1,927,000		1,803,152
Vodafone Group plc 6.150%, 02/27/37 (b)		2,170,000		2,273,053
				24,039,995
Transportation—0.5%
Burlington Northern Santa Fe LLC 4.150%, 04/01/45		1,900,000		1,653,551
Canadian National Railway Co. 4.450%, 01/20/49		400,000		366,284
Canadian Pacific Railway Co. 2.450%, 12/02/31 (b)		1,100,000		966,339
CSX Corp. 6.150%, 05/01/37		800,000		859,880
FedEx Corp. 4.550%, 04/01/46		1,000,000		859,650

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—(Continued)
Norfolk Southern Corp.
2.550%, 11/01/29		1,000,000	$	863,560
5.590%, 05/17/25		28,000		27,968
Union Pacific Corp.
2.891%, 04/06/36		1,200,000		956,388
3.250%, 02/05/50		1,300,000		970,931
United Parcel Service, Inc. 4.450%, 04/01/30 (b)		1,600,000		1,593,712
				9,118,263
Water—0.0%
American Water Capital Corp. 3.750%, 09/01/28 (b)		900,000		850,608
Total Corporate Bonds & Notes (Cost $592,606,277)				515,874,411
Foreign Government—1.6%
Provincial—0.3%
Province of Alberta Canada 1.000%, 05/20/25 (b)		1,500,000		1,388,475
Province of British Columbia Canada 1.300%, 01/29/31 (b)		1,000,000		809,980
Province of Ontario Canada 3.050%, 01/29/24		1,000,000		985,500
Province of Quebec Canada
2.500%, 04/20/26		2,000,000		1,883,880
7.500%, 07/15/23		350,000		350,206
				5,418,041
Sovereign—1.3%
Canada Government International Bond 1.625%, 01/22/25		1,000,000		948,100
Chile Government International Bonds
3.100%, 01/22/61		1,200,000		785,436
3.500%, 01/25/50 (b)		1,000,000		752,470
Export-Import Bank of Korea 2.875%, 01/21/25		1,400,000		1,346,940
Indonesia Government International Bonds
3.050%, 03/12/51		1,100,000		806,630
3.850%, 10/15/30		700,000		657,279
Israel Government International Bond 4.125%, 01/17/48		1,000,000		856,530
Italy Government International Bond 2.875%, 10/17/29 (b)		2,000,000		1,743,320
Japan Bank for International Cooperation 2.500%, 05/23/24 (b)		3,900,000		3,791,034
Mexico Government International Bonds
4.600%, 01/23/46 (b)		1,100,000		916,465
4.750%, 03/08/44		900,000		772,506
5.750%, 10/12/10		1,000,000		893,740
6.750%, 09/27/34 (b)		1,050,000		1,141,235
Panama Government International Bonds
3.875%, 03/17/28 (b)		900,000		851,319
4.500%, 05/15/47		1,400,000		1,115,422
Sovereign—(Continued)
Peruvian Government International Bond 8.750%, 11/21/33 (b)		1,450,000		1,835,207
Philippine Government International Bonds
3.950%, 01/20/40		1,100,000		955,471
5.000%, 01/13/37		1,740,000		1,738,190
Republic of Poland Government International Bond 3.250%, 04/06/26 (b)		1,000,000		963,080
Svensk Exportkredit AB 0.625%, 05/14/25		1,000,000		919,290
Uruguay Government International Bond 4.375%, 10/27/27		1,900,000		1,885,921
				25,675,585
Total Foreign Government (Cost $35,238,098)				31,093,626
Mortgage-Backed Securities—0.9%
Commercial Mortgage-Backed Securities—0.9%
BANK
2.556%, 05/15/64		2,000,000		1,645,463
2.758%, 09/15/62		380,709		323,456
4.407%, 11/15/61 (a)		881,000		835,706
6.260%, 04/15/56 (a)		1,000,000		1,016,100
BBCMS Mortgage Trust 3.662%, 04/15/55 (a)		2,230,000		1,976,754
Benchmark Mortgage Trust 3.666%, 01/15/51 (a)		915,000		835,725
CD Mortgage Trust 3.631%, 02/10/50		950,000		864,872
CFCRE Commercial Mortgage Trust 3.585%, 12/10/54		815,240		753,691
Commercial Mortgage Pass-Through Certificates Mortgage Trust 3.765%, 02/10/49		1,539,000		1,450,844
JPMBB Commercial Mortgage Securities Trust
3.598%, 11/15/48		400,000		373,498
3.801%, 08/15/48		1,331,711		1,254,998
Morgan Stanley Bank of America Merrill Lynch Trust
3.544%, 01/15/49		2,350,000		2,200,062
3.635%, 10/15/48		1,547,000		1,459,643
3.732%, 05/15/48		750,000		711,918
UBS Commercial Mortgage Trust 3.035%, 12/15/52		2,250,000		1,932,794
Total Mortgage-Backed Securities (Cost $19,961,806)				17,635,524
Municipals—0.6%
Chicago O’Hare International Airport 4.572%, 01/01/54		395,000		376,750
Grand Parkway Transportation Corp. 3.236%, 10/01/52		1,000,000		734,835
Los Angeles, CA Unified School District, Build America Bond 6.758%, 07/01/34		660,000		746,448

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Municipals—(Continued)

Security Description	Principal Amount*		Value
Municipal Electric Authority of Georgia, Build America Bond 6.637%, 04/01/57		1,902,000	$	2,170,839
New Jersey Turnpike Authority 7.414%, 01/01/40		1,700,000		2,129,334
New York City Water & Sewer System 5.440%, 06/15/43		300,000		321,136
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,500,000		1,370,170
Regents of the University of California Medical Center Pooled Revenue 3.006%, 05/15/50		1,000,000		702,881
State of California General Obligation Unlimited, Build America Bond 7.300%, 10/01/39		1,200,000		1,448,969
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		1,230,000		1,208,730
Total Municipals (Cost $12,785,134)				11,210,092
Asset-Backed Securities—0.4%
Asset-Backed - Automobile—0.1%
CarMax Auto Owner Trust
0.740%, 01/15/27		1,085,000		986,888
2.030%, 06/16/25		903,000		883,731
Honda Auto Receivables Owner Trust 1.090%, 10/15/26		1,500,000		1,481,022
				3,351,641
Asset-Backed - Credit Card—0.2%
Capital One Multi-Asset Execution Trust
2.060%, 08/15/28		1,865,000		1,702,838
4.420%, 05/15/28		2,000,000		1,963,767
				3,666,605
Asset-Backed - Other—0.1%
CNH Equipment Trust 1.160%, 06/16/25		36,779		36,315
John Deere Owner Trust 0.510%, 11/15/24		13,854		13,741
Texas Natural Gas Securitization Finance Corp. 5.169%, 04/01/41		450,000		463,122
Verizon Master Trust 0.990%, 04/20/28		1,000,000		941,131
				1,454,309
Total Asset-Backed Securities (Cost $8,901,538)				8,472,555
Short-Term Investments—0.9%
Security Description	Principal Amount*		Value
U.S. Treasury—0.9%
U.S. Treasury Bills
3.949%, 07/05/23 (c)		5,000,000		4,998,637
4.678%, 07/13/23 (c)		13,400,000		13,381,366
Total Short-Term Investments (Cost $18,375,010)				18,380,003
Securities Lending Reinvestments (d)—13.9%
Certificates of Deposit—4.3%
Bank of America N.A.
5.200%, FEDEFF PRV + 0.130%, 09/08/23 (a)		3,000,000		2,998,620
5.440%, FEDEFF PRV + 0.370%, 11/17/23 (a)		2,000,000		1,999,942
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (a)		1,000,000		1,001,762
Bank of Nova Scotia 5.740%, SOFR + 0.680%, 08/16/23 (a)		2,000,000		2,001,086
BNP Paribas S.A. 5.260%, SOFR + 0.200%, 09/18/23 (a)		1,000,000		1,000,000
5.310%, SOFR + 0.250%, 09/08/23 (a)		4,000,000		4,000,000
5.510%, SOFR + 0.450%, 10/10/23 (a)		5,000,000		5,000,000
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (a)		5,000,000		5,001,285
Canadian Imperial Bank of Commerce (NY) 5.440%, SOFR + 0.380%, 12/12/23 (a)		2,000,000		1,999,902
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (a)		7,000,000		6,994,967
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 07/20/23		1,000,000		997,130
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (a)		5,000,000		5,000,160
MUFG Bank Ltd. (NY)
5.240%, SOFR + 0.180%, 08/28/23 (a)		2,000,000		1,999,670
5.280%, SOFR + 0.220%, 08/14/23 (a)		5,000,000		4,999,700
Nordea Bank Abp 5.410%, SOFR + 0.350%, 10/23/23 (a)		5,000,000		5,000,775
Oversea-Chinese Banking Corp., Ltd. 5.300%, SOFR + 0.240%, 08/08/23 (a)		2,000,000		2,000,054
Rabobank International 5.380%, SOFR + 0.320%, 07/12/23 (a)		1,000,000		1,000,023
Royal Bank of Canada 5.450%, FEDEFF PRV + 0.380%, 11/27/23 (a)		4,000,000		4,001,104
State Street Bank and Trust Co. 5.740%, SOFR + 0.680%, 07/14/23 (a)		2,000,000		2,000,360
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (a)		4,000,000		4,000,084
Sumitomo Mitsui Trust Bank, Ltd. Zero Coupon, 09/08/23		3,000,000		2,968,590
Svenska Handelsbanken AB
5.290%, SOFR + 0.230%, 08/08/23 (a)		2,000,000		2,000,124
5.350%, SOFR + 0.290%,, 07/18/23 (a)		2,000,000		2,000,146
5.400%, SOFR + 0.340%, 10/31/23 (a)		5,000,000		5,001,345
Toronto-Dominion Bank (The)
5.470%, FEDEFF PRV + 0.400%, 02/13/24 (a)		5,000,000		5,000,715
5.520%, FEDEFF PRV + 0.450%, 10/13/23 (a)		5,000,000		5,001,080
				84,968,624

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—1.6%
Bank of Montreal 5.280%, 08/07/23		3,000,000	$	2,982,948
ING U.S. Funding LLC 5.780%, SOFR + 0.720%, 08/04/23 (a)		8,000,000		8,003,784
La Banque Postale S.A. 5.250%, SOFR + 0.190%, 09/13/23 (a)		2,000,000		2,000,000
Old Line Funding LLC 5.370%, SOFR + 0.310%, 08/30/23 (a)		3,000,000		3,000,099
Skandinaviska Enskilda Banken AB
5.330%, SOFR + 0.270%, 08/25/23 (a)		1,000,000		1,000,061
5.420%, SOFR + 0.360%, 11/15/23 (a)		5,000,000		5,000,740
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (a)		7,000,000		7,000,000
United Overseas Bank, Ltd. 5.250%, 08/21/23		3,000,000		2,976,906
				31,964,538
Repurchase Agreements—6.9%
Barclays Bank plc Repurchase Agreement dated 06/30/23 at 5.420%, due on 10/03/23 with a maturity value of $10,143,028; collateralized by various Common Stock with an aggregate market value of $11,142,446.		10,000,000		10,000,000
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $7,086,185; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $7,224,869.		7,083,204		7,083,204
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $6,174,220; collateralized by various Common Stock with an aggregate market value of $6,600,001.		6,000,000		6,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $5,002,113; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $5,112,798.		5,000,000		5,000,000
National Bank of Canada
Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $18,818,534; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $19,264,603.		18,800,000		18,800,000
Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $30,030,333; collateralized by various Common Stock with an aggregate market value of $33,477,565.		30,000,000		30,000,000
Repurchase Agreements—(Continued)
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $482,040; collateralized by various Common Stock with an aggregate market value of $535,678.		481,831		481,831
Royal Bank of Canada Toronto Repurchase Agreement dated 06/30/23 at 5.290%, due on 08/04/23 with a maturity value of $8,041,144; collateralized by various Common Stock with an aggregate market value of $8,890,193.		8,000,000		8,000,000
Societe Generale
Repurchase Agreement dated 06/30/23 at 5.160%, due on 07/03/23 with a maturity value of $20,008,600; collateralized by various Common Stock with an aggregate market value of $22,274,742.		20,000,000		20,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $21,009,048; collateralized by various Common Stock with an aggregate market value of $23,380,222.		21,000,000		21,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $8,308,344; collateralized by various Common Stock with an aggregate market value of $9,244,018..		8,300,000		8,300,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $2,000,858; collateralized by various Common Stock with an aggregate market value of $2,200,945.		2,000,000		2,000,000
				136,665,035
Time Deposits—0.4%
Banco Santander S.A. (NY) 5.060%, 07/03/23		1,000,000		1,000,000
DNB Bank ASA (NY) 5.020%, 07/03/23		1,000,000		1,000,000
DZ Bank AG (NY) 5.040%, 07/03/23		1,000,000		1,000,000
National Bank of Canada 5.120%, OBFR + 0.050%, 07/07/23 (a)		5,000,000		5,000,000
				8,000,000
Mutual Funds—0.7%
Allspring Government Money Market Fund, Select Class  5.020% (e)		5,000,000		5,000,000
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (e)		1,000,000		1,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (e)		1,000,000		1,000,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (e)		4,000,000		4,000,000

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Shares		Value
Mutual Funds—(Continued)
Western Asset Institutional Government Reserves Fund, Institutional Class  5.000% (e)		1,950,000	$	1,950,000
				12,950,000
Total Securities Lending Reinvestments (Cost $274,545,052)				274,548,197
Total Investments—113.5% (Cost $2,510,895,166)				2,248,770,849
Other assets and liabilities (net)—(13.5)%				(267,141,345	)
Net Assets—100.0%			$	1,981,629,504

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $300,300,692 and the collateral received consisted of cash in the amount of $274,479,150 and non-cash collateral with a value of $33,054,611. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	The rate shown represents current yield to maturity.
(d)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(e)	The rate shown represents the annualized seven-day yield as of June 30, 2023.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, the market value of 144A securities was $2,245,778, which is 0.1% of net assets.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate
(TSFR)—	Term Secured Overnight Financing Rate

Other Abbreviations

(ACES)—	Alternative Credit Enhancement Securities
(DAC)—	Designated Activity Company
(REIT)—	Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,371,556,441		$	—	$	1,371,556,441
Total Corporate Bonds & Notes*		—		515,874,411			—		515,874,411
Total Foreign Government*		—		31,093,626			—		31,093,626
Total Mortgage-Backed Securities*		—		17,635,524			—		17,635,524
Total Municipals*		—		11,210,092			—		11,210,092
Total Asset-Backed Securities*		—		8,472,555			—		8,472,555
Total Short-Term Investments*		—		18,380,003			—		18,380,003
Securities Lending Reinvestments
Certificates of Deposit		—		84,968,624			—		84,968,624
Commercial Paper		—		31,964,538			—		31,964,538
Repurchase Agreements		—		136,665,035			—		136,665,035
Time Deposits		—		8,000,000			—		8,000,000
Mutual Funds		12,950,000		—			—		12,950,000
Total Securities Lending Reinvestments		12,950,000		261,598,197			—		274,548,197
Total Investments	$	12,950,000	$	2,235,820,849		$	—	$	2,248,770,849
Collateral for Securities Loaned (Liability)	$	—	$	(274,479,150	)	$	—	$	(274,479,150	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	2,248,770,849
Cash		1,039,264
Receivable for:
Investments sold		12,556,189
Fund shares sold		12,938,060
Principal paydowns		128,192
Interest		12,449,968
Prepaid expenses		16,397
Total Assets		2,287,898,919
Liabilities
Collateral for securities loaned		274,479,150
Payables for:
Investments purchased		30,443,527
Fund shares redeemed		300,301
Accrued Expenses:
Management fees		394,337
Distribution and service fees		196,272
Deferred trustees’ fees		153,821
Other expenses		302,007
Total Liabilities		306,269,415
Net Assets	$	1,981,629,504
Net Assets Consist of:
Paid in surplus	$	2,331,443,903
Distributable earnings (Accumulated losses)		(349,814,399	)
Net Assets	$	1,981,629,504
Net Assets
Class A	$	1,072,247,135
Class B		559,940,030
Class E		36,764,207
Class G		312,678,132
Capital Shares Outstanding*
Class A		116,216,584
Class B		62,088,309
Class E		4,005,878
Class G		34,832,083
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.23
Class B		9.02
Class E		9.18
Class G		8.98

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,510,895,166.
(b)	Includes securities loaned at value of $300,300,692.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Interest	$	27,514,842
Securities lending income		378,965
Total investment income		27,893,807
Expenses
Management fees		2,479,806
Administration fees		44,667
Custodian and accounting fees		124,266
Distribution and service fees—Class B		704,877
Distribution and service fees—Class E		27,936
Distribution and service fees—Class G		468,510
Audit and tax services		34,347
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		50,162
Insurance		9,885
Miscellaneous		10,779
Total expenses		3,994,517
Less management fee waiver		(62,299	)
Net expenses		3,932,218
Net Investment Income		23,961,589
Net Realized and Unrealized Gain (Loss)
Net realized loss on investments		(14,948,036	)
Net change in unrealized appreciation on investments		29,107,757
Net realized and unrealized gain (loss)		14,159,721
Net Increase (Decrease) in Net Assets From Operations	$	38,121,310

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	23,961,589		$	45,196,416
Net realized gain (loss)		(14,948,036	)		(27,037,461	)
Net change in unrealized appreciation (depreciation)		29,107,757			(356,020,064	)
Increase (decrease) in net assets from operations		38,121,310			(337,861,109	)
From Distributions to Shareholders
Class A		(30,657,427	)		(34,952,394	)
Class B		(14,954,075	)		(16,379,847	)
Class E		(1,016,630	)		(1,094,280	)
Class G		(8,357,490	)		(8,214,915	)
Total distributions		(54,985,622	)		(60,641,436	)
Increase (decrease) in net assets from capital share transactions		(7,644,262	)		(251,501,385	)
Total increase (decrease) in net assets		(24,508,574	)		(650,003,930	)
Net Assets
Beginning of period		2,006,138,078			2,656,142,008
End of period	$	1,981,629,504		$	2,006,138,078

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		3,118,869		$	29,197,370			2,918,996		$	28,524,797
Reinvestments		3,328,711			30,657,427			3,690,855			34,952,394
Redemptions		(7,383,650	)		(70,007,909	)		(22,551,286	)		(219,682,691	)
Net increase (decrease)		(936,070	)	$	(10,153,112	)		(15,941,435	)	$	(156,205,500	)
Class B
Sales		1,483,695		$	13,637,923			1,679,657		$	16,058,791
Reinvestments		1,661,564			14,954,075			1,768,882			16,379,847
Redemptions		(3,350,228	)		(31,091,792	)		(11,222,408	)		(108,158,305	)
Net increase (decrease)		(204,969	)	$	(2,499,794	)		(7,773,869	)	$	(75,719,667	)
Class E
Sales		116,880		$	1,099,720			153,247		$	1,523,933
Reinvestments		110,986			1,016,630			116,166			1,094,280
Redemptions		(279,145	)		(2,627,409	)		(609,103	)		(5,976,760	)
Net increase (decrease)		(51,279	)	$	(511,059	)		(339,690	)	$	(3,358,547	)
Class G
Sales		1,411,487		$	13,014,131			3,292,560		$	30,939,202
Reinvestments		932,756			8,357,490			890,989			8,214,915
Redemptions		(1,718,961	)		(15,851,918	)		(5,716,471	)		(55,371,788	)
Net increase (decrease)		625,282		$	5,519,703			(1,532,922	)	$	(16,217,671	)
Increase (decrease) derived from capital shares transactions				$	(7,644,262	)				$	(251,501,385	)

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.32		$	11.04		$	11.55		$	11.10		$	10.55		$	10.90
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.21			0.19			0.24			0.28			0.28
Net realized and unrealized gain (loss)		0.07			(1.65	)		(0.41	)		0.56			0.62			(0.31	)
Total income (loss) from investment operations		0.19			(1.44	)		(0.22	)		0.80			0.90			(0.03	)
Less Distributions
Distributions from net investment income		(0.28	)		(0.28	)		(0.29	)		(0.35	)		(0.35	)		(0.32	)
Total distributions		(0.28	)		(0.28	)		(0.29	)		(0.35	)		(0.35	)		(0.32	)
Net Asset Value, End of Period	$	9.23		$	9.32		$	11.04		$	11.55		$	11.10		$	10.55
Total Return (%) (b)		1.99	(c)		(13.09	)		(1.93	)		7.21			8.64			(0.18	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28	(d)		0.28			0.28			0.28			0.28			0.28
Net ratio of expenses to average net assets (%) (e)		0.28	(d)		0.27			0.27			0.27			0.27			0.27
Ratio of net investment income (loss) to average net assets (%)		2.54	(d)		2.13			1.69			2.12			2.60			2.69
Portfolio turnover rate (%)		8	(c)		15			28			34			20			19
Net assets, end of period (in millions)	$	1,072.2		$	1,091.7		$	1,469.1		$	1,613.2		$	1,355.4		$	1,293.6
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.10		$	10.78		$	11.29		$	10.85		$	10.32		$	10.67
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.11			0.18			0.16			0.21			0.25			0.25
Net realized and unrealized gain (loss)		0.06			(1.61	)		(0.41	)		0.55			0.60			(0.30	)
Total income (loss) from investment operations		0.17			(1.43	)		(0.25	)		0.76			0.85			(0.05	)
Less Distributions
Distributions from net investment income		(0.25	)		(0.25	)		(0.26	)		(0.32	)		(0.32	)		(0.30	)
Total distributions		(0.25	)		(0.25	)		(0.26	)		(0.32	)		(0.32	)		(0.30	)
Net Asset Value, End of Period	$	9.02		$	9.10		$	10.78		$	11.29		$	10.85		$	10.32
Total Return (%) (b)		1.86	(c)		(13.31	)		(2.22	)		7.01			8.34			(0.45	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(d)		0.53			0.53			0.53			0.53			0.53
Net ratio of expenses to average net assets (%) (e)		0.53	(d)		0.52			0.52			0.52			0.52			0.52
Ratio of net investment income (loss) to average net assets (%)		2.29	(d)		1.87			1.44			1.88			2.35			2.44
Portfolio turnover rate (%)		8	(c)		15			28			34			20			19
Net assets, end of period (in millions)	$	559.9		$	566.9		$	755.3		$	793.0		$	796.6		$	824.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.26		$	10.97		$	11.48		$	11.03		$	10.49		$	10.84
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.11			0.19			0.17			0.23			0.27			0.27
Net realized and unrealized gain (loss)		0.07			(1.64	)		(0.41	)		0.55			0.60			(0.31	)
Total income (loss) from investment operations		0.18			(1.45	)		(0.24	)		0.78			0.87			(0.04	)
Less Distributions
Distributions from net investment income		(0.26	)		(0.26	)		(0.27	)		(0.33	)		(0.33	)		(0.31	)
Total distributions		(0.26	)		(0.26	)		(0.27	)		(0.33	)		(0.33	)		(0.31	)
Net Asset Value, End of Period	$	9.18		$	9.26		$	10.97		$	11.48		$	11.03		$	10.49
Total Return (%) (b)		1.94	(c)		(13.25	)		(2.08	)		7.10			8.41			(0.34	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43	(d)		0.43			0.43			0.43			0.43			0.43
Net ratio of expenses to average net assets (%) (e)		0.43	(d)		0.42			0.42			0.42			0.42			0.42
Ratio of net investment income (loss) to average net assets (%)		2.39	(d)		1.98			1.54			1.98			2.45			2.54
Portfolio turnover rate (%)		8	(c)		15			28			34			20			19
Net assets, end of period (in millions)	$	36.8		$	37.6		$	48.2		$	49.7		$	49.1		$	52.3
	Class G
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.06		$	10.73		$	11.24		$	10.81		$	10.28		$	10.63
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.10			0.18			0.15			0.20			0.24			0.25
Net realized and unrealized gain (loss)		0.07			(1.61	)		(0.40	)		0.54			0.61			(0.31	)
Total income (loss) from investment operations		0.17			(1.43	)		(0.25	)		0.74			0.85			(0.06	)
Less Distributions
Distributions from net investment income		(0.25	)		(0.24	)		(0.26	)		(0.31	)		(0.32	)		(0.29	)
Total distributions		(0.25	)		(0.24	)		(0.26	)		(0.31	)		(0.32	)		(0.29	)
Net Asset Value, End of Period	$	8.98		$	9.06		$	10.73		$	11.24		$	10.81		$	10.28
Total Return (%) (b)		1.84	(c)		(13.33	)		(2.26	)		6.89			8.34			(0.49	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(d)		0.58			0.58			0.58			0.58			0.58
Net ratio of expenses to average net assets (%) (e)		0.58	(d)		0.57			0.57			0.57			0.57			0.57
Ratio of net investment income (loss) to average net assets (%)		2.24	(d)		1.83			1.39			1.82			2.30			2.39
Portfolio turnover rate (%)		8	(c)		15			28			34			20			19
Net assets, end of period (in millions)	$	312.7		$	309.9		$	383.5		$	390.4		$	333.9		$	312.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market

BHFTII-28

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO,

BHFTII-29

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

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

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

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

At June 30, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $136,665,035, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash

BHFTII-30

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(132,779,641	)	$	—	$	—	$	—	$	(132,779,641	)
Foreign Government		(5,499,188	)		—		—		—		(5,499,188	)
U.S. Treasury & Government Agencies		(136,200,321	)		—		—		—		(136,200,321	)
Total Borrowings	$	(274,479,150	)	$	—	$	—	$	—	$	(274,479,150	)
Gross amount of recognized liabilities for securities lending transactions										$	(274,479,150	)

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of

BHFTII-31

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

LIBOR Replacement Risk: Many financial instruments historically used a floating rate based on LIBOR, which was the offered rate at which major international banks could obtain wholesale, unsecured funding. LIBOR may have been a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may have been used in other ways that affected the Portfolio’s investment performance. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. Markets are developing in these new rates, but concerns around liquidity of the new rates and how to appropriately mitigate any economic value transfer as a result of the transition remain. Neither the effect of the transition process nor its ultimate success can yet be fully known. The transition away from LIBOR and use of replacement rates may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that were tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions that were historically tied to LIBOR, particularly insofar as the documentation governing such instruments did not include “fall back” provisions addressing the transition from LIBOR. The Subadviser may have exercised discretion in determining a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR and the use of replacement rates may adversely affect transactions that used LIBOR as a reference rate, financial institutions, funds and other market participants that engaged in such transactions, and the financial markets generally. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases				Sales
U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
$	116,358,348	$	39,720,109	$	161,954,315	$	47,430,810

BHFTII-32

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2023 were $2,479,806.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the six months ended June 30, 2023 were $247,966.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

BHFTII-33

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	2,511,396,614
Gross unrealized appreciation		18,323,436
Gross unrealized (depreciation)		(280,447,753	)
Net unrealized appreciation (depreciation)	$	(262,124,317	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$60,641,436	$	66,279,402	$	—	$	—	$	60,641,436	$	66,279,402

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$54,776,037	$	—	$	(308,727,413	)	$	(78,846,686	)	$	(332,798,062	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $20,775,761 and accumulated long-term capital losses of $58,070,925.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-34

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-35

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B, E and G shares of the MetLife Mid Cap Stock Index Portfolio (the “Portfolio”) returned 8.66%, 8.51%, 8.59%, and 8.54%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) MidCap 400 Index¹, returned 8.84%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets climbed during the first six months of 2023, driven mainly by the rally in the Information Technology sector and better-than-expected corporate earnings. In addition, equity investors were hopeful that the Federal Reserve (the “Fed”) would begin pausing interest rate increases soon and that the Fed would be able to successfully navigate a soft landing. Factors that weighed on the equity markets included lingering concerns about rising recession risks, the collapse of two U.S. regional banks, Silicon Valley Bank and Signature Bank, and the acquisition of Credit Suisse by UBS in an emergency rescue deal. Equity investors were also concerned about stretched equity valuations, continued high inflation and rising bond yields.

During the first six months, the Federal Open Market Committee (the “FOMC”) met four times and decided to raise the target range from 4.25%—4.50% to 5.00%—5.25%. The FOMC stated that economic activity had continued to expand at a modest pace, the unemployment rate remained low, and inflation remained elevated. The FOMC seeks to achieve maximum employment and inflation at the rate of two percent over the long run.

Seven of the eleven sectors comprising the S&P MidCap 400 Index experienced a positive return for the first six months of 2023. Information Technology (12.1% beginning weight in the benchmark), up 24.6%; Industrials (19.8% beginning weight in the benchmark), up 21.6%; and Consumer Discretionary (14.0% beginning weight in the benchmark), up 12.1%, were the best-performing sectors. Utilities (4.1% beginning weight), down 9.2%; Financials (15.2% beginning weight), down 6.7%; and Energy (3.9% beginning weight), down 2.2%, were the worst-performing sectors.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Super Micro Computer, up 203.6%; Builders FirstSource, up 109.6%; and Jabil, up 58.6%. The stocks with the largest negative impact were First Horizon, down 53.0%; Capri, down 37.4%; and Halozyme Therapeutics, down 36.6%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P MidCap 400 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, net asset value rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

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

¹ The S&P MidCap 400 Index is an unmanaged index designed to measure the performance of 400 mid-sized U.S. companies, reflecting the distinctive risk and return characteristics of this market segment.

BHFTII-1

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P MIDCAP 400 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
MetLife Mid Cap Stock Index Portfolio
Class A		8.66		17.31		7.52		9.95
Class B		8.51		17.05		7.26		9.67
Class E		8.59		17.12		7.36		9.78
Class G		8.54		16.96		7.21		9.62
S&P MidCap 400 Index		8.84		17.61		7.79		10.21

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
SPDR S&P MidCap 400 ETF Trust		3.0
Hubbell, Inc.		0.7
Builders FirstSource, Inc.		0.7
Reliance Steel & Aluminum Co.		0.7
Graco, Inc.		0.6
Jabil, Inc.		0.6
Deckers Outdoor Corp.		0.6
Lattice Semiconductor Corp.		0.6
Penumbra, Inc.		0.6
Carlisle Cos., Inc.		0.6

Top Sectors

	% of Net Assets
Industrials		21.9
Financials		15.9
Consumer Discretionary		14.3
Information Technology		9.9
Health Care		9.0
Real Estate		7.1
Materials		7.0
Consumer Staples		4.1
Energy		4.0
Utilities		3.2

BHFTII-2

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Mid Cap Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.30	%	$	1,000.00	$	1,086.60	$	1.55
	Hypothetical*		0.30	%	$	1,000.00	$	1,023.31	$	1.51
Class B (a)	Actual		0.55	%	$	1,000.00	$	1,085.10	$	2.84
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class E (a)	Actual		0.45	%	$	1,000.00	$	1,085.90	$	2.33
	Hypothetical*		0.45	%	$	1,000.00	$	1,022.56	$	2.26
Class G (a)	Actual		0.60	%	$	1,000.00	$	1,085.40	$	3.10
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01

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

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

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—95.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.2%
BWX Technologies, Inc. (a)		39,170	$	2,803,397
Curtiss-Wright Corp.		16,424		3,016,432
Hexcel Corp. (a)		36,139		2,747,287
Mercury Systems, Inc. (b)		24,924		862,121
Woodward, Inc. (a)		25,715		3,057,770
				12,487,007
Air Freight & Logistics—0.3%
GXO Logistics, Inc. (b)		50,940		3,200,051
Automobile Components—1.6%
Adient plc (b)		40,563		1,554,374
Autoliv, Inc.		33,087		2,813,718
Fox Factory Holding Corp. (a) (b)		18,120		1,966,201
Gentex Corp.		100,102		2,928,985
Goodyear Tire & Rubber Co. (The) (a) (b)		121,400		1,660,752
Lear Corp.		25,281		3,629,088
Visteon Corp. (b)		12,143		1,743,856
				16,296,974
Automobiles—0.4%
Harley-Davidson, Inc.		56,034		1,972,957
Thor Industries, Inc. (a)		22,924		2,372,634
				4,345,591
Banks—5.0%
Associated Banc-Corp.		64,631		1,048,961
Bank OZK (a)		46,171		1,854,227
Cadence Bank		78,255		1,536,928
Cathay General Bancorp		31,069		1,000,111
Columbia Banking System, Inc. (a)		89,288		1,810,761
Commerce Bancshares, Inc. (a)		48,612		2,367,404
Cullen/Frost Bankers, Inc. (a)		27,584		2,966,108
East West Bancorp, Inc.		60,591		3,198,599
First Financial Bankshares, Inc. (a)		55,633		1,584,984
First Horizon National Corp.		230,360		2,596,157
FNB Corp. (a)		154,655		1,769,253
Glacier Bancorp, Inc.		47,488		1,480,201
Hancock Whitney Corp.		36,869		1,415,032
Home BancShares, Inc. (a)		80,784		1,841,875
International Bancshares Corp.		22,614		999,539
New York Community Bancorp, Inc. (a)		309,308		3,476,622
Old National Bancorp (a)		125,329		1,747,086
Pinnacle Financial Partners, Inc.		32,871		1,862,142
Prosperity Bancshares, Inc. (a)		40,383		2,280,832
SouthState Corp. (a)		32,520		2,139,816
Synovus Financial Corp.		62,586		1,893,227
Texas Capital Bancshares, Inc. (b)		20,504		1,055,956
UMB Financial Corp.		18,700		1,138,830
United Bankshares, Inc. (a)		57,647		1,710,387
Valley National Bancorp		180,556		1,399,309
Webster Financial Corp.		74,848		2,825,512
Wintrust Financial Corp. (a)		26,211		1,903,443
				50,903,302
Beverages—0.5%
Boston Beer Co., Inc. (The) - Class A (b)		4,021		1,240,237
Celsius Holdings, Inc. (a) (b)		17,432		2,600,680
Coca-Cola Consolidated, Inc.		1,972		1,254,232
				5,095,149
Biotechnology—1.4%
Arrowhead Pharmaceuticals, Inc. (b)		45,788		1,632,800
Exelixis, Inc. (b)		139,480		2,665,463
Halozyme Therapeutics, Inc. (b)		56,402		2,034,420
Neurocrine Biosciences, Inc. (b)		41,794		3,941,174
United Therapeutics Corp. (b)		20,066		4,429,570
				14,703,427
Broadline Retail—0.5%
Kohl’s Corp. (a)		47,435		1,093,377
Macy’s, Inc. (a)		116,645		1,872,152
Nordstrom, Inc. (a)		48,399		990,728
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		24,656		1,428,322
				5,384,579
Building Products—3.7%
Advanced Drainage Systems, Inc. (a)		26,792		3,048,394
Builders FirstSource, Inc. (a) (b)		54,899		7,466,264
Carlisle Cos., Inc.		21,831		5,600,306
Fortune Brands Innovations, Inc.		54,274		3,905,014
Lennox International, Inc. (a)		13,838		4,512,157
Owens Corning		38,597		5,036,908
Simpson Manufacturing Co., Inc.		18,277		2,531,365
Trex Co., Inc. (b)		46,604		3,055,358
UFP Industries, Inc.		26,598		2,581,336
				37,737,102
Capital Markets—1.8%
Affiliated Managers Group, Inc.		15,464		2,317,899
Evercore, Inc. - Class A		15,111		1,867,568
Federated Hermes, Inc.		36,422		1,305,729
Interactive Brokers Group, Inc. - Class A		44,115		3,664,633
Janus Henderson Group plc (a)		56,765		1,546,846
Jefferies Financial Group, Inc.		79,979		2,652,903
SEI Investments Co.		43,395		2,587,210
Stifel Financial Corp. (a)		45,459		2,712,539
				18,655,327
Chemicals—2.3%
Ashland, Inc.		20,807		1,808,336
Avient Corp.		36,668		1,499,721
Axalta Coating Systems, Ltd. (b)		94,889		3,113,308
Cabot Corp. (a)		24,049		1,608,638
Chemours Co. (The)		63,888		2,356,828
NewMarket Corp.		2,845		1,144,031
Olin Corp.		51,496		2,646,380
RPM International, Inc.		55,217		4,954,622
Scotts Miracle-Gro Co. (The)		17,532		1,099,081
Sensient Technologies Corp.		18,094		1,287,026

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
Westlake Corp. (a)		14,762	$	1,763,616
				23,281,587
Commercial Services & Supplies—1.3%
Brink’s Co. (The)		19,885		1,348,800
Clean Harbors, Inc. (b)		21,552		3,543,795
MSA Safety, Inc.		15,810		2,750,308
Stericycle, Inc. (a) (b)		39,596		1,838,838
Tetra Tech, Inc. (a)		22,800		3,733,272
				13,215,013
Communications Equipment—0.5%
Calix, Inc. (a) (b)		24,685		1,232,028
Ciena Corp. (b)		63,889		2,714,644
Lumentum Holdings, Inc. (a) (b)		29,426		1,669,337
				5,616,009
Construction & Engineering—1.8%
AECOM		59,537		5,042,189
EMCOR Group, Inc.		20,366		3,763,229
Fluor Corp. (a) (b)		61,352		1,816,019
MasTec, Inc. (a) (b)		25,555		3,014,723
MDU Resources Group, Inc.		87,224		1,826,471
Valmont Industries, Inc.		9,019		2,624,980
				18,087,611
Construction Materials—0.4%
Eagle Materials, Inc.		15,442		2,878,698
Knife River Corp. (a) (b)		21,806		948,561
				3,827,259
Consumer Finance—0.3%
FirstCash Holdings, Inc.		15,775		1,472,281
SLM Corp.		103,818		1,694,310
				3,166,591
Consumer Staples Distribution & Retail—1.8%
BJ’s Wholesale Club Holdings, Inc. (b)		57,562		3,626,981
Casey’s General Stores, Inc.		15,961		3,892,569
Grocery Outlet Holding Corp. (a) (b)		38,309		1,172,638
Performance Food Group Co. (b)		66,882		4,028,972
Sprouts Farmers Market, Inc. (a) (b)		44,138		1,621,189
U.S. Foods Holding Corp. (b)		97,072		4,271,168
				18,613,517
Containers & Packaging—1.9%
AptarGroup, Inc.		28,065		3,251,611
Berry Global Group, Inc.		51,057		3,285,007
Crown Holdings, Inc.		51,442		4,468,767
Graphic Packaging Holding Co.		131,557		3,161,315
Greif, Inc. - Class A		11,109		765,299
Silgan Holdings, Inc.		35,890		1,682,882
Sonoco Products Co.		41,957		2,476,302
				19,091,183
Diversified Consumer Services—0.8%
Graham Holdings Co. - Class B		1,619		925,226
Grand Canyon Education, Inc. (b)		13,161		1,358,347
H&R Block, Inc. (a)		65,227		2,078,784
Service Corp. International (a)		64,750		4,182,203
				8,544,560
Diversified Telecommunication Services—0.5%
Frontier Communications Parent, Inc. (a) (b)		95,634		1,782,618
Iridium Communications, Inc.		53,937		3,350,566
				5,133,184
Electric Utilities—1.2%
ALLETE, Inc.		24,550		1,423,163
Hawaiian Electric Industries, Inc. (a)		46,933		1,698,975
IDACORP, Inc. (a)		21,677		2,224,060
OGE Energy Corp.		85,788		3,080,647
PNM Resources, Inc.		36,765		1,658,101
Portland General Electric Co. (a)		41,385		1,938,060
				12,023,006
Electrical Equipment—2.1%
Acuity Brands, Inc. (a)		13,620		2,221,150
EnerSys		17,498		1,898,883
Hubbell, Inc.		22,954		7,610,628
nVent Electric plc		70,960		3,666,503
Regal Rexnord Corp.		28,389		4,369,067
Sunrun, Inc. (a) (b)		92,353		1,649,425
Vicor Corp. (a) (b)		9,596		518,184
				21,933,840
Electronic Equipment, Instruments & Components—3.6%
Arrow Electronics, Inc. (b)		24,196		3,465,593
Avnet, Inc.		39,148		1,975,017
Belden, Inc.		18,226		1,743,317
Cognex Corp.		73,930		4,141,558
Coherent Corp. (a) (b)		59,699		3,043,455
IPG Photonics Corp. (b)		13,373		1,816,321
Jabil, Inc.		56,833		6,133,986
Littelfuse, Inc.		10,637		3,098,664
National Instruments Corp.		56,324		3,232,998
Novanta, Inc. (b)		15,337		2,823,542
TD SYNNEX Corp.		17,783		1,671,602
Vishay Intertechnology, Inc.		54,648		1,606,651
Vontier Corp. (a)		66,656		2,146,990
				36,899,694
Energy Equipment & Services—0.7%
ChampionX Corp.		84,798		2,632,130
NOV, Inc.		168,644		2,705,050
Valaris, Ltd. (b)		25,761		1,621,139
				6,958,319
Entertainment—0.2%
World Wrestling Entertainment, Inc. - Class A (a)		18,590		2,016,457

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Financial Services—1.4%
Essent Group, Ltd.		45,942	$	2,150,086
Euronet Worldwide, Inc. (b)		20,194		2,370,170
MGIC Investment Corp.		122,767		1,938,491
Voya Financial, Inc. (a)		42,092		3,018,417
Western Union Co. (The)		160,395		1,881,433
WEX, Inc. (b)		18,350		3,340,984
				14,699,581
Food Products—1.3%
Darling Ingredients, Inc. (a) (b)		68,346		4,359,791
Flowers Foods, Inc. (a)		82,566		2,054,242
Ingredion, Inc.		28,277		2,995,948
Lancaster Colony Corp. (a)		8,488		1,706,852
Pilgrim’s Pride Corp. (b)		19,265		414,005
Post Holdings, Inc. (b)		22,933		1,987,145
				13,517,983
Gas Utilities—1.1%
National Fuel Gas Co. (a)		39,322		2,019,578
New Jersey Resources Corp. (a)		41,532		1,960,311
ONE Gas, Inc. (a)		23,725		1,822,317
Southwest Gas Holdings, Inc. (a)		28,111		1,789,265
Spire, Inc.		22,529		1,429,240
UGI Corp.		89,661		2,418,157
				11,438,868
Ground Transportation—2.0%
Avis Budget Group, Inc. (a) (b)		10,219		2,336,779
Hertz Global Holdings, Inc. (a) (b)		67,513		1,241,564
Knight-Swift Transportation Holdings, Inc.		68,974		3,832,195
Landstar System, Inc. (a)		15,391		2,963,383
Ryder System, Inc.		19,914		1,688,508
Saia, Inc. (a) (b)		11,365		3,891,490
Werner Enterprises, Inc.		25,246		1,115,368
XPO, Inc. (b)		49,625		2,927,875
				19,997,162
Health Care Equipment & Supplies—3.5%
Enovis Corp. (b)		20,541		1,317,089
Envista Holdings Corp. (a) (b)		70,118		2,372,793
Globus Medical, Inc. - Class A (b)		34,225		2,037,757
Haemonetics Corp. (b)		21,608		1,839,705
ICU Medical, Inc. (a) (b)		8,658		1,542,769
Inari Medical, Inc. (b)		22,039		1,281,347
Integra LifeSciences Holdings Corp. (b)		30,521		1,255,329
Lantheus Holdings, Inc. (b)		29,269		2,456,255
LivaNova plc (a) (b)		23,030		1,184,433
Masimo Corp. (b)		20,799		3,422,475
Neogen Corp. (a) (b)		92,613		2,014,333
Omnicell, Inc. (a) (b)		19,309		1,422,494
Penumbra, Inc. (a) (b)		16,385		5,637,423
QuidelOrtho Corp. (b)		23,118		1,915,557
Shockwave Medical, Inc. (a) (b)		15,688		4,477,512
STAAR Surgical Co. (a) (b)		20,702		1,088,304
				35,265,575
Health Care Providers & Services—2.2%
Acadia Healthcare Co., Inc. (b)		39,421		3,139,489
Amedisys, Inc. (b)		13,957		1,276,228
Chemed Corp.		6,434		3,485,105
Encompass Health Corp.		42,934		2,907,061
HealthEquity, Inc. (b)		36,609		2,311,492
Option Care Health, Inc. (b)		70,838		2,301,527
Patterson Cos., Inc.		37,247		1,238,835
Progyny, Inc. (b)		32,754		1,288,542
R1 RCM, Inc. (b)		59,112		1,090,616
Tenet Healthcare Corp. (b)		43,662		3,553,214
				22,592,109
Health Care REITs—1.1%
Healthcare Realty Trust, Inc.		163,115		3,076,349
Medical Properties Trust, Inc. (a)		256,270		2,373,060
Omega Healthcare Investors, Inc. (a)		100,380		3,080,662
Physicians Realty Trust (a)		102,113		1,428,561
Sabra Health Care REIT, Inc.		99,027		1,165,548
				11,124,180
Health Care Technology—0.2%
Doximity, Inc. - Class A (a) (b)		50,844		1,729,713
Hotel & Resort REITs—0.1%
Park Hotels & Resorts, Inc. (a)		92,360		1,184,055
Hotels, Restaurants & Leisure—3.4%
Aramark (a)		111,626		4,805,499
Boyd Gaming Corp.		32,888		2,281,441
Choice Hotels International, Inc. (a)		11,358		1,334,792
Churchill Downs, Inc.		28,220		3,927,377
Hilton Grand Vacations, Inc. (b)		32,925		1,496,112
Light & Wonder, Inc. (b)		39,028		2,683,565
Marriott Vacations Worldwide Corp.		15,767		1,934,926
Papa John’s International, Inc.		12,729		939,782
Penn Entertainment, Inc. (a) (b)		66,012		1,586,268
Planet Fitness, Inc. - Class A (b)		36,390		2,454,142
Texas Roadhouse, Inc. (a)		28,698		3,222,212
Travel and Leisure Co.		32,682		1,318,392
Wendy’s Co. (The)		72,212		1,570,611
Wingstop, Inc. (a)		12,837		2,569,454
Wyndham Hotels & Resorts, Inc.		36,778		2,521,868
				34,646,441
Household Durables—1.7%
Helen of Troy, Ltd. (a) (b)		10,297		1,112,282
KB Home		34,384		1,777,996
Leggett & Platt, Inc. (a)		57,015		1,688,784
Taylor Morrison Home Corp. (b)		46,736		2,279,315
Tempur Sealy International, Inc. (a)		73,702		2,953,239
Toll Brothers, Inc.		44,110		3,487,778
TopBuild Corp. (b)		13,599		3,617,606
				16,917,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Products—0.1%
Energizer Holdings, Inc. (a)		28,472	$	956,090
Independent Power and Renewable Electricity Producers—0.2%
Ormat Technologies, Inc. (a)		22,505		1,810,752
Industrial REITs—1.3%
EastGroup Properties, Inc.		19,023		3,302,393
First Industrial Realty Trust, Inc.		56,643		2,981,688
Rexford Industrial Realty, Inc.		86,073		4,494,732
STAG Industrial, Inc.		76,832		2,756,732
				13,535,545
Insurance—3.7%
American Financial Group, Inc.		29,918		3,552,763
Brighthouse Financial, Inc. (b) (c)		28,638		1,356,009
CNO Financial Group, Inc.		49,066		1,161,392
First American Financial Corp. (a)		44,210		2,520,854
Hanover Insurance Group, Inc. (The)		15,303		1,729,698
Kemper Corp.		27,409		1,322,758
Kinsale Capital Group, Inc.		9,323		3,488,667
Old Republic International Corp.		116,624		2,935,426
Primerica, Inc.		15,517		3,068,642
Reinsurance Group of America, Inc.		28,502		3,952,942
RenaissanceRe Holdings, Ltd.		21,516		4,013,164
RLI Corp. (a)		17,366		2,369,938
Selective Insurance Group, Inc.		25,911		2,486,161
Unum Group		79,345		3,784,757
				37,743,171
Interactive Media & Services—0.5%
TripAdvisor, Inc. (a) (b)		45,417		748,926
Ziff Davis, Inc. (b)		20,253		1,418,925
ZoomInfo Technologies, Inc.-Class A (a) (b)		115,460		2,931,530
				5,099,381
IT Services—0.1%
Kyndryl Holdings, Inc. (b)		87,702		1,164,683
Leisure Products—1.1%
Brunswick Corp. (a)		30,288		2,624,152
Mattel, Inc. (a) (b)		151,610		2,962,460
Polaris, Inc. (a)		22,913		2,770,869
Topgolf Callaway Brands Corp. (a) (b)		59,624		1,183,536
YETI Holdings, Inc. (a) (b)		37,114		1,441,508
				10,982,525
Life Sciences Tools & Services—1.3%
Azenta, Inc. (a) (b)		27,912		1,302,932
Bruker Corp.		42,736		3,159,045
Medpace Holdings, Inc. (b)		10,582		2,541,479
Repligen Corp. (a) (b)		22,180		3,137,583
Sotera Health Co. (a) (b)		42,353		797,931
Syneos Health, Inc. (b)		44,400		1,871,016
				12,809,986
Machinery—4.6%
AGCO Corp.		26,615		3,497,743
Chart Industries, Inc. (a) (b)		17,975		2,872,225
Crane Co.		20,654		1,840,685
Crane NXT Co. (a)		20,654		1,165,712
Donaldson Co., Inc.		51,946		3,247,145
Esab Corp. (a)		22,183		1,476,057
Flowserve Corp. (a)		56,175		2,086,901
Graco, Inc.		72,105		6,226,267
ITT, Inc.		35,294		3,289,754
Lincoln Electric Holdings, Inc. (a)		24,661		4,898,414
Middleby Corp. (The) (a) (b)		22,922		3,388,559
Oshkosh Corp.		27,976		2,422,442
Terex Corp.		29,040		1,737,463
Timken Co. (The)		28,218		2,582,794
Toro Co. (The)		44,668		4,540,502
Watts Water Technologies, Inc. - Class A		11,740		2,156,990
				47,429,653
Marine Transportation—0.2%
Kirby Corp. (b)		25,700		1,977,615
Media—0.8%
Cable One, Inc. (a)		2,020		1,327,302
New York Times Co. (The) - Class A		70,183		2,763,806
Nexstar Media Group, Inc. (a)		15,359		2,558,041
TEGNA, Inc.		96,386		1,565,309
				8,214,458
Metals & Mining—2.3%
Alcoa Corp.		76,414		2,592,727
Cleveland-Cliffs, Inc. (a) (b)		220,623		3,697,641
Commercial Metals Co.		50,164		2,641,636
MP Materials Corp. (a) (b)		39,561		905,156
Reliance Steel & Aluminum Co. (a)		25,183		6,839,451
Royal Gold, Inc.		28,132		3,228,991
United States Steel Corp. (a)		96,997		2,425,895
Worthington Industries, Inc.		13,000		903,110
				23,234,607
Mortgage Real Estate Investment Trusts—0.7%
Annaly Capital Management, Inc.		211,544		4,232,995
Starwood Property Trust, Inc. (a)		133,677		2,593,334
				6,826,329
Multi-Utilities—0.3%
Black Hills Corp.		28,552		1,720,544
NorthWestern Corp. (a)		25,612		1,453,737
				3,174,281
Office REITs—0.6%
Corporate Office Properties Trust (a)		48,193		1,144,584
Cousins Properties, Inc.		64,975		1,481,430
Highwoods Properties, Inc. (a)		45,170		1,080,015
Kilroy Realty Corp.		45,149		1,358,533

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Office REITs—(Continued)
Vornado Realty Trust (a)		69,038	$	1,252,349
				6,316,911
Oil, Gas & Consumable Fuels—3.3%
Antero Midstream Corp. (a)		143,815		1,668,254
Antero Resources Corp. (a) (b)		118,272		2,723,804
Chord Energy Corp.		17,797		2,737,179
CNX Resources Corp. (a) (b)		70,921		1,256,720
DT Midstream, Inc. (a)		41,500		2,057,155
Equitrans Midstream Corp.		185,545		1,773,810
HF Sinclair Corp.		55,188		2,461,937
Matador Resources Co. (a)		48,497		2,537,363
Murphy Oil Corp.		62,849		2,407,117
Ovintiv, Inc. (a)		104,737		3,987,337
PBF Energy, Inc. - Class A		46,989		1,923,730
PDC Energy, Inc. (a)		37,460		2,664,904
Range Resources Corp.		103,350		3,038,490
Southwestern Energy Co. (b)		471,706		2,834,953
				34,072,753
Paper & Forest Products—0.2%
Louisiana-Pacific Corp.		30,858		2,313,733
Passenger Airlines—0.1%
JetBlue Airways Corp. (a) (b) (d)		140,449		1,244,378
Personal Care Products—0.4%
BellRing Brands, Inc. (b)		56,883		2,081,918
Coty, Inc. - Class A (a) (b)		157,069		1,930,378
				4,012,296
Pharmaceuticals—0.5%
Jazz Pharmaceuticals plc (b)		27,415		3,398,637
Perrigo Co. plc		57,964		1,967,878
				5,366,515
Professional Services—3.1%
ASGN, Inc. (b)		21,117		1,597,079
CACI International, Inc. - Class A (b)		9,763		3,327,621
Concentrix Corp. (a)		18,286		1,476,594
ExlService Holdings, Inc. (b)		14,241		2,151,245
Exponent, Inc. (a)		21,774		2,031,950
FTI Consulting, Inc. (b)		14,555		2,768,361
Genpact, Ltd.		72,567		2,726,342
Insperity, Inc.		15,387		1,830,438
KBR, Inc. (a)		58,134		3,782,198
ManpowerGroup, Inc.		21,599		1,714,961
Maximus, Inc.		26,036		2,200,302
Paylocity Holding Corp. (b)		17,692		3,264,705
Science Applications International Corp.		23,126		2,601,212
				31,473,008
Real Estate Management & Development—0.3%
Jones Lang LaSalle, Inc. (a) (b)		20,459		3,187,512
Residential REITs—0.4%
Apartment Income REIT Corp.		63,906		2,306,367
Independence Realty Trust, Inc.		96,080		1,750,578
				4,056,945
Retail REITs—1.3%
Agree Realty Corp. (a)		39,919		2,610,303
Brixmor Property Group, Inc.		128,733		2,832,126
Kite Realty Group Trust (a)		93,943		2,098,687
National Retail Properties, Inc. (a)		77,993		3,337,320
Spirit Realty Capital, Inc. (a)		60,521		2,383,317
				13,261,753
Semiconductors & Semiconductor Equipment—2.5%
Allegro MicroSystems, Inc. (b)		27,925		1,260,535
Amkor Technology, Inc.		43,138		1,283,355
Cirrus Logic, Inc. (b)		23,668		1,917,345
Lattice Semiconductor Corp. (a) (b)		58,959		5,664,191
MACOM Technology Solutions Holdings, Inc. (a) (b)		22,164		1,452,407
MKS Instruments, Inc. (a)		24,595		2,658,719
Power Integrations, Inc.		24,565		2,325,569
Silicon Laboratories, Inc. (a) (b)		13,705		2,161,827
Synaptics, Inc. (b)		16,929		1,445,398
Universal Display Corp.		18,653		2,688,457
Wolfspeed, Inc. (a) (b)		53,316		2,963,836
				25,821,639
Software—2.6%
ACI Worldwide, Inc. (b)		46,397		1,075,018
Aspen Technology, Inc. (a) (b)		12,504		2,095,795
Blackbaud, Inc. (b)		19,380		1,379,468
CommVault Systems, Inc. (b)		18,835		1,367,798
Dropbox, Inc. - Class A (b)		116,489		3,106,762
Dynatrace, Inc. (b)		92,857		4,779,350
Envestnet, Inc. (a) (b)		23,303		1,383,033
Manhattan Associates, Inc. (b)		26,568		5,310,412
NCR Corp. (a) (b)		60,137		1,515,452
Qualys, Inc. (b)		14,381		1,857,594
Teradata Corp. (a) (b)		43,304		2,312,867
				26,183,549
Specialized REITs—1.9%
CubeSmart (a)		96,235		4,297,855
EPR Properties (a)		32,244		1,509,019
Lamar Advertising Co. - Class A (a)		37,473		3,719,195
Life Storage, Inc.		36,447		4,845,993
National Storage Affiliates Trust (a)		35,175		1,225,145
PotlatchDeltic Corp.		34,230		1,809,056
Rayonier, Inc. (a)		63,487		1,993,492
				19,399,755
Specialty Retail—2.9%
AutoNation, Inc. (a) (b)		13,480		2,218,943
Dick’s Sporting Goods, Inc.		26,339		3,481,752
Five Below, Inc. (a) (b)		23,842		4,685,907
Foot Locker, Inc. (a)		34,015		922,147

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—(Continued)
GameStop Corp. - Class A (a) (b)		108,331	$	2,627,027
Gap, Inc. (The) (a)		91,380		816,023
Lithia Motors, Inc. (a)		11,791		3,585,761
Murphy USA, Inc. (a)		8,584		2,670,568
RH (a) (b)		7,649		2,521,034
Valvoline, Inc. (a)		59,475		2,230,907
Williams-Sonoma, Inc. (a)		28,126		3,519,688
				29,279,757
Technology Hardware, Storage & Peripherals—0.5%
Super Micro Computer, Inc. (a) (b)		19,560		4,875,330
Xerox Holdings Corp.		48,405		720,750
				5,596,080
Textiles, Apparel & Luxury Goods—1.9%
Capri Holdings, Ltd. (b)		53,845		1,932,497
Carter’s, Inc. (a)		16,143		1,171,982
Columbia Sportswear Co. (a)		15,147		1,169,954
Crocs, Inc. (a) (b)		26,567		2,987,194
Deckers Outdoor Corp. (b) (d)		11,291		5,957,809
PVH Corp.		26,894		2,285,183
Skechers USA, Inc. - Class A (b)		57,512		3,028,582
Under Armour, Inc. - Class A (b)		80,827		583,571
Under Armour, Inc. - Class C (a) (b)		81,199		544,845
				19,661,617
Trading Companies & Distributors—1.5%
GATX Corp. (a)		15,120		1,946,549
MSC Industrial Direct Co., Inc. - Class A		20,242		1,928,658
Univar Solutions, Inc. (b)		67,566		2,421,565
Watsco, Inc. (a)		14,316		5,461,124
WESCO International, Inc.		19,326		3,460,514
				15,218,410
Water Utilities—0.4%
Essential Utilities, Inc.		103,050		4,112,726
Total Common Stocks (Cost $730,968,445)				975,867,419
Mutual Funds—3.0%
Investment Company Securities—3.0%
SPDR S&P MidCap 400 ETF Trust (a) (Cost $27,989,780)		63,800		30,554,458
Short-Term Investments—1.5%
U.S. Treasury—1.5%
U.S. Treasury Bills
3.928%, 07/05/23 (e)		1,425,000		1,424,612
4.650%, 07/13/23 (e)		13,575,000		13,556,122
Total Short-Term Investments (Cost $14,976,789)				14,980,734
Securities Lending Reinvestments (f)—16.0%
Security Description	Principal Amount*		Value
Certificates of Deposit—2.9%
Bank of America N.A.
5.440%, FEDEFF PRV + 0.370%, 11/17/23 (g)		1,000,000		999,971
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (g)		2,000,000		2,003,524
Bank of Nova Scotia 5.740%, SOFR + 0.680%, 08/16/23 (g)		1,000,000		1,000,543
Barclays Bank plc 5.550%, 09/22/23		2,000,000		1,999,654
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (g)		2,000,000		2,000,514
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (g)		4,000,000		3,997,124
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 07/20/23		1,000,000		997,130
Zero Coupon, 08/17/23		1,000,000		992,950
Zero Coupon, 08/18/23		1,000,000		992,800
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (g)		2,000,000		2,000,064
MUFG Bank, Ltd. (NY) 5.280%, SOFR + 0.220%, 08/14/23 (g)		2,000,000		1,999,880
Nordea Bank Abp 5.410%, SOFR + 0.350%, 10/23/23 (g)		2,000,000		2,000,310
Oversea-Chinese Banking Corp., Ltd. 5.300%, SOFR + 0.240%, 08/08/23 (g)		2,000,000		2,000,054
Rabobank International 5.380%, SOFR + 0.320%, 07/12/23 (g)		1,000,000		1,000,022
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (g)		1,000,000		1,000,021
Sumitomo Mitsui Trust Bank, Ltd. Zero Coupon, 09/08/23		2,000,000		1,979,060
Svenska Handelsbanken AB 5.400%, SOFR + 0.340%, 10/31/23 (g)		2,000,000		2,000,538
Toronto-Dominion Bank (The) 5.470%, FEDEFF PRV + 0.400%, 02/13/24 (g)		1,000,000		1,000,143
				29,964,302
Commercial Paper—0.8%
Skandinaviska Enskilda Banken AB
5.330%, SOFR + 0.270%, 08/25/23 (g)		1,000,000		1,000,061
5.420%, SOFR + 0.360%, 11/15/23 (g)		2,000,000		2,000,296
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (g)		3,000,000		3,000,000
United Overseas Bank, Ltd. 5.250%, 08/21/23		2,000,000		1,984,604
				7,984,961
Repurchase Agreements—8.8%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $12,458,658; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $12,702,486.		12,453,417		12,453,417

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $3,087,110; collateralized by various Common Stock with an aggregate market value of $3,300,000.		3,000,000	$	3,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $4,601,944; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $4,703,774.		4,600,000		4,600,000
National Bank of Canada
Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $7,807,690; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $7,992,761.		7,800,000		7,800,000
Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $12,012,133; collateralized by various Common Stock with an aggregate market value of $13,391,026.		12,000,000		12,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $20,008,683; collateralized by various Common Stock with an aggregate market value of $22,235,075.		20,000,000		20,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 06/30/23 at 5.290%, due on 08/04/23 with a maturity value of $3,015,429; collateralized by various Common Stock with an aggregate market value of $3,333,822.		3,000,000		3,000,000
Societe Generale
Repurchase Agreement dated 06/30/23 at 5.160%, due on 07/03/23 with a maturity value of $1,400,602; collateralized by various Common Stock with an aggregate market value of $1,559,232.		1,400,000		1,400,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $11,004,740; collateralized by various Common Stock with an aggregate market value of $12,235,971.		11,000,000		11,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $2,502,513; collateralized by various Common Stock with an aggregate market value of $2,784,343.		2,500,000		2,500,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $12,005,150; collateralized by various Common Stock with an aggregate market value of $13,205,668.		12,000,000		12,000,000
				89,753,417
Time Deposits—1.0%
Australia & New Zealand Banking Group, Ltd. 5.050%, 07/03/23		2,000,000		2,000,000
Banco Santander S.A. (NY) 5.060%, 07/03/23		2,000,000		2,000,000
DNB Bank ASA (NY) 5.020%, 07/03/23		2,000,000		2,000,000
DZ Bank AG (NY) 5.040%, 07/03/23		2,000,000		2,000,000
National Australia Bank, Ltd. 5.050%, 07/03/23		2,000,000		2,000,000
				10,000,000
Mutual Funds—2.5%
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (h)		5,000,000		5,000,000
HSBC U.S. Government Money Market Fund, Class I 5.010% (h)		5,000,000		5,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (h)		5,000,000		5,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class  5.030% (h)		5,000,000		5,000,000
STIT-Government & Agency Portfolio, Institutional Class  5.050% (h)		1,000,000		1,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class  5.000% (h)		5,000,000		5,000,000
				26,000,000
Total Securities Lending Reinvestments (Cost $163,702,736)				163,702,680
Total Investments— 115.9% (Cost $937,637,750)				1,185,105,291
Other assets and liabilities (net)—(15.9)%				(162,754,033	)
Net Assets—100.0%			$	1,022,351,258

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $174,305,008 and the collateral received consisted of cash in the amount of $163,661,022 and non-cash collateral with a value of $13,567,527. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2023, the market value of securities pledged was $4,358,120.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2023

(g)

Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

(h)

The rate shown represents the annualized seven-day yield as of June 30, 2023.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
S&P Midcap 400 Index E-Mini Futures		09/15/23		57		USD	15,071,370	$	283,753

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

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

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	975,867,419	$	—		$	—	$	975,867,419
Total Mutual Funds*		30,554,458		—			—		30,554,458
Total Short-Term Investments*		—		14,980,734			—		14,980,734
Securities Lending Reinvestments
Certificates of Deposit		—		29,964,302			—		29,964,302
Commercial Paper		—		7,984,961			—		7,984,961
Repurchase Agreements		—		89,753,417			—		89,753,417
Time Deposits		—		10,000,000			—		10,000,000
Mutual Funds		26,000,000		—			—		26,000,000
Total Securities Lending Reinvestments		26,000,000		137,702,680			—		163,702,680
Total Investments	$	1,032,421,877	$	152,683,414		$	—	$	1,185,105,291
Collateral for Securities Loaned (Liability)	$	—	$	(163,661,022	)	$	—	$	(163,661,022	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	283,753	$	—		$	—	$	283,753

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	1,183,749,282
Affiliated investments at value (c)		1,356,009
Cash		24,901
Receivable for:
Investments sold		239,533
Fund shares sold		386,433
Dividends		1,169,263
Variation margin on futures contracts		94,024
Prepaid expenses		7,830
Total Assets		1,187,027,275
Liabilities
Collateral for securities loaned		163,661,022
Payables for:
Fund shares redeemed		366,768
Accrued Expenses:
Management fees		201,687
Distribution and service fees		103,252
Deferred trustees’ fees		154,342
Other expenses		188,946
Total Liabilities		164,676,017
Net Assets	$	1,022,351,258
Net Assets Consist of:
Paid in surplus	$	755,438,939
Distributable earnings (Accumulated losses)		266,912,319
Net Assets	$	1,022,351,258
Net Assets
Class A	$	526,409,666
Class B		299,715,446
Class E		27,319,197
Class G		168,906,949
Capital Shares Outstanding*
Class A		33,311,583
Class B		19,447,808
Class E		1,752,124
Class G		11,122,944
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.80
Class B		15.41
Class E		15.59
Class G		15.19

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $936,598,786.
(b)	Includes securities loaned at value of $174,305,008.
(c)	Identified cost of affiliated investments was $1,038,964.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends	$	8,415,628
Interest		320,103
Securities lending income		258,362
Total investment income		8,994,093
Expenses
Management fees		1,228,160
Administration fees		26,340
Custodian and accounting fees		42,774
Distribution and service fees—Class B		361,154
Distribution and service fees—Class E		20,022
Distribution and service fees—Class G		236,819
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		41,154
Insurance		4,585
Miscellaneous		58,921
Total expenses		2,082,196
Less management fee waiver		(12,464	)
Net expenses		2,069,732
Net Investment Income		6,924,361
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		13,484,652
Affiliated investments		15,160
Futures contracts		292,655
Net realized gain (loss)		13,792,467
Net change in unrealized appreciation (depreciation) on:
Investments		62,179,090
Affiliated investments		(150,247	)
Futures contracts		589,383
Net change in unrealized appreciation (depreciation)		62,618,226
Net realized and unrealized gain (loss)		76,410,693
Net Increase (Decrease) in Net Assets From Operations	$	83,335,054

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	6,924,361		$	12,315,580
Net realized gain (loss)		13,792,467			64,477,353
Net change in unrealized appreciation (depreciation)		62,618,226			(238,751,221	)
Increase (decrease) in net assets from operations		83,335,054			(161,958,288	)
From Distributions to Shareholders
Class A		(39,084,764	)		(91,716,740	)
Class B		(22,061,311	)		(54,536,369	)
Class E		(2,015,323	)		(5,150,333	)
Class G		(12,509,646	)		(28,926,185	)
Total distributions		(75,671,044	)		(180,329,627	)
Increase (decrease) in net assets from capital share transactions		43,927,631			82,626,892
Total increase (decrease) in net assets		51,591,641			(259,661,023	)
Net Assets
Beginning of period		970,759,617			1,230,420,640
End of period	$	1,022,351,258		$	970,759,617

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,305,657		$	21,336,259			1,908,949		$	33,557,319
Reinvestments		2,529,758			39,084,764			6,184,541			91,716,740
Redemptions		(2,486,342	)		(41,091,836	)		(4,138,209	)		(73,349,023	)
Net increase (decrease)		1,349,073		$	19,329,187			3,955,281		$	51,925,036
Class B
Sales		283,332		$	4,444,085			492,986		$	8,133,268
Reinvestments		1,463,922			22,061,311			3,763,725			54,536,369
Redemptions		(1,021,167	)		(16,280,077	)		(2,871,257	)		(49,320,878	)
Net increase (decrease)		726,087		$	10,225,319			1,385,454		$	13,348,759
Class E
Sales		40,671		$	659,787			67,288		$	1,151,989
Reinvestments		132,152			2,015,323			351,799			5,150,333
Redemptions		(150,174	)		(2,426,952	)		(297,090	)		(5,099,648	)
Net increase (decrease)		22,649		$	248,158			121,997		$	1,202,674
Class G
Sales		546,881		$	8,477,009			669,357		$	11,771,934
Reinvestments		842,400			12,509,646			2,024,226			28,926,185
Redemptions		(433,775	)		(6,861,688	)		(1,440,086	)		(24,547,696	)
Net increase (decrease)		955,506		$	14,124,967			1,253,497		$	16,150,423
Increase (decrease) derived from capital shares transactions				$	43,927,631					$	82,626,892

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.73		$	22.29		$	19.01		$	18.27		$	16.32		$	20.24
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.23			0.21			0.21			0.26			0.26
Net realized and unrealized gain (loss)		1.22			(3.39	)		4.36			1.85			3.78			(2.24	)
Total income (loss) from investment operations		1.34			(3.16	)		4.57			2.06			4.04			(1.98	)
Less Distributions
Distributions from net investment income		(0.22	)		(0.22	)		(0.24	)		(0.24	)		(0.26	)		(0.26	)
Distributions from net realized capital gains		(1.05	)		(3.18	)		(1.05	)		(1.08	)		(1.83	)		(1.68	)
Total distributions		(1.27	)		(3.40	)		(1.29	)		(1.32	)		(2.09	)		(1.94	)
Net Asset Value, End of Period	$	15.80		$	15.73		$	22.29		$	19.01		$	18.27		$	16.32
Total Return (%) (b)		8.66	(c)		(13.26	)		24.40			13.39			25.95			(11.30	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.30	(d)		0.29			0.30			0.31			0.30			0.30
Net ratio of expenses to average net assets (%) (e)		0.30	(d)		0.29			0.29			0.31			0.30			0.30
Ratio of net investment income (loss) to average net assets (%)		1.53	(d)		1.31			1.00			1.33			1.44			1.34
Portfolio turnover rate (%)		11	(c)		22			33			31			24			25
Net assets, end of period (in millions)	$	526.4		$	502.7		$	624.2		$	553.3		$	528.6		$	442.2
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.35		$	21.82		$	18.64		$	17.93		$	16.05		$	19.93
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.10			0.18			0.16			0.17			0.21			0.21
Net realized and unrealized gain (loss)		1.18			(3.31	)		4.26			1.82			3.71			(2.20	)
Total income (loss) from investment operations		1.28			(3.13	)		4.42			1.99			3.92			(1.99	)
Less Distributions
Distributions from net investment income		(0.17	)		(0.16	)		(0.19	)		(0.20	)		(0.21	)		(0.21	)
Distributions from net realized capital gains		(1.05	)		(3.18	)		(1.05	)		(1.08	)		(1.83	)		(1.68	)
Total distributions		(1.22	)		(3.34	)		(1.24	)		(1.28	)		(2.04	)		(1.89	)
Net Asset Value, End of Period	$	15.41		$	15.35		$	21.82		$	18.64		$	17.93		$	16.05
Total Return (%) (b)		8.51	(c)		(13.44	)		24.07			13.15			25.57			(11.51	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55	(d)		0.54			0.55			0.56			0.55			0.55
Net ratio of expenses to average net assets (%) (e)		0.55	(d)		0.54			0.54			0.56			0.55			0.55
Ratio of net investment income (loss) to average net assets (%)		1.28	(d)		1.06			0.75			1.08			1.19			1.09
Portfolio turnover rate (%)		11	(c)		22			33			31			24			25
Net assets, end of period (in millions)	$	299.7		$	287.3		$	378.3		$	370.5		$	364.5		$	330.8

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.52		$	22.04		$	18.81		$	18.09		$	16.17		$	20.07
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.11			0.20			0.18			0.19			0.23			0.23
Net realized and unrealized gain (loss)		1.20			(3.35	)		4.31			1.82			3.75			(2.22	)
Total income (loss) from investment operations		1.31			(3.15	)		4.49			2.01			3.98			(1.99	)
Less Distributions
Distributions from net investment income		(0.19	)		(0.19	)		(0.21	)		(0.21	)		(0.23	)		(0.23	)
Distributions from net realized capital gains		(1.05	)		(3.18	)		(1.05	)		(1.08	)		(1.83	)		(1.68	)
Total distributions		(1.24	)		(3.37	)		(1.26	)		(1.29	)		(2.06	)		(1.91	)
Net Asset Value, End of Period	$	15.59		$	15.52		$	22.04		$	18.81		$	18.09		$	16.17
Total Return (%) (b)		8.59	(c)		(13.40	)		24.23			13.21			25.77			(11.44	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.45	(d)		0.44			0.45			0.46			0.45			0.45
Net ratio of expenses to average net assets (%) (e)		0.45	(d)		0.44			0.44			0.46			0.45			0.45
Ratio of net investment income (loss) to average net assets (%)		1.38	(d)		1.16			0.85			1.18			1.29			1.19
Portfolio turnover rate (%)		11	(c)		22			33			31			24			25
Net assets, end of period (in millions)	$	27.3		$	26.8		$	35.4		$	33.1		$	33.3		$	30.6
	Class G
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.14		$	21.59		$	18.46		$	17.78		$	15.93		$	19.80
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.10			0.17			0.14			0.16			0.20			0.20
Net realized and unrealized gain (loss)		1.17			(3.28	)		4.23			1.79			3.69			(2.19	)
Total income (loss) from investment operations		1.27			(3.11	)		4.37			1.95			3.89			(1.99	)
Less Distributions
Distributions from net investment income		(0.17	)		(0.16	)		(0.19	)		(0.19	)		(0.21	)		(0.20	)
Distributions from net realized capital gains		(1.05	)		(3.18	)		(1.05	)		(1.08	)		(1.83	)		(1.68	)
Total distributions		(1.22	)		(3.34	)		(1.24	)		(1.27	)		(2.04	)		(1.88	)
Net Asset Value, End of Period	$	15.19		$	15.14		$	21.59		$	18.46		$	17.78		$	15.93
Total Return (%) (b)		8.54	(c)		(13.50	)		24.01			13.07			25.54			(11.56	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60	(d)		0.59			0.60			0.61			0.60			0.60
Net ratio of expenses to average net assets (%) (e)		0.60	(d)		0.59			0.59			0.61			0.60			0.60
Ratio of net investment income (loss) to average net assets (%)		1.24	(d)		1.01			0.70			1.03			1.14			1.04
Portfolio turnover rate (%)		11	(c)		22			33			31			24			25
Net assets, end of period (in millions)	$	168.9		$	153.9		$	192.4		$	168.4		$	149.1		$	124.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

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

BHFTII-17

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-18

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

At June 30, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $89,753,417, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(132,706,639	)	$	—	$	—	$	—	$	(132,706,639	)
Mutual Funds		(30,954,383	)		—		—		—		(30,954,383	)
Total Borrowings	$	(163,661,022	)	$	—	$	—	$	—	$	(163,661,022	)
Gross amount of recognized liabilities for securities lending transactions										$	(163,661,022	)

BHFTII-19

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

3. Investments in Derivative Instruments

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

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2023 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts (a)	$	283,753

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2023:

Statement of Operations Location-Net Realized Gain (Loss)	Equity
Futures contracts	$	292,655
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	589,383

For the six months ended June 30, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	14,582,025

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

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the

BHFTII-20

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant

BHFTII-21

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

clearinghouse. The Portfolio’s clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio’s clearing broker. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases				Sales
U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
$	0	$	110,502,254	$	0	$	135,822,746

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2023 were $1,228,160.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.030%	On the first $500 million
0.020%	On the next $500 million
0.010%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the six months ended June 30, 2023 were $122,452.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

BHFTII-22

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2023 is as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2023		Number of shares held at June 30, 2023
Brighthouse Financial, Inc.	$	1,605,418	$	—	$	(114,322	)	$	15,160	$	(150,247	)	$	1,356,009		28,638

9. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	940,536,750
Gross unrealized appreciation		309,560,020
Gross unrealized (depreciation)		(64,707,726	)
Net unrealized appreciation (depreciation)	$	244,852,294

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2022		2021		2022		2021		2022		2021
$	37,394,706	$	26,695,900	$	142,934,921	$	42,033,846	$	180,329,627	$	68,729,746

BHFTII-23

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$12,189,409	$	64,671,754	$	182,539,698	$	—	$	259,400,861

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-24

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-25

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B, E and G shares of the MetLife MSCI EAFE Index Portfolio (the “Portfolio”) returned 11.97%, 11.79%, 11.86%, and 11.77%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned 11.67%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets climbed during the first six months of 2023, driven mainly by the rally in the Information Technology sector and better-than-expected corporate earnings. In addition, equity investors were hopeful that the Federal Reserve (the “Fed”) would begin pausing interest rate increases soon and that the Fed would be able to successfully navigate a soft landing. Factors that weighed on the equity markets included lingering concerns about rising recession risks, the collapse of two U.S. regional banks, Silicon Valley Bank and Signature Bank, and the acquisition of Credit Suisse by UBS in an emergency rescue deal. Equity investors were also concerned about stretched equity valuations, continued high inflation and rising bond yields.

The U.S. Dollar strengthened during the six-month period, which negatively impacted U.S. investors’ MSCI EAFE Index return versus the local currency return by approximately 0.43%.

Seventeen of the twenty-one countries comprising the MSCI EAFE Index experienced positive returns for the first six months of 2023. Ireland (0.7% beginning weight in the benchmark), up 27.0%; Italy (2.3% beginning weight in the benchmark), up 25.1%; and Spain (2.4% beginning weight in the benchmark), up 22.8%, were the best-performing countries. Finland (1.0% beginning weight), down 7.4%; Hong Kong (3.0% beginning weight), down 7.3%; and Norway (0.8% beginning weight), down 6.8% were the worst-performing countries.

The stocks in the MSCI EAFE Index with the largest positive impact on the benchmark return for the first half of the year were ASML (Netherlands), up 35.2%; LVMH Moet Hennessy Louis Vuitton (France), up 30.8%; and Novo Nordisk (Denmark), up 20.6%. The stocks with the largest negative impact were Anglo American (U.K.), down 25.3%; British American Tobacco (U.K.), down 14.3%; and AIA Group (Hong Kong), down 7.9%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the MSCI EAFE Index. This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across countries. The Portfolio is periodically rebalanced for compositional changes in the Index. Factors that impact tracking error include sampling, fair value pricing, transaction costs, cash drag, securities lending, net asset value rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

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

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

BHFTII-1

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
MetLife MSCI EAFE Index Portfolio
Class A		11.97		18.49		4.29		5.26
Class B		11.79		18.27		4.04		4.99
Class E		11.86		18.31		4.13		5.10
Class G		11.77		18.20		3.98		4.95
MSCI EAFE Index		11.67		18.77		4.39		5.41

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
iShares MSCI EAFE ETF		2.6
Nestle S.A.		2.0
ASML Holding NV		1.8
Novo Nordisk A/S - Class B		1.6
LVMH Moet Hennessy Louis Vuitton SE		1.6
AstraZeneca plc		1.4
Roche Holding AG		1.3
Novartis AG		1.3
Shell plc		1.2
Toyota Motor Corp.		1.0

Top Countries

	% of Net Assets
Japan		21.4
United Kingdom		11.8
France		11.5
Switzerland		10.3
Germany		8.2
Australia		6.9
Netherlands		5.6
Denmark		2.9
Sweden		2.9
Spain		2.4

BHFTII-2

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife MSCI EAFE Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.37	%	$	1,000.00	$	1,119.70	$	1.94
	Hypothetical*		0.37	%	$	1,000.00	$	1,022.96	$	1.86
Class B (a)	Actual		0.62	%	$	1,000.00	$	1,117.90	$	3.26
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11
Class E (a)	Actual		0.52	%	$	1,000.00	$	1,118.60	$	2.73
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.22	$	2.61
Class G (a)	Actual		0.67	%	$	1,000.00	$	1,117.70	$	3.52
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.47	$	3.36

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

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

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—94.9% of Net Assets

Security Description	Shares		Value
Australia—6.9%
Ampol, Ltd.		15,576	$	312,183
ANZ Group Holdings, Ltd.		186,924		2,961,890
APA Group		77,620		501,778
Aristocrat Leisure, Ltd.		38,272		990,290
ASX, Ltd.		13,079		550,511
Aurizon Holdings, Ltd.		58,592		153,337
BHP Group, Ltd.		307,884		9,179,446
BlueScope Steel, Ltd.		33,509		461,942
Brambles, Ltd.		91,149		876,630
Cochlear, Ltd.		4,353		665,586
Coles Group, Ltd.		88,152		1,082,621
Commonwealth Bank of Australia		102,535		6,870,299
Computershare, Ltd.		32,168		503,263
CSL, Ltd.		29,399		5,436,168
Dexus (REIT)		66,600		346,359
Ebos Group, Ltd.		5,000		112,937
Endeavour Group, Ltd.		89,555		376,943
Fortescue Metals Group, Ltd.		106,038		1,578,038
Goodman Group (REIT)		106,052		1,419,563
GPT Group (The) (REIT)		72,004		198,846
IDP Education, Ltd.		14,103		208,384
IGO, Ltd.		44,707		455,964
Insurance Australia Group, Ltd.		132,599		504,815
Lendlease Corp., Ltd.		48,652		251,559
Lottery Corp., Ltd. (The)		137,821		472,344
Macquarie Group, Ltd.		21,917		2,609,783
Medibank Private, Ltd.		167,379		393,591
Mineral Resources, Ltd.		11,249		539,960
Mirvac Group (REIT)		239,817		362,309
National Australia Bank, Ltd.		189,646		3,344,884
Newcrest Mining, Ltd.		51,416		917,959
Northern Star Resources, Ltd.		79,868		647,886
Orica, Ltd.		24,591		243,708
Origin Energy, Ltd.		97,507		544,660
Pilbara Minerals, Ltd.		157,791		519,964
Qantas Airways, Ltd. (a)		58,443		242,162
QBE Insurance Group, Ltd.		90,383		950,529
Ramsay Health Care, Ltd.		11,010		413,847
REA Group, Ltd.		2,790		267,071
Reece, Ltd.		8,949		111,458
Rio Tinto, Ltd.		22,513		1,731,266
Santos, Ltd.		208,207		1,047,886
Scentre Group (REIT)		315,454		556,745
Seek, Ltd.		23,745		344,258
Sonic Healthcare, Ltd.		24,516		582,691
South32, Ltd.		273,101		688,246
Stockland (REIT)		102,064		275,050
Suncorp Group, Ltd.		76,841		692,675
Telstra Corp., Ltd.		204,869		587,565
Transurban Group		189,564		1,804,279
Treasury Wine Estates, Ltd.		53,467		401,427
Vicinity Centres (REIT)		235,172		288,877
Washington H Soul Pattinson & Co., Ltd.		14,627		309,854
Wesfarmers, Ltd.		68,599		2,260,525
Westpac Banking Corp.		215,215		3,067,777
WiseTech Global, Ltd.		10,682		571,837
Woodside Energy Group, Ltd.		113,100		2,617,269
Australia—(Continued)
Woolworths Group, Ltd.		73,119		1,938,641
				68,348,335
Austria—0.2%
Erste Group Bank AG		21,338		749,120
OMV AG		8,951		379,201
Verbund AG		4,216		338,536
voestalpine AG (b)		7,917		284,448
				1,751,305
Belgium—0.7%
Ageas SA		9,698		392,982
Anheuser-Busch InBev S.A.		52,687		2,983,445
D’ieteren Group		923		163,196
Elia Group S.A.		2,047		259,994
Groupe Bruxelles Lambert NV		6,450		508,243
KBC Group NV		16,056		1,122,570
Sofina S.A.		1,124		232,980
Solvay S.A.		4,637		519,237
UCB S.A.		7,036		623,468
Umicore S.A.		13,317		372,197
Warehouses De Pauw CVA (REIT)		9,872		270,748
				7,449,060
Chile—0.1%
Antofagasta plc		26,957		502,903
China—0.5%
BOC Hong Kong Holdings, Ltd.		230,965		706,871
Budweiser Brewing Co. APAC, Ltd.		104,600		269,701
ESR Group, Ltd.		34,000		58,529
Prosus NV (a)		49,631		3,631,233
SITC International Holdings Co., Ltd.		7,000		12,846
				4,679,180
Denmark—2.9%
AP Moller - Maersk A/S - Class A		208		362,910
AP Moller - Maersk A/S - Class B		294		517,132
Carlsberg AS - Class B		5,697		910,727
Chr Hansen Holding A/S		5,612		390,259
Coloplast A/S - Class B		7,704		963,022
Danske Bank A/S (a)		41,066		999,912
Demant A/S (a)		7,349		310,918
DSV A/S		11,542		2,428,557
Genmab A/S (a)		4,059		1,540,273
Novo Nordisk A/S - Class B		100,612		16,247,008
Novozymes A/S - B Shares		11,318		527,022
Orsted A/S		10,898		1,029,411
Pandora A/S		6,075		542,768
Rockwool International A/S - B Shares		571		147,629
Tryg A/S		19,542		422,894
Vestas Wind Systems A/S (a)		62,608		1,663,105
				29,003,547

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Finland—1.0%
Elisa Oyj		8,457	$	451,623
Fortum Oyj		30,377		406,720
Kesko Oyj - B Shares		19,815		372,848
Kone Oyj - Class B		20,595		1,075,606
Metso Outotec Oyj		41,100		495,033
Neste Oyj		25,004		963,501
Nokia Oyj		333,393		1,398,835
Nordea Bank Abp		200,672		2,183,212
Orion Oyj - Class B		5,744		238,318
Sampo Oyj - A Shares		27,488		1,232,580
Stora Enso Oyj - R Shares		33,562		388,898
UPM-Kymmene Oyj		31,691		944,292
Wartsila Oyj Abp		31,392		353,626
				10,505,092
France—11.5%
Accor S.A.		11,190		416,030
Adevinta ASA (a)		18,232		119,799
Aeroports de Paris		1,359		195,231
Air Liquide S.A.		31,815		5,702,813
Airbus SE		35,689		5,158,090
Alstom S.A. (b)		21,565		643,591
Amundi S.A.		4,463		263,722
Arkema S.A.		3,712		350,087
AXA S.A.		111,499		3,293,471
BioMerieux		3,058		320,875
BNP Paribas S.A.		67,079		4,236,562
Bollore SE		54,807		341,481
Bouygues S.A.		11,159		374,715
Bureau Veritas S.A.		19,740		541,365
Capgemini SE		10,100		1,913,006
Carrefour S.A.		35,510		672,833
Cie de Saint-Gobain		28,647		1,744,782
Cie Generale des Etablissements Michelin SCA		41,938		1,239,514
Covivio (REIT)		3,163		149,608
Credit Agricole S.A.		70,160		833,304
Danone S.A.		38,908		2,383,722
Dassault Aviation S.A.		1,830		366,096
Dassault Systemes SE		40,760		1,807,216
Edenred		15,079		1,009,519
Eiffage S.A.		4,534		473,376
Engie S.A.		108,209		1,799,525
EssilorLuxottica S.A.		17,636		3,336,963
Eurazeo S.E.		2,867		201,780
Gecina S.A. (REIT) (b)		3,288		350,208
Getlink SE		18,615		316,666
Hermes International		1,935		4,208,719
Ipsen S.A.		2,335		280,948
Kering S.A.		4,452		2,465,234
Klepierre S.A. (REIT)		12,682		314,577
L’Oreal S.A.		14,637		6,829,508
La Francaise des Jeux SAEM		6,363		250,485
Legrand S.A.		15,760		1,563,132
LVMH Moet Hennessy Louis Vuitton SE		16,782		15,834,704
Orange S.A.		116,786		1,365,714
Pernod Ricard S.A.		12,457		2,751,737
France—(Continued)
Publicis Groupe S.A.		13,415		1,046,299
Remy Cointreau S.A.		1,206		193,314
Renault S.A.		11,902		502,098
Safran S.A.		20,757		3,260,570
Sanofi		68,793		7,373,466
Sartorius Stedim Biotech		1,739		434,491
Schneider Electric SE		32,974		6,008,975
SEB S.A.		1,599		165,293
Societe Generale S.A.		43,695		1,137,255
Sodexo S.A.		5,109		562,524
Teleperformance		3,877		650,735
Thales S.A.		6,713		1,004,671
TotalEnergies SE		143,783		8,239,049
Unibail-Rodamco-Westfield (REIT) (a)		7,986		422,008
Valeo		12,816		274,946
Veolia Environnement S.A.		42,002		1,327,713
Vinci S.A.		31,740		3,688,380
Vivendi SE		44,618		411,273
Wendel SE		1,813		186,225
Worldline S.A. (a)		15,808		578,465
				113,888,458
Germany—7.7%
Adidas AG		9,636		1,868,608
Allianz SE		24,391		5,672,527
BASF SE		54,326		2,637,183
Bayer AG		59,719		3,301,018
Bayerische Motoren Werke (BMW) AG		20,377		2,502,170
Bechtle AG		5,943		235,435
Beiersdorf AG		5,659		748,589
Brenntag SE		9,778		761,660
Carl Zeiss Meditec AG		2,492		269,412
Commerzbank AG		65,915		729,742
Continental AG		7,262		547,195
Covestro AG (a)		10,220		530,580
Daimler Truck Holding AG		28,970		1,042,861
Delivery Hero SE (a)		11,033		486,284
Deutsche Bank AG		110,884		1,163,324
Deutsche Boerse AG		11,718		2,163,735
Deutsche Lufthansa AG (a)		35,564		363,946
Deutsche Post AG		62,513		3,052,102
Deutsche Telekom AG		196,182		4,275,385
E.ON SE		139,019		1,771,659
Evonik Industries AG		12,954		246,185
Fresenius Medical Care AG & Co. KGaA		13,633		650,974
Fresenius SE & Co. KGaA		25,674		710,527
GEA Group AG		9,989		417,384
Hannover Rueck SE		3,591		761,330
Heidelberg Cement AG		9,539		783,150
HelloFresh SE (a)		10,721		265,041
Henkel AG & Co. KGaA		6,878		484,009
Infineon Technologies AG		78,806		3,249,405
Knorr-Bremse AG		4,409		336,565
LEG Immobilien SE (a)		5,050		289,974
Mercedes-Benz Group AG		52,017		4,185,643
Merck KGaA		7,954		1,314,813

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
MTU Aero Engines AG		3,014	$	780,798
Muenchener Rueckversicherungs-Gesellschaft AG		8,520		3,194,298
Nemetschek SE		4,238		317,315
Puma SE		7,160		430,493
Rational AG		371		268,376
Rheinmetall AG		2,403		659,670
RWE AG		38,414		1,671,748
SAP SE		63,202		8,628,268
Scout24 SE		3,900		247,175
Siemens AG		46,190		7,686,849
Siemens Energy AG (a)		31,577		557,295
Siemens Healthineers AG		16,020		906,521
Symrise AG		8,326		872,076
Talanx AG (a)		3,850		220,677
Telefonica Deutschland Holding AG		19,646		55,200
Volkswagen AG		1,994		332,615
Vonovia SE		44,731		873,191
Wacker Chemie AG		1,100		150,927
Zalando SE (a)		15,086		433,965
				76,105,872
Hong Kong—2.2%
AIA Group, Ltd.		707,800		7,221,260
CK Asset Holdings, Ltd.		126,940		704,431
CK Hutchison Holdings, Ltd.		176,440		1,079,893
CK Infrastructure Holdings, Ltd.		49,500		262,001
CLP Holdings, Ltd.		111,377		866,840
Galaxy Entertainment Group, Ltd. (a)		140,000		893,450
Hang Lung Properties, Ltd.		41,000		63,276
Hang Seng Bank, Ltd.		46,300		659,358
Henderson Land Development Co., Ltd.		88,311		263,302
HKT Trust & HKT, Ltd.		229,980		267,836
Hong Kong & China Gas Co., Ltd.		680,531		588,516
Hong Kong Exchanges & Clearing, Ltd.		72,000		2,737,881
Hongkong Land Holdings, Ltd.		71,800		280,514
Jardine Matheson Holdings, Ltd.		10,400		527,498
Link REIT (REIT)		159,649		888,752
MTR Corp., Ltd.		110,500		508,582
New World Development Co., Ltd.		40,926		101,078
Power Assets Holdings, Ltd.		93,049		488,024
Sino Land Co., Ltd. (b)		223,600		274,939
Sun Hung Kai Properties, Ltd.		86,750		1,094,082
Swire Pacific, Ltd. - Class A		36,817		283,236
Swire Properties, Ltd.		20,600		50,772
Techtronic Industries Co., Ltd.		90,500		990,188
WH Group, Ltd.		507,000		269,414
Wharf Real Estate Investment Co., Ltd.		117,976		590,430
Xinyi Glass Holdings, Ltd.		27,000		42,209
				21,997,762
Ireland—0.9%
AerCap Holdings NV (a)		9,000		571,680
AIB Group plc		70,100		294,870
Bank of Ireland Group plc		70,200		670,572
CRH plc		45,751		2,526,478
Flutter Entertainment plc (a)		10,516		2,116,117
Ireland—(Continued)
James Hardie Industries plc (a)		24,825		661,248
Kerry Group plc - Class A		9,862		962,075
Kingspan Group plc		9,603		639,237
Smurfit Kappa Group plc		15,811		527,662
				8,969,939
Israel—0.6%
Azrieli Group, Ltd.		2,906		164,044
Bank Hapoalim B.M.		79,475		651,024
Bank Leumi Le-Israel B.M.		98,212		734,961
Check Point Software Technologies, Ltd. (a)		5,600		703,472
CyberArk Software, Ltd. (a)		2,700		422,091
Elbit Systems, Ltd.		1,142		237,741
ICL Group, Ltd.		48,759		266,655
Israel Discount Bank, Ltd. - Class A		57,801		287,025
Mizrahi Tefahot Bank, Ltd.		9,874		329,586
Nice, Ltd. (a)		3,975		819,303
Teva Pharmaceutical Industries, Ltd. (ADR) (a)		63,253		476,295
Tower Semiconductor, Ltd. (a)		7,437		274,453
Wix.com, Ltd. (a)		3,600		281,664
				5,648,314
Italy—2.0%
Amplifon S.p.A.		9,033		331,467
Assicurazioni Generali S.p.A.		60,938		1,240,857
Davide Campari-Milano NV		36,167		501,132
DiaSorin S.p.A.		1,857		193,228
Enel S.p.A.		488,159		3,287,778
Eni S.p.A.		141,091		2,034,087
Ferrari NV		7,661		2,507,736
FinecoBank Banca Fineco S.p.A.		35,112		473,536
Infrastrutture Wireless Italiane S.p.A.		24,381		321,858
Intesa Sanpaolo S.p.A.		935,359		2,457,966
Mediobanca Banca di Credito Finanziario S.p.A.		33,261		398,784
Moncler S.p.A.		11,647		805,749
Nexi S.p.A. (a)		32,431		254,570
Poste Italiane S.p.A.		29,264		317,432
Prysmian S.p.A.		17,303		724,588
Recordati Industria Chimica e Farmaceutica S.p.A.		5,644		269,710
Snam SpA		112,553		588,097
Telecom Italia S.p.A. (a)		605,589		170,714
Terna - Rete Elettrica Nazionale		90,318		769,188
UniCredit S.p.A.		111,042		2,589,046
				20,237,523
Japan—21.4%
Advantest Corp.		11,600		1,551,410
Aeon Co., Ltd.		37,100		758,185
AGC, Inc. (b)		12,900		463,506
Aisin Corp.		6,600		203,675
Ajinomoto Co., Inc.		28,400		1,128,886
ANA Holdings, Inc. (a)		8,400		200,082
Asahi Group Holdings, Ltd.		29,300		1,133,870
Asahi Intecc Co., Ltd.		14,200		278,739
Asahi Kasei Corp.		77,700		526,556

