BlackRock Series Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03091

Name of Fund: BlackRock Series Fund, Inc.

BlackRock Advantage Large Cap Core Portfolio (Formerly BlackRock Large Cap Core Portfolio)

BlackRock Balanced Capital Portfolio

BlackRock Capital Appreciation Portfolio

BlackRock Global Allocation Portfolio

BlackRock Government Money Market Portfolio

BlackRock High Yield 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: 12/31/2017

Date of reporting period: 06/30/2017

Item 1 – Report to Stockholders

JUNE 30, 2017            

  SEMI-ANNUAL REPORT (UNAUDITED)   BLACKROCK^®

   BlackRock Series Fund, Inc.

▶   BlackRock Advantage Large Cap Core Portfolio

▶   BlackRock Balanced Capital Portfolio

▶   BlackRock Capital Appreciation Portfolio

▶   BlackRock Global Allocation Portfolio

▶   BlackRock Government Money Market Portfolio

▶   BlackRock High Yield 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
Semi-Annual Report:
Fund Summaries	4
The Benefits and Risks of Leveraging	22
Disclosure of Expenses	22
Derivative Financial Instruments	22
Financial Statements:
Schedules of Investments	23
Statements of Assets and Liabilities	140
Statements of Operations	144
Statements of Changes in Net Assets	146
Financial Highlights	150
Notes to Financial Statements	158
Disclosure of Investment Advisory Agreement	181
Officers and Directors	186
Additional Information	187

2 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

The Markets in Review

Dear Shareholder,

In the 12 months ended June 30, 2017, risk assets, such as stocks and high-yield bonds, delivered strong performance. These markets showed great resilience during a period with big surprises, including the aftermath of the U.K.’s vote to leave the European Union and the outcome of the U.S. presidential election, which brought only brief spikes in equity market volatility. However, interest rates rose, which worked against high-quality assets with more interest rate sensitivity. Aside from the shortest-term Treasury bills, most U.S. Treasuries posted negative returns, as rising energy prices, modest wage increases and steady job growth led to expectations of higher inflation and anticipation of interest rate increases by the U.S. Federal Reserve (the “Fed”).

The global reflationary theme — rising nominal growth, wages and inflation — was the dominant driver of asset returns during the period, outweighing significant political upheavals and economic uncertainty. Reflationary expectations accelerated after the U.S. election in November 2016 and continued into the beginning of 2017, stoked by expectations that the new administration’s policies would provide an extra boost to U.S. growth.

The Fed has responded to these positive developments by increasing interest rates three times in the last six months, setting expectations for additional interest rate increases and moving toward normalizing monetary policy. For its part, the European Central Bank also began to signal its intent to wind down asset purchases and begin the long move toward policy normalization, contingent upon further improvement in economic growth.

In recent months, growing skepticism about the near-term likelihood of significant U.S. tax reform and infrastructure spending has tempered enthusiasm around the reflation trade. Similarly, renewed concern about oversupply has weighed on energy prices. Nonetheless, financial markets — and to an extent the Fed — have adopted a “wait-and-see” approach to the economic data and potential fiscal stimulus. Although uncertainty has persisted, benign credit conditions, modest inflation and the outlook for economic growth have kept markets relatively tranquil.

In the fifth edition of our Global Investor Pulse Survey, we heard from 28,000 individuals across 18 countries, including more than 4,000 respondents from the United States. While retirement remains the single most important issue for American investors, only a third of respondents feel confident that they will have enough retirement income, and nearly 40% of respondents have yet to begin saving for retirement. 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 June 30, 2017
	6-month			12-month
U.S. large cap equities (S&P 500® Index)		9.34	%		17.90	%
U.S. small cap equities (Russell 2000® Index)		4.99			24.60
International equities (MSCI Europe, Australasia, Far East Index)		13.81			20.27
Emerging market equities (MSCI Emerging Markets Index)		18.43			23.75
3-month Treasury bill (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.31			0.49
U.S. Treasury securities (BofA Merrill Lynch 10- Year U.S. Treasury Index)		2.08			(5.58	)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		2.27			(0.31	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.26			(0.28	)
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		4.92			12.69
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 June 30, 2017 BlackRock Advantage Large Cap Core Portfolio

      Investment Objective

BlackRock Advantage Large Cap Core Portfolio’s (the “Fund”) investment objective is to seek long-term capital appreciation.

On March 27, 2017, the Fund’s Board approved a proposal to change the name of BlackRock Large Cap Core Portfolio to BlackRock Advantage Large Cap Core Portfolio. The Board also approved certain changes to the Fund’s investment objective and investment strategies. These changes were effective on June 12, 2017.

      Portfolio Management Commentary

How did the Fund perform?

• For the six-month period ended June 30, 2017, the Fund outperformed its benchmark, the Russell 1000^® Index.

What factors influenced performance?

• In sector terms, information technology (“IT”) was the prime contributor to relative performance due to strength among semiconductor and software holdings. Consumer discretionary also aided results, in particular media, household durables and hotels, restaurants & leisure. Selection in materials and underweight exposure to telecommunication services benefited as well. The main detractors from performance were health care and financials. Pharmaceutical and biotechnology weakness weighed in health care, while banks and capital markets were a drag in financials.

• On a stock-specific basis, IT holdings Lam Research Corp. and Activision Blizzard Inc. were the top individual contributors. Lam performed very well on the back of strong execution and growing demand for its products, driven by the build-out of 3D NAND capacity, for which the company is a key supplier. The valuation remained reasonable, reflecting ongoing concerns that this may be the peak of the cycle, resulting in strong stock performance while the fundamentals continued to improve. Activision outperformed amid consistently strong earnings results, allaying investor worries earlier in the period about weak Call of Duty sales. Investor excitement continued to grow around the company’s new content like Overwatch and Destiny 2, and the secular shifts in the industry such as the movement to digital monetization and eSports.

• Cruise operator Carnival Corp. also added value. Carnival outperformed early in the period after a report from competitor Royal Caribbean confirmed strengthening demand in both the Caribbean and Mediterranean markets. Later, the company delivered strong earnings results, which

indicated ongoing favorable supply/demand dynamics in all of the developed cruise markets, leading to continued improvement in pricing power. Elsewhere, an underweight to poor-performing Exxon Mobil Corp. proved advantageous.

• Conversely, financial holdings JPMorgan Chase & Co. and Goldman Sachs Group Inc. detracted from relative results. JPMorgan underperformed as the yield curve flattened and optimism around the Trump administration’s pro-growth policy initiatives weakened, reflecting the current uncertain environment in Washington DC. Goldman underperformed after the company reported an uncharacteristically weak quarter reflecting poor performance in its core FICC (fixed income, currencies and commodities) trading business.

• Underweights to Amazon.com Inc. and Facebook Inc., two of the so-called “FANG” stocks, also weighed as both posted gains of more than 25% for the first half of the year.

Describe recent portfolio activity.

• During the six-month period, the Fund’s exposure to the industrials and real estate sectors materially increased, particularly within machinery, industrial conglomerates and equity real estate investment trusts. Exposure to utilities increased as well. The largest reductions were in IT and financials, largely with respect to communications equipment and banks. Energy exposure also declined.

Describe portfolio positioning at period end.

• Relative to the Russell 1000^® Index, the Fund ended the period with its largest sector overweight in consumer discretionary, followed by materials and industrials. The most notable underweights were financials, energy and consumer staples. That said, the Fund remained diversified across stock selection insights.

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.

4 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

BlackRock Advantage Large Cap Core Portfolio

Portfolio Information

Sector Allocation	Percent of Net Assets
Information Technology		22	%
Health Care		14
Financials		14
Consumer Discretionary		13
Industrials		11
Consumer Staples		8
Energy		5
Materials		4
Real Estate		3
Utilities		3
Telecommunication Services		2
Short-Term Securities		8
Liabilities in Excess of Other Assets		(7	)

For Fund compliance purposes, the Fund’s sector classifications refer to 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 adviser. These definitions may not apply for purposes of this report, which may combine sector sub classifications for reporting ease.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 5

BlackRock Advantage 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 net assets, plus the amount of any borrowings for investment purposes, in large cap equity securities and derivatives that have similar economic characteristics to such securities. The Fund’s total returns prior to June 12, 2017 are the returns of the Fund when it followed different investment strategies under the name BlackRock Large Cap Core Portfolio.

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 June 30, 2017

				Average Annual Total  Returns1,3
	6-Month Total  Returns1,3			1 Year			5 Years			10 Years
BlackRock Advantage Large Cap Core Portfolio		9.54	%		23.67	%		14.45	%		6.22	%
Russell 1000® Index		9.27			18.03			14.67			7.29

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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

      Expense Example

	Actual						Hypothetical5
	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period4		Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period4		Annualized Expense Ratio
BlackRock Advantage Large Cap Core Portfolio		$1,000.00		$1,095.40		$2.60		$1,000.00		$1,022.32		$2.51		0.50	%

⁴  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 22 for further information on how expenses were calculated.

6 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Fund Summary as of June 30, 2017 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 six-month period ended June 30, 2017, the Fund returned 6.94%, outperforming its blended benchmark (60% Russell 1000^® Index/40% Bloomberg Barclays U.S. Aggregate Bond Index), which returned 6.44% for the period. The Russell 1000^® Index advanced 9.27%, while the Bloomberg Barclays U.S. Aggregate Bond Index returned 2.27%.

What factors influenced performance?

• Within equities, exposure to international developed markets contributed as both European and Japanese stocks posted solid gains. In terms of sector positioning within U.S. equities, an allocation to information technology was a significant positive contributor. Currency views provided an additional tailwind to returns, as a more upbeat tone to communication from the European Central Bank pushed the euro higher against the U.S. dollar. In terms of fixed income holdings, high-yield corporate and nonagency mortgage-backed securities supported returns, while an overweight to emerging markets debt was also additive given weakness in the U.S. dollar.

• From a broad asset allocation perspective, an underweight to U.S. equities weighed on performance as the combination of strong economic activity and loose financial conditions supported domestic stocks. Within U.S. equities, exposure to financials detracted from performance as a waning in investor optimism around reflation and lower U.S. bond yields led the sector to underperform. Within fixed income, the Fund’s stance with respect to duration (and corresponding interest rate sensitivity) and curve positioning weighed on returns.

Describe recent portfolio activity.

• The Fund began 2017 with a preference for equities relative to fixed income, and retained this positioning throughout the period given ongoing strength in the global growth backdrop, with notable improvement in Europe and Japan. Given these trends, the Fund entered 2017 with an active tilt to international developed stocks relative to domestic stocks. This was based on continued signs that the Federal Reserve System was set to continue to raise policy rates, while activity in Europe and Japan remained solid in the context of persistently loose monetary policy. In terms of currency positioning, the Fund held an overweight position in the euro relative to the U.S. dollar given a view that the market’s pricing of monetary policy divergence had become too stretched. The Fund took profits and reduced the magnitude of this position toward the end of the period.

• At period end, the Fund’s cash position was slightly above 5%. The Fund’s cash position did not have a material impact on results for the six-month period.

Describe portfolio positioning at period end.

• Relative to the blended benchmark, the Fund ended the period overweight in equities relative to fixed income. The Fund held out-of-benchmark exposure to international equities, with a tilt toward Japan. Relative to the Russell 1000^® Index, the Fund’s U.S. equity allocation was overweight in the consumer discretionary and industrial sectors, and was underweight in the real estate and energy sectors. The Fund held a slightly underweight position in fixed income along with a modest overweight position in the euro against the U.S. 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.

      Portfolio Information

Portfolio Composition	Percent of Total  Investments1
Common Stocks	59%
U.S. Government Sponsored Agency Securities	14
Corporate Bonds	9
U.S. Treasury Obligations	5
Asset-Backed Securities	4
Investment Companies	4
Non-Agency Mortgage-Backed Securities	2
Taxable Municipal Bonds	2
Foreign Government Obligations	1
Other2	—

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

²  Includes foreign agency obligations, other interests and preferred securities, all of which are less than 1%.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 7

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 Bloomberg 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 June 30, 2017

		Average Annual Total  Returns5
	6-Month         Total Returns5	1 Year	5 Years	10 Years
BlackRock Balanced Capital Portfolio	6.94%	14.54%	10.48%	5.50%
60% Russell 1000® Index/40% Bloomberg Barclays U.S. Aggregate Bond Index	6.44	10.41	9.66	6.48
Russell 1000® Index	9.27	18.03	14.67	7.29
Bloomberg Barclays U.S. Aggregate Bond Index	2.27	(0.31)	2.21	4.48

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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual				Hypothetical8
			Including Interest Expense	Excluding Interest Expense		Including Interest  Expense		Excluding Interest  Expense
	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the Period6	Expenses Paid During the Period7	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the Period6	Ending Account Value June 30, 2017	Expenses Paid During the Period7
BlackRock Balanced Capital Portfolio	$1,000.00	$1,069.40	$2.62	$2.51	$1,000.00	$1,022.27	$2.56	$1,022.36	$2.46

⁶  Expenses are equal to the annualized expense ratio (0.51%), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

⁷  Expenses are equal to the annualized expense ratio (0.49%), multiplied by the average account value over the period, multiplied by 181/365 (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 22 for further information on how expenses were calculated.

8 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Fund Summary as of June 30, 2017 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 six-month period ended June 30, 2017, the Fund returned 17.61%, outperforming its benchmark, the Russell 1000^® Growth Index, which returned 13.99%, and the broad-market S&P 500^® Index, which returned 9.34%. The following discussion of relative performance pertains to the Russell 1000^® Growth Index.

What factors influenced performance?

• In sector terms, information technology (“IT”) was the largest contributor to relative performance, led by internet software & services holdings. The consumer sectors also aided results. Internet & direct marketing retail names, positioning within specialty retail and lack of exposure to media companies benefited in consumer discretionary, while beverages and an underweight to food & staples retailing added in consumer staples. Conversely, health care was a prime detractor from returns due to weakness in biotechnology. Financials also weighed on performance, in particular bank and diversified financial services holdings.

• In stock specifics, the top individual contributor was Tencent Holdings Ltd. Tencent continues to outperform as its revenue growth accelerates, proving the investment adviser’s thesis of growing monetization of the company’s dominant WeChat communication platform.

• Positions in Activision Blizzard Inc. and Amazon.com Inc. also added value. Activision shares gained following strong earnings performance and increased investor confidence in video game secular growth. Amazon outperformed as continued underperformance among traditional retailers focused investors on its share gain opportunities. In addition, the company’s advertising opportunity has come to the fore.

• The largest individual detractor was Alexion Pharmaceuticals Inc. Early in the period, Alexion underperformed despite reporting fourth-quarter 2016 earn-

ings and 2017 guidance that was in line with expectations. Later, the company disclosed that its regional office in Brazil is being investigated for alleged sales irregularities pertaining to its flagship product Soliris. While Soliris sales in Brazil account for less than 5% of overall revenue, the news heightened investor concerns over the company’s sales practices and management’s control of its operations. The company then also announced the departure of its interim Chief Financial Officer, head of R&D and head of Human Resources. While not entirely surprising, the departures further contributed to negative sentiment.

• Elsewhere, the position in Acuity Brands Inc. was a drag. The LED-lighting leader underperformed after reporting weaker than expected results in its fiscal 2017 first and second quarters due to an industry slowing in short-cycle business. While management does not expect the business to rebound substantially until 2018, its fiscal third quarter (reported in late June) showed improvement and Acuity beat consensus expectations on both top line and margin. An underweight to Apple Inc. also weighed on returns. Despite first-half strength, the investment adviser maintains its underweight.

Describe recent portfolio activity.

• Due to a combination of portfolio trading activity and market movement during the six-month period, the portfolio’s weighting in IT substantially increased, particularly within software and internet software & services. Health care and real estate exposures also increased. Exposure to financials and industrials decreased, largely with respect to diversified financial services, banks and airlines. Energy saw declines 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 IT, followed by financials and health care. Industrials and consumer staples were the largest portfolio 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.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 9

BlackRock Capital Appreciation Portfolio

Portfolio Information

Sector Allocation Percent of
Net Assets

Information Technology	42	%
Consumer Discretionary	20
Health Care	16
Financials	7
Industrials	6
Consumer Staples	4
Materials	2
Real Estate	2
Energy	1
Short-Term Securities	6
Liabilities in Excess of Other Assets	(6	)

For Fund compliance purposes, the Fund’s sector classifications refer to 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 adviser. These definitions may not apply for purposes of this report, which may combine sector sub classifications for reporting ease.

10 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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 exhibited 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 June 30, 2017

				Average Annual Total  Returns4
	6-Month Total Returns4			1 Year			5 Years			10 Years
BlackRock Capital Appreciation Portfolio		17.61	%		23.21	%		14.63	%		8.15	%
S&P 500® Index		9.34			17.90			14.63			7.18
Russell 1000® Growth Index		13.99			20.42			15.30			8.91

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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example
	Actual			Hypothetical6
	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the  Period5	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the  Period5	Annualized Expense Ratio
BlackRock Capital Appreciation Portfolio	$1,000.00	$1,176.10	$2.81	$1,000.00	$1,022.22	$2.61	0.52%

⁵  Expenses are equal to the annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 22 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 11

Fund Summary as of June 30, 2017 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 six-month period ended June 30, 2017, the Fund underperformed both its Reference Benchmark and the broad based all-equity benchmark, the FTSE World Index. The Reference Benchmark is 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-US Dollar World Government Bond Index. The Fund invests in both equities and bonds, and therefore, the Reference Benchmark provides a more accurate representation of the Fund’s composition and is a more comparable means for measurement. The following discussion of relative performance pertains to the Reference Benchmark. The following commentary (and referenced allocation percentages) are based on the economic exposures of the Fund, which reflect adjustments for futures, swaps and options (except with respect to fixed income securities), and convertible bonds, and may vary relative to the market value.

What factors influenced performance?

• Within equities, an overweight to Japan detracted from performance. From a sector perspective, stock selection in financials weighed on returns. An overweight in energy also detracted, although this was partially offset by stock selection within the sector. Stock selection in telecommunication services (“telecom”), materials, and utilities contributed to performance.

• An underweight to fixed income contributed to performance. Within fixed income, exposure to credit was additive. Exposure to commodities, notably gold related securities, and to cash and cash equivalents detracted from performance. Finally, currency management negatively impacted returns, principally due to an overweight to the U.S. dollar.

• The Fund uses derivatives, which may include options, futures, swaps and forward contracts both to seek 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.

Describe recent portfolio activity.

• During the six-month period, the Fund’s overall equity allocation decreased from 57% to 55% of net assets. Within equities, the Fund reduced exposure to the United States and Japan. From a sector perspective, the Fund increased exposure to energy, utilities, telecom, materials, and consumer discretionary, and decreased exposure to financials, information technology (“IT”), consumer staples, health care and industrials.

• The Fund’s overall allocation to fixed income increased from 26% to 32% of net assets. Within fixed income, the Fund increased exposure to government and corporate bonds.

• The Fund’s exposure to commodity-related securities increased from 3% to 4% of net assets.

• Reflecting the above changes, the Fund’s cash and cash equivalent holdings decreased from 14% to 9% of net assets. During the six-month period, the Fund’s cash position helped mitigate portfolio volatility and served as a source of funds for new investments.

Describe portfolio positioning at period end.

• Relative to its Reference Benchmark, the Fund was underweight equities and fixed income, and overweight commodity-related securities and cash and cash equivalents. Within equities, the Fund was overweight Japan and Europe, and underweight the United States. Within Europe, the Fund was overweight France and the Netherlands, and underweight Switzerland. From a sector perspective, the Fund was overweight energy, consumer discretionary, telecom and utilities, and underweight financials, consumer staples, IT, health care, real estate and industrials. Within fixed income, the Fund was underweight developed market government bonds, and overweight corporate debt. With respect to currency exposure, the Fund was overweight the U.S. dollar and Indian rupee, and underweight the Canadian dollar, Japanese yen, Swiss franc and Australian 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 Benchmark2
Portfolio Composition	6/30/17	12/31/16	Percentage
U.S. Equities	26%	28%	35%
European Equities	15	14	13
Asia Pacific Equities	13	14	9
Other Equities	1	1	3
Total Equities	55	57	60
U.S. Dollar Denominated Fixed Income Securities	22	17	24
U.S. Issuers	19	13	—
Non-U.S. Issuers	3	4	—
Non-U.S. Dollar Denominated Fixed Income Securities	10	9	16
Total Fixed Income Securities	32	26	40
Commodity-Related Securities	4	3	—
Cash & Short-Term Securities	9	14	—

¹  Exposure based on market value and adjusted for the economic value of futures, swaps and options (except with respect to fixed income securities), and convertible bonds.

²  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 13 of this report to share-holders in the “Performance Summary” section.

12 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

BlackRock Global Allocation Portfolio

      Total Return Based on a $10,000 Investment

        

¹  Assuming transaction costs, if any, and other operating expenses, including investment advisory fees. Does not include insurance-related fees and expenses.

²  The Fund invests in a portfolio of U.S. and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time with respect to types of securities and markets in response to changing markets and economic trends.

³  This unmanaged capitalization-weighted index is comprised of 2,539 equities from 35 countries in 4 regions, including the United States.

⁴  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 June 30, 2017

			Average Annual Total  Returns5
	6-Month         Total Returns5		1 Year		5 Years		10 Years
BlackRock Global Allocation Portfolio		7.81%		12.07%		6.95%		5.05%
FTSE World Index		11.60		19.40		11.48		4.45
Reference Benchmark		7.91		9.61		7.33		4.95
U.S. Stocks: S&P 500® Index6		9.34		17.90		14.63		7.18
Non-U.S. Stocks: FTSE World (ex-U.S.) Index7		14.11		20.86		8.14		1.74
U.S. Bonds: BofA Merrill Lynch Current 5-Year U.S. Treasury Index8		1.18		(2.52)		0.90		4.18
Non-U.S. Bonds: Citigroup Non-U.S. Dollar World Government Bond Index9		5.91		(5.01)		(0.80)		3.21

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.

⁶  This unmanaged index covers 500 leading companies and captures approximately 80% coverage of available market capitalization.

⁷  An unmanaged capitalization-weighted index comprised of over 1,927 equities from 34 countries, excluding the United States.

⁸  This unmanaged index is designed to track the total return of the current coupon five-year U.S. Treasury bond.

⁹  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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

      Expense Example

	Actual				Hypothetical12
			Including Dividend Expense	Excluding Dividend Expense		Including Dividend Expense		Excluding Dividend  Expenses
	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the Period10	Expenses Paid During the Period11	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the Period10	Ending Account Value June 30, 2017	Expense Paid During the Period11
BlackRock Global Allocation Portfolio	$1,000.00	$1,078.10	$3.09	$2.94	$1,000.00	$1,021.82	$3.01	$1,021.97	$2.86

¹⁰  Expenses are equal to the annualized expense ratio (0.60%), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

¹¹  Expenses are equal to the annualized expense ratio (0.57%), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

¹²  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 22 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 13

Fund Summary as of June 30, 2017 BlackRock Government Money Market Portfolio

      For the Six-Month Period Ended June 30, 2017

On the heels of a 0.25% rate hike at end of 2016, remarks from members of the Federal Open Market Committee (“FOMC”) during the first quarter of 2017 generally indicated an openness to the further removal of monetary accommodation. Indeed, after clearly telegraphing its intentions in the weeks immediately preceding the March 15, 2017 meeting, the FOMC delivered a 0.25% increase in the federal funds target range to 0.75% — 1.00%. The strength of the U.S. labor market and continued progress toward the FOMC’s inflation target of 2% were cited as factors contributing to the decision to continue along the path toward the normalization of interest rates. Specifically, the FOMC’s preferred measure of inflation — the core PCE index — increased 1.8% on an annual basis in February, while broader measures of inflation came in above 2% during the quarter.

More recently, while there has been moderate weakness in inflation, the FOMC stated that it believes this to be transitory and delivered a third consecutive quarterly 0.25% interest rate increase at the June 14, 2017 FOMC meeting. During this meeting, the FOMC also gave an update on its balance sheet normalization strategy, confirming that it would likely kick off “this year.” The amounts of Treasury and agency mortgage-backed securities that will not be reinvested will be relatively small at the outset. Similarly, the pace at which such securities will “roll off” of the balance sheet willbe measured. While the FOMC appears committed to interest rate and balance sheet normalization, market participants appear less convinced about the outlook set forth by policy makers. Specifically, futures contracts for federal funds are priced in for less than two 0.25% rate hikes by the end of 2018, as compared with four increases stated in the FOMC’s Summary of Economic Projections.

During the first half of 2017, the credit curve inside of a year remained extremely tight with issuers being reluctant to increase issuance and demand in the short term credit markets continuing to exceed supply. Floating rate note issuance remained strong as demand has outpaced supply with investors preferring floating rate notes over fixed rate investments with the FOMC continuing to tighten monetary policy. The gradual removal of monetary accommodation translated into higher yields for taxable and municipal money market funds during the second quarter. On an average net yield basis, institutional prime money market funds are out-yielding institutional government money market funds by 28 basis points (0.28%) according to iMoneyNet as of June month-end.

We anticipate an additional 0.25% interest rate hike during the balance of 2017, along with the initiation of balance sheet “tapering;” however, the sequencing of such events is unclear. In our view, the path for interest rate hikes remains subject to inflation moving toward the FOMC’s 2% target later this year and financial conditions remaining accommodative. We also believe that the gradual pace of balance sheet normalization activity as laid out by the FOMC will not be disruptive to markets.

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

14 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

BlackRock Government Money Market Portfolio

Investment Objective

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

Current-Seven-Day Yields

	7-Day      SEC Yields	7-Day Yields
BlackRock Government Money Market Portfolio	0.52%	0.52%

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.

Portfolio Composition

	Percent of   Net Assets
U.S. Government Sponsored Agency Obligations		55%
Repurchase Agreements		40
U.S. Treasury Obligations		6
Liabilities in Excess of Other Assets		(1)
Total		100%

Expense Example

	Actual			Hypothetical2
	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the  Period1	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the  Period1	Annualized Expense Ratio
BlackRock Government Money Market Portfolio	$1,000.00	$1,001.30	$2.48	$1,000.00	$1,022.32	$2.51	0.50%

¹  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 22 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 15

Fund Summary as of June 30, 2017 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 six-month period ended June 30, 2017, the Fund underperformed its benchmark, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index.

What factors influenced performance?

• High yield bonds delivered a strong gain in the first half of the year, as an improvement in global growth supported credit conditions and boosted investor sentiment. The Fund, while producing a positive return, finished short of its benchmark. Security selection in the electric utilities sector, where the Fund was hurt by being underweight in Dynegy, Inc., was the largest detractor from performance. Selection in retail, where the Fund was overweight in Rite Aid Corp., also detracted, as did an underweight in the outperforming home construction sector. The largest contributions came from security selection in the gaming, technology and wireless sectors, led by overweight positions in Amaya, Inc., BMC Software, Inc. and Sprint Corp., respectively.

Describe recent portfolio activity.

• The Fund increased its exposure to the technology and cable & satellite sectors. In technology, the investment adviser was particularly focused on software companies.

• The Fund reduced exposure to the independent energy, midstream energy and retail sectors. Although the Fund began the year with an overweight position in energy, it moved to an underweight by the end of the first quarter. The Fund remained underweight at the close of the period, particularly within the oil field services subsector, but it retained positions in certain higher-quality issuers. The investment adviser believes the oil field services group will continue to face pressure with oil

prices in their current range, given that companies in the industry generally have higher break-even levels than those in the independent energy and midstream categories.

Describe portfolio positioning at period end.

• The Fund’s general investment themes and core positions reflected the investment adviser’s views regarding issuer cash flows, firm or industry catalysts, and idiosyncratic factors. The portfolio’s leading issuer overweights included Next Luxembourg SCSp, Freeport-McMoran, Inc. and iHeartCommunications, Inc.

• Relative to the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index, the Fund was underweight in BB rated credits (which are more interest-rate sensitive), overweight in single B issuers and moderately overweight in bonds rated CCC and below. The Fund remained underweight in the distressed part of the spectrum, focusing instead on select CCC-rated issues with improving credit positions and/or attractive yields.

• In addition to bonds, the investment adviser sought opportunities in equity and equity-like instruments, such as preferred stocks and convertible bonds, to enhance the Fund’s total return profile. The Fund implements a strategy to mitigate risk on a tactical basis when market conditions warrant.

• The Fund maintained a strategic allocation to bank loans, which have little duration risk and, as senior secured instruments, help offset the portfolio’s underweight in BB-rated bonds. (Duration is a measure of interest rate sensitivity.) The Fund had a slightly short duration relative to the benchmark, but this is not a core aspect of its strategy.

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 Allocations1	Percent of        Total Investments2
BBB/Baa	6%
BB/Ba	35
B	44
CCC/Caa	11
N/R	4

¹  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings 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, options purchased and options written.

16 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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 Portfolio.”

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 June 30, 2017

								Average Annual Total  Returns1,4
	Standardized 30-Day Yield3		Unsubsidized 30-Day  Yield3		6-Month Total  Returns4			1 Year			5 Years			10 Years
BlackRock High Yield Portfolio		5.37%		4.86%		4.86	%		12.32	%		6.82	%		6.77	%
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index		—		—		4.92			12.69			6.90			7.76

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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example
	Actual			Hypothetical7
	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the Period6	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the Period6	Annualized Expense Ratio
BlackRock High Yield Portfolio	$1,000.00	$1,048.60	$2.54	$1,000.00	$1,022.32	$2.51	0.50%

⁶  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 22 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 17

Fund Summary as of June 30, 2017 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 six-month period ended June 30, 2017, the Fund returned 2.71%, outperforming its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 2.27%.

What factors influenced performance?

• Positive contributions to performance for the period came from allocations to U.S. securitized assets including non-agency mortgage-backed securities (“MBS”), and collateralized loan obligations (“CLOs”). Security selection within commercial mortgage-backed securities (“CMBS”) also aided performance. Out-of-benchmark exposure to emerging market bonds, high yield corporates, and municipal bonds contributed positively as well.

• The Fund’s U.S. absolute return and macro strategies modestly detracted from performance relative to the benchmark.

Describe recent portfolio activity.

• The Fund began 2017 positioned to benefit from reflation driven by firming global growth, with an underweight stance with respect to duration (and corresponding interest rate sensitivity) and an emphasis on carry-oriented (income) opportunities to be found lower in the capital structure. Within these overall themes, the Fund held an allocation to high yield credit and overweight exposure to securitized assets including

CMBS, asset-backed securities, CLO’s and non-agency MBS, as well as emerging markets. In addition, the Fund maintained exposure to Treasury inflation-protected securities to capture any benefit from rising market expectations for inflation.

• During the second quarter of 2017, the Fund reduced its duration underweight as volatility remained low, global growth started to plateau following a strong recovery, and inflation expectations declined. This shift was designed to increase the Fund’s income generation given the lack of any catalyst for rate volatility to increase substantially, and made with the view that the market should favor strategies designed to generate income given the large demand for fixed income assets and low supply.

Describe portfolio positioning at period end.

• The Fund ended the period positioned with a less-pronounced underweight stance with respect to duration, as softening domestic economic activity and inflation data alongside strong fixed income demand kept rates subdued. Rich valuations in credit sectors led to the Fund to favor idiosyncratic stories within investment grade and high yield corporate bonds rather than broad exposure to those segments. The Fund ended the period with an increased overweight in emerging markets based on the view that synchronized developed market growth bodes well for the sector. Finally, the Fund continued to favor securitized assets for yield, as a strong technical backdrop should support segments such as nonagency MBS and CLOs.

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		36	%
Corporate Bonds		23
U.S. Treasury Obligations		16
Asset-Backed Securities		9
Non-Agency Mortgage-Backed Securities		5
Taxable Municipal Bonds		5
Foreign Government Obligations		4
Investment Companies		1
Floating Rate Loan Interests		1
Other2		—

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

²  Includes foreign agency obligations, other interests and preferred securities, all of which are less than 1%.

Credit Quality Allocation3	Percent of Total Investments4
AAA/Aaa5		59	%
AA/Aa		5
A		10
BBB/Baa		15
BB/Ba		2
B		1
CCC/Caa		1
N/R		7

³  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings 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.

⁴  Total Investments exclude short-term securities, options purchased, borrowed bonds, options written and TBA sale commitments.

⁵  The investment adviser 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.

18 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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 June 30, 2017

								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		2.64%		2.13%		2.71	%		0.63	%		3.12	%		4.44	%
Bloomberg Barclays U.S. Aggregate Bond Index		—		—		2.27			(0.31	)		2.21			4.48

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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example
	Actual				Hypothetical7
			Including Interest Expense	Excluding Interest Expense		Including Interest Expense		Excluding Interest Expense
	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the Period5	Expenses Paid During the Period6	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the Period5	Ending Account Value June 30, 2017	Expenses Paid During the Period6
BlackRock Total Return Portfolio	$1,000.00	$1,027.10	$2.86	$2.51	$1,000.00	$1,021.97	$2.86	$1,022.32	$2.51

⁵  Expenses are equal to the annualized expense ratio (0.57%), multiplied by the average account value over the period, multiplied by 181/365 (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 181/365 (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 22 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 19

Fund Summary as of June 30, 2017 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 six-month period ended June 30, 2017, the Fund returned 1.46%, underperforming its benchmark, the Bloomberg Barclays U.S. Government/Mortgage Index, which returned 1.64%.

What factors influenced performance?

• The most significant detractor from relative performance was the Fund’s stance with respect to U.S. interest rates. This included the Fund’s stance with respect to duration and corresponding interest rate sensitivity, as well as the Fund’s positioning along the Treasury yield curve. An underweight to U.S. agency securities constrained performance, as did positioning with respect to global interest rates and currency exposures.

• The principal positive contributors to performance were allocation-based strategies within securitized assets such as commercial mortgage-backed securities (“CMBS”) and collateralized loan obligations. These segments benefited as the global search for yield and limited supply created a favorable technical backdrop and the fundamentals around the U.S. consumer, housing and commercial real estate continued to strengthen. Overweight positioning with respect to both 15-year and 30-year agency residential mortgage-backed securities (“MBS”) also added value. Allocations to high-quality, longer-

duration agency collateralized mortgage obligations contributed to performance as well. Finally, the Fund’s allocation to Treasury inflation-protected securities added to performance.

Describe recent portfolio activity.

• During the six-month period, the Fund increased its exposure to U.S. Treasuries, while paring back holdings of agency MBS. The Fund also slightly reduced exposure to CMBS.

Describe portfolio positioning at period end.

• The Fund closed the period with underweight exposure to U.S. duration, on the view that yields will continue to rise in the context of strong domestic economic growth and the Federal Reserve System hiking cycle. This thesis was also expressed through a long position in Treasury inflation protected securities. Outside of the U.S., the Fund held short positions in German interest rates and U.K. inflation forward contracts. The Fund maintained exposure to the agency MBS sector and continues to be positioned modestly overweight agency mortgages versus the benchmark. Overall, the Fund was positioned with the expectation that the Federal Reserve System’s announced plan for trimming its balance sheet would not give rise to any sort of worst-case scenario for the agency MBS market.

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	56%
U.S. Treasury Obligations	38
Asset-Backed Securities	3
Non-Agency Mortgage-Backed Securities	2
Foreign Government Obligations	1
Other2	—

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

²  Includes corporate bonds, which are less than 1%.

20 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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 June 30, 2017

								Average Annual Total  Returns1,5
	Standardized 30-Day Yield4		Unsubsidized 30-Day Yield4		6-Month Total Returns5			1 Year			5 Years			10 Years
BlackRock U.S. Government Bond Portfolio		1.97%		1.57%		1.46	%		(1.21	)%		1.44	%		3.55	%
Bloomberg Barclays U.S. Government/Mortgage Index		—		—		1.64			(1.30	)		1.59			4.10
Bloomberg Barclays U.S. Mortgage-Backed Securities Index		—		—		1.35			(0.06	)		2.00			4.31

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.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example
	Actual				Hypothetical8
			Including Interest Expense	Excluding Interest Expense		Including Interest Expense		Excluding Interest Expense
	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the Period6	Expenses Paid During the Period7	Beginning Account Value January 1, 2017	Ending Account Value June 30, 2017	Expenses Paid During the  Period6	Ending Account Value June 30, 2017	Expenses Paid During the Period7
BlackRock U.S. Government Bond Portfolio	$1,000.00	$1,014.60	$2.90	$2.50	$1,000.00	$1,021.92	$2.91	$1,022.32	$2.51

⁶  Expenses are equal to the annualized expense ratio (0.58%), multiplied by the average account value over the period, multiplied by 181/365 (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 181/365 (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 22 for further information on how expenses were calculated.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 21

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance returns and net asset value (“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 Funds’ 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 Funds’ 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 Funds 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 dividend rates than comparable portfolios without 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 the leverage instruments, which may cause the Funds 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 each 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 previous pages (which are based on a hypothetical investment of $1,000 invested on January 1, 2017 and held through June 30, 2017) 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 examples 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.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other asset without owning or taking physical custody of securities, commodities and/or other referenced assets 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 and 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 instrument. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these 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, if any, are discussed in detail in the Notes to Financial Statements.

22 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments June 30, 2017 (Unaudited)	BlackRock Advantage Large Cap Core Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.5%
L3 Technologies, Inc.		2,818	$	470,831
Raytheon Co.		13,489		2,178,204
				2,649,035
Air Freight & Logistics — 0.2%
XPO Logistics, Inc. (a)		6,658		430,306
Auto Components — 0.2%
Delphi Automotive PLC		3,769		330,353
Automobiles — 0.3%
Thor Industries, Inc.		5,818		608,097
Banks — 5.3%
Bank of America Corp. (b)		154,670		3,752,294
Citigroup, Inc.		4,597		307,447
Citizens Financial Group, Inc.		58,065		2,071,759
JPMorgan Chase & Co.		5,556		507,818
Popular, Inc.		7,512		313,325
SunTrust Banks, Inc.		29,371		1,665,923
Synovus Financial Corp.		15,543		687,622
U.S. Bancorp		1,161		60,279
Western Alliance Bancorp (a)		506		24,895
				9,391,362
Beverages — 1.3%
Coca-Cola European Partners PLC		5,535		225,108
Dr. Pepper Snapple Group, Inc.		21,951		1,999,956
				2,225,064
Biotechnology — 4.8%
Amgen, Inc.		11,337		1,952,571
Biogen, Inc. (a)		7,081		1,921,500
Celgene Corp. (a)		15,048		1,954,284
Gilead Sciences, Inc.		36,719		2,598,971
				8,427,326

Common Stocks	Shares		Value
Building Products — 0.9%
JELD-WEN Holding, Inc. (a)		3,661	$	118,836
Masco Corp.		36,961		1,412,280
				1,531,116
Capital Markets — 3.8%
CME Group, Inc.		3,493		437,463
Evercore Partners, Inc., Class A		7,543		531,781
Intercontinental Exchange, Inc.		31,067		2,047,937
Morningstar, Inc.		2,317		181,514
S&P Global, Inc.		14,866		2,170,287
SEI Investments Co.		23,086		1,241,565
				6,610,547
Chemicals — 1.7%
AdvanSix, Inc. (a)		4,088		127,709
Cabot Corp.		18,473		987,012
Eastman Chemical Co.		22,409		1,882,132
				2,996,853
Commercial Services & Supplies — 0.2%
LSC Communications, Inc.		5,851		125,211
R.R. Donnelley & Sons Co.		11,984		150,279
				275,490
Communications Equipment — 0.0%
Cisco Systems, Inc.		1,373		42,975
Consumer Finance — 0.3%
Discover Financial Services		9,807		609,897
Containers & Packaging — 1.4%
Avery Dennison Corp.		8,821		779,512
Packaging Corp. of America		4,463		497,134
Silgan Holdings, Inc.		22,563		717,052
WestRock Co.		7,735		438,265
				2,431,963
Diversified Financial Services — 0.6%
Berkshire Hathaway, Inc., Class B (a)		6,218		1,053,143

Portfolio Abbreviations
ABS	Asset-Backed Security	EUR	Euro	PIK	Payment-in-kind
ADR	American Depositary Receipts	EURIBOR	Euro Interbank Offered Rate	PLN	Polish Zloty
AGC	Assured Guaranty Corporation	FKA	Formerly Known As	PSF	Permanent School Fund
AGM	Assured Guaranty Municipal Corporation	HUF	Hungarian Forint	RB	Revenue Bonds
AKA	Also Known As	GBP	British Pound	RPI	Retail Price Index
AMBAC	AMBAC Assurance Corp.	GO	General Obligation Bonds	RUB	Russian Ruble
AUD	Australian Dollar	IDR	Indonesian Rupiah	S&P	S&P Global Ratings
BRL	Brazilian Real	JPY	Japanese Yen	SEK	Swedish Krona
BZDIOVER	Overnight Brazil CETIP -	KRW	South Korean Won	SGD	Singapore Dollar
	Interbank Rate	LIBOR	London Interbank Offered Rate	SGX	Singapore Exchange Ltd.
CAD	Canadian Dollar	MXIBTIIE	Mexico Interbank TIIE 28 Day	SPDR	S&P Depositary Receipts
CHF	Swiss Franc	MXN	Mexican Peso	TBA	To Be Announced
CLO	Collateralized Loan Obligation	MYR	Malaysian Ringgit	TOPIX	Tokyo Price Index
CLP	Chilean Peso	NOK	Norwegian Krone	TRY	Turkish Lira
COP	Colombian Peso	NVDR	Non-Voting Depository Receipts	TWD	Taiwan New Dollar
CNH	Chinese Yuan Offshore	NZD	New Zealand Dollar	USD	US Dollar
CVA	Certification Van Aandelon	OTC	Over-the-counter	ZAR	South African Rand
	(Dutch Certificate)	PCL	Public Company Limited
ETF	Exchange-Traded Fund

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 23

Schedule of Investments (continued) BlackRock Advantage Large Cap Core Portfolio

Common Stocks	Shares		Value
Diversified Telecommunication Services — 0.3%
Level 3 Communications, Inc. (a)		2,212	$	131,172
Verizon Communications, Inc.		3,354		149,790
Zayo Group Holdings, Inc. (a)		5,985		184,937
				465,899
Electric Utilities — 1.8%
Portland General Electric Co.		27,465		1,254,876
Westar Energy, Inc.		37,158		1,970,117
				3,224,993
Electrical Equipment — 1.2%
Rockwell Automation, Inc.		12,908		2,090,580
Electronic Equipment, Instruments & Components — 1.8%
CDW Corp.		4,018		251,246
Dolby Laboratories, Inc., Class A		5,283		258,656
Flex Ltd. (a)		7,965		129,909
FLIR Systems, Inc.		1,578		54,693
TE Connectivity Ltd		6,368		501,034
Tech Data Corp. (a)		9,130		922,130
Zebra Technologies Corp., Class A (a)		10,265		1,031,838
				3,149,506
Equity Real Estate Investment Trusts (REITs) — 3.3%
Brixmor Property Group, Inc.		1,380		24,674
Duke Realty Corp.		8,065		225,417
Gaming and Leisure Properties, Inc.		12,485		470,310
Outfront Media, Inc.		20,139		465,614
Prologis, Inc.		2,885		169,176
Simon Property Group, Inc.		12,175		1,969,428
Ventas, Inc.		29,626		2,058,414
Weingarten Realty Investors		12,556		377,936
				5,760,969
Food & Staples Retailing — 1.9%
Walgreens Boots Alliance, Inc.		11,076		867,362
Wal-Mart Stores, Inc.		33,199		2,512,500
				3,379,862
Food Products — 2.0%
Archer-Daniels-Midland Co.		49,881		2,064,076
Hershey Co.		2,047		219,786
Ingredion, Inc.		4,013		478,390
McCormick & Co, Inc., Non-Voting Shares		856		83,469
Tyson Foods, Inc., Class A		10,437		653,669
				3,499,390
Health Care Equipment & Supplies — 3.0%
Baxter International, Inc.		34,954		2,116,115
IDEXX Laboratories, Inc. (a)		11,418		1,843,094
Masimo Corp. (a)		9,479		864,295
West Pharmaceutical Services, Inc.		5,105		482,525
				5,306,029
Health Care Providers & Services — 2.8%
Aetna, Inc.		652		98,993
AmerisourceBergen Corp.		1,694		160,134
Centene Corp. (a)		6,073		485,111
Express Scripts Holding Co. (a)		4,575		292,068
Humana, Inc.		2,085		501,693
McKesson Corp.		2,369		389,795
UnitedHealth Group, Inc.		16,177		2,999,539
				4,927,333
Health Care Technology — 0.6%
Veeva Systems, Inc., Class A (a)		16,689		1,023,203
Hotels, Restaurants & Leisure — 3.2%
Carnival Corp.		29,428		1,929,594

Common Stocks	Shares		Value
Hotels, Restaurants & Leisure (continued)
Choice Hotels International, Inc.		1,953	$	125,480
Extended Stay America, Inc.		42,233		817,631
Hilton Grand Vacations, Inc. (a)		5,245		189,135
McDonald’s Corp.		17,081		2,616,126
				5,677,966
Household Products — 0.5%
Energizer Holdings, Inc.		20,077		964,098
Industrial Conglomerates — 2.6%
3M Co.		13,542		2,819,309
Honeywell International, Inc.		12,982		1,730,371
				4,549,680
Insurance — 4.0%
Aon PLC		1,088		144,650
First American Financial Corp.		9,302		415,706
FNF Group		1,417		63,524
Hartford Financial Services Group, Inc.		2,693		141,571
Lincoln National Corp.		23,040		1,557,043
Marsh & McLennan Cos., Inc.		28,459		2,218,664
Principal Financial Group, Inc.		283		18,132
Prudential Financial, Inc.		20,184		2,182,698
Unum Group		5,886		274,464
				7,016,452
Internet & Direct Marketing Retail — 1.4%
Amazon.com, Inc. (a)		2,438		2,359,984
Priceline Group, Inc. (a)		73		136,548
				2,496,532	��
Internet Software & Services — 4.7%
Alphabet, Inc., Class A (a)		4,023		3,740,103
Alphabet, Inc., Class C (a)		2,267		2,060,091
Facebook, Inc., Class A (a)		14,006		2,114,626
VeriSign, Inc. (a)		2,492		231,656
Yelp, Inc. (a)		4,389		131,758
				8,278,234
IT Services — 4.0%
Accenture PLC, Class A (b)		18,046		2,231,929
Booz Allen Hamilton Holding Corp		8,261		268,813
Fidelity National Information Services, Inc.		24,763		2,114,760
Mastercard, Inc., Class A		19,734		2,396,694
				7,012,196
Leisure Products — 1.0%
Hasbro, Inc.		16,271		1,814,379
Life Sciences Tools & Services — 0.2%
Mettler-Toledo International, Inc. (a)		520		306,041
Machinery — 3.2%
Dover Corp.		3,184		255,420
Illinois Tool Works, Inc.		12,110		1,734,757
Ingersoll-Rand PLC		13,857		1,266,391
PACCAR, Inc. (b)		21,955		1,449,908
Stanley Black & Decker, Inc.		6,873		967,237
				5,673,713
Media — 2.9%
CBS Corp., Class B, Non-Voting Shares		17,991		1,147,466
Comcast Corp., Class A		74,536		2,900,941
Lions Gate Entertainment Corp., Class B (a)		11,342		298,068
Scripps Networks Interactive, Inc., Class A (b)		2,663		181,910
Time Warner, Inc.		5,838		586,194
				5,114,579

See Notes to Financial Statements.

