Brighthouse Funds Trust II · Brighthouse Funds Trust II Baillie Gifford International Stock Portfolio Schedule of Investments as of March 31, 2020 (Unaudited) Common Stocks—98.2%

Brighthouse Funds Trust II

Schedule of InvestmentsSeptember 30, 2020


Table of Contents

Schedule of Investments as of September 30, 2020Baillie Gifford International Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-1BlackRock Bond Income Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-5BlackRock Capital Appreciation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-53BlackRock Ultra-Short Term Bond Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-57Brighthouse Asset Allocation 20 Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-60Brighthouse Asset Allocation 40 Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-61Brighthouse Asset Allocation 60 Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-62Brighthouse Asset Allocation 80 Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-63Brighthouse/Artisan Mid Cap Value Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-64Brighthouse/Dimensional International Small Company Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-68Brighthouse/Wellington Balanced Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-107Brighthouse/Wellington Core Equity Opportunities Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-138Frontier Mid Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-141Jennison Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-145Loomis Sayles Small Cap Core Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-149Loomis Sayles Small Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-155MetLife Aggregate Bond Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-159MetLife Mid Cap Stock index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-177MetLife MSCI EAFE® Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-186MetLife Russell 2000® Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-198MetLife Stock Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-218MFS® Total Return Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-228MFS® Value Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-242Neuberger Berman Genesis Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-246T. Rowe Price Large Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-249T. Rowe Price Small Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-256Van Eck Global Natural Resources Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-263Western Asset Management Strategic Bond Opportunities Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-267Western Asset Management U.S. Government Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BHFTII-292

Not all Portfolios are available under every product.Refer to your prospectus for information on the Portfolios that are available.

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


Baillie Gifford International Stock Portfolio

Schedule of Investments as of September 30, 2020 (Unaudited)

Common Stocks—98.9% of Net Assets

Security Description Shares Value

Argentina—4.5%MercadoLibre, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,670 $ 84,076,222

Australia—2.3%Cochlear, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,825 16,605,102CSL, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,821 25,512,305

42,117,407

Belgium—0.7%Umicore S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,994 13,282,362

Brazil—0.3%Itau Unibanco Holding S.A. (ADR) . . . . . . . . . . . . . . . . . . . . . . 1,380,042 5,492,567

Canada—1.8%Constellation Software, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 15,376 17,085,946Ritchie Bros. Auctioneers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 286,216 16,958,298

34,044,244

China—12.0%Alibaba Group Holding, Ltd. (a) . . . . . . . . . . . . . . . . . . . . . . . 1,675,972 61,975,210KE Holdings, Inc. (ADR) (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . 154,535 9,472,996Meituan Dianping - Class B (a) . . . . . . . . . . . . . . . . . . . . . . . . 859,400 27,027,505Ping An Healthcare and Technology Co., Ltd. (a) (b) . . . . . . . . . . 1,658,600 21,419,298Ping An Insurance Group Co. of China, Ltd. - Class H . . . . . . . . . . 1,819,000 18,765,228Prosus NV (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,997 16,967,836Tencent Holdings, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 714,100 47,554,327Tencent Music Entertainment Group (ADR) (a) (b) . . . . . . . . . . . 1,328,385 19,620,246

222,802,646

Denmark—4.0%Chr Hansen Holding A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152,141 16,908,970DSV Panalpina A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,941 30,669,978Novozymes A/S - B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 413,640 26,017,553

73,596,501

Finland—2.0%Kone Oyj - Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427,242 37,559,711

France—3.0%Danone S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,693 16,279,781Edenred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520,217 23,339,717Legrand S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,116 16,215,487

55,834,985

Germany—8.8%Deutsche Boerse AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,207 42,887,413Rational AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,151 23,646,172SAP SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284,697 44,333,981Scout24 AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 612,465 53,458,078

164,325,644

Hong Kong—3.8%AIA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,874,400 38,167,406

Security Description Shares Value

Hong Kong—(Continued)Hong Kong Exchanges and Clearing, Ltd. . . . . . . . . . . . . . . . . . 710,800 $ 33,410,713

71,578,119

India—1.6%Housing Development Finance Corp., Ltd. . . . . . . . . . . . . . . . . . 1,267,100 29,950,904

Ireland—4.8%CRH plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570,863 20,551,181Kingspan Group plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391,614 35,618,520Ryanair Holdings plc (ADR) (a) . . . . . . . . . . . . . . . . . . . . . . . . 399,456 32,659,523

88,829,224

Japan—12.5%Denso Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441,000 19,316,942FANUC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,400 21,178,825Japan Exchange Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,081,000 30,251,247Nidec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,400 39,469,636Nintendo Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,100 22,796,062Shimano, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,200 26,224,858SMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,200 33,504,768Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,500 23,519,111Toyota Tsusho Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,500 15,793,052

232,054,501

Netherlands—5.8%Adyen NV (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,239 11,497,584ASML Holding NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,528 21,950,030Heineken Holding NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,567 17,165,573IMCD NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199,004 23,694,369Just Eat Takeaway (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297,507 33,268,373

107,575,929

Panama—0.5%Copa Holdings S.A. - Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 187,362 9,431,803

Peru—0.5%Credicorp, Ltd. (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,177 9,941,146

Russia—1.1%Magnit PJSC (GDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725,205 10,819,918MMC Norilsk Nickel PJSC (ADR) . . . . . . . . . . . . . . . . . . . . . . . 438,612 10,545,100

21,365,018

Singapore—0.6%United Overseas Bank, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 823,864 11,565,535

South Africa—0.9%Discovery, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,168,742 16,544,529

South Korea—3.4%NAVER Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,929 24,541,548Samsung Electronics Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 762,765 38,432,428

62,973,976

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Common Stocks—(Continued)

Security Description

Shares/PrincipalAmount* Value

Spain—3.3%Amadeus IT Group S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368,458 $ 20,447,935Bankinter S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,167,558 9,326,107Grifols S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353,499 10,187,725Grifols S.A. (ADR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,270 4,359,534Industria de Diseno Textil S.A . . . . . . . . . . . . . . . . . . . . . . . . 621,624 17,282,828

61,604,129

Sweden—3.0%Atlas Copco AB - B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 785,525 32,727,443Epiroc AB - Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,606,256 22,340,078

55,067,521

Switzerland—4.7%Cie Financiere Richemont S.A. . . . . . . . . . . . . . . . . . . . . . . . . 236,882 15,866,544Kuehne & Nagel International AG . . . . . . . . . . . . . . . . . . . . . 106,834 20,715,610Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309,632 36,734,460Temenos AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,281 13,639,148

86,955,762

Taiwan—4.2%Taiwan Semiconductor Manufacturing Co., Ltd. . . . . . . . . . . . . . 5,219,000 78,381,946

United Kingdom—7.0%Burberry Group plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 694,897 13,913,345Experian plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 835,843 31,277,927Hargreaves Lansdown plc . . . . . . . . . . . . . . . . . . . . . . . . . . 1,077,142 21,592,034Prudential plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,953 25,283,444Rio Tinto plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 487,974 29,443,418St. James’s Place plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 813,413 9,719,336

131,229,504

United States—1.8%Spotify Technology S.A. (a) . . . . . . . . . . . . . . . . . . . . . . . . . 136,466 33,102,558

Total Common Stocks(Cost $1,258,312,929) . . . . . . . . . . . . . . . . . . . . . . . . . 1,841,284,393

Preferred Stock—0.2%

Spain—0.2%Grifols S.A. - Class B

(Cost $5,450,442) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,157 3,843,620

Short-Term Investment—0.8%

Repurchase Agreement—0.8%Fixed Income Clearing Corp.

Repurchase Agreement dated 09/30/20 at 0.000%, due on10/01/20 with a maturity value of $14,774,382;collateralized by U.S. Treasury Note at 0.375%, maturing09/30/27, with a market value of $15,069,907. . . . . . . . . 14,774,382 14,774,382

Total Short-Term Investments(Cost $14,774,382) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,774,382

Securities Lending Reinvestments (c)—0.7%

Security Description

Shares/PrincipalAmount* Value

Repurchase Agreements—0.5%HSBC Securities, Inc.