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Astellas Pharma, Inc.		111,500	$	1,658,755
Azbil Corp.		7,000		221,138
Bandai Namco Holdings, Inc.		34,200		790,053
BayCurrent Consulting, Inc.		8,000		300,057
Bridgestone Corp. (b)		33,200		1,361,934
Brother Industries, Ltd.		16,400		240,095
Canon, Inc. (b)		63,300		1,667,587
Capcom Co., Ltd.		11,100		439,195
Central Japan Railway Co.		8,800		1,101,743
Chiba Bank, Ltd. (The)		33,200		201,086
Chubu Electric Power Co., Inc.		40,300		491,332
Chugai Pharmaceutical Co., Ltd. (b)		42,700		1,212,374
Concordia Financial Group, Ltd.		33,900		133,383
CyberAgent, Inc.		29,600		215,817
Dai Nippon Printing Co., Ltd.		13,000		367,974
Dai-ichi Life Holdings, Inc.		59,400		1,137,541
Daifuku Co., Ltd.		18,500		378,178
Daiichi Sankyo Co., Ltd.		112,400		3,558,444
Daikin Industries, Ltd.		16,000		3,260,572
Daito Trust Construction Co., Ltd.		4,100		415,320
Daiwa House Industry Co., Ltd.		37,400		986,822
Daiwa House REIT Investment Corp. (REIT)		136		260,590
Daiwa Securities Group, Inc.		73,700		380,705
Denso Corp.		25,600		1,722,993
Dentsu Group, Inc.		10,300		337,281
Disco Corp.		5,700		900,269
East Japan Railway Co.		17,700		979,933
Eisai Co., Ltd.		14,700		989,010
ENEOS Holdings, Inc.		153,600		525,407
FANUC Corp.		59,000		2,071,018
Fast Retailing Co., Ltd.		10,800		2,768,004
Fuji Electric Co., Ltd.		8,600		378,341
FUJIFILM Holdings Corp.		22,700		1,345,935
Fujitsu, Ltd.		10,700		1,377,228
GLP J-REIT		268		263,823
GMO Payment Gateway, Inc.		3,000		233,821
Hakuhodo DY Holdings, Inc.		17,600		185,515
Hamamatsu Photonics KK		9,600		470,480
Hankyu Hanshin Holdings, Inc.		13,900		459,637
Hikari Tsushin, Inc.		1,500		215,215
Hirose Electric Co., Ltd.		1,515		201,310
Hitachi Construction Machinery Co., Ltd.		8,900		250,279
Hitachi, Ltd.		57,000		3,521,964
Honda Motor Co., Ltd.		93,600		2,822,827
Hoshizaki Corp.		4,700		168,735
Hoya Corp.		21,200		2,524,736
Hulic Co., Ltd.		25,800		221,050
Ibiden Co., Ltd.		7,800		441,574
Idemitsu Kosan Co., Ltd.		14,768		295,967
Iida Group Holdings Co., Ltd.		9,300		157,125
Inpex Corp.		53,100		591,194
Isuzu Motors, Ltd.		39,100		475,250
ITOCHU Corp.		73,900		2,933,996
Itochu Techno-Solutions Corp.		7,100		179,362
Japan Airlines Co., Ltd.		8,400		182,174
Japan Exchange Group, Inc.		31,100		543,155
Japan Metropolitan Fund Investment Corp.		494		329,391
Japan—(Continued)
Japan Post Bank Co., Ltd.		91,300		714,120
Japan Post Holdings Co., Ltd.		121,900		875,073
Japan Post Insurance Co., Ltd.		16,000		240,156
Japan Real Estate Investment Corp. (REIT)		85		322,869
Japan Tobacco, Inc. (b)		72,400		1,584,306
JFE Holdings, Inc.		30,400		435,504
JSR Corp.		9,800		281,268
Kajima Corp.		27,100		409,226
Kansai Electric Power Co., Inc.		44,000		551,890
Kao Corp.		28,600		1,034,160
Kawasaki Kisen Kaisha, Ltd.		8,000		193,763
KDDI Corp.		91,000		2,807,762
Keio Corp.		6,700		210,328
Keisei Electric Railway Co., Ltd.		6,600		273,095
Keyence Corp.		11,900		5,618,382
Kikkoman Corp.		8,000		450,693
Kintetsu Group Holdings Co., Ltd.		11,012		380,923
Kirin Holdings Co., Ltd. (b)		51,100		745,042
Kobayashi Pharmaceutical Co., Ltd.		3,600		195,552
Kobe Bussan Co., Ltd.		9,200		237,424
Koito Manufacturing Co., Ltd.		15,400		279,056
Komatsu, Ltd.		55,600		1,501,944
Konami Group Corp.		6,200		324,362
Kose Corp.		2,300		220,725
Kubota Corp.		58,600		852,229
Kurita Water Industries, Ltd.		7,100		272,433
Kyocera Corp.		19,200		1,041,907
Kyowa Kirin Co., Ltd.		15,200		280,506
Lasertec Corp.		4,400		663,906
Lixil Corp.		19,000		240,903
M3, Inc.		29,000		625,915
Makita Corp.		11,200		313,860
Marubeni Corp.		94,200		1,606,621
MatsukiyoCocokara & Co.		7,000		392,709
Mazda Motor Corp.		37,400		364,901
McDonald’s Holdings Co. Japan, Ltd. (b)		5,400		209,664
MEIJI Holdings Co., Ltd.		14,600		325,615
MINEBEA MITSUMI, Inc.		18,900		357,307
MISUMI Group, Inc.		19,300		385,638
Mitsubishi Chemical Group Corp.		80,100		482,155
Mitsubishi Corp.		75,300		3,644,037
Mitsubishi Electric Corp.		115,500		1,620,396
Mitsubishi Estate Co., Ltd.		65,200		776,415
Mitsubishi HC Capital, Inc.		53,500		318,250
Mitsubishi Heavy Industries, Ltd.		19,500		910,774
Mitsubishi UFJ Financial Group, Inc.		693,988		5,114,071
Mitsui & Co., Ltd.		79,817		2,998,239
Mitsui Chemicals, Inc.		12,700		374,701
Mitsui Fudosan Co., Ltd.		53,800		1,071,638
Mitsui OSK Lines, Ltd.		22,800		544,704
Mizuho Financial Group, Inc.		147,950		2,254,426
MonotaRO Co., Ltd.		18,400		234,079
MS&AD Insurance Group Holdings, Inc.		24,400		867,968
Murata Manufacturing Co., Ltd.		35,400		2,027,874
NEC Corp.		15,600		757,232
Nexon Co., Ltd.		23,700		453,384
NGK Insulators, Ltd.		14,700		175,556

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nidec Corp.		24,400	$	1,338,942
Nintendo Co., Ltd.		63,100		2,865,513
Nippon Building Fund, Inc.		102		400,549
Nippon Express Holdings, Inc. (b)		4,900		275,891
Nippon Paint Holdings Co., Ltd.		54,000		445,673
Nippon Prologis REIT, Inc.		143		286,400
Nippon Sanso Holdings Corp.		9,600		208,325
Nippon Shinyaku Co., Ltd.		3,200		130,314
Nippon Steel Corp.		47,300		991,250
Nippon Telegraph & Telephone Corp.		1,867,500		2,209,116
Nippon Yusen KK (b)		27,700		614,542
Nissan Chemical Corp.		8,600		369,990
Nissan Motor Co., Ltd.		109,100		449,798
Nisshin Seifun Group, Inc.		15,700		193,695
Nissin Foods Holdings Co., Ltd.		3,100		255,625
Nitori Holdings Co., Ltd.		4,800		536,175
Nitto Denko Corp.		9,300		688,218
Nomura Holdings, Inc.		143,300		542,954
Nomura Real Estate Holdings, Inc.		4,100		97,367
Nomura Real Estate Master Fund, Inc. (REIT)		296		340,794
Nomura Research Institute, Ltd.		24,800		682,822
NTT Data Corp.		34,480		481,975
Obayashi Corp.		40,200		347,767
Obic Co., Ltd.		4,200		672,238
Odakyu Electric Railway Co., Ltd.		20,800		278,297
Oji Holdings Corp.		53,300		199,317
Olympus Corp.		74,800		1,182,034
Omron Corp.		10,100		617,688
Ono Pharmaceutical Co., Ltd.		23,800		430,820
Open House Group Co., Ltd.		5,600		201,682
Oracle Corp. Japan		3,000		222,561
Oriental Land Co., Ltd.		66,300		2,584,124
ORIX Corp.		71,100		1,298,158
Osaka Gas Co., Ltd.		25,000		382,865
Otsuka Corp.		7,400		287,489
Otsuka Holdings Co., Ltd.		22,500		823,269
Pan Pacific International Holdings Corp.		26,000		465,141
Panasonic Holdings Corp.		127,400		1,558,056
Persol Holdings Co., Ltd.		13,400		242,095
Rakuten Group, Inc.		86,800		301,823
Recruit Holdings Co., Ltd.		86,900		2,768,680
Renesas Electronics Corp. (a)		76,900		1,452,899
Resona Holdings, Inc.		104,900		501,830
Ricoh Co., Ltd.		31,500		268,512
Rohm Co., Ltd.		5,000		471,805
SBI Holdings, Inc.		16,511		318,211
SCSK Corp.		11,700		183,851
Secom Co., Ltd.		11,900		804,440
Seiko Epson Corp.		20,000		310,032
Sekisui Chemical Co., Ltd.		25,900		374,027
Sekisui House, Ltd.		37,700		761,635
Seven & i Holdings Co., Ltd.		46,100		1,989,958
SG Holdings Co., Ltd.		19,500		277,758
Shimadzu Corp.		15,600		482,160
Shimano, Inc.		4,800		802,122
Shimizu Corp.		34,200		215,630
Shin-Etsu Chemical Co., Ltd.		110,300		3,659,930
Japan—(Continued)
Shionogi & Co., Ltd.		15,500		653,790
Shiseido Co., Ltd.		25,500		1,153,388
Shizuoka Financial Group, Inc.		25,000		181,317
SMC Corp.		3,500		1,942,071
SoftBank Corp.		176,300		1,882,922
SoftBank Group Corp.		62,500		2,961,427
Sompo Holdings, Inc.		17,399		778,705
Sony Group Corp.		76,600		6,859,430
Square Enix Holdings Co., Ltd.		3,700		171,995
Subaru Corp.		37,600		710,215
SUMCO Corp.		22,600		319,342
Sumitomo Chemical Co., Ltd.		50,300		152,858
Sumitomo Corp.		70,200		1,489,027
Sumitomo Electric Industries, Ltd.		45,834		561,485
Sumitomo Metal Mining Co., Ltd.		16,600		534,144
Sumitomo Mitsui Financial Group, Inc.		79,500		3,397,042
Sumitomo Mitsui Trust Holdings, Inc.		19,426		693,957
Sumitomo Realty & Development Co., Ltd.		14,700		363,733
Suntory Beverage & Food, Ltd.		8,500		307,711
Suzuki Motor Corp.		23,000		834,403
Sysmex Corp.		10,800		737,029
T&D Holdings, Inc.		34,000		501,489
Taisei Corp.		10,300		359,659
Takeda Pharmaceutical Co., Ltd.		96,148		3,017,014
TDK Corp.		22,400		865,915
Terumo Corp.		41,500		1,317,679
TIS, Inc.		11,200		280,156
Tobu Railway Co., Ltd.		12,400		332,155
Toho Co., Ltd.		5,200		197,500
Tokio Marine Holdings, Inc.		108,500		2,501,017
Tokyo Electric Power Co. Holdings, Inc. (a)		56,400		206,513
Tokyo Electron, Ltd.		27,600		3,945,856
Tokyo Gas Co., Ltd.		26,000		567,095
Tokyu Corp.		32,900		396,103
TOPPAN, Inc.		17,200		371,004
Toray Industries, Inc.		85,900		479,107
Toshiba Corp.		25,100		785,431
Tosoh Corp.		18,900		223,702
TOTO, Ltd.		6,200		186,690
Toyota Industries Corp.		7,900		565,803
Toyota Motor Corp.		644,500		10,282,676
Toyota Tsusho Corp.		13,900		692,725
Trend Micro, Inc.		8,900		430,292
Unicharm Corp.		25,800		954,328
USS Co., Ltd.		13,200		218,405
West Japan Railway Co.		14,600		606,600
Yakult Honsha Co., Ltd.		7,100		449,105
Yamaha Corp.		9,100		349,367
Yamaha Motor Co., Ltd.		18,700		537,949
Yamato Holdings Co., Ltd.		18,300		330,408
Yaskawa Electric Corp.		14,600		671,005
Yokogawa Electric Corp.		16,300		298,636
Z Holdings Corp.		162,400		391,528
ZOZO, Inc.		8,400		173,564
				212,854,538

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Jordan—0.0%
Hikma Pharmaceuticals plc		11,270	$	271,044
Luxembourg—0.2%
ArcelorMittal S.A.		27,879		759,411
Eurofins Scientific SE		8,661		550,034
Tenaris S.A.		27,400		409,930
				1,719,375
Macau—0.1%
Sands China, Ltd. (a)		176,400		603,679
Netherlands—5.6%
ABN AMRO Bank NV (GDR)		25,269		392,961
Adyen NV (a)		1,345		2,329,939
Aegon NV		111,025		562,206
Akzo Nobel NV		10,339		844,650
Argenx SE (a)		3,256		1,266,564
ASM International NV		2,848		1,210,973
ASML Holding NV		24,501		17,732,312
Euronext NV		5,789		393,686
EXOR NV		5,925		529,320
Ferrovial S.E.		31,961		1,011,755
Heineken Holding NV		7,134		620,189
Heineken NV		15,414		1,585,992
IMCD NV		3,850		553,680
ING Groep NV - Series N		217,174		2,932,305
JDE Peet’s NV		7,639		227,194
Just Eat Takeaway.com NV (a)		13,092		200,810
Koninklijke Ahold Delhaize NV		59,299		2,022,308
Koninklijke KPN NV		167,326		597,227
Koninklijke Philips NV		55,089		1,191,927
NN Group NV		14,169		525,657
OCI NV		6,992		167,824
QIAGEN NV (a)		15,184		680,989
Randstad NV		5,702		300,450
Shell plc		416,182		12,404,419
Stellantis NV (Milan-Traded Shares)		136,797		2,407,559
Universal Music Group NV		47,580		1,056,919
Wolters Kluwer NV		16,035		2,035,669
				55,785,484
New Zealand—0.2%
Auckland International Airport, Ltd. (a)		82,113		429,547
Fisher & Paykel Healthcare Corp., Ltd. - Class C		35,762		536,548
Mercury NZ, Ltd.		47,715		190,082
Meridian Energy, Ltd.		80,631		277,358
Spark New Zealand, Ltd.		113,736		354,897
Xero, Ltd. (a)		8,809		703,494
				2,491,926
Norway—0.6%
Aker BP ASA		20,886		490,342
DNB Bank ASA		53,584		1,003,668
Equinor ASA		57,039		1,660,067
Gjensidige Forsikring ASA		14,357		230,536
Norway—(Continued)
Kongsberg Gruppen ASA		6,272		285,837
Mowi ASA		23,708		376,946
Norsk Hydro ASA		75,203		447,826
Orkla ASA		49,268		354,477
Salmar ASA		4,072		164,560
Telenor ASA		48,193		489,458
Yara International ASA		10,920		386,298
				5,890,015
Portugal—0.2%
EDP - Energias de Portugal S.A.		178,004		871,141
Galp Energia SGPS S.A.		33,266		388,888
Jeronimo Martins SGPS S.A.		18,255		503,205
				1,763,234
Singapore—1.2%
Ascendas Real Estate Investment Trust (REIT)		204,444		412,096
CapitaLand Ascott Trust		9,726		7,782
CapitaLand Integrated Commercial Trust (REIT)		323,242		456,867
Capitaland Investment, Ltd.		170,600		419,014
City Developments, Ltd.		27,200		135,508
DBS Group Holdings, Ltd.		110,067		2,571,817
Genting Singapore, Ltd.		367,500		254,836
Grab Holdings, Ltd. - Class A (a)		113,500		389,305
Jardine Cycle & Carriage, Ltd.		6,000		154,755
Keppel Corp., Ltd.		86,000		427,762
Mapletree Logistics Trust		101,849		122,194
Mapletree Pan Asia Commercial Trust		40,000		47,961
Oversea-Chinese Banking Corp., Ltd.		213,264		1,941,827
Sembcorp Marine, Ltd. (a)		2,488,312		230,268
Singapore Airlines, Ltd.		87,540		462,968
Singapore Exchange, Ltd.		54,400		387,040
Singapore Technologies Engineering, Ltd.		106,000		288,982
Singapore Telecommunications, Ltd.		469,420		869,130
United Overseas Bank, Ltd.		74,792		1,549,355
UOL Group, Ltd.		32,900		156,579
Venture Corp., Ltd.		20,500		223,749
Wilmar International, Ltd.		144,000		405,234
				11,915,029
South Africa—0.2%
Anglo American plc		76,238		2,163,219
Spain—2.4%
Acciona S.A.		1,638		278,135
ACS Actividades de Construccion y Servicios S.A. (b)		12,220		429,574
Aena SME S.A.		5,006		809,046
Amadeus IT Group S.A. (a)		26,876		2,048,684
Banco Bilbao Vizcaya Argentaria S.A.		360,031		2,775,589
Banco Santander S.A.		1,000,020		3,709,880
CaixaBank S.A.		228,552		947,826
Cellnex Telecom S.A.		35,254		1,428,941
Corp. ACCIONA Energias Renovables S.A.		4,320		144,516
EDP Renovaveis S.A.		12,766		255,649
Enagas S.A.		15,136		297,346

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Spain—(Continued)
Endesa S.A. (b)		16,585	$	356,225
Grifols S.A. (a)		21,632		277,392
Iberdrola S.A.		353,801		4,620,460
Industria de Diseno Textil S.A.		65,515		2,544,939
Naturgy Energy Group S.A.		9,652		287,450
Red Electrica Corp. S.A. (b)		21,616		362,935
Repsol S.A. (b)		78,346		1,138,943
Siemens Gamesa Renewable Energy S.A. (a) (b)		12,710		250,292
Telefonica S.A.		323,559		1,312,383
				24,276,205
Sweden—2.9%
Alfa Laval AB		19,004		692,020
Assa Abloy AB - Class B		58,271		1,396,688
Atlas Copco AB - A Shares		166,228		2,393,847
Atlas Copco AB - B Shares		92,052		1,145,234
Beijer Ref AB		20,500		261,587
Boliden AB (a)		16,516		477,358
Epiroc AB - A Shares		42,693		807,483
Epiroc AB - B Shares		24,398		394,027
EQT AB		22,013		423,356
Essity AB - Class B		38,912		1,034,192
Evolution AB		10,621		1,343,903
Fastighets AB Balder - B Shares (a)		39,070		142,560
Getinge AB - B Shares		15,453		270,471
H & M Hennes & Mauritz AB - B Shares		40,571		696,697
Hexagon AB - B Shares		126,183		1,551,413
Holmen AB - B Shares		6,226		223,426
Husqvarna AB - B Shares		25,677		232,565
Industrivarden AB - A Shares		9,265		256,514
Industrivarden AB - C Shares		10,214		281,437
Indutrade AB		18,127		408,420
Investment AB Latour - B Shares		10,798		213,966
Investor AB - A Shares		27,084		541,226
Investor AB - B Shares		105,195		2,101,841
Kinnevik AB - B Shares (a)		17,515		242,621
L E Lundbergforetagen AB - B Shares		4,755		202,143
Lifco AB - B Shares		15,748		342,198
Nibe Industrier AB - B Shares		88,393		838,915
Saab AB - Class B		4,900		264,497
Sagax AB - Class B		10,880		214,723
Sandvik AB		65,549		1,278,059
Securitas AB - B Shares		33,726		276,582
Skandinaviska Enskilda Banken AB - Class A		96,808		1,069,499
Skanska AB - B Shares		16,847		236,016
SKF AB - B Shares		18,258		317,497
Svenska Cellulosa AB SCA - Class B		40,209		512,166
Svenska Handelsbanken AB - A Shares		85,696		717,733
Swedbank AB - A Shares		49,129		828,512
Swedish Orphan Biovitrum AB (a)		11,210		218,304
Tele2 AB - B Shares		34,110		281,905
Telefonaktiebolaget LM Ericsson - B Shares		172,299		938,343
Telia Co. AB		111,712		244,630
Volvo AB - A Shares		14,069		299,591
Volvo AB - B Shares		90,508		1,874,540
				28,488,705
Switzerland—10.3%
ABB, Ltd.		95,407		3,755,782
Adecco Group AG (a)		10,992		358,946
Alcon, Inc.		30,966		2,573,980
Bachem Holding AG		2,095		183,026
Baloise Holding AG		2,719		400,065
Banque Cantonale Vaudoise		1,980		209,273
Barry Callebaut AG		251		484,742
BKW AG		1,390		245,648
Chocoladefabriken Lindt & Spruengli AG		7		868,794
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		60		754,035
Cie Financiere Richemont S.A. - Class A		31,725		5,385,303
Clariant AG (a)		13,958		201,856
Coca-Cola HBC AG (a)		13,800		411,625
DSM-Firmenich AG (a)		11,244		1,209,804
Dufry AG (a)		5,990		273,171
EMS-Chemie Holding AG		423		320,514
Geberit AG		2,071		1,084,762
Givaudan S.A.		549		1,822,089
Glencore plc		637,791		3,621,743
Helvetia Holding AG		2,260		306,068
Holcim AG (a)		33,310		2,240,516
Julius Baer Group, Ltd.		13,191		832,103
Kuehne & Nagel International AG		3,244		959,413
Logitech International S.A.		9,636		573,183
Lonza Group AG		4,646		2,775,788
Nestle S.A.		167,136		20,119,581
Novartis AG		124,576		12,578,753
Partners Group Holding AG		1,364		1,284,906
Roche Holding AG		42,699		13,054,456
Roche Holding AG (Bearer Shares)		1,770		581,149
Schindler Holding AG (Participation Certificate)		3,711		856,856
SGS S.A.		8,665		818,766
SIG Group AG (a)		19,990		552,709
Sika AG		8,960		2,563,908
Sonova Holding AG		3,130		834,191
STMicroelectronics NV		41,498		2,064,084
Straumann Holding AG		6,539		1,062,345
Swatch Group AG (The)		2,315		127,305
Swatch Group AG (The) - Bearer Shares		1,701		498,768
Swiss Life Holding AG		1,869		1,094,014
Swiss Prime Site AG		4,615		400,696
Swiss Re AG		18,648		1,878,613
Swisscom AG		1,510		942,445
Temenos AG		4,465		355,672
UBS Group AG (a)		199,894		4,068,788
VAT Group AG		1,824		755,795
Zurich Insurance Group AG		9,047		4,300,186
				102,646,215
Taiwan—0.1%
Sea, Ltd. (ADR) (a)		23,800		1,381,352
United Arab Emirates—0.0%
NMC Health plc (a) (c) (d)		7,569		0

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—11.8%
3i Group plc		62,170	$	1,545,587
abrdn plc		100,841		280,146
Admiral Group plc		11,968		317,460
Ashtead Group plc		25,877		1,798,809
Associated British Foods plc		23,588		598,938
AstraZeneca plc		94,195		13,506,680
Auto Trader Group plc		59,168		459,078
Aviva plc		164,006		827,474
BAE Systems plc		191,274		2,259,229
Barclays plc		894,102		1,748,342
Barratt Developments plc		69,622		365,886
Berkeley Group Holdings plc		7,129		355,465
BP plc		1,075,432		6,307,493
British American Tobacco plc		130,292		4,327,223
British Land Co. plc (The) (REIT)		31,321		120,918
BT Group plc		422,542		658,109
Bunzl plc		20,033		763,533
Burberry Group plc		23,361		629,396
Centrica plc		345,587		544,821
CNH Industrial NV		67,912		981,397
Coca-Cola Europacific Partners plc		13,100		844,033
Compass Group plc		106,051		2,969,747
Croda International plc		8,925		638,537
DCC plc		7,008		392,130
Diageo plc		136,466		5,860,066
Endeavour Mining plc		11,300		272,015
Entain plc		39,400		640,546
Experian plc		57,153		2,198,472
Haleon plc		303,120		1,248,763
Halma plc		22,415		649,526
Hargreaves Lansdown plc		27,409		284,146
HSBC Holdings plc (Hong Kong-Traded Shares)		1,214,244		9,614,164
Imperial Brands plc		52,265		1,157,058
Informa plc		90,924		839,033
InterContinental Hotels Group plc		9,760		674,706
Intertek Group plc		9,159		497,680
J Sainsbury plc		70,799		242,628
JD Sports Fashion plc		90,311		167,569
Johnson Matthey plc		11,701		260,563
Kingfisher plc		103,242		304,058
Land Securities Group plc (REIT)		46,621		341,293
Legal & General Group plc		365,339		1,060,183
Lloyds Banking Group plc		3,935,676		2,184,147
London Stock Exchange Group plc		24,376		2,585,793
M&G plc		136,281		332,123
Mondi plc		29,085		444,547
National Grid plc		224,736		2,972,848
NatWest Group plc		329,089		1,011,494
Next plc		8,268		726,853
Ocado Group plc (a)		33,748		244,074
Pearson plc		43,799		462,071
Persimmon plc		22,805		297,622
Phoenix Group Holdings plc		49,751		336,625
Prudential plc		170,186		2,402,575
Reckitt Benckiser Group plc		43,137		3,243,049
RELX plc		114,708		3,828,252
Rentokil Initial plc		154,878		1,210,997
United Kingdom—(Continued)
Rio Tinto plc		68,142		4,333,634
Rolls-Royce Holdings plc (a)		508,555		977,776
Sage Group plc (The)		62,616		736,343
Schroders plc		46,288		257,771
Segro plc (REIT)		79,379		724,472
Severn Trent plc		17,094		557,466
Smith & Nephew plc		49,971		807,182
Smiths Group plc		19,606		410,664
Spirax-Sarco Engineering plc		4,349		573,459
SSE plc		64,531		1,513,389
St. James’s Place plc		38,927		538,556
Standard Chartered plc		150,401		1,313,062
Taylor Wimpey plc		214,663		280,694
Tesco plc		418,614		1,324,241
Unilever plc		153,523		8,013,592
United Utilities Group plc		38,342		468,741
Vodafone Group plc		1,394,442		1,317,083
Whitbread plc		13,755		592,552
Wise plc - Class A (a)		37,366		312,127
WPP plc		66,140		692,100
				117,580,874
United States—0.5%
GSK plc		251,855		4,453,673
Monday.com, Ltd. (a)		1,200		205,464
				4,659,137
Total Common Stocks (Cost $706,839,237)				943,577,321
Mutual Funds—2.6%
United States—2.6%
iShares MSCI EAFE ETF (b) (e) (Cost $24,976,149)		354,000		25,665,000
Preferred Stocks—0.5%
Germany—0.5%
Bayerische Motoren Werke AG		3,581		407,097
Dr. Ing HC F Porsche AG		6,443		799,528
Henkel AG & Co. KGaA		9,444		754,784
Porsche Automobil Holding SE		9,628		579,006
Sartorius AG (b)		1,542		528,693
Volkswagen AG		12,532		1,680,577
Total Preferred Stocks (Cost $4,258,986)				4,749,685
Warrants—0.0%
Switzerland—0.0%
Cie Financiere Richemont S.A. Expires 11/22/23 (a) (Cost $0)		78,908		108,927

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Short-Term Investments—1.3%

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—1.3%
U.S. Treasury Bills
3.928%, 07/05/23 (f)		1,100,000	$	1,099,700
4.659%, 07/13/23 (f)		11,750,000		11,733,660
				12,833,360
Total Short-Term Investments (Cost $12,829,983)				12,833,360
Securities Lending Reinvestments (g)—2.1%
Repurchase Agreements—0.7%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $3,421,025; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $3,487,978.		3,419,586		3,419,586
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $600,592; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $614,828.		600,000		600,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $1,000,434; collateralized by various Common Stock with an aggregate market value of $1,111,754.		1,000,000		1,000,000
Societe Generale
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $1,000,431; collateralized by various Common Stock with an aggregate market value of $1,112,361.		1,000,000		1,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $300,302; collateralized by various Common Stock with an aggregate market value of $334,121.		300,000		300,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $500,215; collateralized by various Common Stock with an aggregate market value of $550,236.		500,000		500,000
				6,819,586
Mutual Funds—1.4%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (h)		2,000,000		2,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class  5.000% (h)		2,000,000		2,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (h)		2,000,000		2,000,000
Mutual Funds—(Continued)
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (h)		2,000,000		2,000,000
HSBC U.S. Government Money Market Fund, Class I 5.010% (h)		1,000,000		1,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (h)		1,000,000		1,000,000
STIT-Government & Agency Portfolio, Institutional Class  5.050% (h)		3,000,000		3,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class  5.000% (h)		1,000,000		1,000,000
				14,000,000
Total Securities Lending Reinvestments (Cost $20,819,586)				20,819,586
Total Investments—101.4% (Cost $769,723,941)				1,007,753,879
Other assets and liabilities (net)—(1.4)%				(13,964,980	)
Net Assets—100.0%			$	993,788,899

(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $26,455,409 and the collateral received consisted of cash in the amount of $20,819,586 and non-cash collateral with a value of $6,781,983. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2023, the market value of securities pledged was $3,625,000.
(f)	The rate shown represents current yield to maturity.
(g)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(h)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Ten Largest Industries as of June 30, 2023 (Unaudited)	% of Net Assets
Banks		8.9
Pharmaceuticals		8.8
Insurance		4.8
Oil, Gas & Consumable Fuels		4.0
Semiconductors & Semiconductor Equipment		3.4
Textiles, Apparel & Luxury Goods		3.3
Automobiles		3.2
Metals & Mining		3.2
Food Products		3.1
Machinery		3.0

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index Mini Futures		09/15/23		116		USD	12,501,900	$	154,619

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Other Abbreviations

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

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	68,348,335	$	—	$	68,348,335
Austria		—		1,751,305		—		1,751,305
Belgium		—		7,449,060		—		7,449,060
Chile		—		502,903		—		502,903
China		—		4,679,180		—		4,679,180
Denmark		—		29,003,547		—		29,003,547
Finland		—		10,505,092		—		10,505,092
France		—		113,888,458		—		113,888,458
Germany		—		76,105,872		—		76,105,872
Hong Kong		—		21,997,762		—		21,997,762
Ireland		571,680		8,398,259		—		8,969,939
Israel		1,883,522		3,764,792		—		5,648,314
Italy		—		20,237,523		—		20,237,523
Japan		—		212,854,538		—		212,854,538
Jordan		—		271,044		—		271,044
Luxembourg		—		1,719,375		—		1,719,375
Macau		—		603,679		—		603,679
Netherlands		—		55,785,484		—		55,785,484
New Zealand		—		2,491,926		—		2,491,926
Norway		—		5,890,015		—		5,890,015
Portugal		—		1,763,234		—		1,763,234
Singapore		389,305		11,525,724		—		11,915,029

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
South Africa	$	—	$	2,163,219		$	—	$	2,163,219
Spain		—		24,276,205			—		24,276,205
Sweden		—		28,488,705			—		28,488,705
Switzerland		—		102,646,215			—		102,646,215
Taiwan		1,381,352		—			—		1,381,352
United Arab Emirates		—		—			0		0
United Kingdom		844,033		116,736,841			—		117,580,874
United States		205,464		4,453,673			—		4,659,137
Total Common Stocks		5,275,356		938,301,965			0		943,577,321
Total Mutual Funds*		25,665,000		—			—		25,665,000
Total Preferred Stocks*		—		4,749,685			—		4,749,685
Total Warrants*		108,927		—			—		108,927
Total Short-Term Investments*		—		12,833,360			—		12,833,360
Securities Lending Reinvestments
Repurchase Agreements		—		6,819,586			—		6,819,586
Mutual Funds		14,000,000		—			—		14,000,000
Total Securities Lending Reinvestments		14,000,000		6,819,586			—		20,819,586
Total Investments	$	45,049,283	$	962,704,596		$	0	$	1,007,753,879
Collateral for Securities Loaned (Liability)	$	—	$	(20,819,586	)	$	—	$	(20,819,586	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	154,619	$	—		$	—	$	154,619

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	1,007,753,879
Cash		11,511
Cash denominated in foreign currencies (c)		389,557
Receivable for:
Fund shares sold		4,136,523
Dividends		4,152,633
Variation margin on futures contracts		146,740
Prepaid expenses		7,925
Total Assets		1,016,598,768
Liabilities
Collateral for securities loaned		20,819,586
Payables for:
Investments purchased		1,015,248
Fund shares redeemed		186,658
Accrued Expenses:
Management fees		240,434
Distribution and service fees		96,343
Deferred trustees’ fees		155,005
Other expenses		296,595
Total Liabilities		22,809,869
Net Assets	$	993,788,899
Net Assets Consist of:
Paid in surplus	$	752,942,188
Distributable earnings (Accumulated losses)		240,846,711
Net Assets	$	993,788,899
Net Assets
Class A	$	543,033,863
Class B		281,259,083
Class E		20,382,359
Class G		149,113,594
Capital Shares Outstanding*
Class A		38,540,147
Class B		20,412,412
Class E		1,453,439
Class G		10,910,414
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.09
Class B		13.78
Class E		14.02
Class G		13.67

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $769,723,941.
(b)	Includes securities loaned at value of $26,455,409.
(c)	Identified cost of cash denominated in foreign currencies was $389,196.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	19,625,119
Interest		241,868
Securities lending income		146,735
Total investment income		20,013,722
Expenses
Management fees		1,464,571
Administration fees		26,241
Custodian and accounting fees		138,860
Distribution and service fees—Class B		351,278
Distribution and service fees—Class E		15,502
Distribution and service fees—Class G		219,431
Audit and tax services		26,080
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		37,699
Insurance		4,425
Miscellaneous		71,879
Total expenses		2,395,248
Less management fee waiver		(12,043	)
Net expenses		2,383,205
Net Investment Income		17,630,517
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		2,937,291
Futures contracts		746,241
Foreign currency transactions		(115,252	)
Net realized gain (loss)		3,568,280
Net change in unrealized appreciation (depreciation) on:
Investments		88,349,980
Futures contracts		332,294
Foreign currency transactions		35,134
Net change in unrealized appreciation (depreciation)		88,717,408
Net realized and unrealized gain (loss)		92,285,688
Net Increase (Decrease) in Net Assets From Operations	$	109,916,205

(a) Net of foreign withholding taxes of $2,231,703.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	17,630,517		$	27,369,216
Net realized gain (loss)		3,568,280			(2,479,127	)
Net change in unrealized appreciation (depreciation)		88,717,408			(196,121,096	)
Increase (decrease) in net assets from operations		109,916,205			(171,231,007	)
From Distributions to Shareholders
Class A		(13,370,490	)		(33,727,982	)
Class B		(6,399,955	)		(18,201,803	)
Class E		(477,209	)		(1,355,293	)
Class G		(3,365,808	)		(9,230,415	)
Total distributions		(23,613,462	)		(62,515,493	)
Increase (decrease) in net assets from capital share transactions		(42,134,503	)		(32,006,878	)
Total increase (decrease) in net assets		44,168,240			(265,753,378	)
Net Assets
Beginning of period		949,620,659			1,215,374,037
End of period	$	993,788,899		$	949,620,659

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,174,757		$	16,212,820			2,149,168		$	26,405,637
Reinvestments		940,921			13,370,490			2,746,578			33,727,982
Redemptions		(2,846,787	)		(39,231,133	)		(6,135,698	)		(83,713,933	)
Net increase (decrease)		(731,109	)	$	(9,647,823	)		(1,239,952	)	$	(23,580,314	)
Class B
Sales		191,644		$	2,627,863			959,199		$	11,583,423
Reinvestments		460,428			6,399,955			1,515,554			18,201,803
Redemptions		(2,286,423	)		(31,047,823	)		(3,007,156	)		(39,805,568	)
Net increase (decrease)		(1,634,351	)	$	(22,020,005	)		(532,403	)	$	(10,020,342	)
Class E
Sales		20,330		$	282,975			81,108		$	1,030,304
Reinvestments		33,749			477,209			110,908			1,355,293
Redemptions		(239,097	)		(3,302,661	)		(193,160	)		(2,614,362	)
Net increase (decrease)		(185,018	)	$	(2,542,477	)		(1,144	)	$	(228,765	)
Class G
Sales		367,010		$	5,049,456			916,723		$	11,869,979
Reinvestments		244,253			3,365,808			774,364			9,230,415
Redemptions		(1,211,631	)		(16,339,462	)		(1,461,455	)		(19,277,851	)
Net increase (decrease)		(600,368	)	$	(7,924,198	)		229,632		$	1,822,543
Increase (decrease) derived from capital shares transactions				$	(42,134,503	)				$	(32,006,878	)

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.90		$	16.17		$	14.86		$	14.32		$	12.16		$	14.55
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.26			0.38			0.40			0.27			0.40			0.38
Net realized and unrealized gain (loss)		1.29			(2.76	)		1.20			0.75			2.23			(2.34	)
Total income (loss) from investment operations		1.55			(2.38	)		1.60			1.02			2.63			(1.96	)
Less Distributions
Distributions from net investment income		(0.36	)		(0.52	)		(0.29	)		(0.41	)		(0.37	)		(0.43	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00			(0.07	)		(0.10	)		0.00
Total distributions		(0.36	)		(0.89	)		(0.29	)		(0.48	)		(0.47	)		(0.43	)
Net Asset Value, End of Period	$	14.09		$	12.90		$	16.17		$	14.86		$	14.32		$	12.16
Total Return (%) (b)		11.97	(c)		(14.47	)		10.72			7.85			21.93			(13.91	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.37	(d)		0.37			0.37			0.38			0.37			0.38
Net ratio of expenses to average net assets (%) (e)		0.37	(d)		0.37			0.37			0.38			0.37			0.38
Ratio of net investment income (loss) to average net assets (%)		3.75	(d)		2.84			2.53			2.06			2.97			2.72
Portfolio turnover rate (%)		9	(c)		9			12			18			9			9
Net assets, end of period (in millions)	$	543.0		$	506.7		$	655.0		$	622.7		$	591.3		$	497.5
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.61		$	15.81		$	14.53		$	14.01		$	11.91		$	14.25
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.34			0.35			0.23			0.36			0.34
Net realized and unrealized gain (loss)		1.26			(2.69	)		1.18			0.74			2.17			(2.29	)
Total income (loss) from investment operations		1.49			(2.35	)		1.53			0.97			2.53			(1.95	)
Less Distributions
Distributions from net investment income		(0.32	)		(0.48	)		(0.25	)		(0.38	)		(0.33	)		(0.39	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00			(0.07	)		(0.10	)		0.00
Total distributions		(0.32	)		(0.85	)		(0.25	)		(0.45	)		(0.43	)		(0.39	)
Net Asset Value, End of Period	$	13.78		$	12.61		$	15.81		$	14.53		$	14.01		$	11.91
Total Return (%) (b)		11.79	(c)		(14.64	)		10.48			7.58			21.55			(14.08	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(d)		0.62			0.62			0.63			0.62			0.63
Net ratio of expenses to average net assets (%) (e)		0.62	(d)		0.62			0.62			0.63			0.62			0.63
Ratio of net investment income (loss) to average net assets (%)		3.47	(d)		2.59			2.28			1.82			2.74			2.49
Portfolio turnover rate (%)		9	(c)		9			12			18			9			9
Net assets, end of period (in millions)	$	281.3		$	277.9		$	357.0		$	366.2		$	361.6		$	336.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.83		$	16.08		$	14.78		$	14.24		$	12.09		$	14.47
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.24			0.36			0.38			0.25			0.38			0.36
Net realized and unrealized gain (loss)		1.28			(2.75	)		1.18			0.75			2.21			(2.34	)
Total income (loss) from investment operations		1.52			(2.39	)		1.56			1.00			2.59			(1.98	)
Less Distributions
Distributions from net investment income		(0.33	)		(0.49	)		(0.26	)		(0.39	)		(0.34	)		(0.40	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00			(0.07	)		(0.10	)		0.00
Total distributions		(0.33	)		(0.86	)		(0.26	)		(0.46	)		(0.44	)		(0.40	)
Net Asset Value, End of Period	$	14.02		$	12.83		$	16.08		$	14.78		$	14.24		$	12.09
Total Return (%) (b)		11.86	(c)		(14.60	)		10.54			7.71			21.77			(14.06	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52	(d)		0.52			0.52			0.53			0.52			0.53
Net ratio of expenses to average net assets (%) (e)		0.52	(d)		0.52			0.52			0.53			0.52			0.53
Ratio of net investment income (loss) to average net assets (%)		3.54	(d)		2.69			2.38			1.92			2.85			2.58
Portfolio turnover rate (%)		9	(c)		9			12			18			9			9
Net assets, end of period (in millions)	$	20.4		$	21.0		$	26.4		$	27.1		$	27.2		$	25.2
	Class G
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.51		$	15.69		$	14.43		$	13.92		$	11.83		$	14.16
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.33			0.34			0.21			0.35			0.33
Net realized and unrealized gain (loss)		1.25			(2.67	)		1.16			0.74			2.17			(2.27	)
Total income (loss) from investment operations		1.48			(2.34	)		1.50			0.95			2.52			(1.94	)
Less Distributions
Distributions from net investment income		(0.32	)		(0.47	)		(0.24	)		(0.37	)		(0.33	)		(0.39	)
Distributions from net realized capital gains		0.00			(0.37	)		0.00			(0.07	)		(0.10	)		0.00
Total distributions		(0.32	)		(0.84	)		(0.24	)		(0.44	)		(0.43	)		(0.39	)
Net Asset Value, End of Period	$	13.67		$	12.51		$	15.69		$	14.43		$	13.92		$	11.83
Total Return (%) (b)		11.77	(c)		(14.66	)		10.35			7.52			21.58			(14.12	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.67	(d)		0.67			0.67			0.68			0.67			0.68
Net ratio of expenses to average net assets (%) (e)		0.67	(d)		0.67			0.67			0.68			0.67			0.68
Ratio of net investment income (loss) to average net assets (%)		3.41	(d)		2.55			2.23			1.69			2.67			2.42
Portfolio turnover rate (%)		9	(c)		9			12			18			9			9
Net assets, end of period (in millions)	$	149.1		$	144.0		$	177.0		$	169.5		$	116.9		$	100.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

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

BHFTII-19

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-20

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

At June 30, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $6,819,586, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(8,201,321	)	$	—	$	—	$	—	$	(8,201,321	)
Mutual Funds		(12,618,265	)		—		—		—		(12,618,265	)
Total Borrowings	$	(20,819,586	)	$	—	$	—	$	—	$	(20,819,586	)
Gross amount of recognized liabilities for securities lending transactions										$	(20,819,586	)

BHFTII-21

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

3. Investments in Derivative Instruments

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

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2023 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts (a)	$	154,619

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	746,241
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	332,294

For the six months ended June 30, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	12,199,913

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

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the

BHFTII-22

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant

BHFTII-23

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

clearinghouse. The Portfolio’s clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio’s clearing broker. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	88,979,465	$	0	$	143,626,767

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.300% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2023 were $1,464,571.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On the first $500 million
0.040%	Of the next $500 million
0.020%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the six months ended June 30, 2023 were $219,949.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

BHFTII-24

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	785,199,641
Gross unrealized appreciation		318,095,429
Gross unrealized (depreciation)		(95,386,572	)
Net unrealized appreciation (depreciation)	$	222,708,857

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$38,896,897	$	20,439,975	$	23,618,596	$	—	$	62,515,493	$	20,439,975

BHFTII-25

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$23,498,035	$	—	$	134,237,545	$	(3,038,389	)	$	154,697,191

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $2,171,029 and accumulated long-term capital losses of $867,360.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-26

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-27

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Managed by MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B, E and G shares of the MetLife Russell 2000 Index Portfolio (the “Portfolio”) returned 8.03%, 7.95%, 7.94%, and 7.91%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 8.09%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets climbed during the first six months of 2023, driven mainly by the rally in the Information Technology sector and better than expected corporate earnings. In addition, equity investors were hopeful that the Federal Reserve (the “Fed”) would begin pausing interest rate increases soon and that the Fed would be able to successfully navigate a soft landing. Factors that weighed on the equity markets included lingering concerns about rising recession risks, the collapse of two U.S. regional banks, Silicon Valley Bank and Signature Bank, and the acquisition of Credit Suisse by UBS in an emergency rescue deal. Equity investors were also concerned about stretched equity valuations, continued high inflation and rising bond yields.

During the first six months, the Federal Open Market Committee (the “FOMC”) met four times and decided to raise the target range from 4.25%—4.50% to 5.00%—5.25%. The FOMC stated that economic activity had continued to expand at a modest pace, the unemployment rate remained low, and inflation remained elevated. The FOMC seeks to achieve maximum employment and inflation at the rate of two percent over the long run.

Eight of the eleven sectors comprising the Russell 2000 Index experienced a positive return for the first six months of 2023. Information Technology (10.5% beginning weight in the benchmark), up 22.6%; Industrials (16.9% beginning weight in the benchmark), up 18.4%; and Consumer Discretionary (12.4% beginning weight in the benchmark), up 16.0%, were the best-performing sectors. Financials (17.0% beginning weight), down 10.0%; Utilities (3.9% beginning weight), down 0.6%; and Energy (7.1% beginning weight), down 0.3%, were the worst-performing sectors.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Super Micro Computer, up 203.6%; Axcelis Technologies, up 131.0%; and Prometheus Biosciences, up 81.7%. The stocks with the largest negative impact were Chegg, down 64.9%; Halozyme Therapeutics, down 36.6%; and Glacier Bancorp, down 36.4%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the Russell 2000 Index. This strategy seeks to replicate the performance of the Russell 2000 Index by owning a subset of Index constituents and neutralizing exposures across sectors. The Portfolio is periodically rebalanced for compositional changes in the Index. Factors that impact tracking error include sampling, transaction costs, cash drag, securities lending, net asset value rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

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

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

BHFTII-1

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
MetLife Russell 2000 Index Portfolio
Class A		8.03		12.34		4.18		8.26
Class B		7.95		12.11		3.93		7.99
Class E		7.94		12.13		4.03		8.09
Class G		7.91		12.03		3.87		7.94
Russell 2000 Index		8.09		12.31		4.21		8.26

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
iShares Russell 2000 Index Fund		3.4
Super Micro Computer, Inc.		0.5
SPS Commerce, Inc.		0.3
Rambus, Inc.		0.3
Chart Industries, Inc.		0.3
Novanta, Inc.		0.3
Chord Energy Corp.		0.3
Light & Wonder, Inc.		0.2
ChampionX Corp.		0.2
Commercial Metals Co.		0.2

Top Sectors

	% of Net Assets
Financials		17.8
Industrials		16.4
Health Care		16.0
Information Technology		13.0
Consumer Discretionary		10.1
Energy		6.5
Real Estate		5.8
Materials		4.4
Consumer Staples		3.3
Utilities		2.9

BHFTII-2

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Russell 2000 Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.30	%	$	1,000.00	$	1,080.30	$	1.55
	Hypothetical*		0.30	%	$	1,000.00	$	1,023.31	$	1.51
Class B (a)	Actual		0.55	%	$	1,000.00	$	1,079.50	$	2.84
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class E (a)	Actual		0.45	%	$	1,000.00	$	1,079.40	$	2.32
	Hypothetical*		0.45	%	$	1,000.00	$	1,022.56	$	2.26
Class G (a)	Actual		0.60	%	$	1,000.00	$	1,079.10	$	3.09
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01

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

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

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—95.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.0%
AAR Corp. (a)		11,572	$	668,399
Aerojet Rocketdyne Holdings, Inc. (a)		26,578		1,458,335
AeroVironment, Inc. (a)		8,452		864,471
AerSale Corp. (a)		8,754		128,684
Archer Aviation, Inc. - Class A (a)		52,219		215,142
Astronics Corp. (a)		9,068		180,091	��
Cadre Holdings, Inc.		6,188		134,898
Ducommun, Inc. (a)		3,735		162,734
Eve Holding, Inc. (a) (b)		6,451		67,606
Kaman Corp.		8,733		212,474
Kratos Defense & Security Solutions, Inc. (a)		42,530		609,880
Leonardo DRS, Inc. (a) (b)		17,158		297,520
Moog, Inc. - Class A		9,540		1,034,422
National Presto Industries, Inc. (b)		1,752		128,246
Park Aerospace Corp.		7,125		98,325
Parsons Corp. (a)		13,848		666,643
Rocket Lab USA, Inc. (a) (b)		94,124		564,744
Triumph Group, Inc. (a)		22,281		275,616
V2X, Inc. (a)		3,920		194,275
Virgin Galactic Holdings, Inc. (a)		84,724		328,729
				8,291,234
Air Freight & Logistics—0.3%
Air Transport Services Group, Inc. (a)		18,490		348,907
Forward Air Corp.		8,582		910,636
Hub Group, Inc. - Class A (a)		10,763		864,484
Radiant Logistics, Inc. (a)		12,471		83,805
				2,207,832
Automobile Components—1.4%
Adient plc (a)		31,676		1,213,824
American Axle & Manufacturing Holdings, Inc. (a)		38,378		317,386
Cooper-Standard Holdings, Inc. (a)		5,724		81,624
Dana, Inc.		43,537		740,129
Dorman Products, Inc. (a)		9,015		710,652
Fox Factory Holding Corp. (a) (b)		14,199		1,540,734
Gentherm, Inc. (a)		10,812		610,986
Goodyear Tire & Rubber Co. (The) (a)		95,413		1,305,250
Holley, Inc. (a) (b)		20,003		81,812
LCI Industries		8,243		1,041,585
Luminar Technologies, Inc. (a)		91,895		632,238
Modine Manufacturing Co. (a)		17,537		579,072
Patrick Industries, Inc.		7,300		584,000
Solid Power, Inc. (a)		47,374		120,330
Standard Motor Products, Inc.		6,921		259,676
Stoneridge, Inc. (a) (b)		9,252		174,400
Visteon Corp. (a) (b)		9,437		1,355,248
XPEL, Inc. (a)		7,590		639,230
				11,988,176
Automobiles—0.1%
Fisker, Inc. (a) (b)		66,483		374,964
Livewire Group, Inc. (a) (b)		4,062		47,972
Winnebago Industries, Inc.		10,071		671,635
Automobiles—(Continued)
Workhorse Group, Inc. (a)		51,389		44,791
				1,139,362
Banks—7.5%
1st Source Corp. (b)		5,221		218,917
ACNB Corp.		2,906		96,392
Amalgamated Financial Corp. (b)		5,989		96,363
Amerant Bancorp, Inc. (b)		9,340		160,555
American National Bankshares, Inc.		3,251		94,214
Ameris Bancorp		22,232		760,557
Ames National Corp. (b)		2,972		53,585
Arrow Financial Corp. (b)		4,906		98,807
Associated Banc-Corp.		50,625		821,644
Atlantic Union Bankshares Corp.		24,751		642,288
Axos Financial, Inc. (a)		19,507		769,356
Banc of California, Inc.		18,927		219,175
BancFirst Corp.		7,404		681,168
Bancorp, Inc. (The) (a)		18,070		589,985
Bank First Corp. (b)		3,147		261,830
Bank of Hawaii Corp.		13,183		543,535
Bank of Marin Bancorp		5,192		91,743
Bank of NT Butterfield & Son, Ltd. (The)		17,296		473,219
BankUnited, Inc.		24,606		530,259
Bankwell Financial Group, Inc.		1,932		47,102
Banner Corp.		11,395		497,620
Bar Harbor Bankshares		5,292		130,395
BayCom Corp.		4,420		73,726
BCB Bancorp, Inc.		4,956		58,183
Berkshire Hills Bancorp, Inc.		14,603		302,720
Blue Foundry Bancorp (a)		7,608		76,917
Blue Ridge Bankshares, Inc.		7,472		66,127
Bridgewater Bancshares, Inc. (a)		6,071		59,799
Brookline Bancorp, Inc.		30,220		264,123
Burke & Herbert Financial Services Corp. (b)		2,208		141,754
Business First Bancshares, Inc.		7,980		120,259
Byline Bancorp, Inc.		8,821		159,572
C&F Financial Corp. (b)		1,129		60,627
Cadence Bank		61,141		1,200,809
Cambridge Bancorp (b)		2,576		139,903
Camden National Corp.		4,522		140,046
Capital Bancorp, Inc.		3,124		56,544
Capital City Bank Group, Inc.		4,547		139,320
Capitol Federal Financial, Inc.		43,042		265,569
Capstar Financial Holdings, Inc.		7,899		96,921
Carter Bankshares, Inc. (a)		8,108		119,917
Cathay General Bancorp		23,492		756,207
Central Pacific Financial Corp.		8,161		128,209
Central Valley Community Bancorp (b)		3,447		53,256
Chemung Financial Corp.		1,214		46,630
ChoiceOne Financial Services, Inc.		2,407		55,361
Citizens & Northern Corp.		6,038		116,533
Citizens Financial Services, Inc. (b)		1,503		111,928
City Holding Co.		5,120		460,749
Civista Bancshares, Inc.		5,230		91,002
CNB Financial Corp.		6,782		119,702
Coastal Financial Corp. (a)		3,437		129,403

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Codorus Valley Bancorp, Inc. (b)		3,294	$	64,595
Colony Bankcorp, Inc.		5,639		53,119
Columbia Financial, Inc. (a) (b)		11,020		190,536
Community Bank System, Inc.		17,926		840,371
Community Financial Corp. (b)		1,775		48,085
Community Trust Bancorp, Inc.		5,081		180,731
ConnectOne Bancorp, Inc.		12,128		201,204
CrossFirst Bankshares, Inc. (a)		16,519		165,190
Customers Bancorp, Inc. (a)		10,596		320,635
CVB Financial Corp.		44,953		596,976
Dime Community Bancshares, Inc.		11,336		199,854
Eagle Bancorp, Inc.		9,983		211,240
Eastern Bankshares, Inc.		54,127		664,138
Enterprise Bancorp, Inc.		3,354		97,065
Enterprise Financial Services Corp.		12,204		477,176
Equity Bancshares, Inc. - Class A		4,632		105,517
Esquire Financial Holdings, Inc.		2,392		109,410
ESSA Bancorp, Inc. (b)		3,011		45,014
Evans Bancorp, Inc.		1,818		45,323
Farmers & Merchants Bancorp, Inc.		4,130		92,966
Farmers National Banc Corp. (b)		11,007		136,157
FB Financial Corp.		12,217		342,687
Fidelity D&D Bancorp, Inc. (b)		1,594		77,452
Financial Institutions, Inc.		4,838		76,150
First Bancorp (b)		12,931		384,697
First Bancorp, Inc. (The) (b)		3,758		91,470
First BanCorp/Puerto Rico		59,904		732,027
First Bancshares, Inc. (The) (b)		10,228		264,292
First Bank/Hamilton NJ (b)		5,582		57,941
First Busey Corp. (b)		16,699		335,650
First Business Financial Services, Inc.		2,763		81,481
First Commonwealth Financial Corp.		34,297		433,857
First Community Bankshares, Inc.		5,650		167,974
First Community Corp. (b)		2,558		44,407
First Financial Bancorp		31,251		638,770
First Financial Bankshares, Inc. (b)		43,284		1,233,161
First Financial Corp.		3,977		129,133
First Foundation, Inc.		17,120		67,966
First Interstate BancSystem, Inc. - Class A		27,764		661,894
First Merchants Corp. (b)		19,730		556,978
First Mid Bancshares, Inc.		6,036		145,709
First of Long Island Corp. (The)		7,996		96,112
First Western Financial, Inc. (a)		2,729		50,759
Five Star Bancorp		5,331		119,254
Flushing Financial Corp.		10,410		127,939
FS Bancorp, Inc. (b)		2,273		68,349
Fulton Financial Corp. (b)		53,477		637,446
FVCBankcorp, Inc. (a)		5,163		55,606
German American Bancorp, Inc.		9,350		254,133
Glacier Bancorp, Inc.		37,735		1,176,200
Great Southern Bancorp, Inc. (b)		3,405		172,736
Greene County Bancorp, Inc. (b)		2,424		72,235
Guaranty Bancshares, Inc. (b)		2,906		78,694
Hancock Whitney Corp.		28,838		1,106,802
Hanmi Financial Corp.		9,877		147,464
HarborOne Bancrop, Inc.		16,612		144,192
HBT Financial, Inc. (b)		4,583		84,511
Banks—(Continued)
Heartland Financial USA, Inc.		13,834		385,554
Heritage Commerce Corp.		20,117		166,569
Heritage Financial Corp.		12,295		198,810
Hilltop Holdings, Inc.		15,705		494,079
Hingham Institution for Savings (The) (b)		473		100,834
Home Bancorp, Inc.		2,776		92,191
Home BancShares, Inc. (b)		63,382		1,445,110
HomeTrust Bancshares, Inc. (b)		5,432		113,474
Hope Bancorp, Inc.		39,512		332,691
Horizon Bancorp, Inc.		14,606		152,048
Independent Bank Corp. /MA		15,176		675,484
Independent Bank Corp. /MI (b)		7,375		125,080
Independent Bank Group, Inc.		11,996		414,222
International Bancshares Corp.		18,077		799,003
John Marshall Bancorp, Inc. (b)		4,296		86,307
Kearny Financial Corp. (b)		20,150		142,057
Lakeland Bancorp, Inc.		21,117		282,757
Lakeland Financial Corp.		8,350		405,142
LCNB Corp. (b)		3,649		53,859
Live Oak Bancshares, Inc. (b)		11,266		296,408
Macatawa Bank Corp. (b)		9,068		84,151
MainStreet Bancshares, Inc. (b)		2,403		54,452
Mercantile Bank Corp.		5,350		147,767
Metrocity Bankshares, Inc.		5,632		100,756
Metropolitan Bank Holding Corp. (a)		3,249		112,838
Mid Penn Bancorp, Inc.		5,091		112,409
Middlefield Banc Corp. (b)		2,691		72,119
Midland States Bancorp, Inc.		6,845		136,284
MidWestOne Financial Group, Inc.		4,795		102,469
MVB Financial Corp. (b)		3,791		79,914
National Bank Holdings Corp. - Class A (b)		12,399		360,067
National Bankshares, Inc. (b)		1,983		57,884
NBT Bancorp, Inc.		14,003		445,996
Nicolet Bankshares, Inc. (b)		4,330		294,050
Northeast Bank		2,320		96,674
Northeast Community Bancorp, Inc. (b)		4,595		68,374
Northfield Bancorp, Inc.		15,870		174,253
Northrim BanCorp, Inc.		1,883		74,058
Northwest Bancshares, Inc. (b)		42,865		454,369
Norwood Financial Corp. (b)		2,522		74,475
Oak Valley Bancorp		2,317		58,365
OceanFirst Financial Corp.		20,664		322,772
OFG Bancorp		15,488		403,927
Old National Bancorp		99,968		1,393,554
Old Second Bancorp, Inc.		14,378		187,777
Orange County Bancorp, Inc.		1,834		67,858
Origin Bancorp, Inc.		9,835		288,165
Orrstown Financial Services, Inc.		3,982		76,255
Pacific Premier Bancorp, Inc.		31,429		649,952
PacWest Bancorp (b)		40,405		329,301
Park National Corp. (b)		4,856		496,866
Parke Bancorp, Inc. (b)		3,496		59,397
Pathward Financial, Inc.		8,862		410,842
PCB Bancorp (b)		4,027		59,237
Peapack Gladstone Financial Corp.		6,072		164,430
Penns Woods Bancorp, Inc.		2,355		58,946
Peoples Bancorp, Inc.		11,263		299,033

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Peoples Financial Services Corp.		2,533	$	110,920
Plumas Bancorp (b)		1,875		66,919
Ponce Financial Group, Inc. (a) (b)		7,031		61,099
Preferred Bank		4,747		261,038
Premier Financial Corp.		11,932		191,151
Primis Financial Corp.		7,589		63,899
Princeton Bancorp, Inc. (b)		1,758		48,029
Provident Financial Services, Inc.		24,532		400,853
QCR Holdings, Inc.		5,564		228,291
RBB Bancorp (b)		4,676		55,831
Red River Bancshares, Inc. (b)		1,618		79,509
Renasant Corp.		17,894		467,570
Republic Bancorp, Inc. - Class A		3,075		130,688
S&T Bancorp, Inc.		13,516		367,500
Sandy Spring Bancorp, Inc.		15,275		346,437
Seacoast Banking Corp. of Florida		28,311		625,673
ServisFirst Bancshares, Inc.		17,117		700,428
Shore Bancshares, Inc.		6,088		70,377
Sierra Bancorp (b)		5,841		99,122
Simmons First National Corp. - Class A (b)		42,420		731,745
SmartFinancial, Inc.		5,462		117,488
South Plains Financial, Inc.		3,888		87,519
Southern First Bancshares, Inc. (a) (b)		2,574		63,707
Southern Missouri Bancorp, Inc. (b)		3,031		116,542
Southern States Bancshares, Inc.		2,700		56,970
Southside Bancshares, Inc.		10,581		276,799
SouthState Corp. (b)		25,549		1,681,124
Stellar Bancorp, Inc.		15,697		359,304
Stock Yards Bancorp, Inc.		9,642		437,458
Summit Financial Group, Inc.		4,198		86,731
Texas Capital Bancshares, Inc. (a)		16,203		834,454
Third Coast Bancshares, Inc. (a)		4,809		76,319
Timberland Bancorp, Inc. (b)		2,592		66,303
Tompkins Financial Corp.		4,590		255,663
Towne Bank		23,282		541,074
TriCo Bancshares		10,668		354,178
Triumph Financial, Inc. (a)		7,535		457,525
TrustCo Bank Corp.		5,837		166,997
Trustmark Corp.		20,462		432,157
UMB Financial Corp.		14,557		886,521
United Bankshares, Inc.		44,009		1,305,747
United Community Banks, Inc. (b)		38,819		970,087
Unity Bancorp, Inc. (b)		2,408		56,805
Univest Financial Corp.		9,428		170,458
Valley National Bancorp		144,649		1,121,030
Veritex Holdings, Inc.		17,694		317,253
Virginia National Bankshares Corp.		1,715		55,137
Washington Federal, Inc.		22,314		591,767
Washington Trust Bancorp, Inc.		5,542		148,581
WesBanco, Inc.		19,306		494,427
West Bancorp, Inc.		5,498		101,218
Westamerica Bancorp		8,792		336,734
WSFS Financial Corp.		20,665		779,484
				63,354,310
Beverages—0.4%
Coca-Cola Consolidated, Inc.		1,600		1,017,632
Duckhorn Portfolio, Inc. (The) (a) (b)		13,689		177,546
MGP Ingredients, Inc.		5,324		565,835
National Beverage Corp. (a)		8,223		397,582
Primo Water Corp.		54,035		677,599
Vita Coco Co., Inc. (The) (a)		10,537		283,129
				3,119,323
Biotechnology—7.1%
2seventy bio, Inc. (a)		17,226		174,327
4D Molecular Therapeutics, Inc. (a)		11,182		202,059
89bio, Inc. (a) (b)		20,747		393,156
Aadi Bioscience, Inc. (a)		5,529		37,818
ACADIA Pharmaceuticals, Inc. (a)		40,490		969,736
Actinium Pharmaceuticals, Inc. (a) (b)		8,804		65,326
Adicet Bio, Inc. (a) (b)		10,288		25,000
ADMA Biologics, Inc. (a)		70,877		261,536
Aerovate Therapeutics, Inc. (a)		3,363		57,675
Agenus, Inc. (a)		115,321		184,514
Agios Pharmaceuticals, Inc. (a) (b)		18,399		521,060
Akero Therapeutics, Inc. (a) (b)		15,064		703,338
Aldeyra Therapeutics, Inc. (a)		15,698		131,706
Alector, Inc. (a)		20,549		123,500
Alkermes plc (a)		55,609		1,740,562
Allakos, Inc. (a) (b)		22,437		97,825
Allogene Therapeutics, Inc. (a)		26,931		133,847
Allovir, Inc. (a) (b)		10,797		36,710
Alpine Immune Sciences, Inc. (a) (b)		10,697		109,965
Altimmune, Inc. (a) (b)		16,737		59,082
ALX Oncology Holdings, Inc. (a)		7,350		55,199
Amicus Therapeutics, Inc. (a)		94,876		1,191,643
AnaptysBio, Inc. (a)		7,034		143,072
Anavex Life Sciences Corp. (a) (b)		23,292		189,364
Anika Therapeutics, Inc. (a)		4,948		128,549
Annexon, Inc. (a) (b)		15,499		54,557
Arbutus Biopharma Corp. (a)		38,721		89,058
Arcellx, Inc. (a)		12,838		405,938
Arcturus Therapeutics Holdings, Inc. (a) (b)		7,412		212,576
Arcus Biosciences, Inc. (a)		17,324		351,850
Arcutis Biotherapeutics, Inc. (a) (b)		17,302		164,888
Ardelyx, Inc. (a) (b)		71,545		242,538
Arrowhead Pharmaceuticals, Inc. (a) (b)		34,801		1,241,004
ARS Pharmaceuticals, Inc. (a)		8,767		58,739
Astria Therapeutics, Inc. (a)		8,633		71,913
Atara Biotherapeutics, Inc. (a)		32,193		51,831
Aura Biosciences, Inc. (a)		9,525		117,634
Aurinia Pharmaceuticals, Inc. (a)		46,041		445,677
Avid Bioservices, Inc. (a) (b)		20,292		283,479
Avidity Biosciences, Inc. (a)		23,745		263,332
Avita Medical, Inc. (a)		8,679		147,630
Beam Therapeutics, Inc. (a) (b)		22,916		731,708
BioAtla, Inc. (a) (b)		15,887		47,661
BioCryst Pharmaceuticals, Inc. (a)		62,014		436,579
Biohaven, Ltd. (a)		19,700		471,224
Biomea Fusion, Inc. (a) (b)		6,771		148,623
Bioxcel Therapeutics, Inc. (a)		6,276		41,798

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Bluebird Bio, Inc. (a) (b)		34,986	$	115,104
Blueprint Medicines Corp. (a)		20,651		1,305,143
Bridgebio Pharma, Inc. (a)		38,410		660,652
Cabaletta Bio, Inc. (a)		8,630		111,413
CareDx, Inc. (a) (b)		17,647		150,000
Caribou Biosciences, Inc. (a)		19,951		84,792
Carisma Therapeutics, Inc. (b)		9,023		79,132
Catalyst Pharmaceuticals, Inc. (a)		32,720		439,757
Celcuity, Inc. (a) (b)		5,835		64,068
Celldex Therapeutics, Inc. (a)		15,155		514,209
Cerevel Therapeutics Holdings, Inc. (a)		20,853		662,917
Chinook Therapeutics, Inc. (a)		19,453		747,384
Cogent Biosciences, Inc. (a)		21,981		260,255
Coherus Biosciences, Inc. (a) (b)		25,327		108,146
Compass Therapeutics, Inc. (a)		31,772		101,035
Crinetics Pharmaceuticals, Inc. (a)		18,192		327,820
Cue Biopharma, Inc. (a) (b)		11,773		42,971
Cullinan Oncology, Inc. (a)		7,747		83,358
Cytokinetics, Inc. (a) (b)		31,222		1,018,462
Day One Biopharmaceuticals, Inc. (a) (b)		16,795		200,532
Deciphera Pharmaceuticals, Inc. (a)		17,465		245,907
Denali Therapeutics, Inc. (a)		39,602		1,168,655
Design Therapeutics, Inc. (a)		14,198		89,447
Disc Medicine, Inc. (a)		2,668		118,459
Dynavax Technologies Corp. (a) (b)		43,478		561,736
Dyne Therapeutics, Inc. (a) (b)		14,586		164,093
Eagle Pharmaceuticals, Inc. (a)		3,536		68,740
Editas Medicine, Inc. (a)		23,602		194,244
Emergent BioSolutions, Inc. (a)		17,598		129,345
Enanta Pharmaceuticals, Inc. (a)		6,820		145,948
Entrada Therapeutics, Inc. (a)		7,438		112,611
EQRx, Inc. (a) (b)		109,112		202,948
Erasca, Inc. (a)		23,988		66,207
Fate Therapeutics, Inc. (a) (b)		28,366		135,022
Fennec Pharmaceuticals, Inc. (a)		6,156		54,358
FibroGen, Inc. (a)		30,460		82,242
Foghorn Therapeutics, Inc. (a)		7,279		51,244
Generation Bio Co. (a)		15,310		84,205
Geron Corp. (a)		167,062		536,269
Gritstone bio, Inc. (a)		29,698		57,911
Halozyme Therapeutics, Inc. (a)		44,873		1,618,569
Heron Therapeutics, Inc. (a) (b)		32,773		38,017
HilleVax, Inc. (a)		7,356		126,450
Humacyte, Inc. (a)		22,468		64,259
Icosavax, Inc. (a)		8,168		81,108
Ideaya Biosciences, Inc. (a) (b)		18,218		428,123
Immuneering Corp. - Class A (a)		7,160		72,602
Immunitybio, Inc. (a)		37,195		103,402
ImmunoGen, Inc. (a)		81,345		1,534,980
Immunovant, Inc. (a)		18,112		343,585
Inhibrx, Inc. (a) (b)		11,523		299,137
Inozyme Pharma, Inc. (a)		11,471		63,893
Insmed, Inc. (a) (b)		43,647		920,952
Intellia Therapeutics, Inc. (a) (b)		29,573		1,205,987
Intercept Pharmaceuticals, Inc. (a) (b)		7,486		82,795
Iovance Biotherapeutics, Inc. (a)		69,783		491,272
Ironwood Pharmaceuticals, Inc. (a) (b)		44,956		478,332
Biotechnology—(Continued)
iTeos Therapeutics, Inc. (a)		7,999		105,907
IVERIC bio, Inc. (a)		45,973		1,808,578
Janux Therapeutics, Inc. (a)		7,592		90,117
KalVista Pharmaceuticals, Inc. (a) (b)		8,595		77,355
Karyopharm Therapeutics, Inc. (a) (b)		38,311		68,577
Keros Therapeutics, Inc. (a) (b)		7,559		303,721
Kezar Life Sciences, Inc. (a) (b)		24,216		59,329
Kiniksa Pharmaceuticals, Ltd. - Class A (a)		11,087		156,105
Kodiak Sciences, Inc. (a)		11,661		80,461
Krystal Biotech, Inc. (a)		7,224		848,098
Kura Oncology, Inc. (a)		23,723		250,989
Kymera Therapeutics, Inc. (a)		12,984		298,502
Lexicon Pharmaceuticals, Inc. (a) (b)		28,658		65,627
Lineage Cell Therapeutics, Inc. (a)		43,730		61,659
Lyell Immunopharma, Inc. (a)		59,414		188,937
MacroGenics, Inc. (a)		21,437		114,688
Madrigal Pharmaceuticals, Inc. (a)		4,565		1,054,515
MannKind Corp. (a)		86,216		350,899
MeiraGTx Holdings plc (a)		10,435		70,123
Merrimack Pharmaceuticals, Inc. (a) (b)		3,568		43,886
Mersana Therapeutics, Inc. (a)		29,899		98,368
MiMedx Group, Inc. (a)		38,348		253,480
Mineralys Therapeutics, Inc. (a)		4,532		77,271
Mirum Pharmaceuticals, Inc. (a)		8,984		232,416
Monte Rosa Therapeutics, Inc. (a) (b)		11,684		80,035
Morphic Holding, Inc. (a)		10,207		585,167
Myriad Genetics, Inc. (a)		27,414		635,457
Nkarta, Inc. (a)		10,292		22,539
Novavax, Inc. (a) (b)		29,269		217,469
Nurix Therapeutics, Inc. (a)		15,059		150,439
Nuvalent, Inc. - Class A (a) (b)		8,130		342,842
Nuvectis Pharma, Inc. (a)		2,525		40,324
Olema Pharmaceuticals, Inc. (a) (b)		9,480		85,604
Omega Therapeutics, Inc. (a)		8,737		48,927
Organogenesis Holdings, Inc. (a)		24,595		81,655
ORIC Pharmaceuticals, Inc. (a)		13,189		102,347
Outlook Therapeutics, Inc. (a)		53,534		93,149
Ovid therapeutics, Inc. (a)		20,173		66,167
PDS Biotechnology Corp. (a)		9,495		47,760
PMV Pharmaceuticals, Inc. (a) (b)		13,301		83,264
Point Biopharma Global, Inc. (a) (b)		29,840		270,350
Poseida Therapeutics, Inc. (a) (b)		23,094		40,645
Precigen, Inc. (a) (b)		42,452		48,820
Prime Medicine, Inc. (a)		13,523		198,112
ProKidney Corp. (a) (b)		21,049		235,538
Protagonist Therapeutics, Inc. (a)		18,188		502,353
Protalix BioTherapeutics, Inc. (a) (b)		20,584		41,168
Prothena Corp. plc (a) (b)		13,899		949,024
PTC Therapeutics, Inc. (a)		23,732		965,180
Rallybio Corp. (a) (b)		10,799		61,122
Rapt Therapeutics, Inc. (a) (b)		10,106		188,982
Recursion Pharmaceuticals, Inc. - Class A (a)		46,662		348,565
REGENXBIO, Inc. (a)		14,967		299,190
Relay Therapeutics, Inc. (a) (b)		28,711		360,610
Replimune Group, Inc. (a)		13,678		317,603
Revolution Medicines, Inc. (a)		34,003		909,580
Rhythm Pharmaceuticals, Inc. (a)		17,251		284,469

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Rigel Pharmaceuticals, Inc. (a)		58,974	$	76,076
Rocket Pharmaceuticals, Inc. (a)		18,131		360,263
Sage Therapeutics, Inc. (a)		17,540		824,731
Sana Biotechnology, Inc. (a)		30,778		183,437
Sangamo Therapeutics, Inc. (a) (b)		45,715		59,430
Savara, Inc. (a) (b)		25,787		82,389
Scholar Rock Holding Corp. (a)		9,585		72,271
Selecta Biosciences, Inc. (a)		39,548		44,294
Seres Therapeutics, Inc. (a) (b)		32,717		156,714
SpringWorks Therapeutics, Inc. (a) (b)		19,549		512,575
Stoke Therapeutics, Inc. (a) (b)		9,296		98,817
Summit Therapeutics, Inc. (a) (b)		40,272		101,083
Sutro Biopharma, Inc. (a)		18,256		84,890
Syndax Pharmaceuticals, Inc. (a) (b)		22,105		462,658
Tango Therapeutics, Inc. (a) (b)		16,583		55,056
Tenaya Therapeutics, Inc. (a)		15,995		93,891
TG Therapeutics, Inc. (a)		45,999		1,142,615
Travere Therapeutics, Inc. (a) (b)		24,448		375,521
Twist Bioscience Corp. (a)		19,106		390,909
Tyra Biosciences, Inc. (a) (b)		4,942		84,162
UroGen Pharma, Ltd. (a)		6,617		68,486
Vanda Pharmaceuticals, Inc. (a)		19,612		129,243
Vaxcyte, Inc. (a)		30,813		1,538,801
Vera Therapeutics, Inc. (a)		11,588		185,987
Veracyte, Inc. (a)		24,557		625,467
Vericel Corp. (a)		16,730		628,546
Verve Therapeutics, Inc. (a)		17,210		322,688
Vigil Neuroscience, Inc. (a) (b)		5,791		54,435
Viking Therapeutics, Inc. (a) (b)		32,245		522,691
Vir Biotechnology, Inc. (a)		28,085		688,925
Viridian Therapeutics, Inc. (a)		14,165		336,985
Vor BioPharma, Inc. (a)		13,478		41,647
Voyager Therapeutics, Inc. (a)		10,699		122,504
X4 Pharmaceuticals, Inc. (a)		41,610		80,723
Xencor, Inc. (a)		19,810		494,656
XOMA Corp. (a) (b)		2,490		47,036
Y-mAbs Therapeutics, Inc. (a)		12,818		87,034
Zentalis Pharmaceuticals, Inc. (a)		16,112		454,520
Zymeworks, Inc. (a)		18,380		158,803
				60,432,033
Broadline Retail—0.1%
Big Lots, Inc.		10,588		93,492
ContextLogic, Inc. - Class A (a) (b)		7,068		46,508
Dillard’s, Inc. - Class A		1,212		395,451
				535,451
Building Products—1.7%
AAON, Inc.		15,148		1,436,182
American Woodmark Corp. (a)		5,524		421,868
Apogee Enterprises, Inc.		7,504		356,215
AZZ, Inc.		8,063		350,418
CSW Industrials, Inc.		5,170		859,202
Gibraltar Industries, Inc. (a)		10,324		649,586
Griffon Corp. (b)		14,297		576,169
Insteel Industries, Inc.		7,079		220,298
Building Products—(Continued)
Janus International Group Inc. (a)		28,699		305,931
JELD-WEN Holding, Inc. (a)		28,116		493,155
Masonite International Corp. (a) (b)		7,534		771,783
Masterbrand, Inc. (a)		43,835		509,801
PGT Innovations, Inc. (a)		19,265		561,575
Quanex Building Products Corp.		10,969		294,518
Resideo Technologies, Inc. (a)		50,093		884,642
Simpson Manufacturing Co., Inc.		14,424		1,997,724
UFP Industries, Inc.		20,154		1,955,946
Zurn Elkay Water Solutions Corp. - Class C (b)		49,633		1,334,631
				13,979,644
Capital Markets—1.3%
AlTi Global, Inc. (a) (b)		7,628		58,430
Artisan Partners Asset Management, Inc. - Class A (b)		20,274		796,971
AssetMark Financial Holdings, Inc. (a)		7,299		216,488
Avantax, Inc. (a)		13,216		295,774
B. Riley Financial, Inc. (b)		6,563		301,767
BGC Partners, Inc. - Class A (b)		106,258		470,723
Brightsphere Investment Group, Inc. (b)		11,092		232,377
Cohen & Steers, Inc.		8,580		497,554
Diamond Hill Investment Group, Inc.		1,057		181,064
Donnelley Financial Solutions, Inc. (a)		8,485		386,322
Focus Financial Partners, Inc. - Class A (a)		19,525		1,025,258
Forge Global Holdings, Inc. (a) (b)		38,711		94,068
GCM Grosvenor, Inc. - Class A		15,754		118,785
Hamilton Lane, Inc. - Class A		12,121		969,437
Moelis & Co. - Class A (b)		22,432		1,017,067
Open Lending Corp. - Class A (a)		33,748		354,691
P10, Inc. - Class A (b)		14,767		166,867
Patria Investments, Ltd. - Class A		18,491		264,421
Perella Weinberg Partners (b)		13,187		109,848
Piper Sandler Cos.		5,754		743,762
PJT Partners, Inc. - Class A		8,176		569,377
Sculptor Capital Management, Inc.		8,165		72,097
Silvercrest Asset Management Group, Inc. - Class A		3,311		67,048
StepStone Group, Inc. - Class A		18,138		450,004
StoneX Group, Inc. (a)		5,797		481,615
Victory Capital Holdings, Inc. - Class A		9,416		296,981
Virtus Investment Partners, Inc.		2,293		452,799
WisdomTree, Inc.		46,043		315,855
				11,007,450
Chemicals—2.0%
AdvanSix, Inc.		9,088		317,898
American Vanguard Corp.		10,391		185,687
Amyris, Inc. (a)		69,075		71,147
Aspen Aerogels, Inc. (a) (b)		17,010		134,209
Avient Corp.		30,374		1,242,297
Balchem Corp.		10,637		1,433,974
Cabot Corp. (b)		18,488		1,236,662
Chase Corp.		2,546		308,626
Core Molding Technologies, Inc. (a)		2,627		59,764
Danimer Scientific, Inc. (a)		30,975		73,721
Diversey Holdings, Ltd. (a) (b)		27,745		232,781
Ecovyst, Inc. (a) (b)		31,973		366,411

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
FutureFuel Corp. (b)		8,809	$	77,960
Hawkins, Inc.		6,554		312,560
HB Fuller Co.		17,873		1,278,098
Ingevity Corp. (a)		12,653		735,898
Innospec, Inc.		8,439		847,613
Intrepid Potash, Inc. (a)		3,574		81,094
Koppers Holdings, Inc.		6,870		234,267
Kronos Worldwide, Inc. (b)		7,992		69,770
Livent Corp. (a) (b)		60,538		1,660,557
LSB Industries, Inc. (a)		18,486		182,087
Mativ Holdings, Inc.		18,543		280,370
Minerals Technologies, Inc.		11,123		641,686
Origin Materials, Inc. (a) (b)		37,920		161,539
Orion S.A.		18,831		399,594
Perimeter Solutions S.A. (a) (b)		53,195		327,149
PureCycle Technologies, Inc. (a) (b)		39,340		420,545
Quaker Chemical Corp. (b)		4,562		889,134
Rayonier Advanced Materials, Inc. (a)		21,520		92,106
Sensient Technologies Corp.		13,890		987,996
Stepan Co.		7,227		690,612
Trinseo plc		12,474		158,046
Tronox Holding plc		40,316		512,416
				16,704,274
Commercial Services & Supplies—1.4%
ABM Industries, Inc.		22,236		948,365
ACCO Brands Corp.		30,953		161,265
ACV Auctions, Inc. - Class A (a) (b)		42,821		739,519
Aris Water Solution, Inc. - Class A (b)		10,439		107,730
BrightView Holdings, Inc. (a)		13,931		100,025
Brink’s Co. (The)		15,273		1,035,968
Casella Waste Systems, Inc. - Class A (a) (b)		18,579		1,680,471
CECO Environmental Corp. (a)		9,985		133,400
Cimpress plc (a)		6,224		370,204
CoreCivic, Inc. (a)		37,336		351,332
Deluxe Corp.		14,396		251,642
Ennis, Inc.		9,011		183,644
Enviri Corp. (a)		26,422		260,785
Geo Group, Inc. (The) (a)		40,071		286,908
Healthcare Services Group, Inc.		24,352		363,575
Heritage-Crystal Clean, Inc. (a)		5,046		190,688
HNI Corp.		15,255		429,886
Interface, Inc.		19,325		169,867
LanzaTech Global, Inc. (a) (b)		7,524		51,389
Li-Cycle Holdings Corp. (a)		45,980		255,189
Liquidity Services, Inc. (a)		7,856		129,624
Matthews International Corp. - Class A		9,973		425,049
MillerKnoll, Inc.		25,792		381,206
Montrose Environmental Group, Inc. (a)		9,033		380,470
OPENLANE, Inc. (a)		36,524		555,895
Performant Financial Corp. (a) (b)		22,685		61,249
Pitney Bowes, Inc.		58,239		206,166
SP Plus Corp. (a)		6,829		267,082
Steelcase, Inc. - Class A		29,276		225,718
UniFirst Corp.		5,018		777,840
Viad Corp. (a)		6,618		177,892
Commercial Services & Supplies—(Continued)
VSE Corp. (b)		3,553		194,314
				11,854,357
Communications Equipment—0.8%
ADTRAN Holdings, Inc.		25,898		272,706
Aviat Networks, Inc. (a)		3,608		120,399
Calix, Inc. (a)		19,781		987,270
Cambium Networks Corp. (a) (b)		4,057		61,748
Clearfield, Inc. (a) (b)		4,399		208,293
CommScope Holding Co., Inc. (a)		69,077		388,903
Comtech Telecommunications Corp.		9,651		88,210
Digi International, Inc. (a)		11,390		448,652
Extreme Networks, Inc. (a) (b)		43,045		1,121,322
Harmonic, Inc. (a) (b)		36,946		597,417
Infinera Corp. (a) (b)		62,963		304,111
KVH Industries, Inc. (a) (b)		6,350		58,039
NETGEAR, Inc. (a)		10,251		145,154
NetScout Systems, Inc. (a)		22,412		693,651
Ribbon Communications, Inc. (a)		24,571		68,553
Viavi Solutions, Inc. (a) (b)		73,717		835,214
				6,399,642
Construction & Engineering—1.4%
Ameresco, Inc. - Class A (a) (b)		10,710		520,827
API Group Corp. (a)		70,149		1,912,262
Arcosa, Inc.		16,643		1,261,040
Argan, Inc.		4,530		178,527
Bowman Consulting Group, Ltd. (a) (b)		3,487		111,166
Comfort Systems USA, Inc.		11,863		1,947,905
Concrete Pumping Holdings, Inc. (a)		8,982		72,126
Construction Partners, Inc. - Class A (a) (b)		13,715		430,514
Dycom Industries, Inc. (a)		9,730		1,105,815
Fluor Corp. (a) (b)		47,959		1,419,586
Granite Construction, Inc.		14,748		586,675
Great Lakes Dredge & Dock Corp. (a)		21,996		179,487
IES Holdings, Inc. (a)		2,867		163,075
Limbach Holdings, Inc. (a) (b)		3,105		76,787
MYR Group, Inc. (a)		5,521		763,775
Northwest Pipe Co. (a)		3,497		105,749
Primoris Services Corp.		18,341		558,850
Sterling Infrastructure, Inc. (a)		10,373		578,813
Tutor Perini Corp. (a)		14,544		103,990
				12,076,969
Construction Materials—0.3%
Knife River Corp. (a)		17,158		746,373
Summit Materials, Inc. - Class A (a)		40,081		1,517,066
United States Lime & Minerals, Inc. (b)		743		155,205
				2,418,644
Consumer Finance—0.8%
Atlanticus Holdings Corp. (a) (b)		1,591		66,838
Bread Financial Holdings, Inc.		16,854		529,047
Encore Capital Group, Inc. (a)		7,642		371,554
Enova International, Inc. (a)		10,006		531,519

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Consumer Finance—(Continued)
FirstCash Holdings, Inc.		12,699	$	1,185,198
Green Dot Corp. - Class A (a)		15,976		299,390
LendingClub Corp. (a)		34,752		338,832
LendingTree, Inc. (a)		4,341		95,980
Navient Corp.		31,109		578,005
Nelnet, Inc. - Class A		5,036		485,873
NerdWallet, Inc. - Class A (a) (b)		11,864		111,640
PRA Group, Inc. (a)		12,838		293,348
PROG Holdings, Inc. (a)		15,550		499,466
Regional Management Corp.		3,196		97,478
Upstart Holdings, Inc. (a) (b)		24,285		869,646
World Acceptance Corp. (a)		1,225		164,162
				6,517,976
Consumer Staples Distribution & Retail—0.5%
Andersons, Inc. (The)		11,198		516,788
Chefs’ Warehouse, Inc. (The) (a)		11,522		412,027
HF Foods Group, Inc. (a)		13,686		64,187
Ingles Markets, Inc. - Class A		4,911		405,894
PriceSmart, Inc. (b)		8,672		642,248
SpartanNash Co.		12,524		281,915
Sprouts Farmers Market, Inc. (a)		34,538		1,268,581
United Natural Foods, Inc. (a)		20,059		392,154
Village Super Market, Inc. - Class A		2,910		66,406
Weis Markets, Inc.		5,704		366,254
				4,416,454
Containers & Packaging—0.3%
Greif, Inc. - Class A		8,109		558,629
Greif, Inc. - Class B		1,893		146,234
Myers Industries, Inc.		11,721		227,739
O-I Glass, Inc. (a)		51,220		1,092,523
Pactiv Evergreen, Inc.		17,273		130,757
Ranpak Holdings, Corp. (a)		12,914		58,371
TriMas Corp.		14,122		388,214
				2,602,467
Distributors—0.0%
Weyco Group, Inc.		2,058		54,928
Diversified Consumer Services—0.9%
2U, Inc. (a)		25,600		103,168
Adtalem Global Education, Inc. (a)		14,779		507,511
Carriage Services, Inc.		4,082		132,542
Chegg, Inc. (a)		37,722		334,971
Coursera, Inc. (a)		43,951		572,242
Duolingo, Inc. (a)		9,647		1,378,942
European Wax Center, Inc. - Class A (a)		11,678		217,561
Frontdoor, Inc. (a)		27,922		890,712
Graham Holdings Co. - Class B		1,262		721,208
Laureate Education, Inc.		43,993		531,875
Lincoln Educational Services Corp. (a) (b)		8,074		54,419
Nerdy, Inc. (a)		20,830		86,861
OneSpaWorld Holdings, Ltd. (a)		23,346		282,487
Perdoceo Education Corp. (a)		23,695		290,738
Diversified Consumer Services—(Continued)
Rover Group, Inc. (a) (b)		34,168		167,765
Strategic Education, Inc.		7,768		526,981
Stride, Inc. (a)		14,188		528,219
Udemy, Inc. (a) (b)		29,152		312,801
Universal Technical Institute, Inc. (a)		11,334		78,318
WW International, Inc. (a)		18,762		126,081
				7,845,402
Diversified REITs—0.5%
Alexander & Baldwin, Inc.		23,869		443,486
Alpine Income Property Trust, Inc.		4,463		72,524
American Assets Trust, Inc.		17,223		330,682
Armada Hoffler Properties, Inc.		22,515		262,975
Broadstone Net Lease, Inc.		63,286		977,136
CTO Realty Growth, Inc.		7,496		128,481
Empire State Realty Trust, Inc. - Class A		44,942		336,616
Essential Properties Realty Trust, Inc.		49,954		1,175,917
Gladstone Commercial Corp. (b)		13,245		163,841
Global Net Lease, Inc.		34,451		354,156
NexPoint Diversified Real Estate Trust		10,639		133,200
One Liberty Properties, Inc.		6,483		131,734
Star Holdings (a) (b)		4,337		63,624
				4,574,372
Diversified Telecommunication Services—0.5%
Anterix, Inc. (a)		6,356		201,422
AST SpaceMobile, Inc. (a)		20,949		98,460
ATN International, Inc.		3,399		124,403
Bandwidth, Inc. - Class A (a)		8,108		110,917
Charge Enterprises, Inc., (a)		47,945		46,986
Cogent Communications Holdings, Inc.		14,461		973,081
Consolidated Communications Holdings, Inc. (a)		25,181		96,443
EchoStar Corp. - Class A (a)		11,847		205,427
Globalstar, Inc. (a)		230,488		248,927
IDT Corp. - Class B (a)		5,006		129,405
Liberty Latin America, Ltd. - Class A (a)		13,149		115,054
Liberty Latin America, Ltd. - Class C (a)		47,385		408,459
Lumen Technologies, Inc. (b)		337,829		763,494
Ooma, Inc. (a)		8,609		128,877
Radius Global Infrastructure, Inc. - Class A (a) (b)		28,728		428,047
				4,079,402
Electric Utilities—0.7%
ALLETE, Inc.		19,317		1,119,807
Genie Energy, Ltd. - Class B		6,623		93,649
MGE Energy, Inc.		12,023		951,140
Otter Tail Corp. (b)		13,613		1,074,882
PNM Resources, Inc.		28,574		1,288,687
Portland General Electric Co.		32,566		1,525,066
				6,053,231
Electrical Equipment—1.6%
374Water, Inc. (a)		21,129		50,498
Allied Motion Technologies, Inc.		4,654		185,881
Array Technologies, Inc. (a)		51,455		1,162,883

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—(Continued)
Atkore, Inc. (a) (b)		13,249	$	2,066,049
Babcock & Wilcox Enterprises, Inc. (a)		20,449		120,649
Blink Charging Co. (a) (b)		13,174		78,912
Bloom Energy Corp. - Class A (a)		64,618		1,056,504
Encore Wire Corp.		5,617		1,044,369
Energy Vault Holdings, Inc. (a) (b)		34,455		94,062
EnerSys		13,837		1,501,591
Enovix Corp. (a) (b)		46,168		832,871
Eos Energy Enterprises, Inc. (a) (b)		37,219		161,530
Fluence Energy, Inc. (a) (b)		13,273		353,593
FTC Solar, Inc. (a) (b)		22,959		73,928
FuelCell Energy, Inc. (a)		137,549		297,106
GrafTech International, Ltd. (b)		65,339		329,309
LSI Industries, Inc. (b)		8,816		110,729
NEXTracker, Inc. - Class A (a) (b)		10,609		422,344
NuScale Power Corp. (a)		18,459		125,521
Powell Industries, Inc.		3,142		190,374
Preformed Line Products Co.		876		136,744
SES AI Corp. (a) (b)		43,748		106,745
Shoals Technologies Group, Inc. - Class A (a)		57,645		1,473,406
SKYX Platforms Corp. (a)		20,474		54,461
Stem, Inc. (a) (b)		49,764		284,650
SunPower Corp. (a) (b)		27,543		269,921
Thermon Group Holdings, Inc. (a)		11,598		308,507
TPI Composites, Inc. (a) (b)		14,105		146,269
Vicor Corp. (a)		7,241		391,014
				13,430,420
Electronic Equipment, Instruments & Components—2.7%
908 Devices, Inc. (a) (b)		7,715		52,925
Advanced Energy Industries, Inc.		12,508		1,394,017
Akoustis Technologies, Inc. (a) (b)		22,633		71,973
Arlo Technologies, Inc. (a)		29,346		320,165
Badger Meter, Inc. (b)		9,792		1,444,908
Bel Fuse, Inc. - Class B		3,517		201,911
Belden, Inc. (b)		14,345		1,372,099
Benchmark Electronics, Inc.		12,513		323,211
Climb Global Solutions, Inc.		1,406		67,291
CTS Corp.		10,302		439,174
Daktronics, Inc. (a) (b)		13,182		84,365
ePlus, Inc. (a)		8,957		504,279
Evolv Technologies Holdings, Inc. (a)		38,404		230,424
Fabrinet (a)		12,442		1,615,967
FARO Technologies, Inc. (a)		6,602		106,952
Insight Enterprises, Inc. (a) (c)		9,628		1,408,962
Iteris, Inc. (a) (b)		14,459		57,258
Itron, Inc. (a)		15,278		1,101,544
Kimball Electronics, Inc. (a)		7,836		216,509
Knowles Corp. (a) (b)		30,951		558,975
Lightwave Logic, Inc. (a) (b)		39,253		273,593
Luna Innovations, Inc. (a)		10,812		98,605
Methode Electronics, Inc.		12,060		404,251
MicroVision, Inc. (a) (b)		56,055		256,732
Mirion Technologies, Inc. (a) (b)		67,650		571,642
Napco Security Technologies, Inc. (b)		10,591		366,978
nLight, Inc. (a)		14,866		229,234
Electronic Equipment, Instruments & Components—(Continued)
Novanta, Inc. (a)		11,932		2,196,681
OSI Systems, Inc. (a)		5,288		623,085
Ouster, Inc. (a)		1		5
PAR Technology Corp. (a)		8,919		293,703
PC Connection, Inc.		3,547		159,970
Plexus Corp. (a) (c)		9,231		906,853
Richardson Electronics, Ltd. (b)		4,045		66,742
Rogers Corp. (a)		5,809		940,651
Sanmina Corp. (a)		19,251		1,160,258
ScanSource, Inc. (a)		8,101		239,466
SmartRent, Inc. (a) (b)		62,929		241,018
Tingo Group, Inc. (a)		44,053		53,304
TTM Technologies, Inc. (a)		35,927		499,385
Vishay Intertechnology, Inc.		43,569		1,280,929
Vishay Precision Group, Inc. (a)		4,194		155,807
				22,591,801
Energy Equipment & Services—2.2%
Archrock, Inc.		45,405		465,401
Atlas Energy Solutions, Inc. - Class A		5,687		98,726
Borr Drilling, Ltd. (a)		77,288		581,979
Bristow Group, Inc. (a)		8,308		238,689
Cactus, Inc. - Class A		21,686		917,751
ChampionX Corp.		67,467		2,094,176
Core Laboratories, Inc.		15,744		366,048
Diamond Offshore Drilling, Inc. (a)		35,307		502,772
DMC Global, Inc. (a) (b)		6,765		120,146
Dril-Quip, Inc. (a)		11,785		274,237
Expro Group Holdings NV (a)		29,203		517,477
Forum Energy Technologies, Inc. (a)		3,314		84,805
Helix Energy Solutions Group, Inc. (a)		48,941		361,185
Helmerich & Payne, Inc.		33,702		1,194,736
KLX Energy Services Holdings, Inc. (a) (b)		4,320		42,034
Liberty Energy, Inc.		57,367		766,997
Nabors Industries, Ltd. (a) (b)		3,057		284,393
Newpark Resources, Inc. (a)		29,104		152,214
NexTier Oilfield Solutions, Inc. (a) (b)		65,296		583,746
Noble Corp. plc (a) (b)		36,192		1,495,091
Oceaneering International, Inc. (a)		33,608		628,470
Oil States International, Inc. (a)		24,658		184,195
Patterson-UTI Energy, Inc.		72,095		862,977
ProFrac Holding Corp. - Class A (a)		8,200		91,512
ProPetro Holding Corp. (a) (b)		33,144		273,107
Ranger Energy Services, Inc. (a) (b)		5,274		54,006
RPC, Inc. (b)		26,045		186,222
SEACOR Marine Holdings, Inc. (a) (b)		8,136		92,994
Seadrill, Ltd. (a)		17,044		703,406
Select Water Solutions, Inc.		28,634		231,935
Solaris Oilfield Infrastructure, Inc. - Class A		10,753		89,572
TETRA Technologies, Inc. (a)		42,249		142,802
Tidewater, Inc. (a)		15,690		869,854
U.S. Silica Holdings, Inc. (a)		25,504		309,363
Valaris, Ltd. (a) (b)		20,427		1,285,471
Weatherford International plc (a)		23,800		1,580,796
				18,729,285