24 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Advantage Large Cap Core Portfolio

Common Stocks	Shares		Value
Metals & Mining — 0.3%
Newmont Mining Corp.		3,071	$	99,470
Reliance Steel & Aluminum Co.		5,321		387,422
				486,892
Multiline Retail — 1.0%
Target Corp.		32,784		1,714,275
Multi-Utilities — 1.2%
Black Hills Corp.		2,883		194,516
CMS Energy Corp.		43,252		2,000,405
				2,194,921
Oil, Gas & Consumable Fuels — 5.2%
Anadarko Petroleum Corp.		32,124		1,456,502
Chevron Corp.		12,803		1,335,737
ConocoPhillips		42,097		1,850,584
Devon Energy Corp.		34,150		1,091,775
Exxon Mobil Corp.		9,331		753,292
Phillips 66		3,911		323,401
Suncor Energy, Inc.		18,624		543,821
Tellurian, Inc. (a)(b)		6,894		69,147
Valero Energy Corp.		25,384		1,712,405
				9,136,664
Paper & Forest Products — 0.4%
Domtar Corp.		16,083		617,909
Personal Products — 1.0%
Estee Lauder Cos., Inc., Class A		18,537		1,779,181
Herbalife Ltd. (b)		526		37,520
				1,816,701
Pharmaceuticals — 2.9%
Bristol-Myers Squibb Co.		29,330		1,634,268
Catalent, Inc. (a)		628		22,043
Johnson & Johnson		5,972		790,036
Merck & Co., Inc.		36,448		2,335,952
Zoetis, Inc.		5,362		334,482
				5,116,781
Professional Services — 0.7%
Equifax, Inc.		3,735		513,264
ManpowerGroup, Inc.		4,892		546,192
Robert Half International, Inc.		3,848		184,435
				1,243,891
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A (a)		6,242		227,209
Retail — 0.1%
Blue Apron Holdings, Inc., Class A (a)		25,735		240,365
Road & Rail — 0.4%
Norfolk Southern Corp.		4,484		545,703
Union Pacific Corp.		784		85,385
				631,088
Semiconductors & Semiconductor Equipment — 3.6%
Analog Devices, Inc.		23,781		1,850,162
Intel Corp.		80,985		2,732,434
KLA-Tencor Corp.		1,610		147,331
Maxim Integrated Products, Inc.		34,674		1,556,863
				6,286,790

Common Stocks	Shares		Value
Software — 4.4%
Activision Blizzard, Inc.		7,192	$	414,043
Adobe Systems, Inc. (a)		17,232		2,437,294
CDK Global, Inc.		5,195		322,402
Dell Technologies, Inc., Class V (a)		9,873		603,339
Fortinet, Inc. (a)		3,010		112,694
Microsoft Corp.		28,256		1,947,686
VMware, Inc., Class A (a)(b)		21,948		1,918,914
				7,756,372
Specialty Retail — 2.5%
Aaron’s, Inc.		388		15,093
Best Buy Co., Inc.		2,692		154,332
Home Depot, Inc.		11,961		1,834,817
Lowe’s Cos., Inc.		31,309		2,427,387
				4,431,629
Technology Hardware, Storage & Peripherals — 3.4%
Apple Inc.		29,894		4,305,334
HP, Inc.		11,628		203,257
NCR Corp. (a)		23,057		941,648
NetApp, Inc.		12,348		494,537
				5,944,776
Textiles, Apparel & Luxury Goods — 0.4%
Carter’s, Inc.		619		55,060
NIKE, Inc., Class B		10,021		591,239
				646,299
Tobacco — 1.1%
Altria Group, Inc.		18,225		1,357,216
Philip Morris International, Inc.		1,795		210,823
Reynolds American, Inc.		6,194		402,858
				1,970,897
Wireless Telecommunication Services — 1.3%
Telephone & Data Systems, Inc.		15,487		429,764
T-Mobile U.S., Inc. (a)		29,818		1,807,567
				2,237,331
Total Common Stocks — 98.9%				174,045,951
Total Long-Term Investments (Cost — $161,638,013) — 98.9%			174,045,951
Short-Term Securities
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (c)(d)		6,791,609		6,791,609
SL Liquidity Series, LLC, Money Market Series, 1.27% (c)(d)(e)		8,090,229		8,091,038
Total Short-Term Securities (Cost — $14,883,280) — 8.5%				14,882,647
Total Investments (Cost — $176,521,293) — 107.4%				188,928,598
Liabilities in Excess of Other Assets — (7.4)%				(13,009,013	)
Net Assets — 100.0%			$	175,919,585

      Notes to Schedule of Investments

(a) Non-income producing security.

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

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 25

Schedule of Investments (continued) BlackRock Advantage Large Cap Core Portfolio

(c) During the six months ended June 30, 2017, 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, 2016		Net Activity		Shares Held at June 30, 2017		Value at June 30, 2017		Income			Net Realized Loss			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		5,419,707		1,371,902		6,791,609	$	6,791,609	$	15,595			—		—
SL Liquidity Series, LLC, Money Market Series		5,189,486		2,900,743		8,090,229		8,091,038		9,097	1	$	(1,055	)	$(263)
Total							$	14,882,647	$	24,692		$	(1,055	)	$(263)

¹  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.

(d) Current yield as of period end.

(e) Security was purchased with the cash collateral from loaned securities.

• For Fund compliance purposes, the Fund’s industry classifications refer to 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 adviser. 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

Futures Contracts
Contracts Short	Issue	Expiration	Notional Value		Unrealized   Depreciation
17	S&P 500 E-Mini Index	September 2017	USD	$2,057,765	$(6,506)

      Derivative Financial Instruments Categorized by Risk Exposure

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

Liabilities — Derivative Financial Instruments	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Futures contracts             Net unrealized depreciation1	—	—	$6,506	—	—	—	$6,506

¹  Includes cumulative appreciation (depreciation) on futures contracts, 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 six months ended June 30, 2017, the effect of derivative financial instruments in the Statements of Operations were we follows:

Net Realized Gain from:	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts		—		—		$	108,049		—		—		—		$	108,049
Net Change in Unrealized Depreciation on:
Futures contracts		—		—		$	10,773		—		—		—		$	10,773

      Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long $ 1,913,583

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.

26 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (concluded) BlackRock Advantage Large Cap Core Portfolio

      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:
Common Stocks1		$	174,045,951			—		—		$	174,045,951
Short-Term Securities			6,791,609			—		—			6,791,609
Subtotal		$	180,837,560			—		—		$	180,837,560
Investments Valued at NAV2											8,091,038
Total Investments										$	188,928,598
1    See above Schedule of Investments for values in each industry. 2    As of June 30, 2017, certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value of hierarchy.
	Level 1				Level 2		Level 3		Total
Derivative Financial Instruments3
Liabilities:
Equity contracts		$	(6,506	)		—		—		$	(6,506	)

³  Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.    

During the six months ended June 30, 2017, there were no transfers between levels.    

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 27

Schedule of Investments June 30, 2017 (Unaudited)	BlackRock Balanced Capital Portfolio
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par (000)		Value
ACE Securities Corp. Home Equity Loan Trust, Series 2007-HE4, Class A2A, 1.35%, 5/25/37 (a)	USD		54	$	17,523
Ajax Mortgage Loan Trust, Series 2016-B, Class A, 4.00%, 9/25/65 (b)(c)			90		90,294
AJAX Mortgage Loan Trust, Series 2017-A, Class A, 3.47%, 4/25/57 (b)(c)			160		159,678
Allegro CLO II Ltd., Series 2014-1A, Class A1R, 2.33%, 1/21/27 (a)(c)(d)			250		250,057
ALM XI Ltd., Series 2014-11A, Class A1R, 2.23%, 10/17/26 (a)(c)(d)			250		250,000
ALM XIV Ltd.:
Series 2014-14A, Class A1R, 2.32%, 7/28/26 (a)(c)			250		250,063
Series 2014-14A, Class BR, 3.27%, 7/28/26 (a)(c)			250		250,423
AMMC CLO 18 Ltd., Series 2016-18A, Class AL1, 2.77%, 5/26/28 (a)(c)			100		100,693
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class AR, 0.00%, 7/15/30 (a)(c)(d)			250		250,000
Anchorage Capital CLO Ltd., Series 2013-1A, Class A2A, 2.91%, 7/13/25 (a)(c)			250		250,073
Apidos CLO XII, Series 2013-12A, Class A, 2.26%, 4/15/25 (a)(c)			500		500,542
Arbor Realty Commercial Real Estate Notes Ltd., Series 2016-FL1A, Class A, 2.86%, 9/15/26 (a)(c)(d)			100		100,000
Argent Mortgage Loan Trust, Series 2005-W1, Class A2, 1.70%, 5/25/35 (a)(d)			100		76,370
Atlas Senior Loan Fund IV Ltd., Series 2013-2A, Class A1L, 2.68%, 2/17/26 (a)(c)			250		249,977
Atlas Senior Loan Fund V Ltd., Series 2014-1A, Class BR, 3.16%, 7/16/26 (a)(c)			250		249,995
Atrium X, Series 10A, Class B1R, 2.54%, 7/16/25 (a)(c)(d)			250		250,000
B2R Mortgage Trust:
Series 2015-1, Class A1, 2.52%, 5/15/48 (c)			84		83,352
Series 2015-2, Class A, 3.34%, 11/15/48 (c)			95		96,153
Babson CLO Ltd., Series 2013-IA, Class A, 2.26%, 4/20/25 (a)(c)			250		250,271
Battalion CLO IV Ltd., Series 2013-4A, Class A1R, 2.29%, 10/22/25 (a)(c)			250		250,077
BCMSC Trust:
Series 2000-A, Class A2, 7.58%, 6/15/30 (a)			53		22,352
Series 2000-A, Class A3, 7.83%, 6/15/30 (a)			49		21,435
Series 2000-A, Class A4, 8.29%, 6/15/30 (a)			83		38,767
Bear Stearns Asset Backed Securities I Trust, Series 2004-HE7, Class M2, 2.94%, 8/25/34 (a)			6		6,276
Bear Stearns Asset-Backed Securities I Trust:
Series 2006-HE7, Class 1A2, 1.39%, 9/25/36-1/25/37 (a)			293		303,887
Series 2006-HE9, Class 2A, 1.36%, 11/25/36-3/25/37 (a)			213		197,034
Series 2007-HE1, Class 21A2, 1.38%, 1/25/37 (a)			65		61,015
Bear Stearns Asset-Backed Securities Trust, Series 2005-4, Class M2, 2.42%, 1/25/36 (a)			24		23,232
BlueMountain CLO Ltd., Series 2013-3A, Class A, 2.57%, 10/29/25 (a)(c)			250		249,999
Bsprt Issuer Ltd., Series 2017-FL1, Class A, 2.43%, 6/15/27 (a)(c)(d)			100		100,125
Carrington Mortgage Loan Trust:
Series 2005-FRE1, Class M1, 1.69%, 12/25/35 (a)			70		67,398

Asset-Backed Securities		Par (000)		Value
Series 2006-FRE2, Class A2, 1.34%, 10/25/36 (a)	USD		84	$	54,240
Series 2006-FRE2, Class A3, 1.38%, 10/25/36 (a)			170		130,648
Series 2006-NC5, Class A5, 1.28%, 1/25/37 (a)			50		43,646
Series 2007-HE1, Class A2, 1.37%, 6/25/37 (a)			54		51,066
Cavalry CLO IV Ltd., Series 2014-4A, Class A, 2.66%, 10/15/26 (a)(c)			250		249,998
C-BASS Trust:
Series 2007-CB1, Class AF4, 3.77%, 1/25/37 (b)			78		38,980
Series 2007-CB5, Class A2, 1.39%, 4/25/37 (a)			67		50,061
CHLUPA Trust, Series 2013-VM, Class A, 3.33%, 8/15/20 (c)(d)			8		7,779
CIFC Funding Ltd.:
Series 2013-1A, Class A2, 3.06%, 4/16/25 (a)(c)			250		250,228
Series 2014-2A, Class A1LR, 2.39%, 5/24/26 (a)(c)(d)			480		480,019
Series 2014-5A, Class A1R, 2.56%, 1/17/27 (a)(c)			250		250,824
Series 2015-2A, Class A, 2.61%, 4/15/27 (a)(c)			250		250,563
Citigroup Mortgage Loan Trust:
Series 2006-NC1, Class A2D, 1.47%, 8/25/36 (a)			90		72,049
Series 2007-AHL2, Class A3B, 1.22%, 5/25/37 (a)			235		175,494
Series 2007-AHL2, Class A3C, 1.29%, 5/25/37 (a)			107		80,150
Conseco Finance Corp., Series 2001-D, Class B1, 3.66%, 11/15/32 (a)			108		107,328
Conseco Finance Securitizations Corp.:
Series 2000-1, Class A5, 8.06%, 9/01/29 (a)			32		17,936
Series 2000-4, Class A5, 7.97%, 5/01/32			96		50,867
Series 2000-4, Class A6, 8.31%, 5/01/32 (a)			43		23,763
Series 2000-5, Class A6, 7.96%, 5/01/31			42		29,139
Conseco Financial Corp.:
Series 1998-8, Class A1, 6.28%, 9/01/30			35		36,216
Series 1998-8, Class M1, 6.98%, 9/01/30 (a)			64		53,019
Countrywide Asset-Backed Certificates:
Series 2006-8, Class 2A3, 1.38%, 1/25/46 (a)			65		61,795
Series 2006-S3, Class A4, 6.40%, 1/25/29 (b)			29		28,921
Series 2006-SPS1, Class A, 1.44%, 12/25/25 (a)			5		4,952
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-MH29, Class B1, 8.10%, 9/25/31 (a)			30		32,562
Credit-Based Asset Servicing & Securitization LLC, Series 2006-MH1, Class B1, 6.25%, 10/25/36 (b)(c)			100		103,256
CWHEQ Home Equity Loan Trust:
Series 2006-S5, Class A4, 5.84%, 6/25/35			27		28,326
Series 2006-S5, Class A5, 6.16%, 6/25/35			21		21,240
Series 2007-S1, Class A3, 5.81%, 11/25/36 (a)			15		14,503

See Notes to Financial Statements.

28 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Asset-Backed Securities		Par (000)		Value
CWHEQ Revolving Home Equity Loan Resuritization Trust, Series 2006-RES, Class 4Q1B, 1.29%, 12/15/33 (a)(c)(d)	USD		42	$	36,134
CWHEQ Revolving Home Equity Loan Trust, Series 2005-B, Class 2A, 1.34%, 5/15/35 (a)			32		27,935
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (c)			287		291,307
First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, 1.62%, 1/25/36 (a)			56		22,111
Ford Credit Floorplan Master Owner Trust, Series 2012-5, Class C, 2.14%, 9/15/19			115		115,084
GCAT LLC, Series 2017-4, Class A1, 3.23%, 5/25/22 (b)(c)			99		98,918
GE-WMC Mortgage Securities Trust, Series 2006-1, Class A2B, 1.17%, 8/25/36 (a)			369		234,001
GSAA Home Equity Trust, Series 2007-4, Class A3B, 1.57%, 3/25/37 (a)			50		7,051
GSAMP Trust, Series 2007-H1, Class A1B, 1.42%, 1/25/47 (a)			33		21,420
GT Loan Financing I Ltd., Series 2013-1A, Class A, 2.44%, 10/28/24 (a)(c)			280		280,049
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 7/25/36 (b)			195		81,870
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, 1.88%, 4/15/36 (a)			52		47,839
Invitation Homes Trust, Series 2014-SFR2, Class A, 2.31%, 9/17/31 (a)(c)			95		95,634
Lehman ABS Manufactured Housing Contract Trust:
Series 2001-B, Class M1, 6.63%, 4/15/40 (a)			130		139,097
Series 2001-B, Class M2, 7.17%, 4/15/40 (a)			23		15,626
Series 2002-A, Class C, 0.00%, 6/15/33			10		7,843
Lendmark Funding Trust, Series 2017-1A, Class A, 2.83%, 1/22/24 (c)			210		209,957
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 4.00%, 10/01/27 (d)			170		167,806
Long Beach Mortgage Loan Trust:
Series 2006-10, Class 2A4, 1.44%, 11/25/36 (a)			18		8,704
Series 2006-2, Class 2A3, 1.41%, 3/25/46 (a)			342		170,627
Series 2006-2, Class 2A4, 1.51%, 3/25/46 (a)			108		55,161
Series 2006-3, Class 2A3, 1.40%, 5/25/46 (a)			33		15,005
Series 2006-5, Class 2A3, 1.37%, 6/25/36 (a)			32		17,088
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C, 1.46%, 5/25/37 (a)			28		17,602
Morgan Stanley ABS Capital I, Inc., Trust, Series 2005-HE1, Class A2MZ, 1.82%, 12/25/34 (a)			78		74,434
Morgan Stanley Mortgage Loan Trust, Series 2007-9SL, Class A, 1.54%, 7/25/37 (a)			26		23,552
Navient Private Education Loan Trust:
Series 2014-CTA, Class B, 2.91%, 10/17/44 (a)(c)			250		239,702
Series 2016-AA, Class B, 3.50%, 12/16/58 (a)(c)			100		90,838

Asset-Backed Securities		Par (000)		Value
Northwoods Capital IX Ltd., Series 2012-9A, Class A, 2.58%, 1/18/24 (a)(c)	USD		217	$	216,851
Oakwood Mortgage Investors, Inc., Series 2001-D, Class A4, 6.93%, 9/15/31 (a)(d)			15		13,410
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A, 2.28%, 7/17/25 (a)(c)			305		305,377
OFSI Fund VI Ltd., Series 2014-6A, Class A2, 3.06%, 3/20/25 (a)(c)			210		210,191
OHA Loan Funding Ltd., Series 2013-2A, Class A, 2.46%, 8/23/24 (a)(c)			285		285,055
OneMain Financial Issuance Trust, Series 2014-2A, Class D, 5.31%, 9/18/24 (c)			100		100,776
Option One Mortgage Loan Trust, Series 2007-CP1, Class 2A3, 1.43%, 3/25/37 (a)			40		26,214
Ownit Mortgage Loan Trust Series, Series 2006-2, Class A2C, 6.00%, 1/25/37 (b)			30		27,844
OZLM Funding II Ltd., Series 2012-2A, Class A1R, 2.61%, 10/30/27 (a)(c)			250		250,707
OZLM Funding III Ltd., Series 2013-3A, Class BR, 4.15%, 1/22/29 (a)(c)			250		253,031
OZLM Funding IV Ltd., Series 2013-4A, Class A1, 2.30%, 7/22/25 (a)(c)			495		495,251
OZLM IX Ltd., Series 2014-9A, Class CR, 4.71%, 1/20/27 (a)(c)			250		250,291
Palmer Square CLO Ltd., Series 2013-1A, Class A2R, 2.68%, 5/15/25 (a)(c)			76		76,001
Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, 4.25%, 1/25/22 (b)(c)(d)			81		81,346
Pretium Mortgage Credit Partners I LLC, Series 2017-NPL2, Class A1, 3.25%, 3/28/57 (b)(c)			297		297,011
Progress Residential Trust:
Series 2016-SFR1, Class A, 2.71%, 9/17/33 (a)(c)			100		101,240
Series 2016-SFR1, Class E, 5.06%, 9/17/33 (a)(c)			100		104,362
Series 2016-SFR2, Class E, 4.72%, 1/17/34 (a)(c)			100		104,235
RCO Mortgage LLC, Series 2015-NQM1, Class A, 4.52%, 11/25/45 (a)(c)			16		15,593
Rockford Tower CLO Ltd., Series 2017-1A, Class B, 3.17%, 4/15/29 (a)(c)(d)			250		248,725
Scholar Funding Trust, Series 2013-A, Class A, 1.69%, 1/30/45 (a)(c)			334		330,589
SG Mortgage Securities Trust, Series 2006-FRE2, Class A2C, 1.18%, 7/25/36 (a)			18		6,724
SLM Private Credit Student Loan Trust:
Series 2004-B, Class A3, 1.58%, 3/15/24 (a)			210		204,553
Series 2005-A, Class A3, 1.45%, 6/15/23 (a)			121		120,623
Series 2006-C, Class A4, 1.42%, 3/15/23 (a)			3		2,820
Sound Point CLO XII Ltd., Series 2016-2A, Class A, 2.82%, 10/20/28 (a)(c)			250		252,764
Sound Point CLO XIV Ltd., Series 2016-3A, Class C, 3.80%, 1/23/29 (a)(c)			250		250,950
Springleaf Funding Trust, Series 2015-AA, Class B, 3.62%, 11/15/24 (c)			320		322,675

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 29

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Asset-Backed Securities		Par (000)		Value
Stanwich Mortgage Loan Co. LLC, Series 2017-NPB1, Class A1, 3.60%, 5/17/22 (b)(c)(d)	USD		270	$	270,000
Structured Asset Investment Loan Trust, Series 2004-8, Class M4, 2.72%, 9/25/34 (a)			53		49,411
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, 1.52%, 1/25/35 (a)			81		75,959
SWAY Residential Trust, Series 2014-1, Class A, 2.51%, 1/17/32 (a)(c)			5		5,306
Symphony CLO XII Ltd., Series 2013-12A, Class AR, 2.19%, 10/15/25 (a)(c)			380		379,705
THL Credit Wind River CLO Ltd., Series 2013-2A, Class B1, 3.01%, 1/18/26 (a)(c)			250		250,136
U.S. Residential Opportunity Fund II Trust:
Series 2016-2II, Class A, 3.47%, 8/27/36 (b)(c)			117		116,566
Series 2016-3II, Class A, 3.60%, 10/27/36 (b)(c)			84		84,327
U.S. Residential Opportunity Fund III Trust:
Series 2016-1III, Class A, 3.47%, 7/27/36-8/27/36 (b)(c)			448		447,573
Series 2016-3III, Class A, 3.60%, 10/27/36 (b)(c)			177		175,845
U.S. Residential Opportunity Fund IV Trust:
Series 2016-1IV, Class A, 3.47%, 7/27/36-8/27/36 (b)(c)			274		272,901
Series 2016-3IV, Class A, 3.60%, 10/27/36 (b)(c)			202		202,753
Venture XIX CLO Ltd., Series 2014-19A, Class AR, 2.53%, 1/15/27 (a)(c)(d)			250		250,469
VOLT LIX LLC, Series 2017-NPL6, Class A1, 3.25%, 5/25/47 (b)(c)			301		301,758
VOLT LX LLC, Series 2017-NPL7, Class A1, 3.25%, 4/25/59 (b)(c)			270		269,759
Voya CLO Ltd.:
Series 2012-2A, Class BR, 3.11%, 10/15/22 (a)(c)			250		250,108
Series 2013-3A, Class A1R, 2.21%, 1/18/26 (a)(c)			250		250,337
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, 1.35%, 7/25/37 (a)(c)			86		78,997
Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE2, Class 2A2, 1.24%, 2/25/37 (a)			100		41,096
West CLO Ltd., Series 2013-1A, Class A1AR, 2.34%, 11/07/25 (a)(c)(d)			250		250,000
WVUE, Series 2015-1A, Class A, 4.50%, 9/25/20 (b)(c)(d)			47		47,883
Total Asset-Backed Securities — 3.9%					19,505,122
Common Stocks		Shares
Aerospace & Defense — 1.0%
HEICO Corp., Class A			9		558
L3 Technologies, Inc.			5,662		946,007
Raytheon Co.			24,491		3,954,807
					4,901,372
Air Freight & Logistics — 0.2%
XPO Logistics, Inc. (e)			11,884		768,063
Auto Components — 0.1%
Delphi Automotive PLC			4,754		416,688
Automobiles — 0.2%
Thor Industries, Inc.			9,877		1,032,344

Common Stocks	Shares		Value
Banks — 3.2%
Bank of America Corp. (f)		265,214	$	6,434,092
Citigroup, Inc.		8,985		600,917
Citizens Financial Group, Inc.		100,693		3,592,726
JPMorgan Chase & Co.		9,700		886,580
Popular, Inc.		5,092		212,387
SunTrust Banks, Inc.		59,697		3,386,014
Synovus Financial Corp.		22,390		990,534
U.S. Bancorp		2,014		104,567
				16,207,817
Beverages — 0.8%
Coca-Cola European Partners PLC		7,767		315,884
Dr. Pepper Snapple Group, Inc.		37,915		3,454,436
				3,770,320
Biotechnology — 2.9%
Amgen, Inc.		20,601		3,548,110
Biogen, Inc. (e)		12,596		3,418,051
Celgene Corp. (e)		25,103		3,260,127
Gilead Sciences, Inc.		63,543		4,497,574
				14,723,862
Building Products — 0.6%
Allegion PLC		620		50,294
JELD-WEN Holding, Inc. (e)		6,008		195,020
Masco Corp.		71,282		2,723,685
				2,968,999
Capital Markets — 2.3%
CME Group, Inc.		6,965		872,297
Evercore Partners, Inc., Class A		13,044		919,602
Intercontinental Exchange, Inc.		53,071		3,498,440
Morningstar, Inc.		2,560		200,550
S&P Global, Inc.		25,987		3,793,842
SEI Investments Co.		40,053		2,154,050
				11,438,781
Chemicals — 1.0%
AdvanSix, Inc. (e)		7,905		246,952
Cabot Corp.		32,615		1,742,619
Eastman Chemical Co.		35,037		2,942,758
LyondellBasell Industries NV, Class A		783		66,077
				4,998,406
Commercial Services & Supplies — 0.1%
LSC Communications, Inc.		8,470		181,258
R.R. Donnelley & Sons Co. (f)		19,373		242,937
				424,195
Communications Equipment — 0.0%
Cisco Systems, Inc.		1,872		58,594
InterDigital, Inc.		936		72,353
				130,947
Consumer Finance — 0.2%
Discover Financial Services		18,991		1,181,050
Containers & Packaging — 0.9%
Avery Dennison Corp.		15,611		1,379,544
Packaging Corp. of America		11,891		1,324,538
Silgan Holdings, Inc.		27,385		870,295
WestRock Co.		12,230		692,952
				4,267,329
Diversified Consumer Services — 0.0%
H&R Block, Inc.		2,863		88,495

See Notes to Financial Statements.

30 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Common Stocks	Shares		Value
Diversified Financial Services — 0.4%
Berkshire Hathaway, Inc., Class B (e)		10,779	$	1,825,639
Diversified Telecommunication Services — 0.1%
Level 3 Communications, Inc. (e)		3,850		228,305
Verizon Communications, Inc.		4,427		197,710
Zayo Group Holdings, Inc. (e)		7,694		237,745
				663,760
Electric Utilities — 1.1%
Portland General Electric Co.		46,694		2,133,449
Westar Energy, Inc.		64,438		3,416,503
				5,549,952
Electrical Equipment — 0.7%
Rockwell Automation, Inc.		22,384		3,625,313
Electronic Equipment, Instruments & Components — 1.1%
CDW Corp.		6,974		436,084
Dolby Laboratories, Inc., Class A		4,789		234,469
Flex Ltd. (e)		44,078		718,912
FLIR Systems, Inc.		4,312		149,454
TE Connectivity Ltd		11,682		919,140
Tech Data Corp. (e)		13,803		1,394,103
Zebra Technologies Corp., Class A (e)		17,285		1,737,488
				5,589,650
Equity Real Estate Investment Trusts (REITs) — 2.0%
Brixmor Property Group, Inc.		2,388		42,697
Duke Realty Corp.		11,500		321,425
Gaming and Leisure Properties, Inc.		20,956		789,413
Host Hotels & Resorts, Inc.		158		2,887
Outfront Media, Inc.		31,074		718,431
Prologis, Inc.		6,667		390,953
Simon Property Group, Inc.		21,142		3,419,930
Ventas, Inc.		51,376		3,569,604
Weingarten Realty Investors		19,815		596,432
				9,851,772
Food & Staples Retailing — 1.2%
Walgreens Boots Alliance, Inc.		21,442		1,679,123
Wal-Mart Stores, Inc.		57,528		4,353,719
				6,032,842
Food Products — 1.2%
Archer-Daniels-Midland Co.		86,481		3,578,584
Hershey Co.		4,746		509,578
Ingredion, Inc.		6,962		829,940
Tyson Foods, Inc., Class A		18,812		1,178,196
				6,096,298
Health Care Equipment & Supplies — 1.9%
Baxter International, Inc.		60,528		3,664,365
IDEXX Laboratories, Inc. (e)		20,640		3,331,709
Masimo Corp. (e)		16,870		1,538,207
West Pharmaceutical Services, Inc.		9,846		930,644
				9,464,925
Health Care Providers & Services — 1.6%
Aetna, Inc.		778		118,124
AmerisourceBergen Corp.		2,385		225,454
Centene Corp. (e)		6,204		495,576
Express Scripts Holding Co. (e)		6,470		413,045
Humana, Inc.		4,376		1,052,953
McKesson Corp.		4,524		744,379
UnitedHealth Group, Inc.		28,032		5,197,693
				8,247,224
Health Care Technology — 0.4%
Veeva Systems, Inc., Class A (e)		29,562		1,812,446

Common Stocks	Shares		Value
Hotels, Restaurants & Leisure — 1.9%
Carnival Corp.		50,993	$	3,343,611
Choice Hotels International, Inc.		4,213		270,685
Extended Stay America, Inc.		64,266		1,244,190
Hilton Grand Vacations, Inc. (e)		8,386		302,399
McDonald’s Corp.		29,599		4,533,383
				9,694,268
Household Products — 0.3%
Energizer Holdings, Inc.		32,324		1,552,198
Industrial Conglomerates — 1.6%
3M Co.		23,434		4,878,724
Honeywell International, Inc.		21,811		2,907,188
				7,785,912
Insurance — 2.4%
Aon PLC		2,181		289,964
First American Financial Corp.		14,498		647,916
FNF Group		3,231		144,846
Hartford Financial Services Group, Inc.		631		33,172
Lincoln National Corp.		40,378		2,728,745
Marsh & McLennan Cos., Inc.		48,919		3,813,725
Principal Financial Group, Inc.		1,841		117,953
Prudential Financial, Inc.		35,659		3,856,164
Unum Group		9,115		425,032
				12,057,517
Internet & Direct Marketing Retail — 0.9%
Amazon.com, Inc. (e)		4,227		4,091,736
Priceline Group, Inc. (e)		134		250,650
				4,342,386
Internet Software & Services — 2.8%
Alphabet, Inc., Class A (e)		6,970		6,479,870
Alphabet, Inc., Class C (e)		3,921		3,563,130
Facebook, Inc., Class A (e)		24,289		3,667,153
VeriSign, Inc. (e)		4,556		423,526
Yelp, Inc. (e)		1,210		36,324
				14,170,003
IT Services — 2.4%
Accenture PLC, Class A (f)		29,749		3,679,356
Booz Allen Hamilton Holding Corp		16,990		552,855
Fidelity National Information Services, Inc.		42,943		3,667,332
Mastercard, Inc., Class A		34,151		4,147,639
				12,047,182
Leisure Products — 0.6%
Hasbro, Inc.		28,962		3,229,553
Life Sciences Tools & Services — 0.1%
Mettler-Toledo International, Inc. (e)		620		364,895
Machinery — 2.0%
Dover Corp.		4,688		376,071
Illinois Tool Works, Inc.		21,335		3,056,239
Ingersoll-Rand PLC		24,927		2,278,079
PACCAR, Inc.		37,757		2,493,472
Stanley Black & Decker, Inc.		11,922		1,677,783
				9,881,644
Media — 1.8%
CBS Corp., Class B, Non-Voting Shares		30,890		1,970,164
Comcast Corp., Class A		129,156		5,026,752
Lions Gate Entertainment Corp., Class B (e)		14,179		372,624
Scripps Networks Interactive, Inc., Class A (f)		5,846		399,340
Time Warner, Inc.		10,101		1,014,241
				8,783,121

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 31

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Common Stocks	Shares		Value
Metals & Mining — 0.2%
Newmont Mining Corp.		6,911	$	223,847
Reliance Steel & Aluminum Co.		9,172		667,813
				891,660
Multiline Retail — 0.6%
Target Corp.		58,271		3,046,991
Multi-Utilities — 0.8%
Black Hills Corp.		5,264		355,162
CMS Energy Corp.		75,006		3,469,028
				3,824,190
Oil, Gas & Consumable Fuels — 3.2%
Anadarko Petroleum Corp.		56,073		2,542,350
Chevron Corp.		18,672		1,948,050
ConocoPhillips		70,990		3,120,720
Devon Energy Corp.		60,989		1,949,818
Exxon Mobil Corp.		20,687		1,670,062
Phillips 66		7,272		601,322
Suncor Energy, Inc.		32,321		943,773
Tellurian, Inc. (e)(f)		12,127		121,634
Valero Energy Corp.		43,060		2,904,828
				15,802,557
Paper & Forest Products — 0.2%
Domtar Corp.		30,280		1,163,358
Personal Products — 0.6%
Estee Lauder Cos., Inc., Class A		31,430		3,016,651
Herbalife Ltd. (f)		911		64,982
				3,081,633
Pharmaceuticals — 1.8%
Bristol-Myers Squibb Co.		49,480		2,757,026
Catalent, Inc. (e)		1,972		69,217
Johnson & Johnson		10,382		1,373,435
Merck & Co., Inc.		63,411		4,064,011
Zoetis, Inc.		9,596		598,598
				8,862,287
Professional Services — 0.4%
Equifax, Inc.		4,664		640,927
ManpowerGroup, Inc.		8,477		946,457
Robert Half International, Inc.		11,490		550,716
				2,138,100
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A (e)		10,630		386,932
Retail — 0.1%
Blue Apron Holdings, Inc., Class A (e)		44,595		416,517
Road & Rail — 0.1%
Norfolk Southern Corp.		3,167		385,424
Union Pacific Corp.		1,356		147,682
				533,106
Semiconductors & Semiconductor Equipment — 2.2%
Analog Devices, Inc.		41,573		3,234,379
Intel Corp.		139,372		4,702,411
KLA-Tencor Corp.		3,093		283,040
Maxim Integrated Products, Inc.		61,565		2,764,269
				10,984,099
Software — 2.7%
Activision Blizzard, Inc.		13,414		772,244
Adobe Systems, Inc. (e)		29,820		4,217,741
CDK Global, Inc.		8,543		530,179
Dell Technologies, Inc., Class V (e)		17,490		1,068,838
Fortinet, Inc. (e)		5,521		206,706

Common Stocks		Shares		Value
Software (concluded)
Microsoft Corp.			48,664	$	3,354,410
VMware, Inc., Class A (e)(f)			38,061		3,327,673
					13,477,791
Specialty Retail — 1.5%
Aaron’s, Inc.			822		31,976
Best Buy Co., Inc.			1,875		107,494
Home Depot, Inc.			21,670		3,324,178
Lowe’s Cos., Inc.			54,251		4,206,080
Staples, Inc.			5,346		53,834
					7,723,562
Technology Hardware, Storage & Peripherals — 2.0%
Apple Inc.			52,318		7,535,024
HP, Inc.			14,216		248,496
NCR Corp. (e)			40,550		1,656,062
NetApp, Inc.			19,907		797,275
					10,236,857
Textiles, Apparel & Luxury Goods — 0.3%
Carter’s, Inc.			1,827		162,512
NIKE, Inc., Class B			18,436		1,087,724
					1,250,236
Tobacco — 0.7%
Altria Group, Inc.			34,560		2,573,683
Philip Morris International, Inc.			1,833		215,286
Reynolds American, Inc.			10,794		702,042
					3,491,011
Wireless Telecommunication Services — 0.8%
Telephone & Data Systems, Inc.			32,032		888,888
T-Mobile U.S., Inc. (e)			51,584		3,127,022
					4,015,910
Total Common Stocks — 60.3%					301,313,965
Corporate Bonds		Par (000)
Aerospace & Defense — 0.1%
BAE Systems Holdings, Inc.:
2.85%, 12/15/20 (c)	USD		38		38,518
4.75%, 10/07/44 (c)			8		8,667
Huntington Ingalls Industries, Inc., 5.00%, 12/15/21 (c)			15		15,525
Lockheed Martin Corp.:
3.55%, 1/15/26			43		44,557
3.60%, 3/01/35			60		59,201
4.50%, 5/15/36			17		18,540
4.07%, 12/15/42			9		9,199
4.70%, 5/15/46			29		32,586
Northrop Grumman Corp., 3.85%, 4/15/45			43		42,642
United Technologies Corp.:
1.78%, 5/04/18 (b)			166		166,213
4.15%, 5/15/45			27		27,955
4.05%, 5/04/47			115		117,795
					581,398

See Notes to Financial Statements.

32 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par (000)		Value
Air Freight & Logistics — 0.1%
FedEx Corp.:
4.90%, 1/15/34	USD		50	$	55,655
3.90%, 2/01/35			48		47,644
4.10%, 2/01/45			55		53,958
4.75%, 11/15/45			55		59,393
4.55%, 4/01/46			31		32,563
4.40%, 1/15/47			73		75,084
					324,297
Airlines — 0.1%
American Airlines Group, Inc., 4.63%, 3/01/20 (c)			91		94,119
American Airlines Pass-Through Trust, Series 2015-1, Class A, 3.38%, 5/01/27			87		87,211
Delta Air Lines, Inc., 2.88%, 3/13/20			338		342,419
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 3/15/27 (c)			57		54,975
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			15		16,054
					594,778
Auto Components — 0.0%
Delphi Automotive PLC:
4.25%, 1/15/26			62		65,672
4.40%, 10/01/46			52		51,851
					117,523
Automobiles — 0.1%
Ford Motor Credit Co. LLC, 3.81%, 1/09/24			379		383,746
Banks — 2.1%
Bank of America Corp.:
2.25%, 4/21/20			145		145,059
3.30%, 1/11/23			110		112,167
3.88%, 8/01/25			201		207,937
3.50%, 4/19/26			132		132,450
3.25%, 10/21/27			70		67,643
4.88%, 4/01/44			15		16,794
4.44%, 1/20/48 (a)			175		185,094
Barclays PLC:
4.84%, 5/09/28			200		204,458
4.95%, 1/10/47			200		213,428
BB&T Corp.:
2.45%, 1/15/20			92		93,028
2.75%, 4/01/22			579		587,554
BNP Paribas SA, 2.95%, 5/23/22 (c)			240		242,390
Citigroup, Inc.:
1.80%, 2/05/18			205		205,155
2.50%, 9/26/18			208		209,410
2.50%, 7/29/19			285		287,560
2.90%, 12/08/21			835		843,461
3.50%, 5/15/23			66		66,962
3.88%, 3/26/25			53		53,328
4.13%, 7/25/28			223		226,373
4.75%, 5/18/46			191		200,492
Citizens Bank N.A.:
2.25%, 3/02/20			277		276,741
2.65%, 5/26/22			250		249,327
HSBC Holdings PLC:
2.65%, 1/05/22			477		475,900
4.04%, 3/13/28 (a)			200		207,156
ING Groep NV, 3.95%, 3/29/27			200		207,969
Intesa Sanpaolo SpA, 5.02%, 6/26/24 (c)			206		208,916
JPMorgan Chase & Co.:
2.20%, 10/22/19			111		111,355
2.75%, 6/23/20			29		29,485
2.55%, 10/29/20			171		172,435

Corporate Bonds		Par (000)		Value
Banks (continued)
2.97%, 1/15/23	USD		420	$	424,996
3.88%, 9/10/24			130		134,127
3.90%, 7/15/25			104		108,458
4.25%, 10/01/27			65		67,802
3.78%, 2/01/28 (a)			137		140,099
Mizuho Financial Group, Inc., 2.95%, 2/28/22			472		476,064
Royal Bank of Scotland Group PLC:
3.50%, 5/15/23 (a)			210		211,362
2.65%, 5/15/23 (a)			580		584,698
3.88%, 9/12/23			383		391,085
Santander UK Group Holdings PLC, 2.88%, 8/05/21			215		215,494
Sumitomo Mitsui Trust Bank Ltd., 2.05%, 3/06/19 (c)			505		504,996
U.S. Bancorp:
2.95%, 7/15/22			135		137,318
3.15%, 4/27/27			80		80,133
Washington Mutual Bank:
0.00%, 5/01/09 (e)(g)			400		89,250
0.00%, 11/06/09 (e)(g)			100		22,313
Wells Fargo & Co.:
2.60%, 7/22/20			68		68,959
2.55%, 12/07/20			90		91,032
2.10%, 7/26/21			70		69,061
3.00%, 4/22/26			54		52,739
3.58%, 5/22/28 (a)			250		252,658
4.90%, 11/17/45			52		56,700
4.75%, 12/07/46			137		146,271
					10,565,642
Beverages — 0.2%
Anheuser-Busch InBev Finance, Inc.:
2.65%, 2/01/21			84		85,126
3.30%, 2/01/23			140		144,162
4.70%, 2/01/36			65		71,542
4.90%, 2/01/46			358		404,053
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42			46		44,521
					749,404
Biotechnology — 0.2%
AbbVie, Inc.:
2.50%, 5/14/20			100		101,159
2.90%, 11/06/22			103		103,969
4.50%, 5/14/35			120		126,556
Amgen, Inc.:
2.13%, 5/01/20			87		87,130
4.40%, 5/01/45			85		87,308
Gilead Sciences, Inc.:
2.35%, 2/01/20			25		25,239
2.50%, 9/01/23			60		59,111
4.60%, 9/01/35			29		31,094
4.00%, 9/01/36			240		238,653
4.50%, 2/01/45			39		40,429
					900,648
Building Products — 0.0%
Johnson Controls International PLC, 5.13%, 9/14/45			63		72,445
Capital Markets — 0.7%
Bank of New York Mellon Corp., 2.05%, 5/03/21			231		228,886
Credit Suisse Group Funding Guernsey Ltd., 2.75%, 3/26/20			250		251,966
Goldman Sachs Group, Inc.: 2.63%, 1/31/19			297		300,002

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 33

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par (000)		Value
Capital Markets (continued)
2.00%, 4/25/19	USD		48	$	47,979
2.75%, 9/15/20			71		71,855
2.63%, 4/25/21			103		103,204
2.35%, 11/15/21			254		250,582
3.50%, 1/23/25			60		60,652
3.75%, 5/22/25			89		91,135
Jefferies Group LLC, 6.50%, 1/20/43			30		33,903
Moody’s Corp.:
2.75%, 12/15/21			117		117,982
3.25%, 1/15/28 (c)			140		137,849
Morgan Stanley:
2.80%, 6/16/20			130		131,890
2.63%, 11/17/21			478		477,295
2.75%, 5/19/22			660		659,857
3.75%, 2/25/23			85		88,384
3.70%, 10/23/24			119		122,125
Northern Trust Corp., 3.38%, 5/08/32 (a)			85		84,963
State Street Corp., 2.65%, 5/19/26			38		36,830
					3,297,339
Chemicals — 0.1%
Agrium, Inc., 4.13%, 3/15/35 (h)			55		54,733
Dow Chemical Co.:
4.38%, 11/15/42			32		33,051
4.63%, 10/01/44			20		21,287
E.I. du Pont de Nemours & Co., 2.20%, 5/01/20			45		45,244
Eastman Chemical Co., 4.80%, 9/01/42			28		30,057
Monsanto Co., 3.60%, 7/15/42			48		41,751
Sherwin-Williams Co.:
4.00%, 12/15/42			26		24,952
4.50%, 6/01/47			35		36,674
					287,749
Commercial Services & Supplies — 0.1%
Aviation Capital Group Corp., 2.88%, 9/17/18 (c)			155		156,492
Cia Latinoamericana de Infraestructura & Servicios SA, 9.50%, 7/20/23 (c)			1		1,037
Pitney Bowes, Inc., 3.88%, 5/15/22			460		459,883
Waste Management, Inc., 3.90%, 3/01/35			42		43,358
					660,770
Communications Equipment — 0.0%
Harris Corp., 2.70%, 4/27/20			39		39,404
Juniper Networks, Inc., 3.30%, 6/15/20			79		80,902
					120,306
Construction Materials — 0.0%
LafargeHolcim Finance U.S. LLC, 4.75%, 9/22/46 (c)			200		208,043
Consumer Finance — 0.4%
American Express Credit Corp.:
2.25%, 8/15/19			119		120,025
3.30%, 5/03/27			35		34,971
Capital One Financial Corp.:
4.75%, 7/15/21			5		5,395
3.75%, 3/09/27			140		139,492
Discover Financial Services, 4.10%, 2/09/27			47		47,081
General Motors Financial Co., Inc.:
2.63%, 7/10/17			250		250,025
3.10%, 1/15/19			43		43,588
3.70%, 11/24/20			117		121,056
3.20%, 7/06/21			202		204,270
3.15%, 6/30/22			555		555,859

Corporate Bonds		Par (000)		Value
Consumer Finance (continued)
4.00%, 1/15/25	USD		55	$	55,234
Synchrony Financial:
2.60%, 1/15/19			90		90,481
2.70%, 2/03/20			52		52,264
4.50%, 7/23/25			30		30,851
					1,750,592
Containers & Packaging — 0.0%
Reynolds Group Issuer, Inc., 5.75%, 10/15/20			90		92,101
Diversified Consumer Services — 0.0%
Wesleyan University, 4.78%, 7/01/16			79		77,271
Diversified Financial Services — 0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
4.63%, 10/30/20			220		233,810
3.50%, 5/26/22			190		194,986
BHP Billiton Finance USA Ltd., 5.00%, 9/30/43			58		67,117
BP Capital Markets PLC, 3.22%, 4/14/24			210		212,074
Enel Finance International NV:
2.88%, 5/25/22 (c)			200		200,277
3.63%, 5/25/27 (c)			200		198,069
Glencore Funding LLC, 4.00%, 3/27/27 (c)			173		170,214
Hyundai Capital America, 2.55%, 4/03/20 (c)			402		400,994
Shell International Finance BV:
4.13%, 5/11/35			88		91,623
3.63%, 8/21/42			46		43,032
UBS Group Funding Switzerland AG, 4.25%, 3/23/28 (c)			310		323,866
Woodside Finance Ltd., 3.65%, 3/05/25 (c)			15		14,946
					2,151,008
Diversified Telecommunication Services — 0.4%
AT&T Inc.:
3.80%, 3/01/24			120		122,713
5.25%, 3/01/37			125		133,172
6.38%, 3/01/41			45		52,550
4.30%, 12/15/42			17		15,787
4.75%, 5/15/46			45		44,127
Orange SA, 5.50%, 2/06/44			35		41,784
Telefonica Emisiones SAU, 4.10%, 3/08/27			173		178,734
Verizon Communications, Inc.:
1.72%, 5/22/20 (a)			1,120		1,120,840
4.40%, 11/01/34			68		67,378
4.86%, 8/21/46			182		182,031
					1,959,116
Electric Utilities — 0.1%
Baltimore Gas & Electric Co., 3.50%, 8/15/46			35		33,369
Emera U.S. Finance LP:
2.15%, 6/15/19			101		100,906
2.70%, 6/15/21			72		72,110
Exelon Corp.:
2.85%, 6/15/20			90		91,434
2.45%, 4/15/21			28		27,923
4.95%, 6/15/35			21		22,990
Great Plains Energy, Inc., 3.90%, 4/01/27			168		169,953
Southern California Edison Co., 1.25%, 11/01/17			49		48,971
Southern Co. Gas Capital Corp., 4.40%, 5/30/47			85		86,694
Trans-Allegheny Interstate Line Co., 3.85%, 6/01/25 (c)			79		81,924
					736,274

See Notes to Financial Statements.