Repurchase Agreement dated 09/30/20 at 0.060%, due on10/01/20 with a maturity value of $2,514,083;collateralized by U.S. Treasury Obligations with rates rangingfrom 0.125% - 6.125%, maturity dates ranging from09/30/22 - 05/15/49, and an aggregate market value of$2,564,366. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,514,079 $ 2,514,079

ING Financial Markets LLCRepurchase Agreement dated 09/30/20 at 0.060%, due on10/01/20 with a maturity value of $2,500,004;collateralized by U.S. Treasury and U.S. Government AgencyObligations with rates ranging from 0.140% - 6.625%,maturity dates ranging from 10/15/20 - 10/20/49, and anaggregate market value of $2,550,000. . . . . . . . . . . . . . . 2,500,000 2,500,000

National Bank of CanadaRepurchase Agreement dated 09/30/20 at 0.210%, due on10/01/20 with a maturity value of $1,300,008;collateralized by U.S. Treasury Obligations with rates rangingfrom 1.625% - 2.500%, maturity dates ranging from11/15/21 - 10/31/26, and various Common Stock with anaggregate market value of $1,441,271. . . . . . . . . . . . . . . 1,300,000 1,300,000

NBC Global Finance, Ltd.Repurchase Agreement dated 09/30/20 at 0.245%, due on10/07/20 with a maturity value of $816; collateralized byvarious Common Stock with an aggregate market value of$907. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 816 816

Societe GeneraleRepurchase Agreement dated 09/30/20 at 0.210%, due on10/01/20 with a maturity value of $2,000,012;collateralized by various Common Stock with an aggregatemarket value of $2,223,078 . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,000,000

8,314,895

Mutual Funds—0.2%BlackRock Liquidity Funds, Institutional Shares

0.010% (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000 1,700,000Fidelity Government Portfolio, Institutional Class

0.030% (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000 800,000STIT-Government & Agency Portfolio, Institutional Class

0.030% (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000 1,200,000Wells Fargo Government Money Market Fund, Select Class

0.050% (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 500,000

4,200,000

Total Securities Lending Reinvestments(Cost $12,514,895) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,514,895

Total Investments—100.6%(Cost $1,291,052,648) . . . . . . . . . . . . . . . . . . . . . . . . . 1,872,417,290

Other assets and liabilities (net)—(0.6)% . . . . . . . . . . . . . . . (11,437,624)

Net Assets—100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,860,979,666

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

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(b) All or a portion of the security was held on loan. As of September 30, 2020, the marketvalue of securities loaned was $30,400,148 and the collateral received consisted of cashin the amount of $12,514,895 and non-cash collateral with a value of $20,025,607.The cash collateral investments are disclosed in the Schedule of Investments andcategorized as Securities Lending Reinvestments. The non-cash collateral receivedconsists of U.S. government securities that are held in safe-keeping by the lendingagent, or a third-party custodian, and cannot be sold or repledged by the Portfolio.

(c) Represents investment of cash collateral received from securities on loan as ofSeptember 30, 2020.

(d) The rate shown represents the annualized seven-day yield as of September 30, 2020.

Ten Largest Industries as ofSeptember 30, 2020 (Unaudited)

% ofNet Assets

Internet & Direct Marketing Retail 12.0Machinery 9.2Capital Markets 7.4Interactive Media & Services 6.7Semiconductors & Semiconductor Equipment 5.4Insurance 5.3Software 4.5Entertainment 4.1Chemicals 3.0Electrical Equipment 3.0

Glossary of Abbreviations

Other Abbreviations

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

BHFTII-3




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 orderlytransaction 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, separatelyfor 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 investmentsLevel 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 areobservable 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 indetermining 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 transfersbetween levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments,please refer to the Notes to Schedule of Investments.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of September 30, 2020:

Description Level 1 Level 2 Level 3 Total

Common StocksArgentina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 84,076,222 $ — $— $ 84,076,222Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 42,117,407 — 42,117,407Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 13,282,362 — 13,282,362Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,492,567 — — 5,492,567Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,044,244 — — 34,044,244China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,093,242 193,709,404 — 222,802,646Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 73,596,501 — 73,596,501Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 37,559,711 — 37,559,711France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 55,834,985 — 55,834,985Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 164,325,644 — 164,325,644Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 71,578,119 — 71,578,119India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 29,950,904 — 29,950,904Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,659,523 56,169,701 — 88,829,224Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 232,054,501 — 232,054,501Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 107,575,929 — 107,575,929Panama . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,431,803 — — 9,431,803Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,941,146 — — 9,941,146Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 21,365,018 — 21,365,018Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 11,565,535 — 11,565,535South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 16,544,529 — 16,544,529South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 62,973,976 — 62,973,976Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,359,534 57,244,595 — 61,604,129Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 55,067,521 — 55,067,521Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 86,955,762 — 86,955,762Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 78,381,946 — 78,381,946United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 131,229,504 — 131,229,504United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,102,558 — — 33,102,558

Total Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,200,839 1,599,083,554 — 1,841,284,393

Total Preferred Stock* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,843,620 — 3,843,620

Total Short-Term Investment* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 14,774,382 — 14,774,382

Securities Lending ReinvestmentsRepurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 8,314,895 — 8,314,895Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,200,000 — — 4,200,000

Total Securities Lending Reinvestments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,200,000 8,314,895 — 12,514,895

Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $246,400,839 $1,626,016,451 $— $1,872,417,290

Collateral for Securities Loaned (Liability) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ (12,514,895) $— $ (12,514,895)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-4


BlackRock Bond Income Portfolio


U.S. Treasury & Government Agencies—39.2% of Net Assets

Security DescriptionPrincipalAmount* Value

Agency Sponsored Mortgage - Backed—29.9%Fannie Mae 15 Yr. Pool

2.000%, 10/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 184,602 $ 192,7472.000%, 11/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 2,271,755 2,369,4822.000%, 12/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 249,982 261,0192.000%, 03/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 1,521,185 1,588,4672.500%, 09/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . 188,835 198,6332.500%, 02/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 22,640 23,6912.500%, 04/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 58,106 61,5392.500%, 08/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 159,834 169,7312.500%, 01/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 889,435 945,5212.500%, 02/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 101,744 107,5732.500%, 03/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 167,561 178,1272.500%, 07/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 633,619 671,9562.500%, 08/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 2,058,650 2,187,4202.500%, 09/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 1,041,605 1,109,0782.500%, 11/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 2,108,417 2,239,7992.500%, 03/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 114,000 119,1902.500%, 06/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 586,533 628,3492.500%, 07/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 327,482 350,8542.500%, 08/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 51,434 54,9662.500%, 10/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 2,902,892 3,106,8372.500%, 11/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 1,812,595 1,942,4622.500%, 02/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 86,476 92,0922.500%, 03/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 287,225 308,5232.500%, 08/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 2,120,144 2,262,9742.500%, 02/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . 3,653,846 3,869,3803.000%, 04/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 120,577 128,3673.000%, 05/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 130,399 139,7023.000%, 10/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 280,505 300,2413.000%, 11/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 2,016,095 2,155,5703.000%, 12/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 566,742 598,7713.000%, 01/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 205,003 216,0753.000%, 04/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 911,388 975,1623.000%, 05/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 1,342,779 1,432,7963.000%, 08/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 1,321,283 1,418,8223.000%, 10/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 356,551 384,2653.000%, 03/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 757,985 816,9483.000%, 04/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 614,454 660,4503.000%, 05/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 972,431 1,048,7323.000%, 07/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 711,516 767,5233.000%, 08/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 3,440,230 3,702,7703.000%, 09/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 831,271 894,3753.000%, 08/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 3,257,240 3,504,3823.000%, 09/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 356,261 384,2873.000%, 03/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 716,001 770,5993.500%, 08/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 324,926 348,9533.500%, 10/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 2,064,205 2,245,2093.500%, 11/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 2,344,015 2,548,3663.500%, 02/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 2,742,091 2,959,8543.500%, 04/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 695,595 743,1173.500%, 05/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 2,171,720 2,334,9593.500%, 06/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 1,533,822 1,668,5133.500%, 07/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 804,179 874,0253.500%, 09/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 139,786 151,5263.500%, 08/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 658,775 716,5303.500%, 11/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 174,157 192,121