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Entertainment—0.4%
Cinemark Holdings, Inc. (a) (b)		37,384	$	616,836
IMAX Corp. (a)		15,913		270,362
Liberty Media Corp. Liberty Braves - Class A (a) (b)		3,713		151,936
Liberty Media Corp. Liberty Braves - Class C (a)		12,842		508,800
Lions Gate Entertainment Corp. - Class A (a) (b)		20,369		179,858
Lions Gate Entertainment Corp. - Class B (a)		39,080		326,318
Madison Square Garden Entertainment Corp. (a)		14,606		491,054
Marcus Corp. (The)		8,228		122,021
Playstudios, Inc. (a) (b)		28,794		141,379
Reservoir Media, Inc. (a)		7,925		47,708
Sphere Entertainment Co. (a) (b)		9,098		249,194
Vivid Seats, Inc. - Class A (a)		9,790		77,537
				3,183,003
Financial Services—2.0%
A-Mark Precious Metals, Inc.		6,654		249,093
Acacia Research Corp. (a) (b)		12,842		53,423
Alerus Financial Corp. (b)		6,186		111,224
AvidXchange Holdings, Inc. (a)		50,990		529,276
Banco Latinoamericano de Comercio Exterior S.A.		9,691		213,784
Cannae Holdings, Inc. (a) (b)		23,433		473,581
Cantaloupe, Inc. (a)		19,393		154,368
Cass Information Systems, Inc.		4,551		176,488
Compass Diversified Holdings		20,864		452,540
Enact Holdings, Inc. (b)		10,654		267,735
Essent Group, Ltd.		35,218		1,648,202
EVERTEC, Inc.		21,949		808,382
Federal Agricultural Mortgage Corp. - Class C		3,118		448,181
Flywire Corp. (a)		32,328		1,003,461
I3 Verticals, Inc. - Class A (a)		7,082		161,895
International Money Express, Inc. (a) (b)		11,455		280,991
Jackson Financial, Inc. - Class A		27,422		839,387
Marqeta, Inc. - Class A (a)		165,082		803,949
Merchants Bancorp		5,967		152,636
Mr Cooper Group, Inc. (a)		22,376		1,133,121
NewtekOne, Inc. (b)		8,049		127,979
NMI Holdings, Inc. - Class A (a)		27,709		715,446
Ocwen Financial Corp. (a) (b)		2,204		66,054
Pagseguro Digital, Ltd. - Class A (a)		66,936		631,876
Payoneer Global, Inc. (a)		89,672		431,322
Paysafe, Ltd. (a) (b)		9,881		99,699
PennyMac Financial Services, Inc. (b)		8,464		595,104
Radian Group, Inc.		53,096		1,342,267
Remitly Global, Inc. (a) (b)		28,485		536,088
Repay Holdings Corp. (a)		30,117		235,816
StoneCo, Ltd. - Class A (a)		97,618		1,243,653
Walker & Dunlop, Inc.		10,685		845,077
Waterstone Financial, Inc.		5,854		84,825
				16,916,923
Food Products—1.1%
Alico, Inc.		2,158		54,943
B&G Foods, Inc.		23,543		327,718
Benson Hill, Inc. (a)		62,163		80,812
Beyond Meat, Inc. (a) (b)		20,671		268,310
BRC, Inc. - Class A (a) (b)		10,280		53,045
Food Products—(Continued)
Cal-Maine Foods, Inc. (b)		12,683		570,735
Calavo Growers, Inc. (b)		5,820		168,896
Dole plc		24,276		328,211
Fresh Del Monte Produce, Inc.		11,441		294,148
Hain Celestial Group, Inc. (The) (a)		30,259		378,540
Hostess Brands, Inc. (a)		45,027		1,140,084
J & J Snack Foods Corp.		4,986		789,583
John B Sanfilippo & Son, Inc.		3,011		353,100
Lancaster Colony Corp.		6,596		1,326,390
Limoneira Co.		5,916		92,053
Mission Produce, Inc. (a) (b)		15,099		183,000
Seneca Foods Corp. - Class A (a)		1,733		56,634
Simply Good Foods Co. (The) (a) (b)		29,956		1,096,090
Sovos Brands, Inc. (a)		14,185		277,459
SunOpta, Inc. (a)		34,321		229,607
TreeHouse Foods, Inc. (a)		17,110		862,002
UTZ Brands, Inc. (b)		24,385		398,939
Vital Farms, Inc. (a)		9,557		114,588
Westrock Coffee Co. (a) (b)		9,879		107,385
				9,552,272
Gas Utilities—1.0%
Brookfield Infrastructure Corp. - Class A		32,716		1,491,195
Chesapeake Utilities Corp.		5,971		710,549
New Jersey Resources Corp. (b)		32,290		1,524,088
Northwest Natural Holding Co.		12,039		518,279
ONE Gas, Inc. (b)		18,506		1,421,446
RGC Resources, Inc.		2,683		53,741
Southwest Gas Holdings, Inc.		20,712		1,318,319
Spire, Inc.		17,280		1,096,243
				8,133,860
Ground Transportation—0.5%
ArcBest Corp.		7,998		790,202
Covenant Logistics Group, Inc.		3,144		137,801
Daseke, Inc. (a)		13,563		96,704
FTAI Infrastructure, Inc.		34,332		126,685
Heartland Express, Inc.		15,734		258,195
Marten Transport, Ltd.		19,045		409,467
PAM Transportation Services, Inc. (a)		2,312		61,892
RXO, Inc. (a)		39,143		887,372
TuSimple Holdings, Inc. - Class A (a)		51,959		86,252
U.S. Xpress Enterprises, Inc. - Class A (a)		10,440		64,102
Universal Logistics Holdings, Inc.		2,513		72,400
Werner Enterprises, Inc.		20,993		927,471
				3,918,543
Health Care Equipment & Supplies—3.4%
Accuray, Inc. (a) (b)		31,442		121,681
Alphatec Holdings, Inc. (a)		25,663		461,421
AngioDynamics, Inc. (a)		12,161		126,839
Artivion, Inc. (a) (b)		12,730		218,829
AtriCure, Inc. (a)		15,592		769,621
Atrion Corp.		495		280,021
Avanos Medical, Inc. (a)		15,903		406,481

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
AxoGen, Inc. (a) (b)		14,840	$	135,489
Axonics, Inc. (a)		16,781		846,937
Beyond Air, Inc. (a) (b)		8,712		37,113
Butterfly Network, Inc. (a)		48,574		111,720
Cerus Corp. (a) (b)		58,541		144,011
ClearPoint Neuro, Inc. (a)		7,794		56,429
CONMED Corp. (b)		10,280		1,396,949
Cutera, Inc. (a) (b)		5,219		78,963
CVRx, Inc. (a)		4,000		61,760
Embecta Corp.		19,687		425,239
Figs, Inc. - Class A (a)		44,317		366,502
Glaukos Corp. (a)		15,717		1,119,208
Haemonetics Corp. (a)		17,072		1,453,510
Inari Medical, Inc. (a)		17,379		1,010,415
Inmode, Ltd. (a) (b)		26,069		973,677
Inogen, Inc. (a)		7,987		92,250
Integer Holdings Corp. (a)		10,999		974,621
iRadimed Corp.		2,491		118,920
iRhythm Technologies, Inc. (a)		10,140		1,057,805
KORU Medical Systems, Inc. (a)		11,899		41,052
Lantheus Holdings, Inc. (a)		22,726		1,907,166
LeMaitre Vascular, Inc.		6,627		445,865
LivaNova plc (a)		18,448		948,781
Merit Medical Systems, Inc. (a)		19,064		1,594,513
Nano-X Imaging, Ltd. (a)		15,150		234,673
Neogen Corp. (a)		73,130		1,590,577
Nevro Corp. (a)		12,102		307,633
NuVasive, Inc. (a) (c)		18,016		749,285
Omnicell, Inc. (a) (b)		14,912		1,098,567
OraSure Technologies, Inc. (a)		28,635		143,461
Orthofix Medical, Inc. (a)		12,079		218,147
OrthoPediatrics Corp. (a) (b)		5,617		246,305
Outset Medical, Inc. (a)		16,994		371,659
Paragon 28, Inc. (a)		16,207		287,512
PROCEPT BioRobotics Corp. (a) (b)		12,208		431,553
Pulmonx Corp. (a)		12,235		160,401
RxSight, Inc. (a)		9,234		265,939
Sanara Medtech, Inc. (a) (b)		1,366		54,777
Semler Scientific, Inc. (a)		1,835		48,150
SI-BONE, Inc. (a)		12,210		329,426
Sight Sciences, Inc. (a) (b)		7,858		65,064
Silk Road Medical, Inc. (a) (b)		12,651		411,031
STAAR Surgical Co. (a)		16,470		865,828
SurModics, Inc. (a) (b)		4,747		148,629
Tactile Systems Technology, Inc. (a) (b)		7,825		195,077
Tela Bio, Inc. (a) (b)		5,385		54,550
TransMedics Group, Inc. (a) (b)		10,461		878,515
Treace Medical Concepts, Inc. (a)		15,308		391,579
UFP Technologies, Inc. (a) (b)		2,379		461,169
Utah Medical Products, Inc.		1,293		120,508
Varex Imaging Corp. (a) (b)		12,322		290,429
Vicarious Surgical, Inc. (a)		21,531		39,402
Zimvie, Inc. (a)		7,676		86,201
Zynex, Inc. (a) (b)		7,718		74,016
				28,403,851
Health Care Providers & Services—2.6%
23andMe Holding Co. - Class A (a) (b)		89,589		156,781
Accolade, Inc. (a)		22,370		301,324
AdaptHealth Corp. (a) (b)		24,358		296,437
Addus HomeCare Corp. (a) (b)		5,248		486,490
Agiliti, Inc. (a) (b)		9,835		162,277
Alignment Healthcare, Inc. (a)		27,227		156,555
AMN Healthcare Services, Inc. (a)		13,608		1,484,905
Apollo Medical Holdings, Inc. (a) (b)		14,378		454,345
Brookdale Senior Living, Inc. (a)		63,084		266,214
Cano Health, Inc. (a) (b)		82,933		115,277
CareMax, Inc. (a) (b)		22,526		70,056
Castle Biosciences, Inc. (a)		7,804		107,071
Community Health Systems, Inc. (a)		45,180		198,792
Corvel Corp. (a)		2,945		569,857
Cross Country Healthcare, Inc. (a)		10,985		308,459
DocGo, Inc. (a)		28,630		268,263
Enhabit, Inc. (a)		17,210		197,915
Ensign Group, Inc. (The)		18,227		1,739,949
Fulgent Genetics, Inc. (a)		7,417		274,651
Guardant Health, Inc. (a)		37,275		1,334,445
HealthEquity, Inc. (a)		28,184		1,779,538
Hims & Hers Health, Inc. (a)		43,355		407,537
InfuSystem Holdings, Inc. (a)		6,159		59,311
Innovage Holding Corp. (a)		6,916		51,870
Invitae Corp. (a)		83,096		93,898
Joint Corp. (The) (a) (b)		5,088		68,688
Lifestance Health Group, Inc. (a)		36,004		328,717
ModivCare, Inc. (a)		4,229		191,193
National HealthCare Corp.		4,199		259,582
National Research Corp.		4,600		200,146
NeoGenomics, Inc. (a)		42,888		689,210
Opko Health, Inc. (a)		136,839		296,941
Option Care Health, Inc. (a) (b)		56,818		1,846,017
Owens & Minor, Inc. (a)		24,268		462,063
P3 Health Partners, Inc. (a)		14,278		42,691
Patterson Cos., Inc.		29,387		977,412
Pediatrix Medical Group, Inc. (a)		28,941		411,252
Pennant Group Inc. (The) (a)		11,360		139,501
PetIQ, Inc. (a)		9,493		144,009
Privia Health Group, Inc. (a)		22,832		596,144
Progyny, Inc. (a)		26,342		1,036,294
Quipt Home Medical Corp. (a)		14,235		76,015
RadNet, Inc. (a)		16,412		535,359
Select Medical Holdings Corp.		35,092		1,118,031
Surgery Partners, Inc. (a) (b)		22,643		1,018,709
U.S. Physical Therapy, Inc.		4,409		535,208
Viemed Healthcare, Inc. (a)		11,513		112,597
				22,427,996
Health Care REITs—0.6%
CareTrust REIT, Inc.		33,166		658,677
Community Healthcare Trust, Inc. (b)		8,030		265,151
Diversified Healthcare Trust		80,864		181,944
Global Medical REIT, Inc. (b)		21,232		193,848
LTC Properties, Inc. (b)		13,796		455,544
National Health Investors, Inc.		14,087		738,440

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care REITs—(Continued)
Physicians Realty Trust (b)		79,908	$	1,117,913
Sabra Health Care REIT, Inc.		76,355		898,698
Universal Health Realty Income Trust (b)		4,263		202,834
				4,713,049
Health Care Technology—0.6%
American Well Corp. - Class A (a)		84,042		176,488
Computer Programs & Systems, Inc. (a)		4,524		111,698
Definitive Healthcare Corp. (a)		15,540		170,940
Evolent Health, Inc. - Class A (a) (b)		36,933		1,119,070
Health Catalyst, Inc. (a)		17,486		218,575
HealthStream, Inc.		9,080		223,005
Multiplan Corp. (a)		134,034		282,812
NextGen Healthcare, Inc. (a)		18,311		297,004
OptimizeRx Corp. (a)		5,787		82,696
Phreesia, Inc. (a)		17,014		527,604
Schrodinger, Inc. (a) (b)		18,164		906,747
Sharecare, Inc. (a)		103,262		180,708
Simulations Plus, Inc. (b)		5,451		236,192
Veradigm, Inc. (a)		38,376		483,538
				5,017,077
Hotel & Resort REITs—0.8%
Apple Hospitality REIT, Inc.		73,539		1,111,174
Braemar Hotels & Resorts, Inc.		21,960		88,279
Chatham Lodging Trust		16,628		155,638
DiamondRock Hospitality Co.		70,693		566,251
Hersha Hospitality Trust - Class A		10,753		65,486
Pebblebrook Hotel Trust		40,264		561,280
RLJ Lodging Trust		53,050		544,824
Ryman Hospitality Properties, Inc.		19,431		1,805,529
Service Properties Trust		55,359		481,070
Summit Hotel Properties, Inc.		35,386		230,363
Sunstone Hotel Investors, Inc.		70,253		710,960
Xenia Hotels & Resorts, Inc.		37,927		466,881
				6,787,735
Hotels, Restaurants & Leisure—2.3%
Accel Entertainment, Inc. (a)		19,825		209,352
Bally’s Corp. (a)		8,988		139,853
Biglari Holdings, Inc. - Class B (a)		261		51,454
BJ’s Restaurants, Inc. (a)		7,697		244,765
Bloomin’ Brands, Inc.		29,104		782,607
Bluegreen Vacations Holding Corp.		3,848		137,181
Bowlero Corp. (a) (b)		10,517		122,418
Brinker International, Inc. (a)		14,683		537,398
Carrols Restaurant Group, Inc. (a)		12,485		62,924
Century Casinos, Inc. (a) (b)		9,899		70,283
Cheesecake Factory, Inc. (The) (b)		16,444		568,634
Chuy’s Holdings, Inc. (a)		6,087		248,471
Cracker Barrel Old Country Store, Inc. (b)		7,474		696,427
Dave & Buster’s Entertainment, Inc. (a)		14,842		661,359
Denny’s Corp. (a)		18,929		233,205
Dine Brands Global, Inc.		5,258		305,122
El Pollo Loco Holdings, Inc.		9,682		84,911
Hotels, Restaurants & Leisure—(Continued)
Everi Holdings, Inc. (a)		28,749		415,711
Fiesta Restaurant Group, Inc. (a) (b)		6,034		47,910
First Watch Restaurant Group, Inc. (a) (b)		5,557		93,913
Full House Resorts, Inc. (a)		11,840		79,328
Global Business Travel Group I (a)		11,339		81,981
Golden Entertainment, Inc. (a)		7,102		296,864
Hilton Grand Vacations, Inc. (a)		27,300		1,240,512
Inspired Entertainment, Inc. (a)		7,791		114,606
International Game Technology plc (b)		36,432		1,161,816
Jack in the Box, Inc.		7,171		699,388
Krispy Kreme, Inc.		29,632		436,479
Kura Sushi USA, Inc. - Class A (a)		1,965		182,647
Life Time Group Holdings, Inc. (a) (b)		15,138		297,764
Light & Wonder, Inc. (a)		30,631		2,106,188
Lindblad Expeditions Holdings, Inc. (a)		10,934		118,962
Monarch Casino & Resort, Inc. (b)		4,396		309,698
Mondee Holdings, Inc. (a) (b)		15,659		139,522
Nathan’s Famous, Inc. (b)		956		75,084
Noodles & Co. (a) (b)		14,229		48,094
ONE Group Hospitality, Inc. (the) (a) (b)		7,883		57,704
Papa John’s International, Inc.		11,716		864,992
PlayAGS, Inc. (a)		12,538		70,840
Portillo’s, Inc. - Class A (a) (b)		14,432		325,153
Potbelly Corp. (a)		8,856		77,756
RCI Hospitality Holdings, Inc.		2,918		221,739
Red Robin Gourmet Burgers, Inc. (a)		5,385		74,475
Red Rock Resorts, Inc. - Class A		15,880		742,866
Rush Street Interactive, Inc. (a)		21,900		68,328
Sabre Corp. (a)		109,871		350,488
SeaWorld Entertainment, Inc. (a)		13,336		746,949
Shake Shack, Inc. - Class A (a) (b)		12,560		976,163
Six Flags Entertainment Corp. (a)		24,247		629,937
Super Group SGHC, Ltd. (a) (b)		46,750		135,575
Sweetgreen, Inc. - Class A (a)		32,761		419,996
Target Hospitality Corp. (a)		10,601		142,265
Xponential Fitness, Inc. - Class A (a)		8,434		145,486
				19,153,543
Household Durables—2.0%
Beazer Homes USA, Inc. (a)		9,220		260,834
Cavco Industries, Inc. (a)		2,935		865,825
Century Communities, Inc.		9,541		731,031
Cricut, Inc. - Class A		16,270		198,494
Dream Finders Homes, Inc. - Class A (a) (b)		8,135		200,040
Ethan Allen Interiors, Inc. (b)		7,632		215,833
GoPro, Inc. - Class A (a)		43,896		181,729
Green Brick Partners, Inc. (a)		8,847		502,510
Helen of Troy, Ltd. (a) (b)		8,022		866,536
Hooker Furnishings Corp.		3,731		69,620
Hovnanian Enterprises, Inc. - Class A (a)		1,523		151,097
Installed Building Products, Inc.		7,945		1,113,571
iRobot Corp. (a) (b)		8,888		402,182
KB Home		24,864		1,285,717
La-Z-Boy, Inc.		14,484		414,822
Legacy Housing Corp. (a) (b)		3,039		70,474
LGI Homes, Inc. (a)		6,929		934,653

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—(Continued)
Lovesac Co. (The) (a) (b)		4,517	$	121,733
M/I Homes, Inc. (a) (b)		9,009		785,495
MDC Holdings, Inc.		19,668		919,872
Meritage Homes Corp. (c)		12,250		1,742,808
Purple Innovation, Inc.		21,868		60,793
Skyline Champion Corp. (a)		18,238		1,193,677
Snap One Holdings Corp. (a)		5,851		68,164
Sonos, Inc. (a) (b)		41,381		675,752
Taylor Morrison Home Corp. (a)		35,301		1,721,630
Traeger, Inc. (a)		12,799		54,396
TRI Pointe Group, Inc. (a)		33,283		1,093,679
Vizio Holding Corp. - Class A (a)		24,137		162,925
VOXX International Corp. (a)		4,735		59,093
Vuzix Corp. (a) (b)		20,511		104,606
				17,229,591
Household Products—0.3%
Central Garden and Pet Co. (Voting Shares) (a)		3,370		130,655
Central Garden and Pet Co. (Non-Voting Shares) - Class A (a)		13,396		488,418
Energizer Holdings, Inc.		23,993		805,685
Oil-Dri Corp. of America		1,659		97,865
WD-40 Co.		4,496		848,170
				2,370,793
Independent Power and Renewable Electricity Producers—0.3%
Altus Power, Inc. (a)		22,201		119,885
Montauk Renewables, Inc. (a)		22,642		168,457
Ormat Technologies, Inc.		17,929		1,442,567
Sunnova Energy International, Inc. (a) (b)		33,397		611,499
				2,342,408
Industrial Conglomerates—0.0%
Brookfield Business Corp. - Class A		9,192		173,545
Industrial REITs—0.4%
Innovative Industrial Properties, Inc.		9,335		681,549
LXP Industrial Trust (b)		97,303		948,704
Plymouth Industrial REIT, Inc. (b)		14,464		332,961
Terreno Realty Corp.		27,441		1,649,204
				3,612,418
Insurance—1.6%
Ambac Financial Group, Inc. (a)		15,807		225,092
American Equity Investment Life Holding Co. (b)		26,105		1,360,332
AMERISAFE, Inc.		6,171		329,038
Argo Group International Holdings, Ltd.		10,670		315,939
BRP Group, Inc. - Class A (a)		20,510		508,238
CNO Financial Group, Inc.		38,653		914,916
Crawford & Co. - Class A		5,003		55,483
Donegal Group, Inc. - Class A		5,184		74,805
eHealth, Inc. (a) (b)		8,539		68,654
Employers Holdings, Inc.		9,556		357,490
Enstar Group, Ltd. (a)		4,006		978,425
F&G Annuities & Life, Inc.		6,468		160,277
Genworth Financial, Inc. - Class A (a)		163,703		818,515
Insurance—(Continued)
Goosehead Insurance, Inc. - Class A (a) (b)		7,250		455,952
Greenlight Capital Re, Ltd. - Class A (a)		8,929		94,067
HCI Group, Inc.		2,458		151,855
Hippo Holdings, Inc. (a)		3,503		57,905
Horace Mann Educators Corp.		13,726		407,113
Investors Title Co.		444		64,824
James River Group Holdings, Ltd.		13,003		237,435
Lemonade, Inc. (a) (b)		17,084		287,865
Maiden Holdings, Ltd. (a) (b)		31,157		65,430
MBIA, Inc. (a)		16,483		142,413
Mercury General Corp.		9,027		273,247
National Western Life Group, Inc. - Class A		725		301,281
Oscar Health, Inc. - Class A (a)		52,292		421,474
Palomar Holdings, Inc. (a)		7,992		463,856
ProAssurance Corp.		19,097		288,174
Safety Insurance Group, Inc.		4,806		344,686
Selective Insurance Group, Inc.		20,065		1,925,237
Selectquote, Inc. (a)		46,670		91,006
Siriuspoint, Ltd. (a)		31,163		281,402
Skyward Specialty Insurance Group, Inc. (a)		3,871		98,323
Stewart Information Services Corp.		9,296		382,437
Tiptree, Inc.		8,311		124,748
Trupanion, Inc. (a)		13,150		258,792
United Fire Group, Inc.		7,479		169,474
Universal Insurance Holdings, Inc.		8,746		134,951
				13,691,151
Interactive Media & Services—0.7%
Bumble, Inc. - Class A (a)		34,027		570,973
Cargurus, Inc. (a)		32,815		742,604
Cars.com, Inc. (a)		21,736		430,808
DHI Group, Inc. (a)		14,311		54,811
Eventbrite, Inc. - Class A (a) (b)		26,374		251,872
EverQuote, Inc. - Class A (a) (b)		6,835		44,428
FuboTV, Inc. (a) (b)		64,001		133,122
Grindr, Inc. (a) (b)		14,425		79,770
MediaAlpha, Inc. - Class A (a)		7,846		80,892
Nextdoor Holdings, Inc. (a)		50,177		163,577
Outbrain, Inc. (a)		14,324		70,474
QuinStreet, Inc. (a)		18,173		160,468
Shutterstock, Inc. (b)		7,975		388,143
TrueCar, Inc. (a)		29,851		67,463
Vimeo, Inc. (a)		49,749		204,966
Yelp, Inc. (a)		22,371		814,528
Ziff Davis, Inc. (a)		15,789		1,106,177
ZipRecruiter, Inc. - Class A (a)		24,978		443,609
				5,808,685
IT Services—0.5%
BigCommerce Holdings, Inc. Series 1 (a)		21,617		215,089
Brightcove, Inc. (a)		14,213		56,994
DigitalOcean Holdings, Inc. (a)		21,351		857,029
Fastly, Inc. - Class A (a)		39,783		627,378
Grid Dynamics Holdings, Inc. (a)		18,166		168,036
Hackett Group, Inc. (The) (b)		8,402		187,785
Information Services Group, Inc. (b)		11,846		63,495

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Perficient, Inc. (a)		11,525	$	960,378
Rackspace Technology, Inc. (a)		26,757		72,779
Squarespace, Inc. - Class A (a) (b)		15,108		476,506
Thoughtworks Holding, Inc. (a) (b)		31,553		238,225
Tucows, Inc. - Class A (a)		3,376		93,650
Unisys Corp. (a)		23,162		92,185
				4,109,529
Leisure Products—0.4%
Acushnet Holdings Corp.		10,476		572,828
AMMO, Inc. (a) (b)		33,699		71,779
Clarus Corp.		9,026		82,498
Escalade, Inc.		3,400		45,390
Funko, Inc. - Class A (a)		11,731		126,929
JAKKS Pacific, Inc. (a)		2,462		49,166
Johnson Outdoors, Inc. - Class A		1,720		105,694
Latham Group, Inc. (a)		16,213		60,150
Malibu Boats, Inc. - Class A (a)		6,721		394,254
Marine Products Corp.		2,874		48,456
MasterCraft Boat Holdings, Inc. (a) (b)		5,986		183,471
Smith & Wesson Brands, Inc.		15,475		201,794
Sturm Ruger & Co., Inc.		6,188		327,716
Topgolf Callaway Brands Corp. (a)		48,290		958,556
Vista Outdoor, Inc. (a)		18,573		513,915
				3,742,596
Life Sciences Tools & Services—0.4%
Adaptive Biotechnologies Corp. (a)		37,677		252,813
Akoya Biosciences, Inc. (a)		6,387		47,200
BioLife Solutions, Inc. (a) (b)		11,463		253,332
Codexis, Inc. (a)		22,591		63,255
CryoPort, Inc. (a) (b)		14,998		258,716
Cytek Biosciences, Inc. (a)		39,465		337,031
Harvard Bioscience, Inc. (a) (b)		13,230		72,633
MaxCyte, Inc. (a) (b)		27,656		126,941
Mesa Laboratories, Inc.		1,730		222,305
NanoString Technologies, Inc. (a)		15,548		62,969
Nautilus Biotechnology, Inc. (a)		17,836		69,025
OmniAb, Inc. (a) (b)		32,073		161,327
Pacific Biosciences of California, Inc. (a)		83,438		1,109,725
Quanterix Corp. (a)		11,230		253,237
Quantum-Si, Inc. (a)		34,740		62,185
Seer, Inc. (a)		18,742		80,028
SomaLogic, Inc. (a)		54,664		126,274
				3,558,996
Machinery—3.6%
3D Systems Corp. (a)		42,023		417,288
Alamo Group, Inc.		3,307		608,190
Albany International Corp. - Class A		10,575		986,436
Astec Industries, Inc.		7,396		336,074
Barnes Group, Inc.		16,460		694,448
Blue Bird Corp. (a)		5,919		133,059
Chart Industries, Inc. (a) (b)		14,122		2,256,554
CIRCOR International, Inc. (a)		6,280		354,506
Machinery—(Continued)
Columbus McKinnon Corp.		9,111		370,362
Commercial Vehicle Group, Inc. (a)		10,810		119,991
Desktop Metal, Inc. - Class A (a)		95,970		169,867
Douglas Dynamics, Inc.		7,665		229,030
Energy Recovery, Inc. (a)		18,812		525,795
Enerpac Tool Group Corp.		18,679		504,333
EnPro Industries, Inc.		7,028		938,449
ESCO Technologies, Inc.		8,454		876,088
Federal Signal Corp.		20,069		1,285,018
Franklin Electric Co., Inc.		15,410		1,585,689
Gencor Industries, Inc. (a)		3,563		55,512
Gorman-Rupp Co. (The)		7,300		210,459
Greenbrier Cos., Inc. (The)		10,684		460,480
Helios Technologies, Inc.		11,222		741,662
Hillenbrand, Inc.		23,410		1,200,465
Hillman Solutions Corp. (a) (b)		58,297		525,256
Hyliion Holdings Corp. (a)		44,983		75,122
Hyster-Yale Materials Handling, Inc.		3,777		210,908
John Bean Technologies Corp. (b)		10,810		1,311,253
Kadant, Inc.		3,991		886,401
Kennametal, Inc.		27,095		769,227
Lindsay Corp. (b)		3,673		438,336
Luxfer Holdings plc		10,353		147,323
Manitowoc Co., Inc. (The) (a)		11,674		219,822
Mayville Engineering Co., Inc. (a)		3,733		46,513
Microvast Holdings, Inc. (a)		31,518		50,429
Miller Industries, Inc.		3,305		117,228
Mueller Industries, Inc.		18,862		1,646,275
Mueller Water Products, Inc. - Class A		52,474		851,653
Nikola Corp. (a) (b)		201,748		278,412
Omega Flex, Inc. (b)		1,112		115,403
Park-Ohio Holdings Corp.		2,839		53,941
Proterra, Inc. (a)		77,515		93,018
Proto Labs, Inc. (a)		8,980		313,941
REV Group, Inc.		10,161		134,735
Shyft Group, Inc. (The)		10,757		237,300
SPX Technologies, Inc. (a)		14,614		1,241,752
Standex International Corp.		4,024		569,275
Tennant Co.		5,981		485,119
Terex Corp.		22,471		1,344,440
Titan International, Inc. (a)		18,172		208,615
Trinity Industries, Inc.		27,337		702,834
Velo3D, Inc. (a) (b)		22,076		47,684
Wabash National Corp.		15,639		400,984
Watts Water Technologies, Inc. - Class A		9,132		1,677,822
Xylem, Inc.		1		113
				30,260,889
Marine Transportation—0.3%
Costamare, Inc.		18,240		176,381
Eagle Bulk Shipping, Inc.		4,537		217,958
Eneti, Inc.		8,218		99,520
Genco Shipping & Trading, Ltd. (b)		14,141		198,398
Golden Ocean Group, Ltd.		41,330		312,042
Himalaya Shipping, Ltd. (a) (b)		9,890		54,988
Matson, Inc.		11,952		929,029

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Marine Transportation—(Continued)
Pangaea Logistics Solutions, Ltd.		12,273	$	83,088
Safe Bulkers, Inc.		24,109		78,595
				2,149,999
Media—0.7%
Advantage Solutions, Inc. (a)		30,961		72,449
AMC Networks, Inc. - Class A (a)		10,133		121,089
Boston Omaha Corp. - Class A (a)		7,716		145,215
Cardlytics, Inc. (a)		11,459		72,421
Clear Channel Outdoor Holdings, Inc. (a)		126,088		172,741
Daily Journal Corp. (a)		413		119,473
Entravision Communications Corp. - Class A		20,365		89,402
EW Scripps Co. (The) - Class A (a)		19,856		181,682
Gannett Co., Inc. (a)		49,514		111,407
Gray Television, Inc.		25,540		201,255
iHeartMedia, Inc. - Class A (a)		39,947		145,407
Integral Ad Science Holding Corp. (a)		12,716		228,634
John Wiley & Sons, Inc. - Class A (b)		14,809		503,950
Magnite, Inc. (a)		44,965		613,772
PubMatic, Inc. - Class A (a)		14,669		268,149
Quotient Technology, Inc. (a)		31,186		119,754
Scholastic Corp.		9,313		362,183
Sinclair, Inc. (b)		12,733		175,970
Stagwell, Inc. (a)		36,390		262,372
TechTarget, Inc. (a)		9,094		283,096
TEGNA, Inc.		75,982		1,233,948
Thryv Holdings, Inc. (a)		10,544		259,382
Townsquare Media, Inc. - Class A (b)		3,990		47,521
WideOpenWest, Inc. (a)		18,090		152,680
				5,943,952
Metals & Mining—1.7%
5E Advanced Materials, Inc. (a)		11,608		38,074
Alpha Metallurgical Resources, Inc.		4,350		714,966
Arconic Corp. (a)		32,874		972,413
ATI, Inc. (a) (b)		43,250		1,912,947
Caledonia Mining Corp. plc (b)		5,546		64,445
Carpenter Technology Corp.		16,114		904,479
Century Aluminum Co. (a) (b)		17,836		155,530
Coeur Mining, Inc. (a)		107,322		304,794
Commercial Metals Co.		39,392		2,074,383
Compass Minerals International, Inc.		11,864		403,376
Constellium SE (a)		42,559		732,015
Dakota Gold Corp. (a) (b)		19,923		58,175
Haynes International, Inc.		4,204		213,647
Hecla Mining Co. (b)		201,477		1,037,607
i-80 Gold Corp. (a)		66,566		149,774
Ivanhoe Electric, Inc. (a) (b)		18,979		247,486
Kaiser Aluminum Corp.		5,296		379,405
Materion Corp.		6,859		783,298
Novagold Resources, Inc. (a)		80,560		321,434
Olympic Steel, Inc.		3,243		158,907
Perpetua Resources Corp. (a)		13,701		50,283
Piedmont Lithium, Inc. (a)		6,114		352,839
Ramaco Resources, Inc. - Class A (b)		7,675		64,777
Ramaco Resources, Inc. - Class B (a) (b)		1,534		16,276
Metals & Mining—(Continued)
Ryerson Holding Corp. (b)		7,566		328,213
Schnitzer Steel Industries, Inc. - Class A		8,757		262,622
SunCoke Energy, Inc.		29,072		228,797
TimkenSteel Corp. (a)		14,154		305,302
Tredegar Corp.		7,835		52,259
Warrior Met Coal, Inc.		17,236		671,342
Worthington Industries, Inc.		10,605		736,729
				14,696,594
Mortgage Real Estate Investment Trusts—1.2%
AFC Gamma, Inc.		5,786		72,036
Apollo Commercial Real Estate Finance, Inc. (b)		46,637		527,931
Arbor Realty Trust, Inc.		60,290		893,498
Ares Commercial Real Estate Corp. (b)		17,797		180,639
ARMOUR Residential REIT, Inc. (b)		66,062		352,110
Blackstone Mortgage Trust, Inc. - Class A		58,537		1,218,155
BrightSpire Capital, Inc. (b)		43,419		292,210
Chicago Atlantic Real Estate Finance, Inc.		5,740		86,961
Chimera Investment Corp.		78,436		452,576
Claros Mortgage Trust, Inc. (b)		31,509		357,312
Dynex Capital, Inc. (b)		17,851		224,744
Ellington Financial, Inc.		21,439		295,858
Franklin BSP Realty Trust, Inc.		29,093		411,957
Granite Point Mortgage Trust, Inc.		17,729		93,964
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		34,746		868,650
Invesco Mortgage Capital, Inc. (b)		14,200		162,874
KKR Real Estate Finance Trust, Inc.		19,694		239,676
Ladder Capital Corp.		39,172		425,016
MFA Financial, Inc.		33,634		378,046
New York Mortgage Trust, Inc.		29,554		293,176
Orchid Island Capital, Inc. (b)		12,097		125,204
PennyMac Mortgage Investment Trust		29,854		402,432
Ready Capital Corp. (b)		53,836		607,270
Redwood Trust, Inc.		38,280		243,844
TPG RE Finance Trust, Inc.		20,840		154,424
Two Harbors Investment Corp.		32,684		453,654
				9,814,217
Multi-Utilities—0.4%
Avista Corp.		24,867		976,527
Black Hills Corp.		22,343		1,346,389
NorthWestern Corp.		20,178		1,145,303
Unitil Corp.		5,057		256,441
				3,724,660
Office REITs—0.7%
Brandywine Realty Trust		57,362		266,733
City Office REIT, Inc.		10,797		60,139
Corporate Office Properties Trust		37,541		891,599
Douglas Emmett, Inc.		57,132		718,149
Easterly Government Properties, Inc.		30,700		445,150
Equity Commonwealth		35,341		716,009
Hudson Pacific Properties, Inc. (b)		46,635		196,800
JBG SMITH Properties (b)		37,591		565,369
Office Properties Income Trust		16,817		129,491

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Office REITs—(Continued)
Orion Office REIT, Inc.		20,172	$	133,337
Paramount Group, Inc.		63,271		280,290
Peakstone Realty Trust		9,433		263,369
Piedmont Office Realty Trust, Inc. - Class A		41,047		298,412
Postal Realty Trust, Inc. - Class A (b)		5,867		86,304
SL Green Realty Corp. (b)		22,140		665,307
				5,716,458
Oil, Gas & Consumable Fuels—4.2%
Amplify Energy Corp. (a) (b)		12,277		83,115
Arch Resources, Inc.		6,141		692,459
Ardmore Shipping Corp.		13,795		170,368
Berry Corp.		25,676		176,651
California Resources Corp.		24,171		1,094,705
Callon Petroleum Co. (a) (b)		20,557		720,934
Centrus Energy Corp. - Class A (a) (b)		4,135		134,636
Chord Energy Corp.		14,046		2,160,275
Civitas Resources, Inc.		23,224		1,611,049
Clean Energy Fuels Corp. (a)		54,120		268,435
CNX Resources Corp. (a)		54,230		960,956
Comstock Resources, Inc. (b)		30,914		358,602
CONSOL Energy, Inc.		11,564		784,155
Crescent Energy Co. - Class A (b)		12,363		128,822
CVR Energy, Inc. (b)		10,082		302,057
Delek U.S. Holdings, Inc. (b)		22,029		527,595
Denbury, Inc. (a)		16,847		1,453,222
DHT Holdings, Inc.		46,057		392,866
Dorian LPG, Ltd. (b)		11,086		284,356
Earthstone Energy, Inc. - Class A (a) (b)		19,197		274,325
Encore Energy Corp. (a)		49,010		118,114
Energy Fuels, Inc. (a)		52,621		328,355
Enviva, Inc.		10,844		117,657
Equitrans Midstream Corp.		146,512		1,400,655
Evolution Petroleum Corp.		10,655		85,986
Excelerate Energy, Inc. - Class A		6,800		138,244
Flex LNG, Ltd.		10,006		305,483
Gevo, Inc. (a) (b)		66,406		100,937
Golar LNG, Ltd.		34,450		694,856
Granite Ridge Resources, Inc.		9,296		61,632
Green Plains, Inc. (a) (b)		19,518		629,260
Gulfport Energy Corp. (a)		3,405		357,763
Hallador Energy Co. (a)		7,729		66,238
HighPeak Energy, Inc. (b)		2,697		29,343
International Seaways, Inc.		13,630		521,211
Kinetik Holdings, Inc.		5,614		197,276
Kosmos Energy, Ltd. (a) (b)		151,784		909,186
Magnolia Oil & Gas Corp. - Class A (b)		61,503		1,285,413
Matador Resources Co. (b)		37,921		1,984,027
Murphy Oil Corp.		49,464		1,894,471
NACCO Industries, Inc. - Class A		1,389		48,143
NextDecade Corp. (a) (b)		11,051		90,729
Nordic American Tankers, Ltd.		69,042		253,384
Northern Oil and Gas, Inc. (b)		25,208		865,139
Overseas Shipholding Group, Inc. - Class A (a)		19,448		81,098
Par Pacific Holdings, Inc. (a)		18,554		493,722
PBF Energy, Inc. - Class A		38,830		1,589,700
Oil, Gas & Consumable Fuels—(Continued)
Peabody Energy Corp. (b)		41,808		905,561
Permian Resources Corp. (b)		85,287		934,745
REX American Resources Corp. (a)		5,256		182,961
Riley Exploration Permian, Inc.		3,073		109,768
Ring Energy, Inc. (a)		31,938		54,614
SandRidge Energy, Inc.		10,783		164,441
Scorpio Tankers, Inc.		17,673		834,696
SFL Corp., Ltd.		39,560		369,095
SilverBow Resources, Inc. (a) (b)		5,950		173,264
Sitio Royalties Corp. - Class A (b)		27,084		711,497
SM Energy Co.		40,067		1,267,319
Talos Energy, Inc. (a)		37,534		520,597
Teekay Corp. (a)		23,214		140,213
Teekay Tankers, Ltd. - Class A		8,028		306,910
Tellurian, Inc. (a) (b)		171,884		242,356
Uranium Energy Corp. (a) (b)		123,489		419,863
VAALCO Energy, Inc. (b)		36,276		136,398
Vertex Energy, Inc. (a) (b)		22,715		141,969
Vital Energy, Inc. (a)		5,753		259,748
Vitesse Energy, Inc. (b)		8,582		192,237
W&T Offshore, Inc. (a) (b)		33,128		128,205
World Fuel Services Corp.		21,674		448,218
				35,872,280
Paper & Forest Products—0.1%
Clearwater Paper Corp. (a)		5,381		168,533
Glatfelter Corp.		15,112		45,638
Sylvamo Corp.		12,273		496,443
				710,614
Passenger Airlines—0.5%
Allegiant Travel Co. (a)		5,412		683,427
Blade Air Mobility, Inc. (a)		20,915		82,405
Frontier Group Holdings, Inc. (a) (b)		14,756		142,690
Hawaiian Holdings, Inc. (a)		17,125		184,436
JetBlue Airways Corp. (a)		110,917		982,725
Joby Aviation, Inc. (a) (b)		94,014		964,584
SkyWest, Inc. (a)		16,673		678,925
Spirit Airlines, Inc.		36,644		628,811
Sun Country Airlines Holdings, Inc. (a)		12,318		276,909
				4,624,912
Personal Care Products—0.8%
Beauty Health Co. (The) (a)		30,052		251,535
BellRing Brands, Inc. (a)		44,471		1,627,639
Edgewell Personal Care Co.		17,393		718,505
elf Beauty, Inc. (a)		16,842		1,923,862
Herbalife, Ltd. (a)		33,308		440,998
Inter Parfums, Inc.		6,203		838,832
Medifast, Inc.		3,603		332,052
Nature’s Sunshine Products, Inc. (a)		4,578		62,490
Nu Skin Enterprises, Inc. - Class A		16,591		550,821
USANA Health Sciences, Inc. (a)		3,693		232,807
Waldencast plc - Class A (a) (b)		7,146		55,238
				7,034,779

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—1.9%
Aclaris Therapeutics, Inc. (a)		21,806	$	226,128
Amneal Pharmaceuticals, Inc. (a)		41,091		127,382
Amphastar Pharmaceuticals, Inc. (a)		13,014		747,915
Amylyx Pharmaceuticals, Inc. (a) (b)		17,183		370,637
ANI Pharmaceuticals, Inc. (a) (b)		4,311		232,061
Arvinas, Inc. (a)		16,311		404,839
Assertio Holdings, Inc. (a)		18,613		100,882
Atea Pharmaceuticals, Inc. (a)		32,816		122,732
Axsome Therapeutics, Inc. (a) (b)		10,909		783,921
Cara Therapeutics, Inc. (a)		11,583		32,780
Cassava Sciences, Inc. (a) (b)		12,781		313,390
Citius Pharmaceuticals, Inc. (a) (b)		44,360		53,232
Collegium Pharmaceutical, Inc. (a)		11,356		244,040
Corcept Therapeutics, Inc. (a) (b)		26,919		598,948
CorMedix, Inc. (a) (b)		15,077		59,780
Cymabay Therapeutics, Inc. (a)		32,948		360,781
DICE Therapeutics, Inc. (a)		13,066		607,046
Edgewise Therapeutics, Inc. (a) (b)		15,027		116,459
Enliven Therapeutics, Inc. (a) (b)		7,852		160,259
Evolus, Inc. (a)		12,622		91,762
EyePoint Pharmaceuticals, Inc. (a)		8,887		77,317
Harmony Biosciences Holdings, Inc. (a) (b)		11,160		392,720
Harrow Health, Inc. (a)		8,750		166,600
Ikena Oncology, Inc. (a)		7,709		50,571
Innoviva, Inc. (a)		21,386		272,244
Intra-Cellular Therapies, Inc. (a)		31,401		1,988,311
Ligand Pharmaceuticals, Inc. (a) (b)		5,595		403,400
Liquidia Corp. (a)		16,545		129,878
Longboard Pharmaceuticals, Inc. (a)		5,681		41,699
Marinus Pharmaceuticals, Inc. (a) (b)		16,763		182,046
NGM Biopharmaceuticals, Inc. (a) (b)		14,828		38,405
Nuvation Bio, Inc. (a)		43,380		78,084
Ocular Therapeutix, Inc. (a) (b)		26,202		135,202
Omeros Corp. (a) (b)		20,522		111,640
Pacira BioSciences, Inc. (a)		15,246		610,907
Phathom Pharmaceuticals, Inc. (a)		7,762		111,152
Phibro Animal Health Corp. - Class A		6,746		92,420
Pliant Therapeutics, Inc. (a) (b)		18,963		343,610
Prestige Consumer Healthcare, Inc. (a)		16,788		997,711
Reata Pharmaceuticals, Inc. - Class A (a)		9,582		976,981
Revance Therapeutics, Inc. (a)		27,973		707,997
Scilex Holding Co. (a)		22,005		122,568
scPharmaceuticals, Inc. (a) (b)		9,746		99,312
SIGA Technologies, Inc.		18,339		92,612
Supernus Pharmaceuticals, Inc. (a)		16,728		502,844
Taro Pharmaceutical Industries, Ltd. (a)		2,758		104,611
Tarsus Pharmaceuticals, Inc. (a) (b)		8,121		146,747
Terns Pharmaceuticals, Inc. (a) (b)		14,700		128,625
Theravance Biopharma, Inc. (a)		21,852		226,168
Theseus Pharmaceuticals, Inc. (a)		6,628		61,839
Ventyx Biosciences, Inc. (a) (b)		15,800		518,240
Verrica Pharmaceuticals, Inc. (a) (b)		7,117		41,065
WAVE Life Sciences, Ltd. (a)		19,986		72,749
Xeris Biopharma Holdings, Inc. (a)		45,707		119,752
Zevra Therapeutics, Inc. (a)		11,744		59,894
				15,960,895
Professional Services—2.3%
Alight, Inc. - Class A (a)		133,905		1,237,282
ASGN, Inc. (a)		15,962		1,207,206
Asure Software, Inc. (a)		6,393		77,739
Barrett Business Services, Inc.		2,279		198,729
Blacksky Technology, Inc. (a) (b)		41,812		92,823
CBIZ, Inc. (a) (b)		16,340		870,595
Conduent, Inc. (a)		57,110		194,174
CRA International, Inc.		2,343		238,986
CSG Systems International, Inc.		10,433		550,236
ExlService Holdings, Inc. (a)		10,891		1,645,194
Exponent, Inc.		17,133		1,598,852
First Advantage Corp. (a)		17,889		275,670
FiscalNote Holdings, Inc. (a)		22,140		80,590
Forrester Research, Inc. (a)		3,344		97,277
Franklin Covey Co. (a)		3,849		168,124
Heidrick & Struggles International, Inc.		6,268		165,914
HireQuest, Inc.		1,813		47,192
HireRight Holdings Corp. (a)		5,408		61,164
Huron Consulting Group, Inc. (a)		6,424		545,462
IBEX Holdings, Ltd. (a) (b)		3,027		64,263
ICF International, Inc.		6,347		789,503
Innodata, Inc. (a)		8,488		96,169
Insperity, Inc.		12,214		1,452,977
Kelly Services, Inc. - Class A		11,083		195,172
Kforce, Inc.		6,564		411,300
Korn Ferry		17,703		877,007
LegalZoom.com, Inc (a)		33,809		408,413
Maximus, Inc.		20,406		1,724,511
Mistras Group, Inc. (a)		7,040		54,349
NV5 Global, Inc. (a) (b)		4,636		513,530
Planet Labs PBC (a) (b)		67,186		216,339
Red Violet, Inc. (a) (b)		3,327		68,436
Resources Connection, Inc.		11,231		176,439
Sterling Check Corp. (a)		7,763		95,174
TriNet Group, Inc. (a)		12,584		1,195,103
TrueBlue, Inc. (a)		10,956		194,031
TTEC Holdings, Inc.		6,343		214,647
Upwork, Inc. (a)		41,273		385,490
Verra Mobility Corp. (a) (b)		47,250		931,770
Willdan Group, Inc. (a)		4,570		87,561
				19,505,393
Real Estate Management & Development—0.7%
Anywhere Real Estate, Inc. (a)		34,390		229,725
Compass, Inc. - Class A (a)		101,376		354,816
Cushman & Wakefield plc (a) (b)		55,865		456,976
DigitalBridge Group, Inc.		55,617		818,126
Douglas Elliman, Inc.		28,808		63,953
eXp World Holdings, Inc. (b)		23,278		472,078
Forestar Group, Inc. (a)		6,983		157,467
FRP Holdings, Inc. (a)		2,285		131,547
Kennedy-Wilson Holdings, Inc.		39,493		644,921
Marcus & Millichap, Inc. (b)		8,728		275,019
Newmark Group, Inc. - Class A		44,390		276,106
Opendoor Technologies, Inc. (a) (b)		184,227		740,593
RE/MAX Holdings, Inc. - Class A		6,249		120,356

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Management & Development—(Continued)
Redfin Corp. (a)		35,890	$	445,754
RMR Group, Inc. (The) - Class A (b)		4,706		109,038
St. Joe Co. (The) (b)		11,618		561,614
Stratus Properties, Inc.		1,950		51,187
Tejon Ranch Co. (a) (b)		7,461		128,404
				6,037,680
Residential REITs—0.4%
Apartment Investment & Management Co. - Class A		49,916		425,284
BRT Apartments Corp.		3,996		79,121
Centerspace		5,179		317,783
Elme Communities		30,151		495,683
Independence Realty Trust, Inc.		75,182		1,369,816
NexPoint Residential Trust, Inc.		8,000		363,840
UMH Properties, Inc.		18,541		296,285
Veris Residential, Inc. (a)		26,617		427,203
				3,775,015
Retail REITs—1.2%
Acadia Realty Trust (b)		31,446		452,508
Alexander’s, Inc. (b)		759		139,550
CBL & Associates Properties, Inc.		9,399		207,154
Getty Realty Corp. (b)		15,075		509,837
InvenTrust Properties Corp.		23,184		536,478
Kite Realty Group Trust		73,131		1,633,747
Macerich Co. (The)		71,062		800,869
Necessity Retail REIT, Inc. (The)		45,155		305,248
NETSTREIT Corp. (b)		20,629		368,640
Phillips Edison & Co., Inc. (b)		39,363		1,341,491
Retail Opportunity Investments Corp.		41,820		564,988
RPT Realty		28,918		302,193
Saul Centers, Inc.		3,884		143,048
SITE Centers Corp.		65,501		865,923
Tanger Factory Outlet Centers, Inc. (b)		34,992		772,273
Urban Edge Properties		39,794		614,021
Urstadt Biddle Properties, Inc. - Class A		9,065		192,722
Whitestone REIT		15,859		153,832
				9,904,522
Semiconductors & Semiconductor Equipment—3.2%
ACM Research, Inc. - Class A (a)		16,205		211,961
Aehr Test Systems (a)		8,684		358,215
Alpha & Omega Semiconductor, Ltd. (a) (b)		7,372		241,802
Ambarella, Inc. (a)		12,522		1,047,716
Amkor Technology, Inc.		35,047		1,042,648
Atomera, Inc. (a)		7,079		62,083
Axcelis Technologies, Inc. (a)		11,021		2,020,480
Ceva, Inc. (a) (b)		8,407		214,799
Cohu, Inc. (a)		15,880		659,973
Credo Technology Group Holding, Ltd. (a)		34,289		594,571
Diodes, Inc. (a)		15,147		1,400,946
FormFactor, Inc. (a) (c)		26,288		899,575
Ichor Holdings, Ltd. (a) (b)		10,143		380,363
Impinj, Inc. (a) (b)		7,712		691,381
indie Semiconductor, Inc. - Class A (a)		46,637		438,388
Semiconductors & Semiconductor Equipment—(Continued)
inTEST Corp. (a)		3,622		95,114
Kulicke & Soffa Industries, Inc. (b)		18,462		1,097,566
MACOM Technology Solutions Holdings, Inc. (a) (b)		18,249		1,195,857
Maxeon Solar Technologies, Ltd. (a) (b)		8,482		238,853
MaxLinear, Inc. (a) (b)		24,378		769,370
Navitas Semiconductor Corp. (a)		34,662		365,337
NVE Corp. (b)		1,605		156,391
Onto Innovation, Inc. (a)		16,424		1,912,903
PDF Solutions, Inc. (a) (b)		10,025		452,128
Photronics, Inc. (a)		21,105		544,298
Power Integrations, Inc.		19,120		1,810,090
Rambus, Inc. (a)		36,566		2,346,440
Semtech Corp. (a) (b)		21,007		534,838
Silicon Laboratories, Inc. (a)		10,647		1,679,458
SiTime Corp. (a)		5,763		679,861
SkyWater Technology, Inc. (a)		4,560		42,955
SMART Global Holdings, Inc. (a)		16,723		485,134
Synaptics, Inc. (a)		13,375		1,141,957
Ultra Clean Holdings, Inc. (a)		14,480		556,901
Veeco Instruments, Inc. (a) (b)		16,657		427,752
				26,798,104
Software—5.2%
8x8, Inc. (a)		37,978		160,647
A10 Networks, Inc.		23,716		346,016
ACI Worldwide, Inc. (a)		36,393		843,226
Adeia, Inc.		35,163		387,145
Agilysys, Inc. (a)		6,690		459,202
Alarm.com Holdings, Inc. (a)		16,373		846,157
Alkami Technology, Inc. (a) (b)		12,712		208,350
Altair Engineering, Inc. - Class A (a) (b)		18,018		1,366,485
American Software, Inc. - Class A		11,730		123,282
Amplitude, Inc. - Class A (a)		23,067		253,737
Appfolio, Inc. - Class A (a)		6,540		1,125,796
Appian Corp. - Class A (a) (b)		13,931		663,116
Applied Digital Corp. (a)		21,941		205,148
Asana, Inc. - Class A (a) (b)		26,813		590,959
Aurora Innovation, Inc. (a)		103,576		304,513
AvePoint, Inc. (a)		52,062		299,877
Bit Digital, Inc. (a) (b)		25,236		102,458
Blackbaud, Inc. (a)		14,609		1,039,869
Blackline, Inc. (a)		18,622		1,002,236
Box, Inc. - Class A (a)		47,952		1,408,830
Braze, Inc. - Class A (a)		11,670		511,029
C3.ai, Inc. - Class A (a) (b)		20,285		738,983
Cerence, Inc. (a)		13,068		381,978
Cipher Mining, Inc. (a) (b)		15,320		43,815
Cleanspark, Inc. (a)		27,607		118,434
Clear Secure, Inc. - Class A (b)		28,113		651,378
CommVault Systems, Inc. (a)		14,745		1,070,782
Consensus Cloud Solutions, Inc. (a)		6,453		200,043
CoreCard Corp. (a)		2,450		62,132
Couchbase, Inc. (a)		11,669		184,604
CS Disco, Inc. (a) (b)		8,074		66,368
Digimarc Corp. (a) (b)		5,494		161,743
Digital Turbine, Inc. (a) (b)		31,408		291,466

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Software—(Continued)
Domo, Inc. - Class B (a)		9,814	$	143,873
E2open Parent Holdings, Inc. (a)		71,031		397,774
Ebix, Inc.		8,704		219,341
eGain Corp. (a) (b)		7,231		54,160
Enfusion, Inc. - Class A (a)		9,141		102,562
EngageSmart, Inc. (a)		16,515		315,271
Envestnet, Inc. (a)		16,807		997,495
Everbridge, Inc. (a)		13,337		358,765
EverCommerce, Inc. (a)		8,186		96,922
Expensify, Inc. - Class A (a)		19,004		151,652
ForgeRock, Inc. - Class A (a) (b)		15,058		309,291
Freshworks, Inc. - Class A (a)		54,559		959,147
Instructure Holdings, Inc. (a)		6,115		153,853
Intapp, Inc. (a)		5,137		215,292
InterDigital, Inc.		9,090		877,639
Jamf Holding Corp. (a)		23,449		457,724
Kaltura, Inc. (a)		29,792		63,159
LivePerson, Inc. (a)		17,492		79,064
LiveRamp Holdings, Inc. (a)		21,063		601,559
Marathon Digital Holdings, Inc. (a)		56,552		783,811
Matterport, Inc. (a) (b)		85,429		269,101
MeridianLink, Inc. (a)		8,983		186,846
MicroStrategy, Inc. - Class A (a)		3,707		1,269,351
Mitek Systems, Inc. (a) (b)		15,147		164,193
Model N, Inc. (a)		12,650		447,304
N-able, Inc. (a)		24,099		347,267
NextNav, Inc. (a)		19,614		57,665
Olo, Inc. - Class A (a) (b)		35,254		227,741
ON24, Inc.		10,058		81,671
OneSpan, Inc. (a)		13,014		193,128
PagerDuty, Inc. (a)		28,642		643,872
PowerSchool Holdings, Inc. - Class A (a) (b)		19,001		363,679
Progress Software Corp.		14,601		848,318
PROS Holdings, Inc. (a) (b)		15,005		462,154
Q2 Holdings, Inc. (a)		18,911		584,350
Qualys, Inc. (a)		12,476		1,611,525
Rapid7, Inc. (a) (b)		19,953		903,472
Rimini Street, Inc. (a) (b)		16,821		80,573
Riot Platforms, Inc. (a)		53,684		634,545
Sapiens International Corp. NV		11,177		297,308
SEMrush Holdings, Inc. - Class A (a) (b)		10,967		104,954
SolarWinds Corp. (a)		16,368		167,936
SoundHound AI, Inc. - Class A (a) (b)		47,985		218,332
SoundThinking, Inc. (a)		3,138		68,597
Sprinklr, Inc. - Class A (a)		29,455		407,363
Sprout Social, Inc. - Class A (a) (b)		15,663		723,004
SPS Commerce, Inc. (a)		12,307		2,363,682
Tenable Holdings, Inc. (a) (b)		38,291		1,667,573
Varonis Systems, Inc. (a)		35,958		958,281
Verint Systems, Inc. (a)		21,871		766,797
Weave Communications, Inc. (a) (b)		12,297		136,620
Workiva, Inc. (a)		16,400		1,667,224
Xperi, Inc. (a)		14,065		184,955
Yext, Inc. (a)		34,660		392,005
Zeta Global Holdings Corp. - Class A (a)		45,460		388,228
Zuora, Inc. - Class A (a)		42,438		465,545
				43,913,317
Specialized REITs—0.5%
Farmland Partners, Inc. (b)		15,523		189,536
Four Corners Property Trust, Inc. (b)		29,117		739,572
Gladstone Land Corp. (b)		10,827		176,155
Outfront Media, Inc. (b)		49,314		775,216
PotlatchDeltic Corp.		26,827		1,417,807
Safehold, Inc. (b)		10,052		238,534
Uniti Group, Inc.		80,157		370,325
				3,907,145
Specialty Retail—2.3%
1-800-Flowers.com, Inc. - Class A (a) (b)		9,265		72,267
Aaron’s, Inc. (The)		10,896		154,069
Abercrombie & Fitch Co. - Class A (a)		16,478		620,891
Academy Sports & Outdoors, Inc.		25,655		1,386,653
America’s Car-Mart, Inc. (a)		2,086		208,141
American Eagle Outfitters, Inc. (b)		61,334		723,741
Arko Corp. (b)		31,060		246,927
Asbury Automotive Group, Inc. (a)		7,269		1,747,613
BARK, Inc. (a)		42,416		56,413
Big 5 Sporting Goods Corp.		7,812		71,558
Boot Barn Holdings, Inc. (a) (b)		10,047		850,880
Buckle, Inc. (The) (b)		10,213		353,370
Build-A-Bear Workshop, Inc.		4,959		106,222
Caleres, Inc. (b)		11,585		277,229
Camping World Holdings, Inc. - Class A (b)		14,044		422,724
CarParts.com, Inc. (a)		18,022		76,594
Carvana Co. (a) (b)		32,198		834,572
Cato Corp. (The) - Class A		6,299		50,581
Chico’s FAS, Inc. (a)		41,529		222,180
Children’s Place, Inc. (The) (a)		3,971		92,167
Designer Brands, Inc. - Class A		17,144		173,154
Destination XL Group, Inc. (a)		19,702		96,540
EVgo, Inc. (a)		24,290		97,160
Foot Locker, Inc.		27,087		734,329
Franchise Group, Inc.		7,650		219,096
Genesco, Inc. (a)		3,961		99,183
Group 1 Automotive, Inc.		4,603		1,188,034
GrowGeneration Corp. (a)		19,482		66,239
Guess?, Inc.		9,669		188,062
Haverty Furniture Cos., Inc.		4,960		149,891
Hibbett, Inc.		4,141		150,277
Lands’ End, Inc. (a)		5,416		42,028
Lazydays Holdings, Inc. (a)		4,323		49,974
Leslie’s, Inc. (a) (b)		59,966		563,081
MarineMax, Inc. (a)		7,339		250,700
Monro, Inc.		10,365		421,130
National Vision Holdings, Inc. (a)		26,199		636,374
ODP Corp. (The) (a)		11,510		538,898
OneWater Marine, Inc. - Class A (a)		3,644		132,059
Overstock.com, Inc. (a) (b)		15,298		498,256
PetMed Express, Inc. (b)		6,446		88,890
Revolve Group, Inc. (a) (b)		14,472		237,341
Sally Beauty Holdings, Inc. (a) (b)		36,161		446,588
Shoe Carnival, Inc.		6,132		143,979
Signet Jewelers, Ltd.		15,068		983,338
Sleep Number Corp. (a)		7,502		204,655

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
Sonic Automotive, Inc. - Class A		5,221	$	248,885
Sportsman’s Warehouse Holdings, Inc. (a)		10,935		62,330
Stitch Fix, Inc. - Class A (a)		28,562		109,964
ThredUP, Inc. - Class A (a) (b)		22,896		55,866
Tile Shop Holdings, Inc. (a)		9,826		54,436
Tilly’s, Inc. - Class A (a)		7,804		54,706
Upbound Group, Inc.		17,965		559,251
Urban Outfitters, Inc. (a)		21,577		714,846
Warby Parker, Inc. - Class A (a)		28,895		337,783
Winmark Corp.		994		330,475
Zumiez, Inc. (a)		5,111		85,149
				19,587,739
Technology Hardware, Storage & Peripherals—0.7%
Avid Technology, Inc. (a)		12,231		311,890
Corsair Gaming, Inc. (a) (b)		13,698		243,003
Diebold Nixdorf, Inc. (a)		9,021		478
Eastman Kodak Co. (a) (b)		19,889		91,887
Immersion Corp.		10,580		74,906
IonQ, Inc. (a) (b)		54,320		734,950
Super Micro Computer, Inc. (a)		15,615		3,892,039
Turtle Beach Corp. (a)		5,364		62,491
Xerox Holdings Corp.		38,468		572,788
				5,984,432
Textiles, Apparel & Luxury Goods—0.4%
G-III Apparel Group, Ltd. (a)		13,787		265,676
Hanesbrands, Inc. (b)		118,172		536,501
Kontoor Brands, Inc. (b)		18,681		786,470
Movado Group, Inc.		4,696		125,994
Oxford Industries, Inc. (b)		4,988		490,919
Rocky Brands, Inc.		2,393		50,253
Steven Madden, Ltd.		25,264		825,880
Vera Bradley, Inc. (a)		8,929		57,056
Wolverine World Wide, Inc. (b)		26,161		384,305
				3,523,054
Tobacco—0.1%
Turning Point Brands, Inc.		5,617		134,864
Universal Corp.		8,059		402,466
Vector Group, Ltd.		48,791		625,013
				1,162,343
Trading Companies & Distributors—2.0%
Alta Equipment Group, Inc.		7,040		122,003
Applied Industrial Technologies, Inc.		12,837		1,859,183
Beacon Roofing Supply, Inc. (a)		16,401		1,360,955
BlueLinx Holdings, Inc. (a)		2,908		272,712
Boise Cascade Co.		13,372		1,208,160
Custom Truck One Source, Inc. (a)		20,077		135,319
Distribution Solutions Group, Inc. (a)		1,694		88,190
DXP Enterprises, Inc. (a)		4,806		174,986
FTAI Aviation, Ltd.		33,508		1,060,863
GATX Corp.		11,909		1,533,165
Global Industrial Co.		3,989		110,774
Trading Companies & Distributors—(Continued)
GMS, Inc. (a)		14,000		968,800
H&E Equipment Services, Inc.		10,452		478,179
Herc Holdings, Inc.		9,481		1,297,475
Hudson Technologies, Inc. (a)		14,689		141,308
McGrath RentCorp		8,283		766,012
MRC Global, Inc. (a)		28,411		286,099
NOW, Inc. (a)		37,163		385,009
Rush Enterprises, Inc. - Class A		13,925		845,804
Rush Enterprises, Inc. - Class B		2,388		162,527
Textainer Group Holdings, Ltd.		14,336		564,552
Titan Machinery, Inc. (a)		6,828		201,426
Transcat, Inc. (a)		2,285		194,933
Triton International, Ltd.		18,307		1,524,241
Veritiv Corp.		4,355		547,032
Willis Lease Finance Corp. (a)		960		37,565
Xometry, Inc. - Class A (a) (b)		11,657		246,895
				16,574,167
Water Utilities—0.5%
American States Water Co.		12,211		1,062,357
Artesian Resources Corp. - Class A		2,874		135,710
Cadiz, Inc. (a)		13,587		55,163
California Water Service Group		18,456		952,883
Consolidated Water Co., Ltd. (b)		5,040		122,119
Global Water Resources, Inc.		4,624		58,633
Middlesex Water Co. (b)		5,991		483,234
Pure Cycle Corp. (a) (b)		6,829		75,119
SJW Group (b)		10,391		728,513
York Water Co. (The) (b)		5,110		210,890
				3,884,621
Wireless Telecommunication Services—0.1%
Gogo, Inc. (a)		22,220		377,962
Shenandoah Telecommunications Co.		16,904		328,445
Spok Holdings, Inc.		5,955		79,142
Telephone & Data Systems, Inc.		34,718		285,729
				1,071,278
Total Common Stocks (Cost $647,367,414)				803,391,062
Mutual Funds—3.4%
Investment Company Securities—3.4%
iShares Russell 2000 Index Fund (b) (Cost $27,732,492)		154,400		28,914,488
Rights—0.0%
Biotechnology—0.0%
Tobira Therapeutics, Inc. Expires 12/31/28 (a) (d) (e)		4,660		37,094

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Rights—(Continued)

Security Description	Shares/ Principal Amount*		Value
Life Sciences Tools & Services—0.0%
OmniAb, Inc. (a) (b)		4,218	$	0
Total Rights (Cost $280)				37,094
Warrants—0.0%
Energy Equipment & Services—0.0%
Nabors Industries, Ltd. Expires 06/11/26 (a) (Cost $0)		882		10,143
Escrow Shares—0.0%
Consumer Staples Distribution & Retail—0.0%
Fresh Market, Inc. (a) (d) (e) (Cost $0)		21,412		0
Short-Term Investments—1.5%
U.S. Treasury—1.5%
U.S. Treasury Bills
3.928%, 07/05/23 (f)		725,000		724,803
4.658%, 07/13/23 (f)		11,775,000		11,758,625
Total Short-Term Investments (Cost $12,480,109)				12,483,428
Securities Lending Reinvestments (g)—14.6%
Certificates of Deposit—3.5%
Bank of America N.A. 5.440%, FEDEFF PRV + 0.370%, 11/17/23 (h)		1,000,000		999,971
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (h)		2,000,000		2,003,524
Bank of Nova Scotia 5.740%, SOFR + 0.680%, 08/16/23 (h)		2,000,000		2,001,086
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (h)		4,000,000		4,001,028
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (h)		3,000,000		2,997,843
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (h)		2,000,000		2,000,064
MUFG Bank Ltd. (NY)
5.240%, SOFR + 0.180%, 08/28/23 (h)		2,000,000		1,999,670
5.260%, SOFR + 0.200%, 08/21/23 (h)		2,000,000		1,999,784
5.280%, SOFR + 0.220%, 08/14/23 (h)		3,000,000		2,999,820
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (h)		3,000,000		3,000,063
Svenska Handelsbanken AB 5.400%, SOFR + 0.340%, 10/31/23 (h)		2,000,000		2,000,538
Certificates of Deposit—(Continued)
Toronto-Dominion Bank (The)
5.470%, FEDEFF PRV + 0.400%, 02/13/24 (h)		2,000,000		2,000,286
5.520%, FEDEFF PRV + 0.450%, 10/13/23 (h)		2,000,000		2,000,432
				30,004,109
Commercial Paper—1.7%
ING U.S. Funding LLC 5.780%, SOFR + 0.720%, 08/04/23 (h)		5,000,000		5,002,365
Skandinaviska Enskilda Banken AB
5.330%, SOFR + 0.270%, 08/25/23 (h)		2,000,000		2,000,122
5.420%, SOFR + 0.360%, 11/15/23 (h)		2,000,000		2,000,296
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (h)		3,000,000		3,000,000
United Overseas Bank, Ltd. 5.250%, 08/21/23		2,000,000		1,984,604
				13,987,387
Repurchase Agreements—6.0%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $5,303,412; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $5,407,205.		5,301,181		5,301,181
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/30/23 at 5.370%, due on 08/04/23 with a maturity value of $2,010,442; collateralized by U.S. Treasury Obligations with rates ranging from 01.500% - 3.750%, maturity dates ranging from 08/15/28 - 05/15/33, and various Common Stock with an aggregate market value of $2,169,122.		2,000,000		2,000,000
Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $6,174,220; collateralized by various Common Stock with an aggregate market value of $6,600,001.		6,000,000		6,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $3,601,521; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $3,681,214.		3,600,000		3,600,000
National Bank of Canada
Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $5,004,929; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $5,123,565.		5,000,000		5,000,000
Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $15,015,167; collateralized by various Common Stock with an aggregate market value of $16,738,783.		15,000,000		15,000,000

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $3,001,303; collateralized by various Common Stock with an aggregate market value of $3,335,261.		3,000,000	$	3,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 06/30/23 at 5.290%, due on 08/04/23 with a maturity value of $3,015,429; collateralized by various Common Stock with an aggregate market value of $3,333,822.		3,000,000		3,000,000
Societe Generale
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $4,001,723; collateralized by various Common Stock with an aggregate market value of $4,449,444.		4,000,000		4,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $3,903,921; collateralized by various Common Stock with an aggregate market value of $4,343,575.		3,900,000		3,900,000
				50,801,181
Time Deposits—1.3%
Banco Santander S.A. (NY) 5.060%, 07/03/23		2,000,000		2,000,000
DZ Bank AG (NY) 5.040%, 07/03/23		2,000,000		2,000,000
National Bank of Canada 5.120%, OBFR + 0.050%, 07/07/23 (h)		5,000,000		5,000,000
Nordea Bank Abp 5.050%, 07/03/23		2,000,000		2,000,000
				11,000,000
Mutual Funds—2.1%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (i)		1,000,000		1,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class  5.000% (i)		1,000,000		1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (i)		1,000,000		1,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (i)		1,000,000		1,000,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (i)		1,000,000		1,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class  5.030% (i)		10,000,000		10,000,000
STIT-Government & Agency Portfolio, Institutional Class  5.050% (i)		1,000,000		1,000,000
Mutual Funds—(Continued)
Western Asset Institutional Government Reserves Fund, Institutional Class  5.000% (i)		2,025,000		2,025,000
				18,025,000
Total Securities Lending Reinvestments (Cost $123,811,889)				123,817,677
Total Investments—114.6% (Cost $811,392,184)				968,653,892
Other assets and liabilities (net)—(14.6)%				(123,687,247	)
Net Assets—100.0%			$	844,966,645

(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $129,941,141 and the collateral received consisted of cash in the amount of $123,798,181 and non-cash collateral with a value of $9,071,104. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2023, the market value of securities pledged was $3,186,609.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent less than 0.05% of net assets.
(f)	The rate shown represents current yield to maturity.
(g)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(h)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(i)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
Russell 2000 Index E-Mini Futures		09/15/23		128		USD	12,183,680	$	(45,331	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

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

Other Abbreviations

(REIT)— Real Estate Investment Trust

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	803,391,062		$	—		$	—	$	803,391,062
Total Mutual Funds*		28,914,488			—			—		28,914,488
Rights
Biotechnology		—			—			37,094		37,094
Health Care Providers & Services		—			0			—		0
Total Rights		—			0			37,094		37,094
Total Warrants*		10,143			—			—		10,143
Total Escrow Shares*		—			—			0		0
Total Short-Term Investments*		—			12,483,428			—		12,483,428
Securities Lending Reinvestments
Certificates of Deposit		—			30,004,109			—		30,004,109
Commercial Paper		—			13,987,387			—		13,987,387
Repurchase Agreements		—			50,801,181			—		50,801,181
Time Deposits		—			11,000,000			—		11,000,000
Mutual Funds		18,025,000			—			—		18,025,000
Total Securities Lending Reinvestments		18,025,000			105,792,677			—		123,817,677
Total Investments	$	850,340,693		$	118,276,105		$	37,094	$	968,653,892
Collateral for Securities Loaned (Liability)	$	—		$	(123,798,181	)	$	—	$	(123,798,181	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(45,331	)	$	—		$	—	$	(45,331	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	968,653,892
Cash		516,435
Receivable for:
Investments sold		38,503
Fund shares sold		262,905
Dividends		727,114
Variation margin on futures contracts		35,840
Prepaid expenses		6,555
Total Assets		970,241,244
Liabilities
Collateral for securities loaned		123,798,181
Payables for:
Fund shares redeemed		877,000
Accrued Expenses:
Management fees		168,939
Distribution and service fees		81,831
Deferred trustees’ fees		154,342
Other expenses		194,306
Total Liabilities		125,274,599
Net Assets	$	844,966,645
Net Assets Consist of:
Paid in surplus	$	663,740,342
Distributable earnings (Accumulated losses)		181,226,303
Net Assets	$	844,966,645
Net Assets
Class A	$	466,815,429
Class B		181,832,385
Class E		18,771,452
Class G		177,547,379
Capital Shares Outstanding*
Class A		28,915,898
Class B		11,727,096
Class E		1,173,659
Class G		11,546,085
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.14
Class B		15.51
Class E		15.99
Class G		15.38

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $811,392,184.
(b)	Includes securities loaned at value of $129,941,141.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	6,729,231
Interest		244,002
Securities lending income		670,599
Total investment income		7,643,832
Expenses
Management fees		1,014,682
Administration fees		23,249
Custodian and accounting fees		57,309
Distribution and service fees—Class B		219,015
Distribution and service fees—Class E		13,611
Distribution and service fees—Class G		250,493
Audit and tax services		24,816
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		38,682
Insurance		3,682
Miscellaneous		43,862
Total expenses		1,728,683
Less management fee waiver		(7,896	)
Net expenses		1,720,787
Net Investment Income		5,923,045
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		29,383,447
Futures contracts		185,217
Net realized gain (loss)		29,568,664
Net change in unrealized appreciation (depreciation) on:
Investments		27,668,261
Futures contracts		210,169
Net change in unrealized appreciation (depreciation)		27,878,430
Net realized and unrealized gain (loss)		57,447,094
Net Increase (Decrease) in Net Assets From Operations	$	63,370,139

(a) Net of foreign withholding taxes of $9,294.

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	5,923,045		$	9,953,361
Net realized gain (loss)		29,568,664			13,942,102
Net change in unrealized appreciation (depreciation)		27,878,430			(235,525,982	)
Increase (decrease) in net assets from operations		63,370,139			(211,630,519	)
From Distributions to Shareholders
Class A		(13,868,401	)		(91,952,917	)
Class B		(5,150,963	)		(36,689,310	)
Class E		(538,424	)		(3,810,032	)
Class G		(5,013,000	)		(34,310,663	)
Total distributions		(24,570,788	)		(166,762,922	)
Increase (decrease) in net assets from capital share transactions		9,607,785			116,158,599
Total increase (decrease) in net assets		48,407,136			(262,234,842	)
Net Assets
Beginning of period		796,559,509			1,058,794,351
End of period	$	844,966,645		$	796,559,509

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,693,232		$	26,869,061			1,581,100		$	28,530,255
Reinvestments		866,234			13,868,401			6,130,195			91,952,917
Redemptions		(2,505,864	)		(40,041,920	)		(3,305,338	)		(59,384,543	)
Net increase (decrease)		53,602		$	695,542			4,405,957		$	61,098,629
Class B
Sales		333,283		$	5,046,052			551,272		$	9,549,287
Reinvestments		335,131			5,150,963			2,544,335			36,689,310
Redemptions		(575,129	)		(8,838,577	)		(1,455,986	)		(24,957,387	)
Net increase (decrease)		93,285		$	1,358,438			1,639,621		$	21,281,210
Class E
Sales		49,343		$	776,735			105,288		$	1,881,073
Reinvestments		33,949			538,424			256,395			3,810,032
Redemptions		(88,185	)		(1,400,570	)		(218,489	)		(3,805,880	)
Net increase (decrease)		(4,893	)	$	(85,411	)		143,194		$	1,885,225
Class G
Sales		533,951		$	7,984,549			980,158		$	18,094,196
Reinvestments		328,721			5,013,000			2,397,670			34,310,663
Redemptions		(347,693	)		(5,358,333	)		(1,220,436	)		(20,511,324	)
Net increase (decrease)		514,979		$	7,639,216			2,157,392		$	31,893,535
Increase (decrease) derived from capital shares transactions				$	9,607,785					$	116,158,599

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.40		$	24.24		$	22.47		$	20.30		$	18.13		$	21.98
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.23			0.20			0.21			0.25			0.26
Net realized and unrealized gain (loss)		1.11			(5.23	)		3.09			3.26			4.16			(2.34	)
Total income (loss) from investment operations		1.23			(5.00	)		3.29			3.47			4.41			(2.08	)
Less Distributions
Distributions from net investment income		(0.21	)		(0.22	)		(0.25	)		(0.25	)		(0.25	)		(0.25	)
Distributions from net realized capital gains		(0.28	)		(3.62	)		(1.27	)		(1.05	)		(1.99	)		(1.52	)
			��
Total distributions		(0.49	)		(3.84	)		(1.52	)		(1.30	)		(2.24	)		(1.77	)
Net Asset Value, End of Period	$	16.14		$	15.40		$	24.24		$	22.47		$	20.30		$	18.13
Total Return (%) (b)		8.03	(c)		(20.23	)		14.52			19.62			25.62			(10.97	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.31	(d)		0.30			0.30			0.32			0.31			0.31
Net ratio of expenses to average net assets (%) (e)		0.30	(d)		0.30			0.30			0.32			0.31			0.31
Ratio of net investment income (loss) to average net assets (%)		1.58	(d)		1.25			0.80			1.16			1.27			1.17
Portfolio turnover rate (%)		12	(c)		22			36			34			19			26
Net assets, end of period (in millions)	$	466.8		$	444.6		$	592.8		$	542.2		$	504.4		$	441.5
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.79		$	23.45		$	21.79		$	19.72		$	17.66		$	21.45
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.10			0.17			0.13			0.16			0.19			0.20
Net realized and unrealized gain (loss)		1.07			(5.05	)		3.00			3.16			4.05			(2.27	)
Total income (loss) from investment operations		1.17			(4.88	)		3.13			3.32			4.24			(2.07	)
Less Distributions
Distributions from net investment income		(0.17	)		(0.16	)		(0.20	)		(0.20	)		(0.19	)		(0.20	)
Distributions from net realized capital gains		(0.28	)		(3.62	)		(1.27	)		(1.05	)		(1.99	)		(1.52	)
Total distributions		(0.45	)		(3.78	)		(1.47	)		(1.25	)		(2.18	)		(1.72	)
Net Asset Value, End of Period	$	15.51		$	14.79		$	23.45		$	21.79		$	19.72		$	17.66
Total Return (%) (b)		7.95	(c)		(20.44	)		14.23			19.35			25.30			(11.18	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.56	(d)		0.55			0.55			0.57			0.56			0.56
Net ratio of expenses to average net assets (%) (e)		0.55	(d)		0.55			0.55			0.57			0.56			0.56
Ratio of net investment income (loss) to average net assets (%)		1.33	(d)		1.00			0.54			0.91			1.01			0.92
Portfolio turnover rate (%)		12	(c)		22			36			34			19			26
Net assets, end of period (in millions)	$	181.8		$	172.1		$	234.3		$	238.3		$	227.8		$	205.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.25		$	24.03		$	22.30		$	20.15		$	18.01		$	21.84
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.11			0.20			0.16			0.18			0.22			0.22
Net realized and unrealized gain (loss)		1.10			(5.18	)		3.06			3.24			4.12			(2.31	)
Total income (loss) from investment operations		1.21			(4.98	)		3.22			3.42			4.34			(2.09	)
Less Distributions
Distributions from net investment income		(0.19	)		(0.18	)		(0.22	)		(0.22	)		(0.21	)		(0.22	)
Distributions from net realized capital gains		(0.28	)		(3.62	)		(1.27	)		(1.05	)		(1.99	)		(1.52	)
Total distributions		(0.47	)		(3.80	)		(1.49	)		(1.27	)		(2.20	)		(1.74	)
Net Asset Value, End of Period	$	15.99		$	15.25		$	24.03		$	22.30		$	20.15		$	18.01
Total Return (%) (b)		7.94	(c)		(20.33	)		14.31			19.45			25.40			(11.08	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.46	(d)		0.45			0.45			0.47			0.46			0.46
Net ratio of expenses to average net assets (%) (e)		0.45	(d)		0.45			0.45			0.47			0.46			0.46
Ratio of net investment income (loss) to average net assets (%)		1.43	(d)		1.10			0.65			1.01			1.11			1.01
Portfolio turnover rate (%)		12	(c)		22			36			34			19			26
Net assets, end of period (in millions)	$	18.8		$	18.0		$	24.9		$	24.4		$	23.9		$	21.9
	Class G
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.67		$	23.30		$	21.66		$	19.62		$	17.59		$	21.37
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.10			0.16			0.12			0.15			0.18			0.19
Net realized and unrealized gain (loss)		1.06			(5.02	)		2.99			3.14			4.03			(2.26	)
Total income (loss) from investment operations		1.16			(4.86	)		3.11			3.29			4.21			(2.07	)
Less Distributions
Distributions from net investment income		(0.17	)		(0.15	)		(0.20	)		(0.20	)		(0.19	)		(0.19	)
Distributions from net realized capital gains		(0.28	)		(3.62	)		(1.27	)		(1.05	)		(1.99	)		(1.52	)
Total distributions		(0.45	)		(3.77	)		(1.47	)		(1.25	)		(2.18	)		(1.71	)
Net Asset Value, End of Period	$	15.38		$	14.67		$	23.30		$	21.66		$	19.62		$	17.59
Total Return (%) (b)		7.91	(c)		(20.46	)		14.19			19.26			25.20			(11.20	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.61	(d)		0.60			0.60			0.62			0.61			0.61
Net ratio of expenses to average net assets (%) (e)		0.60	(d)		0.60			0.60			0.62			0.61			0.61
Ratio of net investment income (loss) to average net assets (%)		1.28	(d)		0.96			0.50			0.86			0.97			0.88
Portfolio turnover rate (%)		12	(c)		22			36			34			19			26
Net assets, end of period (in millions)	$	177.5		$	161.9		$	206.8		$	189.3		$	166.0		$	135.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Russell 2000 Index Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

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

BHFTII-30

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-31

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

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

At June 30, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $50,801,181, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(99,031,164	)	$	—	$	—	$	—	$	(99,031,164	)
Mutual Funds		(24,766,285	)		—		—		—		(24,766,285	)
Rights		(730	)		—		—		—		(730	)
Total Borrowings	$	(123,798,179	)	$	—	$	—	$	—	$	(123,798,179	)
Gross amount of recognized liabilities for securities lending transactions										$	(123,798,179	)

BHFTII-32

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

3. Investments in Derivative Instruments

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

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2023 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	45,331

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts		$185,217

Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	210,169

For the six months ended June 30, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	11,821,120

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

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the

BHFTII-33

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse. The Portfolio’s clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio’s clearing broker. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default

BHFTII-34

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

(including the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	97,251,793	$	0	$	107,691,495

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2023 were $1,014,682.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIM with respect to the Portfolio for the six months ended June 30, 2023 were $146,556.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

BHFTII-35

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	822,627,583
Gross unrealized appreciation		263,799,745
Gross unrealized (depreciation)		(117,818,767	)
Net unrealized appreciation (depreciation)	$	145,980,978

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$24,200,005	$	16,321,007	$	142,562,917	$	47,802,172	$	166,762,922	$	64,123,179

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$9,513,730	$	14,707,724	$	118,358,049	$	—	$	142,579,503

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTII-36

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-37

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-38

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Managed By MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B, D, E and G shares of the MetLife Stock Index Portfolio returned 16.72%, 16.59%, 16.66%, 16.64%, and 16.55%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 16.89%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets climbed during the first six months of 2023, driven mainly by the rally in the Information Technology sector and better than expected corporate earnings. In addition, equity investors were hopeful that the Federal Reserve would begin pausing interest rate increases soon and that the Federal Reserve would be able to successfully navigate a soft landing. Factors that weighed on the equity markets included lingering concerns about rising recession risks, the collapse of two U.S. regional banks, Silicon Valley Bank and Signature Bank, and the acquisition of Credit Suisse by UBS in an emergency rescue deal. Equity investors were also concerned about stretched equity valuations, continued high inflation, and rising bond yields.

During the first six months, the Federal Open Market Committee (the “FOMC”) met four times and decided to raise the target range from 4.25%-4.50% to 5.00%-5.25%. The FOMC stated that economic activity had continued to expand at a modest pace, the unemployment rate remained low, and inflation remained elevated. The FOMC seeks to achieve maximum employment and inflation at the rate of 2 percent over the long run.

Seven of the eleven sectors comprising the S&P 500 Index experienced a positive return for the first six months of 2023. Information Technology (25.70% beginning weight in the benchmark), up 42.8%, was the best-performing sector and had the largest positive impact on the benchmark return. Communication Services (7.30% beginning weight in the benchmark), up 36.20%; and Consumer Discretionary (9.80% beginning weight in the benchmark), up 33.10%, were the next best-performing sectors. Utilities (3.20% beginning weight), down 5.70%; Energy (5.20% beginning weight), down 5.50%; and Health Care (15.80% beginning weight), down 1.50%, were the worst-performing sectors.

