BlackRock Series Fund N-CSR Certified 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: 811-03091

Name of Fund:  BlackRock Series Fund, Inc.

BlackRock Balanced Capital Portfolio

BlackRock Capital Appreciation Portfolio

BlackRock Global Allocation Portfolio

BlackRock Government Money Market Portfolio (Formerly, BlackRock Money Market Portfolio)

BlackRock High Yield Portfolio

BlackRock Large Cap Core Portfolio

BlackRock Total Return Portfolio

BlackRock U.S. Government Bond Portfolio

Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Series Fund, Inc., 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2015

Date of reporting period: 12/31/2015

Item 1 – Report to Stockholders

DECEMBER 31, 2015        

  ANNUAL REPORT   BLACKROCK^®

  BlackRock Series Fund, Inc.

▶     BlackRock Balanced Capital Portfolio

▶    BlackRock Capital Appreciation Portfolio

▶    BlackRock Global Allocation Portfolio

▶    BlackRock Government Money Market Portfolio

▶     BlackRock High Yield Portfolio

▶    BlackRock Large Cap Core Portfolio

▶    BlackRock Total Return Portfolio

▶    BlackRock U.S. Government Bond Portfolio

Not FDIC Insured ¡ May Lose Value ¡ No Bank Guarantee

Table of Contents

	Page
The Markets in Review	3
Annual Report:
Fund Summaries	4
The Benefits and Risks of Leveraging	20
Disclosure of Expenses	20
Derivative Financial Instruments	21
Financial Statements:
Schedules of Investments	22
Statements of Assets and Liabilities	124
Statements of Operations	128
Statements of Changes in Net Assets	130
Financial Highlights	134
Notes to Financial Statements	142
Report of Independent Registered Public Accounting Firm	163
Officers and Directors	164
Additional Information	167

2 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

The Markets in Review

Dear Shareholder,

Diverging monetary policies and shifting economic outlooks across regions have been the overarching themes driving financial markets over the past couple of years. With U.S. growth outpacing the global economic recovery in 2015 while inflationary pressures remained low, investors spent most of the year anticipating a short-term rate hike from the Federal Reserve (the “Fed”), which ultimately came to fruition in December. In contrast, the European Central Bank (“ECB”) and the Bank of Japan moved to a more accommodative stance during the year. In this environment, the U.S. dollar strengthened considerably, causing profit challenges for U.S. exporters and high levels of volatility in emerging market currencies and commodities. Oil prices were particularly volatile and below the historical norm due to an ongoing imbalance in global supply and demand.

Market volatility broadly increased in the middle of 2015, beginning with a sharp, but temporary, selloff in June as Greece’s long-brewing debt troubles came to an impasse. Just as these concerns abated, Chinese equities tumbled amid weakness in the country’s economy. This, combined with a depreciation of the yuan and declining confidence in China’s policymakers, stoked worries about the potential impact to the broader world economy, causing heightened volatility to spread throughout markets globally. Given a dearth of meaningful growth across most of the world, financial markets became more reliant on central bank policies to drive performance. In that vein, risk assets (such as equities and high yield bonds) rallied in October when China’s central bank provided more stimulus, the ECB hinted at further easing, and soft U.S. data pushed back expectations for a Fed rate hike. As the period came to a close, however, the ECB disappointed investors with its subdued policy changes. The Fed’s December rate hike had a positive impact on the markets as it removed a source of uncertainty, but this was counteracted by the dampening effect of a stronger U.S. dollar, falling oil prices and tighter credit conditions.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of December 31, 2015
	6-month			12-month
U.S. large cap equities (S&P 500® Index)		0.15	%		1.38	%
U.S. small cap equities (Russell 2000® Index)		(8.75	)		(4.41	)
International equities (MSCI Europe, Australasia, Far East Index)		(6.01	)		(0.81	)
Emerging market equities (MSCI Emerging Markets Index)		(17.35	)		(14.92	)
3-month Treasury bill (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.04			0.05
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		1.43			0.91
U.S. investment-grade bonds (Barclays U.S. Aggregate Bond Index)		0.65			0.55
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.31			3.32
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		(6.79	)		(4.43	)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of December 31, 2015 BlackRock Balanced Capital Portfolio

      Investment Objective

BlackRock Balanced Capital Portfolio’s (the “Fund”) investment objective is to seek high total investment return.

      Portfolio Management Commentary

How did the Fund perform?

• For the 12-month period ended December 31, 2015, the Fund returned 0.52%, underperforming its blended benchmark (60% Russell 1000^® Index/40% Barclays U.S. Aggregate Bond Index), which returned 1.00% for the period. The Russell 1000^® Index advanced 0.92%, while the Barclays U.S. Aggregate Bond Index returned 0.55%.

What factors influenced performance?

• From a broad asset allocation perspective, the Fund’s overweight in equities relative to the blended benchmark contributed positively to performance as equities outperformed core fixed income during the period.

• With respect to the Fund’s equity allocation, stock selection within information technology (“IT”) detracted from performance, as holdings of hardware and semiconductor companies were impacted by a difficult sales environment for personal computers.

• Within equities, exposure to managed care companies within health care was a notable positive contributor. These companies have consistently exceeded earnings expectations and raised forward guidance. The managed care segment has benefited from a recent favorable Supreme Court ruling concerning insurance subsidies under the Affordable Care Act and, more critically, the consolidation trend in the industry. Positioning with respect to energy was also additive, in particular underweight exposure to the worst-performing exploration & production companies and overweight exposure to refining & marketing firms. Additional positive contributions came from holdings of beverage companies within consumer staples, and from exposure to home-improvement retailers, leisure travel companies and auto components companies within consumer discretionary.

• Within the fixed income allocation, the Fund’s stance with respect to overall portfolio duration (and corresponding sensitivity to interest rates) hindered performance, as did positioning along the yield curve. The Fund’s allocations to European credits and U.S. Treasury Inflation Protected Securities also detracted.

• Within fixed income, positive performance for the year was led by allocations to securitized assets. Within U.S. investment grade credit, an overweight position in financials and underweight in industrials added to performance.

Describe recent portfolio activity.

• Within equities, the Fund’s weighting in the consumer discretionary sector saw the most significant increase over the 12-month period, while allocations to health care and consumer staples also increased. The most notable reduction was with respect to the industrials sector, while energy, financials and IT saw declines as well.

• Within fixed income, the Fund tactically shifted overall portfolio duration, while maintaining a somewhat conservative stance with respect to U.S. interest rates for much of the year. Entering the 12-month period, the Fund was underweight U.S. investment grade credit given the low yields offered, and then moved to a neutral weighting as global bond yields rose in the second quarter of 2015. The Fund tactically traded exposure to U.S. high yield corporates, modestly adding to these holdings towards the end of the period. The Fund’s allocation to securitized assets was modestly reduced during the period, based on less attractive valuations following a period of relatively strong performance and on rising macro concerns.

• The Fund held derivatives during the period, principally to manage foreign currency exposures. The use of derivatives did not have a material impact on performance.

Describe portfolio positioning at period end.

• Relative to the blended benchmark, the Fund ended the period overweight in equities relative to fixed income. Relative to the Russell 1000^® Index, the Fund’s equity allocation was most notably overweight IT, followed by consumer discretionary and health care, while industrials, telecommunication services and utilities were the most significant underweights. In fixed income, the Fund ended the period with a conservative stance with respect to overall duration and interest rate risk relative to the Barclays U.S. Aggregate Bond Index. Within investment grade credit, the Fund had a tilt toward financials. The Fund maintained an allocation to municipal bonds, modest exposure to high yield corporate bonds and overweight exposure to securitized assets. In emerging markets, the Fund was focused on attractive income opportunities that were created by the significant moves in currency and country valuations in 2015. The Fund remained modestly overweight the U.S. dollar, in particular versus the euro, the Saudi Arabian riyal and the Chinese yuan.

      Portfolio Information

Portfolio Composition	Percent of Total Investments1
Common Stocks		58	%
U.S. Government Sponsored Agency Securities		16
Corporate Bonds		10
U.S. Treasury Obligations		8
Asset-Backed Securities		3
Non-Agency Mortgage-Backed Securities		3
Foreign Government Obligations		1
Taxable Municipal Bonds		1

¹  Total Investments exclude short-term securities, options purchased, borrowed bonds and TBA sale commitments.

4 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

BlackRock Balanced Capital Portfolio

      Total Return Based on a $10,000 Investment

¹  Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Does not include insurance-related fees and expenses. The Fund invests in U.S. and foreign equity and fixed income securities of any maturity.

²  The Fund compares its performance to that of a customized weighted index comprised of the returns of the Russell 1000^® Index (60%) and Barclays U.S. Aggregate Bond Index (40%).

³  The index measures the performance of the large cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The index represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

⁴  A widely recognized unmanaged market-weighted index comprised of investment-grade corporate bonds rated BBB or better, mortgages and U.S. Treasury and U.S. Government agency issues with at least one year to maturity.

      Performance Summary for the Period Ended December 31, 2015

				Average Annual Total Returns5
	6-Month Total  Returns5			1 Year			5 Years			10 Years
BlackRock Balanced Capital Portfolio		(0.04	)%		0.52	%		9.25	%		5.94	%
60% Russell 1000® Index/40% Barclays U.S. Aggregate Bond Index		(0.07	)		1.00			8.88			6.55
Russell 1000® Index		(0.78	)		0.92			12.44			7.40
Barclays U.S. Aggregate Bond Index		0.65			0.55			3.25			4.51

⁵  Cumulative and average annual total returns are based on changes in net asset value for the periods shown and assume reinvestment of all distributions at net asset value on the ex-dividend date. Insurance related fees and expenses are not reflected in these returns.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Expense Example
	Actual				Hypothetical8
			Including Interest Expense	Excluding Interest Expense		Including Interest Expense		Excluding Interest Expense
	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the Period6	Expenses Paid During the Period7	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the Period6	Ending Account Value December 31, 2015	Expenses Paid During the Period7
BlackRock Balanced Capital Portfolio	$1,000.00	$999.60	$2.62	$2.52	$1,000.00	$1,022.58	$2.65	$1,022.68	$2.55

⁶  Expenses are equal to the annualized expense ratio (0.52%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

⁷  Expenses are equal to the annualized expense ratio (0.50%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

⁸  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 20 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 5

Fund Summary as of December 31, 2015 BlackRock Capital Appreciation Portfolio

      Investment Objective

BlackRock Capital Appreciation Portfolio’s (the “Fund”) investment objective is to seek long-term growth of capital.

      Portfolio Management Commentary

How did the Fund perform?

• For the 12-month period ended December 31, 2015, the Fund returned 7.27%, outperforming its benchmark, the Russell 1000^® Growth Index, which returned 5.67%, and the broad-market S&P 500^® Index, which returned 1.38%. The following discussion of relative performance pertains to the Russell 1000^® Growth Index.

What factors influenced performance?

• In sector terms, consumer discretionary was the prime contributor to relative performance, driven by internet & catalog retail holdings. Information technology (“IT”) was a second source of strength, led by software and IT services names. Absence in communications equipment also proved advantageous in the sector. Limited exposure to the materials and energy sectors further benefited the Fund. These positives more than offset weakness in health care, where pharmaceutical holdings weighed. Consumer staples and industrials were a drag as well.

• At the stock level, the top individual contributor was Netflix, Inc. Shares outperformed in the first half of 2015 as global subscriber growth came in materially above expectations, with total customers topping 62 million. Strong performance continued in the second half of the reporting period, with the company continuing to report strong subscriber growth, both domestically and internationally. Overall, Netflix, Inc. continues to leverage its large scale enabling it to drive more content, attracting more subscribers.

• Positions in Facebook Inc. and Alphabet Inc. (Google’s parent company) also added considerable value. Facebook Inc. outperformed as the company showed accelerating growth in its core platform and material progress with monetizing its emerging growth properties (Instagram, Facebook Messenger and WhatsApp). Alphabet Inc. gained as Google showed acceleration in owned and operated (Google.com) revenues, excluding

foreign exchange. This, combined with year-over-year margin improvement, is driving positive earnings revisions and multiple expansion for the stock.

• The largest individual detractors were Yahoo Inc., Twenty-First Century Fox Inc. and Union Pacific Corp. Yahoo Inc. underperformed as its primary value driver – i.e. its stake in Chinese e-commerce company Alibaba – declined more than 20%. Shares of Twenty-First Century Fox Inc. underperformed early in the period as investors worried about the impact of foreign exchange on the company’s future earnings; additionally, ratings remained weak at its Fox broadcast network. Later, overall media multiples came under pressure (most notably in August 2015) amid growing concerns about the sustainability of the cable bundling model. Both Yahoo Inc. and Twenty-First Century Fox Inc. were eliminated by the end of the reporting period. Union Pacific Corp. underperformed in 2015 due to declining freight volumes, particularly coal and metals.

Describe recent portfolio activity.

• Due to a combination of portfolio trading activity and market movement during the 12-month period, the Fund’s weighting in the consumer staples sector considerably increased. The allocations to IT and materials also increased. The Fund’s weighting in the health care and industrials sectors decreased, with declines in consumer discretionary and energy as well.

Describe portfolio positioning at period end.

• As of period end, the Fund’s largest sector overweight relative to the Russell 1000^® Growth Index was in IT, while industrials was the largest underweight.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

      Portfolio Information

Sector Allocation	Percent of  Net Assets
Information Technology		38%
Consumer Discretionary		21
Health Care		18
Consumer Staples		9
Financials		6
Industrials		3
Materials		3
Telecommunication Services		1
Energy		1
Short-Term Securities		5
Liabilities in Excess of Other Assets.		(5)

For Fund compliance purposes, the Fund’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine sector sub classifications for reporting ease.

6 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

BlackRock Capital Appreciation Portfolio

      Total Return Based on a $10,000 Investment

¹  Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Does not include insurance-related fees and expenses. The Fund invests primarily in a diversified portfolio consisting primarily of common stock of U.S. companies that the investment advisor believes have shown above-average growth rates in earnings over the long term.

²  This unmanaged index covers 500 leading companies and captures approximately 80% coverage of available market capitalization.

³  This unmanaged index measures the performance of the large cap growth segment of the U.S. equity universe and consists of those Russell 1000^® securities with higher price-to-book ratios and higher forecasted growth values.

Performance Summary for the Period Ended December 31, 2015
		Average Annual Total Returns4
	6-Month Total Returns4	1 Year	5 Years	10 Years
BlackRock Capital Appreciation Portfolio	0.82%	7.27%	10.45%	7.61%
S&P 500® Index	0.15	1.38	12.57	7.31
Russell 1000® Growth Index	1.64	5.67	13.53	8.53

⁴  Cumulative and average annual total returns are based on changes in net asset value for the periods shown and assume reinvestment of all distributions at net asset value on the ex-dividend date. Insurance related fees and expenses are not reflected in these returns.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Expense Example
	Actual			Hypothetical6
	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the  Period5	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the  Period5	Annualized Expense Ratio
BlackRock Capital Appreciation Portfolio	$1,000.00	$1,008.20	$2.58	$1,000.00	$1,022.63	$2.60	0.51%

⁵  Expenses are equal to the annualized net expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

⁶  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 20 for further information on how expenses were calculated.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from results reported in the financial highlights.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 7

Fund Summary as of December 31, 2015 BlackRock Global Allocation Portfolio

      Investment Objective

BlackRock Global Allocation Portfolio’s (the “Fund”) investment objective is to seek high total investment return.

      Portfolio Management Commentary

How did the Fund perform?

• For the 12-month period ended December 31, 2015, the Fund outperformed its Reference Benchmark, which is comprised of the S&P 500^® Index (36%), FTSE World (ex-US) Index (24%), BofA Merrill Lynch Current 5-Year U.S. Treasury Index (24%) and Citigroup Non-U.S. Dollar World Government Bond Index (16%) (the “Reference Benchmark”). For the same period, the Fund also outperformed the broad-based all-equity benchmark, the FTSE World Index. The Fund invests in both equities and bonds; therefore, the Reference Benchmark provides a truer representation of the Fund’s composition and a more comparable means for measurement. The following discussion of relative performance pertains to the Reference Benchmark. The commentary (and referenced allocation percentages) are based on the economic exposures of the Fund, which reflect adjustments for futures, swaps, options and convertible bonds, and may vary relative to the market value.

What factors influenced performance?

• Within equities, an overweight to Japan contributed to performance, although this was partially offset by stock selection within that market. From a sector perspective, stock selection in information technology (“IT”), financials, and telecommunication services (“telecom”) was additive. Currency management, most notably an overweight to the U.S. dollar, also contributed to performance.

• Detractors from performance included stock selection in the United States and Canada. From a sector perspective, stock selection in and an overweight to materials as well as stock selection in and an underweight to both consumer discretionary and consumer staples weighed on returns. An overweight to energy and stock selection in health care, utilities, and industrials also detracted. An underweight to fixed income negatively impacted returns, while an overweight to commodity-related securities also weighed on performance.

• The Fund uses derivatives, which may include options, future, swaps and forward contracts both to enhance returns of the Fund and to hedge (or protect) against adverse movements in currency exchange rates, interest rates

and movements in the securities markets. During the period, the Fund’s use of derivatives had a positive impact on the absolute performance of the Fund.

Describe recent portfolio activity.

• During the period, the Fund’s overall equity allocation decreased from 62% to 58% of net assets. Within equities, the Fund decreased exposure to the United States, Brazil, and Japan. From a sector perspective, the Fund decreased exposure to healthcare, energy, materials, and industrials, and increased exposure to consumer staples, IT, and telecom. The Fund’s overall allocation to fixed income remained essentially unchanged at 23% of net assets. Within fixed income, the Fund reduced exposure to government bonds and increased exposure to corporate bonds. The Fund’s allocation to commodity-related securities remained essentially unchanged at 1% of net assets.

• Reflecting the above changes, the Fund’s allocation to cash and cash equivalents increased from 14% to 18% of net assets. Over the period, cash helped mitigate portfolio volatility and served as a source of funds for new investments. The Fund’s overweight to cash equivalents helped keep overall portfolio duration (and corresponding interest rate sensitivity) relatively low.

Describe portfolio positioning at period end.

• Relative to its Reference Benchmark, the Fund ended the period underweight equities and fixed income and overweight commodity-related securities and cash equivalents. Within equities, the Fund was overweight Japan and underweight the United States. Within Europe, the Fund was overweight France and Italy, and underweight Switzerland and Sweden. From a sector perspective, the Fund was overweight healthcare, telecom, energy, and materials, and underweight consumer staples, financials, and consumer discretionary. Within fixed income, the Fund was underweight developed market government bonds, and overweight corporate and convertible bonds. With respect to currency exposure, the Fund was overweight the U.S. dollar and underweight the euro, Japanese yen, Australian dollar and Canadian dollar.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overall Asset Exposure
	Percent of Fund’s Net Assets1		Reference Benchmark3
Portfolio Composition	12/31/15	12/31/142	Percentage
U.S. Equities	27%	28%	35%
European Equities	14	14	13
Asia Pacific Equities	15	16	9
Other Equities	2	4	3
Total Equities	58	62	60
U.S. Dollar Denominated Fixed Income Securities	18	15	24
U.S. Issuers	14	12	—
Non-U.S. Issuers	4	3	—
Non-U.S. Dollar Denominated Fixed Income Securities	5	8	16
Total Fixed Income Securities	23	23	40
Commodity-Related Securities	1	1	—
Cash & Short-Term Securities	18	14	—

¹  Exposure based on market value and adjusted for the economic value of futures, swaps, options and convertible bonds.

²  Prior period data is updated to reflect the economic value of options and convertible bonds and to present commodity-related exposure separately.

³  The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the S&P 500 Index^®; 24% FTSE World (ex U.S.) Index; 24% BofA Merrill Lynch Current 5-Year U.S. Treasury Index; and 16% Citigroup Non-U.S. Dollar World Government Bond Index. Descriptions of these indexes are found on page 5 of this report to shareholders in the “Performance Summary” section.

8 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

BlackRock Global Allocation Portfolio

      Total Return Based on a $10,000 Investment

¹  Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Does not include insurance-related fees and expenses. The Fund invests in a portfolio of equity, debt and money market securities.

²  This unmanaged capitalization-weighted index is comprised of 2,538 equities from 35 countries in 4 regions, including the United States.

³  The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% S&P 500^® Index; 24% FTSE World (ex U.S.) Index; 24% BofA Merrill Lynch Current 5-Year U.S. Treasury Index; and 16% Citigroup Non-U.S. Dollar World Government Bond Index.

      Performance Summary for the Period Ended December 31, 2015

				Average Annual Total  Returns4
	6-Month         Total Returns4			1 Year			5 Years			10 Years
BlackRock Global Allocation Portfolio		(3.66	)%		(0.62	)%		4.52	%		6.30	%
FTSE World Index		(4.06	)		(1.37	)		7.10			5.49
Reference Benchmark		(1.63	)		(0.78	)		5.58			5.46
U.S. Stocks: S&P 500® Index5		0.15			1.38			12.57			7.31
Non-U.S. Stocks: FTSE World (ex U.S.) Index6		(8.08	)		(4.16	)		2.10			3.59
U.S. Bonds: BofA Merrill Lynch Current 5-Year U.S. Treasury Index7		0.37			1.49			2.63			4.41
Non-U.S. Bonds: Citigroup Non-U.S. Dollar World Government Bond Index8		0.30			(5.54	)		(1.30	)		3.05

⁴  Cumulative and average annual total returns are based on changes in net asset value for the periods shown and assume reinvestment of all distributions at net asset value on the ex-dividend date. Insurance related fees and expenses are not reflected in these returns.

⁵  This unmanaged index covers 500 leading companies and captures approximately 80% coverage of available market capitalization.

⁶  An unmanaged capitalization-weighted index comprised of over 1,892 equities from 34 countries, excluding the United States.

⁷  This unmanaged index is designed to track the total return of the current coupon five-year U.S. Treasury bond.

⁸  This unmanaged market capitalization-weighted index tracks 22 government bond indexes, excluding the United States.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

      Expense Example

	Actual				Hypothetical11
			Including Dividend Expense	Excluding Dividend Expense		Including Dividend  Expense		Excluding Dividend  Expense
	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the Period9	Expenses Paid During the Period10	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the Period9	Ending Account Value December 31, 2015	Expenses Paid During the  Period10
BlackRock Global Allocation Portfolio	$1,000.00	$963.40	$2.87	$2.82	$1,000.00	$1,022.28	$2.96	$1,022.33	$2.91

⁹  Expenses are equal to the annualized expense ratio (0.58%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

¹⁰  Expenses are equal to the annualized expense ratio (0.57%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

¹¹ Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 20 for further information on how expenses were calculated.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from results reported in the financial highlights.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 9

Fund Summary as of December 31, 2015 BlackRock Government Money Market Portfolio

        For the 12-Month Period Ended December 31, 2015

While the U.S. labor market continued to improve, U.S. economic growth slowed in the fourth quarter due to a strong dollar and global headwinds. Lower oil prices continued to undermine investments by energy firms while unseasonably mild weather cut into consumer spending on utilities and apparel. For the first time since 2006, on December 16, 2015, the Federal Open Market Committee (“FOMC”) voted unanimously to raise its target range for the Federal Funds Rate by 25 basis points to 0.25% to 0.50%. The move was widely expected as in the 2 months leading up to the meeting several Fed speakers commented on economic growth, specifically the gradual improvement and sustainability experienced throughout 2015. Over the same time period, Fed Fund Futures projected a 55% to 76% probability of a 25 basis point rate hike at the December meeting. As a result of the well telegraphed move, the market experienced minimal volatility throughout the remainder of the year. To note, effective December 17, the overnight level of the N.Y. Federal Reserve Reverse Repo Program (“RRP”) moved up to 0.25% from 0.05% and Interest on Reserves (“IOR”) up to 0.50% from 0.25%.

Also at the December meeting, the Federal Reserve released an updated forecast of the Summary of Economic Projection (“SEP”); the data projected 4 additional rate increases by the end of 2016 (ending the year with a 1.25% Fed Funds rate). While Chairwoman Yellen did not comment on the “dots,” she and several Fed officials did state that the future path of policy would remain dependent on the data and if the positive momentum continues, the pace of additional increases would be gradual as to not disrupt or shock the market.

The short-term tax-exempt market was relatively stable for the duration of the twelve months ended December 31, 2015. While municipal money fund industry assets have been stable, holdings of highly liquid variable rate demand note (“VRDN”) securities generally increased over the period. Rates on VRDN securities as measured by the benchmark Securities Industry and Financial Markets Association (“SIFMA”) Index, which represents the average rate on seven-day terms, ranged between a high of 0.03% to a historical low of 0.01%, and ended the period at 0.01%. With the exception of seasonal weakness resulting from tax-related redemptions in April and May, when inventory of VRDN securities reached a high not seen in over three years of near $13 billion, inventory remained at or near historical lows around and sometimes below $1 billion for the majority of the period.

Posturing around the FOMC meetings and the need to replace maturing municipal notes combined to keep demand for VRDN securities elevated over the majority of the period. In addition, improvement in the fiscal health of state and local municipal issuers contributed to a reduced need to borrow in the short-term municipal market to meet fiscal year 2016 operational budget needs. The reduced borrowing need has resulted in a reduction in one-year fixed-rate note issuance by roughly 25% from the previous year’s levels. While a federal funds rate hike was widely expected before year end, a reduction in note issuance had contributed to only a moderate amount of upward pressure on one-year rates. As the year came to a close, rates on one-year notes continued to rise as investors prepared for the anticipated Fed rate hike and reached an all-time high for the period when the Fed ultimately commenced its rate hiking cycle in mid-December. The Municipal Market Advisors AAA General Obligation One-Year Index yield increased from 0.18% on December 31, 2014 to 0.50% on December 31, 2015. In addition, the reduced supply of fixed-rate notes and defensive positioning have combined to elevate demand for VRDN securities as an investment alternative, which resulted in the SIFMA Index dropping to the historical low of 0.01% by December 31, 2015.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

10 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

BlackRock Government Money Market Portfolio

      Investment Objective

BlackRock Government Money Market Portfolio’s (the “Fund”) investment objective is to seek to preserve capital, maintain liquidity and achieve the highest possible current income consistent with the foregoing.

On May 13, 2015, the Board of Directors of the Fund approved changes to the Fund’s name and principal investment strategies. Effective September 1, 2015, the Fund changed its name to BlackRock Government Money Market Portfolio. Under its new principal investment strategies, the Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. The Fund continues to seek to maintain a net asset value of $1.00 per share.

      Portfolio Information

Yields	7-Day SEC Yield		7-Day Yield
BlackRock Government Money Market Portfolio		0.00%		0.00%

Portfolio Composition	Percent of Net Assets
U.S. Government Sponsored Agency Securities		56	%
Repurchase Agreements		33
U.S. Treasury Obligations		11
Total		100	%

The 7-Day SEC Yield may differ from the 7-Day Yield shown above due to the fact that the 7-Day SEC Yield excludes distributed capital gains.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

      Expense Example

	Actual									Hypothetical2
	Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Expenses Paid During the Period1			Beginning Account Value July 1, 2015			Ending Account Value December 31, 2015			Expenses Paid During the Period1			Annualized Expense Ratio
BlackRock Government Money Market Portfolio		$	1,000.00		$	1,000.10		$	0.86		$	1,000.00		$	1,024.35		$	0.87		0.17	%

¹  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

²  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 20 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 11

Fund Summary as of December 31, 2015 BlackRock High Yield Portfolio

      Investment Objective

BlackRock High Yield Portfolio’s (the “Fund”) investment objective is to seek to maximize total return, consistent with income generation and prudent investment management.

      Portfolio Management Commentary

How did the Fund perform?

• For the 12-month period ended December 31, 2015, the Fund returned (4.65)%, underperforming the (4.43)% return of its benchmark, the Barclays U.S. Corporate High Yield 2% Issuer Capped Index.

What factors influenced performance?

• The Fund’s allocation to select equity and equity-like investments was the largest detractor from performance during the period. Notable underperformers included the stocks of Amaya, Inc. within the gaming industry, Ally Financial, Inc. in banking, and Huntsman Corp. in chemicals. The Fund’s position in convertible bonds issued by Whiting Petroleum Corp. also weighed on its relative performance.

• The loss for the high yield market in 2015 represented only its sixth year of negative performance in its roughly 30-year existence. Much of the market’s weakness was caused by stress in commodity-related sectors such as energy and metals & mining. The Fund was underweight in these market segments relative to the benchmark, and was the largest factor in its outperformance during the year. Security selection and a higher-quality bias within the independent energy industry also aided results. Selection in the retail and aerospace/defense industries contributed positively, as well. The Fund’s allocation to bank loans, which outperformed high yield in 2015, was further additive to performance.

• The Fund may utilize credit default swaps (“CDS”) and currency forward contracts from time to time. Currency forwards are intermittently employed in the portfolio to manage the currency risk of non-dollar denominated bonds. CDS are normally used to manage risk, but are also used to express credit views and as a means to put capital to work in moving markets. On occasion, the Fund utilizes futures on the S&P 500 Index and Russell 2000 Index to manage portfolio beta and offset general market volatility. The Fund’s exposure to derivatives did not have a material impact on performance during 2015.

Describe recent portfolio activity.

• The Fund’s investment advisor grew increasingly conservative during the period as volatility spiked. The combination of broader macroeconomic

instability and sector-specific concerns related to commodities proved challenging for high yield and caused investors to reduce their exposure to higher-risk assets. The Fund decreased its allocation to equities and increased its use of techniques to manage exposure to equity markets during the period, resulting in a net short position by year-end. The Fund also reduced its position in CCC rated bonds, which suffered from the downgrades to commodity-related issues and the broader increase in investors’ aversion to risk. The Fund added to BB-rated issues, the highest-rated credit tier within high yield.

• The investment advisor maintained a focus on liquidity, prompting it to increase the Fund’s weighting in cash during the second half of the year. In accordance with that theme, the Fund maintained its exposure to its positions in highly liquid credit default swaps and high yield exchange-traded funds.

Describe portfolio positioning at period end.

• The Fund’s general investment themes and core positions reflected the investment advisor’s views regarding issuer cash flows, firm or industry catalysts, and idiosyncratic factors. At the same time, the Fund sought to underweight market segments where macroeconomic trends or technological changes were negatively affecting industries and/or business models.

• Relative to the Fund’s benchmark, the Fund remained underweight in BB-rated credits, with an overweight to single B-rated assets and a slight overweight to CCC-rated issuers. With regard to the yield curve, the Fund remained overweight in 7- to 10-year bonds while staying underweight in the 3- to 5-year and 5- to 7-year segments. Outside of high yield, the Fund maintained positions in floating rate bank loans and the equity of select high yield companies. Among individual issues, leading overweight positions included Ally Financial, Inc., First Data Corp. (technology), and American Capital Ltd. (finance). At the close the period, the Fund’s duration of 3.8 years was below the benchmark duration of 4.3 years. (Duration is a measure of interest rate sensitivity.)

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

        Portfolio Information

Credit Quality Allocation1	Percent of Total Investments2
BBB/Baa		4	%
BB/Ba		39
B		47
CCC/Caa		8
N/R		2

¹  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

²  Total Investments exclude short-term securities.

12 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

BlackRock High Yield Portfolio

      Total Return Based on a $10,000 Investment

¹  Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Does not include insurance-related fees and expenses. The Fund invests primarily in non-investment grade bonds with maturities of ten years or less. The Fund’s total returns prior to October 1, 2011 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name “BlackRock High Income Fund.”

²  This unmanaged index is comprised of issues that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index.

Performance Summary for the Period Ended December 31, 2015
				Average Annual Total  Returns4
	Standardized 30-Day Yield3	Unsubsidized 30-Day Yield3	6-Month Total Returns4	1 Year	5 Years	10 Years
BlackRock High Yield Portfolio	6.54%	6.16%	(6.87)%	(4.65)%	4.90%	6.13%
Barclays U.S. Corporate High Yield 2% Issuer Capped Index	—	—	(6.79)	(4.43)	5.03	6.95

³  The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

⁴  Cumulative and average annual total returns are based on changes in net asset value for the periods shown and assume reinvestment of all distributions at net asset value on the ex-dividend/payable date. Insurance related fees and expenses are not reflected in these returns.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Expense Example
	Actual			Hypothetical6
	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the Period5	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the Period5	Annualized Expense Ratio
BlackRock High Yield Portfolio	$1,000.00	$931.30	$2.43	$1,000.00	$1,022.68	$2.55	0.50%

⁵  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

⁶  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 20 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 13

Fund Summary as of December 31, 2015 BlackRock Large Cap Core Portfolio

      Investment Objective

BlackRock Large Cap Core Portfolio’s (the “Fund”) investment objective is to seek long-term growth of capital and income, and moderate current income.

      Portfolio Management Commentary

How did the Fund perform?

• For the 12-month period ended December 31, 2015, the Fund underperformed its benchmark, the Russell 1000^® Index.

What factors influenced performance?

• Information technology (“IT”) was the prime detractor from relative performance, largely owing to the Fund’s tilt toward enterprise hardware and compute-intensive semiconductor companies. Key names underperformed as the magnitude of PC unit weakness was worse than anticipated, pressuring earnings and forward guidance of several holdings with PC exposure. Micron Technology Inc. and Western Digital Corp. were the leading individual detractors within the Fund for the 12-month period.

• Elsewhere in the Fund, financials detracted on weakness in consumer finance holdings. Zero exposure to internet & catalog retail name Amazon.com Inc. also hindered relative returns as the stock more than doubled in the period.

• Relative performance was supported by strong selection in the health care sector. The Fund’s tilt toward managed care proved especially advantageous as the companies consistently beat earnings expectations and raised guidance on strong underlying fundamentals, while further benefiting from the summer’s favorable Supreme Court ruling concerning insurance subsidies under the Affordable Care Act and, more critically, the broader consolidation trend in the industry. Elsewhere in the sector, a positon in non-benchmark holding Teva Pharmaceutical Industries Ltd. added considerable value.

• Selection benefited in consumer staples as well, led by beverage holdings. Dr. Pepper Snapple Group Inc. contributed on a higher earnings outlook for 2015 due to improved carbonated soft drink pricing in the United States. Molson Coors Brewing Co. outperformed on the announcement AB InBev will make an offer to acquire SABMiller.

• Energy was another source of strength, attributable to both the Fund’s underweight to the benchmark’s worst-performing names concentrated in exploration & production, and overweight to refining & marketing. The benefit of this positioning more than offset weakness resulting from the Fund’s overweight in energy services companies, which struggled amid the steep decline in the price of oil.

Describe recent portfolio activity.

• Due to a combination of portfolio trading activity and market movement during the 12-month period, the Fund’s weighting in the consumer discretionary sector substantially increased, with additions in health care and consumer staples as well. The largest reduction was in the industrials sector. Financials, energy and IT also saw declines.

Describe portfolio positioning at period end.

• Relative to the Russell 1000^® Index, the Fund ended the period with its largest sector overweights in IT, consumer discretionary and health care. Industrials, telecommunication services and utilities were the most significant underweights.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

      Portfolio Information

Sector Allocation	Percent of Net Assets
Information Technology		24	%
Health Care		18
Financials		18
Consumer Discretionary		17
Consumer Staples		8
Industrials		6
Energy		5
Materials		2
Utilities		1
Short-Term Securities		5
Liabilities in Excess of Other Assets.		(4	)

For Fund compliance purposes, the Fund’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine sector sub classifications for reporting ease.

14 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Fund Summary as of December 31, 2015 BlackRock Large Cap Core Portfolio

      Total Return Based on a $10,000 Investment

¹  Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Does not include insurance-related fees and expenses. Under normal circumstances, the Fund invests at least 80% of its assets in a diversified portfolio of equity securities, primarily common stocks, of large capitalization companies included at the time of purchase in the Russell 1000^® Index.

²  The index measures the performance of the large cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The index represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

Performance Summary for the Period Ended December 31, 2015
		Average Annual Total  Returns3
	6-Month Total Returns3	1 Year	5 Years	10 Years
BlackRock Large Cap Core Portfolio.	(0.14)%	0.60%	12.05%	6.33%
Russell 1000® Index	(0.78)	0.92	12.44	7.40

³  Cumulative and average annual total returns are based on changes in net asset value for the periods shown and assume reinvestment of all distributions at net asset value on the ex-dividend date. Insurance related fees and expenses are not reflected in these returns.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Expense Example
	Actual			Hypothetical5
	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the Period4	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the  Period4	Annualized Expense Ratio
BlackRock Large Cap Core Portfolio	$1,000.00	$998.60	$2.52	$1,000.00	$1,022.68	$2.55	0.50%

⁴  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

⁵  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 20 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 15

Fund Summary as of December 31, 2015 BlackRock Total Return Portfolio

        Investment Objective

BlackRock Total Return Portfolio’s (the “Fund”) investment objective is to seek to maximize total return, consistent with income generation and prudent investment management.

        Portfolio Management Commentary

How did the Fund perform?

• For the 12-month period ended December 31, 2015, the Fund returned 0.29%, underperforming its benchmark, the Barclays U.S. Aggregate Bond Index, which returned 0.55%.

What factors influenced performance?

• The most significant detractor from performance relative to the benchmark was the Fund’s stance with respect to overall portfolio duration (and corresponding interest rate sensitivity), together with positioning along the yield curve. An allocation to Treasury Inflation Protected Securities also hindered relative performance, as inflation expectations were undermined during the period by a sharp decline in oil prices and slowing China growth.

• Positive performance for the year was driven by allocations to U.S. securitized assets including commercial mortgage-backed securities, asset-backed securities and non-agency residential mortgage-backed securities. In addition, within U.S. investment grade corporates an overweight position in financials and underweight position in industrials added to relative return.

Describe recent portfolio activity.

• Throughout the year, the Fund’s overall duration and interest rate sensitivity were tactically managed, with duration modestly underweight for much of the 12 months. Additionally, the Fund was modestly underweight in U.S. investment grade credit given the sector’s low all-in yields.

However, this allocation was increased in May as global yields rose, with a focus on longer-maturity bonds within industrials. Exposure to high yield corporates was tactically traded during the period, and was modestly increased entering the fourth quarter. The Fund maintained an overweight position in securitized assets based on their relative value versus other sectors that trade at a yield spread versus U.S. Treasuries, as well as a strong supply/demand backdrop. However, the Fund’s allocation to securitized assets was trimmed on increasing macro volatility and diminishing relative value versus other spread sectors.

• The Fund held derivatives (i.e. financial futures contracts and forward foreign exchange contracts) during the period as a part of its investment strategy. Derivatives are used by the investment advisor as a means to manage risk and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the Fund. For the period, the use of derivatives had a positive impact on the Fund’s performance.

Describe portfolio positioning at period end.

• The Fund was defensively positioned with a bias toward higher quality. The Fund was underweight in duration and had below benchmark exposure to the shorter end of the U.S. yield curve. Within investment grade credit, the Fund had a cautious tilt toward financials, while exposure to high yield corporate bonds was modest. The Fund remained overweight in securitized assets and municipal bonds. With respect to emerging markets, the Fund was positioned to take advantage of income opportunities created by the significant moves in currency and country valuations seen in 2015.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

         Portfolio Information

Portfolio Composition	Percent of Total Investments1
U.S. Government Sponsored Agency Securities		37	%
Corporate Bonds		24
U.S. Treasury Obligations		20
Non-Agency Mortgage-Backed Securities		8
Asset-Backed Securities		7
Foreign Government Obligations		2
Taxable Municipal Bonds		2

¹  Total Investments exclude short-term securities, options purchased, borrowed bonds and TBA sale commitments.

Credit Quality Allocation2	Percent of Total Investments3
AAA/Aaa4		60	%
AA/Aa		7
A		12
BBB/Baa		12
BB/Ba		2
B		1
CCC/Caa		1
CC/Ca		1
N/R		4

²  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service (“Moody’s”). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

³  Total Investments exclude short-term securities, options purchased, borrowed bonds and TBA sale commitments.

⁴  The investment advisor evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment advisor has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

16 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

BlackRock Total Return Portfolio

     Total Return Based on a $10,000 Investment

¹  Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Does not include insurance-related fees and expenses. The Fund, under normal circumstances, will invest at least 80%, and typically invests 90% or more, of its assets in fixed-income securities such as corporate bonds and notes, mortgage-backed securities, asset-backed securities, convertible securities, preferred securities and government obligations.

²  A widely recognized unmanaged market-weighted index, comprised of investment-grade corporate bonds rated BBB or better, mortgages and U.S. Treasury and U.S. Government agency issues with at least one year to maturity.

     Performance Summary for the Period Ended December 31, 2015

				Average Annual Total  Returns4
	Standardized 30-Day Yield3	Unsubsidized 30-Day  Yield3	6-Month Total Returns4	1 Year	5 Years	10 Years
BlackRock Total Return Portfolio	2.54%	2.10%	0.13%	0.29%	3.99%	4.30%
Barclays U.S. Aggregate Bond Index	—	—	0.65	0.55	3.25	4.51

³  The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

⁴  Cumulative and average annual total returns are based on changes in net asset value for the periods shown and assume reinvestment of all distributions at net asset value on the ex-dividend/payable date. Insurance-related fees and expenses are not reflected in these returns.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

     Expense Example

	Actual				Hypothetical7
			Including Interest Expense	Excluding Interest Expense		Including Interest  Expense		Excluding Interest  Expense
	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the  Period5	Expenses Paid During the  Period6	Beginning Account Value July 1, 2015	Ending Account Value December 31, 2015	Expenses Paid During the Period5	Ending Account Value December 31, 2015	Expenses Paid During the Period6
BlackRock Total Return Portfolio	$1,000.00	$1,001.30	$2.82	$2.52	$1,000.00	$1,022.38	$2.85	$1,022.68	$2.55

⁵  Expenses are equal to the annualized expense ratio (0.56%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

⁶  Expenses are equal to the annualized expense ratio (0.50%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

⁷  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 20 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 17

Fund Summary as of December 31, 2015 BlackRock U.S. Government Bond Portfolio

        Investment Objective

BlackRock U.S. Government Bond Portfolio’s (the “Fund”) investment objective is to seek to maximize total return, consistent with income generation and prudent investment management.

        Portfolio Management Commentary

How did the Fund perform?

• For the 12-month period ended December 31, 2015, the Series returned 0.54%, underperforming its benchmark, the Barclays U.S. Government/Mortgage Index, which returned 1.13%.

What factors influenced performance?

• The principal detractors from the Fund’s performance versus the benchmark included an allocation to Treasury Inflation Protected Securities (“TIPS”), as inflation expectations remained subdued in view of slowing China growth and a sharp decline in energy prices. An underweight in nominal U.S. Treasuries also hindered results. Additionally, the Fund’s overweight in 15-year relative to 30-year agency mortgage-backed securities (“MBS”) further detracted from performance.

• Positive contributors to performance during the 12-month period include allocations with respect to non-U.S. dollar currencies, including underweights in the euro, Australian dollar, and Swiss franc. Allocations to commercial mortgage-backed securities (“CMBS”), including interest only securities, performed well based on strong demand from yield-oriented investors during the period. Holdings of collateralized loan obligations also added to results.

Describe recent portfolio activity.

• During the 12-month period, the Fund reduced its underweight in U.S. Treasuries, and increased its overweight in TIPS. The Fund also increased its overweight in CMBS. The Fund moved from an underweight position in 15-year versus 30-year pass-through MBS to a slight overweight in 15-year MBS relative to the benchmark.

• The Fund uses derivatives as a part of its investment strategy. Derivatives are used by the investment advisor as a means to manage risk and/or gain or reduce exposure to interest rates, credit risk and/or foreign exchange positions in the Fund. During the period, the Fund’s use of derivatives did not have a material impact on performance.

Describe portfolio positioning at period end.

• The Fund finished the 12-month period slightly overweight in duration (and corresponding interest rate sensitivity). The Fund was underweight in MBS relative to the benchmark. The majority of the Fund’s MBS allocation was to pools of conventional mortgages backed by Fannie Mae and Freddie Mac.

• As of period-end, the Fund maintained an overweight position in the U.S. dollar relative to the euro, Australian dollar, and Swiss franc. The Fund was also overweight in TIPS relative to nominal U.S. Treasuries.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

         Portfolio Information

Portfolio Composition	Percent of Total Investments1
U.S. Government Sponsored Agency Securities		59	%
U.S. Treasury Obligations		33
Non-Agency Mortgage-Backed Securities		4
Corporate Bonds		2
Asset-Backed Securities		2

¹  Total Investments exclude short-term securities, options purchased, options written, borrowed bonds and TBA sale commitments.

18 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

BlackRock U.S. Government Bond Portfolio

      Total Return Based on a $10,000 Investment

¹  Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Does not include insurance-related fees and expenses. The Fund, under normal circumstances, will invest at least 80% of its assets in bonds that are issued or guaranteed by the U.S. government and its agencies. The Fund’s total returns prior to October 1, 2011 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name “BlackRock Government Income Portfolio”.

²  This index measures debt issued by the U.S. Government, and its agencies, as well as mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac.

³  This unmanaged index includes the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac that meet certain maturity and liquidity criteria.

      Performance Summary for the Period Ended December 31, 2015

										Average Annual Total Returns5
	Standardized 30-Day Yield4			Unsubsidized 30-Day Yield4			6-Month Total  Returns5			1 Year			5 Years			10 Years
BlackRock U.S. Government Bond Portfolio		2.02	%		1.78	%		0.65	%		0.54	%		2.46	%		3.57	%
Barclays U.S. Government/Mortgage Index		—			—			0.96			1.13			2.83			4.35
Barclays U.S. Mortgage-Backed Securities Index		—			—			1.20			1.51			2.96			4.64

⁴  The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

⁵  Cumulative and average annual total returns are based on changes in net asset value for the periods shown and assume reinvestment of all distributions at net asset value on the ex-dividend/payable date. Insurance-related fees and expenses are not reflected in these returns.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

      Expense Example

Actual

Hypothetical8

Including Interest Expense

Excluding Interest Expense

Including Interest Expense

Excluding Interest Expense

Beginning Account Value July 1, 2015

Ending Account Value December 31, 2015

Expenses Paid During the Period6

Expenses Paid During the Period7

Beginning Account Value July 1, 2015

Ending Account Value December 31, 2015

Expenses Paid During the Period6

Ending Account Value December 31, 2015

Expenses Paid During the Period7

BlackRock U.S. Government Bond Portfolio

$1,000.00

��

$1,006.50

$2.68

$2.53

$1,000.00

$1,022.53

$2.70

$1,022.68

$2.55

⁶  Expenses are equal to the annualized expense ratio (0.53%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

⁷  Expenses are equal to the annualized expense ratio (0.50%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

⁸  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

     See “Disclosure of Expenses” on page 20 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 19

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance yield and net asset value per share (“NAV”). However, these objectives cannot be achieved in all interest rate environments.

The Funds may utilize leverage by entering into reverse repurchase agreements.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by each Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund’s shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to the Funds’ shareholders, and the value of these portfolio holdings is reflected in the Fund’s per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not used leverage.

Furthermore, the value of each Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund’s NAV positively or negatively in addition to the impact on each Fund’s performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund’s leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund’s NAV and distribution rates than it would in comparable fund that does not use leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund’s shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by the Fund’s shareholders and may reduce income.

Disclosure of Expenses

Shareholders of these Funds may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other Fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on July 1, 2015 and held through December 31, 2015) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund under the headings entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

20 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. Derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage. Derivative financial instruments also involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative

financial instrument. The Funds’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 21

Schedule of Investments December 31, 2015	BlackRock Balanced Capital Portfolio
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par (000)		Value
ACAS CLO Ltd., Series 2012-1AR, Class BR, 2.64%, 9/20/23 (a)(b)	USD		250	$	248,712
ACE Securities Corp. Home Equity Loan Trust, Series 2006-CW1, Class A2D, 0.68%, 7/25/36 (b)			520		289,591
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class B, 2.37%, 4/15/27 (a)(b)			250		243,425
Anchorage Capital CLO Ltd., Series 2013-1A, Class A2A, 2.04%, 7/13/25 (a)(b)			250		242,607
Apidos CLO XII, Series 2013-12A, Class A, 1.42%, 4/15/25 (a)(b)			500		491,000
Argent Mortgage Loan Trust, Series 2005-W1, Class A2, 0.66%, 5/25/35 (b)			122		91,767
B2R Mortgage Trust:
Series 2015-1, Class A1, 2.52%, 5/15/48 (a)			98		95,671
Series 2015-2, Class A, 3.34%, 11/15/48 (a)			100		99,507
Babson CLO Ltd., Series 2013-IA, Class A, 1.42%, 4/20/25 (a)(b)			250		244,843
Battalion CLO IV Ltd., Series 2013-4A, Class A1, 1.72%, 10/22/25 (a)(b)			250		246,806
Bayview Opportunity Master Fund IIIA Trust, Series 2014-16RP, Class A, 3.84%, 11/28/29 (a)(c)			78		77,008
Bayview Opportunity Master Fund IIIB RPL Trust, Series 2015-3, Class A1, 3.62%, 4/28/30 (a)(c)			46		45,851
BCMSC Trust:
Series 2000-A, Class A2, 7.58%, 6/15/30 (b)			53		27,489
Series 2000-A, Class A3, 7.83%, 6/15/30 (b)			49		26,337
Series 2000-A, Class A4, 8.29%, 6/15/30 (b)			84		47,586
Bear Stearns Asset-Backed Securities I Trust:
Series 2006-HE7, Class 1A2, 0.59%, 9/25/36-1/25/37 (b)			366		301,809
Series 2006-HE9, Class 2A, 0.56%, 11/25/36-3/25/37 (b)			255		206,470

Asset-Backed Securities		Par (000)		Value
Bear Stearns Asset-Backed Securities I Trust (continued):
Series 2007-HE1, Class 21A2, 0.58%, 1/25/37 (b)	USD		78	$	70,127
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class A, 1.68%, 1/20/25 (a)(b)			405		403,288
Carrington Mortgage Loan Trust:
Series 2006-NC5, Class A4, 0.64%, 1/25/37 (b)			100		59,668
Series 2007-FRE1, Class A2, 0.62%, 2/25/37 (b)			68		63,547
CHLUPA Trust, Series 2013-VM, Class A, 3.33%, 8/15/20 (a)			111		110,801
CIFC Funding Ltd.:
Series 2011-1AR, Class A1R, 1.59%, 1/19/23 (a)(b)			135		134,473
Series 2014-2A, Class A1L, 1.86%, 5/24/26 (a)(b)			480		474,277
Citigroup Mortgage Loan Trust, Series 2006-NC1, Class A2D, 0.67%, 8/25/36 (b)			90		66,234
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH3, Class A3, 0.67%, 6/25/37 (b)			30		24,692
Conseco Finance Securitizations Corp., Series 2000-4, Class A6, 8.31%, 5/01/32 (b)			44		27,662
Countrywide Asset-Backed Certificates:
Series 2006-8, Class 2A3, 0.58%, 1/25/46 (b)			129		117,044
Series 2006-S3, Class A4, 6.43%, 1/25/29 (c)			29		28,384
Series 2006-SPS1, Class A, 0.64%, 12/25/25 (b)			6		19,391
CT CDO IV Ltd., Series 2006-4A, Class A1, 0.71%, 10/20/43 (a)(b)			37		36,602

Portfolio Abbreviations
ABS	Asset-Backed Security	EUR	Euro	OTC	Over-the-counter
ADR	American Depositary Receipts	EURIBOR	Euro Interbank Offered Rate	PCL	Public Company Limited
AGM	Assurance Guaranty Municipal Corp.	FKA	Formerly Known As	PIK	Payment-in-kind
AKA	Also Known As	FTSE	Financial Times Stock Exchange	PLN	Polish Zloty
AMBAC	AMBAC Assurance Corp.	GBP	British Pound	RB	Revenue Bonds
AUD	Australian Dollar	GDR	Global Depositary Receipts	REIT	Real Estate Investment Trust
BRL	Brazilian Real	GO	General Obligation Bonds	RUB	Russian Ruble
BZDIOVER	Overnight Brazil CETIP —	HUF	Hungarian Forint	SAR	Saudi Arabian Riyal
	Interbank Rate	IDR	Indonesian Rupiah	S&P	Standard & Poor’s
CAD	Canadian Dollar	JPY	Japanese Yen	SGD	Singapore Dollar
CDO	Collateralized Debt Obligation	JSC	Joint Stock Company	SPDR	Standard & Poor’s
CLO	Collateralized Loan Obligation	KRW	Korean Won		Depositary Receipts
CLP	Chilean Peso	LIBOR	London Interbank Offered Rate	TBA	To Be Announced
COP	Colombian Peso	MXIBTIIE	Mexico Interbank TIIE 28 Day	TWD	Taiwan New Dollar
CNH	Chinese Yuan Offshore	MXN	Mexican Peso	USD	US Dollar
CNY	Chinese Yuan	MYR	Malaysian Ringgit	WIBOR	Warsaw Interbank Offered Rate
ETF	Exchange-Traded Fund	NYSE	New York Stock Exchange	ZAR	South African Rand

See Notes to Financial Statements.

22 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Asset-Backed Securities		Par (000)		Value
CWHEQ Home Equity Loan Trust:
Series 2006-S5, Class A4, 5.84%, 6/25/35	USD		35	$	34,444
Series 2006-S5, Class A5, 6.16%, 6/25/35			21		19,283
Series 2007-S1, Class A3, 5.81%, 11/25/36 (b)			33		32,341
CWHEQ Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, 0.50%, 12/15/33 (a)(b)			59		49,973
CWHEQ Revolving Home Equity Loan Trust, Series 2005-B, Class 2A, 0.51%, 5/15/35 (b)			51		42,708
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (a)			294		290,469
Flatiron CLO Ltd., Series 2011-1A, Class A, 1.87%, 1/15/23 (a)(b)			370		370,277
Ford Credit Floorplan Master Owner Trust, Series 2012-5, Class C, 2.14%, 9/15/19			115		115,076
Galaxy XX CLO Ltd., Series 2015-20A, Class A, 1.73%, 7/20/27 (a)(b)			250		246,126
GSAMP Trust, Series 2007-H1, Class A1B, 0.62%, 1/25/47 (b)			37		24,002
GT Loan Financing I Ltd., Series 2013-1A, Class A, 1.59%, 10/28/24 (a)(b)			280		274,316
Highbridge Loan Management Ltd., Series 2012-1AR, Class A2R, 2.53%, 9/20/22 (a)(b)			250		249,906
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.37%, 7/25/36			232		102,612
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, 0.69%, 4/15/36 (b)			65		57,267
Invitation Homes Trust, Series 2014-SFR2, Class A, 1.45%, 9/17/31 (a)(b)			100		98,149
KKR Financial CLO Ltd., Series 2013-1A, Class A1, 1.47%, 7/15/25 (a)(b)			500		490,700
Lehman ABS Manufactured Housing Contract Trust:
Series 2001-B, Class M1, 6.63%, 3/15/28 (b)			130		138,833
Series 2001-B, Class M2, 7.17%, 4/15/40 (b)			25		17,259
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 3.50%, 10/01/27 (a)			213		212,574
Long Beach Mortgage Loan Trust:
Series 2006-10, Class 2A4, 0.64%, 11/25/36 (b)			19		8,046
Series 2006-11, Class 1A, 0.58%, 12/25/36 (b)			149		92,437
Series 2006-2, Class 2A3, 0.61%, 3/25/46 (b)			421		168,632
Morgan Stanley ABS Capital I, Inc., Trust, Series 2005-HE1, Class A2MZ, 1.02%, 12/25/34 (b)			78		70,390
Morgan Stanley Mortgage Loan Trust, Series 2007-7AX, Class 1A, 0.64%, 4/25/37 (b)			437		185,322
MSCC Heloc Trust, Series 2007-1, Class A, 0.52%, 12/25/31 (b)			17		16,264
Navient Private Education Loan Trust:
Series 2014-CTA, Class B, 2.08%, 10/17/44 (a)(b)			250		237,121
Series 2015-AA, Class A3, 2.03%, 11/15/30 (a)(b)			103		99,694
Northwoods Capital IX Ltd., Series 2012-9A, Class A, 1.74%, 1/18/24 (a)(b)			260		257,427
Oakwood Mortgage Investors, Inc., Series 2001-D, Class A4, 6.93%, 9/15/31 (b)			18		15,273

Asset-Backed Securities		Par (000)		Value
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A, 1.44%, 7/17/25 (a)(b)	USD		305	$	297,558
OHA Loan Funding Ltd., Series 2013-2A, Class A, 1.65%, 8/23/24 (a)(b)			285		282,908
OneMain Financial Issuance Trust, Series 2014-1A, Class A, 2.43%, 6/18/24 (a)			325		323,879
Option One Mortgage Loan Trust, Series 2007-FXD1, Class 3A4, 5.86%, 1/25/37 (c)			80		74,823
OZLM Funding IV Ltd., Series 2013-4A, Class A1, 1.47%, 7/22/25 (a)(b)			495		486,337
OZLM Funding Ltd., Series 2012-2A, Class A1, 1.80%, 10/30/23 (a)(b)			435		433,985
Pretium Mortgage Credit Partners I LLC, Series 2015-NPL4, Class A1, 4.38%, 11/27/30 (a)			243		241,946
Progress Residential Trust, Series 2015-SFR3, Class D, 4.67%, 11/12/20 (a)			100		99,450
RCO Mortgage LLC, Series 2015-NQM1, Class A, 3.50%, 6/25/23 (a)(b)			80		79,936
RMAT LLC, Series 2015-RPL1, Class A1, 3.97%, 5/26/20 (a)(c)			95		94,213
Santander Drive Auto Receivables Trust:
Series 2014-S1, Class R, 1.42%, 8/16/18 (a)			3		2,567
Series 2014-S2, Class R, 1.43%, 11/16/18-6/18/19 (a)			81		80,812
Series 2014-S6, Class R, 1.43%, 12/17/19 (a)			12		11,981
SASCO Mortgage Loan Trust, Series 2005-GEL2, Class A, 0.70%, 4/25/35 (b)			5		4,912
Scholar Funding Trust:
Series 2011-A, Class A, 1.22%, 10/28/43 (a)(b)			150		142,836
Series 2013-A, Class A, 1.07%, 1/30/45 (a)(b)			475		442,629
SLM Private Credit Student Loan Trust:
Series 2004-B, Class A2, 0.71%, 6/15/21-6/15/23 (b)			392		382,527
Series 2004-B, Class A3, 0.84%, 3/15/24 (b)			225		212,328
Series 2006-C, Class A4, 0.68%, 3/15/23 (b)			55		54,340
SLM Private Education Loan Trust:
Series 2011-B, Class A3, 2.58%, 6/16/42 (a)(b)			400		413,401
Series 2013-C, Class B, 3.50%, 6/15/44 (a)			500		492,046
SoFi Professional Loan Program LLC, Series 2015-B, Class A2, 2.51%, 9/27/32 (a)			139		136,901
Soundview Home Loan Trust, Series 2005-OPT3, Class A4, 0.72%, 11/25/35 (b)			57		57,156
SpringCastle America Funding LLC, Series 2014-AA, Class B, 4.61%, 10/25/27 (a)			214		214,406
Springleaf Funding Trust, Series 2015-AA, Class B, 3.62%, 11/15/24 (a)			320		316,549
Structured Asset Investment Loan Trust, Series 2004-8, Class M4, 1.92%, 9/25/34 (b)			65		56,521
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, 0.72%, 1/25/35 (b)			114		105,265
SWAY Residential Trust, Series 2014-1, Class A, 1.65%, 1/17/20 (a)(b)			257		251,832
Symphony CLO XII Ltd., Series 2013-12A, Class A, 1.59%, 10/15/25 (a)(b)			380		373,168

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 23

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Asset-Backed Securities		Par  (000)		Value
TICP CLO III Ltd., Series 2014-3A, Class B1, 2.67%, 1/20/27 (a)(b)	USD		250	$	248,553
U.S. Residential Opportunity Fund Trust, Series 2015-1IV, Class A, 3.72%, 2/27/35 (a)			79		78,111
Venture XIX CLO Ltd., Series 2014-19A, Class A, 1.92%, 1/15/26 (a)(b)			250		248,369
Voya CLO Ltd., Series 2012-2RA, Class BR, 2.27%, 10/15/22 (a)(b)			250		246,807
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, 0.55%, 7/25/37 (a)(b)			107		95,311
WVUE, Series 2015-1A, Class A, 4.50%, 9/25/20 (a)			87		86,426
Ziggurat CLO I Ltd., Series 2014-1A, Class A1, 1.90%, 10/17/26 (a)(b)			515		512,425
Total Asset-Backed Securities — 3.3%					16,362,804
Common Stocks		Shares
Aerospace & Defense — 0.8%
Raytheon Co.			30,990		3,859,185
Air Freight & Logistics — 0.8%
FedEx Corp.			25,640		3,820,104
Airlines — 1.3%
Southwest Airlines Co.			105,900		4,560,054
United Continental Holdings, Inc. (d)			33,500		1,919,550
					6,479,604
Auto Components — 1.4%
Goodyear Tire & Rubber Co.			55,900		1,826,253
Lear Corp.			41,300		5,072,879
					6,899,132
Banks — 7.3%
Bank of America Corp.			423,515		7,127,757
Citigroup, Inc.			143,293		7,415,413
JPMorgan Chase & Co.			156,990		10,366,050
SunTrust Banks, Inc.			104,650		4,483,206
U.S. Bancorp			169,750		7,243,233
					36,635,659
Beverages — 1.4%
Dr. Pepper Snapple Group, Inc.			47,000		4,380,400
Molson Coors Brewing Co., Class B			28,600		2,686,112
					7,066,512
Biotechnology — 1.7%
Amgen, Inc.			38,050		6,176,657
Gilead Sciences, Inc.			25,000		2,529,750
					8,706,407
Building Products — 0.3%
Owens Corning			34,800		1,636,644
Capital Markets — 1.1%
Goldman Sachs Group, Inc.			29,750		5,361,843
Chemicals — 0.9%
Dow Chemical Co.			41,100		2,115,828
Eastman Chemical Co.			35,480		2,395,255
					4,511,083
Communications Equipment — 1.8%
Brocade Communications Systems, Inc.			211,403		1,940,680
Cisco Systems, Inc.			253,570		6,885,693
					8,826,373

Common Stocks	Shares		Value
Consumer Finance — 0.4%
SLM Corp. (d)		289,080	$	1,884,802
Containers & Packaging — 0.3%
Packaging Corp. of America		24,675		1,555,759
Electronic Equipment, Instruments & Components — 0.4%
CDW Corp.		47,200		1,984,288
Energy Equipment & Services — 1.3%
Atwood Oceanics, Inc. (e)		77,800		795,894
Schlumberger Ltd.		72,540		5,059,665
Weatherford International PLC (d)		80,580		676,066
				6,531,625
Food & Staples Retailing — 1.7%
CVS Health Corp.		83,075		8,122,243
Kroger Co.		10,020		419,137
				8,541,380
Food Products — 0.7%
Pilgrim’s Pride Corp.		25,100		554,459
Tyson Foods, Inc., Class A		54,900		2,927,817
				3,482,276
Health Care Equipment & Supplies — 0.1%
Medtronic PLC		4,440		341,525
Health Care Providers & Services — 7.1%
Aetna, Inc.		64,780		7,004,014
Centene Corp. (d)		50,100		3,297,081
Cigna Corp.		47,000		6,877,510
Express Scripts Holding Co. (d)		11,200		978,992
Humana, Inc.		17,100		3,052,521
Laboratory Corp. of America Holdings (d)		28,160		3,481,702
McKesson Corp.		13,880		2,737,552
UnitedHealth Group, Inc.		46,020		5,413,793
Universal Health Services, Inc., Class B		23,447		2,801,682
				35,644,847
Hotels, Restaurants & Leisure — 1.5%
Carnival Corp. (e)		125,004		6,810,218
Las Vegas Sands Corp.		15,400		675,136
				7,485,354
Household Durables — 0.8%
DR Horton, Inc.		43,415		1,390,582
Lennar Corp., Class A (e)		24,420		1,194,382
NVR, Inc.		437		717,991
Toll Brothers, Inc. (d)		20,168		671,594
				3,974,549
Industrial Conglomerates — 0.2%
3M Co.		7,465		1,124,528
Insurance — 2.1%
American International Group, Inc.		112,450		6,968,527
Travelers Cos., Inc.		31,175		3,518,411
				10,486,938
Internet & Catalog Retail — 0.6%
Priceline Group, Inc. (d)		2,440		3,110,878
Internet Software & Services — 3.2%
Alphabet, Inc., Class A (d)		7,280		5,663,913
Alphabet, Inc., Class C (d)		7,411		5,624,060
Facebook, Inc., Class A (d)		43,500		4,552,710
				15,840,683
IT Services — 3.5%
Amdocs Ltd.		46,531		2,539,197

See Notes to Financial Statements.

24 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Common Stocks	Shares		Value
IT Services (continued)
Cognizant Technology Solutions Corp., Class A (d)		80,400	$	4,825,608
DST Systems, Inc.		12,286		1,401,341
MasterCard, Inc., Class A		65,370		6,364,423
Total System Services, Inc.		45,029		2,242,444
				17,373,013
Machinery — 0.2%
WABCO Holdings, Inc. (d)		9,920		1,014,419
Media — 2.4%
Comcast Corp., Class A		143,800		8,114,634
Omnicom Group, Inc.		29,110		2,202,463
Viacom, Inc., Class B		37,600		1,547,616
				11,864,713
Multi-Utilities — 0.5%
Public Service Enterprise Group, Inc.		65,600		2,538,064
Oil, Gas & Consumable Fuels — 1.9%
BP PLC — ADR		92,960		2,905,930
Exxon Mobil Corp.		2,440		190,198
Hess Corp.		9,162		444,174
PBF Energy, Inc., Class A		12,620		464,542
Suncor Energy, Inc.		126,150		3,254,670
Tesoro Corp.		9,742		1,026,515
Valero Energy Corp.		18,800		1,329,348
				9,615,377
Paper & Forest Products — 0.3%
Domtar Corp.		41,200		1,522,340
Pharmaceuticals — 2.0%
Allergan PLC (d)		6,500		2,031,250
Johnson & Johnson		11,200		1,150,464
Merck & Co., Inc.		8,186		432,385
Pfizer, Inc.		10,260		331,193
Teva Pharmaceutical Industries Ltd. — ADR		92,305		6,058,900
				10,004,192
Semiconductors & Semiconductor Equipment — 1.1%
Intel Corp.		53,570		1,845,487
Micron Technology, Inc. (d)		71,780		1,016,405
NVIDIA Corp.		77,400		2,551,104
				5,412,996
Software — 2.4%
Activision Blizzard, Inc.		110,380		4,272,810
Microsoft Corp.		103,310		5,731,639
Oracle Corp.		54,330		1,984,675
				11,989,124
Specialty Retail — 3.6%
Home Depot, Inc.		56,800		7,511,800
Lowe’s Cos., Inc.		102,000		7,756,080
Ross Stores, Inc.		49,796		2,679,523
				17,947,403
Technology Hardware, Storage & Peripherals — 2.3%
Apple Inc.		66,820		7,033,473
EMC Corp.		37,600		965,568
Western Digital Corp.		53,840		3,233,092
				11,232,133
Textiles, Apparel & Luxury Goods — 0.1%
Fossil Group, Inc. (d)(e)		14,500		530,120

Common Stocks		Shares		Value
Tobacco — 1.2%
Altria Group, Inc.			105,843	$	6,161,121
Total Common Stocks — 60.7%					302,996,993
Corporate Bonds		Par  (000)
Aerospace & Defense — 0.2%
BAE Systems Holdings, Inc.:
2.85%, 12/15/20 (a)	USD		38		37,903
3.85%, 12/15/25 (a)			24		23,759
4.75%, 10/07/44 (a)			8		7,786
Boeing Co.:
2.20%, 10/30/22			12		11,583
2.60%, 10/30/25			17		16,455
Lockheed Martin Corp.:
3.10%, 1/15/23			16		15,989
3.55%, 1/15/26			43		43,151
3.60%, 3/01/35			78		69,752
4.50%, 5/15/36			17		17,211
4.07%, 12/15/42			50		46,271
4.70%, 5/15/46			49		50,194
Northrop Grumman Corp., 3.85%, 4/15/45			74		66,495
Raytheon Co., 3.15%, 12/15/24			25		25,050
United Technologies Corp.:
1.78%, 5/04/18 (c)			246		243,517
4.15%, 5/15/45			65		62,106
					737,222
Air Freight & Logistics — 0.1%
FedEx Corp.:
4.90%, 1/15/34			128		131,496
3.90%, 2/01/35			11		10,013
4.10%, 2/01/45			55		49,010
4.75%, 11/15/45			54		53,501
					244,020
Airlines — 0.1%
American Airlines Group, Inc., 4.63%, 3/01/20 (a)			91		86,677
American Airlines Pass-Through Trust, Series 2015-1, Class A, 3.38%, 5/01/27			231		223,135
Southwest Airlines Co.:
2.75%, 11/06/19			45		45,349
2.65%, 11/05/20			81		80,588
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 9/15/28 (a)			64		61,913
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			18		18,067
					515,729
Auto Components — 0.1%
BorgWarner, Inc., 3.38%, 3/15/25			80		75,524
Delphi Automotive PLC, 4.25%, 1/15/26			95		95,424
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
3.50%, 3/15/17			48		48,240
4.88%, 3/15/19			65		64,415
6.00%, 8/01/20			80		80,672
					364,275

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 25

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par  (000)		Value
Automobiles — 0.0%
Daimler Finance North America LLC, 2.45%, 5/18/20 (a)	USD		184	$	180,467
Banks — 1.4%
Bank of America Corp.:
2.25%, 4/21/20			492		480,126
3.30%, 1/11/23			230		226,395
4.00%, 1/22/25			217		212,427
3.95%, 4/21/25			186		181,121
3.88%, 8/01/25			400		406,051
4.88%, 4/01/44			28		28,993
Bank of Nova Scotia:
1.30%, 7/21/17			383		381,799
2.80%, 7/21/21			318		319,748
Barclays PLC:
2.75%, 11/08/19			200		199,269
2.88%, 6/08/20			200		199,580
BB&T Corp., 2.45%, 1/15/20			112		112,750
Citigroup, Inc.:
1.80%, 2/05/18			205		204,215
2.50%, 9/26/18			208		209,806
2.50%, 7/29/19			285		284,570
3.50%, 5/15/23			126		123,885
3.88%, 3/26/25			140		136,260
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 4.38%, 8/04/25			250		254,263
HSBC Bank Brasil SA - Banco Multiplo, 4.00%, 5/11/16 (a)			760		761,900
HSBC USA, Inc.:
2.35%, 3/05/20			448		442,792
2.75%, 8/07/20			180		180,018
JPMorgan Chase & Co.:
1.35%, 2/15/17			231		230,535
2.20%, 10/22/19			111		110,101
2.75%, 6/23/20			29		29,129
3.88%, 9/10/24			310		308,371
3.90%, 7/15/25			206		212,288
4.25%, 10/01/27			105		104,749
U.S. Bancorp, 2.95%, 7/15/22			208		206,802
Wells Fargo & Co.:
2.60%, 7/22/20			138		137,646
2.55%, 12/07/20			90		89,558
3.55%, 9/29/25			115		116,034
3.90%, 5/01/45			161		148,459
4.90%, 11/17/45			52		52,464
					7,092,104
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42			46		39,524
Coca-Cola Co., 2.88%, 10/27/25			191		188,298
Molson Coors Brewing Co., 5.00%, 5/01/42			31		29,853
					257,675
Biotechnology — 0.2%
Amgen, Inc.:
2.13%, 5/01/20			127		125,268
5.65%, 6/15/42			97		104,962
4.40%, 5/01/45			65		60,224
Biogen, Inc.:
2.90%, 9/15/20			48		47,874
3.63%, 9/15/22			82		82,908
4.05%, 9/15/25			69		69,313
5.20%, 9/15/45			53		53,020

Corporate Bonds		Par  (000)		Value
Biotechnology (continued)
Celgene Corp.:
2.25%, 5/15/19	USD		108	$	107,051
3.25%, 8/15/22			116		115,080
Gilead Sciences, Inc.:
2.35%, 2/01/20			25		25,017
3.65%, 3/01/26			25		25,212
4.60%, 9/01/35			29		29,488
4.50%, 2/01/45			60		58,690
4.75%, 3/01/46			23		23,277
					927,384
Building Products — 0.1%
Building Materials Corp. of America, 6.00%, 10/15/25 (a)			244		248,880
Capital Markets — 0.7%
Bank of New York Mellon Corp.:
2.10%, 1/15/19			172		172,799
3.00%, 2/24/25			179		176,028
Credit Suisse AG, 3.00%, 10/29/21			250		249,005
Credit Suisse Group Funding Guernsey Ltd., 2.75%, 3/26/20 (a)			250		247,630
Deutsche Bank AG, 1.88%, 2/13/18			130		128,895
Goldman Sachs Group, Inc.:
3.63%, 2/07/16			109		109,276
2.63%, 1/31/19			297		299,124
2.60%, 4/23/20			144		142,906
2.75%, 9/15/20			71		70,953
3.50%, 1/23/25			94		92,384
3.75%, 5/22/25			531		534,541
4.25%, 10/21/25			32		31,755
4.80%, 7/08/44			51		50,704
4.75%, 10/21/45			75		74,503
Jefferies Group LLC, 6.50%, 1/20/43			30		27,739
Morgan Stanley:
2.80%, 6/16/20			243		243,773
3.75%, 2/25/23			164		167,980
3.70%, 10/23/24			179		179,861
4.00%, 7/23/25			251		258,473
4.30%, 1/27/45			117		111,631
					3,369,960
Chemicals — 0.1%
Agrium, Inc., 4.13%, 3/15/35			55		46,786
CF Industries, Inc.:
3.45%, 6/01/23			55		51,193
5.38%, 3/15/44			92		80,014
Dow Chemical Co.:
4.38%, 11/15/42			32		27,869
4.63%, 10/01/44			43		38,870
Eastman Chemical Co., 4.80%, 9/01/42			58		53,251
Ecolab, Inc., 2.25%, 1/12/20			67		66,614
Huntsman International LLC, 5.13%, 11/15/22 (a)			80		72,000
Monsanto Co., 3.60%, 7/15/42			87		62,950
Sherwin-Williams Co., 4.00%, 12/15/42			26		24,561
					524,108
Commercial Services & Supplies — 0.1%
Aviation Capital Group Corp., 2.88%, 9/17/18 (a)			175		173,996
Republic Services, Inc., 3.20%, 3/15/25			142		136,704
Waste Management, Inc.: 3.13%, 3/01/25			54		52,554

See Notes to Financial Statements.