Agency Sponsored Mortgage - Backed—(Continued)Fannie Mae 15 Yr. Pool

3.500%, 01/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . 114,374 $ 126,1414.000%, 10/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . 8,589,438 9,281,3424.500%, 12/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . 312 3274.500%, 02/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . 171,738 181,9714.500%, 04/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . 38,366 40,7394.500%, 07/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . 133,914 142,3954.500%, 06/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . 896,449 952,619

Fannie Mae 20 Yr. Pool3.000%, 04/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . 28,989 30,4993.000%, 08/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . 32,822 34,5363.000%, 10/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . 168,820 179,2023.000%, 11/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . 889,104 957,0303.000%, 12/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . 1,315,123 1,418,1013.000%, 03/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 1,249,126 1,313,2833.000%, 04/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 553,201 582,8673.000%, 06/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 909,251 952,044

Fannie Mae 30 Yr. Pool2.500%, 10/01/50 . . . . . . . . . . . . . . . . . . . . . . . . . 7,703,940 8,222,6713.000%, 12/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 5,675,438 6,175,3163.000%, 01/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 3,761,836 4,069,4883.000%, 03/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 11,456,909 12,281,0433.000%, 04/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 9,966,933 10,739,9003.000%, 05/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 2,911,884 3,117,3423.000%, 06/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 604,123 658,6463.000%, 06/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 46,382 49,7443.000%, 08/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 61,610 67,5413.000%, 11/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 3,004,717 3,247,0333.000%, 01/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 321,900 350,5323.000%, 02/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 778,831 842,0763.000%, 03/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 2,616,801 2,815,3143.000%, 08/01/50 . . . . . . . . . . . . . . . . . . . . . . . . . 31,169,005 33,096,0263.000%, 09/01/50 . . . . . . . . . . . . . . . . . . . . . . . . . 2,339,730 2,458,4413.500%, 01/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 539,952 590,6823.500%, 04/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 288,793 312,1853.500%, 05/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 224,106 242,1263.500%, 06/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 595,113 657,5373.500%, 07/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 95,802 104,6183.500%, 08/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 145,794 158,0203.500%, 10/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 731,248 793,1173.500%, 11/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 1,627,053 1,765,2103.500%, 12/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 831,508 899,6483.500%, 02/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,120,480 1,238,2883.500%, 03/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,215,794 1,343,6733.500%, 04/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 40,037 43,4373.500%, 05/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 199,428 218,9683.500%, 06/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 893,363 966,6813.500%, 07/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 3,805,515 4,194,7393.500%, 08/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 5,362,756 5,940,4413.500%, 09/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 89,578 99,7033.500%, 11/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,092,019 1,207,4283.500%, 01/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 817,811 903,9473.500%, 06/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 132,273 146,7003.500%, 07/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 39,312 43,4473.500%, 02/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 759,904 829,3503.500%, 07/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 2,275,179 2,501,930

BHFTII-5




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



3.500%, 10/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 964,030 $ 1,032,7783.500%, 11/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 2,551,949 2,839,8563.500%, 12/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 620,356 697,7203.500%, 03/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 761,974 827,4263.500%, 04/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 1,076,003 1,160,5273.500%, 05/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 520,283 568,0763.500%, 06/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 2,357,128 2,577,1903.500%, 08/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 1,102,411 1,209,0493.500%, 09/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 1,192,421 1,314,4283.500%, 11/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 2,320,504 2,588,6413.500%, 12/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 2,731,683 3,020,3503.500%, 01/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 5,949,312 6,673,1303.500%, 02/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 457,937 509,2463.500%, 05/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 1,676,456 1,854,8153.500%, 06/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 920,473 1,016,9063.500%, 07/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 646,315 714,0233.500%, 09/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 673,408 747,7783.500%, 10/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 205,735 228,7863.500%, 11/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 1,174,625 1,318,5093.500%, 12/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 7,859,486 8,716,5953.500%, 01/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 5,332,497 5,941,0333.500%, 02/01/50 . . . . . . . . . . . . . . . . . . . . . . . . . 673,971 730,0534.000%, 08/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . 609,017 653,5134.000%, 06/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 617,251 680,8224.000%, 12/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 54,647 60,2584.000%, 07/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 726,809 801,3834.000%, 08/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 1,301,131 1,434,9884.000%, 10/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 72,546 80,0244.000%, 11/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 227,515 249,7494.000%, 12/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 1,177,403 1,295,7274.000%, 04/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 120,484 132,9284.000%, 09/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 2,765,767 3,033,5944.000%, 10/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 190,786 207,7444.000%, 12/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 887,910 1,012,7644.000%, 01/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 823,714 909,7714.000%, 02/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 2,120,047 2,335,2614.000%, 05/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 894,988 1,005,8614.000%, 06/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 400,985 442,0534.000%, 07/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 247,970 273,4774.000%, 08/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 222,046 245,1084.000%, 09/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 568,337 627,1254.000%, 12/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 1,632,805 1,837,5194.000%, 01/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 698,407 770,6964.000%, 03/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 143,575 159,9414.000%, 10/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 495,633 547,1444.000%, 01/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 1,836,216 2,100,5354.000%, 02/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 1,882,032 2,152,1924.000%, 07/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 177,743 199,1604.000%, 08/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 610,154 697,8314.000%, 12/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 1,472,158 1,645,0294.000%, 01/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 335,464 379,7674.000%, 02/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 838,722 944,2624.000%, 03/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 742,333 824,9544.000%, 04/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 548,031 600,5574.000%, 05/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 626,514 709,099



4.000%, 10/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 2,099,604 $ 2,359,8354.000%, 11/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 1,560,438 1,720,7884.000%, 12/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 1,381,865 1,521,9824.000%, 01/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 3,702,781 4,056,5754.000%, 06/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 2,698,024 2,944,2914.000%, 11/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 218,734 250,1394.000%, 01/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 309,592 353,8134.000%, 08/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 717,419 787,2844.000%, 04/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 444,982 505,7144.000%, 08/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 1,857,067 2,054,6674.000%, 03/01/50 . . . . . . . . . . . . . . . . . . . . . . . . . 2,985,698 3,266,6624.500%, 08/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 944,708 1,056,4514.500%, 11/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 353,035 396,1534.500%, 01/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 29,249 32,9354.500%, 04/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 60,124 67,5164.500%, 05/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 136,879 151,5964.500%, 06/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 141,808 158,6014.500%, 07/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 334,611 376,0714.500%, 11/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 546,317 613,5454.500%, 07/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 143,466 158,8794.500%, 08/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 27,985 30,2534.500%, 09/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 559,155 628,1724.500%, 10/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 132,144 148,8644.500%, 01/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 118,295 132,8214.500%, 08/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 680,872 766,1654.500%, 09/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 911,165 1,021,0924.500%, 10/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 982,448 1,101,6724.500%, 11/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 2,357,636 2,740,7414.500%, 12/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,001,002 1,120,9124.500%, 01/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 1,016,244 1,138,1844.500%, 06/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 4,118,393 4,627,0654.500%, 07/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 1,284,723 1,455,7554.500%, 09/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 539,660 617,7804.500%, 11/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 1,935,716 2,184,3224.500%, 12/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 825,625 925,2254.500%, 07/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 3,202,023 3,718,4604.500%, 09/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 511,130 593,8604.500%, 09/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 64,290 70,0794.500%, 10/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 483,990 539,4244.500%, 11/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 3,048,993 3,383,5034.500%, 12/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 51,175 56,1754.500%, 01/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 2,822,724 3,144,4114.500%, 02/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 103,181 112,2634.500%, 03/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 177,850 195,1724.500%, 04/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 1,109,430 1,287,6034.500%, 05/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 21,668,351 24,146,7344.500%, 06/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 2,195,559 2,376,4914.500%, 07/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 1,489,069 1,614,3394.500%, 08/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 3,158,637 3,542,7114.500%, 10/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 815,578 882,2934.500%, 11/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 1,774,146 1,966,6954.500%, 12/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 202,678 219,1854.500%, 01/01/49 . . . . . . . . . . . . . . . . . . . . . . . . . 502,288 543,0664.500%, 02/01/49 . . . . . . . . . . . . . . . . . . . . . . . . . 17,094,870 19,574,9624.500%, 04/01/49 . . . . . . . . . . . . . . . . . . . . . . . . . 3,877,629 4,190,991