34 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par  (000)		Value
Electronic Equipment, Instruments & Components — 0.0%
Amphenol Corp., 3.20%, 4/01/24	USD		59	$	59,601
Energy Equipment & Services — 0.0%
Halliburton Co., 3.80%, 11/15/25			110		112,731
Nabors Industries, Inc., 5.50%, 1/15/23 (c)			46		43,585
Schlumberger Holdings Corp., 3.00%, 12/21/20 (c)			77		78,401
					234,717
Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.:
3.30%, 2/15/21			71		72,855
3.50%, 1/31/23			19		19,486
4.40%, 2/15/26			14		14,674
Crown Castle International Corp.:
3.40%, 2/15/21			33		33,886
2.25%, 9/01/21			120		118,056
					258,957
Food & Staples Retailing — 0.0%
Walgreens Boots Alliance, Inc.:
4.80%, 11/18/44			126		134,083
4.65%, 6/01/46			6		6,280
					140,363
Food Products — 0.0%
Arcor SAIC, 6.00%, 7/06/23 (c)			14		14,875
Post Holdings, Inc., 6.00%, 12/15/22 (c)			90		95,400
					110,275
Health Care Equipment & Supplies — 0.2%
Becton Dickinson and Co.:
2.13%, 6/06/19			255		255,387
2.68%, 12/15/19			61		61,747
2.89%, 6/06/22			185		185,578
4.69%, 12/15/44			20		20,597
Boston Scientific Corp., 2.65%, 10/01/18			101		101,927
Medtronic Global Holdings SCA, 3.35%, 4/01/27			170		173,310
Medtronic, Inc., 4.38%, 3/15/35			10		10,923
Stryker Corp., 4.63%, 3/15/46			23		25,127
					834,596
Health Care Providers & Services — 0.3%
Aetna, Inc.:
4.50%, 5/15/42			27		29,163
4.13%, 11/15/42			25		25,454
4.75%, 3/15/44			30		33,724
Anthem, Inc.:
1.88%, 1/15/18			287		287,238
2.30%, 7/15/18			194		195,092
Series A, 3.70%, 8/15/21			7		7,302
Baylor Scott & White Holdings, 4.19%, 11/15/45			40		40,896
Catholic Health Initiatives, 4.35%, 11/01/42			30		27,077
Cigna Corp., 3.25%, 4/15/25			105		105,409
HCA, Inc., 3.75%, 3/15/19			90		91,800
Kaiser Foundation Hospitals, 4.15%, 5/01/47			56		58,024
Laboratory Corp. of America Holdings, 2.63%, 2/01/20			85		85,700
New York & Presbyterian Hospital, 3.56%, 8/01/36			27		26,205
Ochsner Clinic Foundation, 5.90%, 5/15/45			35		43,481
RWJ Barnabas Health, Inc., 3.95%, 7/01/46			15		14,759
Southern Baptist Hospital of Florida, Inc., 4.86%, 7/15/45			35		38,940

Corporate Bonds		Par  (000)		Value
Health Care Providers & Services (continued)
SSM Health Care Corp., 3.82%, 6/01/27	USD		54	$	55,337
UnitedHealth Group, Inc.:
2.70%, 7/15/20			48		49,010
4.63%, 7/15/35			20		22,478
4.20%, 1/15/47			25		26,372
					1,263,461
Hotels, Restaurants & Leisure — 0.0%
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc., 9.38%, 5/01/22			80		86,800
McDonald’s Corp.:
4.70%, 12/09/35			23		25,385
4.88%, 12/09/45			27		30,101
4.45%, 3/01/47			56		58,906
					201,192
Household Durables — 0.0%
Newell Brands, Inc., 2.88%, 12/01/19			30		30,515
Independent Power and Renewable Electricity Producers — 0.0%
Genneia SA, 8.75%, 1/20/22 (c)			12		12,760
Industrial Conglomerates — 0.0%
Eaton Corp., 2.75%, 11/02/22			49		49,267
General Electric Co., 4.50%, 3/11/44			114		126,649
					175,916
Insurance — 0.1%
Allstate Corp., 4.20%, 12/15/46			69		71,934
American International Group, Inc.:
3.75%, 7/10/25			79		80,468
3.88%, 1/15/35			22		21,328
4.50%, 7/16/44			30		30,506
Aon PLC, 4.75%, 5/15/45			70		75,740
Marsh & McLennan Cos., Inc.:
3.75%, 3/14/26			19		19,782
4.35%, 1/30/47			27		28,855
Principal Financial Group, Inc., 4.30%, 11/15/46			100		104,026
Travelers Cos., Inc.:
4.60%, 8/01/43			45		50,191
4.00%, 5/30/47			75		76,723
Willis North America, Inc., 3.60%, 5/15/24			11		11,111
					570,664
IT Services — 0.1%
DXC Technology Co., 2.88%, 3/27/20 (c)			63		63,792
Fidelity National Information Services, Inc.:
3.63%, 10/15/20			13		13,618
4.50%, 8/15/46			150		153,872
Total System Services, Inc., 4.80%, 4/01/26			124		134,980
Visa, Inc., 4.15%, 12/14/35			51		55,256
					421,518
Machinery — 0.0%
Ingersoll-Rand Luxembourg Finance SA, 4.65%, 11/01/44			16		17,255
Media — 0.5%
21st Century Fox America, Inc.:
4.75%, 9/15/44			10		10,527
4.95%, 10/15/45			12		12,990
CBS Corp., 2.30%, 8/15/19			107		107,699
Charter Communications Operating LLC/Charter Communications Operating Capital:
4.46%, 7/23/22			225		239,730

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 35

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par  (000)		Value
Media (continued)
4.91%, 7/23/25	USD		39	$	42,132
3.75%, 2/15/28 (c)			370		364,540
6.38%, 10/23/35			76		90,087
6.48%, 10/23/45			280		336,060
5.38%, 5/01/47 (c)			120		126,953
Comcast Corp.:
3.38%, 8/15/25			91		93,358
4.25%, 1/15/33			35		37,302
4.40%, 8/15/35			79		84,920
3.20%, 7/15/36			140		131,028
4.75%, 3/01/44			85		94,586
4.60%, 8/15/45			54		58,886
3.40%, 7/15/46			42		38,245
CSC Holdings LLC, 7.63%, 7/15/18			80		84,400
Discovery Communications LLC, 3.80%, 3/13/24			67		67,747
Interpublic Group of Cos., Inc., 4.00%, 3/15/22			72		75,502
NBCUniversal Media LLC, 4.45%, 1/15/43			55		58,392
Time Warner Cable LLC:
5.00%, 2/01/20			89		94,945
4.00%, 9/01/21			25		26,133
5.50%, 9/01/41			29		31,165
4.50%, 9/15/42			9		8,563
Time Warner, Inc.:
2.10%, 6/01/19			143		143,059
3.60%, 7/15/25			64		63,855
4.85%, 7/15/45			47		48,395
Viacom, Inc., 2.75%, 12/15/19			31		31,351
					2,602,550
Metals & Mining — 0.1%
Barrick Gold Corp., 5.25%, 4/01/42			59		67,130
Newmont Mining Corp.:
3.50%, 3/15/22			120		124,094
4.88%, 3/15/42			69		72,908
Nucor Corp., 5.20%, 8/01/43			21		24,641
Rio Tinto Finance USA PLC, 4.13%, 8/21/42			70		72,233
Steel Dynamics, Inc., 5.13%, 10/01/21			38		39,025
					400,031
Multi-Utilities — 0.1%
Dominion Energy Gas Holdings LLC, 4.60%, 12/15/44			54		56,425
NiSource Finance Corp., 3.49%, 5/15/27			90		90,619
Pacific Gas & Electric Co.:
4.75%, 2/15/44			19		21,624
4.30%, 3/15/45			46		49,272
Virginia Electric & Power Co.:
3.50%, 3/15/27			97		99,740
4.45%, 2/15/44			26		28,405
4.20%, 5/15/45			28		29,395
					375,480
Oil, Gas & Consumable Fuels — 0.7%
Anadarko Petroleum Corp.:
7.95%, 6/15/39			41		51,612
4.50%, 7/15/44			30		27,492
Apache Corp., 4.25%, 1/15/44			53		49,643
Canadian Natural Resources Ltd.:
2.95%, 1/15/23			130		128,964
3.85%, 6/01/27			170		168,623
Cenovus Energy, Inc., 4.25%, 4/15/27 (c)			190		180,999
Devon Energy Corp.:
3.25%, 5/15/22			95		94,415

Corporate Bonds		Par  (000)		Value
Oil, Gas & Consumable Fuels (continued)
5.85%, 12/15/25	USD		125	$	142,048
5.60%, 7/15/41			75		77,893
Enbridge, Inc.:
2.90%, 7/15/22			90		89,820
3.70%, 7/15/27			70		69,948
Endeavor Energy Resources LP/EER Finance, Inc., 7.00%, 8/15/21 (c)			90		93,150
Energy Transfer LP, 6.13%, 12/15/45			95		102,826
Enterprise Products Operating LLC:
5.10%, 2/15/45			23		25,257
4.90%, 5/15/46			67		72,047
EOG Resources, Inc.:
4.15%, 1/15/26			52		54,635
3.90%, 4/01/35			10		9,698
Exxon Mobil Corp.:
1.82%, 3/15/19			84		84,331
4.11%, 3/01/46			65		68,569
Halcon Resources Corp., 12.00%, 2/15/22 (c)			30		33,900
Hess Corp., 4.30%, 4/01/27			199		194,380
Kinder Morgan Energy Partners LP:
3.50%, 3/01/21			85		87,038
3.95%, 9/01/22			100		103,319
Kinder Morgan, Inc.:
3.05%, 12/01/19			40		40,695
5.05%, 2/15/46			39		39,164
MPLX LP, 5.20%, 3/01/47			35		36,046
NGPL PipeCo LLC, 7.12%, 12/15/17 (c)			85		86,594
Noble Energy, Inc., 5.05%, 11/15/44			58		59,567
Petro-Canada, 6.80%, 5/15/38 (h)			50		65,162
Pioneer Natural Resources Co., 4.45%, 1/15/26			30		31,544
Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25			70		71,749
Resolute Energy Corp., 8.50%, 5/01/20			90		89,550
Sabine Pass Liquefaction LLC:
5.63%, 4/15/23			100		111,160
4.20%, 3/15/28 (c)			60		60,619
Spectra Energy Partners LP, 4.50%, 3/15/45			89		87,714
Sunoco Logistics Partners Operations LP:
3.90%, 7/15/26			21		20,605
5.35%, 5/15/45			30		29,405
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.50%, 10/15/19			90		94,950
TransCanada PipeLines Ltd.:
1.88%, 1/12/18			59		59,079
2.50%, 8/01/22			70		69,914
Western Refining Logistics LP/WNRL Finance Corp., 7.50%, 2/15/23			90		96,975
Williams Partners LP, 4.00%, 9/15/25			118		120,172
					3,281,271
Paper & Forest Products — 0.0%
Georgia-Pacific LLC, 7.38%, 12/01/25			67		85,248
Pharmaceuticals — 0.3%
Allergan Funding SCS:
2.35%, 3/12/18			195		195,814
3.00%, 3/12/20			316		322,705
3.80%, 3/15/25			331		342,370
4.55%, 3/15/35			69		73,646
4.75%, 3/15/45			51		55,053
Mylan NV, 5.25%, 6/15/46			41		44,850
Pfizer, Inc., 4.00%, 12/15/36			107		113,041
Teva Pharmaceutical Finance Co. BV, 3.65%, 11/10/21			56		57,827

See Notes to Financial Statements.

36 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Corporate Bonds		Par  (000)		Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV, 2.80%, 7/21/23	USD		56	$	54,468
					1,259,774
Road & Rail — 0.1%
Burlington Northern Santa Fe LLC:
4.15%, 4/01/45			16		16,725
4.70%, 9/01/45			11		12,388
4.13%, 6/15/47			73		76,764
CSX Corp., 4.25%, 11/01/66			43		42,388
Norfolk Southern Corp., 6.00%, 5/23/2111			31		37,325
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (c)			139		136,591
Union Pacific Corp.:
3.38%, 2/01/35			34		33,625
3.88%, 2/01/55			37		35,714
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 5/14/26			57		58,156
					449,676
Semiconductors & Semiconductor Equipment — 0.5%
Analog Devices, Inc.:
3.90%, 12/15/25			19		19,749
3.50%, 12/05/26			164		165,277
5.30%, 12/15/45			18		20,617
Applied Materials, Inc.:
3.30%, 4/01/27			112		113,820
4.35%, 4/01/47			39		41,395
Broadcom Corp./Broadcom Cayman Finance Ltd.:
2.38%, 1/15/20 (c)			545		545,792
3.00%, 1/15/22 (c)			527		531,710
3.63%, 1/15/24 (c)			483		494,108
Lam Research Corp.:
2.75%, 3/15/20			60		60,764
2.80%, 6/15/21			80		81,152
QUALCOMM, Inc.:
2.60%, 1/30/23			125		124,544
4.80%, 5/20/45			41		44,999
Xilinx, Inc., 2.95%, 6/01/24			55		55,148
					2,299,075
Software — 0.2%
Autodesk, Inc., 3.50%, 6/15/27			185		181,927
Microsoft Corp.:
3.50%, 2/12/35			69		69,569
3.45%, 8/08/36			114		114,071
3.70%, 8/08/46			243		240,458
4.25%, 2/06/47			310		335,623
Oracle Corp.:
3.25%, 5/15/30			66		66,320
3.90%, 5/15/35			39		40,189
4.00%, 7/15/46			74		74,732
4.38%, 5/15/55			26		27,303
					1,150,192
Technology Hardware, Storage & Peripherals — 0.3%
Apple Inc.:
3.00%, 2/09/24			138		140,093
2.85%, 5/11/24			445		447,156
3.45%, 2/09/45			44		41,345
4.65%, 2/23/46			318		356,453
Dell International LLC/EMC Corp.:
5.45%, 6/15/23 (c)			176		190,990
8.35%, 7/15/46 (c)			73		94,212
Hewlett Packard Enterprise Co.:
2.85%, 10/05/18			205		206,754

Corporate Bonds		Par  (000)			Value
Technology Hardware, Storage & Peripherals (continued)
3.60%, 10/15/20	USD		101		$	104,141
HP, Inc., 3.75%, 12/01/20			21			21,980
Seagate HDD Cayman, 5.75%, 12/01/34			3			3,001
						1,606,125
Tobacco — 0.0%
Reynolds American, Inc.:
2.30%, 6/12/18			70			70,305
3.25%, 6/12/20			30			30,886
						101,191
Trading Companies & Distributors — 0.1%
Air Lease Corp.:
2.63%, 7/01/22			175			173,449
3.00%, 9/15/23			209			207,798
3.63%, 4/01/27			103			103,010
GATX Corp.:
2.60%, 3/30/20			67			67,694
3.85%, 3/30/27			43			43,276
						595,227
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc., 5.00%, 3/15/44			20			22,622
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 9/20/21 (c)			281			283,459
Vodafone Group PLC, 4.38%, 2/19/43			40			39,500
						345,581
Total Corporate Bonds — 8.9%						44,513,661
Foreign Agency Obligations
Argentina — 0.0%
Petrobras Argentina SA, 7.38%, 7/21/23 (c)			27			28,478
YPF SA:
8.88%, 12/19/18 (c)			33			35,356
8.50%, 3/23/21 (c)			6			6,674
						70,508
Brazil — 0.1%
Petrobras Global Finance BV:
5.75%, 1/20/20			12			12,452
4.88%, 3/17/20			12			12,241
5.38%, 1/27/21			143			145,388
8.38%, 5/23/21			192			214,921
6.13%, 1/17/22			11			11,347
8.75%, 5/23/26			2			2,300
7.38%, 1/17/27			14			14,812
						413,461
Mexico — 0.0%
Petroleos Mexicanos, 6.50%, 3/13/27 (c)			134	��		143,949
Total Foreign Agency Obligations — 0.1%						627,918

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 37

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Foreign Government Obligations		Par  (000)		Value
Argentina — 0.1%
Republic of Argentina:
6.25%, 4/22/19	USD		303	$	317,393
5.63%, 1/26/22			173		177,152
7.82%, 12/31/33	EUR		54		64,993
7.13%, 6/28/2117 (c)	USD		42		38,115
					597,653
Colombia — 0.1%
Republic of Colombia, 4.00%, 2/26/24			480		498,240
Hungary — 0.0%
Republic of Hungary, 5.38%, 3/25/24			140		157,600
Indonesia — 0.1%
Republic of Indonesia:
8.38%, 3/15/24	IDR		404,000		32,909
8.38%, 9/15/26	2,182,000				180,585
7.00%, 5/15/27	1,108,000				84,176
9.00%, 3/15/29			135,000		11,536
					309,206
Lebanon — 0.0%
Lebanese Republic, 6.85%, 3/23/27	USD		87		87,590
Mexico — 0.6%
United Mexican States:
Series M, 4.75%, 6/14/18	MXN		36		194,396
Series M, 5.00%, 12/11/19			314		1,667,273
4.15%, 3/28/27	USD		832		861,536
					2,723,205
Panama — 0.0%
Republic of Panama, 3.75%, 3/16/25			200		206,000
Peru — 0.0%
Republic of Peru, 7.35%, 7/21/25			150		195,900
Philippines — 0.1%
Republic of the Philippines, 5.50%, 3/30/26			200		240,256
Russia — 0.3%
Russian Federation:
7.50%, 8/18/21	RUB		35,146		588,498
7.40%, 12/07/22			7,185		119,756
7.75%, 9/16/26			10,156		172,381
8.15%, 2/03/27			25,523		450,261
7.05%, 1/19/28			15,036		242,845
					1,573,741
South Africa — 0.1%
Republic of South Africa, 6.25%, 3/31/36	ZAR		4,796		258,793
Turkey — 0.2%
Republic of Turkey:
10.50%, 1/15/20	TRY		440		124,880
7.00%, 6/05/20	USD		117		127,931
9.20%, 9/22/21	TRY		580		157,675
11.00%, 3/02/22			1,205		348,987
8.80%, 9/27/23			330		87,390
7.38%, 2/05/25	USD		88		101,907
					948,770
Uruguay — 0.0%
Republic of Uruguay, 4.38%, 10/27/27			140		148,750
Total Foreign Government Obligations — 1.6%					7,945,704

Investment Companies		Shares		Value
iShares Core U.S. Aggregate Bond ETF (i)			162,425	$	17,787,162
iShares iBoxx $ High Yield Corporate Bond ETF (i)			18,030		1,593,672
Total Investment Companies — 3.9%					19,380,834
Non-Agency Mortgage-Backed Securities		Par  (000)
Ajax Mortgage Loan Trust, Series 2016-A, Class A, 4.25%, 8/25/64 (b)(c)	USD		88		89,074
American Home Mortgage Assets Trust, Series 2006-3, Class 2A11, 1.67%, 10/25/46 (a)			84		70,974
Angel Oak Mortgage Trust I LLC, Series 2016-1, Class A1, 3.50%, 7/25/46 (b)(c)			67		66,784
Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, 4.50%, 11/25/45 (b)(c)			22		22,400
APS Resecuritization Trust:
Series 2016-3, Class 3A, 3.84%, 9/27/46 (a)(c)(d)			153		154,697
Series 2016-3, Class 4A, 3.59%, 4/27/47 (a)(c)(d)			85		85,564
Banc of America Funding Trust, Series 2016-R2, Class 1A1, 4.70%, 5/01/33 (a)(c)(d)			183		185,778
COLT LLC, Series 2015-1, Class A1V, 4.02%, 12/26/45 (a)(c)			26		25,920
Countrywide Alternative Loan Trust:
Series 2005-72, Class A3, 1.52%, 1/25/36 (a)			34		30,109
Series 2006-OA21, Class A1, 1.40%, 3/20/47 (a)			1,183		991,978
Series 2007-OA3, Class 1A1, 1.36%, 4/25/47 (a)			49		43,871
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, 1.69%, 4/25/46 (a)			71		36,952
Deephaven Residential Mortgage Trust, Series 2016-1A, Class A1, 4.00%, 7/25/46 (c)(d)			125		126,540
Deutsche ALT-A Securities, Inc., Series 2007-RS1, Class A2, 1.72%, 1/27/37 (a)(c)			16		30,408
GreenPoint Mortgage Funding Trust, Series 2006-AR2, Class 4A1, 2.73%, 3/25/36 (a)			12		10,940
GSMPS Mortgage Loan Trust:
Series 2005-RP2, Class 1AF, 1.57%, 3/25/35 (a)(c)			46		40,846
Series 2006-RP1, Class 1AF1, 1.37%, 1/25/36 (a)(c)			34		28,719
Impac Secured Assets CMN Owner Trust, Series 2004-3, Class 1A4, 1.82%, 11/25/34 (a)			26		25,411
JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A4, 1.43%, 3/25/37 (a)			70		52,842
JPMorgan Mortgage Trust, Series 2017-2, Class A6, 3.00%, 5/25/47 (a)(c)(d)			149		150,518
LSTAR Securities Investment Ltd., Series 2017-2, Class A1, 3.05%, 2/01/22 (a)(c)(d)			204		204,233
LSTAR Securities Investment Trust, Series 2016-5, Class A1, 3.05%, 11/01/21 (a)(c)(d)			143		144,265

See Notes to Financial Statements.

38 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Non-Agency Mortgage-Backed Securities		Par  (000)		Value
Morgan Stanley Resecuritization Trust, Series 2014-R8, Class 3B1, 1.41%, 6/26/47 (a)(c)(d)	USD		87	$	81,405
Nomura Resecuritization Trust, Series 2014-3R, Class 3A9, 1.51%, 11/26/35 (a)(c)			100		90,776
RALI Trust:
Series 2006-QO6, Class A2, 1.45%, 6/25/46 (a)			35		15,538
Series 2007-QH6, Class A1, 1.41%, 7/25/37 (a)			52		46,860
Structured Asset Mortgage Investments II Trust, Series 2006-AR4, Class 3A1, 1.21%, 6/25/36 (a)			24		21,702
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF4, Class 2A1, 6.00%, 10/25/36 (c)			35		30,852
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class CRB1, 3.28%, 10/25/35 (a)			34		26,610
					2,932,566
245 Park Avenue Trust, Series 2017-245P, Class E, 3.78%, 6/05/37 (a)(c)			250		234,507
Banc of America Commercial Mortgage Trust:
Series 2007-1, Class AMFX, 5.48%, 1/15/49 (a)			11		10,939
Series 2007-3, Class AJ, 5.87%, 6/10/49 (a)			5		5,082
Series 2007-5, Class AM, 5.77%, 2/10/51 (a)			130		131,444
Barclays Commercial Mortgage Trust:
Series 2015-SLP, Class D, 4.36%, 2/15/28 (a)(c)			100		100,153
Series 2015-SRCH, Class A1, 3.31%, 8/10/35 (c)			100		102,433
Bayview Commercial Asset Trust:
Series 2005-4A, Class A1, 1.52%, 1/25/36 (a)(c)			37		34,510
Series 2005-4A, Class M1, 1.67%, 1/25/36 (a)(c)			28		26,068
Series 2006-1A, Class A2, 1.58%, 4/25/36 (a)(c)			19		16,969
Series 2006-3A, Class A2, 1.52%, 10/25/36 (a)(c)			27		24,729
Series 2007-4A, Class A1, 1.67%, 9/25/37 (a)(c)			92		80,791
Series 2007-5A, Class A3, 2.22%, 10/25/37 (a)(c)			77		74,369
Series 2008-4, Class A3, 3.97%, 7/25/38 (a)(c)			40		41,822
BHMS Mortgage Trust, Series 2014-ATLS, Class AFL, 2.49%, 7/05/33 (a)(c)			334		333,700
BWAY Mortgage Trust:
Series 2013-1515, Class C, 3.45%, 3/10/33 (c)			100		99,703
Series 2013-1515, Class F, 4.06%, 3/10/33 (a)(c)			100		97,302
BXP Trust, Series 2017-GM, Class A, 3.38%, 6/13/39 (c)(d)			35		36,047
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class D, 5.67%, 4/10/29 (a)(c)			10		10,158
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class A, 2.56%, 12/15/27 (a)(c)			186		185,810
Chicago Skyscraper Trust:
Series 2017-SKY, Class D, 3.66%, 2/15/30 (a)(c)			100		101,252
Series 2017-SKY, Class E, 4.46%, 2/15/30 (a)(c)			100		101,252

Non-Agency Mortgage-Backed Securities		Par  (000)		Value
Citigroup Commercial Mortgage Trust:
Series 2013-GC11, Class D, 4.60%, 4/10/46 (a)(c)	USD		190	$	176,288
Series 2016-C1, Class C, 5.12%, 5/10/49 (a)			30		30,392
Series 2017-P7, Class A4, 3.71%, 4/14/50			40		41,755
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2007-CD5, Class AMA, 6.51%, 11/15/44 (a)			138		139,154
Series 2017-CD3, Class A4, 3.63%, 2/10/50 (a)			10		10,410
Citigroup/Deutsche Bank Mortgage Trust, Series 2006-CD3, Class AM, 5.65%, 10/15/48			220		223,736
CLNS Trust, Series 2017-IKPR, Class E, 4.50%, 6/11/32 (a)(c)			50		50,187
Commercial Mortgage Pass-Through Certificates:
Series 2007-C9, Class AJFL, 1.68%, 12/10/49 (a)(c)			59		59,335
Series 2014-CR16, Class A4, 4.05%, 4/10/47			87		92,677
Series 2014-CR17, Class A5, 3.98%, 5/10/47			123		130,515
Series 2014-CR18, Class A4, 3.55%, 5/15/24			10		10,332
Series 2014-CR19, Class A5, 3.80%, 8/10/24			30		31,502
Series 2014-LC15, Class A4, 4.01%, 4/10/47			20		21,243
Series 2014-TWC, Class B, 2.83%, 2/13/32 (a)(c)			100		100,343
Series 2015-CR23, Class C, 4.40%, 5/10/48			10		9,493
Series 2015-CR23, Class CMD, 3.81%, 5/10/48 (a)(c)			110		107,643
Series 2015-CR25, Class C, 4.70%, 8/10/48 (a)			110		110,833
Core Industrial Trust, Series 2015-TEXW, Class F, 3.98%, 2/10/34 (a)(c)			100		96,309
Cosmopolitan Hotel Trust, Series 2016-CSMO, Class A, 2.56%, 11/15/33 (a)(c)			100		100,751
Countrywide Alternative Loan Trust, Series 2006-OA9, Class 2A1B 1.41%, 7/20/46 (a)			191		116,383
Countrywide Commercial Mortgage Trust, Series 2007-MF1, Class A, 6.48%, 11/12/43 (a)(c)			7		6,989
Credit Suisse Commercial Mortgage Trust, Series 2008-C1, Class A3, 6.52%, 2/15/41 (a)			39		39,408
Credit Suisse Mortgage Capital Certificates:
Series 17-1, Class A, 4.50%, 3/25/21			407		406,929
Series 2015-GLPB, Class A, 3.64%, 11/15/34 (c)			100		104,960
CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A4, 3.39%, 6/15/50 (d)			20		20,407
Deutsche Bank JPMorgan Mortgage Trust, Series 2016-C3, Class D, 3.64%, 9/10/49 (a)(c)			73		58,706
FREMF Mortgage Trust:
Series 2017-K64, Class B, 4.12%, 3/25/27 (a)(c)			30		30,197
Series 2017-K725, Class B, 3.88%, 2/25/24 (a)(c)			70		69,977
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class FFX, 3.49%, 12/15/34 (a)(c)			30		29,669

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 39

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Non-Agency Mortgage-Backed Securities		Par  (000)		Value
GS Mortgage Securities Corp. II, Series 2013-KING, Class E, 3.55%, 12/10/27 (a)(c)	USD		350	$	348,294
GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.93%, 9/10/47			20		21,175
HMH Trust, Series 2017-NSS, Class A, 3.06%, 6/05/22 (c)(d)			100		101,008
IMT Trust, Series 2017-APTS, Class AFX, 3.48%, 6/15/34 (a)(c)			100		102,994
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2014-C21, Class A5, 3.77%, 6/15/24			30		31,534
Series 2014-C22, Class A4, 3.80%, 9/15/47			10		10,466
Series 2014-CBM, Class E, 5.01%, 10/15/29 (a)(c)			100		100,311
Series 2014-FL6, Class A, 2.56%, 11/15/31 (a)(c)			32		32,219
Series 2016-ATRM, Class D, 5.35%, 10/05/28 (c)			100		101,287
Series 2016-NINE, Class A, 2.85%, 10/06/38 (a)(c)			100		98,053
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-1A, Class 1A, 1.47%, 3/25/37 (a)(c)			37		34,137
Lone Star Portfolio Trust:
Series 2015-LSP, Class A1A2, 2.96%, 9/15/28 (a)(c)			50		50,261
Series 2015-LSP, Class D, 5.16%, 9/15/28 (a)(c)			179		182,291
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C16, Class A5, 3.89%, 6/15/47			50		52,891
Series 2015-C26, Class D, 3.06%, 10/15/48 (c)			65		50,974
Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.00%, 7/27/49 (c)			9		9,207
Resource Capital Corp. Ltd.:
Series 2014-CRE2, Class A, 2.05%, 4/15/32 (a)(c)			17		17,399
Series 2017-CRE5, Class A, 1.89%, 7/15/34 (a)(c)			50		50,000
Series 2017-CRE5, Class B, 3.09%, 7/15/34 (a)(c)(d)			20		20,000
STRIPs Ltd., Series 2012-1A, Class B, 0.50%, 12/25/44 (c)(d)			65		63,676
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFL, 3.02%, 10/25/46 (a)			89		89,973
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class A, 2.51%, 6/15/29 (a)(c)			100		100,310
Wells Fargo Commercial Mortgage Trust:
Series 2014-TISH, Class SCH1, 3.91%, 1/15/27 (a)(c)			300		295,782
Series 2015-C27, Class C, 3.89%, 2/15/48			47		43,606
Series 2015-C31, Class D, 3.85%, 11/15/48			10		7,606
Series 2017-C38, Class A5, 3.45%, 7/15/50			20		20,461
WF-RBS Commercial Mortgage Trust, Series 2014-C21, Class A5, 3.68%, 7/15/24			30		31,279
WF-RBS Commercial Mortgage Trust 2014-C22, 3.91%, 9/15/24 (a)			120		113,208
					6,455,965

Non-Agency Mortgage-Backed Securities		Par  (000)		Value
Banc of America Commercial Mortgage Trust, Series 2017-BNK3, Class XB, 0.78%, 2/15/50 (a)	USD		1,000	$	52,520
Barclays Commercial Mortgage Trust, Series 2015-SRCH, Class XA, 1.12%, 8/10/35 (a)(c)			1,000		71,550
BB-UBS Trust, Series 2012-SHOW, Class XA, 0.73%, 11/05/36 (a)(c)			4,250		170,439
CFCRE Commercial Mortgage Trust:
Series 2016-C4, Class XA, 1.92%, 5/10/58 (a)			127		14,435
Series 2016-C4, Class XB, 0.89%, 5/10/58 (a)			120		6,611
Citigroup/Deutsche Bank Mortgage Trust, Series 2017-CD3, Class XA, 1.20%, 2/10/50			300		23,238
Commercial Mortgage Pass-Through Certificates:
Series 2015-3BP, Class XA, 0.17%, 2/10/35 (a)(c)			2,522		17,276
Series 2016-DC2, Class XA, 1.22%, 2/10/49 (a)			229		15,372
Core Industrial Trust, Series 2015-TEXW, Class XA, 0.90%, 2/10/34 (a)(c)			1,000		31,733
GS Mortgage Securities Trust:
Series 2016-GS3, Class XA, 1.40%, 10/10/49 (a)			996		86,059
Series 2017-GS5, Class XA, 0.97%, 3/10/50 (a)			999		65,756
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49 (a)(c)(d)			1,800		91,260
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.39%, 3/10/50 (a)(c)			999		56,382
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class XF, 1.34%, 12/15/47 (a)(c)(d)			100		6,346
One Market Plaza Trust:
Series 2017-1MKT, Class XCP, 0.22%, 2/10/32 (a)(c)			1,000		6,300
Series 2017-1MKT, Class XNCP, 0.00%, 2/10/32 (a)(c)			200		—
Wells Fargo Commercial Mortgage Trust:
Series 2015-C27, Class XA, 1.12%, 2/15/48 (a)			981		54,162
Series 2016-C33, 1.97%, 3/15/59 (a)			396		42,921
					812,360
Total Non-Agency Mortgage-Backed Securities — 2.0%					10,200,891
Other Interests (j)		Beneficial   Interest (000)
Capital Markets — 0.0%
Lehman Brothers Holdings Capital Trust VII (d)(e)(g)			130		—
Lehman Brothers Holdings, Inc. (d)(e)(g)			490		—
Total Other Interests — 0.0%					—
Preferred Securities
Capital Trusts		Par  (000)
Banks — 0.1%
HSBC Holdings PLC, 6.00% (a)(k)			200		206,800

See Notes to Financial Statements.

40 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Preferred Securities		Par  (000)		Value
Capital Markets — 0.0%
Bank of New York Mellon Corp., Series F, 4.63% (a)(k)	USD		137	$	138,178
State Street Corp., 2.25%, 6/15/37 (a)			28		25,778
					163,956
Media — 0.0%
NBCUniversal Enterprise, Inc., 5.25% (c)(k)			80		85,029
Multi-Utilities — 0.0%
Dominion Energy, Inc., 2.58%, 7/01/20			105		105,542
Total Capital Trusts — 0.1%					561,327
Trust Preferreds		Shares
Banks — 0.1%
Citigroup Capital XIII, 7.54%, 10/30/40 (a)			16,773		435,763
Total Preferred Securities — 0.2%			USD		997,090
Taxable Municipal Bonds		Par (000)
American Municipal Power, Inc. RB, 6.45%, 2/15/44	USD		15		19,609
Arizona Health Facilities Authority RB, 1.58%, 1/01/37 (a)			40		35,171
Bay Area Toll Authority RB:
6.92%, 4/01/40			80		112,330
7.04%, 4/01/50			95		145,364
Board of Water Commissioners City & County of Denver RB, 5.00%, 9/15/47			60		71,179
Brooklyn Arena Local Development Corp. RB, 5.00%, 7/15/42			40		44,796
Buckeye Tobacco Settlement Financing Authority RB, 5.88%, 6/01/47 (g)			80		77,909
California Health Facilities Financing Authority RB, 5.00%, 8/15/33			20		23,521
California Housing Finance Agency RB, 3.66%, 2/01/29			35		35,145
California Infrastructure & Economic Development Bank RB, 5.00%, 10/01/35-10/01/36			20		24,082
California State Public Works Board RB, 8.36%, 10/01/34			40		59,964
Central Texas Regional Mobility Authority RB, 5.00%, 1/01/45-1/01/46			40		45,093
Chesapeake Bay Bridge & Tunnel District RB, 5.00%, 7/01/51			10		11,174
Chesapeake Bay Bridge & Tunnel District RB AGM, 5.00%, 7/01/41			20		22,999
Chino Valley Unified School District GO, 5.25%, 8/01/47			40		47,974
City of Atlanta, GA Water & Wastewater Revenue RB, 5.00%, 11/01/37			20		23,727
City of Aurora, CO Water Revenue RB, 5.00%, 8/01/46			30		34,974
City of Houston, TX Combined Utility System Revenue RB, 5.00%, 11/15/35			20		23,443
City of Riverside, CA Electric Revenue RB, 7.61%, 10/01/40			25		36,876
City Public Service Board of San Antonio, TX RB, 5.81%, 2/01/41			45		57,504
Clark County School District GO, 5.00%, 6/15/23-6/15/28			85		101,652
Colorado Health Facilities Authority RB, 5.25%, 2/01/31			10		10,557

Taxable Municipal Bonds		Par  (000)		Value
Commonwealth Financing Authority RB, 4.14%, 6/01/38	USD		35	$	36,234
Commonwealth of Massachusetts GO, 5.00%, 7/01/28			15		18,942
Commonwealth of Puerto Rico GO, 8.00%, 7/01/35 (e)(g)			715		433,469
Connecticut State Health & Educational Facility Authority RB, 5.00%, 7/01/45			70		77,916
Contra Costa Community College District GO, 6.50%, 8/01/34			25		32,272
County of Clark Department of Aviation RB, 5.00%, 7/01/21			30		33,927
County of Clark, NV RB, 5.00%, 7/01/28			20		25,013
County of Guilford, NC GO, 5.00%, 5/01/25-5/01/28			60		75,294
County of Miami-Dade, FL Aviation Revenue RB:
2.50%, 10/01/24			50		48,417
5.00%, 10/01/38			45		50,797
County of Miami-Dade, FL GO, 5.00%, 7/01/35			20		23,376
County of Orange, FL Tourist Development Tax Revenue RB, 5.00%, 10/01/28			20		25,139
Dallas Area Rapid Transit RB, 5.00%, 12/01/41-12/01/46			70		80,091
District of Columbia GO, 5.00%, 6/01/34-6/01/36			90		106,968
District of Columbia RB, 5.59%, 12/01/34			50		61,826
District of Columbia Water & Sewer Authority RB, 5.00%, 10/01/52			40		46,116
Dutchess County Local Development Corp. RB, 5.00%, 7/01/46			50		55,913
Eastern Municipal Water District Financing Authority RB, 5.00%, 7/01/47			30		35,351
Geisinger Authority RB, 5.00%, 2/15/45			30		34,335
Golden State Tobacco Securitization Corp. RB:
5.13%, 6/01/47 (g)			75		74,712
5.75%, 6/01/47			10		10,072
Grant County Public Utility District No. 2 RB, 4.58%, 1/01/40			15		15,523
Great Lakes Water Authority Water Supply System Revenue RB, 5.25%, 7/01/33			5		6,040
Health & Educational Facilities Authority of the State of Missouri RB:
5.00%, 11/15/29			15		17,575
3.65%, 8/15/57			40		39,517
Horry County School District, SC GO, 5.00%, 3/01/25			15		18,364
Kentucky Economic Development Finance Authority RB, 5.25%, 6/01/50			10		10,926
Lone Star College System GO, 5.00%, 8/15/42			40		46,753
Los Angeles Community College District GO, 6.60%, 8/01/42			95		136,904
Los Angeles County Metropolitan Transportation Authority RB, 5.00%, 7/01/38			10		11,898
Los Angeles Department of Water & Power RB, 6.60%, 7/01/50			30		44,208
Los Angeles Department of Water RB, 5.00%, 7/01/44			90		105,682
Los Angeles Unified School District GO:
5.00%, 7/01/26			30		37,592
6.76%, 7/01/34			60		82,584
Massachusetts Clean Water Trust RB, 5.00%, 2/01/27-2/01/28			40		49,227
Massachusetts Development Finance Agency RB, 5.00%, 7/01/47			20		22,494
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB, 5.00%, 7/01/46			30		33,696

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 41

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Taxable Municipal Bonds		Par  (000)		Value
Metropolitan Transportation Authority RB:
5.00%, 11/15/35-11/15/47	USD		90	$	105,637
6.69%, 11/15/40			30		41,005
5.25%, 11/15/57			60		70,341
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB, 7.46%, 10/01/46			30		43,739
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB AGC, 0.00%, 10/01/39 (l)			20		8,275
Miami-Dade County Educational Facilities Authority RB, 5.07%, 4/01/50			30		33,172
Michigan Finance Authority RB, 5.00%, 11/15/41			20		22,413
Mississippi Hospital Equipment & Facilities Authority RB, 5.00%, 9/01/46			30		33,229
Municipal Electric Authority of Georgia RB:
5.00%, 1/01/20			30		32,423
6.64%, 4/01/57			45		55,242
New Caney Independent School District GO PSF, 5.00%, 2/15/47			30		35,034
New Jersey State Turnpike Authority RB, 7.41%, 1/01/40			66		99,133
New Jersey Transportation Trust Fund Authority RB, 5.00%, 6/15/29			20		21,482
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 7/15/40			20		23,009
New York City Transitional Finance Authority Future Tax Secured Revenue RB:
2.28%, 5/01/26			25		23,352
3.05%, 5/01/27 (g)			70		69,236
5.00%, 8/01/31-2/01/43			110		128,369
New York City Water & Sewer System RB:
5.75%, 6/15/41			35		46,265
5.38%, 6/15/43 (g)			215		242,546
5.50%, 6/15/43 (g)			255		288,925
5.88%, 6/15/44			50		67,633
5.00%, 6/15/47			145		168,596
New York Convention Center Development Corp. RB, 5.00%, 11/15/40-11/15/46			60		69,352
New York State Dormitory Authority RB:
5.00%, 2/15/27-3/15/32			100		121,048
5.39%, 3/15/40			50		62,119
New York State Environmental Facilities Corp. RB, 5.00%, 6/15/46			50		58,978
New York State Urban Development Corp. RB:
2.86%, 3/15/24			80		80,798
5.00%, 3/15/25-3/15/27			25		30,785
New York Transportation Development Corp. RB:
5.00%, 7/01/46			30		32,541
5.25%, 1/01/50			100		109,434
Northwest Independent School District GO PSF, 5.00%, 2/15/42			30		34,727
Ohio Water Development Authority Water Pollution Control Loan Fund RB, 5.00%, 12/01/31			10		12,174
Orange County Local Transportation Authority RB, 6.91%, 2/15/41			75		103,730
Oregon School Boards Association GO AMBAC, 4.76%, 6/30/28			80		88,443
Oregon State Lottery RB, 5.00%, 4/01/30-4/01/37			60		71,887
Oxnard School District GO BAM, 5.00%, 8/01/45			20		23,175
Pennsylvania Economic Development Financing Authority RB, 5.00%, 12/31/38			25		27,813
Pennsylvania State University RB, 5.00%, 9/01/42			30		35,253

Taxable Municipal Bonds		Par  (000)		Value
Port Authority of New York & New Jersey RB:
4.96%, 8/01/46	USD		15	$	17,808
4.46%, 10/01/62			60		65,371
4.81%, 10/15/65			30		34,616
Port of Seattle, WA GO, 5.00%, 1/01/33-1/01/42			110		130,145
Regents of the University of California Medical Center Pooled Revenue RB, 6.58%, 5/15/49			75		101,888
Royal Oak Hospital Finance Authority RB, 5.00%, 9/01/39			20		22,184
Salt Lake City Corp. Airport Revenue RB, 5.00%, 7/01/47			50		57,605
Salt River Project Agricultural Improvement & Power District RB, 5.00%, 12/01/36			20		23,306
San Diego County Regional Transportation Commission RB, 5.00%, 4/01/48			60		69,827
San Diego Public Facilities Financing Authority Sewer Revenue RB, 5.00%, 5/15/39			25		29,188
San Francisco Bay Area Rapid Transit District GO, 5.00%, 8/01/36-8/01/47			50		59,919
San Francisco City & County Airport Comm-San Francisco International Airport RB, 5.00%, 5/01/41			30		34,052
South Carolina Public Service Authority RB:
2.39%, 12/01/23			51		48,138
5.00%, 12/01/49-12/01/50			60		65,083
State of California GO:
5.00%, 8/01/26-9/01/27			95		117,796
7.50%, 4/01/34			60		87,132
7.55%, 4/01/39			30		45,779
7.30%, 10/01/39			15		21,935
7.35%, 11/01/39			30		44,028
7.60%, 11/01/40			60		93,432
State of Georgia GO, 5.00%, 7/01/26-2/01/33			180		221,208
State of Illinois GO, 5.10%, 6/01/33			70		65,512
State of Kansas Department of Transportation RB, 5.00%, 9/01/35			10		11,780
State of Maryland GO, 5.00%, 3/15/28- 3/15/29			50		62,305
State of Ohio GO, 5.00%, 5/01/27-5/01/37			220		259,049
State of Oregon GO, 5.00%, 8/01/42			55		65,142
State of Texas GO, 5.00%, 8/01/42			20		23,650
State of Washington GO, 5.00%, 7/01/28-8/01/30			85		102,540
State of Wisconsin GO, 5.00%, 5/01/24-11/01/27			90		110,795
State of Wisconsin RB, 3.15%, 5/01/27			70		70,316
Texas A&M University RB:
2.76%, 5/15/26			75		74,566
2.84%, 5/15/27			30		29,887
Texas Private Activity Bond Surface Transportation Corp. RB, 5.00%, 12/31/55			25		27,177
Texas Water Development Board RB, 5.00%, 10/15/40-10/15/45			40		46,246
Tobacco Settlement Financing Corp. RB, 5.00%, 6/01/41 (g)			30		29,400
University of California RB:
3.06%, 7/01/25			25		25,179
4.86%, 5/15/12			50		51,637
University of Houston RB, 5.00%, 2/15/33- 2/15/36			130		151,453
University of Massachusetts Building Authority RB, 5.00%, 11/01/31			20		23,658
University of New Mexico RB, 5.00%, 6/01/47			30		34,724
University of Virginia RB, 5.00%, 4/01/44-4/01/46			70		83,135

See Notes to Financial Statements.