26 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par  (000)		Value
Commercial Services & Supplies (continued)
Waste Management, Inc. (continued):
3.90%, 3/01/35	USD		62	$	57,733
					420,987
Communications Equipment — 0.1%
Harris Corp.:
2.70%, 4/27/20			39		38,262
4.85%, 4/27/35			95		93,476
5.05%, 4/27/45			40		39,167
Juniper Networks, Inc., 3.30%, 6/15/20			79		78,657
					249,562
Consumer Finance — 0.8%
Ally Financial, Inc.:
4.13%, 2/13/22			200		198,000
5.13%, 9/30/24			180		184,275
American Express Credit Corp.:
1.13%, 6/05/17			311		309,566
2.25%, 8/15/19			179		179,031
Capital One Financial Corp.:
4.75%, 7/15/21			5		5,416
4.20%, 10/29/25			109		107,621
Capital One N.A., 2.95%, 7/23/21			263		260,333
Discover Bank, 3.10%, 6/04/20			250		250,567
Discover Financial Services, 3.75%, 3/04/25			59		56,658
Ford Motor Credit Co. LLC:
1.72%, 12/06/17			500		492,299
2.15%, 1/09/18			200		199,260
4.25%, 9/20/22			213		217,907
General Motors Financial Co., Inc.:
2.75%, 5/15/16			211		211,617
2.63%, 7/10/17			250		250,763
4.75%, 8/15/17			260		269,475
3.10%, 1/15/19			43		42,938
3.70%, 11/24/20			117		117,316
3.45%, 4/10/22			105		100,722
4.00%, 1/15/25			180		170,776
Synchrony Financial:
2.60%, 1/15/19			90		89,677
2.70%, 2/03/20			52		51,003
4.50%, 7/23/25			112		111,735
Toyota Motor Credit Corp., 2.75%, 5/17/21			185		186,997
					4,063,952
Containers & Packaging — 0.1%
Reynolds Group Issuer, Inc., 6.88%, 2/15/21			320		329,600
Diversified Financial Services — 0.3%
BP Capital Markets PLC, 2.24%, 5/10/19			221		221,293
General Electric Capital Corp.:
3.15%, 9/07/22			169		172,969
3.10%, 1/09/23			231		234,468
Intercontinental Exchange, Inc.:
2.75%, 12/01/20			57		56,986
3.75%, 12/01/25			37		37,102
Moody’s Corp., 4.50%, 9/01/22			85		90,085
Shell International Finance BV:
2.13%, 5/11/20			273		268,568
4.13%, 5/11/35			245		233,859
3.63%, 8/21/42			46		38,382
Woodside Finance Ltd., 3.65%, 3/05/25 (a)			35		31,000
					1,384,712

Corporate Bonds		Par  (000)		Value
Diversified Telecommunication Services — 0.5%
AT&T Inc.:
2.38%, 11/27/18	USD		91	$	91,620
2.30%, 3/11/19			115		114,944
2.45%, 6/30/20			225		221,585
3.88%, 8/15/21			133		137,212
3.00%, 6/30/22			223		217,652
3.40%, 5/15/25			243		233,545
4.30%, 12/15/42			127		108,521
4.75%, 5/15/46			54		49,442
Intelsat Jackson Holdings SA, 5.50%, 8/01/23			80		62,800
Level 3 Financing, Inc., 5.38%, 8/15/22			120		121,800
Verizon Communications, Inc.:
2.63%, 2/21/20			197		197,685
3.45%, 3/15/21			239		244,518
5.05%, 3/15/34			60		59,779
4.40%, 11/01/34			252		232,502
3.85%, 11/01/42			175		143,042
4.86%, 8/21/46			138		130,648
					2,367,295
Electric Utilities — 0.4%
Alabama Power Co., 2.80%, 4/01/25			24		23,157
Commonwealth Edison Co., 4.70%, 1/15/44			87		91,511
Duke Energy Carolinas LLC:
4.25%, 12/15/41			128		127,584
3.75%, 6/01/45			59		54,643
Duke Energy Corp.:
3.05%, 8/15/22			7		6,902
3.75%, 4/15/24			81		82,069
4.80%, 12/15/45			75		75,772
Duke Energy Florida LLC, 3.85%, 11/15/42			59		55,201
Entergy Arkansas, Inc., 3.70%, 6/01/24			137		139,729
Exelon Corp., 2.85%, 6/15/20			168		167,082
Florida Power & Light Co., 3.80%, 12/15/42			46		43,559
Georgia Power Co., 3.00%, 4/15/16			371		373,059
PacifiCorp:
3.60%, 4/01/24			175		180,842
3.35%, 7/01/25			161		162,307
Progress Energy, Inc., 4.88%, 12/01/19			20		21,443
Public Service Co. of Colorado, 2.50%, 3/15/23			110		107,170
Puget Sound Energy, Inc., 4.30%, 5/20/45			123		124,582
Southern California Edison Co., 1.25%, 11/01/17			49		48,732
Trans-Allegheny Interstate Line Co., 3.85%, 6/01/25 (a)			182		182,013
					2,067,357
Electrical Equipment — 0.0%
Rockwell Automation, Inc., 2.88%, 3/01/25			95		92,648
Electronic Equipment, Instruments & Components — 0.0%
CDW LLC/CDW Finance Corp., 5.00%, 9/01/23			80		81,200
Energy Equipment & Services — 0.0%
Ensco PLC, 5.75%, 10/01/44			22		14,502
Schlumberger Holdings Corp., 3.00%, 12/21/20 (a)			157		154,972
Transocean, Inc., 6.80%, 3/15/38			30		16,163
					185,637

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 27

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par (000)		Value
Food & Staples Retailing — 0.1%
CVS Health Corp.:
4.00%, 12/05/23	USD		89	$	92,490
4.88%, 7/20/35			213		219,921
5.30%, 12/05/43			36		38,667
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44			55		49,752
Wal-Mart Stores, Inc.:
2.55%, 4/11/23			62		61,144
4.00%, 4/11/43			31		30,104
					492,078
Food Products — 0.0%
Kraft Foods Group, Inc., 6.88%, 1/26/39			36		42,667
Health Care Equipment & Supplies — 0.3%
Abbott Laboratories, 2.55%, 3/15/22			205		203,724
Becton Dickinson and Co.:
1.45%, 5/15/17			102		101,569
1.80%, 12/15/17			35		34,949
2.68%, 12/15/19			149		149,811
3.13%, 11/08/21			64		64,538
4.69%, 12/15/44			20		20,178
Boston Scientific Corp.:
2.65%, 10/01/18			101		101,531
2.85%, 5/15/20			119		118,380
3.85%, 5/15/25			132		129,881
Medtronic, Inc.:
2.50%, 3/15/20			92		92,653
3.13%, 3/15/22			88		88,891
3.63%, 3/15/24			110		112,670
4.63%, 3/15/44			134		136,369
4.63%, 3/15/45			74		76,328
St. Jude Medical, Inc.:
2.80%, 9/15/20			82		82,031
3.88%, 9/15/25			27		27,252
Stryker Corp., 3.38%, 11/01/25			37		36,520
Zimmer Biomet Holdings, Inc.:
3.55%, 4/01/25			46		44,699
4.25%, 8/15/35			106		98,819
					1,720,793
Health Care Providers & Services — 0.5%
Aetna, Inc.:
4.50%, 5/15/42			65		63,853
4.13%, 11/07/42			32		29,942
AmerisourceBergen Corp.:
1.15%, 5/15/17			129		128,077
3.25%, 3/01/25			31		30,014
4.25%, 3/01/45			31		28,493
Anthem, Inc.:
1.88%, 1/15/18			287		285,755
2.30%, 7/15/18			396		395,253
Series A, 3.70%, 8/15/21			7		7,154
3.30%, 1/15/23			193		187,561
4.65%, 8/15/44			54		51,467
Baylor Scott & White Holdings, 4.19%, 11/15/45			40		37,828
Catholic Health Initiatives, 4.35%, 11/01/42			30		28,059
Cigna Corp., 3.25%, 4/15/25			212		208,028
Dignity Health, 5.27%, 11/01/64			90		92,329
Express Scripts Holding Co.:
1.25%, 6/02/17			98		97,347
3.90%, 2/15/22			66		67,794
HCA, Inc., 5.25%, 4/15/25			180		181,350

Corporate Bonds		Par (000)		Value
Health Care Providers & Services (continued)
Laboratory Corp. of America Holdings, 2.63%, 2/01/20	USD		85	$	83,917
Ochsner Clinic Foundation, 5.90%, 5/15/45			35		37,601
Southern Baptist Hospital of Florida, Inc., 4.86%, 7/15/45			35		36,158
UnitedHealth Group, Inc.:
2.70%, 7/15/20			48		48,503
2.88%, 12/15/21			98		99,359
3.35%, 7/15/22			47		48,074
4.63%, 7/15/35			20		20,762
3.95%, 10/15/42			117		108,899
					2,403,577
Hotels, Restaurants & Leisure — 0.0%
McDonald’s Corp.:
2.75%, 12/09/20			32		31,978
3.70%, 1/30/26			31		30,975
4.70%, 12/09/35			23		22,915
4.60%, 5/26/45			31		29,827
4.88%, 12/09/45			27		27,164
					142,859
Household Durables — 0.0%
Newell Rubbermaid, Inc., 2.88%, 12/01/19			210		202,582
Household Products — 0.0%
Kimberly-Clark Corp.:
1.90%, 5/22/19			187		186,221
2.65%, 3/01/25			40		38,612
					224,833
Industrial Conglomerates — 0.1%
Eaton Corp., 2.75%, 11/02/22			152		147,082
General Electric Co., 4.50%, 3/11/44			194		199,652
					346,734
Insurance — 0.5%
Aflac, Inc., 3.63%, 6/15/23			52		53,834
Allstate Corp., 3.15%, 6/15/23			62		61,952
American International Group, Inc.:
3.38%, 8/15/20			119		122,351
3.75%, 7/10/25			79		78,294
3.88%, 1/15/35			62		54,686
4.50%, 7/16/44			61		56,410
4.38%, 1/15/55			53		45,542
Aon PLC, 4.75%, 5/15/45			49		48,441
Lincoln National Corp., 3.35%, 3/09/25			31		29,889
Loews Corp., 2.63%, 5/15/23			62		59,077
Marsh & McLennan Cos., Inc., 3.75%, 3/14/26			19		19,025
MassMutual Global Funding II, 2.35%, 4/09/19 (a)			220		221,117
MetLife, Inc., 4.05%, 3/01/45			133		123,423
Metropolitan Life Global Funding I:
1.30%, 4/10/17 (a)			646		645,754
2.30%, 4/10/19 (a)			330		330,079
Prudential Financial, Inc., 4.60%, 5/15/44			171		170,154
Travelers Cos., Inc., 4.60%, 8/01/43			84		88,271
XLIT Ltd., 2.30%, 12/15/18			99		99,018
					2,307,317
Internet & Catalog Retail — 0.0%
Amazon.com, Inc., 2.60%, 12/05/19			147		149,305

See Notes to Financial Statements.

28 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par (000)		Value
IT Services — 0.2%
Fidelity National Information Services, Inc., 3.63%, 10/15/20	USD		13	$	13,169
Hewlett Packard Enterprise Co.:
2.85%, 10/05/18 (a)			205		204,886
3.60%, 10/15/20 (a)			181		181,415
International Business Machines Corp., 2.88%, 11/09/22			150		148,858
MasterCard, Inc., 3.38%, 4/01/24			131		133,874
Visa, Inc.:
2.80%, 12/14/22			186		186,769
3.15%, 12/14/25			151		151,187
4.15%, 12/14/35			51		51,488
4.30%, 12/14/45			68		68,990
					1,140,636
Life Sciences Tools & Services — 0.0%
Thermo Fisher Scientific, Inc.:
3.30%, 2/15/22			94		93,769
3.65%, 12/15/25			29		28,837
					122,606
Machinery — 0.1%
Caterpillar, Inc., 4.75%, 5/15/64			127		122,334
Ingersoll-Rand Luxembourg Finance SA, 4.65%, 11/01/44			16		15,313
John Deere Capital Corp., 3.35%, 6/12/24			149		151,408
Schaeffler Holding Finance BV, 6.75% (6.75% Cash or 7.25% PIK), 11/15/22 (a)(f)			200		215,000
					504,055
Media — 0.6%
21st Century Fox America, Inc.:
3.70%, 9/15/24			60		60,495
3.70%, 10/15/25 (a)			27		26,933
4.75%, 9/15/44			42		40,398
4.95%, 10/15/45 (a)			12		11,818
Altice U.S. Finance I Corp., 5.38%, 7/15/23 (a)			200		200,500
CBS Corp., 2.30%, 8/15/19			107		105,812
CCO Safari II LLC:
3.58%, 7/23/20 (a)			131		130,215
4.46%, 7/23/22 (a)			275		274,040
6.38%, 10/23/35 (a)			116		117,198
CCOH Safari LLC, 5.75%, 2/15/26 (a)			45		45,113
Comcast Corp.:
3.38%, 8/15/25			91		92,126
4.25%, 1/15/33			35		34,392
4.40%, 8/15/35			161		161,959
4.60%, 8/15/45			54		54,676
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
4.60%, 2/15/21			245		259,497
6.38%, 3/01/41			45		48,300
Discovery Communications LLC:
3.45%, 3/15/25			65		58,843
4.88%, 4/01/43			29		23,870
DISH DBS Corp., 5.00%, 3/15/23			80		69,400
Interpublic Group of Cos., Inc.:
4.00%, 3/15/22			72		72,104
3.75%, 2/15/23			60		57,732
NBCUniversal Media LLC, 4.45%, 1/15/43			87		85,239

Corporate Bonds		Par (000)		Value
Media (continued)
Scripps Networks Interactive, Inc., 2.75%, 11/15/19	USD		75	$	73,772
Time Warner Cable, Inc.:
5.00%, 2/01/20			89		94,212
4.13%, 2/15/21			186		189,920
4.00%, 9/01/21			25		25,243
5.50%, 9/01/41			60		54,219
4.50%, 9/15/42			9		7,063
Time Warner, Inc.:
2.10%, 6/01/19			223		221,772
3.60%, 7/15/25			124		120,711
4.65%, 6/01/44			91		83,479
Viacom, Inc.:
2.75%, 12/15/19			71		70,040
4.50%, 3/01/21			90		92,912
					3,064,003
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.:
4.00%, 11/14/21			124		74,400
5.40%, 11/14/34			74		39,220
Newmont Mining Corp., 3.50%, 3/15/22			86		76,652
Novelis, Inc., 8.75%, 12/15/20			420		385,350
Nucor Corp., 5.20%, 8/01/43			41		37,208
Rio Tinto Finance USA PLC, 2.88%, 8/21/22			4		3,628
					616,458
Multiline Retail — 0.0%
Macy’s Retail Holdings, Inc., 4.50%, 12/15/34			67		55,999
Target Corp.:
3.50%, 7/01/24			33		34,243
4.00%, 7/01/42			63		61,512
					151,754
Multi-Utilities — 0.3%
Berkshire Hathaway Energy Co.:
2.40%, 2/01/20			57		56,468
3.50%, 2/01/25			57		56,523
CenterPoint Energy Houston Electric LLC, 4.50%, 4/01/44			55		56,740
CMS Energy Corp., 3.88%, 3/01/24			183		185,769
Consumers Energy Co., 3.95%, 5/15/43			46		44,521
Dominion Resources, Inc.:
1.95%, 8/15/16			171		171,431
2.50%, 12/01/19			142		141,475
DTE Electric Co., 3.95%, 6/15/42			59		56,480
DTE Energy Co.:
2.40%, 12/01/19			41		40,826
3.50%, 6/01/24			160		160,178
NiSource Finance Corp., 3.85%, 2/15/23			103		105,000
Pacific Gas & Electric Co.:
4.75%, 2/15/44			60		62,349
4.30%, 3/15/45			46		45,379
PG&E Corp., 2.40%, 3/01/19			92		91,804
Sempra Energy, 2.88%, 10/01/22			45		43,545
Virginia Electric & Power Co.:
3.45%, 2/15/24			60		61,254
4.45%, 2/15/44			46		47,313
4.20%, 5/15/45			98		97,312
					1,524,367

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 29

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels — 0.8%
Anadarko Petroleum Corp.:
7.95%, 6/15/39	USD		61	$	65,180
4.50%, 7/15/44			61		46,701
California Resources Corp.:
8.00%, 12/15/22 (a)			48		25,260
6.00%, 11/15/24			19		5,795
Chevron Corp.:
2.19%, 11/15/19			36		35,984
1.96%, 3/03/20			273		269,025
CONSOL Energy, Inc., 5.88%, 4/15/22			80		49,600
Continental Resources, Inc.:
3.80%, 6/01/24			62		43,674
4.90%, 6/01/44			71		42,811
Devon Energy Corp., 5.60%, 7/15/41			65		49,129
Energy Transfer Partners LP:
4.15%, 10/01/20			68		62,730
4.65%, 6/01/21			119		111,723
4.90%, 3/15/35			69		50,171
6.63%, 10/15/36			48		41,567
5.15%, 2/01/43			60		42,893
Enterprise Products Operating LLC:
3.90%, 2/15/24			67		62,512
3.70%, 2/15/26			175		156,975
4.45%, 2/15/43			175		133,506
Exxon Mobil Corp., 1.82%, 3/15/19			296		296,214
Halcon Resources Corp., 8.63%, 2/01/20 (a)			80		55,200
Kinder Morgan Energy Partners LP:
3.50%, 3/01/21			335		299,784
3.95%, 9/01/22			100		87,052
5.63%, 9/01/41			30		22,733
4.70%, 11/01/42			92		64,736
Kinder Morgan, Inc., 3.05%, 12/01/19			40		37,021
Laredo Petroleum, Inc., 7.38%, 5/01/22			15		13,800
Marathon Petroleum Corp., 4.75%, 9/15/44			35		28,609
MEG Energy Corp.:
6.50%, 3/15/21 (a)			20		14,000
7.00%, 3/31/24 (a)			180		127,800
Peabody Energy Corp., 6.00%, 11/15/18			33		6,105
Phillips 66, 4.88%, 11/15/44			48		42,824
Plains All American Pipeline LP/PAA Finance Corp.:
2.85%, 1/31/23			223		183,944
5.15%, 6/01/42			48		34,826
4.90%, 2/15/45			54		38,836
Regency Energy Partners LP/Regency Energy Finance Corp., 5.00%, 10/01/22			121		107,191
Spectra Energy Partners LP, 3.50%, 3/15/25			186		162,693
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23			129		108,881
TransCanada PipeLines Ltd.:
1.88%, 1/12/18			59		58,767
2.50%, 8/01/22			70		64,264
4.63%, 3/01/34			122		115,347
Valero Energy Corp., 3.65%, 3/15/25			239		225,430
Western Gas Partners LP, 4.00%, 7/01/22			98		86,682
Williams Partners LP:
4.00%, 11/15/21			165		137,623
4.50%, 11/15/23			34		27,520
4.90%, 1/15/45			43		27,376
					3,770,494
Paper & Forest Products — 0.0%
International Paper Co.:
3.65%, 6/15/24			63		61,617
4.80%, 6/15/44			96		87,333
					148,950

Corporate Bonds		Par (000)		Value
Pharmaceuticals — 0.5%
AbbVie, Inc.:
2.50%, 5/14/20	USD		180	$	178,190
2.90%, 11/06/22			135		130,604
4.50%, 5/14/35			82		80,327
4.40%, 11/06/42			106		98,996
Actavis Funding SCS:
2.35%, 3/12/18			275		275,287
3.00%, 3/12/20			542		541,569
AstraZeneca PLC:
3.38%, 11/16/25			145		143,950
4.38%, 11/16/45			40		40,081
Bristol-Myers Squibb Co., 4.50%, 3/01/44			66		71,347
Eli Lilly & Co., 3.70%, 3/01/45			49		45,835
Endo Finance LLC/Endo Finco, Inc., 5.88%, 1/15/23 (a)			80		78,400
GlaxoSmithKline Capital PLC, 2.85%, 5/08/22			95		95,738
Mylan, Inc., 3.13%, 1/15/23 (a)			67		61,478
Novartis Capital Corp.:
4.40%, 4/24/20			145		158,795
3.00%, 11/20/25			55		54,232
4.00%, 11/20/45			40		39,179
Pfizer, Inc.:
4.30%, 6/15/43			57		57,044
4.40%, 5/15/44			48		48,746
Roche Holdings, Inc., 2.88%, 9/29/21 (a)			200		202,645
Teva Pharmaceutical Finance Co. BV, 3.65%, 11/10/21			56		56,791
Valeant Pharmaceuticals International, Inc., 6.13%, 4/15/25 (a)			171		152,617
Zoetis, Inc., 3.25%, 2/01/23			57		54,426
					2,666,277
Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.:
3.45%, 9/15/21			82		82,402
3.50%, 1/31/23			19		18,571
5.00%, 2/15/24			19		20,112
AvalonBay Communities, Inc., 3.50%, 11/15/25			13		12,875
Communications Sales & Leasing, Inc./CSL Capital LLC, 8.25%, 10/15/23			80		67,600
ERP Operating LP, 3.38%, 6/01/25			59		58,341
Omega Healthcare Investors, Inc., 4.50%, 4/01/27			50		47,079
Prologis LP, 3.75%, 11/01/25			22		21,823
Simon Property Group LP:
3.38%, 10/01/24			89		89,842
4.25%, 10/01/44			77		76,666
Ventas Realty LP, 3.75%, 5/01/24			95		93,093
					588,404
Road & Rail — 0.2%
Burlington Northern Santa Fe LLC:
3.45%, 9/15/21			30		30,662
3.00%, 3/15/23			74		72,925
4.15%, 4/01/45			36		32,628
4.70%, 9/01/45			35		34,924
CSX Corp.:
3.35%, 11/01/25			41		39,820
4.10%, 3/15/44			48		43,486
Norfolk Southern Corp., 4.45%, 6/15/45			62		58,420
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 2/01/22 (a)			144		139,822
Ryder System, Inc., 2.45%, 9/03/19			91		89,648
Union Pacific Corp.:
3.38%, 2/01/35			34		30,708

See Notes to Financial Statements.

30 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par (000)		Value
Road & Rail (continued)
Union Pacific Corp. (continued):
4.05%, 11/15/45	USD		12	$	11,610
4.38%, 11/15/49			45		41,714
3.88%, 2/01/55			141		124,336
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 5/14/26			157		157,026
					907,729
Semiconductors & Semiconductor Equipment — 0.0%
Analog Devices, Inc.:
3.90%, 12/15/25			19		19,182
5.30%, 12/15/45			18		18,544
Applied Materials, Inc.:
2.63%, 10/01/20			67		66,923
3.90%, 10/01/25			55		55,296
					159,945
Software — 0.2%
First Data Corp.:
8.75%, 1/15/22 (a)			128		133,741
5.00%, 1/15/24 (a)			20		19,900
5.75%, 1/15/24 (a)			43		42,355
Microsoft Corp.:
3.13%, 11/03/25			53		53,281
3.50%, 2/12/35			162		149,728
4.45%, 11/03/45			10		10,312
Oracle Corp.:
2.80%, 7/08/21			366		370,723
3.25%, 5/15/30			178		167,164
4.38%, 5/15/55			70		64,038
					1,011,242
Specialty Retail — 0.1%
Home Depot, Inc.:
3.35%, 9/15/25			22		22,481
5.40%, 9/15/40			36		41,951
4.40%, 3/15/45			21		21,705
Lowe’s Cos., Inc.:
3.38%, 9/15/25			24		24,367
4.25%, 9/15/44			41		40,806
4.38%, 9/15/45			18		18,500
QVC, Inc.:
3.13%, 4/01/19			55		54,284
5.13%, 7/02/22			92		91,707
					315,801
Technology Hardware, Storage & Peripherals — 0.1%
Apple Inc.:
2.10%, 5/06/19			221		223,584
3.45%, 2/09/45			44		37,882
HP, Inc., 3.75%, 12/01/20			21		20,837
Seagate HDD Cayman, 5.75%, 12/01/34 (a)			3		2,099
					284,402
Textiles, Apparel & Luxury Goods — 0.0%
NIKE, Inc., 3.88%, 11/01/45			64		61,760
Tobacco — 0.2%
Altria Group, Inc.:
2.63%, 1/14/20			89		89,165
2.85%, 8/09/22			55		53,618
4.25%, 8/09/42			37		33,949
Philip Morris International, Inc.:
1.13%, 8/21/17			183		182,735
4.13%, 3/04/43			59		55,770
4.88%, 11/15/43			91		96,208
Reynolds American, Inc.:
2.30%, 6/12/18			70		70,440

Corporate Bonds	Par  (000)		Value
Tobacco (continued)
Reynolds American, Inc. (continued):
3.25%, 6/12/20	USD	55	$	55,897
3.25%, 11/01/22		76		75,147
3.75%, 5/20/23		22		21,950
4.75%, 11/01/42		59		56,314
				791,193
Trading Companies & Distributors — 0.0%
GATX Corp., 2.60%, 3/30/20		67		65,183
HD Supply, Inc., 5.25%, 12/15/21 (a)		80		81,600
United Rentals North America, Inc., 7.63%, 4/15/22		45		48,092
				194,875
Wireless Telecommunication Services — 0.3%
America Movil SAB de CV, 2.38%, 9/08/16		480		481,760
Orange SA, 5.50%, 2/06/44		61		64,763
Rogers Communications, Inc.:
3.63%, 12/15/25		23		22,623
5.00%, 3/15/44		20		20,135
Sprint Communications, Inc., 9.00%, 11/15/18 (a)		560		589,400
Sprint Corp., 7.88%, 9/15/23		175		131,425
T-Mobile USA, Inc.:
6.63%, 4/28/21		65		67,438
6.73%, 4/28/22		60		62,550
6.84%, 4/28/23		20		20,700
Vodafone Group PLC, 2.50%, 9/26/22		67		62,063
				1,522,857
Total Corporate Bonds — 10.7%				53,285,327
Foreign Agency Obligations
Norway — 0.0%
Statoil ASA, 2.90%, 11/08/20		153		155,502
Foreign Government Obligations
Colombia — 0.0%
Republic of Colombia, 4.00%, 2/26/24		280		266,700
Germany — 0.2%
Deutsche Bundesrepublik Inflation Linked Bonds, 0.10%, 4/15/26	EUR	805		926,934
Indonesia — 0.0%
Republic of Indonesia:
3.38%, 4/15/23	USD	200		185,848
8.38%, 3/15/34	IDR	1,080,000		73,365
				259,213
Mexico — 0.3%
United Mexican States:
4.75%, 6/14/18	MXN	4,553		265,448
4.00%, 10/02/23	USD	945		957,285
8.00%, 12/07/23	MXN	3,000		194,829
				1,417,562

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 31

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Foreign Government Obligations		Par (000)		Value
Peru — 0.0%
Republic of Peru, 7.35%, 7/21/25	USD		150	$	188,063
Poland — 0.1%
Republic of Poland:
3.25%, 7/25/25	PLN		524		137,391
2.50%, 7/25/26			925		221,983
					359,374
Russia — 0.0%
Russian Federation, 7.00%, 8/16/23	RUB		995		11,780
Slovenia — 0.1%
Republic of Slovenia, 4.13%, 2/18/19 (a)	USD		260		273,325
Turkey — 0.1%
Republic of Turkey, 5.75%, 3/22/24			480		507,130
Total Foreign Government Obligations — 0.8%					4,210,081
Investment Companies		Shares
iShares iBoxx $ High Yield Corporate Bond ETF (g)			29,546		2,380,817
Utilities Select Sector SPDR Fund (e)			25,900		1,120,952
Total Investment Companies — 0.7%					3,501,769
Non-Agency Mortgage-Backed Securities		Par (000)
Collateralized Mortgage Obligations — 1.0%
Adjustable Rate Mortgage Trust, Series 2005-12, Class 4A1, 3.47%, 3/25/36 (b)	USD		88		64,322
American Home Mortgage Assets Trust, Series 2006-3, Class 2A11, 1.20%, 10/25/46 (b)			100		70,740
Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, 4.50%, 11/25/45 (a)(b)			90		89,842
COLT LLC, Series 2015-1, Class A1V, 3.20%, 12/26/45 (a)(b)			99		98,577
Countrywide Alternative Loan Trust:
Series 2005-72, Class A3, 0.72%, 1/25/36 (b)			42		34,485
Series 2005-80CB, Class 4A1, 6.00%, 2/25/36			87		72,899
Series 2006-OA21, Class A1, 0.59%, 3/20/47 (b)			1,601		1,239,479
Series 2007-22, Class 2A16, 6.50%, 9/25/37			1,075		837,949
Series 2007-OA3, Class 1A1, 0.36%, 4/25/47 (b)			60		50,025
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2006-OA4, Class A1, 1.22%, 4/25/46 (b)			91		50,609
Series 2006-OA5, Class 2A1, 0.62%, 4/25/46 (b)			166		134,152
Credit Suisse Mortgage Capital Certificates:
Series 2011-5R, Class 2A1, 3.15%, 8/27/46 (a)(b)			332		325,294
Series 2015-10R, Class 4A1, 4.75%, 7/27/37 (a)(b)			87		86,392
Series 2015-PR1, Class A-1, 3.50%, 2/25/55 (a)(c)			199		192,532

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Deutsche ALT-A Securities, Inc., Series 2007-RS1, Class A2, 0.92%, 1/27/37 (a)(b)	USD		33	$	56,583
GreenPoint Mortgage Funding Trust, Series 2006-AR2, Class 4A1, 2.26%, 3/25/36 (b)			14		11,234
GSMSC Resecuritization Trust, Series 2015-5R, Class 1C, 0.36%, 4/26/37 (a)(b)			100		63,000
Impac Secured Assets CMN Owner Trust, Series 2004-3, Class 1A4, 1.22%, 11/25/34 (b)			51		50,757
JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A4, 0.41%, 3/25/37 (b)			91		61,568
LSTAR Securities Investment Trust:
Series 2014-1, Class Note, 3.34%, 9/01/21 (a)(b)			437		435,261
Series 2014-2, Class A, 2.24%, 12/01/21 (a)(b)			307		303,200
Series 2015-1, Class A, 2.24%, 1/01/20 (a)(b)			106		104,451
Series 2015-10, Class A1, 2.24%, 11/02/20 (a)(b)			98		96,235
Series 2015-10, Class A2, 3.74%, 11/02/20 (a)(b)			110		106,717
Series 2015-3, Class A, 2.24%, 3/01/20 (a)(b)			278		273,909
Morgan Stanley Resecuritization Trust, Series 2014-R8, Class 3B1, 0.99%, 6/26/47 (a)(b)			95		86,774
RALI Trust:
Series 2006-QO2, Class A1, 0.64%, 2/25/46 (b)			213		90,573
Series 2007-QH6, Class A1, 0.61%, 7/25/37 (b)			63		50,335
					5,137,894
Commercial Mortgage-Backed Securities — 1.8%
Banc of America Commercial Mortgage Trust:
Series 2007-1, Class A4, 5.45%, 1/15/49			141		144,276
Series 2007-1, Class AMFX, 5.48%, 1/15/49 (b)			30		30,720
Series 2007-3, Class A1A, 5.56%, 6/10/49 (b)			317		327,479
Series 2007-3, Class A4, 5.56%, 6/10/49 (b)			238		245,008
Series 2007-3, Class AJ, 5.56%, 6/10/49 (b)			60		60,793
Series 2007-5, Class AM, 5.77%, 2/10/51 (b)			130		135,240
Banc of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class F, 3.60%, 4/14/33 (a)(b)			100		86,810
Barclays Commercial Mortgage Trust:
Series 2015-SLP, Class D, 3.53%, 2/15/28 (a)(b)			100		98,739
Series 2015-SRCH, Class A1, 3.31%, 8/10/35 (a)			100		97,596
Series 2015-VFM, Class A2, 3.38%, 3/15/36 (a)(b)			100		100,190
Bayview Commercial Asset Trust:
Series 2006-3A, Class A2, 0.72%, 10/25/36 (a)(b)			35		28,406
Series 2008-4, Class A3, 3.17%, 7/25/38 (a)(b)			138		138,654

See Notes to Financial Statements.

32 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Non-Agency Mortgage-Backed Securities		Par  (000)		Value
Commercial Mortgage-Backed Securities (continued)
Bear Stearns Commercial Mortgage Securities Trust:
Series 2007-PW15, Class A1A, 5.32%, 2/11/44	USD		269	$	277,116
Series 2007-PW16, Class AM, 5.72%, 6/11/40 (b)			54		56,211
BHMS Mortgage Trust, Series 2014-ATLS, Class AFL, 1.77%, 7/05/33 (a)(b)			130		130,013
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class A, 1.73%, 12/15/27 (a)(b)			215		213,651
Citigroup Commercial Mortgage Trust:
Series 2013-GC11, Class D, 4.46%, 4/10/46 (a)(b)			400		360,827
Series 2014-388G, Class A, 1.08%, 6/15/33 (a)(b)			273		270,162
Series 2014-388G, Class E, 2.68%, 6/15/33 (a)(b)			100		98,050
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2006-CD3, Class AM, 5.65%, 10/15/48			250		253,428
Series 2007-CD5, Class AMA, 6.12%, 11/15/44 (b)			138		146,424
COBALT CMBS Commercial Mortgage Trust, Series 2007-C3, Class AM, 5.77%, 5/15/46 (b)			245		257,183
Commercial Mortgage Pass-Through Certificates:
Series 2007-C9, Class AJFL, 0.98%, 12/10/49 (a)(b)			140		133,725
Series 2010-RR1, Class GEB, 5.54%, 12/11/49 (a)(b)			130		133,763
Series 2012-LTRT, Class A2, 3.40%, 10/05/30 (a)			285		284,988
Series 2013-GAM, Class A2, 3.37%, 2/10/28 (a)			180		181,367
Series 2014-FL5, Class D, 4.33%, 10/15/31 (a)(b)			115		111,011
Core Industrial Trust, Series 2015-TEXW, Class A, 3.08%, 2/10/34 (a)			100		99,183
Countrywide Alternative Loan Trust, Series 2006-OA9, Class 2A1B 0.60%, 7/20/46 (b)			234		170,118
Credit Suisse Commercial Mortgage Trust, Series 2008-C1, Class A3, 6.07%, 2/15/41 (b)			80		84,170
Credit Suisse Mortgage Capital Certificates, Series 2015-GLPB, Class A, 3.64%, 11/15/34 (a)			100		102,640
Deutsche Bank Re-REMIC Trust, Series 2011-C32, Class A3A, 5.71%, 6/17/49 (a)(b)			205		211,716
Extended Stay America Trust, Series 2013-ESH7, Class A27, 2.96%, 12/05/31 (a)			225		225,199
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class FFX, 3.38%, 12/15/19 (a)(b)			30		27,682
GS Mortgage Securities Corp. II, Series 2013-KING, Class E, 3.44%, 12/10/27 (a)(b)			350		334,304
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB16, Class AM, 5.59%, 5/12/45			97		98,231
Series 2007-CB20, Class AJ, 6.08%, 2/12/51 (b)			15		15,243
Series 2007-LDPX, Class AM, 5.46%, 1/15/49 (b)			282		287,262

Non-Agency Mortgage-Backed Securities		Par  (000)		Value
JPMorgan Chase Commercial Mortgage Securities Trust (continued):
Series 2008-C2, Class ASB, 6.13%, 2/12/51 (b)	USD		171	$	175,292
Series 2014-FL6, Class A, 1.73%, 11/15/31 (a)(b)			140		139,210
Series 2015-CSMO, Class D, 3.63%, 1/15/32 (a)(b)			100		99,286
LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class AJ, 5.48%, 2/15/40			20		20,201
Lone Star Portfolio Trust, Series 2015-LSP, Class A1A2, 2.13%, 9/15/28 (a)(b)			100		99,981
Merrill Lynch Mortgage Trust, Series 2007-C1, Class A1A, 5.84%, 6/12/50 (b)			143		147,762
ML-CFC Commercial Mortgage Trust:
Series 2006-4, Class AM, 5.20%, 12/12/49			50		51,314
Series 2007-7, Class A4, 5.74%, 6/12/50 (b)			82		85,003
Morgan Stanley Capital I Trust:
Series 2007-HQ11, Class AMFL, 0.49%, 2/12/44 (b)			32		31,205
Series 2007-IQ13, Class AM, 5.41%, 3/15/44			150		153,969
Morgan Stanley Re-REMIC Trust:
Series 2011-IO, Class C, 0.00%, 3/23/51 (a)(h)			75		71,996
Series 2012-IO, Class AXB2, 1.00%, 3/27/51 (a)			30		30,014
Series 2012-XA, Class A, 2.00%, 7/27/49 (a)			104		103,334
RBSCF Trust, Series 2010-RR3, Class WBTA, 5.95%, 2/16/51 (a)(b)			835		847,781
Resource Capital Corp. Ltd., Series 2014-CRE2, Class A, 1.40%, 4/15/32 (a)(b)			126		125,455
STRIPs Ltd.:
Series 2012-1A, Class A, 1.50%, 12/25/44 (a)			102		101,162
Series 2012-1A, Class B, 0.50%, 12/25/44 (a)			110		99,594
VFC LLC, Series 2014-2, Class A, 2.75%, 7/20/30 (a)			29		29,143
Wachovia Bank Commercial Mortgage Trust:
Series 2006-C28, Class AJ, 5.63%, 10/15/48 (b)			20		20,243
Series 2007-C33, Class AJ, 5.95%, 2/15/51 (b)			53		54,015
Wells Fargo Commercial Mortgage Trust:
Series 2014-TISH, Class SCH1, 3.08%, 1/15/27 (a)(b)			300		291,573
Series 2015-C27, Class C, 3.89%, 2/15/48			47		42,037
Series 2015-C31, Class D, 3.85%, 11/15/48			20		14,696
Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.75%, 8/20/21 (a)			42		41,566
					8,933,410
Interest Only Commercial Mortgage-Backed Securities — 0.3%
Barclays Commercial Mortgage Trust, Series 2015-SRCH, Class XA, 1.12%, 8/10/35 (a)(b)			1,000		82,260
BB-UBS Trust, Series 2012-SHOW, Class XA, 0.60%, 11/05/36 (a)(b)			4,250		202,352
Commercial Mortgage Pass-Through Certificates:
Series 2013-LC6, Class XA, 1.74%, 1/10/46 (b)			2,417		166,061
Series 2015-3BP, Class XA, 0.06%, 2/10/35 (a)(b)			2,522		20,025

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 33

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Non-Agency Mortgage-Backed Securities		Par  (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Core Industrial Trust, Series 2015-TEXW, Class XA, 0.77%, 2/10/34 (a)(b)	USD		1,000	$	41,670
Credit Suisse Mortgage Capital Certificates, Series 2015-GLPA, Class XA, 0.40%, 11/15/37 (a)(b)			1,000		23,738
GS Mortgage Securities Corp. II, Series 2013-GC10, Class XA, 1.62%, 2/10/46 (b)			3,112		258,696
JPMBB Commercial Mortgage Securities Trust:
Series 2015-C28, Class XA, 1.21%, 10/15/48 (b)			997		69,150
Series 2015-C33, Class XA, 1.06%, 12/15/48 (b)			420		30,854
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class XA, 1.16%, 12/15/47 (b)			754		48,832
Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class XA, 1.00%, 2/15/48 (b)			995		65,406
WF-RBS Commercial Mortgage Trust:
Series 2014-C24, Class XA, 0.98%, 11/15/47 (b)			1,099		66,738
Series 2014-LC14, Class XA, 1.43%, 3/15/47 (b)			1,377		98,914
					1,174,696
Total Non-Agency Mortgage-Backed Securities — 3.1%					15,246,000
Other Interests (i)		Beneficial   Interest (000)
Capital Markets — 0.0%
Lehman Brothers Holdings Capital Trust VII (d)(j)			130		13
Lehman Brothers Holdings, Inc. (d)(j)			490		49
Total Other Interests — 0.0%					62
Preferred Securities
Capital Trusts		Par  (000)
Banks — 0.2%
Bank of America Corp., 6.10% (b)(k)			63		63,866
Citigroup, Inc.:
5.90% (b)(k)			55		54,038
Series Q, 5.95% (b)(k)			179		178,441
Series P, 5.95% (b)(k)			100		96,250
Series R, 6.13% (b)(k)			116		118,320
JPMorgan Chase & Co., 5.30% (b)(k)			75		74,719
Royal Bank of Scotland Group PLC, 7.50% (b)(k)			200		208,250
					793,884
Capital Markets — 0.0%
Goldman Sachs Group, Inc., 5.38% (b)(k)			87		86,456
State Street Capital Trust IV, 1.51%, 6/01/77 (b)			38		31,065
					117,521
Consumer Finance — 0.0%
Capital One Financial Corp., 5.55% (b)(k)			100		99,500

Preferred Securities		Par  (000)		Value
Insurance — 0.0%
MetLife, Inc., 5.25% (b)(k)	USD		51	$	51,893
Media — 0.1%
NBCUniversal Enterprise, Inc., 5.25% (a)(k)			200		212,000
Total Capital Trusts — 0.3%					1,274,798
Preferred Stocks		Shares
Thrifts & Mortgage Finance — 0.0%
Fannie Mae, Series S, 8.25% (b)			10,000		35,000
Freddie Mac, Series Z, 0.05% (b)			10,000		34,000
					69,000
Total Preferred Stocks — 0.0%					69,000
Trust Preferreds
Banks — 0.1%
Citigroup Capital XIII, 7.88%, 10/30/40 (b)			16,773		435,930
Consumer Finance — 0.0%
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (b)			10,500		266,280
Total Trust Preferreds — 0.1%					702,210
Total Preferred Securities — 0.4%					2,046,008
Taxable Municipal Bonds		Par  (000)
Arizona Health Facilities Authority RB, 1.03%, 1/01/37 (b)	USD		60		54,238
Bay Area Toll Authority RB:
6.92%, 4/01/40			65		85,619
7.04%, 4/01/50			45		61,928
California State Public Works Board RB, 8.36%, 10/01/34			40		56,494
City of Charleston, SC Waterworks & Sewer System Revenue RB, 5.00%, 1/01/45			35		40,816
City of San Jose, CA Airport Revenue RB, AMBAC, 5.00%, 3/01/37			45		46,643
City Public Service Board of San Antonio, TX RB, 5.81%, 2/01/41			45		56,078
Clark County School District GO, 5.00%, 6/15/26-6/15/28			110		134,352
Contra Costa Community College District GO, 6.50%, 8/01/34			40		49,660
County of Miami-Dade, FL Aviation Revenue RB, 5.00%, 10/01/38			90		101,542
Delaware Transportation Authority RB, 5.00%, 6/01/55			30		33,839
Golden State Tobacco Securitization Corp. RB, 5.00%, 6/01/40			25		28,655
Grant County Public Utility District No. 2 RB, 4.58%, 1/01/40			15		14,915
Los Angeles Community College District GO, 6.60%, 8/01/42			65		88,866
Los Angeles Department of Water & Power RB, 6.60%, 7/01/50			30		40,919
Los Angeles Unified School District GO, 6.76%, 7/01/34			60		79,051
Massachusetts Development Finance Agency RB, 5.00%, 7/01/44-8/15/45			165		181,547

See Notes to Financial Statements.

34 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Taxable Municipal Bonds		Par  (000)		Value
Metropolitan Pier & Exposition Authority RB, 5.00%, 6/15/52	USD		25	$	25,875
Metropolitan St. Louis Sewer District RB, 5.00%, 5/01/45			50		58,575
Metropolitan Transportation Authority RB:
6.69%, 11/15/40			30		39,264
6.81%, 11/15/40			55		72,838
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB, 7.46%, 10/01/46			30		40,342
Miami-Dade County Educational Facilities Authority RB, 5.07%, 4/01/50			30		31,286
Municipal Electric Authority of Georgia RB, 6.64%, 4/01/57			45		53,595
New Jersey State Turnpike Authority RB, 7.41%, 1/01/40			66		93,810
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 7/15/36			30		35,026
New York City Water & Sewer System RB:
5.75%, 6/15/41			35		44,201
5.38%, 6/15/43			215		250,266
5.50%, 6/15/43			255		298,722
5.88%, 6/15/44			50		64,580
New York State Dormitory Authority RB, 5.39%, 3/15/40			50		59,424
New York State Thruway Authority RB, 5.00%, 1/01/31			35		41,609
Orange County Local Transportation Authority RB, 6.91%, 2/15/41			75		101,058
Pennsylvania Economic Development Financing Authority RB, 5.00%, 12/31/38			50		54,657
Port Authority of New York & New Jersey RB, 4.96%, 8/01/46			85		91,816
Regents of the University of California Medical Center Pooled Revenue RB, 6.58%, 5/15/49			75		96,295
Salt River Project Agricultural Improvement & Power District RB, 5.00%, 12/01/45			50		58,239
State of California GO:
7.50%, 4/01/34			60		84,009
7.55%, 4/01/39			30		43,610
4.99%, 4/01/39			40		40,879
7.60%, 11/01/40			240		356,736
State of Connecticut GO, 5.00%, 11/15/32			35		41,468
State of Illinois GO, 5.10%, 6/01/33			230		217,591
State of Washington GO, 5.00%, 7/01/28			35		42,485
University of California RB, 4.86%, 5/15/12			50		47,830
Utility Debt Securitization Authority RB, 5.00%, 12/15/36-12/15/37			85		101,831
Wisconsin Department of Transportation RB, 5.00%, 7/01/31			35		41,989
Total Taxable Municipal Bonds — 0.8%					3,785,068
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.2%
Fannie Mae:
Series 2013-C01, Class M2, 5.67%, 10/25/23 (b)			590		611,432
Series 2014-C01, Class M2, 4.82%, 1/25/24 (b)			134		133,019
					744,451
Commercial Mortgage-Backed Securities — 0.0%
Freddie Mac, Series K050, Class A2, 3.33%, 8/25/25			80		81,851

U.S. Government Sponsored Agency Securities		Par  (000)		Value
Interest Only Commercial Mortgage-Backed Securities — 0.0%
Fannie Mae, Series 2014-M13, Class X2, 0.14%, 2/25/24 (b)	USD		5,003	$	56,044
Freddie Mac, Series K718, Class X1, 0.65%, 1/25/22			194		6,509
Ginnie Mae:
Series 2012-120, Class IO, 0.91%, 2/16/53 (b)			1,242		79,067
Series 2014-40, Class AI, 1.00%, 2/16/39			458		12,770
Series 2014-52, Class AI, 0.83%, 8/16/41			353		9,811
					164,201
Mortgage-Backed Securities — 16.6%
Fannie Mae Mortgage-Backed Securities:
2.35%, 8/01/38 (b)			109		114,713
2.50%, 4/01/30-1/01/31 (l)			1,607		1,621,278
2.96%, 3/01/41 (b)			57		60,329
3.00%, 11/01/26-1/01/46 (l)			8,555		8,708,240
3.13%, 3/01/41 (b)			74		78,299
3.15%, 12/01/40 (b)			102		106,491
3.35%, 6/01/41 (b)			132		138,986
3.50%, 7/01/26-1/01/46 (l)			15,602		16,195,375
3.50%, 9/01/41 (b)			95		99,644
4.00%, 2/01/25-1/01/46 (l)			6,437		6,845,939
4.50%, 2/01/25-1/01/46 (l)			5,876		6,328,113
5.00%, 9/01/33-1/01/46 (l)			2,349		2,589,357
5.50%, 2/01/35-1/01/46 (l)			1,651		1,848,148
6.00%, 12/01/27-1/01/46 (l)			1,105		1,253,204
6.50%, 5/01/40			418		478,055
Freddie Mac Mortgage-Backed Securities:
2.50%, 3/01/30-1/01/31 (l)			983		992,128
2.99%, 2/01/41 (b)			98		104,526
3.00%, 5/01/27-1/01/46 (l)			2,849		2,877,170
3.50%, 4/01/42-1/01/46 (l)			7,956		8,200,799
4.00%, 8/01/40-1/01/46 (l)			4,142		4,379,871
4.50%, 2/01/39-1/01/46 (l)			1,505		1,626,464
5.00%, 8/01/40-1/01/46 (l)			1,557		1,703,695
5.50%, 6/01/41-1/01/46 (l)			341		378,510
6.00%, 1/01/34			165		184,841
Ginnie Mae Mortgage-Backed Securities:
3.00%, 7/20/45-1/15/46 (l)			3,025		3,069,759
3.50%, 12/15/42-1/15/46 (l)			5,192		5,421,096
4.00%, 9/20/40-1/15/46 (l)			2,550		2,712,539
4.50%, 12/20/39-2/15/42			2,394		2,596,616
5.00%, 12/15/38-1/15/46 (l)			1,409		1,546,135
5.50%, 1/15/46 (l)			700		777,681
7.50%, 3/15/32			5		5,671
					83,043,672
Total U.S. Government Sponsored Agency Securities — 16.8%					84,034,175
U.S. Treasury Obligations
U.S. Treasury Bonds:
2.88%, 8/15/45 (m)			4,619		4,485,732
3.00%, 11/15/45			1,054		1,050,830
U.S. Treasury Inflation Indexed Notes:
0.25%, 1/15/25			6,324		6,035,269
0.38%, 7/15/25			1,088		1,053,403

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 35

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

U.S. Treasury Obligations		Par  (000)		Value
U.S. Treasury Notes:
0.75%, 10/31/17	USD		1,490	$	1,482,085
0.88%, 10/15/18 (n)			7,780		7,694,296
1.38%, 10/31/20			4,095		4,022,699
1.63%, 11/30/20			7,831		7,784,500
1.88%, 10/31/22			2,560		2,527,601
2.25%, 11/15/25			2,466		2,460,508
Total U.S. Treasury Obligations — 7.7%					38,596,923
Total Long-Term Investments (Cost — $471,024,944) — 105.0%					524,220,712
Short-Term Securities
Borrowed Bond Agreements — 1.1% (o)
Barclays Capital, Inc., 0.30%, 1/06/16 (Purchased on 12/30/15 to be repurchased at $94,171, collateralized by U.S. Treasury Notes, 1.38% due at 9/30/20, par and fair value of USD 95,600 and $93,949, respectively)			94		94,166
Deutsche Bank Securities, Inc., 0.35%, 1/06/16 (Purchased on 12/30/15 to be repurchased at $49,690, collateralized by U.S. Treasury Bonds, 3.00% due at 5/15/45, par and fair value of USD 50,000 and $49,772, respectively)			50		49,688
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.30%, 1/04/16 (Purchased on 12/30/15 to be repurchased at $5,551,163, collateralized by U.S. Treasury Notes, 2.00% due at 8/15/25, par and fair value of USD 5,657,000 and $5,515,796, respectively)			5,551		5,550,931
Total Borrowed Bond Agreements (Cost — $5,694,785) — 1.1%					5,694,785
Money Market Funds		Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (g)(p)			87,935		87,935
		Beneficial Interest (000)
Money Market Funds — 0.8%
BlackRock Liquidity Series, LLC, Money Market Series, 0.39% (g)(p)(q)	USD		3,965		3,964,938
Total Short-Term Securities (Cost — $9,747,658) — 1.9%					9,747,658

Options Purchased				Value
(Cost — $26,021) — 0.0%				$	16,823
Total Investments Before Borrowed Bonds and TBA Sale Commitments (Cost — $480,798,623) — 106.9%					533,985,193
Borrowed Bonds		Par  (000)
U.S. Treasury Obligations — (1.1)%
U.S. Treasury Bonds, 3.00%, 5/15/45	USD		50		(49,772	)
U.S. Treasury Notes:
1.38%, 9/30/20			96		(93,949	)
2.00%, 8/15/25			5,657		(5,515,796	)
Total Borrowed Bonds (Proceeds — $5,696,713) — (1.1)%					(5,659,517	)
TBA Sale Commitments (l)
Fannie Mae Mortgage-Backed Securities:
3.00%, 1/01/31-1/01/46			2,657		(2,722,023	)
3.50%, 1/01/31-1/01/46			13,062		(13,499,597	)
4.00%, 1/01/31-1/01/46			1,512		(1,587,543	)
4.50%, 1/01/46			2,424		(2,617,289	)
5.00%, 1/01/46			1,900		(2,090,722	)
5.50%, 1/01/46			1,000		(1,114,270	)
Freddie Mac Mortgage-Backed Securities:
3.00%, 1/01/31			378		(389,519	)
3.50%, 1/01/46			4,526		(4,654,620	)
4.00%, 1/01/46			675		(713,061	)
5.00%, 1/01/46			500		(546,150	)
6.00%, 1/01/46			100		(112,457	)
Ginnie Mae Mortgage-Backed Securities:
3.50%, 1/15/46			400		(416,148	)
4.00%, 1/15/46			155		(164,421	)
4.50%, 1/15/46			52		(55,868	)
Total TBA Sale Commitments (Proceeds — $30,679,859) — (6.2)%					(30,683,688	)
Total Investments Net of Borrowed Bonds and TBA Sale Commitments — 99.6%					497,641,988
Other Assets Less Liabilities — 0.4%					1,796,716
Net Assets — 100.0%				$	499,438,704

      Notes to Schedule of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) Variable rate security. Rate as of period end.

(c) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(d) Non-income producing security.

(e) Security, or a portion of security, is on loan.

(f) Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

See Notes to Financial Statements.

36 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

(g) During the year ended December 31, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December  31, 2014		Shares/ Beneficial Interest Purchased				Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at December  31, 2015		Value at December 31, 2015		Income				Realized Gain
BlackRock Liquidity Funds, TempFund, Institutional Class		1,865,211			—			(1,777,276	)1		87,935		$     87,935		$	7,534			$139
BlackRock Liquidity Series, LLC, Money Market Series		$   561,281		$	3,403,657	2		—			$3,964,938		$3,964,938		$	13,586	3		—
iShares iBoxx $ High Yield Corporate Bond ETF		—			29,546			—			29,546		$2,380,817			—			—

¹  Represents net shares sold.

²  Represents net beneficial interest purchased.

³  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and other payments to and from borrowers of securities, and less the collateral investment expenses

(h) Zero-coupon bond.

(i) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(j) Issuer filed for bankruptcy and/or is in default of interest payments.

(k) Perpetual security with no stated maturity date.

(l) Represents or includes a TBA transaction. As of period end, unsettled TBA transactions were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	(2,459,840	)		$ 3,025
BNP Paribas Securities Corp.	$	100,791			$     (84	)
Citigroup Global Markets, Inc.	$	(1,527,651	)		$ 1,367
Credit Suisse Securities (USA) LLC	$	757,792			$ 2,100
Deutsche Bank Securities, Inc.	$	(560,502	)		$    730
Goldman Sachs & Co.	$	(3,179,752	)		$(1,515	)
J.P. Morgan Securities LLC	$	(3,632,588	)		$ 3,337
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	386,865			$(2,349	)
Morgan Stanley & Co. LLC	$	967,246			$    390
Nomura Securities International, Inc.	$	101,355			$    246
RBC Capital Markets, LLC	$	100,791			$     (69	)
Wells Fargo Securities, LLC	$	110,870			$   (127	)

(m) All or a portion of security has been pledged in connection with outstanding financial futures contracts.

(n) All or a portion of security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

(o) Certain agreements have no stated maturity and can be terminated by either party at any time.

(p) Current yield as of period end.

(q) Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

• For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Reverse Repurchase Agreements

Counterparty	Interest Rate	Trade Date	Maturity Date1	Face Value	Face Value Including Accrued Interest	Type of Underlying Collateral	Remaining Contractual Maturity of  the Agreements
Deutsche Bank Securities, Inc.	(0.40)%	11/02/15	Open	$7,741,100	$7,741,100	U.S. Treasury Obligations	Open/Demand1

¹  Certain agreements have no stated maturity and can be terminated by either party at any time.

      Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

Contracts Long (Short)	Issue	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
(5)	Euro-Bund	March 2016		USD	858,102		$  (4,103	)
22	U.S. Treasury Bonds (30 Year)	March 2016		USD	3,382,500		16,528
53	U.S. Treasury Notes (10 Year)	March 2016		USD	6,673,031		(23,143	)
64	U.S. Treasury Notes (2 Year)	March 2016		USD	13,903,000		(22,784	)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 37

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Contracts Long (Short)	Issue	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
60	U.S. Treasury Notes (5 Year)	March 2016		USD	7,099,219		$(14,038	)
27	U.S. Ultra Treasury Bonds	March 2016		USD	4,284,563		20,393
(124)	Euro Dollar Futures	December 2017		USD	30,449,750		38,644
Total							$11,497

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	826,181		EUR	780,000	UBS AG		1/06/16		$(21,616	)
USD	279,319		MXN	4,640,000	Société Générale		1/06/16		10,212
USD	79,065		IDR	1,123,515,180	HSBC Bank PLC		1/14/16		(2,149	)
MXN	992,937		USD	57,816	State Street Bank and Trust Co.		1/15/16		(267	)
PLN	623,026		USD	157,092	Standard Chartered Bank		1/15/16		1,678
PLN	1,079,251		USD	273,035	Standard Chartered Bank		1/15/16		1,998
USD	122,744		MXN	2,038,147	Morgan Stanley & Co. International PLC		1/15/16		4,617
USD	746,466		PLN	3,017,664	Citibank N.A.		1/15/16		(22,546	)
USD	48,148		PLN	190,438	Goldman Sachs International		1/15/16		(383	)
MXN	1,250,545		USD	73,447	State Street Bank and Trust Co.		1/20/16		(994	)
USD	221,804		MXN	3,733,741	Royal Bank of Scotland PLC		1/20/16		5,483
MXN	1,576,113		USD	91,832	Citibank N.A.		1/26/16		(557	)
RUB	3,183,142		USD	45,348	BNP Paribas S.A.		2/09/16		(2,220	)
USD	60,361		RUB	4,236,929	BNP Paribas S.A.		2/09/16		2,955
MXN	994,795		USD	58,342	State Street Bank and Trust Co.		2/10/16		(796	)
USD	214,669		MXN	3,642,635	Goldman Sachs International		2/10/16		3,951
Total									$(20,634	)

Exchange-Traded Options Purchased

Description	Put/ Call	Expiration Date	Strike Price			Contracts	Value
Euro Dollar 90-Day	Put	3/11/16		USD	98.38	206		$ 14,163

OTC Interest Rate Swaptions Purchased

Description	Counterparty	Put/ Call	Exercise Rate	Pay/Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount (000)			Value
10-Year Interest Rate Swap	JPMorgan Chase Bank N.A.	Call	2.00%	Receive	3-month LIBOR	1/19/16		USD	4,357		$2,660

Centrally Cleared Credit Default Swaps — Buy Protection

Index	Pay Fixed Rate	Expiration Date		Notional Amount (000)			Unrealized Depreciation
CDX.NA.HY Series 25 Version 1	5.00%		12/20/20		USD	1,020		$(15,560	)

See Notes to Financial Statements.

38 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Centrally Cleared Interest Rate Swaps

Fixed        Rate	Floating Rate		Effective Date	Expiration Date	Notional Amount (000)		Unrealized    Appreciation  (Depreciation)
0.65%1		3-month LIBOR	N/A	11/26/16	USD	695		$      928
1.26%1		3-month LIBOR	1/12/162	1/12/17	USD	9,370		(34,584	)
2.13%3		3-month LIBOR	N/A	8/25/25	USD	65		279
Total								$(33,377	)

   ¹ Fund pays the fixed rate and receives the floating rate.

   ² Forward swap.

   ³ Fund pays the floating rate and receives the fixed rate.

OTC Credit Default Swaps — Buy Protection

Issuer	Pay Fixed Rate			Counterparty	Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%	JPMorgan Chase Bank N.A.	6/20/20			USD	209	$	5,096		$	1,649			$ 3,447
United Mexican States		1.00	%	Bank of America N.A.	9/20/20			USD	209		5,885			2,488			3,397
Deutsche Bank AG		1.00	%	Bank of America N.A.	12/20/20			EUR	360		(1,043	)		(2,478	)		1,435
Standard Chartered PLC		1.00	%	Bank of America N.A.	12/20/20			EUR	400		7,141			7,724			(583	)
HSBC Bank PLC		1.00	%	BNP Paribas S.A.	12/20/20			EUR	320		(5,058	)		(831	)		(4,227	)
Standard Chartered PLC		1.00	%	BNP Paribas S.A.	12/20/20	��		EUR	140		2,499			3,572			(1,073	)
Standard Chartered PLC		1.00	%	BNP Paribas S.A.	12/20/20			EUR	110		1,963			2,926			(963	)
HSBC Holdings PLC		1.00	%	Citibank N.A.	12/20/20			EUR	450		(7,113	)		(1,657	)		(5,456	)
HSBC Holdings PLC		1.00	%	Citibank N.A.	12/20/20			EUR	260		(4,110	)		(816	)		(3,294	)
Standard Chartered PLC		1.00	%	Citibank N.A.	12/20/20			EUR	370		6,605			4,169			2,436
Standard Chartered PLC		1.00	%	Citibank N.A.	12/20/20			EUR	240		4,284			6,762			(2,478	)
Standard Chartered PLC		1.00	%	Goldman Sachs International	12/20/20			EUR	190		3,391			2,159			1,232
HSBC Bank PLC		1.00	%	JPMorgan Chase Bank N.A.	12/20/20			EUR	370		(5,848	)		(5,556	)		(292	)
HSBC Bank PLC		1.00	%	JPMorgan Chase Bank N.A.	12/20/20			EUR	370		(5,848	)		(3,183	)		(2,665	)
Standard Chartered PLC		1.00	%	Morgan Stanley Capital Services LLC	12/20/20			EUR	160		2,857			2,616			241
Standard Chartered PLC		1.00	%	Morgan Stanley Capital Services LLC	12/20/20			EUR	60		1,071			1,627			(556	)
Federation of Malaysia		1.00	%	Bank of America N.A.	12/20/20			USD	39		1,460			2,084			(624	)
Republic of South Africa		1.00	%	Bank of America N.A.	12/20/20			USD	50		5,117			5,121			(4	)
Federation of Malaysia		1.00	%	Barclays Bank PLC	12/20/20			USD	36		1,349			1,820			(471	)
Federation of Malaysia		1.00	%	Barclays Bank PLC	12/20/20			USD	20		748			1,248			(500	)
Loews Corp.		1.00	%	Barclays Bank PLC	12/20/20			USD	110		(4,033	)		(4,134	)		101
Republic of South Africa		1.00	%	Barclays Bank PLC	12/20/20			USD	95		9,722			9,768			(46	)
Federation of Malaysia		1.00	%	BNP Paribas S.A.	12/20/20			USD	30		1,135			1,704			(569	)
Federation of Malaysia		1.00	%	BNP Paribas S.A.	12/20/20			USD	20		755			1,277			(522	)
Federation of Malaysia		1.00	%	Citibank N.A.	12/20/20			USD	30		1,135			1,571			(436	)
Federation of Malaysia		1.00	%	Citibank N.A.	12/20/20			USD	30		1,135			1,609			(474	)
Republic of the Philippines		1.00	%	Citibank N.A.	12/20/20			USD	106		462			(140	)		602
Republic of the Philippines		1.00	%	Citibank N.A.	12/20/20			USD	53		231			(20	)		251
Republic of the Philippines		1.00	%	Citibank N.A.	12/20/20			USD	52		229			(20	)		249
Australia and New Zealand Banking Group Ltd.		1.00	%	Deutsche Bank AG	12/20/20			USD	410		(3,817	)		(3,237	)		(580	)
Australia and New Zealand Banking Group Ltd.		1.00	%	Goldman Sachs International	12/20/20			USD	1,155		(10,754	)		(6,456	)		(4,298	)
Federation of Malaysia		1.00	%	HSBC Bank PLC	12/20/20			USD	30		1,135			1,647			(512	)
Republic of South Africa		1.00	%	HSBC Bank PLC	12/20/20			USD	53		5,424			5,166			258
Australia and New Zealand Banking Group Ltd.		1.00	%	JPMorgan Chase Bank N.A.	12/20/20			USD	128		(1,196	)		(468	)		(728	)
Australia and New Zealand Banking Group Ltd.		1.00	%	JPMorgan Chase Bank N.A.	12/20/20			USD	117		(1,085	)		(327	)		(758	)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 39

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Issuer	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)			Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Republic of South Africa		1.00	%	JPMorgan Chase Bank N.A.	12/20/20		USD	50		$  5,116		$  5,181		$       (65	)
Total										$26,040		$44,565		$(18,525	)

OTC Credit Default Swaps — Sell Protection

Issuer/Index	Receive Fixed Rate			Counterparty		Expiration Date	Credit Rating1	Notional Amount (000)2			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Transocean, Inc.		1.00	%		Goldman Sachs International	6/20/19	BB+		USD	145		$ (46,506	)		$    (3,155	)		$ (43,351	)
Transocean, Inc.		1.00	%		Goldman Sachs International	6/20/19	BB+		USD	25		(8,018	)		(543	)		(7,475	)
Transocean, Inc.		1.00	%		Bank of America N.A.	12/20/19	BB+		USD	45		(16,304	)		(2,883	)		(13,421	)
Transocean, Inc.		1.00	%		Bank of America N.A.	12/20/19	BB+		USD	40		(14,492	)		(2,419	)		(12,073	)
Transocean, Inc.		1.00	%		Bank of America N.A.	12/20/19	BB+		USD	35		(12,681	)		(2,169	)		(10,512	)
United Mexican States		1.00	%		Bank of America N.A.	6/20/20	BBB+		USD	209		(5,095	)		(1,911	)		(3,184	)
United Mexican States		1.00	%		JPMorgan Chase Bank N.A.	9/20/20	BBB+		USD	209		(5,885	)		(2,660	)		(3,225	)
Republic of Indonesia		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	62		(3,682	)		(3,161	)		(521	)
Republic of Indonesia		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	47		(2,762	)		(2,431	)		(331	)
Republic of Indonesia		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	30		(1,761	)		(1,427	)		(334	)
Republic of Indonesia		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	30		(1,761	)		(1,380	)		(381	)
Republic of Indonesia		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	30		(1,761	)		(1,406	)		(355	)
Republic of Indonesia		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	27		(1,600	)		(1,354	)		(246	)
Republic of Indonesia		1.00	%		Citibank N.A.	12/20/20	BB+		USD	117		(6,926	)		(5,703	)		(1,223	)
Republic of Indonesia		1.00	%		Citibank N.A.	12/20/20	BB+		USD	60		(3,582	)		(3,076	)		(506	)
Republic of Indonesia		1.00	%		Citibank N.A.	12/20/20	BB+		USD	58		(3,464	)		(2,902	)		(562	)
Republic of Indonesia		1.00	%		Citibank N.A.	12/20/20	BB+		USD	58		(3,435	)		(2,878	)		(557	)
Republic of Indonesia		1.00	%		HSBC Bank PLC	12/20/20	BB+		USD	66		(3,918	)		(3,364	)		(554	)
Russian Federation		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	98		(8,995	)		(8,123	)		(872	)
CMBX.NA Series 3 AM		0.50	%		Credit Suisse International	12/13/49	BBB-		USD	670		(9,675	)		(61,798	)		52,123
CMBX.NA Series 3 AM		0.50	%		Goldman Sachs International	12/13/49	BBB-		USD	1,320		(19,061	)		(123,292	)		104,231
CMBX.NA Series 4 AM		0.50	%		Deutsche Bank AG	2/17/51	BB		USD	120		(2,425	)		(16,723	)		14,298
CMBX.NA Series 8 BBB-		3.00	%		Barclays Bank PLC	10/17/57	BBB-		USD	30		(3,763	)		(3,281	)		(482	)
CMBX.NA Series 8 BBB-		3.00	%		Barclays Bank PLC	10/17/57	BBB-		USD	30		(3,762	)		(3,198	)		(564	)
CMBX.NA Series 8 BBB-		3.00	%		Credit Suisse International	10/17/57	NR		USD	20		(2,508	)		(2,126	)		(382	)
Total												$(193,822	)		$(263,363	)		$  69,541

¹  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

²  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Interest Rate Swaps

Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)			Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
12.30%1	1-day BZDIOVER	Bank of America N.A.	1/04/16		BRL	2,954		$  7,775			—		$  7,775
12.30%2	1-day BZDIOVER	Credit Suisse International	1/04/16		BRL	1,936		(5,096	)		—		(5,096	)
11.36%2	1-day BZDIOVER	Credit Suisse International	1/04/16		BRL	1,404		(6,802	)		—		(6,802	)
11.12%2	1-day BZDIOVER	Credit Suisse International	1/04/16		BRL	367		(2,100	)		—		(2,100	)
11.26%2	1-day BZDIOVER	Deutsche Bank AG	1/04/16		BRL	339		(1,788	)		—		(1,788	)
12.14%1	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	2,490		6,749			—		6,749
11.80%1	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	1,716		5,071			—		5,071

See Notes to Financial Statements.