BHFTII-6







4.500%, 05/01/49 . . . . . . . . . . . . . . . . . . . . . . . . . 9,807,391 $ 11,383,8994.500%, 01/01/50 . . . . . . . . . . . . . . . . . . . . . . . . . 32,036,262 34,591,3375.000%, 11/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 2,535 2,7945.000%, 09/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . 145,813 167,5625.000%, 06/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 6,268,607 7,174,4025.000%, 04/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 22,531 25,2595.000%, 07/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 250,212 286,8755.000%, 08/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 208,563 239,7105.000%, 01/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 48,923 53,5545.500%, 11/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 742,151 867,5455.500%, 12/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 121,077 141,6215.500%, 01/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . 440,688 511,6765.500%, 12/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . 155,798 182,4195.500%, 05/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . 1,290,461 1,519,3035.500%, 08/01/37 . . . . . . . . . . . . . . . . . . . . . . . . . 1,354,690 1,595,0375.500%, 02/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 242,282 280,1125.500%, 03/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 140,233 162,4025.500%, 04/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 103,240 114,4755.500%, 06/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 237,753 270,0765.500%, 12/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 88,817 98,6115.500%, 01/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 190,278 219,7895.500%, 08/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 160,676 185,3485.500%, 12/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 276,712 318,4835.500%, 04/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 45,821 52,6115.500%, 04/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 184,767 213,1346.000%, 02/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . 151,582 179,0666.000%, 08/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . 114,096 135,1156.000%, 04/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . 1,768,256 2,084,3116.000%, 06/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . 253,434 299,7676.000%, 02/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 345,823 406,0476.000%, 03/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 120,612 142,3986.000%, 05/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 380,722 448,0976.000%, 10/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 444,971 524,6606.000%, 12/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . 133,534 156,7856.000%, 04/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 1,418,261 1,670,1556.000%, 09/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 146,426 171,3006.000%, 06/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 334,356 394,5326.500%, 05/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 2,115,272 2,543,393

Fannie Mae Pool4.000%, 01/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 239,716 260,465

Fannie Mae REMICS (CMO)5.000%, 04/25/35 . . . . . . . . . . . . . . . . . . . . . . . . . 20,164 21,231

Freddie Mac 15 Yr. Gold Pool2.500%, 04/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . 72,951 77,1792.500%, 10/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 281,789 295,0632.500%, 08/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 614,409 648,1892.500%, 12/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . 210,891 222,8272.500%, 05/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 728,837 774,7062.500%, 07/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 494,669 525,9362.500%, 08/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 1,711,687 1,823,7372.500%, 09/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 1,876,683 1,995,1902.500%, 04/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . 1,339,052 1,423,3823.000%, 01/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 513,548 549,6033.000%, 04/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 2,814,340 3,028,9763.000%, 05/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 485,415 523,576


Agency Sponsored Mortgage - Backed—(Continued)Freddie Mac 15 Yr. Gold Pool

3.000%, 06/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 19,356 $ 20,8913.000%, 07/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 1,053,537 1,131,9813.000%, 08/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 317,267 340,974

Freddie Mac 20 Yr. Pool3.000%, 09/01/37 . . . . . . . . . . . . . . . . . . . . . . . . . 154,992 162,732

Freddie Mac 30 Yr. Gold Pool3.000%, 12/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 2,006,926 2,166,8623.000%, 01/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,305,259 1,399,3923.000%, 03/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 2,824,009 3,008,8643.000%, 07/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 8,485,086 9,213,5743.000%, 12/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 2,359,844 2,548,0483.500%, 04/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 1,661,658 1,845,9213.500%, 05/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 80,641 87,7413.500%, 08/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 1,991,384 2,202,4873.500%, 10/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 105,801 116,7593.500%, 11/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 822,145 892,2203.500%, 01/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 952,868 1,033,6713.500%, 06/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 250,427 274,8273.500%, 01/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 492,156 548,8033.500%, 04/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 90,736 100,9753.500%, 05/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 393,637 437,2133.500%, 06/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 286,238 314,3813.500%, 07/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 86,523 97,3393.500%, 08/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 312,298 347,5373.500%, 09/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 703,375 784,2843.500%, 11/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 15,042 16,3483.500%, 01/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 127,051 138,6773.500%, 05/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 179,931 196,1083.500%, 06/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 141,128 152,4913.500%, 07/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 4,261 4,6453.500%, 09/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 145,145 163,2873.500%, 10/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 15,686 17,0023.500%, 01/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 747,277 813,1053.500%, 02/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 51,770 56,4043.500%, 03/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 519,343 564,7283.500%, 05/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . 675,089 736,9393.500%, 03/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 1,577,079 1,708,9123.500%, 07/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 271,205 301,6823.500%, 10/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 1,035,504 1,164,4573.500%, 12/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 1,328,646 1,494,1043.500%, 01/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 455,198 506,0174.000%, 08/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 227,054 250,3384.000%, 09/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 224,498 248,7384.000%, 10/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 108,217 120,9914.000%, 11/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 447,864 500,9384.000%, 04/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 12,085 13,3284.000%, 10/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 414,718 464,6024.000%, 09/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 351,733 398,3844.000%, 04/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 746,405 837,9074.000%, 07/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . 256,924 283,7024.000%, 02/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 217,540 240,6104.000%, 09/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 948,819 1,052,4264.000%, 12/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 7,908,678 8,631,8634.500%, 02/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 804,025 902,3524.500%, 08/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 671,608 755,411

BHFTII-7






Agency Sponsored Mortgage - Backed—(Continued)Freddie Mac 30 Yr. Gold Pool

4.500%, 12/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 181,286 $ 203,4424.500%, 07/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 56,423 63,4384.500%, 05/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 1,018,205 1,140,4384.500%, 05/01/42 . . . . . . . . . . . . . . . . . . . . . . . . . 1,004,516 1,127,5924.500%, 10/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 312,644 344,2564.500%, 12/01/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,210,873 1,360,3654.500%, 04/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 2,157,105 2,403,7944.500%, 05/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 794,993 893,2494.500%, 07/01/47 . . . . . . . . . . . . . . . . . . . . . . . . . 1,919,357 2,147,1584.500%, 07/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 2,966,098 3,337,4874.500%, 08/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 7,213,667 8,003,6044.500%, 02/01/49 . . . . . . . . . . . . . . . . . . . . . . . . . 3,208,892 3,568,4194.500%, 04/01/49 . . . . . . . . . . . . . . . . . . . . . . . . . 1,590,076 1,753,6485.000%, 10/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 440,642 507,0635.000%, 11/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 3,589,662 4,104,7045.500%, 02/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . 105,783 124,5845.500%, 09/01/39 . . . . . . . . . . . . . . . . . . . . . . . . . 131,797 151,6345.500%, 01/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 88,407 98,2875.500%, 07/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . 14,357 15,9255.500%, 06/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . 1,570,729 1,823,737