42 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Taxable Municipal Bonds		Par  (000)		Value
Weld County School District No. RE-4 GO, 5.25%, 12/01/41	USD		20	$	23,813
West Virginia Hospital Finance Authority RB, 5.00%, 6/01/19-6/01/24			120		135,649
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 12/15/44			10		10,970
Total Taxable Municipal Bonds — 1.7%					8,660,542
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.3%
Fannie Mae:
Series 2013-C01, Class M2, 6.27%, 10/25/23 (a)			590		693,348
Series 2017-C01, Class 1B1, 6.77%, 7/25/29 (a)			30		34,115
Series 2017-C01, Class 1M2, 4.57%, 7/25/29 (a)			70		73,923
Series 2017-C02, Class 2M2, 4.67%, 9/25/29 (a)			62		65,785
Freddie Mac:
Series 2017-DNA1, Class M2, 4.27%, 7/25/29 (a)			250		260,789
Series 2017-DNA2, Class M2, 4.47%, 10/25/29 (a)			250		264,025
Series 2017-HQA1, Class M2, 4.77%, 8/25/29 (a)			260		274,843
					1,666,828
Commercial Mortgage-Backed Securities — 0.1%
Fannie Mae, Series 2017-M7, Class A2, 2.96%, 2/25/27 (a)(d)			56		56,674
Freddie Mac:
Series K034, Class A2, 3.53%, 7/25/23 (a)			20		21,208
Series K059, Class A2, 3.12%, 9/25/26 (a)			80		81,781
Series K060, Class A2, 3.30%, 10/25/26			110		113,935
Series K061, Class A2, 3.35%, 11/25/26			50		51,979
Series K063, Class A2, 3.43%, 1/25/27 (a)			30		31,492
					357,069
Interest Only Commercial Mortgage-Backed Securities — 0.1%
Fannie Mae, Series 2014-M13, Class X2, 1.29%, 8/25/24 (a)			4,871		43,504
Freddie Mac:
Series K056, Class X1, 1.40%, 5/25/26 (a)			189		16,985
Series K718, Class X1, 0.77%, 1/25/22 (a)			192		4,836
Ginnie Mae:
Series 2012-120, Class IO, 0.79%, 2/16/53 (a)			947		45,857
Series 2014-172, Class IO, 0.84%, 1/16/49 (a)			379		18,693
Series 2014-40, Class AI, 1.00%, 2/16/39			312		7,402
Series 2014-52, Class AI, 0.83%, 8/16/41			222		5,431
Series 2016-110, Class IO, 1.05%, 5/16/58 (a)			119		9,218
Series 2016-113, Class IO, 1.19%, 2/16/58 (a)			139		12,266
Series 2016-87, Class IO, 1.01%, 8/16/58 (a)			187		14,237
					178,429

U.S. Government Sponsored Agency Securities		Par  (000)		Value
Mortgage-Backed Securities — 14.5%
Fannie Mae Mortgage-Backed Securities:
2.50%, 5/01/26-7/01/32 (m)	USD		2,051	$	2,063,676
3.00%, 4/01/29-7/01/47 (m)			16,786		16,872,996
3.50%, 7/01/26-7/01/47 (m)			8,703		8,996,494
4.00%, 2/01/25-7/01/47 (m)			4,191		4,439,705
4.50%, 2/01/25-7/01/47 (m)			1,485		1,596,302
5.00%, 9/01/35-7/01/47 (m)			652		714,200
5.50%, 2/01/35-4/01/41			885		989,007
6.00%, 12/01/27-7/01/47 (m)			819		928,338
6.50%, 5/01/40			160		178,661
Freddie Mac Mortgage-Backed Securities:
2.50%, 3/01/30-7/01/32 (m)			962		968,540
3.00%, 1/01/30-7/01/47 (m)			11,035		11,048,229
3.50%, 7/01/32-7/01/47 (m)			4,492		4,624,871
4.00%, 8/01/40-7/01/47 (m)			3,115		3,278,116
4.50%, 2/01/39-7/01/47 (m)			978		1,049,870
5.00%, 10/01/41-11/01/41			370		404,479
5.50%, 6/01/41			152		168,982
6.00%, 1/01/34			104		117,335
Ginnie Mae Mortgage-Backed Securities:
3.00%, 7/15/47 (m)			3,771		3,809,106
3.50%, 12/20/41-7/15/47 (m)			4,891		5,074,218
4.00%, 7/20/39-7/15/47 (m)			2,920		3,079,292
4.50%, 12/20/39-11/20/44			1,569		1,692,015
5.00%, 12/15/38-7/20/42			248		272,495
5.50%, 7/15/46 (m)			295		327,634
7.50%, 3/15/32			4		4,488
					72,699,049
Total U.S. Government Sponsored Agency Securities — 15.0%					74,901,375
U.S. Treasury Obligations
U.S. Treasury Bonds:
2.13%, 3/31/24			440		440,326
2.88%, 11/15/46			1,129		1,135,219
3.00%, 2/15/47 (n)(o)			1,072		1,105,834
3.00%, 5/15/47 (n)			2,732		2,819,509
U.S. Treasury Notes:
1.25%, 3/31/19-5/31/19 (n)			4,977		4,965,119
1.63%, 3/15/20			4,114		4,127,017
1.50%, 4/15/20-5/15/20 (o)			6,691		6,685,197
1.88%, 3/31/22-4/30/22			538		538,106
1.75%, 5/31/22 (n)			12		11,930
2.00%, 4/30/24-11/15/26 (n)			1,988		1,948,385
2.25%, 2/15/27			1,378		1,371,595
2.38%, 5/15/27			3		3,019
Total U.S. Treasury Obligations — 5.0%					25,151,256
Total Long-Term Investments (Cost — $493,058,297) — 102.6%					513,198,358

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 43

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Short-Term Securities		Par  (000)		Value
Borrowed Bond Agreements — 0.2% (p)
Barclays Bank PLC, 0.14%, Open (q) (Purchased on 6/09/17 to be repurchased at GBP 310,932, collateralized by United Kingdom Gilt Inflation Linked Bonds, 0.13%due at 3/22/26, par and fair value of GBP 247,000 and $396,949, respectively)	USD		311	$	404,942
Barclays Capital, Inc., 1.13%, 7/03/17 (Purchased on 6/30/17 to be repurchased at $703,066, collateralized by U.S. Treasury Notes, 1.50% due at 6/15/20, par and fair value of USD 703,000 and $702,012,respectively)			703		703,000
					1,107,942
Money Market Funds		Shares
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (i)(r)			27,038,565		27,038,565
SL Liquidity Series, LLC, Money Market Series, 1.27% (i)(r)(s)			10,284,911		10,285,939
Total Money Market Funds — 7.5%					37,324,504
Total Short-Term Securities (Cost — $38,424,486) — 7.7%					38,432,446
Options Purchased
(Cost — $65,318) — 0.0%					30,135
Total Investments Before Borrowed Bonds, Options Written and TBA Sale Commitments (Cost — $531,548,101) — 110.3%					551,660,939
Borrowed Bonds		Par  (000)
Foreign Government Obligations — (0.1)%
United Kingdom Gilt Inflation Linked Bonds, 0.13%, 3/22/26	GBP		247		(396,949	)

Borrowed Bonds		Par  (000)		Value
U.S. Treasury Obligations — (0.1)%
U.S. Treasury Notes, 1.50%, 6/15/20	USD		703	$	(702,012	)
(Proceeds — $1,084,779) — (0.2)%					(1,098,961	)
Options Written
(Premiums Received — $ 27,297) — (0.0)%					(9,025	)
TBA Sale Commitments (m)
Mortgage-Backed Securities — (6.1)%
Fannie Mae Mortgage-Backed Securities:
2.50%, 7/01/31-7/01/32			1,020		(1,024,853	)
3.00%, 7/01/32-7/01/47			11,624		(11,632,125	)
3.50%, 7/01/32-7/01/47			3,369		(3,477,246	)
4.00%, 7/01/32-7/01/47			732		(763,599	)
4.50%, 7/01/47			160		(171,631	)
5.50%, 7/01/47			615		(681,305	)
6.00%, 7/01/47			560		(630,091	)
Freddie Mac Mortgage-Backed Securities:
3.00%, 7/01/47			7,392		(7,372,072	)
3.50%, 7/01/47			1,110		(1,140,322	)
4.00%, 7/01/47			1,287		(1,353,527	)
4.50%, 7/01/47			302		(323,521	)
Ginnie Mae Mortgage-Backed Securities:
3.50%, 7/15/47			254		(262,682	)
4.00%, 7/15/47			836		(879,106	)
4.50%, 7/15/47			734		(784,421	)
Total TBA Sale Commitments (Proceeds — $30,623,466) — (6.1)%					(30,496,501	)
Total Investments Net of Borrowed Bonds, Options Written and TBA Sale Commitments — 104.0%					520,056,452
Liabilities in Excess of Other Assets — (4.0)%					(19,879,798	)
Net Assets — 100.0%				$	500,176,654

See Notes to Financial Statements.

44 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

      Notes to Schedule of Investments

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

(b) 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.

(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) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) Non-income producing security.

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

(g) Issuer filed for bankruptcy and/or is in default.

(h) Issuer is a U.S. branch of a foreign domiciled bank.

(i) During the six months ended June 30, 2017, 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, 2016		Shares Purchased			Shares Sold			Shares Held at June 30, 2017		Value at June 30, 2017		Income			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		16,049,913		10,988,652	1		—			27,038,565	$	27,038,565	$	64,331			—			—
iShares Core U.S. Aggregate Bond ETF		209,199		—			(46,774	)		162,425		17,787,162		204,044		$	(250,701	)	$	454,522
iShares iBoxx $ High Yield Corporate Bond ETF		—		69,830			(51,800	)		18,030		1,593,672		33,240			67,847			13,936
SL Liquidity Series, LLC, Money Market Series		9,007,190		1,277,721	1		—			10,284,911		10,285,939		16,300	2		(518	)		55
Total											$	56,705,338	$	317,915		$	(183,372	)	$	468,513

¹  Represents net shares 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.

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

(k) Perpetual security with no stated maturity date.

(l) Zero-coupon bond.

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

Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	(1,906,570	)	$	6,912
Citigroup Global Markets, Inc.	$	(1,685,981	)	$	8,838
Credit Suisse Securities (USA) LLC	$	(666,615	)	$	12,363
Daiwa Capital Markets America, Inc.	$	404,031		$	(2,719	)
Deutsche Bank Securities, Inc.	$	(507,327	)	$	2,164
Goldman Sachs & Co.	$	1,268,531		$	(9,514	)
J.P. Morgan Securities LLC	$	(413,413	)	$	3,815
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	(770,967	)	$	6,266
Mizuho Securities USA LLC	$	(376,845	)	$	1,733
Morgan Stanley & Co. LLC	$	(1,522,959	)	$	4,736
Nomura Securities International, Inc.	$	(69,796	)	$	195
RBC Capital Markets, LLC	$	1,269,161		$	(8,424	)
Wells Fargo Securities, LLC	$	(991,292	)	$	6,004

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

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

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

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

(r) Current yield as of period end.

(s) Security was purchased with the cash collateral from loaned securities.

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

● For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. 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.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 45

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

      Derivative Financial Instruments Outstanding as of Period End

Reverse repurchase agreements

Counterparty	Interest Rate	Trade Date	Maturity Date	Face Value		Face     Value     Including     Accrued     Interest		Type of Non-Cash Underlying  Collateral	Remaining Contractual Maturity of  the Agreements
Credit Suisse Securities (USA) LLC	1.48%	6/30/17	7/03/17	$	2,559,195	$	2,559,300	U.S. Treasury Obligations		Overnight
Deutsche Bank Securities, Inc.	1.45%	6/30/17	7/03/17		2,841,280		2,841,394	U.S. Treasury Obligations		Overnight
J.P. Morgan Securities LLC	0.50%	6/30/17	7/03/17		3,492,629		3,492,678	U.S. Treasury Obligations		Overnight
Merrill Lynch, Pierce, Fenner & Smith, Inc.	1.18%	6/30/17	7/03/17		11,970		11,970	U.S. Treasury Obligations		Overnight
Merrill Lynch, Pierce, Fenner & Smith, Inc.	1.30%	6/30/17	7/03/17		984,650		984,686	U.S. Treasury Obligations		Overnight
Merrill Lynch, Pierce, Fenner & Smith, Inc.	1.35%	6/30/17	7/03/17		127,520		127,525	U.S. Treasury Obligations		Overnight
Total				$	10,017,244	$	10,017,553

Futures Contracts

Contracts Long (Short)	Issue	Expiration		Notional Value			Unrealized    Appreciation  (Depreciation)
48	CAC 40 10 Euro Index		July 2017		USD	2,805,035		$  (82,189)
8	DAX Index		September 2017		USD	2,814,263		(95,101)
(22)	Euro-Bobl		September 2017		USD	3,309,272		9,667
(9)	Euro-Bund		September 2017		USD	1,663,922		9,528
3	Long Gilt British		September 2017		USD	490,648		(8,404	)
58	Nikkei 225 Index		September 2017		USD	10,323,716		10,233
(138)	S&P 500 E-Mini Index		September 2017		USD	23,482,730		34,609
19	U.S. Treasury Bonds (30 Year)		September 2017		USD	2,920,063		16,610
33	U.S. Treasury Notes (2 Year)		September 2017		USD	7,131,609		(6,952	)
110	U.S. Treasury Notes (5 Year)		September 2017		USD	12,961,953		(33,483	)
(12)	U.S. Treasury Notes (10 Year)		September 2017		USD	19,331,813		20,406
7	U.S. Ultra Treasury Bonds		September 2017		USD	1,161,125		8,473
(13)	Euro Dollar		March 2019		USD	3,189,713		(11,093	)
Total								$(127,696)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	155,376	USD	46,800	BNP Paribas S.A.		7/03/17	$	68
USD	39,000	BRL	128,622	Barclays Bank PLC		7/03/17		202
USD	47,152	BRL	155,376	BNP Paribas S.A.		7/03/17		284
USD	39,000	BRL	128,856	Citibank N.A.		7/03/17		132
USD	31,047	BRL	102,305	Deutsche Bank AG		7/03/17		187
USD	39,000	RUB	2,279,160	BNP Paribas S.A.		7/03/17		379
CNH	5,087,508	USD	749,000	HSBC Bank PLC		7/05/17		1,167
EUR	271,894	USD	310,000	Morgan Stanley & Co. International PLC		7/05/17		631
GBP	238,976	USD	310,000	Morgan Stanley & Co. International PLC		7/05/17		1,309
HUF	18,489,354	USD	68,132	Deutsche Bank AG		7/05/17		258
HUF	505,485	USD	1,863	JPMorgan Chase Bank N.A.		7/05/17		6
HUF	1,850,276	USD	6,813	Morgan Stanley & Co. International PLC		7/05/17		31
HUF	63,330,195	USD	233,192	Morgan Stanley & Co. International PLC		7/05/17		1,060
JPY	34,990,749	USD	310,000	BNP Paribas S.A.		7/05/17		1,169
SEK	2,637,832	USD	310,000	Deutsche Bank AG		7/05/17		3,202
TRY	1,107,072	USD	310,000	BNP Paribas S.A.		7/05/17		4,189
TRY	211,911	USD	60,000	HSBC Bank PLC		7/05/17		141

See Notes to Financial Statements.

46 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	59,851	BRL	198,000	Morgan Stanley & Co. International PLC		7/05/17		$      154
USD	310,000	JPY	34,230,820	Royal Bank of Scotland PLC		7/05/17		5,589
USD	9,200	TRY	32,369	Barclays Bank PLC		7/05/17		14
USD	46,000	TRY	161,803	Citibank N.A.		7/05/17		80
USD	310,000	ZAR	4,035,723	BNP Paribas S.A.		7/05/17		1,807
ZAR	4,111,980	USD	310,000	BNP Paribas S.A.		7/05/17		4,017
CLP	38,254,125	USD	57,000	Credit Suisse International		7/06/17		617
COP	165,798,750	USD	54,353	Credit Suisse International		7/06/17		1
RUB	3,724,656	USD	62,400	JPMorgan Chase Bank N.A.		7/06/17		674
USD	310,000	BRL	1,021,295	BNP Paribas S.A.		7/06/17		2,148
USD	57,000	COP	165,798,750	Credit Suisse International		7/06/17		2,647
USD	105,000	COP	319,200,000	Barclays Bank PLC		7/07/17		374
USD	205,000	COP	620,979,235	BNP Paribas S.A.		7/07/17		1,458
CLP	43,184,400	USD	63,600	BNP Paribas S.A.		7/10/17		1,435
EUR	60,000	USD	68,292	Deutsche Bank AG		7/10/17		276
EUR	60,000	USD	67,727	Goldman Sachs International		7/10/17		840
RUB	2,068,766	USD	35,000	JPMorgan Chase Bank N.A.		7/10/17		2
RUB	2,098,760	USD	35,500	JPMorgan Chase Bank N.A.		7/10/17		10
TRY	117,428	USD	33,123	Deutsche Bank AG		7/10/17		154
TRY	117,991	USD	33,277	Goldman Sachs International		7/10/17		161
USD	70,838	RUB	4,157,476	Credit Suisse International		7/10/17		496
USD	70,162	RUB	4,116,516	Deutsche Bank AG		7/10/17		514
JPY	7,204,768	USD	64,000	Goldman Sachs International		7/11/17		89
TRY	311,195	USD	88,009	Goldman Sachs International		7/14/17		77
MYR	137,760	USD	32,000	BNP Paribas S.A.		7/17/17		68
MYR	65,160	USD	15,000	JPMorgan Chase Bank N.A.		7/17/17		168
MYR	154,280	USD	35,000	JPMorgan Chase Bank N.A.		7/17/17		913
TRY	404,187	USD	114,000	BNP Paribas S.A.		7/21/17		176
TRY	177,945	USD	50,000	Citibank N.A.		7/21/17		266
USD	14,230	MXN	257,278	BNP Paribas S.A.		7/21/17		105
USD	35,771	MXN	646,699	JPMorgan Chase Bank N.A.		7/21/17		268
USD	2,000	ZAR	26,021	Citibank N.A.		7/21/17		19
USD	50,000	ZAR	643,638	Citibank N.A.		7/21/17		995
RUB	3,748,368	USD	62,400	BNP Paribas S.A.		7/24/17		826
RUB	3,722,784	USD	62,400	Deutsche Bank AG		7/24/17		395
TRY	118,184	USD	33,200	Deutsche Bank AG		8/04/17		46
USD	50,000	COP	146,700,000	BNP Paribas S.A.		8/09/17		2,146
IDR	403,950,000	USD	30,000	Bank of America N.A.		8/15/17		144
IDR	386,357,135	USD	28,698	Citibank N.A.		8/15/17		134
IDR	552,034,031	USD	40,998	Citibank N.A.		8/15/17		197
IDR	287,029,116	USD	21,325	JPMorgan Chase Bank N.A.		8/15/17		95
IDR	430,706,640	USD	31,980	JPMorgan Chase Bank N.A.		8/15/17		161
MYR	354,609	USD	82,000	Morgan Stanley & Co. International PLC		8/17/17		437
USD	50,000	COP	149,400,000	Barclays Bank PLC		8/22/17		1,339
USD	50,000	COP	151,775,000	Credit Suisse International		8/22/17		566
EUR	25,000	USD	28,268	JPMorgan Chase Bank N.A.		9/07/17		392
USD	161,026	RUB	9,344,741	BNP Paribas S.A.		9/15/17		5,155
USD	161,021	RUB	9,329,978	BNP Paribas S.A.		9/15/17		5,396
USD	401,084	RUB	23,338,448	Deutsche Bank AG		9/15/17		11,796

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 47

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	405,274	RUB	23,497,176	Deutsche Bank AG		9/15/17		$  13,338
USD	59,784	RUB	3,549,256	HSBC Bank PLC		9/15/17		582
USD	363,870	RUB	21,101,530	JPMorgan Chase Bank N.A.		9/15/17		11,894
AUD	40,000	NZD	41,825	Bank of America N.A.		9/20/17		110
AUD	886,000	USD	669,832	Citibank N.A.		9/20/17		10,432
AUD	76,000	USD	57,478	Credit Suisse International		9/20/17		874
AUD	40,000	USD	30,166	Deutsche Bank AG		9/20/17		546
CAD	26,557	USD	20,000	UBS AG		9/20/17		506
EUR	40,000	USD	44,697	BNP Paribas S.A.		9/20/17		1,190
EUR	20,000	USD	22,441	Deutsche Bank AG		9/20/17		503
EUR	490,000	USD	558,990	Goldman Sachs International		9/20/17		3,134
EUR	490,000	USD	554,721	Goldman Sachs International		9/20/17		7,403
EUR	5,747,000	USD	6,440,525	Goldman Sachs International		9/20/17		152,393
JPY	1,681,942	USD	15,000	BNP Paribas S.A.		9/20/17		9
JPY	1,681,942	USD	15,000	BNP Paribas S.A.		9/20/17		9
KRW	34,314,000	USD	30,000	JPMorgan Chase Bank N.A.		9/20/17		28
NOK	176,638	CHF	20,000	Morgan Stanley & Co. International PLC		9/20/17		223
NOK	263,559	CHF	30,000	UBS AG		9/20/17		166
NOK	253,475	USD	30,000	Morgan Stanley & Co. International PLC		9/20/17		410
NZD	42,010	AUD	40,000	Goldman Sachs International		9/20/17		27
NZD	30,000	USD	21,833	Deutsche Bank AG		9/20/17		118
SEK	584,851	EUR	60,000	HSBC Bank PLC		9/20/17		920
TRY	30,000	EUR	34,279	JPMorgan Chase Bank N.A.		9/20/17		211
TRY	72,204	USD	20,000	BNP Paribas S.A.		9/20/17		43
USD	30,000	JPY	3,358,674	BNP Paribas S.A.		9/20/17		29
USD	30,000	JPY	3,323,367	Goldman Sachs International		9/20/17		344
USD	103,420	MXN	1,879,946	Deutsche Bank AG		9/20/17		1,186
USD	101,370	MXN	1,836,276	Deutsche Bank AG		9/20/17		1,512
USD	413,680	MXN	7,520,712	Goldman Sachs International		9/20/17		4,696
USD	101,370	MXN	1,837,849	Royal Bank of Scotland PLC		9/20/17		1,426
USD	135,160	MXN	2,453,540	Royal Bank of Scotland PLC		9/20/17		1,734
USD	128,186	TRY	461,323	Citibank N.A.		9/20/17		131
USD	88,045	ZAR	1,160,745	Bank of America N.A.		9/20/17		555
USD	20,000	ZAR	262,780	Citibank N.A.		9/20/17		193
USD	89,217	ZAR	1,173,597	Citibank N.A.		9/20/17		758
USD	89,319	ZAR	1,175,133	JPMorgan Chase Bank N.A.		9/20/17		744
ZAR	265,936	USD	20,000	BNP Paribas S.A.		9/20/17		45
USD	237,807	TRY	862,169	BNP Paribas S.A.		10/23/17		609
TRY	2,049,831	USD	529,570	BNP Paribas S.A.		6/25/18		13
								289,296
BRL	128,622	USD	39,033	Barclays Bank PLC		7/03/17		(235	)
BRL	128,856	USD	39,104	Citibank N.A.		7/03/17		(236	)
BRL	102,305	USD	31,200	Deutsche Bank AG		7/03/17		(341	)
MXN	258,297	USD	14,286	Barclays Bank PLC		7/03/17		(61	)
MXN	258,267	USD	14,286	Deutsche Bank AG		7/03/17		(63	)
MXN	387,374	USD	21,429	Morgan Stanley & Co. International PLC		7/03/17		(95	)
RUB	2,252,250	USD	39,000	Deutsche Bank AG		7/03/17		(835	)
BRL	198,000	USD	59,851	JPMorgan Chase Bank N.A.		7/05/17		(154	)
RUB	17,746,415	USD	310,000	BNP Paribas S.A.		7/05/17		(9,415	)

See Notes to Financial Statements.

48 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	749,000	CNH	5,087,508	Citibank N.A.		7/05/17		$(1,044)
USD	310,000	EUR	275,189	Deutsche Bank AG		7/05/17		(4,395	)
USD	310,000	GBP	239,881	Deutsche Bank AG		7/05/17		(2,488	)
USD	310,000	HUF	84,888,850	BNP Paribas S.A.		7/05/17		(3,995	)
USD	180,000	RUB	10,670,760	Deutsche Bank AG		7/05/17		(739	)
USD	130,000	RUB	7,699,029	JPMorgan Chase Bank N.A.		7/05/17		(405	)
USD	310,000	SEK	2,684,104	Royal Bank of Scotland PLC		7/05/17		(8,697	)
USD	310,000	TRY	1,094,788	BNP Paribas S.A.		7/05/17		(702	)
BRL	1,012,615	USD	310,000	Goldman Sachs International		7/06/17		(4,765	)
COP	87,720,000	USD	30,000	Royal Bank of Scotland PLC		7/06/17		(1,243	)
COP	78,921,000	USD	27,000	UBS AG		7/06/17		(1,128	)
USD	57,000	CLP	37,882,770	Royal Bank of Scotland PLC		7/06/17		(57	)
USD	62,400	RUB	3,747,744	Goldman Sachs International		7/06/17		(1,065	)
COP	367,000,000	USD	125,000	JPMorgan Chase Bank N.A.		7/07/17		(4,706	)
COP	543,160,000	USD	185,000	UBS AG		7/07/17		(6,965	)
RUB	2,076,348	USD	35,250	Barclays Bank PLC		7/10/17		(120	)
RUB	2,077,283	USD	35,250	Barclays Bank PLC		7/10/17		(104	)
USD	63,600	CLP	42,456,180	Deutsche Bank AG		7/10/17		(338	)
USD	67,339	EUR	60,000	Citibank N.A.		7/10/17		(1,229	)
USD	33,200	TRY	118,738	Citibank N.A.		7/10/17		(449	)
USD	33,200	TRY	117,362	Deutsche Bank AG		7/10/17		(59	)
USD	86,882	TRY	311,195	Bank of America N.A.		7/14/17		(1,205	)
USD	67,752	EUR	60,000	Goldman Sachs International		7/17/17		(843	)
USD	56,923	GBP	44,500	JPMorgan Chase Bank N.A.		7/17/17		(1,070	)
USD	82,000	MYR	353,830	Morgan Stanley & Co. International PLC		7/17/17		(364	)
MXN	903,091	USD	50,000	Barclays Bank PLC		7/21/17		(422	)
ZAR	465,376	USD	35,771	Barclays Bank PLC		7/21/17		(338	)
ZAR	26,026	USD	2,000	Barclays Bank PLC		7/21/17		(18	)
ZAR	185,212	USD	14,230	BNP Paribas S.A.		7/21/17		(128	)
IDR	747,040,000	USD	56,000	BNP Paribas S.A.		7/24/17		(109	)
IDR	1,800,900,000	USD	135,000	JPMorgan Chase Bank N.A.		7/24/17		(262	)
MXN	922,937	USD	51,000	Morgan Stanley & Co. International PLC		7/27/17		(385	)
CLP	6,498,954	USD	9,800	Bank of America N.A.		7/28/17		(18	)
CLP	18,564,980	USD	28,000	BNP Paribas S.A.		7/28/17		(56	)
CLP	19,899,000	USD	30,000	BNP Paribas S.A.		7/28/17		(48	)
CLP	2,785,440	USD	4,200	Goldman Sachs International		7/28/17		(7	)
RUB	4,745,600	USD	80,000	Deutsche Bank AG		7/28/17		(22	)
TRY	123,040	USD	34,852	BNP Paribas S.A.		7/28/17		(166	)
TRY	65,145	USD	18,443	BNP Paribas S.A.		7/28/17		(78	)
TRY	123,074	USD	34,852	Goldman Sachs International		7/28/17		(157	)
TRY	297,661	USD	84,000	HSBC Bank PLC		7/28/17		(87	)
TRY	157,679	USD	44,500	HSBC Bank PLC		7/28/17		(49	)
TRY	123,018	USD	34,852	JPMorgan Chase Bank N.A.		7/28/17		(172	)
BRL	301,874	USD	90,841	Barclays Bank PLC		8/02/17		(401	)
BRL	180,000	USD	54,279	BNP Paribas S.A.		8/02/17		(352	)
BRL	23,103	USD	7,043	Goldman Sachs International		8/02/17		(121	)
USD	46,800	BRL	156,401	BNP Paribas S.A.		8/02/17		(57	)
USD	151,272	BRL	504,977	BNP Paribas S.A.		8/02/17		(16	)
COP	152,200,000	USD	50,000	Barclays Bank PLC		8/09/17		(352	)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 49

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	14,890	EUR	13,648	Bank of America N.A.	8/11/17		$     (734)
USD	49,854	EUR	44,373	Citibank N.A.	8/11/17		(942	)
USD	87,315	TRY	311,195	Goldman Sachs International	8/11/17		(39	)
USD	153,000	IDR	2,084,104,800	BNP Paribas S.A.	8/15/17		(2,524	)
USD	12,066	IDR	162,050,000	Barclays Bank PLC	8/16/17		(25	)
USD	11,677	IDR	156,820,000	Barclays Bank PLC	8/16/17		(24	)
USD	3,991	IDR	53,595,000	Barclays Bank PLC	8/16/17		(8	)
USD	13,266	IDR	177,900,000	BNP Paribas S.A.	8/16/17		(8	)
USD	12,838	IDR	172,155,000	BNP Paribas S.A.	8/16/17		(8	)
USD	4,387	IDR	58,835,000	BNP Paribas S.A.	8/16/17		(3	)
USD	14,356	IDR	192,920,000	Deutsche Bank AG	8/16/17		(38	)
USD	13,893	IDR	186,690,000	Deutsche Bank AG	8/16/17		(37	)
USD	13,505	IDR	181,375,000	Deutsche Bank AG	8/16/17		(28	)
USD	13,069	IDR	175,520,000	Deutsche Bank AG	8/16/17		(27	)
USD	4,748	IDR	63,805,000	Deutsche Bank AG	8/16/17		(13	)
USD	14,455	IDR	193,875,000	Deutsche Bank AG	8/16/17		(11	)
USD	14,325	IDR	192,130,000	Deutsche Bank AG	8/16/17		(11	)
USD	13,989	IDR	187,615,000	Deutsche Bank AG	8/16/17		(10	)
USD	13,863	IDR	185,925,000	Deutsche Bank AG	8/16/17		(10	)
USD	4,466	IDR	59,985,000	Deutsche Bank AG	8/16/17		(9	)
USD	4,781	IDR	64,120,000	Deutsche Bank AG	8/16/17		(4	)
USD	4,738	IDR	63,545,000	Deutsche Bank AG	8/16/17		(3	)
USD	8,041	IDR	108,034,626	Goldman Sachs International	8/16/17		(20	)
USD	7,782	IDR	104,547,528	Goldman Sachs International	8/16/17		(19	)
USD	2,659	IDR	35,727,445	Goldman Sachs International	8/16/17		(7	)
USD	13,407	IDR	180,060,000	JPMorgan Chase Bank N.A.	8/16/17		(28	)
USD	12,974	IDR	174,245,000	JPMorgan Chase Bank N.A.	8/16/17		(27	)
USD	4,434	IDR	59,550,000	JPMorgan Chase Bank N.A.	8/16/17		(9	)
USD	14,414	IDR	193,390,000	UBS AG	8/16/17		(16	)
USD	13,948	IDR	187,145,000	UBS AG	8/16/17		(15	)
USD	14,708	IDR	197,255,000	UBS AG	8/16/17		(10	)
USD	14,233	IDR	190,885,000	UBS AG	8/16/17		(9	)
USD	4,767	IDR	63,960,000	UBS AG	8/16/17		(5	)
USD	4,865	IDR	65,240,000	UBS AG	8/16/17		(3	)
USD	389,693	TRY	1,394,379	BNP Paribas S.A.	8/21/17		(510	)
COP	152,608,500	USD	50,000	UBS AG	8/22/17		(294	)
USD	194,827	MXN	3,693,050	JPMorgan Chase Bank N.A.	8/23/17		(6,868	)
USD	28,267	EUR	25,000	BNP Paribas S.A.	9/07/17		(392	)
USD	44,826	RUB	2,736,859	Credit Suisse International	9/15/17		(825	)
USD	14,761	RUB	889,596	Credit Suisse International	9/15/17		(77	)
CHF	30,000	NOK	263,082	Citibank N.A.	9/20/17		(109	)
EUR	30,000	SEK	292,415	Morgan Stanley & Co. International PLC	9/20/17		(459	)
EUR	22,853	USD	20,000	JPMorgan Chase Bank N.A.	9/20/17		(91	)
JPY	3,338,587	USD	30,000	Barclays Bank PLC	9/20/17		(208	)
KRW	22,600,600	USD	20,000	Deutsche Bank AG	9/20/17		(222	)
MXN	467,120	GBP	20,000	Deutsche Bank AG	9/20/17		(714	)
MXN	473,474	GBP	20,000	JPMorgan Chase Bank N.A.	9/20/17		(368	)
MXN	546,552	USD	30,000	Deutsche Bank AG	9/20/17		(278	)
NOK	270,000	SEK	275,225	JPMorgan Chase Bank N.A.	9/20/17		(431	)

See Notes to Financial Statements.

50 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Currency Purchased		Currency Sold				Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	363,535		AUD		481,000	Goldman Sachs International		9/20/17	$	(5,773	)
USD	363,350		AUD	��	480,000	Goldman Sachs International		9/20/17		(5,190	)
USD	30,392		AUD		40,000	Goldman Sachs International		9/20/17		(319	)
USD	20,000		CAD		25,919	Citibank N.A.		9/20/17		(13	)
USD	20,000		CAD		26,399	HSBC Bank PLC		9/20/17		(384	)
USD	20,000		CAD		26,260	HSBC Bank PLC		9/20/17		(276	)
USD	10,000		CAD		13,176	JPMorgan Chase Bank N.A.		9/20/17		(174	)
USD	1,102,804		EUR		980,000	Barclays Bank PLC		9/20/17		(21,445	)
USD	33,753		EUR		30,000	Citibank N.A.		9/20/17		(663	)
USD	33,901		EUR		30,000	Citibank N.A.		9/20/17		(514	)
USD	22,631		EUR		20,000	JPMorgan Chase Bank N.A.		9/20/17		(313	)
USD	38,322		GBP		30,000	JPMorgan Chase Bank N.A.		9/20/17		(852	)
USD	25,716		GBP		20,000	Morgan Stanley & Co. International PLC		9/20/17		(400	)
USD	20,000		NOK		167,063	Bank of America N.A.		9/20/17		(43	)
USD	30,000		NOK		252,803	Deutsche Bank AG		9/20/17		(330	)
USD	18,234		NZD		25,000	BNP Paribas S.A.		9/20/17		(58	)
USD	10,971		NZD		15,000	BNP Paribas S.A.		9/20/17		(5	)
USD	14,465		NZD		20,000	Standard Chartered Bank		9/20/17		(169	)
USD	34,279		SEK		290,913	JPMorgan Chase Bank N.A.		9/20/17		(416	)
USD	118,425		TRY		427,036	Bank of America N.A.		9/20/17		(112	)
USD	563,218		TRY		2,049,831	BNP Paribas S.A.		10/23/17		(727	)
TRY	862,169		USD		223,667	BNP Paribas S.A.		6/25/18		(922	)
										(119,059	)
Net Unrealized Appreciation									$	170,237

Exchange-Traded Options Purchased
Description	Put/ Call	Expiration Date		Strike Price		Contracts		Value
Euro Dollar 90-Day	Put		10/13/17	USD	98.00		140	$	14,875

OTC Barriers Options Purchased

Description

Put/ Call

Type of Option

Counterparty

Expiration Date

Strike Price

Barrier Price

Notional Amount (000)

Value

USD Currency

Put

Down-and-Out

BNP Paribas S.A.

7/03/17

TRY

3.50

USD

3.35

USD

92

$

72

OTC Options Purchased

Description

Put/ Call

Counterparty

Expiration Date

Strike Price

Notional Amount (000)

Value

USD Currency1

Call

Barclays Bank PLC

7/03/17

MXN

19.00

USD

54

—

Morgan Stanley & Co.

USD Currency1

Call

International PLC

7/03/17

MXN

20.00

USD

134

—

Morgan Stanley & Co.

USD Currency1

Call

International PLC

7/03/17

MXN

21.50

USD

50

—

USD Currency

Call

Barclays Bank PLC

7/07/17

JPY

111.00

USD

64

$

853

USD Currency

Call

Deutsche Bank AG

8/07/17

RUB

58.00

USD

50

1,650

USD Currency

Call

HSBC Bank PLC

9/01/17

TWD

30.50

USD

116

934

USD Currency

Put

Citibank N.A.

7/03/17

CNH

6.79

USD

3,030

8,336

EUR Currency

Put

JPMorgan Chase Bank N.A.

7/06/17

MXN

20.80

EUR

72

851

USD Currency

Put

Citibank N.A.

7/06/17

BRL

3.18

USD

78

—

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 51

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Description

Put/ Call

Counterparty

Expiration Date

Strike Price

Notional Amount (000)

Value

AUD Currency

Put

Barclays Bank PLC

7/27/17

USD

0.75

AUD

92

$     100

AUD Currency

Put

JPMorgan Chase Bank N.A.

7/27/17

USD

0.72

AUD

92

4

EUR Currency

Put

BNP Paribas S.A.

8/25/17

USD

1.12

EUR

72

263

USD Currency

Put

Citibank N.A.

8/25/17

TRY

3.52

USD

153

1,451

EUR Currency

Put

JPMorgan Chase Bank N.A.

8/29/17

MXN

20.50

EUR

62

746

Total

$15,188

¹  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Exchange-Traded Options Written

Description	Put/ Call		Expiration Date		Strike Price			Contracts		Value
Euro Dollar 90-Day		Put		10/13/17		USD	97.50		70		$   (875)
Euro Dollar 90-Day		Put		10/13/17		USD	97.63		140		(2,625)
Total											$(3,500)

OTC Options Written

Description

Put/ Call

Counterparty

Expiration Date

Strike Price

Notional Amount (000)

Value

USD Currency

Call

Goldman Sachs International

07/03/17

MXN

22.60

USD

100

—

USD Currency

Call

Morgan Stanley &Co. International PLC

07/03/17

MXN

19.00

USD

54

—

USD Currency

Call

Citibank N.A.

07/06/17

BRL

3.31

USD

78

$  (439

)

USD Currency

Call

Deutsche Bank AG

07/17/17

ZAR

14.00

USD

45

(45

)

USD Currency

Call

Citibank N.A.

07/27/17

TRY

3.65

USD

153

(566

)

TRY Currency

Call

BNP Paribas S.A.

07/28/17

ZAR

3.68

TRY

183

(908

)

USD Currency

Call

Barclays Bank PLC

08/10/17

BRL

3.40

USD

46

(485

)

EUR Currency

Call

JPMorgan Chase Bank N.A.

08/29/17

MXN

21.50

EUR

62

(636

)

USD Currency

Put

Citibank N.A.

07/03/17

CNH

6.75

USD

3,030

(1,147

)

USD Currency

Put

Deutsche Bank AG

07/17/17

ZAR

13.00

USD

45

(369

)

AUD Currency

Put

Barclays Bank PLC

07/27/17

USD

0.72

AUD

92

(4

)

USD Currency

Put

Barclays Bank PLC

08/10/17

BRL

3.30

USD

46

(562

)

USD Currency

Put

HSBC Bank PLC

09/01/17

TWD

30.00

USD

116

(364

)

Total

$(5,525

)

See Notes to Financial Statements.