40 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
12.13%1	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	1,312		$  3,596			—			$  3,596
11.85%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	860		(2,995	)		—			(2,995	)
11.91%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	770		(1,524	)		—			(1,524	)
5.72%2	Colombia Overnight Interbank Reference Rate	Goldman Sachs International	2/24/16		COP	1,276,073		274			—			274
5.70%2	Colombia Overnight Interbank Reference Rate	Credit Suisse International	2/25/16		COP	1,242,911		122			—			122
5.70%2	Colombia Overnight Interbank Reference Rate	Credit Suisse International	2/25/16		COP	1,113,648		109			—			109
5.70%2	Colombia Overnight Interbank Reference Rate	Credit Suisse International	2/25/16		COP	1,080,589		106			—			106
2.25%2	7-day China Fixing Repo Rates	Bank of America N.A.	5/22/17		CNY	2,192		183			$  (10	)		193
2.12%2	7-day China Fixing Repo Rates	Deutsche Bank AG	7/09/17		CNY	1,105		(276	)		2			(278	)
1.92%2	3-month KRW Certificate of Deposit	Deutsche Bank AG	11/10/17		KRW	311,432		1,725			767			958
1.69%1	3-month KRW Certificate of Deposit	Deutsche Bank AG	11/10/17		KRW	311,432		(496	)		—			(496	)
2.26%2	7-day China Fixing Repo Rates	Deutsche Bank AG	11/12/17		CNY	1,655		304			—			304
4.34%1	28-day MXIBTIIE	Bank of America N.A.	12/15/17		MXN	834		28			4			24
4.35%1	28-day MXIBTIIE	Goldman Sachs International	12/15/17		MXN	9,249		252			41			211
4.33%1	28-day MXIBTIIE	Goldman Sachs International	12/15/17		MXN	8,119		358			35			323
4.30%1	28-day MXIBTIIE	Bank of America N.A.	12/18/17		MXN	7,180		751			10			741
4.30%1	28-day MXIBTIIE	Goldman Sachs International	12/18/17		MXN	5,344		559			7			552
4.32%1	28-day MXIBTIIE	UBS AG	12/18/17		MXN	4,782		392			6			386
4.55%1	28-day MXIBTIIE	Barclays Bank PLC	3/21/18		MXN	1,273		(68	)		16			(84	)
4.85%1	28-day MXIBTIIE	Bank of America N.A.	11/01/18		MXN	959		(140	)		3			(143	)
4.55%1	3-month KLIBOR	Citibank N.A.	9/11/20		MYR	445		(1,583	)		6			(1,589	)
4.34%1	3-month KLIBOR	Bank of America N.A.	9/18/20		MYR	444		(589	)		7			(596	)
4.51%1	3-month KLIBOR	Barclays Bank PLC	9/23/20		MYR	527		(1,580	)		12			(1,592	)
4.51%1	3-month KLIBOR	Citibank N.A.	9/23/20		MYR	362		(1,085	)		9			(1,094	)
4.77%1	3-month KLIBOR	Citibank N.A.	9/29/20		MYR	445		(2,459	)		6			(2,465	)
4.38%1	3-month KLIBOR	Bank of America N.A.	10/09/20		MYR	444		(906	)		9			(915	)
4.41%1	3-month KLIBOR	Citibank N.A.	10/20/20		MYR	655		(1,453	)		5			(1,458	)
4.41%1	3-month KLIBOR	Citibank N.A.	10/20/20		MYR	359		(795	)		3			(798	)
4.42%1	3-month KLIBOR	Citibank N.A.	10/20/20		MYR	320		(726	)		3			(729	)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 41

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)		Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
2.57%2	3-month LIBOR	Deutsche Bank AG	10/27/20	USD	300		$  13,426			—			$ 13,426
4.33%1	3-month KLIBOR	Bank of America N.A.	11/06/20	MYR	444		(578	)		$    8			(586	)
11.41%1	1-day BZDIOVER	Bank of America N.A.	1/04/21	BRL	253		15,684			—			15,684
12.05%2	1-day BZDIOVER	Bank of America N.A.	1/04/21	BRL	116		(6,140	)		—			(6,140	)
11.84%2	1-day BZDIOVER	HSBC Bank PLC	1/04/21	BRL	78		(4,310	)		—			(4,310	)
11.72%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/21	BRL	56		(3,238	)		—			(3,238	)
3.27%1	3-month LIBOR	Deutsche Bank AG	5/16/21	USD	550		(44,810	)		—			(44,810	)
2.16%1	3-month LIBOR	Bank of America N.A.	5/28/23	USD	200		(2,737	)		—			(2,737	)
2.31%1	3-month LIBOR	Deutsche Bank AG	5/31/23	USD	200		(4,511	)		—			(4,511	)
5.84%2	28-day MXIBTIIE	Deutsche Bank AG	11/14/24	MXN	1,459		(2,515	)		(7	)		(2,508	)
5.85%2	28-day MXIBTIIE	Deutsche Bank AG	11/14/24	MXN	634		(1,072	)		(3	)		(1,069	)
5.73%1	28-day MXIBTIIE	Bank of America N.A.	1/03/25	MXN	940		2,126			13			2,113
5.55%2	28-day MXIBTIIE	Bank of America N.A.	1/13/25	MXN	649		(1,976	)		(3	)		(1,973	)
5.56%2	28-day MXIBTIIE	Goldman Sachs International	1/13/25	MXN	1,469		(4,442	)		(6	)		(4,436	)
6.43%2	28-day MXIBTIIE	Bank of America N.A.	6/06/25	MXN	836		450			(14	)		464
6.33%2	28-day MXIBTIIE	Citibank N.A.	7/17/25	MXN	1,010		(4	)		(5	)		1
6.32%2	28-day MXIBTIIE	Morgan Stanley Capital Services LLC	7/17/25	MXN	2,027		(52	)		(10	)		(42	)
6.31%1	28-day MXIBTIIE	Bank of America N.A.	8/11/25	MXN	1,026		88			5			83
6.31%1	28-day MXIBTIIE	Bank of America N.A.	8/11/25	MXN	1,026		88			5			83
6.31%1	28-day MXIBTIIE	Deutsche Bank AG	8/11/25	MXN	3,807		373			17			356
6.27%2	28-day MXIBTIIE	Bank of America N.A.	12/05/25	MXN	116		(49	)		(2	)		(47	)
6.30%2	28-day MXIBTIIE	Goldman Sachs International	12/05/25	MXN	2,158		(663	)		(30	)		(633	)
6.27%2	28-day MXIBTIIE	Goldman Sachs International	12/05/25	MXN	1,973		(869	)		(27	)		(842	)
6.20%2	28-day MXIBTIIE	Bank of America N.A.	12/08/25	MXN	1,739		(1,358	)		(8	)		(1,350	)
6.18%2	28-day MXIBTIIE	Goldman Sachs International	12/08/25	MXN	1,315		(1,114	)		(6	)		(1,108	)
6.20%2	28-day MXIBTIIE	UBS AG	12/08/25	MXN	1,192		(904	)		(5	)		(899	)
Total							$(53,214	)		$863			$(54,077	)

¹  Fund pays the fixed rate and receives the floating rate.

²  Fund pays the floating rate and receives the fixed rate.

      Transactions in Options Written for the Year Ended December 31, 2015

		Calls
		Notional (000)
	Contracts	BRL			EUR			KOR			MXN			USD			ZAR		Premiums Received
Outstanding options, beginning of year	8		17,942			—			—			—			1,868			8,456		$   72,120
Options written	99		—			4,935			311,432			11,766			11,157			—		247,094
Options expired	(4)		(17,942	)		—			(311,432	)		(2,846	)		—			—		(19,696	)
Options closed	(103)		—			(4,935	)		—			(8,920	)		(13,025	)		(8,456)		(299,518	)
Outstanding options, end of year	—		—			—			—			—			—			—		—

See Notes to Financial Statements.

42 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

	Puts
			Notional (000)
	Contracts		BRL			EUR			USD			Premiums Received
Outstanding options, beginning of year		7		8,085			—			1,868		$	61,868
Options written		762		—			4,935			15,932			376,195
Options exercised		—					—						—
Options expired		(11)		(6,035	)		—						(6,755	)
Options closed		(758)		(2,050	)		(4,935	)		(17,800	)		(431,308	)
Outstanding options, end of year		—		—			—			—			—

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Assets — Derivative Financial Instruments		Commodity Contracts	Credit Contracts		Equity Contracts	Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts	Total
Financial futures contracts	Net unrealized appreciation1	—		—	—		—		$  75,565	—		$  75,565
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—		—	—		$30,894		—	—		30,894
Options purchased	Investments at value — unaffiliated2	—		—	—		—		16,823	—		16,823
Swaps — centrally cleared	Net unrealized appreciation1	—		—	—		—		1,207	—		1,207
Swaps — OTC	Unrealized appreciation on OTC swaps; Swap premiums paid	—		$258,189	—		—		60,703	—		318,892
Total		—		$258,189	—		$30,894		$154,298	—		$443,381
Liabilities — Derivative Financial Instruments
Financial futures contracts	Net unrealized depreciation1	—		—	—		—		$  64,068	—		$  64,068
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—		—	—		$51,528		—	—		51,528
Swaps — centrally cleared	Net unrealized depreciation1			$  15,560	—		—		34,584	—		50,144
Swaps — OTC	Unrealized depreciation on OTC swaps; Swap premiums received	—		425,971	—		—		113,917	—		539,888
Total		—		$441,531	—		$51,528		$212,569	—		$705,628

¹  Includes cumulative appreciation (depreciation) on financial futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

²  Includes options purchased at value as reported in the Schedule of Investments.

For the year ended December 31, 2015, the effect of derivative financial instruments in the Statements of Operations were as follows:

Net Realized Gain (Loss) from:	Commodity Contracts	Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts	Total
Financial futures contracts	—		—			—		—			$(190,019	)	—		$(190,019	)
Foreign currency transactions	—		—			—		$  958,632			—		—		958,632
Interest rate floors	—		—			—		—			(41,840	)	—		(41,840	)
Options purchased3	—		—			—		—			(381,588	)	—		(381,588	)
Options written	—		—			$369		—			158,140		—		158,509
Swaps	—		$  233,142			—		—			109,536		—		342,678
Total	—		$  233,142			$369		$  958,632			$(345,771	)	—		$  846,372
Net Change in Unrealized Appreciation (Depreciation) on:
Financial futures contracts	—		—			—		—			$(107,736	)	—		$(107,736	)
Foreign currency translations	—		—			—		$(294,330	)		—		—		(294,330	)
Interest rate floors	—		—			—		—			7,634		—		7,634
Options purchased3	—		—			—		—			110,761		—		110,761
Options written	—		—			—		—			1,605		—		1,605
Swaps	—		$(134,153	)		—		—			(40,536	)	—		(174,689	)
Total	—		$(134,153	)		—		$(294,330	)		$  (28,272	)	—		$(456,755	)

³  Options purchased are included in the net realized gain (loss) from investments and the net change in unrealized appreciation (depreciation) on investments.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 43

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

      Average Quarterly Balances of Outstanding Derivative Financial Instruments

Financial futures contracts:
Average notional value of contracts - long	$	41,375,959
Average notional value of contracts - short	$	31,419,068
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$	3,831,123
Average amounts sold - USD	$	912,575
Options:
Average value of option contracts purchased	$	14,799
Average value of option contracts written	$	8,692
Average notional value of swaption contracts purchased	$	9,448,189
Average notional value of swaption contracts written	$	9,500,924
Average value of interest rate floors purchased	$	13,485
Average value of interest rate floors written	$	2,444
Credit default swaps:
Average notional value - buy protection	$	4,823,324
Average notional value - sell protection	$	5,511,250
Interest rate swaps:
Average notional value - pays fixed rate	$	17,037,901
Average notional value - receives fixed rate	$	11,085,918

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

      Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments:
Financial futures contracts		$  58,491			$    6,291
Forward foreign currency exchange contracts		30,894			51,528
Options		16,823	1		—
Swaps — Centrally cleared		924			—
Swaps — OTC2		318,892			539,888
Total derivative assets and liabilities in the Statements of Assets and Liabilities		$426,024			$597,707
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(73,578	)		(6,291	)
Total derivative assets and liabilities subject to an MNA		$352,446			$591,416

¹  Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

²  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund.

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset3			Non-cash Collateral Received	Cash Collateral Received	Net Amount of Derivative Assets4
Bank of America N.A		$  49,473		$  (49,473	)	—	—		—
Barclays Bank PLC		12,965		(12,965	)	—	—		—
BNP Paribas S.A.		12,434		(10,405	)	—	—		$  2,029
Citibank N.A.		17,682		(17,682	)	—	—		—
Credit Suisse International		52,460		(52,460	)	—	—		—
Deutsche Bank AG		30,128		(30,128	)	—	—		—
Goldman Sachs International		113,016		(113,016	)	—	—		—
HSBC Bank PLC		7,071		(7,071	)	—	—		—
JPMorgan Chase Bank N.A.		28,353		(27,684	)	—	—		669
Morgan Stanley & Co. International PLC		4,617		—		—	—		4,617
Morgan Stanley Capital Services LLC		4,484		(608	)	—	—		3,876
Royal Bank of Scotland PLC		5,483		—		—	—		5,483
Société Générale		10,212		—		—	—		10,212
Standard Chartered Bank		3,676		—		—	—		3,676
UBS AG		392		(392	)	—	—		—
Total		$352,446		$(321,884	)	—	—		$30,562

³  The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to an MNA.

⁴  Net amount represents the net amount receivable from the counterparty in the event of default.

See Notes to Financial Statements.

44 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Counterparty	Derivative Liabilities Subject to an MNA  by Counterparty	Derivatives Available for Offset1	Non-cash Collateral Pledged	Cash Collateral Pledged	Net Amount of Derivative Liabilities2
Bank of America N.A.	$  66,785	$  (49,473)	—	—	$  17,312
Barclays Bank PLC	36,674	(12,965)	—	—	23,709
BNP Paribas S.A.	10,405	(10,405)	—	—	—
Citibank N.A.	63,439	(17,682)	—	—	45,757
Credit Suisse International	78,304	(52,460)	—	—	25,844
Deutsche Bank AG	76,010	(30,128)	—	—	45,882
Goldman Sachs International	196,041	(113,016)	—	—	83,025
HSBC Bank PLC	10,889	(7,071)	—	—	3,818
JPMorgan Chase Bank N.A.	27,684	(27,684)	—	—	—
Morgan Stanley Capital Services LLC	608	(608)	—	—	—
State Street Bank and Trust Co.	2,057	—	—	—	2,057
UBS AG	22,520	(392)	—	—	22,128
Total	$591,416	$(321,884)	—	—	$269,532

¹  The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to an MNA.

²  Net amount represents the net amount payable due to the counterparty in the event of default.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments in the disclosure hierarchy:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	12,632,411		$	3,730,393		$  16,362,804
Common Stocks	$	302,996,993		—			—		302,996,993
Corporate Bonds		—		53,285,327			—		53,285,327
Foreign Agency Obligations		—		155,502			—		155,502
Foreign Government Obligations		—		4,210,081			—		4,210,081
Investment Companies		3,501,769		—			—		3,501,769
Non-Agency Mortgage-Backed Securities		—		13,398,744			1,847,256		15,246,000
Other Interests		—		—			62		62
Preferred Securities		771,210		1,274,798			—		2,046,008
Taxable Municipal Bonds		—		3,785,068			—		3,785,068
U.S. Government Sponsored Agency Securities		—		84,034,175			—		84,034,175
U.S. Treasury Obligations		—		38,596,923			—		38,596,923
Short-Term Securities:
Borrowed Bond Agreements		—		5,694,785			—		5,694,785
Money Market Funds		87,935		3,964,938			—		4,052,873
Options Purchased:
Interest Rate Contracts		14,163		2,660			—		16,823
Liabilities:
Investments:
Borrowed Bonds		—		(5,659,517	)		—		(5,659,517)
TBA Sale Commitments		—		(30,683,688	)		—		(30,683,688)
Total	$	307,372,070	$	184,692,207		$	5,577,711		$497,641,988

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 45

Schedule of Investments (concluded) BlackRock Balanced Capital Portfolio

	Level 1				Level 2				Level 3		Total
Derivative Financial Instruments1
Assets:
Credit contracts			—			$	184,301			—		$	184,301
Foreign currency exchange contracts			—				30,894			—			30,894
Interest rate contracts		$	75,565				60,911			—			136,476
Liabilities:
Credit contracts			—				(148,845	)		—			(148,845	)
Foreign currency exchange contracts			—				(51,528	)		—			(51,528	)
Interest rate contracts			(64,068	)			(148,365	)		—			(212,433	)
Total		$	11,497			$	(72,632	)		—		$	(61,135	)
1    Derivative financial instruments are swaps, financial futures contracts and forward foreign currency exchange contracts. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount, for financial statement purposes. As of December 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1				Level 2				Level 3		Total
Assets:
Cash		$	3,654,593				—			—		$	3,654,593
Cash pledged for centrally cleared swaps			60,182				—			—			60,182
Foreign currency at value			197,393				—			—			197,393
Liabilities:
Reverse repurchase agreements			—			$	(7,741,100	)		—			(7,741,100	)
Collateral on securities loaned at value			—				(3,964,938	)		—			(3,964,938	)
Total		$	3,912,168			$	(11,706,038	)		—		$	(7,793,870	)

During the year ended December 31, 2015, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset- Backed Securities			Non-Agency Mortgage-Backed Securities			Other Interests		Total
Assets:
Opening Balance, as of December 31, 2014	$	3,119,760			$1,876,711			—	$	4,996,471
Transfers into Level 3		1,449,288			—			—		1,449,288
Transfers out of Level 3		(901,449	)		(426,356	)		—		(1,327,805	)
Accrued discounts/premiums		2,563			(2,635	)		—		(72	)
Net realized gain (loss)		16,970			15,798			—		32,768
Net change in unrealized appreciation (depreciation)2,3		(43,725	)		(19,168	)		$62		(62,831	)
Purchases		1,432,704			1,260,516			—		2,693,220
Sales		(1,345,718	)		(857,610	)		—		(2,203,328	)
Closing Balance, as of December 31, 2015	$	3,730,393			$1,847,256			$62	$	5,577,711
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20153	$	(48,261	)		$    (18,879	)		$62	$	(67,140	)

²  Included in the related change in unrealized appreciation (depreciation) in the Statements of Operations.

³  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2015 is generally due to investments no longer held or categorized as Level 3 at year end.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

See Notes to Financial Statements.

46 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments December 31, 2015	BlackRock Capital Appreciation Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Airlines — 2.1%
Delta Air Lines, Inc.		64,920	$	3,290,795
Auto Components — 1.3%
Delphi Automotive PLC		24,585		2,107,672
Beverages — 4.0%
Anheuser-Busch InBev NV — ADR (a)		27,800		3,475,000
Constellation Brands, Inc., Class A		20,075		2,859,483
				6,334,483
Biotechnology — 10.0%
AbbVie, Inc.		35,040		2,075,770
Biogen, Inc. (b)		14,815		4,538,575
Celgene Corp. (b)		9,281		1,111,493
United Therapeutics Corp. (b)		29,954		4,691,096
Vertex Pharmaceuticals, Inc. (b)		25,588		3,219,738
				15,636,672
Chemicals — 3.0%
Ecolab, Inc.		13,025		1,489,800
Sherwin-Williams Co.		12,225		3,173,610
				4,663,410
Diversified Financial Services — 3.7%
Berkshire Hathaway, Inc., Class B (b)		30,547		4,033,426
Moody’s Corp.		17,901		1,796,186
				5,829,612
Food & Staples Retailing — 3.3%
Costco Wholesale Corp.		16,634		2,686,391
CVS Health Corp.		24,683		2,413,257
				5,099,648
Food Products — 1.0%
Mead Johnson Nutrition Co.		20,072		1,584,684
Health Care Providers & Services — 2.5%
UnitedHealth Group, Inc.		33,437		3,933,529
Hotels, Restaurants & Leisure — 2.8%
Chipotle Mexican Grill, Inc. (b)		4,577		2,196,273
Domino’s Pizza, Inc.		8,695		967,319
Starbucks Corp.		20,074		1,205,042
				4,368,634
Internet & Catalog Retail — 9.5%
Amazon.com, Inc. (b)		10,098		6,825,137
Netflix, Inc. (b)		35,814		4,096,405
TripAdvisor, Inc. (b)		46,165		3,935,566
				14,857,108
Internet Software & Services — 16.4%
Alphabet, Inc., Class A (b)		14,728		11,458,531
Facebook, Inc., Class A (b)		92,637		9,695,388
LinkedIn Corp., Class A (b)		5,381		1,211,155
Tencent Holdings Ltd.		172,700		3,381,464
				25,746,538
IT Services — 8.8%
Alliance Data Systems Corp. (b)		15,355		4,246,732
MasterCard, Inc., Class A		27,507		2,678,082
Visa, Inc., Class A		87,976		6,822,539
				13,747,353
Life Sciences Tools & Services — 1.1%
Illumina, Inc. (a)(b)		9,356		1,795,837
Media — 2.2%
Liberty Global PLC, Class A (b)		81,816		3,465,726

Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels — 0.5%
Concho Resources, Inc. (b)		7,908	$	734,337
Pharmaceuticals — 4.5%
Allergan PLC (b)		7,101		2,219,064
Perrigo Co. PLC		33,222		4,807,223
				7,026,287
Real Estate Investment Trusts (REITs) — 1.8%
Crown Castle International Corp.		33,104		2,861,841
Road & Rail — 1.3%
Union Pacific Corp.		25,508		1,994,726
Semiconductors & Semiconductor Equipment — 1.1%
NXP Semiconductors NV		20,507		1,727,715
Software — 6.7%
Activision Blizzard, Inc.		43,278		1,675,291
Mobileye NV (a)(b)		41,811		1,767,769
Salesforce.com, Inc. (b)		58,491		4,585,694
Workday, Inc., Class A (b)		30,760		2,450,957
				10,479,711
Specialty Retail — 3.3%
Home Depot, Inc.		24,764		3,275,039
Restoration Hardware Holdings, Inc. (b)		23,511		1,867,949
				5,142,988
Technology Hardware, Storage & Peripherals — 4.6%
Apple Inc.		68,308		7,190,100
Textiles, Apparel & Luxury Goods — 1.7%
NIKE, Inc., Class B		43,174		2,698,375
Wireless Telecommunication Services — 1.0%
SBA Communications Corp., Class A (b)		15,000		1,576,050
Total Common Stocks — 98.2%				153,893,831
Preferred Stocks
Software — 1.4%
Palantir Technologies, Inc., Series I (Acquired 2/11/14, cost $1,152,906), 0.00% (b)(c)		188,076		2,140,305
Total Preferred Stocks — 1.4%				2,140,305
Total Long-Term Investments (Cost — $132,147,212) — 99.6%				156,034,136
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (d)(e)		2,660,556		2,660,556
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.39% (d)(e)(f)	$	5,786		5,786,479
Total Short-Term Securities (Cost — $8,447,035) — 5.4%				8,447,035
Total Investments (Cost — $140,594,247) — 105.0%				164,481,171
Liabilities in Excess of Other Assets — (5.0)%				(7,758,933	)
Net Assets — 100.0%			$	156,722,238

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 47

Schedule of Investments (continued) BlackRock Capital Appreciation Portfolio

      Notes to Schedule of Investments

(a) Security, or a portion of security, is on loan.

(b) Non-income producing security.

(c) Restricted security as to resale, excluding 144A securities. As of period end, the Fund held restricted securities with a current value of $2,140,305 and an original cost of $1,152,906 which was 1.4% of its net assets.

(d) During the year ended December 31, 2015, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/Beneficial Interest Held at December 31, 2014		Net Activity		Shares/Beneficial Interest Held at December 31, 2015		Income			Realized Gain
BlackRock Liquidity Funds, TempFund, Institutional Class		796,055		1,864,501		2,660,556		$  1,962			$49
BlackRock Liquidity Series, LLC, Money Market Series		$3,648,890		$2,137,589		$5,786,479		$15,829	1		—

¹  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and other payments to and from borrowers of securities, and less the collateral investment expenses.

(e) Current yield as of period end.

(f) Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

• For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

      Fair Value Hierarchy as of Period End

      Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

      The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Airlines	$	3,290,795		—		—	$	3,290,795
Auto Components		2,107,672		—		—		2,107,672
Beverages		6,334,483		—		—		6,334,483
Biotechnology		15,636,672		—		—		15,636,672
Chemicals		4,663,410		—		—		4,663,410
Diversified Financial Services		5,829,612		—		—		5,829,612
Food & Staples Retailing		5,099,648		—		—		5,099,648
Food Products		1,584,684		—		—		1,584,684
Health Care Providers & Services		3,933,529		—		—		3,933,529
Hotels, Restaurants & Leisure		4,368,634		—		—		4,368,634
Internet & Catalog Retail		14,857,108		—		—		14,857,108
Internet Software & Services		22,365,074	$	3,381,464		—		25,746,538
IT Services		13,747,353		—		—		13,747,353
Life Sciences Tools & Services		1,795,837		—		—		1,795,837
Media		3,465,726		—		—		3,465,726
Oil, Gas & Consumable Fuels		734,337		—		—		734,337
Pharmaceuticals		7,026,287		—		—		7,026,287
Real Estate Investment Trusts (REITs)		2,861,841		—		—		2,861,841
Road & Rail		1,994,726		—		—		1,994,726
Semiconductors & Semiconductor Equipment		1,727,715		—		—		1,727,715
Software		10,479,711		—		—		10,479,711
Specialty Retail		5,142,988		—		—		5,142,988
Technology Hardware, Storage & Peripherals		7,190,100		—		—		7,190,100
Textiles, Apparel & Luxury Goods		2,698,375		—		—		2,698,375
Wireless Telecommunication Services		1,576,050		—		—		1,576,050
Preferred Stock:
Software		—		—	$	2,140,305		2,140,305
Short-Term Securities		2,660,556		5,786,479		—		8,447,035
Total	$	153,172,923	$	9,167,943	$	2,140,305	$	164,481,171

See Notes to Financial Statements.

48 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (concluded) BlackRock Capital Appreciation Portfolio

The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, collateral on securities loaned at value of $5,786,479 is categorized as Level 2 within the disclosure hierarchy.

During the year ended December 31, 2015, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Preferred Stocks
Assets:
Opening Balance, as of December 31, 2014	$	1,423,735
Transfers into Level 3		—
Transfers out of Level 3		—
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation/depreciation1,2		716,570
Purchases		—
Sales		—
Closing Balance, as of December 31, 2015	$	2,140,305
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20152	$	716,570

¹  Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

²  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2015 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

The following table summarizes the valuation techniques used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end.

	Value		Valuation Techniques	Unobservable Inputs	Range of Unobservable Inputs Utilized
Preferred Stocks	$	2,140,305	Market Comparables	Revenue Multiple3		22.92x
				Revenue Growth Rate3		94.00%

³  Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 49

Consolidated Schedule of Investments December 31, 2015	BlackRock Global Allocation Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Australia — 0.1%
BHP Billiton PLC		6,794	$	75,766
Healthscope Ltd.		113,181		218,103
Scentre Group		3,998		12,126
Wesfarmers Ltd.		249		7,507
				313,502
Austria — 0.0%
Oesterreichische Post AG		339		12,376
Belgium — 0.1%
Anheuser-Busch InBev NV		168		20,907
BHF Kleinwort Benson Group (a)		5,827		36,190
bpost SA		1,045		25,642
Colruyt SA		995		51,186
Proximus SADP		2,935		95,508
Telenet Group Holding NV (a)		431		23,293
				252,726
Brazil — 0.1%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		10,230		19,393
Gerdau SA — ADR		35,333		42,400
MRV Engenharia e Participacoes SA		643		1,411
Petroleo Brasileiro SA — ADR (a)(b)		21,469		92,317
SLC Agricola SA		8,431		35,056
				190,577
Canada — 0.9%
Athabasca Oil Corp. (a)(b)		33,205		36,956
Barrick Gold Corp.		34,373		253,673
Brookfield Asset Management, Inc., Class A		5,111		161,161
Cameco Corp.		18,147		223,752
Canadian National Railway Co. (b)		2,175		121,539
Cenovus Energy, Inc.		34,526		436,659
Eldorado Gold Corp.		27,073		80,219
Enbridge, Inc.		648		21,542
First Quantum Minerals Ltd.		39,058		146,217
Goldcorp, Inc. (b)		16,956		196,011
Platinum Group Metals Ltd. (a)		184,126		26,360
Suncor Energy, Inc.		1,131		29,197
Toronto-Dominion Bank		7,923		310,576
TransCanada Corp.		331		10,810
				2,054,672
China — 0.3%
Alibaba Group Holding Ltd. — ADR (a)(b)		4,333		352,143
CAR, Inc. (a)(b)		78,054		128,621
Dongfeng Motor Group Co. Ltd., Class H		31,800		42,126
Haitian International Holdings Ltd.		59,898		86,904
Zhongsheng Group Holdings Ltd. (b)		96,925		58,293
				668,087
Cyprus — 0.0%
Ocean Rig UDW, Inc. (a)(b)		5,959		9,713
Egypt — 0.0%
Integrated Diagnostics Holdings PLC (a)(c)		7,962		39,372
France — 2.5%
Accor SA		4,205		182,119
Aeroports de Paris		214		24,903
Air Liquide SA		735		82,516
Airbus Group SE		7,684		517,807
Alcatel-Lucent (a)		6,658		26,304
Atos SE		4,078		342,360
AXA SA		14,560		397,833
BNP Paribas SA		3,247		183,708
Cie Generale des Etablissements Michelin		254		24,176
Compagnie de Saint-Gobain		4,550		197,177

Common Stocks	Shares		Value
France (continued)
Danone SA		3,255	$	219,953
Dassault Aviation SA		225		280,342
Elis SA		3,183		52,672
Engie SA		9,793		173,466
Eutelsat Communications SA		1,622		48,564
Groupe Eurotunnel SA, Registered Shares		3,569		44,402
Iliad SA		423		100,835
L’Oreal SA		546		91,840
Metropole Television SA		638		10,971
Numericable-SFR SAS		593		21,543
Orange SA		6,229		104,185
Peugeot SA (a)		13,283		232,838
Renault SA		1,492		149,343
Safran SA		6,813		468,074
Sanofi		6,072		517,469
Société Générale SA		2,499		115,160
Societe Television Francaise 1		1,818		20,187
Sopra Steria Group		372		43,745
TOTAL SA		6,179		277,015
TOTAL SA — ADR (b)		703		31,600
UbiSoft Entertainment (a)		6,597		190,926
Unibail-Rodamco SE		1,138		288,975
Vinci SA		3,109		199,272
Vivendi SA		4,261		91,514
Worldline SA (a)		4,364		113,037
				5,866,831
Germany — 0.8%
Axel Springer SE		462		25,692
Bayer AG, Registered Shares		1,843		230,174
Bayerische Motoren Werke AG		1,642		172,988
Deutsche Bank AG, Registered Shares		7,520		182,622
Deutsche Post AG, Registered Shares		7,269		203,226
Deutsche Telekom AG, Registered Shares		14,302		256,875
E.ON SE		999		9,592
Fraport AG Frankfurt Airport Services Worldwide		806		51,401
Linde AG		681		98,377
ProSiebenSat.1 Media SE		2,027		102,265
SAP SE		190		15,077
Stroeer SE		433		27,186
Telefonica Deutschland Holding AG		8,300		43,780
TUI AG		5,240		93,561
United Internet AG, Registered Shares		1,960		107,760
Volkswagen AG		107		16,442
Vonovia SE		3,743		115,633
				1,752,651
Hong Kong — 0.8%
AIA Group Ltd.		37,800		225,858
Beijing Enterprises Holdings Ltd.		44,819		270,181
Brilliance China Automotive Holdings Ltd.		56,000		70,042
Chaoda Modern Agriculture Holdings Ltd. (a)		715,816		22,746
Cheung Kong Property Holdings Ltd.		2,000		12,938
China Resources Land Ltd.		96,000		277,795
CLP Holdings Ltd.		1,000		8,476
Haier Electronics Group Co. Ltd.		64,000		129,185
Hong Kong & China Gas Co. Ltd.		3,000		5,871
Power Assets Holdings Ltd.		1,000		9,168
Sino Biopharmaceutical Ltd.		127,000		114,823
Sun Hung Kai Properties Ltd.		34,666		416,671
Wharf Holdings Ltd.		69,000		380,430
				1,944,184
India — 0.4%
Coal India Ltd.		41,958		208,160
Maruti Suzuki India Ltd.		2,777		193,394

See Notes to Financial Statements.

50 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Common Stocks	Shares		Value
India (continued)
Oil & Natural Gas Corp. Ltd. (a)		46,507	$	169,606
Reliance Industries Ltd.		23,828		364,840
				936,000
Indonesia — 0.0%
Siloam International Hospitals Tbk PT		116,210		82,328
Ireland — 0.2%
Shire PLC		2,532		173,715
XL Group PLC		5,860		229,595
				403,310
Israel — 0.5%
Check Point Software Technologies Ltd. (a)(b)		635		51,676
Mobileye NV		7,590		320,905
Teva Pharmaceutical Industries Ltd. — ADR (d)		10,356		679,768
				1,052,349
Italy — 0.7%
EI Towers SpA		6,181		398,239
Enel SpA		40,120		168,236
Eni SpA		1,932		28,706
Intesa Sanpaolo SpA		126,629		420,537
Mediaset SpA (a)		20,566		85,224
Rai Way SpA (c)		35,888		184,009
Telecom Italia SpA (a)		186,503		236,359
Telecom Italia SpA, Non-Convertible Savings Shares		24,611		25,259
UniCredit SpA		21,654		119,719
				1,666,288
Japan — 8.7%
Aisin Seiki Co. Ltd.		7,320		315,041
Ajinomoto Co., Inc.		5,000		118,379
Alpine Electronics, Inc.		1,300		20,205
Asahi Group Holdings Ltd.		3,800		118,957
Asahi Kasei Corp.		31,900		215,711
Astellas Pharma, Inc.		12,950		184,353
Autobacs Seven Co. Ltd.		600		10,936
Bandai Namco Holdings, Inc.		1,900		40,142
Bank of Yokohama Ltd.		7,000		42,907
Benesse Holdings, Inc.		300		8,639
Bridgestone Corp.		12,600		432,198
Canon Marketing Japan, Inc.		900		14,074
Chiba Bank Ltd.		6,000		42,577
Chiyoda Corp.		2,000		15,187
Chubu Electric Power Co., Inc.		15,500		212,253
COMSYS Holdings Corp.		600		8,437
Daikin Industries Ltd.		4,200		305,851
Daikyo, Inc.		12,000		19,464
Daito Trust Construction Co. Ltd.		1,500		173,266
Daiwa House Industry Co. Ltd.		500		14,373
Dena Co. Ltd.		2,600		40,654
Denso Corp.		13,030		622,645
East Japan Railway Co.		6,527		614,621
Eisai Co. Ltd.		1,500		99,226
Electric Power Development Co. Ltd.		2,300		81,918
Exedy Corp.		600		14,501
FamilyMart Co. Ltd.		3,700		172,179
FANUC Corp.		800		137,832
Fuji Heavy Industries Ltd.		22,660		933,508
Fukuoka Financial Group, Inc.		15,000		74,379
Futaba Industrial Co. Ltd.		7,970		38,038
GS Yuasa Corp.		25,000		92,910
GungHo Online Entertainment, Inc. (a)		5,300		14,398
Hitachi Chemical Co. Ltd.		10,300		163,406
Hitachi High-Technologies Corp.		1,400		37,860

Common Stocks	Shares		Value
Japan (continued)
Hitachi Kokusai Electric, Inc.		1,000	$	13,594
Honda Motor Co. Ltd.		9,840		314,502
Hoya Corp.		4,901		200,415
IHI Corp.		27,000		74,533
Inpex Corp.		40,599		395,796
Isuzu Motors Ltd.		19,700		212,221
Japan Airlines Co. Ltd.		17,700		633,534
Japan Post Bank Co. Ltd. (a)		10,300		149,965
Japan Tobacco, Inc.		3,700		135,841
JGC Corp.		5,580		85,409
JSR Corp.		10,500		163,636
Kamigumi Co. Ltd.		2,000		17,220
Kansai Electric Power Co., Inc. (a)		2,300		27,577
KDDI Corp.		10,300		267,493
Keyence Corp.		100		54,961
Kinden Corp.		2,100		26,777
Koito Manufacturing Co. Ltd.		3,700		151,727
Komatsu Ltd.		8,200		134,172
Kubota Corp.		10,880		168,081
Kuraray Co. Ltd.		10,320		125,004
Kyocera Corp.		4,700		218,271
Kyushu Electric Power Co, Inc. (a)		9,800		106,811
Mabuchi Motor Co. Ltd.		1,000		54,195
Maeda Road Construction Co. Ltd.		1,000		16,763
Medipal Holdings Corp.		400		6,818
Mitsubishi Corp.		12,390		206,084
Mitsubishi Electric Corp.		45,000		472,358
Mitsubishi Estate Co. Ltd.		21,000		436,660
Mitsubishi Heavy Industries Ltd.		44,000		192,390
Mitsubishi UFJ Financial Group, Inc.		55,300		342,542
Mitsui & Co. Ltd.		19,220		228,373
Mitsui Fudosan Co. Ltd.		1,000		25,098
Mizuho Financial Group, Inc.		82,900		165,800
MS&AD Insurance Group Holdings, Inc.		2,415		70,819
Murata Manufacturing Co. Ltd.		640		92,084
Nabtesco Corp.		2,500		50,788
NEC Corp.		64,000		202,785
Nexon Co. Ltd.		2,800		45,550
Nikon Corp. (b)		20,000		267,869
Nintendo Co. Ltd.		2,100		288,771
Nippon Express Co. Ltd.		11,000		51,691
Nippon Steel & Sumitomo Metal Corp.		3,800		75,173
Nippon Telegraph & Telephone Corp.		6,620		263,464
Nitto Denko Corp.		7,100		518,340
Nomura Holdings, Inc.		30,000		167,102
NS Solutions Corp.		200		4,557
Okumura Corp. (b)		24,270		136,659
Omron Corp.		3,000		100,041
Otsuka Holdings Co. Ltd.		5,300		188,303
Rinnai Corp.		2,150		190,497
Rohm Co. Ltd.		6,960		352,530
Sanrio Co. Ltd.		6,000		140,960
Sawai Pharmaceutical Co. Ltd.		700		47,923
SCSK Corp.		200		8,036
Secom Co. Ltd.		500		33,885
Sega Sammy Holdings, Inc.		12,000		112,240
Seino Holdings Co. Ltd.		2,900		30,172
Seven & i Holdings Co. Ltd.		2,800		128,197
Shimamura Co. Ltd.		300		35,133
Shin-Etsu Chemical Co. Ltd.		9,920		539,309
Ship Healthcare Holdings, Inc.		2,600		64,375
Shizuoka Bank Ltd.		4,000		38,792
SHO-BOND Holdings Co Ltd.		100		3,647
SMC Corp.		300		77,920
Sohgo Security Services Co. Ltd.		1,400		65,658

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 51

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Common Stocks	Shares		Value
Japan (continued)
Sompo Japan Nipponkoa Holdings, Inc.		1,900	$	62,386
Sony Financial Holdings, Inc.		13,000		232,534
Stanley Electric Co. Ltd.		1,000		21,938
Sumco Corp.		14,500		109,395
Sumitomo Corp.		19,100		194,731
Sumitomo Electric Industries Ltd.		13,000		183,571
Sumitomo Mitsui Financial Group, Inc.		4,600		173,609
Suntory Beverage & Food Ltd.		2,900		126,951
Suzuki Motor Corp.		9,861		299,615
Toda Corp.		26,000		138,624
Tokio Marine Holdings, Inc.		4,902		189,338
Tokyo Electric Power Co., Inc. (a)		4,000		23,033
Tokyo Gas Co. Ltd.		112,581		528,995
Toyota Industries Corp.		13,214		706,598
Toyota Motor Corp.		10,200		628,106
Toyota Tsusho Corp.		3,800		88,893
Trend Micro, Inc. (a)		1,800		73,039
TV Asahi Holdings Corp.		900		15,536
Ube Industries Ltd.		75,600		159,759
Yahoo! Japan Corp.		22,800		92,680
Yamada Denki Co. Ltd.		33,100		142,976
Yamaha Corp.		2,500		60,386
Yamato Kogyo Co. Ltd.		100		2,550
				19,924,159
Kazakhstan — 0.0%
KazMunaiGas Exploration Production JSC — GDR		8,526		56,505
Luxembourg — 0.0%
RTL Group SA		536		44,636
Malaysia — 0.1%
Axiata Group Bhd		92,751		138,221
IHH Healthcare Bhd		139,200		213,331
				351,552
Mexico — 0.3%
America Movil SAB de CV, Series L		113,057		79,506
America Movil SAB de CV, Series L — ADR		8,953		125,879
Fibra Uno Administracion SA de CV (b)		144,843		319,277
Telesites SAB (a)		162,148		105,467
				630,129
Netherlands — 1.2%
Akzo Nobel NV		9,684		647,075
CNH Industrial NV — Special Voting Shares		3,789		25,917
Constellium NV, Class A (a)		14,044		108,139
ING Groep NV — CVA		15,120		204,575
Koninklijke KPN NV		54,951		207,846
Koninklijke Philips NV		12,764		325,793
PostNL NV (a)		14,230		53,974
Randstad Holding NV		3,346		208,361
Royal Dutch Shell PLC, Class A		3,052		69,126
Royal Dutch Shell PLC, Class B		1,902		43,349
SBM Offshore NV (a)		51,677		652,825
TomTom NV (a)		10,282		129,266
Unilever NV		597		26,020
				2,702,266
Norway — 0.2%
Statoil ASA		35,842		499,880
Peru — 0.2%
Southern Copper Corp. (b)		13,711		358,131

Common Stocks	Shares		Value
Portugal — 0.1%
CTT-Correios de Portugal SA		2,181	$	20,961
NOS SGPS SA		20,265		159,444
				180,405
Singapore — 0.7%
Avago Technologies Ltd.		74		10,741
CapitaLand Ltd.		200,800		471,978
Global Logistic Properties Ltd.		349,800		528,254
Keppel Corp. Ltd.		57,400		262,213
Raffles Medical Group Ltd.		15,300		44,855
Singapore Telecommunications Ltd.		86,600		223,278
				1,541,319
South Korea — 0.5%
Hyundai Motor Co. (b)		2,544		320,859
Hyundai Wia Corp.		632		59,756
Samsung Electronics Co. Ltd.		488		520,492
Samsung SDI Co. Ltd.		478		45,952
SK Hynix, Inc.		5,489		141,797
				1,088,856
Spain — 0.6%
Aena SA (a)(c)		872		99,853
Banco Santander SA		43,923		216,075
Cellnex Telecom SAU (c)		22,370		418,253
Cia de Distribucion Integral Logista Holdings SA		1,306		27,537
Distribuidora Internacional de Alimentacion SA (b)		31,970		188,563
Iberdrola SA		9,895		70,146
Industria de Diseno Textil SA		5,882		202,072
Mediaset Espana Comunicacion SA		4,552		49,525
Merlin Properties Socimi SA		16,301		204,207
				1,476,231
Sweden — 0.1%
Getinge AB, Class B		2,098		54,958
Svenska Handelsbanken AB, A Shares		13,595		180,562
Telefonaktiebolaget LM Ericsson, B Shares		633		6,103
				241,623
Switzerland — 1.4%
Credit Suisse Group AG, Registered Shares		6,066		130,674
Glencore PLC		162,497		215,331
Nestle SA, Registered Shares		11,508		854,299
Novartis AG, Registered Shares		5,965		513,105
Roche Holding AG		1,525		422,590
Syngenta AG, Registered Shares		1,033		404,319
TE Connectivity Ltd.		119		7,689
UBS Group AG, Registered Shares		23,805		461,804
Zurich Insurance Group AG		399		102,503
				3,112,314
Taiwan — 0.2%
Cheng Shin Rubber Industry Co. Ltd.		42,341		68,434
Delta Electronics, Inc.		9,000		42,332
Hon Hai Precision Industry Co. Ltd.		3,250		7,954
Taiwan Semiconductor Manufacturing Co. Ltd.		52,000		224,341
Yulon Motor Co. Ltd.		51,059		46,480
				389,541
Thailand — 0.1%
Bangkok Dusit Medical Services PCL		281,700		174,570

See Notes to Financial Statements.

52 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Common Stocks	Shares		Value
Thailand (continued)
Bumrungrad Hospital PCL		20,300	$	119,030
				293,600
United Arab Emirates — 0.2%
Al Noor Hospitals Group PLC		10,805		176,247
NMC Health PLC (b)		18,315		226,936
				403,183
United Kingdom — 3.4%
Antofagasta PLC		41,600		286,160
AstraZeneca PLC		9,925		670,412
AstraZeneca PLC — ADR		682		23,154
Barclays PLC		22,102		71,142
BG Group PLC		2,640		38,269
BP PLC		14,144		73,502
British American Tobacco PLC		414		22,991
BT Group PLC		34,360		238,583
Centrica PLC		2,935		9,424
Coats Group PLC (a)		43,350		15,714
Delphi Automotive PLC		5,330		456,941
Delta Topco Ltd. (Acquired 5/02/12, cost $227,998) (e)		369,427		161,809
Diageo PLC		557		15,211
Diageo PLC — ADR		2,545		277,583
HSBC Holdings PLC		151,364		1,194,907
Imperial Tobacco Group PLC		214		11,303
Land Securities Group PLC		574		9,950
Legal & General Group PLC		42,752		168,696
Liberty Global PLC, Class A (a)		3,439		145,676
Lloyds Banking Group PLC		134,205		144,405
National Grid PLC		18,108		249,740
Ophir Energy PLC (a)		84,396		121,752
Prudential PLC		16,558		373,046
Reckitt Benckiser Group PLC		138		12,769
Rio Tinto PLC		15,711		457,433
SABMiller PLC		19,784		1,183,566
Spire Healthcare Group PLC (c)		70,507		325,524
SSE PLC		538		12,080
Standard Chartered PLC		20,679		171,578
Vodafone Group PLC		124,139		402,556
Vodafone Group PLC — ADR		13,214		426,284
				7,772,160
United States — 27.7%
3M Co.		316		47,602
Abbott Laboratories (d)		4,746		213,143
AbbVie, Inc.		6,583		389,977
Accenture PLC, Class A		788		82,346
ACE Ltd.		356		41,599
Activision Blizzard, Inc. (d)		7,056		273,138
Adobe Systems, Inc. (a)		842		79,097
AES Corp.		11,502		110,074
Aetna, Inc.		6,476		700,185
Air Products & Chemicals, Inc.		568		73,902
Alexion Pharmaceuticals, Inc. (a)		1,064		202,958
Alkermes PLC (a)		827		65,647
Allergan PLC (a)		1,591		497,187
Alliance Data Systems Corp. (a)		160		44,251
Allstate Corp.		4,613		286,421
Alphabet, Inc., Class A (a)		781		607,626
Alphabet, Inc., Class C (a)		2,438		1,850,149
Altria Group, Inc.		826		48,081
Amazon.com, Inc. (a)(d)		14		9,462
Amdocs Ltd.		929		50,696
Ameren Corp.		163		7,046
American Airlines Group, Inc.		5,800		245,630
American Electric Power Co., Inc.		3,361		195,845

Common Stocks	Shares		Value
United States (continued)
American International Group, Inc.		7,780	$	482,127
American Tower Corp.		400		38,780
American Water Works Co., Inc.		4,577		273,476
Ameriprise Financial, Inc.		380		40,440
AmerisourceBergen Corp.		573		59,426
Amgen, Inc.		4,106		666,527
Anacor Pharmaceuticals, Inc. (a)		44		4,971
Anadarko Petroleum Corp.		21,405		1,039,855
Anthem, Inc.		3,471		483,996
Apple Inc.		12,433		1,308,698
Applied Materials, Inc.		356		6,647
Archer-Daniels-Midland Co.		917		33,636
AT&T Inc.		26,846		923,771
Automatic Data Processing, Inc.		141		11,946
AvalonBay Communities, Inc.		134		24,673
Axalta Coating Systems Ltd. (a)		9,000		239,850
AXIS Capital Holdings Ltd.		956		53,746
Baker Hughes, Inc.		463		21,367
Bank of America Corp.		60,557		1,019,174
Bank of New York Mellon Corp. (d)		4,388		180,873
Baxter International, Inc. (d)		3,907		149,052
Becton Dickinson & Co.		118		18,183
Bed Bath & Beyond, Inc. (a)		2,381		114,883
Berkshire Hathaway, Inc., Class A (a)		2		395,600
Berkshire Hathaway, Inc., Class B (a)		4,975		656,899
Biogen, Inc. (a)		1,049		321,361
Boeing Co.		301		43,522
Boston Properties, Inc.		156		19,896
Bristol-Myers Squibb Co.		6,162		423,884
Broadcom Corp., Class A		159		9,193
Calpine Corp. (a)		13,027		188,501
Cameron International Corp. (a)		438		27,682
Capital One Financial Corp.		668		48,216
Cardinal Health, Inc.		690		61,596
Catalent, Inc. (a)		10,250		256,557
Caterpillar, Inc. (b)		1,516		103,027
Celgene Corp. (a)		1,747		209,221
Charles Schwab Corp.		6,411		211,114
Chevron Corp.		2,367		212,935
Chubb Corp.		6,227		825,949
Cintas Corp.		636		57,908
Cisco Systems, Inc.		27,505		746,898
Citigroup, Inc.		21,543		1,114,850
Citizens Financial Group, Inc.		978		25,614
CME Group, Inc.		2,219		201,041
CMS Energy Corp.		201		7,252
CNA Financial Corp.		985		34,623
Coca-Cola Co.		19,522		838,665
Coca-Cola Enterprises, Inc.		446		21,961
Cognizant Technology Solutions Corp., Class A (a)		178		10,684
Colfax Corp. (a)		5,709		133,305
Colgate-Palmolive Co.		4,779		318,377
Comcast Corp., Class A		11,526		650,412
Computer Sciences Corp.		906		29,608
ConocoPhillips		1,308		61,071
CONSOL Energy, Inc. (b)		38,256		302,222
Consolidated Edison, Inc.		225		14,461
Constellation Brands, Inc., Class A		561		79,909
Corning, Inc.		374		6,837
Costco Wholesale Corp.		134		21,641
Crown Castle International Corp.		2,638		228,055
CSX Corp.		6,185		160,501
CVS Health Corp.		5,918		578,603
DaVita HealthCare Partners, Inc. (a)		2,308		160,891
Delta Air Lines, Inc.		3,875		196,424

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 53

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Common Stocks	Shares		Value
United States (continued)
Discover Financial Services		852	$	45,684
DISH Network Corp., Class A (a)		4,920		281,326
Dominion Resources, Inc.		3,107		210,157
Dover Corp.		402		24,647
Dr. Pepper Snapple Group, Inc.		301		28,053
DTE Energy Co.		117		9,382
Duke Energy Corp.		485		34,624
Eaton Corp. PLC		9,859		513,062
eBay, Inc. (a)		4,941		135,779
Ecolab, Inc.		797		91,161
Edgewell Personal Care Co.		2,348		184,013
Edison International		235		13,914
Electronic Arts, Inc. (a)		662		45,493
Eli Lilly & Co.		7,269		612,486
EMC Corp.		594		15,254
Emerson Electric Co.		5,673		271,340
Entergy Corp.		141		9,639
Envision Healthcare Holdings, Inc. (a)		1,714		44,513
EOG Resources, Inc.		1,750		123,883
EQT Corp.		6,052		315,491
Equinix, Inc.		56		16,934
Equity Residential		366		29,862
Essex Property Trust, Inc.		64		15,322
Eversource Energy		231		11,797
Exelon Corp.		682		18,939
Expedia, Inc.		557		69,235
Exxon Mobil Corp.		4,479		349,138
Facebook, Inc., Class A (a)		5,226		546,953
FedEx Corp.		3,471		517,144
Fidelity National Information Services, Inc.		928		56,237
Fifth Third Bancorp (b)		1,262		25,366
FirstEnergy Corp.		305		9,678
Fitbit, Inc., Class A (a)(b)		1,251		37,017
FMC Corp. (b)		4,316		168,885
Ford Motor Co.		31,820		448,344
Freeport-McMoRan, Inc. (b)		11,463		77,604
Garmin Ltd. (b)		1,505		55,941
General Dynamics Corp.		440		60,438
General Electric Co. (d)		46,252		1,440,750
General Growth Properties, Inc. (b)		576		15,673
General Mills, Inc.		185		10,667
Gilead Sciences, Inc. (d)		3,365		340,504
Global Payments, Inc.		423		27,288
GoDaddy, Inc., Class A (a)(b)		2,248		72,071
Goldman Sachs Group, Inc. (d)		1,481		266,921
Goodyear Tire & Rubber Co.		924		30,187
Hain Celestial Group, Inc. (a)		1,130		45,641
Halliburton Co.		907		30,874
Hartford Financial Services Group, Inc.		2,553		110,953
HCA Holdings, Inc. (a)		3,928		265,651
HCP, Inc. (b)		437		16,711
Helmerich & Payne, Inc. (b)		538		28,810
Hewlett Packard Enterprise Co.		11,008		167,322
Hewlett-Packard Co. (a)		14,847		175,789
Home Depot, Inc.		404		53,429
Host Hotels & Resorts, Inc.		717		10,999
HTG Molecular Diagnostics, Inc. (a)(b)		1,700		7,412
Ingersoll-Rand PLC		3,073		169,906
Intel Corp.		10,119		348,600
International Business Machines Corp.		3,179		437,494
International Paper Co.		934		35,212
Intuit, Inc.		621		59,927

Common Stocks	Shares		Value
United States (continued)
Invitae Corp. (a)(b)		9,620	$	78,980
Johnson & Johnson		6,358		653,094
JPMorgan Chase & Co.		17,386		1,147,998
Kansas City Southern		1,564		116,784
Kimberly-Clark Corp. (d)		1,836		233,723
Kinder Morgan, Inc.		1,819		27,139
KLA-Tencor Corp.		491		34,051
Kraft Heinz Co.		1,581		115,034
Kroger Co.		1,952		81,652
Las Vegas Sands Corp.		2,510		110,038
Lear Corp.		639		78,488
Liberty Broadband Corp., Class A (a)		2,125		109,756
Liberty Broadband Corp., Class C (a)		4,724		244,987
Liberty Media Corp., Class A (a)		6,176		242,408
Liberty Media Corp., Class C (a)		11,580		440,966
Lincoln National Corp.		1,533		77,049
Lookout, Inc. (Acquired 3/04/15, cost $16,643) (e)		1,457		16,643
Lowe’s Cos., Inc.		612		46,536
LyondellBasell Industries NV, Class A		2,479		215,425
Macerich Co. (b)		139		11,216
Macy’s, Inc.		2,180		76,256
Marathon Petroleum Corp.		31,984		1,658,051
Marsh & McLennan Cos., Inc.		4,985		276,418
MasterCard, Inc., Class A		4,289		417,577
McDonald’s Corp.		374		44,184
McKesson Corp.		4,523		892,071
Merck & Co., Inc. (d)		5,554		293,362
MetLife, Inc. (d)		2,408		116,090
Michael Kors Holdings Ltd. (a)		6,730		269,604
Micron Technology, Inc. (a)		15,349		217,342
Microsoft Corp.		16,384		908,984
Mondelez International, Inc., Class A		491		22,016
Monsanto Co.		1,474		145,218
Morgan Stanley (d)		8,411		267,554
Mylan NV (a)		8,433		455,972
NextEra Energy Partners LP		5,998		179,040
NextEra Energy, Inc.		2,781		288,918
NIKE, Inc., Class B		476		29,750
Northrop Grumman Corp.		379		71,559
NRG Energy, Inc.		9,586		112,827
NRG Yield, Inc., Class A (b)		1,627		22,632
NRG Yield, Inc., Class C		1,791		26,435
Nuance Communications, Inc. (a)		6,226		123,835
Nucor Corp.		1,864		75,119
Occidental Petroleum Corp.		830		56,116
Oceaneering International, Inc.		8,056		302,261
Oracle Corp.		15,166		554,014
PACCAR, Inc.		3,483		165,094
PayPal Holdings, Inc. (a)		1,903		68,889
PepsiCo, Inc.		4,000		399,680
Pfizer, Inc.		22,176		715,841
PG&E Corp.		358		19,042
Philip Morris International, Inc.		6,013		528,603
Pioneer Natural Resources Co.		3,287		412,124
PPG Industries, Inc.		811		80,143
PPL Corp.		493		16,826
Praxair, Inc.		860		88,064
Procter & Gamble Co.		14,382		1,142,075
Prologis, Inc.		5,575		239,279
Prudential Financial, Inc. (d)		479		38,995
Public Service Enterprise Group, Inc.		358		13,851

See Notes to Financial Statements.

54 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Common Stocks	Shares		Value
United States (continued)
Public Storage		144	$	35,669
Pure Storage, Inc., Class A (a)(b)		7,716		120,138
Qorvo, Inc. (a)		1,489		75,790
QUALCOMM, Inc. (d)		13,012		650,405
Raytheon Co.		460		57,284
Realty Income Corp. (b)		235		12,133
Regeneron Pharmaceuticals, Inc. (a)		168		91,202
Regions Financial Corp.		17,265		165,744
Reinsurance Group of America, Inc.		525		44,914
Reynolds American, Inc.		250		11,538
Rockwell Automation, Inc.		534		54,794
Salesforce.com, Inc. (a)(d)		171		13,406
Schlumberger Ltd.		10,344		721,494
Scripps Networks Interactive, Inc., Class A (b)		218		12,036
Sealed Air Corp.		469		20,917
Sempra Energy		3,591		337,590
Simon Property Group, Inc.		304		59,110
Skyworks Solutions, Inc. (b)		583		44,792
SL Green Realty Corp.		100		11,298
Southern Co.		630		29,478
Southwest Airlines Co.		3,060		131,764
Square, Inc., Class A (a)(b)		5,480		71,733
St. Joe Co. (a)		31,003		573,866
Starbucks Corp.		282		16,928
Steel Dynamics, Inc.		383		6,844
Stryker Corp.		422		39,221
SunTrust Banks, Inc. (d)		2,896		124,065
Surgery Partners, Inc. (a)		4,451		91,201
Synchrony Financial (a)		6,899		209,799
Tahoe Resources, Inc.		22,122		191,371
Target Corp.		3,175		230,537
Tenet Healthcare Corp. (a)(b)		8,038		243,551
TerraForm Power, Inc., Class A (b)		5,305		66,737
TESARO, Inc. (a)		1,388		72,620
Texas Instruments, Inc.		1,401		76,789
Textron, Inc.		1,894		79,567
Thermo Fisher Scientific, Inc.		1,217		172,631
Tiffany & Co.		2,084		158,988
Time Warner Cable, Inc.		1,000		185,590
Travelers Cos., Inc.		1,147		129,450
Twitter, Inc. (a)(b)		9,660		223,532
Tyco International PLC		7,458		237,836
U.S. Bancorp		7,933		338,501
Ultragenyx Pharmaceutical, Inc. (a)		548		61,475
United Continental Holdings, Inc. (a)(d)		8,348		478,340
United Parcel Service, Inc., Class B		4,147		399,066
United Rentals, Inc. (a)(b)		4,961		359,871
United Technologies Corp.		3,426		329,136
UnitedHealth Group, Inc.		778		91,524
Univar, Inc. (a)		9,512		161,799
Unum Group		6,721		223,742
Urban Outfitters, Inc. (a)(b)		7,936		180,544
Valero Energy Corp.		1,631		115,328
Veeva Systems, Inc., Class A (a)		12,887		371,790
Ventas, Inc. (b)		303		17,098
VeriSign, Inc. (a)(b)		769		67,180
Verizon Communications, Inc.		20,935		968,523
Vertex Pharmaceuticals, Inc. (a)		526		66,187
Visa, Inc., Class A		8,519		660,648
VMware, Inc., Class A (a)		1,594		90,173
Vornado Realty Trust (b)		165		16,493
WABCO Holdings, Inc. (a)		2,325		237,755

Common Stocks		Shares		Value
United States (continued)
Walgreens Boots Alliance, Inc.			4,595	$	391,287
Wal-Mart Stores, Inc.			10,461		641,259
WEC Energy Group, Inc.			236		12,109
Wells Fargo & Co. (d)			22,984		1,249,410
Welltower, Inc.			358		24,355
Western Digital Corp.			1,106		66,415
WestRock Co.			5,196		237,042
Weyerhaeuser Co.			487		14,600
Whirlpool Corp.			1,784		262,016
Whiting Petroleum Corp. (a)(b)			22,405		211,503
Whole Foods Market, Inc. (b)			3,755		125,793
Williams Cos., Inc.			720		18,504
Williams-Sonoma, Inc.			788		46,027
Wyndham Worldwide Corp. (b)			575		41,774
Xcel Energy, Inc.			398		14,292
Yahoo!, Inc. (a)			3,526		117,275
Zoetis, Inc.			3,642		174,525
					63,730,040
Total Common Stocks — 53.1%					122,041,496
Corporate Bonds		Par  (000)
Argentina — 0.0%
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (c)	USD		25		24,000
Australia — 0.2%
TFS Corp. Ltd., 11.00%, 7/15/18 (c)			383		398,320
Canada — 0.1%
First Quantum Minerals Ltd.:
6.75%, 2/15/20			57		36,765
7.00%, 2/15/21			238		149,345
					186,110
Chile — 0.1%
Banco Santander Chile, 2.33%, 6/07/18 (c)(f)			265		265,000
Inversiones Alsacia SA, 8.00%, 12/31/18 (c)			167		48,368
					313,368
China — 0.1%
Alibaba Group Holding Ltd., 3.13%, 11/28/21			200		193,975
Celestial Nutrifoods Ltd., 0.00%, 6/12/11 (a)(g)(h)	SGD		400		2,821
China Milk Products Group Ltd., 0.00%, 1/05/12 (a)(g)(h)	USD		300		3,000
SINA Corp., 1.00%, 12/01/18 (g)			136		131,410
					331,206
France — 0.2%
BNP Paribas SA, 2.40%, 12/12/18			362		364,846
Germany — 0.1%
Deutsche Bank AG, 1.88%, 2/13/18			145		143,767
India — 0.2%
REI Agro Ltd.:
5.50%, 11/13/14 (a)(c)(g)(h)			220		1,100
5.50%, 11/13/14 (a)(g)(h)			152		760
Suzlon Energy Ltd., 3.25%, 7/16/19 (c)(g)(i)			412		506,760
					508,620
Italy — 0.2%
Intesa Sanpaolo SpA, 3.88%, 1/15/19			300		308,888

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 55

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Corporate Bonds		Par  (000)		Value
Telecom Italia SpA, 5.30%, 5/30/24 (c)	USD		200	$	197,500
					506,388
Japan — 0.1%
Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19			250		250,892
Luxembourg — 0.2%
Intelsat Jackson Holdings SA, 7.50%, 4/01/21			172		149,640
Telecom Italia Finance SA, 6.13%, 11/15/16 (c)(g)	EUR		200		320,158
					469,798
Mexico — 0.1%
Trust F/1401, 5.25%, 12/15/24 (c)	USD		200		198,500
Netherlands — 0.1%
Bio City Development Co. BV, 8.00%, 7/06/18 (a)(c)(g)(h)			800		338,800
Singapore — 0.3%
CapitaLand Ltd.:
2.10%, 11/15/16 (g)	SGD		250		175,215
1.95%, 10/17/23 (c)(g)			250		180,284
Global Logistic Properties Ltd., 3.88%, 6/04/25	USD		382		373,121
					728,620
Spain — 0.2%
Telefonica Participaciones SAU, 4.90%, 9/25/17 (g)	EUR		300		310,540
Telefonica SA, 6.00%, 7/24/17 (g)			100		135,486
					446,026
Switzerland — 0.1%
UBS Group Funding Jersey Ltd., 4.13%, 9/24/25 (c)	USD		200		199,793
United Arab Emirates — 0.2%
Dana Gas Sukuk Ltd., 7.00%, 10/31/17 (c)(g)			463		398,533
United Kingdom — 0.2%
Delta Topco Ltd. (Acquired 5/02/12-1/02/15, cost $346,165), 10.00%, 11/24/60 (e)			341		341,809
United States — 3.7%
AbbVie, Inc., 2.50%, 5/14/20			250		247,487
Actavis Funding SCS, 3.00%, 3/12/20			203		202,839
AliphCom (Acquired 11/11/15, cost $48,000), 12.00%, 4/28/20 (e)(f)(g)			48		68,112
AliphCom (Acquired 4/27/15-7/21/15, cost $945,000), 12.00%, 4/28/20 (e)(f)(g)			945		1,343,790
Ally Financial, Inc.:
2.75%, 1/30/17			184		183,540
3.50%, 1/27/19			126		124,267
American Tower Corp., 3.40%, 2/15/19			60		61,547
AT&T Inc.:
2.38%, 11/27/18			302		304,058
3.00%, 6/30/22			495		483,129
Bank of America Corp.:
2.00%, 1/11/18			171		170,782
1.33%, 3/22/18 (f)			99		99,318
6.88%, 4/25/18			117		129,081
Series L, 2.60%, 1/15/19			116		116,378
BioMarin Pharmaceutical, Inc.:
0.75%, 10/15/18 (g)			51		65,471
1.50%, 10/15/20 (g)			51		68,149

Corporate Bonds		Par  (000)		Value
Cablevision Systems Corp., 5.88%, 9/15/22	USD		71	$	60,350
Capital One Bank USA NA, 2.15%, 11/21/18			250		247,846
Chesapeake Energy Corp., 8.00%, 12/15/22 (c)			72		35,280
Citigroup, Inc., 1.80%, 2/05/18			347		345,672
Cobalt International Energy, Inc.:
2.63%, 12/01/19 (g)			280		156,975
3.13%, 5/15/24 (g)			349		182,353
eBay, Inc., 2.20%, 8/01/19			82		81,068
Edgewell Personal Care Co.:
4.70%, 5/19/21			70		70,631
4.70%, 5/24/22			44		43,679
Ford Motor Credit Co. LLC, 5.00%, 5/15/18			200		210,079
Forest Laboratories LLC:
4.38%, 2/01/19 (c)			149		156,089
5.00%, 12/15/21 (c)			110		119,526
General Electric Capital Corp., 5.55%, 5/04/20			96		108,579
General Motors Financial Co., Inc., 3.50%, 7/10/19			184		184,616
Gilead Sciences, Inc., Series D, 1.63%, 5/01/16 (g)			89		397,663
Hewlett Packard Enterprise Co., 2.85%, 10/05/18 (c)			452		451,748
HSBC USA, Inc., 1.63%, 1/16/18			162		161,198
Hughes Satellite Systems Corp., 7.63%, 6/15/21			58		61,480
Hyundai Capital America, 2.00%, 3/19/18 (c)			85		83,990
JPMorgan Chase & Co., 4.35%, 8/15/21			102		108,552
Medtronic, Inc., 3.15%, 3/15/22			275		278,002
Morgan Stanley, 7.30%, 5/13/19			100		114,871
Mylan, Inc., 2.55%, 3/28/19			165		162,841
QUALCOMM, Inc., 3.00%, 5/20/22			405		400,941
Sabine Pass Liquefaction LLC, 5.63%, 4/15/23			112		98,280
Take-Two Interactive Software, Inc., 1.75%, 12/01/16 (g)			108		197,235
Twitter, Inc., 1.00%, 9/15/21 (g)			108		90,247
Volkswagen Group of America Finance LLC, 2.45%, 11/20/19			200		191,704
Xerox Corp., 6.35%, 5/15/18			77		82,321
					8,551,764
Total Corporate Bonds — 6.4%					14,701,160
Floating Rate Loan Interests (f)
Canada — 0.1%
Novelis, Inc., Initial Term Loan, 4.00%, 6/02/22			109		104,134
Cyprus — 0.0%
Drillships Ocean Ventures, Inc., Term Loan, 5.50%, 7/25/21			98		45,730
Ireland — 0.1%
Grifols Worldwide Operations Ltd., U.S. Tranche B Term Loan, 3.42%, 2/27/21			244		241,070
Luxembourg — 0.1%
Endo Luxembourg Finance Co. I S.à r.l., 2015 Incremental Term B Loan, 3.75%, 9/26/22			190		187,230

See Notes to Financial Statements.