Freddie Mac 30 Yr. Pool3.000%, 08/01/50 . . . . . . . . . . . . . . . . . . . . . . . . . 15,735,865 16,644,3904.500%, 07/01/48 . . . . . . . . . . . . . . . . . . . . . . . . . 519,163 561,787

Freddie Mac Gold Pool3.000%, 09/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . 374,776 393,5463.000%, 07/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 192,034 201,642

Freddie Mac Multifamily Structured Pass-Through Certificates3.347%, 11/25/26 (a) . . . . . . . . . . . . . . . . . . . . . . 490,000 561,1813.444%, 12/25/27 . . . . . . . . . . . . . . . . . . . . . . . . . 210,000 244,9263.531%, 07/25/23 (a) . . . . . . . . . . . . . . . . . . . . . . 500,000 538,3223.590%, 01/25/25 (a) . . . . . . . . . . . . . . . . . . . . . . 291,000 322,9643.683%, 10/25/25 (a) . . . . . . . . . . . . . . . . . . . . . . 453,000 496,695

Freddie Mac Structured Agency Credit Risk Debt Notes (CMO)4.598%, 1M LIBOR + 4.450%, 03/25/30 (a) . . . . . . . . 682,210 663,421

FREMF Mortgage Trust4.373%, 08/25/50 (144A) (a) . . . . . . . . . . . . . . . . . 440,000 506,287

FRESB Mortgage Trust3.480%, 06/25/28 (a) . . . . . . . . . . . . . . . . . . . . . . 656,723 703,1423.660%, 06/25/28 (a) . . . . . . . . . . . . . . . . . . . . . . 397,537 438,778

Ginnie Mae I 30 Yr. Pool3.000%, 02/15/45 . . . . . . . . . . . . . . . . . . . . . . . . . 928,319 965,5923.500%, 01/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . 261,742 277,6503.500%, 02/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . 112,377 118,8233.500%, 04/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . 239,713 258,2033.500%, 05/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . 289,432 318,1863.500%, 08/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . 349,445 381,8703.500%, 11/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . 206,486 220,8603.500%, 12/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . 782,813 849,9273.500%, 01/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . 359,731 385,1633.500%, 02/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . 570,129 615,8783.500%, 03/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . 330,355 353,0013.500%, 04/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,506,481 1,615,1933.500%, 05/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,772,391 1,917,5893.500%, 06/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . 498,061 544,1143.500%, 07/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,658,992 1,807,628


Agency Sponsored Mortgage - Backed—(Continued)Ginnie Mae I 30 Yr. Pool

4.000%, 03/15/41 . . . . . . . . . . . . . . . . . . . . . . . . . 539,337 $ 586,0214.000%, 12/15/41 . . . . . . . . . . . . . . . . . . . . . . . . . 24,177 25,5494.500%, 02/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . 6,582,691 7,301,7724.500%, 03/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . 109,887 121,3804.500%, 04/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . 327,279 367,2494.500%, 05/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . 99,635 111,3205.000%, 12/15/38 . . . . . . . . . . . . . . . . . . . . . . . . . 201,615 230,7715.000%, 07/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . 410,089 466,8235.000%, 10/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . 230,605 260,2135.000%, 09/15/40 . . . . . . . . . . . . . . . . . . . . . . . . . 15,397 17,2825.000%, 12/15/40 . . . . . . . . . . . . . . . . . . . . . . . . . 623,941 710,2575.500%, 04/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . 18,191 21,2836.500%, 04/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . 40,797 45,0838.500%, 05/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . 220 221

Ginnie Mae II 30 Yr. Pool2.000%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,651,000 1,714,9762.500%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,980,000 27,245,2093.000%, 12/20/44 . . . . . . . . . . . . . . . . . . . . . . . . . 100,635 106,0963.000%, 04/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 1,941,043 2,057,4553.000%, 06/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 5,165,760 5,477,3703.000%, 07/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 55,097 58,2223.000%, 08/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 56,222 59,1863.000%, 10/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 662,301 695,6673.000%, 12/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 57,628 60,4983.000%, 05/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 81,243 85,9383.000%, 06/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 1,859,596 1,953,4473.000%, 07/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 3,859,847 4,077,4153.000%, 09/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 7,171,328 7,586,9413.000%, 10/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 282,465 297,7883.000%, 11/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 184,146 194,8833.000%, 12/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 701,260 741,5953.000%, 07/20/50 . . . . . . . . . . . . . . . . . . . . . . . . . 18,666,894 19,691,7923.000%, 08/20/50 . . . . . . . . . . . . . . . . . . . . . . . . . 6,539,594 6,910,7323.000%, 09/20/50 . . . . . . . . . . . . . . . . . . . . . . . . . 4,179,000 4,423,8853.000%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,074,500 23,110,3943.500%, 04/20/43 . . . . . . . . . . . . . . . . . . . . . . . . . 1,457,722 1,582,1913.500%, 05/20/43 . . . . . . . . . . . . . . . . . . . . . . . . . 781,879 847,5353.500%, 07/20/43 . . . . . . . . . . . . . . . . . . . . . . . . . 61,437 66,6133.500%, 02/20/44 . . . . . . . . . . . . . . . . . . . . . . . . . 1,710,671 1,856,9873.500%, 03/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 70,789 75,5903.500%, 04/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 108,616 115,9883.500%, 05/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 446,404 476,7603.500%, 07/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 79,497 84,9083.500%, 08/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 104,612 111,7283.500%, 10/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 204,025 218,4343.500%, 11/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 73,863 78,8843.500%, 12/20/45 . . . . . . . . . . . . . . . . . . . . . . . . . 1,105,362 1,180,5713.500%, 01/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 226,698 242,0793.500%, 05/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 977,089 1,043,0873.500%, 09/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 368,068 393,6433.500%, 10/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 1,566,754 1,707,3483.500%, 05/20/47 . . . . . . . . . . . . . . . . . . . . . . . . . 13,175,989 13,993,0643.500%, 11/20/47 . . . . . . . . . . . . . . . . . . . . . . . . . 7,637,204 8,150,5003.500%, 03/20/48 . . . . . . . . . . . . . . . . . . . . . . . . . 106,709 113,0913.500%, 04/20/48 . . . . . . . . . . . . . . . . . . . . . . . . . 42,621 45,282