52 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

Centrally Cleared Credit Default Swaps — Sell Protection
Index	Receive Fixed Rate	Expiration Date	Credit Rating1	Notional Amount (000)2			Unrealized Depreciation
CDX.NA.IG.28.V1	1.00%	6/20/22	BBB+		USD	530		$(218)

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	Expiration Date	Notional Amount (000)			Unrealized Appreciation (Depreciation)
7.36%1	28-day MXIBTIIE	1/28/19		MXN	12,895		$  (4,112	)
7.32%2	28-day MXIBTIIE	2/20/20		MXN	11,928		9,389
7.16%2	28-day MXIBTIIE	4/29/20		MXN	10,190		6,060
7.45%2	28-day MXIBTIIE	3/07/22		MXN	4,082		5,977
7.48%2	28-day MXIBTIIE	3/07/22		MXN	2,041		3,192
7.47%2	28-day MXIBTIIE	3/07/22		MXN	2,041		3,146
7.16%2	28-day MXIBTIIE	6/01/22		MXN	4,905		4,076
6.32%2	28-day MXIBTIIE	7/17/25		MXN	2,027		(5,187	)
2.13%2	3-month LIBOR	8/25/25		USD	65		193
3.46%2	UK RPI All Items Monthly	10/15/26		GBP	370		2,454
3.43%2	UK RPI All Items Monthly	10/15/26		GBP	355		653
3.45%2	UK RPI All Items Monthly	10/15/26		GBP	260		1,208
7.41%2	28-day MXIBTIIE	5/25/27		MXN	2,812		2,618
7.38%2	28-day MXIBTIIE	5/25/27		MXN	458		357
7.82%2	28-day MXIBTIIE	3/04/37		MXN	993		1,405
7.92%2	28-day MXIBTIIE	5/01/37		MXN	1,293		2,437
7.95%2	28-day MXIBTIIE	5/01/37		MXN	1,189		2,572
Total							$36,438

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

²  The 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		$(2,347)		$  1,096	$(3,443)
United Mexican States		1.00	%	Bank of America N.A.	9/20/20	USD	209		(2,078)		1,699	(3,777)
Loews Corp.		1.00	%	Barclays Bank PLC	12/20/20	USD	110		(3,289)		(2,888)	(401)
				Morgan Stanley & Co.
Valero Energy Corp.		1.00	%	International PLC	12/20/20	USD	115		(2,164)		1,972	(4,136)
Russian Federation		1.00	%	Bank of America N.A.	12/20/21	USD	10		222		529	(307)
Republic of South Africa		1.00	%	Bank of America N.A.	6/20/22	USD	70		3,007		3,419	(412)
Republic of Argentina		5.00	%	Barclays Bank PLC	6/20/22	USD	103		(7,990)		(4,703)	(3,287)
Republic of Argentina		5.00	%	Barclays Bank PLC	6/20/22	USD	27		(2,100)		(2,000)	(100)
Republic of Argentina		5.00	%	Barclays Bank PLC	6/20/22	USD	18		(1,400)		(1,446)	46
Republic of Argentina		5.00	%	Barclays Bank PLC	6/20/22	USD	17		(1,323)		(1,390)	67
Republic of Argentina		5.00	%	Barclays Bank PLC	6/20/22	USD	16		(1,245)		(1,308)	63
Republic of South Africa		1.00	%	Citibank N.A.	6/20/22	USD	174		7,476		8,499	(1,023)
				Goldman Sachs
Republic of South Africa		1.00	%	International	6/20/22	USD	44		1,890		2,144	(254)
Republic of South Africa		1.00	%	HSBC Bank PLC	6/20/22	USD	100		4,296		4,788	(492)
Republic of the Philippines		1.00	%	JPMorgan Chase Bank N.A.	6/20/22	USD	277		(3,142)		(685)	(2,457)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 53

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)
CMBX.NA.9.AAA		0.50	%		Credit Suisse International		9/17/58		USD	60		$817			$739			$     78
CMBX.NA.9.AAA		0.50	%		Deutsche Bank AG		9/17/58		USD	50		681			625			56
					Morgan Stanley & Co.
CMBX.NA.9.AAA		0.50	%		International PLC		9/17/58		USD	90		1,225			1,333			(108	)
					Morgan Stanley & Co.
CMBX.NA.9.AAA		0.50	%		International PLC		9/17/58		USD	50		681			616			65
					Morgan Stanley & Co.
CMBX.NA.9.AAA		0.50	%		International PLC		9/17/58		USD	40		545			493			52
CMBX.NA.6.AAA		0.50	%		Deutsche Bank AG		5/11/63		USD	119		(203	)		39			(242	)
CMBX.NA.6.AAA		0.50	%		Deutsche Bank AG		5/11/63		USD	99		(169	)		(33	)		(136	)
CMBX.NA.6.AAA		0.50	%		Deutsche Bank AG		5/11/63		USD	69		(118	)		14			(132	)
CMBX.NA.6.BBB-		3.00	%		Deutsche Bank AG		5/11/63		USD	30		3,490			2,756			734
CMBX.NA.6.BBB-		3.00	%		J.P. Morgan Securities LLC		5/11/63		USD	20		2,327			1,305			1,022
CMBX.NA.6.BBB-		3.00	%		J.P. Morgan Securities LLC		5/11/63		USD	20		2,327			1,305			1,022
CMBX.NA.6.BBB-		3.00	%		J.P. Morgan Securities LLC		5/11/63		USD	20		2,327			2,010			317
					Morgan Stanley & Co.
CMBX.NA.6.BBB-		3.00	%		International PLC		5/11/63		USD	20		2,327			1,199			1,128
Total												$6,070			$22,127			$(16,057	)

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)
CMBX.NA.8.A		2.00%	Goldman Sachs International		10/17/57		Not Rated		USD	20		$  (1,005	)		$  (2,039	)		$  1,034
Transocean Ltd.		1.00%	Goldman Sachs International		6/20/19		B+		USD	25		(463	)		(308	)		(155	)
United Mexican States		1.00%	Bank of America N.A.		6/20/20		BBB+		USD	209		2,346			(1,271	)		3,617
United Mexican States		1.00%	JPMorgan Chase Bank N.A.		9/20/20		BBB+		USD	209		2,079			(1,816	)		3,895
CMBX.NA.3.AM		0.50%	Credit Suisse International		12/13/49		BBB+		USD	72		(344	)		(6,337	)		5,993
CMBX.NA.3.AM		0.50%	Goldman Sachs International		12/13/49		BBB+		USD	142		(680	)		(12,644	)		11,964
CMBX.NA.4.AM		0.50%	Deutsche Bank AG		2/17/51		BBB-		USD	52		(304	)		(6,945	)		6,641
CMBX.NA.8.A		2.00%	Goldman Sachs International		10/17/57		Not Rated		USD	30		(1,508	)		(1,709	)		201
CMBX.NA.9.A		2.00%	Credit Suisse International		9/17/58		Not Rated		USD	20		(740	)		(1,039	)		299
CMBX.NA.9.A		2.00%	Deutsche Bank AG		9/17/58		Not Rated		USD	30		(1,110	)		(1,496	)		386
CMBX.NA.9.A		2.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	100		(3,701	)		(2,300	)		(1,401	)
CMBX.NA.9.A		2.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	30		(1,110	)		(1,633	)		523
CMBX.NA.9.A		2.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	20		(741	)		(983	)		242
CMBX.NA.9.BBB-		3.00%	Credit Suisse International		9/17/58		Not Rated		USD	40		(4,708	)		(4,230	)		(478	)
			Morgan Stanley & Co.
CMBX.NA.9.BBB-		3.00%	International PLC		9/17/58		Not Rated		USD	40		(4,708	)		(4,311	)		(397	)
CMBX.NA.9.BBB-		3.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	10		(1,177	)		(1,105	)		(72	)
CMBX.NA.10.BBB-		3.00%	J.P. Morgan Securities LLC		11/17/59		BBB-		USD	5		(539	)		(448	)		(91	)
CMBX.NA.6.BBB-		3.00%	Credit Suisse International		5/11/63		BBB-		USD	20		(2,327	)		(1,628	)		(699	)
Total												$(20,740)			$(52,242)			$31,502

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.

See Notes to Financial Statements.

54 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

OTC Interest Rate Swaps
Fixed Rate	Floating Rate		Counterparty		Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
13.13%1		1-day BZDIOVER		Bank of America N.A.		7/03/17		BRL	688	$	(836	)		—		$	(836	)
13.11%1		1-day BZDIOVER		Citibank N.A.		7/03/17		BRL	826		(964	)		—			(964	)
12.85%1		1-day BZDIOVER		JPMorgan Chase Bank N.A.		7/03/17		BRL	117		(90	)		—			(90	)
9.50%1		1-day BZDIOVER		Bank of America N.A.		10/02/17		BRL	1,867		(52	)		—			(52	)
1.92%2		3-month KRW Certificate of Deposit		Deutsche Bank AG		11/10/17		KRW	311,432		708		$	152			556
1.69%1		3-month KRW Certificate of Deposit		Deutsche Bank AG		11/10/17		KRW	311,432		(393	)		—			(393	)
9.99%1		1-day BZDIOVER		Citibank N.A.		1/02/18		BRL	1,632		(1,707	)		—			(1,707	)
8.98%1		1-day BZDIOVER		Citibank N.A.		1/02/18		BRL	455		214			—			214
9.98%1		1-day BZDIOVER		JPMorgan Chase Bank N.A.		1/02/18		BRL	1,632		(1,120	)		—			(1,120	)
4.55%1		28-day MXIBTIIE		Barclays Bank PLC		3/21/18		MXN	1,273		1,467			16			1,451
4.85%1		28-day MXIBTIIE		Bank of America N.A.		11/01/18		MXN	959		1,548			3			1,545
7.07%2		28-day MXIBTIIE		Citibank N.A.		11/21/18		MXN	4,102		144			—			144
7.06%2		28-day MXIBTIIE		JPMorgan Chase Bank N.A.		11/21/18		MXN	4,922		138			—			138
6.98%2		28-day MXIBTIIE		Citibank N.A.		11/28/18		MXN	7,000		(278	)		(10	)		(268	)
6.98%2		28-day MXIBTIIE		JPMorgan Chase Bank N.A.		11/28/18		MXN	3,971		(158	)		(6	)		(152	)
9.25%2		1-day BZDIOVER		Citibank N.A.		1/02/19		BRL	1,230		1,159			—			1,159
9.28%2		1-day BZDIOVER		JPMorgan Chase Bank N.A.		1/02/19		BRL	1,168		1,213			—			1,213
9.73%2		1-day BZDIOVER		JPMorgan Chase Bank N.A.		1/02/20		BRL	979		1,004			—			1,004
3.27%1		3-month LIBOR		Deutsche Bank AG		5/16/21		USD	550		(31,129	)		—			(31,129	)
3.78%2		7-day China Fixing Repo Rates		Bank of America N.A.		6/02/22		CNY	396		82			(3	)		85
5.73%1		28-day MXIBTIIE		Bank of America N.A.		1/03/25		MXN	940		3,972			13			3,959
6.43%2		28-day MXIBTIIE		Bank of America N.A.		6/06/25		MXN	836		(1,792	)		(14	)		(1,778	)
6.33%2		28-day MXIBTIIE		Citibank N.A.		7/17/25		MXN	1,010		(2,551	)		(5	)		(2,546	)
6.31%1		28-day MXIBTIIE		Deutsche Bank AG		8/11/25		MXN	3,807		9,994			16			9,978
6.27%2		28-day MXIBTIIE		Bank of America N.A.		12/05/25		MXN	116		(336	)		(2	)		(334	)
Total											$(19,763)			$160			$(19,923	)

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

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

      Transactions in Options Written for the Six Months Ended June 30, 2017

	Calls
	Notional (000)
	Contracts			AUD			EUR			MXN			TRY		USD			Premiums Received
Outstanding options, beginning of period		—			—			2,579			—			—		195		$	20,136
Options written		91			212			5,168			6,220			183		2,084			97,851
Options expired		(91	)		(212	)		(5,480	)		—			—		(1,184	)		(59,663	)
Options closed		—			—			(2,205	)		(6,220	)		—		(619	)		(48,957	)
Outstanding options, end of period		—			—			62			—			183		476		$	9,367

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 55

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

	Puts
			Notional (000)
	Contracts		AUD			EUR			MXN			USD			Premiums Received
Outstanding options, beginning of period		—		—			—			—			610		$	3,169
Options written		210		198			7,477			2,227			7,004			106,954
Options expired		—		(106	)		(1,355	)		(1,160	)		(3,550	)		(13,797	)
Options closed		—		—			(6,122	)		(1,067	)		(827	)		(78,396	)
Outstanding options, end of period		210		92			—			—			3,237		$	17,930

      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
Futures contracts	Net unrealized appreciation1	—		—		$55,027		—		$91,226		—		$146,253
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—		—		—		$289,296		—		—		289,296
Options purchased	Investments at value — unaffiliated2	—		—		—		15,260		14,875		—		30,135
Swaps - centrally cleared	Net unrealized appreciation1	—		—		—		—		41,422		$4,315		45,737
Swaps - OTC	Unrealized appreciation on OTC swaps; Swap premiums paid	—		$  76,025		—		—		21,646		—		97,671
Total		—		$  76,025		$55,027		$304,556		$169,169		$4,315		$609,092
Liabilities - Derivative Financial Instruments
Futures contracts	Net unrealized depreciation1	—		—		$187,475		—		$86,474		—		$273,949
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—		—		—		$119,059		—		—		119,059
Options written	Options written, at value	—		—		—		5,525		3,500		—		9,025
Swaps - centrally cleared	Net unrealized depreciation1	—		$       218		—		—		9,299		—		9,517
Swaps - OTC	Unrealized depreciation on OTC swaps; Swap premiums received	—		90,695		—		—		41,409		—		132,104
Total		—		$  90,913		$187,475		$124,584		$140,682		—		$543,654

¹  Includes cumulative appreciation (depreciation) on 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.

See Notes to Financial Statements.

56 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

For the six months ended June 30, 2017, 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
Futures contracts	—		—		$510,316		$  310,599			$591,864			—		$1,412,779
Foreign currency transactions	—		—		—		(114,084	)		—			—		(114,084)
Options purchased1	—		—		—		(113,749	)		(79,800	)		—		(193,549)
Options written	—		—		—		47,864			22,946			—		70,810
Swaps	—		$3,925		—		(38,968	)		15,681			—		(19,362)
Total	—		$3,925		$510,316		$  91,662			$550,691			—		$1,156,594
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	—		—		$(115,978)		$60,482			$84,672			—		$  29,176
Foreign currency translations	—		—		—		101,407			—			—		101,407
Options purchased1	—		—		—		(22,328	)		(23,836	)		—		(46,164)
Options written	—		—		—		(2,983	)		5,808			—		2,825
Swaps	—		$(100,610)		—		—			71,331			$12,839		(16,440)
Total	—		$(100,610)		$(115,978)		$136,578			$137,975			$12,839		$70,804

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

Futures contracts:
Average notional value of contracts - long	$	46,382,688
Average notional value of contracts - short	$	34,305,243
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$	11,002,656
Average amounts sold - USD	$	11,413,726
Options:
Average value of option contracts purchased	$	53,774
Average value of option contracts written	$	9,230
Credit default swaps:
Average notional value - buy protection	$	4,831,214
Average notional value - sell protection	$	1,612,500
Interest rate swaps:
Average notional value - pays fixed rate	$	5,346,429
Average notional value - receives fixed rate	$	6,867,806
Total return swaps:
Average notional value	$	2,771,021

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:
Futures contracts	$	24,378			$  199,585
Forward foreign currency exchange contracts		289,296			119,059
Options		30,135	1		9,025
Swaps - Centrally cleared		—			12,453
Swaps - OTC2		97,671			132,104
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	441,480			$472,226
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(39,253	)		(215,538	)
Total derivative assets and liabilities subject to an MNA	$	402,227			$256,688

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.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 57

Schedule of Investments (continued) BlackRock Balanced Capital 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 Received		Net Amount of Derivative Assets2
Bank of America N.A.		$	15,678		$	(10,898	)		—		—		$	4,780
Barclays Bank PLC			4,525			(4,525	)		—		—			—
BNP Paribas S.A.			33,108			(21,187	)		—		—			11,921
Citibank N.A.			33,140			(13,874	)		—		—			19,266
Credit Suisse International			12,310			(12,310	)		—		—			—
Deutsche Bank AG			57,634			(51,945	)		—		—			5,689
Goldman Sachs International			184,507			(35,434	)		—		—			149,073
HSBC Bank PLC			8,532			(1,652	)		—		—			6,880
J.P. Morgan Securities LLC			6,981			(539	)		—		—			6,442
JPMorgan Chase Bank N.A.			24,513			(24,513	)		—		—			—
Morgan Stanley & Co. International PLC			11,878			(11,878	)		—		—			—
Royal Bank of Scotland PLC			8,749			(8,749	)		—		—			—
UBS AG			672			(672	)		—		—			—
Total		$	402,227		$	(198,176	)		—		—		$	204,051
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty			Derivatives Available for Offset1				Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities3
Bank of America N.A.		$	10,898		$	(10,898	)		—		—			—
Barclays Bank PLC			42,335			(4,525	)		—		—		$	37,810
BNP Paribas S.A.			21,187			(21,187	)		—		—			—
Citibank N.A.			13,874			(13,874	)		—		—			—
Credit Suisse International			15,313			(12,310	)		—		—			3,003
Deutsche Bank AG			51,945			(51,945	)		—		—			—
Goldman Sachs International			35,434			(35,434	)		—		—			—
HSBC Bank PLC			1,652			(1,652	)		—		—			—
J.P. Morgan Securities LLC			539			(539	)		—		—			—
JPMorgan Chase Bank N.A.			26,751			(24,513	)		—		—			2,238
Morgan Stanley & Co. International PLC			18,149			(11,878	)		—		—			6,271
Royal Bank of Scotland PLC			9,997			(8,749	)		—		—			1,248
Standard Chartered Bank			169			—			—		—			169
UBS AG			8,445			(672	)		—		—			7,773
Total		$	256,688		$	(198,176	)		—		—		$	58,512

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 receivable from the counterparty in the event of default.

³  Net amount represents the net amount payable due to the counterparty in the event of default.

See Notes to Financial Statements.

58 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Balanced Capital Portfolio

      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		—	$	16,374,999		$	3,130,123	$	19,505,122
Common Stocks	$	301,313,965		—			—		301,313,965
Corporate Bonds		—		44,513,661			—		44,513,661
Foreign Agency Obligations		—		627,918			—		627,918
Foreign Government Obligations		—		7,945,704			—		7,945,704
Investment Companies		19,380,834		—			—		19,380,834
Non-Agency Mortgage-Backed Securities		—		8,729,147			1,471,744		10,200,891
Other Interests		—		—			—		—
Preferred Securities		435,763		561,327			—		997,090
Taxable Municipal Bonds		—		8,660,542			—		8,660,542
U.S. Government Sponsored Agency Securities		—		74,844,701			56,674		74,901,375
U.S. Treasury Obligations		—		25,151,256			—		25,151,256
Short Term Investments:
Borrowed Bond Agreements		—		1,107,942			—		1,107,942
Money Market Funds		27,038,565		—			—		27,038,565
Options Purchased:
Foreign currency exchange contracts		—		15,260			—		15,260
Interest rate contracts		14,875		—			—		14,875
Liabilities:
TBA Sale Commitments		—		(30,496,501	)		—		(30,496,501	)
Borrowed Bonds		—		(1,098,961	)		—		(1,098,961	)
Subtotal	$	348,184,002	$	156,936,995		$	4,658,541	$	509,779,538
Investments Valued at NAV1									10,285,939
Total Investments								$	520,065,477

¹  As of June 30, 2017, certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

Derivative Financial Instruments1
Assets:
Credit contracts		—		$	39,445		—	$	39,445
Equity contracts	$	44,842			—		—		44,842
Foreign Currency Exchange Contracts		—			289,296		—		289,296
Interest rate contracts		64,684			62,868		—		127,552
Other contracts		—			4,315		—		4,315
Liabilities:
Credit contracts		—			(24,218	)	—		(24,218	)
Equity contracts		(177,290	)		—		—		(177,290	)
Foreign Currency Exchange Contracts		—			(124,584	)	—		(124,584	)
Interest rate contracts		(63,432	)		(50,668	)	—		(114,100	)
Other contracts		—			—		—		—
Total	$	(131,196	)	$	196,454		—	$	65,258

¹  Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, 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 liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $10,017,553 are categorized as level 2 within the disclosure hierarchy.

During the six months ended June 30, 2017, there were no transfers between Level 1 and Level 2.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 59

Schedule of Investments (concluded) BlackRock Balanced Capital Portfolio

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			Options   Purchased		US Government Sponsored Agency Securities			Total
Assets:
Opening Balance, as of December 31, 2016		$4,592,036			$1,252,877			—		—			$5,844,913
Transfers into Level 3		84,514			392,791			—		—			477,305
Transfers out of Level 3		(3,144,988	)		—			—		—			(3,144,988	)
Accrued discounts/premiums		1,134			3,285			—		—			4,419
Net realized gain (loss)		7,577			10,277			—		$75			17,929
Net change in unrealized appreciation (depreciation)1,2		(18,511	)		(5,911	)		$(2,386)		(168	)		(26,976	)
Purchases		2,449,608			572,836			2,386		87,139			3,111,969
Sales		(841,247	)		(754,411	)		—		(30,372	)		(1,626,030	)
Closing Balance, as of June 30, 2017		$3,130,123			$1,471,744			—		$56,674			$4,658,541
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 20172		$(10,344	)		$(2,314	)		—		$(168	)		$(12,826	)

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

²  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2017 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.

60 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments June 30, 2017 (Unaudited)	BlackRock Capital Appreciation Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.2%
TransDigm Group, Inc. (a)		6,787	$	1,824,821
Banks — 5.3%
Bank of America Corp.		147,697		3,583,129
First Republic Bank		22,407		2,242,941
SunTrust Banks, Inc.		14,392		816,314
SVB Financial Group (b)		4,223		742,361
Wells Fargo & Co.		17,329		960,200
				8,344,945
Beverages — 3.4%
Constellation Brands, Inc., Class A		23,104		4,475,938
Dr. Pepper Snapple Group, Inc.		10,169		926,498
				5,402,436
Biotechnology — 7.7%
Alexion Pharmaceuticals, Inc. (b)		38,371		4,668,600
Biogen, Inc. (b)		9,787		2,655,800
Celgene Corp. (b)		24,245		3,148,698
Regeneron Pharmaceuticals, Inc. (b)		1,698		833,956
Vertex Pharmaceuticals, Inc. (b)		6,115		788,040
				12,095,094
Capital Markets — 0.4%
S&P Global, Inc.		4,281		624,983
Chemicals — 2.3%
Monsanto Co.		12,928		1,530,158
Sherwin-Williams Co.		6,040		2,119,798
				3,649,956
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B (b)		12,798		2,167,597
Diversified Telecommunication Services — 0.4%
Zayo Group Holdings, Inc. (b)		22,606		698,525
Electrical Equipment — 1.9%
Acuity Brands, Inc. (a)		14,675		2,983,134
Equity Real Estate Investment Trusts (REITs) — 2.1%
Equinix, Inc.		4,499		1,930,791
SBA Communications Corp. (b)		9,859		1,329,979
				3,260,770
Health Care Equipment & Supplies — 3.0%
Becton Dickinson and Co.		11,169		2,179,184
Boston Scientific Corp. (b)		92,229		2,556,588
				4,735,772
Health Care Providers & Services — 4.6%
UnitedHealth Group, Inc.		39,096		7,249,180
Hotels, Restaurants & Leisure — 1.2%
Domino’s Pizza, Inc.		8,864		1,875,002
Industrial Conglomerates — 1.0%
Roper Technologies, Inc.		6,932		1,604,966
Internet & Direct Marketing Retail — 13.4%
Amazon.com, Inc. (b)		12,311		11,917,048
Netflix, Inc. (b)		27,578		4,120,429
Priceline Group, Inc. (b)		2,650		4,956,878
				20,994,355
Internet Software & Services — 14.9%
Alibaba Group Holding Ltd. - ADR (a)(b)		16,479		2,321,891
Alphabet, Inc., Class A (b)		11,542		10,730,367
Facebook, Inc., Class A (b)		32,560		4,915,909
Tencent Holdings Ltd.		149,500		5,363,307
				23,331,474

Common Stocks	Shares		Value
IT Services — 6.6%
Cognizant Technology Solutions Corp., Class A		24,941	$	1,656,082
Global Payments, Inc.		23,596		2,131,191
PayPal Holdings, Inc. (b)		16,559		888,722
Visa, Inc., Class A		59,702		5,598,854
				10,274,849
Multiline Retail — 0.9%
Dollar Tree, Inc. (b)		19,323		1,351,064
Oil, Gas & Consumable Fuels — 0.8%
Pioneer Natural Resources Co.		7,885		1,258,288
Pharmaceuticals — 0.9%
Zoetis, Inc.		22,468		1,401,554
Professional Services — 2.0%
Equifax, Inc.		22,553		3,099,233
Semiconductors & Semiconductor Equipment — 5.6%
Advanced Micro Devices, Inc. (a)(b)		89,016		1,110,920
ASML Holding NV		18,361		2,392,622
Broadcom Ltd.		12,848		2,994,226
NVIDIA Corp.		9,293		1,343,396
Teradyne, Inc.		30,503		916,005
				8,757,169
Software — 11.8%
Activision Blizzard, Inc.		31,132		1,792,269
Adobe Systems, Inc. (b)		18,189		2,572,652
Autodesk, Inc. (b)		31,500		3,175,830
Microsoft Corp.		126,159		8,696,140
salesforce.com, Inc. (b)		8,487		734,974
Snap, Inc., Class A (a)(b)		53,398		948,882
Zendesk, Inc. (b)		18,141		503,957
				18,424,704
Specialty Retail — 3.1%
Home Depot, Inc.		21,034		3,226,616
Ulta Beauty, Inc. (b)		5,415		1,555,946
				4,782,562
Technology Hardware, Storage & Peripherals — 1.7%
Apple Inc.		18,687		2,691,302
Textiles, Apparel & Luxury Goods — 1.5%
NIKE, Inc., Class B		41,031		2,420,829
Total Common Stocks — 99.1%				155,304,564
Preferred Stocks
Software — 1.0%
Palantir Technologies, Inc., Series I (Acquired 2/11/14, cost $1,152,906), 0.00% (b)(c)(d)		188,076		1,506,489
Total Preferred Stocks — 1.0%				1,506,489
Total Long-Term Investments (Cost — $121,415,086) — 100.1%				156,811,053
Short-Term Securities
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (e)(f)		68,206		68,206
SL Liquidity Series, LLC, Money Market Series, 1.27% (e)(f)(g)		8,688,130		8,688,999
Total Short-Term Securities (Cost — $8,757,900) — 5.6%				8,757,205

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 61

Schedule of Investments (continued) BlackRock Capital Appreciation Portfolio

	Value
Total Investments (Cost — $ 130,172,986) — 105.7%	$	165,568,258
Liabilities in Excess of Other Assets — (5.7)%		(8,854,443	)
Net Assets — 100.0%	$	156,713,815

      Notes to Schedule of Investments

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

(b) Non-income producing security.

(c) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,506,489, representing 1.0% of its net assets as of period end, and an original cost of $1,152,906.

(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) During the six months ended June 30, 2017, 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 Held at December 31, 2016		Net Activity			Shares Held at June 30, 2017		Value at June 30, 2017		Income			Net Realized Gain		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		1,604,140		(1,535,934	)		68,206		$     68,206		$  2,679			—		—
SL Liquidity Series, LLC, Money Market Series		588,197		8,099,933			8,688,130		8,688,999		32,727	1		$148		$(636	)
Total									$8,757,205		$35,406			$148		$(636	)

¹  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.

(f) Current yield as of period end.

(g) Security was purchased with the cash collateral from loaned securities.

  • For Fund compliance purposes, the Fund’s industry classifications refer to 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 adviser. 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:
Aerospace & Defense		$	1,824,821			—		—		$	1,824,821
Banks			8,344,945			—		—			8,344,945
Beverages			5,402,436			—		—			5,402,436
Biotechnology			12,095,094			—		—			12,095,094
Capital Markets			624,983			—		—			624,983
Chemicals			3,649,956			—		—			3,649,956
Diversified Financial Services			2,167,597			—		—			2,167,597
Diversified Telecommunication Services			698,525			—		—			698,525
Electrical Equipment			2,983,134			—		—			2,983,134
Equity Real Estate Investment Trusts (REITs)			3,260,770			—		—			3,260,770
Health Care Equipment & Supplies			4,735,772			—		—			4,735,772
Health Care Providers & Services			7,249,180			—		—			7,249,180
Hotels, Restaurants & Leisure			1,875,002			—		—			1,875,002
Industrial Conglomerates			1,604,966			—		—			1,604,966
Internet & Direct Marketing Retail			20,994,355			—		—			20,994,355
Internet Software & Services			17,968,167		$	5,363,307		—			23,331,474
IT Services			10,274,849			—		—			10,274,849
Multiline Retail			1,351,064			—		—			1,351,064
Oil, Gas & Consumable Fuels			1,258,288			—		—			1,258,288
Pharmaceuticals			1,401,554			—		—			1,401,554

See Notes to Financial Statements.

62 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (concluded) BlackRock Capital Appreciation Portfolio

	Level 1			Level 2			Level 3			Total
Professional Services		$	3,099,233			—			—		$	3,099,233
Semiconductors & Semiconductor Equipment			8,757,169			—			—			8,757,169
Software			18,424,704			—			—			18,424,704
Specialty Retail			4,782,562			—			—			4,782,562
Technology Hardware, Storage & Peripherals			2,691,302			—			—			2,691,302
Textiles, Apparel & Luxury Goods			2,420,829			—			—			2,420,829
Preferred Stock:
Software			—			—		$	1,506,489			1,506,489
Short-Term Securities			68,206			—			—			68,206
Subtotal		$	150,009,463		$	5,363,307		$	1,506,489		$	156,879,259
Investments Valued at NAV1												8,688,999
Total Investments											$	165,568,258

¹  As of June 30, 2017, certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

During the six months ended June 30, 2017, 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 period 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, 2016	$	1,521,535
Transfers into Level 3		—
Transfers out of Level 3		—
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation/depreciation1,2		(15,046	)
Purchases		—
Sales		—
Closing Balance, as of June 30, 2017	$	1,506,489
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 20172	$	(15,046	)
		��

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

²  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches 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 Approach		Unobservable Inputs	Range of Unobservable Inputs Utilized
Preferred Stocks	$	1,506,489		Market	Revenue Multiple1		10.75x
					Revenue Growth Rate1		131.00%

¹  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. JUNE 30, 2017 63

Consolidated Schedule of Investments June 30, 2017 (Unaudited)	BlackRock Global Allocation Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Belgium — 0.5%
Anheuser-Busch InBev SA		7,636	$	843,387
Umicore SA		3,802		264,472
				1,107,859
Brazil — 0.1%
Azul SA — ADR (a)(b)		8,413		177,346
Canada — 0.3%
Encana Corp.		66,438		584,654
Platinum Group Metals Ltd. (a)(b)		39,828		33,280
Platinum Group Metals Ltd. (a)		8,522		7,163
				625,097
China — 0.6%
Alibaba Group Holding Ltd. — ADR (a)(b)		6,027		849,204
Brilliance China Automotive Holdings Ltd.		76,000		138,420
China Mobile Ltd. — ADR		1,209		64,186
CLP Holdings Ltd.		7,000		74,020
Want Want China Holdings Ltd.		57,000		38,461
				1,164,291
Czech Republic — 0.0%
CEZ AS		3,395		59,093
Finland — 0.3%
Nokia OYJ		115,627		708,995
France — 2.8%
Accor SA		6,717		315,090
AXA SA		12,748		349,084
Cie Generale des Etablissements Michelin		2,273		302,523
Compagnie de Saint-Gobain		5,438		290,417
Danone SA		18,489		1,387,743
Dassault Aviation SA		241		336,799
Safran SA		8,386		769,051
Sanofi		5,176		495,965
Sodexo SA		2,274		293,898
TOTAL SA		9,007		447,172
TOTAL SA — ADR (b)		345		17,109
Ubisoft Entertainment SA (a)		4,923		279,485
Unibail-Rodamco SE		1,356		341,681
Vinci SA		3,465		295,570
				5,921,587
Germany — 1.7%
Bayer AG, Registered Shares		7,123		923,215
Deutsche Telekom AG, Registered Shares		27,595		497,400
Evonik Industries AG		6,764		216,487
GEA Group AG		5,554		228,054
Innogy SE (c)		27,561		1,084,706
Siemens AG, Registered Shares		2,007		276,071
Vonovia SE		7,872		313,197
				3,539,130
Hong Kong — 0.6%
CK Infrastructure Holdings Ltd.		7,000		58,802
Hang Lung Properties Ltd.		14,000		34,988
HKT Trust & HKT Ltd. (d)		42,000		55,086
Jardine Matheson Holdings Ltd.		900		57,776
Link REIT		8,500		64,660
Power Assets Holdings Ltd.		6,000		52,962
Sino Land Co. Ltd.		26,000		42,598
Sun Hung Kai Properties Ltd.		56,666		832,433
Swire Pacific Ltd., Class A		5,500		53,689
Wharf Holdings Ltd.		9,000		74,472
				1,327,466

Common Stocks	Shares		Value
India — 1.0%
Coal India Ltd.		59,538	$	224,865
Hero MotoCorp Ltd.		1,356		77,589
Infosys Ltd.		31,350		453,784
Kotak Mahindra Bank Ltd.		17,430		264,979
Maruti Suzuki India Ltd.		1,793		200,060
Oil & Natural Gas Corp. Ltd. (a)		17,121		41,641
Reliance Industries Ltd. (a)		33,994		725,265
State Bank of India		23,160		98,050
Yes Bank Ltd. (e)		5,321		120,476
				2,206,709
Indonesia — 0.1%
Siloam International Hospitals Tbk PT (a)		231,486		196,270
Ireland — 0.0%
Medtronic PLC		973		86,354
Italy — 0.9%
Ei Towers SpA		6,624		383,198
Enel SpA		91,030		488,240
Luxottica Group SpA		5,642		328,410
RAI Way SpA (c)		34,108		170,084
Snam SpA		6,954		30,348
Telecom Italia SpA (a)		552,467		511,128
Telecom Italia SpA, Non-Convertible Savings Shares		15,437		11,424
				1,922,832
Japan — 8.4%
Aisin Seiki Co. Ltd.		5,020		258,061
Ajinomoto Co., Inc.		19,400		419,509
Alfresa Holdings Corp.		2,300		44,466
Alpine Electronics, Inc.		1,500		22,505
Asahi Group Holdings Ltd.		7,400		278,686
Asahi Kasei Corp.		27,900		300,994
Astellas Pharma, Inc.		2,650		32,480
Bridgestone Corp.		10,800		466,901
Canon Marketing Japan, Inc.		1,900		43,313
Chiyoda Corp.		6,000		35,441
Chubu Electric Power Co., Inc.		6,700		89,101
COMSYS Holdings Corp.		2,300		47,489
Daikin Industries Ltd.		2,600		266,739
Denso Corp.		12,030		510,531
East Japan Railway Co.		9,327		893,491
Exedy Corp.		1,300		36,754
FUJIFILM Holdings Corp.		1,400		50,480
Futaba Industrial Co. Ltd.		4,070		36,927
GS Yuasa Corp.		20,000		87,293
Hino Motors Ltd.		4,000		44,662
Hirose Electric Co. Ltd.		400		57,242
Hitachi Chemical Co. Ltd.		8,400		251,837
Hoya Corp.		12,001		624,789
Inpex Corp.		39,699		383,312
Japan Airlines Co. Ltd.		22,100		684,563
Japan Tobacco, Inc.		1,600		56,237
Kamigumi Co. Ltd.		4,000		42,047
KDDI Corp.		7,200		190,423
Keyence Corp.		200		88,046
Kinden Corp.		6,900		111,403
Koito Manufacturing Co. Ltd.		2,700		139,618
Komatsu Ltd.		15,200		390,145
Kubota Corp.		15,880		268,416
Kuraray Co. Ltd.		2,900		52,806
Kurita Water Industries Ltd.		1,600		43,767
Kyocera Corp.		1,100		63,933
Kyushu Railway Co.		5,000		162,171

See Notes to Financial Statements.

64 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Common Stocks	Shares		Value
Japan (continued)
Mabuchi Motor Co. Ltd.		1,100	$	54,981
Maeda Road Construction Co. Ltd.		3,000		59,895
Makita Corp.		1,300		48,144
Medipal Holdings Corp.		2,600		48,209
Mitsubishi Electric Corp.		50,400		728,915
Mitsubishi Estate Co. Ltd.		17,700		330,863
Murata Manufacturing Co. Ltd.		3,540		540,438
Nintendo Co. Ltd.		1,100		368,271
Nippo Corp.		3,000		60,377
Nippon Telegraph & Telephone Corp.		1,720		81,191
Nippon Television Holdings, Inc.		3,900		65,754
Nitto Denko Corp.		4,400		363,358
NTT DOCOMO, Inc.		5,000		118,253
Okumura Corp.		18,270		123,130
Otsuka Holdings Co. Ltd.		1,500		64,043
Renesas Electronics Corp. (a)		15,300		133,773
Rinnai Corp.		1,450		135,468
Rohm Co. Ltd.		6,160		474,945
Sawai Pharmaceutical Co. Ltd.		800		44,930
Secom Co. Ltd.		800		60,868
Seino Holdings Co. Ltd.		2,900		38,661
Seven & i Holdings Co. Ltd.		700		28,885
Shimamura Co. Ltd.		400		49,037
Shin-Etsu Chemical Co. Ltd.		9,820		893,746
SHO-BOND Holdings Co. Ltd.		500		25,269
SKY Perfect JSAT Holdings, Inc.		4,300		18,521
Stanley Electric Co. Ltd.		1,800		54,549
Subaru Corp.		9,860		334,333
Sumitomo Electric Industries Ltd.		16,400		253,715
Sumitomo Mitsui Financial Group, Inc.		19,700		769,176
Suzuken Co. Ltd.		1,100		36,617
Suzuki Motor Corp.		20,161		960,429
Toda Corp.		19,000		118,678
Toho Co. Ltd.		1,700		52,428
Tokio Marine Holdings, Inc.		10,502		437,023
Tokyo Gas Co. Ltd.		114,581		596,817
Tokyo Steel Manufacturing Co. Ltd.		5,200		44,071
Toray Industries, Inc.		30,500		255,885
Toyota Industries Corp.		12,714		672,447
Trend Micro, Inc.		1,500		77,525
TV Asahi Holdings Corp.		2,600		46,970
Ube Industries Ltd.		77,600		200,309
West Japan Railway Co.		3,600		254,720
Yamada Denki Co. Ltd.		6,600		32,815
Yamaha Corp.		1,500		51,928
Yamato Kogyo Co. Ltd.		1,200		30,825
				17,817,763
Netherlands — 1.1%
ABN AMRO Group NV — CVA (c)		12,248		324,473
ING Groep NV		40,100		692,238
Koninklijke Philips NV		29,721		1,058,031
Randstad Holding NV		4,496		262,122
Unilever NV CVA		874		48,246
				2,385,110
Portugal — 0.1%
Jeronimo Martins SGPS SA		1,308		25,537
NOS SGPS SA		18,413		111,749
				137,286

Common Stocks	Shares		Value
Singapore — 0.3%
CapitaLand Ltd.		162,900	$	413,932
ComfortDelGro Corp. Ltd.		38,700		64,641
Singapore Telecommunications Ltd.		33,000		93,195
				571,768
South Korea — 0.5%
Coway Co. Ltd.		700		63,617
Doosan Bobcat, Inc.		10,915		340,046
Hyundai Motor Co.		2,098		292,514
KT&G Corp.		2,204		225,451
LG Chem Ltd.		316		80,414
POSCO		245		61,371
SK Telecom Co. Ltd.		285		66,259
				1,129,672
Spain — 0.3%
Cellnex Telecom SAU (c)		27,512		568,577
Gas Natural SDG SA		6,869		160,793
				729,370
Sweden — 0.6%
SKF AB, Class B		42,469		862,392
Svenska Handelsbanken AB, Class A		24,615		352,539
				1,214,931
Switzerland — 0.7%
Nestle SA, Registered Shares		11,555		1,007,800
Novartis AG, Registered Shares		772		64,483
UBS Group AG, Registered Shares (a)		24,171		411,049
				1,483,332
Taiwan — 0.4%
Cathay Financial Holding Co. Ltd.		35,000		57,611
Cheng Shin Rubber Industry Co. Ltd.		57,341		121,947
Chunghwa Telecom Co. Ltd.		21,000		74,497
Far EasTone Telecommunications Co. Ltd.		22,000		56,034
Formosa Chemicals & Fibre Corp.		15,000		47,058
Formosa Petrochemical Corp.		10,000		34,489
Formosa Plastics Corp.		16,000		48,745
Fubon Financial Holding Co. Ltd.		34,000		54,105
Hon Hai Precision Industry Co. Ltd.		20,200		77,649
Nan Ya Plastics Corp.		20,000		49,607
Taiwan Mobile Co. Ltd. (a)		23,000		86,576
Uni-President Enterprises Corp.		39,000		78,169
				786,487
Thailand — 0.2%
Advanced Info Service PCL		15,400		80,468
Intouch Holdings PCL, Class F		45,500		75,244
PTT Global Chemical PCL		32,500		65,613
Siam Cement PCL		4,400		64,993
Siam Cement PCL — NVDR		400		5,932
Thai Oil PCL		14,800		34,419
				326,669
United Arab Emirates — 0.3%
NMC Health PLC		18,659		531,695
United Kingdom — 3.7%
BAE Systems PLC		34,321		283,331
Berkeley Group Holdings PLC		5,868		246,748
BP PLC		28,583		164,987

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 65

Consolidated Schedule of Investments (Continued) BlackRock Global Allocation Portfolio

Common Stocks	Shares		Value
United Kingdom (continued)
BP PLC — ADR (b)		18,705	$	648,128
GlaxoSmithKline PLC		46,590		991,778
GW Pharmaceuticals PLC — ADR (a)(b)		442		44,311
HSBC Holdings PLC		114,525		1,063,022
Liberty Global PLC, Class A (a)		3,303		106,092
Meggitt PLC		36,160		224,691
Michael Kors Holdings Ltd. (a)		12,838		465,377
National Grid PLC		1,956		24,238
Royal Dutch Shell PLC, A Shares		20,565		546,823
Royal Dutch Shell PLC, Class A — ADR (b)		19,140		1,018,057
Shire PLC		3,263		179,919
Smiths Group PLC		13,886		288,718
Spire Healthcare Group PLC (c)		50,221		212,277
Vodafone Group PLC		328,924		934,133
Vodafone Group PLC — ADR		10,845		311,577
				7,754,207
United States — 25.5%
3M Co.		123		25,607
AbbVie, Inc.		413		29,947
Acadia Healthcare Co., Inc. (a)(b)		6,137		303,045
Accenture PLC, Class A		274		33,888
Adobe Systems, Inc. (a)		247		34,936
Advance Auto Parts, Inc.		2,852		332,515
Aetna, Inc.		7,017		1,065,391
Air Products & Chemicals, Inc.		7,103		1,016,155
Alliance Data Systems Corp.		80		20,535
Allstate Corp. (m)		5,680		502,339
Alphabet, Inc., Class C (a)		1,110		1,008,690
Altria Group, Inc.		699		52,055
Amazon.com, Inc. (a)		1,923		1,861,464
Amdocs Ltd.		567		36,549
American International Group, Inc.		246		15,380
American Tower Corp.		329		43,533
Ameriprise Financial, Inc.		151		19,221
Amgen, Inc.		240		41,335
Anadarko Petroleum Corp.		18,939		858,694
Analog Devices, Inc.		186		14,471
Anthem, Inc.		2,989		562,321
Apple Inc.		14,357		2,067,695
Axalta Coating Systems Ltd. (a)		20,605		660,184
Axis Capital Holdings Ltd.		422		27,287
Bank of America Corp.		71,392		1,731,970
Bank of New York Mellon Corp.		305		15,561
Baxter International, Inc.		1,429		86,512
Bed Bath & Beyond, Inc. (b)		3,420		103,968
Berkshire Hathaway, Inc., Class B (a)		4,426		749,632
Biogen, Inc. (a)		1,140		309,350
Boeing Co.		153		30,256
Bristol-Myers Squibb Co.		812		45,245
Brookdale Senior Living, Inc. (a)		22,158		325,944
Capital One Financial Corp.		298		24,621
Cardinal Health, Inc.		416		32,415
Catalent, Inc. (a)		7,854		275,675
CenterPoint Energy, Inc.		429		11,746
Charles Schwab Corp.		9,746		418,688
Charter Communications, Inc., Class A (a)		1,741		586,456
Chevron Corp.		113		11,789
Chubb Ltd.		4,175		606,961
Cisco Systems, Inc.		632		19,782
Citigroup, Inc.		14,576		974,843
Colgate-Palmolive Co.		915		67,829
Comcast Corp., Class A		38,890		1,513,599
CommScope Holding Co, Inc. (a)		15,703		597,185
Constellation Brands, Inc., Class A		190		36,809
Cooper Cos, Inc.		33		7,901

Common Stocks	Shares		Value
United States (continued)
Crown Holdings, Inc. (a)		411	$	24,520
Cummins, Inc.		112		18,169
CVS Health Corp.		3,692		297,058
Delta Air Lines, Inc.		10,696		574,803
Discover Financial Services		5,111		317,853
DISH Network Corp., Class A (a)		4,619		289,888
E.I. du Pont de Nemours & Co.		15,378		1,241,158
Edgewell Personal Care Co. (a)		10,957		832,951
Electronic Arts, Inc. (a)		3,024		319,697
EQT Corp. (b)		5,864		343,572
Expedia, Inc.		2,221		330,818
Facebook, Inc., Class A (a)		8,046		1,214,785
Fifth Third Bancorp		531		13,785
Ford Motor Co.		23,232		259,966
Fortune Brands Home & Security, Inc.		6,173		402,727
General Dynamics Corp.		197		39,026
General Electric Co.		3,389		91,537
Gilead Sciences, Inc.		15,469		1,094,896
Global Payments, Inc.		3,139		283,514
Goldman Sachs Group, Inc.		2,481		550,534
Goodyear Tire & Rubber Co.		526		18,389
H&R Block, Inc. (b)		1,326		40,987
Hartford Financial Services Group, Inc.		1,142		60,035
HCA Healthcare, Inc. (a)		6,901		601,767
Helmerich & Payne, Inc. (b)		315		17,117
Home Depot, Inc.		2,963		454,524
Illinois Tool Works, Inc.		167		23,923
Intel Corp.		734		24,765
International Paper Co.		570		32,268
Intuit, Inc.		1,021		135,599
Invitae Corp. (a)		4,635		44,311
Jawbone Health Hub, Inc. (Acquired 1/24/17, cost $0) (a)(e)(f)		6,968		19,004
Johnson & Johnson		661		87,444
JPMorgan Chase & Co.		9,402		859,343
Kansas City Southern		7,540		789,061
KLA-Tencor Corp.		293		26,812
Lear Corp.		167		23,727
Liberty Broadband Corp., Class A (a)		1,414		121,307
Liberty Broadband Corp., Class C (a)		3,453		299,548
Liberty Media Corp. — Liberty Formula One (Acquired 1/24/17, cost $67,351) (a)(f)		2,454		89,316
Liberty Media Corp. — Liberty SiriusXM Group, Class A (a)		5,069		212,797
Liberty Media Corp. — Liberty SiriusXM Group, Class C (a)		8,408		350,614
Lookout, Inc. (Acquired 3/04/15, cost $16,643) (a)(e)(f)		1,457		932
Lowe’s Cos., Inc.		13,704		1,062,471
ManpowerGroup, Inc.		153		17,082
Marathon Oil Corp.		36,008		426,695
Marathon Petroleum Corp.		21,528		1,126,560
Marsh & McLennan Cos., Inc.		5,698		444,216
Masco Corp.		10,976		419,393
Mastercard, Inc., Class A		3,095		375,888
McDonald’s Corp.		266		40,741
McKesson Corp.		132		21,719
MetLife, Inc.		9,451		519,238
Microsoft Corp.		6,062		417,854
Mohawk Industries, Inc. (a)		1,647		398,063
Mondelez International, Inc., Class A		1,913		82,622
Morgan Stanley		18,302		815,537
NextEra Energy Partners LP		7,518		278,091
NextEra Energy, Inc.		7,140		1,000,528
Northrop Grumman Corp.		140		35,939
Nuance Communications, Inc. (a)		4,047		70,458

See Notes to Financial Statements.