56 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Floating Rate Loan Interests		Par  (000)		Value
Mallinckrodt International Finance SA, Initial Term B Loan, 3.25%, 3/19/21	USD		68	$	65,779
					253,009
Netherlands — 0.1%
Promontoria Blue Holding 2 BV, Mezzanine Loan, 7.00%, 4/17/20	EUR		307		332,042
Norway — 0.0%
Drillships Financing Holding, Inc. (Ocean Rig), Tranche B-1 Term Loan, 6.00%, 3/31/21	USD		147		58,204
United States — 0.7%
Calpine Corp., Term Loan, 3.50%, 5/27/22			194		184,615
Fieldwood Energy LLC, Closing Date Loan (Second Lien), 8.38%, 9/30/20			202		30,250
Hilton Worldwide Finance LLC, Initial Term Loan, 3.50%, 10/26/20			533		531,525
Seadrill Operating LP (Seadrill Partners Finco LLC), Initial Term Loan, 4.00%, 2/21/21			196		80,846
Sheridan Investment Partners II LP, Senior Secured Term Loan, 4.25%, 12/16/20			292		165,807
Sheridan Production Partners II-A LP, Senior Secured Term Loan, 4.25%, 12/16/20			41		23,062
Sheridan Production Partners II-M LP, Senior Secured Term Loan, 4.25%, 12/16/20			15		8,602
Univar USA, Inc., Initial Dollar Term Loan, 4.25%, 7/01/22			185		178,258
Univision Communications, Inc., Replacement First-Lien Term Loan, 4.00%, 3/01/20			304		297,295
					1,500,260
Total Floating Rate Loan Interests — 1.1%					2,534,449
Foreign Agency Obligations
Argentina — 0.2%
YPF SA:
8.88%, 12/19/18 (c)			156		157,755
8.50%, 7/28/25 (c)			445		423,863
					581,618
Brazil — 0.0%
Petrobras Global Finance BV, 2.43%, 1/15/19 (f)			46		34,960
Mexico — 0.2%
Petroleos Mexicanos:
5.75%, 3/01/18			165		171,765
3.50%, 7/23/20 (c)			228		215,802
					387,567
South Korea — 0.1%
Export-Import Bank of Korea, 2.63%, 12/30/20			252		251,686
Total Foreign Agency Obligations — 0.5%					1,255,831
Foreign Government Obligations
Argentina — 0.2%
Republic of Argentina, 8.75%, 5/07/24			482		514,381

Foreign Government Obligations		Par  (000)		Value
Brazil — 0.4%
Federative Republic of Brazil:
6.00%, 1/17/17	USD		200	$	205,500
Series F, 10.00%, 1/01/21	BRL		4		709,651
					915,151
Colombia — 0.1%
Republic of Colombia, 7.38%, 1/27/17	USD		201		211,050
Hungary — 0.5%
Republic of Hungary:
6.38%, 3/29/21			512		583,680
5.50%, 6/24/25	HUF		126,100		507,631
					1,091,311
Indonesia — 0.4%
Republic of Indonesia:
6.88%, 1/17/18 (c)	USD		200		216,908
8.25%, 7/15/21	IDR		7,950,000		562,515
8.38%, 3/15/24			884,000		62,349
					841,772
Italy — 0.6%
Republic of Italy:
2.50%, 12/01/24	EUR		302		356,445
1.50%, 6/01/25			1,060		1,152,733
					1,509,178
Japan — 0.2%
Government of Japan (2 Year Issue), 0.10%, 3/15/17	JPY		51,850		432,193
Mexico — 0.6%
United Mexican States:
5.95%, 3/19/19	USD		74		82,140
6.50%, 6/10/21	MXN		219		1,316,672
					1,398,812
Poland — 0.6%
Republic of Poland:
5.25%, 10/25/20	PLN		2,251		652,177
5.75%, 10/25/21			1,107		332,355
3.25%, 7/25/25			1,543		404,571
					1,389,103
United Kingdom — 1.1%
United Kingdom Gilt, 2.00%, 9/07/25	GBP		1,724		2,555,452
Total Foreign Government Obligations — 4.7%					10,858,403
Investment Companies		Shares
ETFS Gold Trust (a)(j)			5,694		589,329
ETFS Physical Palladium Shares (a)(j)			1,649		89,326
ETFS Physical Platinum Shares (a)(j)			1,392		119,476
iShares Gold Trust (a)(j)(k)			55,980		572,676
SPDR Gold Shares (a)(j)			6,994		709,611
Total Investment Companies — 0.9%					2,080,418

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 57

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Non-Agency Mortgage-Backed Securities		Par  (000)		Value
Commercial Mortgage-Backed Securities — 0.1%
Logistics UK PLC, Series 2015-1A, Class F, 4.20%, 8/20/25 (c)(f)	GBP		140	$	197,226
Preferred Securities
Capital Trusts
Germany — 0.0%
Deutsche Bank Capital Funding Trust VII, 5.63% (c)(f)(l)	USD		25		25,033
Netherlands — 0.1%
ING Groep NV, 6.00% (f)(l)			200		200,000
Switzerland — 0.1%
Credit Suisse Group Guernsey I Ltd., 7.88%, 2/24/41 (f)			174		179,220
United Kingdom — 0.5%
HSBC Holdings PLC, 6.38% (f)(l)			435		429,563
Lloyds Bank PLC, 13.00% (f)(l)	GBP		255		649,620
Standard Chartered PLC, 6.50% (c)(f)(l)	USD		200		193,236
					1,272,419
United States — 1.1%
American Express Co., Series C, 4.90% (f)(l)			129		122,550
Citigroup, Inc.:
5.95% (f)(l)			94		91,979
Series O, 5.88% (f)(l)			239		237,207
General Electric Capital Corp., 6.38%, 11/15/67 (f)			136		142,025
General Electric Co., 4.10% (f)(l)			236		235,410
Goldman Sachs Group, Inc.:
Series L, 5.70% (f)(l)			205		203,719
Series M, 5.38% (f)(l)			208		206,700
Intel Corp., 3.25%, 8/01/39 (g)			71		118,082
JPMorgan Chase & Co.:
Series Q, 5.15% (f)(l)			236		223,020
Series X, 6.10% (f)(l)			455		457,321
Morgan Stanley, Series H, 5.45% (f)(l)			151		147,414
NBCUniversal Enterprise, Inc., 5.25% (c)(l)			100		106,000
USB Capital IX, 3.50% (f)(l)			175		134,750
					2,426,177
Total Capital Trusts – 1.8%					4,102,849
Preferred Stocks		Shares
Brazil — 0.0%
Cia Brasileira de Distribuicao, Preference Shares, 0.00%			3,478		36,800
Germany — 0.2%
Henkel AG & Co. KGaA, Preference Shares, 0.00%			1,937		216,174
Volkswagen AG, Preference Shares, 0.00%			2,493		359,940
					576,114
Ireland — 0.3%
Allergan PLC, Series A, 5.50%			641		660,345
Israel — 0.3%
Teva Pharmaceutical Industries Ltd., 7.00%			589		599,224
South Korea — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, 0.00%			167		154,373

Preferred Stocks		Shares		Value
United Kingdom — 0.1%
HSBC Holdings PLC, Series 2, 8.00%			4,828	$	125,866
Royal Bank of Scotland Group PLC, Series T, 7.25%			4,665		120,590
					246,456
United States — 1.8%
American Tower Corp., Series A, 5.25% (g)			1,070		109,418
Anthem, Inc., 5.25% (g)			5,931		273,123
Cliffs Natural Resources, Inc., 7.00% (g)			3,934		5,704
Crown Castle International Corp., Series A, 4.50% (g)			2,769		295,702
Dominion Resources, Inc., 6.38% (g)			2,270		109,142
Domo, Inc., Series D-2 (Acquired 4/01/15-7/06/15, cost $380,451), 0.00% (a)(e)			45,122		380,699
Dropbox, Inc., Series C (Acquired 1/28/14, cost $695,990), 0.00% (a)(e)			36,437		444,531
Forestar Group, Inc., 6.00% (g)			4,750		73,016
Grand Rounds, Inc., Series C (Acquired 3/31/15, cost $127,944), 0.00% (a)(e)			46,081		131,718
Lookout, Inc., Series F (Acquired 9/19/14-10/22/14, cost $243,061), 0.00% (a)(e)			21,278		243,061
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $272,246), 0.00% (a)(e)			44,412		505,409
U.S. Bancorp:
Series F, 6.50% (b)(f)			4,518		129,667
Series G, 6.00% (f)			3,150		84,483
Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $418,728), 0.00% (a)(e)			26,992		1,316,459
Wells Fargo & Co., Series L, 7.50% (g)			84		97,524
					4,199,656
Total Preferred Stocks — 2.8%					6,472,968
Trust Preferreds
United States — 0.5%
Citigroup Capital XIII, 7.88%, 10/30/40 (f)			7,916		205,737
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (f)			10,664		270,439
RBS Capital Funding Trust V, Series E, 5.90% (l)			6,896		169,228
RBS Capital Funding Trust VII, Series G, 6.08% (l)			8,172		203,728
Welltower, Inc., Series I, 6.50% (g)(l)			4,039		246,015
Total Trust Preferreds — 0.5%					1,095,147
Total Preferred Securities — 5.1%					11,670,964
Rights
Italy — 0.0%
Unione di Banche Italiane SCpA (Expires 12/01/16, Strike Price EUR 2.50)			2,000		–
U.S. Government Sponsored Agency Securities		Par  (000)
Mortgage-Backed Securities — 0.4%
Fannie Mae Mortgage-Backed Securities, 3.00%, 1/01/46 (m)	USD		870		870,008

See Notes to Financial Statements.

58 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

U.S. Treasury Obligations		Par  (000)		Value
U.S. Treasury Inflation Indexed Notes:
0.13%, 4/15/20	USD		254		$      250,333
0.25%, 1/15/25			104		99,475
0.38%, 7/15/25			1,477		1,429,521
U.S. Treasury Notes:
0.38%, 3/15/16 (j)			3,950		3,950,924
1.75%, 3/31/22-9/30/22			2,324		2,282,175
1.88%, 8/31/22-10/31/22			2,538		2,507,524
2.00%, 2/15/25-8/15/25			6,931		6,759,506
2.13%, 5/15/25 (n)			1,918		1,892,680
Total U.S. Treasury Obligations — 8.4%					19,172,138
Warrants		Shares
Australia — 0.0%
TFS Corp. Ltd. (Issued/exercisable 8/01/11, 1 share for 1 warrant, Expires 7/15/18, Strike Price AUD 1.28)			124,320		41,036
Total Long-Term Investments (Cost — $190,973,139) — 80.7%					185,423,129
Short-Term Securities
Foreign Agency Obligations (o)		Par (000)
Japan Treasury Discount Bill:
0.03%, 1/13/16	JPY		100,000		831,969
0.01%, 1/25/16			100,000		831,978
0.05%, 2/10/16			120,000		998,396
0.04%, 2/22/16			110,000		915,202
0.05%, 2/29/16			250,000		2,080,010
0.06%, 3/07/16			250,000		2,080,018
0.10%, 3/14/16			130,000		1,081,614
0.02%, 3/22/16			160,000		1,331,222
Mexico Cetes:
2.03%, 1/07/16	MXN		623		361,096
3.13%, 2/18/16			375		216,450
3.25%, 3/31/16			420		241,694
3.27%, 4/14/16			770		442,485
Total Foreign Agency Obligations — 5.0%					11,412,134
Money Market Funds		Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (k)(p)			661,486		661,486
		Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.39% (k)(p)(q)	USD		4,986		4,986,152
Total Money Market Funds — 2.5%					5,647,638

Time Deposits		Par  (000)		Value
United Kingdom — 0.0%
Brown Brothers Harriman & Co., 0.08%, 1/01/16	GBP		13		$    13,334
United States — 0.0%
Brown Brothers Harriman & Co., 0.25%, 1/01/16	USD		14		14,141
Total Time Deposits — 0.0%					27,475
U.S. Treasury Obligations
U.S. Treasury Bills (o):
0.12%, 1/14/16			2,861		2,860,911
0.07%, 1/28/16-4/14/16			12,029		12,025,355
0.09%, 2/11/16			1,000		999,861
0.20%, 2/18/16			12,000		11,998,320
0.10%, 3/03/16			2,000		1,999,648
0.13%, 3/24/16			2,777		2,775,906
Total U.S. Treasury Obligations — 14.2%					32,660,001
Total Short-Term Securities (Cost — $49,589,228) — 21.7%					49,747,248
Options Purchased
(Cost — $1,916,117) — 0.6%					1,277,915
Total Investments Before Investments Sold Short and Options Written
(Cost — $242,478,484) — 103.0%					236,448,292
Investments Sold Short		Shares
Aeon Co. Ltd.			7,700		(118,639	)
Autoliv, Inc.			918		(114,539	)
Avery Dennison Corp.			141		(8,835	)
Franklin Resources, Inc.			2,456		(90,430	)
Gentex Corp.			6,943		(111,157	)
T. Rowe Price Group, Inc.			1,331		(95,153	)
Waddell & Reed Financial, Inc., Class A			2,452		(70,274	)
Total Investments Sold Short (Proceeds — $622,421) — (0.3)%					(609,027	)
Options Written
(Premiums Received — $995,473) — (0.4)%					(910,925	)
Total Investments Net of Investments Sold Short and Options Written — 102.3%					234,928,340
Liabilities in Excess of Other Assets — (2.3)%					(5,279,476	)
Net Assets — 100.0%					$229,648,864

      Notes to Consolidated Schedule of Investments

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) All or a portion of security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(e) Restricted security as to resale, excluding 144A securities. As of period end, the Fund held restricted securities with a current value of $4,954,040 and an original cost of $3,722,226 which was 2.2% of its net assets.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 59

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

(f) Variable rate security. Rate as of period end.

(g) Convertible security.

(h) Issuer filed for bankruptcy and/or is in default of interest payments.

(i) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(j) All or a portion of security is held by a wholly owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly owned subsidiary.

(k) During the year ended December 31, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/Beneficial Interest Held at December 31, 2014		Shares/Beneficial Interest Purchased		Shares Sold		Shares/Beneficial Interest Held at December 31, 2015		Value at December 31, 2015		Income			Realized Gain
BlackRock Liquidity Funds, TempFund, Institutional Class		410,233		251,2531		—		661,486	$	661,486	$	2,146			$48
BlackRock Liquidity Series, LLC, Money Market Series		$785,664		$4,200,4881		—		$4,986,152	$	4,986,152	$	47,061	2		—
iShares Gold Trust		53,697		2,283		—		55,980	$	572,676		—			—

¹  Represents net shares/beneficial interest purchased.

²  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

(l) Perpetual security with no stated maturity date.

(m) Represents or includes a TBA transaction. As of period end, unsettled TBA transactions were as follows:

Counterparty	Value		Unrealized Depreciation
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	870,008		$(196	)

(n) All or a portion of security has been pledged in connection with outstanding financial futures contracts.

(o) Rates are discount rates or a range of discount rates at the time of purchase.

(p) Current yield as of period end.

(q) Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

      Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts
Contracts Long (Short)	Issue	Expiration		Notional Value			Unrealized      Appreciation     (Depreciation)
(10)	Euro STOXX 50 Index		March 2016		USD	356,673		$  (4,648	)
(3)	FTSE 100 Index		March 2016		USD	274,114		(10,132	)
(37)	Mini MSCI Emerging Markets Index Futures		March 2016		USD	1,456,875		(21,365	)
(5)	NASDAQ 100 E-Mini Index		March 2016		USD	458,775		(1,344	)
(3)	Nikkei 225 Yen Index		March 2016		USD	234,120		7,541
(16)	Russell 2000 Mini Index		March 2016		USD	1,810,400		(978	)
(42)	S&P 500 E-Mini Index		March 2016		USD	4,274,340		(24,256	)
13	TOPIX Index		March 2016		USD	1,673,739		(1,485	)
Total								$(56,667	)

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	96,701,000	USD	801,693	JPMorgan Chase Bank N.A.		1/07/16	$	2,963
USD	784,853	JPY	96,701,000	JPMorgan Chase Bank N.A.		1/07/16		(19,802	)
USD	144,688	MXN	2,490,000	HSBC Bank USA N.A.		1/07/16		285
USD	219,545	MXN	3,736,990	Morgan Stanley Capital Services LLC		1/07/16		2,826
USD	466,366	SGD	665,000	HSBC Bank USA N.A.		1/07/16		(2,520	)
JPY	27,939,000	USD	229,203	Credit Suisse International		1/08/16		3,285
JPY	35,351,000	USD	289,709	Credit Suisse International		1/08/16		4,455
USD	513,182	JPY	63,290,000	Credit Suisse International		1/08/16		(13,469	)
USD	209,040	MXN	3,515,000	Deutsche Bank AG		1/08/16		5,210
USD	209,237	MXN	3,518,000	Deutsche Bank AG		1/08/16		5,233

See Notes to Financial Statements.

60 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	228,499	SGD	326,000	Deutsche Bank AG		1/08/16	$	(1,352	)
EUR	341,000	USD	373,139	Deutsche Bank AG		1/11/16		(2,453	)
EUR	737,000	USD	807,811	Goldman Sachs International		1/11/16		(6,651	)
USD	238,430	BRL	899,000	Citibank N.A.		1/11/16		12,108
USD	224,615	BRL	845,000	Deutsche Bank AG		1/11/16		11,887
USD	814,460	EUR	737,000	Goldman Sachs International		1/11/16		13,299
USD	817,916	JPY	100,000,000	Morgan Stanley Capital Services LLC		1/13/16		(14,298	)
EUR	110,000	USD	120,139	Citibank N.A.		1/14/16		(554	)
EUR	221,000	USD	242,134	Credit Suisse International		1/14/16		(1,877	)
EUR	216,000	USD	235,717	Goldman Sachs International		1/14/16		(895	)
JPY	61,680,000	USD	505,336	Morgan Stanley Capital Services LLC		1/14/16		7,985
USD	572,971	AUD	797,000	JPMorgan Chase Bank N.A.		1/14/16		(7,390	)
USD	580,000	CAD	796,015	Morgan Stanley Capital Services LLC		1/14/16		4,702
USD	509,630	JPY	61,680,000	Morgan Stanley Capital Services LLC		1/14/16		(3,691	)
USD	409,412	BRL	1,559,000	Goldman Sachs International		1/15/16		17,509
USD	239,262	SGD	337,000	Morgan Stanley Capital Services LLC		1/15/16		1,715
EUR	219,000	USD	235,440	Deutsche Bank AG		1/21/16		2,685
JPY	28,406,000	USD	232,846	Citibank N.A.		1/21/16		3,594
USD	554,306	JPY	67,989,000	Citibank N.A.		1/21/16		(11,605	)
USD	235,337	MXN	3,901,000	Citibank N.A.		1/21/16		9,343
USD	579,000	MXN	10,089,828	Credit Suisse International		1/21/16		(5,528	)
EUR	219,000	USD	238,477	Citibank N.A.		1/22/16		(345	)
USD	232,204	MYR	990,000	Credit Suisse International		1/22/16		2,006
USD	843,562	JPY	100,000,000	Goldman Sachs International		1/25/16		11,133
USD	465,880	KRW	532,641,000	Credit Suisse International		1/25/16		11,944
USD	567,640	KRW	647,450,000	Deutsche Bank AG		1/25/16		15,859
USD	139,145	AUD	194,000	Morgan Stanley Capital Services LLC		1/28/16		(2,022	)
USD	215,128	BRL	845,000	Deutsche Bank AG		1/28/16		3,714
USD	216,003	IDR	3,097,487,000	Credit Suisse International		1/28/16		(7,110	)
EUR	656,000	USD	694,593	Credit Suisse International		1/29/16		18,840
EUR	1,079,000	USD	1,143,326	Goldman Sachs International		1/29/16		30,141
USD	608,406	EUR	560,000	Goldman Sachs International		1/29/16		(622	)
USD	516,159	JPY	63,374,000	Deutsche Bank AG		1/29/16		(11,430	)
USD	969,701	JPY	120,000,000	Deutsche Bank AG		2/10/16		(29,549	)
USD	481,067	BRL	1,851,000	Morgan Stanley Capital Services LLC		2/16/16		20,470
USD	218,925	MXN	3,745,660	BNP Paribas S.A.		2/18/16		2,371
USD	894,309	JPY	110,000,000	Deutsche Bank AG		2/22/16		(21,899	)
USD	2,032,752	JPY	250,000,000	Morgan Stanley Capital Services LLC		2/29/16		(49,841	)
USD	2,042,317	JPY	250,000,000	Credit Suisse International		3/07/16		(40,872	)
USD	559,490	KRW	659,779,000	Morgan Stanley Capital Services LLC		3/09/16		(2,311	)
USD	228,317	CLP	163,121,000	Goldman Sachs International		3/10/16		(34	)
USD	1,057,943	JPY	130,000,000	HSBC Bank USA N.A.		3/14/16		(25,626	)
USD	574,000	CNH	3,803,324	Deutsche Bank AG		3/15/16		1,303
USD	1,323,775	JPY	160,000,000	JPMorgan Chase Bank N.A.		3/22/16		(10,285	)
USD	251,121	MXN	4,200,000	Goldman Sachs International		3/31/16		9,032
USD	458,170	MXN	7,700,000	JPMorgan Chase Bank N.A.		4/14/16		14,769
USD	116,519	TWD	3,823,000	Credit Suisse International		5/12/16		(109	)
USD	236,851	TWD	7,786,000	Deutsche Bank AG		5/12/16		(676	)
USD	626,000	CNH	4,162,305	Goldman Sachs International		5/17/16		3,111

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 61

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	494,000	CNH	3,280,061	Goldman Sachs International		5/17/16	$	3,139
USD	585,248	CNH	3,803,000	Deutsche Bank AG		11/04/16		23,205
Total							$	(14,695	)

Exchange-Traded Options Purchased
Description	Put/ Call	Expiration Date	Strike Price		Contracts		Value
Amazon.com, Inc.	Call	1/15/16	USD	580.00		1		$9,680
SPDR Gold Trust ETF1	Call	1/15/16	USD	111.00		92		276
Salesforce.com, Inc.	Call	3/18/16	USD	80.00		5		1,962
SPDR Gold Trust ETF1	Call	3/18/16	USD	114.00		118		3,186
SPDR Gold Trust ETF1	Call	3/18/16	USD	113.00		68		2,108
Total								$17,212

¹  All or a portion of security is held by a wholly owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly owned subsidiary.

OTC Options Purchased
Description	Put/ Call	Counterparty	Expiration Date	Strike Price		Contracts		Value
Abbott Laboratories	Call	Citibank N.A.	1/15/16	USD	49.00		12,800	$	73
Activision Blizzard, Inc.	Call	Deutsche Bank AG	1/15/16	USD	19.00		12,901		281,242
Gilead Sciences, Inc.	Call	Citibank N.A.	1/15/16	USD	95.00		2,600		17,550
Goldman Sachs Group, Inc.	Call	Deutsche Bank AG	1/15/16	USD	220.00		1,900		133
		Morgan Stanley & Co.
Ingersoll-Rand PLC	Call	International PLC	1/15/16	USD	63.50		4,045		3
International Business Machines Corp.	Call	Barclays Bank PLC	1/15/16	USD	182.00		2,550		—
International Business Machines Corp.	Call	Deutsche Bank AG	1/15/16	USD	182.00		2,551		—
Merck & Co., Inc.	Call	Goldman Sachs International	1/15/16	USD	59.00		25,524		13
		Morgan Stanley & Co.
S&P 500 Index	Call	International PLC	1/15/16	USD	2,100.00		293		952
		Morgan Stanley & Co.
S&P 500 Index	Call	International PLC	2/19/16	USD	2,150.00		293		1,216
Morgan Stanley Japan Custom Index		Morgan Stanley & Co.
	Call	International PLC	3/11/16	JPY	148.58		443,560		20,427
Morgan Stanley Japan Custom Index		Morgan Stanley & Co.
	Call	International PLC	3/11/16	JPY	155.62		114,093		5,928
Baxter International, Inc.	Call	Goldman Sachs International	3/18/16	USD	72.75		5,033		29,959
		Morgan Stanley & Co.
S&P 500 Index	Call	International PLC	3/18/16	USD	2,200.00		293		762
United Continental Holdings, Inc.		Morgan Stanley & Co.
	Call	International PLC	3/18/16	USD	60.00		295		729
TOPIX Index	Call	Citibank N.A.	4/08/16	JPY	1,625.00		94,713		17,390
Johnson & Johnson	Call	Goldman Sachs International	4/15/16	USD	103.00		25,184		80,745
Bank of New York Mellon Corp.	Call	Deutsche Bank AG	5/20/16	USD	46.00		18,800		10,311
Gilead Sciences, Inc.	Call	Deutsche Bank AG	5/20/16	USD	99.00		2,440		19,200
Goldman Sachs Group, Inc.	Call	Deutsche Bank AG	5/20/16	USD	220.00		4,500		3,281
KeyCorp	Call	Deutsche Bank AG	5/20/16	USD	15.75		25,066		3,963
Morgan Stanley	Call	Deutsche Bank AG	5/20/16	USD	40.75		18,800		2,395
SunTrust Banks, Inc.	Call	Deutsche Bank AG	5/20/16	USD	45.50		18,800		22,138
Teva Pharmaceutical Industries Ltd.	Call	Deutsche Bank AG	5/20/16	USD	63.50		5,000		24,849
Wells Fargo & Co.	Call	Deutsche Bank AG	5/20/16	USD	59.00		18,800		23,858
TOPIX Index	Call	Citibank N.A.	6/10/16	JPY	1,675.00		80,641		14,377

See Notes to Financial Statements.

62 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Description

Put/ Call

Counterparty

Expiration Date

Strike Price

Contracts

Value

TOPIX Index

Call

Morgan Stanley & Co. International PLC

6/10/16

JPY

1,675.00

42,800

$      7,630

STOXX Europe 600 Index

Call

JPMorgan Chase Bank N.A.

6/17/16

��

EUR

380.00

1,582

14,566

STOXX Europe 600 Index

Call

Credit Suisse International

9/16/16

EUR

375.00

1,951

32,692

Taiwan Stock Exchange Weighted Index

Call

Citibank N.A.

9/21/16

TWD

9,000.77

2,200

. 9,453

MetLife, Inc.

Call

UBS AG

1/20/17

USD

50.00

3,834

14,487

MetLife, Inc.

Call

UBS AG

1/20/17

USD

52.50

3,500

9,938

Prudential Financial, Inc.

Call

Morgan Stanley & Co. International PLC

1/20/17

USD

87.50

4,300

18,376

EURO STOXX 50 Index

Call

Morgan Stanley & Co. International PLC

3/17/17

EUR

3,450.00

181

30,847

STOXX Europe 600 Index

Call

Credit Suisse International

3/17/17

EUR

355.61

1,670

49,726

QUALCOMM, Inc.

Call

Deutsche Bank AG

5/19/17

USD

52.50

7,571

35,729

EURO STOXX 50 Index

Call

Citibank N.A.

6/16/17

EUR

3,500.00

168

27,495

EURO STOXX 50 Index

Call

Bank of America N.A.

9/15/17

EUR

3,600.00

181

27,977

STOXX Europe 600 Index

Call

JPMorgan Chase Bank N.A.

9/15/17

EUR

372.06

1,076

26,603

Taiwan Capitalization Weighted Stock Index

Call

Morgan Stanley & Co. International PLC

9/20/17

TWD

9,000.00

1,949

20,460

EURO STOXX 50 Index

Call

Barclays Bank PLC

12/15/17

EUR

3,500.00

185

38,496

Taiwan Capitalization Weighted Stock Index

Call

Morgan Stanley & Co. International PLC

12/20/17

TWD

9,000.00

1,987

21,188

Nikkei 225 Index

Call

Goldman Sachs International

3/09/18

JPY

21,968.28

5,319

41,687

EURO STOXX 50 Index

Call

Goldman Sachs International

3/16/18

EUR

3,500.00

154

33,287

EURO STOXX 50 Index

Call

UBS AG

6/15/18

EUR

3,600.00

74

14,076

EURO STOXX 50 Index

Call

Deutsche Bank AG

9/21/18

EUR

3,426.55

77

20,777

Russell 2000 Index

Put

Credit Suisse International

1/15/16

USD

1,150.00

427

10,739

Russell 2000 Index

Put

Société Générale

1/15/16

USD

1,135.00

281

4,889

S&P 500 Index

Put

UBS AG

1/15/16

USD

2,000.00

596

7,480

Ibovespa Brasil Sao Paulo Stock Exchange Index

Put

BNP Paribas S.A.

2/17/16

BRL

46,600.00

13

10,364

Ibovespa Brasil Sao Paulo Stock Exchange Index

Put

Goldman Sachs International

2/17/16

BRL

44,000.00

10

4,158

Ibovespa Brasil Sao Paulo Stock Exchange Index

Put

Morgan Stanley & Co. International PLC

2/17/16

BRL

47,000.00

15

13,104

Russell 2000 Index

Put

Bank of America N.A.

2/19/16

USD

1,110.00

987

22,849

S&P 500 Index

Put

BNP Paribas S.A.

2/19/16

USD

1,990.00

740

23,310

Gentex Corp.

Put

Morgan Stanley & Co. International PLC

3/18/16

USD

15.00

7,364

3,130

Gentex Corp.

Put

UBS AG

3/18/16

USD

15.00

2,436

1,035

Ibovespa Brasil Sao Paulo Stock Exchange Index

Put

Bank of America N.A.

8/17/16

BRL

51,369.43

31

47,878

Ibovespa Brasil Sao Paulo Stock Exchange Index

Put

Bank of America N.A.

8/17/16

BRL

49,122.00

13

15,828

Total

$1,241,748

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 63

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

OTC Interest Rate Swaptions Purchased

Description	Counterparty	Put/ Call	Exercise Rate	Pay/Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount (000)			Value
10-Year Interest Rate Swap	Goldman Sachs International	Call	2.05%	Receive	3-month LIBOR	1/19/16		USD	7,430		$  8,642
2-Year Forward/1-Year Interest Rate Swap	Deutsche Bank AG	Call	1.80%	Receive	3-month LIBOR	5/13/16		USD	6,198		8,989
10-Year Interest Rate Swap	Goldman Sachs International	Put	1.35%	Pay	6-month JPY LIBOR	1/25/16		JPY	112,455		—
10-Year Interest Rate Swap	Goldman Sachs International	Put	1.35%	Pay	6-month JPY LIBOR	1/25/16		JPY	55,805		—
10-Year Interest Rate Swap	Deutsche Bank AG	Put	1.25%	Pay	6-month JPY LIBOR	7/29/16		JPY	64,600		240
5-Year Interest Rate Swap	Deutsche Bank AG	Put	1.07%	Pay	6-month JPY LIBOR	4/04/18		JPY	64,546		1,084
Total											$18,955

Exchange-Traded Options Written

Description	Put/ Call	Expiration Date	Strike Price		Contracts	Value
Amazon.com, Inc.	Call	1/15/2016	USD	660.00	1		$(2,378)
Kimberly Clark Corp.	Call	1/15/2016	USD	120.00	8		(6,720)
Salesforce.com, Inc.	Call	3/18/2016	USD	90.00	5		(465)
Kimberly Clark Corp.	Call	4/15/2016	USD	125.00	5		(2,950)
Total							$(12,513)

OTC Barrier Put Options Written

Description	Type of Options	Counterparty	Expiration Date	Strike Price		Barrier Price		Contracts		Value
		Goldman Sachs
Nikkei 225 Index	Down-and-In	International	3/09/18	JPY	17,974.04	JPY	14,978.37		5,319		$(78,851)
EURO STOXX 50 Index	Down-and-In	Deutsche Bank AG	9/21/18	EUR	2,586.07	EUR	2,165.83		77		(19,990)
Total											$(98,841)

OTC Options Written

Description

Put/ Call

Counterparty

Expiration Date

Strike Price

Contracts

Value

Abbott Laboratories

Call

Citibank N.A.

1/15/16

USD

55.00

12,800

$       (384)

Activision Blizzard, Inc.

Call

Deutsche Bank AG

1/15/16

USD

24.00

12,901

(194,160)

Merck & Co., Inc.

Call

Goldman Sachs International

1/15/16

USD

65.00

25,524

(510)

United Continental Holdings, Inc.

Call

Citibank N.A.

1/15/16

USD

60.00

2,207

(1,148)

Ibovespa Brasil Sao Paulo Stock Exchange Index

Call

BNP Paribas S.A.

2/17/16

BRL

51,000.00

13

(177)

Ibovespa Brasil Sao Paulo Stock Exchange Index

Call

Morgan Stanley & Co. International PLC

2/17/16

BRL

51,500.00

15

(154)

Lloyds Banking Group PLC

Call

Goldman Sachs International

2/19/16

GBP

0.74

92,000

(2,477)

Russell 2000 Index

Call

Bank of America N.A.

2/19/16

USD

1,210.00

987

(3,529)

S&P 500 Index

Call

BNP Paribas S.A.

2/19/16

USD

2,115.00

740

(8,473)

Baxter International, Inc.

Call

Goldman Sachs International

3/18/16

USD

82.00

5,033

(7,856)

United Continental Holdings, Inc.

Call

Morgan Stanley & Co. International PLC

3/18/16

USD

70.00

295

(97)

Bank of New York Mellon Corp.

Call

Deutsche Bank AG

5/20/16

USD

51.25

18,800

(2,919)

See Notes to Financial Statements.

64 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Description	Put/ Call		Counterparty	Expiration Date	Strike Price			Contracts		Value
Gilead Sciences, Inc.		Call	Deutsche Bank AG	5/20/16		USD	107.50		2,440		$    (9,689)
Goldman Sachs Group, Inc.		Call	Deutsche Bank AG	5/20/16		USD	245.00		4,500		(1,188)
KeyCorp		Call	Deutsche Bank AG	5/20/16		USD	17.90		25,066		(2,182)
Morgan Stanley		Call	Deutsche Bank AG	5/20/16		USD	46.00		18,800		(301)
SunTrust Banks, Inc.		Call	Deutsche Bank AG	5/20/16		USD	51.75		18,800		(5,205)
Teva Pharmaceutical Industries Ltd.		Call	Deutsche Bank AG	5/20/16		USD	73.00		5,000		(4,473)
Wells Fargo & Co.		Call	Deutsche Bank AG	5/20/16		USD	66.00		18,800		(1,077)
Ibovespa Brasil Sao Paulo Stock Exchange Index		Call	Bank of America N.A.	8/17/16		BRL	60,785.00		13		(1,119)
Ibovespa Brasil Sao Paulo Stock Exchange Index		Call	Bank of America N.A.	8/17/16		BRL	63,004.60		31		(1,705)
General Electric Co.		Call	Deutsche Bank AG	1/20/17		USD	32.50		19,470		(24,126)
MetLife, Inc.		Call	UBS AG	1/20/17		USD	57.50		3,500		(6,125)
MetLife, Inc.		Call	UBS AG	1/20/17		USD	55.00		3,834		(7,400)
Prudential Financial, Inc.		Call	Morgan Stanley & Co. International PLC	1/20/17		USD	93.50		4,300		(17,721)
QUALCOMM, Inc.		Call	Deutsche Bank AG	5/19/17		USD	70.00		7,571		(7,199)
Ingersoll-Rand PLC		Put	Morgan Stanley & Co. International PLC	1/15/16		USD	56.00		4,045		(5,206)
Mylan, Inc.		Put	Barclays Bank PLC	1/15/16		USD	60.00		1,850		(10,684)
Russell 2000 Index		Put	Credit Suisse International	1/15/16		USD	1,050.00		427		(651)
Russell 2000 Index		Put	Société Générale	1/15/16		USD	1,035.00		281		(274)
S&P 500 Index		Put	UBS AG	1/15/16		USD	1,850.00		596		(760)
Twitter, Inc.		Put	Citibank N.A.	1/15/16		USD	30.00		4,167		(28,544)
Russell 2000 Index		Put	Bank of America N.A.	2/19/16		USD	1,010.00		987		(5,527)
S&P 500 Index		Put	BNP Paribas S.A.	2/19/16		USD	1,885.00		740		(9,953)
Morgan Stanley Japan Custom Index		Put	Morgan Stanley & Co. International PLC	3/11/16		JPY	155.62		114,093		(3,648)
Morgan Stanley Japan Custom Index		Put	Morgan Stanley & Co. International PLC	3/11/16		JPY	148.58		443,560		(14,476)
United Continental Holdings, Inc.		Put	Morgan Stanley & Co. International PLC	3/18/16		USD	53.50		295		(643)
TOPIX Index		Put	Citibank N.A.	4/08/16		JPY	1,500.00		94,713		(30,668)
Gilead Sciences, Inc.		Put	Deutsche Bank AG	5/20/16		USD	90.00		2,440		(6,844)
Teva Pharmaceutical Industries Ltd.		Put	Deutsche Bank AG	5/20/16		USD	55.00		5,000		(5,308)
TOPIX Index		Put	Citibank N.A.	6/10/16		JPY	1,475.00		40,320		(16,476)
TOPIX Index		Put	Citibank N.A.	6/10/16		JPY	1,500.00		40,321		(19,457)
TOPIX Index		Put	Morgan Stanley & Co. International PLC	6/10/16		JPY	1,450.00		42,800		(14,761)
EURO STOXX 50 Index		Put	Goldman Sachs International	6/17/16		EUR	3,050.00		227		(33,113)
EURO STOXX 50 Index		Put	Morgan Stanley & Co. International PLC	6/17/16		EUR	3,150.00		227		(42,435)
Taiwan Stock Exchange Weighted Index		Put	Citibank N.A.	9/21/16		TWD	8,100.70		2,200		(35,850)
MetLife, Inc.		Put	UBS AG	1/20/17		USD	46.00		1,750		(8,618)
MetLife, Inc.		Put	UBS AG	1/20/17		USD	45.00		1,917		(7,504)
Prudential Financial, Inc.		Put	Morgan Stanley & Co. International PLC	1/20/17		USD	77.50		2,150		(16,986)
QUALCOMM, Inc.		Put	Deutsche Bank AG	5/19/17		USD	40.00		7,571		(23,235)
Taiwan Capitalization Weighted Stock Index		Put	Morgan Stanley & Co. International PLC	9/20/17		TWD	8,600.00		1,949		(66,718)
Taiwan Capitalization Weighted Stock Index		Put	Morgan Stanley & Co. International PLC	12/20/17		TWD	8,600.00		1,987		(75,089)
Total											$(794,822)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 65

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

OTC Interest Rate Swaptions Written

Description

Counterparty

Put/ Call

Exercise Rate

Pay/Receive Exercise Rate

Floating Rate Index

Expiration Date

Notional Amount (000)

Value

10-Year Interest Rate Swap

Goldman Sachs International

Call

1.80%

Pay

3-month LIBOR

1/19/16

USD

7,430

$   (209

)

2-Year Forward/1-Year Interest Rate Swap

Deutsche Bank AG

Put

2.35%

Receive

3-month LIBOR

5/13/16

USD

6,198

(4,540

)

Total

$(4,749

)

Centrally Cleared Credit Default Swaps — Buy Protection

Index	Pay Fixed Rate	Expiration Date		Notional Amount (000)			Unrealized Depreciation
CDX.NA.HY Series 25 Version 1	5.00%		12/20/20		USD	935		$(18,883	)

Centrally Cleared Credit Default Swaps — Sell Protection

Issuer/Index	Receive Fixed Rate	Expiration Date	Credit Rating1	Notional Amount (000)2			Unrealized   Appreciation    (Depreciation)
CDX.NA.IG Series 25 Version 1	1.00%	12/20/20	BBB+		USD	1,411		$(3,088	)
iTraxx Crossover Series 24 Version 1	5.00%	12/20/20	B+		EUR	624		6,284
Total								$ 3,196

¹  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

²  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

Centrally Cleared Interest Rate Swaps

Fixed Rate	Floating Rate	Effective Date	Expiration Date	Notional Amount (000)		Unrealized          Appreciation         (Depreciation)
1.03%1	3-month LIBOR	N/A	3/11/17		USD              5,880		$(24,337	)
0.75%1	3-month LIBOR	N/A	3/11/17		USD              2,027		332
1.08%1	3-month LIBOR	N/A	4/07/17		USD            13,120		(46,493	)
0.77%1	3-month LIBOR	N/A	4/07/17		USD              2,015		2,281
1.88%2	3-month LIBOR	N/A	3/11/20		USD              2,420		39,908
1.95%1	3-month LIBOR	N/A	9/11/22		USD              1,240		(9,727	)
1.64%1	3-month LIBOR	N/A	10/19/22		USD              1,240		19,922
1.83%1	3-month LIBOR	N/A	11/03/22		USD              1,240		5,817
2.22%2	3-month LIBOR	N/A	4/07/25		USD              2,630		30,809
1.55%2	6-month EURIBOR	10/20/203	10/20/25		EUR              2,477		(13,207	)
Total							$   5,305

¹  Fund pays the fixed rate and receives the floating rate.

²  Fund pays the floating rate and receives the fixed rate.

³  Forward swap.

OTC Currency Swaps

Notional Amount (000)

Fund Pays

Fund Receives

Fund Pays

Fund Receives

Counterparty

Expiration Date

Value

Premiums Paid (Received)

Unrealized     Appreciation

0.10%

1.23%

USD

431

JPY  51,850

Bank of America N.A.

3/15/2017

$507

—

$507

See Notes to Financial Statements.

66 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

OTC Interest Rate Swaps

Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)			Value		Premiums Paid (Received)		Unrealized Appreciation
2.06%1	6-month WIBOR	Deutsche Bank AG	3/17/20		PLN	777		$3,550		—		$3,550
2.05%1	6-month WIBOR	Deutsche Bank AG	3/19/20		PLN	259		1,218		—		1,218
Total								$4,768		—		$4,768

¹  Fund pays the floating rate and receives the fixed rate.

OTC Total Return Swaps

Reference Entity	Fixed Rate (Amount)/ Floating Rate	Counterparty	Expiration Date	Notional Amount (000)/Contract Amount	Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Siloam International Hospitals	1-month LIBOR plus 0.50%1	Credit Suisse International	2/08/16	USD  66		$     866			—		$     866
SGX Nikkei Stock Average Dividend Point Index Future December 2015	JPY 13,175,0002	BNP Paribas S.A.	3/31/16	JPY  53		26,166			—		26,166
SGX Nikkei Stock Average Dividend Point Index Future December 2015	JPY 13,400,0002	BNP Paribas S.A.	3/31/16	JPY  53		24,294			—		24,294
SGX Nikkei Stock Average Dividend Point Index Future December 2016	JPY 13,925,0002	BNP Paribas S.A.	3/31/17	JPY  53		37,023			—		37,023
SGX Nikkei Stock Average Dividend Point Index Future December 2016	JPY 14,175,0002	BNP Paribas S.A.	3/31/17	JPY  53		34,943			—		34,943
EURO STOXX 50 Index Dividend Future December 2017	EUR 114,2002	BNP Paribas S.A.	12/15/17	EUR  103		(4,999	)		—		(4,999	)
EURO STOXX 50 Index Dividend Future December 2017	EUR 115,2732	BNP Paribas S.A.	12/15/17	EUR  103		(6,165	)		—		(6,165	)
EURO STOXX 50 Index Dividend Future December 2018	EUR 113,4752	BNP Paribas S.A.	12/21/18	EUR  103		(7,797	)		—		(7,797	)
EURO STOXX 50 Index Dividend Future December 2018	EUR 67,8002	BNP Paribas S.A.	12/21/18	EUR  63		(4,369	)		—		(4,369	)
EURO STOXX 50 Index Dividend Future December 2018	EUR 55,9502	BNP Paribas S.A.	12/21/18	EUR  53		(3,043	)		—		(3,043	)
Total						$96,919			—		$96,919

¹  Fund receives the total return of the reference entity and pays the floating rate. Net payment made at termination.

²  Fund receives the total return of the reference entity and pays the fixed amount. Net payment made at termination.

³  Contract amount shown.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 67

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

      Transactions in Options Written for the Year Ended December 31, 2015

	Calls								Puts
				Notional (000)								Notional (000)
	Contracts			USD			Premiums     Received		Contracts			EUR			USD			Premiums Received
Outstanding options, beginning of year		518,173			10,423		$	420,841		1,132,104			—			—		$	628,940
Options written		806,836			111,050			983,200		2,399,034			2,477			14,979			1,324,413
Options exercised		(56,260	)		—			(131,670)		(40,116	)		—			—			(115,152	)
Options expired		(132,784	)		(35,000	)		(143,035)		(51,139	)		—			—			(51,144	)
Options closed		(832,506	)		(79,043	)		(783,719)		(2,617,874	)		(2,477	)		(8,781	)		(1,137,201	)
Outstanding options, end of year		303,459			7,430		$	345,617		822,009			—			6,198		$	649,856

As of December 31, 2015, the value of portfolio holdings subject to covered call options written was $4,836,915.

      Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Assets — Derivative Financial Instruments		Commodity Contracts	Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts	Total
Financial futures contracts	Net unrealized appreciation1	—		—	$	7,541		—		—	—	$	7,541
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—		—		—	$	280,121		—	—		280,121
Options purchased	Investments at value — unaffiliated2	—		—		1,258,960		—	$	18,955	—		1,277,915
Swaps — centrally cleared	Net unrealized appreciation1	—	$	6,284		—		—		99,069	—		105,353
Swaps — OTC	Unrealized appreciation on OTC swaps	—		—		123,292		—		5,275	—		128,567
Total		—	$	6,284	$	1,389,793	$	280,121	$	123,299	—	$	1,799,497
Liabilities — Derivative Financial Instruments
Financial futures contracts	Net unrealized depreciation1	—		—	$	64,208		—		—	—	$	64,208
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—		—		—	$	294,816		—	—		294,816
Options written	Options written, at value	—		—		906,176		—	$	4,749	—		910,925
Swaps — centrally cleared	Net unrealized depreciation1	—	$	21,971		—		—		93,764	—		115,735
Swaps — OTC	Unrealized depreciation on OTC swaps	—		—		26,373		—		—	—		26,373
Total		—	$	21,971	$	996,757	$	294,816	$	98,513	—	$	1,412,057

¹  Includes cumulative appreciation (depreciation) on financial futures contracts and centrally cleared swaps, if any, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statements of Assets and Liabilities.

²  Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the year ended December 31, 2015, the effect of derivative financial instruments in the Statements of Operations were as follows:

Net Realized Gain (Loss) from:	Commodity Contracts	Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts	Total
Financial futures contracts	—		—		$	1,178,709			—			—		—	$	1,178,709
Foreign currency transactions	—		—			—		$	3,214,635			—		—		3,214,635
Options purchased3	—		—			(451,345	)		(124,135	)	$	(65,913	)	—		(641,393	)
Options written	—		—			763,440			—			27,636		—		791,076
Swaps	—	$	117,363			(641	)		—			145,111		—		261,833
Total	—	$	117,363		$	1,490,163		$	3,090,500		$	106,834		—	$	4,804,860
Net Change in Unrealized Appreciation (Depreciation) on:
Financial futures contracts	—		—		$	32,932			—			—		—	$	32,932
Foreign currency translations	—		—			—		$	(1,297,219	)		—		—		(1,297,219	)
Options purchased3	—		—			(1,197,636	)		85,172		$	(63,929	)	—		(1,176,393	)
Options written	—		—			488,277			—			46,315		—		534,592
Swaps	—	$	(105,002	)		34,175			—			(64,961	)	—		(135,788	)
Total	—	$	(105,002	)	$	(642,252	)	$	(1,212,047	)	$	(82,575	)	—	$	(2,041,876	)

³  Options purchased are included in the net realized gain (loss) from investments and the net change in unrealized appreciation (depreciation) on investments.

See Notes to Financial Statements.

68 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

      Average Quarterly Balances of Outstanding Derivative Financial Instruments

Financial futures contracts:
Average notional value of contracts - long	$	2,737,052
Average notional value of contracts - short	$	11,348,473
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$	29,145,382
Average amounts sold - USD	$	5,346,133
Options:
Average value of option contracts purchased	$	2,270,972
Average value of option contracts written	$	1,061,147
Average notional value of swaption contracts purchased	$	29,476,570
Average notional value of swaption contracts written	$	15,164,500
Credit default swaps:
Average notional value - buy protection	$	437,250
Average notional value - sell protection	$	1,719,871
Interest rate swaps:
Average notional value - pays fixed rate	$	26,313,500
Average notional value - receives fixed rate	$	10,816,121
Currency swaps:
Average notional value - pays	$	431,000
Average notional value - receives	$	429,893
Total return swaps:
Average notional value	$	1,006,543

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

      Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments:
Financial futures contracts		$     71,355			—
Forward foreign currency exchange contracts		280,121			$  294,816
Options		1,277,915	1		910,925
Swaps - Centrally cleared		4,173			—
Swaps - OTC2		128,567			26,373
Total derivative assets and liabilities in the Statements of Assets and Liabilities		$1,762,131			$1,232,114
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(92,740	)		(12,513	)
Total derivative assets and liabilities subject to an MNA		$1,669,391			$1,219,601

¹  Includes options purchased at value which is included in Investments at value - unaffiliated in the Consolidated Statements of Assets and Liabilities and reported in the Consolidated Schedule of Investments.

²  Includes unrealized appreciation (depreciation) on OTC swaps in the Consolidated Statements of Assets and Liabilities.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 69

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund.

Counterparty	Derivative Assets     Subject to an MNA by     Counterparty	Derivatives Available for Offset1	Non-cash Collateral Received	Cash Collateral Received2	Net Amount of    Derivative Assets3
Bank of America N.A.	$   115,039	$     (11,880)	—	—	$103,159
Barclays Bank PLC	38,496	(10,684)	—	—	27,812
BNP Paribas S.A.	158,471	(44,976)	—	—	113,495
Citibank N.A.	111,383	(111,383)	—	—	—
Credit Suisse International	134,553	(69,616)	—	—	64,937
Deutsche Bank AG	532,053	(379,795)	—	$  (90,000)	62,258
Goldman Sachs International	285,855	(131,218)	—	(154,637)	—
HSBC Bank USA N.A.	285	(285)	—	—	—
JPMorgan Chase Bank N.A.	58,901	(37,477)	—	—	21,424
Morgan Stanley & Co. International PLC	144,752	(144,752)	—	—	—
Morgan Stanley Capital Services LLC	37,698	(37,698)	—	—	—
Société Générale	4,889	(274)	—	—	4,615
UBS AG	47,016	(30,407)	—	—	16,609
Total	$1,669,391	$(1,010,445)	—	$(244,637)	$414,309
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty	Derivatives Available for Offset1	Non-cash Collateral Pledged	Cash Collateral Pledged	Net Amount of Derivative Liabilities4
Bank of America N.A.	$     11,880	$     (11,880)	—	—	—
Barclays Bank PLC	10,684	(10,684)	—	—	—
BNP Paribas S.A.	44,976	(44,976)	—	—	—
Citibank N.A.	145,031	(111,383)	—	—	$  33,648
Credit Suisse International	69,616	(69,616)	—	—	—
Deutsche Bank AG	379,795	(379,795)	—	—	—
Goldman Sachs International	131,218	(131,218)	—	—	—
HSBC Bank USA N.A.	28,146	(285)	—	—	27,861
JPMorgan Chase Bank N.A.	37,477	(37,477)	—	—	—
Morgan Stanley & Co. International PLC	257,934	(144,752)	—	—	113,182
Morgan Stanley Capital Services LLC	72,163	(37,698)	—	—	34,465
Société Générale	274	(274)	—	—	—
UBS AG	30,407	(30,407)	—	—	—
Total	$1,219,601	$(1,010,445)	—	—	$209,156

¹  The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to an MNA.

²  Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

³  Net amount represents the net amount receivable from the counterparty in the event of default.

⁴  Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

See Notes to Financial Statements.

70 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

The following tables summarize the Fund’s investments and derivative financial instruments in the disclosure hierarchy:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Australia		—		$	313,502			—	$	313,502
Austria		—			12,376			—		12,376
Belgium	$	36,190			216,536			—		252,726
Brazil		190,577			—			—		190,577
Canada		2,054,672			—			—		2,054,672
China		352,143			315,944			—		668,087
Cyprus		9,713			—			—		9,713
Egypt		39,372			—			—		39,372
France		311,942			5,554,889			—		5,866,831
Germany		—			1,752,651			—		1,752,651
Hong Kong		—			1,944,184			—		1,944,184
India		—			936,000			—		936,000
Indonesia		—			82,328			—		82,328
Ireland		229,595			173,715			—		403,310
Israel		1,052,349			—			—		1,052,349
Italy		184,009			1,482,279			—		1,666,288
Japan		149,965			19,774,194			—		19,924,159
Kazakhstan		56,505			—			—		56,505
Luxembourg		—			44,636			—		44,636
Malaysia		213,331			138,221			—		351,552
Mexico		630,129			—			—		630,129
Netherlands		364,651			2,337,615			—		2,702,266
Norway		—			499,880			—		499,880
Peru		358,131			—			—		358,131
Portugal		—			180,405			—		180,405
Singapore		10,741			1,530,578			—		1,541,319
South Korea		—			1,088,856			—		1,088,856
Spain		—			1,476,231			—		1,476,231
Sweden		—			241,623			—		241,623
Switzerland		7,689			3,104,625			—		3,112,314
Taiwan		—			389,541			—		389,541
Thailand		293,600			—			—		293,600
United Arab Emirates		226,936			176,247			—		403,183
United Kingdom		1,345,352			6,264,999		$	161,809		7,772,160
United States		63,713,397			—			16,643		63,730,040
Corporate Bonds		—			12,552,600			2,148,560		14,701,160
Floating Rate Loan Interests		—			2,202,407			332,042		2,534,449
Foreign Agency Obligations		—			1,255,831			—		1,255,831
Foreign Government Obligations		—			10,858,403			—		10,858,403
Investment Companies		2,080,418			—			—		2,080,418
Non-Agency Mortgage-Backed Securities		—			—			197,226		197,226
Preferred Securities		3,815,751			4,833,336			3,021,877		11,670,964
Rights		—			—			—		—
U.S. Government Sponsored Agency Securities		—			870,008			—		870,008
U.S. Treasury Obligations		—			19,172,138			—		19,172,138
Warrants		41,036			—			—		41,036
Short-Term Securities:
Foreign Agency Obligations		—			11,412,134			—		11,412,134
Money Market Funds		661,486			4,986,152			—		5,647,638
Time Deposits		—			27,475			—		27,475
U.S. Treasury Obligations		—			32,660,001			—		32,660,001
Options Purchased:
Equity Contracts		17,212			1,215,393			26,355		1,258,960
Interest Rate Contracts		—			18,955			—		18,955
Liabilities:
Investments:
Investments Sold Short		(490,388	)		(118,639	)		—		(609,027	)
Total	$	77,956,504		$	151,978,249		$	5,904,512	$	235,839,265

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 71

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

	Level 1			Level 2			Level 3			Total
Derivative Financial Instruments1
Assets:
Credit contracts		—		$	6,284			—		$	6,284
Equity contracts	$	7,541			123,292			—			130,833
Foreign currency exchange contracts		—			280,121			—			280,121
Interest rate contracts		—			104,344			—			104,344
Liabilities:
Credit contracts		—			(21,971	)		—			(21,971	)
Equity contracts		(76,721	)		(901,912	)	$	(18,124	)		(996,757	)
Foreign currency exchange contracts		—			(294,816	)		—			(294,816	)
Interest rate contracts		—			(98,513	)		—			(98,513	)
Total	$	(69,180	)	$	(803,171	)	$	(18,124	)	$	(890,475	)
1    Derivative financial instruments are swaps, financial futures contracts, forward foreign currency exchange contracts and options written. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3			Total
Assets:
Cash	$	5,150			—			—		$	5,150
Cash held for securities sold short		577,245			—			—			577,245
Foreign currency at value		9,236			—			—			9,236
Cash pledged for centrally cleared swaps		156,750			—			—			156,750
Liabilities:
Cash received as collateral for OTC derivatives		—		$	(390,000	)		—			(390,000	)
Collateral on securities loaned at value		—			(4,986,152	)		—			(4,986,152	)
Total	$	748,381		$	(5,376,152	)		—		$	(4,627,771	)
During the year ended December 31, 2015, there were no transfers between Level 1 and Level 2.
A reconciliation of Level 3 investments and derivative financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Preferred Securities			Options Purchased		Total
Assets:
Opening balance, as of December 31, 2014	$	211,645		$	1,141,486		$	457,843			—		$	2,276,451			—	$	4,087,425
Transfers into Level 3		—			94,029			—			—			—			—		94,029
Transfers out of Level 3		—			(359,520	)		(277,698	)		—			(129,630	)		—		(766,848	)
Accrued discounts/premiums		—			2,909			426			$   1,127			—			—		4,462
Net realized gain (loss)		—			167			268			—			��					435
Net change in unrealized appreciation (depreciation)2,3		(49,836	)		216,657			6,885			(13,817	)		366,662			$     795		527,346
Purchases		16,643			1,054,661			355,494			209,916			508,394			25,560		2,170,668
Sales		—			(1,829	)		(211,176	)		—			—			—		(213,005	)
Closing balance, as of December 31, 2015	$	178,452		$	2,148,560		$	332,042			$197,226		$	3,021,877			$26,355	$	5,904,512
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20153	$	(49,836	)	$	216,657		$	5,893			$ (13,817	)	$	366,662			$     795	$	526,354
2    Included in the related change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
3    Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2015 is generally due to investments no longer held or categorized as Level 3 at period end.

See Notes to Financial Statements.

72 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Consolidated Schedule of Investments (concluded) BlackRock Global Allocation Portfolio

The following table is a reconciliation of Level 3 derivative financial instruments for which significant unobservable inputs were used in determining fair value:

	Equity Contracts
	Liabilities
Opening balance, as of December 31, 2014		—
Transfers into Level 3		—
Transfers out of Level 3		—
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)1,2		$      845
Purchases		(18,969	)
Issues		—
Sales		—
Closing balance, as of December 31, 2015		$(18,124	)
Net change in unrealized appreciation (depreciation) on derivative financial instruments still held at December 31, 20152		$      845

¹  Included in the related change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.

²  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on derivative financial instruments still held at December 31, 2015 is generally due to derivative financial instruments no longer held or categorized as Level 3 at period end.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

The following table summarizes the valuation techniques used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (“Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $608,851.

	Value		Valuation Techniques	Unobservable Inputs	Range of Unobservable Inputs Utilized		Weighted Average of  Unobservable Inputs
Assets:
Common Stocks4		$   178,452	Market Comparables	Run Rate EBITDA Multiple2		21.00x
			Last Transaction Price	Transaction Price1		$11.42
Corporate Bonds3		2,095,332	Discounted Cash Flow	Discount Rate2		15.00%
			Estimated Recovery Value	Recovery Rate1		—
			Market Comparables	Run Rate EBITDA Multiple2		21.00x
			Hybrid Approach	Revenue Multiple1		3.06x - 3.74x
				Risk Free Rate2		0.46% - 0.75%
				Merger & Acquisition Probability1		50.00%
				IPO Exit Probability1		50.00%
				Volatility1		47.00%
				Time to Exit2		1-2 years
Preferred Stocks4		3,021,877	Market Comparables	Revenue Multiple1		32.79x
				Revenue Growth Rate1		373.00%
				Revenue Multiple1		6.50x - 22.92x		15.24x
				Revenue Growth Rate1		64.10% - 94.00%		80.01	%
			Last Transaction Price	Transaction Price1		$11.42
			Probability-Weighted Expected Return Model	Discount Rate2		20.00% - 25.00%		21.29	%
				IPO Exit Probability1		70.00% - 85.00%		81.14	%
				Revenue Growth Rate1		55.77% - 159.00%		132.46	%
				Revenue Multiple1		7.00x - 15.00x
				Revenue Multiple1		16.75x - 26.75x
				Time to Exit2		1-2 years
Total		$5,295,661

¹  Increase in unobservable input may result in a significant increase to value, while a decrease in unobservable input may result in a significant decrease to value.

²  Decrease in unobservable input may result in a significant increase to value, while an increase in unobservable input may result in a significant decrease to value.

³  For the period ended December 31, 2015, the valuation technique for certain investments classified as corporate bonds changed to a Hybrid Approach. The investment was previously valued utilizing a market comparable and option pricing model approach. A Hybrid Approach was considered to be a more relevant measure of fair value for this investment, which leverages the market comparables and option pricing model approach previously used along with a Probability-Weighted Expected Return Model.

⁴  For the period ended December 31, 2015, the valuation technique for certain investments classified as common stocks and preferred stocks changed to Last Transaction Price. The investments were previously valued utilizing an income approach. Last Transaction Price was considered to be a more relevant measure of fair value for these investments which leverages the most recent market transactions.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 73

Schedule of Investments December 31, 2015	BlackRock Government Money Market Portfolio
	(Percentages shown are based on Net Assets)

U.S. Government Sponsored Agency Securities	Par  (000)		Value
Fannie Mae Discount Notes: (a)
0.13%, 1/14/16	$	1,000	$	999,964
0.30%, 1/20/16		350		349,953
0.13%, 2/10/16		2,837		2,836,621
Fannie Mae Variable Rate Notes: (b)
0.42%, 07/20/17		2,000		1,999,820
0.35%, 08/16/17		1,500		1,499,755
0.28%, 10/05/17		1,000		999,732
Federal Farm Credit Bank Variable Rate Notes: (b)
0.33%, 11/14/16		2,000		1,999,445
0.36%, 3/16/17		2,000		1,999,138
0.42%, 9/22/17		2,000		1,999,826
0.47%, 11/20/17		1,000		999,652
0.24%, 1/23/18		430		430,009
Federal Home Loan Bank Discount Notes: (a)
0.11%, 1/08/16		7,000		6,999,918
0.28%, 1/14/16		400		399,969
0.14%, 1/20/16		3,300		3,299,608
0.15%, 1/29/16		4,900		4,899,490
0.19%, 2/03/16		3,000		2,999,525
0.23%, 2/10/16		2,000		1,999,538
0.30%, 2/17/16		500		499,817
0.23%, 2/19/16		6,500		6,498,064
0.29%, 2/26/16		1,500		1,499,360
0.32%, 3/02/16		3,000		2,998,478
0.44%, 3/28/16		500		499,487
0.39%, 5/26/16		1,000		998,451
Federal Home Loan Bank Variable Rate Notes: (b)
0.34%, 11/25/16		2,000		2,000,000
0.18%, 02/07/17		1,000		999,826
0.34%, 08/25/17		880		880,000
Freddie Mac Discount Notes: (a)
0.22%, 1/05/16		4,000		3,999,976
0.16%, 1/15/16		2,000		1,999,902
0.30%, 1/20/16		200		199,973
0.20%, 2/05/16		1,450		1,449,742
0.20%, 2/17/16		2,000		1,999,511
0.19%, 2/25/16		1,675		1,674,540
0.23%, 3/10/16		1,500		1,499,368
0.30%, 3/21/16		4,000		3,997,476
Total U.S. Government Sponsored Agency Securities — 56.0%				70,405,934
U.S. Treasury Obligations
U.S. Treasury Bills, 0.60%, 6/16/16 (a)		7,000		6,981,345
U.S. Treasury Notes:
4.50%, 2/15/16		3,000		3,014,707
0.33%, 4/30/17 (b)		2,000		1,999,946
0.43%, 10/31/17 (b)		1,249		1,247,965
Total U.S. Treasury Obligations — 10.6%				13,243,963

Repurchase Agreements	Par  (000)		Value
Bank of Montreal, 0.28%, 1/04/16 (Purchased on 12/31/15 to be repurchased at $6,723,209, collateralized by various U.S. treasury obligations, 1.25% to 2.25% due from 1/31/20 to 2/15/25, aggregate original par and fair value of $6,805,304 and $6,857,556, respectively)	$	6,723	$	6,723,000
Total Value of Bank of Montreal (collateral value of $6,857,556)				6,723,000
BNP Paribas Securities Corp., 0.31%, 1/04/16 (Purchased on 12/31/15 to be repurchased at $6,000,207, collateralized by various U.S. government sponsored agency obligations, 1.88% to 5.50% due from 2/20/39 to 3/15/44, aggregate original par and fair value of $7,316,635 and $6,120,001, respectively)		6,000		6,000,000
Total Value of BNP Paribas Securities Corp. (collateral value of $6,120,001)				6,000,000
Goldman Sachs & Co., 0.34%, 1/05/16 (Purchased on 12/29/15 to be repurchased at $4,000,264, collateralized by various U.S. government sponsored agency obligations, 4.00% to 5.00% due from 8/20/33 to 11/20/45, aggregate original par and fair value of $12,833,547 and $4,080,000, respectively)		4,000		4,000,000
Total Value of Goldman Sachs & Co. (collateral value of $4,080,000)				4,000,000
JP Morgan Securities LLC, 0.32%, 1/04/16 (Purchased on 12/31/15 to be repurchased at $9,000,320, collateralized by a U.S. treasury obligation, 1.75% due at 2/28/22, aggregate original par and fair value of $9,285,000 and $9,184,436, respectively)	��	9,000		9,000,000
Total Value of JP Morgan Securities LLC (collateral value of $9,184,436)				9,000,000

See Notes to Financial Statements.

74 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (concluded) BlackRock Government Money Market Portfolio

Repurchase Agreements	Par  (000)		Value
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.31%, 1/04/16 (Purchased on 12/31/15 to be repurchased at $10,000,344, collateralized by a U.S. government sponsored agency obligation, 3.50% due at 3/20/45, aggregate original par and fair value of $10,660,253 and $10,200,001, respectively)	$	10,000	$	10,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. (collateral value of $10,200,001)				10,000,000
Mizuho Securities USA, Inc., 0.27%, 1/04/16 (Purchased on 12/31/15 to be repurchased at $3,000,090, collateralized by a U.S. government sponsored agency obligation, 3.50% due at 8/20/45, aggregate original par and fair value of $25,565,379 and $3,330,000, respectively)		3,000		3,000,000
Total Value of Mizuho Securities USA, Inc. (collateral value of $3,330,000)				3,000,000

Repurchase Agreements	Par  (000)		Value
Morgan Stanley & Co. LLC, 0.29%, 1/04/16 (Purchased on 12/31/15 to be repurchased at $3,000,097, collateralized by various U.S. government sponsored agency obligations, 2.57% to 9.50% due from 4/01/18 to 3/01/45, aggregate original par and fair value of $3,934,729 and $3,090,000, respectively)	$	3,000	$	3,000,000
Total Value of Morgan Stanley & Co. LLC (collateral value of $3,090,000)				3,000,000
Total Repurchase Agreements — 33.2%				41,723,000
Total Investments (Cost — $125,372,897*) — 99.8%				125,372,897
Other Assets Less Liabilities — 0.2%				267,803
Net Assets — 100.0%			$	125,640,700

      Notes to Schedule of Investments

* Cost for federal income tax purposes.

(a) Rates are discount rates or a range of discount rates at the time of purchase.

(b) Variable rate security. Rate as of period end.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3			Total
Assets:
Investments:
Short-Term Securities1		—	$		125,372,897		—	$		125,372,897

¹  See above Schedule of Investments for values in each security type.