BHFTII-8






Agency Sponsored Mortgage - Backed—(Continued)Ginnie Mae II 30 Yr. Pool

3.500%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,433,496 $ 25,743,9334.000%, 04/20/39 . . . . . . . . . . . . . . . . . . . . . . . . . 32,930 36,1024.000%, 07/20/39 . . . . . . . . . . . . . . . . . . . . . . . . . 238,661 262,6484.000%, 09/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . 61,682 67,3244.000%, 10/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . 702,147 766,4354.000%, 11/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . 390,056 425,7144.000%, 12/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . 1,481,870 1,617,3924.000%, 01/20/41 . . . . . . . . . . . . . . . . . . . . . . . . . 1,311,116 1,441,9604.000%, 02/20/41 . . . . . . . . . . . . . . . . . . . . . . . . . 22,939 25,2184.000%, 07/20/43 . . . . . . . . . . . . . . . . . . . . . . . . . 128,611 141,8274.000%, 08/20/44 . . . . . . . . . . . . . . . . . . . . . . . . . 534,516 588,1144.000%, 10/20/46 . . . . . . . . . . . . . . . . . . . . . . . . . 108,619 118,6364.000%, 06/20/47 . . . . . . . . . . . . . . . . . . . . . . . . . 1,339,438 1,440,5044.000%, 11/20/47 . . . . . . . . . . . . . . . . . . . . . . . . . 1,594,889 1,707,6114.000%, 12/20/47 . . . . . . . . . . . . . . . . . . . . . . . . . 775,340 831,3874.000%, 05/20/50 . . . . . . . . . . . . . . . . . . . . . . . . . 1,713,601 1,825,9974.000%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,697,500 20,928,5944.500%, 12/20/39 . . . . . . . . . . . . . . . . . . . . . . . . . 53,002 58,9584.500%, 01/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . 65,523 72,7664.500%, 02/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . 51,684 57,3754.500%, 05/20/40 . . . . . . . . . . . . . . . . . . . . . . . . . 3,421 3,7984.500%, 09/20/48 . . . . . . . . . . . . . . . . . . . . . . . . . 646,415 704,9404.500%, 03/20/49 . . . . . . . . . . . . . . . . . . . . . . . . . 4,113,435 4,421,5234.500%, 04/20/49 . . . . . . . . . . . . . . . . . . . . . . . . . 884,098 950,1084.500%, 05/20/49 . . . . . . . . . . . . . . . . . . . . . . . . . 3,389,494 3,629,2494.500%, 02/20/50 . . . . . . . . . . . . . . . . . . . . . . . . . 157,952 169,0114.500%, 03/20/50 . . . . . . . . . . . . . . . . . . . . . . . . . 114,340 122,3424.500%, 04/20/50 . . . . . . . . . . . . . . . . . . . . . . . . . 151,151 161,8725.000%, 10/20/33 . . . . . . . . . . . . . . . . . . . . . . . . . 579,057 660,2405.000%, 10/20/39 . . . . . . . . . . . . . . . . . . . . . . . . . 184,853 210,8835.000%, 07/20/42 . . . . . . . . . . . . . . . . . . . . . . . . . 240,596 274,4755.000%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,289,000 5,757,366

Government National Mortgage Association0.275%, 06/16/53 (a) (c) . . . . . . . . . . . . . . . . . . . . 872,366 8,7980.621%, 03/16/55 (a) (c) . . . . . . . . . . . . . . . . . . . . 2,309,404 75,4640.657%, 02/16/50 (a) (c) . . . . . . . . . . . . . . . . . . . . 1,506,609 50,8030.714%, 11/16/53 (a) (c) . . . . . . . . . . . . . . . . . . . . 991,558 25,8060.793%, 09/16/55 (a) (c) . . . . . . . . . . . . . . . . . . . . 1,653,020 80,1050.825%, 08/16/41 (c) . . . . . . . . . . . . . . . . . . . . . . 303,917 5360.828%, 09/16/51 (a) (c) . . . . . . . . . . . . . . . . . . . . 11,498,883 274,0670.841%, 08/15/58 (a) (c) . . . . . . . . . . . . . . . . . . . . 2,924,280 172,3750.894%, 02/16/58 (a) (c) . . . . . . . . . . . . . . . . . . . . 4,511,909 232,5500.899%, 09/16/56 (a) (c) . . . . . . . . . . . . . . . . . . . . 1,122,022 69,2990.901%, 09/16/58 (a) (c) . . . . . . . . . . . . . . . . . . . . 1,576,137 100,5110.952%, 12/16/57 (a) (c) . . . . . . . . . . . . . . . . . . . . 2,857,055 169,5080.977%, 05/16/58 (a) (c) . . . . . . . . . . . . . . . . . . . . 2,198,803 133,1261.000%, 02/16/39 (c) . . . . . . . . . . . . . . . . . . . . . . 295,323 02.000%, 03/16/35 . . . . . . . . . . . . . . . . . . . . . . . . . 180,865 184,2492.250%, 12/16/38 . . . . . . . . . . . . . . . . . . . . . . . . . 283,746 294,815

Uniform Mortgage-Backed Securities 15 Yr. Pool2.000%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,030,000 14,578,0473.000%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,692,000 2,824,812

Uniform Mortgage-Backed Securities 30 Yr. Pool2.000%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,144,000 74,578,8602.500%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,705,500 5,971,7743.500%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,132,006 9,627,489


Agency Sponsored Mortgage - Backed—(Continued)Uniform Mortgage-Backed Securities 30 Yr. Pool

4.000%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,486,000 $ 74,151,8534.500%, TBA (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,463,000 13,481,948

1,000,065,559

U.S. Treasury—9.3%U.S. Treasury Bonds

2.250%, 08/15/49 . . . . . . . . . . . . . . . . . . . . . . . . . 5,248,000 6,240,8152.875%, 05/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . 3,865,000 5,046,5422.875%, 11/15/46 . . . . . . . . . . . . . . . . . . . . . . . . . 3,706,000 4,898,1453.000%, 02/15/48 (d) . . . . . . . . . . . . . . . . . . . . . . 3,706,000 5,036,2513.125%, 02/15/43 (d) . . . . . . . . . . . . . . . . . . . . . . 3,865,000 5,236,9243.625%, 08/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . 3,865,000 5,635,0493.750%, 11/15/43 (d) . . . . . . . . . . . . . . . . . . . . . . 3,865,000 5,741,3374.250%, 05/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . 1,010,000 1,549,5614.375%, 11/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . 1,010,000 1,578,0074.500%, 08/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . 1,010,000 1,597,102

U.S. Treasury Inflation Indexed Bond0.250%, 02/15/50 (d) (e) . . . . . . . . . . . . . . . . . . . . 12,565,146 14,778,280

U.S. Treasury Inflation Indexed Notes0.125%, 07/15/30 (e) . . . . . . . . . . . . . . . . . . . . . . 7,615,385 8,460,9110.625%, 04/15/23 (e) . . . . . . . . . . . . . . . . . . . . . . 98,299,181 102,799,440

U.S. Treasury Notes1.125%, 07/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . 16,708,000 16,841,1421.500%, 01/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . 14,845,000 15,112,9061.500%, 08/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . 10,766,000 11,474,6211.625%, 08/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . 2,246,000 2,444,6311.750%, 07/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . 9,024,000 9,143,8501.750%, 04/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . 14,119,000 14,478,0421.750%, 07/31/24 . . . . . . . . . . . . . . . . . . . . . . . . . 14,357,000 15,203,8392.000%, 02/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . 9,276,000 9,984,0202.125%, 12/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . 7,432,000 7,762,6662.125%, 07/31/24 . . . . . . . . . . . . . . . . . . . . . . . . . 7,432,000 7,976,0462.125%, 05/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . 8,178,000 8,878,5612.250%, 08/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . 7,432,000 8,335,1622.750%, 05/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . 7,432,000 7,944,6922.875%, 08/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . 2,236,000 2,639,2663.125%, 11/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . 2,236,000 2,693,244

309,511,052

Total U.S. Treasury & Government Agencies(Cost $1,258,626,654) . . . . . . . . . . . . . . . . . . . . . . 1,309,576,611

Corporate Bonds & Notes—38.0%

Advertising—0.1%Lamar Media Corp.

3.750%, 02/15/28 (144A) . . . . . . . . . . . . . . . . . . . 71,000 70,6455.750%, 02/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . 427,000 440,878

Outfront Media Capital LLC / Outfront Media Capital Corp.4.625%, 03/15/30 (144A) (f) . . . . . . . . . . . . . . . . . 59,000 56,6405.000%, 08/15/27 (144A) . . . . . . . . . . . . . . . . . . . 936,000 912,600

1,480,763

BHFTII-9




Corporate Bonds & Notes—(Continued)


Aerospace/Defense—1.5%BAE Systems Holdings, Inc.