The stocks with the largest positive impact to the benchmark return for the first half of the year were NVIDIA, up 189.50%; Apple, up 49.70%; and Microsoft, up 42.70%. The stocks with the largest negative impact were Pfizer, down 27.00%; AbbVie, down 15.00%; and UnitedHealth Group, down 8.70%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P 500 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P 500 Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, net asset value (NAV) rounding, and contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Management, LLC

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

¹ The S&P 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

BHFTII-1

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year		Since Inception1
MetLife Stock Index Portfolio
Class A		16.72		19.28		12.03		12.58		—
Class B		16.59		18.98		11.75		12.30		—
Class D		16.66		19.16		11.91		12.47		—
Class E		16.64		19.08		11.86		12.41		—
Class G		16.55		18.93		11.69		—		10.95
S&P 500 Index		16.89		19.59		12.31		12.86		11.54

¹ Inception dates of the Class A, Class B, Class D, Class E and Class G shares are 5/1/90, 1/2/01, 4/28/09, 5/1/01 and 11/12/14, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Apple, Inc.		7.7
Microsoft Corp.		6.8
Amazon.com, Inc.		3.1
NVIDIA Corp.		2.8
Alphabet, Inc.- Class A		1.9
Tesla, Inc.		1.9
Meta Platforms, Inc. - Class A		1.7
Alphabet, Inc. - Class C		1.7
Berkshire Hathaway, Inc. - Class B		1.6
UnitedHealth Group, Inc.		1.2

Top Sectors

	% of Net Assets
Information Technology		28.0
Health Care		13.3
Financials		13.0
Consumer Discretionary		10.6
Industrials		8.4
Communication Services		8.3
Consumer Staples		6.6
Energy		4.1
Utilities		2.6
Materials		2.5

BHFTII-2

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.26	%	$	1,000.00	$	1,167.20	$	1.40
	Hypothetical*		0.26	%	$	1,000.00	$	1,023.51	$	1.30
Class B (a)	Actual		0.51	%	$	1,000.00	$	1,165.90	$	2.74
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56
Class D (a)	Actual		0.36	%	$	1,000.00	$	1,166.60	$	1.93
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.01	$	1.81
Class E (a)	Actual		0.41	%	$	1,000.00	$	1,166.40	$	2.20
	Hypothetical*		0.41	%	$	1,000.00	$	1,022.76	$	2.06
Class G (a)	Actual		0.56	%	$	1,000.00	$	1,165.50	$	3.01
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81

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

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

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—99.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.7%
Axon Enterprise, Inc. (a)		13,661	$	2,665,534
Boeing Co. (The) (a)		110,065		23,241,325
General Dynamics Corp.		43,784		9,420,128
Howmet Aerospace, Inc.		71,592		3,548,100
Huntington Ingalls Industries, Inc. (b)		7,764		1,767,086
L3Harris Technologies, Inc.		36,874		7,218,823
Lockheed Martin Corp.		43,870		20,196,871
Northrop Grumman Corp.		27,784		12,663,947
Raytheon Technologies Corp.		284,388		27,858,649
Textron, Inc.		39,253		2,654,680
TransDigm Group, Inc.		10,157		9,082,085
				120,317,228
Air Freight & Logistics—0.6%
C.H. Robinson Worldwide, Inc. (b)		22,663		2,138,254
Expeditors International of Washington, Inc.		29,738		3,602,164
FedEx Corp.		45,008		11,157,483
United Parcel Service, Inc. - Class B		141,067		25,286,260
				42,184,161
Automobile Components—0.1%
Aptiv plc (a)		52,649		5,374,936
BorgWarner, Inc. (b)		45,617		2,231,128
				7,606,064
Automobiles—2.2%
Ford Motor Co.		764,896		11,572,877
General Motors Co.		270,565		10,432,986
Tesla, Inc. (a) (b)		524,360		137,261,717
				159,267,580
Banks—3.0%
Bank of America Corp.		1,349,431		38,715,175
Citigroup, Inc.		378,904		17,444,740
Citizens Financial Group, Inc. (b)		94,200		2,456,736
Comerica, Inc. (b)		25,627		1,085,560
Fifth Third Bancorp (b)		132,490		3,472,563
Huntington Bancshares, Inc.		280,976		3,028,921
JPMorgan Chase & Co.		568,777		82,722,927
KeyCorp (b)		182,034		1,681,994
M&T Bank Corp. (b)		32,283		3,995,344
PNC Financial Services Group, Inc. (The)		77,680		9,783,796
Regions Financial Corp.		182,627		3,254,413
Truist Financial Corp. (b)		259,236		7,867,813
U.S. Bancorp (b)		271,506		8,970,558
Wells Fargo & Co.		730,311		31,169,673
Zions Bancorp N.A.		28,825		774,240
				216,424,453
Beverages—1.7%
Brown-Forman Corp. - Class B (b)		35,598		2,377,235
Coca-Cola Co. (The)		757,539		45,618,999
Constellation Brands, Inc. - Class A		31,384		7,724,544
Keurig Dr Pepper, Inc.		163,933		5,126,185
Molson Coors Beverage Co. - Class B		36,542		2,405,925
Beverages—(Continued)
Monster Beverage Corp. (a)		148,719	$	8,542,419
PepsiCo, Inc.		268,146		49,666,002
				121,461,309
Biotechnology—1.9%
AbbVie, Inc.		343,391		46,265,070
Amgen, Inc.		103,998		23,089,636
Biogen, Inc. (a)		28,172		8,024,794
Gilead Sciences, Inc.		242,777		18,710,823
Incyte Corp. (a)		36,039		2,243,428
Moderna, Inc. (a) (b)		63,808		7,752,672
Regeneron Pharmaceuticals, Inc. (a)		21,000		15,089,340
Vertex Pharmaceuticals, Inc. (a)		50,129		17,640,896
				138,816,659
Broadline Retail—3.2%
Amazon.com, Inc. (a)		1,737,404		226,487,985
eBay, Inc.		104,078		4,651,246
Etsy, Inc. (a) (b)		24,008		2,031,317
				233,170,548
Building Products—0.4%
A.O. Smith Corp.		24,239		1,764,114
Allegion plc		17,117		2,054,382
Carrier Global Corp. (b)		162,488		8,077,279
Johnson Controls International plc		133,538		9,099,279
Masco Corp.		43,810		2,513,818
Trane Technologies plc		44,387		8,489,458
				31,998,330
Capital Markets—2.6%
Ameriprise Financial, Inc.		20,277		6,735,208
Bank of New York Mellon Corp. (The)		139,769		6,222,516
BlackRock, Inc.		29,149		20,146,040
Cboe Global Markets, Inc.		20,548		2,835,829
Charles Schwab Corp. (The)		289,241		16,394,180
CME Group, Inc.		70,013		12,972,709
FactSet Research Systems, Inc.		7,458		2,988,048
Franklin Resources, Inc. (b)		55,566		1,484,168
Goldman Sachs Group, Inc. (The)		64,706		20,870,273
Intercontinental Exchange, Inc.		108,969		12,322,215
Invesco, Ltd. (b)		89,175		1,499,032
MarketAxess Holdings, Inc.		7,332		1,916,731
Moody’s Corp.		30,715		10,680,220
Morgan Stanley		253,547		21,652,914
MSCI, Inc.		15,583		7,312,946
Nasdaq, Inc.		65,908		3,285,514
Northern Trust Corp.		40,550		3,006,377
Raymond James Financial, Inc.		37,120		3,851,942
S&P Global, Inc.		63,840		25,592,818
State Street Corp.		65,058		4,760,944
T. Rowe Price Group, Inc. (b)		43,709		4,896,282
				191,426,906

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—1.7%
Air Products & Chemicals, Inc.		43,233	$	12,949,581
Albemarle Corp.		22,838		5,094,929
Celanese Corp. (b)		19,479		2,255,668
CF Industries Holdings, Inc.		37,938		2,633,656
Corteva, Inc.		138,360		7,928,028
Dow, Inc. (b)		137,667		7,332,144
DuPont de Nemours, Inc.		89,340		6,382,450
Eastman Chemical Co.		23,191		1,941,551
Ecolab, Inc.		48,212		9,000,698
FMC Corp.		24,336		2,539,218
International Flavors & Fragrances, Inc. (b)		49,649		3,951,564
Linde plc		95,293		36,314,257
LyondellBasell Industries NV - Class A		49,381		4,534,657
Mosaic Co. (The)		64,639		2,262,365
PPG Industries, Inc.		45,820		6,795,106
Sherwin-Williams Co. (The)		45,677		12,128,157
				124,044,029
Commercial Services & Supplies—0.5%
Cintas Corp.		16,826		8,363,868
Copart, Inc. (a)		83,485		7,614,667
Republic Services, Inc.		40,013		6,128,791
Rollins, Inc.		45,079		1,930,733
Waste Management, Inc.		72,054		12,495,605
				36,533,664
Communications Equipment—0.9%
Arista Networks, Inc. (a)		48,602		7,876,440
Cisco Systems, Inc.		797,187		41,246,456
F5, Inc. (a)		11,769		1,721,334
Juniper Networks, Inc.		62,592		1,961,007
Motorola Solutions, Inc.		32,644		9,573,832
				62,379,069
Construction & Engineering—0.1%
Quanta Services, Inc. (b)		28,256		5,550,891
Construction Materials—0.2%
Martin Marietta Materials, Inc.		12,061		5,568,443
Vulcan Materials Co.		25,898		5,838,445
				11,406,888
Consumer Finance—0.5%
American Express Co.		115,728		20,159,818
Capital One Financial Corp.		74,312		8,127,503
Discover Financial Services		49,426		5,775,428
Synchrony Financial (b)		83,414		2,829,403
				36,892,152
Consumer Staples Distribution & Retail—1.8%
Costco Wholesale Corp.		86,317		46,471,346
Dollar General Corp.		42,646		7,240,438
Dollar Tree, Inc. (a)		40,469		5,807,301
Kroger Co. (The)		127,107		5,974,029
Sysco Corp.		98,617		7,317,381
Consumer Staples Distribution & Retail —(Continued)
Target Corp.		89,834		11,849,105
Walgreens Boots Alliance, Inc.		139,381		3,970,965
Walmart, Inc.		272,998		42,909,826
				131,540,391
Containers & Packaging—0.2%
Amcor plc		286,393		2,858,202
Avery Dennison Corp. (b)		15,712		2,699,322
Ball Corp. (b)		61,221		3,563,674
International Paper Co.		67,549		2,148,734
Packaging Corp. of America (b)		17,503		2,313,196
Sealed Air Corp.		28,102		1,124,080
Westrock Co.		49,851		1,449,169
				16,156,377
Distributors—0.1%
Genuine Parts Co.		27,349		4,628,271
LKQ Corp.		49,422		2,879,820
Pool Corp. (b)		7,599		2,846,890
				10,354,981
Diversified Telecommunication Services—0.7%
AT&T, Inc.		1,391,440		22,193,468
Verizon Communications, Inc.		818,240		30,430,346
				52,623,814
Electric Utilities—1.7%
Alliant Energy Corp.		48,928		2,567,741
American Electric Power Co., Inc.		100,195		8,436,419
Constellation Energy Corp. (b)		63,141		5,780,559
Duke Energy Corp.		149,995		13,460,551
Edison International		74,541		5,176,873
Entergy Corp.		41,154		4,007,165
Evergy, Inc.		44,703		2,611,549
Eversource Energy		67,896		4,815,184
Exelon Corp.		193,577		7,886,327
FirstEnergy Corp.		105,919		4,118,131
NextEra Energy, Inc.		393,827		29,221,963
NRG Energy, Inc.		44,811		1,675,483
PG&E Corp. (a)		314,641		5,436,997
Pinnacle West Capital Corp.		22,043		1,795,623
PPL Corp.		143,458		3,795,899
Southern Co. (The)		212,229		14,909,087
Xcel Energy, Inc.		107,118		6,659,526
				122,355,077
Electrical Equipment—0.6%
AMETEK, Inc.		44,858		7,261,613
Eaton Corp. plc		77,581		15,601,539
Emerson Electric Co.		111,233		10,054,351
Generac Holdings, Inc. (a) (b)		12,104		1,805,069
Rockwell Automation, Inc. (b)		22,359		7,366,173
				42,088,745

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—0.6%
Amphenol Corp. - Class A		115,869	$	9,843,072
CDW Corp.		26,234		4,813,939
Corning, Inc.		148,917		5,218,052
Keysight Technologies, Inc. (a)		34,672		5,805,826
TE Connectivity, Ltd.		61,332		8,596,293
Teledyne Technologies, Inc. (a)		9,157		3,764,534
Trimble, Inc. (a)		48,220		2,552,767
Zebra Technologies Corp. - Class A (a)		10,010		2,961,258
				43,555,741
Energy Equipment & Services—0.4%
Baker Hughes Co.		197,040		6,228,435
Halliburton Co.		175,598		5,792,978
Schlumberger NV		277,418		13,626,772
				25,648,185
Entertainment—1.4%
Activision Blizzard, Inc.		139,242		11,738,101
Electronic Arts, Inc.		50,705		6,576,438
Live Nation Entertainment, Inc. (a) (b)		28,012		2,552,173
Netflix, Inc. (a)		86,523		38,112,516
Take-Two Interactive Software, Inc. (a)		30,860		4,541,358
Walt Disney Co. (The) (a)		355,656		31,752,968
Warner Bros Discovery, Inc. (a) (b)		431,476		5,410,709
				100,684,263
Financial Services—4.2%
Berkshire Hathaway, Inc. - Class B (a)		347,089		118,357,349
Fidelity National Information Services, Inc.		115,308		6,307,348
Fiserv, Inc. (a) (b)		120,149		15,156,796
FleetCor Technologies, Inc. (a) (b)		14,371		3,608,271
Global Payments, Inc.		50,985		5,023,042
Jack Henry & Associates, Inc. (b)		14,184		2,373,409
MasterCard, Inc. - Class A		162,862		64,053,624
PayPal Holdings, Inc. (a)		217,156		14,490,820
Visa, Inc. - Class A (b)		314,962		74,797,176
				304,167,835
Food Products—1.0%
Archer-Daniels-Midland Co.		106,004		8,009,662
Bunge, Ltd.		29,311		2,765,493
Campbell Soup Co. (b)		39,053		1,785,113
Conagra Brands, Inc.		92,822		3,129,958
General Mills, Inc.		114,319		8,768,267
Hershey Co. (The)		28,667		7,158,150
Hormel Foods Corp. (b)		56,378		2,267,523
J.M. Smucker Co. (The)		20,755		3,064,891
Kellogg Co. (b)		50,034		3,372,292
Kraft Heinz Co. (The)		155,260		5,511,730
Lamb Weston Holdings, Inc.		28,358		3,259,752
McCormick & Co., Inc. (b)		48,821		4,258,656
Mondelez International, Inc. - Class A		265,063		19,333,695
Tyson Foods, Inc. - Class A		55,587		2,837,160
				75,522,342
Gas Utilities—0.0%
Atmos Energy Corp. (b)		28,122		3,271,713
Ground Transportation—0.8%
CSX Corp.		395,702		13,493,438
J.B. Hunt Transport Services, Inc.		16,139		2,921,643
Norfolk Southern Corp.		44,306		10,046,829
Old Dominion Freight Line, Inc. (b)		17,501		6,470,995
Union Pacific Corp.		118,667		24,281,641
				57,214,546
Health Care Equipment & Supplies —2.9%
Abbott Laboratories		338,458		36,898,691
Align Technology, Inc. (a)		13,850		4,897,914
Baxter International, Inc.		98,455		4,485,610
Becton Dickinson & Co.		55,279		14,594,209
Boston Scientific Corp. (a)		279,825		15,135,734
Cooper Cos., Inc. (The)		9,626		3,690,897
Dentsply Sirona, Inc.		41,355		1,655,027
DexCom, Inc. (a)		75,447		9,695,694
Edwards Lifesciences Corp. (a)		117,990		11,129,997
GE HealthCare Technologies, Inc. (a)		76,106		6,182,851
Hologic, Inc. (a)		47,902		3,878,625
IDEXX Laboratories, Inc. (a)		16,156		8,114,028
Insulet Corp. (a) (b)		13,565		3,911,332
Intuitive Surgical, Inc. (a)		68,200		23,320,308
Medtronic plc		258,946		22,813,143
ResMed, Inc.		28,598		6,248,663
STERIS plc (b)		19,324		4,347,514
Stryker Corp.		65,756		20,061,498
Teleflex, Inc. (b)		9,142		2,212,638
Zimmer Biomet Holdings, Inc.		40,594		5,910,486
				209,184,859
Health Care Providers & Services—2.9%
AmerisourceBergen Corp. (b)		31,525		6,066,356
Cardinal Health, Inc. (b)		49,553		4,686,227
Centene Corp. (a)		106,809		7,204,267
Cigna Group (The)		57,587		16,158,912
CVS Health Corp.		249,525		17,249,663
DaVita, Inc. (a)		10,768		1,081,861
Elevance Health, Inc.		46,139		20,499,096
HCA Healthcare, Inc.		40,156		12,186,543
Henry Schein, Inc. (a)		25,497		2,067,807
Humana, Inc.		24,319		10,873,755
Laboratory Corp. of America Holdings		17,245		4,161,736
McKesson Corp.		26,393		11,277,993
Molina Healthcare, Inc. (a) (b)		11,347		3,418,170
Quest Diagnostics, Inc. (b)		21,800		3,064,208
UnitedHealth Group, Inc.		181,211		87,097,255
Universal Health Services, Inc. - Class B		12,248		1,932,367
				209,026,216
Health Care REITs—0.2%
Healthpeak Properties, Inc.		106,464		2,139,926
Ventas, Inc.		77,863		3,680,584

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care REITs —(Continued)
Welltower, Inc. (b)		96,739	$	7,825,218
				13,645,728
Hotel & Resort REITs—0.0%
Host Hotels & Resorts, Inc. (b)		138,431		2,329,794
Hotels, Restaurants & Leisure—2.0%
Booking Holdings, Inc. (a)		7,189		19,412,672
Caesars Entertainment, Inc. (a)		41,886		2,134,929
Carnival Corp. (a) (b)		195,493		3,681,133
Chipotle Mexican Grill, Inc. (a)		5,370		11,486,430
Darden Restaurants, Inc. (b)		23,537		3,932,562
Domino’s Pizza, Inc.		6,878		2,317,817
Expedia Group, Inc. (a) (b)		27,755		3,036,120
Hilton Worldwide Holdings, Inc.		51,505		7,496,553
Las Vegas Sands Corp. (a)		63,963		3,709,854
Marriott International, Inc. - Class A		50,186		9,218,666
McDonald’s Corp.		142,101		42,404,359
MGM Resorts International (b)		58,770		2,581,178
Norwegian Cruise Line Holdings, Ltd. (a) (b)		82,557		1,797,266
Royal Caribbean Cruises, Ltd. (a) (b)		42,806		4,440,695
Starbucks Corp.		223,128		22,103,060
Wynn Resorts, Ltd.		20,155		2,128,570
Yum! Brands, Inc.		54,514		7,552,915
				149,434,779
Household Durables—0.4%
DR Horton, Inc.		60,409		7,351,171
Garmin, Ltd.		29,785		3,106,278
Lennar Corp. - Class A		49,392		6,189,311
Mohawk Industries, Inc. (a)		10,287		1,061,207
Newell Brands, Inc. (b)		73,344		638,093
NVR, Inc. (a) (b)		595		3,778,619
PulteGroup, Inc. (b)		43,447		3,374,963
Whirlpool Corp. (b)		10,657		1,585,655
				27,085,297
Household Products—1.4%
Church & Dwight Co., Inc. (b)		47,542		4,765,135
Clorox Co. (The)		24,061		3,826,661
Colgate-Palmolive Co.		161,462		12,439,032
Kimberly-Clark Corp.		65,665		9,065,710
Procter & Gamble Co. (The)		458,747		69,610,270
				99,706,808
Independent Power and Renewable Electricity Producers—0.0%
AES Corp. (The)		130,275		2,700,601
Industrial Conglomerates—0.8%
3M Co.		107,374		10,747,063
General Electric Co.		211,948		23,282,488
Honeywell International, Inc.		129,516		26,874,570
				60,904,121
Industrial REITs—0.3%
Prologis, Inc.		179,738		22,041,271
Insurance—2.0%
Aflac, Inc.		107,018		7,469,856
Allstate Corp. (The)		51,160		5,578,486
American International Group, Inc.		140,867		8,105,487
Aon plc - Class A		39,753		13,722,736
Arch Capital Group, Ltd. (a)		72,486		5,425,577
Arthur J. Gallagher & Co. (b)		41,691		9,154,093
Assurant, Inc.		10,345		1,300,573
Brown & Brown, Inc.		45,821		3,154,318
Chubb, Ltd.		80,612		15,522,647
Cincinnati Financial Corp.		30,599		2,977,895
Everest Re Group, Ltd.		8,345		2,852,822
Globe Life, Inc.		17,296		1,895,987
Hartford Financial Services Group, Inc. (The)		60,382		4,348,712
Lincoln National Corp.		30,031		773,599
Loews Corp.		36,816		2,186,134
Marsh & McLennan Cos., Inc.		96,289		18,110,035
MetLife, Inc. (c)		125,206		7,077,895
Principal Financial Group, Inc. (b)		43,944		3,332,713
Progressive Corp. (The)		113,932		15,081,179
Prudential Financial, Inc.		71,041		6,267,237
Travelers Cos., Inc. (The)		44,956		7,807,059
W.R. Berkley Corp. (b)		39,081		2,327,664
Willis Towers Watson plc		20,712		4,877,676
				149,350,380
Interactive Media & Services—5.3%
Alphabet, Inc. - Class A (a)		1,156,322		138,411,744
Alphabet, Inc. - Class C (a) (d)		994,655		120,323,415
Match Group, Inc. (a)		54,198		2,268,186
Meta Platforms, Inc. - Class A (a)		430,561		123,562,396
				384,565,741
IT Services—1.1%
Accenture plc - Class A		122,918		37,930,037
Akamai Technologies, Inc. (a)		29,623		2,662,219
Cognizant Technology Solutions Corp.—Class A		98,772		6,447,836
DXC Technology Co. (a)		44,314		1,184,070
EPAM Systems, Inc. (a)		11,270		2,532,933
Gartner, Inc. (a)		15,384		5,389,169
International Business Machines Corp. (b)		176,736		23,649,044
VeriSign, Inc. (a)		17,627		3,983,173
				83,778,481
Leisure Products—0.0%
Hasbro, Inc. (b)		25,359		1,642,502
Life Sciences Tools & Services—1.6%
Agilent Technologies, Inc.		57,553		6,920,748
Bio-Rad Laboratories, Inc. - Class A (a)		4,155		1,575,244
Bio-Techne Corp.		30,642		2,501,306
Charles River Laboratories International, Inc. (a)		9,962		2,094,511
Danaher Corp.		129,258		31,021,920
Illumina, Inc. (a) (b)		30,772		5,769,442
IQVIA Holdings, Inc. (a)		36,114		8,117,344
Mettler-Toledo International, Inc. (a)		4,286		5,621,689

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services —(Continued)
Revvity, Inc.		24,415	$	2,900,258
Thermo Fisher Scientific, Inc.		75,075		39,170,381
Waters Corp. (a)		11,490		3,062,545
West Pharmaceutical Services, Inc.		14,450		5,526,691
				114,282,079
Machinery—1.8%
Caterpillar, Inc.		100,306		24,680,291
Cummins, Inc.		27,553		6,754,894
Deere & Co.		52,484		21,265,992
Dover Corp.		27,219		4,018,885
Fortive Corp.		68,812		5,145,073
IDEX Corp.		14,710		3,166,475
Illinois Tool Works, Inc.		53,826		13,465,112
Ingersoll Rand, Inc. (b)		78,733		5,145,989
Nordson Corp. (b)		10,476		2,599,934
Otis Worldwide Corp.		80,440		7,159,965
PACCAR, Inc.		101,711		8,508,125
Parker-Hannifin Corp. (b)		24,971		9,739,689
Pentair plc		32,104		2,073,918
Snap-on, Inc. (b)		10,302		2,968,933
Stanley Black & Decker, Inc. (b)		29,806		2,793,120
Westinghouse Air Brake Technologies Corp.		35,008		3,839,327
Xylem, Inc.		46,569		5,244,601
				128,570,323
Media—0.7%
Charter Communications, Inc. - Class A (a)		20,222		7,428,956
Comcast Corp. - Class A		809,558		33,637,135
Fox Corp. - Class A (b)		52,367		1,780,478
Fox Corp. - Class B		26,594		848,083
Interpublic Group of Cos., Inc. (The) (b)		75,135		2,898,708
News Corp. - Class A (b)		74,145		1,445,827
News Corp. - Class B (b)		22,856		450,720
Omnicom Group, Inc. (b)		38,832		3,694,865
Paramount Global - Class B (b)		98,681		1,570,015
				53,754,787
Metals & Mining—0.4%
Freeport-McMoRan, Inc.		278,966		11,158,640
Newmont Corp.		154,678		6,598,564
Nucor Corp.		48,896		8,017,966
Steel Dynamics, Inc.		31,254		3,404,498
				29,179,668
Multi-Utilities—0.7%
Ameren Corp.		51,112		4,174,317
CenterPoint Energy, Inc.		122,819		3,580,174
CMS Energy Corp.		56,766		3,335,002
Consolidated Edison, Inc.		67,448		6,097,299
Dominion Energy, Inc.		162,702		8,426,337
DTE Energy Co.		40,115		4,413,452
NiSource, Inc.		80,396		2,198,831
Public Service Enterprise Group, Inc. (b)		97,115		6,080,370
Sempra Energy		61,241		8,916,077
Multi-Utilities —(Continued)
WEC Energy Group, Inc.		61,394		5,417,407
				52,639,266
Office REITs—0.1%
Alexandria Real Estate Equities, Inc. (b)		30,643		3,477,674
Boston Properties, Inc. (b)		27,778		1,599,735
				5,077,409
Oil, Gas & Consumable Fuels—3.7%
APA Corp. (b)		60,063		2,052,353
Chevron Corp.		339,184		53,370,602
ConocoPhillips		235,518		24,402,020
Coterra Energy, Inc.		147,426		3,729,878
Devon Energy Corp.		124,896		6,037,473
Diamondback Energy, Inc.		35,246		4,629,915
EOG Resources, Inc.		113,833		13,027,048
EQT Corp. (b)		70,388		2,895,058
Exxon Mobil Corp.		786,906		84,395,668
Hess Corp.		53,786		7,312,207
Kinder Morgan, Inc.		383,870		6,610,241
Marathon Oil Corp.		120,206		2,767,142
Marathon Petroleum Corp.		82,580		9,628,828
Occidental Petroleum Corp. (b)		139,843		8,222,768
ONEOK, Inc. (b)		87,087		5,375,010
Phillips 66		89,310		8,518,388
Pioneer Natural Resources Co.		45,493		9,425,240
Targa Resources Corp.		43,991		3,347,715
Valero Energy Corp. (b)		70,363		8,253,580
Williams Cos., Inc. (The) (b)		237,100		7,736,573
				271,737,707
Passenger Airlines—0.2%
Alaska Air Group, Inc. (a) (b)		24,895		1,323,916
American Airlines Group, Inc. (a) (b)		127,069		2,279,618
Delta Air Lines, Inc. (a) (b)		125,094		5,946,969
Southwest Airlines Co. (b)		115,821		4,193,878
United Airlines Holdings, Inc. (a)		63,834		3,502,572
				17,246,953
Personal Care Products—0.1%
Estee Lauder Cos., Inc. (The) - Class A		45,130		8,862,629
Pharmaceuticals—4.1%
Bristol-Myers Squibb Co.		408,896		26,148,899
Catalent, Inc. (a) (b)		35,051		1,519,811
Eli Lilly and Co.		153,352		71,919,021
Johnson & Johnson		505,802		83,720,347
Merck & Co., Inc.		493,871		56,987,775
Organon & Co.		49,643		1,033,071
Pfizer, Inc.		1,098,770		40,302,884
Viatris, Inc.		233,372		2,329,052
Zoetis, Inc.		89,943		15,489,084
				299,449,944

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—0.7%
Automatic Data Processing, Inc.		80,408	$	17,672,874
Broadridge Financial Solutions, Inc.		22,963		3,803,362
Ceridian HCM Holding, Inc. (a) (b)		30,174		2,020,753
Equifax, Inc. (b)		23,871		5,616,846
Jacobs Solutions, Inc.		24,689		2,935,275
Leidos Holdings, Inc.		26,697		2,362,151
Paychex, Inc.		62,447		6,985,946
Paycom Software, Inc.		9,462		3,039,573
Robert Half International, Inc. (b)		20,974		1,577,664
Verisk Analytics, Inc. (b)		28,181		6,369,751
				52,384,195
Real Estate Management & Development—0.2%
CBRE Group, Inc. - Class A (a)		60,498		4,882,794
CoStar Group, Inc. (a)		79,515		7,076,835
				11,959,629
Residential REITs—0.3%
AvalonBay Communities, Inc.		27,638		5,231,044
Camden Property Trust		20,779		2,262,210
Equity Residential		66,373		4,378,627
Essex Property Trust, Inc. (b)		12,492		2,926,876
Invitation Homes, Inc. (b)		113,145		3,892,188
Mid-America Apartment Communities, Inc.		22,706		3,448,133
UDR, Inc. (b)		60,224		2,587,223
				24,726,301
Retail REITs—0.3%
Federal Realty Investment Trust (b)		14,279		1,381,779
Kimco Realty Corp.		120,652		2,379,257
Realty Income Corp. (b)		131,032		7,834,403
Regency Centers Corp. (b)		29,950		1,850,012
Simon Property Group, Inc.		63,643		7,349,494
				20,794,945
Semiconductors & Semiconductor Equipment—7.3%
Advanced Micro Devices, Inc. (a)		313,431		35,702,925
Analog Devices, Inc.		98,456		19,180,213
Applied Materials, Inc.		164,489		23,775,240
Broadcom, Inc.		81,148		70,390,210
Enphase Energy, Inc. (a) (b)		26,673		4,467,194
First Solar, Inc. (a)		19,336		3,675,580
Intel Corp.		811,819		27,147,227
KLA Corp.		26,704		12,951,974
Lam Research Corp.		26,147		16,808,861
Microchip Technology, Inc. (b)		106,619		9,551,996
Micron Technology, Inc.		213,006		13,442,809
Monolithic Power Systems, Inc. (b)		8,769		4,737,277
NVIDIA Corp.		481,356		203,623,215
NXP Semiconductors NV		50,555		10,347,598
ON Semiconductor Corp. (a)		84,057		7,950,111
Qorvo, Inc. (a)		19,441		1,983,565
QUALCOMM, Inc.		216,822		25,810,491
Skyworks Solutions, Inc.		30,977		3,428,844
SolarEdge Technologies, Inc. (a) (b)		10,967		2,950,671
Semiconductors & Semiconductor Equipment —(Continued)
Teradyne, Inc. (b)		30,175		3,359,383
Texas Instruments, Inc.		176,660		31,802,333
				533,087,717
Software—10.2%
Adobe, Inc. (a)		89,279		43,656,538
ANSYS, Inc. (a)		16,867		5,570,664
Autodesk, Inc. (a)		41,681		8,528,349
Cadence Design Systems, Inc. (a)		53,074		12,446,914
Fair Isaac Corp. (a) (b)		4,865		3,936,807
Fortinet, Inc. (a)		126,845		9,588,214
Gen Digital, Inc.		110,712		2,053,708
Intuit, Inc.		54,604		25,019,007
Microsoft Corp.		1,447,201		492,829,828
Oracle Corp.		299,520		35,669,837
Palo Alto Networks, Inc. (a)		58,898		15,049,028
PTC, Inc. (a)		20,732		2,950,164
Roper Technologies, Inc.		20,747		9,975,158
Salesforce, Inc. (a)		190,551		40,255,804
ServiceNow, Inc. (a)		39,655		22,284,920
Synopsys, Inc. (a)		29,643		12,906,859
Tyler Technologies, Inc. (a) (b)		8,160		3,398,395
				746,120,194
Specialized REITs—1.1%
American Tower Corp.		90,708		17,591,910
Crown Castle, Inc.		84,407		9,617,334
Digital Realty Trust, Inc. (b)		56,706		6,457,112
Equinix, Inc.		18,203		14,270,060
Extra Space Storage, Inc. (b)		26,285		3,912,522
Iron Mountain, Inc. (b)		56,759		3,225,047
Public Storage (b)		30,797		8,989,028
SBA Communications Corp.		21,086		4,886,891
VICI Properties, Inc. (b)		195,459		6,143,276
Weyerhaeuser Co.		142,529		4,776,147
				79,869,327
Specialty Retail—2.1%
Advance Auto Parts, Inc.		11,567		813,160
AutoZone, Inc. (a)		3,581		8,928,722
Bath & Body Works, Inc.		44,561		1,671,037
Best Buy Co., Inc. (b)		37,878		3,104,102
CarMax, Inc. (a) (b)		30,792		2,577,290
Home Depot, Inc. (The)		197,100		61,227,144
Lowe’s Cos., Inc.		116,071		26,197,225
O’Reilly Automotive, Inc. (a)		11,849		11,319,350
Ross Stores, Inc.		66,575		7,465,055
TJX Cos., Inc. (The)		224,119		19,003,050
Tractor Supply Co. (b)		21,326		4,715,179
Ulta Beauty, Inc. (a)		9,749		4,587,831
				151,609,145
Technology Hardware, Storage & Peripherals—7.9%
Apple, Inc.		2,877,664		558,180,486
Hewlett Packard Enterprise Co.		252,220		4,237,296

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals —(Continued)
HP, Inc.		168,728	$	5,181,637
NetApp, Inc.		41,633		3,180,761
Seagate Technology Holdings plc (b)		37,483		2,319,073
Western Digital Corp. (a)		62,270		2,361,901
				575,461,154
Textiles, Apparel & Luxury Goods—0.4%
NIKE, Inc. - Class B		239,807		26,467,498
Ralph Lauren Corp. (b)		7,999		986,277
Tapestry, Inc.		45,115		1,930,922
VF Corp.		64,299		1,227,468
				30,612,165
Tobacco—0.6%
Altria Group, Inc.		347,429		15,738,534
Philip Morris International, Inc.		302,110		29,491,978
				45,230,512
Trading Companies & Distributors—0.3%
Fastenal Co.		111,140		6,556,148
United Rentals, Inc. (b)		13,378		5,958,160
WW Grainger, Inc.		8,690		6,852,847
				19,367,155
Water Utilities—0.1%
American Water Works Co., Inc.		37,884		5,407,941
Wireless Telecommunication Services—0.2%
T-Mobile U.S., Inc. (a)(b)		112,099		15,570,551
Total Common Stocks (Cost $2,623,078,989)				7,233,062,215
Mutual Funds—0.7%
Investment Company Securities—0.7%
SPDR S&P 500 ETF Trust (b) (Cost $45,222,300)		108,000		47,874,240
Short-Term Investments—0.2%
U.S. Treasury—0.2%
U.S. Treasury Bills 3.928%, 07/05/23 (e)		6,650,000		6,648,187
4.673%, 07/13/23 (e)		9,025,000		9,012,450
				15,660,637
Total Short-Term Investments (Cost $15,656,666)				15,660,637
Securities Lending Reinvestments (f)—6.6%
Security Description	Principal Amount*		Value
Certificates of Deposit—2.3%
Bank of America N.A. 5.200%, FEDEFF PRV + 0.130%, 09/08/23 (g)		4,000,000	$	3,998,160
5.440%, FEDEFF PRV + 0.370%, 11/17/23 (g)		5,000,000		4,999,855
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (g)		5,000,000		5,008,810
Bank of Nova Scotia 5.740%, SOFR + 0.680%, 08/16/23 (g)		12,000,000		12,006,516
Barclays Bank plc 5.550%, 09/22/23		5,000,000		4,999,135
BNP Paribas S.A. 5.260%, SOFR + 0.200%, 09/18/23 (g)		7,000,000		7,000,000
5.310%, SOFR + 0.250%, 09/08/23 (g)		10,000,000		10,000,000
5.510%, SOFR + 0.450%, 10/10/23 (g)		7,000,000		7,000,000
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (g)		7,000,000		7,001,799
Canadian Imperial Bank of Commerce (NY) 5.440%, SOFR + 0.380%, 12/12/23 (g)		5,000,000		4,999,755
Cooperatieve Rabobank UA 5.590%, SOFR+0.530%, 07/07/23 (g)		5,000,000		5,000,370
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (g)		3,000,000		2,997,843
KBC Bank NV 5.400%, 08/01/23		8,000,000		8,001,088
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 07/20/23		1,000,000		997,130
Zero Coupon, 08/18/23		2,000,000		1,985,600
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (g)		6,000,000		6,000,192
MUFG Bank Ltd. (NY) 5.240%, SOFR + 0.180%, 08/28/23 (g)		4,000,000		3,999,340
5.260%, SOFR + 0.200%, 08/21/23 (g)		4,000,000		3,999,568
National Westminster Bank plc Zero Coupon, 08/30/23		5,000,000		4,954,700
Nordea Bank Abp 5.410%, SOFR + 0.350%, 10/23/23 (g)		5,000,000		5,000,775
Oversea-Chinese Banking Corp., Ltd. 5.300%, SOFR + 0.240%, 08/08/23 (g)		5,000,000		5,000,135
Rabobank International 5.380%, SOFR + 0.320%, 07/12/23 (g)		1,000,000		1,000,023
Royal Bank of Canada 5.450%, FEDEFF PRV + 0.380%, 11/27/23 (g)		5,000,000		5,001,380
5.640%, SOFR + 0.580%, 09/20/23 (g)		10,000,000		10,004,380
Sumitomo Mitsui Trust Bank, Ltd. Zero Coupon, 09/08/23		4,000,000		3,958,120
Sumitomo Mitsui Trust Bank, Ltd./ New York 5.380%, SOFR + 0.320%, 07/20/23 (g)		2,000,000		2,000,094
Svenska Handelsbanken AB 5.290%, SOFR + 0.230%, 08/08/23 (g)		7,000,000		7,000,434
5.350%, SOFR + 0.290%,, 07/18/23 (g)		5,000,000		5,000,365
5.400%, SOFR + 0.340%, 10/31/23 (g)		10,000,000		10,002,690
Toronto-Dominion Bank (The) 5.520%, FEDEFF PRV + 0.450%, 10/13/23 (g)		6,000,000		6,001,296
				164,919,553

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper — 0.9%
Bank of Montreal 5.280%, 08/07/23		5,000,000	$	4,971,580
Bedford Row Funding Corp. 5.300%, SOFR + 0.240%, 07/19/23 (g)		6,000,000		6,000,084
ING U.S. Funding LLC 5.780%, SOFR + 0.720%, 08/04/23 (g)		10,000,000		10,004,730
La Banque Postale S.A. 5.250%, SOFR + 0.190%, 09/13/23 (g)		5,000,000		5,000,000
National Australia Bank, Ltd. 5.410%, SOFR + 0.350%, 12/05/23 (g)		7,000,000		6,999,076
Old Line Funding LLC 5.370%, SOFR + 0.310%, 08/30/23 (g)		5,000,000		5,000,165
Skandinaviska Enskilda Banken AB 5.330%, SOFR + 0.270%, 08/25/23 (g)		2,000,000		2,000,122
5.420%, SOFR + 0.360%, 11/15/23 (g)		10,000,000		10,001,480
5.440%, SOFR + 0.380%, 12/15/23 (g)		8,000,000		7,999,600
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (g)		9,000,000		9,000,000
				66,976,837
Repurchase Agreements — 2.7%
Barclays Bank plc Repurchase Agreement dated 06/30/23 at 5.420%, due on 10/03/23 with a maturity value of $10,143,028; collateralized by various Common Stock with an aggregate market value of $11,142,446.		10,000,000		10,000,000
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $21,799,292; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $22,225,926.		21,790,122		21,790,122
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/30/23 at 5.370%, due on 08/04/23 with a maturity value of $6,031,325; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.750%, maturity dates ranging from 08/15/28 - 05/15/33, and various Common Stock with an aggregate market value of $6,507,365.		6,000,000		6,000,000
Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $20,580,733; collateralized by various Common Stock with an aggregate market value of $22,000,003.		20,000,000		20,000,000
National Bank of Canada
Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $10,009,858; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $10,247,129.		10,000,000		10,000,000
Repurchase Agreements —(Continued)
National Bank of Canada
Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $85,085,944; collateralized by various Common Stock with an aggregate market value of $94,853,101.		85,000,000	$	85,000,000
Societe Generale
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $14,006,032; collateralized by various Common Stock with an aggregate market value of $15,581,311.		14,000,000		14,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $30,030,158; collateralized by various Common Stock with an aggregate market value of $33,412,113.		30,000,000		30,000,000
				196,790,122
Time Deposits — 0.6%
ABN AMRO Bank NV 5.060%, 07/03/23		5,000,000		5,000,000
Australia & New Zealand Banking Group, Ltd. 5.050%, 07/03/23		2,000,000		2,000,000
Banco Santander S.A. (NY) 5.060%, 07/03/23		5,000,000		5,000,000
Barclays (NY) 5.080%, 07/03/23		2,000,000		2,000,000
DZ Bank AG (NY) 5.040%, 07/03/23		5,000,000		5,000,000
National Australia Bank, Ltd. 5.050%, 07/03/23		2,000,000		2,000,000
National Bank of Canada 5.120%, OBFR + 0.050%, 07/07/23 (g)		20,000,000		20,000,000
Nordea Bank Abp 5.050%, 07/03/23		2,000,000		2,000,000
				43,000,000
Mutual Funds — 0.1%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.990% (h)		3,000,000		3,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (h)		5,000,000		5,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (h)		3,000,000		3,000,000
				11,000,000
Total Securities Lending Reinvestments (Cost $482,663,380)				482,686,512
Total Investments— 106.7% (Cost $3,166,621,335)				7,779,283,604
Other assets and liabilities (net) — (6.7)%				(489,910,241	)
Net Assets — 100.0%			$	7,289,373,363

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $531,961,987 and the collateral received consisted of cash in the amount of $482,557,435 and non-cash collateral with a value of $54,446,008. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2023, the market value of securities pledged was $14,516,400.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(h)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Futures Contracts
Futures Contracts - Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures		09/15/23		70		USD	15,708,875	$	597,510

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

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

Other Abbreviations

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

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	7,233,062,215	$	—		$	—	$	7,233,062,215
Total Mutual Funds*		47,874,240		—			—		47,874,240
Total Short-Term Investments*		—		15,660,637			—		15,660,637
Securities Lending Reinvestments
Certificates of Deposit		—		164,919,553			—		164,919,553
Commercial Paper		—		66,976,837			—		66,976,837
Repurchase Agreements		—		196,790,122			—		196,790,122
Time Deposits		—		43,000,000			—		43,000,000
Mutual Funds		11,000,000		—			—		11,000,000
Total Securities Lending Reinvestments		11,000,000		471,686,512			—		482,686,512
Total Investments	$	7,291,936,455	$	487,347,149		$	—	$	7,779,283,604
Collateral for Securities Loaned (Liability)	$	—	$	(482,557,435	)	$	—	$	(482,557,435	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	597,510	$	—		$	—	$	597,510

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	7,772,205,709
Affiliated investments at value (c)		7,077,895
Cash		22,640
Receivable for:
Investments sold		11,935,035
Fund shares sold		825,113
Dividends		4,882,988
Variation margin on futures contracts		209,271
Prepaid expenses		57,807
Total Assets		7,797,216,458
Liabilities
Collateral for securities loaned		482,557,435
Payables for:
Fund shares redeemed		22,599,571
Accrued Expenses:
Management fees		1,393,523
Distribution and service fees		422,041
Deferred trustees’ fees		170,484
Other expenses		700,041
Total Liabilities		507,843,095
Net Assets	$	7,289,373,363
Net Assets Consist of:
Paid in surplus	$	2,542,413,117
Distributable earnings (Accumulated losses)		4,746,960,246
Net Assets	$	7,289,373,363
Net Assets
Class A	$	5,119,253,210
Class B		1,986,454,735
Class D		43,642,111
Class E		128,077,504
Class G		11,945,803
Capital Shares Outstanding*
Class A		91,054,617
Class B		37,665,158
Class D		778,848
Class E		2,302,265
Class G		226,724
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	56.22
Class B		52.74
Class D		56.03
Class E		55.63
Class G		52.69

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $3,161,893,729.
(b)	Includes securities loaned at value of $531,961,987.
(c)	Identified cost of affiliated investments was $4,727,606.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	58,109,009
Dividends from affiliated investments		134,199
Interest		313,579
Securities lending income		663,541
Total investment income		59,220,328
Expenses
Management fees		8,531,283
Administration fees		131,971
Custodian and accounting fees		165,770
Distribution and service fees - Class B		2,337,937
Distribution and service fees - Class D		20,427
Distribution and service fees - Class E		91,053
Distribution and service fees - Class G		17,199
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		113,478
Insurance		32,727
Miscellaneous		382,393
Total expenses		11,886,505
Less management fee waiver		(425,096	)
Net expenses		11,461,409
Net Investment Income		47,758,919
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		189,436,268
Affiliated investments		145,586
Futures contracts		995,358
Net realized gain (loss)		190,577,212
Net change in unrealized appreciation (depreciation) on:
Investments		831,540,225
Affiliated investments		(2,225,579	)
Futures contracts		1,133,760
Net change in unrealized appreciation (depreciation)		830,448,406
Net realized and unrealized gain (loss)		1,021,025,618
Net Increase (Decrease) in Net Assets From Operations	$	1,068,784,537

(a) Net of foreign withholding taxes of $15,446.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	47,758,919		$	96,702,297
Net realized gain (loss)		190,577,212			470,932,624
Net change in unrealized appreciation (depreciation)		830,448,406			(2,140,430,274	)
Increase (decrease) in net assets from operations		1,068,784,537			(1,572,795,353	)
From Distributions to Shareholders
Class A		(394,921,310	)		(523,222,271	)
Class B		(157,894,581	)		(209,856,290	)
Class D		(3,308,461	)		(4,616,007	)
Class E		(9,782,094	)		(13,361,393	)
Class G		(947,670	)		(1,417,670	)
Total distributions		(566,854,116	)		(752,473,631	)
Increase (decrease) in net assets from capital share transactions		217,817,282			98,868,314
Total increase (decrease) in net assets		719,747,703			(2,226,400,670	)
Net Assets
Beginning of period		6,569,625,660			8,796,026,330
End of period	$	7,289,373,363		$	6,569,625,660

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,574,249		$	86,401,398			2,899,300		$	162,358,051
Reinvestments		7,151,780			394,921,310			10,227,175			523,222,271
Redemptions		(5,695,331	)		(315,502,687	)		(10,635,824	)		(616,395,193	)
Net increase (decrease)		3,030,698		$	165,820,021			2,490,651		$	69,185,129
Class B
Sales		579,437		$	30,392,425			1,991,762		$	109,929,514
Reinvestments		3,048,158			157,894,581			4,350,255			209,856,290
Redemptions		(2,625,840	)		(137,708,904	)		(5,159,347	)		(287,833,483	)
Net increase (decrease)		1,001,755		$	50,578,102			1,182,670		$	31,952,321
Class D
Sales		7,706		$	430,713			2,641		$	153,238
Reinvestments		60,121			3,308,461			90,510			4,616,007
Redemptions		(48,272	)		(2,683,225	)		(112,530	)		(6,391,127	)
Net increase (decrease)		19,555		$	1,055,949			(19,379	)	$	(1,621,882	)
Class E
Sales		21,506		$	1,211,344			48,836		$	2,860,744
Reinvestments		179,028			9,782,094			263,746			13,361,393
Redemptions		(183,175	)		(10,065,578	)		(270,123	)		(15,805,606	)
Net increase (decrease)		17,359		$	927,860			42,459		$	416,531
Class G
Sales		1,133		$	58,907			5,776		$	322,416
Reinvestments		18,312			947,670			29,424			1,417,670
Redemptions		(30,254	)		(1,571,227	)		(50,935	)		(2,803,871	)
Net increase (decrease)		(10,809	)	$	(564,650	)		(15,735	)	$	(1,063,785	)
Increase (decrease) derived from capital shares transactions				$	217,817,282					$	98,868,314

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	52.23		$	71.87		$	60.62		$	56.03		$	47.25		$	53.40
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.41			0.82			0.77			0.87			1.02			1.01
Net realized and unrealized gain (loss)		8.24			(14.10	)		15.72			8.22			13.01			(3.11	)
Total income (loss) from investment operations		8.65			(13.28	)		16.49			9.09			14.03			(2.10	)
Less Distributions
Distributions from net investment income		(0.81	)		(0.80	)		(1.04	)		(1.04	)		(1.17	)		(0.98	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)		(3.07	)
Total distributions		(4.66	)		(6.36	)		(5.24	)		(4.50	)		(5.25	)		(4.05	)
Net Asset Value, End of Period	$	56.22		$	52.23		$	71.87		$	60.62		$	56.03		$	47.25
Total Return (%) (b)		16.72	(c)		(18.30	)		28.36			18.10			31.15			(4.60	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28	(d)		0.28			0.28			0.28			0.28			0.28
Net ratio of expenses to average net assets (%) (e)		0.26	(d)		0.26			0.26			0.27			0.27			0.27
Ratio of net investment income (loss) to average net assets (%)		1.47	(d)		1.40			1.17			1.63			1.95			1.90
Portfolio turnover rate (%)		4	(c)		10			12			13			12			14
Net assets, end of period (in millions)	$	5,119.3		$	4,597.2		$	6,147.5		$	5,319.9		$	4,933.6		$	4,117.9
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	49.18		$	68.09		$	57.69		$	53.53		$	45.34		$	51.39
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.32			0.63			0.58			0.71			0.85			0.84
Net realized and unrealized gain (loss)		7.76			(13.35	)		14.92			7.82			12.45			(2.97	)
Total income (loss) from investment operations		8.08			(12.72	)		15.50			8.53			13.30			(2.13	)
Less Distributions
Distributions from net investment income		(0.67	)		(0.63	)		(0.90	)		(0.91	)		(1.03	)		(0.85	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)		(3.07	)
Total distributions		(4.52	)		(6.19	)		(5.10	)		(4.37	)		(5.11	)		(3.92	)
Net Asset Value, End of Period	$	52.74		$	49.18		$	68.09		$	57.69		$	53.53		$	45.34
Total Return (%) (b)		16.59	(c)		(18.51	)		28.04			17.83			30.80			(4.83	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(d)		0.53			0.53			0.53			0.53			0.53
Net ratio of expenses to average net assets (%) (e)		0.51	(d)		0.51			0.51			0.52			0.52			0.52
Ratio of net investment income (loss) to average net assets (%)		1.22	(d)		1.15			0.92			1.38			1.70			1.65
Portfolio turnover rate (%)		4	(c)		10			12			13			12			14
Net assets, end of period (in millions)	$	1,986.5		$	1,803.1		$	2,415.9		$	2,158.0		$	2,043.2		$	1,779.4

Please see page 18 for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data

	Class D
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	52.04		$	71.62		$	60.43		$	55.86		$	47.11		$	53.24
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.38			0.75			0.70			0.82			0.96			0.95
Net realized and unrealized gain (loss)		8.21			(14.04	)		15.66			8.19			12.98			(3.09	)
Total income (loss) from investment operations		8.59			(13.29	)		16.36			9.01			13.94			(2.14	)
Less Distributions
Distributions from net investment income		(0.75	)		(0.73	)		(0.97	)		(0.98	)		(1.11	)		(0.92	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)		(3.07	)
Total distributions		(4.60	)		(6.29	)		(5.17	)		(4.44	)		(5.19	)		(3.99	)
Net Asset Value, End of Period	$	56.03		$	52.04		$	71.62		$	60.43		$	55.86		$	47.11
Total Return (%) (b)		16.66	(c)		(18.38	)		28.23			17.99			31.03			(4.69	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.38	(d)		0.38			0.38			0.38			0.38			0.38
Net ratio of expenses to average net assets (%) (e)		0.36	(d)		0.36			0.36			0.37			0.37			0.37
Ratio of net investment income (loss) to average net assets (%)		1.37	(d)		1.29			1.07			1.54			1.85			1.80
Portfolio turnover rate (%)		4	(c)		10			12			13			12			14
Net assets, end of period (in millions)	$	43.6		$	39.5		$	55.8		$	48.1		$	48.3		$	45.1
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	51.68		$	71.17		$	60.08		$	55.56		$	46.88		$	53.01
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.36			0.72			0.67			0.79			0.93			0.92
Net realized and unrealized gain (loss)		8.16			(13.96	)		15.57			8.14			12.91			(3.08	)
Total income (loss) from investment operations		8.52			(13.24	)		16.24			8.93			13.84			(2.16	)
Less Distributions
Distributions from net investment income		(0.72	)		(0.69	)		(0.95	)		(0.95	)		(1.08	)		(0.90	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)		(3.07	)
Total distributions		(4.57	)		(6.25	)		(5.15	)		(4.41	)		(5.16	)		(3.97	)
Net Asset Value, End of Period	$	55.63		$	51.68		$	71.17		$	60.08		$	55.56		$	46.88
Total Return (%) (b)		16.64	(c)		(18.43	)		28.17			17.93			30.93			(4.72	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43	(d)		0.43			0.43			0.43			0.43			0.43
Net ratio of expenses to average net assets (%) (e)		0.41	(d)		0.41			0.41			0.42			0.42			0.42
Ratio of net investment income (loss) to average net assets (%)		1.32	(d)		1.25			1.02			1.48			1.80			1.75
Portfolio turnover rate (%)		4	(c)		10			12			13			12			14
Net assets, end of period (in millions)	$	128.1		$	118.1		$	159.6		$	143.3		$	140.2		$	125.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class G
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	49.11		$	67.87		$	57.51		$	53.39		$	45.24		$	51.30
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.30			0.60			0.54			0.68			0.82			0.82
Net realized and unrealized gain (loss)		7.75			(13.31	)		14.89			7.78			12.44			(2.98	)
Total income (loss) from investment operations		8.05			(12.71	)		15.43			8.46			13.26			(2.16	)
Less Distributions
Distributions from net investment income		(0.62	)		(0.49	)		(0.87	)		(0.88	)		(1.03	)		(0.83	)
Distributions from net realized capital gains		(3.85	)		(5.56	)		(4.20	)		(3.46	)		(4.08	)		(3.07	)
Total distributions		(4.47	)		(6.05	)		(5.07	)		(4.34	)		(5.11	)		(3.90	)
Net Asset Value, End of Period	$	52.69		$	49.11		$	67.87		$	57.51		$	53.39		$	45.24
Total Return (%) (b)		16.55	(c)		(18.55	)		27.99			17.74			30.77			(4.89	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(d)		0.58			0.58			0.58			0.58			0.58
Net ratio of expenses to average net assets (%) (e)		0.56	(d)		0.56			0.56			0.57			0.57			0.57
Ratio of net investment income (loss) to average net assets (%)		1.17	(d)		1.09			0.87			1.33			1.65			1.60
Portfolio turnover rate (%)		4	(c)		10			12			13			12			14
Net assets, end of period (in millions)	$	11.9		$	11.7		$	17.2		$	23.2		$	21.8		$	16.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

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

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

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTII-19

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

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

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

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-20

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

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

At June 30, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $196,790,122, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-21

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(468,606,118	)	$	—	$	—	$	—	$	(468,606,118	)
Mutual Funds		(13,951,317	)		—		—		—		(13,951,317	)
Total Borrowings	$	(482,557,435	)	$	—	$	—	$	—	$	(482,557,435	)
Gross amount of recognized liabilities for securities lending transactions										$	(482,557,435	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the futures contract or option may not correlate perfectly with changes in the value of the underlying asset. The exchange’s clearinghouse, as counterparty to all futures, guarantees the futures contracts against default.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2023 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts (a)	$	597,510

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	995,358
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	1,133,760

For the six months ended June 30, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	16,640,833

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

BHFTII-22

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty

BHFTII-23

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse. The Portfolio’s clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio’s clearing broker. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 0	$	309,095,152	$	0	$	601,894,762

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2023 were $8,531,283.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Management, LLC (“MIM”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIM an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.020%	On the first $500 million
0.015%	Of the next $500 million
0.010%	Of the next $1 billion
0.005%	On amounts over $2 billion

Fees earned by MIM with respect to the Portfolio for the six months ended June 30, 2023 were $257,406.

BHFTII-24

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2023 is as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Realized Gain / (Loss)		Change in Unrealized Appreciation / (Depreciation)			Ending Value as of June 30, 2023		Income earned from affiliates during the period		Number of shares held at June 30, 2023
MetLife, Inc.	$	9,600,170	$	17,667	$	(459,949	)	$	145,586	$	(2,225,579	)	$	7,077,895	$	134,199		125,206

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTII-25

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) — (Continued)

9. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	3,270,784,903
Gross unrealized appreciation		4,727,821,590
Gross unrealized (depreciation)		(211,023,441	)
Net unrealized appreciation (depreciation)	$	4,516,798,149

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$104,263,779	$	146,110,100	$	648,209,852	$	488,720,904	$	752,473,631	$	634,831,004

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$93,784,150	$	472,230,507	$	3,679,184,055	$	—	$	4,245,198,712

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-26

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-27

Brighthouse Funds Trust II

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B, E and F shares of the MFS Total Return Portfolio returned 4.32%, 4.20%, 4.24%, and 4.23%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg U.S. Aggregate Bond Index², returned 16.89% and 2.09%, respectively. A blend of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) returned 10.81%.

MARKET ENVIRONMENT / CONDITIONS

During the reporting period, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially, but the effects of tighter monetary policy may not be fully experienced yet, given that monetary policy works with long and variable lags. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional U.S. banks, which suffered from deposit flight as depositors sought higher yields on their savings. Those shifts exposed an asset-liability mismatch that forced the closure of several institutions by regulators. Given the importance of small and mid-sized lenders to the provision of credit in the U.S., concerns were raised in the aftermath of the crisis that credit availability could become constrained, leading to slower economic growth. China’s abandonment of its zero-COVID policy ushered in an uptick in economic activity in the world’s second-largest economy in early 2023. In developed markets, consumer demand, particularly for services, remained solid.

Policymakers found themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, central banks remained focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to juggle achieving their inflation mandates while using macroprudential tools to keep banking systems liquid, a potentially difficult balancing act.

Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, signs that supply chains have generally normalized, the lifting of COVID-19 restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels have peaked were supportive factors for the macroeconomic backdrop during the reporting period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its blended benchmark during the reporting period. Overall, the equity portion of the Portfolio notably underperformed the S&P 500 Index, while the fixed income portion slightly outperformed the Bloomberg U.S. Aggregate Bond Index.

Within the equity portion of the Portfolio, an underweight allocation and stock selection within the Information Technology (“IT”) sector was the primary drag on performance relative to the S&P 500 Index. Within this sector, not owning shares of strong-performing computer and personal electronics maker Apple and computer graphics processor maker Nvidia, and an underweight position in software giant Microsoft weighed on relative results.

Stock selection and an overweight position in the Financials sector also weakened relative returns led by the Portfolio’s overweight positions in financial services providers Charles Schwab, Goldman Sachs Group and Truist Financial. Elsewhere, not holding shares of social networking service provider Meta Platforms, electric vehicle manufacturer Tesla, internet retailer Amazon.com, and an overweight position in global health services provider Cigna further held back relative results.

Conversely, an underweight position in the Real Estate sector contributed to relative performance. Stock selection within the Industrials sector also supported relative returns, led by the Portfolio’s overweight holding of leading diversified industrial manufacturer Eaton.

Within the fixed income portion of the Portfolio, there were no material factors that detracted from relative performance. An overweight to corporate bonds was additive, as was security selection and a down-in-credit-quality bias within the sector, particularly among Industrials. Out-of-benchmark exposure to Collateralized Loan Obligations (“CLOs”) also contributed to relative performance. Moreover, an underweight in U.S. Treasuries, which funded the overweight in various credit sectors, contributed as credit delivered excess returns over U.S. Treasuries.

At the end of June, the equity portion of the Portfolio had the largest overweight allocations in Financials and Industrials. In contrast, the largest underweight allocations were in IT and Consumer Discretionary. Over the trailing six months, the equity portion of the Portfolio increased its weighting in the IT, Communication Services and Industrials sectors, while decreasing its exposure to Financials and Health Care.

The fixed income portion of the Portfolio ended the period approximately neutral duration relative to the Bloomberg U.S. Aggregate Bond Index. The Portfolio was underweight U.S. Treasuries and overweight corporate bonds, Asset- Backed Securities, Commercial Mortgage-Backed Securities, Agency Mortgage-Backed Securities (“MBS”), and CLOs.

Over the trailing six months, the fixed income portion of the Portfolio increased exposure to Agency MBS and decreased exposure to U.S. Treasuries due to improving relative value in Agency MBS. In addition, the Portfolio increased exposure to corporate bonds, largely in A and BBB-rated issues.

BHFTII-1

Brighthouse Funds Trust II

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

The Portfolio utilized U.S. Treasury futures during the period for yield curve management purposes to ensure that overall portfolio duration and yield curve positioning was consistent with the team’s views. Specifically, U.S. Treasury futures used in the Portfolio reduced duration in the 10-year part of the curve, while adding duration in the 2-year, 5-year, and 30-year parts of the curve. Using U.S. Treasury futures instead of cash bonds to achieve this positioning allowed greater efficiency in modestly adjusting duration and yield positioning over the course of the period.

Steven Gorham

Joshua Marston

Johnathan Munko

Alexander Mackey

Portfolio Managers

Massachusetts Financial Services Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The S&P 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTII-2

Brighthouse Funds Trust II

MFS Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX & THE S&P 500 INDEX & THE BLENDED INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
MFS Total Return Portfolio
Class A		4.32		8.19		6.52		7.00
Class B		4.20		7.93		6.25		6.73
Class E		4.24		8.03		6.36		6.84
Class F		4.23		7.98		6.31		6.78
Bloomberg U.S. Aggregate Bond Index		2.09		-0.94		0.77		1.52
S&P 500 Index		16.89		19.59		12.31		12.86
Blended Index		10.81		11.24		7.94		8.45

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Equity Sectors

	% of Net Assets
Financials		14.4
Industrials		9.3
Health Care		9.2
Information Technology		7.9
Communication Services		4.8

Top Equity Holdings

	% of Net Assets
Microsoft Corp.		2.6
Goldman Sachs Group, Inc. (The)		2.0
JPMorgan Chase & Co.		1.9
Eaton Corp. plc		1.9
Comcast Corp.		1.8

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		14.2
Agency Mortgage-Backed Securities		13.0
Asset-Backed Securities		4.6
U.S. Treasury		4.3
Non-Agency Mortgage-Backed Securities		1.8

Top Fixed Income Issuers

	% of Net Assets
Fannie Mae 30 Yr. Pool		5.2
U.S. Treasury Bonds		2.9
Ginnie Mae II 30 Yr. Pool		2.8
Freddie Mac 30 Yr. Pool		1.6
U.S. Treasury Notes		1.4

BHFTII-3

Brighthouse Funds Trust II

MFS Total Return Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.61	%	$	1,000.00	$	1,043.20	$	3.09
	Hypothetical*		0.61	%	$	1,000.00	$	1,021.77	$	3.06
Class B (a)	Actual		0.86	%	$	1,000.00	$	1,042.00	$	4.35
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.53	$	4.31
Class E (a)	Actual		0.76	%	$	1,000.00	$	1,042.40	$	3.85
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class F (a)	Actual		0.81	%	$	1,000.00	$	1,042.30	$	4.10
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—60.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.2%
General Dynamics Corp.		10,329	$	2,222,284
Howmet Aerospace, Inc.		36,851		1,826,336
L3Harris Technologies, Inc.		18,305		3,583,570
				7,632,190
Automobile Components—1.3%
Aptiv plc (a)		47,376		4,836,616
Lear Corp. (b)		22,971		3,297,487
				8,134,103
Banks—4.1%
Bank of America Corp.		261,746		7,509,493
JPMorgan Chase & Co.		80,724		11,740,499
PNC Financial Services Group, Inc. (The)		19,494		2,455,269
Truist Financial Corp.		131,578		3,993,392
				25,698,653
Beverages—0.8%
Constellation Brands, Inc. - Class A		12,514		3,080,071
Diageo plc		43,706		1,874,810
				4,954,881
Biotechnology—0.3%
Vertex Pharmaceuticals, Inc. (a)		5,149		1,811,985
Building Products—2.3%
Johnson Controls International plc		111,340		7,586,708
Masco Corp.		116,009		6,656,596
				14,243,304
Capital Markets—6.0%
Cboe Global Markets, Inc.		18,618		2,569,470
Charles Schwab Corp. (The)		175,156		9,927,842
CME Group, Inc.		11,192		2,073,766
Goldman Sachs Group, Inc. (The)		39,267		12,665,178
Invesco, Ltd. (b)		79,228		1,331,823
Morgan Stanley		55,655		4,752,937
Northern Trust Corp.		49,680		3,683,275
				37,004,291
Chemicals—1.9%
Axalta Coating Systems, Ltd. (a)		123,897		4,065,061
DuPont de Nemours, Inc.		48,667		3,476,770
PPG Industries, Inc.		30,168		4,473,914
				12,015,745
Construction Materials—0.4%
Vulcan Materials Co.		10,966		2,472,175
Consumer Staples Distribution & Retail—0.9%
Dollar Tree, Inc. (a)		5,753		825,555
Walmart, Inc.		28,532		4,484,660
				5,310,215
Distributors—0.7%
LKQ Corp.		70,925		4,132,800
Electric Utilities—2.4%
Duke Energy Corp.		38,138		3,422,504
Exelon Corp.		66,104		2,693,077
PG&E Corp. (a)		241,402		4,171,427
Southern Co. (The)		65,337		4,589,924
				14,876,932
Electrical Equipment—2.7%
Eaton Corp. plc		57,667		11,596,833
Regal Rexnord Corp.		32,922		5,066,696
				16,663,529
Entertainment—0.4%
Electronic Arts, Inc.		14,536		1,885,319
Warner Bros Discovery, Inc. (a)		51,732		648,719
				2,534,038
Financial Services—1.0%
Fidelity National Information Services, Inc.		43,985		2,405,980
Fiserv, Inc. (a)		28,043		3,537,624
				5,943,604
Food Products—0.8%
Archer-Daniels-Midland Co.		24,954		1,885,524
Danone S.A.		28,243		1,730,642
J.M. Smucker Co. (The)		8,744		1,291,226
				4,907,392
Ground Transportation—0.9%
Union Pacific Corp.		28,234		5,777,241
Health Care Equipment & Supplies—1.7%
Becton Dickinson & Co.		7,619		2,011,492
Boston Scientific Corp. (a)		46,852		2,534,225
Medtronic plc		70,919		6,247,964
				10,793,681
Health Care Providers & Services—2.4%
Cigna Group (The)		32,916		9,236,230
McKesson Corp.		13,250		5,661,857
				14,898,087
Hotels, Restaurants & Leisure—0.5%
Booking Holdings, Inc. (a)		508		1,371,768
Wendy’s Co. (The)		67,091		1,459,229
				2,830,997
Industrial Conglomerates—0.6%
Honeywell International, Inc.		19,495		4,045,213

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—3.3%
Aon plc - Class A		21,825	$	7,533,990
Chubb, Ltd.		29,247		5,631,802
Travelers Cos., Inc. (The)		14,740		2,559,748
Willis Towers Watson plc		21,381		5,035,226
				20,760,766
Interactive Media & Services—1.1%
Alphabet, Inc. - Class A (a)		57,174		6,843,728
IT Services—1.5%
Accenture plc - Class A		11,025		3,402,094
Amdocs, Ltd.		38,013		3,757,585
Cognizant Technology Solutions Corp. - Class A		33,206		2,167,688
				9,327,367
Life Sciences Tools & Services—0.9%
Danaher Corp.		7,303		1,752,720
ICON plc (a) (b)		14,687		3,674,687
				5,427,407
Machinery—1.2%
Ingersoll Rand, Inc.		63,225		4,132,386
Stanley Black & Decker, Inc.		34,410		3,224,561
				7,356,947
Media—2.5%
Comcast Corp. - Class A		271,248		11,270,354
Omnicom Group, Inc.		45,500		4,329,325
				15,599,679
Metals & Mining—0.2%
Glencore plc		258,409		1,465,835
Multi-Utilities—0.3%
National Grid plc		122,639		1,620,566
Oil, Gas & Consumable Fuels—3.2%
ConocoPhillips		69,038		7,153,027
Hess Corp.		42,543		5,783,721
Pioneer Natural Resources Co.		19,752		4,092,220
Suncor Energy, Inc.		103,644		3,040,276
				20,069,244
Personal Care Products—0.2%
Kenvue, Inc. (a) (b)		46,609		1,231,410
Pharmaceuticals—3.9%
Bayer AG		71,440		3,949,630
Johnson & Johnson		57,206		9,468,737
Merck & Co., Inc.		11,762		1,357,217
Organon & Co.		45,175		940,092
Pfizer, Inc.		131,199		4,812,379
Pharmaceuticals—(Continued)
Roche Holding AG		11,944		3,650,033
				24,178,088
Professional Services—0.3%
Dun & Bradstreet Holdings, Inc. (b)		157,977		1,827,794
Semiconductors & Semiconductor Equipment—3.0%
Analog Devices, Inc.		5,830		1,135,742
Applied Materials, Inc.		28,069		4,057,093
Intel Corp.		148,457		4,964,402
NXP Semiconductors NV		28,277		5,787,737
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		24,933		2,516,238
				18,461,212
Software—3.0%
Microsoft Corp.		46,492		15,832,386
Oracle Corp.		21,599		2,572,225
				18,404,611
Specialty Retail—0.1%
Ross Stores, Inc.		8,389		940,659
Technology Hardware, Storage & Peripherals—0.2%
Seagate Technology Holdings plc		22,823		1,412,059
Tobacco—1.0%
Philip Morris International, Inc.		61,768		6,029,792
Wireless Telecommunication Services—0.8%
T-Mobile U.S., Inc. (a)		34,271		4,760,242
Total Common Stocks (Cost $285,446,735)				372,398,462
U.S. Treasury & Government Agencies—17.3%
Agency Sponsored Mortgage-Backed—13.0%
Fannie Mae 15 Yr. Pool
2.000%, 12/01/36		80,123		71,030
2.000%, 03/01/37		28,158		24,962
2.000%, 04/01/37		224,885		199,362
2.000%, 05/01/37		2,809,915		2,491,004
2.500%, 11/01/31		18,494		17,107
2.500%, 10/01/36		122,485		111,529
2.500%, 05/01/37		33,956		30,908
2.500%, 09/01/37		446,692		406,587
2.500%, 11/01/37		264,025		240,320
3.000%, 11/01/28		44,248		42,178
3.000%, 09/01/30		28,895		27,473
3.000%, 12/01/31		455,623		428,894
3.000%, 08/01/33		18,515		17,365
3.000%, 10/01/33		422,552		396,221
3.000%, 12/01/33		38,135		35,759

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 20 Yr. Pool
1.500%, 02/01/42		32,461	$	26,266
2.000%, 02/01/42		699,805		594,486
2.000%, 03/01/42		435,509		368,573
2.000%, 04/01/42		728,183		618,291
2.500%, 03/01/42		338,718		294,521
2.500%, 04/01/42		528,034		458,533
3.000%, 07/01/37		58,198		53,676
3.000%, 11/01/37		101,989		93,958
3.500%, 04/01/38		95,494		90,360
Fannie Mae 30 Yr. Pool
1.500%, 09/01/51		986,364		762,969
2.000%, 01/01/51		50,648		41,641
2.000%, 02/01/51		85,012		70,020
2.000%, 04/01/51		187,476		153,501
2.000%, 10/01/51		75,330		61,510
2.000%, 12/01/51		4,119,736		3,365,279
2.000%, 02/01/52		389,198		317,575
2.000%, 03/01/52		3,891,458		3,182,947
2.000%, 04/01/52		910,918		745,434
2.000%, 07/01/52		120,947		98,747
2.500%, 02/01/50		193,360		165,758
2.500%, 06/01/50		38,985		33,580
2.500%, 07/01/50		374,252		322,659
2.500%, 10/01/50		340,171		292,718
2.500%, 05/01/51		962,656		817,960
2.500%, 06/01/51		703,594		599,006
2.500%, 08/01/51		126,840		108,387
2.500%, 10/01/51		48,476		41,161
2.500%, 11/01/51		963,715		819,874
2.500%, 12/01/51		1,089,084		928,403
2.500%, 01/01/52		996,846		851,321
2.500%, 02/01/52		268,596		228,092
2.500%, 03/01/52		642,314		549,777
2.500%, 04/01/52		343,793		291,664
2.500%, 05/01/52		1,088,162		923,428
3.000%, 09/01/46		90,351		80,885
3.000%, 04/01/51		24,910		21,956
3.000%, 06/01/51		113,766		101,198
3.000%, 12/01/51		673,473		596,316
3.000%, 01/01/52		312,032		277,417
3.000%, 03/01/52		800,089		704,954
3.000%, 04/01/52		169,334		149,265
3.000%, 05/01/52		954,917		841,168
3.000%, 08/01/52		341,222		300,409
3.000%, 09/01/52		25,357		22,336
3.000%, 12/01/52		943,028		830,218
3.500%, 11/01/41		26,423		24,756
3.500%, 01/01/42		252,823		236,710
3.500%, 01/01/43		87,464		81,739
3.500%, 04/01/43		291,273		272,119
3.500%, 05/01/43		251,669		235,118
3.500%, 07/01/43		352,900		329,191
3.500%, 08/01/43		137,502		128,578
3.500%, 09/01/43		499,997		466,546
3.500%, 02/01/45		413,215		384,683
3.500%, 09/01/45		344,672		320,703
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.500%, 10/01/45		287,139		267,067
3.500%, 01/01/46		104,454		97,144
3.500%, 05/01/46		106,748		99,277
3.500%, 07/01/46		366,330		340,689
3.500%, 05/01/52		166,968		152,184
3.500%, 02/01/53		40,936		37,311
4.000%, 09/01/40		256,081		246,221
4.000%, 11/01/40		74,815		71,934
4.000%, 12/01/40		172,573		165,034
4.000%, 02/01/41		93,281		89,689
4.000%, 06/01/41		175,400		168,645
4.000%, 11/01/41		75,277		72,379
4.000%, 01/01/42		504,703		485,259
4.000%, 04/01/42		49,267		47,381
4.000%, 10/01/42		62,744		60,346
4.000%, 12/01/42		63,833		61,390
4.000%, 01/01/43		79,753		76,506
4.000%, 04/01/43		16,900		16,249
4.000%, 05/01/43		142,012		136,540
4.000%, 06/01/43		72,543		69,750
4.000%, 07/01/43		54,929		52,727
4.000%, 04/01/44		42,065		40,444
4.000%, 05/01/44		141,556		136,104
4.000%, 11/01/44		49,270		47,133
4.000%, 06/01/47		167,928		160,723
4.500%, 08/01/33		47,933		47,218
4.500%, 03/01/34		135,138		133,205
4.500%, 06/01/38		250,000		245,206
4.500%, 01/01/40		38,571		38,090
4.500%, 08/01/40		11,279		11,138
4.500%, 02/01/41		70,041		69,167
4.500%, 04/01/41		142,188		140,413
4.500%, 11/01/42		34,361		33,933
4.500%, 01/01/43		90,174		89,049
4.500%, 04/01/44		552,930		546,030
4.500%, 06/01/44		51,003		49,198
4.500%, 09/01/52		452,061		435,858
5.000%, 11/01/33		27,802		28,000
5.000%, 03/01/34		23,991		24,161
5.000%, 05/01/34		7,763		7,818
5.000%, 08/01/34		9,455		9,522
5.000%, 09/01/34		37,171		37,435
5.000%, 06/01/35		26,862		27,053
5.000%, 07/01/35		71,471		71,980
5.000%, 08/01/35		23,040		23,204
5.000%, 09/01/35		14,924		15,030
5.000%, 10/01/35		62,538		62,985
5.000%, 03/01/38		225,000		223,539
5.000%, 07/01/39		38,025		37,936
5.000%, 10/01/39		35,061		35,366
5.000%, 11/01/39		18,521		18,603
5.000%, 11/01/40		29,803		29,677
5.000%, 03/01/41		23,775		23,936
5.000%, 06/01/53		499,999		489,977
5.500%, 02/01/33		1,851		1,842
5.500%, 05/01/33		1,630		1,623

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.500%, 06/01/33		54,037	$	54,753
5.500%, 07/01/33		45,160		46,208
5.500%, 11/01/33		27,623		28,019
5.500%, 01/01/34		32,264		32,461
5.500%, 02/01/34		36,995		37,620
5.500%, 03/01/34		16,267		16,286
5.500%, 04/01/34		17,102		17,029
5.500%, 05/01/34		95,314		96,127
5.500%, 06/01/34		135,991		138,803
5.500%, 07/01/34		35,324		35,397
5.500%, 09/01/34		138,517		138,862
5.500%, 10/01/34		124,044		124,643
5.500%, 11/01/34		177,813		179,793
5.500%, 12/01/34		57,150		57,320
5.500%, 01/01/35		105,780		108,445
5.500%, 04/01/35		28,385		29,005
5.500%, 07/01/35		7,169		7,135
5.500%, 09/01/35		71,821		73,675
5.500%, 11/01/52		1,563,036		1,558,876
6.000%, 02/01/32		32,534		32,854
6.000%, 03/01/34		9,315		9,462
6.000%, 04/01/34		90,473		92,154
6.000%, 06/01/34		85,182		87,450
6.000%, 07/01/34		53,159		54,317
6.000%, 08/01/34		79,996		81,612
6.000%, 10/01/34		48,530		49,221
6.000%, 11/01/34		21,617		21,868
6.000%, 12/01/34		6,769		6,835
6.000%, 08/01/35		5,073		5,118
6.000%, 09/01/35		13,712		13,965
6.000%, 10/01/35		33,481		34,122
6.000%, 11/01/35		3,416		3,446
6.000%, 12/01/35		30,416		31,004
6.000%, 02/01/36		41,936		42,408
6.000%, 04/01/36		16,820		16,984
6.000%, 06/01/36		4,053		4,204
6.000%, 07/01/37		27,127		27,592
6.000%, 12/01/52		99,443		101,962
6.000%, 02/01/53		144,586		150,737
6.500%, 06/01/31		7,878		8,133
6.500%, 09/01/31		15,420		15,756
6.500%, 02/01/32		5,149		5,336
6.500%, 07/01/32		25,593		26,637
6.500%, 08/01/32		15,526		16,010
6.500%, 01/01/33		11,681		11,978
6.500%, 04/01/34		30,930		31,694
6.500%, 06/01/34		9,340		9,546
6.500%, 04/01/36		9,740		9,945
6.500%, 05/01/36		14,941		15,266
6.500%, 02/01/37		34,463		35,364
6.500%, 05/01/37		5,799		5,921
6.500%, 07/01/37		14,692		15,030
Fannie Mae Pool 5.000%, 03/01/26		74,503		74,414
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae REMICS (CMO)
2.000%, 10/25/40		1,509		1,496
2.000%, 05/25/44		11,927		11,451
2.000%, 04/25/46		57,658		51,248
3.000%, 02/25/33 (c)		68,425		5,984
3.000%, 02/25/34		93,307		84,507
3.250%, 05/25/40		27,115		24,860
4.000%, 10/25/40		38,744		36,863
4.000%, 07/25/46 (c)		87,966		16,331
5.000%, 03/25/25		4,291		4,228
Freddie Mac 15 Yr. Gold Pool
4.500%, 08/01/24		8,656		8,554
Freddie Mac 15 Yr. Pool
2.000%, 04/01/37		469,876		416,548
2.500%, 04/01/37		203,025		184,812
2.500%, 05/01/37		133,953		121,974
Freddie Mac 20 Yr. Gold Pool
3.000%, 01/01/38		196,737		181,361
3.500%, 11/01/37		135,344		128,215
4.000%, 08/01/37		35,907		34,633
Freddie Mac 20 Yr. Pool 2.000%, 02/01/42		476,864		405,098
Freddie Mac 30 Yr. Gold Pool
3.000%, 10/01/42		237,359		214,516
3.000%, 04/01/43		586,593		530,151
3.000%, 05/01/43		502,738		454,370
3.000%, 05/01/46		204,198		183,905
3.000%, 10/01/46		460,191		412,389
3.000%, 11/01/46		479,814		430,176
3.500%, 02/01/42		193,840		181,694
3.500%, 04/01/42		132,448		124,152
3.500%, 12/01/42		346,854		325,121
3.500%, 04/01/43		61,261		57,421
3.500%, 07/01/43		16,655		15,568
3.500%, 08/01/43		201,090		187,770
3.500%, 12/01/45		111,359		103,685
3.500%, 12/01/46		161,631		149,820
4.000%, 11/01/40		161,683		155,634
4.000%, 01/01/41		349,381		336,305
4.000%, 04/01/44		124,348		119,139
4.500%, 04/01/35		14,142		13,951
4.500%, 07/01/39		61,150		60,456
4.500%, 09/01/39		33,956		33,571
4.500%, 10/01/39		19,076		18,860
4.500%, 12/01/39		30,284		29,940
4.500%, 05/01/42		55,302		54,675
5.000%, 09/01/33		54,231		54,681
5.000%, 03/01/34		17,218		17,167
5.000%, 04/01/34		10,070		10,154
5.000%, 08/01/35		11,038		11,130
5.000%, 11/01/35		20,697		20,869
5.000%, 12/01/36		14,601		14,722
5.000%, 07/01/39		99,974		100,807
5.500%, 12/01/33		73,713		75,132

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
5.500%, 01/01/34		47,597	$	48,758
5.500%, 04/01/34		8,332		8,307
5.500%, 11/01/34		8,655		8,711
5.500%, 05/01/35		13,709		13,678
5.500%, 09/01/35		13,009		12,970
5.500%, 10/01/35		16,359		16,343
6.000%, 04/01/34		33,533		33,946
6.000%, 07/01/34		16,550		16,832
6.000%, 08/01/34		91,623		94,300
6.000%, 09/01/34		2,000		2,022
6.000%, 07/01/35		13,425		13,955
6.000%, 08/01/35		15,656		16,274
6.000%, 11/01/35		16,896		17,564
6.000%, 10/01/36		7,578		7,664
6.000%, 05/01/37		32,007		32,873
6.000%, 06/01/37		10,083		10,266
6.500%, 05/01/34		7,660		7,829
6.500%, 06/01/34		23,565		24,159
6.500%, 08/01/34		13,265		13,563
6.500%, 11/01/34		33,997		34,791
6.500%, 05/01/37		14,140		14,468
6.500%, 07/01/37		16,038		16,588
Freddie Mac 30 Yr. Pool
1.500%, 03/01/51		111,137		86,294
2.000%, 08/01/51		27,922		22,839
2.000%, 02/01/52		523,929		429,457
2.000%, 03/01/52		1,728,635		1,411,744
2.000%, 04/01/52		133,778		109,151
2.000%, 05/01/52		107,158		87,401
2.500%, 04/01/48		63,673		54,769
2.500%, 02/01/51		168,817		144,039
2.500%, 09/01/51		34,950		29,689
2.500%, 10/01/51		292,638		250,122
2.500%, 12/01/51		2,441,258		2,074,989
2.500%, 03/01/52		418,201		356,550
2.500%, 04/01/52		523,093		443,777
3.000%, 03/01/48		40,704		36,351
3.000%, 07/01/50		18,519		16,519
3.000%, 01/01/52		327,459		288,902
3.000%, 05/01/52		369,597		325,489
3.500%, 12/01/46		372,752		345,333
3.500%, 05/01/52		109,502		100,461
3.500%, 02/01/53		484,064		441,197
4.000%, 08/01/47		197,773		187,058
4.000%, 10/01/52		1,220,137		1,145,180
4.500%, 10/01/52		501,566		482,285
5.000%, 05/01/23		40,991		40,315
5.000%, 10/01/35		34,116		34,267
5.000%, 08/01/52		554,784		544,918
5.000%, 02/01/53		809,009		792,793
5.500%, 04/01/53		199,094		200,369
6.000%, 03/01/36		12,914		13,040
6.000%, 01/01/53		475,000		479,161
6.500%, 10/01/34		24,059		24,822
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates
0.324%, 11/25/27 (c) (d)		5,207,000		46,608
0.376%, 12/25/27 (c) (d)		3,235,000		35,025
0.399%, 11/25/24 (c) (d)		4,908,000		18,538
0.406%, 09/25/27 (c) (d)		3,341,000		39,095
0.414%, 11/25/27 (c) (d)		3,604,046		38,382
0.415%, 12/25/27 (c) (d)		3,579,000		45,203
0.420%, 01/25/31 (c) (d)		1,569,135		29,785
0.433%, 11/25/32 (c) (d)		2,628,900		51,919
0.436%, 08/25/24 (c) (d)		4,897,000		25,543
0.441%, 11/25/31 (c) (d)		2,325,421		57,581
0.456%, 11/25/27 (c) (d)		3,260,827		40,392
0.459%, 08/25/27 (c) (d)		3,107,000		42,183
0.465%, 10/25/24 (c) (d)		5,624,021		17,901
0.492%, 12/25/27 (c) (d)		5,551,011		79,437
0.505%, 08/25/24 (c) (d)		7,803,180		31,403
0.553%, 08/25/27 (c) (d)		2,044,423		30,646
0.597%, 12/25/31 (c) (d)		2,074,891		69,858
0.608%, 08/25/31 (c) (d)		484,179		16,138
0.612%, 03/25/31 (c) (d)		1,258,922		39,195
0.632%, 09/25/31 (c) (d)		1,578,796		55,611
0.636%, 07/25/24 (c) (d)		4,483,000		25,181
0.665%, 12/25/31 (c) (d)		3,517,256		134,497
0.707%, 07/25/27 (c) (d)		3,760,472		72,769
0.727%, 07/25/24 (c) (d)		1,327,659		5,538
0.777%, 06/25/27 (c) (d)		4,356,000		104,034
0.828%, 03/25/31 (c) (d)		539,591		25,392
0.873%, 01/25/31 (c) (d)		658,188		32,041
0.885%, 06/25/27 (c) (d)		1,435,270		34,667
0.955%, 09/25/31 (c) (d)		453,515		25,385
1.027%, 01/25/31 (c) (d)		441,180		25,499
1.039%, 07/25/31 (c) (d)		361,575		22,251
1.041%, 04/25/24 (c) (d)		1,287,726		6,244
1.172%, 11/25/30 (c) (d)		400,945		26,130
1.220%, 07/25/29 (c) (d)		255,494		13,647
1.263%, 09/25/30 (c) (d)		229,735		15,937
1.268%, 08/25/29 (c) (d)		1,582,225		89,034
1.325%, 05/25/31 (c) (d)		240,722		18,614
1.436%, 06/25/30 (c) (d)		396,103		30,691
1.704%, 08/25/30 (c) (d)		357,560		33,261
1.769%, 05/25/30 (c) (d)		384,386		36,260
1.907%, 05/25/30 (c) (d)		1,002,928		101,769
1.916%, 04/25/30 (c) (d)		300,000		30,420
1.985%, 04/25/30 (c) (d)		808,011		82,844
3.060%, 07/25/23 (d)		3,136		3,124
3.458%, 08/25/23 (d)		277,432		276,313
Freddie Mac REMICS (CMO)
3.000%, 07/15/39		36,386		33,648
3.500%, 08/15/42		144,210		133,518
4.500%, 12/15/40 (c)		11,532		962
5.000%, 01/15/40		48,629		48,221
5.500%, 02/15/36 (c)		16,454		2,584
Ginnie Mae I 30 Yr. Pool
3.500%, 12/15/41		203,492		191,931
3.500%, 02/15/42		34,790		32,814
4.500%, 09/15/33		25,395		24,899

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
4.500%, 11/15/39		55,582	$	54,859
4.500%, 03/15/40		86,777		85,476
4.500%, 04/15/40		86,475		84,339
4.500%, 06/15/40		28,411		27,801
5.000%, 03/15/34		8,891		8,982
5.000%, 06/15/34		21,530		21,751
5.000%, 12/15/34		7,411		7,430
5.000%, 06/15/35		5,673		5,662
5.500%, 11/15/32		39,570		39,735
5.500%, 08/15/33		59,068		59,342
5.500%, 12/15/33		41,930		42,618
5.500%, 09/15/34		26,897		27,257
5.500%, 10/15/35		7,208		7,249
6.000%, 12/15/28		10,621		10,779
6.000%, 12/15/31		5,187		5,255
6.000%, 03/15/32		802		811
6.000%, 10/15/32		59,583		62,269
6.000%, 01/15/33		383		390
6.000%, 02/15/33		956		969
6.000%, 04/15/33		59,974		62,648
6.000%, 08/15/33		412		417
6.000%, 07/15/34		22,720		23,124
6.000%, 09/15/34		16,855		17,049
6.000%, 01/15/38		42,889		44,230
Ginnie Mae II 30 Yr. Pool
2.000%, 01/20/52		1,182,349		993,821
2.000%, 03/20/52		839,426		705,428
2.500%, 08/20/51		271,455		235,379
2.500%, 09/20/51		1,106,111		958,794
2.500%, 11/20/51		1,028,048		890,093
2.500%, 04/20/52		2,208,399		1,912,644
3.000%, 04/20/45		82,544		75,244
3.000%, 04/20/46		37,212		33,871
3.000%, 08/20/46		40,728		36,999
3.000%, 09/20/46		92,863		84,425
3.000%, 11/20/47		437,335		395,920
3.000%, 01/20/48		611,912		554,363
3.000%, 02/20/48		36,591		33,039
3.000%, 04/20/48		12,593		11,391
3.000%, 11/20/51		172,235		154,372
3.000%, 02/20/52		158,249		141,642
3.000%, 05/20/52		214,616		191,919
3.000%, 06/20/52		831,674		743,814
3.000%, 11/20/52		460,869		412,332
3.500%, 06/20/43		211,615		199,413
3.500%, 07/20/43		264,420		249,143
3.500%, 11/20/47		35,826		33,510
3.500%, 03/20/48		418,143		391,151
3.500%, 10/20/52		697,078		643,286
4.000%, 01/20/41		232,773		226,014
4.000%, 02/20/41		58,175		56,486
4.000%, 04/20/41		46,762		45,406
4.000%, 02/20/42		60,057		58,313
4.000%, 09/20/52		97,252		92,015
4.000%, 10/20/52		806,512		763,080
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.500%, 07/20/33		4,216		4,186
4.500%, 09/20/33		2,819		2,799
4.500%, 12/20/34		1,663		1,652
4.500%, 03/20/35		13,574		13,480
4.500%, 01/20/41		65,663		65,205
4.500%, 09/20/52		1,505,608		1,453,687
4.500%, 11/20/52		664,437		641,327
4.500%, 12/20/52		714,951		690,067
5.000%, 07/20/33		10,577		10,592
5.000%, 01/20/53		49,692		48,843
5.000%, 03/20/53		546,715		537,376
5.000%, 05/20/53		1,446,990		1,422,274
5.000%, TBA (e)		50,000		49,133
5.500%, 02/20/53		622,143		619,479
5.500%, 04/20/53		448,674		446,686
5.500%, TBA (e)		275,000		273,711
6.000%, 01/20/35		14,634		15,313
6.000%, 02/20/35		7,128		7,457
6.000%, 04/20/35		12,517		13,096
Government National Mortgage Association (CMO)
0.589%, 02/16/59 (c) (d)		763,232		25,129
4.000%, 07/20/41		47,555		45,502
4.500%, 10/20/33		105,124		100,400
4.500%, 09/20/41		29,345		28,213
Uniform Mortgage-Backed Securities 15 Yr. Pool
4.500%, TBA (e)		250,000		245,117
5.000%, TBA (e)		250,000		248,350
Uniform Mortgage-Backed Securities 30 Yr. Pool
2.000%, TBA (e)		1,775,000		1,447,388
3.000%, TBA (e)		275,000		242,011
5.000%, TBA (e)		400,000		391,937
				80,800,116
U.S. Treasury—4.3%
U.S. Treasury Bonds
1.750%, 08/15/41		2,600,000		1,826,602
1.875%, 11/15/51		650,000		429,051
2.250%, 02/15/52		2,200,000		1,589,844
2.375%, 02/15/42		1,800,000		1,401,398
2.375%, 11/15/49		11,245,000		8,396,413
2.500%, 02/15/45		68,000		52,647
2.875%, 05/15/43		2,550,000		2,132,936
2.875%, 11/15/46		2,439,000		2,010,174
U.S. Treasury Notes
0.375%, 11/30/25 (f)		3,400,000		3,069,031
2.500%, 03/31/27		6,200,000		5,810,320
				26,718,416
Total U.S. Treasury & Government Agencies (Cost $121,491,465)				107,518,532

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—14.2%

Security Description	Principal Amount*		Value
Aerospace/Defense—0.1%
BAE Systems plc 3.400%, 04/15/30 (144A)		336,000	$	303,835
Raytheon Technologies Corp. 4.125%, 11/16/28		502,000		483,494
				787,329
Agriculture—0.4%
BAT International Finance plc 4.448%, 03/16/28		1,224,000		1,155,345
Philip Morris International, Inc.
5.125%, 11/17/27 (b)		250,000		250,765
5.125%, 02/15/30		301,000	��	297,611
5.625%, 11/17/29		108,000		110,045
5.750%, 11/17/32		476,000		487,460
				2,301,226
Auto Manufacturers—0.2%
Hyundai Capital America 2.650%, 02/10/25 (144A) (b)		256,000		242,609
Stellantis Finance U.S., Inc. 2.691%, 09/15/31 (144A)		1,012,000		808,675
Volkswagen Group of America Finance LLC 3.350%, 05/13/25 (144A) (b)		305,000		292,110
				1,343,394
Auto Parts & Equipment—0.1%
Lear Corp. 4.250%, 05/15/29 (b)		217,000		202,657
Magna International, Inc. 2.450%, 06/15/30 (b)		620,000		524,939
				727,596
Banks—2.8%
Bank of America Corp.
2.572%, SOFR + 1.210%, 10/20/32 (b) (d)		961,000		782,735
3.366%, 3M TSFR + 1.072%, 01/23/26 (b) (d)		527,000		504,925
Barclays plc
2.894%, 1Y H15 + 1.300%, 11/24/32 (d)		259,000		203,825
7.437%, 1Y H15 + 3.500%, 11/02/33 (d)		574,000		621,005
Deutsche Bank AG
2.311%, SOFR + 1.219%, 11/16/27 (d)		258,000		221,709
6.720%, SOFR + 3.180%, 01/18/29 (b) (d)		628,000		628,895
Goldman Sachs Group, Inc. (The)
2.383%, SOFR + 1.248%, 07/21/32 (d)		891,000		713,690
2.600%, 02/07/30 (b)		667,000		568,069
HSBC Holdings plc
4.000%, 5Y H15 + 3.222%, 03/09/26 (d)		200,000		169,142
4.700%, 5Y H15 + 3.250%, 03/09/31 (b) (d)		332,000		248,307
JPMorgan Chase & Co.
2.545%, SOFR + 1.180%, 11/08/32 (d)		1,450,000		1,188,020
2.739%, 3M TSFR + 1.510%, 10/15/30 (b) (d)		277,000		238,614
2.963%, SOFR + 1.260%, 01/25/33 (d)		555,000		467,539
3.782%, 3M TSFR + 1.599%, 02/01/28 (b) (d)		1,110,000		1,055,875
3.897%, 3M TSFR + 1.482%, 01/23/49 (d)		320,000		258,665
Banks—(Continued)
Macquarie Group, Ltd. 4.442%, SOFR + 2.405%, 06/21/33 (144A) (d)		1,713,000		1,527,539
Mitsubishi UFJ Financial Group, Inc. 2.852%, 1Y H15 + 1.100%, 01/19/33 (b) (d)		920,000		758,220
Morgan Stanley
2.699%, SOFR + 1.143%, 01/22/31 (d)		718,000		610,654
2.943%, SOFR + 1.290%, 01/21/33 (d)		919,000		763,898
Northern Trust Corp. 6.125%, 11/02/32 (b)		761,000		788,961
Royal Bank of Canada 1.150%, 06/10/25 (b)		850,000		784,638
State Street Corp. 2.901%, SOFR + 2.600%, 03/30/26 (b) (d)		108,000		102,993
Sumitomo Mitsui Financial Group, Inc. 2.472%, 01/14/29 (b)		1,536,000		1,309,775
UBS Group AG 2.095%, 1Y H15 + 1.000%, 02/11/32 (144A) (b) (d)		1,883,000		1,426,142
Wells Fargo & Co. 3.350%, SOFR + 1.500%, 03/02/33 (d)		1,499,000		1,282,925
				17,226,760
Beverages—0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.375%, 04/15/38		208,000		192,582
8.000%, 11/15/39		868,000		1,095,026
Constellation Brands, Inc. 3.500%, 05/09/27 (b)		456,000		431,457
Diageo Capital plc 2.375%, 10/24/29		835,000		723,720
Keurig Dr Pepper, Inc. 3.200%, 05/01/30 (b)		93,000		83,390
				2,526,175
Building Materials—0.2%
Carrier Global Corp. 3.377%, 04/05/40 (b)		665,000		510,504
Martin Marietta Materials, Inc. 2.500%, 03/15/30		56,000		47,315
Masco Corp. 2.000%, 02/15/31 (b)		1,141,000		900,052
Vulcan Materials Co. 3.500%, 06/01/30 (b)		115,000		103,895
				1,561,766
Chemicals—0.1%
RPM International, Inc. 2.950%, 01/15/32 (b)		443,000		350,444
Sherwin-Williams Co. (The) 2.300%, 05/15/30 (b)		461,000		387,095
				737,539
Commercial Services—0.6%
Ashtead Capital, Inc. 5.500%, 08/11/32 (144A)		764,000		739,218

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
ERAC USA Finance LLC 7.000%, 10/15/37 (144A)		602,000	$	687,939
Experian Finance plc 4.250%, 02/01/29 (144A)		533,000		504,962
Global Payments, Inc.
1.200%, 03/01/26 (b)		583,000		518,098
2.900%, 11/15/31 (b)		467,000		379,910
RELX Capital, Inc. 3.000%, 05/22/30 (b)		174,000		155,123
Verisk Analytics, Inc.
4.125%, 03/15/29 (b)		570,000		544,105
5.750%, 04/01/33 (b)		413,000		432,367
				3,961,722
Cosmetics/Personal Care—0.2%
Haleon U.S. Capital LLC 3.375%, 03/24/29		542,000		492,473
Kenvue, Inc. 4.900%, 03/22/33 (144A)		566,000		572,687
				1,065,160
Diversified Financial Services—1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.450%, 10/29/26		1,700,000		1,518,356
3.650%, 07/21/27		320,000		293,070
4.875%, 01/16/24		150,000		148,946
Air Lease Corp.
2.200%, 01/15/27 (b)		410,000		363,565
2.875%, 01/15/32		538,000		431,986
Avolon Holdings Funding, Ltd.
3.250%, 02/15/27 (144A) (b)		640,000		570,178
4.375%, 05/01/26 (144A)		215,000		200,890
Capital One Financial Corp.
3.273%, SOFR + 1.790%, 03/01/30 (d)		1,091,000		926,345
3.750%, 03/09/27 (b)		554,000		516,014
Charles Schwab Corp. (The) 5.853%, SOFR + 2.500%, 05/19/34 (b) (d)		842,000		854,534
Intercontinental Exchange, Inc. 2.100%, 06/15/30 (b)		657,000		549,834
LPL Holdings, Inc. 4.375%, 05/15/31 (144A) (b)		693,000		598,729
Morgan Stanley Domestic Holdings, Inc. 4.500%, 06/20/28		310,000		298,596
Raymond James Financial, Inc. 4.950%, 07/15/46		696,000		627,694
				7,898,737
Electric—1.2%
American Electric Power Co., Inc. 5.950%, 11/01/32 (b)		368,000		383,683
Brazos Securitization LLC 5.243%, 09/01/40 (144A)		448,000		447,255
Duke Energy Carolinas LLC 4.950%, 01/15/33		1,151,000		1,142,474
Electric—(Continued)
Duke Energy Corp.
2.650%, 09/01/26 (b)		99,000		91,498
4.500%, 08/15/32 (b)		875,000		824,939
Electricite de France S.A. 6.900%, 05/23/53 (144A)		200,000		207,245
Enel Finance International NV 6.800%, 10/14/25 (144A)		315,000		320,867
Evergy, Inc. 2.900%, 09/15/29		505,000		440,658
Exelon Corp. 4.050%, 04/15/30		533,000		498,076
FirstEnergy Corp. 3.400%, 03/01/50		330,000		227,423
Georgia Power Co. 3.700%, 01/30/50		44,000		33,640
Jersey Central Power & Light Co.
2.750%, 03/01/32 (144A)		275,000		226,825
4.300%, 01/15/26 (144A)		422,000		408,173
Oncor Electric Delivery Co. LLC 5.750%, 03/15/29 (b)		646,000		670,505
Pacific Gas and Electric Co.
2.100%, 08/01/27 (b)		145,000		123,857
2.500%, 02/01/31		466,000		364,824
3.000%, 06/15/28 (b)		418,000		360,282
3.300%, 08/01/40 (b)		283,000		190,661
Xcel Energy, Inc. 3.400%, 06/01/30 (b)		297,000		264,470
				7,227,355
Electronics—0.1%
Arrow Electronics, Inc. 2.950%, 02/15/32 (b)		749,000		618,114
Entertainment—0.1%
Warnermedia Holdings, Inc.
5.050%, 03/15/42		564,000		475,377
5.141%, 03/15/52		493,000		401,424
				876,801
Environmental Control—0.0%
Republic Services, Inc. 1.450%, 02/15/31 (b)		272,000		213,466
Gas—0.2%
APA Infrastructure, Ltd.
4.200%, 03/23/25 (144A) (b)		1,100,000		1,066,250
4.250%, 07/15/27 (144A) (b)		84,000		80,020
East Ohio Gas Co. (The)
2.000%, 06/15/30 (144A)		365,000		294,054
NiSource, Inc. 5.650%, 02/01/45		136,000		135,877
				1,576,201

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*			Value
Healthcare-Products—0.1%
Alcon Finance Corp. 2.600%, 05/27/30 (144A)		200,000		$	170,467
Boston Scientific Corp. 2.650%, 06/01/30 (b)		470,000			409,497
					579,964
Healthcare-Services—0.6%
Adventist Health System 5.430%, 03/01/32 (b)		731,000			724,676
HCA, Inc.
4.125%, 06/15/29		567,000			524,695
4.375%, 03/15/42 (144A)		348,000			287,483
5.125%, 06/15/39 (b)		522,000			484,250
Humana, Inc.
3.700%, 03/23/29		543,000			497,320
5.875%, 03/01/33		486,000			505,053
Laboratory Corp. of America Holdings 4.700%, 02/01/45		152,000			131,646
Northwell Healthcare, Inc.
3.979%, 11/01/46		51,000			39,857
4.260%, 11/01/47		407,000			334,015
					3,528,995
Insurance—0.7%
AIA Group, Ltd. 3.375%, 04/07/30 (144A) (b)		804,000			734,981
Aon Corp.
3.750%, 05/02/29 (b)		539,000			498,929
4.500%, 12/15/28 (b)		564,000			542,657
Brown & Brown, Inc. 4.200%, 03/17/32		618,000			554,980
Corebridge Financial, Inc. 3.900%, 04/05/32 (b)		955,000			829,797
Fairfax Financial Holdings Ltd. 5.625%, 08/16/32		870,000			840,404
Liberty Mutual Group, Inc. 3.951%, 10/15/50 (144A)		331,000			242,073
					4,243,821
Internet—0.1%
Booking Holdings, Inc. 4.625%, 04/13/30		424,000			413,129
Lodging—0.3%
Las Vegas Sands Corp. 3.900%, 08/08/29 (b)		257,000			229,311
Marriott International, Inc.
2.750%, 10/15/33 (b)		475,000			377,504
2.850%, 04/15/31		2,000			1,681
4.000%, 04/15/28 (b)		553,000			521,516
4.625%, 06/15/30 (b)		582,000			557,254
					1,687,266
Machinery-Diversified—0.2%
CNH Industrial Capital LLC
1.875%, 01/15/26		135,000			123,276
4.200%, 01/15/24 (b)		540,000			534,628
Westinghouse Air Brake Technologies Corp.
3.200%, 06/15/25 (b)		248,000			235,387
4.950%, 09/15/28		660,000			635,728
					1,529,019
Media—0.5%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
3.500%, 06/01/41		628,000			424,782
5.250%, 04/01/53 (b)		505,000			407,880
5.375%, 05/01/47		132,000			109,105
6.384%, 10/23/35 (b)		310,000			302,153
Cox Communications, Inc. 1.800%, 10/01/30 (144A)		404,000			317,783
Time Warner Cable Enterprises LLC 8.375%, 07/15/33		592,000			650,295
Walt Disney Co. (The) 3.500%, 05/13/40 (b)		1,344,000			1,111,236
					3,323,234
Mining—0.4%
Anglo American Capital plc
2.625%, 09/10/30 (144A) (b)		1,340,000			1,105,342
3.875%, 03/16/29 (144A) (b)		200,000			181,750
5.625%, 04/01/30 (144A)		524,000			521,604
Glencore Funding LLC
2.500%, 09/01/30 (144A)		502,000			411,051
2.850%, 04/27/31 (144A) (b)		208,000			171,691
					2,391,438
Oil & Gas—0.6%
BP Capital Markets America, Inc. 2.721%, 01/12/32 (b)		1,226,000			1,040,941
Eni S.p.A. 4.750%, 09/12/28 (144A)		1,046,000			1,021,228
Phillips 66 2.150%, 12/15/30 (b)		904,000	��		737,654
Valero Energy Corp. 6.625%, 06/15/37 (b)		596,000			639,498
					3,439,321
Pharmaceuticals—0.0%
Cigna Group (The) 3.200%, 03/15/40		148,000			113,772
Pipelines—0.7%
Cheniere Corpus Christi Holdings LLC 3.700%, 11/15/29 (b)		514,000			465,383
Enbridge, Inc. 2.500%, 01/15/25		273,000			259,623
Energy Transfer L.P. 5.750%, 02/15/33 (b)		631,000			635,130