66 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Common Stocks		Shares		Value
United States (continued)
Omnicom Group, Inc. (b)			173	$	14,342
O’Reilly Automotive, Inc. (a)			1,340		293,112
Packaging Corp. of America			357		39,766
PepsiCo, Inc.			660		76,223
Perrigo Co. PLC			8,419		635,803
Pfizer, Inc.			40,344		1,355,155
Phillips 66			311		25,717
Prudential Financial, Inc.			287		31,036
Pure Storage, Inc., Class A (a)(b)			24,490		313,717
PVH Corp.			127		14,542
QUALCOMM, Inc.			24,548		1,355,540
Ralph Lauren Corp. (b)			3,365		248,337
Raytheon Co.			159		25,675
Reinsurance Group of America, Inc.			245		31,456
Rockwell Automation, Inc.			145		23,484
Royal Caribbean Cruises Ltd.			130		14,200
Sabre Corp. (b)			14,664		319,235
Schlumberger Ltd.			4,905		322,945
Scripps Networks Interactive, Inc., Class A (b)			301		20,561
Sempra Energy			3,741		421,798
Simon Property Group, Inc.			152		24,588
Snap, Inc., Class A (a)(b)			13,632		242,241
St. Joe Co. (a)			26,899		504,356
Starbucks Corp.			4,829		281,579
Stryker Corp.			112		15,543
SunTrust Banks, Inc.			5,572		316,044
Target Corp.			10,492		548,627
Tenet Healthcare Corp. (a)(b)			21,554		416,854
TESARO, Inc. (a)(b)			940		131,468
Thermo Fisher Scientific, Inc.			376		65,601
Travelers Cos., Inc.			602		76,171
TripAdvisor, Inc. (a)			5,235		199,977
Tyson Foods, Inc., Class A			276		17,286
United Continental Holdings, Inc. (a)			12,876		968,919
United Rentals, Inc. (a)			229		25,811
UnitedHealth Group, Inc.			524		97,160
Unum Group			4,763		222,099
Urban Outfitters, Inc. (a)(b)			7,485		138,772
Valero Energy Corp.			648		43,714
VeriFone Systems, Inc. (a)(b)			14,490		262,269
VeriSign, Inc. (a)(b)			392		36,440
Verizon Communications, Inc.			20,353		908,965
Visa, Inc., Class A			3,831		359,271
Vistra Energy Corp.			6,883		115,566
VMware, Inc., Class A (a)(b)			3,207		280,388
WABCO Holdings, Inc. (a)			177		22,569
Western Digital Corp.			201		17,809
WestRock Co.			6,083		344,663
Williams Cos., Inc.			28,244		855,228
Williams-Sonoma, Inc. (b)			6,333		307,151
Wyndham Worldwide Corp.			351		35,244
Zimmer Biomet Holdings, Inc.			6,297		808,535
					53,919,468
Total Common Stocks — 51.0%					107,830,787
Corporate Bonds		Par   (000)
Australia — 0.2%
Quintis Ltd., 8.75%, 8/01/23 (c)	USD		577		432,750

Corporate Bonds		Par   (000)		Value
Canada — 0.0%
BC ULC/New Red Finance, Inc., 4.25%, 5/15/24 (c)	USD		54	$	53,659
Chile — 0.0%
Inversiones Alsacia SA, 8.00%, 12/31/18 (a)(c)(g)			167		5,837
China — 0.0%
Celestial Nutrifoods Ltd., 0.00%, 6/12/11 (a)(e)(g)(h)	SGD		400		—
China Milk Products Group Ltd., 0.00%, 1/05/12 (a)(e)(g)(h)	USD		300		1,500
					1,500
France — 0.2%
BNP Paribas SA, 2.40%, 12/12/18			249		251,109
Danone SA, 2.59%, 11/02/23 (c)			200		195,135
					446,244
Germany — 0.2%
Bayer Capital Corp. BV, 5.63%, 11/22/19 (c)(h)	EUR		300		417,137
India — 0.0%
REI Agro Ltd.:
5.50%, 11/13/14 (a)(c)(e)(g)(h)	USD		220		1,100
5.50%, 11/13/14 (a)(e)(g)(h)			152		760
Suzlon Energy Ltd., 5.75%, 7/16/19 (c)(h)(i)			30		33,000
					34,860
Italy — 0.2%
Intesa Sanpaolo SpA, 3.88%, 1/15/19			300		307,402
Telecom Italia SpA, 5.30%, 5/30/24 (c)			200		214,500
					521,902
Luxembourg — 0.2%
Allergan Funding SCS, 3.45%, 3/15/22			153		157,715
Intelsat Jackson Holdings SA:
7.50%, 4/01/21			137		126,383
8.00%, 2/15/24 (c)			45		48,487
					332,585
Netherlands — 0.1%
Bio City Development Co. BV, 8.00%, 7/06/18 (a)(c)(e)(g)(h)			800		252,400
Singapore — 0.3%
CapitaLand Ltd., 1.95%, 10/17/23 (c)(h)	SGD		250		185,945
Global Logistic Properties Ltd., 3.88%, 6/04/25	USD		382		363,237
					549,182
Spain — 0.2%
Telefonica Participaciones SAU, 4.90%, 9/25/17 (c)(h)	EUR		200		212,212
Telefonica SA, 6.00%, 7/24/17 (h)			100		107,682
					319,894
Switzerland — 0.1%
UBS Group Funding Switzerland AG, 4.13%, 9/24/25 (c)	USD		200		209,647
United Arab Emirates — 0.2%
Dana Gas Sukuk Ltd., 7.00%, 10/31/17 (c)(h)			418		322,176
United Kingdom — 0.0%
Delta Topco Ltd. (2.00% PIK) (Acquired 1/24/17, cost $35,209), 2.00%, 7/23/19 (e)(f)(j)			28		42,112

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 67

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Corporate Bonds		Par   (000)		Value
United States — 3.4%
AbbVie, Inc.:
2.50%, 5/14/20	USD		178	$	180,064
2.30%, 5/14/21			144		143,643
AliphCom (Acquired 11/11/15, cost $48,000), 15.00%, 4/28/20 (a)(e)(f)(g)(h)(k)			48		1,205
AliphCom (Acquired 4/27/15-7/21/15, cost $945,000), 15.00%, 4/28/20 (a)(e)(f)(g)(h)(k)			945		23,719
Ally Financial, Inc., 3.50%, 1/27/19			101		102,389
American Express Credit Corp., 2.70%, 3/03/22			320		322,948
American Tower Corp., 3.40%, 2/15/19			69		70,442
Apple Inc.:
3.35%, 2/09/27			276		282,164
3.20%, 5/11/27			265		268,095
AT&T Inc., 3.00%, 6/30/22			328		328,170
Bank of America Corp.:
Series L, 2.60%, 1/15/19			82		82,772
3.30%, 1/11/23			176		179,467
Becton Dickinson and Co.:
2.68%, 12/15/19			68		68,833
3.13%, 11/08/21			155		157,881
2.89%, 6/06/22			130		130,406
Berkshire Hathaway, Inc., 2.75%, 3/15/23			116		117,537
Cablevision Systems Corp., 5.88%, 9/15/22			58		60,973
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5/01/27 (c)			135		138,037
Citigroup, Inc.:
2.70%, 3/30/21			162		163,075
2.90%, 12/08/21			76		76,770
Cobalt International Energy, Inc.:
2.63%, 12/01/19 (h)			267		69,420
3.13%, 5/15/24 (h)			309		61,800
E.I. du Pont de Nemours & Co., 2.20%, 5/01/20			178		178,966
eBay, Inc., 3.80%, 3/09/22			82		85,690
Edgewell Personal Care Co.:
4.70%, 5/19/21			91		96,915
4.70%, 5/24/22			85		90,737
Ford Motor Credit Co. LLC, 5.00%, 5/15/18			200		205,116
Forest Laboratories LLC, 5.00%, 12/15/21 (c)			78		85,161
General Electric Co., 5.55%, 5/04/20			21		23,069
General Motors Financial Co., Inc., 3.45%, 4/10/22			67		68,099
Goldman Sachs Group, Inc., 2.60%, 12/27/20			523		525,785
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 4/01/25 (c)			117		120,656
Hughes Satellite Systems Corp., 7.63%, 6/15/21			30		34,087
JPMorgan Chase & Co.:
2.30%, 8/15/21			224		222,697
4.35%, 8/15/21			69		73,855
2.16%, 1/15/23 (k)			182		183,103
Medtronic, Inc., 3.15%, 3/15/22			187		193,515
Mylan, Inc., 2.55%, 3/28/19			114		114,823
Oracle Corp., 1.90%, 9/15/21			254		251,767
QUALCOMM, Inc.:
3.00%, 5/20/22			196		201,005
2.60%, 1/30/23			170		169,380
Sherwin-Williams Co.:
2.25%, 5/15/20			101		101,226
2.75%, 6/01/22			60		59,964

Corporate Bonds		Par   (000)		Value
T-Mobile USA, Inc.:
4.00%, 4/15/22	USD		27	$	28,099
6.00%, 4/15/24			106		113,420
Verizon Communications, Inc.:
3.13%, 3/16/22			799		810,792
2.45%, 11/01/22			41		40,189
2.63%, 8/15/26			80		73,584
					7,181,510
Total Corporate Bonds — 5.3%					11,123,395
Floating Rate Loan Interests (k)
Norway — 0.1%
Drillships Financing Holding, Inc. (Ocean Rig), Tranche B-1 Term Loan, 8.25%, 3/31/21			145		92,986
United States — 0.4%
Fieldwood Energy LLC:
Closing Date Loan (Second Lien), 8.42%, 9/30/20			127		69,893
FLLO Facility (First Lien), 8.42%, 9/30/20			75		59,192
Reserve Based Term Loan, 8.30%, 8/31/20			56		51,920
Hilton Worldwide Finance LLC, Series B-2 Term Loan, 3.22%, 10/25/23			268		268,642
Neiman Marcus Group, Inc., Other Term Loan, 4.34%, 10/25/20			80		59,521
Seadrill Operating LP (Seadrill Partners Finco LLC), Initial Term Loan, 4.30%, 2/21/21			193		122,495
Sheridan Investment Partners II LP, Senior Secured Term Loan, 4.71%, 12/16/20			288		244,544
Sheridan Production Partners II-A LP, Senior Secured Term Loan, 4.71%, 12/16/20			40		34,013
Sheridan Production Partners II-M LP, Senior Secured Term Loan, 4.71%, 12/16/20			15		12,687
					922,907
Total Floating Rate Loan Interests — 0.5%					1,015,893
Foreign Agency Obligations
Brazil — 0.1%
Petrobras Global Finance BV, 6.13%, 1/17/22			321		331,111
Mexico — 0.2%
Petroleos Mexicanos:
4.88%, 3/11/22 (c)(k)			169		182,267
4.63%, 9/21/23			178		180,136
					362,403
South Korea — 0.1%
Export-Import Bank of Korea, 2.63%, 12/30/20			252		253,097
Total Foreign Agency Obligations — 0.4%					946,611

See Notes to Financial Statements.

68 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Foreign Government Obligations		Par   (000)		Value
Argentina — 0.5%
Republic of Argentina:
6.88%, 4/22/21	USD		218	$	233,260
3.88%, 1/15/22	EUR		100		113,501
5.63%, 1/26/22	USD		180		184,320
7.50%, 4/22/26			357		384,667
6.88%, 1/26/27			267		276,612
					1,192,360
Australia — 1.5%
Commonwealth of Australia:
5.75%, 5/15/21	AUD		1,001		874,322
5.75%, 7/15/22			1,798		1,615,115
5.50%, 4/21/23			307		277,039
3.00%, 3/21/47			673		470,614
					3,237,090
Brazil — 1.0%
Brazil Notas do Tesouro Nacional:
Series B, 6.00%, 8/15/22	BRL		1		568,905
Series F, 10.00%, 1/01/18			1		394,749
Series F, 10.00%, 1/01/23			3		964,948
Federative Republic of Brazil:
4.88%, 1/22/21	USD		137		143,576
2.63%, 1/05/23			200		185,250
					2,257,428
Canada — 1.0%
Canadian Government Bonds:
0.50%, 8/01/18	CAD		2,152		1,651,155
0.75%, 3/01/21			529		399,977
					2,051,132
Germany — 0.5%
Bundesrepublik Deutschland, 0.00%, 8/15/26	EUR		900		991,604
Hungary — 0.3%
Republic of Hungary:
6.25%, 1/29/20	USD		163		178,322
6.38%, 3/29/21			454		510,523
					688,845
Indonesia — 0.2%
Republic of Indonesia:
6.88%, 1/17/18 (c)			100		102,600
2.63%, 6/14/23 (c)	EUR		275		329,571
					432,171
Japan — 1.1%
Government of Japan (2 Year):
0.10%, 3/15/18	JPY		124,300		1,106,936
0.10%, 10/15/18			130,500		1,163,402
					2,270,338
Mexico — 1.2%
United Mexican States:
Series M, 6.50%, 6/10/21	MXN		304		1,667,916
Series M-10, 8.50%, 12/13/18			152		854,987
					2,522,903
New Zealand — 0.5%
New Zealand Government Bonds, 6.00%, 5/15/21	NZD		1,194		990,678
Poland — 1.3%
Republic of Poland:
5.00%, 3/23/22	USD		73		81,030
3.25%, 7/25/25	PLN		1,985		540,146
2.50%, 7/25/26			1,987		506,610

Foreign Government Obligations		Par   (000)		Value
Poland (continued)
2.50%, 7/25/27	PLN		6,569	$	1,649,319
					2,777,105
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia, 2.38%, 10/26/21 (c)	USD		250		246,000
Turkey — 0.3%
Republic of Turkey, 11.00%, 3/02/22	TRY		2,024		586,183
United Kingdom — 1.1%
United Kingdom Gilt:
0.50%, 7/22/22	GBP		508		654,955
2.75%, 9/07/24			1,078		1,580,850
2.00%, 9/07/25			25		34,915
					2,270,720
Total Foreign Government Obligations — 10.6%					22,514,557
Investment Companies		Shares
ETFS Physical Palladium Shares (a)(l)			1,649		133,057
ETFS Physical Platinum Shares (a)(l)			1,392		122,983
ETFS Physical Swiss Gold Shares (a)(l)(m)			5,694		685,728
iShares Gold Trust (a)(l)(n)			55,980		668,401
SPDR Gold Shares ETF (a)(l)(m)			52,372		6,180,944
Total Investment Companies — 3.7%					7,791,113
Non-Agency Mortgage-Backed Securities		Par (000)
Commercial Mortgage-Backed Securities — 0.1%
Logistics UK PLC, Series 2015-1A, Class F, 3.90%, 8/20/25 (c)(e)(k)	GBP		140		182,344
Preferred Securities
Capital Trusts
United Kingdom — 0.3%
HSBC Holdings PLC, 6.38% (k)(o)	USD		235		246,163
Lloyds Bank PLC, 13.00% (k)(o)	GBP		155		378,829
					624,992
United States — 0.7%
American Express Co., Series C, 4.90% (k)(o)	USD		104		105,716
Citigroup, Inc., Series O, 5.88% (k)(o)			194		203,741
General Electric Co.:
6.38%, 11/15/67 (k)			95		95,950
Series D, 5.00% (k)(o)			167		177,254
Goldman Sachs Group, Inc.:
Series L, 5.70% (k)(o)			162		168,601
Series M, 5.38% (k)(o)			170		178,636
Morgan Stanley, Series H, 5.45% (k)(o)			118		122,189
NBCUniversal Enterprise, Inc., 5.25% (c)(o)			100		106,286
Prudential Financial, Inc.:
5.88%, 9/15/42 (k)			93		103,621
5.63%, 6/15/43 (k)			63		69,221
USB Capital IX, 3.50% (k)(o)			42		37,292
					1,368,507
Total Capital Trusts — 1.0%					1,993,499

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 69

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Preferred Stocks		Shares		Value
United States — 2.1%
Anthem, Inc., 5.25% (h)			8,230	$	434,709
Dominion Resources, Inc.:
6.38% (h)			1,795		85,801
Series A, 6.75% (h)			6,755		339,912
Domo, Inc., Series D-2, (Acquired 4/01/15-4/12/17, cost $469,893), 0.00% (a)(e)(f)			55,730		492,653
Dropbox, Inc., Series C (Acquired 1/28/14, cost $695,990), 0.00% (e)(f)			36,437		437,608
Grand Rounds, Inc., Series C (Acquired 3/31/15, cost $127,944), 0.00% (a)(e)(f)			46,081		140,086
Lookout, Inc., Series F (Acquired 9/19/14-10/22/14, cost $243,061), 0.00% (e)(f)			21,278		211,929
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $272,246), 0.00% (a)(e)(f)			44,412		355,740
Stericycle, Inc., 5.25% (h)			1,043		69,818
U.S. Bancorp, Series F, 6.50% (k)			3,530		104,806
Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $418,728), 0.00% (a)(e)(f)			26,992		1,454,329
Wells Fargo & Co., Series L, 7.50% (h)			66		86,533
Welltower, Inc., Series I, 6.50% (h)			3,194		211,634
					4,425,558
Total Preferred Stocks — 2.1%					4,425,558
Trust Preferreds
United States — 0.4%
Citigroup Capital XIII, 7.54%, 10/30/40 (k)			7,450		193,551
GMAC Capital Trust I, Series 2, 6.97%, 2/15/40 (b)(k)			8,183		214,395
Mandatory Exchangeable Trust, 5.75%, 6/03/19 (a)(c)(h)			3,217		525,690
Total Trust Preferreds — 0.4%					933,636
Total Preferred Securities — 3.5%					7,352,693
U.S. Treasury Obligations		Par   (000)
U.S. Treasury Inflation Indexed Notes:
0.38%, 1/15/27	USD		1,970		1,935,546
U.S. Treasury Notes:
0.75%, 12/31/17 (l)			2,500		2,494,988
1.13%, 7/31/21			453		441,144
1.88%, 4/30/22			7,200		7,198,496
1.75%, 5/31/22-6/30/22			14,012		13,925,255
2.25%, 2/15/27			4,185		4,165,448
Total U.S. Treasury Obligations — 14.3%					30,160,877
Warrants		Shares
Australia — 0.0%
Quintis Ltd. (Issued/exercisable 8/01/11, 1 share for 1 warrant, Expires 7/15/18, Strike Price AUD 1.28) (a)			124,320		6,122
Total Long-Term Investments (Cost — $177,438,149) — 89.4%					188,924,392

Short-Term Securities
Money Market Funds		Shares		Value
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (n)(p)			7,234,771	$	7,234,771
SL Liquidity Series, LLC, Money Market Series, 1.27% (n)(p)(q)	4,799,010				4,799,490
Total Money Market Funds — 5.7%					12,034,261
Time Deposits		Par   (000)
Canada — 0.0%
Brown Brothers Harriman & Co., 0.05%, 7/03/17	CAD		8		8,327
United Kingdom — 0.0%
Brown Brothers Harriman & Co., 0.05%, 7/03/17	GBP		3		3,441
Total Time Deposits — 0.0%					11,768
U.S. Treasury Obligations
U.S. Treasury Bills (r):
0.78%, 7/13/17	USD		4,000		3,999,140
0.85%, 8/17/17			10,000		9,988,701
Total U.S. Treasury Obligations — 6.6%					13,987,841
Total Short-Term Securities (Cost — $26,034,383) — 12.3%					26,033,870
Options Purchased
(Cost — $875,154) — 0.4%					844,057
Total Investments Before Investments Sold Short and Options Written (Cost — $204,347,686) — 102.1%					215,802,319
Investments Sold Short		Shares
Canada — (0.3)%
Bank of Montreal			3,616		(265,512	)
Royal Bank of Canada			4,524		(328,485	)
					(593,997	)
United States — (0.5)%
Caterpillar, Inc.			2,999		(322,273	)
Procter & Gamble Co.			3,613		(314,873	)
Prologis, Inc.			7,960		(466,774	)
					(1,103,920	)
Total Investments Sold Short (Proceeds — $1,535,060) — (0.8)%					(1,697,917	)
Options Written
(Premiums Received — $402,403) — (0.2)%					(323,698	)
Total Investments Net of Investments Sold Short and Options Written — 101.1%					213,780,704
Liabilities in Excess of Other Assets — (1.1)%					(2,375,722	)
Net Assets — 100.0%				$	211,404,982

See Notes to Financial Statements.

70 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

      Notes to Consolidated Schedule of Investments

(a) Non-income producing security.

(b) Security, or a portion of the 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) A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(e) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(f) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,268,633, representing 1.5% of its net assets as of period end, and an original cost of $3,340,065.

(g) Issuer filed for bankruptcy and/or is in default.

(h) Convertible security.

(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) 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.

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

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

(m) All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

(n) During the six months ended June 30, 2017, 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 Held at December 31, 2016		Shares Purchased			Shares Sold			Shares Held at June 30, 2017		Value at June 30, 2017		Income			Net Realized Gain		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		7,555,606		—			(320,835	)1		7,234,771	$	7,234,771	$	12,121			—		—
iShares Gold Trust		55,980		—			—			55,980		668,401		—			—		$48,143
iShares iBoxx $ High Yield Corporate Bond ETF		2,422		—			(2,422	)		—		—		1,856			$7,270		(6,984	)
SL Liquidity Series, LLC, Money Market Series		4,503,029		295,981	2		—			4,799,010		4,799,490		22,417	3		906		(199	)
Total											$	12,702,662	$	36,394			$8,176		$40,960

¹  Represents net shares sold.

²  Represents net shares purchased.

³  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.

(o) Perpetual security with no stated maturity date.

(p) Current yield as of period end.

(q) Security was purchased with the cash collateral from loaned securities.

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

      Derivative Financial Instruments Outstanding as of Period End

    Futures Contracts

Contracts Long (Short)			Issue	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
	18		SGX Nifty 50 Index	July 2017	USD	342,666	$	(1,469	)
	(2	)	Euro STOXX 50 Index	September 2017	USD	78,374		2,418
	(7	)	NASDAQ 100 E-Mini Index	September 2017	USD	791,385		11,031
	(4	)	Nikkei 225 Yen Index	September 2017	USD	356,790		(1,445	)
	(26	)	Russell 2000 Mini Index	September 2017	USD	1,838,590		(8,155	)
	(6	)	S&P 500 E-Mini Index	September 2017	USD	726,270		5,085
	Total						$	7,465

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
NOK	1,673,000	USD	195,496	Morgan Stanley & Co. International PLC		7/27/17	$	5,015
EUR	610,000	USD	687,433	Deutsche Bank AG		8/31/17		11,576
EUR	610,000	USD	688,355	UBS AG		9/14/17		11,200
EUR	281,000	PLN	1,194,643	Deutsche Bank AG		9/26/17		204
EUR	472,000	USD	537,116	Goldman Sachs International		10/12/17		5,034

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 71

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	467,000	USD	532,735	UBS AG		10/19/17	$	3,887
								36,916
USD	485,344	NZD	703,000	UBS AG		9/07/17		(29,155	)
EUR	188,000	PLN	801,012	Deutsche Bank AG		9/26/17		(335	)
USD	189,560	AUD	254,000	Deutsche Bank AG		9/29/17		(5,436	)
USD	479,882	AUD	650,000	Citibank N.A.		10/12/17		(19,042	)
USD	472,138	AUD	640,000	Goldman Sachs International		10/12/17		(19,111	)
USD	514,250	NZD	748,000	JPMorgan Chase Bank N.A.		10/19/17		(32,743	)
								(105,822	)
Net Unrealized Depreciation							$	(68,906	)

    Exchange-Traded Options Purchased

Description	Put/ Call		Expiration Date	Strike Price		Contracts	Value
Wynn Resorts Ltd.		Call	9/15/17	USD	140.00	2	$	1,175

    OTC Options Purchased

Description	Put/ Call	Counterparty	Expiration Date	Strike Price			Notional Amount (000)		Contracts		Value
TOPIX Index	Call	Goldman Sachs International	7/14/17		JPY	1,600.00		—		66,062	$	13,260
SPDR Gold Trust ETF1	Call	Morgan Stanley & Co.International PLC	7/21/17		USD	121.00		—		6,026		1,476
SPDR Gold Trust ETF1	Call	Morgan Stanley & Co. International PLC	7/21/17		USD	123.00		—		3,515		404
TOPIX Index	Call	Société Générale	8/10/17		JPY	1,600.00		—		66,842		19,772
SPDR Gold Trust ETF1	Call	Morgan Stanley & Co. International PLC	8/18/17		USD	121.00		—		5,685		4,349
GBP Currency	Call	JPMorgan Chase Bank N.A.	8/21/17		USD	1.28		GBP    1,327		—		36,910
EUR Currency	Call	UBS AG	9/08/17		USD	1.14		EUR    1,344		—		25,869
TOPIX Index	Call	UBS AG	9/08/17		JPY	1,600.00		—		44,924		16,953
EUR Currency	Call	BNP Paribas S.A.	9/14/17		USD	1.14		EUR    1,350		—		23,282
ETFS Gold Trust1	Call	Morgan Stanley & Co. International PLC	9/15/17		USD	125.00		—		6,773		5,418
EUR Currency	Call	UBS AG	9/27/17		USD	1.14		EUR    1,356		—		25,376
SPDR Gold Trust ETF1	Call	Morgan Stanley & Co. International PLC	9/29/17		USD	122.00		—		7,586		9,938
SPDR Gold Trust ETF1	Call	JPMorgan Chase Bank N.A.	10/20/17		USD	122.00		—		4,701		7,544
USD Currency	Call	BNP Paribas S.A.	10/27/17		BRL	3.19		USD      678		—		43,641
SPDR Gold Trust ETF1	Call	JPMorgan Chase Bank N.A.	11/17/17		USD	120.00		—		5,787		15,300
Euro STOXX 50 Index	Call	Citibank N.A.	12/15/17		EUR	3,650.00		—		169		9,246
SPDR Gold Trust ETF1	Call	Morgan Stanley & Co. International PLC	12/15/17		USD	120.00		—		5,447		18,520
Aflac, Inc.	Call	Goldman Sachs International	1/19/18		USD	85.00		—		3,284		2,693
Allstate Corp.	Call	Goldman Sachs International	1/19/18		USD	80.00		—		1,201		11,890
BB&T Corp.	Call	Goldman Sachs International	1/19/18		USD	40.00		—		2,333		14,523
Capital One Financial Corp.	Call	Goldman Sachs International	1/19/18		USD	80.00		—		2,388		17,074
Charles Schwab Corp.	Call	Goldman Sachs International	1/19/18		USD	40.00		—		3,810		19,812
CIT Group, Inc.	Call	Goldman Sachs International	1/19/18		USD	42.00		—		1,435		10,834
CME Group, Inc.	Call	Goldman Sachs International	1/19/18		USD	115.00		—		1,337		14,707
E*Trade Financial Corp.	Call	Goldman Sachs International	1/19/18		USD	35.00		—		5,115		26,726
Fifth Third Bancorp	Call	Goldman Sachs International	1/19/18		USD	25.00		—		3,810		9,182
Franklin Resources, Inc.	Call	Goldman Sachs International	1/19/18		USD	45.00		—		5,523		14,360

See Notes to Financial Statements.

72 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Description	Put/ Call		Counterparty	Expiration Date		Strike Price			Notional Amount (000)	Contracts		Value
Manulife Financial Corp.		Call	Goldman Sachs International		1/19/18		CAD	22.00	—		4,789	$	9,749
MetLife, Inc.		Call	Goldman Sachs International		1/19/18		USD	52.50	—		3,810		18,097
SunTrust Banks, Inc.		Call	Goldman Sachs International		1/19/18		USD	55.00	—		3,273		15,301
Synchrony Financial		Call	Goldman Sachs International		1/19/18		USD	35.00	—		6,118		4,283
TD Ameritrade Holding Corp.		Call	Goldman Sachs International		1/19/18		USD	40.00	—		6,173		29,013
Travelers Cos., Inc.		Call	Goldman Sachs International		1/19/18		USD	135.00	—		2,240		3,752
Wells Fargo & Co.		Call	Goldman Sachs International		1/19/18		USD	55.00	—		8,100		27,135
EUR Currency		Call	UBS AG		3/27/18		USD	1.20	EUR    5,338		—		69,971
EUR Currency		Call	Barclays Bank PLC		5/18/18		USD	1.19	EUR    2,690		—		53,975
Euro STOXX 50 Index		Call	Deutsche Bank AG		9/21/18		EUR	3,426.55	—		77		18,410
BP PLC		Call	UBS AG		1/18/19		USD	40.00	—		18,146		17,057
Chevron Corp.		Call	UBS AG		1/18/19		USD	125.00	—		5,754		11,537
ConocoPhillips Co.		Call	UBS AG		1/18/19		USD	52.50	—		9,378		22,038
Exxon Mobil Corp.		Call	UBS AG		1/18/19		USD	95.00	—		3,912		5,359
Occidental Petroleum Corp.		Call	UBS AG		1/18/19		USD	75.00	—		8,407		9,752
Royal Dutch Shell PLC - ADR, Class A		Call	UBS AG		1/18/19		USD	60.00	—		10,358		13,983
Schlumberger Ltd.		Call	UBS AG		1/18/19		USD	90.00	—		5,663		4,247
Suncor Energy, Inc.		Call	UBS AG		1/18/19		USD	35.00	—		12,217		14,172
TOTAL SA - ADR		Call	UBS AG		1/18/19		USD	60.00	—		12,477		8,110
Total												$	775,000

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

    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

Bank of America N.A.

Call

2.06%

Receive

3-month LIBOR

9/05/17

USD

2,720

$

7,718

10-Year Interest Rate Swap

Bank of America N.A.

Call

2.10%

Receive

3-month LIBOR

10/16/17

USD

2,719

15,263

30-Year Interest Rate Swap

Goldman Sachs International

Put

1.50%

Pay

6-month EURIBOR

7/10/17

EUR

501

8,356

5-Year Interest Rate Swap

Goldman Sachs International

Put

0.46%

Pay

6-month EURIBOR

10/03/17

EUR

5,387

13,478

5-Year Interest Rate Swap

Deutsche Bank AG

Put

1.07%

Pay

6-month JPY LIBOR

4/04/18

JPY

64,546

42

30-Year Interest Rate Swap

Goldman Sachs International

Put

2.75%

Pay

3-month LIBOR

5/02/18

USD

637

23,025

Total

$

67,882

Exchange-Traded Options Written

Description	Put/ Call	Expiration Date	Strike Price		Contracts	Value
Wynn Resorts Ltd.	Put	9/15/17	USD	125.00	2	$(985)

    OTC Barrier Options Written

Description

Put/ Call

Type of Option

Counterparty

Expiration Date

Strike Price

Barrier Price

Contracts

Value

Euro STOXX 50 Index

Put

Down-and-In

Deutsche Bank AG

9/21/18

EUR

2,586.07

EUR    2,165.83

77

$

(5,142

)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 73

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

    OTC Options Written

Description	Put/ Call		Counterparty	Expiration Date	Strike Price			Notional Amount (000)		Contracts		Value
TOPIX Index		Call	Société Générale	8/10/17		JPY	1,700.00		—		66,842	$	(1,029	)
GBP Currency		Call	JPMorgan Chase Bank N.A.	8/21/17		USD	1.34		GBP    2,654		—		(8,462	)
USD Currency		Call	Deutsche Bank AG	8/24/17		ZAR	13.95		USD       673		—		(5,632	)
TOPIX Index		Call	UBS AG	9/08/17		JPY	1,750.00		—		44,924		(614	)
ETFS Gold Trust1		Call	Morgan Stanley & Co. International PLC	9/15/17		USD	140.00		—		6,773		(1,016	)
SPDR Gold Trust ETF1		Call	JPMorgan Chase Bank N.A.	10/20/17		USD	146.00		—		4,701		(558	)
USD Currency		Call	BNP Paribas S.A.	10/27/17		BRL	3.55		USD    1,356		—		(20,066	)
SPDR Gold Trust ETF1		Call	JPMorgan Chase Bank N.A.	11/17/17		USD	137.00		—		5,787		(2,425	)
SPDR Gold Trust ETF1		Call	Morgan Stanley & Co. International PLC	12/15/17		USD	137.00		—		5,447		(2,669	)
TOPIX Index		Put	Goldman Sachs International	7/14/17		JPY	1,475.00		—		33,031		(234	)
EUR Currency		Put	UBS AG	9/08/17		USD	1.07		EUR    1,344		—		(391	)
SPDR Gold Trust ETF1		Put	Morgan Stanley & Co. International PLC	9/29/17		USD	105.00		—		7,586		(1,050	)
SPDR Gold Trust ETF1		Put	JPMorgan Chase Bank N.A.	10/20/17		USD	105.00		—		4,701		(1,053	)
USD Currency		Put	BNP Paribas S.A.	10/27/17		BRL	3.00		USD       678		—		(675	)
SPDR Gold Trust ETF1		Put	JPMorgan Chase Bank N.A.	11/17/17		USD	103.00		—		5,787		(1,627	)
BP PLC		Put	UBS AG	1/18/19		USD	25.00		—		18,146		(18,872	)
Chevron Corp.		Put	UBS AG	1/18/19		USD	80.00		—		5,754		(19,564	)
ConocoPhillips Co.		Put	UBS AG	1/18/19		USD	35.00		—		9,378		(22,601	)
Exxon Mobil Corp.		Put	UBS AG	1/18/19		USD	60.00		—		3,912		(7,159	)
Occidental Petroleum Corp.		Put	UBS AG	1/18/19		USD	45.00		—		8,407		(18,411	)
Royal Dutch Shell PLC - ADR, Class A		Put	UBS AG	1/18/19		USD	40.00		—		10,358		(18,644	)
Schlumberger Ltd.		Put	UBS AG	1/18/19		USD	60.00		—		5,663		(29,164	)
Suncor Energy, Inc.		Put	UBS AG	1/18/19		USD	25.00		—		12,217		(27,610	)
TOTAL SA - ADR		Put	UBS AG	1/18/19		USD	40.00		—		12,477		(31,193	)
Total												$	(240,719	)

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

    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

Bank of America N.A.

Call

1.81%

Pay

3-month LIBOR

9/05/17

USD

2,720

$

(1,940

)

10-Year Interest Rate Swap

Bank of America N.A.

Call

1.85%

Pay

3-month LIBOR

10/16/17

USD

2,719

(5,464

)

10-Year Interest Rate Swap

Bank of America N.A.

Put

2.51%

Receive

3-month LIBOR

9/05/17

USD

2,720

(7,884

)

5-Year Interest Rate Swap

Goldman Sachs International

Put

0.76%

Receive

6-month EURIBOR

10/03/17

EUR

5,387

(2,357

)

10-Year Interest Rate Swap

Bank of America N.A.

Put

2.42%

Receive

3-month LIBOR

10/16/17

USD

2,719

(22,990

)

5-Year Forward/5-Year Interest Rate Swap

Goldman Sachs International

Put

2.70%

Receive

3-month LIBOR

11/02/17

USD

3,264

(21,554

)

5-Year Interest Rate Swap

Goldman Sachs International

Put

2.50%

Receive

3-month LIBOR

5/02/18

USD

2,912

(14,663

)

Total

$

(76,852

)

See Notes to Financial Statements.

74 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

    Centrally Cleared Credit Default Swaps — Buy Protection

Index	Pay Fixed Rate		Expiration Date		Notional Amount (000)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.27.V2		5.00%		12/20/21		USD	126	$	(1,421	)
CDX.NA.HY.28.V1		5.00%		6/20/22		USD	114		247
Total								$	(1,174	)

    Centrally Cleared Interest Rate Swaps

Fixed Rate	Floating Rate	Effective Date	Expiration Date		Notional Amount (000)	Unrealized Appreciation (Depreciation)
0.42%1	6-month EURIBOR	3/07/182	3/07/23	EUR	2,368		$  5,019
2.40%3	3-month LIBOR	3/07/182	3/07/23	USD	2,675		38,913
0.37%1	6-month EURIBOR	N/A	8/15/26	EUR	900		37,286
3.03%1	3-month LIBOR	4/19/222	4/19/27	USD	3,568		(63,639	)
Total							$17,579

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

²  Forward swap.

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

OTC Currency Swaps

		Notional Amount (000)
Fund Pays	Fund Receives	Notional Delivered		Notional Received			Counterparty	Expiration Date1	Value		Premiums Paid (Received)	Unrealized Appreciation
0.10% JPY	1.84%		JPY     49,750		USD	442	Bank of America N.A.	3/15/2018	$	4,351	—		$    4,351
0.10% JPY	1.96%		JPY     74,550		USD	657	Bank of America N.A.	3/15/2018		2,737	—		2,737
0.10% JPY	2.01%		JPY   130,500		USD	1,261	Bank of America N.A.	10/15/2018		112,493	—		112,493
Total									$	119,581	—		$119,581

¹  At expiration date, the notional amount delivered will be exchanged for the notional amount received.

    OTC Total Return Swaps

Reference Entity	Fixed Amount/ Floating Rate	Counterparty	Expiration Date	Contract Amount	Value		Premiums Paid (Received)	Unrealized    Appreciation  (Depreciation)
SGX Nikkei Stock Average Dividend Point Index Future December 2017	JPY 13,220,4001	BNP Paribas S.A.	4/02/18	JPY  4	$	12,444	—		$12,444
SGX Nikkei Stock Average Dividend Point Index Future December 2017	JPY 6,675,0001	BNP Paribas S.A.	4/02/18	JPY  2		5,646	—		5,646
Euro STOXX 50 Index Dividend Future December 2018	EUR 90,7801	BNP Paribas S.A.	12/21/18	EUR  8		7,972	—		7,972
Euro STOXX 50 Index Dividend Future December 2018	EUR 67,8001	BNP Paribas S.A.	12/21/18	EUR  6		6,305	—		6,305
Euro STOXX 50 Index Dividend Future December 2018	EUR 54,6501	BNP Paribas S.A.	12/21/18	EUR  5		7,367	—		7,367

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 75

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Reference Entity	Fixed Amount/ Floating Rate	Counterparty	Expiration Date	Contract Amount	Value		Premiums Paid (Received)	Unrealized    Appreciation  (Depreciation)
S&P 500 Annual Dividend Index Future December 2018	USD 140,2501	BNP Paribas S.A.	12/21/18	USD  12	$	16,350	—		$16,350
SGX Nikkei Stock Average Dividend Point Index Future December 2018	JPY 13,676,0001	BNP Paribas S.A.	4/01/19	JPY  4		20,093	—		20,093
SGX Nikkei Stock Average Dividend Point Index Future December 2018	JPY 6,875,0001	BNP Paribas S.A.	4/01/19	JPY  2		9,718	—		9,718
Euro STOXX 50 Index Dividend Future December 2019	EUR 70,7701	BNP Paribas S.A.	12/20/19	EUR  7		14,871	—		14,871
Euro STOXX 50 Index Dividend Future December 2019	EUR 61,0201	BNP Paribas S.A.	12/20/19	EUR  6		12,335	—		12,335
Euro STOXX 50 Index Dividend Future December 2019	EUR 51,6001	BNP Paribas S.A.	12/20/19	EUR  5		9,708	—		9,708
Euro STOXX 50 Index Dividend Future December 2019	EUR 30,1501	BNP Paribas S.A.	12/20/19	EUR  3		6,579	—		6,579
SGX Nikkei Stock Average Dividend Point Index Future December 2019	JPY 10,200,0001	BNP Paribas S.A.	4/01/20	JPY  3		21,872	—		21,872
SGX Nikkei Stock Average Dividend Point Index Future December 2019	JPY 6,980,0001	BNP Paribas S.A.	4/01/20	JPY  2		12,981	—		12,981
SGX Nikkei Stock Average Dividend Point Index Future December 2019	JPY 6,992,0001	BNP Paribas S.A.	4/01/20	JPY  2		12,874	—		12,874
Euro STOXX 50 Index Dividend Future December 2020	EUR 58,1401	BNP Paribas S.A.	12/18/20	EUR  6		12,815	—		12,815
Euro STOXX 50 Index Dividend Future December 2020	EUR 53,4501	BNP Paribas S.A.	12/18/20	EUR  5		5,025	—		5,025
Euro STOXX 50 Index Dividend Future December 2020	EUR 38,5201	BNP Paribas S.A.	12/18/20	EUR  4		8,863	—		8,863
Euro STOXX 50 Index Dividend Future December 2020	EUR 19,2401	BNP Paribas S.A.	12/18/20	EUR  2		4,454	—		4,454
Euro STOXX 50 Index Dividend Future December 2020	EUR 19,2801	BNP Paribas S.A.	12/18/20	EUR  2		4,409	—		4,409
Euro STOXX 50 Index Dividend Future December 2020	EUR 19,2401	BNP Paribas S.A.	12/18/20	EUR  2		4,272	—		4,272
Euro STOXX 50 Index Dividend Future December 2020	EUR 9,6201	BNP Paribas S.A.	12/18/20	EUR  1		2,250	—		2,250

See Notes to Financial Statements.

76 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

Reference Entity

Fixed Amount/ Floating Rate

Counterparty

Expiration Date

Contract Amount

Value

Premiums Paid (Received)

Unrealized    Appreciation  (Depreciation)

S&P 500 Annual Dividend Index Future December 2020

USD 59,9691

Goldman Sachs International

12/18/20

USD  5

$

8,656

—

$    8,656

SGX Nikkei Stock Average Dividend Point Index Future December 2020

JPY 7,760,0001

BNP Paribas S.A.

4/01/21

JPY  2

6,828

—

6,828

SGX Nikkei Stock Average Dividend Point Index Future December 2020

JPY 3,827,5001

BNP Paribas S.A.

4/01/21

JPY  1

3,881

—

3,881

SGX Nikkei Stock Average Dividend Point Index Future December 2020

JPY 3,855,0001

BNP Paribas S.A.

4/01/21

JPY  1

3,636

—

3,636

SGX Nikkei Stock Average Dividend Point Index Future December 2020

JPY 4,215,0001

BNP Paribas S.A.

4/01/21

JPY  1

436

—

436

Euro STOXX 50 Index Dividend Future December 2021

EUR 30,9001

BNP Paribas S.A.

12/17/21

EUR  3

2,775

—

2,775

Euro STOXX 50 Index Dividend Future December 2021

EUR 33,8701

BNP Paribas S.A.

12/17/21

EUR  3

(514

)

—

(514

)

Euro STOXX 50 Index Dividend Future December 2021

EUR 21,3601

BNP Paribas S.A.

12/17/21

EUR  2

1,051

—

1,051

S&P 500 Annual Dividend Index Future December 2021

USD 72,8251

BNP Paribas S.A.

12/17/21

USD  6

12,000

—

12,000

SGX Nikkei Stock Average Dividend Point Index Future December 2021

JPY 7,860,0001

BNP Paribas S.A.

4/01/22

JPY  2

6,633

—

6,633

SGX Nikkei Stock Average Dividend Point Index Future December 2021

JPY 3,975,0001

BNP Paribas S.A.

4/01/22

JPY  1

2,916

—

2,916

SGX Nikkei Stock Average Dividend Point Index Future December 2021

JPY 3,985,0001

BNP Paribas S.A.

4/01/22

JPY  1

2,827

—

2,827

SGX Nikkei Stock Average Dividend Point Index Future December 2021

JPY 4,260,0001

BNP Paribas S.A.

4/01/22

JPY  1

382

—

382

Euro STOXX 50 Index Dividend Future December 2022

EUR 33,2401

BNP Paribas S.A.

12/16/22

EUR  3

(788

)

—

(788

)

Euro STOXX 50 Index Dividend Future December 2022

EUR 32,6701

BNP Paribas S.A.

12/16/22

EUR  3

(137

)

—

(137

)

SGX Nikkei Stock Average Dividend Point Index Future December 2022

JPY 4,230,0001

BNP Paribas S.A.