2.850%, 12/15/20 (144A) . . . . . . . . . . . . . . . . . . . 319,000 $ 319,8803.800%, 10/07/24 (144A) . . . . . . . . . . . . . . . . . . . 518,000 574,8563.850%, 12/15/25 (144A) . . . . . . . . . . . . . . . . . . . 1,811,000 2,043,822

BAE Systems plc3.400%, 04/15/30 (144A) . . . . . . . . . . . . . . . . . . . 2,629,000 2,941,854

Boeing Co. (The)3.825%, 03/01/59 . . . . . . . . . . . . . . . . . . . . . . . . . 43,000 37,8234.875%, 05/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . 1,293,000 1,410,4835.930%, 05/01/60 . . . . . . . . . . . . . . . . . . . . . . . . . 1,170,000 1,444,856

Embraer Netherlands Finance B.V.5.400%, 02/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . 174,000 164,867

Embraer Overseas, Ltd.5.696%, 09/16/23 . . . . . . . . . . . . . . . . . . . . . . . . . 244,000 247,050

General Dynamics Corp.3.625%, 04/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 1,538,000 1,830,2094.250%, 04/01/50 . . . . . . . . . . . . . . . . . . . . . . . . . 468,000 609,810

L3Harris Technologies, Inc.3.850%, 12/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . 2,355,000 2,707,4614.400%, 06/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . 3,389,000 4,040,812

Lockheed Martin Corp.2.800%, 06/15/50 (f) . . . . . . . . . . . . . . . . . . . . . . 1,410,000 1,464,6213.600%, 03/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . 2,370,000 2,842,2573.800%, 03/01/45 . . . . . . . . . . . . . . . . . . . . . . . . . 723,000 859,5814.700%, 05/15/46 . . . . . . . . . . . . . . . . . . . . . . . . . 373,000 507,223

Northrop Grumman Corp.2.930%, 01/15/25 (f) . . . . . . . . . . . . . . . . . . . . . . 2,185,000 2,376,9593.250%, 01/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . 3,173,000 3,563,3334.030%, 10/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . 159,000 192,7665.250%, 05/01/50 . . . . . . . . . . . . . . . . . . . . . . . . . 648,000 927,456

Raytheon Technologies Corp.2.150%, 05/18/30 (EUR) . . . . . . . . . . . . . . . . . . . . 1,755,000 2,288,4782.250%, 07/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 2,667,000 2,801,0233.150%, 12/15/24 (144A) . . . . . . . . . . . . . . . . . . . 775,000 837,0643.650%, 08/16/23 . . . . . . . . . . . . . . . . . . . . . . . . . 132,000 142,6084.125%, 11/16/28 . . . . . . . . . . . . . . . . . . . . . . . . . 2,100,000 2,485,1754.150%, 05/15/45 . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 3,5844.200%, 12/15/44 (144A) . . . . . . . . . . . . . . . . . . . 425,000 480,7375.400%, 05/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . 265,000 359,3897.000%, 11/01/28 (144A) . . . . . . . . . . . . . . . . . . . 1,810,000 2,479,8777.200%, 08/15/27 (144A) . . . . . . . . . . . . . . . . . . . 525,000 708,922

TransDigm, Inc.6.250%, 03/15/26 (144A) . . . . . . . . . . . . . . . . . . . 4,758,000 4,989,0018.000%, 12/15/25 (144A) . . . . . . . . . . . . . . . . . . . 1,880,000 2,044,500

50,728,337

Agriculture—0.5%Altria Group, Inc.

3.125%, 06/15/31 (EUR) . . . . . . . . . . . . . . . . . . . . 1,500,000 2,008,0554.000%, 01/31/24 . . . . . . . . . . . . . . . . . . . . . . . . . 690,000 758,8204.400%, 02/14/26 . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000 1,957,1984.800%, 02/14/29 . . . . . . . . . . . . . . . . . . . . . . . . . 1,535,000 1,820,3955.800%, 02/14/39 . . . . . . . . . . . . . . . . . . . . . . . . . 1,852,000 2,362,908

BAT Capital Corp.3.215%, 09/06/26 . . . . . . . . . . . . . . . . . . . . . . . . . 435,000 468,043


Agriculture—(Continued)BAT Capital Corp.

3.222%, 08/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . 412,000 $ 440,8574.540%, 08/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . 684,000 731,0135.282%, 04/02/50 . . . . . . . . . . . . . . . . . . . . . . . . . 273,000 320,199

Darling Ingredients, Inc.5.250%, 04/15/27 (144A) . . . . . . . . . . . . . . . . . . . 325,000 341,250

Philip Morris International, Inc.1.450%, 08/01/39 (EUR) . . . . . . . . . . . . . . . . . . . . 2,000,000 2,317,112

Reynolds American, Inc.4.450%, 06/12/25 (f) . . . . . . . . . . . . . . . . . . . . . . 1,776,000 1,998,2165.850%, 08/15/45 . . . . . . . . . . . . . . . . . . . . . . . . . 2,162,000 2,620,507

18,144,573

Airlines—0.5%Air Canada Pass-Through Trust

3.300%, 01/15/30 (144A) . . . . . . . . . . . . . . . . . . . 542,150 515,2323.700%, 01/15/26 (144A) . . . . . . . . . . . . . . . . . . . 8,042 6,5605.000%, 12/15/23 (144A) . . . . . . . . . . . . . . . . . . . 338,399 280,764

Alaska Airlines Pass-Through Trust4.800%, 08/15/27 (144A) . . . . . . . . . . . . . . . . . . . 1,555,000 1,628,244

American Airlines Pass-Through Trust3.000%, 10/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . 1,133,045 1,058,3963.150%, 02/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . 1,163,104 1,096,3693.200%, 06/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . 457,600 430,0143.575%, 01/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . 145,686 139,7793.600%, 09/22/27 . . . . . . . . . . . . . . . . . . . . . . . . . 254,942 244,4133.650%, 02/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . 333,986 321,1473.700%, 10/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . 402,883 256,2683.750%, 10/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . 21,034 14,6963.850%, 02/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . 1,221,908 807,3214.400%, 09/22/23 . . . . . . . . . . . . . . . . . . . . . . . . . 1,527,746 1,099,4744.950%, 02/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . 327,355 230,6875.250%, 01/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . 934,859 645,712

Azul Investments LLP5.875%, 10/26/24 (144A) . . . . . . . . . . . . . . . . . . . 455,000 341,255

Delta Air Lines Pass-Through Trust3.204%, 10/25/25 . . . . . . . . . . . . . . . . . . . . . . . . . 2,715,000 2,705,291

Gol Finance S.A.7.000%, 01/31/25 (144A) . . . . . . . . . . . . . . . . . . . 630,000 441,000

JetBlue Pass Through Trust4.000%, 11/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . 1,680,000 1,737,507

Latam Finance, Ltd.6.875%, 04/11/24 (g) . . . . . . . . . . . . . . . . . . . . . . 200,000 74,000

Turkish Airlines Pass-Through Trust4.200%, 03/15/27 (144A) . . . . . . . . . . . . . . . . . . . 908,648 723,105

United Airlines Pass-Through Trust2.700%, 05/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . 580,000 548,3422.875%, 10/07/28 . . . . . . . . . . . . . . . . . . . . . . . . . 462,561 439,2433.100%, 07/07/28 . . . . . . . . . . . . . . . . . . . . . . . . . 140,564 137,6113.450%, 12/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . 185,516 181,7533.500%, 05/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . 1,021,000 746,8623.500%, 03/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 245,226 232,2293.650%, 10/07/25 . . . . . . . . . . . . . . . . . . . . . . . . . 66,800 50,3843.650%, 01/07/26 . . . . . . . . . . . . . . . . . . . . . . . . . 109,237 83,1734.150%, 08/25/31 . . . . . . . . . . . . . . . . . . . . . . . . . 226,815 226,164

BHFTII-10




Corporate Bonds & Notes—(Continued)


Airlines—(Continued)United Airlines Pass-Through Trust

4.600%, 03/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . 489,968 $ 379,8694.625%, 09/03/22 . . . . . . . . . . . . . . . . . . . . . . . . . 107,594 100,1464.750%, 04/11/22 . . . . . . . . . . . . . . . . . . . . . . . . . 252,891 232,322

18,155,332

Apparel—0.1%Hanesbrands, Inc.