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Kinder Morgan Energy Partners L.P. 4.150%, 02/01/24		522,000	$	516,884
ONEOK, Inc. 4.950%, 07/13/47		729,000		600,734
Plains All American Pipeline L.P. / PAA Finance Corp. 3.800%, 09/15/30 (b)		538,000		477,360
Sabine Pass Liquefaction LLC 4.500%, 05/15/30 (b)		147,000		139,733
Spectra Energy Partners L.P. 3.375%, 10/15/26		236,000		221,570
Targa Resources Corp.
4.200%, 02/01/33		217,000		192,075
6.125%, 03/15/33 (b)		647,000		661,098
				4,169,590
Real Estate Investment Trusts—0.7%
Boston Properties L.P. 2.550%, 04/01/32		389,000		293,144
Brixmor Operating Partnership L.P.
4.050%, 07/01/30 (b)		512,000		461,500
4.125%, 05/15/29		51,000		45,492
Crown Castle, Inc.
1.350%, 07/15/25 (b)		213,000		194,734
3.650%, 09/01/27 (b)		843,000		787,921
Equinix, Inc.
1.800%, 07/15/27 (b)		517,000		447,891
2.500%, 05/15/31 (b)		618,000		503,173
2.625%, 11/18/24 (b)		800,000		763,982
GLP Capital L.P. / GLP Financing II, Inc. 5.300%, 01/15/29 (b)		513,000		488,455
Realty Income Corp. 3.250%, 01/15/31		153,000		133,728
				4,120,020
Retail—0.3%
Alimentation Couche-Tard, Inc. 3.439%, 05/13/41 (144A)		619,000		446,013
Best Buy Co., Inc. 4.450%, 10/01/28 (b)		587,000		568,309
Genuine Parts Co. 2.750%, 02/01/32 (b)		814,000		667,937
				1,682,259
Semiconductors—0.3%
Broadcom, Inc.
3.187%, 11/15/36 (144A)		803,000		606,870
3.469%, 04/15/34 (144A)		347,000		284,647
4.150%, 11/15/30		153,000		140,767
4.300%, 11/15/32 (b)		395,000		362,326
4.926%, 05/15/37 (144A)		208,000		188,241
				1,582,851
Shipbuilding—0.0%
Huntington Ingalls Industries, Inc.
3.844%, 05/01/25 (b)		158,000		151,921
Software—0.2%
Fiserv, Inc. 2.650%, 06/01/30		198,000		168,737
Oracle Corp. 4.900%, 02/06/33		213,000		206,760
Roper Technologies, Inc.
2.000%, 06/30/30 (b)		422,000		344,898
2.950%, 09/15/29		128,000		113,157
4.200%, 09/15/28		222,000		213,005
				1,046,557
Telecommunications—0.5%
Rogers Communications, Inc. 3.800%, 03/15/32 (144A)		1,514,000		1,323,420
T-Mobile USA, Inc.
2.050%, 02/15/28 (b)		557,000		482,967
4.500%, 04/15/50		57,000		48,909
Verizon Communications, Inc.
3.150%, 03/22/30 (b)		310,000		275,462
4.272%, 01/15/36 (b)		459,000		413,852
4.812%, 03/15/39 (b)		573,000		536,096
Vodafone Group plc 5.625%, 02/10/53 (b)		214,000		209,790
				3,290,496
Total Corporate Bonds & Notes (Cost $99,305,427)				87,942,994
Asset-Backed Securities—4.6%
Asset-Backed - Automobile—0.3%
Chesapeake Funding II LLC 5.650%, 05/15/35		664,476		659,153
Credit Acceptance Auto Loan Trust 1.380%, 07/15/30 (144A)		328,000		308,432
GLS Auto Select Receivables Trust 6.270%, 08/16/27		536,988		535,672
Santander Drive Auto Receivables Trust 4.370%, 05/15/25		51,856		51,781
Toyota Lease Owner Trust 5.300%, 08/20/25		144,000		143,322
				1,698,360
Asset-Backed - Home Equity—0.0%
Bayview Financial Revolving Asset Trust 6.778%, 1M LIBOR + 1.600%, 12/28/40 (144A) (d)		143,595		208,312
GMACM Home Equity Loan Trust 5.805%, 10/25/36 (d)		27,517		27,219
Home Equity Loan Trust 4.223%, 12/25/35 (d)		20,344		20,204
				255,735

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—4.3%
ACRES Commercial Realty, Ltd. 6.966%, 1M TSFR + 1.864%, 01/15/37 (144A) (d)		535,500	$	519,900
Allegro CLO IV, Ltd. 6.810%, 3M LIBOR + 1.550%, 01/15/30 (144A) (d)		702,748		689,217
Arbor Realty Commercial Real Estate Notes, Ltd.
6.419%, 1M LIBOR + 1.200%, 12/15/35 (144A) (d)		625,000		603,986
6.793%, 1M LIBOR + 1.600%, 08/15/34 (144A) (d)		522,000		490,928
7.167%, SOFR30A + 2.100%, 01/15/37 (144A) (d)		1,466,500		1,415,784
BSPRT Issuer, Ltd.
6.493%, 1M LIBOR + 1.300%, 03/15/36 (144A) (d)		1,463,000		1,400,671
7.117%, SOFR30A + 2.050%, 02/15/37 (144A) (d)		524,000		505,690
7.243%, 1M LIBOR + 2.050%, 12/15/38 (144A) (d)		245,000		238,891
Business Jet Securities LLC 2.162%, 04/15/36 (144A)		255,225		234,042
CHCP FL1, Ltd. 6.516%, 1M TSFR + 1.414%, 02/15/38 (144A) (d)		650,500		625,675
Columbia Cent CLO 28, Ltd. 7.024%, 3M LIBOR + 1.700%, 11/07/30 (144A) (d)		1,026,773		995,539
Cutwater, Ltd. 6.480%, 3M LIBOR + 1.220%, 01/15/29 (144A) (d)		315,562		314,230
Dryden 55 CLO, Ltd. 6.280%, 3M LIBOR + 1.020%, 04/15/31 (144A) (d)		1,430,000		1,415,357
Dryden XXVI Senior Loan Fund 6.160%, 3M LIBOR + 0.900%, 04/15/29 (144A) (d)		555,656		550,818
LCCM Trust 7.162%, 1M TSFR + 2.014%, 12/13/38 (144A) (d)		682,500		666,157
Loancore Issuer, Ltd.
6.943%, 1M LIBOR + 1.750%, 07/15/36 (144A) (d)		1,547,500		1,447,921
7.093%, 1M LIBOR + 1.900%, 11/15/38 (144A) (d)		3,913,500		3,669,172
MF1, Ltd.
6.962%, 1M TSFR + 1.814%, 11/15/35 (144A) (d)		260,904		258,598
7.017%, SOFR30A + 1.950%, 02/19/37 (144A) (d)		650,507		621,958
MidOcean Credit CLO II 6.949%, 3M LIBOR + 1.650%, 01/29/30 (144A) (d)		1,156,232		1,144,465
Neuberger Berman CLO XV 6.610%, 3M LIBOR + 1.350%, 10/15/29 (144A) (d)		508,944		496,834
Neuberger Berman CLO XX, Ltd. 6.420%, 3M LIBOR + 1.160%, 07/15/34 (144A) (d)		600,000		590,630
Oaktree CLO, Ltd. 7.023%, 3M LIBOR + 1.750%, 04/22/30 (144A) (d)		1,503,087		1,458,242
OCP CLO, Ltd. 6.918%, 3M LIBOR + 1.650%, 01/26/34 (144A) (d)		4,041,128		3,922,355
OneMain Financial Issuance Trust 5.940%, 05/15/34 (144A)		427,000		424,790
Starwood, Ltd. 6.867%, SOFR30A + 1.800%, 11/15/38 (144A) (d)		1,507,000		1,458,764
United States Small Business Administration
4.350%, 07/01/23		5,475		5,475
4.770%, 04/01/24		617		609
4.950%, 03/01/25		7,291		7,242
4.990%, 09/01/24		2,531		2,486
5.110%, 08/01/25		10,622		10,452
5.180%, 05/01/24		795		785
5.520%, 06/01/24		1,748		1,739
Asset-Backed - Other—(Continued)
Verizon Owner Trust 1.980%, 07/22/24		59,668		59,563
Voya, Ltd. 6.698%, 3M TSFR + 1.712%, 10/15/30 (144A) (d)		584,168		563,272
				26,812,237
Total Asset-Backed Securities (Cost $29,702,675)				28,766,332
Mortgage-Backed Securities—1.8%
Collateralized Mortgage Obligations—0.1%
Seasoned Credit Risk Transfer Trust
3.000%, 02/25/59		226,473		202,142
3.250%, 11/25/61		174,109		151,711
3.500%, 08/25/58		74,345		67,340
3.500%, 10/25/58		174,210		160,360
				581,553
Commercial Mortgage-Backed Securities—1.7%
AREIT Trust
6.516%, 1M TSFR + 1.414%, 09/14/36 (144A) (d)		1,701,060		1,673,759
6.917%, SOFR30A + 1.850%, 01/20/37 (144A) (d)		892,000		846,244
BXMT, Ltd. 6.562%, 1M TSFR + 1.414%, 05/15/38 (144A) (d)		1,532,500		1,443,741
Commercial Mortgage Trust 3.708%, 07/10/48		1,300,833		1,238,197
CSAIL Commercial Mortgage Trust 3.504%, 06/15/57		738,578		702,767
JPMBB Commercial Mortgage Securities Trust 3.494%, 01/15/48		1,590,000		1,517,531
Morgan Stanley Bank of America Merrill Lynch Trust 3.536%, 11/15/52		519,442		475,069
Ready Capital Mortgage Financing LLC
6.150%, 1M LIBOR + 1.000%, 04/25/38 (144A) (d)		487,345		475,864
6.950%, 1M LIBOR + 1.800%, 11/25/36 (144A) (d)		320,000		304,770
Wells Fargo Commercial Mortgage Trust 3.540%, 05/15/48		1,706,327		1,621,122
				10,299,064
Total Mortgage-Backed Securities (Cost $11,613,791)				10,880,617
Preferred Stocks—0.8%
Household Products—0.5%
Henkel AG & Co. KGaA		42,624		3,407,222
Technology Hardware, Storage & Peripherals—0.3%
Samsung Electronics Co., Ltd.		34,934		1,585,476
Total Preferred Stocks (Cost $5,076,804)				4,992,698

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Municipals—0.6%

Security Description	Principal Amount*		Value
New Jersey Economic Development Authority 7.425%, 02/15/29		800,000	$	859,263
New Jersey Turnpike Authority 7.414%, 01/01/40		1,050,000		1,315,177
Rhode Island Student Loan Authority 6.081%, 12/01/42		800,000		800,453
State Board of Administration Finance Corp. 2.154%, 07/01/30		436,000		363,409
Total Municipals (Cost $3,352,005)				3,338,302
Short-Term Investment—0.8%
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $5,036,107; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $5,135,882.		5,035,142		5,035,142
Total Short-Term Investments (Cost $5,035,142)				5,035,142
Securities Lending Reinvestments(g)—2.3%
Repurchase Agreements—1.0%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $1,507,075; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $1,536,570.		1,506,441		1,506,441
Cantor Fitzgerald & Co. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $1,000,423; collateralized by U.S. Government Agency Obligations with rates ranging from 1.378% - 8.917%, maturity dates ranging from 08/01/23 - 01/20/73, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $400,169; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $409,024.		400,000		400,000
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $600,592; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $614,828.		600,000		600,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $2,000,868; collateralized by various Common Stock with an aggregate market value of $2,223,508.		2,000,000		2,000,000
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $600,603; collateralized by various Common Stock with an aggregate market value of $668,242.		600,000		600,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $250,107; collateralized by various Common Stock with an aggregate market value of $275,118.		250,000		250,000
				6,356,441
Mutual Funds—1.3%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.000% (h)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (h)		2,000,000		2,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (h)		2,000,000		2,000,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (h)		2,000,000		2,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (h)		1,000,000		1,000,000
				8,000,000
Total Securities Lending Reinvestments (Cost $14,356,441)				14,356,441
Total Investments—102.4% (Cost $575,380,485)				635,229,520
Other assets and liabilities (net)—(2.4)%				(14,751,928	)
Net Assets—100.0%			$	620,477,592

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $31,636,106 and the collateral received consisted of cash in the amount of $14,356,441 and non-cash collateral with a value of $18,478,759. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Interest only security.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

(f)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2023, the market value of securities pledged was $458,549.
(g)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(h)	The rate shown represents the annualized seven-day yield as of June 30, 2023.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, the market value of 144A securities was $51,525,854, which is 8.3% of net assets.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 2 Year Futures		09/29/23		28			USD	5,693,625		$	(60,358	)
U.S. Treasury Note 5 Year Futures		09/29/23		192			USD	20,562,000			(385,865	)
U.S. Treasury Ultra Long Bond Futures		09/20/23		49			USD	6,674,719			77,529
Futures Contracts—Short
U.S. Treasury Note Ultra 10 Year Futures		09/20/23		(90	)		USD	(10,659,375	)		128,791
Net Unrealized Depreciation										$	(239,903	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(TSFR)—	Term Secured Overnight Financing Rate

Other Abbreviations

(ADR)—	American Depositary Receipt
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(DAC)—	Designated Activity Company
(REMIC)—	Real Estate Mortgage Investment Conduit

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	7,632,190	$	—	$	—	$	7,632,190
Automobile Components		8,134,103		—		—		8,134,103
Banks		25,698,653		—		—		25,698,653
Beverages		3,080,071		1,874,810		—		4,954,881

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Biotechnology	$	1,811,985		$	—		$	—	$	1,811,985
Building Products		14,243,304			—			—		14,243,304
Capital Markets		37,004,291			—			—		37,004,291
Chemicals		12,015,745			—			—		12,015,745
Construction Materials		2,472,175			—			—		2,472,175
Consumer Staples Distribution & Retail		5,310,215			—			—		5,310,215
Distributors		4,132,800			—			—		4,132,800
Electric Utilities		14,876,932			—			—		14,876,932
Electrical Equipment		16,663,529			—			—		16,663,529
Entertainment		2,534,038			—			—		2,534,038
Financial Services		5,943,604			—			—		5,943,604
Food Products		3,176,750			1,730,642			—		4,907,392
Ground Transportation		5,777,241			—			—		5,777,241
Health Care Equipment & Supplies		10,793,681			—			—		10,793,681
Health Care Providers & Services		14,898,087			—			—		14,898,087
Hotels, Restaurants & Leisure		2,830,997			—			—		2,830,997
Industrial Conglomerates		4,045,213			—			—		4,045,213
Insurance		20,760,766			—			—		20,760,766
Interactive Media & Services		6,843,728			—			—		6,843,728
IT Services		9,327,367			—			—		9,327,367
Life Sciences Tools & Services		5,427,407			—			—		5,427,407
Machinery		7,356,947			—			—		7,356,947
Media		15,599,679			—			—		15,599,679
Metals & Mining		—			1,465,835			—		1,465,835
Multi-Utilities		—			1,620,566			—		1,620,566
Oil, Gas & Consumable Fuels		20,069,244			—			—		20,069,244
Personal Care Products		1,231,410			—			—		1,231,410
Pharmaceuticals		16,578,425			7,599,663			—		24,178,088
Professional Services		1,827,794			—			—		1,827,794
Semiconductors & Semiconductor Equipment		18,461,212			—			—		18,461,212
Software		18,404,611			—			—		18,404,611
Specialty Retail		940,659			—			—		940,659
Technology Hardware, Storage & Peripherals		1,412,059			—			—		1,412,059
Tobacco		6,029,792			—			—		6,029,792
Wireless Telecommunication Services		4,760,242			—			—		4,760,242
Total Common Stocks		358,106,946			14,291,516			—		372,398,462
Total U.S. Treasury & Government Agencies*		—			107,518,532			—		107,518,532
Total Corporate Bonds & Notes*		—			87,942,994			—		87,942,994
Total Asset-Backed Securities*		—			28,766,332			—		28,766,332
Total Mortgage-Backed Securities*		—			10,880,617			—		10,880,617
Total Preferred Stocks*		—			4,992,698			—		4,992,698
Total Municipals*		—			3,338,302			—		3,338,302
Total Short-Term Investment*		—			5,035,142			—		5,035,142
Securities Lending Reinvestments
Repurchase Agreements		—			6,356,441			—		6,356,441
Mutual Funds		8,000,000			—			—		8,000,000
Total Securities Lending Reinvestments		8,000,000			6,356,441			—		14,356,441
Total Investments	$	366,106,946		$	269,122,574		$	—	$	635,229,520
Collateral for Securities Loaned (Liability)	$	—		$	(14,356,441	)	$	—	$	(14,356,441	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	206,320		$	—		$	—	$	206,320
Futures Contracts (Unrealized Depreciation)		(446,223	)		—			—		(446,223	)
Total Futures Contracts	$	(239,903	)	$	—		$	—	$	(239,903	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MFS Total Return Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	635,229,520
Cash denominated in foreign currencies (c)		6,264
Receivable for:
Investments sold		846,554
TBA securities sold		429,711
Fund shares sold		261,015
Dividends and interest		2,363,176
Variation margin on futures contracts		33,698
Prepaid expenses		4,993
Total Assets		639,174,931
Liabilities
Collateral for securities loaned		14,356,441
Payables for:
Investments purchased		223,220
TBA securities purchased		3,343,915
Fund shares redeemed		90,112
Accrued Expenses:
Management fees		275,417
Distribution and service fees		80,428
Deferred trustees’ fees		154,051
Other expenses		173,755
Total Liabilities		18,697,339
Net Assets	$	620,477,592
Net Assets Consist of:
Paid in surplus	$	544,266,964
Distributable earnings (Accumulated losses)		76,210,628
Net Assets	$	620,477,592
Net Assets
Class A	$	158,048,876
Class B		153,504,986
Class E		19,722,468
Class F		289,201,262
Capital Shares Outstanding*
Class A		1,104,925
Class B		1,095,382
Class E		138,969
Class F		2,047,776
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	143.04
Class B		140.14
Class E		141.92
Class F		141.23

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $575,380,485.
(b)	Includes securities loaned at value of $31,636,106.
(c)	Identified cost of cash denominated in foreign currencies was $6,243.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	4,512,699
Interest		5,151,132
Securities lending income		15,700
Other income		1,106
Total investment income		9,680,637
Expenses
Management fees		1,757,466
Administration fees		22,771
Custodian and accounting fees		74,503
Distribution and service fees—Class B		190,407
Distribution and service fees—Class E		14,692
Distribution and service fees—Class F		287,758
Audit and tax services		32,799
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		24,381
Insurance		2,964
Miscellaneous		7,034
Total expenses		2,454,057
Less management fee waiver		(72,312	)
Net expenses		2,381,745
Net Investment Income		7,298,892
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		12,423,439
Futures contracts		(257,143	)
Foreign currency transactions		(4,628	)
Net realized gain (loss)		12,161,668
Net change in unrealized appreciation (depreciation) on:
Investments		6,530,051
Futures contracts		(123,392	)
Foreign currency transactions		5,652
Net change in unrealized appreciation (depreciation)		6,412,311
Net realized and unrealized gain (loss)		18,573,979
Net Increase (Decrease) in Net Assets From Operations	$	25,872,871

(a) Net of foreign withholding taxes of $94,606.

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MFS Total Return Portfolio

Statements of Changes in Net Assets

		Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations	��
Net investment income (loss)		$	7,298,892		$	12,037,012
Net realized gain (loss)			12,161,668			31,895,327
Net change in unrealized appreciation (depreciation)			6,412,311			(118,575,214	)
Increase (decrease) in net assets from operations			25,872,871			(74,642,875	)
From Distributions to Shareholders
Class A			(11,361,184	)		(19,044,690	)
Class B			(10,868,967	)		(19,219,957	)
Class E			(1,394,786	)		(2,383,256	)
Class F			(20,447,945	)		(35,961,907	)
Total distributions			(44,072,882	)		(76,609,810	)
Increase (decrease) in net assets from capital share transactions			10,157,404			5,101,489
Total increase (decrease) in net assets			(8,042,607	)		(146,151,196	)
Net Assets
Beginning of period			628,520,199			774,671,395
End of period		$	620,477,592		$	628,520,199

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		15,521		$	2,304,507			40,183		$	6,481,341
Reinvestments		80,325			11,361,184			134,354			19,044,690
Redemptions		(64,067	)		(9,555,455	)		(112,852	)		(18,101,618	)
Net increase (decrease)		31,779		$	4,110,236			61,685		$	7,424,413
Class B
Sales		18,559		$	2,708,492			26,320		$	3,944,580
Reinvestments		78,425			10,868,967			138,213			19,219,957
Redemptions		(71,118	)		(10,403,984	)		(171,754	)		(26,706,506	)
Net increase (decrease)		25,866		$	3,173,475			(7,221	)	$	(3,541,969	)
Class E
Sales		3,220		$	477,296			17,666		$	2,678,918
Reinvestments		9,939			1,394,786			16,937			2,383,256
Redemptions		(15,267	)		(2,292,909	)		(21,179	)		(3,256,187	)
Net increase (decrease)		(2,108	)	$	(420,827	)		13,424		$	1,805,987
Class F
Sales		27,174		$	3,997,798			56,534		$	8,750,656
Reinvestments		146,412			20,447,945			256,742			35,961,907
Redemptions		(143,399	)		(21,151,223	)		(286,951	)		(45,299,505	)
Net increase (decrease)		30,187		$	3,294,520			26,325		$	(586,942	)
Increase (decrease) derived from capital shares transactions				$	10,157,404					$	5,101,489

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	147.81		$	186.11		$	176.57		$	172.66		$	153.14		$	177.03
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.87			3.11			2.70			3.23			3.67			3.68
Net realized and unrealized gain (loss)		4.40			(21.88	)		21.69			11.99			26.62			(12.86	)
Total income (loss) from investment operations		6.27			(18.77	)		24.39			15.22			30.29			(9.18	)
Less Distributions
Distributions from net investment income		(3.35	)		(3.10	)		(3.57	)		(4.17	)		(4.05	)		(4.04	)
Distributions from net realized capital gains		(7.69	)		(16.43	)		(11.28	)		(7.14	)		(6.72	)		(10.67	)
Total distributions		(11.04	)		(19.53	)		(14.85	)		(11.31	)		(10.77	)		(14.71	)
Net Asset Value, End of Period	$	143.04		$	147.81		$	186.11		$	176.57		$	172.66		$	153.14
Total Return (%) (b)		4.32	(c)		(9.63	)		14.22			9.76			20.37			(5.57	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64	(d)		0.63			0.62			0.64			0.63			0.62
Net ratio of expenses to average net assets (%) (e)		0.61	(d)		0.60			0.59			0.64			0.63			0.62
Ratio of net investment income (loss) to average net assets (%)		2.53	(d)		1.96			1.47			1.97			2.23			2.20
Portfolio turnover rate (%)		15	(c) (f)		62	(f)		92	(f)		78	(f)		42	(f)		29	(f)
Net assets, end of period (in millions)	$	158.0		$	158.6		$	188.2		$	176.7		$	174.7		$	160.7
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	144.80		$	182.66		$	173.56		$	169.83		$	150.75		$	174.48
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.65			2.66			2.20			2.77			3.21			3.21
Net realized and unrealized gain (loss)		4.32			(21.48	)		21.32			11.80			26.19			(12.66	)
Total income (loss) from investment operations		5.97			(18.82	)		23.52			14.57			29.40			(9.45	)
Less Distributions
Distributions from net investment income		(2.94	)		(2.61	)		(3.14	)		(3.70	)		(3.60	)		(3.61	)
Distributions from net realized capital gains		(7.69	)		(16.43	)		(11.28	)		(7.14	)		(6.72	)		(10.67	)
Total distributions		(10.63	)		(19.04	)		(14.42	)		(10.84	)		(10.32	)		(14.28	)
Net Asset Value, End of Period	$	140.14		$	144.80		$	182.66		$	173.56		$	169.83		$	150.75
Total Return (%) (b)		4.20	(c)		(9.87	)		13.93			9.49			20.07			(5.81	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89	(d)		0.88			0.87			0.89			0.88			0.87
Net ratio of expenses to average net assets (%) (e)		0.86	(d)		0.85			0.84			0.89			0.88			0.87
Ratio of net investment income (loss) to average net assets (%)		2.28	(d)		1.70			1.22			1.73			1.98			1.95
Portfolio turnover rate (%)		15	(c) (f)		62	(f)		92	(f)		78	(f)		42	(f)		29	(f)
Net assets, end of period (in millions)	$	153.5		$	154.9		$	196.7		$	193.4		$	198.8		$	207.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	146.61		$	184.72		$	175.35		$	171.52		$	152.17		$	175.98
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.74			2.85			2.41			2.97			3.40			3.41
Net realized and unrealized gain (loss)		4.36			(21.71	)		21.55			11.90			26.45			(12.78	)
Total income (loss) from investment operations		6.10			(18.86	)		23.96			14.87			29.85			(9.37	)
Less Distributions
Distributions from net investment income		(3.10	)		(2.82	)		(3.31	)		(3.90	)		(3.78	)		(3.77	)
Distributions from net realized capital gains		(7.69	)		(16.43	)		(11.28	)		(7.14	)		(6.72	)		(10.67	)
Total distributions		(10.79	)		(19.25	)		(14.59	)		(11.04	)		(10.50	)		(14.44	)
Net Asset Value, End of Period	$	141.92		$	146.61		$	184.72		$	175.35		$	171.52		$	152.17
Total Return (%) (b)		4.24	(c)		(9.77	)		14.05			9.60			20.19			(5.72	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(d)		0.78			0.77			0.79			0.78			0.77
Net ratio of expenses to average net assets (%) (e)		0.76	(d)		0.75			0.74			0.79			0.78			0.77
Ratio of net investment income (loss) to average net assets (%)		2.37	(d)		1.81			1.32			1.83			2.08			2.05
Portfolio turnover rate (%)		15	(c) (f)		62	(f)		92	(f)		78	(f)		42	(f)		29	(f)
Net assets, end of period (in millions)	$	19.7		$	20.7		$	23.6		$	23.0		$	24.1		$	22.5
	Class F
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	145.89		$	183.89		$	174.64		$	170.86		$	151.61		$	175.36
Income (Loss) from Investment Operations
Net investment income (loss) (a)		1.70			2.76			2.31			2.87			3.31			3.31
Net realized and unrealized gain (loss)		4.34			(21.62	)		21.45			11.86			26.34			(12.72	)
Total income (loss) from investment operations		6.04			(18.86	)		23.76			14.73			29.65			(9.41	)
Less Distributions
Distributions from net investment income		(3.01	)		(2.71	)		(3.23	)		(3.81	)		(3.68	)		(3.66	)
Distributions from net realized capital gains		(7.69	)		(16.43	)		(11.28	)		(7.14	)		(6.72	)		(10.68	)
Total distributions		(10.70	)		(19.14	)		(14.51	)		(10.95	)		(10.40	)		(14.34	)
Net Asset Value, End of Period	$	141.23		$	145.89		$	183.89		$	174.64		$	170.86		$	151.61
Total Return (%) (b)		4.23	(c)		(9.82	)		13.99			9.54			20.13			(5.76	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(d)		0.83			0.82			0.84			0.83			0.82
Net ratio of expenses to average net assets (%) (e)		0.81	(d)		0.80			0.79			0.84			0.83			0.82
Ratio of net investment income (loss) to average net assets (%)		2.33	(d)		1.76			1.27			1.77			2.03			2.00
Portfolio turnover rate (%)		15	(f) (c)		62	(f)		92	(f)		78	(f)		42	(f)		29	(f)
Net assets, end of period (in millions)	$	289.2		$	294.3		$	366.2		$	357.4		$	362.6		$	344.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 11%, 30%, 29%, 40%, 29%, 28%, and 35% for the six months ended June 30, 2023 and for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Total Return Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, E and F shares. Shares of each class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

BHFTII-23

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances. These adjustments have no impact on net assets or the results of operations.

BHFTII-24

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

BHFTII-25

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $5,035,142. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $6,356,441. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-26

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(2,487,438	)	$	—	$	—	$	—	$	(2,487,438	)
Corporate Bonds & Notes		(11,869,003	)		—		—		—		(11,869,003	)
Total Borrowings	$	(14,356,441	)	$	—	$	—	$	—	$	(14,356,441	)
Gross amount of recognized liabilities for securities lending transactions										$	(14,356,441	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the futures contract or option may not correlate perfectly with changes in the value of the underlying asset. The exchange’s clearinghouse, as counterparty to all futures, guarantees the futures contracts against default.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2023 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a)	$	206,320	Unrealized depreciation on futures contracts (a)	$	446,223

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(257,143	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	(123,392	)

For the six months ended June 30, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	33,668,142
Futures contracts short		(10,798,125	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

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Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty

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Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse. The Portfolio’s clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio’s clearing broker. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

LIBOR Replacement Risk: Many financial instruments historically used a floating rate based on LIBOR, which was the offered rate at which major international banks could obtain wholesale, unsecured funding. LIBOR may have been a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may have been used in other ways that affected the Portfolio’s investment performance. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. Markets are developing in these new rates, but concerns around liquidity of the new rates and how to appropriately mitigate any economic value transfer as a result of the transition remain. Neither the effect of the transition process nor its ultimate success can yet be fully known. The transition away from LIBOR and use of replacement rates may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that were tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions that were historically tied to LIBOR, particularly insofar as the documentation governing such instruments did not include “fall back” provisions addressing the transition from LIBOR. The Subadviser may have exercised discretion in determining a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR and the use of replacement rates may adversely affect transactions that used LIBOR as a reference rate, financial institutions, funds and other market participants that engaged in such transactions, and the financial markets generally. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

BHFTII-29

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$52,285,020	$	40,924,680	$	63,318,291	$	57,338,900

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2023 were as follows:

Purchases	Sales
$28,146,356	$	27,945,008

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$1,757,466		0.600	%	Of the first $250 million
		0.550	%	Of the next $500 million
		0.500	%	On amounts in excess of $750 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction			Average Daily Net Assets
	0.070	%	$200 million to $250 million
	0.020	%	$250 million to $500 million
	0.050	%	$500 million to $1 billion
	0.075	%	$1 billion to $1.25 billion
	0.025	%	$1.25 billion to $1.5 billion
	(0.025	)%	$1.5 billion to $3.84 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

During six months ended June 30, 2023, the Subadviser voluntarily reimbursed the Portfolio for certain trading costs. This reimbursement amount of $1,106 is reflected as Other income in the Statement of Operations and had no impact on total return.

Certain officers and trustees of the Trust may also be officers of the Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also

BHFTII-30

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	577,268,459
Gross unrealized appreciation		99,782,484
Gross unrealized (depreciation)		(42,061,326	)
Net unrealized appreciation (depreciation)	$	57,721,158

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$13,064,326	$	14,256,393	$	63,545,484	$	45,496,232	$	76,609,810	$	59,752,625

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$12,436,720	$	31,342,713	$	50,783,464	$	—	$	94,562,897

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of June 30, 2023, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and

BHFTII-31

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-32

Brighthouse Funds Trust II

MFS Total Return Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-33

Brighthouse Funds Trust II

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B, D and E shares of the MFS Value Portfolio returned 2.09%, 1.99%, 1.99%, and 2.01%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 5.12%.

MARKET ENVIRONMENT/CONDITIONS

During the reporting period, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional U.S. banks, which suffered from deposit flight as depositors sought higher yields on their savings. Those shifts exposed an asset-liability mismatch that forced the closure of several institutions by regulators. Given the importance of small and mid-sized lenders to the provision of credit in the U.S., concerns were raised in the aftermath of the crisis that credit availability could become constrained, leading to slower economic growth. China’s abandonment of its zero-COVID policy ushered in an uptick in economic activity in the world’s second-largest economy in early 2023. In developed markets, consumer demand, particularly for services, remained solid.

Policymakers found themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, central banks remained focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to juggle achieving their inflation mandates while using macroprudential tools to keep banking systems liquid, a potentially difficult balancing act.

Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, signs that supply chains have generally normalized, the lifting of COVID-19 restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels have peaked were supportive factors for the macroeconomic backdrop during the reporting period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark, the Russell 1000 Value Index (the “Index”), during the first half of the year. An underweight position and stock selection within the Communication Services sector detracted most from relative performance. Within this sector, not owning shares of social networking service provider Meta Platforms and technology company Alphabet held back relative results.

Stock selection within the Industrials sector also hindered relative performance. Here, the Portfolio’s overweight positions in global security company Northrop Grumman and aerospace and defense company General Dynamics weighed on relative returns.

Elsewhere, the Portfolio’s overweight positions in global health services provider Cigna, securities exchange services provider NASDAQ, pharmaceutical giant Pfizer, property and casualty insurance company Chubb (Switzerland), and power and natural gas distributor Duke Energy held back relative returns. Additionally, not owning shares of customer information software manager Salesforce also weakened relative performance.

Stock selection within the Financials sector contributed to relative performance. Within this sector, overweight positions in risk management and human capital consulting services provider Aon (Ireland) and professional services firm Marsh & McLennan supported relative results. Additionally, not owning shares of financial services firm Bank of America further aided relative returns.

The Portfolio’s underweight position in the Energy sector further benefited relative returns. Here, not owning shares of poor performing integrated energy company Chevron bolstered relative results.

Individual stocks that contributed to relative performance included holdings of semiconductor solutions providers KLA and NXP Semiconductors (Netherlands), hotel operator Marriott International, and consulting and information technology services provider Accenture (Ireland). Additionally, overweight positions in cable services provider Comcast and leading diversified industrial manufacturer Eaton further helped relative returns.

BHFTII-1

Brighthouse Funds Trust II

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

Over the trailing six-month period, the Portfolio’s absolute exposure to Information Technology, Real Estate, and Consumer Discretionary increased. Conversely, the Portfolio’s exposure to Health Care, Industrials, and Financials decreased. These changes include the impacts of market action and trading. At the end of the period, the Portfolio’s top overweights relative to the Index included Financials, Industrials, Utilities, and Health Care. Conversely, the Portfolio was most underweight the Energy, Real Estate, Consumer Discretionary, and Communication Services sectors.

Nevin P. Chitkara

Katherine Cannan

Portfolio Managers

Massachusetts Financial Services Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

BHFTII-2

Brighthouse Funds Trust II

MFS Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
MFS Value Portfolio
Class A		2.09		10.62		8.78		9.83
Class B		1.99		10.37		8.52		9.56
Class D		1.99		10.48		8.67		9.72
Class E		2.01		10.47		8.62		9.67
Russell 1000 Value Index		5.12		11.54		8.11		9.22

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		4.0
Johnson & Johnson		2.9
Aon plc - Class A		2.7
Cigna Group (The)		2.7
Marsh & McLennan Cos., Inc.		2.6
Comcast Corp. - Class A		2.5
ConocoPhillips		2.5
Texas Instruments, Inc.		2.4
Progressive Corp. (The)		2.3
Northrop Grumman Corp.		2.3

Top Sectors

	% of Net Assets
Financials		24.7
Health Care		17.2
Industrials		16.1
Information Technology		8.5
Consumer Staples		7.4
Utilities		7.4
Energy		4.8
Materials		3.7
Consumer Discretionary		3.6
Communication Services		3.6

BHFTII-3

Brighthouse Funds Trust II

MFS Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.57	%	$	1,000.00	$	1,020.90	$	2.86
	Hypothetical*		0.57	%	$	1,000.00	$	1,021.97	$	2.86
Class B (a)	Actual		0.82	%	$	1,000.00	$	1,019.90	$	4.11
	Hypothetical*		0.82	%	$	1,000.00	$	1,020.73	$	4.11
Class D (a)	Actual		0.67	%	$	1,000.00	$	1,019.90	$	3.36
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.47	$	3.36
Class E (a)	Actual		0.72	%	$	1,000.00	$	1,020.10	$	3.61
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—99.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—4.6%
General Dynamics Corp.		218,520	$	47,014,578
Northrop Grumman Corp.		142,557		64,977,481
Raytheon Technologies Corp.		190,302		18,641,984
				130,634,043
Banks—6.6%
Citigroup, Inc.		756,881		34,846,801
JPMorgan Chase & Co.		783,908		114,011,580
PNC Financial Services Group, Inc. (The)		216,629		27,284,423
Truist Financial Corp.		340,435		10,332,202
				186,475,006
Beverages—2.6%
Diageo plc		1,068,836		45,848,724
PepsiCo, Inc.		145,982		27,038,786
				72,887,510
Building Products—1.7%
Johnson Controls International plc		340,848		23,225,383
Masco Corp.		49,923		2,864,582
Trane Technologies plc		114,898		21,975,391
				48,065,356
Capital Markets—5.2%
BlackRock, Inc.		42,683		29,499,928
Goldman Sachs Group, Inc. (The)		33,753		10,886,693
KKR & Co., Inc. (a)		324,310		18,161,360
Morgan Stanley		587,073		50,136,034
Nasdaq, Inc.		765,140		38,142,229
				146,826,244
Chemicals—3.7%
Corteva, Inc.		185,113		10,606,975
DuPont de Nemours, Inc.		562,897		40,213,361
International Flavors & Fragrances, Inc. (a)		18,019		1,434,132
PPG Industries, Inc.		182,309		27,036,425
Sherwin-Williams Co. (The)		98,996		26,285,418
				105,576,311
Consumer Finance—1.8%
American Express Co.		296,446		51,640,893
Consumer Staples Distribution & Retail—1.2%
Target Corp.		262,648		34,643,271
Electric Utilities—6.0%
American Electric Power Co., Inc.		175,032		14,737,694
Duke Energy Corp. (a)		557,250		50,007,615
Exelon Corp.		579,754		23,619,178
PG&E Corp. (b)		410,539		7,094,114
Southern Co. (The)		762,990		53,600,048
Xcel Energy, Inc.		332,681		20,682,778
				169,741,427
Electrical Equipment—1.4%
Eaton Corp. plc		198,157	$	39,849,373
Food Products—2.0%
Archer-Daniels-Midland Co.		110,715		8,365,625
Nestle S.A.		396,834		47,748,933
				56,114,558
Ground Transportation—2.5%
Canadian National Railway Co.		142,223		17,218,939
Union Pacific Corp.		262,742		53,762,268
				70,981,207
Health Care Equipment & Supplies—3.6%
Abbott Laboratories		381,299		41,569,217
Boston Scientific Corp. (b)		539,295		29,170,467
Medtronic plc		369,604		32,562,112
				103,301,796
Health Care Providers & Services—4.5%
Cigna Group (The)		273,049		76,617,549
McKesson Corp.		115,548		49,374,816
				125,992,365
Hotels, Restaurants & Leisure—1.4%
Marriott International, Inc. - Class A		212,364		39,009,143
Household Products—1.4%
Kimberly-Clark Corp.		175,984		24,296,351
Reckitt Benckiser Group plc		187,908		14,111,948
				38,408,299
Industrial Conglomerates—2.0%
Honeywell International, Inc.		267,979		55,605,642
Industrial REITs—1.7%
Prologis, Inc.		395,810		48,538,180
Insurance—11.1%
Aon plc - Class A		222,738		76,889,157
Chubb, Ltd.		282,032		54,308,082
Marsh & McLennan Cos., Inc.		383,398		72,109,496
Progressive Corp. (The)		495,102		65,536,652
Travelers Cos., Inc. (The)		257,279		44,679,071
				313,522,458
IT Services—2.0%
Accenture plc - Class A		185,728		57,311,946
Life Sciences Tools & Services—1.9%
Danaher Corp.		71,882		17,251,680
Thermo Fisher Scientific, Inc.		71,763		37,442,345
				54,694,025
Machinery—2.7%
Illinois Tool Works, Inc. (a)		196,845		49,242,745
Otis Worldwide Corp.		111,192		9,897,200

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Machinery—(Continued)
PACCAR, Inc. (a)		206,944	$	17,310,866
				76,450,811
Media—3.6%
Charter Communications, Inc. - Class A (a) (b)		79,904		29,354,333
Comcast Corp. - Class A		1,728,991		71,839,576
				101,193,909
Multi-Utilities—1.4%
Dominion Energy, Inc. (a)		756,655		39,187,162
Oil, Gas & Consumable Fuels—4.8%
ConocoPhillips		676,946		70,138,375
EOG Resources, Inc.		220,903		25,280,139
Pioneer Natural Resources Co.		197,215		40,859,004
				136,277,518
Personal Care Products—0.3%
Kenvue, Inc. (b)		315,251		8,328,931
Pharmaceuticals—7.1%
Johnson & Johnson		490,023		81,108,607
Merck & Co., Inc.		491,333		56,694,915
Pfizer, Inc.		1,478,305		54,224,227
Roche Holding AG		31,832		9,727,716
				201,755,465
Professional Services—1.2%
Equifax, Inc. (a)		141,059		33,191,183
Semiconductors & Semiconductor Equipment—6.5%
Analog Devices, Inc.		181,167		35,293,143
KLA Corp.		89,496		43,407,350
NXP Semiconductors NV		172,046		35,214,376
Texas Instruments, Inc.		382,404		68,840,368
				182,755,237
Specialized REITs—0.4%
Public Storage (a)		36,761		10,729,801
Specialty Retail—2.2%
Lowe’s Cos., Inc. (a)		280,617		63,335,257
Total Common Stocks (Cost $2,012,113,142)				2,803,024,327
Short-Term Investment—0.9%
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $26,135,397; collateralized by U.S. Treasury Note at 4.125%, maturing 06/15/26, with a market value of $26,653,089		26,130,389		26,130,389
Total Short-Term Investments (Cost $26,130,389)				26,130,389

Securities Lending Reinvestments (c)—1.8%

Security Description	Principal Amount*		Value
Certificates of Deposit—0.6%
Bank of America N.A. 5.440%, FEDEFF PRV + 0.370%, 11/17/23 (d)		1,000,000	$	999,971
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (d)		2,000,000		2,003,524
BNP Paribas S.A. 5.510%, SOFR + 0.450%, 10/10/23 (d)		2,000,000		2,000,000
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (d)		1,000,000		1,000,257
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (d)		1,000,000		999,281
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 07/20/23		1,000,000		997,130
Zero Coupon, 08/17/23		1,000,000		992,950
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (d)		2,000,000		2,000,064
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (d)		1,000,000		1,000,021
Svenska Handelsbanken AB 5.290%, SOFR + 0.230%, 08/08/23 (d)		2,000,000		2,000,124
5.400%, SOFR + 0.340%, 10/31/23 (d)		1,000,000		1,000,269
Toronto-Dominion Bank (The) 5.470%, FEDEFF PRV + 0.400%, 02/13/24 (d)		1,000,000		1,000,143
				15,993,734
Commercial Paper—0.2%
Bank of Montreal 5.280%, 08/07/23		1,000,000		994,316
National Australia Bank, Ltd. 5.410%, SOFR + 0.350%, 12/05/23 (d)		1,000,000		999,868
Skandinaviska Enskilda Banken AB 5.330%, SOFR + 0.270%, 08/25/23 (d)		1,000,000		1,000,061
5.420%, SOFR + 0.360%, 11/15/23 (d)		1,000,000		1,000,148
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (d)		1,000,000		1,000,000
United Overseas Bank, Ltd. 5.250%, 08/21/23		1,000,000		992,302
				5,986,695
Repurchase Agreements—0.6%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $1,583,948; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% -2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $1,614,948		1,583,282		1,583,282
Cantor Fitzgerald & Co. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $538,550; collateralized by U.S. Government Agency Obligations with rates ranging from 1.378% - 8.917%, maturity dates ranging from 08/01/23 - 01/20/73, and an aggregate market value of $549,089		538,322		538,322
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $4,116,147; collateralized by various Common Stock with an aggregate market value of $4,400,001		4,000,000		4,000,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $9,009,100; collateralized by various Common Stock with an aggregate market value of $10,043,270		9,000,000	$	9,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 06/30/23 at 5.290%, due on 08/04/23 with a maturity value of $1,005,143; collateralized by various Common Stock with an aggregate market value of $1,111,274		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $2,000,862; collateralized by various Common Stock with an aggregate market value of $2,224,722		2,000,000		2,000,000
				18,121,604
Time Deposits—0.2%
Banco Santander S.A. (NY) 5.060%, 07/03/23		1,000,000		1,000,000
DZ Bank AG (NY) 5.040%, 07/03/23		1,000,000		1,000,000
National Bank of Canada 5.120%, OBFR + 0.050%, 07/07/23 (d)		2,000,000		2,000,000
				4,000,000
Mutual Funds—0.2%
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (e)		1,000,000		1,000,000
RBC U.S. Government Money Market Fund, Institutional Shares 4.990% (e)		2,000,000		2,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030% (e)		1,000,000		1,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.050% (e)		1,000,000		1,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (e)		1,000,000		1,000,000
				6,000,000
Total Securities Lending Reinvestments (Cost $50,100,161)				50,102,033
Total Investments—101.8% (Cost $2,088,343,692)				2,879,256,749
Other assets and liabilities (net)—(1.8)%				(51,792,321	)
Net Assets—100.0%			$	2,827,464,428

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $49,390,468 and the collateral received consisted of cash in the amount of $50,066,348 and non-cash collateral with a value of $101,197. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(REIT)— Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	130,634,043	$	—		$	—	$	130,634,043
Banks		186,475,006		—			—		186,475,006
Beverages		27,038,786		45,848,724			—		72,887,510
Building Products		48,065,356		—			—		48,065,356
Capital Markets		146,826,244		—			—		146,826,244
Chemicals		105,576,311		—			—		105,576,311
Consumer Finance		51,640,893		—			—		51,640,893
Consumer Staples Distribution & Retail		34,643,271		—			—		34,643,271
Electric Utilities		169,741,427		—			—		169,741,427
Electrical Equipment		39,849,373		—			—		39,849,373
Food Products		8,365,625		47,748,933			—		56,114,558
Ground Transportation		70,981,207		—			—		70,981,207
Health Care Equipment & Supplies		103,301,796		—			—		103,301,796
Health Care Providers & Services		125,992,365		—			—		125,992,365
Hotels, Restaurants & Leisure		39,009,143		—			—		39,009,143
Household Products		24,296,351		14,111,948			—		38,408,299
Industrial Conglomerates		55,605,642		—			—		55,605,642
Industrial REITs		48,538,180		—			—		48,538,180
Insurance		313,522,458		—			—		313,522,458
IT Services		57,311,946		—			—		57,311,946
Life Sciences Tools & Services		54,694,025		—			—		54,694,025
Machinery		76,450,811		—			—		76,450,811
Media		101,193,909		—			—		101,193,909
Multi-Utilities		39,187,162		—			—		39,187,162
Oil, Gas & Consumable Fuels		136,277,518		—			—		136,277,518
Personal Care Products		8,328,931		—			—		8,328,931
Pharmaceuticals		192,027,749		9,727,716			—		201,755,465
Professional Services		33,191,183		—			—		33,191,183
Semiconductors & Semiconductor Equipment		182,755,237		—			—		182,755,237
Specialized REITs		10,729,801		—			—		10,729,801
Specialty Retail		63,335,257		—			—		63,335,257
Total Common Stocks		2,685,587,006		117,437,321			—		2,803,024,327
Total Short-Term Investment*		—		26,130,389			—		26,130,389
Securities Lending Reinvestments
Certificates of Deposit		—		15,993,734			—		15,993,734
Commercial Paper		—		5,986,695			—		5,986,695
Repurchase Agreements		—		18,121,604			—		18,121,604
Time Deposits		—		4,000,000			—		4,000,000
Mutual Funds		6,000,000		—			—		6,000,000
Total Securities Lending Reinvestments		6,000,000		44,102,033			—		50,102,033
Total Investments	$	2,691,587,006	$	187,669,743		$	—	$	2,879,256,749
Collateral for Securities Loaned (Liability)	$	—	$	(50,066,348	)	$	—	$	(50,066,348	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Value Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	2,879,256,749
Cash		93,438
Receivable for:
Fund shares sold		1,000,010
Dividends and interest		3,767,049
Prepaid expenses		22,180
Total Assets		2,884,139,426
Liabilities
Collateral for securities loaned		50,066,348
Payables for:
Investments purchased		3,593,094
Fund shares redeemed		1,051,191
Accrued Expenses:
Management fees		1,255,884
Distribution and service fees		179,492
Deferred trustees’ fees		290,062
Other expenses		238,927
Total Liabilities		56,674,998
Net Assets	$	2,827,464,428
Net Assets Consist of:
Paid in surplus	$	1,916,407,456	��
Distributable earnings (Accumulated losses)		911,056,972
Net Assets	$	2,827,464,428
Net Assets
Class A	$	1,882,714,297
Class B		819,780,371
Class D		10,141,917
Class E		114,827,843
Capital Shares Outstanding*
Class A		143,237,613
Class B		63,656,513
Class D		775,754
Class E		8,827,087
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.14
Class B		12.88
Class D		13.07
Class E		13.01

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,088,343,692.
(b)	Includes securities loaned at value of $49,390,468.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	33,467,852
Interest		416,253
Securities lending income		98,566
Other income		4,137
Total investment income		33,986,808
Expenses
Management fees		8,545,645
Administration fees		57,664
Custodian and accounting fees		81,042
Distribution and service fees—Class B		1,008,431
Distribution and service fees—Class D		5,052
Distribution and service fees—Class E		85,391
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		49,543
Insurance		13,723
Miscellaneous		13,311
Total expenses		9,922,069
Less management fee waiver		(887,060	)
Net expenses		9,035,009
Net Investment Income		24,951,799
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		97,040,504
Foreign currency transactions		22,419
Net realized gain (loss)		97,062,923
Net change in unrealized appreciation (depreciation) on:
Investments		(65,002,282	)
Foreign currency transactions		39,457
Net change in unrealized appreciation (depreciation)		(64,962,825	)
Net realized and unrealized gain (loss)		32,100,098
Net Increase (Decrease) in Net Assets From Operations	$	57,051,897

(a) Net of foreign withholding taxes of $306,782.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MFS Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	24,951,799		$	50,479,266
Net realized gain (loss)		97,062,923			328,098,170
Net change in unrealized appreciation (depreciation)		(64,962,825	)		(602,225,796	)
Increase (decrease) in net assets from operations		57,051,897			(223,648,360	)
From Distributions to Shareholders
Class A		(252,945,382	)		(325,553,922	)
Class B		(110,751,351	)		(140,703,302	)
Class D		(1,363,104	)		(1,770,839	)
Class E		(15,486,301	)		(19,633,868	)
Total distributions		(380,546,138	)		(487,661,931	)
Increase (decrease) in net assets from capital share transactions		315,203,277			(33,328,010	)
Total increase (decrease) in net assets		(8,290,964	)		(744,638,301	)
Net Assets
Beginning of period		2,835,755,392			3,580,393,693
End of period	$	2,827,464,428		$	2,835,755,392

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,789,405		$	26,653,891			3,558,300		$	62,373,937
Reinvestments		19,623,381			252,945,382			23,850,104			325,553,922
Redemptions		(3,974,972	)		(58,729,593	)		(26,943,916	)		(434,923,735	)
Net increase (decrease)		17,437,814		$	220,869,680			464,488		$	(46,995,876	)
Class B
Sales		1,532,285		$	21,997,538			2,310,908		$	36,958,204
Reinvestments		8,768,911			110,751,351			10,492,416			140,703,302
Redemptions		(3,458,626	)		(49,405,662	)		(10,789,269	)		(170,456,811	)
Net increase (decrease)		6,842,570		$	83,343,227			2,014,055		$	7,204,695
Class D
Sales		3,770		$	55,002			5,410		$	86,922
Reinvestments		106,326			1,363,104			130,305			1,770,839
Redemptions		(46,150	)		(672,290	)		(93,633	)		(1,474,422	)
Net increase (decrease)		63,946		$	745,816			42,082		$	383,339
Class E
Sales		287,001		$	4,134,732			547,791		$	8,963,066
Reinvestments		1,213,660			15,486,301			1,451,136			19,633,868
Redemptions		(651,400	)		(9,376,479	)		(1,412,098	)		(22,517,102	)
Net increase (decrease)		849,261		$	10,244,554			586,829		$	6,079,832
Increase (decrease) derived from capital shares transactions				$	315,203,277					$	(33,328,010	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.91		$	19.12		$	15.63		$	16.44		$	13.81		$	16.63
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.14			0.28			0.26			0.26			0.29			0.30
Net realized and unrealized gain (loss)		0.13			(1.68	)		3.69			0.17			3.71			(1.87	)
Total income (loss) from investment operations		0.27			(1.40	)		3.95			0.43			4.00			(1.57	)
Less Distributions
Distributions from net investment income		(0.28	)		(0.30	)		(0.28	)		(0.30	)		(0.31	)		(0.24	)
Distributions from net realized capital gains		(1.76	)		(2.51	)		(0.18	)		(0.94	)		(1.06	)		(1.01	)
Total distributions		(2.04	)		(2.81	)		(0.46	)		(1.24	)		(1.37	)		(1.25	)
Net Asset Value, End of Period	$	13.14		$	14.91		$	19.12		$	15.63		$	16.44		$	13.81
Total Return (%) (b)		2.09	(c)		(5.98	)		25.54			3.96			30.13			(10.05	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64	(d)		0.63			0.63			0.64			0.63			0.66
Net ratio of expenses to average net assets (%) (e)		0.57	(d)		0.58			0.57			0.58			0.57			0.57
Ratio of net investment income (loss) to average net assets (%)		1.88	(d)		1.73			1.47			1.79			1.86			1.89
Portfolio turnover rate (%)		6	(c)		13			8			13			12			7
Net assets, end of period (in millions)	$	1,882.7		$	1,876.1		$	2,396.8		$	2,393.8		$	2,400.3		$	2,144.8
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.63		$	18.81		$	15.38		$	16.20		$	13.62		$	16.41
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.23			0.21			0.22			0.24			0.25
Net realized and unrealized gain (loss)		0.13			(1.65	)		3.64			0.16			3.67			(1.83	)
Total income (loss) from investment operations		0.25			(1.42	)		3.85			0.38			3.91			(1.58	)
Less Distributions
Distributions from net investment income		(0.24	)		(0.25	)		(0.24	)		(0.26	)		(0.27	)		(0.20	)
Distributions from net realized capital gains		(1.76	)		(2.51	)		(0.18	)		(0.94	)		(1.06	)		(1.01	)
Total distributions		(2.00	)		(2.76	)		(0.42	)		(1.20	)		(1.33	)		(1.21	)
Net Asset Value, End of Period	$	12.88		$	14.63		$	18.81		$	15.38		$	16.20		$	13.62
Total Return (%) (b)		1.99	(c)		(6.22	)		25.30			3.66			29.85			(10.24	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89	(d)		0.88			0.88			0.89			0.88			0.91
Net ratio of expenses to average net assets (%) (e)		0.82	(d)		0.83			0.82			0.83			0.82			0.82
Ratio of net investment income (loss) to average net assets (%)		1.63	(d)		1.48			1.22			1.54			1.61			1.65
Portfolio turnover rate (%)		6	(c)		13			8			13			12			7
Net assets, end of period (in millions)	$	819.8		$	831.3		$	1,030.7		$	947.8		$	948.8		$	840.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.84		$	19.03		$	15.56		$	16.37		$	13.76		$	16.56
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.13			0.26			0.24			0.24			0.27			0.28
Net realized and unrealized gain (loss)		0.12			(1.66	)		3.67			0.17			3.69			(1.84	)
Total income (loss) from investment operations		0.25			(1.40	)		3.91			0.41			3.96			(1.56	)
Less Distributions
Distributions from net investment income		(0.26	)		(0.28	)		(0.26	)		(0.28	)		(0.29	)		(0.23	)
Distributions from net realized capital gains		(1.76	)		(2.51	)		(0.18	)		(0.94	)		(1.06	)		(1.01	)
Total distributions		(2.02	)		(2.79	)		(0.44	)		(1.22	)		(1.35	)		(1.24	)
Net Asset Value, End of Period	$	13.07		$	14.84		$	19.03		$	15.56		$	16.37		$	13.76
Total Return (%) (b)		1.99	(c)		(6.02	)		25.42			3.85			29.96			(10.06	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74	(d)		0.73			0.73			0.74			0.73			0.76
Net ratio of expenses to average net assets (%) (e)		0.67	(d)		0.68			0.67			0.68			0.67			0.67
Ratio of net investment income (loss) to average net assets (%)		1.78	(d)		1.64			1.37			1.69			1.76			1.78
Portfolio turnover rate (%)		6	(c)		13			8			13			12			7
Net assets, end of period (in millions)	$	10.1		$	10.6		$	12.7		$	11.5		$	12.6		$	11.0
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.77		$	18.96		$	15.50		$	16.32		$	13.71		$	16.52
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.25			0.23			0.23			0.26			0.27
Net realized and unrealized gain (loss)		0.14			(1.66	)		3.66			0.16			3.70			(1.85	)
Total income (loss) from investment operations		0.26			(1.41	)		3.89			0.39			3.96			(1.58	)
Less Distributions
Distributions from net investment income		(0.26	)		(0.27	)		(0.25	)		(0.27	)		(0.29	)		(0.22	)
Distributions from net realized capital gains		(1.76	)		(2.51	)		(0.18	)		(0.94	)		(1.06	)		(1.01	)
Total distributions		(2.02	)		(2.78	)		(0.43	)		(1.21	)		(1.35	)		(1.23	)
Net Asset Value, End of Period	$	13.01		$	14.77		$	18.96		$	15.50		$	16.32		$	13.71
Total Return (%) (b)		2.01	(c)		(6.10	)		25.40			3.75			30.00			(10.20	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(d)		0.78			0.78			0.79			0.78			0.81
Net ratio of expenses to average net assets (%) (e)		0.72	(d)		0.73			0.72			0.73			0.72			0.73
Ratio of net investment income (loss) to average net assets (%)		1.73	(d)		1.59			1.32			1.64			1.71			1.77
Portfolio turnover rate (%)		6	(c)		13			8			13			12			7
Net assets, end of period (in millions)	$	114.8		$	117.8		$	140.1		$	128.5		$	132.8		$	115.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Value Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, D and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTII-13

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-14

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $26,130,389. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $18,121,604. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including

BHFTII-15

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

BHFTII-16

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	172,644,405	$	0	$	230,334,495

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $361,671 in purchases and $461,165 in sales of investments, which are included above, and resulted in net realized losses of $75,563.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, the Adviser receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$8,545,645		0.700	%	First $250 million
		0.650	%	Of the next $500 million
		0.600	%	On amounts in excess of $750 million

The Adviser has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company (the “Subadviser”) is compensated by the Adviser to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.100%	First $100 million
0.050%	$100 million to $200 million
0.075%	$200 million to $250 million
0.025%	$250 million to $500 million
0.050%	$500 million to $750 million
0.025%	$1 billion to $1.5 billion
0.100%	$1.5 billion to $3 billion
0.125%	Over $3 billion

An identical agreement was in place for the period January 1, 2023 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

During the six months ended June 30, 2023, the Subadviser voluntarily reimbursed the Portfolio for certain trading costs. This reimbursement amount of $4,137 is reflected as Other income in the Statement of Operations and had no impact on total return.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

BHFTII-17

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	2,089,544,957
Gross unrealized appreciation		857,372,196
Gross unrealized (depreciation)		(67,660,404	)
Net unrealized appreciation (depreciation)	$	789,711,792

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$56,310,542	$	52,877,640	$	431,351,389	$	36,296,199	$	487,661,931	$	89,173,839

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$50,008,841	$	330,095,514	$	854,736,760	$	—	$	1,234,841,115

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTII-18

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-19

Brighthouse Funds Trust II

MFS Value Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-20

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Investment Advisers LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Neuberger Berman Genesis Portfolio returned 12.02%, 11.88%, and 11.94%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 2.50%.

MARKET ENVIRONMENT / CONDITIONS

The equity market rallied sharply during the six-month reporting period. The market overcame several headwinds during the period, including persistently high inflation, Federal Reserve rate hikes, concerns that tighter monetary policy could tip the economy into a recession, contentious debt ceiling negotiations, and turmoil in the regional banking industry. Despite all of this, the economy remained resilient and investor sentiment was generally positive, pushing the market higher, especially mega-cap technology stocks. All told, the large-cap S&P 500 Index returned 16.89% during the reporting period. The small-cap Russell 2000 Index gained 8.09% over the same period. Within the small-cap universe, the Russell 2000 Growth and Russell 2000 Value Indexes returned 13.55% and 2.50%, respectively, over the six-month period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio posted a strong absolute return and significantly outperformed the Russell 2000 Value Index (the “Index”) during the reporting period. Portfolio positioning was the largest driver of outperformance. The Portfolio’s overweight to software and semiconductor names in Information Technology (“IT”), machinery companies in Industrials and an underweight to the regional banking industry within Financials added the most value. There were no sectors that meaningfully detracted from relative performance from a positioning standpoint.

Stock selection, overall, contributed to the Portfolio’s relative return. The strongest relative results were in the Health Care, Consumer Discretionary and Materials sectors. Within Health Care, our life sciences tools & services names were the most additive. Within Consumer Discretionary, our specialty retail holdings added the most value, while in Materials, our chemicals names outperformed. Conversely, stock selection in the Industrials, Financials and Energy sectors detracted the most from relative returns. In Industrials, a handful of names underperformed in the second quarter after outperforming in 2022 and the first quarter of 2023, particularly positions exposed to late cycle end markets, such as agriculture, aerospace & defense, and professional services. That said, our holdings in the sector continue to report solid results due to elevated backlogs, pricing actions taken in the prior year and easing supply chain constraints. Longer term, we believe that our holdings are well positioned to benefit from infrastructure spending, reshoring, decarbonization, defense spending, and a recovery in commercial aerospace. In Financials, our regional banking names underperformed. Our bank holdings are constructed with a focus on credit soundness and deposit quality. These attributes have historically led to higher valuations for our banks relative to peers. To date, while our holdings have outperformed peers in terms of deposit costs, they too have experienced liquidity constraints that have led them to seek higher cost funding. We continue to believe that our bank holdings can outperform peers in a recessionary macro backdrop and over the course of a full business cycle. Within Energy, our oil, gas & consumable fuels names were a drag on performance. Examples of individual stocks that contributed to the Portfolio’s absolute performance during the reporting period were Manhattan Associates, Lattice Semiconductor, and West Pharmaceutical Services. Manhattan Associates provides software solutions that enable the efficient movement of goods through the supply chain. The business is highly recurring and, in our opinion, poised to generate improving margins and free cashflow generation in the coming years as it works through a transition toward a subscription led offering. The stock performed well due to earnings results that showed continued progress on this transition and solid traction for its new product offerings. Lattice Semiconductor sells low-power programmable logic semiconductor chips. The company is a market leader in lower-power applications and its proprietary embedded software serves as an additional barrier to entry when compared to semiconductor peers. The stock performed on very strong results in the midst of a broader downturn for peers in the semiconductor industry. West Pharmaceutical Services is the dominant supplier of drug containment devices used for injectable drugs by pharmaceutical and biopharmaceutical companies. The stock performed well on solid earnings results highlighted by strong organic topline growth and clarity around COVID-19 revenue expectations.

Individual holdings that were negative for the Portfolio’s absolute performance included Bank of Hawaii, Glacier Bancorp, and CVB Financial. Bank of Hawaii is a Hawaii-based bank known for its conservative underwriting, historically high returns, and leading deposit share in an attractive market with limited competition. The stock’s underperformance has been driven by liquidity and funding costs concerns facing the regional banking industry. Glacier Bank is a Montana-based community bank. Its strategy of small-town domination via mergers & acquisitions across several mountain states (MT, UT, WY, CO, WA, AZ) has helped limit competition within its footprint and sustain strong core deposit funding and above-average operating returns. The stock underperformed due to the concerns around its liquidity, funding costs and commercial real estate exposure. CVB Financial is a Southern California-based small business-oriented lender. The bank has a peer-leading low-cost, sticky core funding base, conservative underwriting, historically above-average profitability, a disciplined approach to deploying its ample excess capital, and an attractive suburban/rural footprint. The stock underperformed due to the concerns around its liquidity, funding costs and sizeable commercial real estate exposure.

BHFTII-1

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Investment Advisers LLC

Portfolio Manager Commentary*—(Continued)

We made a number of adjustments to the Portfolio throughout the reporting period. While the Portfolio’s sector positioning is driven by bottom-up stock selection, at the end of the reporting period its largest overweight allocations versus the benchmark were IT and Industrials. The Portfolio’s largest sector underweights relative to the benchmark were Financials and Real Estate.

Judith M. Vale

Robert W. D’Alelio

Brett S. Reiner

Gregory G. Spiegel

Portfolio Managers

Neuberger Berman Investment Advisers LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

BHFTII-2

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Neuberger Berman Genesis Portfolio
Class A		12.02		16.41		9.21		10.59
Class B		11.88		16.15		8.94		10.32
Class E		11.94		16.30		9.05		10.43
Russell 2000 Value Index		2.50		6.01		3.54		7.29

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

BHFTII-3

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Lattice Semiconductor Corp.		2.9
Manhattan Associates, Inc.		2.4
Fair Isaac Corp.		2.2
SPS Commerce, Inc.		2.1
Pool Corp.		2.1
Bio-Techne Corp.		1.9
Power Integrations, Inc.		1.9
Asbury Automotive Group, Inc.		1.9
Eagle Materials, Inc.		1.7
Chemed Corp.		1.7

Top Sectors

	% of Net Assets
Industrials		25.8
Information Technology		23.2
Health Care		12.2
Consumer Discretionary		11.2
Financials		11.0
Energy		4.6
Materials		4.4
Consumer Staples		2.7
Communication Services		2.7
Real Estate		1.6

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Neuberger Berman Genesis Portfolio		Annualized Expense Ratio		Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.80%		$1,000.00		$1,120.20		$4.21
	Hypothetical*		0.80%		$1,000.00		$1,020.83		$4.01
Class B (a)	Actual		1.05%		$1,000.00		$1,118.80		$5.52
	Hypothetical*		1.05%		$1,000.00		$1,019.59		$5.26
Class E (a)	Actual		0.95%		$1,000.00		$1,119.40		$4.99
	Hypothetical*		0.95%		$1,000.00		$1,020.08		$4.76

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—99.3% of Net Assets

Security Description	Shares		Value
Air Freight & Logistics—1.0%
Forward Air Corp.		91,279	$	9,685,615
Automobile Components—3.3%
Fox Factory Holding Corp. (a)		132,936		14,424,885
LCI Industries		65,873		8,323,712
XPEL, Inc. (a)		98,858		8,325,821
				31,074,418
Banks—6.3%
Bank of Hawaii Corp.		108,162		4,459,519
BOK Financial Corp.		53,136		4,292,326
Community Bank System, Inc.		158,046		7,409,197
Cullen/Frost Bankers, Inc.		89,210		9,592,751
CVB Financial Corp.		229,591		3,048,969
First Financial Bankshares, Inc.		173,362		4,939,083
Glacier Bancorp, Inc.		191,611		5,972,515
Lakeland Financial Corp.		78,269		3,797,612
Prosperity Bancshares, Inc.		114,530		6,468,654
Stock Yards Bancorp, Inc.		84,041		3,812,940
United Community Banks, Inc.		244,314		6,105,407
				59,898,973
Biotechnology—0.6%
Abcam plc (ADR) (a)		251,421		6,152,272
Building Products—1.9%
CSW Industrials, Inc.		69,980		11,629,976
Hayward Holdings, Inc. (a)		476,411		6,121,882
				17,751,858
Capital Markets—1.6%
Artisan Partners Asset Management, Inc. - Class A		36,966		1,453,133
Hamilton Lane, Inc. - Class A		43,813		3,504,164
Houlihan Lokey, Inc.		62,938		6,187,435
MarketAxess Holdings, Inc.		16,984		4,439,957
				15,584,689
Chemicals—1.9%
Chase Corp.		53,991		6,544,789
Element Solutions, Inc.		295,562		5,674,791
Quaker Chemical Corp.		28,816		5,616,238
				17,835,818
Commercial Services & Supplies—3.2%
Driven Brands Holdings, Inc. (a)		349,707		9,463,071
Rollins, Inc.		176,817		7,573,072
Tetra Tech, Inc.		82,898		13,573,719
				30,609,862
Communications Equipment—1.0%
NetScout Systems, Inc. (a)		315,190		9,755,131
Construction & Engineering—2.0%
Arcosa, Inc.		33,631	$	2,548,221
Valmont Industries, Inc.		55,361		16,112,819
				18,661,040
Construction Materials—1.7%
Eagle Materials, Inc.		88,913		16,575,161
Consumer Staples Distribution & Retail—0.4%
Grocery Outlet Holding Corp. (a)		132,171		4,045,754
Containers & Packaging—0.8%
AptarGroup, Inc.		63,761		7,387,349
Distributors—2.1%
Pool Corp.		53,490		20,039,494
Diversified Consumer Services—0.6%
Bright Horizons Family Solutions, Inc. (a)		57,920		5,354,704
Electronic Equipment, Instruments & Components—4.0%
Advanced Energy Industries, Inc.		58,530		6,523,168
Littelfuse, Inc.		55,202		16,080,895
Novanta, Inc. (a)		57,269		10,543,223
Zebra Technologies Corp. - Class A (a)		18,324		5,420,789
				38,568,075
Energy Equipment & Services—2.1%
Cactus, Inc. - Class A		114,702		4,854,188
Oceaneering International, Inc. (a)		304,240		5,689,288
Tidewater, Inc. (a)		178,245		9,881,903
				20,425,379
Financial Services—1.2%
Jack Henry & Associates, Inc.		41,179		6,890,482
Shift4 Payments, Inc. - Class A (a)		68,221		4,632,888
				11,523,370
Food Products—0.9%
Simply Good Foods Co. (The) (a)		121,340		4,439,831
UTZ Brands, Inc.		256,421		4,195,047
				8,634,878
Health Care Equipment & Supplies—3.8%
Atrion Corp.		12,008		6,792,926
Haemonetics Corp. (a)		184,746		15,729,274
QuidelOrtho Corp. (a)		52,550		4,354,293
UFP Technologies, Inc. (a)		49,047		9,507,761
				36,384,254
Health Care Providers & Services—1.8%
Chemed Corp.		30,292		16,408,268
Corvel Corp. (a)		1,902		368,037
				16,776,305

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks —(Continued)

Security Description	Shares		Value
Health Care Technology—0.4%
Simulations Plus, Inc.		84,092	$	3,643,706
Hotels, Restaurants & Leisure—1.1%
Texas Roadhouse, Inc.		96,547		10,840,297
Household Products—1.4%
Church & Dwight Co., Inc.		51,114		5,123,156
WD-40 Co.		41,442		7,818,034
				12,941,190
Insurance—1.8%
AMERISAFE, Inc.		79,904		4,260,481
Hagerty, Inc. - Class A (a)		217,532		2,036,100
RLI Corp.		80,910		11,041,788
				17,338,369
Life Sciences Tools & Services—5.0%
Bio-Techne Corp.		226,669		18,502,991
ICON plc (a)		31,016		7,760,203
Stevanato Group S.p.A.		194,451		6,296,323
West Pharmaceutical Services, Inc.		40,232		15,387,533
				47,947,050
Machinery—10.0%
Esab Corp.		106,057		7,057,033
ESCO Technologies, Inc.		20,086		2,081,512
Graco, Inc.		116,436		10,054,249
Hillman Solutions Corp. (a)		520,929		4,693,570
Kadant, Inc.		55,879		12,410,726
Lindsay Corp.		43,047		5,137,229
Nordson Corp.		39,387		9,775,066
Omega Flex, Inc.		28,632		2,971,429
RBC Bearings, Inc. (a)		74,880		16,284,154
SPX Technologies, Inc. (a)		88,131		7,488,491
Standex International Corp.		31,198		4,413,581
Toro Co. (The)		129,193		13,132,468
				95,499,508
Marine Transportation—1.6%
Kirby Corp. (a)		200,588		15,435,247
Media—2.7%
Cable One, Inc.		9,938		6,530,061
Nexstar Media Group, Inc.		93,182		15,519,462
TechTarget, Inc. (a)		112,873		3,513,737
				25,563,260
Oil, Gas & Consumable Fuels—2.5%
Matador Resources Co.		106,063		5,549,216
Sitio Royalties Corp. - Class A		288,114		7,568,755
Southwestern Energy Co. (a)		1,149,052		6,905,803
Texas Pacific Land Corp.		2,545		3,350,492
				23,374,266
Pharmaceuticals—0.6%
Amphastar Pharmaceuticals, Inc. (a)		98,335		5,651,312
Professional Services—3.4%
CRA International, Inc.		36,837		3,757,374
Exponent, Inc.		151,398		14,128,461
FTI Consulting, Inc. (a)		75,770		14,411,454
				32,297,289
Real Estate Management & Development—1.6%
FirstService Corp.		98,401		15,162,610
Semiconductors & Semiconductor Equipment—5.9%
Lattice Semiconductor Corp. (a)		282,232		27,114,028
MKS Instruments, Inc.		96,609		10,443,433
Power Integrations, Inc.		193,810		18,347,993
				55,905,454
Software—12.2%
American Software, Inc. - Class A		151,722		1,594,598
Aspen Technology, Inc. (a)		54,677		9,164,412
CommVault Systems, Inc. (a)		85,324		6,196,229
Fair Isaac Corp. (a)		25,922		20,976,341
Manhattan Associates, Inc. (a)		115,468		23,079,744
Model N, Inc. (a)		170,344		6,023,364
Qualys, Inc. (a)		117,709		15,204,471
SPS Commerce, Inc. (a)		105,311		20,226,031
Tyler Technologies, Inc. (a)		22,619		9,420,135
Vertex, Inc. - Class A (a)		223,210		4,352,595
				116,237,920
Specialty Retail—4.2%
Asbury Automotive Group, Inc. (a)		73,349		17,634,567
Floor & Decor Holdings, Inc. - Class A (a)		92,963		9,664,433
Tractor Supply Co.		33,162		7,332,118
Winmark Corp.		15,055		5,005,336
				39,636,454
Trading Companies & Distributors—2.7%
Richelieu Hardware, Ltd.		139,594		4,415,164
SiteOne Landscape Supply, Inc. (a)		38,650		6,468,464
Transcat, Inc. (a)		44,093		3,761,574
Watsco, Inc.		28,655		10,931,022
				25,576,224
Total Common Stocks (Cost $589,467,220)				945,774,555

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Short-Term Investment — 0.8%

Security Description	Principal Amount*		Value
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $7,796,375; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $7,950,870.		7,794,881		$   7,794,881
Total Short-Term Investments (Cost $7,794,881)				7,794,881
Total Investments— 100.1% (Cost $597,262,101)				953,569,436
Other assets and liabilities (net) — (0.1)%				(1,109,436)
Net Assets — 100.0%				$952,460,000

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

Glossary of Abbreviations

Other Abbreviations

(ADR)— American 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Total Common Stocks*	$	945,774,555	$	—	$	—	$	945,774,555
Total Short-Term Investment*		—		7,794,881		—		7,794,881
Total Investments	$	945,774,555	$	7,794,881	$	—	$	953,569,436

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a)	$	953,569,436
Receivable for:
Investments sold		482,924
Fund shares sold		372,991
Dividends and interest		420,421
Prepaid expenses		7,326
Total Assets		954,853,098
Liabilities
Payables for:
Investments purchased		892,539
Fund shares redeemed		541,283
Accrued Expenses:
Management fees		577,313
Distribution and service fees		63,243
Deferred trustees’ fees		177,625
Other expenses		141,095
Total Liabilities		2,393,098
Net Assets	$	952,460,000
Net Assets Consist of:
Paid in surplus	$	537,926,912
Distributable earnings (Accumulated losses)		414,533,088
Net Assets	$	952,460,000
Net Assets
Class A	$	606,075,535
Class B		278,462,935
Class E		67,921,530
Capital Shares Outstanding*
Class A		33,832,780
Class B		16,226,237
Class E		3,894,152
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	17.91
Class B		17.16
Class E		17.44

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $597,262,101.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	4,207,607
Interest		95,068
Total investment income		4,302,675
Expenses
Management fees		3,771,876
Administration fees		22,931
Custodian and accounting fees		34,820
Distribution and service fees—Class B		332,482
Distribution and service fees—Class E		49,354
Audit and tax services		21,953
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		38,115
Insurance		4,112
Miscellaneous		7,744
Total expenses		4,322,669
Less management fee waiver		(289,980	)
Less broker commission recapture		(10,778	)
Net expenses		4,021,911
Net Investment Income		280,764
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		58,130,052
Foreign currency transactions		(228	)
Net realized gain (loss)		58,129,824
Net change in unrealized appreciation on investments		46,457,635
Net realized and unrealized gain (loss)		104,587,459
Net Increase (Decrease) in Net Assets From Operations	$	104,868,223

(a) Net of foreign withholding taxes of $11,570.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	280,764		$	979,597
Net realized gain (loss)		58,129,824			80,792,553
Net change in unrealized appreciation (depreciation)		46,457,635			(311,766,210	)
Increase (decrease) in net assets from operations		104,868,223			(229,994,060	)
From Distributions to Shareholders
Class A		(51,424,650	)		(106,970,605	)
Class B		(24,209,465	)		(50,463,350	)
Class E		(5,813,703	)		(12,512,018	)
Total distributions		(81,447,818	)		(169,945,973	)
Increase (decrease) in net assets from capital share transactions		38,020,733			76,708,143
Total increase (decrease) in net assets		61,441,138			(323,231,890	)
Net Assets
Beginning of period		891,018,862			1,214,250,752
End of period	$	952,460,000		$	891,018,862

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		154,903		$	2,825,607			403,662		$	8,348,547
Reinvestments		2,960,544			51,424,650			6,413,106			106,970,605
Redemptions		(1,640,348	)		(30,397,327	)		(3,336,606	)		(63,956,922	)
Net increase (decrease)		1,475,099		$	23,852,930			3,480,162		$	51,362,230
Class B
Sales		269,693		$	4,765,582			596,860		$	11,834,859
Reinvestments		1,454,022			24,209,465			3,142,176			50,463,350
Redemptions		(904,478	)		(15,972,017	)		(2,136,947	)		(40,638,832	)
Net increase (decrease)		819,237		$	13,003,030			1,602,089		$	21,659,377
Class E
Sales		18,634		$	330,928			34,853		$	711,204
Reinvestments		343,599			5,813,703			768,551			12,512,018
Redemptions		(276,293	)		(4,979,858	)		(489,775	)		(9,536,686	)
Net increase (decrease)		85,940		$	1,164,773			313,629		$	3,686,536
Increase (decrease) derived from capital shares transactions				$	38,020,733					$	76,708,143

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	17.51		$	26.57		$	24.01		$	20.75		$	18.56		$	22.65
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			0.04			(0.01	)		0.03			0.05			0.06
Net realized and unrealized gain (loss)		2.04			(5.32	)		4.26			4.74			5.19			(1.21	)
Total income (loss) from investment operations		2.05			(5.28	)		4.25			4.77			5.24			(1.15	)
Less Distributions
Distributions from net investment income		(0.02	)		0.00			(0.02	)		(0.04	)		(0.05	)		(0.08	)
Distributions from net realized capital gains		(1.63	)		(3.78	)		(1.67	)		(1.47	)		(3.00	)		(2.86	)
Total distributions		(1.65	)		(3.78	)		(1.69	)		(1.51	)		(3.05	)		(2.94	)
Net Asset Value, End of Period	$	17.91		$	17.51		$	26.57		$	24.01		$	20.75		$	18.56
Total Return (%) (b)		12.02	(c)		(19.15	)		18.41			25.11			29.68			(6.70	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86	(d)		0.86			0.84			0.86			0.87			0.86
Net ratio of expenses to average net assets (%) (e)		0.80	(d)		0.81			0.83			0.85			0.85			0.84
Ratio of net investment income (loss) to average net assets (%)		0.15	(d)		0.18			(0.04	)		0.17			0.23			0.25
Portfolio turnover rate (%)		10	(c)		13			10			12			11			12
Net assets, end of period (in millions)	$	606.1		$	566.6		$	767.1		$	739.6		$	670.9		$	577.6
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	16.84		$	25.79		$	23.39		$	20.27		$	18.18		$	22.25
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.01	)		(0.07	)		(0.02	)		(0.00	)(f)		0.00	(f)
Net realized and unrealized gain (loss)		1.96			(5.16	)		4.14			4.61			5.09			(1.19	)
Total income (loss) from investment operations		1.95			(5.17	)		4.07			4.59			5.09			(1.19	)
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			0.00			(0.02	)
Distributions from net realized capital gains		(1.63	)		(3.78	)		(1.67	)		(1.47	)		(3.00	)		(2.86	)
Total distributions		(1.63	)		(3.78	)		(1.67	)		(1.47	)		(3.00	)		(2.88	)
Net Asset Value, End of Period	$	17.16		$	16.84		$	25.79		$	23.39		$	20.27		$	18.18
Total Return (%) (b)		11.88	(c)		(19.32	)		18.12			24.76			29.41			(6.98	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11	(d)		1.11			1.09			1.11			1.12			1.11
Net ratio of expenses to average net assets (%) (e)		1.05	(d)		1.06			1.08			1.10			1.10			1.09
Ratio of net investment income (loss) to average net assets (%)		(0.10	) (d)		(0.07	)		(0.29	)		(0.08	)		(0.02	)		0.01
Portfolio turnover rate (%)		10	(c)		13			10			12			11			12
Net assets, end of period (in millions)	$	278.5		$	259.4		$	356.0		$	345.9		$	313.9		$	271.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	17.08		$	26.07		$	23.61		$	20.42		$	18.30		$	22.38
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(f)		0.01			(0.05	)		0.00	(f)		0.02			0.02
Net realized and unrealized gain (loss)		1.99			(5.22	)		4.18			4.67			5.12			(1.19	)
Total income (loss) from investment operations		1.99			(5.21	)		4.13			4.67			5.14			(1.17	)
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.01	)		(0.02	)		(0.05	)
Distributions from net realized capital gains		(1.63	)		(3.78	)		(1.67	)		(1.47	)		(3.00	)		(2.86	)
Total distributions		(1.63	)		(3.78	)		(1.67	)		(1.48	)		(3.02	)		(2.91	)
Net Asset Value, End of Period	$	17.44		$	17.08		$	26.07		$	23.61		$	20.42		$	18.30
Total Return (%) (b)		11.94	(c)		(19.26	)		18.21			24.96			29.49			(6.89	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01	(d)		1.01			0.99			1.01			1.02			1.01
Net ratio of expenses to average net assets (%) (e)		0.95	(d)		0.96			0.98			1.00			1.00			0.99
Ratio of net investment income (loss) to average net assets (%)		(0.01)	(d)		0.03			(0.19	)		0.02			0.08			0.11
Portfolio turnover rate (%)		10	(c)		13			10			12			11			12
Net assets, end of period (in millions)	$	67.9		$	65.0		$	91.1		$	90.2		$	82.5		$	74.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(f)	Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Neuberger Berman Genesis Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted

prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon

BHFTII-12

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-13

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $7,794,881, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These

sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of

BHFTII-14

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	89,596,325	$	0	$	126,347,791

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$3,771,876		0.850	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Neuberger Berman Investment Advisers LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-15

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements— June 30, 2023 (Unaudited) —(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.075%	First $500 million
0.050%	Over $500 million

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	597,329,945
Gross unrealized appreciation		389,127,113
Gross unrealized (depreciation)		(32,887,621	)
Net unrealized appreciation (depreciation)	$	356,239,492

BHFTII-16

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited) —(Continued)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$—	$	476,893	$	169,945,973	$	77,289,709	$	169,945,973	$	77,766,602

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$896,456	$	80,610,485	$	309,781,856	$	—	$	391,288,797

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-17

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the T. Rowe Price Large Cap Growth Portfolio returned 33.05%, 32.96%, and 32.99%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 29.02%.

MARKET ENVIRONMENT / CONDITIONS

Major stock indexes rose in the first half of 2023. Due in part to generally favorable corporate earnings and a resilient economy, equities climbed the proverbial wall of worry, overcoming bearish factors such as regional bank turmoil in March following the failures of Silicon Valley Bank and Signature Bank, uncertainty around Congress and President Joe Biden agreeing to raise the debt ceiling—the statutory limit on U.S. government borrowing—before the government ran out of money, and continued U.S. Federal Reserve (the “Fed”) interest rate increases to combat elevated inflation. The Fed raised interest rates three times in the first half of the year but following its most recent policy deliberations in June, central bank officials decided to keep short-term interest rates unchanged. The period ended on a strong note, as better-than-expected economic data suggested that the economy continued to expand despite a significant increase in interest rates.

In other parts of the globe, developed European stocks largely performed well during the period even as they experienced volatility following the events in the U.S. banking sector and the takeover of Credit Suisse by UBS in a government-brokered deal. Despite slowing economic conditions and lower headline inflation, both the European Central Bank and Bank of England raised interest rates and committed to further tightening measures. Developed Asian markets also delivered solid returns. Japanese equities led the region as the Bank of Japan kept interest rates very low and a weakening Japanese yen benefitted export-oriented businesses. Emerging markets stocks gained ground but underperformed their developed market peers. In Latin America, where many economies depend greatly on commodity exports, many markets rose due in part to hopes that China, which reduced certain interest rates in June, would continue to take measures to help stimulate growth.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio posted positive returns and outperformed the benchmark, the Russell 1000 Growth Index (the “Index”), for the six-month period. Overall, both security selection and sector allocation contributed to relative performance.

Industrials were the leading contributor to relative results, primarily due to an underweight allocation coupled with strong performance across the handful of names held. Within the sector, we continued to focus on areas where we believe there is secular, rather than cyclical, growth. As such, we continued to emphasize unique, company-specific opportunities that we believe can drive meaningful growth regardless of the economic backdrop.

An underweight allocation in Consumer Staples also boosted relative performance. We maintained an underweight given the sector’s moderate growth trajectory. Many Consumer Staples firms operate well-entrenched, mature businesses that enjoy relatively stable demand; however, there are few companies in the sector that meet our growth threshold.

Strong stock selection coupled with an overweight allocation in the Communication Services sector further contributed to relative performance.

On the contrary, Consumer Discretionary detracted from relative performance due to unfavorable security selection, which was partially offset by an overweight allocation to the sector.

An overweight allocation to the Financials sector further weighed on relative performance, which was partially offset by strong stock selection. Our overweight exposure to Financials was focused on electronic payments companies alongside a handful of high-quality insurers and brokerages that we believe possess unique and durable growth opportunities.