4/03/23

JPY  1

1,218

—

1,218

Total

$

271,003

—

$271,003

¹  The Fund receives the total return of the reference entity and pays the fixed amount. Net payment made at termination.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 77

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

      Transactions in Options Written for the Six Months Ended June 30, 2017

		Calls
				Notional (000)
	Contracts			EUR			GBP		NZD			USD			Premiums        Received
Outstanding options, beginning of period		65,880			2,419			—		912			5,776			$178,602
Options written		230,853			—			2,654		—			73,338			319,365
Options exercised		(5,419	)		—			—		—			—			(34,795)
Options expired		(46,394	)		—			—		(912	)		(6,515	)		(117,473)
Options closed		(110,446	)		(2,419	)		—		—			(65,131	)		(247,795)
Outstanding options, end of period		134,474			—			2,654		—			7,468			$97,904

	Puts
				Notional (000)
	Contracts			EUR		NZD		USD		Premiums              Received
Outstanding options, beginning of period		18,967			5,506		912		25,142		$ 300,609
Options written		193,423			12,048		—		38,235		560,086
Options exercised		—			—		—		—		—
Options expired		(4,540	)		(2,168)		(912)		(6,569)		(162,910)
Options closed		(70,354	)		(8,655)		—		(44,515)		(393,286)
Outstanding options, end of period		137,496			6,731		—		12,293		$ 304,499

As of period end, the value of portfolio holdings subject to covered call options written was $2,566,377.

      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:

		Commodity Contracts	Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts	Total
Assets - Derivative Financial Instruments
Futures contracts	Net unrealized appreciation1	—		—		$  18,534		—		—	—		$     18,534
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—		—		—		$  36,916		—	—		36,916
Options purchased	Investments at value - unaffiliated2	—		—		497,151		279,024		$  67,882	—		844,057
Swaps - centrally cleared	Net unrealized appreciation1	—		$   247		—		—		81,218	—		81,465
Swaps - OTC	Unrealized appreciation on OTC swaps	—		—		272,442		—		119,581	—		392,023
Total		—		$   247		$788,127		$315,940		$268,681	—		$1,372,995
Liabilities - Derivative Financial Instruments
Futures contracts	Net unrealized depreciation1	—		—		$  11,069		—		—	—		$     11,069
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—		—		—		$105,822		—	—		105,822
Options written	Options written, at value	—		—		211,620		35,226		$  76,852	—		323,698
Swaps - centrally cleared	Net unrealized depreciation1	—		$1,421		—		—		63,639	—		65,060
Swaps - OTC	Unrealized depreciation on OTC swaps	—		—		1,439		—		—	—		1,439
Total		—		$1,421		$224,128		$141,048		$140,491	—		$   507,088

¹  Includes cumulative appreciation (depreciation) on 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.

See Notes to Financial Statements.

78 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

For the six months ended June 30, 2017, 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
Futures contracts	—		—		$	(572,628	)		—			—		—	$	(572,628)
Foreign currency transactions	—		—			—		$	592,462			—		—		592,462
Options purchased1	—		—			533,457			(108,966	)	$	40,382		—		464,873
Options written	—		—			69,382			267,126			(86,387	)	—		250,121
Swaps	—		$66,309			83,401			65			(98,150	)	—		51,625
Total	—		$66,309		$	113,612		$	750,687		$	(144,155	)	—	$	786,453
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	—		—		$	26,496			—			—		—	$	26,496
Foreign currency translations	—		—			—		$	(1,438,022	)		—		—		(1,438,022)
Options purchased1	—		—			(1,331,255	)		(49,879	)	$	(160,030	)	—		(1,541,164)
Options written	—		—			(16,175	)		61,279			188,935		—		234,039
Swaps	—	$	(37,473	)		92,477			—			142,690		—		197,694
Total	—	$	(37,473	)	$	(1,228,457	)	$	(1,426,622	)	$	171,595		—	$	(2,520,957)

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

Futures contracts:
Average notional value of contracts - long	$	336,897
Average notional value of contracts - short	$	4,248,773
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$	7,072,488
Average amounts sold - USD	$	2,464,306
Options:
Average value of option contracts purchased	$	1,214,901
Average value of option contracts written	$	279,898
Average notional value of swaption contracts purchased	$	25,952,383
Average notional value of swaption contracts written	$	31,053,387
Credit default swaps:
Average notional value - buy protection	$	228,000
Interest rate swaps:
Average notional value - pays fixed rate	$	7,867,122
Average notional value - receives fixed rate	$	8,648,000
Currency swaps:
Average notional value - pays	$	2,360,000
Average notional value - receives	$	2,277,042
Total return swaps:
Average notional value	$	2,270,250

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:
Futures contracts		$       5,530			$    2,248
Forward foreign currency exchange contracts		36,916			105,822
Options		844,057	1		323,698
Swaps - Centrally cleared		1,107			—
Swaps - OTC2		392,023			1,439
Total derivative assets and liabilities in the Statements of Assets and Liabilities		$1,279,633			$433,207
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(7,812	)		(3,233	)
Total derivative assets and liabilities subject to an MNA		$1,271,821			$429,974

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. JUNE 30, 2017 79

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 Received		Net Amount of   Derivative Assets2
Bank of America N.A.	$	142,562		$  (38,278)	—		—		$  104,284
Barclays Bank PLC		53,975		—	—		—		53,975
BNP Paribas S.A.		330,709		(22,180)	—		—		308,529
Citibank N.A.		9,246		(9,246)	—		—		—
Deutsche Bank AG		30,232		(16,545)	—		—		13,687
Goldman Sachs International		320,940		(57,919)	—		$(263,021)		—
JPMorgan Chase Bank N.A.		59,754		(46,868)	—		—		12,886
Morgan Stanley & Co. International PLC		45,120		(4,735)	—		—		40,385
Société Générale		19,772		(1,029)	—		—		18,743
UBS AG		259,511		(223,378)	—		—		36,133
Total	$	1,271,821		$(420,178)	—		$(263,021)		$588,622
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset1		Non-cash Collateral Pledged	Cash Collateral Pledged		Net Amount of   Derivative Liabilities3
Bank of America N.A.		$ 38,278		$(38,278)	—		—		—
BNP Paribas S.A.		22,180		(22,180)	—		—		—
Citibank N.A.		19,042		(9,246)	—		—		$9,796
Deutsche Bank AG		16,545		(16,545)	—		—		—
Goldman Sachs International		57,919		(57,919)	—		—		—
JPMorgan Chase Bank N.A.		46,868		(46,868)	—		—		—
Morgan Stanley & Co. International PLC		4,735		(4,735)	—		—		—
Société Générale		1,029		(1,029)	—		—		—
UBS AG		223,378		(223,378)	—		—		—
Total		$429,974		$(420,178)	—		—		$9,796

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 receivable from the counterparty in the event of default.

³  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.

80 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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:
Belgium		—		$	1,107,859		—	$	1,107,859
Brazil	$	. 177,346			—		—		177,346
Canada		625,097			—		—		625,097
China		913,390			250,901		—		1,164,291
Czech Republic		—			59,093		—		59,093
Finland		—			708,995		—		708,995
France		17,109			5,904,478		—		5,921,587
Germany		—			3,539,130		—		3,539,130
Hong Kong		55,086			1,272,380		—		1,327,466
India		—			2,086,233	$	120,476		2,206,709
Indonesia		196,270			—		—		196,270
Ireland		86,354			—		—		86,354
Italy		553,282			1,369,550		—		1,922,832
Japan		—			17,817,763		—		17,817,763
Netherlands		—			2,385,110		—		2,385,110
Portugal		—			137,286		—		137,286
Singapore		—			571,768		—		571,768
South Korea		66,259			1,063,413		—		1,129,672
Spain		—			729,370		—		729,370
Sweden		—			1,214,931		—		1,214,931
Switzerland		—			1,483,332		—		1,483,332
Taiwan		—			786,487		—		786,487
Thailand		80,468			246,201		—		326,669
United Arab Emirates		—			531,695		—		531,695
United Kingdom		2,593,542			5,160,665		—		7,754,207
United States		53,810,216			89,316		19,936		53,919,468
Corporate Bonds		—			10,800,599		322,796		11,123,395
Floating Rate Loan Interests		—			1,015,893		—		1,015,893
Foreign Agency Obligations		—			946,611		—		946,611
Foreign Government Obligations		—			22,514,557		—		22,514,557
Investment Companies		7,791,113			—		—		7,791,113
Non-Agency Mortgage-Backed Securities		—			—		182,344		182,344
Preferred Securities		1,741,159			2,519,189		3,092,345		7,352,693
U.S. Treasury Obligations		—			30,160,877		—		30,160,877
Warrants		6,122			—		—		6,122
Short Term Investments:
Money Market Funds		7,234,771			—		—		7,234,771
Time Deposits		—			11,768		—		11,768
U.S. Treasury Obligations		—			13,987,841		—		13,987,841
Options Purchased:
Equity contracts		1,175			495,976		—		497,151
Foreign currency exchange contracts		—			279,024		—		279,024
Interest rate contracts		—			67,882		—		67,882
Liabilities:
Investments Sold Short		(1,697,917	)		—		—		(1,697,917	)
Subtotal	$	74,250,842		$	131,316,173	$	3,737,897	$	209,304,912
Investments Valued at NAV1									4,799,490
Total Investments								$	214,104,402

¹  As of June 30, 2017, certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 81

Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments1
Assets:
Credit contracts		—		$	247			—	$	247
Equity contracts	$	18,534			272,442			—		290,976
Foreign Currency Exchange Contracts		—			36,916			—		36,916
Interest rate contracts		—			200,799			—		200,799
Liabilities:
Credit contracts		—			(1,421	)		—		(1,421	)
Equity contracts		(12,054	)		(212,074	)		—		(224,128	)
Foreign Currency Exchange Contracts		—			(141,048	)		—		(141,048	)
Interest rate contracts		—			(140,491	)		—		(140,491	)
Total	$	6,480		$	15,370			—	$	21,850

¹  Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, 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.

During the six months ended June 30, 2017, 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 period 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		Total
Assets:
Opening balance, as of December 31, 2016	$	26,557		$	730,297		$	361,469			—	$	2,787,601	$	3,905,924
Transfers into Level 3		—			—			—		$	164,781		—		164,781
Transfers out of Level 3		—			—			(88,552	)		—		—		(88,552	)
Accrued discounts/premiums		—			(247	)		29			1,151		—		933
Net realized gain (loss)		(152,150	)		(81,261	)		1,307			—		—		(232,104	)
Net change in unrealized appreciation (depreciation)2,3		219,833			(62,467	)		636			16,412		304,744		479,158
Purchases		122,020			72,942			—			—		—		194,962
Sales		(75,848	)		(336,468	)		(274,889	)		—		—		(687,205	)
Closing Balance, as of June 30, 2017	$	140,412		$	322,796			—		$	182,344	$	3,092,345	$	3,737,897
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 20173	$	10,306		$	(56,599	)		—		$	16,412	$	304,746	$	274,865

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 June 30, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.

See Notes to Financial Statements.

82 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Consolidated Schedule of Investments (concluded) BlackRock Global Allocation Portfolio

The following table summarizes the valuation approaches 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 $306,180.

	Value		Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized		Weighted Average of Unobservable Inputs
Assets:
Common Stocks4	$	19,936	Market	Priced to Last Financing Round1		—		—
				Revenue Growth Rate1		25.00%		—
				Revenue Multiple1		6.75x		—
				Time to Exit1		1 year		—
				Volatility1		33.00%		—
Corporate Bonds		319,436	Income	Discount Rate2		17.50%		—
			Market	Estimated Recovery Value1		—		—
				Volatility1		36.30%		—
				Yield2		11.25%		—
Preferred Stocks3,4		3,092,345	Market	Discount Rate2		20.00%		—
				Revenue Growth Rate1		83.00% - 131.00%		103.68	%
				Revenue Growth Rate1		25.00%		—
				Revenue Multiple1		6.75x - 19.50x		9.64x
				Scenario Probability1		1.00% - 79.00%		—
				Time to Exit2		1 year		—
				Volatility1		33.00% - 61.00%		44.14	%
Total	$	3,431,717

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 six months ended June 30, 2017, the valuation technique changed for certain investments in preferred stocks with a total value of $492,653 from a hybrid model using Probability-Weighted Expected Return Model (“PWERM”) and Option Pricing Model (“OPM”) to using only PWERM. The change was due to consideration of liquidation preferences and exit strategy.

⁴  For the six months ended June 30, 2017, the valuation technique changed for certain investments in common stocks and preferred stocks with a total value of $212,861 from a hybrid model using Probability-Weighted Expected Return Model (“PWERM”) and Option Pricing Model (“OPM”) to using only OPM. The change was due to consideration of liquidation preferences and exit strategy.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 83

Schedule of Investments June 30, 2017 (Unaudited)	BlackRock Government Money Market Portfolio
	(Percentages shown are based on Net Assets)

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
Fannie Mae:
0.88%, 8/28/17	$	500	$	499,968
1.00%, 9/27/17		500		500,033
0.88%, 3/28/18		1,800		1,797,009
Fannie Mae Variable Rate Notes: (a)
1.23%, 07/20/17		2,000		1,999,995
1.18%, 08/16/17		1,500		1,499,982
1.09%, 10/05/17		1,000		999,961
Federal Farm Credit Bank Discount Notes: (b)
0.69%, 9/29/17		575		574,030
0.76%, 11/03/17		285		284,260
0.90%, 11/28/17		2,500		2,490,750
0.82%, 12/15/17		995		991,260
Federal Farm Credit Bank Variable Rate Notes: (a)
1.23%, 9/22/17		2,000		1,999,977
1.28%, 11/20/17		1,000		999,981
1.07%, 1/23/18		430		430,002
Federal Home Loan Bank:
0.84%, 9/08/17		1,670		1,669,660
0.88%, 3/19/18		1,000		998,389
Federal Home Loan Bank Discount Notes: (b)
0.85%, 7/14/17		980		979,747
0.63%, 7/19/17		2,000		1,999,444
0.95%, 7/26/17		490		489,703
0.97%, 7/28/17		740		739,501
0.64%, 8/01/17		2,810		2,806,864
0.94%, 8/09/17		2,000		1,998,070
0.68%, 8/22/17		695		694,344
0.68%, 8/25/17		730		729,274
0.90%, 8/28/17		780		778,914
0.70%, 8/30/17		1,500		1,498,320
0.89%, 9/06/17		885		883,578
0.92%, 9/20/17		1,000		997,988
1.05%, 9/20/17		1,380		1,376,835
1.05%, 9/25/17		1,500		1,496,325
1.04%, 9/27/17		1,500		1,496,277
1.08%, 10/12/17		2,800		2,791,516
1.04%, 11/08/17		1,500		1,494,459
1.00%, 12/05/17		1,500		1,493,542
1.14%, 12/29/17		1,000		994,332
Federal Home Loan Bank Variable Rate Notes: (a)
1.14%, 07/06/17		1,475		1,475,000

U.S. Government Sponsored Agency Obligations	Par   (000)		Value
1.14%, 07/07/17	$	3,000	$	3,000,000
1.15%, 08/22/17		700		699,997
1.12%, 08/25/17		880		880,000
1.09%, 10/27/17		1,270		1,270,000
1.09%, 10/27/17		1,000		999,977
1.06%, 04/17/18		1,070		1,070,000
1.07%, 04/17/18		1,800		1,800,000
0.83%, 05/09/18		1,000		1,000,000
0.95%, 06/05/18		750		750,000
1.06%, 06/08/18		500		500,000
1.11%, 10/03/18		1,000		1,000,000
1.11%, 06/20/19		470		470,000
1.11%, 06/20/19		385		385,000
Freddie Mac:
0.75%, 7/14/17		500		500,018
1.00%, 9/29/17		790		790,512
Freddie Mac Discount Notes: (b)
0.80%, 8/02/17		950		949,367
0.83%, 8/03/17		1,765		1,763,738
Total U.S. Government Sponsored Agency Obligations — 55.2%				62,777,899
U.S. Treasury Obligations
U.S. Treasury Bills, 0.91%, 9/28/17 (b)		937		934,951
U.S. Treasury Notes:
0.88%, 10/15/17		1,200		1,200,464
1.17%, 10/31/17 (a)		1,249		1,248,486
1.14%, 1/31/19 (a)		3,000		3,000,000
Total U.S. Treasury Obligations — 5.6%				6,383,901
Total Repurchase Agreements — 39.7%			45,200,000
Total Investments (Cost — $114,361,800*) — 100.5%				114,361,800
Liabilities in Excess of Other Assets — (0.5)%				(576,040	)
Net Assets — 100.0%			$	113,785,760

Notes to Schedule of Investments

* Cost for U.S. federal income tax purposes.

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

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

See Notes to Financial Statements.

84 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Government Money Market Portfolio

Repurchase Agreement
	Repurchase Agreements													Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
Bank of Montreal		1.07	%		6/30/17		7/03/17	$	6,000	$	6,000	$	6,000,535	U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.13% to 4.50% due from 4/15/20 to 5/01/47	$	5,847,077	$	6,140,074
BNP Paribas Securities Corp.
		1.12	%		6/30/17		7/03/17		5,000		5,000		5,000,467	U.S. government sponsored agency obligations and U.S. Treasury obligations, 0.75% to 8.00% due from 7/31/18 to 6/20/47		21,703,999		5,110,206
		1.08	%(a)		6/15/17		7/14/17		1,000		1,000		1,000,870	U.S. Treasury obligations, 0.00% to 5.50% due from 7/13/17 to 5/15/45		1,413,521		1,020,090
Total BNP Paribas Securities Corp.										$	6,000						$	6,130,296
Goldman Sachs & Co.		1.12	%		6/29/17		7/06/17		1,500		1,500		1,500,327	U.S. government sponsored agency obligations, 2.50% to 6.00% due from 11/15/17 to 3/15/28		34,559,299		1,530,000
J.P. Morgan Securities LLC
														U.S. Treasury obligation, 1.63% due at 8/15/22		7,900,000		7,854,102
		1.12	%		6/30/17		7/03/17		7,700		7,700		7,700,719	U.S. government sponsored agency obligations, 4.50% to 5.50% due from 11/01/35 to
		1.39	%(a)		6/30/17		8/04/17		2,500		2,500		2,503,378	5/25/39		264,191,830		2,859,014
Total J.P. Morgan Securities LLC										$	10,200						$	10,713,116
Merrill Lynch, Pierce, Fenner & Smith Inc.
		1.10	%		6/30/17		7/03/17		5,000		5,000		5,000,458	U.S. government sponsored agency obligations, 3.10% to 4.67% due from 3/20/62 to 10/20/65		6,077,795		5,100,000

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 85

Schedule of Investments (concluded) BlackRock Government Money Market Portfolio

Repurchase Agreements														Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		at Value (000)		Proceeds including Interest		Position	Original Par		Position received, at Value
		1.16	%		6/29/17		7/06/17	$	1,500	$	1,500	$	1,500,338	U.S. government sponsored agency obligation, 4.00% due at 7/25/53	$	1,517,903	$	1,605,001
Total Merrill Lynch, Pierce, Fenner & Smith Inc.										$	6,500						$	6,705,001
Mizuho Securities USA, Inc.		1.16	%		6/30/17		7/03/17		7,000		7,000		7,000,677	U.S. government sponsored agency obligation, 0.98% due at 1/14/19		7,111,000		7,140,659
Societe Generale		1.10	%		6/30/17		7/03/17		6,000		6,000		6,000,550	U.S. Treasury obligation, 3.75% due at 11/15/43		5,163,200		6,120,031
Wells Fargo Securities LLC
		1.06	%		6/28/17		7/05/17		1,000		1,000		1,000,206	U.S. government sponsored agency obligation, 4.00% due at 3/01/47		991,859		1,030,001
		1.10	%		6/30/17		7/07/17		1,000		1,000		1,000,214	U.S. government sponsored agency obligations, 3.50% to 4.00% due from 6/01/32 to 6/01/47		990,769		1,030,000
Total Wells Fargo Securities LLC										$	2,000						$	2,060,001
Total										$	45,200						$	46,539,178

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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		—	$	114,361,800		—	$	114,361,800
1   See above Schedule of Investments for values in each security type.

During the six months ended June 30, 2017, there were no transfers between levels.

See Notes to Financial Statements.

86 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments June 30, 2017 (Unaudited)	BlackRock High Yield Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks		Shares		Value
Chemicals — 0.0%
Advanced Emissions Solutions, Inc.			660	$	6,046
Hotels, Restaurants & Leisure — 0.9%
Amaya, Inc. (a)			16,288		291,144
Media — 0.1%
Altice USA, Inc., Class A (a)			762		24,613
Metals & Mining — 0.0%
Teck Resources Ltd., Class B			810		14,037
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc. (a)			1,150		69,713
Total Common Stocks — 1.2%					405,553
Corporate Bonds		Par   (000)
Aerospace & Defense — 2.1%
Arconic, Inc.:
5.13%, 10/01/24	USD		104		107,900
5.90%, 2/01/27			17		18,296
6.75%, 1/15/28			7		7,735
5.95%, 2/01/37			13		13,097
Bombardier, Inc.:
8.75%, 12/01/21 (b)			103		114,330
6.00%, 10/15/22 (b)			21		21,000
6.13%, 1/15/23 (b)			14		14,035
7.50%, 3/15/25 (b)			59		61,213
Engility Corp., 8.88%, 9/01/24			26		28,243
KLX, Inc., 5.88%, 12/01/22 (b)			80		84,000
Kratos Defense & Security Solutions, Inc., 7.00%, 5/15/19			10		10,175
TransDigm, Inc.:
5.50%, 10/15/20			17		17,340
6.00%, 7/15/22			87		89,610
6.50%, 7/15/24			71		73,307
6.50%, 5/15/25			25		25,437
6.38%, 6/15/26			8		8,120
					693,838
Air Freight & Logistics — 0.4%
XPO Logistics, Inc., 6.50%, 6/15/22 (b)			137		143,850
Airlines — 0.6%
Air Medical Group Holdings, Inc., 6.38%, 5/15/23 (b)			19		18,003
Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 4/29/18			120		123,000
Virgin Australia Pass-Through Trust, Series 2013-1C, 7.13%, 10/23/18 (b)			45		45,691
					186,694
Auto Components — 0.4%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19			52		52,520
6.25%, 2/01/22			29		30,233
6.75%, 2/01/24			65		67,769
					150,522
Banks — 0.5%
Banco Espirito Santo SA, 4.75%, 1/15/18 (a)(c)	EUR		100		34,265
CIT Group, Inc., 5.00%, 8/01/23	USD		120		129,300
					163,565

Corporate Bonds		Par   (000)		Value
Building Products — 0.5%
CPG Merger Sub LLC, 8.00%, 10/01/21 (b)	USD		59	$	61,507
Masonite International Corp., 5.63%, 3/15/23 (b)			17		17,765
Ply Gem Industries, Inc., 6.50%, 2/01/22			25		26,185
Standard Industries, Inc.:
5.38%, 11/15/24 (b)			13		13,699
6.00%, 10/15/25 (b)			36		38,520
USG Corp., 4.88%, 6/01/27 (b)			22		22,633
					180,309
Capital Markets — 0.0%
LPL Holdings, Inc., 5.75%, 9/15/25 (b)			7		7,280
Chemicals — 2.1%
Blue Cube Spinco, Inc.:
9.75%, 10/15/23			22		26,620
10.00%, 10/15/25			15		18,487
CF Industries, Inc.:
7.13%, 5/01/20			10		11,050
5.15%, 3/15/34			15		13,875
4.95%, 6/01/43			14		12,005
Chemours Co.:
6.63%, 5/15/23			23		24,323
7.00%, 5/15/25			15		16,350
5.38%, 5/15/27			20		20,648
Hexion, Inc., 10.38%, 2/01/22 (b)			26		25,740
Huntsman International LLC:
4.88%, 11/15/20			43		45,257
5.13%, 11/15/22			5		5,350
Koppers, Inc., 6.00%, 2/15/25 (b)			27		28,687
Momentive Performance Materials, Inc.:
3.88%, 10/24/21			126		125,055
Escrow, 8.88%, 10/15/20 (a)(c)(d)			82		—
Platform Specialty Products Corp.:
10.38%, 5/01/21 (b)			6		6,638
6.50%, 2/01/22 (b)			198		204,435
PQ Corp., 6.75%, 11/15/22 (b)			41		44,075
Tronox Finance LLC:
6.38%, 8/15/20			23		23,057
7.50%, 3/15/22 (b)			8		8,240
WR Grace & Co-Conn, 5.13%, 10/01/21 (b)			38		40,755
					700,647
Commercial Services & Supplies — 2.4%
ACCO Brands Corp., 5.25%, 12/15/24 (b)			10		10,387
Acosta, Inc., 7.75%, 10/01/22 (b)			38		28,785
ADT Corp.:
3.50%, 7/15/22			40		38,688
4.13%, 6/15/23			28		27,755
4.88%, 7/15/32 (b)			44		38,500
Advanced Disposal Services, Inc., 5.63%, 11/15/24 (b)			27		27,810
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)			39		41,194
Covanta Holding Corp., 5.88%, 7/01/25			25		24,250
GW Honos Security Corp., 8.75%, 5/15/25 (b)			11		11,509
KAR Auction Services, Inc., 5.13%, 6/01/25 (b)			47		47,881
Mobile Mini, Inc., 5.88%, 7/01/24			77		79,887
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (b)			232		252,105
Ritchie Bros. Auctioneers, Inc., 5.38%, 1/15/25 (b)			20		20,850
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 6/01/25 (b)			22		22,495
Tervita Escrow Corp., 7.63%, 12/01/21 (b)			45		45,337

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 87

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par   (000)		Value
Commercial Services & Supplies (continued)
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b)	USD		97	$	100,473
					817,906
Communications Equipment — 1.0%
CommScope Technologies LLC, 5.00%, 3/15/27 (b)			56		55,860
CommScope, Inc., 5.50%, 6/15/24 (b)			3		3,123
Hughes Satellite Systems Corp.:
7.63%, 6/15/21			10		11,363
5.25%, 8/01/26			90		94,050
6.63%, 8/01/26			3		3,225
Nokia OYJ:
5.38%, 5/15/19			3		3,170
3.38%, 6/12/22			13		13,099
4.38%, 6/12/27			18		18,326
6.63%, 5/15/39			65		74,831
Riverbed Technology, Inc., 8.88%, 3/01/23 (b)			51		51,829
					328,876
Construction & Engineering — 0.3%
AECOM, 5.13%, 3/15/27 (b)			5		5,019
Brand Energy & Infrastructure Services, Inc., 8.50%, 7/15/25 (b)			68		70,380
Tutor Perini Corp., 6.88%, 5/01/25 (b)			17		17,893
					93,292
Construction Materials — 0.1%
New Enterprise Stone & Lime Co., Inc., 10.13%, 4/01/22 (b)			19		20,591
Consumer Finance — 1.5%
Ally Financial, Inc.:
5.13%, 9/30/24			40		42,197
8.00%, 11/01/31			183		224,175
DFC Finance Corp., 12.00% (12.00% Cash or 11.00% PIK), 6/16/20 (b)(e)			42		25,818
Navient Corp.:
6.63%, 7/26/21			36		38,745
6.50%, 6/15/22			9		9,540
5.50%, 1/25/23			20		20,325
7.25%, 9/25/23			17		18,317
6.13%, 3/25/24			7		7,210
5.88%, 10/25/24			13		13,231
6.75%, 6/25/25			22		22,674
5.63%, 8/01/33			24		20,047
OneMain Financial Holdings LLC:
6.75%, 12/15/19 (b)			28		29,400
7.25%, 12/15/21 (b)			9		9,479
Springleaf Finance Corp., 6.13%, 5/15/22			10		10,550
					491,708
Containers & Packaging — 3.5%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.00%, 6/30/21 (b)			200		207,000
4.63%, 5/15/23 (b)			200		204,918
7.25%, 5/15/24 (b)			200		218,750
Ball Corp., 5.00%, 3/15/22			21		22,417
BWAY Holding Co., 5.50%, 4/15/24 (b)			70		71,487
Flex Acquisition Co., Inc., 6.88%, 1/15/25 (b)			3		3,120
Reynolds Group Issuer, Inc.:
5.75%, 10/15/20			42		42,980
6.88%, 2/15/21			65		66,596
4.66%, 7/15/21 (b)(f)			40		40,650
5.13%, 7/15/23 (b)			24		24,930
7.00%, 7/15/24 (b)			171		183,434

Corporate Bonds		Par   (000)		Value
Containers & Packaging (continued)
Sealed Air Corp.:
4.88%, 12/01/22 (b)	USD		11	$	11,715
6.88%, 7/15/33 (b)			9		10,350
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc., 6.38%, 5/01/22 (b)			50		52,250
					1,160,597
Distributors — 0.1%
American Tire Distributors, Inc., 10.25%, 3/01/22 (b)			39		40,365
Diversified Consumer Services — 0.2%
Laureate Education, Inc., 8.25%, 5/01/25 (b)			29		31,103
Service Corp. International, 4.50%, 11/15/20			20		20,375
Sotheby’s, 5.25%, 10/01/22 (b)			12		12,270
					63,748
Diversified Financial Services — 3.7%
Alpine Finance Merger Sub LLC, 6.88%, 8/01/25 (b)			19		19,333
Altice Financing SA, 7.50%, 5/15/26 (b)			200		222,000
Altice U.S. Finance I Corp., 5.38%, 7/15/23 (b)			200		208,125
ASP AMC Merger Sub, Inc., 8.00%, 5/15/25 (b)			14		13,265
Eagle Holding Co. II LLC, 7.63% (7.63% Cash or 8.38% PIK), 5/15/22 (b)(e)			30		30,863
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 7/15/23 (b)			28		27,650
FBM Finance, Inc., 8.25%, 8/15/21 (b)			20		21,425
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)			200		205,000
Nielsen Co. Luxembourg S.à r.l., 5.00%, 2/01/25 (b)			51		52,275
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 2/01/23 (b)			200		215,000
Virgin Media Finance PLC, 5.75%, 1/15/25 (b)			200		207,500
					1,222,436
Diversified Telecommunication Services — 3.9%
CenturyLink, Inc.:
Series P, 7.60%, 9/15/39			2		1,860
Series S, 6.45%, 6/15/21			88		95,040
Series T, 5.80%, 3/15/22			32		33,280
Series U, 7.65%, 3/15/42			39		36,221
Series W, 6.75%, 12/01/23			6		6,461
Series Y, 7.50%, 4/01/24			9		9,855
Cincinnati Bell, Inc., 7.00%, 7/15/24 (b)			52		54,350
Frontier Communications Corp.:
8.13%, 10/01/18			13		13,731
7.13%, 3/15/19			5		5,213
6.25%, 9/15/21			36		32,130
7.13%, 1/15/23			36		29,970
7.63%, 4/15/24			18		14,827
6.88%, 1/15/25			124		97,650
Intelsat Jackson Holdings SA:
7.25%, 4/01/19			49		49,012
7.25%, 10/15/20			40		37,800
5.50%, 8/01/23			30		24,825
9.75%, 7/15/25 (b)			43		42,946
Level 3 Financing, Inc.:
5.38%, 8/15/22			41		42,230
5.63%, 2/01/23			30		31,200
5.13%, 5/01/23			13		13,496
5.38%, 1/15/24			52		54,275
5.38%, 5/01/25			23		24,207
5.25%, 3/15/26			64		66,407

See Notes to Financial Statements.

88 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par   (000)		Value
Qwest Corp., 6.75%, 12/01/21	USD		10	$	11,048
SBA Communications Corp., 4.88%, 9/01/24 (b)			23		23,403
Telecom Italia Capital SA:
6.38%, 11/15/33			25		27,000
6.00%, 9/30/34			100		105,736
7.20%, 7/18/36			20		23,187
Telesat Canada/Telesat LLC, 8.88%, 11/15/24 (b)			48		53,880
Xplornet Communications, Inc., 9.63% (9.63% Cash or 10.63% PIK), 6/01/22 (b)(e)			11		11,440
Zayo Group LLC/Zayo Capital, Inc.:
6.00%, 4/01/23			111		116,827
6.38%, 5/15/25			35		37,778
5.75%, 1/15/27 (b)			83		86,839
					1,314,124
Electrical Equipment — 0.4%
GrafTech International Ltd., 6.38%, 11/15/20			17		15,087
Sensata Technologies BV:
5.63%, 11/01/24 (b)			7		7,508
5.00%, 10/01/25 (b)			63		65,885
Vertiv Group Corp., 9.25%, 10/15/24 (b)			51		55,080
					143,560
Electronic Equipment, Instruments & Components — 0.3%
Anixter, Inc., 5.63%, 5/01/19			5		5,263
CDW LLC/CDW Finance Corp.:
5.00%, 9/01/23			31		32,279
5.50%, 12/01/24			49		52,996
5.00%, 9/01/25			13		13,487
					104,025
Energy Equipment & Services — 1.4%
Ensco PLC:
4.50%, 10/01/24			15		11,550
5.20%, 3/15/25			5		4,063
Noble Holding International Ltd.:
4.63%, 3/01/21			2		1,635
7.75%, 1/15/24			28		22,155
Noble Holding U.S. LLC/Noble Drilling Services 6 LLC/Noble Drilling Holding LLC, 7.50%, 3/15/19			15		15,037
Parker Drilling Co., 7.50%, 8/01/20			23		19,895
Pioneer Energy Services Corp., 6.13%, 3/15/22			45		34,875
Precision Drilling Corp.:
6.63%, 11/15/20			3		2,922
6.50%, 12/15/21			5		4,894
7.75%, 12/15/23 (b)			15		14,925
5.25%, 11/15/24			13		11,343
Rowan Cos., Inc.:
4.88%, 6/01/22			10		9,275
7.38%, 6/15/25			67		62,477
SESI LLC:
6.38%, 5/01/19			10		9,875
7.13%, 12/15/21			10		9,525
Transocean, Inc.:
6.00%, 3/15/18			16		16,360
5.80%, 10/15/22			20		18,550
9.00%, 7/15/23 (b)			74		76,775
6.80%, 3/15/38			17		12,410
Weatherford International LLC, 6.80%, 6/15/37			12		10,260

Corporate Bonds		Par   (000)		Value
Weatherford International Ltd.:
7.75%, 6/15/21	USD		31	$	31,155
8.25%, 6/15/23			5		5,000
9.88%, 2/15/24 (b)			5		5,225
6.50%, 8/01/36			26		22,100
7.00%, 3/15/38			31		26,505
5.95%, 4/15/42			13		10,140
					468,926
Equity Real Estate Investment Trusts (REITs) — 1.6%
CyrusOne LP/CyrusOne Finance Corp., 5.00%, 3/15/24 (b)			35		36,050
Equinix, Inc., 5.88%, 1/15/26			35		38,161
ESH Hospitality, Inc., 5.25%, 5/01/25 (b)			11		11,399
GEO Group, Inc.:
5.13%, 4/01/23			17		17,085
5.88%, 10/15/24			50		51,625
6.00%, 4/15/26			7		7,263
GLP Capital LP/GLP Financing II, Inc., 5.38%, 4/15/26			9		9,831
iStar, Inc., 6.00%, 4/01/22			11		11,275
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 5/01/24			146		159,140
4.50%, 9/01/26			82		82,513
Uniti Group, Inc./CSL Capital LLC:
6.00%, 4/15/23 (b)			3		3,122
8.25%, 10/15/23			61		62,830
7.13%, 12/15/24 (b)			35		34,749
Uniti Group, Inc./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.13%, 12/15/24 (b)			18		17,843
					542,886
Food & Staples Retailing — 0.2%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.75%, 3/15/25 (b)			28		26,040
Rite Aid Corp.:
6.75%, 6/15/21			2		2,054
6.13%, 4/01/23 (b)			8		7,855
7.70%, 2/15/27			39		39,390
					75,339
Food Products — 0.6%
B&G Foods, Inc., 5.25%, 4/01/25			16		16,320
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 4/15/25 (b)			36		38,025
JBS USA LUX SA/JBS USA Finance, Inc.:
5.88%, 7/15/24 (b)			16		15,000
5.75%, 6/15/25 (b)			56		52,640
Post Holdings, Inc.:
5.50%, 3/01/25 (b)			34		35,063
5.00%, 8/15/26 (b)			20		19,950
TreeHouse Foods, Inc., 6.00%, 2/15/24 (b)			8		8,520
WhiteWave Foods Co., 5.38%, 10/01/22			25		28,200
					213,718
Health Care Equipment & Supplies — 0.4%
Alere, Inc.:
6.50%, 6/15/20			13		13,195
6.38%, 7/01/23 (b)			18		19,327
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (b)			88		81,840
Teleflex, Inc., 4.88%, 6/01/26			12		12,270
					126,632

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 89

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par   (000)		Value
Health Care Providers & Services — 6.0%
Acadia Healthcare Co., Inc.:
5.13%, 7/01/22	USD		11	$	11,357
5.63%, 2/15/23			47		48,616
6.50%, 3/01/24			26		27,755
Centene Corp.:
5.63%, 2/15/21			45		46,913
4.75%, 5/15/22			37		38,619
6.13%, 2/15/24			5		5,406
4.75%, 1/15/25			40		41,100
CHS/Community Health Systems, Inc.:
8.00%, 11/15/19			35		35,175
7.13%, 7/15/20			37		36,029
5.13%, 8/01/21			11		11,137
6.88%, 2/01/22			24		20,970
6.25%, 3/31/23			91		93,944
DaVita, Inc.:
5.13%, 7/15/24			4		4,060
5.00%, 5/01/25			33		33,083
Envision Healthcare Corp.:
5.13%, 7/01/22 (b)			55		56,444
5.63%, 7/15/22			97		100,516
6.25%, 12/01/24 (b)			20		21,350
Fresenius Medical Care U.S. Finance II, Inc., 5.88%, 1/31/22 (b)			5		5,538
HCA, Inc.:
5.88%, 3/15/22			23		25,501
4.75%, 5/01/23			8		8,460
5.00%, 3/15/24			87		92,111
5.38%, 2/01/25			132		139,234
5.25%, 4/15/25			57		61,275
5.88%, 2/15/26			48		51,840
5.25%, 6/15/26			104		112,164
4.50%, 2/15/27			40		41,150
5.50%, 6/15/47			108		111,780
Series 1, 5.88%, 5/01/23			17		18,509
HealthSouth Corp.:
5.13%, 3/15/23			50		51,500
5.75%, 11/01/24			3		3,079
IASIS Healthcare LLC/IASIS Capital Corp., 8.38%, 5/15/19			28		28,140
MEDNAX, Inc., 5.25%, 12/01/23 (b)			26		26,780
Molina Healthcare, Inc., 4.88%, 6/15/25 (b)			12		12,090
MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (b)			92		98,095
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (b)			38		40,755
Surgery Center Holdings, Inc.:
8.88%, 4/15/21 (b)			10		10,837
6.75%, 7/01/25 (b)			29		29,363
Team Health Holdings, Inc., 6.38%, 2/01/25 (b)			80		77,600
Tenet Healthcare Corp.:
6.00%, 10/01/20			40		42,850
7.50%, 1/01/22 (b)			16		17,357
8.13%, 4/01/22			78		82,777
6.75%, 6/15/23			86		86,000
4.63%, 7/15/24 (b)			9		9,011
THC Escrow Corp. III:
4.63%, 7/15/24 (b)			11		11,030
5.13%, 5/01/25 (b)			18		18,067
7.00%, 8/01/25 (b)			55		54,794
Vizient, Inc., 10.38%, 3/01/24 (b)			5		5,750
WellCare Health Plans, Inc., 5.25%, 4/01/25			11		11,523
					2,017,434

Corporate Bonds		Par   (000)		Value
Health Care Technology — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 3/01/25 (b)	USD		26	$	26,520
Hotels, Restaurants & Leisure — 3.4%
Aramark Services, Inc., 5.13%, 1/15/24			29		30,486
BC ULC/New Red Finance, Inc.:
6.00%, 4/01/22 (b)			50		51,813
4.25%, 5/15/24 (b)			67		66,577
Caesars Entertainment Resort Properties LLC, 8.00%, 10/01/20			93		95,790
Eldorado Resorts, Inc., 6.00%, 4/01/25 (b)			10		10,600
Hilton Domestic Operating Co., Inc., 4.25%, 9/01/24 (b)			17		17,234
Jacobs Entertainment, Inc., 7.88%, 2/01/24 (b)			10		10,850
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:
5.00%, 6/01/24 (b)			10		10,425
5.25%, 6/01/26 (b)			13		13,683
4.75%, 6/01/27 (b)			18		18,383
MGM Resorts International:
5.25%, 3/31/20			22		23,293
6.75%, 10/01/20			47		52,071
6.63%, 12/15/21			128		143,680
7.75%, 3/15/22			10		11,737
4.63%, 9/01/26			3		3,030
Scientific Games International, Inc.:
7.00%, 1/01/22 (b)			119		126,735
10.00%, 12/01/22			119		130,454
Six Flags Entertainment Corp.:
4.88%, 7/31/24 (b)			73		73,447
5.50%, 4/15/27 (b)			37		38,110
Station Casinos LLC, 7.50%, 3/01/21			45		46,800
Sterling Entertainment Enterprises LLC, 9.75%, 12/25/19 (b)(d)			150		148,500
Yum! Brands, Inc., 3.88%, 11/01/23			2		1,975
					1,125,673
Household Durables — 1.2%
AV Homes, Inc., 6.63%, 5/15/22 (b)			12		12,375
CalAtlantic Group, Inc.:
6.63%, 5/01/20			6		6,645
8.38%, 1/15/21			56		66,220
5.38%, 10/01/22			2		2,155
5.25%, 6/01/26			14		14,525
Lennar Corp.:
4.75%, 4/01/21			4		4,240
4.13%, 1/15/22			28		28,945
4.75%, 11/15/22			24		25,500
Mattamy Group Corp., 6.88%, 12/15/23 (b)			12		12,255
Meritage Homes Corp., 5.13%, 6/06/27 (b)			12		12,015
PulteGroup, Inc.:
5.50%, 3/01/26			50		53,250	��
6.38%, 5/15/33			22		22,990
6.00%, 2/15/35			6		6,015
Tempur Sealy International, Inc., 5.50%, 6/15/26			56		56,910
TRI Pointe Group, Inc.:
4.38%, 6/15/19			10		10,242
4.88%, 7/01/21			15		15,787
5.88%, 6/15/24			15		15,825
5.25%, 6/01/27			20		20,050
William Lyon Homes, Inc., 5.88%, 1/31/25			10		10,300
					396,244

See Notes to Financial Statements.