During the year ended December 31, 2015, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 75

Schedule of Investments December 31, 2015	BlackRock High Yield Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Capital Markets — 1.5%
American Capital Ltd. (a)		34,630	$	477,548
Chemicals — 0.0%
Advanced Emissions Solutions, Inc. (a)		660		4,712
Communications Equipment — 0.3%
Nokia OYJ — ADR		13,999		98,273
Consumer Finance — 1.4%
Ally Financial, Inc. (a)		17,050		317,812
Ally Financial, Inc. (a)		6,472		120,638
				438,450
Diversified Telecommunication Services — 0.0%
Broadview Networks Holdings, Inc. (a)		5,362		7,775
Hotels, Restaurants & Leisure — 0.7%
Amaya, Inc. (a)		18,250		229,889
Insurance — 0.3%
American International Group, Inc.		1,350		83,659
Real Estate Investment Trusts (REITs) — 0.0%
Ovation Acquisition I, LLC (Acquired 12/28/15, cost $195) (a)(b)		195		195
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc. (a)		1,150		44,988
Total Common Stocks — 4.4%				1,385,489

Corporate Bonds		Par  (000)
Aerospace & Defense — 1.0%
Bombardier, Inc., 7.50%, 3/15/25 (c)	USD		29	20,300
TransDigm, Inc.:
5.50%, 10/15/20			19	18,383
6.00%, 7/15/22			174	170,085
6.50%, 7/15/24			124	123,318
				332,086
Air Freight & Logistics — 0.9%
WFS Global Holding SAS, 9.50%, 7/15/22	EUR		100	113,798
XPO Logistics, Inc.:
7.88%, 9/01/19 (c)	USD		85	86,425
6.50%, 6/15/22 (c)			77	71,225
				271,448
Airlines — 1.6%
Air Medical Merger Sub Corp., 6.38%, 5/15/23 (c)			26	23,140
American Airlines Pass-Through Trust, Series 2013-2, Class C, 6.00%, 1/15/17 (c)			197	201,305
Continental Airlines Pass-Through Certificates, Series 2012-3, Class C, 6.13%, 4/29/18			120	122,400
National Air Cargo Group, Inc.:
11.88%, 5/02/18			36	35,686
11.88%, 5/08/18			37	36,572
Virgin Australia Trust, Series 2013-1C, 7.13%, 10/23/18 (c)			83	84,100
				503,203

Corporate Bonds		Par  (000)		Value
Auto Components — 0.9%
Affinia Group, Inc., 7.75%, 5/01/21	USD		15	$	15,267
Goodyear Tire & Rubber Co., 6.50%, 3/01/21			60		63,075
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 8/01/20			5		5,042
5.88%, 2/01/22			108		105,570
ZF North America Capital, Inc., 2.75%, 4/27/23	EUR		100		103,742
					292,696
Banks — 1.3%
Banco Espirito Santo SA, 4.75%, 1/15/18 (a)(d)			100		12,389
Bankia SA, 4.00%, 5/22/24 (e)			100		107,725
CIT Group, Inc., 5.00%, 8/01/23	USD		160		162,400
UniCredit SpA, 6.95%, 10/31/22	EUR		100		126,993
					409,507
Beverages — 0.0%
Constellation Brands, Inc., 4.25%, 5/01/23	USD		10		10,000
Building Products — 1.5%
Builders FirstSource, Inc., 10.75%, 8/15/23 (c)			14		13,895
Building Materials Corp. of America, 6.00%, 10/15/25 (c)			105		107,100
CPG Merger Sub LLC, 8.00%, 10/01/21 (c)			92		90,160
Hillman Group, Inc., 6.38%, 7/15/22 (c)			30		24,900
Masonite International Corp., 5.63%, 3/15/23 (c)			27		27,877
Ply Gem Industries, Inc., 6.50%, 2/01/22			105		96,075
USG Corp.:
9.75%, 1/15/18			80		89,000
5.88%, 11/01/21 (c)			8		8,320
5.50%, 3/01/25 (c)			10		10,150
					467,477
Capital Markets — 0.4%
E*TRADE Financial Corp.:
0.00%, 8/31/19 (c)(f)(g)			37		107,458
5.38%, 11/15/22			24		25,140
Series A, 0.00%, 8/31/19 (f)(g)			1		2,904
					135,502
Chemicals — 0.7%
Chemours Co., 7.00%, 5/15/25 (c)			20		13,650
Huntsman International LLC, 4.88%, 11/15/20			41		37,413
Momentive Performance Materials, Inc.:
3.88%, 10/24/21			82		56,580
Escrow, 8.88%, 10/15/20 (a)(d)			82		—
Platform Specialty Products Corp.:
10.38%, 5/01/21 (c)			6		5,985
6.50%, 2/01/22 (c)			109		94,285
WR Grace & Co-Conn, 5.13%, 10/01/21 (c)			8		8,080
					215,993
Commercial Services & Supplies — 0.9%
Acosta, Inc., 7.75%, 10/01/22 (c)			55		48,537
ADS Waste Holdings, Inc., 8.25%, 10/01/20			33		33,247
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (c)			28		21,980

See Notes to Financial Statements.

76 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par  (000)		Value
Commercial Services & Supplies (continued)
Igloo Holdings Corp., 8.25% (8.25% Cash or 9.00% PIK), 12/15/17 (c)(h)	USD		30	$	30,000
Laureate Education, Inc., 9.25%, 9/01/19 (c)			24		14,880
Mobile Mini, Inc., 7.88%, 12/01/20			50		51,750
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (c)			15		14,963
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (c)			62		59,287
					274,644
Communications Equipment — 1.7%
Alcatel-Lucent USA, Inc., 6.45%, 3/15/29			232		234,900
Blue Coat Holdings, Inc., 8.38%, 6/01/23 (c)			48		48,240
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (c)			49		47,163
CommScope, Inc.:
4.38%, 6/15/20 (c)			42		42,315
5.50%, 6/15/24 (c)			48		45,600
Nokia OYJ, 6.63%, 5/15/39			67		68,550
Riverbed Technology, Inc., 8.88%, 3/01/23 (c)			61		56,425
					543,193
Construction & Engineering — 1.1%
AECOM, 5.88%, 10/15/24			44		44,880
Aguila 3 SA, 7.88%, 1/31/18 (c)			150		150,375
Aldesa Financial Services SA, 7.25%, 4/01/21	EUR		100		84,495
Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (c)	USD		31		26,660
Modular Space Corp., 10.25%, 1/31/19 (c)			121		48,400
					354,810
Construction Materials — 0.0%
Vulcan Materials Co., 7.50%, 6/15/21			2		2,330
Consumer Finance — 1.5%
Ally Financial, Inc.:
5.13%, 9/30/24			48		49,140
4.63%, 3/30/25			44		43,450
8.00%, 11/01/31			292		337,260
DFC Finance Corp., 10.50%, 6/15/20 (c)			40		23,600
Navient Corp.:
5.50%, 1/25/23			5		4,000
6.13%, 3/25/24			5		4,075
5.88%, 10/25/24			5		4,000
					465,525
Containers & Packaging — 0.6%
Ball Corp., 4.38%, 12/15/20			15		15,234
Beverage Packaging Holdings Luxembourg II SA:
5.63%, 12/15/16 (c)			14		13,843
6.00%, 6/15/17 (c)			20		19,350
Reynolds Group Issuer, Inc., 5.75%, 10/15/20			67		68,152
Sealed Air Corp.:
4.88%, 12/01/22 (c)			21		21,053
5.13%, 12/01/24 (c)			40		40,000
6.88%, 7/15/33 (c)			20		20,450
					198,082
Distributors — 0.3%
American Tire Distributors, Inc., 10.25%, 3/01/22 (c)			95		86,925
Diversified Consumer Services — 0.2%
Service Corp. International, 5.38%, 5/15/24			47		48,410
Diversified Financial Services — 0.7%
Altice Financing SA, 6.63%, 2/15/23 (c)			200		197,500
MSCI, Inc., 5.75%, 8/15/25 (c)			28		28,700
					226,200

Corporate Bonds		Par  (000)		Value
Diversified Telecommunication Services — 6.0%
Avaya, Inc.:
7.00%, 4/01/19 (c)	USD		28	$	20,720
10.50%, 3/01/21 (c)			28		9,520
CenturyLink, Inc., Series S, 6.45%, 6/15/21			15		14,625
Frontier Communications Corp.:
6.25%, 9/15/21			40		33,900
7.13%, 1/15/23			40		34,500
7.63%, 4/15/24			33		27,720
6.88%, 1/15/25			59		48,601
11.00%, 9/15/25 (c)			35		34,650
Intelsat Jackson Holdings SA:
6.63%, 12/15/22			31		19,763
5.50%, 8/01/23			129		101,265
Level 3 Financing, Inc.:
6.13%, 1/15/21			10		10,350
5.38%, 8/15/22			31		31,465
5.63%, 2/01/23			86		87,720
5.13%, 5/01/23 (c)			78		77,415
5.38%, 1/15/24 (c)			33		33,165
5.38%, 5/01/25 (c)			205		203,975
Telecom Italia Capital SA:
6.00%, 9/30/34			60		55,350
7.20%, 7/18/36			20		20,200
Telecom Italia SpA, 3.25%, 1/16/23	EUR		100		110,089
Telenet Finance III Luxembourg SCA, 6.63%, 2/15/21			100		112,207
Virgin Media Secured Finance PLC, 5.25%, 1/15/26 (c)	USD		200		194,500
Wind Acquisition Finance SA, 4.00%, 7/15/20	EUR		110		118,945
Zayo Group LLC/Zayo Capital, Inc.:
10.13%, 7/01/20	USD		139		149,773
6.00%, 4/01/23			149		140,805
6.38%, 5/15/25			50		46,500
Ziggo Bond Finance BV, 5.88%, 1/15/25 (c)			200		185,500
					1,923,223
Electric Utilities — 0.3%
Texas Competitive Electric Holdings Co.
LLC/TCEH Finance, Inc.:
10.25%, 11/01/15 (a)(d)			9		585
10.50% (10.50% Cash or 11.25% PIK), 11/01/16 (a)(d)(h)			1,546		100,490
					101,075
Electrical Equipment — 0.2%
GrafTech International Ltd., 6.38%, 11/15/20			17		9,860
Sensata Technologies BV:
5.63%, 11/01/24 (c)			17		17,383
5.00%, 10/01/25 (c)			38		37,145
					64,388
Electronic Equipment, Instruments & Components — 0.5%
CDW LLC/CDW Finance Corp.:
6.00%, 8/15/22			30		31,650
5.00%, 9/01/23			26		26,390
5.50%, 12/01/24			112		117,320
					175,360
Energy Equipment & Services — 0.3%
Transocean, Inc.:
3.00%, 10/15/17			35		31,041
6.00%, 3/15/18			50		44,500
6.50%, 11/15/20			15		10,350
4.30%, 10/15/22			5		2,650
					88,541

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 77

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par  (000)		Value
Food & Staples Retailing — 0.9%
Rite Aid Corp.:
9.25%, 3/15/20	USD		20	$	21,150
6.75%, 6/15/21			37		38,757
6.13%, 4/01/23 (c)			195		201,825
7.70%, 2/15/27			15		17,475
					279,207
Food Products — 0.6%
JBS USA LLC/JBS USA Finance, Inc., 5.75%, 6/15/25 (c)			41		35,670
Post Holdings, Inc.:
7.75%, 3/15/24 (c)			82		85,895
8.00%, 7/15/25 (c)			32		33,920
Smithfield Foods, Inc., 5.88%, 8/01/21 (c)			11		11,330
WhiteWave Foods Co., 5.38%, 10/01/22			25		26,437
					193,252
Health Care Equipment & Supplies — 0.7%
Alere, Inc.:
7.25%, 7/01/18			30		30,675
6.50%, 6/15/20			13		12,480
6.38%, 7/01/23 (c)			40		37,400
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (c)			101		89,637
Hologic, Inc., 5.25%, 7/15/22 (c)			59		60,180
					230,372
Health Care Providers & Services — 4.8%
Acadia Healthcare Co., Inc.:
5.13%, 7/01/22			25		23,375
5.63%, 2/15/23			19		17,955
Amsurg Corp., 5.63%, 7/15/22			138		136,620
Centene Corp., 4.75%, 5/15/22			46		44,505
CHS/Community Health Systems, Inc., 6.88%, 2/01/22			37		35,104
DaVita HealthCare Partners, Inc.:
5.13%, 7/15/24			70		70,000
5.00%, 5/01/25			90		86,850
Envision Healthcare Corp., 5.13%, 7/01/22 (c)			45		44,100
ExamWorks Group, Inc., 5.63%, 4/15/23			35		34,825
Fresenius Medical Care U.S. Finance II, Inc., 4.75%, 10/15/24 (c)			39		38,025
Fresenius U.S. Finance II, Inc., 4.50%, 1/15/23 (c)			19		19,190
HCA Holdings, Inc., 6.25%, 2/15/21			10		10,575
HCA, Inc.:
7.50%, 2/15/22			133		147,297
5.88%, 3/15/22			38		40,090
4.75%, 5/01/23			23		22,770
5.00%, 3/15/24			47		46,883
5.38%, 2/01/25			157		155,037
5.25%, 4/15/25			28		28,210
5.88%, 2/15/26			48		48,180
Series 1, 5.88%, 5/01/23			36		36,900
HealthSouth Corp.:
5.75%, 11/01/24			28		26,705
5.75%, 11/01/24 (c)			25		23,844
5.75%, 9/15/25 (c)			30		27,900
MEDNAX, Inc., 5.25%, 12/01/23 (c)			26		26,130
MPH Acquisition Holdings LLC, 6.63%, 4/01/22 (c)			25		25,063
Surgical Care Affiliates, Inc., 6.00%, 4/01/23 (c)			17		16,575
Tenet Healthcare Corp.:
4.75%, 6/01/20			40		40,200
4.50%, 4/01/21			16		15,600
4.38%, 10/01/21			3		2,895

Corporate Bonds		Par  (000)		Value
Health Care Providers & Services (continued)
8.13%, 4/01/22	USD		105	$	104,737
6.75%, 6/15/23			68		63,070
Truven Health Analytics, Inc., 10.63%, 6/01/20			40		40,200
WellCare Health Plans, Inc., 5.75%, 11/15/20			21		21,630
					1,521,040
Hotels, Restaurants & Leisure — 3.0%
Aramark Services, Inc., 5.13%, 1/15/24 (c)			33		33,619
BC ULC/New Red Finance, Inc., 6.00%, 4/01/22 (c)			50		51,500
Boyd Gaming Corp., 6.88%, 5/15/23			122		125,355
Caesars Entertainment Resort Properties LLC, 8.00%, 10/01/20			60		57,000
MGM Resorts International:
5.25%, 3/31/20			17		16,830
6.75%, 10/01/20			60		61,650
6.63%, 12/15/21			49		50,164
7.75%, 3/15/22			26		27,625
6.00%, 3/15/23			110		109,175
Pinnacle Entertainment, Inc., 6.38%, 8/01/21			75		78,844
Snai SpA, 7.63%, 6/15/18	EUR		100		103,868
Station Casinos LLC, 7.50%, 3/01/21	USD		93		94,860
Sterling Entertainment Enterprises LLC, 9.75%, 11/25/19 (c)			150		148,500
					958,990
Household Durables — 1.2%
Beazer Homes USA, Inc.:
6.63%, 4/15/18			9		9,101
7.50%, 9/15/21			17		15,597
CalAtlantic Group, Inc.:
6.63%, 5/01/20			6		6,540
8.38%, 1/15/21			109		126,440
Jarden Corp., 5.00%, 11/15/23 (c)			20		20,450
K. Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (c)			3		2,580
KB Home, 4.75%, 5/15/19			20		19,400
Lennar Corp.:
4.50%, 11/15/19			18		18,304
4.75%, 11/15/22			4		3,966
4.88%, 12/15/23			34		33,830
PulteGroup, Inc., 6.38%, 5/15/33			10		10,150
Shea Homes LP/Shea Homes Funding Corp., 6.13%, 4/01/25 (c)			46		47,265
TRI Pointe Holdings, Inc.:
4.38%, 6/15/19			30		29,325
5.88%, 6/15/24			35		34,037
					376,985
Household Products — 0.6%
HRG Group, Inc., 7.88%, 7/15/19 (c)			26		27,170
Spectrum Brands, Inc.:
6.63%, 11/15/22			40		42,200
6.13%, 12/15/24 (c)			53		55,120
5.75%, 7/15/25 (c)			63		64,575
					189,065
Independent Power and Renewable Electricity Producers — 1.1%
AES Corp., 5.50%, 3/15/24			7		6,247
Calpine Corp.:
6.00%, 1/15/22 (c)			10		10,322
5.38%, 1/15/23			6		5,385
5.88%, 1/15/24 (c)			30		30,750
5.50%, 2/01/24			165		145,613
Dynegy, Inc., 6.75%, 11/01/19			65		61,100

See Notes to Financial Statements.

78 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par  (000)		Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc.:
6.25%, 7/15/22	USD		26	$	22,152
6.63%, 3/15/23			3		2,603
6.25%, 5/01/24			44		36,969
NRG Yield Operating LLC, 5.38%, 8/15/24			30		24,863
TerraForm Power Operating LLC, 6.13%, 6/15/25 (c)			13		10,465
					356,469
Insurance — 0.3%
CNO Financial Group, Inc., 4.50%, 5/30/20			13		13,260
Genworth Holdings, Inc., 4.80%, 2/15/24			25		16,875
HUB International Ltd., 7.88%, 10/01/21 (c)			46		41,400
Radian Group, Inc., 5.25%, 6/15/20			38		36,754
					108,289
Internet & Catalog Retail — 0.2%
Netflix, Inc., 5.38%, 2/01/21			60		63,000
IT Services — 0.4%
Alliance Data Systems Corp., 5.38%, 8/01/22 (c)			35		33,337
Sabre GLBL, Inc.:
5.38%, 4/15/23 (c)			34		33,830
5.25%, 11/15/23 (c)			14		13,843
WEX, Inc., 4.75%, 2/01/23 (c)			50		45,500
					126,510
Life Sciences Tools & Services — 0.7%
Crimson Merger Sub, Inc., 6.63%, 5/15/22 (c)			85		58,225
DPx Holdings BV, 7.50%, 2/01/22 (c)			35		34,125
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 8/01/23 (c)			117		114,075
Sterigenics-Nordion Holdings LLC, 6.50%, 5/15/23 (c)			12		11,460
					217,885
Machinery — 0.9%
CNH Industrial Finance Europe SA, 2.75%, 3/18/19	EUR		100		107,767
Gates Global LLC/Gates Global Co., 5.75%, 7/15/22			100		77,349
Schaeffler Holding Finance BV, 6.88% (6.88% Cash or 7.38% PIK), 8/15/18 (h)			100		112,523
					297,639
Media — 8.9%
Altice Luxembourg SA, 7.25%, 5/15/22			100		101,612
Altice U.S. Finance I Corp., 5.38%, 7/15/23 (c)	USD		200		200,500
AMC Networks, Inc., 4.75%, 12/15/22			57		57,000
CCO Holdings LLC/CCO Holdings Capital Corp.:
6.50%, 4/30/21			15		15,600
5.88%, 5/01/27 (c)			156		155,220
CCOH Safari LLC, 5.75%, 2/15/26 (c)			95		95,237
Cengage Learning Acquisitions, Inc., 0.00%, 4/15/20 (a)(d)(g)			166		—
Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.13%, 12/15/21 (c)			20		18,000
Clear Channel International BV, 8.75%, 12/15/20 (c)			55		54,725
Clear Channel Worldwide Holdings, Inc., 7.63%, 3/15/20			64		59,120
Clear Channel Worldwide Holdings, Inc., Series B, 6.50%, 11/15/22			161		156,975
CSC Holdings LLC, 5.25%, 6/01/24			40		35,100
DISH DBS Corp.:
5.13%, 5/01/20			41		40,590

Corporate Bonds		Par  (000)		Value
Media (continued)
6.75%, 6/01/21	USD		25	$	25,187
5.00%, 3/15/23			10		8,675
5.88%, 11/15/24			98		87,220
DreamWorks Animation SKG, Inc., 6.88%, 8/15/20 (c)			4		3,940
Gray Television, Inc., 7.50%, 10/01/20			16		16,440
iHeartCommunications, Inc.:
9.00%, 12/15/19			36		26,280
9.00%, 3/01/21			74		51,615
9.00%, 9/15/22			80		55,200
Interactive Data Corp., 5.88%, 4/15/19 (c)			70		71,400
Live Nation Entertainment, Inc., 7.00%, 9/01/20 (c)			23		23,805
Midcontinent Communications & Midcontinent Finance Corp., 6.25%, 8/01/21 (c)			40		40,400
Neptune Finco Corp., 10.13%, 1/15/23 (c)			200		208,500
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (c)			72		71,100
Numericable-SFR SAS, 6.00%, 5/15/22 (c)			400		388,000
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.63%, 2/15/24			22		22,605
Radio One, Inc., 7.38%, 4/15/22 (c)			10		8,900
RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (c)			30		30,300
Regal Entertainment Group, 5.75%, 2/01/25			18		17,370
Sirius XM Radio, Inc.:
4.25%, 5/15/20 (c)			20		20,200
4.63%, 5/15/23 (c)			10		9,800
6.00%, 7/15/24 (c)			20		20,900
5.38%, 4/15/25 (c)			109		109,681
Townsquare Media, Inc., 6.50%, 4/01/23 (c)			7		6,405
Trader Corp., 9.88%, 8/15/18 (c)			65		67,600
Tribune Media Co., 5.88%, 7/15/22 (c)			55		55,000
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4.00%, 1/15/25	EUR		100		104,600
Univision Communications, Inc.:
8.50%, 5/15/21 (c)	USD		23		23,517
5.13%, 5/15/23 (c)			136		130,900
5.13%, 2/15/25 (c)			132		125,400
					2,820,619
Metals & Mining — 2.9%
Alcoa, Inc.:
5.13%, 10/01/24			54		49,140
5.90%, 2/01/27			2		1,835
6.75%, 1/15/28			7		6,650
5.95%, 2/01/37			3		2,415
ArcelorMittal, 6.13%, 6/01/18			4		3,660
Constellium NV:
8.00%, 1/15/23 (c)			250		195,625
5.75%, 5/15/24 (c)			250		170,000
Eco-Bat Finance PLC, 7.75%, 2/15/17	EUR		100		105,959
First Quantum Minerals Ltd., 7.25%, 5/15/22 (c)	USD		30		18,750
Joseph T. Ryerson & Son, Inc., 9.00%, 10/15/17			35		26,950
Novelis, Inc.:
8.38%, 12/15/17			25		24,313
8.75%, 12/15/20			140		128,450
Steel Dynamics, Inc.:
5.13%, 10/01/21			35		32,375
5.25%, 4/15/23			42		38,325
5.50%, 10/01/24			8		7,300
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.38%, 2/01/20 (c)			22		13,640

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 79

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par  (000)		Value
Metals & Mining (continued)
Teck Resources Ltd.:
3.00%, 3/01/19	USD		23	$	14,260
5.20%, 3/01/42			15		6,300
5.40%, 2/01/43			7		2,940
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (c)			77		58,327
					907,214
Multiline Retail — 1.0%
Dollar Tree, Inc.:
5.25%, 3/01/20 (c)			15		15,487
5.75%, 3/01/23 (c)			246		254,610
Family Dollar Stores, Inc., 5.00%, 2/01/21			34		34,810
					304,907
Oil, Gas & Consumable Fuels — 9.1%
Antero Resources Corp.:
5.38%, 11/01/21			37		29,600
5.13%, 12/01/22			24		18,240
Bonanza Creek Energy, Inc.:
6.75%, 4/15/21			38		22,990
5.75%, 2/01/23			34		17,680
Calfrac Holdings LP, 7.50%, 12/01/20 (c)			88		34,980
California Resources Corp.:
5.50%, 9/15/21			24		7,560
8.00%, 12/15/22 (c)			148		77,885
6.00%, 11/15/24			30		9,150
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23			36		29,160
Concho Resources, Inc.:
6.50%, 1/15/22			7		6,720
5.50%, 10/01/22			13		11,830
5.50%, 4/01/23			37		34,225
CONSOL Energy, Inc., 5.88%, 4/15/22			196		121,520
CrownRock LP/CrownRock Finance, Inc.:
7.13%, 4/15/21 (c)			51		47,813
7.75%, 2/15/23 (c)			20		18,800
Denbury Resources, Inc.:
5.50%, 5/01/22			36		11,951
4.63%, 7/15/23			4		1,288
Diamondback Energy, Inc., 7.63%, 10/01/21			51		51,510
Energy Transfer Equity LP:
7.50%, 10/15/20			26		24,050
5.88%, 1/15/24			89		72,535
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 5/01/20			72		45,900
6.38%, 6/15/23			16		8,000
Genesis Energy LP/Genesis Energy Finance Corp.:
5.75%, 2/15/21			9		7,605
6.75%, 8/01/22			10		8,500
6.00%, 5/15/23			12		9,600
Gulfport Energy Corp., 7.75%, 11/01/20			38		34,010
Halcon Resources Corp., 8.63%, 2/01/20 (c)			28		19,320
Hilcorp Energy I LP/Hilcorp Finance Co., 5.00%, 12/01/24 (c)			30		24,900
Laredo Petroleum, Inc., 7.38%, 5/01/22			26		23,920
Linn Energy LLC/Linn Energy Finance Corp.:
8.63%, 4/15/20			2		343
12.00%, 12/15/20 (c)			18		9,000
7.75%, 2/01/21			37		5,365
Matador Resources Co., 6.88%, 4/15/23			13		12,090
MEG Energy Corp.:
6.50%, 3/15/21 (c)			53		37,100

Corporate Bonds			Par  (000)		Value
Oil, Gas & Consumable Fuels (continued)
6.38%, 1/30/23 (c)	USD			48	$	32,880
7.00%, 3/31/24 (c)				227		161,170
Memorial Production Partners LP/Memorial Production Finance Corp.:
7.63%, 5/01/21				16		4,800
6.88%, 8/01/22				32		9,600
Memorial Resource Development Corp., 5.88%, 7/01/22				107		93,625
MPLX LP, 4.88%, 6/01/25 (c)				46		41,170
Newfield Exploration Co., 5.63%, 7/01/24				9		7,673
NGPL PipeCo LLC:
7.12%, 12/15/17 (c)				12		11,160
9.63%, 6/01/19 (c)				25		23,375
7.77%, 12/15/37 (c)				54		42,660
Oasis Petroleum, Inc.:
6.50%, 11/01/21				33		21,863
6.88%, 1/15/23				35		21,700
ONEOK, Inc., 7.50%, 9/01/23				20		16,650
Paramount Resources Ltd., 6.88%, 6/30/23 (c)				30		23,700
Parsley Energy LLC/Parsley Finance Corp., 7.50%, 2/15/22 (c)				23		21,965
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 5/15/23				10		9,100
Peabody Energy Corp., 6.00%, 11/15/18				45		8,325
Precision Drilling Corp., 5.25%, 11/15/24				95		64,600
QEP Resources, Inc.:
5.38%, 10/01/22				14		10,080
5.25%, 5/01/23				50		35,500
Range Resources Corp., 5.00%, 8/15/22				13		9,717
Rockies Express Pipeline LLC:
6.85%, 7/15/18 (c)				5		4,900
6.00%, 1/15/19 (c)				75		71,250
6.88%, 4/15/40 (c)				53		45,580
Rose Rock Midstream LP/Rose Rock Finance Corp.:
5.63%, 7/15/22				6		4,260
5.63%, 11/15/23 (c)				22		15,620
RSP Permian, Inc.:
6.63%, 10/01/22				28		25,760
6.63%, 10/01/22 (c)		��		12		11,040
Sabine Pass Liquefaction LLC:
5.63%, 4/15/23				177		155,317
5.75%, 5/15/24				300		261,000
5.63%, 3/01/25 (c)				96		81,240
Sabine Pass LNG LP, 6.50%, 11/01/20				40		38,800
Sanchez Energy Corp., 6.13%, 1/15/23				111		59,940
SandRidge Energy, Inc., 8.13%, 10/16/22 (f)				54		10,361
Seven Generations Energy Ltd.:
8.25%, 5/15/20 (c)				121		108,900
6.75%, 5/01/23 (c)				24		20,160
SM Energy Co.:
6.50%, 11/15/21				22		16,390
6.13%, 11/15/22				155		113,925
6.50%, 1/01/23				10		7,350
5.00%, 1/15/24				24		15,600
5.63%, 6/01/25				5		3,300
Southern Star Central Corp., 5.13%, 7/15/22 (c)				13		10,725
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.25%, 10/15/22 (c)				60		56,850
Whiting Petroleum Corp.:
1.25%, 4/01/20 (c)(f)				146		99,280
6.25%, 4/01/23				33		23,760

See Notes to Financial Statements.

80 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par  (000)		Value
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc.:
3.70%, 1/15/23	USD		12	$	8,289
4.55%, 6/24/24			37		25,699
WPX Energy, Inc., 5.25%, 9/15/24			26		17,160
					2,878,909
Paper & Forest Products — 0.2%
Clearwater Paper Corp., 4.50%, 2/01/23			4		3,760
Norbord, Inc., 6.25%, 4/15/23 (c)			20		19,750
PH Glatfelter Co., 5.38%, 10/15/20			8		8,000
Unifrax I LLC/Unifrax Holding Co., 7.50%, 2/15/19 (c)			32		28,320
					59,830
Pharmaceuticals — 2.9%
Capsugel SA, 7.00% (7.00% Cash or 7.75% PIK), 5/15/19 (c)(h)			22		21,450
Concordia Healthcare Corp., 7.00%, 4/15/23 (c)			12		10,410
Endo Ltd./Endo Finance LLC/Endo Finco, Inc., 6.00%, 2/01/25 (c)			200		197,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.88%, 4/15/20 (c)			9		8,663
5.75%, 8/01/22 (c)			5		4,800
PRA Holdings, Inc., 9.50%, 10/01/23 (c)			14		15,225
Valeant Pharmaceuticals International, Inc.:
6.75%, 8/15/18 (c)			14		13,874
5.38%, 3/15/20 (c)			159		149,460
7.00%, 10/01/20 (c)			50		49,875
6.38%, 10/15/20 (c)			48		46,320
7.50%, 7/15/21 (c)			78		77,805
5.63%, 12/01/21 (c)			35		32,200
5.50%, 3/01/23 (c)			161		141,680
5.88%, 5/15/23 (c)			160		142,800
6.13%, 4/15/25 (c)			19		16,957
					928,519
Real Estate Investment Trusts (REITs) — 1.1%
Communications Sales & Leasing, Inc./CSL Capital LLC, 8.25%, 10/15/23			61		51,545
Corrections Corp. of America, 4.63%, 5/01/23			5		4,825
Crown Castle International Corp.:
4.88%, 4/15/22			18		18,675
5.25%, 1/15/23			38		39,947
Equinix, Inc., 5.88%, 1/15/26			47		48,410
ESH Hospitality, Inc., 5.25%, 5/01/25 (c)			13		12,675
FelCor Lodging LP, 6.00%, 6/01/25			56		56,840
GEO Group, Inc., 5.88%, 10/15/24			50		48,500
Iron Mountain, Inc., 6.00%, 10/01/20 (c)			15		15,825
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 4/15/21			42		42,735
					339,977
Real Estate Management & Development — 0.5%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 2/15/21 (c)			38		32,300
Crescent Resources LLC/Crescent Ventures, Inc., 10.25%, 8/15/17 (c)			18		18,000
Realogy Group LLC/Realogy Co-Issuer Corp.:
4.50%, 4/15/19 (c)			15		15,413
5.25%, 12/01/21 (c)			81		83,025
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (c)			15		15,000
Tropicana Entertainment LLC/Tropicana Finance Corp., 9.63%, 12/15/14 (a)(d)			15		—
					163,738

Corporate Bonds		Par  (000)		Value
Road & Rail — 0.9%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
5.13%, 6/01/22 (c)	USD		10	$	9,875
5.25%, 3/15/25 (c)			96		90,960
Florida East Coast Holdings Corp., 6.75%, 5/01/19 (c)			41		37,515
Hertz Corp.:
6.75%, 4/15/19			20		20,430
7.38%, 1/15/21			30		31,125
JCH Parent, Inc., 10.50% (10.50% Cash or 11.25% PIK), 3/15/19 (c)(h)			101		61,656
Watco Cos. LLC/Watco Finance Corp., 6.38%, 4/01/23 (c)			34		33,490
					285,051
Semiconductors & Semiconductor Equipment — 0.1%
Advanced Micro Devices, Inc., 7.50%, 8/15/22			10		6,800
Micron Technology, Inc., 5.25%, 1/15/24 (c)			25		22,000
					28,800
Software — 3.1%
Audatex North America, Inc.:
6.00%, 6/15/21 (c)			20		20,150
6.13%, 11/01/23 (c)			60		60,375
Ensemble S Merger Sub, Inc., 9.00%, 9/30/23 (c)			21		20,291
First Data Corp.:
5.38%, 8/15/23 (c)			51		51,255
7.00%, 12/01/23 (c)			317		317,000
5.00%, 1/15/24 (c)			75		74,625
5.75%, 1/15/24 (c)			247		243,295
Infor Software Parent LLC/Infor Software Parent, Inc., 7.13% (7.13% Cash or 7.88% PIK), 5/01/21 (c)(h)			66		47,685
Infor U.S., Inc., 6.50%, 5/15/22 (c)			42		35,490
Informatica LLC, 7.13%, 7/15/23 (c)			72		65,160
SS&C Technologies Holdings, Inc., 5.88%, 7/15/23 (c)			47		48,527
					983,853
Specialty Retail — 0.9%
Asbury Automotive Group, Inc., 6.00%, 12/15/24			29		29,943
L Brands, Inc., 6.88%, 11/01/35 (c)			65		66,787
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (c)			89		65,860
Party City Holdings, Inc., 6.13%, 8/15/23 (c)			12		11,640
Penske Automotive Group, Inc.:
5.75%, 10/01/22			59		60,623
5.38%, 12/01/24			17		17,170
Sally Holdings LLC/Sally Capital, Inc., 5.50%, 11/01/23			22		22,495
Sonic Automotive, Inc., 5.00%, 5/15/23			13		12,350
					286,868
Technology Hardware, Storage & Peripherals — 0.0%
Dell, Inc., 6.50%, 4/15/38			7		5,740
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co.:
6.88%, 5/01/22			20		21,400
5.00%, 5/01/25			5		4,975
Springs Industries, Inc., 6.25%, 6/01/21			44		43,560
					69,935
Thrifts & Mortgage Finance — 0.7%
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (c)			200		177,500

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 81

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par  (000)		Value
Thrifts & Mortgage Finance (continued)
Rialto Holdings LLC/Rialto Corp., 7.00%, 12/01/18 (c)	USD		30	$	30,450
					207,950
Trading Companies & Distributors — 3.0%
Aircastle Ltd.:
7.63%, 4/15/20			4		4,500
5.13%, 3/15/21			27		27,743
5.50%, 2/15/22			20		20,500
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23 (c)			18		18,135
Beacon Roofing Supply, Inc., 6.38%, 10/01/23 (c)			16		16,300
HD Supply, Inc.:
7.50%, 7/15/20			282		293,280
5.25%, 12/15/21 (c)			203		207,060
International Lease Finance Corp.:
8.25%, 12/15/20			150		177,375
4.63%, 4/15/21			17		17,425
5.88%, 8/15/22			80		85,200
United Rentals North America, Inc.:
8.25%, 2/01/21			37		38,711
5.75%, 11/15/24			15		14,850
5.50%, 7/15/25			46		44,620
					965,699
Wireless Telecommunication Services — 2.5%
SBA Communications Corp.:
5.63%, 10/01/19			10		10,425
4.88%, 7/15/22			70		68,950
Sprint Capital Corp.:
6.88%, 11/15/28			40		27,900
8.75%, 3/15/32			45		33,750
Sprint Communications, Inc.:
9.00%, 11/15/18 (c)			222		233,655
7.00%, 3/01/20 (c)			31		31,077
Sprint Corp.:
7.88%, 9/15/23			94		70,594
7.13%, 6/15/24			126		90,877
T-Mobile USA, Inc.:
6.63%, 4/28/21			22		22,825
6.13%, 1/15/22			10		10,275
6.73%, 4/28/22			5		5,213
6.00%, 3/01/23			28		28,350
6.84%, 4/28/23			10		10,350
6.50%, 1/15/24			75		76,500
6.50%, 1/15/26			88		88,835
					809,576
Total Corporate Bonds — 76.0%					24,156,506
Floating Rate Loan Interests (e)
Aerospace & Defense — 0.0%
Sequa Corp., Initial Term Loan, 5.25%, 6/19/17			13		9,152
Air Freight & Logistics — 0.3%
Ceva Group PLC (FKA Louis No.1 PLC/TNT Logistics), Pre-Funded L/C Loan, 6.50%, 3/19/21			33		27,176

Floating Rate Loan Interests (e)		Par  (000)		Value
Air Freight & Logistics (continued)
Ceva Intercompany B.V., Dutch BV Term Loan, 6.50%, 3/19/21	USD		34	$	28,157
Ceva Logistics Canada, ULC (FKA TNT Canada ULC), Canadian Term Loan, 6.50%, 3/19/21			6		4,855
Ceva Logistics U.S. Holdings, Inc. (FKA Louis U.S. Holdco, Inc.), US Term Loan, 6.50%, 3/19/21			47		38,837
					99,025
Airlines — 0.2%
Air Medical Group Holdings, Inc., Initial Term Loan, 4.50%, 4/28/22			30		28,824
Northwest Airlines, Inc.:
Loan B757-200, 1.77%, 9/10/18			10		9,215
Loan B757-200, 1.77%, 9/10/18			9		8,730
Loan B757-300, 1.77%, 3/10/17			9		8,730
Loan B757-300, 2.39%, 3/10/17			8		7,590
Loan B757-300, 2.39%, 3/10/17			7		7,260
					70,349
Chemicals — 0.6%
Ascend Performance Materials Operations LLC, Term B Loan, 6.75%, 4/10/18			188		174,433
MacDermid, Inc. (Platform Specialty Products Corp.), Term Loan B3, 5.50%, 6/07/20			21		20,282
					194,715
Communications Equipment — 0.1%
Blue Coat Holdings, Inc., Initial Term Loan, 4.50%, 5/20/22			11		10,606
Commscope, Inc., Tranche 5 Term Loan (2015), 3.75% - 3.83%, 12/29/22			18		17,668
					28,274
Construction & Engineering — 0.1%
Brand Energy & Infrastructure Services, Inc. (FKA FR Brand Acquisition Corp.), Initial Term Loan, 4.75%, 11/26/20			45		42,082
Construction Materials — 0.1%
Stardust Finance Holdings, Inc., Senior Lien Term Loan, 6.50%, 3/14/22			13		12,743
Diversified Consumer Services — 0.1%
Houghton Mifflin Harcourt Co., Term Loan, 4.00%, 5/28/21			15		14,243
Diversified Telecommunication Services — 0.5%
Avaya, Inc., Term B-7 Loan, 6.25%, 5/29/20			30		20,900
LightSquared LP, Term Loan, 9.75%, 6/15/20			150		136,875
					157,775
Electric Utilities — 0.5%
Energy Future Intermediate Holding Co. LLC (EFIH Finance, Inc.), Term Loan, 4.25%, 6/19/16			48		47,959
Texas Competitive Electric Holdings Co., LLC (TXU), DIP Delayed Draw Term Loan (2014), 3.75%, 11/07/16			121		120,123
					168,082
Food & Staples Retailing — 0.1%
BJ’s Wholesale Club, Inc., 2013 (November) Replacement Loan (Second Lien), 8.50%, 3/26/20			30		26,650

See Notes to Financial Statements.

82 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock High Yield Portfolio

Floating Rate Loan Interests (e)		Par  (000)		Value
Health Care Equipment & Supplies — 0.2%
Alere, Inc. (FKA IM US Holdings, LLC), B Term Loan, 4.25%, 6/20/22	USD		14	$	13,760
DJO Finance LLC, Initial Term Loan, 4.25%, 6/08/20			35		33,548
					47,308
Health Care Providers & Services — 0.1%
Envision Healthcare Corp. (FKA Emergency Medical Services Corp.), Tranche B-2 Term Loan, 4.50%, 10/28/22			24		23,820
Surgery Center Holdings, Inc., Initial Term Loan (First Lien), 5.25%, 11/03/20			19		19,158
					42,978
Hotels, Restaurants & Leisure — 0.9%
Amaya Holdings B.V.:
Initial Term B Loan (First Lien), 5.00%, 8/01/21			33		31,032
Initial Term B Loan (Second Lien), 8.00%, 8/01/22			53		52,369
Caesars Entertainment Resort Properties LLC, Term B Loan, 7.00%, 10/11/20			216		195,672
Station Casinos LLC, B Term Loan, 4.25%, 3/02/20			19		18,714
					297,787
Insurance — 0.1%
AssuredPartners, Inc., First Lien Term Loan, 5.75%, 10/21/22			22		21,817
Life Sciences Tools & Services — 0.2%
Jaguar Holding Co. I (AKA Pharmaceutical Product Development, Inc.), Initial Term Loan, 4.25%, 8/18/22			50		48,136
Sterigenics-Nordion Holdings, LLC, Initial Term Loan, 4.25%, 5/16/22			11		10,780
					58,916
Machinery — 0.3%
Accudyne Industries Borrower S.C.A./Accudyne Industries, LLC (AKA Hamilton Sundstrand), Refinancing Term Loan, 4.00%, 12/13/19			64		53,703
Gates Global LLC, Initial Dollar Term Loan, 4.25%, 7/06/21			41		38,380
					92,083
Media — 0.5%
Advantage Sales & Marketing, Inc., Initial Term Loan (First Lien), 4.25%, 7/23/21			35		33,170
Cengage Learning Acquisitions, Inc. (FKA TL Acquisitions, Inc.):
Term Loan, 7.00%, 3/31/20			82		79,875
Term Loan, 0.00%, 6/30/16 (a)(d)			20		—
iHeartCommunications, Inc. (FKA Clear Channel Communications, Inc.), Tranche D Term Loan, 7.17%, 1/30/19			57		40,071
Univision Communications, Inc., Replacement First-Lien Term Loan, 4.00%, 3/01/20			13		12,362
					165,478
Metals & Mining — 0.1%
Novelis, Inc., Initial Term Loan, 4.00%, 6/02/22			26		24,646
Oil, Gas & Consumable Fuels — 0.1%
CITGO Holding, Inc., Term Loan, 9.50%, 5/12/18			27		27,130

Floating Rate Loan Interests (e)		Par  (000)		Value
Pharmaceuticals — 0.2%
Valeant Pharmaceuticals International, Inc.:
Series E1 Tranche B Term Loan, 3.75%, 8/05/20	USD		27	$	25,853
Series F-1 Tranche B Term Loan, 4.00%, 4/01/22			39		37,389
					63,242
Real Estate Management & Development — 0.0%
Realogy Group LLC (FKA Realogy Corp.), Extended Synthetic Commitment, 0.27% — 4.40%, 10/10/16			6		5,672
Road & Rail — 0.2%
Hertz Corp., Tranche B-2 Term Loan, 3.00%, 3/11/18			61		60,399
Semiconductors & Semiconductor Equipment — 0.4%
Avago Technologies, Term Loan B, 3.50%, 11/11/22			85		83,991
Microsemi Corp., Term Loan, 4.50%, 12/17/22			12		11,766
NXP BV (NXP Funding LLC), Tranche B Loan, 3.75%, 12/07/20			32		31,414
					127,171
Software — 0.9%
Epicor Software Corp. (FKA Eagle Parent, Inc.), Term B Loan, 4.75%, 6/01/22			52		50,391
First Data Corp., 2018 New Dollar Term Loan, 3.92%, 3/23/18			115		113,449
Informatica Corp., Dollar Term Loan, 4.50%, 8/05/22			33		31,613
Kronos, Inc., Initial Term Loan (Second Lien), 9.75%, 4/30/20			90		89,082
TIBCO Software, Inc., Term Loan, 6.50%, 12/04/20			10		8,949
					293,484
Total Floating Rate Loan Interests — 6.8%					2,151,201
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 0.3%
Hilton USA Trust, Series 2013-HLT, Class EFX, 4.45%, 11/05/30 (c)(e)			113		112,955
Other Interests (i)		Beneficial Interest (000)
Auto Components — 0.0%
Lear Corp., Escrow (a)(d)			150		1,313
Lear Corp., Escrow (a)(d)			100		875
					2,188
Capital Markets — 0.1%
Lehman Brothers Holdings Capital Trust VII Escrow Bonds (a)(d)			110		8,113
Lehman Brothers Holdings Capital Trust VII Escrow Bonds (a)(d)			30		2,213
					10,326

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 83

Schedule of Investments (continued) BlackRock High Yield Portfolio

Other Interests (i)		Beneficial Interest (000)			Value
Household Durables — 0.2%
Stanley-Martin, Class B Membership Units (a)	USD		—	(j)	$	69,400
Total Other Interests — 0.3%						81,914
Preferred Securities
Capital Trusts		Par  (000)
Banks — 2.4%
Bank of America Corp.:
Series AA, 6.10% (e)(k)			22			22,303
Series V, 5.13% (e)(k)			70			66,675
Series X, 6.25% (e)(k)			115			115,287
Series Z, 6.50% (e)(k)			55			57,956
Citigroup, Inc.:
5.95% (e)(k)			75			73,387
Series N, 5.80% (e)(k)			40			39,660
Series P, 5.95% (e)(k)			70			67,375
Series R, 6.13% (e)(k)			23			23,460
JPMorgan Chase & Co.:
Series 1, 7.90% (e)(k)			75			76,350
Series V, 5.00% (e)(k)			65			61,750
Series Z, 5.30% (e)(k)			84			83,685
Wells Fargo & Co.:
Series S, 5.90% (e)(k)			15			15,131
Series U, 5.88% (e)(k)			69			72,623
						775,642
Capital Markets — 0.5%
Goldman Sachs Group, Inc., Series L, 5.70% (e)(k)			86			85,463
Morgan Stanley:
Series H, 5.45% (e)(k)			30			29,287
Series J, 5.55% (e)(k)			30			30,000
State Street Corp., Series F, 5.25% (e)(k)			5			5,006
						149,756
Consumer Finance — 0.2%
American Express Co., Series C, 4.90% (e)(k)			60			57,000
Wireless Telecommunication Services — 0.3%
Telefonica Europe BV, 4.20% (e)(k)	EUR		100			106,910
Total Capital Trusts — 3.4%						1,089,308

Preferred Stocks	Shares		Value
Consumer Finance — 0.0%
Ally Financial, Inc., Series A, 8.50% (e)		536		$  13,807
Diversified Financial Services — 0.2%
RBS Capital Funding Trust VI, Series F, 6.25%		2,075		52,145
Total Preferred Stocks — 0.2%				65,952
Trust Preferreds
Consumer Finance — 0.7%
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (e)		8,676		220,023
Diversified Financial Services — 0.2%
RBS Capital Funding Trust VII, Series G, 6.08% (k)		2,668		66,513
Total Trust Preferreds — 0.9%				286,536
Total Preferred Securities — 4.5%				1,441,796
Total Long-Term Investments (Cost — $32,360,636) — 92.3%				29,329,861
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (l)(m)		1,971,388		1,971,388
Total Short-Term Securities (Cost — $1,971,388) — 6.2%				1,971,388
Total Investments (Cost — $34,332,024) — 98.5%				31,301,249
Other Assets Less Liabilities — 1.5%				486,608
Net Assets — 100.0%			$	31,787,857

      Notes to Schedule of Investments

(a) Non-income producing security.

(b) Restricted security as to resale, excluding 144A securities. As of period end, the Fund held restricted securities with a current value of $195 and an original cost of $195 which was 0.0% of its net assets.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) Issuer filed for bankruptcy and/or is in default of interest payments.

(e) Variable rate security. Rate as of period end.

(f) Convertible security.

(g) Zero-coupon bond.

(h) Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(i) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(j) Amount is less than $500.

(k) Perpetual security with no stated maturity date.

See Notes to Financial Statements.

84 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock High Yield Portfolio

(i) During the year ended December 31, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2014		Shares Purchased			Shares Sold			Shares Held at December 31, 2015		Value Held at December 31, 2015		Income		Realized Gain (Loss)
BlackRock Liquidity Funds, TempFund, Institutional Class		433,841		1,537,547	1		—			1,971,388		$1,971,388	$	746	$	28
iShares iBoxx $ High Yield Corporate Bond ETF		2,399		18,547			(20,946	)		—		—	$	21,025	$	(54,696	)

¹ Represents net shares purchased.

(m) Current yield as of period end.

• For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

      Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contract
Contracts Short	Issue	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
(1)	Euro-Bobl	March 2016		USD	142,006		$   1,260
(2)	Euro-Bund	March 2016		USD	343,241		4,910
(3)	Russell 2000 Mini Index	March 2016		USD	339,450		(7,233	)
(22)	S&P 500 E-Mini Index	March 2016		USD	2,238,940		(32,207	)
Total							$(33,270	)

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	361,375	CAD	483,000	HSBC Bank PLC		1/06/16		$ 12,307
USD	1,313,417	EUR	1,240,000	UBS AG		1/06/16		(34,363	)
Total								$(22,056	)

Centrally Cleared Credit Default Swaps — Sell Protection
Index	Receive Fixed Rate	Expiration Date	Credit Rating1	Notional Amount (000)2			Unrealized Appreciation
CDX.NA.HY Series 25 Version 1	5.00%	12/20/20	B+		USD	650		$6,915

¹ Using S&P’s rating of the underlying securities of the index.

² The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

      Transactions in Options Written for the Year Ended December 31, 2015

	Puts
	Contracts		Premiums Received
Outstanding options, beginning of year	—		—
Options written	252		$ 25,281
Options closed	(252	)	(25,281	)
Outstanding options, end of year	—		—

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 85

Schedule of Investments (continued) BlackRock High Yield Portfolio

      Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Assets — Derivative Financial Instruments		Commodity Contracts	Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts	Total
Financial futures contracts	Net unrealized appreciation1	—		—		—		—		$6,170	—	$	6,170
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—		—		—		$12,307		—	—		12,307
Swaps — centrally cleared	Net unrealized appreciation1	—		$6,915		—		—		—	—		6,915
Total		—		$6,915		—		$12,307		$6,170	—	$	25,392
Liabilities — Derivative Financial Instruments
Financial futures contracts	Net unrealized depreciation1	—		—		$39,440		—		—	—	$	39,440
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—		—		—		$34,363		—	—		34,363
Total		—		—		$39,440		$34,363		—	—	$	73,803

¹  Includes cumulative appreciation (depreciation) on financial futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the year ended December 31, 2015, the effect of derivative financial instruments in the Statements of Operations were as follows:

Net Realized Gain (Loss) from:	Commodity Contracts	Credit Contracts		Equity Contracts				Foreign Currency Exchange Contracts				Interest Rate Contracts			Other Contracts	Total
Financial futures contracts	—		—		$	(126,506	)			—			$(4,915	)	—		$	(131,421	)
Foreign currency transactions	—		—			—			$	589,529			—		—			589,529
Options purchased1	—		—			(7,978	)			—			—		—			(7,978	)
Options written	—		—			4,104				—			—		—			4,104
Swaps	—		$28,822			—				—			—		—			28,822
Total	—		$28,822		$	(130,380	)		$	589,529			$(4,915	)	—		$	483,056
Net Change in Unrealized Appreciation (Depreciation) on:
Financial futures contracts	—		—		$	68,417				—			$ 6,170		—		$	74,587
Foreign currency translations	—		—			—			$	(218,491	)		—		—			(218,491	)
Swaps	—		$10,126			—				—			—		—			10,126
Total	—		$10,126		$	68,417			$	(218,491	)		$ 6,170		—		$	(133,778	)

¹  Options purchased are included in the net realized gain (loss) from investments.

      Average Quarterly Balances of Outstanding Derivative Financial Instruments

Financial futures contracts:
Average notional value of contracts - short	$	2,473,471
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$	2,607,460
Average amounts sold - USD	$	405,044
Options:
Average value of option contracts purchased	$	4,524
Average value of option contracts written	$	1,334
Credit default swaps:
Average notional value - sell protection	$	1,108,500

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

See Notes to Financial Statements.

86 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock High Yield Portfolio

      Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments:
Financial futures contracts	$	24,570			—
Forward foreign currency exchange contracts		12,307			$34,363
Swaps — Centrally cleared		—			294
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	36,877			$34,657
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(24,570	)		(294	)
Total derivative assets and liabilities subject to an MNA	$	12,307			$34,363

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund.

Counterparty	Derivative Assets Subject to an MNA by Counterparty			Derivatives Available for Offset	Non-cash Collateral Received	Cash Collateral Received	Net Amount of Derivative Assets1
HSBC Bank PLC		$	12,307	—	—	—		$	12,307
Counterparty	Derivative Liabilities Subject to an MNA  by Counterparty			Derivatives Available for Offset	Non-cash Collateral Pledged	Cash Collateral Pledged	Net Amount of Derivative Liabilities2
UBS AG		$	34,363	—	—	—		$	34,363

¹  Net amount represents the net amount receivable due to the counterparty in the event of default.

²  Net amount represents the net amount payable due to the counterparty in the event of default.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments3:
Common Stocks	$	946,844	$	438,450	$	195	$	1,385,489
Corporate Bonds		—		23,935,748		220,758		24,156,506
Floating Rate Loan Interests		—		2,078,981		72,220		2,151,201
Non-Agency Mortgage-Backed Securities		—		112,955		—		112,955
Other Interests		—		10,326		71,588		81,914
Preferred Securities		352,488		1,089,308		—		1,441,796
Short-Term Securities		1,971,388		—		—		1,971,388
Total	$	3,270,720	$	27,665,768	$	364,761	$	31,301,249

³  See above Schedule of Investments for values in each industry.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 87

Schedule of Investments (concluded) BlackRock High Yield Portfolio

	Level 1			Level 2			Level 3	Total
Derivative Financial Instruments1
Assets:
Credit contracts		—		$	6,915		—	$	6,915
Foreign currency exchange contracts		—			12,307		—		12,307
Interest rate contracts	$	6,170			—		—		6,170
Liabilities:
Equity contracts		(39,440	)		—		—		(39,440	)
Foreign currency exchange contracts		—			(34,363	)	—		(34,363	)
Total	$	(33,270	)	$	(15,141	)	—	$	(48,411	)

¹  Derivative financial instruments are swaps, financial futures contracts and forward foreign currency exchange contracts. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2	Level 3	Total
Assets:
Foreign currency at value	$	8,915	—	—	$	8,915
Cash pledged for financial futures contracts		124,800	—	—		124,800
Cash pledged for centrally cleared swaps		40,190	—	—		40,190
Total	$	173,905	—	—	$	173,905

During the year ended December 31, 2015, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Total
Assets:
Opening Balance, as of December 31, 2014	$	—		$	258,807			$ 435,457			$ 72,538		$	766,802
Transfers into Level 3		—			—			—			—			—
Transfers out of Level 3		—			—			(191,186	)		—			(191,186	)
Accrued discounts/premiums		—			—			1,373			—			1,373
Net realized gain (loss)		(305,426	)		(41,275	)		(1,872	)		—			(348,573	)
Net change in unrealized appreciation (depreciation)2,3		305,426			42,798			18,949			(950	)		366,223
Purchases		195			82,479			81,408			—			164,082
Sales		—			(122,051	)		(271,909	)		—			(393,960	)
Closing Balance, as of December 31, 2015	$	195		$	220,758			$   72,220			$ 71,588		$	364,761
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20153		—		$	(4,500	)		$   (1,318	)		$    (950	)	$	(6,768	)

²  Included in the related change in unrealized appreciation (depreciation) in the Statements of Operations.

³  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2015 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

See Notes to Financial Statements.

88 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments December 31, 2015	BlackRock Large Cap Core Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.3%
Raytheon Co.		17,330	$	2,158,105
Air Freight & Logistics — 1.3%
FedEx Corp.		14,280		2,127,577
Airlines — 2.1%
Southwest Airlines Co.		58,400		2,514,704
United Continental Holdings, Inc. (a)		18,600		1,065,780
				3,580,484
Auto Components — 2.3%
Goodyear Tire & Rubber Co.		30,900		1,009,503
Lear Corp.		22,900		2,812,807
				3,822,310
Banks — 12.0%
Bank of America Corp.		235,879		3,969,844
Citigroup, Inc.		79,493		4,113,763
JPMorgan Chase & Co.		87,165		5,755,505
SunTrust Banks, Inc.		58,730		2,515,993
U.S. Bancorp		93,765		4,000,952
				20,356,057
Beverages — 2.3%
Dr. Pepper Snapple Group, Inc.		26,000		2,423,200
Molson Coors Brewing Co., Class B		15,800		1,483,936
				3,907,136
Biotechnology — 2.8%
Amgen, Inc.		20,980		3,405,683
Gilead Sciences, Inc.		13,800		1,396,422
				4,802,105
Building Products — 0.5%
Owens Corning		19,300		907,679
Capital Markets — 1.7%
Goldman Sachs Group, Inc.		16,470		2,968,388
Chemicals — 1.5%
Dow Chemical Co.		22,700		1,168,596
Eastman Chemical Co.		19,570		1,321,171
				2,489,767
Communications Equipment — 2.9%
Brocade Communications Systems, Inc.		116,856		1,072,738
Cisco Systems, Inc.		140,450		3,813,920
				4,886,658
Consumer Finance — 0.6%
SLM Corp. (a)		161,658		1,054,010
Containers & Packaging — 0.5%
Packaging Corp. of America		13,641		860,065
Electronic Equipment, Instruments & Components — 0.6%
CDW Corp.		26,060		1,095,562
Energy Equipment & Services — 2.1%
Atwood Oceanics, Inc. (b)		43,100		440,913
Schlumberger Ltd.		40,040		2,792,790
Weatherford International PLC (a)(b)		45,550		382,165
				3,615,868
Food & Staples Retailing — 2.8%
CVS Health Corp.		45,875		4,485,199
Kroger Co.		5,300		221,699
				4,706,898
Food Products — 1.1%
Pilgrim’s Pride Corp. (b)		13,900		307,051

Common Stocks	Shares		Value
Food Products (continued)
Tyson Foods, Inc., Class A		30,270	$	1,614,299
				1,921,350
Health Care Equipment & Supplies — 0.1%
Medtronic PLC		2,470		189,992
Health Care Providers & Services — 11.7%
Aetna, Inc.		35,800		3,870,696
Centene Corp. (a)(b)		28,200		1,855,842
Cigna Corp.		26,100		3,819,213
Express Scripts Holding Co. (a)		6,200		541,942
Humana, Inc.		9,500		1,695,845
Laboratory Corp. of America Holdings (a)		15,570		1,925,075
McKesson Corp.		7,700		1,518,671
UnitedHealth Group, Inc.		25,400		2,988,056
Universal Health Services, Inc., Class B		12,922		1,544,050
				19,759,390
Hotels, Restaurants & Leisure — 2.5%
Carnival Corp.		69,508		3,786,796
Las Vegas Sands Corp.		8,500		372,640
				4,159,436
Household Durables — 1.3%
DR Horton, Inc. (b)		23,972		767,823
Lennar Corp., Class A (b)		13,500		660,285
NVR, Inc. (a)		242		397,606
Toll Brothers, Inc. (a)		11,144		371,095
				2,196,809
Industrial Conglomerates — 0.4%
3M Co.		4,175		628,922
Insurance — 3.4%
American International Group, Inc.		62,200		3,854,534
Travelers Cos., Inc.		17,320		1,954,735
				5,809,269
Internet & Catalog Retail — 1.0%
Priceline Group, Inc. (a)		1,350		1,721,183
Internet Software & Services — 5.2%
Alphabet, Inc., Class A (a)		3,985		3,100,370
Alphabet, Inc., Class C (a)		4,166		3,161,494
Facebook, Inc., Class A (a)		24,070		2,519,166
				8,781,030
IT Services — 5.7%
Amdocs Ltd.		25,796		1,407,688
Cognizant Technology Solutions Corp., Class A (a)		44,800		2,688,896
DST Systems, Inc.		6,743		769,107
MasterCard, Inc., Class A		36,100		3,514,696
Total System Services, Inc.		24,890		1,239,522
				9,619,909
Machinery — 0.3%
WABCO Holdings, Inc. (a)(b)		5,500		562,430
Media — 3.9%
Comcast Corp., Class A		79,500		4,486,185
Omnicom Group, Inc. (b)		16,050		1,214,343
Viacom, Inc., Class B		20,900		860,244
				6,560,772
Multi-Utilities — 0.8%
Public Service Enterprise Group, Inc.		36,200		1,400,578

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 89

Schedule of Investments (continued) BlackRock Large Cap Core Portfolio

Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels — 3.2%
BP PLC - ADR		52,040	$	1,626,770
Exxon Mobil Corp.		1,360		106,012
Hess Corp.		5,068		245,697
PBF Energy, Inc., Class A		6,960		256,198
Suncor Energy, Inc.		69,650		1,796,970
Tesoro Corp.		5,518		581,432
Valero Energy Corp.		10,400		735,384
				5,348,463
Paper & Forest Products — 0.4%
Domtar Corp.		19,800		731,610
Pharmaceuticals — 3.3%
Allergan PLC (a)		3,600		1,125,000
Johnson & Johnson		6,150		631,728
Merck & Co., Inc.		4,548		240,225
Pfizer, Inc.		5,570		179,800
Teva Pharmaceutical Industries Ltd. - ADR		51,161		3,358,208
				5,534,961
Semiconductors & Semiconductor Equipment — 1.8%
Intel Corp.		29,590		1,019,375
Micron Technology, Inc. (a)		39,640		561,302
NVIDIA Corp.		42,800		1,410,688
				2,991,365
Software — 3.9%
Activision Blizzard, Inc.		60,850		2,355,503
Microsoft Corp.		57,040		3,164,579
Oracle Corp.		30,040		1,097,361
				6,617,443
Specialty Retail — 5.9%
Home Depot, Inc.		31,400		4,152,650
Lowe’s Cos., Inc.		56,400		4,288,656
Ross Stores, Inc.		27,528		1,481,282
				9,922,588

Common Stocks	Shares		Value
Technology Hardware, Storage & Peripherals — 3.7%
Apple Inc.		36,900	$	3,884,094
EMC Corp.		20,770		533,374
Western Digital Corp.		29,740		1,785,887
				6,203,355
Textiles, Apparel & Luxury Goods — 0.2%
Fossil Group, Inc. (a)		7,900		288,824
Tobacco — 2.0%
Altria Group, Inc.		58,525		3,406,740
Total Common Stocks — 99.1%				167,695,088
Investment Companies — 0.4%
Utilities Select Sector SPDR Fund (b)		14,300		618,904
Total Long-Term Investments (Cost — $135,649,678) — 99.5%				168,313,992
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (c)(d)		914,407		914,407
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.39% (c)(d)(e)		$  6,717		6,716,532
Total Short-Term Securities (Cost — $7,630,939) — 4.5%				7,630,939
Total Investments (Cost — $143,280,617) — 104.0%				175,944,931
Liabilities in Excess of Other Assets — (4.0)%				(6,771,859	)
Net Assets — 100.0%			$	169,173,072

      Notes to Schedule of Investments

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) During the year ended December 31, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/Beneficial Interest Held at December 31, 2014		Net Activity			Shares/Beneficial Interest Held at December 31, 2015		Income			Realized Gain
BlackRock Liquidity Funds, TempFund, Institutional Class		3,805,787		(2,891,380	)		914,407	$	2,036			$41
BlackRock Liquidity Series, LLC, Money Market Series		—	$	6,716,532			$6,716,532	$	10,155	1		—

¹  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and other payments to and from borrowers of securities, and less the collateral investment expenses.

(d) Current yield as of period end.

(e) Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

• For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

See Notes to Financial Statements.

90 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (concluded) BlackRock Large Cap Core Portfolio

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Long-Term Investments:
Common Stocks1	$	167,695,088		—	—	$	167,695,088
Investment Companies		618,904		—	—		618,904
Short-Term Securities		914,407	$	6,716,532	—		7,630,939
Total	$	169,228,399	$	6,716,532	—	$	175,944,931

¹  See above Schedule of Investments for values in each industry.

The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, collateral on securities loaned at value of $6,716,532 is categorized as level 2 within the disclosure hierarchy.

During the year ended December 31, 2015, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 91

Schedule of Investments December 31, 2015	BlackRock Total Return Portfolio
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par   (000)		Value
ACAS CLO Ltd., Series 2012-1AR, Class BR, 2.64%, 9/20/23 (a)(b)	USD		250	$	248,712
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-OP1, Class A2, 1.14%, 12/25/33 (b)			23		18,614
Series 2006-CW1, Class A2D, 0.68%, 7/25/36 (b)			195		108,596
B2R Mortgage Trust:
Series 2015-1, Class A1, 2.52%, 5/15/48 (a)			98		95,671
Series 2015-2, Class A, 3.34%, 11/15/48 (a)			100		99,507
Bayview Opportunity Master Fund IIIA Trust, Series 2014-16RP, Class A, 3.84%, 11/28/29 (a)(c)			49		48,130
BCMSC Trust:
Series 2000-A, Class A2, 7.58%, 6/15/30 (b)			20		10,154
Series 2000-A, Class A3, 7.83%, 6/15/30 (b)			18		9,717
Series 2000-A, Class A4, 8.29%, 6/15/30 (b)			32		17,845
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE10, Class 22A, 0.56%, 11/25/36-3/25/37 (b)			123		97,354
CHLUPA Trust, Series 2013-VM, Class A, 3.33%, 8/15/20 (a)			44		43,805
CIFC Funding Ltd.:
Series 2011-1AR, Class A1R, 1.59%, 1/19/23 (a)(b)			98		97,799
Series 2014-2A, Class A1L, 1.86%, 5/24/26 (a)(b)			250		247,020
Citigroup Mortgage Loan Trust, Series 2006-NC1, Class A2D, 0.67%, 8/25/36 (b)			30		22,078
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH3, Class A3, 0.67%, 6/25/37 (b)			30		24,692
Countrywide Asset-Backed Certificates:
Series 2003-BC3, Class A2, 1.04%, 9/25/33 (b)			27		25,094
Series 2004-5, Class A, 1.32%, 10/25/34 (b)			32		31,137
Series 2006-8, Class 2A3, 0.58%, 1/25/46 (b)			41		37,111
Series 2006-S10, Class A3, 0.74%, 10/25/36 (b)			39		30,932
Series 2006-S3, Class A4, 6.43%, 1/25/29 (c)			22		21,288
Series 2006-SPS1, Class A, 0.64%, 12/25/25 (b)			2		7,756
CT CDO IV Ltd., Series 2006-4A, Class A1, 0.71%, 10/20/43 (a)(b)			15		14,964
CWHEQ Home Equity Loan Trust:
Series 2006-S5, Class A4, 5.84%, 6/25/35			18		17,222
Series 2006-S5, Class A5, 6.16%, 6/25/35			18		16,069
Series 2007-S1, Class A3, 5.81%, 11/25/36 (b)			36		35,934
CWHEQ Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, 0.50%, 12/15/33 (a)(b)			42		35,695
CWHEQ Revolving Home Equity Loan Trust, Series 2005-B, Class 2A, 0.51%, 5/15/35 (b)			16		13,168
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (a)			110		109,169

Asset-Backed Securities		Par   (000)		Value
Ford Credit Floorplan Master Owner Trust, Series 2012-5, Class C, 2.14%, 9/15/19	USD		100	$	100,066
GSAMP Trust, Series 2007-H1, Class A1B, 0.62%, 1/25/47 (b)			18		12,001
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.37%, 7/25/36			17		7,329
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, 0.69%, 4/15/36 (b)			23		20,452
JPMorgan Mortgage Acquisition Trust, Series 2006-WF1, Class A3A, 5.83%, 7/25/36 (c)			65		39,114
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 3/15/28 (b)			40		42,718
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 3.50%, 10/01/27 (a)			106		105,788
Long Beach Mortgage Loan Trust:
Series 2006-1, Class 1A, 0.64%, 2/25/36-11/25/36 (b)			68		47,581
Series 2006-2, Class 2A3, 0.61%, 3/25/46 (b)			30		12,045
Morgan Stanley ABS Capital I, Inc., Trust, Series 2005-HE1, Class A2MZ, 1.02%, 12/25/34 (b)			35		31,156
Navient Private Education Loan Trust, Series 2014-CTA, Class B, 2.08%, 10/17/44 (a)(b)			100		94,848
New Century Home Equity Loan Trust, Series 2006-1, Class A2C, 0.70%, 5/25/36 (b)			60		32,065
OHA Loan Funding Ltd., Series 2013-2A, Class A, 1.65%, 8/23/24 (a)(b)			200		198,532
OneMain Financial Issuance Trust, Series 2014-1A, Class A, 2.43%, 6/18/24 (a)			125		124,569
Option One Mortgage Acceptance Corp. Asset Back Certificates, Series 2003-4, Class A2, 1.06%, 7/25/33 (b)			50		47,107
OZLM Funding IV Ltd., Series 2013-4A, Class A1, 1.47%, 7/22/25 (a)(b)			250		245,625
OZLM Funding Ltd., Series 2012-2A, Class A1, 1.80%, 10/30/23 (a)(b)			250		249,417
PFS Financing Corp., Series 2013-AA, Class B, 1.43%, 2/16/18 (a)(b)			170		169,800
RASC Trust, Series 2003-KS5, Class AIIB, 1.00%, 7/25/33 (b)			19		17,185
RCO Mortgage LLC, Series 2015-NQM1, Class A, 3.50%, 6/25/23 (a)(b)			50		49,960
Santander Drive Auto Receivables Trust:
Series 2014-S4, Class R, 1.43%, 4/16/19-6/18/19 (a)			31		31,323
Series 2014-S6, Class R, 1.43%, 12/17/19 (a)			4		4,103
SASCO Mortgage Loan Trust, Series 2005-GEL2, Class A, 0.70%, 4/25/35 (b)			2		2,068
Scholar Funding Trust:
Series 2011-A, Class A, 1.22%, 10/28/43 (a)(b)			63		60,259
Series 2013-A, Class A, 1.07%, 1/30/45 (a)(b)			187		174,226
Silvermore CLO Ltd., Series 2014-1A, Class A1, 1.81%, 5/15/26 (a)(b)			250		246,760
SLM Private Credit Student Loan Trust:
Series 2004-B, Class A2, 0.71%, 6/15/21 (b)			47		46,236
Series 2004-B, Class A3, 0.84%, 3/15/24 (b)			25		23,592

See Notes to Financial Statements.