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

At the end of the period, the Portfolio’s largest overweight relative to the Index was in the Communication Services sector, followed by Health Care and Financials. The most significant underweight was in the Consumer Staples sector. The Portfolio was also underweight Industrials, Information Technology and Consumer Discretionary. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

Joseph B. Fath

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

BHFTII-2

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
T. Rowe Price Large Cap Growth Portfolio
Class A		33.05		26.16		9.03		13.30
Class B		32.96		25.83		8.76		13.01
Class E		32.99		26.03		8.88		13.13
Russell 1000 Growth Index		29.02		27.11		15.14		15.75

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Microsoft Corp.		14.0
Apple, Inc.		8.5
Amazon.com, Inc.		6.5
NVIDIA Corp.		6.1
Alphabet, Inc. - Class A		4.8
Meta Platforms, Inc. - Class A		3.7
Visa, Inc. - Class A		3.0
UnitedHealth Group, Inc.		2.9
Eli Lilly and Co.		2.5
MasterCard, Inc. - Class A		2.5

Top Sectors

	% of Net Assets
Information Technology		43.1
Consumer Discretionary		15.1
Communication Services		14.6
Health Care		13.3
Financials		8.6
Industrials		2.7
Consumer Staples		1.6
Materials		0.7

BHFTII-3

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Large Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.55	%	$	1,000.00	$	1,330.50	$	3.18
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class B (a)	Actual		0.80	%	$	1,000.00	$	1,329.60	$	4.62
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01
Class E (a)	Actual		0.70	%	$	1,000.00	$	1,329.90	$	4.04
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.32	$	3.51

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—98.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.6%
Airbus SE		82,823	$	11,972,507
Air Freight & Logistics—0.2%
FedEx Corp.		21,097		5,229,946
Automobiles—3.6%
Ferrari NV (a)		56,209		18,279,729
Rivian Automotive, Inc. - Class A (a) (b)		1,263,458		21,049,210
Tesla, Inc. (a)(b)		141,949		37,157,990
				76,486,929
Beverages—0.7%
Constellation Brands, Inc. - Class A		58,701		14,448,077
Biotechnology—1.4%
Argenx SE (ADR) (b)		30,905		12,044,606
Legend Biotech Corp. (ADR) (a) (b)		68,401		4,721,721
Vertex Pharmaceuticals, Inc. (b)		35,618		12,534,330
				29,300,657
Broadline Retail—7.0%
Amazon.com, Inc. (b)		1,059,033		138,055,542
Coupang, Inc. (a) (b)		716,014		12,458,644
				150,514,186
Capital Markets—0.3%
Charles Schwab Corp. (The)		128,332		7,273,858
Chemicals—0.7%
Linde plc		37,305		14,216,189
Commercial Services & Supplies—0.3%
Cintas Corp.		12,651		6,288,559
Consumer Staples Distribution & Retail—0.0%
Maplebear, Inc. † (b) (c) (d)		17,978		584,285
Maplebear, Inc. (Non-Voting Shares) † (b) (c) (d)		939		30,518
				614,803
Electronic Equipment, Instruments & Components —1.2%
Amphenol Corp. - Class A		2,269		192,752
Teledyne Technologies, Inc. (b)		63,210		25,986,263
				26,179,015
Entertainment—2.1%
Netflix, Inc. (b)		72,901		32,112,161
Spotify Technology S.A. (b)		74,170		11,907,994
				44,020,155
Financial Services—7.4%
Fiserv, Inc. (b)		286,857		36,187,010
Global Payments, Inc.		48,055		4,734,379
MasterCard, Inc. - Class A		133,536		52,519,709
Financial Services—(Continued)
Visa, Inc. - Class A (a)		268,634		63,795,202
				157,236,300
Ground Transportation—0.5%
Old Dominion Freight Line, Inc. (a)		31,705		11,722,924
Health Care Equipment & Supplies—2.2%
Align Technology, Inc. (a) (b)		14,953		5,287,979
Intuitive Surgical, Inc. (b)		98,667		33,738,194
Stryker Corp.		25,895		7,900,306
				46,926,479
Health Care Providers & Services—5.6%
Cigna Group (The)		69,640		19,540,984
HCA Healthcare, Inc.		29,176		8,854,333
Humana, Inc.		43,868		19,614,699
McKesson Corp.		26,217		11,202,786
UnitedHealth Group, Inc.		127,241		61,157,114
				120,369,916
Hotels, Restaurants & Leisure—2.3%
Booking Holdings, Inc. (b)		4,088		11,038,949
Chipotle Mexican Grill, Inc. (b)		11,457		24,506,523
Las Vegas Sands Corp. (b)		245,362		14,230,996
				49,776,468
Household Products—0.5%
Procter & Gamble Co. (The)		71,802		10,895,236
Insurance—0.8%
Chubb, Ltd.		93,806		18,063,283
Interactive Media & Services—11.1%
Alphabet, Inc. - Class A (b)		854,420		102,274,074
Alphabet, Inc. - Class C (b)		272,842		33,005,697
Match Group, Inc. (a) (b)		186,174		7,791,382
Meta Platforms, Inc. - Class A (b)		273,776		78,568,236
Pinterest, Inc. - Class A (b)		562,334		15,374,212
				237,013,601
IT Services—1.7%
Accenture plc - Class A		53,705		16,572,289
MongoDB, Inc. (a) (b)		14,478		5,950,313
Shopify, Inc. - Class A (b)		198,683		12,834,922
Stripe, Inc. - Class B † (b) (c) (d)		63,278		1,273,786
				36,631,310
Life Sciences Tools & Services—0.9%
Avantor, Inc. (b)		366,709		7,532,203
Danaher Corp.		35,838		8,601,120
Thermo Fisher Scientific, Inc.		6,100		3,182,675
				19,315,998
Media—0.6%
Trade Desk, Inc. (The) - Class A (b)		165,838		12,806,010

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Personal Care Products—0.5%
Estee Lauder Cos., Inc. (The) - Class A		50,188	$	9,855,919
Pharmaceuticals—2.8%
Eli Lilly and Co.		114,222		53,567,833
Zoetis, Inc.		42,661		7,346,651
				60,914,484
Professional Services—1.0%
Ceridian HCM Holding, Inc. (a) (b)		119,748		8,019,524
TransUnion (a)		150,547		11,792,346
				19,811,870
Semiconductors & Semiconductor Equipment—10.2%
Advanced Micro Devices, Inc. (b)		286,516		32,637,038
ASML Holding NV		44,164		32,007,859
Lam Research Corp.		20,630		13,262,202
Marvell Technology, Inc.		176,540		10,553,561
NVIDIA Corp.		306,916		129,831,606
				218,292,266
Software—21.2%
Atlassian Corp. - Class A (b)		31,278		5,248,761
Dynatrace, Inc. (b)		234,416		12,065,392
Epic Games, Inc. † (b) (c) (d)		7,488		5,171,587
Intuit, Inc.		98,214		45,000,673
Magic Leap, Inc. - Class A † (b) (c) (d)		10,914		209,569
Microsoft Corp.		882,009		300,359,345
Monday.com, Ltd. (a) (b)		9,224		1,579,333
Roper Technologies, Inc.		49,626		23,860,181
Salesforce, Inc. (b)		128,436		27,133,389
ServiceNow, Inc. (b)		58,833		33,062,381
				453,690,611
Specialty Retail—1.1%
Floor & Decor Holdings, Inc. - Class A (a) (b)		65,811		6,841,711
Ross Stores, Inc.		143,490		16,089,534
				22,931,245
Technology Hardware, Storage & Peripherals—8.5%
Apple, Inc.		936,115		181,578,227
Textiles, Apparel & Luxury Goods—0.3%
Lululemon Athletica, Inc. (b)		16,372		6,196,802
Wireless Telecommunication Services—0.8%
T-Mobile U.S., Inc. (a) (b)		130,357		18,106,587
Total Common Stocks (Cost $1,335,771,650)				2,098,680,417
Preferred Stocks—1.0%
Automobiles—0.6%
Dr. Ing HC F Porsche AG (b)		96,141		11,932,562
Life Sciences Tools & Services—0.4%
Sartorius AG		24,762		8,491,504
Total Preferred Stocks (Cost $18,385,415)				20,424,066
Convertible Preferred Stocks—0.9%
Automobiles—0.3%
GM Cruise Holdings LLC - Class F † (b) (c) (d)		196,100		3,329,778
Nuro, Inc. - Series C † (b) (c) (d)		179,741		1,114,394
Sila Nanotechnologies, Inc. - Series F † (b) (c) (d)		52,110		1,056,791
Waymo LLC - Series A-2 † (b) (c) (d)		26,511		1,011,130
				6,512,093
Commercial Services & Supplies—0.2%
Redwood Materials - Series D † (b) (c) (d)		110,579		5,278,580
Consumer Staples Distribution & Retail—0.2%
Maplebear, Inc. - Series A † (b) (c) (d)		2,525		82,063
Maplebear, Inc. - Series G † (b) (c) (d)		36,727		1,193,628
Rappi, Inc. - Series E † (b) (c) (d)		52,748		1,899,455
				3,175,146
Financial Services—0.2%
ANT International Co., Ltd. - Class C † (b) (c) (d)		2,147,070		3,778,843
Software—0.0%
Celonis S.E . - Series D † (b) (c) (d)		1,177		262,565
Total Convertible Preferred Stocks (Cost $29,321,351)				19,007,227
Short-Term Investment—0.0%
Mutual Funds—0.0%
T. Rowe Price Government Reserve Fund (e)		15,592		15,592
Total Short-Term Investments (Cost $15,592)				15,592
Securities Lending Reinvestments (f)—7.9%
Certificates of Deposit—2.0%
Bank of America N.A. 5.440%, FEDEFF PRV + 0.370%, 11/17/23 (g)		2,000,000		1,999,942
Bank of Nova Scotia 5.740%, SOFR + 0.680%, 08/16/23 (g)		1,000,000		1,000,543
BNP Paribas S.A. 5.310%, SOFR + 0.250%, 09/08/23 (g)		2,000,000		2,000,000
5.510%, SOFR + 0.450%, 10/10/23 (g)		3,000,000		3,000,000
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (g)		3,000,000		3,000,771
Credit Agricole Corporate & Investment Bank 5.390%, 08/01/23		4,000,000		4,000,392

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (g)		2,000,000	$	1,998,562
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 07/20/23		1,000,000		997,130
5.230%, SOFR + 0.170%, 09/06/23 (g)		3,000,000		2,999,103
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (g)		3,000,000		3,000,096
MUFG Bank Ltd. (NY) 5.240%, SOFR + 0.180%, 08/28/23 (g)		2,000,000		1,999,670
5.260%, SOFR + 0.200%, 08/21/23 (g)		2,000,000		1,999,784
Rabobank International 5.380%, SOFR + 0.320%, 07/12/23 (g)		1,000,000		1,000,023
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (g)		3,000,000		3,000,063
Svenska Handelsbanken AB 5.290%, SOFR + 0.230%, 08/08/23 (g)		4,000,000		4,000,248
5.400%, SOFR + 0.340%, 10/31/23 (g)		3,000,000		3,000,807
Toronto-Dominion Bank (The) 5.520%, FEDEFF PRV + 0.450%, 10/13/23 (g)		3,000,000		3,000,648
				41,997,782
Commercial Paper—0.9%
Bedford Row Funding Corp. 5.300%, SOFR + 0.240%, 07/19/23 (g)		3,000,000		3,000,042
ING U.S. Funding LLC 5.780%, SOFR + 0.720%, 08/04/23 (g)		5,000,000		5,002,365
National Australia Bank, Ltd. 5.410%, SOFR + 0.350%, 12/05/23 (g)		2,000,000		1,999,736
Skandinaviska Enskilda Banken AB 5.330%, SOFR + 0.270%, 08/25/23 (g)		2,000,000		2,000,122
5.420%, SOFR + 0.360%, 11/15/23 (g)		3,000,000		3,000,444
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (g)		3,000,000		3,000,000
United Overseas Bank, Ltd. 5.250%, 08/21/23		2,000,000		1,984,604
				19,987,313
Repurchase Agreements—3.4%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $16,005,005; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $16,318,239.		15,998,272		15,998,272
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.370%, due on 08/04/23 with a maturity value of $7,036,546; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.750%, maturity dates ranging from 08/15/28 - 05/15/33, and various Common Stock with an aggregate market value of $7,591,925.		7,000,000		7,000,000
Repurchase Agreements—(Continued)
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $5,004,929; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $5,123,565.		5,000,000		5,000,000
Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $20,020,222; collateralized by various Common Stock with an aggregate market value of $22,318,377.		20,000,000		20,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $10,004,342; collateralized by various Common Stock with an aggregate market value of $11,117,538.		10,000,000		10,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 06/30/23 at 5.290%, due on 08/04/23 with a maturity value of $3,015,429; collateralized by various Common Stock with an aggregate market value of $3,333,822.		3,000,000		3,000,000
Societe Generale Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $10,004,309; collateralized by various Common Stock with an aggregate market value of $11,123,610.		10,000,000		10,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $1,001,005; collateralized by various Common Stock with an aggregate market value of $1,113,737.		1,000,000		1,000,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $1,000,429; collateralized by various Common Stock with an aggregate market value of $1,100,472.		1,000,000		1,000,000
				72,998,272
Time Deposits—0.5%
Banco Santander S.A. (NY) 5.060%, 07/03/23		2,000,000		2,000,000
DZ Bank AG (NY) 5.040%, 07/03/23		2,000,000		2,000,000
National Bank of Canada 5.120%, OBFR + 0.050%, 07/07/23 (g)		5,000,000		5,000,000
Nordea Bank Abp 5.050%, 07/03/23		2,000,000		2,000,000
				11,000,000
Mutual Funds—1.1%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.000% (h)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.990% (h)		5,000,000		5,000,000

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Shares		Value
Mutual Funds—(Continued)
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (h)		3,000,000	$	3,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (h)		1,000,000		1,000,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (h)		5,000,000		5,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 5.030% (h)		5,000,000		5,000,000
STIT-Government & Agency Portfolio, Institutional Class 5.050% (h)		1,000,000		1,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (h)		3,000,000		3,000,000
				24,000,000
Total Securities Lending Reinvestments (Cost $169,981,498)				169,983,367
Total Investments—107.9% (Cost $1,553,475,506)				2,308,110,669
Other assets and liabilities (net)—(7.9)%				(168,908,369	)
Net Assets—100.0%			$	2,139,202,300

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2023, the market value of restricted securities was $26,276,972, which is 1.3% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $180,303,069 and the collateral received consisted of cash in the amount of $169,961,172 and non-cash collateral with a value of $12,363,121. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent 1.2% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(h)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

Restricted Securities	Acquisition Date		Shares		Cost		Value
ANT International Co., Ltd. - Class C		06/07/18		2,147,070	$	8,183,290	$	3,778,843
Celonis S.E. - Series D		10/04/22		1,177		435,243		262,565
Epic Games, Inc.		06/18/22		7,488		4,310,738		5,171,587
GM Cruise Holdings LLC - Class F		05/07/19		196,100		3,578,825		3,329,778
Magic Leap, Inc. - Class A		01/20/16-10/12/17		10,914		5,305,346		209,569
Maplebear, Inc.		08/07/20		17,978		832,991		584,285
Maplebear, Inc. (Non-Voting Shares)		08/07/20		939		43,507		30,518
Maplebear, Inc. - Series A		11/18/20		2,525		154,056		82,063
Maplebear, Inc. - Series G		07/02/20		36,727		1,766,271		1,193,628
Nuro, Inc. - Series C		10/30/20		179,741		2,346,447		1,114,394
Rappi, Inc. - Series E		09/08/20-09/24/20		52,748		3,151,484		1,899,455
Redwood Materials - Series D		06/02/23		110,579		5,278,583		5,278,580
Sila Nanotechnologies, Inc. - Series F		01/07/21		52,110		2,150,726		1,056,791
Stripe, Inc. - Class B		12/17/19		63,278		992,832		1,273,786
Waymo LLC - Series A-2		05/08/20		26,511		2,276,425		1,011,130
							$	26,276,972

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	—	$	11,972,507		$	—	$	11,972,507
Air Freight & Logistics		5,229,946		—			—		5,229,946
Automobiles		76,486,929		—			—		76,486,929
Beverages		14,448,077		—			—		14,448,077
Biotechnology		29,300,657		—			—		29,300,657
Broadline Retail		150,514,186		—			—		150,514,186
Capital Markets		7,273,858		—			—		7,273,858
Chemicals		14,216,189		—			—		14,216,189
Commercial Services & Supplies		6,288,559		—			—		6,288,559
Consumer Staples Distribution & Retail		—		—			614,803		614,803
Electronic Equipment, Instruments & Components		26,179,015		—			—		26,179,015
Entertainment		44,020,155		—			—		44,020,155
Financial Services		157,236,300		—			—		157,236,300
Ground Transportation		11,722,924		—			—		11,722,924
Health Care Equipment & Supplies		46,926,479		—			—		46,926,479
Health Care Providers & Services		120,369,916		—			—		120,369,916
Hotels, Restaurants & Leisure		49,776,468		—			—		49,776,468
Household Products		10,895,236		—			—		10,895,236
Insurance		18,063,283		—			—		18,063,283
Interactive Media & Services		237,013,601		—			—		237,013,601
IT Services		35,357,524		—			1,273,786		36,631,310
Life Sciences Tools & Services		19,315,998		—			—		19,315,998
Media		12,806,010		—			—		12,806,010
Personal Care Products		9,855,919		—			—		9,855,919
Pharmaceuticals		60,914,484		—			—		60,914,484
Professional Services		19,811,870		—			—		19,811,870
Semiconductors & Semiconductor Equipment		218,292,266		—			—		218,292,266
Software		448,309,455		—			5,381,156		453,690,611
Specialty Retail		22,931,245		—			—		22,931,245
Technology Hardware, Storage & Peripherals		181,578,227		—			—		181,578,227
Textiles, Apparel & Luxury Goods		6,196,802		—			—		6,196,802
Wireless Telecommunication Services		18,106,587		—			—		18,106,587
Total Common Stocks		2,079,438,165		11,972,507			7,269,745		2,098,680,417
Total Preferred Stocks*		—		20,424,066			—		20,424,066
Total Convertible Preferred Stocks*		—		—			19,007,227		19,007,227
Total Short-Term Investment*		15,592		—			—		15,592
Securities Lending Reinvestments
Certificates of Deposit		—		41,997,782			—		41,997,782
Commercial Paper		—		19,987,313			—		19,987,313
Repurchase Agreements		—		72,998,272			—		72,998,272
Time Deposits		—		11,000,000			—		11,000,000
Mutual Funds		24,000,000		—			—		24,000,000
Total Securities Lending Reinvestments		24,000,000		145,983,367			—		169,983,367
Total Investments	$	2,103,453,757	$	178,379,940		$	26,276,972	$	2,308,110,669
Collateral for Securities Loaned (Liability)	$	—	$	(169,961,172	)	$	—	$	(169,961,172	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2022		Purchases		Sales			Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Balance as of June 30, 2023		Change in Unrealized Appreciation/ (Depreciation) from Investments Held at June 30, 2023
Common Stocks
Consumer Staples Distribution & Retail	$	917,097	$	—	$	—		$	—	$	(302,294	)	$	614,803	$	(302,294	)
IT Services		1,171,276		—		—			—		102,510			1,273,786		102,510
Software		5,615,913		—		(251,753	)		42,990		(25,994	)		5,381,156		(25,994	)
Convertible Preferred Stocks
Automobiles		9,356,576		—		—			—		(2,844,483	)		6,512,093		(2,844,483	)
Commercial Services & Supplies		—		5,278,583		—			—		(3	)		5,278,580		(3	)
Consumer Staples Distribution & Retail		3,802,392		—		—			—		(627,246	)		3,175,146		(627,246	)
Financial Services		4,358,552		—		—			—		(579,709	)		3,778,843		(579,709	)
Software		435,243		—		—			—		(172,678	)		262,565		(172,678	)
	$	25,657,049	$	5,278,583	$	(251,753	)	$	42,990	$	(4,449,897	)	$	26,276,972	$	(4,449,897	)

	Fair Value at June 30, 2023			Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Common Stock
Consumer Staples Distribution & Retail	$	614,803	(a)	Market Transaction Method	Precedent Transaction	$	32.50		$	32.50		$	32.50			Increase
IT Services		1,273,786	(b)	Market Transaction Method	Precedent Transaction	$	20.13		$	20.13		$	20.13			Increase
Software		5,171,587	(a)	Market Transaction Method	Precedent Transactions	$	640.00		$	750.00		$	690.65			Increase
		209,569		Market Transaction Method	Precedent Transaction (Split Adj.)	$	19.20		$	19.20		$	19.20			Increase
Convertible Preferred Stocks Automobiles		3,329,778		Comparable Company Analysis	Forward Enterprise Value/Sales		1.7x			10.0x			4.7x			Increase
					Discount Rate		25.00	%		25.00	%		25.00	%		Decrease
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
		1,114,394	(c)	Comparable Company Analysis	Market Comparable Adjustment		-70.00	%		-70.00	%		-70.00	%		Decrease
		1,056,791	(d)	Comparable Company Analysis	Enterprise Value/Sales		1.4x			1.4x			1.4x			Increase
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
		1,011,130	(d)	Comparable Company Analysis	Forward Enterprise Value/Sales		2.9x			10.0x			5.5x			Increase
					Discount Rate		25.00	%		25.00	%		25.00	%		Decrease
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
Commercial Services & Supplies		5,278,580		Market Transaction Method	Precedent Transaction	$	47.74		$	47.74		$	47.74			Increase
Consumer Staples Distribution & Retail		1,275,691	(a)	Market Transaction Method	Precedent Transaction	$	32.50		$	32.50		$	32.50			Increase
		1,899,455		Market Transaction Method	Precedent Transaction	$	64.42		$	64.42		$	64.42			Increase
				Comparable Company Analysis	Enterprise Value/Sales		2.3x			3.0x			2.7x			Increase
					Enterprise Value/GMV		0.5x			0.5x			0.5x			Increase
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
Financial Services		3,778,843		Comparable Company Analysis	Price/Earnings		8.4x			17.3x			12.9x			Increase
					Enterprise Value/Sales		3.4x			3.4x			3.4x			Increase
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
Software		262,565	(e)	Calibration Model	Enterprise Value/Sales		11.7x			14.8x			13.3x			Increase
					Enterprise Value/Gross Profit		14.9x			18.9x			16.9x			Increase

(a) For the period ended June 30, 2023, the valuation technique for investments amounting to $7,062,081 changed to a market transaction approach. The investments were previously valued utilizing a multi-tiered approach. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

(b) For the period ended June 30, 2023, the valuation technique for investments amounting to $1,273,786 changed to a market transaction approach. The investments were previously valued utilizing a comparable company analysis. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

(c) For the period ended June 30, 2023, the valuation technique for investments amounting to $1,114,394 changed to a comparable company approach. The investments were previously valued utilizing a discounted cash flow analysis. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

(d) For the period ended June 30, 2023, the valuation technique for investments amounting to $2,067,921 changed to a comparable company approach. The investments were previously valued utilizing a multi-tiered approach. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

(e) For the period ended June 30, 2023, the valuation technique for investments amounting to $262,565 changed to a calibration model approach. The investments were previously valued utilizing a market transaction approach. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	2,308,095,077
Affiliated investments at value (c)		15,592
Receivable for:
Investments sold		7,013,461
Fund shares sold		777,659
Dividends and interest		387,870
Dividends on affiliated investments		15,873
Prepaid expenses		17,506
Total Assets		2,316,323,038
Liabilities
Due to custodian		266,959
Collateral for securities loaned		169,961,172
Payables for:
Affiliated investments purchased		15,592
Fund shares redeemed		5,428,846
Accrued Expenses:
Management fees		894,210
Distribution and service fees		193,217
Deferred trustees’ fees		177,625
Other expenses		183,117
Total Liabilities		177,120,738
Net Assets	$	2,139,202,300
Net Assets Consist of:
Paid in surplus	$	1,376,409,673
Distributable earnings (Accumulated losses)		762,792,627
Net Assets	$	2,139,202,300
Net Assets
Class A	$	1,165,221,944
Class B		940,477,595
Class E		33,502,761
Capital Shares Outstanding*
Class A		62,106,427
Class B		52,735,096
Class E		1,830,984
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.76
Class B		17.83
Class E		18.30

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,553,459,914.
(b)	Includes securities loaned at value of $180,303,069.
(c)	Identified cost of affiliated investments was $15,592.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	5,640,011
Dividends from affiliated investments		297,380
Securities lending income		239,059
Total investment income		6,176,450
Expenses
Management fees		5,841,905
Administration fees		42,835
Custodian and accounting fees		53,215
Distribution and service fees—Class B		1,056,728
Distribution and service fees—Class E		22,192
Audit and tax services		28,143
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		38,044
Insurance		8,049
Miscellaneous		11,459
Total expenses		7,141,852
Less management fee waiver		(767,126	)
Net expenses		6,374,726
Net Investment Loss		(198,276	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		86,603,327
Foreign currency transactions		3,802
Net realized gain (loss)		86,607,129
Net change in unrealized appreciation (depreciation) on:
Investments		471,535,473
Foreign currency transactions		326
Net change in unrealized appreciation (depreciation)		471,535,799
Net realized and unrealized gain (loss)		558,142,928
Net Increase (Decrease) in Net Assets From Operations	$	557,944,652

(a) Net of foreign withholding taxes of $109,044.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(198,276	)	$	(4,315,887	)
Net realized gain (loss)		86,607,129			(72,248,029	)
Net change in unrealized appreciation (depreciation)		471,535,799			(1,079,294,369	)
Increase (decrease) in net assets from operations		557,944,652			(1,155,858,285	)
From Distributions to Shareholders
Class A		0			(234,334,024	)
Class B		0			(196,064,384	)
Class E		0			(7,160,168	)
From return of capital
Class A		0			(268,119	)
Class B		0			(224,332	)
Class E		0			(8,192	)
Total distributions		0			(438,059,219	)
Increase (decrease) in net assets from capital share transactions		(144,189,882	)		496,138,148
Total increase (decrease) in net assets		413,754,770			(1,097,779,356	)
Net Assets
Beginning of period		1,725,447,530			2,823,226,886
End of period	$	2,139,202,300		$	1,725,447,530

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		1,943,950		$	30,327,321			4,855,504		$	105,816,814
Reinvestments		0			0			15,619,317			234,602,143
Redemptions		(6,595,663	)		(112,955,450	)		(2,515,907	)		(48,783,830	)
Net increase (decrease)		(4,651,713	)	$	(82,628,129	)		17,958,914		$	291,635,127
Class B
Sales		1,645,914		$	25,773,705			5,967,725		$	112,865,385
Reinvestments		0			0			13,716,891			196,288,716
Redemptions		(5,405,966	)		(85,742,328	)		(5,765,886	)		(105,167,463	)
Net increase (decrease)		(3,760,052	)	$	(59,968,623	)		13,918,730		$	203,986,638
Class E
Sales		39,811		$	644,083			71,309		$	1,293,534
Reinvestments		0			0			488,641			7,168,360
Redemptions		(140,223	)		(2,237,213	)		(391,485	)		(7,945,511	)
Net increase (decrease)		(100,412	)	$	(1,593,130	)		168,465		$	516,383
Increase (decrease) derived from capital shares transactions				$	(144,189,882	)				$	496,138,148

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.10		$	30.81		$	28.79		$	22.93		$	20.71		$	25.34
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			(0.02	)		(0.06	)		(0.01	)		0.06			0.11
Net realized and unrealized gain (loss)		4.65			(12.17	)		5.55			7.90			5.91			0.23
Total income (loss) from investment operations		4.66			(12.19	)		5.49			7.89			5.97			0.34
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.06	)		(0.10	)		(0.11	)
Distributions from net realized capital gains		0.00			(4.52	)		(3.47	)		(1.97	)		(3.65	)		(4.86	)
Distributions from return of capital		0.00			(0.00	) (b)		0.00			0.00			0.00			0.00
Total distributions		0.00			(4.52	)		(3.47	)		(2.03	)		(3.75	)		(4.97	)
Net Asset Value, End of Period	$	18.76		$	14.10		$	30.81		$	28.79		$	22.93		$	20.71
Total Return (%) (c)		33.05	(d)		(40.46	)		20.22			36.95			30.99			(0.94	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(e)		0.62			0.62			0.63			0.63			0.62
Net ratio of expenses to average net assets (%) (f) (g)		0.55	(e)		0.55			0.54			0.55			0.55			0.55
Ratio of net investment income (loss) to average net assets (%)		0.09	(e)		(0.10	)		(0.21	)		(0.05	)		0.26			0.45
Portfolio turnover rate (%)		19	(d)		31			21			33			26			39
Net assets, end of period (in millions)	$	1,165.2		$	941.0		$	1,503.7		$	1,507.0		$	1,427.4		$	1,259.7
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.42		$	29.74		$	27.96		$	22.32		$	20.25		$	24.87
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.06	)		(0.14	)		(0.07	)		0.00	(h)		0.05
Net realized and unrealized gain (loss)		4.42			(11.74	)		5.39			7.68			5.76			0.24
Total income (loss) from investment operations		4.41			(11.80	)		5.25			7.61			5.76			0.29
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.00	)(i)		(0.04	)		(0.05	)
Distributions from net realized capital gains		0.00			(4.52	)		(3.47	)		(1.97	)		(3.65	)		(4.86	)
Distributions from return of capital		0.00			(0.00	)(b)		0.00			0.00			0.00			0.00
Total distributions		0.00			(4.52	)		(3.47	)		(1.97	)		(3.69	)		(4.91	)
Net Asset Value, End of Period	$	17.83		$	13.42		$	29.74		$	27.96		$	22.32		$	20.25
Total Return (%) (c)		32.96	(d)		(40.67	)		19.95			36.64			30.59			(1.15	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(e)		0.87			0.87			0.88			0.88			0.87
Net ratio of expenses to average net assets (%) (f) (g)		0.80	(e)		0.80			0.79			0.80			0.80			0.80
Ratio of net investment income (loss) to average net assets (%)		(0.16	) (e)		(0.35	)		(0.46	)		(0.30	)		0.01			0.21
Portfolio turnover rate (%)		19	(d)		31			21			33			26			39
Net assets, end of period (in millions)	$	940.5		$	757.9		$	1,266.1		$	1,175.6		$	973.6		$	801.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data

	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.76		$	30.29		$	28.39		$	22.63		$	20.49		$	25.11
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(h)		(0.05	)		(0.11	)		(0.05	)		0.02			0.07
Net realized and unrealized gain (loss)		4.54			(11.96	)		5.48			7.80			5.84			0.25
Total income (loss) from investment operations		4.54			(12.01	)		5.37			7.75			5.86			0.32
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.02	)		(0.07	)		(0.08	)
Distributions from net realized capital gains		0.00			(4.52	)		(3.47	)		(1.97	)		(3.65	)		(4.86	)
Distributions from return of capital		0.00			(0.00	) (b)		0.00			0.00			0.00			0.00
Total distributions		0.00			(4.52	)		(3.47	)		(1.99	)		(3.72	)		(4.94	)
Net Asset Value, End of Period	$	18.30		$	13.76		$	30.29		$	28.39		$	22.63		$	20.49
Total Return (%) (c)		32.99	(d)		(40.58	)		20.08			36.79			30.70			(1.05	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77	(e)		0.77			0.77			0.78			0.78			0.77
Net ratio of expenses to average net assets (%) (f) (g)		0.70	(e)		0.70			0.69			0.70			0.70			0.70
Ratio of net investment income (loss) to average net assets (%)		(0.06	) (e)		(0.25	)		(0.36	)		(0.20	)		0.11			0.30
Portfolio turnover rate (%)		19	(d)		31			21			33			26			39
Net assets, end of period (in millions)	$	33.5		$	26.6		$	53.4		$	51.6		$	42.0		$	35.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from return of capital were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	The effect of the voluntary portion of the waiver on the net ratio of expenses to average net assets was 0.02% for the six months ended June 30, 2023 and for the year ended December 31, 2022, 0.03% for the year ended December 31, 2021, and 0.02% for each of the years ended December 31, 2020 through 2018 (see Note 5 of the Notes to Financial Statements).
(h)	Net investment income (loss) was less than $0.01.
(i)	Distributions from net investment income were less than $0.01.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Large Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Due to Custodian - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2023, the Portfolio had a payment of $266,959 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at June 30, 2023. The Portfolio’s average overdraft advances during the six months ended June 30, 2023 were not significant.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

At June 30, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $72,998,272, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	375,699,032	$	0	$	436,905,075

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $1,472,918 in purchases of investments, which are included above.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$5,841,905		0.650	%	Of the first $50 million
		0.600	%	On amounts in excess of $50 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to a management fee waiver agreement, the Adviser has agreed for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

BHFTII-20

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

If the Portfolio’s average daily net assets are between $1 billion to $2 billion.

% per annum reduction	Average Daily Net Assets
0.080%	On the first $50 million
0.050%	Of the next $50 million
0.060%	Of the next $900 million
0.045%	Of the next $500 million
0.060%	On amounts in excess of $1.5 billion

If the Portfolio’s average daily net assets are between $2 billion to $3 billion.

% per annum reduction	Average Daily Net Assets
0.090%	On the first $50 million
0.060%	Of the next $50 million
0.070%	Of the next $900 million
0.045%	Of the next $500 million
0.060%	On amounts in excess of $1.5 billion

An identical expense agreement was in place for the period April 1, 2023 to April 30, 2023.

Prior to April 1, 2023, the Adviser had agreed, for the period April 29, 2022 to March 31, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows provided the Portfolio’s average daily net assets exceeded $1 billion.

% per annum reduction	Average Daily Net Assets
0.080%	On the first $50 million
0.050%	Of the next $50 million
0.060%	Of the next $900 million
0.035%	Of the next $500 million
0.050%	Of the next $1.5 billion
0.075%	On amounts in excess of $3 billion

Amounts waived for the six months ended June 30, 2023 amounted to $541,063 and are included in the total amount shown as management fee waivers in the Statement of Operations.

T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Brighthouse Funds Trust I (“BHFTI), an affiliate of the Trust, in the aggregate, exceed $750 million, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and BHFTI in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived by Brighthouse Investment Advisers for the six months ended June 30, 2023 amounted to $226,063 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets

BHFTII-21

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2023 is as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Ending Value as of June 30, 2023		Income earned from affiliates during the period		Number of shares held at June 30, 2023
T. Rowe Price Government Reserve Fund	$	80,378,630	$	153,993,055	$	(234,356,093	)	$	15,592	$	297,380		15,592

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	1,568,040,962
Gross unrealized appreciation		799,246,795
Gross unrealized (depreciation)		(59,177,088	)
Net unrealized appreciation (depreciation)	$	740,069,707

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of capital				Total
2022	2021		2022		2021		2022		2021		2022		2021
$43,467,423	$	40,942,869	$	394,091,153	$	271,900,333	$	500,643	$	—	$	438,059,219	$	312,843,202

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$—	$	—	$	268,534,347	$	(63,510,258	)	$	205,024,089

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $63,510,258.

BHFTII-22

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-23

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-24

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B, E and G shares of the T. Rowe Price Small Cap Growth Portfolio returned 14.24%, 14.12%, 14.17%, and 14.12%, respectively. The Portfolio’s benchmark, the MSCI U.S. Small Cap Growth Index¹, returned 14.71%.

MARKET ENVIRONMENT / CONDITIONS

Major stock indexes rose in the first half of 2023. Due in part to generally favorable corporate earnings and a resilient economy, equities climbed the proverbial wall of worry, overcoming bearish factors such as regional bank turmoil in March following the failures of Silicon Valley Bank and Signature Bank, uncertainty around Congress and President Joe Biden agreeing to raise the debt ceiling—the statutory limit on U.S. government borrowing—before the government ran out of money, and continued U.S. Federal Reserve (the “Fed”) interest rate increases to combat elevated inflation. The Fed raised interest rates three times in the first half of the year but following its most recent policy deliberations in June, central bank officials decided to keep short-term interest rates unchanged. The period ended on a strong note, as better-than-expected economic data suggested that the economy continued to expand despite a significant increase in interest rates.

In other parts of the globe, developed European stocks largely performed well during the period even as they experienced volatility following the events in the U.S. banking sector and the takeover of Credit Suisse by UBS in a government-brokered deal. Despite slowing economic conditions and lower headline inflation, both the European Central Bank and Bank of England raised interest rates and committed to further tightening measures. Developed Asian markets also delivered solid returns. Japanese equities led the region as the Bank of Japan kept interest rates very low and a weakening Japanese yen benefitted export-oriented businesses. Emerging markets stocks gained ground but underperformed their developed market peers. In Latin America, where many economies depend greatly on commodity exports, many markets rose due in part to hopes that China, which reduced certain interest rates in June, would continue to take measures to help stimulate growth.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio delivered positive returns but underperformed its benchmark, the MSCI U.S. Small Cap Growth Index (the “Index”), for the six months ended June 30, 2023. Overall, stock selection drove relative underperformance.

Financials were the largest detractor to relative performance due to stock selection. Kinsale Capital Group, a specialty insurance company, outperformed during the period but was not held in the Portfolio until the second quarter. The company has benefited from sustained growth and, in our view, is expected to see robust opportunities from a growing excess and surplus lines market. Kinsale also benefits from lower operating costs than its competitors and a higher expected growth rate.

Energy also weighed on relative performance, driven by poor stock selection. Transocean (Switzerland) is one of the world’s largest offshore drilling companies contracted by oil and gas companies for the exploration and development of reserves offshore. We believe the company is well positioned to benefit from an increase in offshore drilling worldwide and an expected extended upcycle for offshore drilling. Transocean stock performed strongly in the beginning of the year and was not initially held in the Portfolio.

Unfavorable stock selection in the Real Estate sector also detracted from relative returns. Rexford Industrial Realty is a real estate investment trust that invests in, operates, and redevelops industrial properties throughout southern California, the largest industrial market in the U.S. The company felt the pressure of weakened industrial fundamentals during the period, as constrained supply eased with rent increases pricing tenants out of the market and reduced port traffic increasing availability. The stock underperformed during the period and was not held in the Index.

Conversely, stock selection in the Information Technology (“IT”) sector boosted relative performance. Axcelis Technologies specializes in the development and manufacturing of equipment used in the production of semiconductor chips, with a specific focus on ion implantation and processing equipment. In our view, the company has a reasonable valuation, attractive cash flow generation relative to its growth prospects, and a healthy product offering and market share within ion implantation equipment. We believe Axcelis is also well positioned to benefit from the silicon carbide industry, making it a favorable company to overweight.

Stock selection in the Communication Services sector also contributed to relative performance. World Wrestling Entertainment (“WWE”) outperformed during the period and the Portfolio was overweight the name. WWE is an integrated media organization, with a primary focus on wrestling, that operates in three segments: media, live events, and consumer products. The company has announced plans to merge parts of its business with media conglomerate Endeavor Group, with a possible acquisition of WWE on the horizon.

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

While our stock selection is primarily based on a quantitative model, we take into consideration fundamental research. In constructing the Portfolio, our sector weights are usually in line with those of the Index, but we will occasionally overweight or underweight certain sectors based on our analysis. At the end of the period, the largest sector allocations in the Portfolio were Health Care, Industrials, IT, and Consumer Discretionary.

Sudhir Nanda

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI U.S. Small Cap Growth Index represents the growth companies of the MSCI U.S. Small Cap 1750 Index. (The MSCI U.S. Small Cap 1750 Index represents the universe of small capitalization companies in the U.S. equity market).

BHFTII-2

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI U.S. SMALL CAP GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year		Since Inception1
T. Rowe Price Small Cap Growth Portfolio
Class A		14.24		20.94		7.34		11.15		—
Class B		14.12		20.69		7.08		10.88		—
Class E		14.17		20.81		7.18		10.99		—
Class G		14.12		20.67		7.04		—		9.20
MSCI U.S. Small Cap Growth Index		14.71		18.68		6.90		10.11		8.86

¹ Inception dates of the Class A, Class B, Class E and Class G shares are 3/3/97, 7/30/02, 5/1/01 and 11/12/14, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Manhattan Associates, Inc.		1.1
Saia, Inc.		1.0
Casella Waste Systems, Inc.- Class A		0.9
SPS Commerce, Inc.		0.9
Axcelis Technologies, Inc.		0.8
EMCOR Group, Inc.		0.8
Comfort Systems USA, Inc.		0.8
Ensign Group, Inc. (The)		0.8
Builders FirstSource, Inc.		0.8
Churchill Downs, Inc.		0.8

Top Sectors

	% of Net Assets
Health Care		23.5
Industrials		22.5
Information Technology		18.9
Consumer Discretionary		12.7
Financials		5.2
Energy		4.4
Consumer Staples		4.3
Materials		4.0
Communication Services		2.7
Real Estate		0.9

BHFTII-3

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.48	%	$	1,000.00	$	1,142.40	$	2.55
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.41	$	2.41
Class B (a)	Actual		0.73	%	$	1,000.00	$	1,141.20	$	3.88
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class E (a)	Actual		0.63	%	$	1,000.00	$	1,141.70	$	3.35
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class G (a)	Actual		0.78	%	$	1,000.00	$	1,141.20	$	4.14
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—99.7% of Net Assets

Security Description	Shares			Value
Aerospace & Defense—1.6%
Cadre Holdings, Inc. (a)		39,400		$	858,920
Curtiss-Wright Corp.		49,130			9,023,216
Hexcel Corp. (a)		68,752			5,226,527
Leonardo DRS, Inc. (a) (b)		131,600			2,281,944
Mercury Systems, Inc. (a) (b)		19,169			663,055
Moog, Inc. - Class A		18,558			2,012,244
					20,065,906
Air Freight & Logistics—0.5%
GXO Logistics, Inc. (b)		99,244			6,234,508
Automobile Components—0.5%
LCI Industries (a)		5,702			720,505
Patrick Industries, Inc. (a)		17,044			1,363,520
Visteon Corp. (b)		28,800			4,135,968
					6,219,993
Banks—0.4%
Bancorp, Inc. (The) (b)		120,987			3,950,226
ServisFirst Bancshares, Inc. (a)		23,100			945,252
					4,895,478
Beverages—0.4%
Coca-Cola Consolidated, Inc.		8,006			5,091,976
Biotechnology—9.1%
ACADIA Pharmaceuticals, Inc. (b)		119,864			2,870,743
Agios Pharmaceuticals, Inc. (a) (b)		49,759			1,409,175
Akero Therapeutics, Inc. (a) (b)		47,148			2,201,340
Alector, Inc. (a) (b)		49,782			299,190
Alkermes plc (b)		162,737			5,093,668
Allogene Therapeutics, Inc. (a) (b)		61,692			306,609
Amicus Therapeutics, Inc. (b)		155,351			1,951,208
Apellis Pharmaceuticals, Inc. (a) (b)		76,757			6,992,563
Arcellx, Inc. (a) (b)		15,800			499,596
Avidity Biosciences, Inc. (a) (b)		64,328			713,397
Biohaven, Ltd. (a) (b)		72,451			1,733,028
Biomea Fusion, Inc. (a) (b)		12,300			269,985
Blueprint Medicines Corp. (b)		63,983			4,043,726
C4 Therapeutics, Inc. (b)		12,500			34,375
Catalyst Pharmaceuticals, Inc. (b)		127,100			1,708,224
Cerevel Therapeutics Holdings, Inc. (a) (b)		70,166			2,230,577
CRISPR Therapeutics AG (a) (b)		57,571			3,232,036
Cytokinetics, Inc. (a) (b)		65,057			2,122,159
Day One Biopharmaceuticals, Inc. (b)		36,371			434,270
Denali Therapeutics, Inc. (a) (b)		65,232			1,924,996
Exelixis, Inc. (b)		252,299			4,821,434
Generation Bio Co. (b)		68,300			375,650
Halozyme Therapeutics, Inc. (b)		191,087			6,892,508
Horizon Therapeutics plc (b)		24,333			2,502,649
Ideaya Biosciences, Inc. (a) (b)		12,514			294,079
IGM Biosciences, Inc. (a) (b)		22,768			210,149
ImmunoGen, Inc. (b)		86,300			1,628,481
Insmed, Inc. (b)		185,839			3,921,203
Intellia Therapeutics, Inc. (a) (b)		55,887			2,279,072
Ionis Pharmaceuticals, Inc. (a) (b)		103,530			4,247,836
Biotechnology—(Continued)
Iovance Biotherapeutics, Inc. (b)		134,544		$	947,190
Karuna Therapeutics, Inc. (b)		26,962			5,846,710
Krystal Biotech, Inc. (a) (b)		9,600	��		1,127,040
Kymera Therapeutics, Inc. (a) (b)		45,795			1,052,827
Madrigal Pharmaceuticals, Inc. (b)		5,674			1,310,694
Mirati Therapeutics, Inc. (a) (b)		27,802			1,004,486
Monte Rosa Therapeutics, Inc. (b)		9,800			67,130
Morphic Holding, Inc. (a) (b)		26,437			1,515,633
Natera, Inc. (b)		80,097			3,897,520
Neurocrine Biosciences, Inc. (b)		31,940			3,011,942
Nurix Therapeutics, Inc. (a) (b)		23,600			235,764
Prothena Corp. plc (a) (b)		50,178			3,426,154
PTC Therapeutics, Inc. (b)		75,107			3,054,602
Relay Therapeutics, Inc. (a) (b)		61,300			769,928
Replimune Group, Inc. (a) (b)		73,809			1,713,845
Revolution Medicines, Inc. (b)		68,556			1,833,873
Rhythm Pharmaceuticals, Inc. (a) (b)		19,700			324,853
Rocket Pharmaceuticals, Inc. (a) (b)		49,031			974,246
Sage Therapeutics, Inc. (a) (b)		41,892			1,969,762
Scholar Rock Holding Corp. (a) (b)		59,694			450,093
Seagen, Inc. (b)		16,811			3,235,445
Ultragenyx Pharmaceutical, Inc. (b)		46,426			2,141,631
Vaxcyte, Inc. (b)		35,100			1,752,894
Xencor, Inc. (a) (b)		78,262			1,954,202
Zentalis Pharmaceuticals, Inc. (a) (b)		24,973			704,488
					111,566,878
Building Products—2.4%
AAON, Inc.		40,671			3,856,018
Builders FirstSource, Inc. (b)		72,208			9,820,288
CSW Industrials, Inc.		28,931			4,808,043
Gibraltar Industries, Inc. (b)		18,223			1,146,591
Simpson Manufacturing Co., Inc.		7,100			983,350
UFP Industries, Inc.		87,220			8,464,701
					29,078,991
Capital Markets—1.7%
Blue Owl Capital, Inc. (a)		267,485			3,116,200
FactSet Research Systems, Inc.		9,995			4,004,497
LPL Financial Holdings, Inc.		31,333			6,812,734
MarketAxess Holdings, Inc.		15,071			3,939,861
StoneX Group, Inc. (b)		32,300			2,683,484
					20,556,776
Chemicals—1.4%
Axalta Coating Systems, Ltd. (b)		161,993			5,314,990
Balchem Corp. (a)		18,662			2,515,824
Element Solutions, Inc. (a)		106,562			2,045,991
Livent Corp. (a) (b)		143,461			3,935,135
Olin Corp. (a)		72,972			3,750,031
					17,561,971
Commercial Services & Supplies—2.3%
Casella Waste Systems, Inc.- Class A (a) (b)		127,807			11,560,143
Clean Harbors, Inc. (b)		50,712			8,338,574

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies —(Continued)
MSA Safety, Inc.		17,205	$	2,992,982
Rentokil Initial plc (ADR)		140,832		5,493,856
				28,385,555
Communications Equipment—0.4%
Extreme Networks, Inc. (b)		96,700		2,519,035
Lumentum Holdings, Inc. (a) (b)		34,572		1,961,270
				4,480,305
Construction & Engineering—2.1%
Comfort Systems USA, Inc.		60,465		9,928,353
EMCOR Group, Inc.		54,018		9,981,446
WillScot Mobile Mini Holdings Corp. (b)		128,078		6,120,848
				26,030,647
Construction Materials—0.6%
Eagle Materials, Inc. (a)		39,691		7,399,196
Consumer Staples Distribution & Retail—0.9%
BJ’s Wholesale Club Holdings, Inc. (b)		39,181		2,468,795
Casey’s General Stores, Inc.		12,887		3,142,881
Performance Food Group Co. (b)		85,915		5,175,520
				10,787,196
Containers & Packaging—0.6%
Graphic Packaging Holding Co.		232,486		5,586,639
Silgan Holdings, Inc.		51,899		2,433,544
				8,020,183
Distributors—0.4%
Pool Corp. (a)		13,546		5,074,873
Diversified Consumer Services—0.6%
Bright Horizons Family Solutions, Inc. (a) (b)		12,863		1,189,184
Carriage Services, Inc.		23,287		756,129
Grand Canyon Education, Inc. (b)		49,389		5,097,439
				7,042,752
Diversified Telecommunication Services—0.7%
Cogent Communications Holdings, Inc. (a)		9,330		627,816
Iridium Communications, Inc.		138,465		8,601,446
				9,229,262
Electrical Equipment—1.1%
Array Technologies, Inc. (a) (b)		91,400		2,065,640
Atkore, Inc. (b)		57,936		9,034,540
Shoals Technologies Group, Inc. - Class A (b)		115,600		2,954,736
				��
				14,054,916
Electronic Equipment, Instruments & Components—2.7%
Advanced Energy Industries, Inc.		42,166		4,699,401
Fabrinet (b)		64,402		8,364,532
Littelfuse, Inc. (a)		10,801		3,146,439
Novanta, Inc. (b)		52,960		9,749,936
Electronic Equipment, Instruments & Components —(Continued)
Teledyne Technologies, Inc. (b)		11,933		4,905,775
Zebra Technologies Corp. - Class A (b)		8,907		2,634,958
				33,501,041
Energy Equipment & Services—1.9%
ChampionX Corp. (a)		122,136		3,791,102
Nabors Industries, Ltd. (a) (b)		6,879		639,953
TechnipFMC plc (b)		562,998		9,357,027
Transocean Ltd. (a) (b)		355,300		2,490,653
Weatherford International plc (b)		106,072		7,045,302
				23,324,037
Entertainment—1.1%
Endeavor Group Holdings, Inc. - Class A (a) (b)		201,100		4,810,312
World Wrestling Entertainment, Inc. - Class A		82,957		8,998,346
				13,808,658
Financial Services—0.9%
Euronet Worldwide, Inc. (a) (b)		35,208		4,132,363
EVERTEC, Inc.		59,782		2,201,771
Shift4 Payments, Inc. - Class A (a) (b)		68,299		4,638,185
				10,972,319
Food Products—1.3%
Darling Ingredients, Inc. (b)		10,681		681,341
Hostess Brands, Inc. (b)		129,148		3,270,027
Post Holdings, Inc. (b)		83,130		7,203,215
Simply Good Foods Co. (The) (a) (b)		134,676		4,927,795
				16,082,378
Ground Transportation—2.1%
Landstar System, Inc. (a)		26,103		5,025,872
RXO, Inc. (b)		67,679		1,534,283
Saia, Inc. (a) (b)		34,788		11,911,759
XPO, Inc. (a) (b)		123,537		7,288,683
				25,760,597
Health Care Equipment & Supplies—5.9%
AtriCure, Inc. (b)		50,659		2,500,528
CONMED Corp. (a)		33,717		4,581,803
Embecta Corp.		36,480		787,968
Globus Medical, Inc. - Class A (b)		102,217		6,086,000
Haemonetics Corp. (a) (b)		58,119		4,948,252
ICU Medical, Inc. (a) (b)		15,942		2,840,705
Inari Medical, Inc. (a) (b)		49,005		2,849,151
Inspire Medical Systems, Inc. (b)		28,629		9,294,119
iRhythm Technologies, Inc. (b)		30,304		3,161,313
Lantheus Holdings, Inc. (a) (b)		93,725		7,865,402
Merit Medical Systems, Inc. (b)		91,427		7,646,954
Omnicell, Inc. (b)		46,534		3,428,160
Penumbra, Inc. (b)		14,762		5,079,014
PROCEPT BioRobotics Corp. (a) (b)		55,300		1,954,855
Shockwave Medical, Inc. (b)		13,006		3,712,042
STERIS plc		23,090		5,194,788
				71,931,054

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—4.1%
Acadia Healthcare Co., Inc. (b)		24,400	$	1,943,216
Addus HomeCare Corp. (b)		44,308		4,107,352
Amedisys, Inc. (b)		22,985		2,101,748
AMN Healthcare Services, Inc. (a) (b)		74,879		8,170,796
Chemed Corp.		3,770		2,042,096
Corvel Corp. (b)		26,498		5,127,363
Ensign Group, Inc. (The) (a)		103,009		9,833,239
Guardant Health, Inc. (a) (b)		82,385		2,949,383
ModivCare, Inc. (b)		10,076		455,536
Molina Healthcare, Inc. (b)		25,790		7,768,980
NeoGenomics, Inc. (a) (b)		55,773		896,272
Option Care Health, Inc. (b)		146,191		4,749,746
				50,145,727
Health Care Technology—0.2%
Evolent Health, Inc. - Class A (a) (b)		100,384		3,041,635
Hotels, Restaurants & Leisure—5.8%
Bloomin’ Brands, Inc. (a)		107,805		2,898,877
Boyd Gaming Corp.		113,841		7,897,150
Cava Group, Inc. (b)		20,114		823,668
Choice Hotels International, Inc. (a)		58,929		6,925,336
Churchill Downs, Inc.		70,314		9,785,599
Domino’s Pizza, Inc.		11,779		3,969,405
Everi Holdings, Inc. (b)		153,100		2,213,826
Hilton Grand Vacations, Inc. (b)		80,948		3,678,277
Papa John’s International, Inc.		12,767		942,588
Planet Fitness, Inc. - Class A (b)		60,799		4,100,285
Red Rock Resorts, Inc. - Class A (a)		90,023		4,211,276
SeaWorld Entertainment, Inc. (b)		40,081		2,244,937
Texas Roadhouse, Inc. (a)		81,823		9,187,086
Travel and Leisure Co.		54,835		2,212,044
Vail Resorts, Inc.		11,909		2,998,210
Wendy’s Co. (The)		309,391		6,729,254
				70,817,818
Household Durables—1.6%
Cavco Industries, Inc. (b)		12,606		3,718,770
Skyline Champion Corp. (b)		56,160		3,675,672
Tempur Sealy International, Inc. (a)		129,481		5,188,304
TopBuild Corp. (a) (b)		25,077		6,670,983
				19,253,729
Independent Power and Renewable Electricity Producers—0.6%
Clearway Energy, Inc. - Class C (a)		68,854		1,966,470
NextEra Energy Partners L.P. (a)		46,033		2,699,375
Ormat Technologies, Inc. (a)		28,473		2,290,938
				6,956,783
Industrial REITs—0.7%
First Industrial Realty Trust, Inc.		67,616		3,559,306
Rexford Industrial Realty, Inc.		51,025		2,664,526
Terreno Realty Corp. (a)		33,929		2,039,133
				8,262,965
Insurance—2.3%
BRP Group, Inc. - Class A (b)		57,682	$	1,429,360
Kinsale Capital Group, Inc.		14,600		5,463,320
Palomar Holdings, Inc. (b)		59,274		3,440,263
Primerica, Inc.		31,585		6,246,250
Ryan Specialty Holdings, Inc. (b)		125,467		5,632,214
Selective Insurance Group, Inc.		59,952		5,752,394
				27,963,801
Interactive Media & Services—0.1%
Ziff Davis, Inc. (b)		9,520		666,971
IT Services—0.6%
Gartner, Inc. (b)		7,478		2,619,618
Perficient, Inc. (a) (b)		50,352		4,195,832
				6,815,450
Leisure Products—0.6%
Brunswick Corp. (a)		20,211		1,751,081
Mattel, Inc. (b)		285,702		5,582,617
				7,333,698
Life Sciences Tools & Services—2.7%
10X Genomics, Inc. - Class A (b)		67,100		3,746,864
Adaptive Biotechnologies Corp. (a) (b)		65,759		441,243
Bruker Corp.		33,427		2,470,924
Charles River Laboratories International, Inc. (b)		21,575		4,536,144
Maravai LifeSciences Holdings, Inc. - Class A (b)		118,125		1,468,294
Medpace Holdings, Inc. (b)		36,734		8,822,405
Olink Holding AB (ADR) (a) (b)		40,273		755,119
Repligen Corp. (a) (b)		31,553		4,463,487
West Pharmaceutical Services, Inc.		15,912		6,085,862
				32,790,342
Machinery—4.3%
Albany International Corp. - Class A (a)		25,836		2,409,982
Federal Signal Corp.		84,158		5,388,637
Graco, Inc.		12,601		1,088,096
John Bean Technologies Corp.		44,825		5,437,273
Kadant, Inc.		27,883		6,192,814
Lincoln Electric Holdings, Inc.		28,662		5,693,133
RBC Bearings, Inc. (a) (b)		28,976		6,301,411
SPX Technologies, Inc. (b)		71,301		6,058,446
Symbotic, Inc. (a) (b)		42,600		1,823,706
Toro Co. (The)		48,810		4,961,537
Watts Water Technologies, Inc. - Class A		39,980		7,345,525
				52,700,560
Media—0.7%
Nexstar Media Group, Inc. (a)		47,303		7,878,315
Thryv Holdings, Inc. (a) (b)		48,957		1,204,342
				9,082,657
Metals & Mining—0.8%
Alpha Metallurgical Resources, Inc. (a)		6,036		992,077
Arconic Corp. (b)		41,322		1,222,305

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—(Continued)
ATI, Inc. (a) (b)		124,100	$	5,488,943
Royal Gold, Inc. (a)		19,992		2,294,681
				9,998,006
Oil, Gas & Consumable Fuels—2.5%
APA Corp.		42,809		1,462,784
Centrus Energy Corp. - Class A (a) (b)		21,700		706,552
Denbury, Inc. (a) (b)		37,000		3,191,620
Kosmos Energy, Ltd. (a) (b)		463,600		2,776,964
Magnolia Oil & Gas Corp. - Class A (a)		173,023		3,616,181
Matador Resources Co. (a)		99,223		5,191,347
PBF Energy, Inc. - Class A		20,500		839,270
PDC Energy, Inc. (a)		29,132		2,072,451
Range Resources Corp. (a)		201,563		5,925,952
SM Energy Co.		99,473		3,146,331
Southwestern Energy Co. (a) (b)		118,400		711,584
Targa Resources Corp.		22,054		1,678,309
				31,319,345
Paper & Forest Products—0.5%
Louisiana-Pacific Corp.		80,577		6,041,663
Personal Care Products—1.7%
BellRing Brands, Inc. (b)		135,459		4,957,799
Coty, Inc. - Class A (b)		325,592		4,001,526
elf Beauty, Inc. (a) (b)		44,300		5,060,389
Inter Parfums, Inc.		51,258		6,931,619
				20,951,333
Pharmaceuticals—1.5%
Amphastar Pharmaceuticals, Inc. (b)		58,800		3,379,236
Arvinas, Inc. (a) (b)		41,891		1,039,735
Catalent, Inc. (a) (b)		39,618		1,717,836
Intra-Cellular Therapies, Inc. (b)		73,641		4,662,948
Pacira BioSciences, Inc. (a) (b)		43,272		1,733,909
Pliant Therapeutics, Inc. (a) (b)		24,605		445,843
Prestige Consumer Healthcare, Inc. (b)		41,135		2,444,653
Supernus Pharmaceuticals, Inc. (b)		58,947		1,771,947
Ventyx Biosciences, Inc. (a) (b)		55,400		1,817,120
				19,013,227
Professional Services—4.7%
ASGN, Inc. (a) (b)		14,079		1,064,795
Booz Allen Hamilton Holding Corp.		64,339		7,180,232
Broadridge Financial Solutions, Inc.		18,950		3,138,688
CACI International, Inc. - Class A (b)		27,280		9,298,115
CBIZ, Inc. (b)		104,521		5,568,879
Concentrix Corp.		12,153		981,355
ExlService Holdings, Inc. (b)		51,520		7,782,611
Exponent, Inc.		71,728		6,693,657
Insperity, Inc.		51,734		6,154,277
NV5 Global, Inc. (a) (b)		22,326		2,473,051
Paylocity Holding Corp. (b)		22,792		4,205,808
SS&C Technologies Holdings, Inc.		22,688		1,374,893
Verra Mobility Corp. (a) (b)		116,100		2,289,492
				58,205,853
Residential REITs—0.2%
Equity LifeStyle Properties, Inc.		34,172	$	2,285,765
Semiconductors & Semiconductor Equipment—5.4%
Axcelis Technologies, Inc. (b)		56,871		10,426,160
Cirrus Logic, Inc. (b)		40,455		3,277,260
Diodes, Inc. (b)		61,408		5,679,626
Entegris, Inc.		22,174		2,457,323
FormFactor, Inc. (a) (b)		78,547		2,687,878
Kulicke & Soffa Industries, Inc. (a)		69,159		4,111,503
Lattice Semiconductor Corp. (a) (b)		83,362		8,008,587
MaxLinear, Inc. (a) (b)		109,413		3,453,074
MKS Instruments, Inc.		19,228		2,078,547
Monolithic Power Systems, Inc.		6,779		3,662,219
Onto Innovation, Inc. (b)		57,465		6,692,948
Power Integrations, Inc. (a)		69,713		6,599,730
Rambus, Inc. (b)		76,500		4,909,005
Synaptics, Inc. (b)		20,108		1,716,821
				65,760,681
Software—8.8%
A10 Networks, Inc. (a)		131,584		1,919,810
ACI Worldwide, Inc. (a) (b)		82,669		1,915,441
Agilysys, Inc. (b)		36,300		2,491,632
Aspen Technology, Inc. (b)		7,290		1,221,877
Blackbaud, Inc. (b)		37,600		2,676,368
Box, Inc. - Class A (a) (b)		169,989		4,994,277
Descartes Systems Group, Inc. (The) (b)		103,058		8,255,976
Digital Turbine, Inc. (b)		35,345		328,002
DoubleVerify Holdings, Inc. (b)		140,240		5,458,141
Envestnet, Inc. (a) (b)		54,970		3,262,469
Fair Isaac Corp. (b)		10,430		8,440,060
Fortinet, Inc. (b)		43,774		3,308,877
Informatica, Inc. - Class A (a) (b)		118,300		2,188,550
Manhattan Associates, Inc. (b)		64,720		12,936,233
NCR Corp. (a) (b)		94,309		2,376,587
PowerSchool Holdings, Inc. - Class A (a) (b)		139,800		2,675,772
PTC, Inc. (b)		35,534		5,056,488
Qualys, Inc. (a) (b)		45,280		5,848,818
Rapid7, Inc. (a) (b)		51,549		2,334,139
Sapiens International Corp. NV		113,361		3,015,403
SPS Commerce, Inc. (b)		57,149		10,976,037
Tenable Holdings, Inc. (b)		81,829		3,563,653
Teradata Corp. (a) (b)		74,482		3,978,084
Tyler Technologies, Inc. (b)		11,382		4,740,261
Workiva, Inc. (a) (b)		35,608		3,619,909
				107,582,864
Specialty Retail—2.4%
Academy Sports & Outdoors, Inc. (a)		63,180		3,414,879
Asbury Automotive Group, Inc. (a) (b)		10,902		2,621,059
Burlington Stores, Inc. (b)		9,822		1,545,884
Dick’s Sporting Goods, Inc.		34,652		4,580,648
Floor & Decor Holdings, Inc. - Class A (a) (b)		2,543		264,370
Murphy USA, Inc.		26,524		8,251,882
Penske Automotive Group, Inc. (a)		15,335		2,555,271
Valvoline, Inc. (a)		165,800		6,219,158
				29,453,151

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals—1.1%
Pure Storage, Inc. - Class A (a) (b)		116,993	$	4,307,682
Super Micro Computer, Inc. (a) (b)		37,300		9,297,025
				13,604,707
Textiles, Apparel & Luxury Goods—0.9%
Crocs, Inc. (b)		47,746		5,368,560
Deckers Outdoor Corp. (b)		10,887		5,744,635
				11,113,195
Trading Companies & Distributors—1.3%
Herc Holdings, Inc.		18,115		2,479,038
McGrath RentCorp		29,554		2,733,154
SiteOne Landscape Supply, Inc. (a) (b)		35,592		5,956,677
Watsco, Inc. (a)		12,193		4,651,263
				15,820,132
Total Common Stocks (Cost $962,096,899)				1,224,139,504
Escrow Shares—0.0%
Wireless Telecommunication Services—0.0%
GCI Liberty, Inc. (b) (c) (d) (Cost $0)		99,869		0
Short-Term Investment—0.6%
Mutual Funds—0.6%
T. Rowe Price Government Reserve Fund (e)		6,689,100		6,689,100
Total Short-Term Investments (Cost $6,689,100)				6,689,100
Securities Lending Reinvestments (f)—11.3%
Certificates of Deposit—2.4%
Bank of America N.A. 5.440%, FEDEFF PRV + 0.370%, 11/17/23 (g)		2,000,000		1,999,942
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (g)		2,000,000		2,003,524
Bank of Nova Scotia 5.740%, SOFR + 0.680%, 08/16/23 (g)		2,000,000		2,001,086
Canadian Imperial Bank of Commerce 5.460%, SOFR + 0.400%, 10/13/23 (g)		2,000,000		2,000,514
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (g)		2,000,000		1,998,562
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 07/20/23		1,000,000		997,130
5.230%, SOFR + 0.170%, 09/06/23 (g)		2,000,000		1,999,402
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (g)		2,000,000		2,000,064
MUFG Bank Ltd. (NY) 5.280%, SOFR + 0.220%, 08/14/23 (g)		2,000,000		1,999,880
Nordea Bank Abp 5.410%, SOFR + 0.350%, 10/23/23 (g)		2,000,000		2,000,310
Rabobank International 5.380%, SOFR + 0.320%, 07/12/23 (g)		1,000,000		1,000,023
Certificates of Deposit—(Continued)
Royal Bank of Canada 5.450%, FEDEFF PRV + 0.380%, 11/27/23 (g)		2,000,000		2,000,552
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (g)		2,000,000		2,000,042
Sumitomo Mitsui Trust Bank, Ltd. Zero Coupon, 09/08/23		2,000,000		1,979,060
Svenska Handelsbanken AB 5.400%, SOFR + 0.340%, 10/31/23 (g)		1,000,000		1,000,269
Toronto-Dominion Bank (The) 5.470%, FEDEFF PRV + 0.400%, 02/13/24 (g)		1,000,000		1,000,143
5.520%, FEDEFF PRV + 0.450%, 10/13/23 (g)		2,000,000		2,000,432
				29,980,935
Commercial Paper—1.1%
Bedford Row Funding Corp. 5.300%, SOFR + 0.240%, 07/19/23 (g)		2,000,000		2,000,028
ING U.S. Funding LLC 5.780%, SOFR + 0.720%, 08/04/23 (g)		3,000,000		3,001,419
National Australia Bank, Ltd. 5.410%, SOFR + 0.350%, 12/05/23 (g)		2,000,000		1,999,736
Skandinaviska Enskilda Banken AB 5.420%, SOFR + 0.360%, 11/15/23 (g)		3,000,000		3,000,444
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (g)		2,000,000		2,000,000
United Overseas Bank, Ltd. 5.250%, 08/21/23		2,000,000		1,984,604
				13,986,231
Repurchase Agreements—5.4%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $2,625,714; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $2,677,102.		2,624,610		2,624,610
Cantor Fitzgerald & Co. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $776,380; collateralized by U.S. Government Agency Obligations with rates ranging from 1.378% - 8.917%, maturity dates ranging from 08/01/23 - 01/20/73, and an aggregate market value of $791,574.		776,052		776,052
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $4,116,147; collateralized by various Common Stock with an aggregate market value of $4,400,001.		4,000,000		4,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $4,501,901; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $4,601,518.		4,500,000		4,500,000
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $5,605,521; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $5,738,392.		5,600,000		5,600,000

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $14,014,156; collateralized by various Common Stock with an aggregate market value of $15,622,864.		14,000,000	$	14,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $13,005,644; collateralized by various Common Stock with an aggregate market value of $14,452,799.		13,000,000		13,000,000
Santander U.S. Capital Markets LLC Repurchase Agreement dated 06/30/23 at 5.090%, due on 07/03/23 with a maturity value of $10,004,242; collateralized by U.S. Government Agency Obligations with rates ranging from 1.000% - 6.566%, maturity dates ranging from 08/25/24 - 05/20/71, and an aggregate market value of $10,204,327.		10,000,000		10,000,000
Societe Generale Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $8,003,447; collateralized by various Common Stock with an aggregate market value of $8,898,888.
		8,000,000		8,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $2,802,815; collateralized by various Common Stock with an aggregate market value of $3,118,464.		2,800,000		2,800,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $600,258; collateralized by various Common Stock with an aggregate market value of $660,283.		600,000		600,000
				65,900,662
Time Deposits—0.4%
Banco Santander S.A. (NY) 5.060%, 07/03/23		1,000,000		1,000,000
National Bank of Canada 5.120%, OBFR + 0.050%, 07/07/23 (g)		2,000,000		2,000,000
Nordea Bank Abp 5.050%, 07/03/23		2,000,000		2,000,000
				5,000,000
Mutual Funds—2.0%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 5.000% (h)		4,500,000		4,500,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (h)		1,000,000		1,000,000
HSBC U.S. Government Money Market Fund, Class I 5.010% (h)		2,000,000		2,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (h)		4,000,000		4,000,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (h)		3,000,000		3,000,000
Mutual Funds—(Continued)
STIT-Government & Agency Portfolio, Institutional Class 5.050% (h)		4,000,000		4,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (h)		6,400,000		6,400,000
				24,900,000
Total Securities Lending Reinvestments (Cost $139,763,446)				139,767,828
Total Investments—111.6% (Cost $1,108,549,445)				1,370,596,432
Other assets and liabilities (net)—(11.6)%				(142,387,999	)
Net Assets—100.0%			$	1,228,208,433

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $164,670,415 and the collateral received consisted of cash in the amount of $139,735,492 and non-cash collateral with a value of $27,215,367. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent less than 0.05% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(h)	The rate shown represents the annualized seven-day yield as of June 30, 2023.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(REIT)—	Real Estate Investment Trust
(ADR)—	American 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*		1,224,139,504		—			—		1,224,139,504
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		6,689,100		—			—		6,689,100
Securities Lending Reinvestments
Certificates of Deposit		—		29,980,935			—		29,980,935
Commercial Paper		—		13,986,231			—		13,986,231
Repurchase Agreements		—		65,900,662			—		65,900,662
Time Deposits		—		5,000,000			—		5,000,000
Mutual Funds		24,900,000		—			—		24,900,000
Total Securities Lending Reinvestments		24,900,000		114,867,828			—		139,767,828
Total Investments	$	1,255,728,604	$	114,867,828		$	0	$	1,370,596,432
Collateral for Securities Loaned (Liability)	$	—	$	(139,735,492	)	$	—	$	(139,735,492	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	1,363,907,332
Affiliated investments at value (c)		6,689,100
Cash		840,327
Receivable for:
Investments sold		2,056,153
Fund shares sold		59,553
Dividends and interest		234,807
Dividends on affiliated investments		46,627
Prepaid expenses		9,660
Total Assets		1,373,843,559
Liabilities
Collateral for securities loaned		139,735,492
Payables for:
Affiliated investments purchased		38,545
Investments purchased		4,011,676
Fund shares redeemed		1,033,530
Accrued Expenses:
Management fees		442,867
Distribution and service fees		65,731
Deferred trustees’ fees		154,342
Other expenses		152,943
Total Liabilities		145,635,126
Net Assets	$	1,228,208,433
Net Assets Consist of:
Paid in surplus	$	941,050,783
Distributable earnings (Accumulated losses)		287,157,650
Net Assets	$	1,228,208,433
Net Assets
Class A	$	894,456,852
Class B		319,413,280
Class E		11,893,266
Class G		2,445,035
Capital Shares Outstanding*
Class A		47,825,317
Class B		19,837,900
Class E		699,106
Class G		164,244
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.70
Class B		16.10
Class E		17.01
Class G		14.89

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $164,670,415.
(b)	Identified cost of investments, excluding affiliated investments, was $1,101,860,345.
(c)	Identified cost of affiliated investments was $6,689,100.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	3,196,630
Dividends from affiliated investments		204,762
Securities lending income		141,876
Total investment income		3,543,268
Expenses
Management fees		2,774,380
Administration fees		28,982
Custodian and accounting fees		47,149
Distribution and service fees—Class B		380,024
Distribution and service fees—Class E		8,688
Distribution and service fees—Class G		3,639
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		32,261
Insurance		5,083
Miscellaneous		10,113
Total expenses		3,352,586
Less management fee waiver		(125,557	)
Net expenses		3,227,029
Net Investment Income		316,239
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		25,907,251
Net change in unrealized appreciation on investments		132,528,735
Net realized and unrealized gain (loss)		158,435,986
Net Increase (Decrease) in Net Assets From Operations	$	158,752,225

(a) Net of foreign withholding taxes of $7,629.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	316,239		$	1,110,558
Net realized gain (loss)		25,907,251			28,492,225
Net change in unrealized appreciation (depreciation)		132,528,735			(380,886,473	)
Increase (decrease) in net assets from operations		158,752,225			(351,283,690	)
From Distributions to Shareholders
Class A		(21,037,626	)		(171,022,527	)
Class B		(8,437,862	)		(66,915,169	)
Class E		(301,040	)		(2,467,717	)
Class G		(72,978	)		(608,513	)
Total distributions		(29,849,506	)		(241,013,926	)
Increase (decrease) in net assets from capital share transactions		(45,636,559	)		139,260,329
Total increase (decrease) in net assets		83,266,160			(453,037,287	)
Net Assets
Beginning of period		1,144,942,273			1,597,979,560
End of period	$	1,228,208,433		$	1,144,942,273

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		243,177		$	4,364,925			1,159,910		$	24,725,896
Reinvestments		1,150,855			21,037,626			10,803,697			171,022,527
Redemptions		(3,488,029	)		(63,593,736	)		(4,704,546	)		(86,774,666	)
Net increase (decrease)		(2,093,997	)	$	(38,191,185	)		7,259,061		$	108,973,757
Class B
Sales		341,345		$	5,317,018			469,023		$	8,199,606
Reinvestments		536,078			8,437,862			4,880,756			66,915,169
Redemptions		(1,319,866	)		(20,498,287	)		(2,665,685	)		(44,533,888	)
Net increase (decrease)		(442,443	)	$	(6,743,407	)		2,684,094		$	30,580,887
Class E
Sales		11,027		$	179,249			14,846		$	263,506
Reinvestments		18,102			301,040			170,776			2,467,717
Redemptions		(64,590	)		(1,058,698	)		(155,646	)		(2,933,087	)
Net increase (decrease)		(35,461	)	$	(578,409	)		29,976		$	(201,864	)
Class G
Sales		1,906		$	27,976			4,589		$	79,792
Reinvestments		5,016			72,978			47,877			608,513
Redemptions		(15,591	)		(224,512	)		(48,856	)		(780,756	)
Net increase (decrease)		(8,669	)	$	(123,558	)		3,610		$	(92,451	)
Increase (decrease) derived from capital shares transactions				$	(45,636,559	)				$	139,260,329

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data

	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	16.77		$	27.02		$	27.04		$	24.43		$	21.23		$	24.69
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			0.03			(0.01	)		0.03			0.05			0.04
Net realized and unrealized gain (loss)		2.37			(6.25	)		2.99			5.09			6.61			(1.34	)
Total income (loss) from investment operations		2.38			(6.22	)		2.98			5.12			6.66			(1.30	)
Less Distributions
Distributions from net investment income		(0.01	)		(0.05	)		(0.01	)		(0.05	)		(0.01	)		(0.03	)
Distributions from net realized capital gains		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)		(2.13	)
Total distributions		(0.45	)		(4.03	)		(3.00	)		(2.51	)		(3.46	)		(2.16	)
Net Asset Value, End of Period	$	18.70		$	16.77		$	27.02		$	27.04		$	24.43		$	21.23
Total Return (%) (b)		14.24	(c)		(22.15	)		11.67			24.34			33.16			(6.55	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.50	(d)		0.50			0.49			0.50			0.50			0.50
Net ratio of expenses to average net assets (%) (e)		0.48	(d)		0.48			0.47			0.48			0.48			0.48
Ratio of net investment income (loss) to average net assets (%)		0.12	(d)		0.16			(0.04	)		0.13			0.23			0.15
Portfolio turnover rate (%)		14	(c)		34			28			36			17			21
Net assets, end of period (in millions)	$	894.5		$	837.2		$	1,152.5		$	1,174.3		$	985.3		$	834.3
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.50		$	24.09		$	24.47		$	22.36		$	19.71		$	23.09
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.02	)		(0.07	)		(0.02	)		(0.00	) (f)		(0.02	)
Net realized and unrealized gain (loss)		2.05			(5.59	)		2.68			4.59			6.10			(1.23	)
Total income (loss) from investment operations		2.04			(5.61	)		2.61			4.57			6.10			(1.25	)
Less Distributions
Distributions from net realized capital gains		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)		(2.13	)
Total distributions		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)		(2.13	)
Net Asset Value, End of Period	$	16.10		$	14.50		$	24.09		$	24.47		$	22.36		$	19.71
Total Return (%) (b)		14.12	(c)		(22.34	)		11.36			24.04			32.84			(6.78	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(d)		0.75			0.74			0.75			0.75			0.75
Net ratio of expenses to average net assets (%) (e)		0.73	(d)		0.73			0.72			0.73			0.73			0.73
Ratio of net investment income (loss) to average net assets (%)		(0.13	) (d)		(0.10	)		(0.29	)		(0.11	)		(0.02	)		(0.10	)
Portfolio turnover rate (%)		14	(c)		34			28			36			17			21
Net assets, end of period (in millions)	$	319.4		$	294.1		$	423.9		$	441.3		$	408.4		$	352.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data

	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.29		$	25.09		$	25.34		$	23.05		$	20.22		$	23.61
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	) (f)		(0.00	) (f)		(0.05	)		(0.00	) (f)		0.02			(0.00	) (f)
Net realized and unrealized gain (loss)		2.16			(5.82	)		2.79			4.76			6.26			(1.26	)
Total income (loss) from investment operations		2.16			(5.82	)		2.74			4.76			6.28			(1.26	)
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			(0.01	)		0.00			0.00
Distributions from net realized capital gains		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)		(2.13	)
Total distributions		(0.44	)		(3.98	)		(2.99	)		(2.47	)		(3.45	)		(2.13	)
Net Asset Value, End of Period	$	17.01		$	15.29		$	25.09		$	25.34		$	23.05		$	20.22
Total Return (%) (b)		14.17	(c)		(22.28	)		11.49			24.20			32.90			(6.67	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(d)		0.65			0.64			0.65			0.65			0.65
Net ratio of expenses to average net assets (%) (e)		0.63	(d)		0.63			0.62			0.63			0.63			0.63
Ratio of net investment income (loss) to average net assets (%)		(0.03	) (d)		(0.00	) (g)		(0.19	)		(0.01	)		0.08			(0.00	) (g)
Portfolio turnover rate (%)		14	(c)		34			28			36			17			21
Net assets, end of period (in millions)	$	11.9		$	11.2		$	17.7		$	18.6		$	16.9		$	14.0
	Class G
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.44		$	22.74		$	23.26		$	21.39		$	18.99		$	22.33
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.02	)		(0.08	)		(0.03	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss)		1.90			(5.30	)		2.55			4.36			5.86			(1.18	)
Total income (loss) from investment operations		1.89			(5.32	)		2.47			4.33			5.85			(1.21	)
Less Distributions
Distributions from net realized capital gains		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)		(2.13	)
Total distributions		(0.44	)		(3.98	)		(2.99	)		(2.46	)		(3.45	)		(2.13	)
Net Asset Value, End of Period	$	14.89		$	13.44		$	22.74		$	23.26		$	21.39		$	18.99
Total Return (%) (b)		14.12	(c)		(22.40	)		11.34			24.00			32.75			(6.84	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.80	(d)		0.80			0.79			0.80			0.80			0.80
Net ratio of expenses to average net assets (%) (e)		0.78	(d)		0.78			0.77			0.78			0.78			0.78
Ratio of net investment income (loss) to average net assets (%)		(0.18	) (d)		(0.15	)		(0.34	)		(0.17	)		(0.07	)		(0.15	)
Portfolio turnover rate (%)		14	(c)		34			28			36			17			21
Net assets, end of period (in millions)	$	2.4		$	2.3		$	3.8		$	4.2		$	4.5		$	3.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(f)	Net investment income (loss) was less than $0.01.
(g)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

At June 30, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $65,900,662, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	168,688,650	$	0	$	236,281,363

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$2,774,380		0.550	%	Of the first $100 million
		0.500	%	Of the next $300 million
		0.450	%	On amounts in excess of $400 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Brighthouse Funds Trust I (“BHFTI”), an affiliate of the Trust, in the aggregate, exceed $750 million (ii) T. Rowe Price subadvises three or more portfolios of the Trust and BHFTI in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts waived for the six months ended June 30, 2023 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such

BHFTII-20

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2023 is as follows:

Security Description	Market Value December 31, 2022		Purchases		Sales			Ending Value as of June 30, 2023		Income earned from affiliates during the period		Number of shares held at June 30, 2023
T. Rowe Price Government Reserve Fund	$	12,481,374	$	73,413,144	$	(79,205,418	)	$	6,689,100	$	204,762		6,689,100

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	1,109,458,839
Gross unrealized appreciation		338,360,117
Gross unrealized (depreciation)		(77,222,524	)
Net unrealized appreciation (depreciation)	$	261,137,593

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$8,966,857	$	15,436,403	$	232,047,069	$	158,931,401	$	241,013,926	$	174,367,804

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$658,268	$	29,140,357	$	128,608,858	$	—	$	158,407,483

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTII-21

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-22

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-23

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Managed By Van Eck Associates Corporation

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A and B shares of the VanEck Global Natural Resources Portfolio (the “Portfolio”) returned -5.03% and -5.11%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) North American Natural Resources Index¹, returned -2.92%.

MARKET ENVIRONMENT / CONDITIONS

Global equity markets rallied in the first half of 2023, with gains predominately driven by Information Technology and Consumer Discretionary stocks. The move higher coincided with easing inflation and a more temperate pace of interest rate hikes in the U.S. From December 2022 to June 2023, the U.S. Consumer Price Index fell from 6.4% to 3.1% year-over-year while the U.S. Federal Reserve Bank raised its target interest rate by just 0.75% versus 2.75% during the previous six-month period.

Despite market gains, optimism over the potential for a “soft landing” in the U.S. remained generally muted. The collapse of several regional banks and demise of Credit Suisse shook financial markets in March. In addition, consecutive quarters of weaker-than-anticipated corporate earnings largely overshadowed reported strength in other areas of the economy, such as the U.S. labor market.

Commodities—as measured by the Bloomberg Commodity Index—declined 7.8% in the first half, with crude oil, natural gas and wheat ending the period at price levels similar to those last seen in 2021. China’s slow economic recovery and a rapid global supply response to disruptions following Russia’s invasion of Ukraine weighed on commodity fundamentals for energy, metals, and agriculture products. Consequently, stocks in the Energy sector and diversified metals & mining sub-industry were among the worst-performing over the same period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Portfolio underperformance was largely a result of relative positioning within the Materials sector. During the period, the Portfolio’s Materials exposure consisted of industries and sub-industries more directly influenced by fluctuations in underlying commodity prices—including, for example, the fertilizers & agricultural chemicals, diversified metals & mining, and steel sub-industries—rather than those predominantly leveraged to consumer-driven demand trends, such as the construction materials and containers & packaging industries.

Relative losses from the Materials sector were partially offset by positive stock selection in the Energy sector—including from positions in the oil, gas & consumable fuels and energy equipment & services industries—as well as the Portfolio’s allocation to Industrials, including the machinery, marine and ground transportation industries.

There were several changes within the Portfolio during the period. Most notable of these changes included the sale of two solar inverter companies, SolarEdge and Enphase, due to softening U.S. residential solar demand and increasing margin pressures. Also notable was a general increase in the Portfolio’s integrated oil & gas positioning, with an incremental increase in exposure to an established position in Shell plc (United Kingdom) and the addition of BP plc (United Kingdom).

At the end of the period, the Portfolio remained diversified across several sectors and industries. The Portfolio’s Energy exposure, though largely concentrated within the oil, gas & consumable fuels industry, was spread across a number of sub-industries—including to companies within oil & gas exploration & production, integrated oil & gas, oil & gas equipment & services, and oil & gas refining & marketing. Similarly, metals & mining exposure (the largest industry exposure within the Materials sector) was also among various sub-industries, including gold, precious metals & minerals, diversified metals & mining and copper.

Shawn Reynolds

Charles Cameron

Portfolio Managers

Van Eck Associates Corporation

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The S&P North American Natural Resources Sector Index was developed as an equity benchmark for U.S. traded natural resource related stocks.

BHFTII-1

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
VanEck Global Natural Resources Portfolio
Class A		-5.03		3.61		3.73		0.88
Class B		-5.11		3.33		3.49		0.64
S&P North American Natural Resources Sector Index		-2.92		12.33		5.40		3.55

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Holdings

	% of Net Assets
Valero Energy Corp.		3.8
Glencore plc		3.8
First Quantum Minerals, Ltd.		3.4
Shell plc(ADR)		3.0
Hess Corp.		2.9
Bunge, Ltd.		2.8
Freeport-McMoRan, Inc.		2.7
Corteva, Inc.		2.5
ConocoPhillips		2.4
Vale S.A.(ADR)		2.4

Top Sectors

	% of Net Assets
Energy		42.8
Materials		38.3
Industrials		8.4
Consumer Staples		3.8
Utilities		1.6
Financials		1.0
Consumer Discretionary		0.3

BHFTII-2

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

VanEck Global Natural Resources Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.76	%	$	1,000.00	$	949.70	$	3.67
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class B (a)	Actual		1.01	%	$	1,000.00	$	948.90	$	4.88
	Hypothetical*		1.01	%	$	1,000.00	$	1,019.79	$	5.06

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Common Stocks—96.1% of Net Assets

Security Description	Shares		Value
Automobile Components—0.0%
Solid Power, Inc. (a) (b)		84,600	$	214,884
Chemicals—7.7%
Corteva, Inc.		355,533		20,372,041
FMC Corp.		71,546		7,465,109
Mosaic Co. (The)		186,000		6,510,000
Nutrien, Ltd.		238,223		14,067,068
OCI NV		445,957		10,705,916
Yara International ASA		94,200		3,326,129
				62,446,263
Electrical Equipment—4.1%
Array Technologies, Inc. (a) (b)		391,900		8,856,940
FREYR Battery S.A. (a) (b)		931,650		8,710,928
Nexans S.A. (b)		94,770		8,224,084
Soltec Power Holdings S.A. (a)		116,889		536,997
Stem, Inc. (a) (b)		1,165,132		6,664,555
				32,993,504
Energy Equipment & Services—10.3%
Baker Hughes Co. (b)		435,800		13,775,638
ChampionX Corp. (b)		325,800		10,112,832
Halliburton Co.		423,400		13,967,966
Liberty Energy, Inc. (b)		654,110		8,745,450
Saipem S.p.A. (a)		2,708,400		3,776,839
Schlumberger NV		290,500		14,269,360
TechnipFMC plc (a) (b)		1,146,600		19,056,492
				83,704,577
Food Products—3.8%
Benson Hill, Inc. (a) (b)		485,000		630,500
Bunge, Ltd.		242,100		22,842,135
Darling Ingredients, Inc. (a)		113,600		7,246,544
				30,719,179
Ground Transportation—0.6%
Union Pacific Corp.		24,000		4,910,880
Independent Power and Renewable Electricity Producers—1.6%
Ormat Technologies, Inc. (b)		157,300		12,656,358
Machinery—2.0%
Chart Industries, Inc. (a) (b)		99,220		15,854,364
Marine Transportation—1.7%
Kirby Corp. (a) (b)		173,531		13,353,210
Metals & Mining—30.6%
5E Advanced Materials, Inc. (a) (b)		135,700		445,096
Agnico Eagle Mines, Ltd. (U.S. Listed Shares)		254,433		12,716,562
Alamos Gold, Inc. - Class A		685,700		8,173,544
Allkem, Ltd. (a)		1,585,247		17,126,774
Anglo American plc		619,600		17,562,187
Barrick Gold Corp.		909,435		15,396,735
Metals & Mining—(Continued)
Ecograf, Ltd. (a)		1,412,049		131,883
Eldorado Gold Corp. (a)		500,500		5,055,050
Endeavour Mining plc (b)		437,500		10,485,469
Euro Manganese, Inc. (a)		2,046,707		226,523
First Quantum Minerals, Ltd. (b)		1,180,900		27,936,898
Franco-Nevada Corp.		93,700		13,361,620
Freeport-McMoRan, Inc.		538,400		21,536,000
Glencore plc		5,374,500		30,487,050
Jervois Global, Ltd. (a) (c) (d)		5,180,200		236,479
Kinross Gold Corp.		2,136,000		10,188,720
MP Materials Corp. (a) (b)		318,885		7,296,089
Newmont Corp. (b)		327,417		13,967,609
Nouveau Monde Graphite, Inc. (a)		174,433		530,276
Piedmont Lithium, Inc. (a) (b)		138,208		7,975,984
Sibanye Stillwater, Ltd. (ADR) (b)		1,179,300		7,358,832
Talon Metals Corp. (a)		3,742,000		995,701
Vale S.A. (ADR)		1,434,300		19,248,306
				248,439,387
Mortgage Real Estate Investment Trusts—1.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		337,490		8,437,250
Oil, Gas & Consumable Fuels—32.4%
BP plc (ADR)		442,200		15,605,238
Chesapeake Energy Corp. (b)		149,500		12,510,160
Chevron Corp.		52,500		8,260,875
ConocoPhillips		187,722		19,449,876
Devon Energy Corp. (b)		133,282		6,442,852
Diamondback Energy, Inc.		92,806		12,190,996
Eni S.p.A.		1,184,200		17,075,556
EQT Corp. (b)		386,600		15,900,858
Equinor ASA (ADR) (b)		445,200		13,004,292
Excelerate Energy, Inc. - Class A (b)		205,900		4,185,947
Hess Corp.		171,100		23,261,045
Kosmos Energy, Ltd. (a)		1,188,400		7,118,516
Marathon Oil Corp.		361,800		8,328,636
Neste Oyj		111,400		4,293,461
PetroChina Co., Ltd. - Class H		16,914,000		11,753,898
Pioneer Natural Resources Co.		36,287		7,517,941
Repsol S.A. (b)		1,114,600		16,206,298
Saras S.p.A. (b)		3,776,500		4,687,256
Shell plc (ADR) (b)		403,400		24,357,292
Valero Energy Corp. (b)		263,700		30,932,010
				263,083,003
Specialty Retail—0.3%
EVgo, Inc. (a) (b)		530,200		2,120,800
Total Common Stocks (Cost $703,738,211)				778,933,659
Warrants—0.1%
Electrical Equipment—0.1%
FREYR Battery S.A., Expires 09/01/27 (a)		251,000		742,960

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Warrants—(Continued)

Security Description	Shares/ Principal Amount*		Value
Food Products—0.0%
Benson Hill, Inc., Expires 12/24/25 (a)		125,625	$	24,874
Total Warrants (Cost $381,941)				767,834
Short-Term Investment—3.7%
Mutual Funds—3.7%
Invesco STIC Prime Portfolio, Institutional Class, 5.010% (e)		30,267,990		30,271,017
Total Short-Term Investments (Cost $30,268,736)				30,271,017
Securities Lending Reinvestments (f)—18.4%
Certificates of Deposit—6.0%
Bank of America N.A. 5.440%, FEDEFF PRV + 0.370%, 11/17/23 (g)		2,000,000		1,999,942
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (g)		2,000,000		2,003,524
Bank of Nova Scotia 5.740%, SOFR + 0.680%, 08/16/23 (g)		2,000,000		2,001,086
BNP Paribas S.A. 5.260%, SOFR + 0.200%, 09/18/23 (g)		2,000,000		2,000,000
5.510%, SOFR + 0.450%, 10/10/23 (g)		3,000,000		3,000,000
Canadian Imperial Bank of Commerce 5.440%, SOFR + 0.380%, 12/12/23 (g)		1,000,000		999,951
5.460%, SOFR + 0.400%, 10/13/23 (g)		3,000,000		3,000,771
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (g)		4,000,000		3,997,124
Mitsubishi UFJ Trust and Banking Corp. 5.230%, SOFR + 0.170%, 09/06/23 (g)		4,000,000		3,998,804
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (g)		3,000,000		3,000,096
MUFG Bank Ltd. (NY) 5.240%, SOFR + 0.180%, 08/28/23 (g)		2,000,000		1,999,670
5.260%, SOFR + 0.200%, 08/21/23 (g)		2,000,000		1,999,784
Nordea Bank Abp 5.410%, SOFR + 0.350%, 10/23/23 (g)		2,000,000		2,000,310
Oversea-Chinese Banking Corp., Ltd. 5.300%, SOFR + 0.240%, 08/08/23 (g)		2,000,000		2,000,054
Rabobank International 5.380%, SOFR + 0.320%, 07/12/23 (g)		1,000,000		1,000,023
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (g)		2,000,000		2,000,042
Sumitomo Mitsui Trust Bank, Ltd./ New York 5.380%, SOFR + 0.320%, 07/20/23 (g)		2,000,000		2,000,094
Svenska Handelsbanken AB 5.290%, SOFR + 0.230%, 08/08/23 (g)		3,000,000		3,000,186
5.400%, SOFR + 0.340%, 10/31/23 (g)		2,000,000		2,000,538
Toronto-Dominion Bank (The) 5.470%, FEDEFF PRV + 0.400%, 02/13/24 (g)		2,000,000		2,000,286
5.520%, FEDEFF PRV + 0.450%, 10/13/23 (g)		3,000,000		3,000,648
				49,002,933
Commercial Paper—2.3%
Bedford Row Funding Corp. 5.300%, SOFR + 0.240%, 07/19/23 (g)		2,000,000		2,000,028
ING U.S. Funding LLC 5.780%, SOFR + 0.720%, 08/04/23 (g)		3,000,000		3,001,419
Skandinaviska Enskilda Banken AB 5.420%, SOFR + 0.360%, 11/15/23 (g)		5,000,000		5,000,740
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (g)		4,000,000		4,000,000
United Overseas Bank, Ltd. 5.250%, 08/21/23		5,000,000		4,961,510
				18,963,697
Repurchase Agreements—7.3%
BofA Securities, Inc. Repurchase Agreement dated 06/30/23 at 5.050%, due on 07/03/23 with a maturity value of $6,446,384; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 2.000%, maturity dates ranging from 11/15/41 - 02/15/51, and an aggregate market value of $6,572,546.		6,443,672		6,443,672
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/30/23 at 5.370%, due on 08/04/23 with a maturity value of $5,026,104; collateralized by U.S. Treasury Obligations with rates ranging from 01.500% - 3.750%, maturity dates ranging from 08/15/28 - 05/15/33, and various Common Stock with an aggregate market value of $5,422,804.		5,000,000		5,000,000
Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $5,145,183; collateralized by various Common Stock with an aggregate market value of $5,500,001.		5,000,000		5,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $4,802,028; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $4,908,286.		4,800,000		4,800,000
National Bank of Canada Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $20,020,222; collateralized by various Common Stock with an aggregate market value of $22,318,377.		20,000,000		20,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $4,001,737; collateralized by various Common Stock with an aggregate market value of $4,447,015.		4,000,000		4,000,000
Societe Generale Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $5,002,154; collateralized by various Common Stock with an aggregate market value of $5,561,805.		5,000,000		5,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $4,504,524; collateralized by various Common Stock with an aggregate market value of $5,011,817.		4,500,000		4,500,000

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $4,001,717; collateralized by various Common Stock with an aggregate market value of $4,401,889.		4,000,000	$	4,000,000
				58,743,672
Time Deposits—1.1%
Banco Santander S.A. (NY) 5.060%, 07/03/23		2,000,000		2,000,000
DZ Bank AG (NY) 5.040%, 07/03/23		2,000,000		2,000,000
National Bank of Canada 5.120%, OBFR + 0.050%, 07/07/23 (g)		4,500,000		4,500,000
				8,500,000
Mutual Funds—1.7%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class  5.000% (e)		1,000,000		1,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (e)		5,000,000		5,000,000
RBC U.S. Government Money Market Fund, Institutional Share 4.990% (e)		5,000,000		5,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 5.000% (e)		3,146,490		3,146,490
				14,146,490
Total Securities Lending Reinvestments (Cost $149,354,456)				149,356,792
Total Investments—118.3% (Cost $883,743,344)				959,329,302
Other assets and liabilities (net)—(18.3)%				(148,467,700	)
Net Assets — 100.0%			$	810,861,602

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $178,901,146 and the collateral received consisted of cash in the amount of $149,324,478 and non-cash collateral with a value of $33,205,750. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) 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 subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent less than 0.05% of net assets.

(e) The rate shown represents the annualized seven-day yield as of June 30, 2023.

(f) Represents investment of cash collateral received from securities on loan as of June 30, 2023.

(g) Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV) —	Effective Federal Funds Rate
(SOFR) —	Secured Overnight Financing Rate
(OBFR) —	U.S. Overnight Bank Funding Rate

Other Abbreviations

(ADR) — American Depositary Receipt

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Automobile Components	$	214,884	$	—		$	—	$	214,884
Chemicals		48,414,218		14,032,045			—		62,446,263
Electrical Equipment		24,232,423		8,761,081			—		32,993,504
Energy Equipment & Services		79,927,738		3,776,839			—		83,704,577
Food Products		30,719,179		—			—		30,719,179
Ground Transportation		4,910,880		—			—		4,910,880
Independent Power and Renewable Electricity Producers		12,656,358		—			—		12,656,358
Machinery		15,854,364		—			—		15,854,364
Marine Transportation		13,353,210		—			—		13,353,210
Metals & Mining		182,668,491		65,534,417			236,479		248,439,387
Mortgage Real Estate Investment Trusts		8,437,250		—			—		8,437,250
Oil, Gas & Consumable Fuels		209,066,534		54,016,469			—		263,083,003
Specialty Retail		2,120,800		—			—		2,120,800
Total Common Stocks		632,576,329		146,120,851			236,479		778,933,659
Total Warrants*		767,834		—			—		767,834
Total Short-Term Investment*		30,271,017		—			—		30,271,017
Securities Lending Reinvestments
Certificates of Deposit		—		49,002,933			—		49,002,933
Commercial Paper		—		18,963,697			—		18,963,697
Repurchase Agreements		—		58,743,672			—		58,743,672
Time Deposits		—		8,500,000			—		8,500,000
Mutual Funds		14,146,490		—			—		14,146,490
Total Securities Lending Reinvestments		14,146,490		135,210,302			—		149,356,792
Total Investments	$	677,761,670	$	281,331,153		$	236,479	$	959,329,302
Collateral for Securities Loaned (Liability)	$	—	$	(149,324,478	)	$	—	$	(149,324,478	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

During the period ended June 30, 2023, a transfer into Level 3 in the amount of $933,057 was due to a trading halt which resulted in the lack of observable inputs.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a) (b)	$	959,329,302
Cash		450,400
Cash denominated in foreign currencies (c)		1,630
Receivable for:
Fund shares sold		142,104
Dividends		1,039,062
Prepaid expenses		6,082
Total Assets		960,968,580
Liabilities
Collateral for securities loaned		149,324,478
Payables for:
Fund shares redeemed		30,889
Accrued Expenses:
Management fees		472,219
Distribution and service fees		16,466
Deferred trustees’ fees		153,158
Other expenses		109,768
Total Liabilities		150,106,978
Net Assets	$	810,861,602
Net Assets Consist of:
Paid in surplus	$	728,335,718
Distributable earnings (Accumulated losses)		82,525,884
Net Assets	$	810,861,602
Net Assets
Class A	$	729,220,669
Class B		81,640,933
Capital Shares Outstanding*
Class A		62,334,136
Class B		7,020,738
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.70
Class B		11.63

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $883,743,344.
(b)	Includes securities loaned at value of $178,901,146.
(c)	Identified cost of cash denominated in foreign currencies was $1,628.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Dividends (a)	$	14,119,299
Interest		2,679
Securities lending income		1,170,804
Total investment income		15,292,782
Expenses
Management fees		3,134,216
Administration fees		22,145
Custodian and accounting fees		47,510
Distribution and service fees—Class B		100,485
Audit and tax services		22,985
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		13,653
Insurance		4,455
Miscellaneous		8,243
Total expenses		3,392,974
Less management fee waiver		(238,326	)
Net expenses		3,154,648
Net Investment Income		12,138,134
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		31,661,137
Foreign currency transactions		78,343
Net realized gain (loss)		31,739,480
Net change in unrealized appreciation (depreciation) on:
Investments		(85,058,462	)
Foreign currency transactions		1,970
Net change in unrealized appreciation (depreciation)		(85,056,492	)
Net realized and unrealized gain (loss)		(53,317,012	)
Net Increase (Decrease) in Net Assets From Operations	$	(41,178,878	)

(a) Net of foreign withholding taxes of $914,792.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	12,138,134		$	26,243,421
Net realized gain (loss)		31,739,480			259,684,223
Net change in unrealized appreciation (depreciation)		(85,056,492	)		(172,518,168	)
Increase (decrease) in net assets from operations		(41,178,878	)		113,409,476
From Distributions to Shareholders
Class A		(22,123,408	)		(23,035,876	)
Class B		(2,280,208	)		(2,217,944	)
Total distributions		(24,403,616	)		(25,253,820	)
Increase (decrease) in net assets from capital share transactions		54,588,027			(378,938,677	)
Total increase (decrease) in net assets		(10,994,467	)		(290,783,021	)
Net Assets
Beginning of period		821,856,069			1,112,639,090
End of period	$	810,861,602		$	821,856,069

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		2,247,940		$	26,774,259			4,082,759		$	51,049,554
Reinvestments		1,902,271			22,123,408			1,765,201			23,035,876
Redemptions		(167,364	)		(2,093,319	)		(31,319,887	)		(425,200,626	)
Net increase (decrease)		3,982,847		$	46,804,348			(25,471,927	)	$	(351,115,196	)
Class B
Sales		706,529		$	8,605,203			819,909		$	10,172,694
Reinvestments		197,079			2,280,208			171,006			2,217,944
Redemptions		(255,311	)		(3,101,732	)		(2,991,889	)		(40,214,119	)
Net increase (decrease)		648,297		$	7,783,679			(2,000,974	)	$	(27,823,481	)
Increase (decrease) derived from capital shares transactions				$	54,588,027					$	(378,938,677	)

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.71		$	12.08		$	10.29		$	8.59		$	7.69		$	10.78
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.19			0.36			0.24			0.10			0.12			0.06
Net realized and unrealized gain (loss)		(0.83	)		0.65			1.70			1.70			0.83			(3.13	)
Total income (loss) from investment operations		(0.64	)		1.01			1.94			1.80			0.95			(3.07	)
Less Distributions
Distributions from net investment income		(0.37	)		(0.38	)		(0.15	)		(0.10	)		(0.05	)		(0.02	)
Total distributions		(0.37	)		(0.38	)		(0.15	)		(0.10	)		(0.05	)		(0.02	)
Net Asset Value, End of Period	$	11.70		$	12.71		$	12.08		$	10.29		$	8.59		$	7.69
Total Return (%) (b)		(5.03	) (c)		8.24			18.82			21.58			12.44	(d)		(28.64	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82	(e)		0.81			0.81			0.81			0.81			0.81
Net ratio of expenses to average net assets (%) (f)		0.76	(e)		0.75			0.74			0.75			0.77			0.80
Ratio of net investment income (loss) to average net assets (%)		3.05	(e)		2.74			2.01			1.34			1.46			0.62
Portfolio turnover rate (%)		16	(c)		40			23			48			33			24
Net assets, end of period (in millions)	$	729.2		$	741.5		$	1,012.3		$	1,115.4		$	1,084.7		$	837.8
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.61		$	11.98		$	10.21		$	8.53		$	7.62		$	10.71
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.17			0.32			0.20			0.08			0.10			0.04
Net realized and unrealized gain (loss)		(0.82	)		0.65			1.69			1.68			0.84			(3.13	)
Total income (loss) from investment operations		(0.65	)		0.97			1.89			1.76			0.94			(3.09	)
Less Distributions
Distributions from net investment income		(0.33	)		(0.34	)		(0.12	)		(0.08	)		(0.03	)		0.00
Total distributions		(0.33	)		(0.34	)		(0.12	)		(0.08	)		(0.03	)		0.00
Net Asset Value, End of Period	$	11.63		$	12.61		$	11.98		$	10.21		$	8.53		$	7.62
Total Return (%) (b)		(5.11	) (c)		7.98			18.51			21.18			12.35			(28.85	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.07	(e)		1.06			1.06			1.06			1.06			1.06
Net ratio of expenses to average net assets (%) (f)		1.01	(e)		1.00			0.99			1.00			1.02			1.05
Ratio of net investment income (loss) to average net assets (%)		2.83	(e)		2.50			1.76			1.09			1.20			0.36
Portfolio turnover rate (%)		16	(c)		40			23			48			33			24
Net assets, end of period (in millions)	$	81.6		$	80.4		$	100.3		$	109.6		$	105.5		$	90.3

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Periods less than one year are not computed on an annualized basis.

(d) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is VanEck Global Natural Resources Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTII-11

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTII-12

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

At June 30, 2023, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $58,743,672, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2023. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

BHFTII-13

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

BHFTII-14

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Natural Resource and Foreign Investment Risk: The Portfolio may concentrate its investments in companies which are significantly engaged in the exploration, development, production and distribution of gold and other natural resources such as strategic and other metals, minerals, forest products, oil, natural gas and coal and by investing in gold bullion and coins. Since the Portfolio may concentrate its investments, it may be subject to greater risks and market fluctuations than other more diversified portfolios. The production and marketing of gold and other natural resources may be affected by actions and changes in governments. In addition, gold and natural resources may be cyclical in nature. In addition, the investments by the Portfolio in foreign securities, whether direct or indirect, may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, ,such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 0	$	166,444,883	$	0	$	122,680,205

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$3,134,216		0.800	%	Of the first $250 million
		0.775	%	Of the next $750 million
		0.750	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Van Eck Associates Corporation is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050%	Of the first $500 million
0.075%	On amounts over $500 million

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

BHFTII-15

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	893,103,982
Gross unrealized appreciation		127,333,817
Gross unrealized (depreciation)		(61,108,497	)
Net unrealized appreciation (depreciation)	$	66,225,320

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$25,253,820	$	13,732,100	$	—	$	—	$	25,253,820	$	13,732,100

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$24,272,385	$	—	$	151,281,366	$	(27,293,951	)	$	148,259,800

BHFTII-16

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $2,552,494 and accumulated long-term capital losses of $24,741,457.

During the year ended December 31, 2022, the Portfolio utilized accumulated net capital losses of $257,718,513.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-17

Brighthouse Funds Trust II

VanEck Global Natural Resources Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Western Asset Management Strategic Bond Opportunities Portfolio returned 3.65%, 3.58%, and 3.59%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned 2.09%.

MARKET ENVIRONMENT / CONDITIONS

During the first half of 2023, risk assets rose as concerns over a near-term economic hard landing eased, while government bond yield curves bear-flattened—short-dated yields rose more than longer-dated ones—as global central banks reiterated their resolve to bring inflation back to target.

U.S. inflation reports during the first half of 2023 continued to show a downward trend, while jobs data were generally robust as nonfarm payrolls exceeded expectations. Softer inflation readings set the stage for the Federal Reserve (the “Fed”) to slow the pace of rate hikes, from an accelerated pace during 2022. The Federal Open Market Committee increased the Fed funds rate by a total of 75 basis points across three meeting and then paused at a target range of 5.00%-5.25% in June in its first rate pause since the tightening cycle began in March 2022, though Fed Chair Powell emphasized that future decisions would be data-dependent. During March, developments in the regional banking sector came to the forefront when Silicon Valley Bank and Signature Bank were shut down after the banks failed to stem deposit outflows, but contagion risks were mitigated when the Federal Deposit Insurance Corporation guaranteed uninsured deposits.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the six-month period ended June 30, 2023, the Western Asset Strategic Bond Opportunities Portfolio had a positive return and outperformed its benchmark.

Over the reporting period, the most significant contributor to the Portfolio’s outperformance was its High-Yield (“HY”) Credit and Bank Loan exposures as spreads tightened over the first half of the year. The team continued to calibrate credit exposures, trimming Bank Loans and deploying those proceeds into HY Industrials during the first half of the year. HY Credit and Bank Loan spreads remained relatively attractive, while their yields provided ample cushion for higher defaults.

The Portfolio’s structured product exposure in aggregate was beneficial, with the positive contribution driven by Collateralized Loan Obligation (“CLO”) and Non-Agency Mortgage-Backed Securities (“MBS”) exposures. The Portfolio maintained diversified exposures across Asset-Backed Securities and a focus on higher-quality credits such as legacy and credit risk-transfer deals within Non-Agency Residential Mortgage-Backed Securities (“RMBS”), and single-asset, single-borrower deals within Commercial MBS. In the residential space, while housing was expected to cool, we did not believe there is a significant risk of defaults relative to historical levels. In the commercial space, fundamental performance was positive with limited distress outside of the office sector.