4.625%, 05/15/24 (144A) . . . . . . . . . . . . . . . . . . . 742,000 771,5244.875%, 05/15/26 (144A) . . . . . . . . . . . . . . . . . . . 106,000 113,155

NIKE, Inc.2.750%, 03/27/27 . . . . . . . . . . . . . . . . . . . . . . . . . 2,519,000 2,800,165

Under Armour, Inc.3.250%, 06/15/26 (f) . . . . . . . . . . . . . . . . . . . . . . 71,000 66,917

William Carter Co. (The)5.625%, 03/15/27 (144A) . . . . . . . . . . . . . . . . . . . 329,000 343,394

4,095,155

Auto Manufacturers—1.0%Daimler Finance North America LLC

3.350%, 05/04/21 (144A) . . . . . . . . . . . . . . . . . . . 1,270,000 1,290,249Ford Motor Credit Co. LLC

3.200%, 01/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . 1,026,000 1,023,8333.336%, 03/18/21 . . . . . . . . . . . . . . . . . . . . . . . . . 205,000 205,1135.750%, 02/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . 1,114,000 1,122,767

General Motors Financial Co., Inc.0.850%, 02/26/26 (EUR) . . . . . . . . . . . . . . . . . . . . 2,900,000 3,215,7912.750%, 06/20/25 . . . . . . . . . . . . . . . . . . . . . . . . . 3,242,000 3,320,8454.000%, 01/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . 3,175,000 3,392,6694.350%, 04/09/25 . . . . . . . . . . . . . . . . . . . . . . . . . 513,000 556,4105.100%, 01/17/24 . . . . . . . . . . . . . . . . . . . . . . . . . 2,320,000 2,537,1695.200%, 03/20/23 . . . . . . . . . . . . . . . . . . . . . . . . . 3,474,000 3,768,511

Hyundai Capital America2.375%, 02/10/23 (144A) (f) . . . . . . . . . . . . . . . . . 3,142,000 3,225,5093.950%, 02/01/22 (144A) . . . . . . . . . . . . . . . . . . . 965,000 1,001,100

Hyundai Capital Services, Inc.3.000%, 08/29/22 (144A) . . . . . . . . . . . . . . . . . . . 1,220,000 1,262,686

Nissan Motor Co., Ltd.3.522%, 09/17/25 (144A) . . . . . . . . . . . . . . . . . . . 1,720,000 1,738,0444.810%, 09/17/30 (144A) . . . . . . . . . . . . . . . . . . . 2,473,000 2,479,865

Toyota Motor Credit Corp.2.150%, 02/13/30 (f) . . . . . . . . . . . . . . . . . . . . . . 1,141,000 1,201,6893.375%, 04/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . 610,000 702,366

32,044,616

Auto Parts & Equipment—0.0%American Axle & Manufacturing, Inc.

6.250%, 04/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . 396,000 391,921

Banks—7.9%Banco de Credito del Peru

3.125%, 5Y H15 + 3.000%, 07/01/30 (144A) (a) (f) . . 574,000 575,797Banco do Brasil S.A.

5.375%, 01/15/21 (144A) . . . . . . . . . . . . . . . . . . . 300,000 302,6285.875%, 01/26/22 (144A) . . . . . . . . . . . . . . . . . . . 255,000 265,840


Banks—(Continued)Banco Espirito Santo S.A.

4.000%, 01/21/19 (EUR) (g) . . . . . . . . . . . . . . . . . . 200,000 $ 30,484Banco Internacional del Peru SAA Interbank

3.250%, 10/04/26 (144A) (f) . . . . . . . . . . . . . . . . . 371,000 386,771Banco Nacional de Panama

2.500%, 08/11/30 (144A) . . . . . . . . . . . . . . . . . . . 281,000 278,049Banco Santander Mexico S.A.

5.375%, 04/17/25 (144A) . . . . . . . . . . . . . . . . . . . 613,000 681,656Banco Santander S.A.

2.706%, 06/27/24 . . . . . . . . . . . . . . . . . . . . . . . . . 1,600,000 1,694,2903.306%, 06/27/29 . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,087,041

Banco Votorantim S.A.4.000%, 09/24/22 (144A) . . . . . . . . . . . . . . . . . . . 551,000 564,781

Bancolombia S.A.3.000%, 01/29/25 . . . . . . . . . . . . . . . . . . . . . . . . . 260,000 260,421

Bank of America Corp.2.328%, 3M LIBOR + 0.630%, 10/01/21 (a) . . . . . . . 10,082,000 10,082,0002.456%, 3M LIBOR + 0.870%, 10/22/25 (a) . . . . . . . 1,976,000 2,083,7192.592%, SOFR + 2.150%, 04/29/31 (a) . . . . . . . . . . . 1,736,000 1,833,1932.676%, SOFR + 1.930%, 06/19/41 (a) . . . . . . . . . . . 3,477,000 3,546,2602.816%, 3M LIBOR + 0.930%, 07/21/23 (a) . . . . . . . 1,283,000 1,332,2302.881%, 3M LIBOR + 1.021%, 04/24/23 (a) . . . . . . . 946,000 978,2372.884%, 3M LIBOR + 1.190%, 10/22/30 (a) . . . . . . . 1,925,000 2,077,8103.194%, 3M LIBOR + 1.180%, 07/23/30 (a) . . . . . . . 325,000 359,0693.419%, 3M LIBOR + 1.040%, 12/20/28 (a) . . . . . . . 7,301,000 8,132,2193.499%, 3M LIBOR + 0.630%, 05/17/22 (a) . . . . . . . 2,415,000 2,459,9983.559%, 3M LIBOR + 1.060%, 04/23/27 (a) . . . . . . . 1,939,000 2,166,0393.593%, 3M LIBOR + 1.370%, 07/21/28 (a) . . . . . . . 75,000 84,0543.705%, 3M LIBOR + 1.512%, 04/24/28 (a) . . . . . . . 4,747,000 5,359,9393.824%, 3M LIBOR + 1.575%, 01/20/28 (a) . . . . . . . 1,045,000 1,184,0103.950%, 04/21/25 . . . . . . . . . . . . . . . . . . . . . . . . . 593,000 658,4923.970%, 3M LIBOR + 1.070%, 03/05/29 (a) . . . . . . . 1,581,000 1,812,9264.000%, 01/22/25 . . . . . . . . . . . . . . . . . . . . . . . . . 355,000 395,3734.200%, 08/26/24 . . . . . . . . . . . . . . . . . . . . . . . . . 1,903,000 2,118,9064.450%, 03/03/26 . . . . . . . . . . . . . . . . . . . . . . . . . 746,000 856,5275.875%, 3M LIBOR + 2.931%, 03/15/28 (a) . . . . . . . 1,600,000 1,725,205

Bank of New York Mellon Corp. (The)3.442%, 3M LIBOR + 1.069%, 02/07/28 (a) (f) . . . . . 1,343,000 1,540,0023.647%, 3M LIBOR + 3.420%, 12/20/20 (a) . . . . . . . 830,000 813,4004.625%, 3M LIBOR + 3.131%, 09/20/26 (a) . . . . . . . 1,770,000 1,834,162

Barclays plc2.645%, 1Y H15 + 1.900%, 06/24/31 (a) . . . . . . . . . 1,220,000 1,216,7924.375%, 01/12/26 . . . . . . . . . . . . . . . . . . . . . . . . . 628,000 703,4004.972%, 3M LIBOR + 1.902%, 05/16/29 (a) . . . . . . . 1,079,000 1,260,917

BBVA Bancomer S.A.6.750%, 09/30/22 (144A) . . . . . . . . . . . . . . . . . . . 524,000 564,872

BNP Paribas

Brighthouse Funds Trust II · Brighthouse Funds Trust II Baillie Gifford International Stock Portfolio Schedule of Investments as of March 31, 2020 (Unaudited) Common Stocks—98.2%

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