92 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Asset-Backed Securities		Par   (000)		Value
SLM Private Education Loan Trust, Series 2013-B, Class A2A, 1.85%, 6/17/30 (a)	USD		320	$	311,225
SLM Student Loan Trust, Series 2013-C, Class A2B, 1.73%, 10/15/31 (a)(b)			100		100,137
SMB Private Education Loan Trust, Series 2015-B, Class A3, 2.08%, 5/17/32 (a)(b)			100		97,779
SoFi Professional Loan Program LLC, Series 2015-B, Class A2, 2.51%, 9/27/32 (a)			87		85,563
SpringCastle America Funding LLC, Series 2014-AA, Class B, 4.61%, 10/25/27 (a)			25		25,047
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, 0.72%, 1/25/35 (b)			51		47,369
SWAY Residential Trust, Series 2014-1, Class A, 1.65%, 1/17/20 (a)(b)			99		97,233
Symphony CLO XV Ltd., Series 2014-15A, Class B1, 2.52%, 10/17/26 (a)(b)			250		247,879
TICP CLO III Ltd., Series 2014-3A, Class A, 1.86%, 1/20/27 (a)(b)			250		246,626
Tricon American Homes Trust, Series 2015-SFR1, Class A, 1.57%, 5/17/32 (a)(b)			100		97,943
U.S. Residential Opportunity Fund Trust, Series 2015-1III, Class A, 3.72%, 1/27/35 (a)			75		74,159
Venture XIX CLO Ltd., Series 2014-19A, Class A, 1.92%, 1/15/26 (a)(b)			250		248,369
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, 0.55%, 7/25/37 (a)(b)			37		32,866
Total Asset-Backed Securities — 8.9%					5,533,353
Corporate Bonds
Aerospace & Defense — 0.4%
BAE Systems Holdings, Inc.:
2.85%, 12/15/20 (a)			12		11,969
3.85%, 12/15/25 (a)			8		7,920
4.75%, 10/07/44 (a)			3		2,920
Boeing Co.:
2.20%, 10/30/22			4		3,861
2.60%, 10/30/25			6		5,808
Lockheed Martin Corp.:
3.10%, 1/15/23			5		4,997
3.55%, 1/15/26			14		14,049
3.60%, 3/01/35			19		16,991
4.50%, 5/15/36			5		5,062
4.07%, 12/15/42			16		14,807
4.70%, 5/15/46			16		16,390
Northrop Grumman Corp., 3.85%, 4/15/45			12		10,783
Raytheon Co., 3.15%, 12/15/24			10		10,020
United Technologies Corp.:
1.78%, 5/04/18 (c)			78		77,213
4.15%, 5/15/45			19		18,154
					220,944
Air Freight & Logistics — 0.1%
FedEx Corp.:
4.90%, 1/15/34			32		32,874
3.90%, 2/01/35			3		2,731

Corporate Bonds		Par   (000)		Value
Air Freight & Logistics (continued)
4.10%, 2/01/45	USD		20	$	17,822
4.75%, 11/15/45			16		15,852
					69,279
Airlines — 0.3%
American Airlines Group, Inc., 4.63%, 3/01/20 (a)			34		32,385
American Airlines Pass-Through Trust, Series 2015-1, Class A, 3.38%, 5/01/27			84		81,312
Southwest Airlines Co.:
2.75%, 11/06/19			11		11,085
2.65%, 11/05/20			25		24,873
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 9/15/28 (a)			21		20,638
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			7		6,656
					176,949
Auto Components — 0.2%
BorgWarner, Inc., 3.38%, 3/15/25			23		21,713
Delphi Automotive PLC, 4.25%, 1/15/26			30		30,134
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
3.50%, 3/15/17			20		20,100
4.88%, 3/15/19			25		24,775
6.00%, 8/01/20			30		30,252
					126,974
Banks — 4.0%
Bank of America Corp.:
2.25%, 4/21/20			155		151,259
3.30%, 1/11/23			76		74,809
4.00%, 1/22/25			65		63,630
3.95%, 4/21/25			82		79,849
3.88%, 8/01/25			129		130,952
4.88%, 4/01/44			5		5,177
Bank of Nova Scotia:
1.30%, 7/21/17			248		247,222
2.80%, 7/21/21			110		110,605
BB&T Corp., 2.45%, 1/15/20			40		40,268
Citigroup, Inc.:
1.80%, 2/05/18			58		57,778
2.50%, 9/26/18			106		106,921
2.50%, 7/29/19			153		152,769
3.50%, 5/15/23			39		38,345
3.88%, 3/26/25			40		38,932
HSBC Bank Brasil SA - Banco Multiplo, 4.00%, 5/11/16 (a)			330		330,825
HSBC USA, Inc.:
2.35%, 3/05/20			162		160,117
2.75%, 8/07/20			100		100,010
JPMorgan Chase & Co.:
1.35%, 2/15/17			152		151,694
2.20%, 10/22/19			35		34,717
2.75%, 6/23/20			7		7,031
3.88%, 9/10/24			112		111,411
3.90%, 7/15/25			64		65,953
4.25%, 10/01/27			30		29,928
U.S. Bancorp, 2.95%, 7/15/22			71		70,591
Wells Fargo & Co.:
2.60%, 7/22/20			69		68,823
2.55%, 12/07/20			27		26,867
3.55%, 9/29/25			35		35,315

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 93

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds		Par   (000)		Value
Banks (continued)
4.90%, 11/17/45	USD		16	$	16,143
					2,507,941
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42			12		10,311
Coca-Cola Co., 2.88%, 10/27/25			59		58,165
Molson Coors Brewing Co., 5.00%, 5/01/42			10		9,630
					78,106
Biotechnology — 0.4%
Amgen, Inc.:
2.13%, 5/01/20			40		39,455
5.65%, 6/15/42			30		32,463
4.40%, 5/01/45			20		18,530
Biogen, Inc.:
2.90%, 9/15/20			15		14,961
3.63%, 9/15/22			26		26,288
4.05%, 9/15/25			22		22,100
5.20%, 9/15/45			18		18,007
Celgene Corp.:
2.25%, 5/15/19			25		24,780
3.25%, 8/15/22			25		24,802
Gilead Sciences, Inc.:
2.35%, 2/01/20			10		10,007
3.65%, 3/01/26			8		8,068
4.60%, 9/01/35			9		9,152
4.50%, 2/01/45			13		12,716
4.75%, 3/01/46			7		7,084
					268,413
Building Products — 0.1%
Building Materials Corp. of America, 6.00%, 10/15/25 (a)			75		76,500
Capital Markets — 1.7%
Bank of New York Mellon Corp.:
2.10%, 1/15/19			71		71,330
3.00%, 2/24/25			51		50,153
Deutsche Bank AG, 1.88%, 2/13/18			37		36,685
Goldman Sachs Group, Inc.:
3.63%, 2/07/16			58		58,147
2.63%, 1/31/19			125		125,894
2.60%, 4/23/20			46		45,651
2.75%, 9/15/20			20		19,987
3.50%, 1/23/25			25		24,570
3.75%, 5/22/25			166		167,107
4.25%, 10/21/25			11		10,916
4.80%, 7/08/44			15		14,913
4.75%, 10/21/45			25		24,834
Jefferies Group LLC, 6.50%, 1/20/43			10		9,246
Lehman Brothers Holdings, Inc., 0.00%, 7/19/17 (b)(d)			150		—
Morgan Stanley:
2.80%, 6/16/20			76		76,242
3.75%, 2/25/23			153		156,713
3.70%, 10/23/24			56		56,269
4.00%, 7/23/25			77		79,293
4.30%, 1/27/45			29		27,669
					1,055,619
Chemicals — 0.3%
Agrium, Inc., 4.13%, 3/15/35			14		11,909
CF Industries, Inc.:
3.45%, 6/01/23			20		18,615
5.38%, 3/15/44			31		26,961
Dow Chemical Co.:
4.38%, 11/15/42			9		7,838

Corporate Bonds		Par   (000)		Value
Chemicals (continued)
4.63%, 10/01/44	USD		11	$	9,943
Eastman Chemical Co., 4.80%, 9/01/42			15		13,772
Ecolab, Inc., 2.25%, 1/12/20			19		18,891
Huntsman International LLC, 5.13%, 11/15/22 (a)			20		18,000
Monsanto Co., 3.60%, 7/15/42			25		18,089
Sherwin-Williams Co., 4.00%, 12/15/42			10		9,447
					153,465
Commercial Services & Supplies — 0.2%
Aviation Capital Group Corp., 2.88%, 9/17/18 (a)			55		54,684
Republic Services, Inc., 3.20%, 3/15/25			36		34,657
Waste Management, Inc.:
3.13%, 3/01/25			13		12,652
3.90%, 3/01/35			16		14,899
					116,892
Communications Equipment — 0.1%
Harris Corp.:
2.70%, 4/27/20			14		13,735
4.85%, 4/27/35			30		29,519
5.05%, 4/27/45			15		14,688
Juniper Networks, Inc., 3.30%, 6/15/20			21		20,909
					78,851
Consumer Finance — 1.9%
Ally Financial, Inc.:
4.13%, 2/13/22			60		59,400
5.13%, 9/30/24			65		66,544
American Express Credit Corp.:
1.13%, 6/05/17			145		144,331
2.25%, 8/15/19			65		65,011
Capital One Financial Corp., 4.20%, 10/29/25			34		33,570
Discover Financial Services, 3.75%, 3/04/25			23		22,087
Ford Motor Credit Co. LLC, 1.72%, 12/06/17			235		231,380
General Motors Financial Co., Inc.:
2.75%, 5/15/16			70		70,205
2.63%, 7/10/17			100		100,305
4.75%, 8/15/17			90		93,280
3.10%, 1/15/19			13		12,981
3.70%, 11/24/20			37		37,100
3.45%, 4/10/22			35		33,574
4.00%, 1/15/25			56		53,130
Synchrony Financial:
2.60%, 1/15/19			36		35,871
2.70%, 2/03/20			19		18,636
4.50%, 7/23/25			35		34,917
Toyota Motor Credit Corp., 2.75%, 5/17/21			81		81,874
					1,194,196
Containers & Packaging — 0.2%
Reynolds Group Issuer, Inc., 6.88%, 2/15/21			130		133,900
Diversified Financial Services — 0.8%
BP Capital Markets PLC, 2.24%, 5/10/19			86		86,114
General Electric Capital Corp.:
3.15%, 9/07/22			50		51,174
3.10%, 1/09/23			102		103,531
Intercontinental Exchange, Inc.:
2.75%, 12/01/20			18		17,996
3.75%, 12/01/25			12		12,033
Moody’s Corp., 4.50%, 9/01/22			24		25,436
Shell International Finance BV:
2.13%, 5/11/20			83		81,652
4.13%, 5/11/35			70		66,817
3.63%, 8/21/42			16		13,350

See Notes to Financial Statements.

94 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds		Par (000)		Value
Diversified Financial Services (continued)
Woodside Finance Ltd., 3.65%, 3/05/25 (a)	USD		9	$	7,971
					466,074
Diversified Telecommunication Services — 1.3%
AT&T Inc.:
2.38%, 11/27/18			21		21,143
2.30%, 3/11/19			30		29,985
2.45%, 6/30/20			68		66,968
3.88%, 8/15/21			32		33,014
3.00%, 6/30/22			96		93,698
3.40%, 5/15/25			79		75,926
4.30%, 12/15/42			33		28,198
4.75%, 5/15/46			17		15,565
Intelsat Jackson Holdings SA, 5.50%, 8/01/23			20		15,700
Verizon Communications, Inc.:
2.63%, 2/21/20			106		106,369
3.45%, 3/15/21			66		67,524
5.05%, 3/15/34			17		16,937
4.40%, 11/01/34			110		101,489
3.85%, 11/01/42			98		80,104
4.86%, 8/21/46			40		37,869
					790,489
Electric Utilities — 1.2%
Alabama Power Co., 2.80%, 4/01/25			8		7,719
Commonwealth Edison Co., 4.70%, 1/15/44			25		26,296
Duke Energy Carolinas LLC:
4.25%, 12/15/41			40		39,870
3.75%, 6/01/45			19		17,597
Duke Energy Corp.:
3.05%, 8/15/22			2		1,972
3.75%, 4/15/24			27		27,356
4.80%, 12/15/45			25		25,257
Duke Energy Florida LLC, 3.85%, 11/15/42			19		17,777
Entergy Arkansas, Inc., 3.70%, 6/01/24			69		70,374
Exelon Corp., 2.85%, 6/15/20			51		50,721
Florida Power & Light Co., 3.80%, 12/15/42			14		13,257
Georgia Power Co., 3.00%, 4/15/16			156		156,866
PacifiCorp:
3.60%, 4/01/24			91		94,038
3.35%, 7/01/25			70		70,568
Progress Energy, Inc., 4.88%, 12/01/19			5		5,361
Public Service Co. of Colorado, 2.50%, 3/15/23			33		32,151
Puget Sound Energy, Inc., 4.30%, 5/20/45			39		39,502
Southern California Edison Co., 1.25%, 11/01/17			19		18,896
Trans-Allegheny Interstate Line Co., 3.85%, 6/01/25 (a)			57		57,004
					772,582
Electrical Equipment — 0.0%
Rockwell Automation, Inc., 2.88%, 3/01/25			25		24,381
Electronic Equipment, Instruments & Components — 0.0%
CDW LLC/CDW Finance Corp., 5.00%, 9/01/23			20		20,300
Energy Equipment & Services — 0.1%
Ensco PLC, 5.75%, 10/01/44			7		4,614
Schlumberger Holdings Corp., 3.00%, 12/21/20 (a)			48		47,380
Transocean, Inc., 6.80%, 3/15/38			10		5,388
					57,382
Food & Staples Retailing — 0.2%
CVS Health Corp.:
4.00%, 12/05/23			28		29,098

Corporate Bonds		Par (000)		Value
Food & Staples Retailing (continued)
4.88%, 7/20/35	USD		66	$	68,144
5.30%, 12/05/43			10		10,741
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44			20		18,092
Wal-Mart Stores, Inc.:
2.55%, 4/11/23			17		16,765
4.00%, 4/11/43			10		9,711
					152,551
Food Products — 0.0%
Kraft Foods Group, Inc., 6.88%, 1/26/39			11		13,037
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories, 2.55%, 3/15/22			98		97,390
Becton Dickinson and Co.:
1.45%, 5/15/17			30		29,873
1.80%, 12/15/17			11		10,984
2.68%, 12/15/19			38		38,207
3.13%, 11/08/21			17		17,143
4.69%, 12/15/44			8		8,071
Boston Scientific Corp.:
2.65%, 10/01/18			28		28,147
2.85%, 5/15/20			37		36,807
3.85%, 5/15/25			41		40,342
Medtronic, Inc.:
2.50%, 3/15/20			24		24,170
3.13%, 3/15/22			22		22,223
3.63%, 3/15/24			30		30,728
4.63%, 3/15/44			33		33,583
4.63%, 3/15/45			22		22,692
St. Jude Medical, Inc.:
2.80%, 9/15/20			26		26,010
3.88%, 9/15/25			9		9,084
Stryker Corp., 3.38%, 11/01/25			12		11,844
Zimmer Biomet Holdings, Inc.:
3.55%, 4/01/25			11		10,689
4.25%, 8/15/35			32		29,832
					527,819
Health Care Providers & Services — 1.4%
Aetna, Inc.:
4.50%, 5/15/42			26		25,541
4.13%, 11/07/42			14		13,100
AmerisourceBergen Corp.:
1.15%, 5/15/17			42		41,699
3.25%, 3/01/25			10		9,682
4.25%, 3/01/45			10		9,191
Anthem, Inc.:
1.88%, 1/15/18			130		129,436
2.30%, 7/15/18			164		163,691
3.30%, 1/15/23			65		63,168
4.65%, 8/15/44			17		16,203
Baylor Scott & White Holdings, 4.19%, 11/15/45			15		14,185
Catholic Health Initiatives, 4.35%, 11/01/42			10		9,353
Cigna Corp., 3.25%, 4/15/25			60		58,876
Dignity Health, 5.27%, 11/01/64			25		25,647
Express Scripts Holding Co.:
1.25%, 6/02/17			25		24,833
3.90%, 2/15/22			16		16,435
HCA, Inc., 5.25%, 4/15/25			65		65,488
Laboratory Corp. of America Holdings, 2.63%, 2/01/20			20		19,745
Ochsner Clinic Foundation, 5.90%, 5/15/45			10		10,743
Southern Baptist Hospital of Florida, Inc., 4.86%, 7/15/45			10		10,331

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 95

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds		Par (000)		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.:
2.70%, 7/15/20	USD		15	$	15,157
2.88%, 12/15/21			34		34,472
3.35%, 7/15/22			15		15,343
4.63%, 7/15/35			7		7,267
3.95%, 10/15/42			39		36,300
					835,886
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp.:
2.75%, 12/09/20			10		9,993
3.70%, 1/30/26			10		9,992
4.70%, 12/09/35			8		7,970
4.60%, 5/26/45			10		9,622
4.88%, 12/09/45			9		9,055
					46,632
Household Durables — 0.1%
Newell Rubbermaid, Inc., 2.88%, 12/01/19			71		68,492
Household Products — 0.1%
Kimberly-Clark Corp.:
1.90%, 5/22/19			70		69,708
2.65%, 3/01/25			11		10,618
					80,326
Industrial Conglomerates — 0.2%
Eaton Corp., 2.75%, 11/02/22			40		38,706
General Electric Co., 4.50%, 3/11/44			54		55,573
					94,279
Insurance — 1.3%
Aflac, Inc., 3.63%, 6/15/23			21		21,741
Allstate Corp., 3.15%, 6/15/23			21		20,984
American International Group, Inc.:
3.38%, 8/15/20			37		38,042
3.75%, 7/10/25			25		24,777
3.88%, 1/15/35			22		19,405
4.50%, 7/16/44			28		25,893
4.38%, 1/15/55			16		13,749
Aon PLC, 4.75%, 5/15/45			13		12,852
Lincoln National Corp., 3.35%, 3/09/25			11		10,606
Loews Corp., 2.63%, 5/15/23			21		20,010
Marsh & McLennan Cos., Inc., 3.75%, 3/14/26			6		6,008
MetLife, Inc., 4.05%, 3/01/45			45		41,760
Metropolitan Life Global Funding I:
1.30%, 4/10/17 (a)			265		264,899
2.30%, 4/10/19 (a)			150		150,036
Prudential Financial, Inc., 4.60%, 5/15/44			53		52,738
Travelers Cos., Inc., 4.60%, 8/01/43			30		31,525
XLIT Ltd., 2.30%, 12/15/18			35		35,006
					790,031
Internet & Catalog Retail — 0.1%
Amazon.com, Inc., 2.60%, 12/05/19			38		38,596
IT Services — 0.6%
Fidelity National Information Services, Inc., 3.63%, 10/15/20			4		4,052
Hewlett Packard Enterprise Co.:
2.85%, 10/05/18 (a)			65		64,964
3.60%, 10/15/20 (a)			57		57,131
International Business Machines Corp., 2.88%, 11/09/22			100		99,239
MasterCard, Inc., 3.38%, 4/01/24			31		31,680

Corporate Bonds		Par (000)		Value
IT Services (continued)
Visa, Inc.:
2.80%, 12/14/22	USD		56	$	56,231
3.15%, 12/14/25			47		47,058
4.15%, 12/14/35			16		16,153
4.30%, 12/14/45			22		22,320
					398,828
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.:
3.30%, 2/15/22			24		23,941
3.65%, 12/15/25			9		8,949
					32,890
Machinery — 0.2%
Caterpillar, Inc., 4.75%, 5/15/64			39		37,567
Ingersoll-Rand Luxembourg Finance SA:
2.63%, 5/01/20			25		24,633
4.65%, 11/01/44			5		4,785
John Deere Capital Corp., 3.35%, 6/12/24			50		50,808
					117,793
Media — 1.5%
21st Century Fox America, Inc.:
3.70%, 9/15/24			19		19,157
3.70%, 10/15/25 (a)			8		7,980
4.75%, 9/15/44			13		12,504
4.95%, 10/15/45 (a)			4		3,950
CBS Corp., 2.30%, 8/15/19			25		24,723
CCO Safari II LLC:
3.58%, 7/23/20 (a)			43		42,742
4.46%, 7/23/22 (a)			87		86,696
6.38%, 10/23/35 (a)			36		36,372
CCOH Safari LLC, 5.75%, 2/15/26 (a)			15		15,038
Comcast Corp.:
3.38%, 8/15/25			49		49,606
4.25%, 1/15/33			10		9,826
4.40%, 8/15/35			50		50,298
4.60%, 8/15/45			17		17,213
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
4.60%, 2/15/21			70		74,142
6.38%, 3/01/41			13		13,953
Discovery Communications LLC:
3.45%, 3/15/25			18		16,295
4.88%, 4/01/43			10		8,231
DISH DBS Corp., 5.00%, 3/15/23			20		17,350
Interpublic Group of Cos., Inc.:
4.00%, 3/15/22			22		22,032
3.75%, 2/15/23			16		15,395
NBCUniversal Media LLC, 4.45%, 1/15/43			25		24,494
Scripps Networks Interactive, Inc., 2.75%, 11/15/19			19		18,689
Time Warner Cable, Inc.:
5.00%, 2/01/20			30		31,757
4.13%, 2/15/21			58		59,222
4.00%, 9/01/21			8		8,078
5.50%, 9/01/41			22		19,880
4.50%, 9/15/42			3		2,354
Time Warner, Inc.:
2.10%, 6/01/19			100		99,450
3.60%, 7/15/25			39		37,966
4.65%, 6/01/44			40		36,694
Viacom, Inc.:
2.75%, 12/15/19			49		48,338

See Notes to Financial Statements.

96 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds		Par (000)		Value
Media (continued)
4.50%, 3/01/21	USD		24	$	24,777
					955,202
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.:
4.00%, 11/14/21			30		18,000
5.40%, 11/14/34			17		9,010
Newmont Mining Corp., 3.50%, 3/15/22			14		12,478
Novelis, Inc., 8.75%, 12/15/20			145		133,038
Nucor Corp., 5.20%, 8/01/43			12		10,890
					183,416
Multiline Retail — 0.1%
Macy’s Retail Holdings, Inc., 4.50%, 12/15/34			16		13,373
Target Corp.:
3.50%, 7/01/24			11		11,414
4.00%, 7/01/42			14		13,669
					38,456
Multi-Utilities — 0.8%
Berkshire Hathaway Energy Co.:
2.40%, 2/01/20			17		16,841
3.50%, 2/01/25			17		16,858
CenterPoint Energy Houston Electric LLC, 4.50%, 4/01/44			16		16,506
CMS Energy Corp., 3.88%, 3/01/24			58		58,878
Consumers Energy Co., 3.95%, 5/15/43			14		13,550
Dominion Resources, Inc.:
1.95%, 8/15/16			58		58,146
2.50%, 12/01/19			40		39,852
DTE Electric Co., 3.95%, 6/15/42			19		18,189
DTE Energy Co.:
2.40%, 12/01/19			13		12,945
3.50%, 6/01/24			48		48,053
NiSource Finance Corp., 3.85%, 2/15/23			30		30,583
Pacific Gas & Electric Co.:
4.75%, 2/15/44			19		19,744
4.30%, 3/15/45			14		13,811
PG&E Corp., 2.40%, 3/01/19			29		28,938
Sempra Energy, 2.88%, 10/01/22			12		11,612
Virginia Electric & Power Co.:
3.45%, 2/15/24			20		20,418
4.45%, 2/15/44			14		14,399
4.20%, 5/15/45			32		31,775
					471,098
Oil, Gas & Consumable Fuels — 2.1%
Anadarko Petroleum Corp.:
7.95%, 6/15/39			18		19,233
4.50%, 7/15/44			18		13,780
California Resources Corp.:
8.00%, 12/15/22 (a)			12		6,315
6.00%, 11/15/24			5		1,525
Chevron Corp.:
2.19%, 11/15/19			10		9,996
1.96%, 3/03/20			102		100,515
CONSOL Energy, Inc., 5.88%, 4/15/22			20		12,400
Continental Resources, Inc.:
3.80%, 6/01/24			18		12,680
4.90%, 6/01/44			28		16,883
Devon Energy Corp., 5.60%, 7/15/41			21		15,872
Energy Transfer Partners LP:
4.15%, 10/01/20			20		18,450
4.65%, 6/01/21			32		30,043
4.90%, 3/15/35			21		15,269
6.63%, 10/15/36			15		12,990
5.15%, 2/01/43			19		13,583

Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC:
3.90%, 2/15/24	USD		22	$	20,526
3.70%, 2/15/26			56		50,232
4.45%, 2/15/43			49		37,382
Exxon Mobil Corp., 1.82%, 3/15/19			99		99,072
Halcon Resources Corp., 8.63%, 2/01/20 (a)			20		13,800
Kinder Morgan Energy Partners LP:
3.50%, 3/01/21			251		224,614
4.70%, 11/01/42			38		26,739
Kinder Morgan, Inc., 3.05%, 12/01/19			21		19,436
Laredo Petroleum, Inc., 7.38%, 5/01/22			5		4,600
Marathon Petroleum Corp., 4.75%, 9/15/44			12		9,809
MEG Energy Corp.:
6.50%, 3/15/21 (a)			8		5,600
7.00%, 3/31/24 (a)			50		35,500
Peabody Energy Corp., 6.00%, 11/15/18			12		2,220
Phillips 66, 4.88%, 11/15/44			11		9,814
Plains All American Pipeline LP/PAA Finance Corp.:
2.85%, 1/31/23			67		55,266
5.15%, 6/01/42			15		10,883
4.90%, 2/15/45			14		10,069
Regency Energy Partners LP/Regency Energy Finance Corp., 5.00%, 10/01/22			38		33,663
Spectra Energy Partners LP, 3.50%, 3/15/25			96		83,971
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23			33		27,853
TransCanada PipeLines Ltd.:
1.88%, 1/12/18			18		17,929
2.50%, 8/01/22			26		23,870
4.63%, 3/01/34			39		36,873
Valero Energy Corp., 3.65%, 3/15/25			63		59,423
Western Gas Partners LP, 4.00%, 7/01/22			30		26,535
Williams Partners LP:
4.00%, 11/15/21			49		40,870
4.50%, 11/15/23			12		9,713
4.90%, 1/15/45			42		26,739
					1,322,535
Paper & Forest Products — 0.1%
International Paper Co.:
3.65%, 6/15/24			17		16,627
4.80%, 6/15/44			25		22,743
					39,370
Pharmaceuticals — 1.2%
AbbVie, Inc.:
2.50%, 5/14/20			56		55,437
2.90%, 11/06/22			35		33,860
4.50%, 5/14/35			27		26,449
4.40%, 11/06/42			27		25,216
Actavis Funding SCS:
2.35%, 3/12/18			132		132,138
3.00%, 3/12/20			155		154,877
AstraZeneca PLC:
3.38%, 11/16/25			45		44,674
4.38%, 11/16/45			13		13,026
Bristol-Myers Squibb Co., 4.50%, 3/01/44			23		24,864
Eli Lilly & Co., 3.70%, 3/01/45			13		12,160
Endo Finance LLC/Endo Finco, Inc., 5.88%, 1/15/23 (a)			20		19,600
GlaxoSmithKline Capital PLC, 2.85%, 5/08/22			22		22,171
Mylan, Inc., 3.13%, 1/15/23 (a)			18		16,517
Novartis Capital Corp.:
4.40%, 4/24/20			35		38,330

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 97

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds		Par   (000)		Value
Pharmaceuticals (continued)
3.00%, 11/20/25	USD		20	$	19,721
4.00%, 11/20/45			10		9,795
Pfizer, Inc.:
4.30%, 6/15/43			15		15,011
4.40%, 5/15/44			11		11,171
Teva Pharmaceutical Finance Co. BV, 3.65%, 11/10/21			17		17,240
Valeant Pharmaceuticals International, Inc.,
6.13%, 4/15/25 (a)			55		49,088
Zoetis, Inc., 3.25%, 2/01/23			12		11,458
					752,803
Real Estate Investment Trusts (REITs) — 0.3%
American Tower Corp.:
3.45%, 9/15/21			22		22,108
3.50%, 1/31/23			8		7,819
5.00%, 2/15/24			8		8,468
AvalonBay Communities, Inc., 3.50%, 11/15/25			4		3,961
Communications Sales & Leasing, Inc./CSL Capital LLC, 8.25%, 10/15/23			20		16,900
ERP Operating LP, 3.38%, 6/01/25			19		18,788
Omega Healthcare Investors, Inc., 4.50%, 4/01/27			16		15,065
Prologis LP, 3.75%, 11/01/25			7		6,944
Simon Property Group LP:
3.38%, 10/01/24			28		28,265
4.25%, 10/01/44			20		19,913
Ventas Realty LP, 3.75%, 5/01/24			40		39,197
					187,428
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC:
3.45%, 9/15/21			10		10,221
3.00%, 3/15/23			24		23,651
4.15%, 4/01/45			10		9,063
4.70%, 9/01/45			10		9,978
CSX Corp.:
3.35%, 11/01/25			14		13,597
4.10%, 3/15/44			12		10,872
Norfolk Southern Corp., 4.45%, 6/15/45			19		17,903
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 2/01/22 (a)			42		40,781
Ryder System, Inc., 2.45%, 9/03/19			28		27,584
Union Pacific Corp.:
3.38%, 2/01/35			11		9,935
4.05%, 11/15/45			3		2,903
4.38%, 11/15/49			15		13,905
3.88%, 2/01/55			30		26,454
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 5/14/26			55		54,911
					271,758
Semiconductors & Semiconductor Equipment — 0.1%
Analog Devices, Inc.:
3.90%, 12/15/25			7		7,067
5.30%, 12/15/45			7		7,212
Applied Materials, Inc.:
2.63%, 10/01/20			22		21,975
3.90%, 10/01/25			16		16,086
					52,340
Software — 0.6%
First Data Corp.:
8.75%, 1/15/22 (a)			48		50,153
5.00%, 1/15/24 (a)			7		6,965
5.75%, 1/15/24 (a)			15		14,775

Corporate Bonds		Par   (000)		Value
Software (continued)
Microsoft Corp.:
3.13%, 11/03/25	USD		16	$	16,085
3.50%, 2/12/35			40		36,970
4.45%, 11/03/45			3		3,094
Oracle Corp.:
2.80%, 7/08/21			146		147,884
3.25%, 5/15/30			56		52,591
4.38%, 5/15/55			23		21,041
					349,558
Specialty Retail — 0.2%
Home Depot, Inc.:
3.35%, 9/15/25			7		7,153
5.40%, 9/15/40			11		12,818
4.40%, 3/15/45			11		11,369
Lowe’s Cos., Inc.:
3.38%, 9/15/25			8		8,122
4.25%, 9/15/44			12		11,943
4.38%, 9/15/45			6		6,167
QVC, Inc.:
3.13%, 4/01/19			12		11,844
5.13%, 7/02/22			28		27,911
					97,327
Technology Hardware, Storage & Peripherals — 0.4%
Apple Inc.:
2.10%, 5/06/19			139		140,625
2.00%, 5/06/20			59		58,939
3.45%, 2/09/45			12		10,332
HP, Inc., 3.75%, 12/01/20			6		5,953
					215,849
Textiles, Apparel & Luxury Goods — 0.0%
NIKE, Inc., 3.88%, 11/01/45			20		19,300
Tobacco — 0.3%
Altria Group, Inc.:
2.63%, 1/14/20			23		23,043
2.85%, 8/09/22			12		11,699
4.25%, 8/09/42			12		11,010
Philip Morris International, Inc.:
1.13%, 8/21/17			50		49,928
4.13%, 3/04/43			19		17,960
4.88%, 11/15/43			23		24,316
Reynolds American, Inc.:
2.30%, 6/12/18			22		22,138
3.25%, 6/12/20			18		18,293
3.25%, 11/01/22			12		11,865
4.75%, 11/01/42			19		18,135
					208,387
Trading Companies & Distributors — 0.1%
GATX Corp., 2.60%, 3/30/20			26		25,295
HD Supply, Inc., 5.25%, 12/15/21 (a)			20		20,400
United Rentals North America, Inc., 7.63%, 4/15/22			20		21,374
					67,069
Wireless Telecommunication Services — 0.9%
America Movil SAB de CV, 2.38%, 9/08/16			205		205,752
Orange SA, 5.50%, 2/06/44			18		19,110
Rogers Communications, Inc.:
3.63%, 12/15/25			8		7,869
5.00%, 3/15/44			8		8,054
Sprint Communications, Inc., 9.00%, 11/15/18 (a)			210		221,025
Sprint Corp., 7.88%, 9/15/23			45		33,795

See Notes to Financial Statements.

98 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds		Par (000)		Value
Wireless Telecommunication Services (continued)
T-Mobile USA, Inc.:
6.63%, 4/28/21	USD		30	$	31,125
6.73%, 4/28/22			25		26,063
6.84%, 4/28/23			10		10,350
Vodafone Group PLC, 2.50%, 9/26/22			20		18,526
					581,669
Total Corporate Bonds — 28.1%					17,399,962
Foreign Agency Obligations
Norway — 0.2%
Statoil ASA, 2.90%, 11/08/20			145		147,371
Foreign Government Obligations
Germany — 0.5%
Deutsche Bundesrepublik Inflation Linked Bonds, 0.10%, 4/15/26	EUR		250		287,868
Indonesia — 0.0%
Republic of Indonesia, 8.38%, 3/15/34	IDR		336,000		22,825
Mexico — 1.0%
United Mexican States:
4.75%, 6/14/18	MXN		1,545		90,057
4.00%, 10/02/23	USD		480		486,240
8.00%, 12/07/23	MXN		1,000		64,943
					641,240
Poland — 0.2%
Republic of Poland:
3.25%, 7/25/25	PLN		163		42,738
2.50%, 7/25/26			284		68,155
					110,893
Russia — 0.0%
Russian Federation, 7.00%, 8/16/23	RUB		310		3,670
Slovenia — 0.2%
Republic of Slovenia, 2.25%, 3/25/22	EUR		101		117,740
Turkey — 0.4%
Republic of Turkey, 5.75%, 3/22/24	USD		200		211,304
Total Foreign Government Obligations — 2.3%					1,395,540
Investment Companies — 1.2%		Shares
iShares iBoxx $ High Yield Corporate Bond ETF (e)			9,267		746,735
Non-Agency Mortgage-Backed Securities		Par (000)
Collateralized Mortgage Obligations — 2.9%
American Home Mortgage Assets Trust, Series 2006-3, Class 2A11, 1.20%, 10/25/46 (b)	USD		50		35,370
Bear Stearns Mortgage Funding Trust:
Series 2007-AR2, Class A1, 0.59%, 3/25/37 (b)			10		8,104
Series 2007-AR4, Class 1A1, 0.62%, 9/25/47 (b)			35		28,138

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust:
Series 2005-72, Class A3, 0.72%, 1/25/36 (b)	USD		15	$	12,668
Series 2006-15CB, Class A1, 6.50%, 6/25/36			7		5,623
Series 2006-OA10, Class 4A1, 0.61%, 8/25/46 (b)			58		44,448
Series 2006-OA14, Class 1A1, 1.99%, 11/25/46 (b)			78		65,423
Series 2006-OA6, Class 1A2, 0.63%, 7/25/46 (b)			40		33,060
Series 2006-OA8, Class 1A1, 0.61%, 7/25/46 (b)			12		9,930
Series 2007-22, Class 2A16, 6.50%, 9/25/37			440		342,870
Series 2007-OA3, Class 1A1, 0.36%, 4/25/47 (b)			18		14,713
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2006-OA4, Class A1, 1.22%, 4/25/46 (b)			111		61,711
Series 2006-OA5, Class 2A1, 0.62%, 4/25/46 (b)			120		97,260
Credit Suisse Commercial Mortgage Trust, Series 2014-9R, Class 3A1, 2.03%, 11/27/37 (a)(b)			42		39,285
Credit Suisse Mortgage Capital Certificates: Series 2011-2R, Class 1A1, 2.43%, 3/27/37 (a)(b)			41		40,045
Series 2013-5R, Class 1A6, 0.46%, 2/27/36 (a)(b)			25		19,500
Series 2014-11R, Class 16A1, 3.17%, 9/27/47 (a)(b)			50		48,353
Series 2015-5R, Class 3A1, 4.75%, 1/29/37 (a)			30		28,676
Series 2015-PR1, Class A-1, 3.50%, 2/25/55 (a)(c)			95		91,682
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-RMP1, Class A2, 0.57%, 12/25/36 (b)			95		76,804
GreenPoint Mortgage Funding Trust, Series 2006-AR2, Class 4A1, 2.26%, 3/25/36 (b)			9		7,022
Impac Secured Assets CMN Owner Trust, Series 2004-3, Class 1A4, 1.22%, 11/25/34 (b)			23		22,753
LSTAR Securities Investment Trust:
Series 2014-1, Class Note, 3.34%, 9/01/21 (a)(b)			180		179,434
Series 2014-2, Class A, 2.24%, 12/01/21 (a)(b)			115		113,700
Series 2015-10, Class A1, 2.24%, 11/02/20 (a)(b)			98		96,235
RALI Trust:
Series 2006-QO2, Class A1, 0.64%, 2/25/46 (b)			106		45,287
Series 2007-QH6, Class A1, 0.61%, 7/25/37 (b)			18		14,382
Series 2007-QH9, Class A1, 1.53%, 11/25/37 (b)			39		24,528
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 3A1, 2.70%, 4/25/47 (b)			217		169,720
Structured Asset Mortgage Investments II Trust, Series 2006-AR4, Class 3A1, 0.61%, 6/25/36 (b)			21		16,658
					1,793,382

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 99

Schedule of Investments (continued) BlackRock Total Return Portfolio

Non-Agency Mortgage-Backed Securities		Par   (000)		Value
Commercial Mortgage-Backed Securities — 5.6%
Banc of America Commercial Mortgage Trust:
Series 2007-1, Class AMFX, 5.48%, 1/15/49 (b)	USD		15	$	15,360
Series 2007-3, Class A1A, 5.56%, 6/10/49 (b)			127		130,992
Series 2007-3, Class A4, 5.56%, 6/10/49 (b)			247		253,758
Series 2007-3, Class AJ, 5.56%, 6/10/49 (b)			20		20,264
Series 2007-5, Class AM, 5.77%, 2/10/51 (b)			40		41,612
Bayview Commercial Asset Trust, Series 2006-3A, Class A2, 0.72%, 10/25/36 (a)(b)			35		28,406
Bear Stearns Commercial Mortgage Securities Trust:
Series 2007-PW15, Class A1A, 5.32%, 2/11/44			87		89,719
Series 2007-PW16, Class AM, 5.72%, 6/11/40 (b)			25		26,023
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class A, 1.73%, 12/15/27 (a)(b)			100		99,373
Citigroup Commercial Mortgage Trust, Series 2014-388G, Class A, 1.08%, 6/15/33 (a)(b)			100		98,961
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class AMA, 6.12%, 11/15/44 (b)			46		48,808
COBALT CMBS Commercial Mortgage Trust, Series 2007-C3, Class AM, 5.77%, 5/15/46 (b)			80		83,978
Commercial Mortgage Pass-Through Certificates:
Series 2007-C9, Class AJFL, 0.98%, 12/10/49 (a)(b)			40		38,207
Series 2010-RR1, Class GEB, 5.54%, 12/11/49 (a)(b)			100		102,895
Series 2013-GAM, Class A2, 3.37%, 2/10/28 (a)			110		110,835
Series 2014-FL5, Class D, 4.33%, 10/15/31 (a)(b)			100		96,531
Credit Suisse Commercial Mortgage Trust, Series 2015-DEAL, Class A, 1.65%, 4/15/29 (a)(b)			100		99,735
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class AJ, 4.77%, 7/15/37			-(k)		395
Credit Suisse Mortgage Capital Certificates, Series 2010-RR2, Class 2A, 5.95%, 9/15/39 (a)(b)			141		146,127
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class D, 3.80%, 4/17/50 (a)(b)			100		78,622
Del Coronado Trust, Series 2013-HDMZ, Class M, 5.33%, 3/15/18 (a)(b)			100		99,820
Deutsche Bank Re-REMIC Trust, Series 2013-EZ3, Class A, 1.64%, 12/18/49 (a)(b)			49		49,327
Extended Stay America Trust, Series 2013-ESH7, Class A27, 2.96%, 12/05/31 (a)			100		100,088
GS Mortgage Securities Corp. II, Series 2013-KING, Class E, 3.44%, 12/10/27 (a)(b)			180		171,928
Hilton USA Trust, Series 2013-HLT, Class EFX, 4.45%, 11/05/30 (a)(b)			150		149,941
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB16, Class AM, 5.59%, 5/12/45			30		30,381

Non-Agency Mortgage-Backed Securities		Par   (000)			Value
Commercial Mortgage-Backed Securities (continued)
Series 2007-CB20, Class AJ, 6.08%, 2/12/51 (b)	USD		10		$	10,162
Series 2007-LDPX, Class AM, 5.46%, 1/15/49 (b)			75			76,399
Series 2008-C2, Class ASB, 6.13%, 2/12/51 (b)			70			71,478
Series 2015-CSMO, Class D, 3.63%, 1/15/32 (a)(b)			100			99,286
Series 2015-JP1, Class D, 4.40%, 1/15/49 (b)			10			8,345
LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class AJ, 5.48%, 2/15/40			10			10,100
Merrill Lynch Mortgage Trust, Series 2007-C1, Class A1A, 5.84%, 6/12/50 (b)			57			59,105
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2015-C25, Class D, 3.07%, 10/15/48			10			6,894
Series 2015-C26, Class D, 3.06%, 10/15/48 (a)			10			7,043
Morgan Stanley Capital I Trust:
Series 2007-HQ11, Class AMFL, 0.49%, 2/12/44 (b)			25			24,379
Series 2007-HQ12, Class AM, 5.72%, 4/12/49 (b)			50			51,809
Series 2007-IQ13, Class AM, 5.41%, 3/15/44			60			61,588
Morgan Stanley Re-REMIC Trust:
Series 2011-IO, Class C, 0.00%, 3/23/51 (a)(f)			37			35,998
Series 2012-IO, Class AXB2, 1.00%, 3/27/51 (a)			19			18,759
Series 2012-XA, Class A, 2.00%, 7/27/49 (a)			43			42,549
RBSCF Trust, Series 2010-RR3, Class WBTA, 5.95%, 2/16/51 (a)(b)			349			354,018
SCG Trust, Series 2013-SRP1, Class AJ, 2.28%, 11/15/26 (a)(b)			100	��		99,396
STRIPs Ltd.:
Series 2012-1A, Class A, 1.50%, 12/25/44 (a)			34			33,721
Series 2012-1A, Class B, 0.50%, 12/25/44 (a)(b)			100			90,540
Wachovia Bank Commercial Mortgage Trust:
Series 2006-C29, Class AM, 5.34%, 11/15/48			15			15,310
Series 2007-C33, Class AJ, 5.95%, 2/15/51 (b)			20			20,383
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class D, 3.85%, 11/15/48			10			7,348
Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.75%, 8/20/21 (a)			25			25,345
						3,442,041
Interest Only Commercial Mortgage-Backed Securities — 0.7%
BB-UBS Trust, Series 2012-SHOW, Class XA, 0.60%, 11/05/36 (a)(b)			1,760			83,798
Commercial Mortgage Pass-Through Certificates:
Series 2013-LC6, Class XA, 1.74%, 1/10/46 (b)			988			67,913
Series 2015-3BP, Class XA, 0.06%, 2/10/35 (a)(b)			939			7,456
Series 2015-CR23, Class XA, 1.01%, 5/10/48 (b)			299			18,518
GS Mortgage Securities Corp. II, Series 2013-GC10, Class XA, 1.62%, 2/10/46 (b)			1,250			103,938

See Notes to Financial Statements.

100 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Non-Agency Mortgage-Backed Securities		Par  (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Hilton USA Trust, Series 2013-HLT, Class X1FX, 0.09%, 11/05/30 (a)(b)	USD		1,225	$	12
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Class XA, 0.00%, 12/15/47 (b)			961		73,349
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class XA, 1.16%, 12/15/47 (b)			201		12,996
WF-RBS Commercial Mortgage Trust:
Series 2014-C24, Class XA, 0.98%, 11/15/47 (b)			413		25,064
Series 2014-LC14, Class XA, 1.43%, 3/15/47 (b)			980		70,402
					463,446
Total Non-Agency Mortgage-Backed Securities — 9.2%					5,698,869
Other Interests (g)		Beneficial  Interest (000)
Capital Markets — 0.0%
Lehman Brothers Holdings Capital Trust VII (d)(h)			55		6
Lehman Brothers Holdings, Inc. (d)(h)			325		33
Total Other Interests — 0.0%					39
Preferred Securities
Capital Trusts		Par  (000)
Banks — 0.3%
Bank of America Corp., 6.10% (b)(i)			14		14,193
Citigroup, Inc., 5.90% (b)(i)			17		16,703
Citigroup, Inc., 5.95% (b)(i)			56		55,825
Citigroup, Inc., 5.95% (b)(i)			50		48,125
Citigroup, Inc., 6.13% (b)(i)			38		38,760
					173,606
Capital Markets — 0.0%
State Street Capital Trust IV, 1.51%, 6/01/77 (b)			20		16,350
Consumer Finance — 0.1%
Capital One Financial Corp., 5.55% (b)(i)			31		30,845
Insurance — 0.0%
MetLife, Inc., 5.25% (b)(i)			16		16,280
Total Capital Trusts — 0.4%					237,081
Trust Preferreds		Shares
Banks — 0.3%
Citigroup Capital XIII, 7.88%, 10/30/40 (b)			6,917		179,773
Consumer Finance — 0.1%
GMAC Capital Trust I, 8.13%, 2/15/40 (b)			4,000		101,440
Total Trust Preferreds — 0.4%					281,213
Total Preferred Securities — 0.8%					518,294

Taxable Municipal Bonds		Par  (000)		Value
Arizona Health Facilities Authority RB, 1.03%, 1/01/37 (b)	USD		20	$	18,079
Bay Area Toll Authority RB, 6.92%, 4/01/40			20		26,344
California State Public Works Board RB, 8.36%, 10/01/34			10		14,124
City of Charleston, SC Waterworks & Sewer System Revenue RB, 5.00%, 1/01/45			10		11,662
City of San Jose, CA Airport Revenue RB, AMBAC, 5.00%, 3/01/37			15		15,548
Clark County School District GO, 5.00%, 6/15/26-6/15/28			30		36,654
Contra Costa Community College District GO, 6.50%, 8/01/34			10		12,415
County of Miami-Dade, FL Aviation Revenue RB, 5.00%, 10/01/38			30		33,847
County of Sacramento, CA Airport System Revenue RB, AGM, 5.25%, 7/01/39			10		10,768
Delaware Transportation Authority RB, 5.00%, 6/01/55			10		11,280
Golden State Tobacco Securitization Corp. RB, 5.00%, 6/01/40			25		28,655
Grant County Public Utility District No. 2 RB, 4.58%, 1/01/40			5		4,972
Los Angeles Community College District GO, 6.60%, 8/01/42			20		27,343
Los Angeles Department of Water & Power RB, 6.60%, 7/01/50			10		13,640
Massachusetts Development Finance Agency RB, 5.00%, 7/01/44-8/15/45			50		54,975
Metropolitan Pier & Exposition Authority RB, 5.00%, 6/15/52			10		10,350
Metropolitan St. Louis Sewer District RB, 5.00%, 5/01/45			25		29,287
Metropolitan Transportation Authority RB:
6.69%, 11/15/40			10		13,088
6.81%, 11/15/40			20		26,486
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB, 7.46%, 10/01/46			10		13,447
Miami-Dade County Educational Facilities Authority RB, 5.07%, 4/01/50			15		15,643
Municipal Electric Authority of Georgia RB, 6.64%, 4/01/57			15		17,865
New Jersey State Turnpike Authority RB, 7.41%, 1/01/40			23		32,691
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 7/15/36			10		11,675
New York City Water & Sewer System RB:
5.75%, 6/15/41			10		12,629
5.38%, 6/15/43			95		110,583
5.50%, 6/15/43			115		134,718
5.88%, 6/15/44			20		25,832
New York State Dormitory Authority RB, 5.39%, 3/15/40			15		17,827
New York State Thruway Authority RB, 5.00%, 1/01/31			10		11,888
Orange County Local Transportation Authority RB, 6.91%, 2/15/41			25		33,686
Pennsylvania Economic Development Financing Authority RB, 5.00%, 12/31/38			20		21,863
Port Authority of New York & New Jersey RB, 4.96%, 8/01/46			30		32,406
Regents of the University of California Medical Center Pooled Revenue RB, 6.58%, 5/15/49			25		32,098

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 101

Schedule of Investments (continued) BlackRock Total Return Portfolio

Taxable Municipal Bonds		Par  (000)			Value
Salt River Project Agricultural Improvement & Power District RB, 5.00%, 12/01/45	USD		25		$	29,119
State of California GO:
7.50%, 4/01/34			20			28,003
7.55%, 4/01/39			10			14,537
4.99%, 4/01/39			15			15,330
7.60%, 11/01/40			85			126,344
State of Connecticut GO, 5.00%, 11/15/32			10			11,848
State of Illinois GO, 5.10%, 6/01/33			80			75,684
State of Washington GO, 5.00%, 7/01/28			10			12,139
University of California RB, 4.86%, 5/15/12			15			14,349
Utility Debt Securitization Authority RB, 5.00%, 12/15/36-12/15/37			25			29,951
Wisconsin Department of Transportation RB, 5.00%, 7/01/31			10			11,997
Total Taxable Municipal Bonds — 2.1%						1,293,669
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.3%
Fannie Mae:
Series 2013-C01, Class M2, 5.67%, 10/25/23 (b)			115			119,177
Series 2014-C01, Class M2, 4.82%, 1/25/24 (b)			41			40,700
						159,877
Commercial Mortgage-Backed Securities — 0.0%
Freddie Mac, Series K050, Class A2, 3.33%, 8/25/25			20			20,463
Interest Only Commercial Mortgage-Backed Securities — 0.1%
Fannie Mae:
Series 2013-M5, Class X2, 2.33%, 1/25/22 (b)			274			26,069
Series 2014-M13, Class X2, 0.14%, 2/25/24 (b)			1,867			20,912
Ginnie Mae, Series 2012-120, Class IO, 0.91%, 2/16/53 (b)			512			32,573
						79,554
Mortgage-Backed Securities — 42.7%
Fannie Mae Mortgage-Backed Securities:
2.35%, 8/01/38 (b)			56			59,405
2.50%, 4/01/30-1/01/31 (j)			565			570,044
2.96%, 3/01/41 (b)			19			20,110
3.00%, 11/01/26-6/01/43 (j)			2,677			2,724,082
3.13%, 3/01/41 (b)			37			39,645
3.15%, 12/01/40 (b)			48			49,918
3.35%, 6/01/41 (b)			44			46,329
3.50%, 7/01/26-1/01/46 (j)			4,397			4,571,186
3.50%, 9/01/41 (b)			32			33,215
4.00%, 2/01/25-1/01/46 (j)			2,113			2,246,624
4.50%, 2/01/25-1/01/46 (j)			1,977			2,134,501
5.00%, 9/01/33-1/01/46 (j)			706			778,099
5.50%, 2/01/35-1/01/46 (j)			691			773,733
6.00%, 2/01/17-9/01/40			336			381,604
6.50%, 5/01/40			164			187,902
7.00%, 2/01/16			—	(k)		1
Freddie Mac Mortgage-Backed Securities:
2.38%, 4/01/38 (b)			72			75,978
2.50%, 3/01/30-1/01/31 (j)			294			296,766
2.99%, 2/01/41 (b)			49			52,263
3.00%, 5/01/27-1/01/46 (j)			850			858,990
3.50%, 4/01/42-1/01/46 (j)			2,889			2,978,015

U.S. Government Sponsored Agency Securities		Par  (000)		Value
Mortgage-Backed Securities (concluded)
4.00%, 8/01/40-1/01/46 (j)	USD		1,064	$	1,125,677
4.50%, 2/01/39-7/01/45			467		504,480
5.00%, 8/01/40-1/01/46 (j)			563		616,019
5.50%, 6/01/41			96		107,165
6.00%, 6/01/35			70		79,063
Ginnie Mae Mortgage-Backed Securities:
3.00%, 7/20/45-1/15/46 (j)			939		952,436
3.50%, 10/20/42-10/20/45			1,458		1,522,020
4.00%, 12/20/40-1/15/46 (j)			855		908,955
4.50%, 12/20/39-2/15/42			1,022		1,108,882
5.00%, 7/15/39-1/15/46 (j)			388		425,566
5.50%, 5/20/36-1/15/46 (j)			207		229,765
					26,458,438
Total U.S. Government Sponsored Agency Securities — 43.1%					26,718,332
U.S. Treasury Obligations
U.S. Treasury Bonds:
2.88%, 8/15/45			1,765		1,714,090
3.00%, 11/15/45			249		247,752
U.S. Treasury Inflation Indexed Notes:
0.25%, 1/15/25			2,089		1,993,516
0.38%, 7/15/25			341		330,099
U.S. Treasury Notes:
0.75%, 10/31/17			2,490		2,476,773
0.88%, 10/15/18 (l)			2,800		2,769,155
1.38%, 10/31/20 (l)			1,066		1,047,179
1.63%, 11/30/20 (l)			2,358		2,343,998
1.88%, 10/31/22 (m)			1,240		1,224,307
2.25%, 11/15/25 (l)			474		472,645
Total U.S. Treasury Obligations — 23.6%					14,619,514
Total Long-Term Investments (Cost — $74,832,164) — 119.5%					74,071,678
Short-Term Securities
Borrowed Bond Agreements — 3.1%(n)
Barclays Capital, Inc., 0.30%, 1/06/16 (Purchased on 12/30/15 to be repurchased at $27,582, collateralized by U.S. Treasury Notes, 1.38% due at 9/30/20, par and fair value of USD 28,000 and $27,517, respectively)			28		27,580
Deutsche Bank Securities, Inc., 0.35%, 1/06/16 (Purchased on 12/30/15 to be repurchased at $24,845, collateralized by U.S. Treasury Bonds, 3.00% due at 5/15/45, par and fair value of USD 25,000 and $24,886, respectively)			25		24,844
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.30%, 1/04/16 (Purchased on 12/30/15 to be repurchased at $1,914,499, collateralized by U.S. Treasury Notes, 2.00% due at 8/15/25, par and fair value of USD 1,951,000 and $1,902,301, respectively)			1,914		1,914,419
					1,966,843

See Notes to Financial Statements.

102 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Money Market Funds		Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (e)(o)			667,056	$	667,056
Total Short-Term Securities (Cost — $2,633,899) — 4.2%					2,633,899
Options Purchased
(Cost — $8,073) — 0.0%					5,224
Total Investments Before Borrowed Bonds and TBA Sale Commitments (Cost — $77,474,136) — 123.7%					76,710,801
Borrowed Bonds		Par  (000)
U.S. Treasury Obligations — (3.1)%
U.S. Treasury Bonds, 3.00%, 5/15/45 (p)	USD		25		(24,886	)
U.S. Treasury Notes:
1.38%, 9/30/20 (p)			28		(27,517	)
2.00%, 8/15/25 (p)			1,951		(1,902,301	)
(Proceeds — $1,970,084) — (3.1)%					(1,954,704	)

TBA Sale Commitments (j)		Par  (000)		Value
Fannie Mae Mortgage-Backed Securities:
3.00%, 1/01/31-1/01/46	USD		764	$	(784,408	)
3.50%, 1/01/31-1/01/46			3,336		(3,452,592	)
4.00%, 1/01/31-1/01/46			566		(594,271	)
4.50%, 1/01/46			900		(971,723	)
5.00%, 1/01/46			600		(660,265	)
5.50%, 1/01/46			500		(557,135	)
6.00%, 1/01/46			100		(112,983	)
6.50%, 1/01/46			100		(114,514	)
Freddie Mac Mortgage-Backed Securities:
3.00%, 1/01/31			73		(75,225	)
3.50%, 1/01/46			1,965		(2,020,772	)
4.00%, 1/01/46			124		(130,992	)
4.50%, 1/01/46			21		(22,622	)
5.00%, 1/01/46			200		(218,460	)
Ginnie Mae Mortgage-Backed Securities:
3.00%, 1/15/46			45		(45,610	)
3.50%, 1/15/46			28		(29,189	)
4.50%, 1/15/46			346		(372,359	)
Total TBA Sale Commitments (Proceeds — $10,160,554) — (16.4)%					(10,163,120	)
Total Investments Net of Borrowed Bonds and TBA Sale Commitments — 104.2%					64,592,977
Liabilities in Excess of Other Assets — (4.2)%					(2,591,040	)
Net Assets — 100.0%				$	62,001,937

      Notes to Schedule of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) Variable rate security. Rate as of period end.

(c) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(d) Issuer filed for bankruptcy and/or is in default of interest payments.

(e) During the year ended December 31, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2014		Shares Purchased		Shares Sold			Shares Held at December 31, 2015		Value at December 31, 2015		Income			Realized Gain
BlackRock Liquidity Funds, TempFund, Institutional Class		741,711		—		74,655	1		667,056		$667,056		$	1,773		$32
iShares iBoxx $ High Yield Corporate Bond ETF		—		9,267		—			9,267		$746,735		$	13,380		—

¹  Represents net shares sold.

(f) Zero-coupon bond.

(g) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(h) Non-income producing security.

(i) Perpetual security with no stated maturity date.

(j) Represents or includes a TBA transaction. As of period end, unsettled TBA transactions were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	(557,430	)		$    716
BNP Paribas Securities Corp.	$	40,316			$     (34	)
Citigroup Global Markets, Inc.	$	(575,358	)		$    448
Credit Suisse Securities (USA) LLC	$	98,772			$    232
Deutsche Bank Securities, Inc.	$	261,673			$    481
Goldman Sachs & Co.	$	(1,192,522	)		$(1,097	)
J.P. Morgan Securities LLC	$	(2,145,907	)		$    730
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	(285,804	)		$   (876	)
Morgan Stanley & Co. LLC	$	259,120			$      58
Nomura Securities International, Inc.	$	101,355			$    246
RBC Capital Markets, LLC	$	(31,904	)		$     (50	)
Wells Fargo Securities, LLC	$	50,395			$     (58	)

(k) Amount is less than $500.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 103

Schedule of Investments (continued) BlackRock Total Return Portfolio

(l) All or a portion of security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

(m) All or a portion of security has been pledged in connection with outstanding financial futures contracts.

(n) Certain agreements have no stated maturity and can be terminated by either party at any time.

(o) Current yield as of period end.

(p) All or a portion of security has been pledged as collateral in connection with outstanding borrowed bonds.

• For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Reverse repurchase agreements

Counterparty	Interest Rate	Trade Date	Maturity Date	Face Value		Face Value Including Accrued Interest		Type of Underlying Collateral	Remaining Contractual Maturity of  the Agreements
Merrill Lynch, Pierce, Fenner & Smith, Inc.	0.10%	12/01/15	1/05/16		$   495,000		$   495,045	U.S. Treasury Obligations		Up to 30 Days
J.P. Morgan Securities LLC	0.62%	12/29/15	1/04/16		2,772,000		2,772,239	U.S. Treasury Obligations		Up to 30 Days
Merrill Lynch, Pierce, Fenner & Smith, Inc.	0.20%	12/29/15	1/04/16		472,516		472,529	U.S. Treasury Obligations		Up to 30 Days
Merrill Lynch, Pierce, Fenner & Smith, Inc.	0.40%	12/29/15	1/04/16		556,095		556,126	U.S. Treasury Obligations		Up to 30 Days
Merrill Lynch, Pierce, Fenner & Smith, Inc.	0.50%	12/29/15	1/04/16		2,343,263		2,343,425	U.S. Treasury Obligations		Up to 30 Days
Total					$6,638,874		$6,639,364

      Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

Contracts Long (Short)	Issue	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
(1)	Euro-Bobl	March 2016		USD	142,006		$    293
(1)	Euro-Bund	March 2016		USD	171,620		(816	)
4	U.S. Treasury Bonds (30 Year)	March 2016		USD	615,000		1,734
17	U.S. Treasury Notes (10 Year)	March 2016		USD	2,140,406		(7,077	)
15	U.S. Treasury Notes (2 Year)	March 2016		USD	3,258,516		(5,222	)
15	U.S. Treasury Notes (5 Year)	March 2016		USD	1,774,805		(3,536	)
8	U.S. Ultra Treasury Bonds	March 2016		USD	1,269,500		5,594
(39)	Euro Dollar Futures	December 2017		USD	9,576,938		12,134
Total							$  3,104

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized          Appreciation         (Depreciation)
MXN	830,000	USD	48,713	The Bank of New York Mellon		1/06/16		$    (575	)
USD	43,152	AUD	60,000	Goldman Sachs International		1/06/16		(557	)
USD	17,413	EUR	16,000	The Bank of New York Mellon		1/06/16		23
USD	257,387	EUR	243,000	UBS AG		1/06/16		(6,734	)
USD	109,620	MXN	1,821,000	Société Générale		1/06/16		4,008
USD	12,214	JPY	1,500,000	Goldman Sachs International		1/07/16		(267	)
USD	24,598	IDR	349,539,831	HSBC Bank PLC		1/14/16		(669	)
MXN	397,175	USD	23,126	State Street Bank and Trust Co.		1/15/16		(107	)
PLN	192,871	USD	48,631	Standard Chartered Bank		1/15/16		519
PLN	334,365	USD	84,590	Standard Chartered Bank		1/15/16		619
USD	115,293	EUR	104,528	Royal Bank of Scotland PLC		1/15/16		1,654
USD	49,098	MXN	815,259	Morgan Stanley & Co. International PLC		1/15/16		1,847
USD	231,229	PLN	934,766	Citibank N.A.		1/15/16		(6,984	)

See Notes to Financial Statements.

104 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	14,444		PLN	57,131	Goldman Sachs International	1/15/16		$    (115)
MXN	452,291		USD	26,564	State Street Bank and Trust Co.	1/20/16		(360)
USD	69,437		MXN	1,168,868	Royal Bank of Scotland PLC	1/20/16		1,717
MXN	570,156		USD	33,220	Citibank N.A.	1/26/16		(202)
RUB	1,029,528		USD	14,667	BNP Paribas S.A.	2/09/16		(718)
USD	19,425		RUB	1,363,484	BNP Paribas S.A.	2/09/16		951
MXN	397,918		USD	23,337	State Street Bank and Trust Co.	2/10/16		(318)
USD	71,556		MXN	1,214,212	Goldman Sachs International	2/10/16		1,317
Total							$(4,951)

Exchange-Traded Options Purchased

Description	Put/ Call	Expiration Date	Strike Price			Contracts	Value
Euro Dollar 90-Day	Put	3/11/16		USD	98.38	64	$4,400

OTC Interest Rate Swaptions Purchased

Description

Counterparty

Put/ Call

Exercise Rate

Pay/Receive Exercise Rate

Floating Rate Index

Expiration Date

Notional Amount (000)

Value

10-Year Interest Rate Swap

JPMorgan Chase Bank N.A.

Call

2.00%

Receive

3-month LIBOR

1/19/16

USD

1,349

$824

Centrally Cleared Credit Default Swaps — Buy Protection

Index	Pay Fixed Rate			Expiration Date		Notional Amount (000)			Unrealized Depreciation
CDX.NA.HY Series 25 Version 1		5.00	%		12/20/20		USD	310		$(4,724)

Centrally Cleared Interest Rate Swaps
Fixed Rate	Floating Rate	Effective Date	Expiration Date		Notional Amount (000)		Unrealized    Appreciation  (Depreciation)
0.65%1	3-month LIBOR	N/A	11/26/16	USD		220		$      296
1.26%1	3-month LIBOR	1/12/162	1/12/17	USD		3,506		(12,912)
2.13%3	3-month LIBOR	N/A	8/25/25	USD		20		84
2.27%1	3-month LIBOR	N/A	9/11/25	USD		31		(501)
Total							$(13,033)

¹  Fund pays the fixed rate and receives the floating rate.

²  Forward swap.

³  Fund pays the floating rate and receives the fixed rate.

OTC Credit Default Swaps — Buy Protection

Issuer	Pay   Fixed   Rate	Counterparty	Expiration Date	Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States	1.00%	JPMorgan Chase Bank N.A.	6/20/20		USD	66	$	1,602			$    518			$  1,084
United Mexican States	1.00%	Bank of America N.A.	9/20/20		USD	66		1,850			781			1,069
Deutsche Bank AG	1.00%	Bank of America N.A.	12/20/20		EUR	110		(319	)		(756	)		437
Standard Chartered PLC	1.00%	Bank of America N.A.	12/20/20		EUR	120		2,143			2,314			(171	)
HSBC Bank PLC	1.00%	BNP Paribas S.A.	12/20/20		EUR	110		(1,738	)		(285	)		(1,453	)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 105

Schedule of Investments (continued) BlackRock Total Return Portfolio

Issuer	Pay   Fixed   Rate	Counterparty		Expiration Date	Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Standard Chartered PLC	1.00%		BNP Paribas S.A.	12/20/20		EUR	40		$    714			$  1,019			$   (305)
Standard Chartered PLC	1.00%		BNP Paribas S.A.	12/20/20		EUR	30		536			797			(261)
HSBC Holdings PLC	1.00%		Citibank N.A.	12/20/20		EUR	140		(2,213	)		(515	)		(1,698)
HSBC Holdings PLC	1.00%		Citibank N.A.	12/20/20		EUR	80		(1,265	)		(251	)		(1,014)
Standard Chartered PLC	1.00%		Citibank N.A.	12/20/20		EUR	110		1,964			1,238			726
Standard Chartered PLC	1.00%		Citibank N.A.	12/20/20		EUR	80		1,428			2,250			(822)
Standard Chartered PLC	1.00%		Goldman Sachs International	12/20/20		EUR	60		1,071			681			390
HSBC Bank PLC	1.00%		JPMorgan Chase Bank N.A.	12/20/20		EUR	120		(1,897	)		(1,799	)		(98)
HSBC Bank PLC	1.00%		JPMorgan Chase Bank N.A.	12/20/20		EUR	120		(1,897	)		(1,031	)		(866)
Standard Chartered PLC	1.00%		Morgan Stanley Capital Services LLC	12/20/20		EUR	50		892			816			76
Standard Chartered PLC	1.00%		Morgan Stanley Capital Services LLC	12/20/20		EUR	20		357			542			(185)
Federation of Malaysia	1.00%		Bank of America N.A.	12/20/20		USD	11		408			581			(173)
Republic of South Africa	1.00%		Bank of America N.A.	12/20/20		USD	15		1,535			1,534			1
Federation of Malaysia	1.00%		Barclays Bank PLC	12/20/20		USD	10		376			507			(131)
Federation of Malaysia	1.00%		Barclays Bank PLC	12/20/20		USD	6		231			385			(154)
Loews Corp.	1.00%		Barclays Bank PLC	12/20/20		USD	35		(1,283	)		(1,225	)		(58)
Republic of South Africa	1.00%		Barclays Bank PLC	12/20/20		USD	30		3,070			3,079			(9)
Federation of Malaysia	1.00%		BNP Paribas S.A.	12/20/20		USD	10		378			567			(189)
Federation of Malaysia	1.00%		BNP Paribas S.A.	12/20/20		USD	6		234			394			(160)
Federation of Malaysia	1.00%		Citibank N.A.	12/20/20		USD	10		379			523			(144)
Federation of Malaysia	1.00%		Citibank N.A.	12/20/20		USD	10		378			535			(157)
Republic of the Philippines	1.00%		Citibank N.A.	12/20/20		USD	33		144			(44	)		188
Republic of the Philippines	1.00%		Citibank N.A.	12/20/20		USD	17		73			(6	)		79
Republic of the Philippines	1.00%		Citibank N.A.	12/20/20		USD	16		72			(6	)		78
Australia and New Zealand Banking Group Ltd.	1.00%		Deutsche Bank AG	12/20/20		USD	130		(1,211	)		(1,025	)		(186)
Australia and New Zealand Banking Ltd.	1.00%		Goldman Sachs International	12/20/20		USD	371		(3,457	)		(2,072	)		(1,385)
Federation of Malaysia	1.00%		HSBC Bank PLC	12/20/20		USD	10		378			548			(170)
Republic of South Africa	1.00%		HSBC Bank PLC	12/20/20		USD	17		1,739			1,654			85
Australia and New Zealand Banking Group Ltd.	1.00%		JPMorgan Chase Bank N.A.	12/20/20		USD	41		(384	)		(150	)		(234)
Australia and New Zealand Banking Group Ltd.	1.00%		JPMorgan Chase Bank N.A.	12/20/20		USD	37		(349	)		(105	)		(244)
Republic of South Africa	1.00%		JPMorgan Chase Bank N.A.	12/20/20		USD	15		1,535			1,552			(17)
Total								$	7,474			$13,545			$(6,071)

OTC Credit Default Swaps — Sell Protection
Issuer/Index	Receive Fixed Rate	Counterparty	Expiration Date	Credit Rating1	Notional Amount (000)2			Value			Premiums Received			Unrealized Appreciation (Depreciation)
Transocean, Inc.	1.00%	Goldman Sachs International	6/20/19	BB+		USD	50		$(16,036	)		$(1,085	)		$(14,951	)
Transocean, Inc.	1.00%	Goldman Sachs International	6/20/19	BB+		USD	10		(3,208	)		(217	)		(2,991	)
Transocean, Inc.	1.00%	Bank of America N.A.	12/20/19	BB+		USD	15		(5,435	)		(959	)		(4,476	)
Transocean, Inc.	1.00%	Bank of America N.A.	12/20/19	BB+		USD	10		(3,623	)		(618	)		(3,005	)
Transocean, Inc.	1.00%	Bank of America N.A.	12/20/19	BB+		USD	10		(3,623	)		(604	)		(3,019	)
United Mexican States	1.00%	Bank of America N.A.	6/20/20	BBB+		USD	66		(1,602	)		(600	)		(1,002	)
United Mexican States	1.00%	JPMorgan Chase Bank N.A.	9/20/20	BBB+		USD	66		(1,850	)		(680	)		(1,170	)
Republic of Indonesia	1.00%	Barclays Bank PLC	12/20/20	BB+		USD	19		(1,143	)		(980	)		(163	)
Republic of Indonesia	1.00%	Barclays Bank PLC	12/20/20	BB+		USD	14		(858	)		(754	)		(104	)
Republic of Indonesia	1.00%	Barclays Bank PLC	12/20/20	BB+		USD	9		(546	)		(442	)		(104	)

See Notes to Financial Statements.