The Portfolio’s exposure to Emerging Market (“EM”) Debt had a positive impact on returns as U.S. dollar (“USD”)-denominated bond spreads tightened, and local yields fell over the first half of the year. The team modestly trimmed the Portfolio’s EM corporate exposure, but the Portfolio’s EM allocation was largely maintained over the period.

The Portfolio’s macro positioning detracted significantly from performance as the negative effect of yield curve positioning offset the positive effect from duration. The team calibrated portfolio duration positioning within a range of 5.7 years to 7 years with a focus on the front end of the U.S. Treasury (“UST”) curve as yields fluctuated but ultimately fell during the first quarter, then rose on stronger-than-expected economic activity and Fed hawkishness during the second quarter. For reference, 2-year UST yields rose from 4.41% to 4.87% and 5-year UST yields rose from 3.99% to 4.13%, while 10-year UST yields fell from 3.88% to 3.81% and 30-year UST yields fell from 3.97% to 3.85% over the first half of the year.

The Portfolio’s underweight to Investment-Grade (“IG”) Corporates also had a negative impact as spreads tightened. The team added to select IG financial and industrial credits over the period.

Currency positioning in aggregate had a minimal negative impact as the positive effect of EM currencies mostly offset the negative effect from developed market (“DM”) currencies. In EM currencies, the team added to long Indonesian rupiah and reduced Mexican peso exposures, and switched Chinese yuan from short to a small long exposure over the period. Within DM currencies, the team trimmed long Canadian dollar taking it to a short position, and also trimmed short British pound exposure, while adding to long Australian dollar and Japanese yen exposures.

During the six months ended June 30, 2023, the team utilized derivatives including UST, Secured Overnight Financing Rate, and Eurodollar futures and options as well as interest rate swaps to manage the Portfolio’s duration and yield curve exposure. The team also used non-U.S. interest rate futures, options and swaps to manage the Portfolio’s exposure to the German, Australian, U.K. and Mexican bond markets. Credit default swaps on single names and credit default swaps and options on the CDX HY index were used as an efficient, low-cost way of adjusting credit exposures on the margin. The team also used MBS derivatives to gain exposure to specific characteristics of MBS. The team used Foreign Exchange forwards and options to hedge and take outright positions in a variety of currencies. Finally, the team used equity options for tail risk hedging. The net impact of all derivative transactions on the Portfolio’s performance was negative.

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company, LLC

Portfolio Manager Commentary*—(Continued)

As of June 30, 2023, the Portfolio’s duration was 6.91 years, or approximately 2/3 year long versus the Bloomberg U.S. Aggregate Bond Index (6.25 years). The Portfolio remained diversified across HY and Bank Loans, which continued to offer strong income and return generation potential, EM Debt for attractive spread pick-up, mortgage credit with an emphasis on RMBS due to the better fundamental outlook for housing, CLO tranches given their attractive valuations and IG corporate credit (mainly for carry and liquidity).

S. Kenneth Leech

Michael Buchanan

Mark S. Lindbloom

Annabel Rudebeck

Rafael Zielonka

Portfolio Managers

Western Asset Management Company, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Western Asset Management Strategic Bond Opportunities Portfolio
Class A		3.65		1.75		1.51		2.68
Class B		3.58		1.58		1.25		2.43
Class E		3.59		1.68		1.36		2.53
Bloomberg U.S. Aggregate Bond Index		2.09		-0.94		0.77		1.52

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		51.5
Floating Rate Loans		13.3
Asset-Backed Securities		10.1
Non-Agency Mortgage-Backed Securities		9.2
Agency Mortgage-Backed Securities		7.3
Foreign Government		3.0
Convertible Preferred Stocks		0.8
Convertible Bonds		0.4
Common Stocks		0.1
Purchased Options		0.1

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Western Asset Management Strategic Bond Opportunities Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Western Asset Management Strategic Bond Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.56	%	$	1,000.00	$	1,036.50	$	2.83
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81
Class B (a)	Actual		0.81	%	$	1,000.00	$	1,035.80	$	4.09
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06
Class E (a)	Actual		0.71	%	$	1,000.00	$	1,035.90	$	3.58
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.27	$	3.56

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Corporate Bonds & Notes—51.5% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—1.4%
Boeing Co. (The)
3.250%, 02/01/35 (a)		1,740,000	$	1,410,841
5.930%, 05/01/60		2,630,000		2,604,719
Bombardier, Inc. 7.875%, 04/15/27 (144A) (a)		5,925,000		5,909,745
TransDigm, Inc.
6.250%, 03/15/26 (144A) (a)		6,820,000		6,786,669
6.750%, 08/15/28 (144A) (a)		4,100,000		4,115,539
Triumph Group, Inc. 9.000%, 03/15/28 (144A) (a)		8,990,000		9,179,141
				30,006,654
Agriculture—0.4%
Altria Group, Inc.
2.450%, 02/04/32		530,000		413,322
4.800%, 02/14/29 (a)		115,000		111,844
5.950%, 02/14/49		829,000		787,011
Darling Ingredients, Inc. 6.000%, 06/15/30 (144A) (a)		7,510,000		7,334,672
				8,646,849
Airlines—2.1%
Air Canada 3.875%, 08/15/26 (144A) (a)		6,033,000		5,591,702
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		451,196		421,587
American Airlines Pass-Through Trust 4.950%, 02/15/25		2,661,615		2,541,829
American Airlines, Inc.
7.250%, 02/15/28 (144A) (a)		3,420,000		3,399,629
11.750%, 07/15/25 (144A) (a)		1,840,000		2,017,612
American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.
5.500%, 04/20/26 (144A)		6,680,000		6,617,807
5.750%, 04/20/29 (144A) (a)		2,590,000		2,514,835
Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd. 5.750%, 01/20/26 (144A) (a)		7,378,000		6,983,556
Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd. 8.000%, 09/20/25 (144A) (a)		8,025,999		8,086,366
United Airlines Pass-Through Trust 4.875%, 01/15/26		513,750		490,350
United Airlines, Inc. 4.625%, 04/15/29 (144A)		2,590,000		2,359,925
VistaJet Malta Finance plc / Vista Management Holding, Inc. 9.500%, 06/01/28 (144A) (a)		1,770,000		1,625,126
VistaJet Malta Finance plc / XO Management Holding, Inc. 7.875%, 05/01/27 (144A) (a)		4,820,000		4,330,529
				46,980,853
Auto Manufacturers—1.6%
Ford Motor Co.
3.250%, 02/12/32 (a)		9,240,000		7,268,964
6.100%, 08/19/32 (a)		7,220,000		6,997,306
Ford Motor Credit Co. LLC 3.625%, 06/17/31		4,560,000		3,737,489
Auto Manufacturers—(Continued)
General Motors Co. 6.600%, 04/01/36		5,134,000		5,271,375
Mclaren Finance plc 7.500%, 08/01/26 (144A)		6,010,000		5,108,500
PM General Purchaser LLC 9.500%, 10/01/28 (144A) (a)		6,770,000		6,622,574
				35,006,208
Auto Parts & Equipment—0.9%
Clarios Global L.P. / Clarios U.S. Finance Co. 8.500%, 05/15/27 (144A) (a)		4,030,000		4,036,593
Titan International, Inc. 7.000%, 04/30/28 (a)		11,220,000		10,490,083
ZF North America Capital, Inc.
4.750%, 04/29/25 (144A)		4,115,000		4,011,718
7.125%, 04/14/30 (144A) (a)		950,000		966,201
				19,504,595
Banks—5.3%
Banco Mercantil del Norte S.A. 7.625%, 10Y H15 + 5.353%, 01/10/28 (144A) (a) (b)		2,150,000		1,956,865
Bank of Nova Scotia (The) 8.625%, 5Y H15 + 4.389%, 10/27/82 (b)		900,000		937,726
Barclays plc
5.088%, 3M LIBOR + 3.054%, 06/20/30 (b)		200,000		181,870
7.750%, 5Y USD Swap + 4.842%, 09/15/23 (b)		3,650,000		3,576,635
8.000%, 5Y H15 + 5.672%, 06/15/24 (b)		5,160,000		4,875,684
BBVA Bancomer S.A. 5.125%, 5Y H15 + 2.650%, 01/18/33 (144A) (b)		5,980,000		5,189,074
BNP Paribas S.A. 7.750%, 5Y H15 + 4.899%, 08/16/29 (144A) (b)		1,930,000		1,851,931
Citigroup, Inc. 4.000%, 5Y H15 + 3.597%, 12/10/25 (b)		3,890,000		3,321,087
Comerica Bank 2.500%, 07/23/24		5,657,000		5,315,319
Comerica, Inc. 3.700%, 07/31/23		3,559,000		3,546,330
Credit Agricole S.A.
7.875%, 5Y USD Swap + 4.898%, 01/23/24 (144A) (b)		1,750,000		1,729,679
8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (b)		8,970,000		8,981,212
Credit Suisse AG
0.520%, 08/09/23		500,000		496,045
3.625%, 09/09/24		1,530,000		1,473,410
4.750%, 08/09/24		2,700,000		2,638,734
7.950%, 01/09/25 (a)		2,990,000		3,050,526
Danske Bank A/S 6.466%, 1Y H15 + 2.100%, 01/09/26 (144A) (a) (b)		6,450,000		6,434,620
HSBC Holdings plc
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (b)		390,000		348,563
6.500%, 1Y USD ICE Swap + 3.606%, 03/23/28 (b)		670,000		603,494
Intesa Sanpaolo S.p.A. 5.710%, 01/15/26 (144A) (a)		16,030,000		15,261,043

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Lloyds Banking Group plc
4.947%, 5Y EUR Swap + 5.290%, 06/27/25 (EUR) (b)		5,450,000	$	5,411,213
7.500%, 5Y USD Swap + 4.760%, 06/27/24 (b)		3,580,000		3,419,795
8.000%, 5Y H15 + 3.913%, 09/27/29 (b)		3,260,000		2,978,499
Natwest Group plc 4.500%, 5Y UKG + 3.992%, 03/31/28 (GBP) (b)		6,600,000		6,290,218
PNC Financial Services Group, Inc. (The)
5.068%, SOFR + 1.933%, 01/24/34 (b)		2,870,000		2,752,216
6.037%, SOFR + 2.140%, 10/28/33 (a) (b)		3,085,000		3,157,103
Toronto-Dominion Bank (The) 8.125%, 5Y H15 + 4.075%, 10/31/82 (b)		3,122,000		3,171,577
Truist Financial Corp. 5.122%, SOFR + 1.852%, 01/26/34 (b)		2,520,000		2,388,008
U.S. Bancorp 4.839%, SOFR + 1.600%, 02/01/34 (b)		2,640,000		2,465,832
UBS Group AG
6.537%, SOFR + 3.920%, 08/12/33 (144A) (a) (b)		890,000		911,727
7.000%, 5Y USD Swap + 4.344%, 01/31/24 (144A) (b)		6,080,000		5,871,143
UniCredit S.p.A.
5.459%, 5Y H15 + 4.750%, 06/30/35 (144A) (a) (b)		4,960,000		4,209,302
7.296%, 5Y USD ICE Swap + 4.914%, 04/02/34 (144A) (a) (b)		1,750,000		1,648,893
				116,445,373
Biotechnology—0.2%
Cidron Aida Finco S.a.r.l. 6.250%, 04/01/28 (144A) (GBP)		4,110,000		4,537,222
Building Materials—0.4%
Builders FirstSource, Inc. 4.250%, 02/01/32 (144A) (a)		2,644,000		2,300,674
Smyrna Ready Mix Concrete LLC 6.000%, 11/01/28 (144A) (a)		5,470,000		5,158,450
Summit Materials LLC / Summit Materials Finance Corp. 5.250%, 01/15/29 (144A) (a)		2,300,000		2,172,971
				9,632,095
Chemicals—0.1%
Minerals Technologies, Inc. 5.000%, 07/01/28 (144A) (a)		1,690,000		1,537,900
Commercial Services—2.5%
Adtalem Global Education, Inc. 5.500%, 03/01/28 (144A) (a)		2,601,000		2,360,408
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625%, 07/15/26 (144A)		3,050,000		2,894,277
Carriage Services, Inc. 4.250%, 05/15/29 (144A) (a)		5,320,000		4,578,924
CoreCivic, Inc. 8.250%, 04/15/26 (a)		4,890,000		4,934,499
GEO Group, Inc. (The) 10.500%, 06/30/28 (a)		5,880,000		5,894,685
Commercial Services—(Continued)
Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc. 5.000%, 02/01/26 (144A) (a)		6,680,000		6,012,000
Metropolitan Museum of Art (The) 3.400%, 07/01/45 (a)		2,025,000		1,560,837
Paysafe Finance plc / Paysafe Holdings U.S. Corp. 4.000%, 06/15/29 (144A) (a)		3,300,000		2,593,963
PECF USS Intermediate Holding III Corp. 8.000%, 11/15/29 (144A) (a)		2,706,000		1,522,125
Prime Security Services Borrower LLC / Prime Finance, Inc. 6.250%, 01/15/28 (144A) (a)		2,720,000		2,548,100
StoneMor, Inc. 8.500%, 05/15/29 (144A)		3,000,000		2,531,250
United Rentals North America, Inc.
4.875%, 01/15/28 (a)		3,440,000		3,273,471
5.250%, 01/15/30 (a)		4,000,000		3,818,104
5.500%, 05/15/27 (a)		2,316,000		2,279,372
6.000%, 12/15/29 (144A) (a)		1,800,000		1,795,573
Upbound Group, Inc. 6.375%, 02/15/29 (144A)		4,291,000		3,808,262
WW International, Inc. 4.500%, 04/15/29 (144A)		1,680,000		992,927
ZipRecruiter, Inc. 5.000%, 01/15/30 (144A) (a)		1,810,000		1,541,125
				54,939,902
Computers—0.3%
Crowdstrike Holdings, Inc. 3.000%, 02/15/29		2,405,000		2,073,918
NCR Corp. 5.125%, 04/15/29 (144A) (a)		3,900,000		3,452,516
Vericast Corp.
11.000%, 09/15/26 (144A) (a)		1,800,000		1,881,000
12.500%, 12/15/27 (144A) (a)		230,000		259,185
				7,666,619
Distribution/Wholesale—0.7%
American News Co. LLC 8.500%, 09/01/26 (144A) (a) (c)		10,994,041		12,395,781
H&E Equipment Services, Inc. 3.875%, 12/15/28 (144A) (a)		4,480,000		3,878,696
				16,274,477
Diversified Financial Services—3.0%
Accelerate360 Holdings LLC 8.000%, 03/01/28 (144A)		10,418,100		10,834,824
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.300%, 01/30/32 (a)		2,410,000		1,971,618
4.500%, 09/15/23 (a)		284,000		282,934
Aviation Capital Group LLC 5.500%, 12/15/24 (144A)		3,560,000		3,484,670
Avolon Holdings Funding, Ltd. 4.250%, 04/15/26 (144A)		2,950,000		2,748,265
B3 SA - Brasil Bolsa Balcao 4.125%, 09/20/31 (144A)		4,000,000		3,405,947

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Burford Capital Global Finance LLC
6.875%, 04/15/30 (144A)		720,000	$	656,294
9.250%, 07/01/31 (144A)		2,850,000		2,832,472
Charles Schwab Corp. (The) 2.900%, 03/03/32		520,000		428,077
5.853%, SOFR + 2.500%, 05/19/34 (a) (b)		2,450,000		2,486,470
Global Aircraft Leasing Co., Ltd. 6.500%, 7.250% PIK, 09/15/24 (144A) (a) (c)		10,331,208		9,456,671
LPL Holdings, Inc. 4.000%, 03/15/29 (144A) (a)		3,910,000		3,430,315
Midcap Financial Issuer Trust 6.500%, 05/01/28 (144A) (a)		5,020,000		4,467,800
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.
3.625%, 03/01/29 (144A) (a)		7,170,000		6,026,156
3.875%, 03/01/31 (144A) (a)		405,000		328,397
4.000%, 10/15/33 (144A) (a)		2,755,000		2,155,071
StoneX Group, Inc. 8.625%, 06/15/25 (144A) (a)		5,412,000		5,465,877
The Vanguard Group, Inc. 3.050%, 08/28/50 (d) (e)		7,460,000		4,777,709
				65,239,567
Electric—0.7%
FirstEnergy Corp.
2.650%, 03/01/30 (a)		1,830,000		1,543,367
4.150%, 07/15/27 (a)		1,640,000		1,557,724
NSG Holdings LLC / NSG Holdings, Inc. 7.750%, 12/15/25 (144A)		446,820		443,469
Panoche Energy Center LLC 6.885%, 07/31/29 (144A)		435,999		433,819
Southern California Edison Co. 3.900%, 03/15/43 (a)		1,217,000		967,754
TransAlta Corp.
6.500%, 03/15/40 (a)		8,869,000		8,442,046
7.750%, 11/15/29 (a)		2,110,000		2,172,245
				15,560,424
Energy-Alternate Sources—0.1%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A)		750,402		685,919
Sunnova Energy Corp. 5.875%, 09/01/26 (144A)		1,730,000		1,581,217
				2,267,136
Engineering & Construction—0.4%
TopBuild Corp. 3.625%, 03/15/29 (144A) (a)		3,010,000		2,619,260
Tutor Perini Corp. 6.875%, 05/01/25 (144A)		7,263,000		6,023,090
				8,642,350
Entertainment—1.1%
Allen Media LLC / Allen Media Co-Issuer, Inc. 10.500%, 02/15/28 (144A)		6,590,000		3,393,850
Entertainment—(Continued)
AMC Entertainment Holdings, Inc. 7.500%, 02/15/29 (144A)		2,390,000		1,680,477
Boyne USA, Inc. 4.750%, 05/15/29 (144A) (a)		4,120,000		3,712,773
Caesars Entertainment, Inc. 7.000%, 02/15/30 (144A) (a)		8,750,000		8,787,100
Mohegan Tribal Gaming Authority 13.250%, 12/15/27 (144A) (a)		3,780,000		4,006,821
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125%, 02/15/31 (144A)		1,910,000		1,898,429
				23,479,450
Environmental Control—0.3%
GFL Environmental, Inc.
4.750%, 06/15/29 (144A) (a)		5,877,000		5,369,295
5.125%, 12/15/26 (144A) (a)		2,170,000		2,093,589
				7,462,884
Food—0.4%
Co-operative Group Holdings Ltd. 7.500%, 07/08/26 (GBP) (b) (f)		2,410,000		2,892,795
FAGE International S.A. / FAGE USA Dairy Industry, Inc. 5.625%, 08/15/26 (144A) (a)		6,425,000		6,050,235
				8,943,030
Food Service—0.1%
TKC Holdings, Inc. 6.875%, 05/15/28 (144A)		1,580,000		1,390,453
Forest Products & Paper—0.2%
Suzano Austria GmbH
3.125%, 01/15/32 (a)		5,000,000		4,001,915
5.750%, 07/14/26		1,200,000		1,200,000
				5,201,915
Healthcare-Products—0.3%
Medline Borrower L.P. 5.250%, 10/01/29 (144A) (a)		6,700,000		5,813,584
Healthcare-Services—1.2%
Akumin Escrow, Inc. 7.500%, 08/01/28 (144A)		3,840,000		2,529,677
Akumin, Inc. 7.000%, 11/01/25 (144A) (a)		2,332,000		1,906,410
CHS/Community Health Systems, Inc.
4.750%, 02/15/31 (144A) (a)		8,970,000		6,779,379
6.125%, 04/01/30 (144A)		5,700,000		3,395,604
Fresenius Medical Care U.S. Finance II, Inc. 4.750%, 10/15/24 (144A) (a)		700,000		685,235
HCA, Inc.
5.500%, 06/15/47		360,000		339,080
5.625%, 09/01/28 (a)		2,000,000		2,001,529
7.500%, 11/06/33		1,808,000		1,975,441

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Humana, Inc. 5.875%, 03/01/33		4,160,000	$	4,323,083
RP Escrow Issuer LLC 5.250%, 12/15/25 (144A) (a)		2,500,000		1,844,250
U.S. Renal Care, Inc. 10.625%, 07/15/27 (144A)		3,931,000		982,750
				26,762,438
Home Builders—0.2%
MDC Holdings, Inc. 6.000%, 01/15/43		2,195,000		1,979,760
Winnebago Industries, Inc. 6.250%, 07/15/28 (144A)		2,580,000		2,528,800
				4,508,560
Housewares—0.2%
Newell Brands, Inc.
4.000%, 12/01/24		1,600,000		1,534,163
4.700%, 04/01/26 (a)		2,990,000		2,808,657
5.875%, 04/01/36 (a)		740,000		618,735
				4,961,555
Insurance—1.1%
Highlands Holdings Bond Issuer, Ltd. / Highlands Holdings Bond Co-Issuer, Inc. 7.625%, 10/15/25 (144A) (c)		6,630,000		6,113,009
Liberty Mutual Insurance Co. 7.697%, 10/15/97 (144A) †		2,600,000		2,910,762
Massachusetts Mutual Life Insurance Co. 4.900%, 04/01/77 (144A) †		6,285,000		5,347,845
NMI Holdings, Inc. 7.375%, 06/01/25 (144A) (a)		3,380,000		3,415,595
Saga plc 5.500%, 07/15/26 (GBP)		5,800,000		5,487,667
Teachers Insurance & Annuity Association of America 6.850%, 12/16/39 (144A) †		216,000		238,162
				23,513,040
Internet—0.7%
Acuris Finance U.S., Inc. / Acuris Finance S.a.r.l. 5.000%, 05/01/28 (144A)		2,900,000		2,244,559
Gen Digital, Inc. 7.125%, 09/30/30 (144A) (a)		5,110,000		5,118,554
Tencent Holdings, Ltd. 3.595%, 01/19/28 (144A)		2,640,000		2,457,207
Ziff Davis, Inc. 4.625%, 10/15/30 (144A) (a)		5,586,000		4,838,132
				14,658,452
Iron/Steel—0.2%
Vale Overseas, Ltd.
6.250%, 08/10/26 (a)		2,990,000		3,082,479
6.875%, 11/10/39 (a)		1,180,000		1,235,129
				4,317,608
Leisure Time—1.5%
Carnival Corp.
4.000%, 08/01/28 (144A) (a)		3,690,000		3,271,258
5.750%, 03/01/27 (144A)		4,990,000		4,593,744
10.500%, 06/01/30 (144A)		210,000		222,784
NCL Corp., Ltd. 5.875%, 03/15/26 (144A) (a)		8,470,000		7,924,225
Royal Caribbean Cruises, Ltd.
9.250%, 01/15/29 (144A) (a)		2,010,000		2,141,478
11.500%, 06/01/25 (144A) (a)		803,000		851,983
11.625%, 08/15/27 (144A) (a)		5,010,000		5,448,069
Viking Cruises, Ltd.
9.125%, 07/15/31 (144A)		3,710,000		3,747,100
13.000%, 05/15/25 (144A)		520,000		546,035
Viking Ocean Cruises Ship VII, Ltd. 5.625%, 02/15/29 (144A) (a)		1,460,000		1,335,900
VOC Escrow, Ltd. 5.000%, 02/15/28 (144A) (a)		3,420,000		3,137,850
				33,220,426
Lodging—1.5%
Full House Resorts, Inc. 8.250%, 02/15/28 (144A) (a)		4,445,000		4,160,431
Las Vegas Sands Corp.
3.200%, 08/08/24		4,240,000		4,106,727
3.500%, 08/18/26 (a)		280,000		260,800
Melco Resorts Finance, Ltd.
4.875%, 06/06/25 (144A)		940,000		895,538
5.375%, 12/04/29 (144A) (a)		7,230,000		5,974,346
Sands China, Ltd.
2.800%, 03/08/27 (a)		200,000		173,595
3.350%, 03/08/29		1,240,000		1,033,157
3.750%, 08/08/31		470,000		382,082
5.625%, 08/08/25 (a)		4,610,000		4,497,596
5.900%, 08/08/28 (a)		1,240,000		1,181,950
Wynn Macau, Ltd. 4.875%, 10/01/24 (144A)		11,000,000		10,725,000
				33,391,222
Machinery-Construction & Mining—0.2%
Vertiv Group Corp. 4.125%, 11/15/28 (144A) (a)		4,110,000		3,703,001
Machinery-Diversified—0.1%
ATS Corp. 4.125%, 12/15/28 (144A) (a)		928,000		830,594
Chart Industries, Inc. 7.500%, 01/01/30 (144A) (a)		2,340,000		2,387,397
				3,217,991
Media—2.3%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.500%, 05/01/32 (a)		4,940,000		3,944,376
5.000%, 02/01/28 (144A) (a)		2,990,000		2,724,159

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
4.200%, 03/15/28 (a)		790,000	$	740,601
4.400%, 04/01/33 (a)		1,260,000		1,105,972
5.375%, 04/01/38		1,580,000		1,345,999
CSC Holdings LLC
5.750%, 01/15/30 (144A)		1,190,000		561,882
6.500%, 02/01/29 (144A) (a)		7,680,000		6,205,714
7.500%, 04/01/28 (144A) (a)		7,830,000		4,462,884
11.250%, 05/15/28 (144A)		5,110,000		4,955,321
Directv Financing LLC / Directv Financing Co-Obligor, Inc. 5.875%, 08/15/27 (144A) (a)		8,040,000		7,281,307
DISH DBS Corp.
5.750%, 12/01/28 (144A) (a)		4,330,000		3,220,583
5.875%, 11/15/24 (a)		6,320,000		5,527,576
Gannett Holdings LLC 6.000%, 11/01/26 (144A)		600,000		505,466
iHeartCommunications, Inc. 4.750%, 01/15/28 (144A) (a)		2,930,000		2,208,888
McClatchy Co. LLC (The) 11.000%, 07/15/27 (144A) (c)		3,266,666		3,511,666
Time Warner Cable LLC 5.875%, 11/15/40		2,362,000		2,083,638
				50,386,032
Metal Fabricate/Hardware—0.4%
Advanced Drainage Systems, Inc. 6.375%, 06/15/30 (144A)		3,110,000		3,076,630
Park-Ohio Industries, Inc. 6.625%, 04/15/27		5,600,000		4,947,600
				8,024,230
Mining—2.1%
Anglo American Capital plc 4.000%, 09/11/27 (144A)		2,740,000		2,575,593
First Quantum Minerals, Ltd.
6.875%, 03/01/26 (144A) (a)		4,400,000		4,331,374
6.875%, 10/15/27 (144A) (a)		8,000,000		7,804,000
8.625%, 06/01/31 (144A) (a)		5,620,000		5,759,826
Freeport Minerals Corp. 7.125%, 11/01/27		4,240,000		4,399,000
Freeport-McMoRan, Inc. 5.450%, 03/15/43 (a)		14,801,000		13,801,100
Glencore Finance Canada, Ltd. 5.550%, 10/25/42 (144A) (a)		1,000,000		930,047
Hudbay Minerals, Inc.
4.500%, 04/01/26 (144A) (a)		2,660,000		2,476,831
6.125%, 04/01/29 (144A) (a)		2,854,000		2,627,877
Midwest Vanadium Pty, Ltd. 13.250%, 02/15/18 (144A) † (d) (e) (g)		931,574		0
Northwest Acquisitions ULC / Dominion Finco, Inc. 7.125%, 11/01/22 (144A) † (g)		8,475,000		85
Teck Resources, Ltd. 6.000%, 08/15/40		1,774,000		1,728,359
				46,434,092
Office/Business Equipment—0.1%
CDW LLC / CDW Finance Corp. 3.250%, 02/15/29 (a)		1,610,000		1,379,502
Oil & Gas—6.0%
Berry Petroleum Co. LLC 7.000%, 02/15/26 (144A) (a)		11,840,000		10,952,000
Chord Energy Corp. 6.375%, 06/01/26 (144A) (a)		6,890,000		6,830,574
Continental Resources, Inc. 5.750%, 01/15/31 (144A) (a)		3,630,000		3,450,886
Devon Energy Corp.
5.250%, 10/15/27 (a)		584,000		575,184
8.250%, 08/01/23		5,720,000		5,722,974
Earthstone Energy Holdings LLC 9.875%, 07/15/31 (144A)		3,670,000		3,627,611
Endeavor Energy Resources L.P. / EER Finance, Inc. 5.750%, 01/30/28 (144A)		3,770,000		3,687,739
EQT Corp. 7.000%, 02/01/30 (a)		3,480,000		3,643,664
Hilcorp Energy I L.P. / Hilcorp Finance Co. 6.250%, 04/15/32 (144A) (a)		3,440,000		3,066,330
KazMunayGas National Co. JSC
5.375%, 04/24/30 (144A)		300,000		278,253
6.375%, 10/24/48 (144A) (a)		1,060,000		904,451
MEG Energy Corp.
5.875%, 02/01/29 (144A) (a)		870,000		818,162
7.125%, 02/01/27 (144A) (a)		5,290,000		5,375,079
Neptune Energy Bondco plc 6.625%, 05/15/25 (144A)		5,270,000		5,260,672
Noble Finance II LLC 8.000%, 04/15/30 (144A) (a)		2,560,000		2,602,701
Northern Oil and Gas, Inc. 8.125%, 03/01/28 (144A) (a)		5,580,000		5,468,400
Occidental Petroleum Corp.
4.400%, 08/15/49		1,630,000		1,197,219
6.450%, 09/15/36 (a)		5,682,000		5,831,434
7.150%, 05/15/28		2,930,000		3,049,131
7.950%, 06/15/39		6,140,000		6,956,457
Permian Resources Operating LLC 5.875%, 07/01/29 (144A) (a)		8,880,000		8,365,057
Petrobras Global Finance B.V.
5.750%, 02/01/29 (a)		1,000,000		983,120
6.850%, 06/05/15 (a)		6,170,000		5,367,644
Range Resources Corp.
4.750%, 02/15/30 (144A) (a)		3,060,000		2,742,525
8.250%, 01/15/29 (a)		7,430,000		7,736,116
Southwestern Energy Co.
4.750%, 02/01/32 (a)		7,230,000		6,372,063
8.375%, 09/15/28 (a)		5,212,000		5,425,848
Transocean, Inc. 8.750%, 02/15/30 (144A)		2,200,000		2,233,000
Viper Energy Partners L.P. 5.375%, 11/01/27 (144A) (a)		5,859,000		5,622,986
YPF S.A.
6.950%, 07/21/27 (144A)		3,360,000		2,757,386
8.500%, 07/28/25 (144A)		6,350,000		5,838,991
				132,743,657

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers—0.8%
ARD Finance S.A. 6.500%, 7.25% PIK, 06/30/27 (144A) (a) (c)		4,470,000	$	3,621,353
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance plc
4.000%, 09/01/29 (144A) (a)		4,700,000		3,722,371
6.000%, 06/15/27 (144A) (a)		1,340,000		1,316,368
Canpack S.A. / Canpack U.S. LLC 3.875%, 11/15/29 (144A) (a)		1,396,000		1,135,513
Cascades, Inc./Cascades USA, Inc. 5.375%, 01/15/28 (144A) (a)		2,610,000		2,439,370
Pactiv LLC 8.375%, 04/15/27		3,416,000		3,444,473
Sealed Air Corp. 6.125%, 02/01/28 (144A) (a)		1,560,000		1,548,499
				17,227,947
Pharmaceuticals—1.5%
AdaptHealth LLC 4.625%, 08/01/29 (144A) (a)		3,650,000		2,913,321
Bausch Health Americas, Inc. 9.250%, 04/01/26 (144A)		830,000		699,034
Bausch Health Cos., Inc.
5.000%, 01/30/28 (144A)		480,000		204,000
5.500%, 11/01/25 (144A) (a)		2,470,000		2,182,443
6.125%, 02/01/27 (144A)		2,150,000		1,376,430
7.000%, 01/15/28 (144A)		1,070,000		462,648
Cheplapharm Arzneimittel GmbH 5.500%, 01/15/28 (144A) (a)		2,840,000		2,570,200
Option Care Health, Inc. 4.375%, 10/31/29 (144A) (a)		5,530,000		4,867,275
Teva Pharmaceutical Finance Co. LLC 6.150%, 02/01/36		7,925,000		7,042,702
Teva Pharmaceutical Finance Netherlands III B.V.
4.750%, 05/09/27 (a)		3,410,000		3,154,497
8.125%, 09/15/31 (a)		6,560,000		6,875,411
				32,347,961
Pipelines—4.0%
Blue Racer Midstream LLC / Blue Racer Finance Corp. 7.625%, 12/15/25 (144A) (a)		5,130,000		5,185,825
DCP Midstream Operating L.P. 6.750%, 09/15/37 (144A) (a)		3,480,000		3,693,254
El Paso Natural Gas Co. LLC
7.500%, 11/15/26		4,250,000		4,487,271
8.375%, 06/15/32 (a)		190,000		217,501
Energy Transfer L.P.
6.250%, 04/15/49 (a)		1,090,000		1,064,580
7.125%, 5Y H15 + 5.306%, 05/15/30 (b)		1,950,000		1,653,447
7.600%, 02/01/24		630,000		633,659
9.349%, 3M LIBOR + 4.028%, 07/17/23 (b)		2,030,000		1,821,925
Enterprise Products Operating LLC 5.375%, 3M TSFR + 2.832%, 02/15/78 (b)		13,090,000		10,828,962
EQM Midstream Partners L.P.
6.000%, 07/01/25 (144A) (a)		1,880,000		1,859,242
6.500%, 07/01/27 (144A) (a)		1,660,000		1,637,210
7.500%, 06/01/30 (144A) (a)		2,660,000		2,691,776
Pipelines—(Continued)
Genesis Energy L.P. / Genesis Energy Finance Corp. 8.875%, 04/15/30 (a)		3,480,000		3,399,941
Howard Midstream Energy Partners LLC
6.750%, 01/15/27 (144A)		3,590,000		3,419,475
8.875%, 07/15/28 (144A)		2,570,000		2,582,850
Kinder Morgan, Inc. 7.800%, 08/01/31 (a)		67,000		75,351
Plains All American Pipeline L.P. 9.431%, 3M LIBOR + 4.110%, 07/31/23 (b)		6,088,000		5,419,102
Rockies Express Pipeline LLC 7.500%, 07/15/38 (144A)		2,480,000		2,262,901
Southern Natural Gas Co. LLC 8.000%, 03/01/32		25,000		28,722
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 9.000%, 10/15/26 (144A) (a) (b) (f)		1,220,000		1,184,925
Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp. 6.000%, 12/31/30 (144A) (a)		3,230,000		2,845,630
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 4.875%, 02/01/31 (a)		5,120,000		4,731,597
Venture Global Calcasieu Pass LLC
3.875%, 11/01/33 (144A) (a)		4,010,000		3,283,732
6.250%, 01/15/30 (144A)		6,270,000		6,219,446
Venture Global LNG, Inc. 8.375%, 06/01/31 (144A)		3,090,000		3,115,237
Western Midstream Operating L.P.
5.300%, 03/01/48 (a)		4,900,000		4,090,155
5.450%, 04/01/44		11,710,000		9,892,331
				88,326,047
Real Estate—0.1%
Country Garden Holdings Co., Ltd. 8.000%, 01/27/24		1,110,000		723,850
Five Point Operating Co. L.P. / Five Point Capital Corp. 7.875%, 11/15/25 (144A) (a)		2,007,000		1,812,000
				2,535,850
Real Estate Investment Trusts—0.5%
Diversified Healthcare Trust 9.750%, 06/15/25		980,000		939,950
IIP Operating Partnership L.P. 5.500%, 05/25/26		3,110,000		2,617,312
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.250%, 02/01/27 (144A) (a)		526,000		457,047
4.750%, 06/15/29 (144A)		2,090,000		1,700,918
Service Properties Trust
5.500%, 12/15/27 (a)		4,666,000		4,102,412
7.500%, 09/15/25 (a)		2,150,000		2,111,294
				11,928,933
Retail—1.7%
Abercrombie & Fitch Management Co. 8.750%, 07/15/25 (144A)		5,195,000		5,273,042

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Bath & Body Works, Inc.
5.250%, 02/01/28 (a)		5,000,000	$	4,753,521
6.625%, 10/01/30 (144A) (a)		1,850,000		1,785,968
Doman Building Materials Group, Ltd. 5.250%, 05/15/26 (144A) (CAD)		3,680,000		2,513,984
FirstCash, Inc. 5.625%, 01/01/30 (144A)		3,060,000		2,765,702
Foot Locker, Inc. 4.000%, 10/01/29 (144A) (a)		3,380,000		2,545,311
Michaels Cos, Inc. (The) 7.875%, 05/01/29 (144A) (a)		3,110,000		2,095,487
QVC, Inc.
4.375%, 09/01/28		4,790,000		2,753,148
5.450%, 08/15/34		480,000		231,485
Sally Holdings LLC / Sally Capital, Inc. 5.625%, 12/01/25 (a)		7,710,000		7,603,987
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.000%, 06/01/31 (144A) (a)		2,430,000		2,034,273
Superior Plus L.P. / Superior General Partner, Inc. 4.500%, 03/15/29 (144A) (a)		2,320,000		2,033,758
				36,389,666
Semiconductors—0.0%
Broadcom, Inc. 3.187%, 11/15/36 (144A) (a)		135,000		102,027
Software—1.0%
AthenaHealth Group, Inc. 6.500%, 02/15/30 (144A) (a)		6,500,000		5,470,661
Black Knight InfoServ LLC 3.625%, 09/01/28 (144A) (a)		3,680,000		3,306,554
Central Parent, Inc. / CDK Global, Inc. 7.250%, 06/15/29 (144A) (a)		8,550,000		8,454,160
MSCI, Inc. 3.875%, 02/15/31 (144A) (a)		1,140,000		987,839
Open Text Holdings, Inc. 4.125%, 02/15/30 (144A) (a)		2,500,000		2,117,010
Rackspace Technology Global, Inc. 3.500%, 02/15/28 (144A)		4,980,000		2,241,139
				22,577,363
Telecommunications—1.1%
Altice France Holding S.A. 10.500%, 05/15/27 (144A)		10,320,000		6,249,070
British Telecommunications plc 9.625%, 12/15/30		3,875,000		4,767,683
CommScope, Inc. 6.000%, 03/01/26 (144A) (a)		390,000		363,470
Millicom International Cellular S.A.
4.500%, 04/27/31 (144A) (a)		3,930,000		3,020,598
6.250%, 03/25/29 (144A) (a)		1,395,000		1,250,842
Sprint Capital Corp. 8.750%, 03/15/32		2,069,000		2,500,608
Telecommunications—(Continued)
Viavi Solutions, Inc. 3.750%, 10/01/29 (144A) (a)		1,940,000		1,648,424
Vmed O2 UK Financing I plc 4.750%, 07/15/31 (144A) (a)		4,620,000		3,841,523
				23,642,218
Transportation—0.5%
Carriage Purchaser, Inc. 7.875%, 10/15/29 (144A) (a)		1,760,000		1,322,963
XPO CNW, Inc. 6.700%, 05/01/34 (a)		7,991,000		7,966,867
XPO Escrow Sub LLC 7.500%, 11/15/27 (144A) (a)		1,170,000		1,195,542
				10,485,372
Total Corporate Bonds & Notes (Cost $1,229,878,887)				1,131,964,730
Floating Rate Loans (h)—13.3%
Advertising—0.2%
Polyconcept Holding B.V. Term Loan B, 10.603%, 1M TSFR + 5.500%, 05/18/29		5,329,725		5,067,236
Aerospace/Defense—0.5%
Vertex Aerospace Services Corp. 1st Lien Term Loan, 8.953%, 1M LIBOR + 3.750%, 12/06/28		4,992,118		5,002,103
WP CPP Holdings LLC
2nd Lien Incremental Term Loan, 13.030%, 3M LIBOR + 7.750%, 04/30/26		3,300,000		2,574,000
Term Loan, 9.030%, 3M LIBOR + 3.750%, 04/30/25		4,890,213		4,452,539
				12,028,642
Airlines—0.0%
United Airlines, Inc. Term Loan B, 9.292%, 3M LIBOR + 3.750%, 04/21/28		905,813		906,719
Apparel—0.3%
Fanatics Commerce Intermediate Holdco LLC Term Loan B, 8.606%, 3M TSFR + 3.250%, 11/24/28		6,402,500		6,392,499
Auto Parts & Equipment—0.4%
Clarios Global L.P. Incremental Term Loan, 8.853%, 1M TSFR + 3.750%, 05/06/30		3,300,000		3,291,750
First Brands Group LLC
2nd Lien Term Loan, 13.602%, 3M LIBOR + 8.500%, 03/30/28		1,950,000		1,774,500
Incremental Term Loan, 10.246%, 3M TSFR + 5.000%, 03/30/27		3,421,404		3,340,145
				8,406,395

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Floating Rate Loans (h)—(Continued)

Security Description	Principal Amount*		Value
Beverages—0.1%
City Brewing Co. LLC Term Loan, 8.760%, 3M LIBOR + 3.500%, 04/05/28		3,010,817	$	1,987,139
Building Materials—0.2%
Emrld Borrower L.P. Term Loan B, 05/31/30 (i)		2,600,000		2,603,250
Quikrete Holdings, Inc. Term Loan B1, 8.217%, 1M LIBOR + 3.000%, 03/18/29		2,352,663		2,357,074
				4,960,324
Commercial Services—1.3%
Adtalem Global Education, Inc. Term Loan B, 9.193%, 1M LIBOR + 4.000%, 08/11/28		778,127		780,072
Allied Universal Holdco LLC Term Loan B, 9.881%, 1M TSFR + 4.750, 05/12/28		2,520,000		2,458,260
Garda World Security Corp. Term Loan B, 9.327%, 1M TSFR + 4.250%, 02/01/29		3,673,175		3,639,198
Lakeshore Intermediate LLC Term Loan, 8.717%, 1M TSFR + 3.500%, 09/29/28		3,703,373		3,684,856
Mavis Tire Express Services Corp. Term Loan B, 9.217%, 1M TSFR + 4.000%, 05/04/28		2,733,028		2,710,822
PECF USS Intermediate Holding III Corp. Term Loan B, 9.523%, 3M LIBOR + 4.250%, 12/15/28		5,240,200		4,263,851
TruGreen L.P. 2nd Lien Term Loan, 13.773%, 3M LIBOR + 8.500%, 11/02/28		1,820,000		1,082,900
Verscend Holding Corp. Term Loan B, 9.217%, 1M LIBOR + 4.000%, 08/27/25		1,872,225		1,873,103
VT Topco, Inc.
2nd Lien Term Loan, 11.967%, 1M TSFR + 6.750%, 07/31/26		3,070,000		2,931,850
Delayed Draw Term Loan, 08/01/25 (j)		1,635		1,616
Incremental Term Loan, 8.967%, 1M TSFR + 3.750%, 08/01/25		3,701,150		3,658,124
				27,084,652
Computers—1.4%
Access CIG LLC 1st Lien Term Loan, 8.939%, 1M LIBOR + 3.750%, 02/27/25		1,787,170		1,768,405
Amentum Government Services Holdings LLC
Term Loan, 9.147%, 1M TSFR + 4.000%, 02/15/29		5,736,975		5,622,236
Term Loan B, 9.217%, 1M TSFR + 4.000%, 01/29/27		4,578,473		4,521,242
Magenta Buyer LLC
USD 1st Lien Term Loan, 10.030%, 3M LIBOR + 4.750%, 07/27/28		3,776,150		2,854,139
USD 2nd Lien Term Loan, 13.530%, 3M LIBOR + 8.250%, 07/27/29		8,260,000		5,451,600
Redstone Holdco 2 L.P. Term Loan, 10.005%, 3M LIBOR + 4.750%, 04/27/28		8,587,050		7,171,973
UST Holdings, Ltd. Term Loan, 8.717%, 1M TSFR + 3.500%, 11/20/28		3,378,451		3,344,666
				30,734,261
Diversified Financial Services—1.3%
AqGen Island Holdings, Inc. Term Loan, 8.693%, 1M LIBOR + 3.500%, 08/02/28		4,591,875		4,525,867
Citadel Securities L.P. Term Loan B, 7.717%, 1M TSFR + 2.500%, 02/02/28		2,938,608		2,937,820
CTC Holdings L.P. Term Loan B, 10.344%, 6M TSFR + 5.000%, 02/20/29		2,223,624		2,179,152
Deerfield Dakota Holding LLC USD 2nd Lien Term Loan, 12.288%, 3M LIBOR + 6.750%, 04/07/28		2,060,000		1,938,975
Focus Financial Partners LLC
2022 Term Loan B5, 8.353%, 1M TSFR + 3.250%, 06/30/28		3,759		3,736
Term Loan B4, 7.603%, 1M TSFR + 2.500%, 06/30/28		4,990,544		4,939,600
Greystone Select Financial LLC Term Loan B, 10.265%, 3M LIBOR + 5.000%, 06/16/28		3,389,440		3,219,968
Hudson River Trading LLC Term Loan, 8.217%, 1M TSFR + 3.000%, 03/20/28		5,407,197		5,278,776
Jane Street Group LLC Term Loan, 7.967%, 1M TSFR + 2.750%, 01/26/28		3,200,311		3,196,311
				28,220,205
Engineering & Construction—0.2%
Brown Group Holding LLC
Incremental Term Loan B2, 9.014%, 3M TSFR + 3.750%, 07/02/29		668,317		667,840
Term Loan B, 7.703%, 1M TSFR + 2.500%, 06/07/28		4,944,879		4,879,463
				5,547,303
Entertainment—0.9%
Allen Media LLC Term Loan B, 10.892%, 3M LIBOR + 5.500%, 02/10/27		8,717,733		7,549,557
Caesars Entertainment Corp. Term Loan B, 8.453%, 1M TSFR + 3.250%, 02/06/30		1,765,575		1,767,672
Cinemark USA, Inc. Term Loan B, 8.834%, 1M TSFR + 3.750%, 05/24/30		6,703,200		6,684,351
UFC Holdings LLC Term Loan B, 8.050%, 3M LIBOR + 2.750%, 04/29/26		3,612,454		3,613,205
				19,614,785
Environmental Control—0.3%
Liberty Tire Recycling Holdco LLC Term Loan, 9.693%, 1M LIBOR + 4.500%, 05/05/28		2,104,363		1,883,405
LRS Holdings LLC Term Loan B, 9.467%, 1M TSFR + 4.250%, 08/31/28		4,136,702		4,116,018
				5,999,423
Food—0.2%
8th Avenue Food & Provisions, Inc. 2nd Lien Term Loan, 12.967%, 1M LIBOR + 7.750%, 10/01/26		1,452,297		974,249
Froneri International, Ltd. Term Loan, 5.067%, 6M EURIBOR + 2.125%, 01/31/27 (EUR)		2,780,000		2,960,225
				3,934,474

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Floating Rate Loans (h)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Products—0.3%
Agiliti Health, Inc Term Loan, 8.160%, 1M TSFR + 3.000%, 05/01/30		3,350,000	$	3,339,531
Sotera Health Holdings, LLC Incremental Term Loan B, 8.816%, 6M TSFR + 3.750%, 12/11/26		3,400,000		3,404,250
				6,743,781
Healthcare-Services—1.2%
EyeCare Partners LLC
2nd Lien Term Loan, 12.254%, 3M TSFR + 6.750%, 11/15/28		3,930,000		2,706,787
Incremental Term Loan, 9.254%, 3M TSFR + 3.750%, 11/15/28		4,216,625		3,107,653
Term Loan, 9.254%, 3M TSFR + 3.750%, 02/18/27		4,650,807		3,460,489
Global Medical Response, Inc. Term Loan B, 9.439%, 3M LIBOR + 4.250%, 10/02/25		3,519,750		2,011,287
Knight Health Holdings LLC Term Loan B, 10.443%, 1M LIBOR + 5.250%, 12/23/28		5,703,150		2,445,226
One Call Corp. 2021 Term Loan, 10.829%, 3M LIBOR + 5.500%, 04/22/27		6,134,800		4,447,730
Phoenix Guarantor, Inc. Term Loan B, 8.443%, 1M LIBOR + 3.250%, 03/05/26		2,072,068		2,048,900
RegionalCare Hospital Partners Holdings, Inc. Term Loan B, 9.023%, 3M LIBOR + 3.750%, 11/16/25		4,070,000		3,785,100
U.S. Renal Care, Inc. Term Loan B, 10.193%, 1M LIBOR + 5.000%, 06/26/26		6,302,879		2,941,346
				26,954,518
Housewares—0.3%
Solis IV B.V. USD Term Loan B1, 8.666%, 3M TSFR + 3.500%, 02/25/29		7,553,700		7,201,985
Insurance—0.8%
Acrisure LLC Term Loan B, 8.693%, 1M LIBOR + 3.500%, 02/15/27		2,892,825		2,819,298
Asurion LLC
Second Lien Term Loan B4, 10.402%, 1M LIBOR + 5.250%, 01/20/29		8,950,000		7,556,037
Term Loan B9, 8.788%, 3M LIBOR + 3.250%, 07/31/27		3,212,301		3,058,714
Howden Group Holdings, Ltd. USD Term Loan B, 9.103%, 1M TSFR + 4.000%, 04/18/30		937,650		937,064
Sedgwick Claims Management Services, Inc. Term Loan B, 8.853%, 1M TSFR + 3.750%, 02/24/28		3,813,587		3,794,817
				18,165,930
Investment Companies—0.3%
Cardinal Parent, Inc. Term Loan B, 9.892%, 3M LIBOR + 4.500%, 11/12/27		4,284,440		3,784,596
Jump Financial LLC Term Loan B, 10.004%, 3M TSFR + 4.500%, 08/07/28		2,216,165		2,121,978
				5,906,574
Leisure Time—0.8%
19th Holdings Golf LLC Term Loan B, 8.524%, 6M TSFR + 3.350%, 02/07/29		6,029,050		5,889,628
Equinox Holdings, Inc. Term Loan B2, 14.538%, 3M LIBOR + 9.000%, 03/08/24		2,153,400		2,018,813
Hayward Industries, Inc.
2022 Term Loan, 8.453%, 1M TSFR + 3.250%, 05/28/28		2,084,250		2,051,032
NCL Corp., Ltd. Term Loan A3, 7.592%, 3M TSFR + 2.250%, 01/02/25		3,605,538		3,578,497
Topgolf Callaway Brands Corp. Term Loan B, 8.703%, 1M TSFR + 3.500%, 03/16/30		3,431,400		3,428,826
				16,966,796
Machinery-Diversified—0.2%
SPX Flow, Inc. Term Loan, 9.703%, 1M TSFR + 4.500%, 04/05/29		4,709,977		4,643,250
Real Estate Investment Trusts—0.1%
Apollo Commercial Real Estate Finance, Inc. Incremental Term Loan B1, 8.584%, 1M TSFR + 3.500%, 03/11/28		2,102,359		1,913,147
Retail—0.7%
Empire Today LLC Term Loan B, 10.146%, 1M LIBOR + 5.000%, 04/03/28		1,152,488		917,188
Great Outdoors Group LLC Term Loan B1, 8.943%, 1M LIBOR + 3.750%, 03/05/28		3,904,909		3,880,503
Pacific Bells LLC Term Loan B, 10.038%, 3M LIBOR + 4.500%, 11/10/28		3,221,034		3,161,983
Spencer Spirit IH LLC Term Loan B, 11.203%, 1M TSFR + 6.000%, 06/19/26		5,189,141		5,141,141
Thermostat Purchaser III, Inc.
Delayed Draw Term Loan, 08/31/28 (j)		367,274		359,929
Term Loan, 9.914%, 3M TSFR + 4.500%, 08/31/28		2,356,397		2,309,269
				15,770,013
Software—1.0%
Athenahealth Group, Inc.
Delayed Draw Term Loan, 02/15/29 (j)		88,832		85,199
Term Loan B, 8.589%, 1M TSFR + 3.500%, 02/15/29		721,278		691,783
Cloudera, Inc. 2nd Lien Term Loan, 11.084%, 1M TSFR + 6.000%, 10/08/29		1,090,000		991,900
DCert Buyer, Inc.
2nd Lien Term Loan, 12.264%, 3M TSFR + 7.000%, 02/19/29		8,990,000		8,418,757
Term Loan B, 9.264%, 3M TSFR + 4.000%, 10/16/26		4,259,391		4,236,765
MRI Software LLC
2020 Term Loan B, 10.842%, 3M TSFR + 5.500%, 02/10/26		1,616,948		1,552,270
Term Loan, 11.038%, 3M LIBOR + 5.500%, 02/10/26		929,927		904,354
Planview Parent, Inc. Term Loan, 9.504%, 3M TSFR + 4.000%, 12/17/27		4,259,891		4,058,876
Rackspace Technology Global, Inc. Term Loan B, 7.996%, 1M TSFR + 2.750%, 02/15/28		1,431,894		665,473
				21,605,377

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Floating Rate Loans (h)—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—0.2%
Global Tel*Link Corp. 1st Lien Term Loan, 9.453%, 1M TSFR + 4.250%, 11/29/25		4,118,492	$	3,819,045
Transportation—0.1%
Worldwide Express Operations LLC 1st Lien Term Loan, 9.504%, 3M TSFR + 4.000%, 07/26/28		2,713,128		2,580,439
Total Floating Rate Loans (Cost $321,659,343)				293,154,912
Asset-Backed Securities—10.1%
Asset-Backed - Automobile—0.3%
Avis Budget Rental Car Funding AESOP LLC 3.710%, 08/20/27 (144A)		7,750,000		6,543,404
Asset-Backed - Home Equity—0.2%
Bear Stearns Asset-Backed Securities Trust 5.890%, 1M LIBOR + 0.740%, 01/25/34 (b)		8,770		8,240
WaMu Asset-Backed Certificates Trust 5.320%, 1M LIBOR + 0.170%, 07/25/47 (b)		6,742,861		4,619,247
				4,627,487
Asset-Backed - Manufactured Housing—0.1%
Origen Manufactured Housing Contract Trust
6.769%, 10/15/37 (b)		338,904		305,403
7.644%, 04/15/37 (b)		344,689		316,798
UCFC Manufactured Housing Contract 7.095%, 04/15/29 (b)		1,112,676		956,128
				1,578,329
Asset-Backed - Other—9.0%
AB BSL CLO 4, Ltd. 6.957%, 3M TSFR + 2.000%, 04/20/36 (144A) (b)		1,200,000		1,204,750
AMMC CLO 20, Ltd. 11.070%, 3M LIBOR + 5.810%, 04/17/29 (144A) (b)		6,300,000		6,202,224
Apidos CLO XXII 12.000%, 3M LIBOR + 6.750%, 04/20/31 (144A) (b)		5,490,000		5,099,925
Applebee’s Funding LLC / IHOP Funding LLC 7.824%, 03/05/53 (144A)		3,150,000		3,099,112
Bain Capital Credit CLO, Ltd. 6.573%, 3M TSFR + 1.830%, 04/16/36 (144A) (b)		5,520,000		5,520,756
Barings CLO, Ltd. 10.930%, 3M LIBOR + 5.680%, 01/20/32 (144A) (b)		5,740,000		4,988,938
Bear Stearns Asset-Backed Securities Trust 6.000%, 10/25/36		991,375		453,594
Benefit Street Partners CLO IV, Ltd. 8.850%, 3M LIBOR + 3.600%, 01/20/32 (144A) (b)		3,120,000		2,972,390
Buckhorn Park CLO, Ltd. 6.382%, 3M LIBOR + 1.120%, 07/18/34 (144A) (b)		5,890,000		5,787,125
Canyon Capital CLO, Ltd. 11.670%, 3M LIBOR + 6.410%, 04/15/34 (144A) (b)		750,000		660,327
Carlyle Global Market Strategies CLO, Ltd. 6.371%, 3M LIBOR + 1.050%, 05/15/31 (144A) (b)		9,007,081		8,907,129
Carlyle U.S. CLO, Ltd. 8.950%, 3M LIBOR + 3.700%, 07/20/31 (144A) (b)		8,500,000		7,433,955
Asset-Backed - Other—(Continued)
CarVal CLO VII-C, Ltd. 6.884%, 3M TSFR + 2.200%, 01/20/35 (144A) (b)		5,900,000		5,902,507
Catskill Park CLO, Ltd. 11.250%, 3M LIBOR + 6.000%, 04/20/29 (144A) (b)		7,600,000		6,425,139
Cook Park CLO, Ltd. 10.660%, 3M LIBOR + 5.400%, 04/17/30 (144A) (b)		750,000		581,564
CWHEQ Revolving Home Equity Loan Resecuritization Trust 5.493%, 1M LIBOR + 0.300%, 12/15/33 (144A) (b)		14,816		14,788
Dividend Solar Loans LLC 3.670%, 08/22/39 (144A)		2,693,178		2,335,691
Driven Brands Funding, LLC 4.641%, 04/20/49 (144A)		1,915,000		1,798,313
Dryden 43 Senior Loan Fund 11.650%, 3M LIBOR + 6.400%, 04/20/34 (144A) (b)		2,790,000		2,377,041
Dryden 75 CLO, Ltd. 11.860%, 3M LIBOR + 6.600%, 04/15/34 (144A) (b)		7,200,000		6,413,760
FNA VI LLC 1.350%, 01/10/32 (144A)		811,749		733,549
Fortress Credit BSL XII, Ltd. 12.390%, 3M LIBOR + 7.130%, 10/15/34 (144A) (b)		2,250,000		1,947,186
Golub Capital Partners CLO 53B, Ltd. 11.950%, 3M LIBOR + 6.700%, 07/20/34 (144A) (b)		3,640,000		3,312,484
Golub Capital Partners CLO 66B, Ltd. 6.926%, 3M TSFR + 1.950%, 04/25/36 (144A) (b)		1,210,000		1,208,115
Greenwood Park CLO, Ltd. 10.210%, 3M LIBOR + 4.950%, 04/15/31 (144A) (b)		7,380,000		5,938,797
Greywolf CLO IV, Ltd. 8.896%, 3M TSFR + 3.910%, 04/17/34 (144A) (b)		4,090,000		3,780,391
Halsey Point CLO I, Ltd. 13.450%, 3M LIBOR + 8.200%, 01/20/33 (144A) (b)		2,770,000		2,337,941
Kestrel Aircraft Funding, Ltd. 4.250%, 12/15/38 (144A)		1,829,366		1,569,304
LFS 2023A LLC 8.250%, 07/15/35 (144A)		1,000,000		965,722
Long Beach Mortgage Loan Trust 5.683%, 1M LIBOR + 0.520%, 01/21/31 (b)		3,892		3,837
Marathon CLO 14, Ltd. 8.550%, 3M LIBOR + 3.300%, 01/20/33 (144A) (b)		2,950,000		2,859,158
Midocean Credit CLO VII 9.140%, 3M LIBOR + 3.880%, 07/15/29 (144A) (b)		4,000,000		3,607,568
MKS CLO Ltd. 7.900%, 3M LIBOR + 2.650%, 01/20/31 (144A) (b)		4,000,000		3,617,108
Neuberger Berman Loan Advisers CLO 44, Ltd. 11.260%, 3M LIBOR + 6.000%, 10/16/34 (144A) (b)		3,560,000		3,288,902
Oaktree CLO, Ltd. 9.073%, 3M LIBOR + 3.800%, 04/22/30 (144A) (b)		5,300,000		4,716,814
Ocean Trails CLO X 12.830%, 3M LIBOR + 7.570%, 10/15/34 (144A) (b)		5,290,000		4,676,709
Ocean Trails CLO XIV, Ltd. 6.780%, 3M TSFR + 2.000%, 01/20/35 (144A) (b)		5,190,000		5,183,134
Palmer Square Loan Funding, Ltd. 10.386%, 3M TSFR + 5.400%, 04/15/31 (144A) (b)		5,270,000		5,287,217
Peace Park CLO, Ltd. 11.250%, 3M LIBOR + 6.000%, 10/20/34 (144A) (b)		2,250,000		2,035,100
Pioneer Aircraft Finance, Ltd. 3.967%, 06/15/44 (144A)		2,642,192		2,293,317

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
RR 18, Ltd. 11.510%, 3M LIBOR + 6.250%, 10/15/34 (144A) (b)		7,070,000	$	6,679,397
Saranac CLO III, Ltd. 8.770%, 3M LIBOR + 3.250%, 06/22/30 (144A) (b)		4,652,501		4,068,170
Sculptor CLO XXVI, Ltd. 12.500%, 3M LIBOR + 7.250%, 07/20/34 (144A) (b)		4,370,000		3,895,711
Structured Asset Securities Corp. Mortgage Loan Trust 5.370%, 1M LIBOR + 0.220%, 02/25/36 (144A) (b)		2,540,034		56,837
Sycamore Tree CLO, Ltd. 7.237%, 3M TSFR + 2.330%, 04/20/35 (144A) (b)		5,830,000		5,842,377
Symphony CLO XIX, Ltd.
6.220%, 3M LIBOR + 0.960%, 04/16/31 (144A) (b)		2,250,000		2,222,010
10.460%, 3M LIBOR + 5.200%, 04/16/31 (144A) (b)		1,890,000		1,588,433
Symphony CLO, Ltd. 6.546%, 3M TSFR + 2.300%, 10/20/34 (144A) † (b)		5,060,000		5,062,484
TCI-Symphony CLO, Ltd.
8.342%, 3M LIBOR + 3.100%, 10/13/32 (144A) (b)		1,720,000		1,593,011
11.992%, 3M LIBOR + 6.750%, 10/13/32 (144A) (b)		7,640,000		6,523,361
Thrust Engine Leasing Trust 4.163%, 07/15/40 (144A)		1,448,147		1,215,039
TSTAT, Ltd. 9.313%, 3M TSFR + 4.800%, 01/20/31 (144A) (b)		3,550,000		3,599,033
Voya CLO, Ltd. 12.200%, 3M LIBOR + 6.950%, 04/20/34 (144A) (b)		2,360,000		2,164,778
Whitebox CLO IV, Ltd. 6.930%, 3M TSFR + 2.150%, 04/20/36 (144A) (b)		6,220,000		6,229,199
Whitehorse XII, Ltd. 8.910%, 3M LIBOR + 3.650%, 10/15/31 (144A) (b)		6,180,000		5,790,425
Z Capital Credit Partners CLO, Ltd. 9.460%, 3M LIBOR + 4.200%, 07/15/33 (144A) (b)		4,290,000		3,906,157
				197,977,803
Asset-Backed - Student Loan—0.5%
College Avenue Student Loans LLC 6.060%, 05/25/55 (144A)		2,558,000		2,499,304
Educational Funding Co. LLC 5.605%, 3M LIBOR + 0.350%, 04/25/33 (144A) (b)		3,020,154		2,088,668
National Collegiate Student Loan Trust 5.440%, 1M LIBOR + 0.290%, 01/25/33 (b)		2,270,258		2,084,800
SMB Private Education Loan Trust 3.860%, 01/15/53 (144A)		5,839,707		5,313,235
				11,986,007
Total Asset-Backed Securities (Cost $238,848,120)				222,713,030
Mortgage-Backed Securities—9.2%
Collateralized Mortgage Obligations—6.0%
Alternative Loan Trust
5.019%, 08/25/37 (b)		1,875,723		918,329
5.609%, -2.2 x 1M LIBOR + 16.940%, 06/25/35 (b)		750,025		588,673
5.750%, 01/25/37		1,377,066		746,877
6.000%, 01/25/37		1,161,685		788,183
Collateralized Mortgage Obligations—(Continued)
Alternative Loan Trust
7.998%, -4 x 1M LIBOR + 28.600%, 07/25/36 (b)		1,463,359		1,293,948
8.097%, -6 x 1M LIBOR + 39.000%, 08/25/37 (b)		589,042		660,287
Angel Oak Mortgage Trust 4.153%, 01/25/67 (144A) (b)		3,921,274		3,398,295
Banc of America Funding Trust
3.273%, 02/27/37 (144A) (b)		16,310,663		13,758,834
3.733%, 1M LIBOR + 0.165%, 09/29/36 (144A) (b)		20,962,992		15,691,318
4.090%, 03/27/36 (144A) (b)		4,173,377		3,319,544
7.452%, 01/27/30 (144A) (b)		22,826,574		7,639,666
Banc of America Mortgage Trust 4.004%, 09/25/35 (b)		23,398		20,302
BCAP LLC Trust 3.887%, 05/26/47 (144A) (b)		2,798,635		2,498,160
Bear Stearns Asset-Backed Securities Trust 13.933%, -4.3 x 1M LIBOR + 36.250%, 07/25/36 (b)		179,702		213,438
BRAVO Residential Funding Trust
3.125%, 01/29/70 (144A) (f)		5,726,485		5,098,550
6.435%, 05/25/63 (144A)		4,120,000		4,107,806
CIM Trust 5.000%, 05/25/62 (144A)		4,431,519		4,292,698
Citigroup Mortgage Loan Trust, Inc. 6.170%, 09/25/62 (144A) (f)		4,517,867		4,435,021
Countrywide Home Loan Reperforming Loan REMIC Trust 1.113%, 03/25/35 (144A) † (b) (k)		1,946,513		80,377
CSMC Mortgage-Backed Trust 2.198%, -5.5 x 1M LIBOR + 30.525%, 02/25/36 (b)		477,408		433,005
CSMC Trust
1.796%, 12/27/60 (144A) (b)		1,853,179		1,708,418
2.000%, 10/25/60 (144A) (b)		1,051,168		907,706
3.937%, 09/27/60 (144A)		5,360,000		4,800,688
GreenPoint Mortgage Funding Trust 5.590%, 1M LIBOR + 0.440%, 06/25/45 (b)		555,545		515,483
GSMPS Mortgage Loan Trust 5.550%, 1M LIBOR + 0.400%, 04/25/36 (144A) (b)		750,166		612,479
HarborView Mortgage Loan Trust 6.150%, 1M LIBOR + 2.000%, 10/25/37 (b)		570,326		525,261
IndyMac INDX Mortgage Loan Trust 5.870%, 1M LIBOR + 0.720%, 01/25/35 (b)		492,265		352,525
JPMorgan Mortgage Trust 6.500%, 01/25/36		61,516		33,632
Legacy Mortgage Asset Trust
3.250%, 06/25/60 (144A) (f)		2,029,871		1,990,967
3.844%, 10/25/66 (144A) (f)		2,770,000		2,426,214
Lehman XS Trust 5.550%, 1M LIBOR + 0.400%, 08/25/46 (b)		802,915		732,973
MASTR Seasoned Securitization Trust 4.590%, 10/25/32 (b)		40,879		40,164
Merrill Lynch Mortgage Investors Trust
4.459%, 08/25/33 (b)		180,476		164,279
4.613%, 05/25/34 (b)		26,986		24,154
Morgan Stanley Mortgage Loan Trust 5.470%, 1M LIBOR + 0.320%, 01/25/35 (b)		235,115		207,884
New Residential Mortgage Loan Trust
3.500%, 12/25/57 (144A) (b)		2,860,000		2,317,817

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
New Residential Mortgage Loan Trust
3.500%, 12/25/58 (144A) (b)		2,771,085	$	2,534,543
3.750%, 11/25/58 (144A) (b)		3,475,589		3,183,681
4.250%, 09/25/56 (144A) (b)		5,330,041		4,936,652
NovaStar Mortgage Funding Trust 0.440%, 1M LIBOR + 0.380%, 09/25/46 (b)		211,484		201,966
OBX Trust 5.949%, 02/25/63 (144A)		1,086,184		1,076,072
Prime Mortgage Trust 5.500%, 05/25/35 (144A)		23,741		23,600
PRKCM Trust 7.304%, 02/25/58 (144A) (f)		5,465,894		5,447,888
RBSGC Mortgage Loan Trust 5.600%, 1M LIBOR + 0.450%, 01/25/37 (b)		344,775		111,951
Residential Accredit Loans, Inc. Trust 5.091%, 11/25/37 (b)		1,842,339		1,527,510
Residential Asset Securitization Trust 5.750%, 02/25/36		728,004		668,866
Residential Mortgage Loan Trust 2.508%, 05/25/60 (144A) (b)		2,980,000		2,773,987
Seasoned Credit Risk Transfer Trust
4.000%, 07/25/56 (b)		3,426,896		3,370,566
4.250%, 05/25/60 (144A) (b)		4,710,000		3,960,003
Sequoia Mortgage Trust
3.724%, 07/25/45 (144A) (b)		4,178		3,918
6.105%, 6M LIBOR + 0.680%, 06/20/33 (b)		34,911		33,044
Structured Adjustable Rate Mortgage Loan Trust
3.665%, 09/25/35 (b)		300,216		218,660
5.462%, 01/25/35 (b)		104,599		99,446
6.670%, 1M LIBOR + 1.500%, 09/25/37 (b)		1,685,968		1,563,110
Structured Asset Mortgage Investments Trust
5.570%, 1M LIBOR + 0.420%, 05/25/46 (b)		99,093		66,178
5.710%, 1M LIBOR + 0.560%, 02/25/36 (b)		1,275,003		1,067,316
Towd Point Mortgage Trust
3.547%, 06/25/57 (144A) (b)		2,900,000		2,242,233
7.400%, 1M LIBOR + 2.250%, 05/25/58 (144A) (b)		1,220,000		1,203,846
Verus Securitization Trust 4.910%, 06/25/67 (144A) (f)		3,160,213		3,020,143
WaMu Mortgage Pass-Through Certificates Trust
1.530%, 1M LIBOR + 6.680%, 04/25/37 (b) (k)		6,757,970		1,046,245
3.715%, 09/25/36 (b)		241,676		213,225
4.239%, 08/25/33 (b)		402,586		385,948
4.774%, 12M MTA + 0.798%, 03/25/47 (b)		791,654		691,993
5.690%, 1M LIBOR + 0.540%, 12/25/45 (b)		156,465		150,551
6.110%, 1M LIBOR + 0.960%, 12/25/45 (b)		5,217,707		3,385,932
				132,553,028
Commercial Mortgage-Backed Securities—3.2%
BAMLL Re-REMIC Trust 5.814%, 08/10/45 (144A) (b)		5,634,718		1,155,117
Benchmark Mortgage Trust 5.812%, 05/15/55		1,120,000		1,124,474
BFLD Trust 9.393%, 1M LIBOR + 4.200%, 10/15/35 (144A) (b)		2,960,000		606,800
BX Commercial Mortgage Trust
3.667%, 03/11/44 (144A) (b)		9,066,697		7,033,337
Commercial Mortgage-Backed Securities—(Continued)
CFK Trust 3.573%, 03/15/39 (144A) (b)		4,800,000		3,723,496
Citigroup Commercial Mortgage Trust
3.110%, 04/10/48 (144A)		1,750,000		1,404,191
3.225%, 09/15/48 (144A)		2,000,000		1,554,275
4.575%, 07/10/47 (b)		1,210,000		1,079,097
6.015%, 06/10/28 (144A)		1,120,000		1,117,865
Credit Suisse Commercial Mortgage Trust 12.543%, 1M LIBOR + 7.350%, 07/15/32 (144A) (b)		6,285,000		5,697,093
Credit Suisse Mortgage Capital Certificates 7.843%, 1M LIBOR + 2.650%, 05/15/36 (144A) (b)		10,593,644		10,349,110
Credit Suisse Mortgage Capital LLC 4.373%, 09/15/37 (144A)		6,620,000		3,576,515
Credit Suisse Mortgage Trust 3.160%, 12/15/41 (144A)		7,420,000		6,219,664
GS Mortgage Securities Corp. Trust 7.694%, 1M LIBOR + 2.500%, 05/15/26 (144A) (b)		1,540,000		1,079,410
GS Mortgage Securities Trust 3.384%, 05/10/50		4,000,000		3,140,750
JPMorgan Chase Commercial Mortgage Securities Trust
6.735%, 02/15/51 (b)		88,158		77,358
9.459%, 1M LIBOR + 4.265%, 11/15/38 (144A) (b)		3,760,000		3,515,351
MHC Trust 7.212%, 1M TSFR + 2.064%, 05/15/38 (144A) (b)		5,620,000		5,422,471
ML-CFC Commercial Mortgage Trust
5.450%, 08/12/48 (b)		188,455		45,883
5.450%, 08/12/48 (144A) (b)		21,563		5,250
6.193%, 09/12/49 (b)		40,057		38,815
6.222%, 09/12/49 (b)		55,358		53,636
MSWF Commercial Mortgage Trust 5.472%, 05/15/56		2,210,000		2,210,533
Multifamily Trust 2.460%, 04/25/46 (144A) (b)		2,370,524		2,367,557
SMR Mortgage Trust 11.147%, 1M TSFR + 6.000%, 02/15/39 (144A) (b)		2,755,343		2,557,152
Soho Trust 2.787%, 08/10/38 (144A) (b)		3,330,000		2,110,594
UBS Commercial Mortgage Trust 3.418%, 12/15/50		1,188,546		1,094,843
Waikiki Beach Hotel Trust 7.223%, 1M LIBOR + 2.030%, 12/15/33 (144A) (b)		1,860,000		1,786,762
Waterfall Commercial Mortgage Trust 4.104%, 09/14/22 (144A) † (b)		177,543		168,100
				70,315,499
Total Mortgage-Backed Securities (Cost $227,202,787)				202,868,527
U.S. Treasury & Government Agencies—7.3%
Agency Sponsored Mortgage - Backed—7.3%
Connecticut Avenue Securities Trust (CMO)
7.250%, 1M LIBOR + 2.100%, 10/25/39 (144A) (b)		255,018		255,416
8.167%, SOFR30A + 3.100%, 10/25/41 (144A) (b)		7,990,000		7,882,889
8.550%, 1M LIBOR + 3.400%, 10/25/39 (144A) (b)		11,030,000		11,112,725
8.700%, 1M LIBOR + 3.550%, 07/25/30 (b)		6,050,000		6,369,860

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Connecticut Avenue Securities Trust (CMO)
9.250%, 1M LIBOR + 4.100%, 07/25/39 (144A) (b)		3,584,275	$	3,681,002
9.500%, 1M LIBOR + 4.350%, 04/25/31 (144A) (b)		5,000,000		5,315,330
Fannie Mae 15 Yr. Pool 2.000%, 07/01/36		4,145,962		3,676,159
Fannie Mae 20 Yr. Pool
2.000%, 08/01/41		4,227,872		3,586,704
2.500%, 07/01/41		2,406,664		2,103,427
Fannie Mae 30 Yr. Pool
2.000%, 08/01/51		2,613,567		2,162,757
2.000%, 10/01/51		12,839,232		10,577,231
2.500%, 04/01/51		7,970,514		6,800,599
2.500%, 09/01/51		344,516		296,897
2.500%, 10/01/51		1,527,135		1,309,623
2.500%, 03/01/52		5,122,592		4,377,739
3.000%, 06/01/51		14,899,231		13,148,816
3.500%, 08/01/45		16,704,211		15,538,583
4.000%, 03/01/52		4,085,053		3,840,065
4.500%, 04/01/48		1,062,001		1,042,180
4.500%, 04/01/49		43,479		42,520
4.500%, 10/01/49		23,948		23,457
4.500%, 08/01/58		75,843		73,299
7.000%, 05/01/26		254		252
7.000%, 07/01/30		169		168
7.000%, 07/01/31		853		854
7.000%, 09/01/31		695		690
7.000%, 10/01/31		823		812
7.000%, 11/01/31		12,856		12,826
7.000%, 01/01/32		4,117		4,072
7.500%, 01/01/30		178		183
7.500%, 02/01/30		199		198
7.500%, 06/01/30		25		25
7.500%, 08/01/30		51		50
7.500%, 09/01/30		254		257
7.500%, 10/01/30		5		5
7.500%, 11/01/30		6,657		6,650
7.500%, 02/01/31		473		471
8.000%, 08/01/27		63		62
8.000%, 07/01/30		180		188
8.000%, 09/01/30		275		275
Fannie Mae REMICS (CMO)
4.500%, 06/25/29		24,759		24,277
5.500%, 1M LIBOR + 0.350%, 05/25/34 (b)		34,817		34,551
Freddie Mac 20 Yr. Pool
1.500%, 05/01/41		757,531		615,640
1.500%, 07/01/41		598,614		485,928
3.000%, 06/01/35		2,565,369		2,389,818
Freddie Mac 30 Yr. Gold Pool 7.000%, 03/01/39		34,583		36,932
Freddie Mac 30 Yr. Pool
2.000%, 09/01/51		10,278,090		8,427,197
4.000%, 07/01/49		5,871,609		5,598,271
4.500%, 02/01/47		1,571,588		1,538,497
Freddie Mac STACR REMIC Trust (CMO)
7.450%, 1M LIBOR + 2.300%, 01/25/50 (144A) (b)		2,210,000		2,209,991
8.067%, SOFR30A + 3.000%, 12/25/50 (144A) (b)		8,290,000		8,171,320
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac STACR REMIC Trust (CMO)
8.117%, SOFR30A + 3.050%, 01/25/34 (144A) (b)		4,750,000		4,667,152
10.250%, 1M LIBOR + 5.100%, 06/25/50 (144A) (b)		4,298,727		4,626,505
FREMF Mortgage Trust 11.441%, SOFR30A + 6.400%, 07/25/31 (144A) (b)		2,699,449		2,680,755
Ginnie Mae I 30 Yr. Pool
5.500%, 01/15/34		16,493		16,733
5.500%, 04/15/34		4,797		4,895
5.500%, 07/15/34		26,804		27,321
5.500%, 10/15/34		27,785		27,965
5.750%, 10/15/38		23,185		23,522
6.000%, 02/15/33		608		632
6.000%, 03/15/33		1,890		1,943
6.000%, 06/15/33		1,153		1,178
6.000%, 07/15/33		2,598		2,643
6.000%, 09/15/33		999		1,010
6.000%, 10/15/33		1,001		1,013
6.500%, 03/15/29		370		378
6.500%, 02/15/32		259		266
6.500%, 03/15/32		233		239
6.500%, 11/15/32		501		512
Ginnie Mae II 30 Yr. Pool
2.000%, 07/20/51		2,489,503		2,099,292
2.500%, 03/20/51		2,778,969		2,415,840
2.500%, 05/20/51		313,821		267,070
3.500%, 12/20/50		2,675,082		2,491,000
4.500%, 11/20/50		1,047,882		1,011,501
4.500%, 12/20/50		177,678		173,554
5.500%, 03/20/34		2,638		2,697
6.000%, 05/20/32		3,508		3,626
6.000%, 11/20/33		4,245		4,404
Government National Mortgage Association
0.026%, 04/16/52 (b) (k)		1,956,220		20
0.079%, 03/16/47 (b) (k)		270,556		161
0.593%, 07/16/58 (b) (k)		1,024,621		27,820
Government National Mortgage Association (CMO) 3.000%, 04/20/41		18,396		18,188
Multifamily Connecticut Avenue Securities Trust (CMO)
8.400%, 1M LIBOR + 3.250%, 10/25/49 (144A) (b)		2,673,652		2,580,074
8.900%, 1M LIBOR + 3.750%, 03/25/50 (144A) (b)		3,930,000		3,764,155
Total U.S. Treasury & Government Agencies (Cost $172,582,275)				159,721,802
Foreign Government—3.0%
Municipal—0.1%
Ciudad Autonoma De Buenos Aires 7.500%, 06/01/27		3,520,000		3,291,200
Regional Government—0.6%
Provincia de Buenos Aires 5.250%, 09/01/37 (144A) (f)		24,455,990		9,293,277
Provincia de Cordoba 6.990%, 06/01/27 (144A) (f)		5,515,415		3,750,482
				13,043,759

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—2.3%
Angolan Government International Bond 8.750%, 04/14/32 (144A)		1,520,000	$	1,276,420
Bahamas Government International Bond 5.750%, 01/16/24 (144A)		2,570,000		2,499,119
Brazilian Government International Bond 6.000%, 04/07/26 (a)		2,970,000		3,037,223
Dominican Republic International Bonds
4.875%, 09/23/32		4,020,000		3,416,574
5.500%, 02/22/29 (144A) (a)		2,100,000		1,962,287
Gabon Government International Bond 7.000%, 11/24/31 (144A)		2,600,000		2,060,760
Indonesia Treasury Bonds
6.500%, 02/15/31 (IDR)		9,599,000,000		645,084
7.000%, 05/15/27 (IDR)		223,092,000,000		15,389,181
8.375%, 09/15/26 (IDR)		66,608,000,000		4,753,757
Ivory Coast Government International Bond 4.875%, 01/30/32 (144A) (EUR)		1,630,000		1,381,767
Jordan Government International Bond 7.750%, 01/15/28 (144A)		5,480,000		5,573,598
Mexico Government International Bond 4.125%, 01/21/26 (a)		4,280,000		4,198,046
Panama Government International Bond 4.500%, 04/01/56		2,700,000		2,022,903
Peruvian Government International Bond 2.783%, 01/23/31 (a)		2,530,000		2,162,796
				50,379,515
Total Foreign Government (Cost $68,377,905)				66,714,474
Convertible Preferred Stocks—0.8%
Banks—0.3%
Wells Fargo & Co., Series L 7.500%		4,965		5,719,680
Pipelines—0.5%
MPLX L.P. - Series A 9.539% (d) (e) (f)		329,615		10,824,277
Total Convertible Preferred Stocks (Cost $16,310,779)				16,543,957
Convertible Bonds—0.4%
Entertainment—0.2%
DraftKings Holdings, Inc. Zero Coupon, 03/15/28		6,160,000		4,595,360
Media—0.2%
Dish Network Corp. Zero Coupon, 12/15/25		7,800,000		4,124,640
Total Convertible Bonds (Cost $10,200,653)				8,720,000
Common Stocks—0.1%
Security Description	Principal Amount*		Value
Automobile Components—0.0%
Lear Corp.		399		57,277
Chemicals—0.0%
LyondellBasell Industries NV - Class A		23		2,108
Commercial Services—0.0%
Ascent Capital Group, Inc. - Class A (l)		1,399,556		27,991
Media—0.0%
Cengage Learning, Inc. (l)		10,995		120,945
Oil, Gas & Consumable Fuels—0.1%
Berry Corp. (a)		170,615		1,173,831
Total Common Stocks (Cost $2,222,896)				1,382,152
Municipals—0.0%
Virginia Housing Development Authority 6.000%, 06/25/34 (Cost $278,563)		281,330		276,237
Escrow Shares—0.0%
Forest Products & Paper—0.0%
Sino-Forest Corp. (d) (e) (l)		500,000		0
Sino-Forest Corp. (d) (e) (l)		1,246,000		0
Total Escrow Shares (Cost $0)				0
Short-Term Investment—0.3%
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $7,526,329; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $7,675,460.		7,524,887		7,524,887
Total Short-Term Investments (Cost $7,524,887)				7,524,887
Securities Lending Reinvestments (m)—18.2%
Certificates of Deposit—5.2%
Bank of America N.A. 5.440%, FEDEFF PRV + 0.370%, 11/17/23 (b)		3,000,000		2,999,913
Bank of Montreal 5.850%, SOFR + 0.790%, 11/08/23 (b)		2,000,000		2,003,524
Bank of Nova Scotia 5.740%, SOFR + 0.680%, 08/16/23 (b)		2,000,000		2,001,086
Barclays Bank plc 5.550%, 09/22/23		2,000,000		1,999,654
BNP Paribas S.A.
5.260%, SOFR + 0.200%, 09/18/23 (b)		2,000,000		2,000,000

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Securities Lending Reinvestments (m)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
BNP Paribas S.A.
5.310%, SOFR + 0.250%, 09/08/23 (b)		5,000,000	$	5,000,000
5.510%, SOFR + 0.450%, 10/10/23 (b)		6,000,000		6,000,000
Canadian Imperial Bank of Commerce (NY)
5.440%, SOFR + 0.380%, 12/12/23 (b)		2,000,000		1,999,902
5.460%, SOFR + 0.400%, 10/13/23 (b)		5,000,000		5,001,285
Cooperatieve Rabobank UA 5.590%, SOFR + 0.530%, 07/07/23 (b)		4,000,000		4,000,296
Credit Agricole Corporate & Investment Bank 5.390%, 08/01/23		5,000,000		5,000,490
Credit Industriel et Commercial 5.260%, SOFR + 0.200%, 12/01/23 (b)		7,000,000		6,994,967
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 07/20/23		1,000,000		997,130
Zero Coupon, 08/17/23		1,000,000		992,950
Zero Coupon, 08/18/23		1,000,000		992,800
5.230%, SOFR + 0.170%, 09/06/23 (b)		6,000,000		5,998,206
Mizuho Bank, Ltd. 5.380%, SOFR + 0.320%, 07/14/23 (b)		5,000,000		5,000,160
MUFG Bank, Ltd. (NY)
5.240%, SOFR + 0.180%, 08/28/23 (b)		2,000,000		1,999,670
5.260%, SOFR + 0.200%, 08/21/23 (b)		2,000,000		1,999,784
5.280%, SOFR + 0.220%, 08/14/23 (b)		3,000,000		2,999,820
Nordea Bank Abp 5.410%, SOFR + 0.350%, 10/23/23 (b)		6,000,000		6,000,930
Oversea-Chinese Banking Corp., Ltd. 5.300%, SOFR + 0.240%, 08/08/23 (b)		3,000,000		3,000,081
Rabobank International 5.380%, SOFR + 0.320%, 07/12/23 (b)		1,000,000		1,000,023
Royal Bank of Canada 5.450%, FEDEFF PRV + 0.380%, 11/27/23 (b)		5,000,000		5,001,380
State Street Bank and Trust Co. 5.740%, SOFR + 0.680%, 07/14/23 (b)		2,000,000		2,000,360
Sumitomo Mitsui Banking Corp. 5.340%, SOFR + 0.280%, 07/17/23 (b)		3,000,000		3,000,063
Sumitomo Mitsui Trust Bank, Ltd.
Zero Coupon, 09/08/23		3,000,000		2,968,590
5.380%, SOFR + 0.320%, 07/20/23 (b)		2,000,000		2,000,094
Svenska Handelsbanken AB
5.290%, SOFR + 0.230%, 08/08/23 (b)		5,000,000		5,000,310
5.350%, SOFR + 0.290%,, 07/18/23 (b)		5,000,000		5,000,365
5.400%, SOFR + 0.340%, 10/31/23 (b)		5,000,000		5,001,345
Toronto-Dominion Bank (The)
5.470%, FEDEFF PRV + 0.400%, 02/13/24 (b)		5,000,000		5,000,715
5.520%, FEDEFF PRV + 0.450%, 10/13/23 (b)		4,000,000		4,000,864
				114,956,757
Commercial Paper—2.1%
Bank of Montreal 5.280%, 08/07/23		5,000,000		4,971,580
Bedford Row Funding Corp. 5.300%, SOFR + 0.240%, 07/19/23 (b)		5,000,000		5,000,070
ING U.S. Funding LLC 5.780%, SOFR + 0.720%, 08/04/23 (b)		4,000,000		4,001,892
Commercial Paper—(Continued)
La Banque Postale S.A. 5.250%, SOFR + 0.190%, 09/13/23 (b)		5,000,000		5,000,000
National Australia Bank, Ltd. 5.410%, SOFR + 0.350%, 12/05/23 (b)		5,000,000		4,999,340
Old Line Funding LLC 5.370%, SOFR + 0.310%, 08/30/23 (b)		3,000,000		3,000,099
Skandinaviska Enskilda Banken AB
5.330%, SOFR + 0.270%, 08/25/23 (b)		2,000,000		2,000,122
5.420%, SOFR + 0.360%, 11/15/23 (b)		7,000,000		7,001,036
5.440%, SOFR + 0.380%, 12/15/23 (b)		5,000,000		4,999,750
UBS AG 5.340%, SOFR + 0.280%, 11/27/23 (b)		5,000,000		5,000,000
				45,973,889
Repurchase Agreements—8.5%
Citigroup Global Markets, Inc.
Repurchase Agreement dated 06/30/23 at 5.370%, due on 08/04/23 with a maturity value of $3,015,663; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 3.750%, maturity dates ranging from 08/15/28 - 05/15/33, and various Common Stock with an aggregate market value of $3,253,682.		3,000,000		3,000,000
Repurchase Agreement dated 06/30/23 at 5.620%, due on 01/02/24 with a maturity value of $10,290,367; collateralized by various Common Stock with an aggregate market value of $11,000,001.		10,000,000		10,000,000
National Bank Financial, Inc. Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/03/23 with a maturity value of $10,765,358; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 3.875%, maturity dates ranging from 04/30/26 - 07/15/30, and an aggregate market value of $11,003,571.		10,760,811		10,760,811
National Bank of Canada
Repurchase Agreement dated 06/30/23 at 5.070%, due on 07/07/23 with a maturity value of $22,321,984; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 5.250%, maturity dates ranging from 07/13/23 - 02/15/53, and an aggregate market value of $22,851,099.		22,300,000		22,300,000
Repurchase Agreement dated 06/30/23 at 5.200%, due on 07/07/23 with a maturity value of $50,050,556; collateralized by various Common Stock with an aggregate market value of $55,795,942.		50,000,000		50,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 06/30/23 at 5.210%, due on 07/03/23 with a maturity value of $15,006,513; collateralized by various Common Stock with an aggregate market value of $16,676,306.		15,000,000		15,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 06/30/23 at 5.290%, due on 08/04/23 with a maturity value of $15,077,146; collateralized by various Common Stock with an aggregate market value of $16,669,111.		15,000,000		15,000,000

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Securities Lending Reinvestments (m)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 06/30/23 at 5.160%, due on 07/03/23 with a maturity value of $3,201,376; collateralized by various Common Stock with an aggregate market value of $3,563,959.		3,200,000	$	3,200,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/03/23 with a maturity value of $39,016,803; collateralized by various Common Stock with an aggregate market value of $43,409,601..		39,000,000		39,000,000
Repurchase Agreement dated 06/30/23 at 5.170%, due on 07/07/23 with a maturity value of $10,660,706; collateralized by various Common Stock with an aggregate market value of $11,861,300.		10,650,000		10,650,000
TD Prime Services LLC Repurchase Agreement dated 06/30/23 at 5.150%, due on 07/03/23 with a maturity value of $8,073,463; collateralized by various Common Stock with an aggregate market value of $8,880,812.		8,070,000		8,070,000
				186,980,811
Time Deposit—0.7%
National Bank of Canada 5.120%, OBFR + 0.050%, 07/07/23 (b)		15,000,000		15,000,000
Mutual Funds—1.7%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class  5.000% (n)		3,000,000		3,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.010% (n)		13,888,055		13,888,055
HSBC U.S. Government Money Market Fund, Class I 5.010% (n)		5,000,000		5,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 5.030% (n)		5,000,000		5,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class  5.030% (n)		5,000,000		5,000,000
STIT-Government & Agency Portfolio, Institutional Class  5.050% (n)		5,000,000		5,000,000
				36,888,055
Total Securities Lending Reinvestments (Cost $399,796,705)				399,799,512
Total Purchased Options—0.1% (o) (Cost $2,673,698)				1,208,965
Total Investments—114.3% (Cost $2,697,557,498)				2,512,593,185
Unfunded Loan Commitments—(0.0)% (Cost $(457,741))				(457,741	)
Net Investments—114.3% (Cost $2,697,099,757)				2,512,135,444
Other assets and liabilities (net)—(14.3)%				(313,991,425	)
Net Assets—100.0%			$	2,198,144,019

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2023, the market value of restricted securities was $13,807,815, which is 0.6% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $413,598,972 and the collateral received consisted of cash in the amount of $399,720,171 and non-cash collateral with a value of $28,538,978. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(c)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2023, these securities represent 0.7% of net assets.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(g)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(h)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(i)	This loan will settle after June 30, 2023, at which time the interest rate will be determined.
(j)	Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(k)	Interest only security.
(l)	Non-income producing security.
(m)	Represents investment of cash collateral received from securities on loan as of June 30, 2023.
(n)	The rate shown represents the annualized seven-day yield as of June 30, 2023.
(o)	For a breakout of open positions, see details shown in the Purchased Options table that follows.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, the market value of 144A securities was $1,199,711,463, which is 54.6% of net assets.