106 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Issuer/Index	Receive Fixed Rate			Counterparty		Expiration Date	Credit Rating1	Notional Amount (000)2			Value			Premiums Received			Unrealized Appreciation (Depreciation)
Republic of Indonesia		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	9		$     (547	)		$      (436	)		$     (111	)
Republic of Indonesia		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	9		(547	)		(428	)		(119	)
Republic of Indonesia		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	8		(497	)		(420	)		(77	)
Republic of Indonesia		1.00	%		Citibank N.A.	12/20/20	BB+		USD	36		(2,141	)		(1,760	)		(381	)
Republic of Indonesia		1.00	%		Citibank N.A.	12/20/20	BB+		USD	19		(1,113	)		(954	)		(159	)
Republic of Indonesia		1.00	%		Citibank N.A.	12/20/20	BB+		USD	18		(1,070	)		(895	)		(175	)
Republic of Indonesia		1.00	%		Citibank N.A.	12/20/20	BB+		USD	18		(1,062	)		(888	)		(174	)
Republic of Indonesia		1.00	%		HSBC Bank PLC	12/20/20	BB+		USD	21		(1,217	)		(1,043	)		(174	)
Russian Federation		1.00	%		Barclays Bank PLC	12/20/20	BB+		USD	31		(2,818	)		(2,541	)		(277	)
CMBX.NA Series 3 AM		0.50	%		Credit Suisse International	12/13/49	BBB-		USD	200		(2,888	)		(18,443	)		15,555
CMBX.NA Series 4 AM		0.50	%		Deutsche Bank AG	2/17/51	BB		USD	50		(1,010	)		(6,966	)		5,956
CMBX.NA Series 8 BBB-		3.00	%		Barclays Bank PLC	10/17/57	BBB-		USD	10		(1,254	)		(1,093	)		(161	)
CMBX.NA Series 8 BBB-		3.00	%		Barclays Bank PLC	10/17/57	BBB-		USD	10		(1,254	)		(1,066	)		(188	)
CMBX.NA Series 8 BBB-		3.00	%		Credit Suisse International	10/17/57	NR		USD	10		(1,254	)		(1,063	)		(191	)
Total												$(56,596	)		$(44,935	)		$(11,661	)

¹  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

²  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Interest Rate Swaps
Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)			Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
12.30%1	1-day BZDIOVER	Bank of America N.A.	1/04/16		BRL	955		$ 2,513			—		$ 2,513
12.30%2	1-day BZDIOVER	Credit Suisse International	1/04/16		BRL	629		(1,656	)		—		(1,656	)
11.36%2	1-day BZDIOVER	Credit Suisse International	1/04/16		BRL	449		(2,177	)		—		(2,177	)
11.12%2	1-day BZDIOVER	Credit Suisse International	1/04/16		BRL	124		(709	)		—		(709	)
11.26%2	1-day BZDIOVER	Deutsche Bank AG	1/04/16		BRL	109		(575	)		—		(575	)
12.14%1	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	930		2,521			—		2,521
11.83%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	590		(1,419	)		—		(1,419	)
11.80%1	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	577		1,704			—		1,704
12.13%1	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	423		1,159			—		1,159
11.85%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	277		(965	)		—		(965	)
11.91%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/16		BRL	255		(505	)		—		(505	)
5.72%2	Colombia Overnight Interbank Reference Rate	Goldman Sachs International	2/24/16		COP	400,125		86			—		86
5.70%2	Colombia Overnight Interbank Reference Rate	Credit Suisse International	2/25/16		COP	389,726		38			—		38

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 107

Schedule of Investments (continued) BlackRock Total Return Portfolio

Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)				Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
5.70%2	Colombia Overnight Interbank Reference Rate	Credit Suisse International	2/25/16		COP	349,195		$	34			—		$      34
5.70%2	Colombia Overnight Interbank Reference Rate	Credit Suisse International	2/25/16		COP	338,829			33			—		33
2.25%2	7-day China Fixing Repo Rates	Bank of America N.A.	5/22/17		CNY	711			58			$  (3)		61
2.12%2	7-day China Fixing Repo Rates	Deutsche Bank AG	7/09/17		CNY	358			(91	)		1		(92	)
1.92%2	3-month KRW Certificate of Deposit	Deutsche Bank AG	11/10/17		KRW	100,213			551			246		305
1.69%1	3-month KRW Certificate of Deposit	Deutsche Bank AG	11/10/17		KRW	100,213			(160	)		—		(160	)
2.26%2	7-day China Fixing Repo Rates	Deutsche Bank AG	11/12/17		CNY	515			94			—		94
4.34%1	28-day MXIBTIIE	Bank of America N.A.	12/15/17		MXN	260			8			1		7
4.35%1	28-day MXIBTIIE	Goldman Sachs International	12/15/17		MXN	2,880			79			13		66
4.33%1	28-day MXIBTIIE	Goldman Sachs International	12/15/17		MXN	2,528			112			11		101
4.30%1	28-day MXIBTIIE	Bank of America N.A.	12/18/17		MXN	2,236			234			3		231
4.30%1	28-day MXIBTIIE	Goldman Sachs International	12/18/17		MXN	1,664			174			2		172
4.32%1	28-day MXIBTIIE	UBS AG	12/18/17		MXN	1,489			122			2		120
4.55%1	28-day MXIBTIIE	Barclays Bank PLC	3/21/18		MXN	408			(22	)		6		(28	)
4.85%1	28-day MXIBTIIE	Bank of America N.A.	11/01/18		MXN	358	��		(53	)		1		(54	)
2.57%2	3-month LIBOR	Deutsche Bank AG	10/27/20		USD	200			8,950			—		8,950
11.41%1	1-day BZDIOVER	Bank of America N.A.	1/04/21		BRL	82			5,059			—		5,059
12.05%2	1-day BZDIOVER	Bank of America N.A.	1/04/21		BRL	43			(2,286	)		—		(2,286	)
11.84%2	1-day BZDIOVER	HSBC Bank PLC	1/04/21		BRL	29			(1,605	)		—		(1,605	)
11.72%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/04/21		BRL	9			(541	)		—		(541	)
3.27%1	3-month LIBOR	Deutsche Bank AG	5/16/21		USD	210			(17,120	)		—		(17,120	)
3.25%1	3-month LIBOR	UBS AG	7/05/21		USD	300			(27,850	)		—		(27,850	)
2.16%1	3-month LIBOR	Bank of America N.A.	5/28/23		USD	100			(1,369	)		—		(1,369	)
2.32%2	3-month LIBOR	Bank of America N.A.	5/31/23		USD	200			4,997			—		4,997
2.31%1	3-month LIBOR	Deutsche Bank AG	5/31/23		USD	100			(2,445	)		—		(2,445	)
5.84%2	28-day MXIBTIIE	Deutsche Bank AG	11/14/24		MXN	544			(938	)		(3)		(935	)
5.85%2	28-day MXIBTIIE	Deutsche Bank AG	11/14/24		MXN	237			(400	)		(1)		(399	)
5.73%1	28-day MXIBTIIE	Bank of America N.A.	1/03/25		MXN	336			760			5		755
5.55%2	28-day MXIBTIIE	Bank of America N.A.	1/13/25		MXN	244			(743	)		(1)		(742	)
5.56%2	28-day MXIBTIIE	Goldman Sachs International	1/13/25		MXN	577			(1,744	)		(2)		(1,742	)
6.43%2	28-day MXIBTIIE	Bank of America N.A.	6/06/25		MXN	262			141			(4)		145
6.33%2	28-day MXIBTIIE	Citibank N.A.	6/09/25		MXN	131			14			(1)		15
6.33%2	28-day MXIBTIIE	Citibank N.A.	7/17/25		MXN	316			(2	)		(2)		—
6.32%2	28-day MXIBTIIE	Morgan Stanley Capital Services LLC	7/17/25		MXN	633			(16	)		(3)		(13	)
6.31%1	28-day MXIBTIIE	Bank of America N.A.	8/11/25		MXN	318			28			2		26

See Notes to Financial Statements.

108 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)		Value			Premiums Paid (Received)			Unrealized   Appreciation   (Depreciation)
6.31%1	28-day MXIBTIIE	Bank of America N.A.	8/11/25	MXN	318		$        28			$    2			$        26
6.31%1	28-day MXIBTIIE	Deutsche Bank AG	8/11/25	MXN	1,180		116			6			110
6.27%2	28-day MXIBTIIE	Bank of America N.A.	12/05/25	MXN	36		(16	)		(1	)		(15	)
6.30%2	28-day MXIBTIIE	Goldman Sachs International	12/05/25	MXN	672		(206	)		(9	)		(197	)
6.27%2	28-day MXIBTIIE	Goldman Sachs International	12/05/25	MXN	615		(270	)		(8	)		(262	)
6.20%2	28-day MXIBTIIE	Bank of America N.A.	12/08/25	MXN	542		(422	)		(2	)		(420	)
6.18%2	28-day MXIBTIIE	Goldman Sachs International	12/08/25	MXN	410		(347	)		(2	)		(345	)
6.20%2	28-day MXIBTIIE	UBS AG	12/08/25	MXN	371		(282	)		(2	)		(280	)
Total							$(37,321	)		$257			$(37,578	)

¹  Fund pays the fixed rate and receives the floating rate.

²  Fund pays the floating rate and receives the fixed rate.

Transactions in Options Written for the Year Ended December 31, 2015
		Calls
		Notional (000)
	Contracts	BRL			EUR			KOR			MXP			USD			ZAR			Premiums Received
Outstanding options, beginning of year	2		5,830			—			100,213			4,104			600			3,151		$	23,228
Options written	34		—			1,545			—						4,168			—			89,510
Options expired			(5,830	)		—			(100,213	)		(916	)					—			(6,025	)
Options closed	(36)		—			(1,545	)		—			(3,188	)		(4,768	)		(3,151)			(106,713	)
Outstanding options, end of year	—		—			—			—			—			—			—			—
											Puts
											Notional (000)
								Contracts			BRL			EUR			USD			Premiums Received
Outstanding options, beginning of year									2			2,663			—			600		$	19,922
Options written									243			—			1,545			5,668			130,502
Options expired									(4)			(2,130	)		—			—			(2,309	)
Options closed									(241)			(533	)		(1,545	)		(6,268	)		(148,115	)
Outstanding options, end of year									—			—			—			—			—

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 109

Schedule of Investments (continued) BlackRock Total Return Portfolio

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Assets - Derivative Financial Instruments		Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Financial futures contracts	Net unrealized appreciation1	—	—	—	—	$19,755	—	$   19,755
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—	—	—	$12,655	—	—	12,655
Options purchased	Investments at value – unaffiliated2	—	—	—	—	5,224	—	5,224
Swaps — centrally cleared	Net unrealized appreciation1	—	—	—	—	380	—	380
Swaps — OTC	Unrealized appreciation on OTC swaps Swap premiums paid	—	$  48,539	—	—	29,629	—	78,168
Total		—	$  48,539	—	$12,655	$54,988	—	$ 116,182
Liabilities - Derivative Financial Instruments
Financial futures contracts	Net unrealized depreciation1	—	—	—	—	$16,651	—	$   16,651
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—	—	—	$17,606	—	—	17,606
Swaps — centrally cleared	Net unrealized depreciation1	—	$    4,724	—	—	13,413	—	18,137
Swaps — OTC	Unrealized depreciation on OTC swaps; Swap premiums received	—	97,661	—	—	66,950	—	164,611
Total		—	$102,385	—	$17,606	$97,014	—	$217,005

¹  Includes cumulative appreciation (depreciation) on financial futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

²  Includes options purchased at value as reported in the Schedule of Investments.

For the year ended December 31, 2015, the effect of derivative financial instruments in the Statements of Operations were as follows:

Net Realized Gain (Loss) from:	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Financial futures contracts	—	—	—	—	$  (53,059)	—	$  (53,059)
Foreign currency transactions	—	—	—	$ 331,685	—	—	331,685
Options purchased1	—	—	—	—	(132,689)	—	(132,689)
Options written	—	—	$185	—	51,645	—	51,829
Interest rate floors	—	—	—	—	(15,651)	—	(15,651)
Swaps	—	$ 63,807	—	—	30,203	—	94,010
Total	—	$ 63,807	$185	$ 331,685	$(119,552)	—	$  276,125
Net Change in Unrealized Appreciation (Depreciation) on:
Financial futures contracts	—	—	—	—	$  (57,405)	—	$  (57,405)
Foreign currency translations	—	—	—	$(104,127)	—	—	(104,127)
Options purchased1	—	—	—	—	40,890	—	40,890
Options written	—	—	—	—	418	—	418
Interest rate floors	—	—	—	—	2,856	—	2,856
Swaps	—	$(42,270)	—	—	(13,193)	—	(55,463)
Total	—	$(42,270)	—	$(104,127)	$  (26,434)	—	$(172,831)

¹  Options purchased are included in the net realized gain (loss) from investments and the net change in unrealized appreciation (depreciation) on investments.

      Average Quarterly Balances of Outstanding Derivative Financial Instruments

Financial futures contracts:
Average notional value of contracts — long	$	9,741,889
Average notional value of contracts — short	$	9,471,946
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,383,902
Average amounts sold — USD	$	327,474
Options:
Average value of option contracts purchased	$	4,763
Average value of option contracts written	$	2,750

See Notes to Financial Statements.

110 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Total Return Portfolio

Options (continued):
Average notional value of swaption contracts purchased	$	3,299,136
Average notional value of swaption contracts written	$	3,284,736
Average value of interest rate floors purchased	$	5,044
Average value of interest rate floors written	$	914
Credit default swaps:
Average notional value - buy protection	$	1,357,496
Average notional value - sell protection	$	1,464,500
Interest rate swaps:
Average notional value - pays fixed rate	$	6,304,096
Average notional value - receives fixed rate	$	4,002,578

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

      Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments:
Financial futures contracts		$  15,719			$    1,977
Forward foreign currency exchange contracts		12,655			17,606
Options		5,224	1		—
Swaps - Centrally cleared		163			—
Swaps - OTC2		78,168			164,611
Total derivative assets and liabilities in the Statements of Assets and Liabilities		$111,929			$184,194
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(20,282	)		(1,977	)
Total derivative assets and liabilities subject to an MNA		$  91,647			$182,217

¹  Includes options purchased at value which is included in Investments at value - unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

²  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund.

Counterparty	Derivative Assets       Subject to an MNA by       Counterparty			Derivatives Available        for Offset3				Non-cash Collateral Received		Cash Collateral Received		Net Amount of     Derivative Assets4
Bank of America N.A.		$	20,551		$	(20,280	)		—		—		$	271
The Bank of New York Mellon			23			(23	)		—		—			—
Barclays Bank PLC			3,977			(3,977	)		—		—			—
BNP Paribas S.A.			3,728			(3,371	)		—		—			357
Citibank N.A.			5,632			(5,632	)		—		—			—
Credit Suisse International			15,660			(15,660	)		—		—			—
Deutsche Bank AG			15,668			(15,668	)		—		—			—
Goldman Sachs International			2,839			(2,839	)		—		—			—
HSBC Bank PLC			2,287			(2,287	)		—		—			—
JPMorgan Chase Bank N.A.			9,362			(9,362	)		—		—			—
Morgan Stanley & Co. International PLC			1,847			—			—		—			1,847
Morgan Stanley Capital Services LLC			1,434			(201	)		—		—			1,233
Royal Bank of Scotland PLC			3,371			—			—		—			3,371
Société Générale			4,008			—			—		—			4,008
Standard Chartered Bank			1,138			—			—		—			1,138
UBS AG			122			(122	)		—		—			—
Total		$	91,647		$	(79,422	)		—		—		$	12,225

³  The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to an MNA.

⁴  Net amount represents the net amount receivable from the counterparty in the event of default.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 111

Schedule of Investments (continued) BlackRock Total Return Portfolio

Counterparty	Derivative Liabilities Subject to an MNA  by Counterparty			Derivatives Available for Offset1				Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities2
Bank of America N.A.		$	20,280		$	(20,280	)		—		—			—
The Bank of New York Mellon			575			(23	)		—		—		$	552
Barclays Bank PLC			11,069			(3,977	)		—		—			7,092
BNP Paribas S.A.			3,371			(3,371	)		—		—			—
Citibank N.A.			17,232			(5,632	)		—		—			11,600
Credit Suisse International			24,239			(15,660	)		—		—			8,579
Deutsche Bank AG			29,907			(15,668	)		—		—			14,239
Goldman Sachs International			26,207			(2,839	)		—		—			23,368
HSBC Bank PLC			3,661			(2,287	)		—		—			1,374
JPMorgan Chase Bank N.A.			9,824			(9,362	)		—		—			462
Morgan Stanley Capital Services LLC			201			(201	)		—		—			—
State Street Bank and Trust Co.			785			—			—		—			785
UBS AG			34,866			(122	)		—		—			34,744
Total		$	182,217		$	(79,422	)		—		—		$	102,795

¹  The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to an MNA.

²  Net amount represents the net amount payable due to the counterparty in the event of default.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	4,548,382		$	984,971	$	5,533,353
Corporate Bonds		—		17,399,962			—		17,399,962
Foreign Agency Obligations		—		147,371			—		147,371
Foreign Government Obligations		—		1,395,540			—		1,395,540
Investment Companies	$	746,735		—			—		746,735
Non-Agency Mortgage-Backed Securities		—		5,200,559			498,310		5,698,869
Other Interests		—		—			39		39
Preferred Securities		281,213		237,081			—		518,294
Taxable Municipal Bonds		—		1,293,669			—		1,293,669
U.S. Government Sponsored Agency Securities		—		26,718,332			—		26,718,332
U.S. Treasury Obligations		—		14,619,514			—		14,619,514
Short-Term Securities:
Borrowed Bond Agreements		—		1,966,843			—		1,966,843
Money Market Funds		667,056		—			—		667,056
Options Purchased:
Interest Rate Contracts		4,400		824			—		5,224
Liabilities:
Investments:
Borrowed Bonds		—		(1,954,704	)		—		(1,954,704	)
TBA Sale Commitments		—		(10,163,120	)		—		(10,163,120	)
Total	$	1,699,404	$	61,410,253		$	1,483,320	$	64,592,977

See Notes to Financial Statements.

112 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (concluded) BlackRock Total Return Portfolio

	Level 1			Level 2			Level 3	Total
Derivative Financial Instruments1
Assets:
Credit contracts		—		$	25,724		—	$	25,724
Foreign currency exchange contracts		—			12,655		—		12,655
Interest rate contracts	$	19,755			29,708		—		49,463
Liabilities:
Credit contracts		—			(48,180	)	—		(48,180	)
Foreign currency exchange contracts		—			(17,606	)	—		(17,606	)
Interest rate contracts		(16,651	)		(80,319	)	—		(96,970	)
Total	$	3,104		$	(78,018	)	—	$	(74,914	)

¹  Derivative financial instruments are swaps, financial future contracts, forward foreign currency exchange contracts and options written. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	7,000		—		—	$	7,000
Cash pledged for centrally cleared swaps		20,500		—		—		20,500
Foreign currency at value		57,746		—		—		57,746
Liabilities:
Reverse repurchase agreements		—	$	(6,639,364	)	—		(6,639,364	)
Total	$	85,246	$	(6,639,364	)	—	$	(6,554,118	)

During the year ended December 31, 2015, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset- Backed Securities			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Other Interests		Total
Assets:
Opening Balance, as of December 31, 2014	$	1,265,336		$	147,350		$	902,586			—	$	2,315,272
Transfers into Level 32		564,663			—			—			—		564,663
Transfers out of Level 33		(597,799	)		—			(213,814	)		—		(811,613	)
Accrued discounts/premiums		(478	)		—			942			—		464
Net realized gain (loss)		6,639			—			7,304			—		13,943
Net change in unrealized appreciation (depreciation)4,5		(17,350	)		(733	)		(9,888	)		$39		(27,932	)
Purchases		295,512			—			237,829			—		533,341
Sales		(531,552	)		(146,617	)		(426,649	)		—		(1,104,818	)
Closing Balance, as of December 31, 2015	$	984,971			—		$	498,310			$39	$	1,483,320
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20155	$	(19,233	)		—		$	(9,965	)		$39	$	(29,159	)

²  As of December 31, 2014, the Fund used observable inputs in determining the value of certain investments. As of December 31, 2015, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $564,663 transferred from Level 2 to Level 3 in the disclosure hierarchy.

³  As of December 31, 2014, the Fund used significant unobservable inputs in determining the value of certain investments. As of December 31, 2015, the Fund used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $811,613 transferred from Level 3 to Level 2 in the disclosure hierarchy.

⁴  Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

⁵ Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2015 is generally due to investments no longer held or categorized as level 3 at period end.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 113

Schedule of Investments December 31, 2015	BlackRock U.S. Government Bond Portfolio
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par (000)		Value
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1L, 1.46%, 8/15/25 (a)(b)	USD		500	$	489,272
OCP CLO Ltd., Series 2012-2A, Class A2, 1.86%, 11/22/23 (a)(b)			600		599,150
Progress Residential Trust, Series 2015-SFR1, Class A, 1.76%, 2/17/32 (a)(b)			400		394,727
SMB Private Education Loan Trust, Series 2015-C, Class A3, 2.28%, 8/15/24 (a)(b)			100		98,167
Tricon American Homes Trust, Series 2015-SFR1, Class A, 1.57%, 5/17/32 (a)(b)			200		195,887
Washington Mill CLO Ltd., Series 2014-1A, Class A1, 1.82%, 4/20/26 (a)(b)			400		397,000
Total Asset-Backed Securities — 3.3%					2,174,203
Corporate Bonds
Banks — 3.4%
Bank of Nova Scotia, 1.75%, 3/22/17 (a)			470		472,317
Bank of Scotland PLC, 5.25%, 2/21/17 (a)			150		156,384
Toronto-Dominion Bank, 1.50%, 3/13/17 (a)			1,630		1,632,624
Total Corporate Bonds — 3.4%					2,261,325
Foreign Government Obligations — 0.3%
Mexico — 0.3%
United Mexican States, 8.00%, 12/07/23	MXN		3,200		207,818
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 3.1%
Banc of America Commercial Mortgage Trust, Series 2007-1, Class A4, 5.45%, 1/15/49	USD		352		360,690
BHMS Mortgage Trust, Series 2014-ATLS, Class AFL, 1.77%, 7/05/33 (a)(b)			600		600,059
Commercial Mortgage Pass-Through Certificates, Series 2015-CR25, Class A4, 3.76%, 8/10/48			300		305,951
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class AFL1, 1.63%, 12/15/16 (a)(b)			800		797,265
					2,063,965
Interest Only Commercial Mortgage-Backed Securities — 2.9%
Commercial Mortgage Pass-Through Certificates:
Series 2013-CR7, Class XA, 1.50%, 3/10/46 (b)			2,756		187,062
Series 2014-CR14, Class XA, 0.87%, 2/10/47 (b)			1,097		44,116
Series 2015-CR22, Class XA, 1.03%, 3/10/48 (b)			1,890		116,862
Series 2015-CR24, Class XA, 0.89%, 8/10/55 (b)			1,196		75,070
Series 2015-CR25, Class XA, 0.98%, 8/10/48 (b)			1,796		120,831
Series 2015-LC21, Class XA, 0.89%, 7/10/48 (b)			5,976		309,169

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Trust:
Series 2015-DC1, Class XA, 1.19%, 2/10/48 (b)	USD		2,908	$	207,456
Series 2015-LC19, Class XA, 1.23%, 2/10/48 (b)			1,292		104,897
Core Industrial Trust:
Series 2015-CALW, Class XA, 0.81%, 2/10/34 (a)(b)			3,120		136,094
Series 2015-TEXW, Class XA, 0.77%, 2/10/34 (a)(b)			2,600		108,342
Series 2015-WEST, Class XA, 0.93%, 2/10/37 (a)(b)			1,300		94,094
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class XA, 0.97%, 4/15/50 (b)			2,091		129,349
FREMF Mortgage Trust, Series 2015-K718, Class X2A, 0.10%, 2/25/22 (a)(b)			18,836		93,657
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class XA, 1.16%, 10/15/48 (b)			599		47,473
Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class XA, 1.03%, 9/15/58 (b)			997		69,630
WF-RBS Commercial Mortgage Trust, Series 2014-LC14, Class XA, 1.43%, 3/15/47 (b)			1,250		89,784
					1,933,886
Total Non-Agency Mortgage-Backed Securities — 6.0%					3,997,851
U.S. Government Sponsored Agency Securities
Agency Obligations — 3.7%
Fannie Mae, 5.50%, 3/01/20			49		50,327
Federal Home Loan Bank, 4.00%, 4/10/28			400		437,935
Freddie Mac, 6.25%, 7/15/32			1,400		1,946,343
					2,434,605
Collateralized Mortgage Obligations — 0.4%
Ginnie Mae, Series 2014-107, Class WX, 6.84%, 7/20/39 (b)			223		260,956
Commercial Mortgage-Backed Securities — 1.0%
Freddie Mac:
Series K043, Class A2, 3.06%, 12/25/24			300		301,661
Series K049, Class A2, 3.01%, 7/25/25			400		398,747
					700,408
Interest Only Commercial Mortgage-Backed Securities — 0.2%
Freddie Mac:
Series K043, Class X1, 0.55%, 12/25/24 (b)			2,595		107,338
Series K718, Class X1, 0.65%, 1/25/22 (b)			334		11,182
Ginnie Mae:
Series 2002-83, Class IO, 0.00%, 10/16/42 (b)			498		—
Series 2003-109, Class IO, 0.00%, 3/16/43-11/16/43 (b)			2,470		14
					118,534

See Notes to Financial Statements.

114 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock U.S. Government Bond Portfolio

U.S. Government Sponsored Agency Securities		Par (000)		Value
Mortgage-Backed Securities — 97.3%
Fannie Mae Mortgage-Backed Securities:
2.50%, 4/01/30-1/01/31 (c)	USD		1,310	$	1,320,870
2.96%, 3/01/41 (b)			38		40,220
3.00%, 11/01/26-1/01/46 (c)			7,454		7,563,809
3.13%, 3/01/41 (b)			56		59,468
3.15%, 12/01/40 (b)			63		65,448
3.35%, 6/01/41 (b)			88		92,657
3.50%, 7/01/26-1/01/46 (c)			8,866		9,194,966
3.50%, 9/01/41 (b)			63		66,430
4.00%, 2/01/25-1/01/46 (c)			3,658		3,884,828
4.50%, 6/01/26-1/01/46 (c)			4,901		5,299,782
5.00%, 1/01/31-1/01/46 (c)			4,102		4,436,009
5.50%, 11/01/21-1/01/46 (c)			988		1,099,078
6.00%, 4/01/35-1/01/46 (c)			655		742,630
6.50%, 5/01/40			463		528,837
Freddie Mac Mortgage-Backed Securities:
2.50%, 3/01/30-9/01/30			289		291,972
2.99%, 2/01/41 (b)			74		78,394
3.00%, 5/01/27-1/01/46 (c)			4,780		4,786,607
3.50%, 4/01/42-1/01/46 (c)			6,286		6,476,406
4.00%, 8/01/40-1/01/46 (c)			2,913		3,078,798
4.50%, 2/01/39-1/01/46 (c)			1,538		1,660,283
5.00%, 8/01/40-1/01/46 (c)			1,845		2,015,901
5.50%, 6/01/41-1/01/46 (c)			341		378,510
8.00%, 3/01/30-6/01/31			18		18,909
Ginnie Mae Mortgage-Backed Securities:
3.00%, 7/20/45-1/15/46 (c)			2,307		2,339,522
3.50%, 5/15/43-1/15/46 (c)			3,477		3,628,362
4.00%, 10/20/40-1/15/46 (c)			2,212		2,350,990
4.50%, 12/20/39-2/15/42 (c)			2,586		2,809,383
5.00%, 7/15/39-12/15/40			126		139,075
					64,448,144
Total U.S. Government Sponsored Agency Securities — 102.6%					67,962,647
U.S. Treasury Obligations
U.S. Treasury Bonds:
2.88%, 8/15/45			5,276		5,124,498
3.00%, 11/15/45			422		420,731
U.S. Treasury Inflation Indexed Notes:
0.25%, 1/15/25			1,953		1,863,854
0.38%, 7/15/25			366		354,371
U.S. Treasury Notes:
0.88%, 6/15/17 (d)			4,350		4,345,242
0.63%, 8/31/17-11/30/17			9,070		8,999,490
0.75%, 10/31/17			1,850		1,840,173
1.25%, 10/30/18 (d)			680		678,858
1.63%, 3/31/19-11/30/20 (d)			3,935		3,929,480
1.50%, 10/31/19 (d)			1,105		1,101,547
1.38%, 10/31/20 (d)			2,085		2,048,187
1.88%, 10/31/22			2,400		2,369,626
2.50%, 8/15/23 (d)			1,255		1,287,601
2.38%, 8/15/24 (d)			1,218		1,231,108
2.00%, 8/15/25			1,590		1,550,312
2.25%, 11/15/25 (d)			1,255		1,252,205
Total U.S. Treasury Obligations — 58.0%					38,397,283
Total Long-Term Investments (Cost — $115,351,764) — 173.6%					115,001,127

Short-Term Securities		Par (000)		Value
Borrowed Bond Agreements — 1.0% (e)
Deutsche Bank Securities, Inc., 0.46%, Open (f) (Purchased on 9/08/15 to be repurchased at $609,265, collateralized by U.S. Treasury Notes, 0.63% due at 8/31/17, par and fair value of USD 610,000 and $609,547, respectively)	USD		609	$	609,238
Deutsche Bank Securities, Inc., 0.52%, Open (f) (Purchased on 9/16/15 to be repurchased at $49,875, collateralized by U.S. Treasury Notes, 1.00% due at 8/15/18, par and fair value of USD 50,000 and $49,676, respectively)			50		49,875
Total Short-Term Securities (Cost — $659,113) — 1.0%					659,113
Options Purchased
(Cost — $14,705) — 0.0%					14,121
Total Investments Before Options Written, Borrowed Bonds and TBA Sale Commitments (Cost — $116,025,582) — 174.6%					115,674,361
Options Written
(Premiums Received — $ 106,970) — (0.1)%					(76,044	)
Borrowed Bonds
U.S. Treasury Obligations — (1.0)%
U.S. Treasury Notes:
0.63%, 8/31/17			610		(609,547	)
1.00%, 8/15/18			50		(49,676	)
(Proceeds — $658,818) — (1.0)%					(659,223	)
TBA Sale Commitments (c)
Fannie Mae Mortgage-Backed Securities:
3.00%, 1/01/31-1/01/46			8,605		(8,661,275	)
3.50%, 1/01/31-1/01/46			6,949		(7,192,883	)
4.00%, 1/01/46			2,184		(2,311,048	)
4.50%, 1/01/46			1,670		(1,803,391	)
5.50%, 1/01/46			800		(891,438	)
Freddie Mac Mortgage-Backed Securities:
2.50%, 1/01/31			197		(198,748	)
3.00%, 1/01/31			292		(300,898	)
3.50%, 1/01/46			8,226		(8,459,844	)
4.00%, 1/01/46			533		(563,054	)
5.00%, 1/01/46			800		(873,841	)
Ginnie Mae Mortgage-Backed Securities:
3.00%, 1/15/46			800		(810,844	)
3.50%, 1/15/46			1,033		(1,076,653	)
4.00%, 1/15/46			800		(849,562	)
4.50%, 1/15/46			523		(561,898	)
Total TBA Sale Commitments (Proceeds — $34,560,038) — (52.2)%					(34,555,377	)
Total Investments Net of Options Written, Borrowed Bonds and TBA Sale Commitments — 121.3%					80,383,717
Liabilities in Excess of Other Assets — (21.3)%					(14,120,745	)
Net Assets — 100.0%				$	66,262,972

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 115

Schedule of Investments (continued) BlackRock U.S. Government Bond Portfolio

      Notes to Schedule of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) Variable rate security. Rate as of period end.

(c) Represents or includes a TBA transaction. As of period end, unsettled TBA transactions were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	(1,818,060	)	$	2,385
BNP Paribas Securities Corp.	$	171,344		$	(144	)
Citigroup Global Markets, Inc.	$	(1,799,353	)	$	2,179
Credit Suisse Securities (USA) LLC	$	1,764,033		$	1,639
Deutsche Bank Securities, Inc.	$	845,492		$	1,407
Goldman Sachs & Co.	$	2,318,479		$	5,141
J.P. Morgan Securities LLC	$	(3,069,479	)	$	7,360
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	(1,837,299	)	$	4,260
Morgan Stanley & Co. LLC	$	2,820,116		$	227
Nomura Securities International, Inc.	$	(497,295	)	$	3,517
RBC Capital Markets, LLC	$	(65,953	)	$	(190	)
Wells Fargo Securities, LLC	$	485,159		$	949

(d) All or a portion of security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

(e) Certain agreements have no stated maturity and can be terminated by either party at any time.

(f) The amount to be repurchased assumes the maturity will be the day after the period end.

• During the year ended December 31, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2014		Net Activity			Shares Held at December 31, 2015		Income		Realized Gain
BlackRock Liquidity Funds, TempFund, Institutional Class		1,005,262		(1,005,262	)		—		$3,473		$3

• For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Reverse repurchase agreements
Counterparty	Interest Rate	Trade Date	Maturity Date1		Face Value		Face     Value     Including     Accrued     Interest		Type of Underlying Collateral		Remaining Contractual Maturity of the Agreements
BNP Paribas Securities Corp.	0.20%	6/10/15		Open	$	1,220,000	$	1,221,383		U.S. Treasury Obligations		Open/Demand	1
BNP Paribas Securities Corp.	0.09%	6/10/15		Open		4,377,000		4,379,232		U.S. Treasury Obligations		Open/Demand	1
Credit Suisse Securities (USA) LLC	0.13%	11/19/15		Open		1,298,925		1,299,122		U.S. Treasury Obligations		Open/Demand	1
Credit Suisse Securities (USA) LLC	0.13%	11/19/15		Open		1,106,381		1,106,549		U.S. Treasury Obligations		Open/Demand	1
Credit Suisse Securities (USA) LLC	0.13%	11/19/15		Open		1,521,931		1,522,162		U.S. Treasury Obligations		Open/Demand	1
Credit Suisse Securities (USA) LLC	0.13%	11/19/15		Open		684,250		684,354		U.S. Treasury Obligations		Open/Demand	1
Merrill Lynch, Pierce, Fenner & Smith, Inc.	0.10%	12/01/15		1/05/16		990,000		990,094		U.S. Treasury Obligations		Up to 30 Days
Merrill Lynch, Pierce, Fenner & Smith, Inc.	0.20%	12/29/15		1/04/16		1,251,862		1,251,897		U.S. Treasury Obligations		Up to 30 Days
Merrill Lynch, Pierce, Fenner & Smith, Inc.	0.50%	12/29/15		1/04/16		2,414,316		2,414,483		U.S. Treasury Obligations		Up to 30 Days
Merrill Lynch, Pierce, Fenner & Smith, Inc.	0.40%	12/29/15		1/04/16		982,500		982,555		U.S. Treasury Obligations		Up to 30 Days
Total					$	15,847,166	$	15,851,831

¹  Certain agreements have no stated maturity and can be terminated by either party at any time.

See Notes to Financial Statements.

116 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock U.S. Government Bond Portfolio

      Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

Contracts Long (Short)	Issue	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
17	Euro Dollar Futures	March 2016	USD	4,218,763		$   5,252
2	U.S. Treasury Bonds (30 Year)	March 2016	USD	307,500		868
21	U.S. Treasury Notes (10 Year)	March 2016	USD	2,644,031		(4,186)
(39)	U.S. Treasury Notes (2 Year)	March 2016	USD	8,472,141		16,552
(1)	U.S. Treasury Notes (5 Year)	March 2016	USD	118,320		569
(1)	U.S. Ultra Treasury Bonds	March 2016	USD	158,688		(2,045)
(4)	Euro Dollar Futures	June 2016	USD	991,000		(849)
44	Euro Dollar Futures	December 2016	USD	10,864,700		(15,360)
(64)	Euro Dollar Futures	December 2017	USD	15,716,000		23,213
Total						$ 24,014

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CLP	4,968,810		USD	7,000	Credit Suisse International		1/04/16		$        9
USD	7,000		CLP	4,940,950	BNP Paribas S.A.		1/04/16		30
USD	10,200		ZAR	148,629	BNP Paribas S.A.		1/04/16		597
USD	6,800		ZAR	98,012	State Street Bank and Trust Co.		1/04/16		467
ZAR	245,560		USD	17,000	Deutsche Bank AG		1/04/16		(1,134	)
BRL	11,811		USD	3,000	Goldman Sachs International		1/05/16		(20	)
BRL	20,115		USD	5,000	Royal Bank of Scotland PLC		1/05/16		75
MXN	158,754		USD	9,574	Goldman Sachs International		1/05/16		(366	)
USD	5,000		BRL	19,910	BNP Paribas S.A.		1/05/16		(23	)
USD	3,000		BRL	11,906	BNP Paribas S.A.		1/05/16		(4	)
USD	9,574		MXN	164,135	Goldman Sachs International		1/05/16		54
USD	212,920		MXN	3,537,000	Société Générale		1/06/16		7,784
MXN	138,158		USD	8,000	Goldman Sachs International		1/08/16		12
TWD	392,160		USD	12,000	HSBC Bank PLC		1/11/16		(60	)
USD	12,000		TWD	396,720	JPMorgan Chase Bank N.A.		1/11/16		(78	)
EUR	7,219		RUB	578,330	BNP Paribas S.A.		1/12/16		(48	)
EUR	3,281		RUB	256,397	Deutsche Bank AG		1/12/16		67
EUR	5,250		RUB	408,489	Deutsche Bank AG		1/12/16		130
EUR	7,000		RUB	538,650	JPMorgan Chase Bank N.A.		1/12/16		256
JPY	1,218,120		USD	10,000	UBS AG		1/12/16		137
RUB	636,102		EUR	9,000	BNP Paribas S.A.		1/12/16		(1,100	)
RUB	380,200		EUR	5,000	BNP Paribas S.A.		1/12/16		(245	)
RUB	676,218		EUR	8,750	Deutsche Bank AG		1/12/16		(280	)
USD	10,000		JPY	1,206,631	Standard Chartered Bank		1/12/16		(42	)
TRY	75,954		USD	26,000	Morgan Stanley & Co. International PLC		1/14/16		(65	)
COP	23,426,690		USD	7,000	Credit Suisse International		1/15/16		368
TRY	20,891		USD	7,000	Deutsche Bank AG		1/15/16		131
USD	7,000		COP	23,114,000	Credit Suisse International		1/15/16		(270	)
USD	7,000		TRY	21,160	Goldman Sachs International		1/15/16		(223	)
USD	9,500		ZAR	149,981	JPMorgan Chase Bank N.A.		1/15/16		(171	)
EUR	7,000		RUB	543,130	Deutsche Bank AG		1/18/16		208

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 117

Schedule of Investments (continued) BlackRock U.S. Government Bond Portfolio

Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
RUB	548,520		EUR	7,000	Deutsche Bank AG	1/18/16			$   (135	)
MXN	84,972		USD	5,000	Deutsche Bank AG	1/19/16			(77	)
MXN	198,785		USD	11,667	Goldman Sachs International	1/19/16			(149	)
MXN	141,887		USD	8,333	Goldman Sachs International	1/19/16			(112	)
MXN	86,817		USD	5,000	Goldman Sachs International	1/19/16			30
MXN	86,875		USD	5,000	Goldman Sachs International	1/19/16			34
USD	5,000		COP	16,617,000	Credit Suisse International	1/19/16			(224	)
USD	10,000		MXN	174,025	Goldman Sachs International	1/19/16			(83	)
CLP	3,488,800		USD	5,000	Credit Suisse International	1/21/16			(89	)
CLP	3,506,150		USD	5,000	Credit Suisse International	1/21/16			(64	)
USD	10,000		CLP	7,149,500	Credit Suisse International	1/21/16			(64	)
RUB	580,676		EUR	7,219	BNP Paribas S.A.	1/26/16			46
BRL	20,010		USD	5,000	Goldman Sachs International	2/02/16			(1	)
USD	5,000		BRL	20,322	Royal Bank of Scotland PLC	2/02/16			(77	)
JPY	41,196,219		USD	340,000	Morgan Stanley & Co. International PLC	3/16/16			3,405
JPY	41,131,568		USD	340,000	Royal Bank of Scotland PLC	3/16/16			2,866
USD	336,965		EUR	310,000	Deutsche Bank AG	3/16/16			(593	)
USD	680,000		JPY	82,242,396	Morgan Stanley & Co. International PLC	3/16/16			(5,558	)
USD	225,000		SAR	858,150	BNP Paribas S.A.	11/23/16			(1,137	)
USD	228,333		SAR	870,407	Citibank N.A.	11/23/16			(1,033	)
USD	169,000		SAR	642,285	Citibank N.A.	11/23/16			(253	)
Total								$  2,928

Exchange-Traded Options Purchased

Description	Put/ Call	Expiration Date	Strike Price		Contracts	Value
Euro Dollar 90-Day	Put	3/11/16	USD	98.38	69	$                4,744

OTC Options Purchased

Description	Put/ Call	Counterparty	Expiration Date	Strike Price			Notional Amount (000)			Value
USD Currency	Call	BNP Paribas S.A.	8/16/16		SAR	3.78		USD	350		$4,118
USD Currency	Call	Citibank N.A.	8/16/16		SAR	3.78		USD	350		4,118
USD Currency	Put	Citibank N.A.	2/09/16		JPY	121.50		USD	16		256
Total										$8,492

OTC Interest Rate Swaptions Purchased

Description	Counterparty	Put/ Call	Exercise Rate	Pay/Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount (000)			Value
10-Year Interest Rate Swap	JPMorgan Chase Bank N.A.	Call	2.00%	Receive	3-month LIBOR	1/19/16		USD	1,449		$885

OTC Interest Rate Swaptions Written

Description

Counterparty

Put/ Call

Exercise Rate

Pay/Receive Exercise Rate

Floating Rate Index

Expiration Date

Notional Amount (000)

Value

10-Year Interest Rate Swap

Deutsche Bank AG

Call

1.55%

Pay

3-month LIBOR

1/21/16

USD

1,800

$         (1

)

10-Year Interest Rate Swap

Deutsche Bank AG

Call

3.45%

Pay

3-month LIBOR

5/09/16

USD

700

(75,692

)

10-Year Interest Rate Swap

Deutsche Bank AG

Put

2.55%

Receive

3-month LIBOR

1/21/16

USD

1,800

(163

)

See Notes to Financial Statements.

118 BLACKROCK SERIES FUND, INC. DATE DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock U.S. Government Bond Portfolio

Description

Counterparty

Put/ Call

Exercise Rate

Pay/Receive Exercise Rate

Floating Rate Index

Expiration Date

Notional Amount (000)

Value

10-Year Interest Rate Swap

Deutsche Bank AG

Put

3.45%

Receive

3-month LIBOR

5/09/16

USD

700

$

(188

)

Total

$

(76,044

)

Centrally Cleared Interest Rate Swaps

Fixed Rate	Floating Rate	Effective Date	Expiration Date		Notional Amount (000)		Unrealized Appreciation (Depreciation)
1.26%1	3-month LIBOR	1/12/162	1/12/17	USD		3,847		$  (14,171	)
1.36%1	3-month LIBOR	1/06/162	2/29/20	USD		430		4,293
1.37%1	3-month LIBOR	1/06/162	2/29/20	USD		390		3,665
1.32%1	3-month LIBOR	1/06/162	2/29/20	USD		260		3,008
1.32%1	3-month LIBOR	1/06/162	2/29/20	USD		210		2,452
1.32%1	3-month LIBOR	1/06/162	2/29/20	USD		170		1,983
1.35%1	3-month LIBOR	1/06/162	2/29/20	USD		130		1,349
3.26%1	3-month LIBOR	N/A	11/18/24	USD		1,700		(113,395	)
2.31%1	3-month LIBOR	N/A	3/11/25	USD		100		(2,247	)
2.50%1	3-month LIBOR	N/A	5/27/25	USD		700		(29,398	)
2.13%3	3-month LIBOR	N/A	8/25/25	USD		10		42
2.18%1	3-month LIBOR	N/A	12/14/25	USD		1,080		(313	)
2.38%1	3-month LIBOR	N/A	4/24/45	USD		110		5,144
2.39%1	3-month LIBOR	N/A	4/24/45	USD		105		4,668
2.83%3	3-month LIBOR	N/A	7/10/45	USD		215		12,736
Total								$(120,184	)

¹  Fund pays the fixed rate and receives the floating rate.

²  Forward swap.

³  Fund pays the floating rate and receives the fixed rate.

OTC Interest Rate Swaps

Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation
2.50%1	3-month LIBOR	Deutsche Bank AG	9/30/20		USD	300		$13,156			—			$13,156
2.57%1	3-month LIBOR	Deutsche Bank AG	10/19/20		USD	300		13,642			—			13,642
6.32%1	28-day MXIBTIIE	Goldman Sachs International	8/06/25		MXN	511		(5	)		$(3	)		(2	)
6.31%2	28-day MXIBTIIE	Bank of America N.A.	8/11/25		MXN	172		15			1			14
6.31%2	28-day MXIBTIIE	Bank of America N.A.	8/11/25		MXN	172		15			1			14
6.31%2	28-day MXIBTIIE	Deutsche Bank AG	8/11/25		MXN	640		63			3			60
Total								$26,886			$ 2			$26,884

¹  Fund pays the floating rate and receives the fixed rate.

²  Fund pays the fixed rate and receives the floating rate.

      Transactions in Options Written for the Year Ended December 31, 2015

	Calls										Puts
		Notional (000)												Notional (000)
	Contracts	EUR			USD			Premiums     Received			Contracts			EUR			USD			Premiums Received
Outstanding options, beginning of year	—					7,811			$ 210,700			—			—			8,958			$ 241,584
Options written	—		1,675			3,405			75,439			233			1,675			6,523			153,415
Options expired	—					—			—			—			—			(723	)		(9,071	)
Options closed	—		(1,675	)		(8,716	)		(242,059	)		(233	)		(1,675	)		(12,258	)		(323,038	)
Outstanding options, end of year	—					2,500			$   44,080			—			—			2,500			$   62,890

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 119

Schedule of Investments (continued) BlackRock U.S. Government Bond Portfolio

      Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Assets — Derivative Financial Instruments		Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts	Total
Financial futures contracts	Net unrealized appreciation1	—	—	—		—		$  46,454	—		$  46,454
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—	—	—		$16,706		—	—		16,706
Options purchased	Investments at value — unaffiliated2	—	—	—		8,492		5,629	—		14,121
Swaps — centrally cleared	Net unrealized appreciation1	—	—	—		—		39,340	—		39,340
Swaps — OTC	Unrealized appreciation on OTC swaps Swap premiums paid	—	—	—		—		26,891	—		26,891
Total		—	—	—		$25,198		$118,314	—		$143,512
Liabilities — Derivative Financial Instruments
Financial futures contracts	Net unrealized depreciation1	—	—	—		—		$  22,440	—		$ 22,440
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—	—	—		$13,778		—	—		13,778
Options written	Options written, at value	—	—	—		—		76,044	—		76,044
Swaps — centrally cleared	Net unrealized depreciation1	—	—	—		—		159,524	—		159,524
Swaps — OTC	Unrealized depreciation on OTC swaps; Swap premiums received	—	—	—		—		5	—		5
Total		—	—	—		$13,778		$258,013	—		$271,791

¹  Includes cumulative appreciation (depreciation) on financial futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

²  Includes options purchased at value as reported in the Schedule of Investments.

For the year ended December 31, 2015, the effect of derivative financial instruments in the Statements of Operations were as follows:

Net Realized Gain (Loss) from:	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts	Total
Financial futures contracts	—	—	—		—		$  (75,672)	—		$ (75,672)
Foreign currency transactions	—	—	—		$270,336		—	—		270,336
Options purchased1	—	—	—		32,856		(72,871)	—		(40,015)
Options written	—	—	—		333		(127,839)	—		(127,507)
Swaps	—	—	—		—		(67,671)	—		(67,671)
Total	—	—	—		$303,525		$(344,054)	—		$ (40,529)
Net Change in Unrealized Appreciation (Depreciation) on:
Financial futures contracts	—	—	—		—		$   73,500	—		$  73,500
Foreign currency translations	—	—	—		$ (89,727)		—	—		(89,727)
Options purchased1	—	—	—		(3,496)		51,333	—		47,837
Options written	—	—	—		—		56,948	—		56,948
Swaps	—	—	—		—		(7,136)	—		(7,136)
Total	—	—	—		$ (93,223)		$ 174,645	—		$  81,422

¹  Options purchased are included in the net realized gain (loss) from investments and the net change in unrealized appreciation (depreciation) on investments.

See Notes to Financial Statements.

120 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock U.S. Government Bond Portfolio

      Average Quarterly Balances of Outstanding Derivative Financial Instruments

Financial futures contracts:
Average notional value of contracts - long	$	12,186,612
Average notional value of contracts - short	$	25,256,703
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$	2,544,503
Average amounts sold - USD	$	1,379,619
Options:
Average value of option contracts purchased	$	14,685
Average value of option contracts written	$	1,631
Average notional value of swaption contracts purchased	$	2,792,500
Average notional value of swaption contracts written	$	7,715,189
Interest rate swaps:
Average notional value - pays fixed rate	$	9,460,826
Average notional value - receives fixed rate	$	3,771,219
Total return swaps:
Average notional value	$	579,500

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

      Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments:
Financial futures contracts		$   7,700			$    6,421
Forward foreign currency exchange contracts		16,706			13,778
Options		14,1211			76,044
Swaps - Centrally cleared		—			22,817
Swaps - OTC2		26,891			5
Total derivative assets and liabilities in the Statements of Assets and Liabilities		$ 65,418			$119,065
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(12,444	)		(29,238	)
Total derivative assets and liabilities subject to an MNA		$ 52,974			$  89,827

¹  Includes options purchased at value which is included in Investments at value - unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

²  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund.

Counterparty	Derivative Assets Subject to an MNA  by Counterparty		Derivatives Available for Offset3			Non-cash Collateral Received	Cash Collateral Received	Net Amount of Derivative Assets4
Bank of America N.A.		$       30		—		—	—		$       30
BNP Paribas S.A.		4,791		$  (2,557	)	—	—		2,234
Citibank N.A.		4,374		(1,286	)	—	—		3,088
Credit Suisse International		377		(377	)	—	—		—
Deutsche Bank AG		27,397		(27,397	)	—	—		—
Goldman Sachs International		130		(130	)	—	—		—
JPMorgan Chase Bank N.A.		1,141		(249	)	—	—		892
Morgan Stanley & Co. International PLC		3,405		(3,405	)	—	—		—
Royal Bank of Scotland PLC		2,941		(77	)	—	—		2,864
Société Générale		7,784		—		—	—		7,784
State Street Bank and Trust Co.		467		—		—	—		467
UBS AG		137		—		—	—		137
Total		$52,974		$(35,478	)	—	—		$17,496

³  The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to an MNA.

⁴  Net amount represents the net amount receivable from the counterparty in the event of default.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 121

Schedule of Investments (continued) BlackRock U.S. Government Bond Portfolio

Counterparty	Derivative Liabilities Subject to an MNA  by Counterparty		Derivatives Available for Offset1			Non-cash Collateral Pledged	Cash Collateral Pledged	Net Amount of Derivative Liabilities2
BNP Paribas S.A.		$  2,557		$  (2,557	)	—	—		—
Citibank N.A.		1,286		(1,286	)	—	—		—
Credit Suisse International		711		(377	)	—	—		$     334
Deutsche Bank AG		78,263		(27,397	)	—	—		50,866
Goldman Sachs International		959		(130	)	—	—		829
HSBC Bank PLC		60		—		—	—		60
JPMorgan Chase Bank N.A.		249		(249	)	—	—		—
Morgan Stanley & Co. International PLC		5,623		(3,405	)	—	—		2,218
Royal Bank of Scotland PLC		77		(77	)	—	—		—
Standard Chartered Bank		42		—		—	—		42
Total		$89,827		$(35,478)		—	—		$54,349

¹  The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to an MNA.

²  Net amount represents the net amount payable due to counterparty in the event of default.

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	1,777,203		$	397,000	$	2,174,203
Corporate Bonds		—		2,261,325			—		2,261,325
Foreign Government Obligations		—		207,818			—		207,818
Non-Agency Mortgage-Backed Securities		—		3,922,781			75,070		3,997,851
U.S. Government Sponsored Agency Securities		—		67,962,647			—		67,962,647
U.S. Treasury Obligations		—		38,397,283			—		38,397,283
Short-Term Securities:
Borrowed Bond Agreements		—		659,113			—		659,113
Options Purchased:
Foreign Currency Exchange Contracts		—		8,492			—		8,492
Interest Rate Contracts	$	4,744		885			—		5,629
Liabilities:
Investments:
Borrowed Bonds		—		(659,223	)		—		(659,223	)
TBA Sale Commitments		—		(34,555,377	)		—		(34,555,377	)
Total
	$	4,744	$	79,982,947		$	472,070	$	80,459,761

	Level 1			Level 2			Level 3	Total
Derivative Financial Instruments3:
Assets:
Foreign currency exchange contracts		—			$                             16,706		—		$                        16,706
Interest rate contracts	$	46,454			66,226		—		112,680
Liabilities:
Foreign currency exchange contracts		—			(13,778	)	—		(13,778	)
Interest rate contracts		(22,440	)		(235,570	)	—		(258,010	)
Total	$	24,014			$                          (166,416	)	—		$                     (142,402	)

³  Derivative financial instruments are swaps, financial futures contracts, forward foreign currency contracts and options written. Swaps, financial futures contracts and forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

See Notes to Financial Statements.

122 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Schedule of Investments (concluded) BlackRock U.S. Government Bond Portfolio

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	695,060		—		—		$       695,060
Cash pledged for centrally cleared swaps		119,110		—		—		119,110
Cash pledged for financial futures contracts		42,540		—		—		42,540
Foreign currency at value		44,330		—		—		44,330
Liabilities:
Reverse repurchase agreements		—		$ (15,851,831	)	—		(15,851,831	)
Total	$	901,040		$ (15,851,831	)	—		$ (14,950,791	)

During the year ended December 31, 2015, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 123

Statements of Assets and Liabilities

December 31, 2015	BlackRock Balanced Capital Portfolio		BlackRock Capital Appreciation Portfolio		BlackRock Global Allocation Portfolio1		BlackRock Government Money Market Portfolio
Assets
Investments at value — unaffiliated2,3	$	527,551,503	$	156,034,136	$	230,227,978	$	83,649,897
Investments at value — affiliated4		6,433,690		8,447,035		6,220,314		—
Cash		3,654,593		—		5,150		—
Cash held for investments sold short		—		—		577,245		—
Cash pledged for centrally cleared swaps		60,182		—		156,750		—
Foreign currency at value5		197,393		73		9,236		—
Repurchase agreements at value6		—		—		—		41,723,000
Receivables:
Investments sold		5,522		—		471,494		—
Options written		—		—		18,969		—
Securities lending income — affiliated		1,509		2,362		6,620		—
Swaps		115		—		—		—
TBA sale commitments		30,679,859		—		—		—
Capital shares sold		—		—		—		318,465
Dividends		346,473		20,159		198,536		—
Interest		1,008,799		—		519,039		55,546
From the Manager		95,922		32,597		55,061		9,527
Principal paydowns		2,324		—		—		—
Swap premiums paid		74,887		—		—		—
Unrealized appreciation on:
Forward foreign currency exchange contracts		30,894		—		280,121		—
OTC swaps		244,005		—		128,567		—
Variation margin receivable on financial futures contracts		58,491		—		71,355		—
Variation margin receivable on centrally cleared swaps		924		—		4,173		—
Prepaid expenses		2,818		870		9,002		5,000
Other assets		25,674		—		—		—
Total assets		570,475,577		164,537,232		238,959,610		125,761,435
Liabilities
Investments sold short at value7		—		—		609,027		—
Cash received as collateral for OTC derivatives		—		—		390,000		—
Borrowed bonds at value8		5,659,517		—		—		—
Collateral on securities loaned at value		3,964,938		5,786,479		4,986,152		—
Options written at value9		—		—		910,925		—
TBA sale commitments at value10		30,683,688		—		—		—
Reverse repurchase agreements		7,741,100		—		—		—
Payables:
Investments purchased		21,838,066		1,853,032		1,473,889		—
Swaps		2,764		—		—		—
Capital shares redeemed		14,661		5,115		215,485		44,162
Interest expense		43,262		—		—		—
Investment advisory fees		155,630		48,602		69,671		227
Officer’s and Directors’ fees		6,506		4,700		5,183		4,619
Other affiliates		1,370		418		645		341
Professional fees		58,034		42,263		75,850		34,240
Transfer agent fees		191,473		57,069		97,139		22,522
Swap premiums received		292,822		—		—		—
Unrealized depreciation on:
Forward foreign currency exchange contracts		51,528		—		294,816		—
OTC swaps		247,066		—		26,373		—
Variation margin payable on financial futures contracts		6,291		—		—		—
Other accrued expenses payable		78,157		17,316		155,591		14,624
Total liabilities		71,036,873		7,814,994		9,310,746		120,735
Net Assets	$	499,438,704	$	156,722,238	$	229,648,864	$	125,640,700

See Notes to Financial Statements.

124 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Statements of Assets and Liabilities (continued)

December 31, 2015	BlackRock Balanced Capital Portfolio		BlackRock Capital Appreciation Portfolio		BlackRock Global Allocation Portfolio1			BlackRock  Government  Money Market  Portfolio
Net Assets Consist of
Paid-in capital	$	444,619,003	$	130,991,548	$	238,401,741		$	125,640,216
Undistributed (distributions in excess of) net investment income		67,597		23,760		(960,674	)		—
Accumulated net realized gain (loss)		1,569,313		1,820,006		(1,842,474	)		484
Net unrealized appreciation (depreciation)		53,182,791		23,886,924		(5,949,729	)		—
Net Assets	$	499,438,704	$	156,722,238	$	229,648,864		$	125,640,700
Shares outstanding, $0.10 par value11		29,828,790		4,566,472		16,116,736			125,640,216
Net asset value, offering and redemption price per share	$	16.74	$	34.32	$	14.25		$	1.00
1     Consolidated Statement of Assets and Liabilities
2     Investments at cost — unaffiliated	$	474,216,923	$	132,147,212	$	236,056,891		$	83,649,897
3     Securities loaned at value	$	3,849,238	$	5,675,340	$	4,831,023			—
4     Investments at cost — affiliated	$	6,581,700	$	8,447,035	$	6,421,593			—
5     Foreign currency at cost	$	199,079	$	73	$	9,288			—
6     Repurchase agreements at cost		—		—		—		$	41,723,000
7     Proceeds from investments sold short		—		—	$	622,421			—
8     Proceeds received from borrowed bonds	$	5,696,713		—		—			—
9     Premiums received		—		—	$	995,473			—
10    Proceeds from TBA sale commitments	$	30,679,859		—		—			—
11    Authorized shares		300 million		100 million		100 million			2 billion

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 125

Statements of Assets and Liabilities (continued)

December 31, 2015	BlackRock High Yield Portfolio			BlackRock Large Cap Core Portfolio		BlackRock Total Return Portfolio		BlackRock  U.S. Government  Bond Portfolio
Assets
Investments at value — unaffiliated1,2	$	29,329,861		$	168,313,992	$	75,297,010	$	115,674,361
Investments at value — affiliated3		1,971,388			7,630,939		1,413,791		—
Cash		—			—		7,000		695,060
Cash pledged:
Financial futures contracts		124,800			—		—		42,540
Centrally cleared swaps		40,190			—		20,500		119,110
Foreign currency at value4		8,915			—		57,746		44,330
Receivables:
Investments sold		268,857			—		2,457		118
Securities lending income — affiliated		—			914		—		—
Swaps		—			—		37		—
TBA sale commitments		—			—		10,160,554		34,560,038
Capital shares sold		2,813			—		64		—
Dividends		256			190,416		151		—
Interest		488,458			—		331,532		321,424
From the Manager		6,841			30,543		12,858		13,976
Principal paydowns		—			—		10,515		1,743
Swap premiums paid		—			—		23,116		5
Unrealized appreciation on:
Forward foreign currency exchange contracts		12,307			—		12,655		16,706
OTC swaps		—			—		55,052		26,886
Variation margin receivable on financial futures contracts		24,570			—		15,719		7,700
Variation margin receivable on centrally cleared swaps		—			—		163		���
Prepaid expenses		191			1,322		350		376
Other assets		1,080			—		3,109		62,657
Total assets		32,280,527			176,168,126		87,424,379		151,587,030
Liabilities
Borrowed bonds at value5		—			—		1,954,704		659,223
Collateral on securities loaned at value		—			6,716,532		—		—
Options written at value6		—			—		—		76,044
TBA sale commitments at value7		—			—		10,163,120		34,555,377
Reverse repurchase agreements		—			—		6,639,364		15,851,831
Payables:
Investments purchased		213,468			—		6,182,425		33,848,902
Swaps		—			—		858		—
Capital shares redeemed		574			100,953		11,853		33,913
Foreign taxes		—			—		13,786		—
Income dividends		153,292			—		132,037		122,456
Interest expense		—			—		15,152		3,743
Investment advisory fees		3,384			52,793		2,741		14,040
Officer’s and Directors’ fees		4,137			4,800		4,282		4,311
Other affiliates		95			460		173		187
Professional fees		46,751			39,551		57,815		60,382
Transfer agent fees		15,782			64,047		25,098		27,573
Swap premiums received		—			—		54,249		3
Unrealized depreciation on:
Forward foreign currency exchange contracts		34,363			—		17,606		13,778
OTC swaps		—			—		110,362		2
Variation margin payable on financial futures contracts		—			—		1,977		6,421
Variation margin payable on centrally cleared swaps		294			—		—		22,817
Other accrued expenses payable		20,530			15,918		34,840		23,055
Commitments		—	8		—		—		—
Total liabilities		492,670			6,995,054		25,422,442		85,324,058
Net Assets	$	31,787,857		$	169,173,072	$	62,001,937	$	66,262,972

See Notes to Financial Statements.

126 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Statements of Assets and Liabilities (concluded)

December 31, 2015	BlackRock High Yield Portfolio			BlackRock Large Cap Core Portfolio		BlackRock Total Return Portfolio			BlackRock  U.S. Government  Bond Portfolio
Net Assets Consist of
Paid-in capital	$	40,914,768		$	135,328,309	$	66,151,040		$	68,420,308
Undistributed (distributions in excess of) net investment income		114,796			4,603		(44,265	)		223,960
Accumulated net realized gain (loss)		(6,161,709	)		1,175,846		(3,282,161	)		(2,061,243)
Net unrealized appreciation (depreciation)		(3,079,998	)		32,664,314		(822,677	)		(320,053)
Net Assets	$	31,787,857		$	169,173,072	$	62,001,937		$	66,262,972
Shares outstanding, $0.10 par value9		6,472,429			6,376,769		5,391,849			6,081,413
Net asset value, offering and redemption price per share	$	4.91		$	26.53	$	11.50		$	10.90
1     Investments at cost — unaffiliated	$	32,360,636		$	135,649,678	$	76,014,018		$	116,025,582
2     Securities loaned at value		—		$	6,520,609		—			—
3     Investments at cost — affiliated	$	1,971,388		$	7,630,939	$	1,460,118			—
4     Foreign currency at cost	$	8,983			—	$	57,510		$	44,534
5     Proceeds received from borrowed bonds		—			—	$	1,970,084		$	658,818
6     Premiums received		—			—		—		$	106,970
7     Proceeds from TBA sale commitments		—			—	$	10,160,554		$	34,560,038
8     See Note 4 of the Notes to Financial Statements for details of commitments
9     Authorized shares		100 million			100 million		100 million			100 million

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 127

Statements of Operations

Year Ended December 31, 2015	BlackRock Balanced Capital Portfolio			BlackRock Capital Appreciation Portfolio			BlackRock Global Allocation Portfolio1			BlackRock  Government  Money Market  Portfolio
Investment Income
Dividends — unaffiliated	$	5,500,614		$	1,020,776		$	3,177,511			—
Dividends — affiliated		7,534			1,962			2,146			—
Interest		5,216,515			—			2,099,778		$	281,815
Securities lending — affiliated — net		13,586			15,829			47,061			—
Foreign taxes withheld		(38,763	)		(4,839	)		(145,782	)		—
Total income		10,699,486			1,033,728			5,180,714			281,815
Expenses
Investment advisory		1,892,344			577,476			894,991			474,336
Transfer agent		749,136			224,113			367,090			92,117
Accounting services		120,384			40,122			70,518			7,280
Custodian		128,378			21,721			279,104			24,654
Professional		107,226			58,709			102,198			56,956
Printing		36,874			16,605			21,625			27,459
Officer and Directors		28,204			22,519			23,884			22,102
Registration		1,200			1,200			1,200			1,200
Miscellaneous		76,130			7,909			124,235			6,635
Total expenses excluding dividend expense, interest expense and stock loan fees		3,139,876			970,374			1,884,845			712,739
Dividend expense		—			—			12,841			—
Interest expense		59,022			—			—			—
Stock loan fees		—			—			426			—
Total expenses		3,198,898			970,374			1,898,112			712,739
Less fees waived by the Manager		(7,576	)		(1,988	)		(112,874	)		(334,527)
Less transfer agent fees reimbursed		(566,800	)		(155,310	)		(362,090	)		(86,910)
Less other expenses reimbursed		—			—			—			(9,527)
Total expenses after fees waived and/or reimbursed		2,624,522			813,076			1,423,148			281,775
Net investment income		8,074,964			220,652			3,757,566			40
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		23,335,426			10,671,356			5,201,062			8,416
Capital gain distributions received from affiliated investment companies		139			49			48			—
Financial futures contracts		(190,019	)		—			1,178,709			—
Interest rate floors		(41,840	)		—			—			—
Foreign currency transactions		387,240			(137	)		3,318,695			—
Options written		158,509			—			791,076			—
Short sales		—			—			(12,768	)		—
Swaps		342,678			—			261,833			—
Borrowed bonds		(44,202	)		—			—			—
		23,947,931			10,671,268			10,738,655			8,416
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated2		(28,204,298	)		(32,804	)		(14,992,968	)		—
Investments — affiliated		(148,010	)		—			(65,836	)		—
Financial futures contracts		(107,736	)		—			32,932			—
Interest rate floors		7,634			—			—			—
Foreign currency translations		(292,313	)		—			(1,287,435	)		—
Options written		1,605			—			534,592			—
Short sales		—			—			19,739			—
Swaps		(174,689	)		—			(135,788	)		—
Borrowed bonds		37,196			—			—			—
		(28,880,611	)		(32,804	)		(15,894,764	)		—
Total realized and unrealized gain (loss)		(4,932,680	)		10,638,464			(5,156,109	)		8,416
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,142,284		$	10,859,116		$	(1,398,543	)	$	8,456
1     Consolidated Statement of Operations
2     Net of foreign capital gain tax		—			—		$	3,493			—

See Notes to Financial Statements.

128 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Statements of Operations (concluded)

Year Ended December 31, 2015	BlackRock High Yield Portfolio			BlackRock Large Cap Core Portfolio			BlackRock Total Return Portfolio			BlackRock  U.S.  Government  Bond  Portfolio
Investment Income
Dividends — unaffiliated	$	43,762		$	2,916,625		$	21,742			—
Dividends — affiliated		21,771			2,036			15,153		$	3,473
Interest		2,088,345			—			1,839,594			1,492,938
Securities lending — affiliated — net		—			10,155			—			—
Foreign taxes withheld		(697	)		(22,382	)		(80	)		—
Total income		2,153,181			2,906,434			1,876,409			1,496,411
Expenses
Investment advisory		134,258			641,100			236,975			256,565
Transfer agent		56,812			248,082			95,141			105,501
Professional		55,346			57,579			65,229			72,630
Custodian		24,769			16,264			88,255			51,739
Officer and Directors		20,653			22,820			21,099			21,178
Accounting services		14,433			43,716			20,519			21,699
Printing		10,381			17,270			11,736			11,559
Registration		1,200			4,003			1,200			1,200
Miscellaneous		19,410			8,088			50,304			14,650
Total expenses excluding interest expense		337,262			1,058,922			590,458			556,721
Interest expense		—			—			25,758			20,199
Total expenses		337,262			1,058,922			616,216			576,920
Less fees waived by the Manager		(99,353	)		(2,268	)		(172,400	)		(101,233)
Less transfer agent fees reimbursed		(51,812	)		(175,073	)		(90,141	)		(100,501)
Total expenses after fees waived and/or reimbursed		186,097			881,581			353,675			375,186
Net investment income		1,967,084			2,024,853			1,522,734			1,121,225
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		(1,907,071	)		8,868,248			181,889			590,518
Investments — affiliated		(54,696	)		—			—			—
Capital gain distributions received from affiliated investment companies		28			41			32			3
Financial futures contracts		(131,421	)		—			(53,059	)		(75,672)
Interest rate floors		—			—			(15,651	)		—
Foreign currency transactions		587,986			—			141,082			75,828
Options written		4,104			—			51,829			(127,507)
Borrowed bonds		—			—			(29,004	)		1,280
Swaps		28,822			—			94,010			(67,671)
		(1,472,248	)		8,868,289			371,128			396,779
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,806,942	)		(9,751,131	)		(1,392,909	)		(1,159,951)
Investments — affiliated		3,358			—			(46,327	)		—
Financial futures contracts		74,587			—			(57,405	)		73,500
Interest rate floors		—			—			2,856			—
Foreign currency translations		(215,108	)		—			(103,574	)		(90,438)
Options written		—			—			418			56,948
Swaps		10,126			—			(55,463	)		(7,136)
Borrowed bonds		—			—			15,380			(405)
		(1,933,979	)		(9,751,131	)		(1,637,024	)		(1,127,482)
Total realized and unrealized loss		(3,406,227	)		(882,842	)		(1,265,896	)		(730,703)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,439,143	)	$	1,142,011		$	256,838		$	390,522

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 129

Statements of Changes in Net Assets

	BlackRock Balanced Capital Portfolio						BlackRock Capital Appreciation Portfolio
	Year Ended December 31,						Year Ended December 31,
Increase (Decrease) in Net Assets:	2015			2014			2015			2014
Operations
Net investment income	$	8,074,964		$	9,228,518		$	220,652		$	289,238
Net realized gain		23,947,931			55,728,082			10,671,268			25,648,369
Net change in unrealized appreciation (depreciation)		(28,880,611	)		(8,549,774	)		(32,804	)		(12,530,655	)
Net increase in net assets resulting from operations		3,142,284			56,406,826			10,859,116			13,406,952
Distributions to Shareholders From1
Net investment income		(8,478,495	)		(9,881,631	)		(200,002	)		(266,239	)
Net realized gain		(24,468,344	)		(57,418,669	)		(12,402,083	)		(26,403,560	)
Decrease in net assets resulting from distributions to shareholders		(32,946,839	)		(67,300,300	)		(12,602,085	)		(26,669,799	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(16,810,274	)		19,306,262			1,077,712			12,599,186
Net Assets
Total increase (decrease) in net assets		(46,614,829	)		8,412,788			(665,257	)		(663,661	)
Beginning of year		546,053,533			537,640,745			157,387,495			158,051,156
End of year	$	499,438,704		$	546,053,533		$	156,722,238		$	157,387,495
Undistributed (distributions in excess of) net investment income, end of year	$	67,597		$	(70,474	)	$	23,760		$	3,247

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

130 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Statements of Changes in Net Assets (continued)

	BlackRock Global Allocation Portfolio1						BlackRock Government Money Market Portfolio
	Year Ended December 31,						Year Ended December 31,
Increase (Decrease) in Net Assets:	2015			2014			2015			2014
Operations
Net investment income	$	3,757,566		$	4,883,393		$	40		$	40
Net realized gain		10,738,655			24,388,201			8,416			7,165
Net change in unrealized appreciation (depreciation)		(15,894,764	)		(22,367,982	)		—			—
Net increase (decrease) in net assets resulting from operations		(1,398,543	)		6,903,612			8,456			7,205
Distributions to Shareholders From2
Net investment income		(4,714,207	)		(6,467,763	)		(40	)		(40	)
Net realized gain		(13,479,210	)		(21,285,481	)		(8,064	)		(7,293	)
Tax return of capital		(1,548	)		—			—			—
Decrease in net assets resulting from distributions to shareholders		(18,194,965	)		(27,753,244	)		(8,104	)		(7,333	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(8,453,675	)		1,923,293			(12,392,352	)		(10,451,710	)
Net Assets
Total decrease in net assets		(28,047,183	)		(18,926,339	)		(12,392,000	)		(10,451,838	)
Beginning of year		257,696,047			276,622,386			138,032,700			148,484,538
End of year	$	229,648,864		$	257,696,047		$	125,640,700		$	138,032,700
Distributions in excess of net investment income, end of year	$	(960,674	)	$	(168,597	)		—			—

¹  Consolidated Statements of Changes in Net Assets.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 131

Statements of Changes in Net Assets (continued)

	BlackRock High Yield Portfolio						BlackRock Large Cap Core Portfolio
	Year Ended December 31,						Year Ended December 31,
Increase (Decrease) in Net Assets:	2015			2014			2015			2014
Operations
Net investment income	$	1,967,084		$	2,534,260		$	2,024,853		$	1,842,721
Net realized gain (loss)		(1,472,248	)		807,724			8,868,289			23,552,869
Net change in unrealized appreciation (depreciation)		(1,933,979	)		(2,358,761	)		(9,751,131	)		(3,782,001	)
Net increase (decrease) in net assets resulting from operations		(1,439,143	)		983,223			1,142,011			21,613,589
Distributions to Shareholders From1
Net investment income		(2,026,889	)		(2,871,368	)		(2,025,002	)		(1,888,456	)
Net realized gain		—			—			(8,645,660	)		(15,500,781	)
Decrease in net assets resulting from distributions to shareholders		(2,026,889	)		(2,871,368	)		(10,670,662	)		(17,389,237	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(3,827,439	)		(7,553,392	)		(6,152,545	)		1,368,548
Net Assets
Total increase (decrease) in net assets		(7,293,471	)		(9,441,537	)		(15,681,196	)		5,592,900
Beginning of year		39,081,328			48,522,865			184,854,268			179,261,368
End of year	$	31,787,857		$	39,081,328		$	169,173,072		$	184,854,268
Undistributed (distributions in excess of) net investment income, end of year	$	114,796		$	(76,225	)	$	4,603		$	403

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

132 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Statements of Changes in Net Assets (concluded)

	BlackRock Total Return Portfolio						BlackRock U.S. Government Bond Portfolio
	Year Ended December 31,						Year Ended December 31,
Increase (Decrease) in Net Assets:	2015			2014			2015			2014
Operations
Net investment income	$	1,522,734		$	2,024,622		$	1,121,225		$	1,382,806
Net realized gain		371,128			1,760,262			396,779			2,384,231
Net change in unrealized appreciation (depreciation)		(1,637,024	)		946,047			(1,127,482	)		732,092
Net increase in net assets resulting from operations		256,838			4,730,931			390,522			4,499,129
Distributions to Shareholders From1
Net investment income		(1,656,708	)		(2,158,307	)		(1,474,856	)		(1,631,628	)
Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(4,666,858	)		(7,008,872	)		(7,578,112	)		(8,243,720	)
Net Assets
Total decrease in net assets		(6,066,728	)		(4,436,248	)		(8,662,446	)		(5,376,219	)
Beginning of year		68,068,665			72,504,913			74,925,418			80,301,637
End of year	$	62,001,937		$	68,068,665		$	66,262,972		$	74,925,418
Undistributed (distributions in excess of) net investment income, end of year	$	(44,265	)	$	(103,755	)	$	223,960		$	48,544

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 133

Financial Highlights BlackRock Balanced Capital Portfolio

	Year Ended December 31,
	2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of year	$	17.81		$	18.26		$	15.51		$	14.33		$	14.09
Net investment income1		0.28			0.33			0.31			0.36			0.37
Net realized and unrealized gain (loss)		(0.19	)		1.67			2.83			1.19			0.28
Net increase from investment operations		0.09			2.00			3.14			1.55			0.65
Distributions from2:
Net investment income		(0.30	)		(0.36	)		(0.35	)		(0.37	)		(0.41	)
Net realized gain		(0.86	)		(2.09	)		(0.04	)		—			—
Total distributions		(1.16	)		(2.45	)		(0.39	)		(0.37	)		(0.41	)
Net asset value, end of year	$	16.74		$	17.81		$	18.26		$	15.51		$	14.33
Total Return3
Based on net asset value		0.52	%		11.07	%		20.29	%		10.79	%		4.58	%
			��
Ratios to Average Net Assets
Total expenses		0.61	%		0.57	%		0.61	%		0.55	%		0.45	%
Total expenses after fees waived and/or reimbursed		0.50	%		0.48	%		0.51	%		0.48	%		0.44	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		0.49	%		0.47	%		0.49	%		0.47	%		0.44	%
Net investment income		1.54	%		1.72	%		1.83	%		2.36	%		2.55	%
Supplemental Data
Net assets, end of year (000)	$	499,439		$	546,054		$	537,641		$	496,992		$	499,851
Portfolio turnover rate4		340	%		345	%		349	%		499	%		612	%

¹  Based on average shares outstanding.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.

⁴  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

	Year Ended December 31,
	2015			2014			2013			2012			2011
Portfolio turnover rate (excluding MDRs)		240	%		259	%		252	%		398	%		415%

See Notes to Financial Statements.

134 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Financial Highlights (continued) BlackRock Capital Appreciation Portfolio

	Year Ended December 31,
	2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of year	$	34.75		$	38.16		$	28.43		$	25.13		$	27.72
Net investment income1		0.05			0.07			0.08			0.31			0.17
Net realized and unrealized gain (loss)		2.45			3.33			9.74			3.33			(2.57	)
Net increase (decrease) from investment operations		2.50			3.40			9.82			3.64			(2.40	)
Distributions from2:
Net investment income		(0.05	)		(0.07	)		(0.09	)		(0.34	)		(0.19	)
Net realized gain		(2.88	)		(6.74	)		—			—			—
Total distributions		(2.93	)		(6.81	)		(0.09	)		(0.34	)		(0.19	)
Net asset value, end of year	$	34.32		$	34.75		$	38.16		$	28.43		$	25.13
Total Return3
Based on net asset value		7.09	%		9.12	%		34.53	%		14.48	%		(8.66	)%
Ratios to Average Net Assets
Total expenses		0.61	%		0.60	%		0.62	%		0.56	%		0.45	%
Total expenses after fees waived and/or reimbursed		0.51	%		0.51	%		0.53	%		0.50	%		0.44	%
Net investment income		0.14	%		0.19	%		0.26	%		1.11	%		0.62	%
Supplemental Data
Net assets, end of year (000)	$	156,722		$	157,387		$	158,051		$	130,685		$	132,310
Portfolio turnover rate		71	%		99	%		151	%		61	%		79	%

¹  Based on average shares outstanding.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 135

Financial Highlights (continued) BlackRock Global Allocation Portfolio

	Year Ended December 31,1
	2015				2014				2013				2012				2011
Per Share Operating Performance
Net asset value, beginning of year		$	15.55			$	16.97			$	15.03			$	13.80			$	15.59
Net investment income2			0.24				0.31				0.24				0.25				0.33
Net realized and unrealized gain (loss)			(0.35	)			0.12				2.00				1.19				(0.86	)
Net increase (decrease) from investment operations			(0.11	)			0.43				2.24				1.44				(0.53	)
Distributions from3:
Net investment income			(0.30	)			(0.43	)			(0.30	)			(0.21	)			(1.05	)
Net realized gain			(0.89	)			(1.42	)			—				—				—
Tax return of capital			—	4			—				—				—				(0.21	)
Total distributions			(1.19	)			(1.85	)			(0.30	)			(0.21	)			(1.26	)
Net asset value, end of year		$	14.25			$	15.55			$	16.97			$	15.03			$	13.80
Total Return5
Based on net asset value			(0.74	)%			2.52	%			14.94	%			10.46	%			(3.39	)%
Ratios to Average Net Assets
Total expenses			0.77	%			0.72	%			0.69	%			0.61	%			0.47	%
Total expenses after fees waived and/or reimbursed			0.58	%			0.57	%			0.56	%			0.53	%			0.44	%
Total expenses after fees waived and/or reimbursed and excluding dividend expense, interest expense and stock loan fees			0.57	%			0.57	%			0.56	%			0.53	%			0.44	%
Net investment income			1.52	%			1.81	%			1.49	%			1.73	%			2.04	%
Supplemental Data							��
Net assets, end of year (000)		$	229,649			$	257,696			$	276,622			$	268,888			$	272,553
Portfolio turnover rate6			89	%			70	%			56	%			44	%			65	%
1    Consolidated Financial Highlights. 2    Based on average shares outstanding. 3    Distributions for annual periods determined in accordance with federal income tax regulations. 4    Amount is greater than $(0.005) per share. 5    Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions. 6    Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
					Year Ended December 31,
	2015				2014				2013				2012				2011
Portfolio turnover rate (excluding MDRs)			87	%			70	%			56	%			44	%			65	%

See Notes to Financial Statements.

136 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Financial Highlights (continued) BlackRock Government Money Market Portfolio

	Year Ended December 31,
	2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0001			0.0001			0.0000	1		0.0000	1		0.0000	1
Net increase from investment operations		0.0001			0.0001			0.0000			0.0000			0.0000
Distributions from2:
Net investment income		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Net realized gain		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3		(0.0000	)3
Total distributions		(0.0001	)		(0.0001	)		(0.0000	)		(0.0000	)		(0.0000	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.01	%		0.01	%		0.00	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.54	%		0.49	%		0.55	%		0.50	%		0.43	%
Total expenses after fees waived and/or reimbursed		0.22	%		0.23	%		0.25	%		0.29	%		0.29	%
Net investment income		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of year (000)	$	125,641		$	138,033		$	148,485		$	163,347		$	195,061

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is greater than $(0.00005) per share.

⁴  Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 137

Financial Highlights (continued) BlackRock High Yield Portfolio

	Year Ended December 31,
	2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of year	$	5.44		$	5.69		$	5.50		$	5.06		$	5.33
Net investment income1		0.28			0.32			0.34			0.36			0.38
Net realized and unrealized gain (loss)		(0.52	)		(0.21	)		0.21			0.43			(0.27	)
Net increase (decrease) from investment operations		(0.24	)		0.11			0.55			0.79			0.11
Distributions from net investment income2		(0.29	)		(0.36	)		(0.36	)		(0.35	)		(0.38	)
Net asset value, end of year	$	4.91		$	5.44		$	5.69		$	5.50		$	5.06
Total Return3
Based on net asset value		(4.65	)%		1.88	%		10.28	%		16.17	%		2.04	%
Ratios to Average Net Assets
Total expenses		0.91	%		0.84	%		0.89	%		0.82	%		0.66	%
Total expenses after fees waived and/or reimbursed		0.50	%		0.51	%		0.52	%		0.50	%		0.50	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		5.30	%		5.54	%		6.01	%		6.72	%		7.18	%
Supplemental Data
Net assets, end of year (000)	$	31,788		$	39,081		$	48,523		$	49,756		$	46,804
Portfolio turnover rate		84	%		78	%		102	%		102	%		96	%

¹  Based on average shares outstanding.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.

See Notes to Financial Statements.

138 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Financial Highlights (continued) BlackRock Large Cap Core Portfolio

	Year Ended December 31,
	2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of year	$	28.11		$	27.50		$	20.70		$	18.65		$	18.42
Net investment income1		0.32			0.29			0.27			0.34			0.25
Net realized and unrealized gain (loss)		(0.15	)		3.23			6.82			2.07			0.23
Net increase from investment operations		0.17			3.52			7.09			2.41			0.48
Distributions from2:
Net investment income		(0.33	)		(0.32	)		(0.29	)		(0.36	)		(0.25	)
Net realized gain		(1.42	)		(2.59	)		—			—			—
Total distributions		(1.75	)		(2.91	)		(0.29	)		(0.36	)		(0.25	)
Net asset value, end of year	$	26.53		$	28.11		$	27.50		$	20.70		$	18.65
Total Return3
Based on net asset value		0.60	%		12.79	%		34.29	%		12.95	%		2.61	%
Ratios to Average Net Assets
Total expenses		0.60	%		0.59	%		0.60	%		0.56	%		0.44	%
Total expenses after fees waived and/or reimbursed		0.50	%		0.49	%		0.49	%		0.48	%		0.44	%
Net investment income		1.14	%		1.03	%		1.12	%		1.69	%		1.32	%
Supplemental Data
Net assets, end of year (000)	$	169,173		$	184,854		$	179,261		$	151,411		$	149,950
Portfolio turnover rate		31	%		47	%		39	%		115	%		104	%

¹  Based on average shares outstanding.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 139

Financial Highlights (continued) BlackRock Total Return Portfolio

	Year Ended December 31,
	2015				2014				2013				2012				2011
Per Share Operating Performance
Net asset value, beginning of year		$	11.76			$	11.34			$	11.83			$	11.37			$	11.17
Net investment income1			0.27				0.33				0.33				0.38				0.47
Net realized and unrealized gain (loss)			(0.23	)			0.45				(0.45	)			0.49				0.22
Net increase (decrease) from investment operations			0.04				0.78				(0.12	)			0.87				0.69
Distributions from net investment income2			(0.30	)			(0.36	)			(0.37	)			(0.41	)			(0.49	)
Net asset value, end of year		$	11.50			$	11.76			$	11.34			$	11.83			$	11.37
Total Return3
Based on net asset value			0.29	%			6.90	%			(1.05	)%			7.78	%			6.34	%
Ratios to Average Net Assets
Total expenses			0.94	%			0.84	%			0.85	%			0.80	%			0.60	%
Total expenses after fees waived and/or reimbursed and paid indirectly			0.54	%			0.57	%			0.53	%			0.52	%			0.53	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			2.33	%			2.86	%			2.85	%			3.25	%			4.28	%
Supplemental Data
Net assets, end of year (000)		$	62,002			$	68,069			$	72,505			$	83,353			$	84,332
Portfolio turnover rate4			783	%			762	%			806	%			952	%			1,237	%
1    Based on average shares outstanding. 2    Distributions for annual periods determined in accordance with federal income tax regulations. 3    Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions. 4    Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
	Year Ended December 31,
	2015				2014				2013				2012				2011
Portfolio turnover rate (excluding MDRs)			548	%			556	%			582	%			731	%			793	%

See Notes to Financial Statements.

140 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Financial Highlights (concluded) BlackRock U.S. Government Bond Portfolio

	Year Ended December 31,
	2015				2014				2013				2012				2011
Per Share Operating Performance
Net asset value, beginning of year		$	11.07			$	10.67			$	11.27			$	11.56			$	11.26
Net investment income1			0.17				0.20				0.16				0.22				0.29
Net realized and unrealized gain (loss)			(0.11	)			0.43				(0.49	)			0.07				0.43
Net increase (decrease) from investment operations			0.06				0.63				(0.33	)			0.29				0.72
Distributions from2:
Net investment income			(0.23	)			(0.23	)			(0.25	)			(0.25	)			(0.31	)
Net realized gain			—				—				—				(0.33	)			(0.11	)
Tax return of capital			—				—				(0.02	)			—				—
Total distributions			(0.23	)			(0.23	)			(0.27	)			(0.58	)			(0.42	)
Net asset value, end of year		$	10.90			$	11.07			$	10.67			$	11.27			$	11.56
Total Return3
Based on net asset value			0.54	%			5.95	%			(2.99	)%			2.55	%			6.54	%
Ratios to Average Net Assets
Total expenses			0.81	%4			0.76	%			0.78	%4			0.67	%			0.53	%
Total expenses after fees waived and/or reimbursed			0.53	%4			0.53	%			0.50	%4			0.50	%			0.50	%
Total expenses after fees waived and/or reimbursed and excluding interest expense			0.50	%4			0.50	%			0.50	%4			0.50	%			0.50	%
Net investment income			1.58	%4			1.79	%			1.44	%4			1.86	%			2.62	%
Supplemental Data
Net assets, end of year (000)		$	66,263			$	74,925			$	80,302			$	99,492			$	107,890
Portfolio turnover rate5			1,421	%			1,374	%			2,125	%			1,572	%			2,756	%
1    Based on average shares outstanding. 2    Distributions for annual periods determined in accordance with federal income tax regulations. 3    Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions. 4    Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%. 5    Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
	Year Ended December 31,
	2015				2014				2013				2012				2011
Portfolio turnover rate (excluding MDRs)			891	%			723	%			1,614	%			1,194	%			1,937	%

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 141

Notes to Financial Statements

1. Organization:

BlackRock Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The following are referred to herein collectively as the “Funds” or individually, a “Fund”:

Fund Name	Herein Referred To As	Diversification Classification
BlackRock Balanced Capital Portfolio	Balanced Capital	Diversified
BlackRock Capital Appreciation Portfolio	Capital Appreciation	Diversified
BlackRock Global Allocation Portfolio	Global Allocation	Diversified
BlackRock Government Money Market Portfolio	Government Money Market	Diversified
BlackRock High Yield Portfolio	High Yield	Diversified
BlackRock Large Cap Core Portfolio	Large Cap Core	Diversified
BlackRock Total Return Portfolio	Total Return	Diversified
BlackRock U.S. Government Bond Portfolio	U.S. Government Bond	Diversified

Effective September 1, 2015, BlackRock Money Market Portfolio changed its name to BlackRock Government Money Market Portfolio.

The Company is organized as a Maryland corporation that is comprised of eight separate portfolios. The Funds offer shares to insurance companies for their separate accounts to fund benefits under certain variable annuity and variable life insurance contracts.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of open-end funds referred to as the Equity-Bond Complex.

Basis of Consolidation: The accompanying consolidated financial statements of Global Allocation include the accounts of BlackRock Cayman Global Allocation Portfolio I, Ltd. (the “Subsidiary”), which is a wholly owned subsidiary of Global Allocation and primarily invests in commodity-related instruments. The Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. Global Allocation may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary as of period end were $6,041,307, which is 2.6% of Global Allocation’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to Global Allocation, except that the Subsidiary may invest without limitation in commodity-related instruments.

2. Significant Accounting Policies:

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Foreign Currency: Each Fund’s books and records are maintained in U.S. dollars. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., dollar rolls, TBA sale commitments, financial futures contracts, forward foreign currency exchange contracts, options written, swaps and short sales), or certain borrowings (e.g., reverse repurchase agreements) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowing to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when

142 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Notes to Financial Statements (continued)

the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.

Distributions: For Government Money Market, distributions from net investment income are declared daily and paid monthly. Distributions are declared from the total of net investment income. For Balanced Capital, Capital Appreciation, Global Allocation and Large Cap Core, distributions from net investment income are declared and paid at least annually. For High Yield, Total Return and U.S. Government, distributions from net investment income are declared daily and paid monthly. For each Fund, distributions of capital gains are recorded on the ex-dividend dates.

Portions of return of capital distributions under U.S. GAAP may be taxed at ordinary income rates. The character of distributions is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. Realized net capital gains can be offset by capital losses carried forward from prior years. However, certain Funds have capital loss carryforwards from pre-2012 tax years that offset realized net capital gains but do not offset current and accumulated earnings and profits. Consequently, if distributions in any tax year are less than the Fund’s current earnings and profits but greater than net investment income and net realized capital gains (taxable income), distributions in excess of taxable income are not treated as non-taxable return of capital, but rather may be taxable to shareholders at ordinary income rates. Under certain circumstances, taxable excess distributions could be significant. See Note 8, Income Tax Information, for the tax character of each Fund’s distributions paid during the period.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

3. Investment Valuation and Fair Value Measurements:

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. For all Funds except Government Money Market, the Funds determine the fair values of their financial instruments using independent dealers or pricing services under policies approved by the Board of Directors of the Fund (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Funds for all financial instruments.

For Government Money Market, the Fund’s investments are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments are valued at cost when purchased and, thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security. The Fund seeks to maintain its net asset value per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.

Fair Value Inputs and Methodologies: The following methods (or “techniques”) and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at the official close price each day, if available. For equity investments traded on more than one exchange, the official close price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

• Bond investments are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more brokers or dealers as obtained from a pricing service. In determining

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 143

Notes to Financial Statements (continued)

the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.

• Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

• Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

• To-be-announced (“TBA”) commitments are valued on the basis of last available bid prices or current market quotations provided by pricing services.

• Investments in open-end U.S. mutual funds are valued at NAV each business day.

• The Funds value their investment in BlackRock Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act. The Funds may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

• Financial futures contracts traded on exchanges are valued at their last sale price.

• Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of business on the NYSE. Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

• Swap agreements are valued utilizing quotes received daily by the Funds’ pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such instruments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement which include the market approach, income approach and/or in the case of recent investments, the cost approach, as appropriate. The market approach generally consists of using comparable market transactions. The income approach generally is used to discount future cash flows to present value and is adjusted for liquidity as appropriate. These factors include but are not limited to: (i) attributes specific to the investment or asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v) quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Funds’ pricing vendors, regular reviews of key inputs and

144 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Notes to Financial Statements (continued)

assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Value Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

• Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

• Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3. The fair value hierarchy for each Fund’s investments and derivative financial instruments have been included in the Schedules of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. Securities and Other Investments:

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a Fund may subsequently have to reinvest the proceeds at lower interest rates. If a Fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (“Mortgage Assets”), there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), which include collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 145

Notes to Financial Statements (continued)

syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Inflation-Indexed Bonds: Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Statements 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-indexed bonds. 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.

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by, a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated pre-payments of principal, a Fund’s initial investment in the IOs may not fully recoup.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. A Fund also may invest in stripped mortgage-backed securities that are privately issued.

Zero-Coupon Bonds: Zero-coupon bonds, are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics, or in the case of trust preferred securities, by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured as either fixed or adjustable coupon securities that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of the trust preferred securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. Payments on these securities are treated as interest rather than dividends for federal income tax purposes. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Preferred Stock: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

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Warrants: Warrants entitle a Fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and a Fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. A Fund may invest in obligations of borrowers who are in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result to proceeds from the sale to not be readily available for a Fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a Fund’s investment policies.

When a Fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a Fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A Fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A Fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a Fund having a contractual relationship only with the lender, not with the borrower. A Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A Fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a Fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A Fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a Fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a Fund having a direct contractual relationship with the borrower, and a Fund may enforce compliance by the borrower with the terms of the loan agreement.

Forward Commitments and When-Issued Delayed Delivery Securities: Certain Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Fund may purchase securities under such conditions 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 Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a Fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

In order to better define contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, TBA commitments may be entered into by a Fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the

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Notes to Financial Statements (continued)

counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, a Fund is permitted to sell, repledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, the Fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Commitments: Certain Funds may enter into commitments, or agreements, to acquire an investment at a future date (subject to certain conditions) in connection with a potential public or non-public offering. Such agreements may obligate the Fund to make future cash payments. As of December 31, 2015, High Yield had an outstanding commitment of $1,080,000 in connection with the Chapter 11 cases of Energy Future Holdings Corp., et al. This commitment is not included in the net assets of High Yield as of December 31, 2015.

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain eligible collateral subject to the agreement and in value no less than the agreed repurchase amount. Pursuant to the custodial undertaking associated with a tri-party repo arrangement, an unaffiliated third party custodian maintains accounts to hold collateral for a Fund and its counterparties. Typically, a Fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or a Fund, respectively.

In the event the counterparty defaults and the fair value of the collateral declines, a Fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by a Fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, a Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund would recognize a liability with respect to such excess collateral. The liability reflects a Fund’s obligation under bankruptcy law to return the excess to the counterparty.

Borrowed Bond Agreements: Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a Fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a Fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a Fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A Fund may also experience delays in gaining access to the collateral.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third party broker-dealers in which a Fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A Fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a Fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a Fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a Fund would still be required to pay the full repurchase price. Further, a Fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a Fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates

148 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Notes to Financial Statements (continued)

fair value. Interest payments made by a Fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund.

For the year ended December 31, 2015, the average amount of reverse repurchase agreements and the daily weighted average interest rate for the Funds were as follows:

	Balanced Capital		Total Return			U.S. Government  Bond
Average Borrowings		$8,693,661		$6,736,741			$18,230,123
Daily Weighted Average Interest Rate		(0.19)%		(0.09	)%		(0.11)%

Borrowed bond agreements and reverse repurchase transactions are entered into by a Fund under Master Repurchase Agreements (each, an “MRA”), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. With reverse repurchase transactions, typically, the Fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

As of period end, the following table is a summary of the Funds’ open borrowed bond agreements and reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

Counterparty	Borrowed Bond Agreements1		Reverse Repurchase Agreements			Borrowed Bonds at Value Including Accrued Interest2				Net Amount before Collateral			Non-cash Collateral Pledged		Net Collateral Pledged		Net Exposure Due (to)/from Counterparty3
Balanced Capital
Barclays Capital, Inc.		$     94,166		—			$     (94,283	)			$            (117	)		—		—		$     (117	)
Deutsche Bank Securities, Inc.		49,688		$  (7,741,100	)		(49,966	)			(7,741,378	)		$  7,708,803		$  7,708,803		(32,575	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.		5,550,931		—			(5,558,531	)			(7,600	)		—		—		(7,600	)
Total		$5,694,785		$  (7,741,100	)		$(5,702,780	)			$  (7,749,095	)		$  7,708,803		$  7,708,803		$(40,292	)
Total Return
Barclays Capital, Inc.		$     27,580		—			$     (27,618	)			$              (38	)		—		—		$       (38	)
Deutsche Bank Securities, Inc.		24,844		—			(24,989	)			(145	)		—		—		(145	)
J.P. Morgan Securities LLC		—		$  (2,772,239	)		—				(2,772,239	)		$  2,772,239		$  2,772,239		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,914,419		(3,867,125	)		(1,917,357	)			(3,870,063	)		3,870,063		3,870,063		—
Total		$1,966,843		$  (6,639,364	)		$(1,969,964	)			$  (6,642,485	)		$  6,642,302		$  6,642,302		$     (183	)
U.S. Government Bond
BNP Paribas Securities Corp.		—		$  (5,600,615	)		—		��		$  (5,600,615	)		$  5,589,187		$  5,589,187		$(11,428	)
Credit Suisse Securities (USA) LLC		—		(4,612,187	)		—				(4,612,187	)		4,604,706		4,604,706		(7,481	)
Deutsche Bank Securities, Inc.		$   659,113		—			$   (660,636	)			(1,523	)		—		—		(1,523	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.		—		(5,639,029	)		—				(5,639,029	)		5,639,029		5,639,029		—
Total		$   659,113		$(15,851,831	)		$   (660,636	)			$(15,853,354	)		$15,832,922		$15,832,922		$(20,432	)

¹ Included in Investments at value-unaffiliated in the Statements of Assets and Liabilities.

² Includes accrued interest on borrowed bonds in the amount of $43,263 and $15,260 and $1,413, for Balanced Capital, Total Return and U.S. Government Bond, respectively, which is included in interest expense payable in the Statements of Assets and Liabilities.

³ Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds of the agreement may be restricted while the other party, or its trustee or receiver, determines whether or not to enforce the Fund’s obligation to repurchase the securities.

Short Sales: Certain Funds may enter into short sale transactions in which a Fund sells a security it does not hold in anticipation of a decline in the market price of that security. When the Fund makes a short sale, it will borrow the security sold short from a broker/counterparty and deliver the security to the purchaser. To close out a short position, the Fund delivers the same security to the broker and records a liability to reflect the obligation to return the security to the broker. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The

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Notes to Financial Statements (continued)

Fund maintains a segregated account of securities or deposits cash with the broker-dealer as collateral for the short sales. Cash deposited with the broker is recorded as an asset in the Statements of Assets and Liabilities. Securities segregated as collateral are denoted in the Schedules of Investments. The Fund may pay a financing fee for the difference between the market value of the short position and the cash collateral deposited with the broker which would be recorded as interest expense. The Fund is required to repay the counterparty any dividends received on the security sold short, which is shown as dividend expense in the Statements of Operations. The Fund may pay a fee on the assets borrowed from the counterparty, which is shown as stock loan fees in the Statements of Operations. The Funds are exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of a theoretically unlimited loss since there is a theoretically unlimited potential for the market price of the security sold short to increase. A gain, limited to the price at which the Funds sold the security short, or a loss, unlimited as to the dollar amount, will be recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance the Funds will be able to close out a short position at a particular time or at an acceptable price.

Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value — unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following tables are a summary of the Funds’ securities lending agreements by counterparty which are subject to offset under an MSLA:

Balanced Capital
Counterparty	Securities Loaned at Value		Cash Collateral Received1			Net Amount
Citigroup Global Markets, Inc.		$   921,906		$   (921,906	)	—
Credit Suisse Securities (USA) LLC		317,130		(317,130	)	—
Goldman Sachs & Co.		321,728		(321,728	)	—
JP Morgan Securities LLC		1,178,731		(1,178,731	)	—
State Street Bank and Trust Co.		1,109,743		(1,109,743	)	—
Total		$3,849,238		$(3,849,238	)	—

¹ Collateral with a value of $3,964,938 has been received by Balanced Capital in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes.

150 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Notes to Financial Statements (continued)

Capital Appreciation
Counterparty	Securities Loaned at Value		Cash Collateral Received1			Net Amount
Barclays Capital, Inc.	$	2,334,750	$	(2,334,750	)	—
Goldman Sachs & Co.		1,562,796		(1,562,796	)	—
Morgan Stanley		1,777,794		(1,777,794	)	—
Total	$	5,675,340	$	(5,675,340	)	—
Global Allocation
Counterparty
Barclays Capital, Inc.	$	97,780	$	(97,780	)	—
BNP Paribas S.A.		287,769		(287,769	)	—
Citigroup Global Markets, Inc.		317,614		(317,614	)	—
Credit Suisse Securities (USA) LLC		382,325		(382,325	)	—
Deutsche Bank Securities, Inc.		412,339		(412,339	)	—
Goldman Sachs & Co.		406,109		(406,109	)	—
JP Morgan Securities LLC		444,854		(444,854	)	—
Merrill Lynch, Pierce, Fenner & Smith Inc.		237,816		(237,816	)	—
Morgan Stanley		1,460,233		(1,460,233	)	—
State Street Bank and Trust Co.		647,930		(647,930	)	—
UBS Securities LLC		136,254		(136,254	)	—
Total	$	4,831,023	$	(4,831,023	)	—
Large Cap Core
Counterparty
Barclays Capital, Inc.	$	579,952	$	(579,952	)	—
Citigroup Global Markets, Inc.		436,504		(436,504	)	—
Goldman Sachs & Co.		118,093		(118,093	)	—
JP Morgan Securities LLC		651,334		(651,334	)	—
Morgan Stanley		4,734,726		(4,734,726	)	—
Total	$	6,520,609	$	(6,520,609	)	—

¹  Collateral with a value of $5,786,479, $4,986,152 and $6,716,532 has been received by Capital Appreciation, Global Allocation and Large Cap Core, respectively, in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

5. Derivative Financial Instruments:

Certain Funds engage in various portfolio investment strategies using derivative contracts both to increase their returns and/or to manage economically their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risk (e.g., inflation risk). These contracts may be transacted on an exchange or OTC.

Financial Futures Contracts: Certain Funds invest in long and/or short positions in financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk). Financial futures contracts are agreements between a Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, financial futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date.

Upon entering into a financial futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Securities deposited as initial margin are designated on the Schedules of Investments and cash deposited, if any, is recorded on the Statements of Assets and Liabilities as cash pledged for financial futures contracts. Pursuant to the contract, the Funds agree to receive from or pay

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 151

Notes to Financial Statements (continued)

to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin. Variation margin is recorded by the Funds as unrealized appreciation (depreciation), and if applicable, as a receivable or payable for variation margin in the Statements of Assets and Liabilities.

When the contract is closed, the Funds record 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. The use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest or foreign currency exchange rates and the underlying assets.

Forward Foreign Exchange Contracts: Certain Funds enter into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to or hedge exposure away from foreign currencies (foreign currency exchange rate risk). A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies.

Options: Certain Funds purchase and write call and put options to increase or decrease their exposure to underlying instruments (including equity risk, interest rate risk and/or commodity price risk) and/or, in the case of options written, to generate gains from options premiums. A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. When the Funds purchase (write) an option, an amount equal to the premium paid (received) by the Funds is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or the Funds enter into a closing transaction), the Funds realize a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premiums received or paid). When the Funds write a call option, such option is “covered,” meaning that the Funds hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, such option is covered by cash in an amount sufficient to cover the obligation.

Options on swaps (“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 (interest rate risk and/or credit risk) at any time before the expiration of the option.

Certain Funds also purchase or sell listed or OTC foreign currency options, foreign currency futures and related options on foreign currency futures as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies (foreign currency exchange rate risk). When foreign currency is purchased or sold through an exercise of a foreign currency option, the related premium paid (or received) is added to (or deducted from) the basis of the foreign currency acquired or deducted from (or added to) the proceeds of the foreign currency sold (receipts from the foreign currency purchased). Such transactions may be effected with respect to hedges on non-US dollar denominated instruments owned by the Funds but not yet delivered, or committed or anticipated to be purchased by the Funds.

Certain Funds may also purchase and write a variety of options with non-standard payout structures or other features (“barrier options”). Barrier options are generally traded OTC. The Funds may invest in various types of barrier options including down-and-in options. Down-and-in options expire worthless to the purchaser of the option unless the price of the underlying instrument falls below a specific barrier price level prior to the option’s expiration date.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that the Funds may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Swaps: Certain Funds may enter into swap agreements in which a Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation).

152 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Notes to Financial Statements (continued)

For OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the OTC swap. Payments received or made by the Funds for OTC swaps are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, the Funds will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and a Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedules of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Statements of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve 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 disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

• Credit default swaps — Certain Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). The Funds may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occur. As a buyer, if an underlying credit event occurs, the Funds will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

• Total return swaps — Certain Funds may enter into total return swaps 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 or commodity prices) (equity risk, commodity price risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. 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 Funds will receive a payment from or make a payment to the counterparty.

• Interest rate swaps — Certain Funds may enter into interest rate swaps to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds, which may decrease when interest rates rise (interest rate risk). Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time.

• Currency swaps — Certain Funds may enter into currency swaps to gain or reduce exposure to foreign currencies or as an economic hedge against either specific transactions or portfolio instruments (foreign currency exchange rate and/or interest rate risk). Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.

• Forward interest rate swaps — Certain Funds may enter into forward interest rate swaps and forward total return swaps. In a forward swap, each Fund and the counterparty agree to make either periodic net payments beginning on a specified future effective date or a net payment at termination, unless terminated earlier.

• Interest rate floors — Certain Funds may enter into interest rate floors to gain or reduce exposure to interest rates (interest rate risk). Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rates indexes fall below a specified rate, or “floor.” When a Fund purchases (writes) a cap or floor, an amount equal to the premium paid (received) by the Fund is reflected

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Notes to Financial Statements (continued)

as an asset (liability). The amount of the asset (liability) is subsequently marked to market to reflect the current value of the cap or floor. The maximum potential amount of future payments that a Fund would be required to make under an interest rate floor would be the notional amount times the percentage increase in interest rates determined by the difference between the interest rates index’s current value and the value at the time the floor was entered into.

Master Netting Arrangements: In order to better define certain Funds’ contractual rights and to secure rights that will help them mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Funds’ net assets decline by a stated percentage or the Funds fail to meet the terms of their ISDA Master Agreements. The result would cause the Funds to accelerate payment of any net liability owed to the counterparty.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (typically either $250,000 or $500,000) before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, a Fund’s counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, a Fund may pay interest pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from their counterparties are not fully collateralized, the Funds bear the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, the Funds bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required to all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. Investment Advisory Agreements and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

The Company, on behalf of the Funds, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Fund’s portfolio and provides the necessary personnel, facilities, equipment and certain other services to the operations of each Fund. For such services, each Fund pays the Manager a monthly fee based on the percentage of the eight combined Funds’ average daily net assets at the following annual rates:

Average Daily Net Assets of the Eight Combined Funds	Investment Advisory Fee
First $250 Million		0.50	%
$250 Million — $300 Million		0.45	%
$300 Million — $400 Million		0.40	%
$400 Million — $800 Million		0.35	%
Greater than $800 Million		0.30	%

The portion of the assets of a Fund to which the rate of each breakpoint level applies will be determined on a “uniform percentage” basis. The uniform percentage applicable to a breakpoint level is determined by dividing the amount of the aggregate average daily net assets of the eight combined Funds that falls within that breakpoint level by the aggregate average daily net assets of the eight combined Funds. The amount of the fee for a Fund at each breakpoint level is determined by multiplying the average net assets of that Fund by the uniform percentage applicable to that breakpoint level and multiplying the product by the applicable advisory fee rate.

154 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Notes to Financial Statements (continued)

The Manager provides investment management and other services to the Subsidiary of Global Allocation. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, Global Allocation pays the Manager based on the Fund’s net assets, which includes the assets of the Subsidiary.

The Company, on behalf of the Funds, entered into a Distribution Agreement and a Distribution Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Funds’ business. The Manager has agreed not to reduce or discontinue this contractual expense limitation, for all Funds other than Government Money Market, prior to May 1, 2016, and for Government Money Market, prior to May 1, 2017, unless approved by the Board, including a majority of Independent Directors.

The current expense limitations as a percentage of net assets is as follows:

Balanced   Capital	Capital Appreciation	Global Allocation	Government Money Market	High Yield	Large Cap Core	Total Return	U.S. Government Bond
0.50%	0.57%	0.57%	0.50%	0.50%	0.50%	0.50%	0.50%

The following Funds had waivers that are included in fees waived by the Manager in the Statements of Operations. For the year ended December 31, 2015, the amounts were as follows:

	Global Allocation			High Yield			Total Return			U.S. Government Bond
Fees Waived by Manager		$	110,099		$	98,763		$	170,932		$	98,320

The Manager and BRIL voluntarily agreed to waive a portion of management fees and/or reimburse operating expenses to enable Government Money Market to maintain minimum levels of daily net investment income. This amount of $334,527 is reported in the Statements of Operations as fees waived by the Manager. The Manager and BRIL may discontinue the waiver or reimbursement at any time.

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees certain Funds pay to the Manager indirectly through their investment in affiliated money market funds. These amounts are included in fees waived by the Manager in the Statements of Operations. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with certain Funds’ investments in other affiliated investment companies, if any. For the year ended December 31, 2015, the amounts waived were as follows:

	Balanced Capital			Capital Appreciation			Global Allocation			High Yield			Large Cap Core			Total Return			U.S. Government Bond
Fees Waived by Manager		$	7,576		$	1,988		$	2,775		$	590		$	2,268		$	1,468		$	2,913

For the year ended December 31, 2015, each Fund reimbursed the Manager for certain accounting services, which is included in Accounting services in the Statements of Operations. The reimbursements were as follows:

Balanced   Capital	Capital Appreciation	Global Allocation	Government Money Market	High Yield	Large Cap Core	Total Return	U.S. Government Bond
$5,544	$1,704	$2,581	$1,370	$370	$1,884	$679	$743

The Manager, on behalf of the Funds, entered into agreements with insurance companies and other financial intermediaries (“Service Organizations”), some of which may be affiliates. Pursuant to these agreements, the Service Organizations provide the Funds with administrative, networking, recordkeeping, sub-transfer agency and shareholder services to sub-accounts they service. For these services, the Service Organizations receive an annual fee per shareholder account, which will vary depending on share class and/or net assets of Fund shareholders serviced by the Service Organizations. For the year ended December 31, 2015, the Funds did not pay any amounts to affiliates in return for these services. The Manager has contractually agreed to reimburse such fees in order to limit such expenses as a percentage of average daily net assets as follows:

Balanced   Capital	Capital Appreciation	Global Allocation	Government Money Market	High Yield	Large Cap Core	Total Return	U.S. Government Bond
0.04%	0.04%	0.04%	0.02%	0.05%	0.04%	0.05%	0.05%

The Manager has agreed not to reduce or discontinue this contractual expense limitation, for all Funds other than Government Money Market, prior to May 1, 2016, and for Government Money Market, prior to May 1, 2017, unless approved by the Board, including a majority of Independent Directors

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 155

Notes to Financial Statements (continued)

or by a majority of the outstanding voting securities of the Funds. These amounts are shown as or included in transfer agent fees reimbursed in the Statements of Operations. For the year ended December 31, 2015, the amounts reimbursed were as follows:

Balanced Capital	Capital Appreciation	Global Allocation	Government Money Market	High Yield	Large Cap Core	Total Return	U.S. Government Bond
$566,800	$155,310	$362,090	$86,910	$51,812	$175,073	$90,141	$100,501

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment advisor to the private investment company will not charge any advisory fees with respect to shares purchased by the Funds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2015, Balanced Capital, Capital Appreciation and Large Cap Core retain 71.5% of securities lending income, and this amount retained can never be less than 65% of the total of securities lending income plus the collateral investment expenses. In addition, commencing the business day following the date that the aggregate securities lending income earned across the Equity-Bond Complex in a calendar year exceeds a specified threshold, Balanced Capital, Capital Appreciation and Large Cap Core, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income as follows: 75% of securities lending income, and this amount retained can never be less than 65% of the total of securities lending income plus the collateral investment expenses.

Pursuant to a securities lending agreement effective January 1, 2015, Global Allocation retains 80% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses. In addition, commencing the business day following the date that the aggregate securities lending income earned across the Equity-Bond Complex in a calendar year exceeds a specified threshold, Global Allocation, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income as follows: 85% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending — affiliated — net in the Statements of Operations. For the year ended December 31, 2015, each Fund paid BIM the following amounts for securities lending agent services:

Balanced   Capital	Capital Appreciation	Global Allocation	Large Cap Core
$4,942	$5,008	$9,822	$3,709

Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Company’s Chief Compliance Officer, which is included in officer and directors in the Statements of Operations.

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment advisor, common officers, or common directors. For the year ended December 31, 2015, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 of the 1940 Act were as follows:

	Balanced Capital		Capital Appreciation		Global Allocation		Government Money Market		High Yield		Large Cap Core		Total Return
Purchases		$514,993		$285,647		$145,925		—		$28,555		$42,755		$169,614
Sales		$230,875		$732,459		$238,353		$4,435,032		—		—		$  12,484

156 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Notes to Financial Statements (continued)

7. Purchases and Sales:

For the year ended December 31, 2015, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities, were as follows:

Purchases
	Balanced Capital		Capital Appreciation		Global Allocation		High Yield			Large Cap Core		Total Return		U.S. Government Bond
Non-U.S. Government Securities		$1,322,693,884		$111,424,017		$140,692,298		$30,111,081			$53,709,590		$375,197,940		$1,033,662,088
U.S. Government Securities		446,945,659		—		35,158,971		—			—		171,451,770		203,356,098
Total Purchases		$1,769,639,543		$111,424,017		$175,851,269		$30,111,081			$53,709,590		$546,649,710		$1,237,018,186
Sales
	Balanced Capital		Capital Appreciation		Global Allocation		High Yield			Large Cap Core		Total Return		U.S. Government Bond
Non-U.S. Government Securities (includes paydowns)		$1,407,821,061		$122,998,208		$161,556,271		$34,490,863			$65,484,867		$394,010,820		$1,075,525,708
U.S. Government Securities		448,422,314		—		34,617,771		—			—		174,040,649		202,148,341
Total Sales		$1,856,243,375		$122,998,208		$196,174,042		$34,490,863			$65,484,867		$568,051,469		$1,277,674,049
Purchases and Sales — MDRs							Balanced Capital			Global Allocation		Total Return		U.S. Government Bond
Purchases								$517,430,295	��		$4,489,544		$164,414,074		$461,116,199
Sales								$517,546,187			$4,529,019		$164,421,904		$461,197,003

8. Income Tax Information:

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns remains open for each of the four years ended December 31, 2015. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2015, inclusive of the open tax years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of December 31, 2015 the following permanent differences attributable to the accounting for swap agreements, the classification of investments, amortization and accretion methods on fixed income securities, foreign currency transactions, the sale of stock of passive foreign investment companies by the Portfolio, net paydown losses, the reclassification of distributions, investment in wholly owned subsidiaries, and distributions received from a regulated investment company were reclassified to the following accounts:

	Balanced Capital				Capital Appreciation				Global Allocation				High Yield				Large Cap Core				Total Return				U.S. Government Bond
Paid-in capital			—				—			$	(186,833	)			—				—				—				—
Undistributed (distributions in excess of) net investment income		$	541,602			$	(137	)		$	164,564			$	250,826			$	4,349			$	193,464			$	529,047
Accumulated net realized gain (loss)		$	(541,602	)		$	137			$	22,269			$	(250,826	)		$	(4,349	)		$	(193,464	)		$	(529,047	)

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 157

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

	Balanced             Capital	Capital         Appreciation	Global         Allocation	Government Money Market
Ordinary income
12/31/15	$  8,637,654	$  1,434,440	$6,820,350		$8,104
12/31/14	$16,153,868	$  5,886,531	$8,704,965		$7,323
Long-term capital gains
12/31/15	24,309,185	11,167,645	11,373,067		—
12/31/14	51,146,432	20,783,268	19,048,279		10
Tax return of capital
12/31/15	—	—	1,548		—
Total
12/31/15	$32,946,839	$12,602,085	$18,194,965		$8,104
12/31/14	$67,300,300	$26,669,799	$27,753,244		$7,333
	High Yield	Large Cap Core	Total Return	U.S. Government Bond
Ordinary income
12/31/15	$2,026,899	$  2,025,002	$1,656,708		$1,474,856
12/31/14	$2,871,368	$  1,888,456	$2,158,307		$1,631,328
Long-term capital gains
12/31/15	—	8,645,660	—		—
12/31/14	—	15,500,781	—		—
Total
12/31/15	$2,026,899	$10,670,662	$1,656,708		$1,474,856
12/31/14	$2,871,368	$17,389,237	$2,158,307		$1,631,328
As of period end, the tax components of accumulated net earnings (losses) were as follows:
	Balanced Capital	Capital Appreciation	Global Allocation	Government Money Market
Undistributed ordinary income	—	$       35,936	—		$169
Undistributed long-term capital gains	$  2,719,554	2,247,935	—		315
Capital loss carryforwards	—	—	—		—
Net unrealized gains (losses)1	52,357,068	23,446,819	$(8,739,652)		—
Qualified late-year losses2	(256,921)	—	(13,225)		—
Total	$54,819,701	$25,730,690	$(8,752,877)		$484
	High Yield	Large Cap Core	Total Return	U.S. Government Bond
Undistributed ordinary income	$    102,825	$         3,142	—		$    229,703
Undistributed long-term capital gains	—	1,692,786	—		—
Capital loss carryforwards	(6,128,804)	—	$(3,087,673)		(1,899,590	)
Net unrealized gains1	(3,100,932)	32,148,835	(925,313)		(487,449	)
Qualified late-year losses2	—	—	(136,117)		—
Total	$(9,126,911)	$33,844,763	$(4,149,103)		$(2,157,336	)

¹  The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization and accretion methods of premiums and discounts on fixed income securities, the realization for tax purposes of unrealized gains/losses on certain futures, options and foreign currency contracts, the timing and recognition of partnership income, the accounting for swap agreements, the classification of investments and the deferral of post-October capital losses for tax purposes.

²  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

158 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Notes to Financial Statements (continued)

As of period end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires December 31,	High                 Yield	Total Return	U.S. Government Bond
No expiration date1	$1,790,214	—	$1,899,590
2016	1,256,976	—	—
2017	3,081,614	$3,087,673	—
Total	$6,128,804	$3,087,673	$1,899,590

¹ Must be utilized prior to losses subject to expiration.

During the year ended December 31, 2015, the Funds listed below utilized the following amounts of their respective capital loss carryforward:

Total   Return		U.S. Government Bond
	$218,376	$15,634

As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

	Balanced             Capital			Capital Appreciation			Global Allocation			High Yield
Tax cost	$	481,687,208		$	141,034,352		$	244,270,886		$	34,407,292
Gross unrealized appreciation	$	69,421,897		$	25,662,427		$	13,839,103		$	244,239
Gross unrealized depreciation		(17,123,912	)		(2,215,608	)		(21,661,697	)		(3,350,282	)
Net unrealized appreciation (depreciation)	$	52,297,985		$	23,446,819		$	(7,822,594	)	$	(3,106,043	)

	Large Cap Core			Total Return			U.S. Government Bond
Tax cost	$	143,796,096		$	77,533,944		$	116,167,816
Gross unrealized appreciation	$	39,764,417		$	397,804		$	419,322
Gross unrealized depreciation		(7,615,582	)		(1,220,947	)		(912,777	)
Net unrealized appreciation (depreciation)	$	32,148,835		$	(823,143	)	$	(493,455	)

9. Bank Borrowings:

The Company, on behalf of the Funds (except for Government Money Market), along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.1 billion credit agreement with a group of lenders, under which the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.6 billion, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.06% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2016 unless extended or renewed. Participating Funds paid administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations, and along with commitment fees, were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2015, the Funds did not borrow under the credit agreement.

10. Principal Risks:

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Fund’s ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 159

Notes to Financial Statements (continued)

In the normal course of business, certain Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer to meet all its obligations, including the ability to pay principal and interest when due (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers of securities owned by the Funds. Changes arising from the general economy, the overall market and local, regional or global political or/and social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.

On July 23, 2014, the U.S. Securities and Exchange Commission adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The compliance period for amendments ranges between July 2015 and October 2016. When implemented, the changes may affect BlackRock Government Money Market Portfolio’s investment strategies, fees and expenses, portfolio and share liquidity and return potential.

Counterparty Credit Risk: Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Fund. For OTC options purchased, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform.

With exchange-traded options purchased and futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund 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) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate 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, potentially resulting in losses to the Funds.

Certain Funds may invest in municipal bonds below investment grade quality (sometimes called “junk bonds”), which are predominantly speculative, have greater credit risk and generally are less liquid and have more volatile prices than higher quality securities.

Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Certain Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

As of period end, Capital Appreciation invested a significant portion of its assets in securities in the information technology sector. Changes in economic conditions affecting such sectors would have a greater impact on the Funds and could affect the value, income and/or liquidity of positions in such securities.

Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. Investment percentages in these securities are presented in the Schedules of Investments. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions.

Global Allocation invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or

160 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Notes to Financial Statements (continued)

rising government debt levels of several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund’s investments.

Certain obligations held by Government Money Market have a credit enhancement or liquidity feature that may, under certain circumstances, provide for repayment of principal and interest on the obligation when due. These enhancements, which may include letters of credit, stand-by bond purchase agreements and/or third party insurance, are issued by financial institutions. The value of the obligations may be affected by changes in creditworthiness of the entities that provide the credit enhancements or liquidity features. The Fund monitors its exposure by reviewing the creditworthiness of the issuers, as well as the financial institutions issuing the credit enhancements and by limiting the amount of holdings with credit enhancements from one financial institution.

11. Capital Share Transactions:

Transactions in capital shares were as follows:

	Year Ended     December 31, 2015				Year Ended     December 31, 2014
Balanced Capital	Shares		Amount		Shares		Amount
Shares sold		117,058	$	2,101,260		173,956	$	3,292,339
Shares issued in reinvestment of distributions.		1,951,620		32,946,839		3,756,338		67,300,299
Shares redeemed		(2,905,305)		(51,858,373)		(2,712,300)		(51,286,376)
Net increase (decrease)		(836,627)	$	(16,810,274)		1,217,994	$	19,306,262
Capital Appreciation
Shares sold		121,301	$	4,316,430		48,197	$	1,838,801
Shares issued in reinvestment of distributions		356,988		12,602,085		756,743		26,669,799
Shares redeemed		(441,299)		(15,840,803)		(416,960)		(15,909,414)
Net increase		36,990	$	1,077,712		387,980	$	12,599,186
Global Allocation
Shares sold		255,119	$	4,044,874		252,878	$	4,362,238
Shares issued in reinvestment of distributions		1,254,008		18,194,965		1,773,070		27,753,243
Shares redeemed		(1,959,571)		(30,693,514)		(1,759,364)		(30,192,188)
Net increase (decrease)		(450,444)	$	(8,453,675)		266,584	$	1,923,293
Government Money Market
Shares sold		67,981,846	$	67,981,846		75,570,233	$	75,570,233
Shares issued in reinvestment of distributions		8,112		8,112		7,344		7,344
Shares redeemed		(80,382,310)		(80,382,310)		(86,029,287)		(86,029,287)
Net decrease		(12,392,352)	$	(12,392,352)		(10,451,710)	$	(10,451,710)
High Yield
Shares sold		840,318	$	4,545,912		1,792,824	$	10,148,869
Shares issued in reinvestment of distributions		385,166		2,069,099		510,156		2,902,396
Shares redeemed		(1,940,771)		(10,442,450)		(3,647,902)		(20,604,657)
Net decrease		(715,287)	$	(3,827,439)		(1,344,922)	$	(7,553,392)
Large Cap Core
Shares sold		83,560	$	2,333,322		132,699	$	3,836,037
Shares issued in reinvestment of distributions		398,524		10,670,662		618,571		17,389,237
Shares redeemed		(682,256)		(19,156,529)		(692,810)		(19,856,726)
Net increase (decrease)		(200,172)	$	(6,152,545)		58,460	$	1,368,548

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 161

Notes to Financial Statements (concluded)

		Year Ended     December 31, 2015				Year Ended     December 31, 2014
Total Return	Shares		Amount		Shares		Amount
Shares sold		226,581		$ 2,653,107		182,324		$   2,123,158
Shares issued in reinvestment of distributions		144,019		1,691,408		186,494		2,170,907
Shares redeemed		(768,918)		(9,011,373)		(970,390)		(11,302,937)
Net decrease		(398,318)		$(4,666,858)		(601,572)		$  (7,008,872)
U.S. Government Bond
Shares sold		108,747		$   1,201,268		88,058		$      963,326
Shares issued in reinvestment of distributions		134,501		1,487,025		146,676		1,601,037
Shares redeemed		(931,280)		(10,266,405)		(992,062)		(10,808,083)
Net decrease		(688,032)		$  (7,578,112)		(757,328)		$  (8,243,720)

12. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

162 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of BlackRock Series Fund, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of BlackRock Balanced Capital Portfolio, BlackRock Capital Appreciation Portfolio, BlackRock High Yield Portfolio, BlackRock Large Cap Core Portfolio, BlackRock Government Money Market Portfolio (formerly BlackRock Money Market Portfolio), BlackRock Total Return Portfolio and BlackRock U.S. Government Bond Portfolio (collectively, the “Portfolios”) comprising the BlackRock Series Fund, Inc., as of December 31, 2015, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. We have also audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of BlackRock Global Allocation Portfolio (collectively, with the Portfolios, the “Series”), an additional portfolio of the BlackRock Series Fund, Inc., as of December 31, 2015, the related consolidated statement of operations, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended. These financial statements and financial highlights, including the consolidated financial statements and consolidated financial highlights of BlackRock Global Allocation Portfolio, are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Series is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Series’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2015, by correspondence with the custodian, brokers, and agent banks; where 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.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of BlackRock Balanced Capital Portfolio, BlackRock Capital Appreciation Portfolio, BlackRock High Yield Portfolio, BlackRock Large Cap Core Portfolio, BlackRock Government Money Market Portfolio (formerly BlackRock Money Market Portfolio), BlackRock Total Return Portfolio and BlackRock U.S. Government Bond Portfolio as of December 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. Additionally, in our opinion, the consolidated financial statements and financial highlights referred to above present fairly, in all material respects, the consolidated financial position of BlackRock Global Allocation Portfolio as of December 31, 2015, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Philadelphia, Pennsylvania

February 17, 2016

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 163

Officers and Directors

Name, Address1, and Year of Birth	Position(s) Held with the Company	Length of Time Served as a Director3	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors2
Robert M. Hernandez 1944	Chairman of the Board and Director	Since 2007	Director, Vice Chairman and Chief Financial Officer of USX Corporation (energy and steel business) from 1991 to 2001; Director, TE Connectivity (electronics) from 2006 to 2012.	28 RICs consisting of 98 Portfolios	ACE Limited (insurance company); Eastman Chemical Company.
Fred G. Weiss 1941	Vice Chair of the Board and Director	Since 2007	Managing Director, FGW Consultancy LLC (consulting and investment company) since 1997; Director and Treasurer, Michael J. Fox Foundation for Parkinson’s Research since 2000; Director, BTG International plc (medical technology commercialization company) from 2001 to 2007.	28 RICs consisting of 98 Portfolios	Allergan PLC (pharmaceuticals)
James H. Bodurtha 1944	Director	Since 2007	Director, The China Business Group, Inc. (consulting and investing firm) from 1996 to 2013 and Executive Vice President thereof from 1996 to 2003; Chairman of the Board, Berkshire Holding Corporation since 1980.	28 RICs consisting of 98 Portfolios	None
Bruce R. Bond 1946	Director	Since 2007	Trustee and Member of the Governance Committee, State Street Research Mutual Funds from 1997 to 2005; Board Member of Governance, Audit and Finance Committee, Avaya Inc. (computer equipment) from 2003 to 2007.	28 RICs consisting of 98 Portfolios	None
Valerie G. Brown 1956	Director	Since 2015	Chief Executive Officer and Director, Cetera Financial Group (broker-dealer and registered investment adviser services) from 2010 to 2014; Director and Vice Chairman of the Board, Financial Services Institute (trade organization) from 2009 to 2014; Director and Committee Chair, Securities Industry and Financial Markets Association (trade organization) from 2006 to 2014.	28 RICs consisting of 98 Portfolios	None
Donald W. Burton 1944	Director	Since 2007	Managing General Partner, The Burton Partnership, LP (an investment partnership) since 1979; Managing General Partner, The Burton Partnership (QP), LP (an investment partnership) since 2000; Managing General Partner, The South Atlantic Venture Funds from 1983 to 2012; Director, IDology, Inc. (technology solutions) since 2006; Director, Knology, Inc. (telecommunications) from 1996 to 2012; Director, Capital Southwest (financial) from 2006 to 2012.	28 RICs consisting of 98 Portfolios	None
Honorable Stuart E. Eizenstat 1943	Director	Since 2007	Partner and Head of International Practice, Covington and Burling LLP (law firm) since 2001; International Advisory Board Member, The Coca-Cola Company from 2002 to 2011; Advisory Board Member, Veracity Worldwide, LLC (risk management) from 2007 to 2012; Member of the International Advisory Board GML Ltd. (energy) since 2003; Advisory Board Member, BT Americas (telecommunications) from 2004 to 2009.	28 RICs consisting of 98 Portfolios	Alcatel-Lucent (telecommunications); Global Specialty Metallurgical; UPS Corporation (delivery service)
Kenneth A. Froot 1957	Director	Since 2007	Professor, Harvard University from 1993 to 2012.	28 RICs consisting of 98 Portfolios	None
John F. O’Brien 1943	Director	Since 2007	Chairman, Woods Hole Oceanographic Institute since 2009 and Trustee thereof from 2003 to 2009.	28 RICs consisting of 98 Portfolios	Cabot Corporation (chemicals); LKQ Corporation (auto parts manufacturing); TJX Companies, Inc. (retailer)
Donald C. Opatrny 1952	Director	Since 2015	Trustee, Member of the Executive Committee and Chair of the Investment Committee, Cornell University since 2004; Member of the Board and Investment Committee, University School since 2007; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President and Trustee, the Center for the Arts, Jackson Hole since 2011; Director, Athena Capital Advisors LLC (investment management firm) since 2013; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Trustee, Artstor (a Mellon Foundation affiliate) since 2010; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014.	28 RICs consisting of 98 Portfolios	None

164 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Officers and Directors (continued)

Name, Address1, and Year of Birth	Position(s) Held with the Company	Length of Time Served as a Director3	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors1 (concluded)
Roberta Cooper Ramo 1942	Director	Since 2007	Shareholder and Attorney, Modrall, Sperling, Roehl, Harris & Sisk, P.A. (law firm) since 1993; Chairman of the Board, Cooper’s Inc. (retail) since 1999; Director, ECMC Group (service provider to students, schools and lenders) since 2001; President, The American Law Institute (non-profit) since 2008; Vice President, Santa Fe Opera (non-profit) since 2011; Chair, Think New Mexico (non-profit), since 2013.	28 RICs consisting of 98 Portfolios	None
David H. Walsh 1941	Director	Since 2007	Director, National Museum of Wildlife Art since 2007; Trustee, University of Wyoming Foundation from 2008 to 2012; Director, The American Museum of Fly Fishing since 1997.	28 RICs consisting of 98 Portfolios	None
	1    The address of each Director and Officer is c/o BlackRock, Inc., Park Avenue Plaza 55 East 52nd Street New York, NY 10055. 2    Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Company’s by-laws or charter or statute. In no event may an Independent Director hold office beyond December 31 of the year in which he or she turns 75. 3    Date shown is the earliest date a person has served for the Company. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Directors as joining the Company’s board in 2007, those Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: James H. Bodurtha, 1995; Bruce R. Bond, 2005; Donald W. Burton, 2002; Honorable Stuart E. Eizenstat, 2001; Kenneth A. Froot, 2005; Robert M. Hernandez, 1996; John F. O’Brien, 2005; Roberta Cooper Ramo, 1999; David H. Walsh, 2003; and Fred G. Weiss, 1998.
Interested Directors4
Robert Fairbairn 1965	Director	Since 2015	Senior Managing Director of BlackRock since 2010; Global Head of BlackRock’s Retail and iShares businesses since 2012; Member of BlackRock’s Global Executive and Global Operating Committees; Head of BlackRock’s Global Client Group from 2009 to 2012; Chairman of BlackRock’s international businesses from 2007 to 2010.	28 RICs consisting of 98 Portfolios	None
Henry Gabbay 1947	Director	Since 2007	Consultant, BlackRock from 2007 to 2008; Managing Director, BlackRock from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly, BlackRock Bond Allocation Target Shares) from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	28 RICs consisting of 98 Portfolios	None
John M. Perlowski 1964	Director	Director (Since 2015); President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.	136 RICs consisting of 328 Portfolios	None
	4    Messrs. Fairbairn and Perlowski are both “interested persons,” as defined in the 1940 Act, of the Company based on their positions with BlackRock and its affiliates. Mr. Gabbay may be deemed an “interested person” of the Company based on his former positions with BlackRock and its affiliates. Mr. Gabbay does not currently serve as an officer or employee of BlackRock or its affiliates or own any securities of BlackRock or The PNC Financial Services Group, Inc. Mr. Gabbay is a non-management Interested Director. Interested Directors serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Company’s by-laws or charter or statute,or until December 31 of the year in which they turn 72. Officers of the Company serve at the pleasure of the Board.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 165

Officers and Directors (concluded)

Name, Address1, and Year of Birth	Position(s) Held with the Company	Length of Time Served	Principal Occupation(s) During Past Five Years
Officers2
John M. Perlowski 1964	Director, President and Chief Executive Officer	Since 2015 (Director) Since 2010 (President and Chief Executive Officer)	Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.
Jennifer McGovern 1977	Vice President	Since 2014	Director of BlackRock, since 2011; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group since 2013; Vice President of BlackRock, Inc. from 2008 to 2010.
Neal Andrews 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 1970	Treasurer	Since 2007	Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Charles Park 1967	Chief Compliance Officer	Since 2014	Anti-Money Laundering Compliance Officer for the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Fernanda Piedra 1969	Anti-Money Laundering Compliance Officer	Since 2015	Director of BlackRock since 2014; Anti-Money Laundering Compliance Officer and Regional Head of Financial Crime for the Americas at BlackRock since 2014; Head of Regulatory Changes and Remediation for the Asset Wealth Management Division of Deutsche Bank from 2010 to 2014; Vice President of Goldman Sachs (Anti-Money Laundering/Suspicious Activities Group) from 2004 to 2010.
Benjamin Archibald 1975	Secretary	Since 2012	Managing Director of BlackRock since 2014; Director of BlackRock from 2010 to 2013; Secretary of the iShares exchange traded funds since 2015; Secretary of the BlackRock-advised mutual funds since 2012.
	1  The address of each Officer is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055 2  Officers of the Company serve at the pleasure of the Board.
	Further information about the Fund’s Officers and Directors is available in the Fund’s Statement of Additional Information, which can be obtained without charge by calling 1-800-441-7762.

Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809	Accounting Agent and Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809	Independent Registered Public Accounting Firm Deloitte & Touche LLP Philadelphia, PA 19103	Address of the Funds 100 Bellevue Parkway Wilmington, DE 19809
Custodian The Bank of New York Mellon1 New York, NY 10286 Brown Brothers Harriman & Co.2 Boston, MA 02109	Independent Registered Public Accounting Firm Deloitte & Touche LLP Philadelphia, PA 19103	Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019

¹  For all Funds except BlackRock Global Allocation Portfolio.

²  For BlackRock Global Allocation Portfolio.

166 BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015

Additional Information

      General Information

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http://www.blackrock.com/prospectus/insurance; and (3) on the SEC’s website at http:// www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available, upon request and without charge (1) at http://www.blackrock.com/prospectus/insurance or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

      BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by lawor as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

BLACKROCK SERIES FUND, INC. DECEMBER 31, 2015 167

This report is authorized for distribution only to Policyowners of certain variable life insurance policies, which are funded by shares of BlackRock Series Fund, Inc. This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund or the policies. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information used throughout this report does not include insurance-related fees and expenses. An investment in BlackRock Government Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other Government agency. Although BlackRock Government Money Market Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. Statements and other information herein are as dated and are subject to change. Please see the Fund’s prospectus for a description of risks associated with global investments.

Series8-12/15-AR

Item 2 –	Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-441-7762.
Item 3 –	Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
	Robert M. Hernandez
	Fred G. Weiss
	Stuart E. Eizenstat
	Bruce R. Bond
	Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
Item 4 –	Principal Accountant Fees and Services
	The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Balanced Capital Portfolio	$35,263	$35,439	$0	$0	$15,657	$15,350	$0	$0
BlackRock Capital Appreciation Portfolio	$26,538	$24,859	$0	$0	$13,107	$12,850	$0	$0
BlackRock Global Allocation Portfolio	$39,488	$30,869	$0	$0	$20,000	$15,350	$0	$0
BlackRock Government Money Market Portfolio (Formerly BlackRock Money Market Portfolio)	$22,188	$22,233	$0	$0	$9,792	$9,600	$0	$0
BlackRock High Yield Portfolio	$33,838	$31,348	$0	$0	$10,149	$9,950	$0	$0
BlackRock Large Cap Core Portfolio	$23,788	$23,849	$0	$0	$13,107	$13,850	$0	$0
BlackRock Total Return Portfolio	$40,688	$40,918	$0	$0	$14,535	$14,250	$0	$0

2

BlackRock U.S. Government Bond Portfolio $42,963 $43,216 $0 $0 $15,402 $15,100 $0 $0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,391,000	$2,555,000

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

² The nature of the services includes tax compliance, tax advice and tax planning.

³ Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Fund Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any

3

specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Balanced Capital Portfolio	$15,657	$15,350
BlackRock Capital Appreciation Portfolio	$13,107	$12,850
BlackRock Global Allocation Portfolio	$20,000	$15,350
BlackRock Government Money Market Portfolio (Formerly BlackRock Money Market Portfolio)	$9,792	$9,600
BlackRock High Yield Portfolio	$10,149	$9,950
BlackRock Large Cap Core Portfolio	$13,107	$12,850
BlackRock Total Return Portfolio	$14,535	$14,250
BlackRock U.S. Government Bond Portfolio	$15,402	$15,100

	Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,391,000 and $2,555,000, respectively, were billed by D&T to the Investment Adviser.
	(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

4

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 – There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
	(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
	(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of 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 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – See Item 2
	(a)(2) – Certifications – Attached hereto
	(a)(3) – Not Applicable
	(b) – Certifications – Attached hereto

5

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.

BlackRock Series Fund, Inc.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Series Fund, Inc.

Date: February 26, 2016

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/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Series Fund, Inc.
Date: February 26, 2016
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Series Fund, Inc.

Date: February 26, 2016

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