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Countrywide Home Loan Reperforming Loan REMIC Trust, 1.113%, 03/25/35		01/08/15	$	1,946,513	$	283,461	$	80,377
Liberty Mutual Insurance Co., 7.697%, 10/15/97		06/08/11-05/30/12		2,600,000		2,522,533		2,910,762
Massachusetts Mutual Life Insurance Co., 4.900%, 04/01/77		03/20/17-03/21/17		6,285,000		6,262,856		5,347,845
Midwest Vanadium Pty, Ltd., 13.250%, 02/15/18		05/24/11		931,574		960,686		0
Northwest Acquisitions ULC / Dominion Finco, Inc., 7.125%, 11/01/22		10/06/17-11/21/19		8,475,000		8,571,525		85
Symphony CLO, Ltd., 6.546%, 10/20/34		11/17/22		5,060,000		5,042,290		5,062,484
Teachers Insurance & Annuity Association of America, 6.850%, 12/16/39		05/09/16		216,000		280,623		238,162
Waterfall Commercial Mortgage Trust, 4.104%, 09/14/22		09/08/15-11/18/16		177,543		176,742		168,100
							$	13,807,815

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	1,610,000	MSCS		07/18/23		USD	1,095,219	$	(22,327	)
AUD	3,100,000	MSCS		07/18/23		USD	2,051,373		14,444
AUD	4,560,000	MSCS		07/18/23		USD	3,047,233		(8,483	)
AUD	8,040,000	MSCS		07/18/23		USD	5,469,290		(111,495	)
AUD	73,043,994	MSCS		07/18/23		USD	49,112,225		(436,260	)
BRL	7,920,000	MSCS		07/18/23		USD	1,579,136		71,049
BRL	19,113,206	MSCS		07/18/23		USD	3,691,804		290,561
CAD	6,060,000	BNP		07/18/23		USD	4,450,740		124,573
CAD	21,540,475	GSBU		07/18/23		USD	16,182,705		80,400
CNH	33,250,000	MSCS		07/18/23		USD	4,764,395		(186,108	)
CNH	38,690,000	MSCS		07/18/23		USD	5,477,805		(150,469	)
CNH	38,980,000	MSCS		07/18/23		USD	5,591,892		(224,625	)
EUR	4,260,000	BNP		07/18/23		USD	4,566,261		85,169
EUR	2,850,000	MSCS		07/18/23		USD	3,153,750		(41,877	)
EUR	2,930,000	MSCS		07/18/23		USD	3,242,276		(43,053	)
EUR	3,733,000	MSCS		07/18/23		USD	4,067,813		8,194
EUR	7,770,000	MSCS		07/18/23		USD	8,568,336		(84,390	)
GBP	5,832,750	MSCS		07/18/23		USD	7,290,529		117,696
JPY	380,750,000	GSBU		07/18/23		USD	2,858,902		(215,079	)
JPY	423,715,000	GSBU		07/18/23		USD	3,217,555		(275,394	)
JPY	3,012,960,000	GSBU		07/18/23		USD	22,432,378		(1,511,211	)
JPY	1,081,930,000	MSCS		07/18/23		USD	8,018,698		(506,073	)
MXN	112,274,000	GSBU		07/18/23		USD	6,080,000		462,856
MXN	19,465,000	MSCS		07/18/23		USD	1,128,756		5,582
MXN	20,874,000	MSCS		07/18/23		USD	1,122,522		93,927
MXN	20,926,000	MSCS		07/18/23		USD	1,161,034		58,445
MXN	23,559,000	MSCS		07/18/23		USD	1,375,776		(2,857	)
MXN	47,810,000	MSCS		07/18/23		USD	2,595,907		190,258
MXN	92,910,000	MSCS		07/18/23		USD	5,107,780		306,624
MXN	395,804,711	MSCS		07/18/23		USD	21,427,280		1,638,552
NOK	313,869,450	MSCS		07/18/23		USD	30,559,545		(1,304,558	)
Contracts to Deliver
AUD	26,870,000	MSCS		07/18/23		USD	18,515,953		609,988
BRL	23,180,000	MSCS		07/18/23		USD	4,585,468		(244,240	)
CAD	11,650,000	BNP		07/18/23		USD	8,716,667		(79,108	)
CAD	7,990,000	BNP		07/18/23		USD	5,962,487		(69,980	)
CAD	5,294,528	BNP		07/18/23		USD	3,955,316		(42,064	)
CAD	3,950,000	BNP		07/18/23		USD	2,961,273		(20,985	)
CAD	2,973,325	BNP		07/18/23		USD	2,210,974		(33,893	)
CAD	2,790,000	BNP		07/18/23		USD	2,094,010		(12,446	)
CAD	4,120,000	JPMC		07/18/23		USD	3,083,228		(27,381	)
CNH	72,230,400	MSCS		07/18/23		USD	10,558,456		612,848

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	9,716,000	BNP		07/18/23		USD	10,410,694	$	(198,061	)
EUR	6,220,000	BNP		07/18/23		USD	6,856,909		65,384
EUR	1,320,000	BNP		07/18/23		USD	1,455,157		13,869
EUR	8,710,000	BOA		07/18/23		USD	9,613,227		102,908
EUR	7,987,974	BOA		07/18/23		USD	8,762,113		40,163
EUR	5,530,000	GSBU		07/18/23		USD	6,158,706		120,582
GBP	37,780,073	MSCS		07/18/23		USD	47,113,639		(871,150	)
GBP	2,314,000	MSCS		07/18/23		USD	2,862,608		(76,423	)
GBP	2,112,000	MSCS		07/18/23		USD	2,637,396		(45,073	)
GBP	1,758,000	MSCS		07/18/23		USD	2,233,152		302
IDR	66,342,324,172	JPMC		07/18/23		USD	4,428,727		4,219
JPY	974,780,000	GSBU		07/18/23		USD	7,322,126		553,521
JPY	797,380,000	GSBU		07/18/23		USD	6,060,339		523,551
JPY	1,351	GSBU		07/18/23		USD	11		1
MXN	132,440,000	GSBU		07/18/23		USD	7,411,428		(306,618	)
MXN	63,430,000	GSBU		07/18/23		USD	3,552,515		(143,918	)
MXN	139,170,000	MSCS		07/18/23		USD	7,611,669		(498,573	)
MXN	78,590,000	MSCS		07/18/23		USD	4,404,822		(175,072	)
MXN	67,070,000	MSCS		07/18/23		USD	3,659,079		(249,478	)
MXN	64,920,000	MSCS		07/18/23		USD	3,765,517		(17,747	)
MXN	59,280,000	MSCS		07/18/23		USD	3,355,442		(99,147	)
MXN	50,360,000	MSCS		07/18/23		USD	2,908,421		(26,348	)
MXN	23,624,000	MSCS		07/18/23		USD	1,285,655		(91,052	)
MXN	22,364,000	MSCS		07/18/23		USD	1,252,766		(50,514	)
MXN	2,200,000	MSCS		07/18/23		USD	127,751		(456	)
NOK	32,930,000	MSCS		07/18/23		USD	3,131,657		62,334
NOK	9,510,000	MSCS		07/18/23		USD	901,816		15,413
NZD	2,981,769	JPMC		07/18/23		USD	1,873,982		44,176
Net Unrealized Depreciation								$	(2,186,397	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
3 Month SOFR Futures		03/18/25		410			USD	98,374,375		$	(664,986	)
3 Month SONIA Futures		09/19/23		172			GBP	40,768,300			(520,731	)
3 Month SONIA Futures		12/19/23		916			GBP	215,374,500			(3,609,839	)
3 Month SONIA Futures		03/19/24		588			GBP	137,834,550			(2,252,533	)
Australian 10 Year Treasury Bond Futures		09/15/23		202			AUD	23,466,807			(193,733	)
U.S. Treasury Long Bond Futures		09/20/23		186			USD	23,604,563			(199,902	)
U.S. Treasury Note 10 Year Futures		09/20/23		3,590			USD	403,033,594			(5,204,185	)
U.S. Treasury Note 2 Year Futures		09/29/23		2,279			USD	463,420,406			(6,358,296	)
U.S. Treasury Note 5 Year Futures		09/29/23		2,168			USD	232,179,250			(4,144,914	)
U.S. Treasury Note Ultra 10 Year Futures		09/20/23		492			USD	58,271,250			(637,414	)
U.S. Treasury Ultra Long Bond Futures		09/20/23		1,660			USD	226,123,125			1,985,539
United Kingdom Long Gilt Bond Futures		09/27/23		209			GBP	19,917,700			(496,720	)
Futures Contracts—Short
3 Month SOFR Futures		03/19/24		(508	)		USD	(120,192,800	)		665,408
3 Month SOFR Futures		09/19/23		(159	)		USD	(37,675,050	)		272,466
Euro-Buxl 30 Year Bond Futures		09/07/23		(25	)		EUR	(3,490,000	)		(34,951	)
Net Unrealized Depreciation										$	(21,394,791	)

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Purchased Options

Credit Default Swaptions

Strike Price

Counterparty

Underlying Reference Index

Buy/Sell Protection

Expiration Date

Number of Contracts

Notional Amount

Premiums Paid

Market Value

Unrealized Appreciation/ (Depreciation)

Call - OTC - 1 Yr. CDS

USD    102.000

JPMC

CDX.NA.HY.40

Sell

09/20/23

42,053,000

USD

42,053,000

$

273,345

$

390,980

$

117,635

Foreign Currency Options	Strike Price			Counterparty		Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
USD Put/EUR Call		USD	1.160		GSI		09/01/23		53,880,000		USD	53,880,000	$	201,566	$	9,537	$	(192,029	)
USD Call/CAD Put		CAD	1.330		BNP		08/18/23		23,700,000		USD	23,700,000		137,934		152,486		14,552
Totals													$	339,500	$	162,023	$	(177,477	)

Options on Exchange-Traded Futures Contracts	Strike Price			Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - 3 Month SOFR Futures		USD	99.250		12/15/23		48		USD	120,000	$	2,400	$	1,200	$	(1,200	)
Put - S&P 500 Index E-Mini Futures		USD	3,800.000		07/21/23		274		USD	13,700		454,263		17,125		(437,138	)
Put - S&P 500 Index E-Mini Futures		USD	4,100.000		09/15/23		191		USD	9,550		380,638		224,425		(156,213	)
Put - S&P 500 Index E-Mini Futures		USD	3,900.000		09/15/23		169		USD	8,450		814,592		111,962		(702,630	)
Put - S&P 500 Index E-Mini Futures		USD	4,100.000		12/15/23		100		USD	5,000		408,960		301,250		(107,710	)
Totals											$	2,060,853	$	655,962	$	(1,404,891	)

Written Options

Credit Default Swaptions	Strike Spread			Counterparty		Underlying Reference Index		Buy/Sell Protection		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - OTC - 1 Yr. CDS		0.700	%		JPMC		CDX.NA.IG.40		Buy		09/20/23		(210,266,000	)		USD	(210,266,000	)	$	(273,346	)	$	(478,664	)	$	(205,318	)

Options on Exchange-Traded Futures Contracts	Strike Price			Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - S&P 500 Index E-Mini Futures		USD	3,500.000		09/15/23		(169	)		USD	(8,450	)	$	(357,657	)	$	(46,475	)	$	311,182
Put - S&P 500 Index E-Mini Futures		USD	3,700.000		09/15/23		(191	)		USD	(9,550	)		(141,087	)		(78,788	)		62,299
Put - S&P 500 Index E-Mini Futures		USD	3,700.000		12/15/23		(100	)		USD	(5,000	)		(189,790	)		(141,250	)		48,540
Totals													$	(688,534	)	$	(266,513	)	$	422,021

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	28-Day TIIE	Monthly	7.440%	Monthly		07/20/29		MXN	1,162,650,000	$	(2,459,965	)	$	367,633		$	(2,827,598	)
Pay	28-Day TIIE	Monthly	7.450%	Monthly		07/18/29		MXN	1,118,490,000		(2,335,001	)		291,598			(2,626,599	)
Receive	12M SOFR	Annually	2.600%	Annually		02/15/48		USD	1,500,000		174,500			169,854			4,646
Receive	12M SOFR	Annually	3.050%	Annually		02/15/48		USD	21,216,000		891,516			753,169			138,347
Receive	12M SOFR	Annually	3.150%	Annually		05/15/48		USD	27,465,000		674,861			(26,355	)		701,216
Totals										$	(3,054,089	)	$	1,555,899		$	(4,609,988	)

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Centrally Cleared Credit Default Swaps on Credit Indices and Corporate Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2023(b)			Notional Amount(c)			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.40		(5.000	%)		Quarterly		06/20/28		4.292	%		USD	9,009,100	$	(249,436	)	$	25,963		$	(275,399	)
General Motors Co., 4.875% , due 10/02/23		(5.000	%)		Quarterly		06/20/26		1.099	%		USD	13,700,000		(1,456,926	)		(1,589,043	)		132,117
Totals														$	(1,706,362	)	$	(1,563,080	)	$	(143,282	)

Centrally Cleared Credit Default Swaps on Corporate Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2023(b)			Notional Amount(c)			Market Value		Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Ford Motor Co., 4.346%, due 12/08/26		5.000	%		Quarterly		06/20/26		1.785	%		USD	13,700,000	$	1,180,899	$	1,182,275	$	(1,376	)

OTC Credit Default Swaps on Corporate Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency		Maturity Date		Counterparty		Implied Credit Spread at June 30, 2023(b)			Notional Amount(c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Daimler AG, 1.400%, due 01/12/24		(1.000%)		Quarterly		12/20/24		MSCS		0.299	%		EUR	11,300,000	$	(124,952	)	$	(76,268	)	$	(48,684	)

OTC Credit Default Swaps on Corporate Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty		Implied Credit Spread at June 30, 2023(b)			Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Volkswagen International Finance NV, 0.875%, due 01/16/23		1.000	%		Quarterly		12/20/24		MSCS		0.574	%		EUR	11,300,000	$	75,617	$	39,976	$	35,641

(a) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

(d) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Securities in the amount of $197,679 have been received at the custodian bank as collateral for OTC swap contracts and OTC option contracts.

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(BNP)—	BNP Paribas S.A.
(BOA)—	Bank of America N.A.
(GSBU)—	Goldman Sachs Bank USA
(GSI)—	Goldman Sachs International
(JPMC)—	JPMorgan Chase Bank N.A.
(MSCS)—	Morgan Stanley Capital Services LLC

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Glossary of Abbreviations—(Continued)

Currencies

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CNH)—	Chinese Renminbi
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(USD)—	United States Dollar

Index Abbreviations

(CDX.NA.HY)—	Markit North America High Yield CDS Index
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(EURIBOR)—	Euro InterBank Offered Rate
(FEDEFF PRV)—	Effective Federal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(MTA)—	Monthly Treasury Average Index
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(SONIA)—	Sterling Overnight Index Average Deposit Rate
(TIIE)—	Mexican Interbank Equilibrium Interest Rate
(TSFR)—	Term Secured Overnight Financing Rate
(UKG)—	U.K. Government Bond

Other Abbreviations

(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(CDS)—	Credit Default Swap
(DAC)—	Designated Activity Company
(ICE)—	Intercontinental Exchange, Inc.
(REMIC)—	Real Estate Mortgage Investment Conduit
(STACR)—	Structured Agency Credit Risk

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Aerospace/Defense	$	—	$	30,006,654	$	—	$	30,006,654
Agriculture		—		8,646,849		—		8,646,849
Airlines		—		46,980,853		—		46,980,853
Auto Manufacturers		—		35,006,208		—		35,006,208
Auto Parts & Equipment		—		19,504,595		—		19,504,595
Banks		—		116,445,373		—		116,445,373
Biotechnology		—		4,537,222		—		4,537,222
Building Materials		—		9,632,095		—		9,632,095
Chemicals		—		1,537,900		—		1,537,900
Commercial Services		—		54,939,902		—		54,939,902
Computers		—		7,666,619		—		7,666,619
Distribution/Wholesale		—		16,274,477		—		16,274,477
Diversified Financial Services		—		60,461,858		4,777,709		65,239,567
Electric		—		15,560,424		—		15,560,424
Energy-Alternate Sources		—		2,267,136		—		2,267,136
Engineering & Construction		—		8,642,350		—		8,642,350
Entertainment		—		23,479,450		—		23,479,450
Environmental Control		—		7,462,884		—		7,462,884
Food		—		8,943,030		—		8,943,030
Food Service		—		1,390,453		—		1,390,453
Forest Products & Paper		—		5,201,915		—		5,201,915
Healthcare-Products		—		5,813,584		—		5,813,584

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Healthcare-Services	$	—	$	26,762,438	$	—	$	26,762,438
Home Builders		—		4,508,560		—		4,508,560
Housewares		—		4,961,555		—		4,961,555
Insurance		—		23,513,040		—		23,513,040
Internet		—		14,658,452		—		14,658,452
Iron/Steel		—		4,317,608		—		4,317,608
Leisure Time		—		33,220,426		—		33,220,426
Lodging		—		33,391,222		—		33,391,222
Machinery-Construction & Mining		—		3,703,001		—		3,703,001
Machinery-Diversified		—		3,217,991		—		3,217,991
Media		—		50,386,032		—		50,386,032
Metal Fabricate/Hardware		—		8,024,230		—		8,024,230
Mining		—		46,434,092		0		46,434,092
Office/Business Equipment		—		1,379,502		—		1,379,502
Oil & Gas		—		132,743,657		—		132,743,657
Packaging & Containers		—		17,227,947		—		17,227,947
Pharmaceuticals		—		32,347,961		—		32,347,961
Pipelines		—		88,326,047		—		88,326,047
Real Estate		—		2,535,850		—		2,535,850
Real Estate Investment Trusts		—		11,928,933		—		11,928,933
Retail		—		36,389,666		—		36,389,666
Semiconductors		—		102,027		—		102,027
Software		—		22,577,363		—		22,577,363
Telecommunications		—		23,642,218		—		23,642,218
Transportation		—		10,485,372		—		10,485,372
Total Corporate Bonds & Notes		—		1,127,187,021		4,777,709		1,131,964,730
Total Floating Rate Loans (Less Unfunded Loan Commitments of $457,741)*		—		292,697,171		—		292,697,171
Total Asset-Backed Securities*		—		222,713,030		—		222,713,030
Total Mortgage-Backed Securities*		—		202,868,527		—		202,868,527
Total U.S. Treasury & Government Agencies*		—		159,721,802		—		159,721,802
Total Foreign Government*		—		66,714,474		—		66,714,474
Convertible Preferred Stocks
Banks		5,719,680		—		—		5,719,680
Pipelines		—		—		10,824,277		10,824,277
Total Convertible Preferred Stocks		5,719,680		—		10,824,277		16,543,957
Total Convertible Bonds*		—		8,720,000		—		8,720,000
Common Stocks
Automobile Components		57,277		—		—		57,277
Chemicals		—		2,108		—		2,108
Commercial Services		—		27,991		—		27,991
Media		120,945		—		—		120,945
Oil, Gas & Consumable Fuels		1,173,831		—		—		1,173,831
Total Common Stocks		1,352,053		30,099		—		1,382,152
Total Municipals*		—		276,237		—		276,237
Total Escrow Shares*		—		—		0		0
Total Short-Term Investment*		—		7,524,887		—		7,524,887
Securities Lending Reinvestments
Certificates of Deposit		—		114,956,757		—		114,956,757
Commercial Paper		—		45,973,889		—		45,973,889
Repurchase Agreements		—		186,980,811		—		186,980,811
Time Deposit		—		15,000,000		—		15,000,000
Mutual Funds		36,888,055		—		—		36,888,055
Total Securities Lending Reinvestments		36,888,055		362,911,457		—		399,799,512

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2023

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Purchased Options
Credit Default Swaptions at Value	$	—		$	390,980		$	—	$	390,980
Foreign Currency Options at Value		—			162,023			—		162,023
Options on Exchange-Traded Futures Contracts at Value		655,962			—			—		655,962
Total Purchased Options		655,962			553,003			—		1,208,965
Total Net Investments	$	44,615,750		$	2,451,917,708		$	15,601,986	$	2,512,135,444
Collateral for Securities Loaned (Liability)	$	—		$	(399,720,171	)	$	—	$	(399,720,171	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	6,317,589		$	—	$	6,317,589
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(8,503,986	)		—		(8,503,986	)
Total Forward Contracts	$	—		$	(2,186,397	)	$	—	$	(2,186,397	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	2,923,413		$	—		$	—	$	2,923,413
Futures Contracts (Unrealized Depreciation)		(24,318,204	)		—			—		(24,318,204	)
Total Futures Contracts	$	(21,394,791	)	$	—		$	—	$	(21,394,791	)
Written Options
Credit Default Swaptions at Value	$	—		$	(478,664	)	$	—	$	(478,664	)
Options on Exchange-Traded Futures Contracts at Value		(266,513	)		—			—		(266,513	)
Total Written Options	$	(266,513	)	$	(478,664	)	$	—	$	(745,177	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	976,326		$	—	$	976,326
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(5,730,972	)		—		(5,730,972	)
Total Centrally Cleared Swap Contracts	$	—		$	(4,754,646	)	$	—	$	(4,754,646	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	75,617		$	—	$	75,617
OTC Swap Contracts at Value (Liabilities)		—			(124,952	)		—		(124,952	)
Total OTC Swap Contracts	$	—		$	(49,335	)	$	—	$	(49,335	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2023 is not presented.

During the period ended June 30, 2023, transfers into Level 3 in the amount of $16,684,994 were due to the cessation of a vendor or broker providing prices based on market indications which resulted in a lack of significant observable inputs.

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Statement of Assets and Liabilities

June 30, 2023

Assets
Investments at value (a) (b) (c)	$	2,512,135,444
Cash		1,377,640
Cash denominated in foreign currencies (d)		10,695,832
Cash collateral (e)		49,962,327
OTC swap contracts at market value (f)		75,617
Unrealized appreciation on forward foreign currency exchange contracts		6,317,589
Receivable for:
Investments sold		4,234,684
Fund shares sold		3,037,716
Interest		29,010,808
Variation margin on futures contracts		3,490,924
Prepaid expenses		18,275
Total Assets		2,620,356,856
Liabilities
Written options at value (g)		745,177
OTC swap contracts at market value (h)		124,952
Unrealized depreciation on forward foreign currency exchange contracts		8,503,986
Collateral for securities loaned		399,720,171
Cash collateral for centrally cleared swap contracts		29,173
Payables for:
Investments purchased		9,176,245
Fund shares redeemed		364,187
Foreign taxes		23,522
Variation margin on centrally cleared swap contracts		1,760,928
Accrued Expenses:
Management fees		947,538
Distribution and service fees		158,033
Deferred trustees’ fees		290,956
Other expenses		367,969
Total Liabilities		422,212,837
Net Assets	$	2,198,144,019
Net Assets Consist of:
Paid in surplus	$	2,810,179,428
Distributable earnings (Accumulated losses) (i)		(612,035,409	)
Net Assets	$	2,198,144,019
Net Assets
Class A	$	1,371,823,576
Class B		686,741,854
Class E		139,578,589
Capital Shares Outstanding*
Class A		132,049,646
Class B		66,704,483
Class E		13,505,060
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.39
Class B		10.30
Class E		10.34

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,697,099,757.
(b)	Includes securities loaned at value of $413,598,972.
(c)	Investments at value is net of unfunded loan commitments of $457,741.
(d)	Identified cost of cash denominated in foreign currencies was $10,781,415.
(e)	Includes collateral of $27,053,127 for futures contracts, $100,000 for OTC option contracts and $22,809,200 for centrally cleared swap contracts.
(f)	Net premium paid on OTC swap contracts was $39,976.
(g)	Premiums received on written options were $961,880.
(h)	Net premium received on OTC swap contracts was $76,268.
(i)	Includes foreign capital gains tax of $23,522.

Statement of Operations

Six Months Ended June 30, 2023

Investment Income
Dividends	$	852,485
Interest (a)		81,931,896
Securities lending income		533,176
Total investment income		83,317,557
Expenses
Management fees		6,372,529
Administration fees		53,980
Custodian and accounting fees		159,968
Distribution and service fees—Class B		866,974
Distribution and service fees—Class E		107,063
Audit and tax services		48,540
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		54,935
Insurance		10,680
Miscellaneous		12,105
Total expenses		7,726,056
Less management fee waiver		(537,636	)
Net expenses		7,188,420
Net Investment Income		76,129,137
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(69,788,662	)
Purchased options		(9,231,418	)
Futures contracts		(12,370,975	)
Written options		3,019,069
Swap contracts		(448,555	)
Foreign currency transactions		3,258,153
Forward foreign currency transactions		3,184,593
Net realized gain (loss)		(82,377,795	)
Net change in unrealized appreciation (depreciation) on:
Investments (b)		89,998,428
Purchased options		977,238
Futures contracts		2,066,398
Written options		(250,368	)
Swap contracts		1,245,071
Foreign currency transactions		(505,113	)
Forward foreign currency transactions		(6,510,547	)
Net change in unrealized appreciation (depreciation)		87,021,107
Net realized and unrealized gain (loss)		4,643,312
Net Increase (Decrease) in Net Assets From Operations	$	80,772,449

(a)	Net of foreign withholding taxes of $72,105.
(b)	Includes change in foreign capital gains tax of $(15,743).

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	76,129,137		$	136,427,170
Net realized gain (loss)		(82,377,795	)		(261,837,234	)
Net change in unrealized appreciation (depreciation)		87,021,107			(363,442,900	)
Increase (decrease) in net assets from operations		80,772,449			(488,852,964	)
From Distributions to Shareholders
Class A		(90,318,027	)		(93,994,936	)
Class B		(43,728,800	)		(44,422,317	)
Class E		(9,014,042	)		(9,671,952	)
Total distributions		(143,060,869	)		(148,089,205	)
Increase (decrease) in net assets from capital share transactions		40,145,212			(188,743,143	)
Total increase (decrease) in net assets		(22,143,208	)		(825,685,312	)
Net Assets
Beginning of period		2,220,287,227			3,045,972,539
End of period	$	2,198,144,019		$	2,220,287,227

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		981,225		$	10,663,851			1,315,656		$	15,365,983
Reinvestments		8,701,159			90,318,027			8,568,363			93,994,936
Redemptions		(6,997,918	)		(77,330,392	)		(21,420,235	)		(255,304,453	)
Net increase (decrease)		2,684,466		$	23,651,486			(11,536,216	)	$	(145,943,534	)
Class B
Sales		1,391,752		$	15,096,394			2,908,805		$	34,162,427
Reinvestments		4,249,640			43,728,800			4,082,933			44,422,317
Redemptions		(3,885,155	)		(42,481,779	)		(9,234,182	)		(108,086,123	)
Net increase (decrease)		1,756,237		$	16,343,415			(2,242,444	)	$	(29,501,379	)
Class E
Sales		198,804		$	2,173,684			607,209		$	7,561,747
Reinvestments		872,608			9,014,042			885,710			9,671,952
Redemptions		(1,003,281	)		(11,037,415	)		(2,587,227	)		(30,531,929	)
Net increase (decrease)		68,131		$	150,311			(1,094,308	)	$	(13,298,230	)
Increase (decrease) derived from capital shares transactions				$	40,145,212					$	(188,743,143	)

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.72		$	13.73		$	13.87		$	13.81		$	12.68		$	13.93
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.38			0.65			0.62			0.68			0.71			0.71
Net realized and unrealized gain (loss)		0.02			(2.93	)		(0.24	)		0.20			1.09			(1.23	)
Total income (loss) from investment operations		0.40			(2.28	)		0.38			0.88			1.80			(0.52	)
Less Distributions
Distributions from net investment income		(0.73	)		(0.73	)		(0.52	)		(0.82	)		(0.67	)		(0.73	)
Total distributions		(0.73	)		(0.73	)		(0.52	)		(0.82	)		(0.67	)		(0.73	)
Net Asset Value, End of Period	$	10.39		$	10.72		$	13.73		$	13.87		$	13.81		$	12.68
Total Return (%) (b)		3.65	(c)		(16.66	)		2.82			6.92			14.49			(3.80	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.61	(d)		0.60			0.60			0.60			0.60			0.60
Net ratio of expenses to average net assets (%) (e)		0.56	(d)		0.55			0.54			0.55			0.54			0.54
Ratio of net investment income (loss) to average net assets (%)		6.92	(d)		5.51			4.55			5.17			5.32			5.33
Portfolio turnover rate (%)		27	(c)		28			69	(f)		66	(f)		58	(f)		90	(f)
Net assets, end of period (in millions)	$	1,371.8		$	1,387.4		$	1,934.4		$	1,971.5		$	2,007.9		$	2,006.8
	Class B
	Six Months Ended June 30, 2023			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.62		$	13.59		$	13.73		$	13.69		$	12.57		$	13.81
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.36			0.61			0.58			0.64			0.67			0.67
Net realized and unrealized gain (loss)		0.02			(2.89	)		(0.23	)		0.18			1.08			(1.22	)
Total income (loss) from investment operations		0.38			(2.28	)		0.35			0.82			1.75			(0.55	)
Less Distributions
Distributions from net investment income		(0.70	)		(0.69	)		(0.49	)		(0.78	)		(0.63	)		(0.69	)
Total distributions		(0.70	)		(0.69	)		(0.49	)		(0.78	)		(0.63	)		(0.69	)
Net Asset Value, End of Period	$	10.30		$	10.62		$	13.59		$	13.73		$	13.69		$	12.57
Total Return (%) (b)		3.58	(c)		(16.93	)		2.61			6.61			14.23			(4.02	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86	(d)		0.85			0.85			0.85			0.85			0.85
Net ratio of expenses to average net assets (%) (e)		0.81	(d)		0.80			0.79			0.80			0.79			0.79
Ratio of net investment income (loss) to average net assets (%)		6.69	(d)		5.28			4.30			4.92			5.07			5.08
Portfolio turnover rate (%)		27	(c)		28			69	(f)		66	(f)		58	(f)		90	(f)
Net assets, end of period (in millions)	$	686.7		$	689.6		$	913.2		$	879.8		$	852.0		$	802.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.66		$	13.65		$	13.79		$	13.73		$	12.61		$	13.85
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.37			0.63			0.60			0.66			0.69			0.68
Net realized and unrealized gain (loss)		0.02			(2.91	)		(0.24	)		0.19			1.08			(1.21	)
Total income (loss) from investment operations		0.39			(2.28	)		0.36			0.85			1.77			(0.53	)
Less Distributions
Distributions from net investment income		(0.71	)		(0.71	)		(0.50	)		(0.79	)		(0.65	)		(0.71	)
Total distributions		(0.71	)		(0.71	)		(0.50	)		(0.79	)		(0.65	)		(0.71	)
Net Asset Value, End of Period	$	10.34		$	10.66		$	13.65		$	13.79		$	13.73		$	12.61
Total Return (%) (b)		3.59	(c)		(16.78	)		2.68			6.77			14.30			(3.92	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76	(d)		0.75			0.75			0.75			0.75			0.75
Net ratio of expenses to average net assets (%) (e)		0.71	(d)		0.70			0.69			0.70			0.69			0.69
Ratio of net investment income (loss) to average net assets (%)		6.78	(d)		5.37			4.40			5.03			5.17			5.18
Portfolio turnover rate (%)		27	(c)		28			69	(f)		66	(f)		58	(f)		90	(f)
Net assets, end of period (in millions)	$	139.6		$	143.3		$	198.3		$	215.1		$	224.2		$	228.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 69%, 63%, 52%, and 56% for the years ended December 31, 2021, 2020, 2019, and 2018, respectively.

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2023

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management Strategic Bond Opportunities Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

BHFTII-32

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”) and currencies, and synthetic futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps listed or traded on a multilateral or trade facility platform) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

BHFTII-33

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

BHFTII-34

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2023, the Portfolio had open unfunded loan commitments of $457,741. At June 30, 2023, the Portfolio had sufficient cash and/or securities to cover these commitments.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

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TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $7,524,887. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $186,980,811. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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Notes to Financial Statements—June 30, 2023—(Continued)

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of June 30, 2023
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(953,841	)	$	—	$	—	$	—	$	(953,841	)
Corporate Bonds & Notes		(391,432,758	)		—		—		—		(391,432,758	)
Foreign Government		(7,333,572	)		—		—		—		(7,333,572	)
Total Borrowings	$	(399,720,171	)	$	—	$	—	$	—	$	(399,720,171	)
Gross amount of recognized liabilities for securities lending transactions										$	(399,720,171	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to buy or sell a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable or unwilling to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the futures contract or option may not correlate perfectly with changes in the value of the underlying asset. The exchange’s clearinghouse, as counterparty to all futures, guarantees the futures contracts against default.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period or on a specified date. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. When the Portfolio owns the underlying instrument, writing puts or buying calls tend to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument. Options can also be used to hedge other Portfolio investments. For options used

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to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option on an underlying instrument that the Portfolio owns is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

An Option on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered swap execution facility (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. The Portfolio may pay or receive an upfront payment upon entering into a swap agreement. Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks include the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that

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the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the clearinghouse. A party to a cleared swap is subject to the credit risk of the clearinghouse and the clearing member through which it holds its cleared position.

Centrally Cleared Swaps: Certain swaps are required to be (or are capable of being) cleared through a regulated clearinghouse. Since the Portfolio is not a member of a clearinghouse and only members of a clearinghouse (“clearing members” or “clearing brokers”) can participate directly in the clearinghouse, the Portfolio holds cleared swaps through accounts at a clearing member. The Portfolio typically will be required to post margin required by the clearinghouse and/or its clearing member; the margin required by a clearinghouse and/or clearing member may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which it is not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying security comprising the relevant component of the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying security comprising the relevant component of the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying security comprising the relevant component of the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying security comprising the relevant component of the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads

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generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2023, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money market reference rates. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2023 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a) (d)	$	1,200
	Unrealized appreciation on centrally cleared swap contracts (a) (b)		844,209	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	5,454,197
	Unrealized appreciation on futures contracts (a) (c)		2,923,413	Unrealized depreciation on futures contracts (a) (c)		24,318,204
Credit	OTC swap contracts at market value		75,617	OTC swap contracts at market value		124,952
	Unrealized appreciation on centrally cleared swap contracts (a) (b)		132,117	Unrealized depreciation on centrally cleared swap contracts (a) (b)		276,775
	Investments at market value (d)		390,980	Written options at value		478,664
Equity	Investments at market value (a) (d)		654,762
				Written options at value (a)		266,513
Foreign Exchange	Investments at market value (d)		162,023
	Unrealized appreciation on forward foreign currency exchange contracts		6,317,589	Unrealized depreciation on forward foreign currency exchange contracts		8,503,986
Total		$	11,501,910		$	39,423,291

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(d)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

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The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2023.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	143,071	$	—		$	—		$	143,071
BNP Paribas S.A.		441,481		(441,481	)		—			—
Goldman Sachs International		9,537		—			(9,537	)		—
Goldman Sachs Bank USA		1,740,911		(1,740,911	)		—			—
JPMorgan Chase Bank N.A.		439,375		(439,375	)		—			—
Morgan Stanley Capital Services LLC		4,171,834		(4,171,834	)		—			—
	$	6,946,209	$	(6,793,601	)	$	(9,537	)	$	143,071

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2023.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
BNP Paribas S.A.	$	456,537	$	(441,481	)	$	—		$	15,056
Goldman Sachs Bank USA		2,452,220		(1,740,911	)		—			711,309
JPMorgan Chase Bank N.A.		506,045		(439,375	)		(66,670	)		—
Morgan Stanley Capital Services LLC		5,692,800		(4,171,834	)		—			1,520,966
	$	9,107,602	$	(6,793,601	)	$	(66,670	)	$	2,247,331

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and

category of risk exposure, for the six months ended June 30, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options . . . . . . . . . . . . . .	$	(362,645)		$	13,723		$	(6,691,610)		$	(2,190,886)		$	(9,231,418)
Forward foreign currency transactions . . . . .		—			—			—			3,184,593			3,184,593
Swap contracts . . . . . . . . . . . . . . . .		1,269,936			(1,718,491	)		—			—			(448,555	)
Futures contracts . . . . . . . . . . . . . . .		(12,370,975	)		—			—			—			(12,370,975	)
Written options . . . . . . . . . . . . . . . .		420,356			471,555			1,412,271			714,887			3,019,069
	$	(11,043,328)		$	(1,233,213)		$	(5,279,339)		$	1,708,594		$	(15,847,286)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased options . . . . . . . . . . . . . .	$	7,601		$	551,952		$	48,357		$	369,328		$	977,238
Forward foreign currency transactions . . . . .		—			—			—			(6,510,547	)		(6,510,547	)
Swap contracts . . . . . . . . . . . . . . . .		(340,004	)		1,585,075			—			—			1,245,071
Futures contracts . . . . . . . . . . . . . . .		2,066,398			—			—			—			2,066,398
Written options . . . . . . . . . . . . . . . .		—			(18,596	)		(143,104	)		(88,668	)		(250,368	)
	$	1,733,995		$	2,118,431		$	(94,747)		$	(6,229,887)		$	(2,472,208)

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Brighthouse Funds Trust II

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Notes to Financial Statements—June 30, 2023—(Continued)

For the six months ended June 30, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options . . . . . . . . . . . . . . . .	$	143,330,417
Forward foreign currency transactions . .		460,833,010
Futures contracts long . . . . . . . . . . . . .		1,816,749,601
Futures contracts short . . . . . . . . . . . . .		(197,625,954	)
Swap contracts . . . . . . . . . . . . . . . . . .		281,718,100
Written options . . . . . . . . . . . . . . . . .		(239,348,583	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other

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Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse. The Portfolio’s clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio’s clearing broker. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

would be allocated on a pro-rata basis across all the clearing broker’s customers for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

LIBOR Replacement Risk: Many financial instruments historically used a floating rate based on LIBOR, which was the offered rate at which major international banks could obtain wholesale, unsecured funding. LIBOR may have been a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may have been used in other ways that affected the Portfolio’s investment performance. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. Markets are developing in these new rates, but concerns around liquidity of the new rates and how to appropriately mitigate any economic value transfer as a result of the transition remain. Neither the effect of the transition process nor its ultimate success can yet be fully known. The transition away from LIBOR and use of replacement rates may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that were tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions that were historically tied to LIBOR, particularly insofar as the documentation governing such instruments did not include “fall back” provisions addressing the transition from LIBOR. The Subadviser may have exercised discretion in determining a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR and the use of replacement rates may adversely affect transactions that used LIBOR as a reference rate, financial institutions, funds and other market participants that engaged in such transactions, and the financial markets generally. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$51,643,019	$	507,727,732	$	79,947,462	$	499,726,919

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2023	% per annum			Average Daily Net Assets
$6,372,529		0.650	%	Of the first $500 million
		0.550	%	On amounts in excess of $500 million

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company, LLC (“Western Asset”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Western Asset may delegate to its affiliate, Western Asset Management Company Limited, any of its responsibilities with respect to transactions in foreign currencies and debt securities denominated in foreign currencies, and may delegate to its affiliate, Western Asset Management Company Pte. Ltd., any of its responsibilities with respect to transactions in investments exposed to China.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.055%	On the first $500 million
0.025%	On the next $500 million
0.050%	On the next $1 billion
0.075%	On amounts in excess of $2 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2023—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	2,703,299,849
Gross unrealized appreciation		39,868,560
Gross unrealized (depreciation)		(259,014,283	)
Net unrealized appreciation (depreciation)	$	(219,145,723	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$148,089,205	$	113,789,370	$	—	$	—	$	148,089,205	$	113,789,370

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$142,680,653	$	—	$	(292,952,603	)	$	(399,184,230	)	$	(549,456,180	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $129,908,482 and accumulated long-term capital losses of $269,275,748.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-46

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust II and Shareholders of the Western Asset Management Strategic Bond Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Western Asset Management Strategic Bond Opportunities Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust II), as of June 30, 2023, the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and the year ended December 31, 2022, the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Western Asset Management Strategic Bond Opportunities Portfolio as of June 30, 2023, and the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and the year ended December 31, 2022, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2023, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

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Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2023, the Class A, B and E shares of the Western Asset Management U.S. Government Portfolio returned 1.68%, 1.50%, and 1.51%, respectively. The Portfolio’s benchmark, the Bloomberg Intermediate Government Bond Index¹, returned 1.11%.

MARKET ENVIRONMENT / CONDITIONS

During the first half of 2023, risk assets rose as concerns over a near-term economic hard landing eased, while government bond yield curves bear-flattened—short-dated yields rose more than longer-dated ones - as global central banks reiterated their resolve to bring inflation back to target.

U.S. inflation reports during the first half of 2023 continued to show a downward trend, while jobs data were generally robust as nonfarm payrolls exceeded expectations. Softer inflation readings set the stage for the Federal Reserve (the “Fed”) to slow the pace of rate hikes, from an accelerated pace during 2022. The Federal Open Market Committee increased the fed funds rate by a total of 75 basis points across three meetings and then paused at a target range of 5.00%-5.25% in June in its first rate pause since the tightening cycle began in March 2022, though Fed Chair Powell emphasized that future decisions would be data-dependent. During March, developments in the regional banking sector came to the forefront when Silicon Valley Bank and Signature Bank were shut down after the banks failed to stem deposit outflows, but contagion risks were mitigated when the Federal Deposit Insurance Corporation guaranteed uninsured deposits.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the six-month period ended June 30, 2023, the Portfolio had a positive return and outperformed the Bloomberg Intermediate Government Bond Index.

Over the six-month period, the most significant contributor to the Portfolio’s performance was its yield-curve positioning. Tactical yield curve positioning that was generally overweight the very long end (20-year key rate duration (“KRD”)) and underweight the front end (2-year KRD) benefitted as most yield curve segments flattened and inverted further during the period, as front-end and intermediate bond yields rose more than the long-end of the curve. The second largest contributor to performance was the Portfolio’s overweight exposure to Agency Mortgage-Backed Securities (“MBS”), due to favorable subsector selection, as spreads fluctuated but ultimately ended flat during the period. The third largest contributor to performance was the Portfolio’s overweight exposure to structured products, due to favorable subsector selection within Non-Agency Residential Mortgage-Backed Securities (“RMBS”) as well as Commercial Mortgage-Backed Securities (“CMBS”), as structured product spreads were mixed during the period. The fourth largest contributor was the Portfolio’s overweight exposure to Agency Debentures as spreads tightened during the first half of 2023. Finally, exposures to Emerging Markets (“EM”) also contributed as spreads for U.S. Dollar-denominated EM bonds tightened.

The Portfolio’s duration stance was the main detractor from performance during the period. The Portfolio generally maintained a modest duration overweight through much of the first half of 2023, which detracted from performance as yields rose across the curve.

During the six-month period ended June 30, 2023, the Portfolio used interest rate futures to adjust its duration and yield curve exposure. The Portfolio also used Agency MBS derivatives to gain exposure to specific characteristics of Agency MBS. The net impact of all derivative transactions on the Portfolio’s performance was slightly negative for the period.

As of June 30, 2023, the Portfolio was underweight U.S. Treasurys relative to the benchmark, while being overweight Agency Debentures and Agency MBS. The Portfolio holds small out-of-benchmark exposures to EM debt and structured products (including non-Agency RMBS and CMBS).

Fredrick Marki

S. Kenneth Leech

Mark S. Lindbloom

Portfolio Managers

Western Asset Mangement Company, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Bloomberg U.S. Intermediate Government Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations having maturities between one and ten years.

BHFTII-1

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. INTERMEDIATE GOVERNMENT BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2023

	6 Month		1 Year		5 Year		10 Year
Western Asset Management U.S. Government Portfolio
Class A		1.68		-0.92		0.67		0.96
Class B		1.50		-1.20		0.42		0.70
Class E		1.51		-1.09		0.50		0.80
Bloomberg U.S. Intermediate Government Bond Index		1.11		-0.99		0.82		0.93

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2023

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		43.5
Agency Mortgage-Backed Securities		39.3
Foreign Government		7.9
Corporate Bonds & Notes		4.2
Non-Agency Mortgage-Backed Securities		3.9
Asset-Backed Securities		0.1

BHFTII-2

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 through June 30, 2023.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Western Asset Management U.S. Government Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2023		Ending Account Value June 30, 2023		Expenses Paid During Period** January 1, 2023 to June 30, 2023
Class A (a)	Actual		0.49	%	$	1,000.00	$	1,016.80	$	2.45
	Hypothetical*		0.49	%	$	1,000.00	$	1,022.37	$	2.46
Class B (a)	Actual		0.74	%	$	1,000.00	$	1,015.00	$	3.70
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.13	$	3.71
Class E (a)	Actual		0.64	%	$	1,000.00	$	1,015.10	$	3.20
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.62	$	3.21

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—82.8% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—39.3%
Fannie Mae 20 Yr. Pool
2.000%, 11/01/41		4,032,820	$	3,427,022
2.000%, 12/01/41		177,851		150,438
2.500%, 10/01/40		2,923,697		2,585,763
2.500%, 03/01/41		477,994		420,295
2.500%, 04/01/41		818,114		718,863
2.500%, 05/01/41		1,831,632		1,607,115
3.000%, 07/01/35		426,773		397,799
3.000%, 02/01/36		660,944		613,004
3.000%, 04/01/36		495,991		460,267
3.000%, 07/01/36		1,059,044		980,467
3.000%, 08/01/36		5,534,115		5,121,781
3.000%, 10/01/36		2,188,588		2,023,451
3.000%, 12/01/36		1,809,041		1,671,427
3.000%, 12/01/37		413,507		380,687
3.000%, 06/01/38		558,290		516,893
3.500%, 12/01/34		124,255		117,581
3.500%, 01/01/35		84,743		80,192
3.500%, 02/01/37		149,730		141,683
3.500%, 03/01/37		96,917		91,720
3.500%, 12/01/37		158,970		150,421
3.500%, 08/01/39		153,556		145,313
3.500%, 02/01/40		611,201		573,787
3.500%, 06/01/42		2,382,808		2,213,349
4.500%, 11/01/31		202,783		199,015
4.500%, 12/01/31		249,941		245,298
Fannie Mae 30 Yr. Pool
2.000%, 08/01/50		136,366		112,818
2.000%, 09/01/50		217,991		179,552
2.000%, 10/01/50		1,322,116		1,088,564
2.000%, 12/01/50		2,757,396		2,267,694
2.000%, 01/01/51		6,743,069		5,553,696
2.000%, 02/01/51		4,386,981		3,621,615
2.000%, 03/01/51		9,694,673		7,986,397
2.000%, 04/01/51		7,339,942		6,019,948
2.000%, 05/01/51		8,881,858		7,269,985
2.000%, 08/01/51		973,044		797,133
2.000%, 10/01/51		1,960,188		1,614,844
2.000%, 11/01/51		1,097,501		899,129
2.000%, 01/01/52		2,312,118		1,893,457
2.000%, 02/01/52		2,550,346		2,095,463
2.000%, 03/01/52		5,104,180		4,197,770
2.500%, 06/01/50		441,986		378,255
2.500%, 09/01/50		846,844		723,816
2.500%, 10/01/50		1,975,800		1,696,626
2.500%, 11/01/50		763,719		653,559
2.500%, 12/01/50		224,493		191,751
2.500%, 01/01/51		317,153		272,488
2.500%, 02/01/51		1,913,627		1,638,962
2.500%, 03/01/51		1,810,467		1,547,168
2.500%, 04/01/51		713,815		613,625
2.500%, 05/01/51		2,247,096		1,925,866
2.500%, 06/01/51		2,736,886		2,347,302
2.500%, 07/01/51		2,827,606		2,430,440
2.500%, 08/01/51		877,043		752,793
2.500%, 09/01/51		4,907,052		4,199,749
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
2.500%, 10/01/51		6,023,491		5,140,793
2.500%, 11/01/51		1,474,706		1,268,536
2.500%, 12/01/51		6,784,857		5,802,050
2.500%, 01/01/52		3,119,882		2,683,647
2.500%, 02/01/52		9,690,697		8,266,942
2.500%, 03/01/52		3,407,425		2,904,061
2.500%, 04/01/52		360,114		308,096
3.000%, 09/01/42		1,183,666		1,068,555
3.000%, 06/01/43		164,046		148,086
3.000%, 07/01/43		405,999		366,836
3.000%, 10/01/43		381,716		345,013
3.000%, 01/01/45		341,566		308,371
3.000%, 08/01/46		366,216		327,867
3.000%, 09/01/46		268,436		240,484
3.000%, 02/01/47		83,396		75,290
3.000%, 08/01/47		40,374		36,148
3.000%, 11/01/48		3,596,036		3,218,307
3.000%, 01/01/50		86,783		77,493
3.000%, 02/01/50		11,399,302		10,233,873
3.000%, 03/01/50		5,748,740		5,102,650
3.000%, 08/01/50		838,816		743,208
3.000%, 11/01/50		784,875		699,041
3.000%, 05/01/51		475,594		422,056
3.000%, 06/01/51		461,100		411,125
3.000%, 08/01/51		1,981,595		1,768,061
3.000%, 09/01/51		975,647		863,280
3.000%, 10/01/51		2,046,724		1,810,781
3.000%, 11/01/51		2,586,618		2,301,900
3.000%, 12/01/51		783,442		698,325
3.000%, 01/01/52		3,291,457		2,918,899
3.000%, 02/01/52		1,028,611		914,275
3.000%, 03/01/52		6,287,144		5,607,705
3.000%, 04/01/52		560,756		493,943
3.500%, 12/01/42		157,215		147,149
3.500%, 03/01/43		985,044		925,039
3.500%, 12/01/46		1,590,377		1,485,861
3.500%, 03/01/47		133,587		123,290
3.500%, 11/01/48		400,000		372,031
3.500%, 06/01/49		9,855,161		9,095,832
3.500%, 03/01/50		157,096		144,967
3.500%, 09/01/51		138,660		126,871
3.500%, 12/01/51		694,342		635,482
3.500%, 01/01/52		1,262,771		1,160,508
3.500%, 03/01/52		1,735,193		1,593,566
3.500%, 04/01/52		4,600,550		4,212,636
3.500%, 05/01/52		5,854,417		5,374,094
4.000%, 02/01/40		309,293		297,385
4.000%, 06/01/42		2,420,230		2,348,875
4.000%, 07/01/42		639,611		615,166
4.000%, 05/01/43		5,700,432		5,480,863
4.000%, 10/01/43		2,824,850		2,714,382
4.000%, 09/01/44		425,561		407,239
4.000%, 05/01/48		3,442,685		3,286,690
4.000%, 10/01/48		1,941,823		1,846,553
4.000%, 07/01/50		464,235		440,532
4.000%, 05/01/52		1,234,221		1,165,464
4.000%, 06/01/52		3,670,916		3,462,474

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 07/01/52		5,836,333	$	5,484,864
4.500%, 10/01/41		1,678,839		1,655,672
4.500%, 10/01/44		544,585		534,412
4.500%, 01/01/45		44,523		43,958
4.500%, 05/01/46		349,899		343,372
4.500%, 06/01/47		164,501		161,674
4.500%, 07/01/47		616,781		605,887
4.500%, 08/01/47		39,914		38,990
4.500%, 06/01/48		215,111		211,308
4.500%, 07/01/48		465,841		457,936
4.500%, 08/01/48		763,857		748,863
4.500%, 11/01/48		406,791		397,712
4.500%, 02/01/49		154,289		150,931
4.500%, 08/01/49		171,092		167,899
4.500%, 09/01/49		2,407,692		2,360,507
4.500%, 11/01/49		611,533		600,119
4.500%, 03/01/50		424,677		413,724
4.500%, 04/01/50		108,654		104,901
4.500%, 06/01/52		823,534		792,871
4.500%, 07/01/52		5,444,530		5,241,681
4.500%, 08/01/58		796,352		769,644
5.000%, 01/01/39		3,334		3,358
5.000%, 12/01/39		5,482		5,507
5.000%, 05/01/40		14,491		14,468
5.000%, 07/01/40		10,657		10,732
5.000%, 11/01/40		266,942		268,856
5.000%, 01/01/41		24,839		24,780
5.000%, 02/01/41		21,807		21,637
5.000%, 04/01/41		28,886		29,072
5.000%, 05/01/41		650,803		654,341
5.000%, 06/01/41		52,392		52,725
5.000%, 12/01/47		1,363,150		1,372,867
5.000%, 06/01/52		465,354		458,908
5.000%, 07/01/52		365,150		358,444
5.000%, 12/01/52		95,512		93,671
5.000%, 01/01/53		487,634		478,313
5.000%, 02/01/53		497,644		488,747
5.000%, 04/01/53		383,832		376,494
5.500%, 08/01/52		171,765		171,539
6.000%, 07/01/41		190,061		197,353
6.500%, 03/01/26		251		256
6.500%, 04/01/29		25,503		26,059
7.000%, 02/01/29		227		225
7.000%, 11/01/37		12,275		12,132
7.000%, 12/01/37		6,946		6,962
7.000%, 02/01/38		2,500		2,473
7.000%, 11/01/38		26,415		27,265
7.000%, 02/01/39		318,637		335,538
8.000%, 05/01/28		233		232
8.000%, 07/01/32		622		629
Fannie Mae Interest Strip (CMO)
3.500%, 11/25/41 (a)		610,145		92,490
4.000%, 04/25/42 (a)		888,870		162,950
4.500%, 11/25/39 (a)		498,783		90,843
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae Pool
2.149%, 02/01/32 (b)		437,900		364,675
2.500%, 10/01/50		460,924		381,877
2.500%, 05/01/51		476,668		390,202
2.500%, 01/01/52		468,425		383,443
2.500%, 09/01/61		5,297,999		4,346,572
2.930%, 06/01/30		150,744		138,756
3.250%, 05/01/29		96,723		90,435
3.450%, 03/01/29		94,934		89,765
3.500%, 08/01/42		2,720,282		2,528,948
3.500%, 09/01/42		195,628		181,870
3.500%, 10/01/42		1,388,440		1,290,474
4.000%, 10/01/42		759,184		727,732
4.000%, 11/01/42		524,781		503,087
4.000%, 07/01/43		19,362		18,562
4.000%, 08/01/43		506,188		484,692
4.500%, 01/01/59		1,608,662		1,554,710
6.500%, 12/01/27		426		426
6.500%, 05/01/32		3,635		3,669
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/42 (c)		142,179		125,505
1.000%, -1 x 1M LIBOR + 6.150%, 03/25/42 (a) (b)		2,312,790		111,987
1.000%, -1 x 1M LIBOR + 6.150%, 12/25/42 (a) (b)		249,716		25,316
1.400%, -1 x 1M LIBOR + 6.550%, 10/25/41 (a) (b)		1,570,358		109,348
1.500%, -1 x 1M LIBOR + 6.650%, 03/25/42 (a) (b)		559,240		31,342
3.500%, 10/25/48		34,446		31,850
4.261%, 01/25/43 (b)		110,335		103,029
5.500%, 07/25/41		2,911,184		2,931,625
5.500%, 04/25/42		653,988		656,822
6.000%, 05/25/42		395,655		410,471
6.500%, 06/25/39		11,609		11,729
6.500%, 07/25/42		753,077		787,560
Fannie Mae-ACES
2.232%, 02/25/27		589,896		547,971
3.061%, 05/25/27 (b)		166,237		156,189
Freddie Mac 15 Yr. Pool
3.000%, 09/01/32		179,256		168,721
3.500%, 04/01/33		1,643,561		1,574,989
Freddie Mac 20 Yr. Gold Pool
3.000%, 04/01/38		345,289		317,892
Freddie Mac 20 Yr. Pool
1.500%, 05/01/41		3,955,997		3,215,011
1.500%, 07/01/41		2,907,556		2,360,220
1.500%, 10/01/41		704,730		571,115
1.500%, 11/01/41		89,044		72,124
2.000%, 09/01/41		2,828,682		2,406,695
2.000%, 01/01/42		2,556,034		2,171,889
2.500%, 04/01/41		151,378		133,103
2.500%, 07/01/51		288,443		236,047
3.500%, 01/01/38		1,890,768		1,788,402
Freddie Mac 30 Yr. Gold Pool
3.000%, 04/01/47		464,198		415,895
3.500%, 06/01/46		258,335		240,531

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
4.000%, 04/01/43		549,245	$	525,780
4.000%, 07/01/43		1,588,442		1,528,307
4.000%, 08/01/43		1,573,430		1,513,280
4.500%, 06/01/38		476,872		470,603
4.500%, 04/01/47		276,520	��	269,740
4.500%, 05/01/47		246,458		242,135
4.500%, 06/01/47		453,724		445,003
4.500%, 04/01/49		229,790		225,469
5.000%, 08/01/33		8,401		8,471
5.000%, 01/01/40		7,717		7,740
5.000%, 04/01/41		9,220		9,297
5.000%, 04/01/44		16,978		17,047
6.500%, 09/01/39		89,125		93,244
8.000%, 09/01/30		1,205		1,237
Freddie Mac 30 Yr. Pool
2.000%, 11/01/50		874,454		722,685
2.000%, 02/01/51		2,248,874		1,858,006
2.000%, 03/01/51		3,451,250		2,842,971
2.000%, 04/01/51		2,064,406		1,710,894
2.000%, 05/01/51		3,672,016		3,019,164
2.000%, 06/01/51		4,756,180		3,908,615
2.000%, 08/01/51		1,306,597		1,069,277
2.000%, 11/01/51		6,025,113		4,926,591
2.000%, 01/01/52		94,611		77,428
2.000%, 02/01/52		554,239		454,290
2.500%, 06/01/50		123,892		106,179
2.500%, 10/01/50		1,142,914		983,474
2.500%, 11/01/50		3,742,989		3,219,832
2.500%, 12/01/50		4,081,988		3,504,141
2.500%, 01/01/51		1,163,689		994,495
2.500%, 02/01/51		529,046		449,682
2.500%, 03/01/51		226,575		195,668
2.500%, 05/01/51		164,123		142,270
2.500%, 07/01/51		4,416,707		3,776,187
2.500%, 08/01/51		3,056,898		2,624,601
2.500%, 09/01/51		2,641,337		2,248,374
2.500%, 11/01/51		9,903,822		8,489,022
2.500%, 01/01/52		22,178,752		18,997,599
2.500%, 02/01/52		1,192,658		1,023,911
2.500%, 03/01/52		636,744		546,065
3.000%, 10/01/46		264,946		237,187
3.000%, 09/01/48		1,102,922		985,775
3.000%, 09/01/49		3,238,640		2,894,778
3.000%, 11/01/49		710,702		633,921
3.000%, 01/01/50		44,499		39,647
3.000%, 03/01/50		63,449		56,595
3.000%, 05/01/50		177,935		158,893
3.000%, 02/01/51		254,097		225,572
3.000%, 06/01/51		80,585		71,625
3.000%, 10/01/51		552,580		490,990
3.000%, 01/01/52		2,593,266		2,289,725
3.000%, 04/01/52		1,059,379		937,183
3.500%, 07/01/47		4,059,463		3,746,386
3.500%, 01/01/48		83,865		77,417
3.500%, 04/01/52		3,755,552		3,445,376
3.500%, 05/01/52		1,224,759		1,122,009
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Pool
4.000%, 10/01/51		155,525		146,211
4.000%, 05/01/52		1,016,369		954,746
4.000%, 06/01/52		3,258,024		3,060,497
4.000%, 07/01/52		293,011		275,000
4.500%, 03/01/49		192,489		188,418
4.500%, 07/01/49		342,221		334,348
4.500%, 09/01/50		25,428		24,827
4.500%, 06/01/52		4,093,950		3,953,183
5.000%, 01/01/36		10,437		10,511
5.000%, 06/01/41		969,493		969,733
5.000%, 07/01/52		1,867,016		1,833,654
5.000%, 12/01/52		392,669		385,397
5.000%, 01/01/53		1,066,390		1,046,617
5.000%, 03/01/53		589,393		580,313
5.000%, 04/01/53		798,142		782,885
5.500%, 04/01/53		1,882,075		1,874,958
6.000%, 10/01/36		263,079		271,961
Freddie Mac ARM Non-Gold Pool
2.107%, 5Y H15 + 1.285%, 03/01/47 (b)		251,202		236,042
2.872%, 12M LIBOR + 1.619%, 11/01/47 (b)		973,120		920,637
3.005%, 12M LIBOR + 1.628%, 11/01/48 (b)		3,352,814		3,140,312
3.098%, 12M LIBOR + 1.621%, 02/01/50 (b)		1,634,426		1,548,593
Freddie Mac Multifamily Structured Pass-Through Certificates
0.511%, 12/25/28 (a) (b)		63,188,740		1,088,470
0.637%, 01/25/34 (a) (b)		51,683,764		1,844,299
0.654%, 01/25/29 (a) (b)		84,970,880		2,073,239
0.833%, 09/25/27 (a) (b)		16,772,885		434,882
0.938%, 11/25/30 (a) (b)		26,254,195		1,249,046
0.971%, 11/25/30 (a) (b)		34,593,922		1,717,443
3.291%, 03/25/27		4,670,000		4,387,674
Freddie Mac Pool
3.500%, 10/01/42		388,862		361,515
3.500%, 02/01/44		156,942		145,889
Freddie Mac REMICS (CMO)
2.500%, 01/25/51 (a)		22,961,679		3,627,422
4.500%, 04/15/32		114,469		111,389
6.000%, 05/15/36		177,449		182,377
Freddie Mac STACR REMIC Trust (CMO)
6.067%, SOFR30A + 1.000%, 01/25/42 (144A) (b)		2,511,837		2,468,150
6.367%, SOFR30A + 1.300%, 02/25/42 (144A) (b)		2,447,093		2,433,067
6.567%, SOFR30A + 1.500%, 10/25/41 (144A) (b)		2,270,000		2,213,250
7.167%, SOFR30A + 2.100%, 10/25/33 (144A) (b)		980,000		961,272
7.267%, SOFR30A + 2.200%, 05/25/42 (144A) (b)		990,017		996,334
7.367%, SOFR30A + 2.300%, 08/25/33 (144A) (b)		1,909,785		1,910,981
7.467%, SOFR30A + 2.400%, 02/25/42 (144A) (b)		3,420,000		3,379,405
Ginnie Mae I 30 Yr. Pool
3.000%, 09/15/42		302,770		275,885
3.000%, 10/15/42		1,644,958		1,489,863
3.000%, 11/15/42		601,940		541,053
3.500%, 06/15/48		1,975,401		1,865,500
3.500%, 05/15/50		328,862		307,731
4.000%, 03/15/50		32,069		30,739
5.500%, 06/15/36		146,619		150,007
6.000%, 03/15/33		340,900		348,770
6.500%, 06/15/31		838		854
6.500%, 08/15/34		65,070		66,375

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
7.500%, 09/15/29		478	$	480
8.500%, 06/15/25		2,290		2,293
Ginnie Mae II 30 Yr. Pool
2.000%, 04/20/51		543,489		458,157
2.500%, 10/20/49		386,035		336,745
2.500%, 02/20/51		5,469,913		4,758,466
2.500%, 03/20/51		5,696,886		4,952,472
2.500%, 04/20/51		805,493		700,089
2.500%, 06/20/51		85,420		73,176
2.500%, 08/20/51		84,622		72,501
2.500%, 10/20/51		3,639,061		3,149,977
2.500%, 11/20/51		174,987		151,505
2.500%, 12/20/51		978,777		846,106
2.500%, 08/20/52		15,252,749		13,213,692
2.500%, TBA (d)		100,000		86,586
3.000%, 11/20/46		166,619		151,209
3.000%, 09/20/47		53,022		47,980
3.000%, 11/20/47		67,273		60,902
3.000%, 12/20/47		714,342		645,990
3.000%, 01/20/50		609,479		547,998
3.000%, 02/20/51		106,528		96,120
3.000%, 09/20/51		8,825,300		7,915,863
3.000%, 11/20/51		11,497,855		10,306,379
3.000%, 01/20/52		94,846		83,800
3.000%, 02/20/52		2,543,313		2,280,486
3.000%, 03/20/52		1,062,281		951,648
3.000%, 04/20/52		2,426,495		2,126,394
3.500%, 06/20/44		646,107		608,692
3.500%, 03/20/45		50,327		47,170
3.500%, 01/20/46		132,736		124,613
3.500%, 03/20/46		705,505		660,747
3.500%, 04/20/46		368,231		344,876
3.500%, 05/20/46		172,680		161,900
3.500%, 06/20/46		293,395		275,180
3.500%, 07/20/46		177,222		165,981
3.500%, 09/20/46		16,224		15,205
3.500%, 05/20/47		2,351,058		2,208,593
3.500%, 09/20/48		446,786		417,633
3.500%, 02/20/49		13,920		12,995
3.500%, 10/20/49		106,161		97,817
3.500%, 01/20/50		1,007,786		936,585
3.500%, 02/20/50		151,316		139,641
3.500%, 07/20/50		178,590		166,562
3.500%, 02/20/52		10,426,025		9,622,391
3.500%, 03/20/52		478,440		436,787
3.500%, 06/20/52		564,809		510,049
4.000%, 09/20/45		223,205		216,272
4.000%, 11/20/45		2,631,262		2,532,096
4.000%, 08/20/46		1,914,402		1,835,115
4.000%, 06/20/47		847,338		813,314
4.000%, 07/20/47		143,375		137,626
4.000%, 11/20/47		408,804		392,377
4.000%, 12/20/47		157,791		151,451
4.000%, 02/20/48		147,429		141,502
4.000%, 03/20/48		1,135,741		1,090,270
4.000%, 04/20/48		139,845		134,019
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.000%, 08/20/48		1,575,690		1,509,486
4.000%, 09/20/48		438,790		418,638
4.000%, 03/20/49		243,014		232,362
4.000%, 04/20/49		210,654		201,313
4.000%, 11/20/49		76,561		72,729
4.000%, 01/20/50		119,575		116,181
4.000%, 02/20/50		94,353		91,465
4.000%, 03/20/50		59,635		57,927
4.000%, 04/20/50		423,945		404,439
4.000%, 06/20/52		1,054,264		1,000,176
4.000%, 04/20/53		297,998		281,951
4.000%, TBA (d)		800,000		756,969
4.500%, 01/20/40		186,240		184,941
4.500%, 05/20/40		236,954		235,299
4.500%, 09/20/40		5,305		5,242
4.500%, 01/20/41		45,281		44,965
4.500%, 07/20/41		290,385		288,359
4.500%, 08/20/47		273,346		268,161
4.500%, 04/20/48		414,562		405,922
4.500%, 05/20/48		761,159		745,071
4.500%, 06/20/48		761,659		745,071
4.500%, 07/20/48		57,607		56,186
4.500%, 08/20/48		1,942,000		1,898,199
4.500%, 09/20/48		167,022		163,252
4.500%, 10/20/48		404,683		395,449
4.500%, 12/20/48		177,172		173,064
4.500%, 01/20/49		1,550,494		1,514,338
4.500%, 02/20/49		574,642		561,071
4.500%, 03/20/49		1,477,052		1,442,168
4.500%, 04/20/49		186,423		182,024
4.500%, 02/20/50		258,146		252,179
4.500%, 03/20/50		167,600		163,825
4.500%, 12/20/50		250,367		244,555
4.500%, 05/20/52		1,232,973		1,190,756
4.500%, 08/20/52		967,684		934,599
4.500%, 09/20/52		2,619,427		2,534,918
4.500%, TBA (d)		400,000		386,063
5.000%, 07/20/40		191,110		194,186
5.000%, 05/20/48		127,429		127,124
5.000%, 10/20/48		247,562		246,778
5.000%, 11/20/48		337,424		336,685
5.000%, 12/20/48		390,665		389,007
5.000%, 01/20/49		260,322		258,904
5.000%, 03/20/49		79,133		78,700
5.000%, 04/20/49		187,742		186,655
5.000%, 12/20/49		117,703		117,421
5.000%, 01/20/50		78,515		78,243
5.000%, 04/20/50		65,463		65,350
5.000%, 09/20/52		484,843		483,252
5.000%, 10/20/52		1,856,652		1,829,735
5.000%, 11/20/52		1,470,032		1,445,837
5.000%, 12/20/52		196,652		193,434
5.000%, 01/20/53		882,176		879,248
5.000%, 02/20/53		694,532		687,513
5.000%, TBA (d)		300,000		294,797
5.500%, 11/20/52		1,766,943		1,760,247

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
5.500%, 02/20/53		1,690,686	$	1,695,188
5.500%, TBA (d)		800,000		796,250
6.000%, 11/20/34		551		576
6.000%, 06/20/35		855		895
6.000%, 07/20/36		42,064		44,005
6.000%, 09/20/36		2,041		2,136
6.000%, 07/20/38		118,390		123,884
6.000%, 09/20/38		283,533		296,623
6.000%, 06/20/39		1,391		1,455
6.000%, 05/20/40		22,940		23,992
6.000%, 06/20/40		79,493		83,168
6.000%, 08/20/40		45,923		48,055
6.000%, 09/20/40		101,394		106,105
6.000%, 10/20/40		47,216		49,402
6.000%, 11/20/40		86,349		90,356
6.000%, 01/20/41		47,857		49,355
6.000%, 03/20/41		310,221		324,450
6.000%, 07/20/41		71,822		75,155
6.000%, 12/20/41		36,693		38,396
6.500%, 10/20/37		112,981		119,011
Government National Mortgage Association
Zero Coupon, 09/16/46 (a) (b)		7,836,770		78
0.029%, 03/16/49 (a) (b)		1,234,582		142
0.051%, 10/16/54 (a) (b)		10,508,672		15,764
0.095%, 04/16/54 (a) (b)		13,225,056		57,152
0.130%, 02/16/53 (a) (b)		4,582,415		13,501
0.147%, 02/16/48 (a) (b)		912,819		4,059
0.618%, 03/16/60 (a) (b)		1,438,145		50,451
0.629%, 09/16/55 (a) (b)		6,298,380		158,357
0.633%, 10/16/58 (a) (b)		11,351,668		374,233
0.640%, 02/16/61 (a) (b)		1,363,587		67,223
0.706%, 12/16/59 (a) (b)		26,630,013		1,141,719
1.012%, 02/16/46 (a) (b)		2,886,499		47,529
Government National Mortgage Association (CMO)
0.942%, 1M LIBOR + 6.100%, 08/16/42 (a) (b)		363,745		33,254
1.504%, 1M LIBOR + 6.650%, 01/20/40 (a) (b)		35,696		233
3.000%, 07/20/49		573,174		509,042
3.765%, 12M LIBOR + 0.250%, 10/20/68 (b)		1,570,331		1,549,934
4.000%, 08/20/48		44,672		42,520
4.389%, 1M LIBOR + 0.450%, 07/20/70 (b)		1,829,801		1,767,158
4.423%, 1M LIBOR + 0.450%, 07/20/70 (b)		2,721,460		2,623,688
4.548%, 1M LIBOR + 0.500%, 07/20/70 (b)		288,745		280,380
4.855%, 1M LIBOR + 1.150%, 05/20/70 (b)		1,058,837		1,047,643
5.474%, 1M LIBOR + 0.380%, 12/20/60 (b)		7,767,021		7,709,675
5.494%, 1M LIBOR + 0.400%, 12/20/60 (b)		1,646,866		1,635,908
5.494%, 1M LIBOR + 0.400%, 08/20/70 (b)		46,731		46,278
5.524%, 1M LIBOR + 0.430%, 10/20/64 (b)		2,964,273		2,939,886
5.574%, 1M LIBOR + 0.480%, 03/20/61 (b)		1,355,645		1,348,079
5.594%, 1M LIBOR + 0.500%, 12/20/60 (b)		13,519,259		13,440,024
6.344%, 1M LIBOR + 1.250%, 04/20/70 (b)		110,498		111,339
Uniform Mortgage-Backed Securities 30 Yr. Pool
5.000%, TBA (d)		2,500,000		2,449,609
				568,886,600
Federal Agencies—35.9%
Fannie Mae Principal Strip
Zero Coupon, 05/15/30		30,000,000		22,431,234
Federal Agricultural Mortgage Corp.
0.260%, 10/02/23		10,000,000		9,874,312
Federal Farm Credit Banks Funding Corp.
0.200%, 01/04/24		10,000,000		9,736,366
0.220%, 09/08/23		10,000,000		9,907,606
0.230%, 01/19/24		15,000,000		14,578,223
0.375%, 01/15/25		10,000,000		9,295,701
0.460%, 11/03/25		10,000,000		9,063,632
0.500%, 12/01/23		30,000,000		29,387,618
0.680%, 12/20/23		10,000,000		9,784,238
0.780%, 06/16/25		10,000,000		9,210,643
0.875%, 11/18/24		5,000,000		4,709,539
1.050%, 11/17/25		10,000,000		9,139,096
1.240%, 09/03/30		8,000,000		6,425,487
1.680%, 09/17/35		1,195,000		867,049
1.750%, 02/25/25		18,350,000		17,415,067
2.600%, 04/05/27		10,000,000		9,371,257
2.625%, 05/16/24		15,000,000		14,636,200
2.700%, 10/26/27		10,000,000		9,354,243
5.480%, 06/27/42		3,000,000		2,916,273
Federal Home Loan Banks
0.125%, 08/28/23		7,000,000		6,942,344
0.375%, 09/04/25		15,000,000		13,664,431
0.500%, 04/14/25		14,000,000		12,952,729
1.750%, 09/12/25		10,000,000		9,343,727
2.250%, 03/04/36		10,000,000		7,645,055
2.500%, 02/13/24		10,000,000		9,824,976
2.750%, 12/13/24		10,000,000		9,645,839
3.000%, 07/08/24		7,000,000		6,829,062
3.250%, 11/16/28		20,000,000		19,113,456
Federal Home Loan Mortgage Corp.
Zero Coupon, 12/14/29		7,443,000		5,692,269
Zero Coupon, 12/17/29		5,562,000		4,257,684
Zero Coupon, 12/15/36		24,765,000		13,444,909
0.125%, 10/16/23		10,000,000		9,846,272
0.250%, 11/06/23		10,000,000		9,827,061
Federal National Mortgage Association
0.625%, 04/22/25		5,000,000		4,624,078
2.625%, 09/06/24		22,000,000		21,347,830
Freddie Mac Strips
Zero Coupon, 07/15/28		5,400,000		4,374,827
Zero Coupon, 07/15/32		9,000,000		6,075,073
Resolution Funding Corp. Interest Strip
Zero Coupon, 07/15/26		4,230,000		3,674,481
Zero Coupon, 07/15/27		8,012,000		6,694,237
Zero Coupon, 01/15/29		6,988,000		5,396,607
Zero Coupon, 07/15/29		14,000,000		10,689,161
Zero Coupon, 10/15/29		14,996,000		11,422,477
Resolution Funding Corp. Principal Strip
Zero Coupon, 01/15/30		30,000,000		22,505,394
Zero Coupon, 04/15/30		40,000,000		29,654,777
Tennessee Valley Authority
3.875%, 03/15/28		15,000,000		14,758,408

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
United States Department of Housing and Urban Development
2.668%, 08/01/24		8,000,000	$	7,763,246
2.738%, 08/01/25		6,000,000		5,703,898
United States International Development Finance Corp.
1.110%, 05/15/29		12,000,000		10,655,561
3.540%, 06/15/30		8,235,556		7,781,517
				520,255,170
U.S. Treasury—7.6%
U.S. Treasury Bonds
3.000%, 05/15/45		4,600,000		3,885,024
4.000%, 11/15/42		5,400,000		5,365,406
U.S. Treasury Inflation Indexed Notes
0.500%, 01/15/28 (e)		12,911,325		12,075,367
1.625%, 10/15/27 (e)		15,358,650		15,131,420
U.S. Treasury Notes
1.125%, 08/31/28		39,000,000		33,602,461
1.875%, 07/31/26		42,900,000		39,719,367
				109,779,045
Total U.S. Treasury & Government Agencies (Cost $1,315,742,238)				1,198,920,815
Foreign Government—7.9%
Sovereign—7.9%
Colombia Government International Bond
5.625%, 02/26/44		4,840,000		3,594,949
Indonesia Government International Bond
4.750%, 02/11/29		6,280,000		6,231,330
Israel Government AID Bonds
5.500%, 09/18/23		2,000,000		1,999,163
5.500%, 12/04/23		33,000,000		32,982,123
5.500%, 04/26/24		21,550,000		21,533,391
5.500%, 09/18/33		6,961,000		7,644,611
Mexico Government International Bond
4.500%, 04/22/29 (f)		12,280,000		11,915,932
Panama Government International Bond
3.750%, 03/16/25		5,650,000		5,465,785
Peruvian Government International Bonds
3.300%, 03/11/41		3,420,000		2,632,237
3.550%, 03/10/51		1,090,000		814,786
3.600%, 01/15/72		1,580,000		1,073,231
6.550%, 03/14/37		320,000		358,400
Qatar Government International Bond
5.103%, 04/23/48 (144A)		7,300,000		7,268,552
Republic of Poland Government International Bonds
3.250%, 04/06/26		5,010,000		4,816,213
4.000%, 01/22/24		2,858,000		2,831,626
Uruguay Government International Bond
5.100%, 06/18/50		3,200,000		3,182,887
Total Foreign Government (Cost $130,605,581)				114,345,216

Corporate Bonds & Notes—4.2%
Security Description	Principal Amount*		Value
Chemicals—0.1%
MEGlobal B.V.
4.250%, 11/03/26 (144A)		1,540,000	$	1,476,050
Diversified Financial Services—3.1%
Private Export Funding Corp.
3.250%, 06/15/25		20,000,000		19,258,539
5.500%, 03/14/25 (144A)		25,000,000		25,051,278
				44,309,817
Electric—0.6%
Enel Chile S.A.
4.875%, 06/12/28		4,000,000		3,845,727
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.450%, 05/21/28 (144A)		4,000,000		4,010,400
				7,856,127
Oil & Gas—0.4%
Ecopetrol S.A.
5.375%, 06/26/26		4,260,000		4,076,862
Petroleos Mexicanos
6.375%, 01/23/45		3,610,000		2,217,257
				6,294,119
Total Corporate Bonds & Notes (Cost $48,727,744)				59,936,113
Mortgage-Backed Securities—3.9%
Collateralized Mortgage Obligations—2.1%
Alternative Loan Trust
5.357%, 1M LIBOR + 0.200%, 07/20/46 (b)		936,128		747,010
Banc of America Mortgage Trust
4.370%, 07/25/35 (b)		10,877		9,931
CIM Trust
1.425%, 07/25/61 (144A) (b)		2,477,724		2,108,178
5.000%, 05/25/62 (144A) (b)		2,902,057		2,811,147
Citigroup Mortgage Loan Trust, Inc.
5.410%, 1Y H15 + 2.400%, 10/25/35 (b)		25,253		23,446
Credit Suisse Mortgage Trust
0.830%, 03/25/56 (144A) (b)		663,262		504,522
1.169%, 03/25/56 (144A) (b)		570,982		400,848
CSMC Trust
0.938%, 05/25/66 (144A) (b)		1,028,049		794,219
1.756%, 10/25/66 (144A) (b)		665,513		548,139
2.000%, 10/25/60 (144A) (b)		838,186		723,791
3.904%, 04/25/62 (144A) (b)		1,826,406		1,669,871
7.317%, SOFR30A + 2.500%, 10/25/66 (144A) † (b)		2,134,486		2,076,192
Ellington Financial Mortgage Trust
3.001%, 01/25/67 (144A) (b)		950,000		671,080
GMACM Mortgage Loan Trust
3.623%, 11/19/35 (b)		73,899		67,561
GS Mortgage-Backed Securities Trust
3.750%, 10/25/57 (144A)		1,674,065		1,580,044
4.000%, 05/25/62 (144A) (b)		737,699		661,595

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
JPMorgan Mortgage Trust
3.500%, 10/25/48 (144A) (b)		403,682	$	357,069
4.274%, 06/25/34 (b)		42,335		39,382
Legacy Mortgage Asset Trust
2.250%, 07/25/67 (144A) (g)		757,684		700,274
MASTR Adjustable Rate Mortgages Trust
2.874%, 02/25/34 (b)		98,771		80,821
MASTR Reperforming Loan Trust
3.491%, 05/25/35 (144A) (b)		1,892,336		975,386
7.000%, 08/25/34 (144A)		192,869		147,372
Morgan Stanley Mortgage Loan Trust
3.162%, 07/25/35 (b)		50,900		44,158
5.290%, 1M LIBOR + 0.140%, 06/25/36 (b)		413,267		82,009
New Residential Mortgage Loan Trust
1.156%, 11/27/56 (144A) (b)		575,178		464,365
2.750%, 07/25/59 (144A) (b)		1,292,993		1,191,854
3.250%, 09/25/56 (144A) (b)		1,101,086		987,952
4.000%, 02/25/57 (144A) (b)		949,405		884,842
4.000%, 05/25/57 (144A) (b)		1,428,523		1,305,305
NovaStar Mortgage Funding Trust
0.440%, 1M LIBOR + 0.380%, 09/25/46 (b)		415,675		396,967
OBX Trust
1.054%, 07/25/61 (144A) (b)		704,665		529,595
5.949%, 02/25/63 (144A) (g)		707,959		701,368
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
1.510%, 08/25/56 (144A) (b)		1,592,910		1,240,085
2.071%, 11/25/56 (144A) (b)		824,435		674,829
Reperforming Loan REMIC Trust
5.570%, 1M LIBOR + 0.420%, 07/25/36 (144A) (b)		178,299		161,885
SACO I Trust
4.192%, 06/25/21 (144A) (b)		17,331		14,334
Structured Asset Mortgage Investments II Trust
5.510%, 1M LIBOR + 0.360%, 07/25/46 (b)		83,426		69,041
Structured Asset Securities Corp.
3.788%, 06/25/35 (144A) (b)		55,703		49,450
5.500%, 1M LIBOR + 0.350%, 04/25/35 (144A) (b)		1,224,218		1,055,480
Towd Point Mortgage Trust
1.636%, 04/25/60 (144A) (b)		818,970		707,403
3.000%, 04/25/60 (144A) (b)		940,000		705,903
7.050%, 1M LIBOR + 1.900%, 05/25/58 (144A) (b)		950,000		929,065
				29,893,768
Commercial Mortgage-Backed Securities—1.8%
BANK
3.538%, 11/15/54		1,580,000		1,449,213
5.779%, 04/15/56		770,000		766,691
Benchmark Mortgage Trust
5.525%, 04/15/56		2,700,000		2,742,935
BLP Commercial Mortgage Trust
6.839%, 1M LIBOR + 1.692%, 03/15/40 (144A) (b)		4,300,000		4,235,883
BX Commercial Mortgage Trust
7.428%, 1M LIBOR + 2.281%, 06/15/40 (144A) (b)		1,130,000		1,125,752
BX Trust
5.997%, 1M LIBOR + 0.850%, 01/15/39 (144A) (b)		3,000,000		2,915,338
6.062%, 1M LIBOR + 0.914%, 02/15/36 (144A) (b)		740,000		716,432
Commercial Mortgage-Backed Securities—(Continued)
Citigroup Commercial Mortgage Trust
6.015%, 06/10/28 (144A) (b)		1,520,000		1,517,102
GS Mortgage Securities Trust
2.911%, 02/13/53		3,414,000		2,919,073
LAQ Mortgage Trust
7.238%, 1M LIBOR + 2.091%, 03/15/36 (144A) (b)		985,208		980,891
Morgan Stanley Bank of America Merrill Lynch Trust
3.459%, 12/15/49		3,129,700		2,903,213
4.039%, 11/15/46		1,390,000		1,376,515
MTN Commercial Mortgage Trust
6.544%, 1M LIBOR + 1.397%, 03/15/39 (144A) (b)		2,980,000		2,924,103
				26,573,141
Total Mortgage-Backed Securities (Cost $61,261,815)				56,466,909
Asset-Backed Securities—0.1%
Asset-Backed—Home Equity—0.0%
Morgan Stanley Mortgage Loan Trust
5.330%, 1M LIBOR + 0.180%, 12/25/36 (b)		112,629		44,275
5.450%, 1M LIBOR + 0.300%, 03/25/36 (b)		40,701		39,849
				84,124
Asset-Backed—Other—0.1%
Structured Asset Investment Loan Trust
6.350%, 1M LIBOR + 1.200%, 08/25/34 (b)		796,473		774,281
Structured Asset Securities Corp. Mortgage Loan Trust
5.370%, 1M LIBOR + 0.220%, 02/25/36 (144A) (b)		4,554,543		101,914
				876,195
Total Asset-Backed Securities (Cost $2,911,861)				960,319
Short-Term Investments—1.0%
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/23 at 2.300%, due on 07/03/23 with a maturity value of $3,118,257; collateralized by U.S. Treasury Note at 4.625%, maturing 03/15/26, with a market value of $3,180,104.		3,117,660		3,117,660
U.S. Treasury—0.8%
U.S. Treasury Bill
4.901%, 08/17/23 (h)		11,900,000		11,823,215
Total Short-Term Investments (Cost $14,941,452)				14,940,875
Total Investments—99.9% (Cost $1,574,190,691)				1,445,570,247
Other assets and liabilities (net)—0.1%				1,948,585
Net Assets—100.0%			$	1,447,518,832

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2023, the market value of restricted securities was $2,076,192, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Interest only security.
(b)	Variable or floating rate security. The stated rate represents the rate at June 30, 2023. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(c)	Principal only security.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(e)	Principal amount of security is adjusted for inflation.
(f)	All or a portion of the security was held on loan. As of June 30, 2023, the market value of securities loaned was $348,357 and the collateral received consisted of non-cash collateral with a value of $358,458. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(g)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(h)	The rate shown represents current yield to maturity.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2023, the market value of 144A securities was $95,019,596, which is 6.6% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
CSMC Trust, 7.317%, 10/25/66		07/14/22	$	2,134,486	$	2,134,486	$	2,076,192

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond Futures		09/20/23		90		USD	11,421,563	$	(193	)
U.S. Treasury Note 10 Year Futures		09/20/23		95		USD	10,665,234		(129,957	)
U.S. Treasury Note 5 Year Futures		09/29/23		517		USD	55,367,469		(1,306,662	)
Net Unrealized Depreciation								$	(1,436,812	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(REMIC)—	Real Estate Mortgage Investment Conduit
(ACES)—	Alternative Credit Enhancement Securities
(STACR)—	Structured Agency Credit Risk
(CMO)—	Collateralized Mortgage Obligation

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2023 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2023:

Description	Level 1			Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,198,920,815	$	—	$	1,198,920,815
Total Foreign Government*		—			114,345,216		—		114,345,216
Total Corporate Bonds & Notes*		—			59,936,113		—		59,936,113
Total Mortgage-Backed Securities*		—			56,466,909		—		56,466,909
Total Asset-Backed Securities*		—			960,319		—		960,319
Total Short-Term Investments*		—			14,940,875		—		14,940,875
Total Investments	$	—		$	1,445,570,247	$	—	$	1,445,570,247
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(1,436,812	)	$	—	$	—	$	(1,436,812	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statement of Assets and Liabilities

June 30, 2023 (Unaudited)

Assets
Investments at value (a)(b)	$	1,445,570,247
Cash collateral for futures contracts		1,301,300
Receivable for:
Fund shares sold		694,494
Principal paydowns		70,192
Interest		5,639,871
Variation margin on futures contracts		112,112
Prepaid expenses		12,084
Total Assets		1,453,400,300
Liabilities
Payables for:
TBA securities purchased		4,797,207
Fund shares redeemed		103,319
Accrued Expenses:
Management fees		549,989
Distribution and service fees		63,568
Deferred trustees’ fees		154,234
Other expenses		213,151
Total Liabilities		5,881,468
Net Assets	$	1,447,518,832
Net Assets Consist of:
Paid in surplus	$	1,742,741,679
Distributable earnings (Accumulated losses)		(295,222,847	)
Net Assets	$	1,447,518,832
Net Assets
Class A	$	1,132,485,152
Class B		301,473,420
Class E		13,560,260
Capital Shares Outstanding*
Class A		110,851,028
Class B		29,612,245
Class E		1,330,199
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.22
Class B		10.18
Class E		10.19

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,574,190,691.
(b)	Includes securities loaned at value of $348,357.

Statement of Operations

Six Months Ended June 30, 2023 (Unaudited)

Investment Income
Interest	$	21,244,640
Securities lending income		3,024
Total investment income		21,247,664
Expenses
Management fees		3,529,968
Administration fees		38,604
Custodian and accounting fees		91,840
Distribution and service fees—Class B		375,089
Distribution and service fees—Class E		10,292
Audit and tax services		35,378
Legal		21,516
Trustees’ fees and expenses		17,766
Shareholder reporting		27,418
Insurance		7,230
Miscellaneous		9,005
Total expenses		4,164,106
Less management fee waiver		(169,695	)
Net expenses		3,994,411
Net Investment Income		17,253,253
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(5,577,733	)
Futures contracts		(545,116	)
Net realized gain (loss)		(6,122,849	)
Net change in unrealized appreciation (depreciation) on:
Investments		13,579,757
Futures contracts		(1,196,315	)
Net change in unrealized appreciation (depreciation)		12,383,442
Net realized and unrealized gain (loss)		6,260,593
Net Increase (Decrease) in Net Assets From Operations	$	23,513,846

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	17,253,253		$	23,542,377
Net realized gain (loss)		(6,122,849	)		(38,710,791	)
Net change in unrealized appreciation (depreciation)		12,383,442			(148,836,492	)
Increase (decrease) in net assets from operations		23,513,846			(164,004,906	)
From Distributions to Shareholders
Class A		(26,339,958	)		(29,881,117	)
Class B		(6,192,310	)		(6,716,761	)
Class E		(291,071	)		(335,920	)
Total distributions		(32,823,339	)		(36,933,798	)
Increase (decrease) in net assets from capital share transactions		(3,525,931	)		(266,436,445	)
Total increase (decrease) in net assets		(12,835,424	)		(467,375,149	)
Net Assets
Beginning of period		1,460,354,256			1,927,729,405
End of period	$	1,447,518,832		$	1,460,354,256

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2023 (Unaudited)						Year Ended December 31, 2022
	Shares			Value			Shares			Value
Class A
Sales		942,592		$	9,883,551			1,219,504		$	13,184,971
Reinvestments		2,579,820			26,339,958			2,867,670			29,881,117
Redemptions		(4,491,032	)		(47,093,994	)		(23,993,655	)		(258,436,571	)
Net increase (decrease)		(968,620	)	$	(10,870,485	)		(19,906,481	)	$	(215,370,483	)
Class B
Sales		2,098,984		$	21,845,269			3,089,388		$	33,212,463
Reinvestments		608,282			6,192,310			647,087			6,716,761
Redemptions		(1,936,959	)		(20,171,588	)		(8,317,215	)		(89,135,628	)
Net increase (decrease)		770,307		$	7,865,991			(4,580,740	)	$	(49,206,404	)
Class E
Sales		53,965		$	562,960			62,148		$	673,994
Reinvestments		28,564			291,071			32,331			335,920
Redemptions		(131,684	)		(1,375,468	)		(267,442	)		(2,869,472	)
Net increase (decrease)		(49,155	)	$	(521,437	)		(172,963	)	$	(1,859,558	)
Increase (decrease) derived from capital shares transactions				$	(3,525,931	)				$	(266,436,445	)

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.29		$	11.58		$	12.08		$	11.85		$	11.49		$	11.65
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.13			0.16			0.10			0.20			0.29			0.25
Net realized and unrealized gain (loss)		0.04			(1.20	)		(0.28	)		0.42			0.40			(0.14	)
Total income (loss) from investment operations		0.17			(1.04	)		(0.18	)		0.62			0.69			0.11
Less Distributions
Distributions from net investment income		(0.24	)		(0.25	)		(0.32	)		(0.39	)		(0.33	)		(0.27	)
Total distributions		(0.24	)		(0.25	)		(0.32	)		(0.39	)		(0.33	)		(0.27	)
Net Asset Value, End of Period	$	10.22		$	10.29		$	11.58		$	12.08		$	11.85		$	11.49
Total Return (%) (b)		1.68	(c)		(9.01	)		(1.52	)		5.24			6.03			0.97
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52	(d)		0.51			0.50			0.51			0.50			0.50
Net ratio of expenses to average net assets (%) (e)		0.49	(d)		0.49			0.48			0.48			0.48			0.49
Ratio of net investment income (loss) to average net assets (%)		2.42	(d)		1.48			0.83			1.69			2.48			2.19
Portfolio turnover rate (%)		32	(c)(f)		103	(f)		167	(f)		226	(f)		208	(f)		255	(f)
Net assets, end of period (in millions)	$	1,132.5		$	1,150.8		$	1,525.0		$	1,493.8		$	1,544.1		$	1,581.9
	Class B
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.24		$	11.51		$	12.01		$	11.79		$	11.43		$	11.59
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.11			0.13			0.07			0.17			0.26			0.22
Net realized and unrealized gain (loss)		0.04			(1.18	)		(0.28	)		0.40			0.39			(0.14	)
Total income (loss) from investment operations		0.15			(1.05	)		(0.21	)		0.57			0.65			0.08
Less Distributions
Distributions from net investment income		(0.21	)		(0.22	)		(0.29	)		(0.35	)		(0.29	)		(0.24	)
Total distributions		(0.21	)		(0.22	)		(0.29	)		(0.35	)		(0.29	)		(0.24	)
Net Asset Value, End of Period	$	10.18		$	10.24		$	11.51		$	12.01		$	11.79		$	11.43
Total Return (%) (b)		1.50	(c)		(9.17	)		(1.77	)		4.91			5.78			0.70
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77	(d)		0.76			0.75			0.76			0.75			0.75
Net ratio of expenses to average net assets (%) (e)		0.74	(d)		0.74			0.73			0.73			0.73			0.74
Ratio of net investment income (loss) to average net assets (%)		2.17	(d)		1.24			0.58			1.43			2.23			1.94
Portfolio turnover rate (%)		32	(c)(f)		103	(f)		167	(f)		226	(f)		208	(f)		255	(f)
Net assets, end of period (in millions)	$	301.5		$	295.4		$	384.8		$	396.6		$	367.9		$	378.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31,
				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.26		$	11.54		$	12.03		$	11.81		$	11.45		$	11.61
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.14			0.08			0.18			0.27			0.23
Net realized and unrealized gain (loss)		0.04			(1.19	)		(0.27	)		0.41			0.40			(0.14	)
Total income (loss) from investment operations		0.16			(1.05	)		(0.19	)		0.59			0.67			0.09
Less Distributions
Distributions from net investment income		(0.23	)		(0.23	)		(0.30	)		(0.37	)		(0.31	)		(0.25	)
Total distributions		(0.23	)		(0.23	)		(0.30	)		(0.37	)		(0.31	)		(0.25	)
Net Asset Value, End of Period	$	10.19		$	10.26		$	11.54		$	12.03		$	11.81		$	11.45
Total Return (%) (b)		1.51	(c)		(9.12	)		(1.60	)		5.01			5.88			0.80
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.67	(d)		0.66			0.65			0.66			0.65			0.65
Net ratio of expenses to average net assets (%) (e)		0.64	(d)		0.64			0.63			0.63			0.63			0.64
Ratio of net investment income (loss) to average net assets (%)		2.27	(d)		1.34			0.69			1.54			2.33			2.04
Portfolio turnover rate (%)		32	(c)(f)		103	(f)		167	(f)		226	(f)		208	(f)		255	(f)
Net assets, end of period (in millions)	$	13.6		$	14.2		$	17.9		$	20.1		$	19.5		$	20.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 15%, 43%, 70%, 100%, 76%, and 79% for the six months ended June 30, 2023 and years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management U.S. Government Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the net assets of the Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2023 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees” ) of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of the Portfolio’s investments to assist with such oversight.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it under the agreement.

BHFTII-19

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

At June 30, 2023, the Portfolio had direct investments in repurchase agreements with a gross value of $3,117,660. which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2023.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2023 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2023 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2023.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent the Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

As of June 30, 2023, all securities on loan are classified as Foreign Government in the Portfolio’s Schedule of Investments and are collateralized by securities with a value of $358,458. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the futures contract or option may not correlate perfectly with changes in the value of the underlying asset. The exchange’s clearinghouse, as counterparty to all futures, guarantees the futures contracts against default.

BHFTII-20

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2023 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized depreciation on futures contracts (a)	$	1,436,812

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2023:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(545,116	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	(1,196,315	)

For the six months ended June 30, 2023, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	53,531,849
Futures contracts short		(17,439,379	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. COVID-19 vaccine distribution in the United States has resulted in more flexible quarantine guidelines, increased consumer demand, and resurgence of travel. However, vaccination rates and vaccine availability abroad, specifically in developing and emerging market countries, continue to lag, and new COVID-19 variants have led to waves of increased hospitalizations and deaths. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

BHFTII-21

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the right to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse. The Portfolio’s clearing broker may also require additional initial margin. Clearinghouse-related initial margin is held by the clearinghouse and additional initial margin is held by the Portfolio’s clearing broker. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of or default by the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in cleared derivative transactions with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate, by account class, customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, for the relevant account class, potentially resulting in losses to the Portfolio. Variation margin, which accounts for changes in market value, is exchanged daily, but may not be netted between futures and cleared OTC derivatives.

BHFTII-22

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

LIBOR Replacement Risk: Many financial instruments historically used a floating rate based on LIBOR, which was the offered rate at which major international banks could obtain wholesale, unsecured funding. LIBOR may have been a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may have been used in other ways that affected the Portfolio’s investment performance. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR) and the transition to new reference rates continues. Markets are developing in these new rates, but concerns around liquidity of the new rates and how to appropriately mitigate any economic value transfer as a result of the transition remain. Neither the effect of the transition process nor its ultimate success can yet be fully known. The transition away from LIBOR and use of replacement rates may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that were tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions that were historically tied to LIBOR, particularly insofar as the documentation governing such instruments did not include “fall back” provisions addressing the transition from LIBOR. The Subadviser may have exercised discretion in determining a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR and the use of replacement rates may adversely affect transactions that used LIBOR as a reference rate, financial institutions, funds and other market participants that engaged in such transactions, and the financial markets generally. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2023 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$412,260,072	$	58,089,918	$	504,317,993	$	31,499,673

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2023 were as follows:

Purchases	Sales
$258,614,912	$	293,411,867

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2023	% per annum			Average Daily Net Assets
$3,529,968		0.550	%	Of the first $500 million
		0.450	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company, LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-23

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Brighthouse Funds Trust I that are managed by the Subadviser.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2023 to April 30, 2024, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.030%	Of the first $100 million
0.050%	On amounts over $200 million and under $500 million
0.010%	On amounts over $1 billion and under $2 billion
0.030%	On amounts in excess of $2 billion

An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are included in the amount shown as a management fee waiver in the Statement of Operations.

Additionally, for the period May 1, 2023 to April 30, 2024, Brighthouse Investment Advisers has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Portfolio and those of Western Asset Management Government Income Portfolio, a series of Brighthouse Funds Trust I also advised by the Subadviser. An identical agreement was in place for the period April 29, 2022 to April 30, 2023. Amounts waived for the six months ended June 30, 2023 are included in the amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class D, Class E, Class F and Class G shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F and Class G shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.25% of each Portfolio’s average daily net assets attributable to the Class B, Class D, Class E, Class F, and Class G shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.10% of average daily net assets in the case of Class D shares, 0.15% of average daily net assets in the case of Class E shares, 0.20% of average daily net assets in the case of Class F shares and 0.30% of average daily net assets in the case of Class G shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the six months ended June 30, 2023 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTII-24

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2023 (Unaudited)—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2023 was as follows:

Cost basis of investments	$	1,575,866,612
Gross unrealized appreciation		14,393,965
Gross unrealized (depreciation)		(144,560,461	)
Net unrealized appreciation (depreciation)	$	(130,166,496	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$36,933,798	$	51,427,070	$	—	$	—	$	36,933,798	$	51,427,070

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$32,561,048	$	—	$	(156,036,054	)	$	(162,285,907	)	$	(285,760,913	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $33,463,458 and accumulated long-term capital losses of $128,822,449.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03 - Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTII-25

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Liquidity Risk Management Program (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Brighthouse Funds Trust I and Brighthouse Funds Trust II (the “Trusts”) have established a liquidity risk management program to assess, manage and periodically review liquidity risk (“Program”) with respect to each series of the Trusts (the “Portfolios” or individually a “Portfolio”). The Program is administered by the Liquidity Risk Management Committee (“LRMC”), a committee comprised of representatives of Brighthouse Investment Advisers, LLC, investment adviser to the Portfolios. The Portfolios’ Board of Trustees has approved the designation of the LRMC to administer the Program. In administering the Program, the LRMC consults with the Portfolio’s subadviser, if applicable, when the LRMC deems such consultation necessary or appropriate.

The Program’s principal objectives include supporting each Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that a Portfolio will be unable to meet its redemption obligations on a timely basis. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Portfolio’s liquidity and the periodic classification and re-classification of a Portfolio’s investments into groupings that reflect the LRMC’s assessment of their liquidity under current market conditions.

For the period April 1, 2022 through March 31, 2023, there were no liquidity events that impacted the Portfolios’ ability to timely meet redemptions. The LRMC has determined, and reported to the Board of Trustees of the Trusts, that the Program has operated adequately and effectively to manage the Portfolios’ liquidity risk over the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the liquidity-related and other risks to which an investment in a Portfolio may be subject.

BHFTII-26

(b)        Not applicable.

Item 2.  Code of Ethics.

Item applicable only to annual report on Form N-CSR.

Item 3.  Audit Committee Financial Expert.

Item applicable only to annual report on Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

Item applicable only to annual report on Form N-CSR.

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6.  Investments.

(a)        Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b)        Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.  Controls and Procedures.

(a)        The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)        There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)        Not applicable.

(b)        Not applicable.

Item 13.  Exhibits

(a)(1)     Not applicable.

(a)(2)    The certifications required by Rule 30a-2(a) under the Act are attached hereto.

(a)(3)    Not applicable.

(a)(4)     Not applicable.

(b)(1)    The certifications required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BRIGHTHOUSE FUNDS TRUST II

By:	/s/ Kristi Slavin
	Kristi Slavin
	President and Chief Executive Officer
Date:	September 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kristi Slavin
	Kristi Slavin
	President and Chief Executive Officer
Date:	September 6, 2023

By:	/s/ Alan R. Otis
	Alan R. Otis
	Chief Financial Officer and Treasurer
Date:	September 6, 2023