90 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par   (000)		Value
Household Products — 0.2%
HRG Group, Inc., 7.88%, 7/15/19	USD		26	$	26,650
Spectrum Brands, Inc.:
6.63%, 11/15/22			35		36,663
5.75%, 7/15/25			11		11,799
					75,112
Independent Power and Renewable Electricity Producers — 0.9%
AES Corp., 4.88%, 5/15/23			2		2,038
Calpine Corp.:
5.38%, 1/15/23			6		5,850
5.88%, 1/15/24 (b)			25		25,750
Dynegy, Inc.:
6.75%, 11/01/19			60		61,875
7.38%, 11/01/22			35		34,563
7.63%, 11/01/24			7		6,790
NRG Energy, Inc.:
7.88%, 5/15/21			5		5,163
6.63%, 3/15/23			5		5,138
6.25%, 5/01/24			14		14,140
6.63%, 1/15/27			74		74,093
NRG Yield Operating LLC, 5.38%, 8/15/24			15		15,731
Pattern Energy Group, Inc., 5.88%, 2/01/24 (b)			16		16,840
Talen Energy Supply LLC, 6.50%, 6/01/25			9		6,345
TerraForm Power Operating LLC, 6.38%, 2/01/23 (b)(g)			23		23,920
					298,236
Insurance — 1.0%
Alliant Holdings Intermediate LLC, 8.25%, 8/01/23 (b)			67		71,187
HUB International Ltd., 7.88%, 10/01/21 (b)			107		111,547
Radian Group, Inc., 5.25%, 6/15/20			28		29,750
Solera LLC/Solera Finance, Inc., 10.50%, 3/01/24 (b)			106		121,767
USIS Merger Sub, Inc., 6.88%, 5/01/25 (b)			15		15,263
					349,514
Internet & Direct Marketing Retail — 0.3%
Netflix, Inc.:
5.50%, 2/15/22			42		45,609
4.38%, 11/15/26 (b)			56		55,860
					101,469
Internet Software & Services — 0.1%
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 S.à r.l./Greeneden U.S. Holdings II LLC, 10.00%, 11/30/24 (b)			20		22,475
GTT Communications, Inc., 7.88%, 12/31/24 (b)			14		14,980
					37,455
IT Services — 2.3%
Alliance Data Systems Corp.:
5.88%, 11/01/21 (b)			49		50,715
5.38%, 8/01/22 (b)			65		65,650
APX Group, Inc.:
6.38%, 12/01/19			8		8,220
8.75%, 12/01/20			42		43,365
7.88%, 12/01/22			46		49,910
Booz Allen Hamilton, Inc., 5.13%, 5/01/25 (b)			49		48,143
First Data Corp.:
7.00%, 12/01/23 (b)			129		137,707
5.75%, 1/15/24 (b)			246		255,533
Gartner, Inc., 5.13%, 4/01/25 (b)			21		22,059

Corporate Bonds		Par   (000)		Value
Sabre GLBL, Inc.:
5.38%, 4/15/23 (b)	USD		11	$	11,467
5.25%, 11/15/23 (b)			16		16,600
WEX, Inc., 4.75%, 2/01/23 (b)			50		50,250
					759,619
Life Sciences Tools & Services — 0.8%
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24 (b)			44		47,740
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 8/01/23 (b)			98		103,267
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, 5/15/22 (b)			105		100,275
Sterigenics-Nordion Holdings LLC, 6.50%, 5/15/23 (b)			12		12,360
					263,642
Machinery — 1.2%
Accudyne Industries Borrower/Accudyne Industries LLC, 7.75%, 12/15/20 (b)			150		150,000
EnPro Industries, Inc., 5.88%, 9/15/22 (b)			13		13,553
Gates Global LLC/Gates Global Co., 6.00%, 7/15/22 (b)			97		97,243
Grinding Media, Inc./MC Grinding Media Canada, Inc., 7.38%, 12/15/23 (b)			21		22,837
Mercer International, Inc., 6.50%, 2/01/24 (b)			9		9,398
Navistar International Corp., 8.25%, 11/01/21			18		18,180
SPX FLOW, Inc.:
5.63%, 8/15/24 (b)			16		16,480
5.88%, 8/15/26 (b)			20		20,650
Terex Corp., 5.63%, 2/01/25 (b)			41		42,179
					390,520
Media — 9.4%
AMC Networks, Inc.:
4.75%, 12/15/22			16		16,509
5.00%, 4/01/24			68		69,615
Cablevision Systems Corp.:
8.63%, 9/15/17			4		4,050
7.75%, 4/15/18			45		46,687
8.00%, 4/15/20			15		16,706
CBS Radio, Inc., 7.25%, 11/01/24 (b)			7		7,210
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.13%, 5/01/23 (b)			33		34,650
5.13%, 5/01/27 (b)			337		344,583
Cequel Communications Holdings I LLC/Cequel Capital Corp.:
6.38%, 9/15/20 (b)			45		45,900
5.13%, 12/15/21 (b)			78		79,365
5.13%, 12/15/21 (b)			100		101,843
Clear Channel International BV, 8.75%, 12/15/20 (b)			90		95,400
Clear Channel Worldwide Holdings, Inc.:
Series A, 6.50%, 11/15/22			17		17,340
Series B, 7.63%, 3/15/20			119		118,405
Series B, 6.50%, 11/15/22			299		307,282
CSC Holdings LLC:
10.13%, 1/15/23 (b)			400		464,022
5.25%, 6/01/24			35		35,703
DISH DBS Corp.:
5.88%, 7/15/22			103		110,725
5.00%, 3/15/23			25		25,625
5.88%, 11/15/24			17		18,138
7.75%, 7/01/26			129		152,865
DISH Network Corp., 3.38%, 8/15/26 (b)(h)			43		52,137

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 91

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par   (000)		Value
Media (continued)
iHeartCommunications, Inc.:
9.00%, 12/15/19	USD		39	$	30,615
9.00%, 3/01/21			31		23,250
9.00%, 9/15/22			80		59,200
10.63%, 3/15/23			35		26,425
Lions Gate Entertainment Corp., 5.88%, 11/01/24 (b)			10		10,525
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 5/15/24 (b)			12		11,610
MDC Partners, Inc., 6.50%, 5/01/24 (b)			42		41,895
Midcontinent Communications/Midcontinent Finance Corp.:
6.25%, 8/01/21 (b)			40		41,320
6.88%, 8/15/23 (b)			14		15,085
Nexstar Broadcasting, Inc., 5.63%, 8/01/24 (b)			11		11,137
Outfront Media Capital LLC/Outfront Media Capital Corp.:
5.25%, 2/15/22			10		10,363
5.88%, 3/15/25			5		5,238
SFR Group SA, 7.38%, 5/01/26 (b)			248		269,080
Sirius XM Radio, Inc.:
4.63%, 5/15/23 (b)			5		5,144
5.38%, 4/15/25 (b)			15		15,506
TEGNA, Inc., 5.50%, 9/15/24 (b)			8		8,240
Townsquare Media, Inc., 6.50%, 4/01/23 (b)			24		24,120
Tribune Media Co., 5.88%, 7/15/22			32		33,520
Unitymedia GmbH, 6.13%, 1/15/25 (b)			200		214,500
Univision Communications, Inc.:
6.75%, 9/15/22 (b)			5		5,200
5.13%, 5/15/23 (b)			40		40,387
5.13%, 2/15/25 (b)			25		24,781
Urban One, Inc., 7.38%, 4/15/22 (b)			10		10,350
Videotron Ltd./Videotron Ltee, 5.13%, 4/15/27 (b)			38		39,045
					3,141,296
Metals & Mining — 6.0%
ArcelorMittal:
7.50%, 10/15/39			8		8,970
7.25%, 3/01/41			39		42,997
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (b)			23		25,070
Constellium NV, 8.00%, 1/15/23 (b)			250		257,500
First Quantum Minerals Ltd.:
7.00%, 2/15/21 (b)			112		114,800
7.25%, 5/15/22 (b)			30		30,675
FMG Resources August 2006 Property Ltd., 9.75%, 3/01/22 (b)			15		17,081
Freeport-McMoRan, Inc.:
2.30%, 11/14/17			21		20,947
2.38%, 3/15/18			224		222,880
3.10%, 3/15/20			77		75,364
4.00%, 11/14/21			22		21,505
3.55%, 3/01/22			59		55,294
3.88%, 3/15/23			164		152,520
5.40%, 11/14/34			17		15,257
5.45%, 3/15/43			151		130,207
Joseph T. Ryerson & Son, Inc., 11.00%, 5/15/22 (b)			22		24,887
Kaiser Aluminum Corp., 5.88%, 5/15/24			14		14,735
Kinross Gold Corp.:
4.50%, 7/15/27 (b)			13		12,967
6.88%, 9/01/41			10		10,675

Corporate Bonds		Par   (000)		Value
Novelis Corp.:
6.25%, 8/15/24 (b)	USD		173	$	181,650
5.88%, 9/30/26 (b)			45		46,350
Steel Dynamics, Inc.:
5.13%, 10/01/21			35		35,944
5.25%, 4/15/23			52		54,015
5.50%, 10/01/24			38		40,375
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 6/15/25 (b)			25		24,687
Teck Resources Ltd.:
4.50%, 1/15/21			8		8,340
3.75%, 2/01/23			66		64,267
8.50%, 6/01/24 (b)			67		77,385
6.13%, 10/01/35			13		13,553
6.00%, 8/15/40			72		72,360
5.20%, 3/01/42			73		67,890
5.40%, 2/01/43			22		20,673
United States Steel Corp., 8.38%, 7/01/21 (b)			41		45,100
					2,006,920
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Starwood Property Trust, Inc., 5.00%, 12/15/21 (b)			27		28,080
Multiline Retail — 0.4%
Dollar Tree, Inc., 5.75%, 3/01/23			84		88,645
Family Dollar Stores, Inc., 5.00%, 2/01/21			36		38,520
JC Penney Corp., Inc.:
8.13%, 10/01/19			5		5,463
6.38%, 10/15/36			8		5,750
7.40%, 4/01/37			3		2,273
					140,651
Oil, Gas & Consumable Fuels — 9.7%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24 (b)			14		14,105
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 9/15/24 (b)			5		5,113
Antero Resources Corp.:
5.13%, 12/01/22			12		12,026
5.63%, 6/01/23			5		5,063
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 4/01/22 (b)			33		33,000
California Resources Corp., 8.00%, 12/15/22 (b)			15		9,487
Callon Petroleum Co.:
6.13%, 10/01/24			20		20,350
6.13%, 10/01/24 (b)			24		24,420
Carrizo Oil & Gas, Inc.:
6.25%, 4/15/23			12		11,550
8.25%, 7/15/25			10		10,225
Cheniere Corpus Christi Holdings LLC:
7.00%, 6/30/24			100		111,250
5.88%, 3/31/25			45		47,981
5.13%, 6/30/27 (b)			68		69,700
Chesapeake Energy Corp.:
6.88%, 11/15/20			26		26,000
8.00%, 1/15/25 (b)			6		5,940
8.00%, 6/15/27 (b)			12		11,790
CONSOL Energy, Inc., 5.88%, 4/15/22			309		303,593
Continental Resources, Inc.:
3.80%, 6/01/24			27		24,722
4.90%, 6/01/44			26		21,710
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 5/15/25 (b)			21		21,000

See Notes to Financial Statements.

92 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par   (000)		Value
Oil, Gas & Consumable Fuels (continued)
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 4/01/23	USD		5	$	5,075
CrownRock LP/CrownRock Finance, Inc.:
7.13%, 4/15/21 (b)			46		47,265
7.75%, 2/15/23 (b)			25		26,375
DCP Midstream Operating LP:
4.75%, 9/30/21 (b)			35		35,700
6.45%, 11/03/36 (b)			17		17,935
6.75%, 9/15/37 (b)			29		31,175
Denbury Resources, Inc.:
9.00%, 5/15/21 (b)			42		40,005
5.50%, 5/01/22			22		12,320
4.63%, 7/15/23			5		2,650
Diamondback Energy, Inc., 5.38%, 5/31/25 (b)			25		25,375
Eclipse Resources Corp., 8.88%, 7/15/23			5		4,975
Energy Transfer Equity LP:
7.50%, 10/15/20			21		23,467
5.88%, 1/15/24			66		69,960
5.50%, 6/01/27			59		61,065
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 5/01/20			48		37,860
8.00%, 11/29/24 (b)			21		20,947
Extraction Oil & Gas, Inc./Extraction Finance Corp., 7.88%, 7/15/21 (b)			58		59,595
Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 2/15/21			14		13,965
Great Western Petroleum LLC/Great Western Finance Corp., 9.00%, 9/30/21 (b)			46		45,425
Gulfport Energy Corp.:
6.63%, 5/01/23			14		14,035
6.00%, 10/15/24 (b)			14		13,615
Halcon Resources Corp., 6.75%, 2/15/25 (b)			89		80,100
Matador Resources Co., 6.88%, 4/15/23			85		88,187
MEG Energy Corp.:
6.38%, 1/30/23 (b)			53		40,943
7.00%, 3/31/24 (b)			27		20,993
6.50%, 1/15/25 (b)			91		82,810
Murphy Oil Corp.:
4.70%, 12/01/22			14		13,517
6.13%, 12/01/42			8		7,540
Newfield Exploration Co., 5.63%, 7/01/24			14		14,595
NGL Energy Partners LP/NGL Energy Finance Corp.:
5.13%, 7/15/19			10		9,925
6.88%, 10/15/21			27		26,797
7.50%, 11/01/23 (b)			27		26,629
NGPL PipeCo LLC:
7.12%, 12/15/17 (b)			68		69,275
7.77%, 12/15/37 (b)			62		73,780
Oasis Petroleum, Inc.:
6.50%, 11/01/21			16		15,520
6.88%, 3/15/22			5		4,850
6.88%, 1/15/23			6		5,805
ONEOK, Inc.:
7.50%, 9/01/23			37		44,123
6.00%, 6/15/35			5		5,382
Parsley Energy LLC/Parsley Finance Corp.:
6.25%, 6/01/24 (b)			9		9,450
5.38%, 1/15/25 (b)			42		42,315
5.25%, 8/15/25 (b)			9		8,977
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/25 (b)			24		23,130

Corporate Bonds		Par   (000)		Value
Peabody Energy Corp.:
6.00%, 3/31/22 (b)	USD		2	$	1,985
6.38%, 3/31/25 (b)			13		12,805
QEP Resources, Inc., 5.38%, 10/01/22			12		11,550
Range Resources Corp.:
5.88%, 7/01/22 (b)			17		17,255
5.00%, 3/15/23 (b)			25		24,437
4.88%, 5/15/25			6		5,700
Resolute Energy Corp.:
8.50%, 5/01/20			29		28,855
8.50%, 5/01/20 (b)			15		14,925
Rockies Express Pipeline LLC:
6.85%, 7/15/18 (b)			5		5,206
6.00%, 1/15/19 (b)			17		17,723
5.63%, 4/15/20 (b)			15		15,937
6.88%, 4/15/40 (b)			57		62,130
RSP Permian, Inc.:
6.63%, 10/01/22			40		41,500
5.25%, 1/15/25 (b)			18		18,023
Sanchez Energy Corp.:
7.75%, 6/15/21			53		47,965
6.13%, 1/15/23			130		104,000
Seven Generations Energy Ltd.:
8.25%, 5/15/20 (b)			16		16,680
6.88%, 6/30/23 (b)			75		78,187
SM Energy Co.:
6.50%, 11/15/21			20		19,450
6.13%, 11/15/22			9		8,550
6.50%, 1/01/23			6		5,715
5.00%, 1/15/24			33		29,205
5.63%, 6/01/25			9		8,123
6.75%, 9/15/26			12		11,456
Southern Star Central Corp., 5.13%, 7/15/22 (b)			3		3,053
Southwestern Energy Co., 5.80%, 1/23/20			110		112,337
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 9/15/24 (b)			30		30,375
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 5/01/23			2		2,050
5.13%, 2/01/25 (b)			24		24,720
5.38%, 2/01/27 (b)			9		9,315
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
6.13%, 10/15/21			6		6,240
6.25%, 10/15/22			60		63,750
Trinidad Drilling Ltd., 6.63%, 2/15/25 (b)			41		38,950
Whiting Petroleum Corp.:
5.00%, 3/15/19			65		64,594
5.75%, 3/15/21			13		12,220
Williams Cos., Inc.:
4.55%, 6/24/24			4		4,110
5.75%, 6/24/44			108		111,510
WPX Energy, Inc.:
7.50%, 8/01/20			10		10,500
6.00%, 1/15/22			23		22,770
8.25%, 8/01/23			3		3,255
5.25%, 9/15/24			5		4,750
					3,244,313

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 93

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par   (000)		Value
Paper & Forest Products — 0.1%
Norbord, Inc., 6.25%, 4/15/23 (b)	USD		20	$	21,350
PH Glatfelter Co., 5.38%, 10/15/20			8		8,180
					29,530
Personal Products — 0.2%
Nature’s Bounty Co., 7.63%, 5/15/21 (b)			56		59,500
Pharmaceuticals — 1.8%
Endo Finance LLC/Endo Finco, Inc.:
7.25%, 1/15/22 (b)			5		4,788
5.38%, 1/15/23 (b)			78		65,130
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.88%, 4/15/20 (b)			9		8,764
5.75%, 8/01/22 (b)			5		4,700
5.63%, 10/15/23 (b)			8		7,300
5.50%, 4/15/25 (b)			61		53,375
Prestige Brands, Inc., 6.38%, 3/01/24 (b)			27		28,856
Valeant Pharmaceuticals International, Inc.:
6.75%, 8/15/18 (b)			5		5,013
7.00%, 10/01/20 (b)			55		54,106
6.38%, 10/15/20 (b)			28		27,125
7.50%, 7/15/21 (b)			68		65,875
6.75%, 8/15/21 (b)			43		40,850
5.63%, 12/01/21 (b)			20		18,050
6.50%, 3/15/22 (b)			36		37,755
5.50%, 3/01/23 (b)			6		5,092
5.88%, 5/15/23 (b)			60		51,450
7.00%, 3/15/24 (b)			56		58,870
6.13%, 4/15/25 (b)			94		79,547
					616,646
Real Estate Management & Development — 0.5%
Howard Hughes Corp., 5.38%, 3/15/25 (b)			20		20,450
Realogy Group LLC/Realogy Co-Issuer Corp.:
4.50%, 4/15/19 (b)			5		5,163
5.25%, 12/01/21 (b)			42		44,016
4.88%, 6/01/23 (b)			97		97,727
					167,356
Road & Rail — 0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.13%, 6/01/22 (b)			64		63,360
Florida East Coast Holdings Corp., 6.75%, 5/01/19 (b)			41		42,041
Hertz Corp., 7.63%, 6/01/22 (b)			31		30,926
Park Aerospace Holdings Ltd., 5.25%, 8/15/22 (b)			28		29,269
Watco Cos. LLC/Watco Finance Corp., 6.38%, 4/01/23 (b)			34		35,445
					201,041
Semiconductors & Semiconductor Equipment — 1.0%
Advanced Micro Devices, Inc., 7.50%, 8/15/22			10		11,100
Micron Technology, Inc.:
5.25%, 8/01/23 (b)			36		37,386
7.50%, 9/15/23			10		11,180
5.50%, 2/01/25			2		2,110
Series G, 3.00%, 11/15/43 (h)			28		31,500
Microsemi Corp., 9.13%, 4/15/23 (b)			3		3,435
NXP BV/NXP Funding LLC, 4.13%, 6/01/21 (b)			200		210,600
Versum Materials, Inc., 5.50%, 9/30/24 (b)			13		13,666
					320,977
Software — 2.7%
BMC Software Finance, Inc., 8.13%, 7/15/21 (b)			175		181,181

Corporate Bonds		Par   (000)		Value
Software (continued)
CDK Global, Inc., 4.88%, 6/01/27 (b)	USD		31	$	31,853
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 8/01/22 (b)			5		4,813
Infor Software Parent LLC/Infor Software Parent, Inc., 7.13% (7.13% Cash or 7.88% PIK), 5/01/21 (b)(e)			42		43,260
Infor U.S., Inc., 6.50%, 5/15/22			224		231,840
Informatica LLC, 7.13%, 7/15/23 (b)			25		25,445
Nuance Communications, Inc.:
5.38%, 8/15/20 (b)			1		1,016
6.00%, 7/01/24			25		26,625
5.63%, 12/15/26 (b)			12		12,810
PTC, Inc., 6.00%, 5/15/24			14		15,155
Rackspace Hosting, Inc., 8.63%, 11/15/24 (b)			57		60,705
RP Crown Parent LLC, 7.38%, 10/15/24 (b)			35		36,400
Sophia LP/Sophia Finance, Inc., 9.00%, 9/30/23 (b)			31		32,240
SS&C Technologies Holdings, Inc., 5.88%, 7/15/23			82		87,347
Symantec Corp., 5.00%, 4/15/25 (b)			22		23,024
TIBCO Software, Inc., 11.38%, 12/01/21 (b)			96		105,840
					919,554
Specialty Retail — 0.4%
Asbury Automotive Group, Inc., 6.00%, 12/15/24			32		32,560
Group 1 Automotive, Inc., 5.00%, 6/01/22			10		10,150
L Brands, Inc., 6.88%, 11/01/35			40		38,600
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (b)			29		16,023
Penske Automotive Group, Inc.:
5.75%, 10/01/22			21		21,683
5.50%, 5/15/26			8		7,960
PetSmart, Inc., 5.88%, 6/01/25 (b)			11		10,601
					137,577
Technology Hardware, Storage & Peripherals — 0.7%
Dell International LLC/EMC Corp., 7.13%, 6/15/24 (b)			78		85,742
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25 (b)			41		41,000
Western Digital Corp.:
7.38%, 4/01/23 (b)			56		61,530
10.50%, 4/01/24			25		29,492
					217,764
Textiles, Apparel & Luxury Goods — 0.0%
Springs Industries, Inc., 6.25%, 6/01/21			4		4,135
Thrifts & Mortgage Finance — 0.3%
Ladder Capital Finance Holdings LLLP/Ladder
Capital Finance Corp., 5.25%, 3/15/22 (b)			32		32,880
MGIC Investment Corp., 5.75%, 8/15/23			19		20,473
Rialto Holdings LLC/Rialto Corp., 7.00%, 12/01/18 (b)			30		30,450
					83,803
Trading Companies & Distributors — 1.6%
Aircastle Ltd.:
6.25%, 12/01/19			5		5,444
7.63%, 4/15/20			4		4,520
5.13%, 3/15/21			11		11,774
5.50%, 2/15/22			28		30,520
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23 (b)			9		9,517
BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25%, 3/15/24 (b)			116		120,640

See Notes to Financial Statements.

94 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock High Yield Portfolio

Corporate Bonds		Par   (000)		Value
Trading Companies & Distributors (continued)
HD Supply, Inc.:
5.25%, 12/15/21 (b)	USD		172	$	180,493
5.75%, 4/15/24 (b)			88		93,500
Herc Rentals, Inc.:
7.50%, 6/01/22 (b)			10		10,550
7.75%, 6/01/24 (b)			24		25,320
United Rentals North America, Inc.:
6.13%, 6/15/23			3		3,124
5.75%, 11/15/24			12		12,570
5.88%, 9/15/26			29		30,885
					538,857
Wireless Telecommunication Services — 2.9%
Sprint Capital Corp.:
6.90%, 5/01/19			25		26,686
6.88%, 11/15/28			117		130,054
8.75%, 3/15/32			34		42,840
Sprint Communications, Inc.:
9.00%, 11/15/18 (b)			88		95,507
7.00%, 3/01/20 (b)			29		31,837
Sprint Corp.:
7.25%, 9/15/21			48		53,340
7.88%, 9/15/23			92		105,800
7.13%, 6/15/24			265		294,813
T-Mobile USA, Inc.:
6.13%, 1/15/22			10		10,509
4.00%, 4/15/22			24		24,977
6.00%, 3/01/23			33		34,928
6.84%, 4/28/23			10		10,675
6.50%, 1/15/24			55		59,125
5.13%, 4/15/25			24		25,200
5.38%, 4/15/27			14		15,015
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.88%, 5/01/22 (b)			12		12,495
					973,801
Total Corporate Bonds — 84.1%					28,128,673
Floating Rate Loan Interests (f)
Aerospace & Defense — 0.1%
Sequa Mezzanine Holdings LLC:
Initial Loan (Second Lien), 10.17%, 4/28/22 (d)			8		8,140
Initial Term Loan (First Lien), 6.67%, 11/28/21			20		20,100
					28,240
Air Freight & Logistics — 0.2%
Ceva Group PLC (FKA Louis No.1 PLC/TNT Logistics), Pre-Funded L/C Loan, 1.05% - 5.45%, 3/19/21 (d)			16		14,584
Ceva Intercompany BV, Dutch BV Term Loan, 6.67%, 3/19/21			17		15,319
Ceva Logistics Canada, ULC (FKA TNT Canada ULC), Canadian Term Loan, 6.67%, 3/19/21			3		2,404
Ceva Logistics U.S. Holdings, Inc. (FKA Louis U.S. Holdco, Inc.), U.S. Term Loan, 6.67%, 3/19/21			23		21,736
					54,043

Floating Rate Loan Interests(f)		Par   (000)		Value
Airlines — 0.0%
Northwest Airlines, Inc.:
Loan B757-200, 2.46%, 9/10/18 (d)	USD		5	$	4,677
Loan B757-200, 2.65%, 9/10/18 (d)			5		4,433
Loan B757-300, 2.65%, 9/10/18 (d)			5		4,431
					13,541
Chemicals — 0.5%
Ascend Performance Materials Operations LLC, Term B Loan, 6.80%, 8/12/22 (d)			165		165,566
Commercial Services & Supplies — 0.1%
GW Honos Security Corp. (Garda World Security Corp.), Term B Loan, 5.23%, 5/24/24			21		21,536
Tempo Acquisition LLC, Initial Term Loan, 4.06%, 5/01/24			27		27,046
					48,582
Construction & Engineering — 0.4%
Brand Energy & Infrastructure Services, Inc. (FKA FR Brand Acquisition Corp.), Term Loan, 5.46% - 5.50%, 6/21/24			125		124,726
Diversified Consumer Services — 0.1%
Ascend Learning (Alpine Finance), Term B Loan, 4.25%, 7/15/24 (d)			7		7,000
Laureate Education, Inc., Series 2024 Term Loan, 5.73%, 4/26/24			15		15,023
					22,023
Diversified Financial Services — 0.4%
Veritas U.S. Inc., Initial Dollar Term B-1 Loan, 5.63%, 1/27/23			20		20,021
Veritas U.S., Inc., New Dollar Term B Loan, 4.50%, 1/27/23			110		110,114
					130,135
Diversified Telecommunication Services — 2.0%
CenturyLink, Inc., Initial Term B Loan, 1.38% - 2.75%, 1/31/25			185		182,324
Digicel International Finance Ltd., Initial Term B Loan (First Lien), 4.94%, 5/27/24			49		49,291
Intelsat Jackson Holdings S.A., Tranche B-2 Term Loan, 4.00%, 6/30/19			172		170,376
Ligado Networks LLC (FKA New LightSquared LLC), Junior Loan, 13.72%, 12/07/20			60		42,103
New LightSquared LLC, Loan, 9.97%, 6/15/20			246		238,575
					682,669
Electrical Equipment — 0.1%
Vertiv Group Corp. (FKA Cortes NP Acquisition Corp.), Term B Loan, 4.00%- 5.23%, 11/30/23			34		33,848
Energy Equipment & Services — 0.1%
Weatherford International Ltd., Loan, 3.53%, 7/13/20			47		45,243
Food & Staples Retailing — 0.1%
BJ’s Wholesale Club, Inc., Tranche B Term Loan (First Lien), 4.97%, 2/03/24			17		16,453
Food Products — 0.0%
Chobani LLC (Chobani Idaho LLC), Closing Date Term Loan (First Lien), 5.48%, 10/10/23			8		8,025

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 95

Schedule of Investments (continued) BlackRock High Yield Portfolio

Floating Rate Loan Interests(f)		Par   (000)		Value
Health Care Equipment & Supplies — 0.3%
DJO Finance LLC, Initial Term Loan, 4.48%, 6/08/20	USD		39	$	38,797
Immucor, Inc. (FKA IVD Acquisition Corp.):
Term B-2 Loan, 5.00%, 8/17/18			68		67,910
Term Loan, 5.00%, 6/25/21			3		3,512
					110,219
Health Care Providers & Services — 0.1%
Iasis Healthcare LLC, Term B-3 Loan, 4.00%, 2/17/21			8		8,010
Surgery Partners LLC, Term Loan B, 3.25%, 6/20/24			15		15,047
Team Health Holdings, Inc., Initial Term Loan, 2.75% - 3.98%, 2/06/24			5		4,942
					27,999
Hotels, Restaurants & Leisure — 1.1%
Caesars Entertainment Operating Co., Inc. (FKA Harrah’s Operating Co., Inc.), Term B-7 Loan, 1.50% - 9.25%, 1/28/18			60		74,846
Caesars Entertainment Resort Properties, LLC, Term B Loan, 4.54%, 10/11/20			277		278,661
Four Seasons Holdings, Inc., Term Loan (First Lien) 2013, 3.73%, 11/30/23			5		5,004
					358,511
Insurance — 0.1%
Alliant Holdings Intermediate, LLC, Initial Term Loan, 4.42%, 8/12/22			17		16,758
USI, Inc. (FKA Compass Investors, Inc.), Initial Term Loan, 4.18%, 5/16/24			10		9,925
					26,683
Life Sciences Tools & Services — 0.0%
InVentiv Group Holdings, Inc., Initial Term Loan, 4.95%, 11/09/23			15		15,143
Machinery — 0.4%
Accudyne Industries Borrower S.C.A./Accudyne Industries LLC (FKA Silver II U.S. Holdings LLC), Refinancing Term Loan, 4.23%, 12/13/19			106		104,725
Gates Global LLC, Initial B-1 Dollar Term Loan, 4.55%, 4/01/24			24		23,484
					128,209
Media — 0.2%
CSC Holdings LLC (FKA CSC Holdings, Inc. (Cablevision)), March 2017 Refinancing Term Loan, 3.46%, 7/17/25			6		6,309
iHeartCommunications, Inc. (FKA Clear Channel Communications, Inc.), Tranche D Term Loan, 7.98%, 1/30/19			75		60,850
					67,159
Oil, Gas & Consumable Fuels — 1.0%
California Resources Corp.:
Loan, 10.38% - 11.53%, 12/31/21			9		9,717
Term Loan, 4.23%, 9/24/19			49		47,230
Chesapeake Energy Corp., Class A Loan, 8.69%, 8/23/21			229		241,589
CITGO Holding, Inc., Term Loan, 9.80%, 5/12/18			23		23,459
					321,995
Pharmaceuticals — 0.0%
Alpha 3 BV (AKA Atotech), Initial Term B-1 Loan, 4.30%, 1/31/24			15		15,019

Floating Rate Loan Interests(f)		Par   (000)		Value
Professional Services — 0.0%
Greenrock Finance, Inc., Term Loan B (USD), 3.50%, 6/05/24	USD		6	$	6,054
Software — 0.6%
BMC Software Finance, Inc., Initial B-1 U.S. Term Loan, 4.00% - 5.23%, 9/10/22			43		43,496
Cypress Intermediate Holdings III, Inc. (FKA Jaguar Holding, Inc.):
Initial Term Loan (First Lien), 4.23%, 4/29/24			15		14,706
Initial Term Loan (Second Lien), 7.98%, 4/28/25			4		4,095
Information Resources, Inc. (FKA Symphonyiri Group, Inc.), Initial Term Loan (First Lien), 5.47%, 1/18/24			9		9,000
Kronos, Inc., Initial Term Loan (Second Lien), 9.42%, 11/01/24			63		64,817
Misys Ltd.:
Dollar Term Loan (First Lien), 4.74%, 6/13/24			40		39,985
Dollar Term Loan (Second Lien), 8.46%, 6/13/25			9		9,154
Project Alpha Intermediate Holding, Inc., Term Loan, 4.67%, 4/26/24			20		19,850
					205,103
Specialty Retail — 0.1%
Neiman Marcus Group Inc.,, Other Term Loan, 4.34%, 10/25/20			29		21,600
Total Floating Rate Loan Interests — 8.0%					2,676,788
Foreign Agency Obligations
Chemicals — 0.3%
NOVA Chemicals Corp.:
4.88%, 6/01/24 (b)			31		30,884
5.25%, 6/01/27 (b)			49		48,755
Total Foreign Agency Obligations — 0.3%					79,639
Other Interests (i)		Beneficial Interest (000)
Auto Components — 0.0%
Lear Corp., Escrow (a)(c)(d)			150		—
Lear Corp., Escrow (a)(c)(d)			100		—
					—
Capital Markets — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Bonds (a)(c)			110		6,875
Lehman Brothers Holdings Capital Trust VII Escrow Bonds (a)(c)			30		1,875
					8,750
Total Other Interests — 0.0%					8,750

See Notes to Financial Statements.

96 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock High Yield Portfolio

Preferred Securities
Capital Trusts		Par   (000)		Value
Banks — 1.9%
Bank of America Corp.:
Series AA, 6.10% (f)(j)	USD		15	$	16,295
Series X, 6.25% (f)(j)			66		71,775
Series Z, 6.50% (f)(j)			33		36,694
CIT Group, Inc., Series A, 5.80% (f)(j)			56		58,380
Citigroup, Inc.:
5.95% (f)(j)			36		38,295
Series N, 5.80% (f)(j)			40		41,700
Series R, 6.13% (f)(j)			23		24,725
JPMorgan Chase & Co.:
Series Q, 5.15% (f)(j)			20		20,590
Series U, 6.13% (f)(j)			7		7,569
Series V, 5.00% (f)(j)			65		66,463
Series X, 6.10% (f)(j)			78		84,630
U.S. Bancorp, Series J, 5.30% (f)(j)			55		58,575
Wells Fargo & Co.:
Series S, 5.90% (f)(j)			50		53,550
Series U, 5.88% (f)(j)			54		59,506
					638,747
Capital Markets — 0.2%
Goldman Sachs Group, Inc., Series L, 5.70% (f)(j)			35		36,426
Morgan Stanley, Series H, 5.45% (f)(j)			27		27,959
					64,385
Total Capital Trusts — 2.1%					703,132
Preferred Stocks		Shares
Capital Markets — 0.2%
Morgan Stanley, Series K, 5.85% (f)			2,577		70,404

Trust Preferreds	Shares		Value
Consumer Finance — 0.7%
GMAC Capital Trust I, Series 2, 6.97%, 2/15/40 (f)		8,676	$	227,311
Total Preferred Securities — 3.0%				1,000,847
Total Long-Term Investments (Cost — $31,637,493) — 96.6%				32,300,250
Short-Term Securities
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (k)(l)		981,988		981,988
Total Short-Term Securities (Cost — $981,988) — 2.9%				981,988
Options Purchased
(Cost — $3,026) — 0.0%				2,815
Total Investments Before Options Written (Cost — $32,622,507) — 99.5%			33,285,053
Options Written
(Premiums Received — $ 649) — (0.0)%				(245	)
Total Investments Net of Options Written — 99.5%				33,284,808
Other Assets Less Liabilities — 0.5%				152,956
Net Assets — 100.0%			$	33,437,764

      Notes to Schedule of Investments

(a) Non-income producing security.

(b) 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.

(c) Issuer filed for bankruptcy and/or is in default.

(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 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.

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

(g) 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.

(h) Convertible security.

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

(j) Perpetual security with no stated maturity date.

(k) During the six months ended June 30, 2017, 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 Held at December 31, 2016		Shares Purchased			Shares Sold			Shares Held at June 30, 2017		Value Held at June 30, 2017		Income		Net Realized Gain		Change  in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		637,350		344,638	1		—			981,988	$	981,988	$	1,269		—		—
iShares iBoxx $ High Yield Corporate Bond ETF		2,461		—			(2,461	)		—		—		—	$	2,494	$	(1,138	)
Total											$	981,988	$	1,269	$	2,494	$	(1,138	)

¹  Represents net shares purchased.

(l) Current yield as of period end.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 97

Schedule of Investments (continued) BlackRock High Yield Portfolio

• For Fund compliance purposes, the Fund’s industry classifications refer to 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 adviser. 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

Futures Contract

Contracts Short	Issue	Expiration		Notional Value			Unrealized        Appreciation
(1)	U.S. Treasury Notes (10 Year)		September 2017		USD	125,531		$523

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	495,000	USD	552,511	HSBC Bank PLC		7/06/17		$13,045
								13,045
USD	324,009	CAD	436,000	HSBC Bank PLC		7/06/17		(12,245	)
USD	335,897	CAD	436,000	Westpac Banking Corp.		8/03/17		(541	)
								(12,786	)
Net Unrealized Appreciation								$ 259

OTC Barrier Options Purchased

Description

Type of Options

Counterparty

Expiration Date

Strike Price

Barrier Price

Contracts

Value

S&P 500 Index

Down-and-Out

Deutsche Bank AG

07/21/17

USD

2,430.00

USD

2,200.00

69

$1,649

Exchange-Traded Options Purchased
Description	Put/ Call		Expiration Date		Strike Price			Contracts		Value
SPDR S&P 500 ETF Trust		Put		7/21/17		USD	241.00		7		$1,166

Exchange-Traded Options Written
Description	Put/ Call		Expiration Date		Strike Price			Contracts		Value
SPDR S&P 500 ETF Trust		Put		7/21/17		USD	231.00		7		$(245)

Centrally Cleared Credit Default Swaps — Sell Protection
Issuer/Index	Receive Fixed Rate		Expiration Date		Credit Rating1		Notional Amount (000)2			Unrealized Appreciation (Depreciation)
Chesapeake Energy Corp.		5.00%		12/20/21		CCC		USD	20	$	(671	)
CDX.NA.HY.28.V1		5.00%		6/20/22		B+		USD	228		552
Total										$	(119	)

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.

See Notes to Financial Statements.

98 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock High Yield Portfolio

OTC Credit Default Swaps — Sell Protection

Issuer	Receive Fixed Rate		Counterparty		Expiration Date		Credit Rating1		Notional Amount (000)2			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Avis Budget Group, Inc.		5.00%		Barclays Bank PLC		6/20/22		BB-		USD	9	$	52		$	195		$	(143	)
Hertz Global Holdings, Inc.		5.00%		Barclays Bank PLC		6/20/22		B		USD	15		(2,651	)		(1,507	)		(1,144	)
Hertz Global Holdings, Inc.		5.00%		Goldman Sachs International		6/20/22		B		USD	13		(804	)		(838	)		34
Total												$	(3,403	)	$	(2,150	)	$	(1,253	)

¹  Using S&P’s rating of the issuer.

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 Six Months Ended June 30, 2017

	Puts
	Contracts		Premiums Received
Outstanding options, beginning of period		68	$	7,599
Options written		94		7,497
Options expired		(11)		(987	)
Options closed		(144)		(13,460	)
Outstanding options, end of period		7	$	649

      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
Futures contracts	Net unrealized appreciation1	—		—		—		—	$	523	—	$	523
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—		—		—	$	13,045		—	—		13,045
Options purchased	Investments at value — unaffiliated2	—		—	$	2,815		—		—	—		2,815
Swaps - centrally cleared	Net unrealized appreciation1	—	$	552		—		—		—	—		552
Swaps - OTC	Unrealized appreciation on OTC swaps; Swap premiums paid	—		229		—		—		—	—		229
Total		—	$	781	$	2,815	$	13,045	$	523	—	$	17,164
Liabilities - Derivative Financial Instruments
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—		—		—	$	12,786		—	—	$	12,786
Options written	Options written, at value	—		—	$	245		—		—	—		245
Swaps - centrally cleared	Net unrealized depreciation1	—	$	671		—		—		—	—		671
Swaps - OTC	Unrealized depreciation on OTC swaps; Swap premiums received	—		3,632		—		—		—	—		3,632
Total		—	$	4,303	$	245	$	12,786		—	—	$	17,334

¹  Includes cumulative appreciation (depreciation) on 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.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 99

Schedule of Investments (continued) BlackRock High Yield Portfolio

For the six months ended June 30, 2017, 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
Futures contracts	—		—		$	(25,709	)		—	$	(944	)	—	$	(26,653	)
Foreign currency transactions	—		—			—		$	21,719		—		—		21,719
Options purchased1	—		—			(28,799	)		—		(4,614	)	—		(33,413	)
Options written	—		—			13,120			—		—		—		13,120
Swaps	—	$	39,679			—			—		—		—		39,679
Total	—	$	39,679		$	(41,388	)	$	21,719	$	(5,558	)	—	$	14,452
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	—		—		$	(1,595	)		—	$	523		—	$	(1,072	)
Foreign currency translations	—		—			—		$	6,145		—		—		6,145
Options purchased1	—		—			3,737			—		1,386		—		5,123
Options written	—		—			(6,617	)		—		—		—		(6,617	)
Swaps	—	$	(19,537	)		—			—		—		—		(19,537	)
Total	—	$	(19,537	)	$	(4,475	)	$	6,145	$	1,909		—	$	(15,958	)

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

      Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts - short	$	426,886
Forward foreign currency exchange contracts:
Average amounts purchased - in USD.	$	693,502
Average amounts sold - USD	$	538,185
Options:
Average value of option contracts purchased	$	2,022
Average value of option contracts written	$	301
Average notional value of swaption contracts purchased	$	260,000
Credit default swaps:
Average notional value - sell protection	$	241,500

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:
Futures contracts		$      281			—
Forward foreign currency exchange contracts		13,045			$  12,786
Options		2,815	1		245
Swaps - Centrally cleared		535			—
Swaps - OTC2		229			3,632
Total derivative assets and liabilities in the Statements of Assets and Liabilities		$  16,905			$  16,663
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,982	)		(245	)
Total derivative assets and liabilities subject to an MNA		$  14,923			$  16,418

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 Statements of Assets and Liabilities.

See Notes to Financial Statements.

100 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock High Yield 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 Received	Net Amount of Derivative Assets2
Barclays Bank PLC		$    195		$    (195)	—	—		—
Deutsche Bank AG		1,649		—	—	—	$	1,649
Goldman Sachs International		34		(34)	—	—		—
HSBC Bank PLC		13,045		(12,245)	—	—		800
Total		$14,923		$(12,474)	—	—	$	2,449
Counterparty	Derivative Liabilities Subject to an MNA  by Counterparty		Derivatives Available for Offset1		Non-cash Collateral Pledged	Cash Collateral Pledged	Net Amount of Derivative Liabilities3
Barclays Bank PLC		$ 2,794		$(195)	—	—	$	2,599
Goldman Sachs International		838		(34)	—	—		804
HSBC Bank PLC		12,245		(12,245)	—	—		—
Westpac Banking Corp		541		—	—	—		541
Total		$16,418		$(12,474)	—	—	$	3,944

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 receivable due to the counterparty in the event of default.

³  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 Investments1 :
Common Stocks	$	405,553			—			—	$	405,553
Corporate Bonds		—		$	27,980,173		$	148,500		28,128,673
Floating Rate Loan Interests		—			2,467,957			208,831		2,676,788
Foreign Agency Obligations		—			79,639			—		79,639
Other Interests		—			8,750			—		8,750
Preferred Securities		297,715			703,132			—		1,000,847
Short-Term Securities		981,988			—			—		981,988
Options Purchased:
Equity contracts		1,166			1,649			—		2,815
Total	$	1,686,422		$	31,241,300		$	357,331	$	33,285,053
1    See above Schedule of Investments for values in each industry.
Derivative Financial Instruments2
Assets:
Credit contracts		—		$	586			—	$	586
Foreign Currency Exchange Contracts		—			13,045			—		13,045
Interest rate contracts	$	523			—			—		523
Liabilities:
Credit contracts		—			(1,958	)		—		(1,958	)
Equity contracts		(245	)		—			—		(245	)
Foreign Currency Exchange Contracts		—			(12,786	)		—		(12,786	)
Total	$	278		$	(1,113	)		—	$	(835	)

²  Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, 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.

During the six months ended June 30, 2017, there were no transfers between Level 1 and Level 2.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 101

Schedule of Investments (concluded) BlackRock High Yield Portfolio

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, 2016	$	195		$	190,308		$	125,524		$	100,393		$	416,420
Transfers into Level 3		—			—			179,169			—			179,169
Transfers out of Level 3		—			—			—			—			—
Accrued discounts/premiums		—			(2	)		128			—			126
Net realized gain (loss)		258			50			3,352			69,424			73,084
Net change in unrealized appreciation (depreciation)1,2		—			16			(1,913	)		(72,681	)		(74,578	)
Purchases		—			—			14,885			—			14,885
Sales		(453	)		(41,872	)		(112,314	)		(97,136	)		(251,775	)
Closing Balance, as of June 30, 2017		—		$	148,500		$	208,831			—		$	357,331
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 20172		—			—		$	1,883			—		$	1,883

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

² Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2017 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.

102 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments June 30, 2017 (Unaudited)	BlackRock Total Return Portfolio
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par   (000)		Value
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-OP1, Class A2, 1.94%, 12/25/33 (a)	USD		23	$	19,564
Series 2007-HE4, Class A2A, 1.35%, 5/25/37 (a)			20		6,437
ACE Securities Corp. Manufactured Housing Trust, Series 2003-MH1, Class B2, 0.00%, 8/15/30 (b)			21		16,448
Ajax Mortgage Loan Trust, Series 2016-C, Class A, 4.00%, 10/25/57 (c)(d)			92		91,349
B2R Mortgage Trust:
Series 2015-1, Class A1, 2.52%, 5/15/48 (c)			84		83,352
Series 2015-2, Class A, 3.34%, 11/15/48 (c)			95		96,153
BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.93%, 12/10/25 (a)			20		15,726
BCMSC Trust:
Series 2000-A, Class A2, 7.58%, 6/15/30 (a)			19		8,256
Series 2000-A, Class A3, 7.83%, 6/15/30 (a)			18		7,908
Series 2000-A, Class A4, 8.29%, 6/15/30 (a)			31		14,538
Bear Stearns Asset-Backed Securities I Trust:
Series 2006-HE9, Class 2A, 1.36%, 11/25/36-3/25/37 (a)			67		62,027
Series 2007-HE3, Class 1A4, 1.57%, 4/25/37 (a)			90		58,376
Bear Stearns Asset-Backed Securities Trust, Series 2005-4, Class M2, 2.42%, 1/25/36 (a)			24		23,232
Carrington Mortgage Loan Trust:
Series 2006-FRE2, Class A2, 1.34%, 10/25/36 (a)			84		54,240
Series 2006-NC4, Class A3, 1.38%, 10/25/36 (a)			100		85,301
CHLUPA Trust, Series 2013-VM, Class A, 3.33%, 8/15/20 (b)(c)			3		3,075
CIFC Funding Ltd.:
Series 2014-2A, Class A1LR, 2.39%, 5/24/26 (a)(b)(c)			250		250,010
Series 2014-5A, Class A1R, 2.56%, 1/17/27 (a)(c)			250		250,824
Citigroup Mortgage Loan Trust:
Series 2006-NC1, Class A2D, 1.47%, 8/25/36 (a)			30		24,016
Series 2007-AHL2, Class A3B, 1.22%, 5/25/37 (a)			42		31,120
Series 2007-AHL2, Class A3C, 1.29%, 5/25/37 (a)			19		14,386
Conseco Financial Corp.:
Series 1998-8, Class A1, 6.28%, 9/01/30			11		11,210
Series 1998-8, Class M1, 6.98%, 9/01/30 (a)			24		19,882
Countrywide Asset-Backed Certificates:
Series 2003-BC3, Class A2, 1.84%, 9/25/33 (a)			27		25,720
Series 2004-5, Class A, 2.12%, 10/25/34 (a)			32		30,652
Series 2006-8, Class 2A3, 1.38%, 1/25/46 (a)			21		19,593
Series 2006-S10, Class A3, 1.54%, 10/25/36 (a)			28		25,573
Series 2006-S3, Class A4, 6.40%, 1/25/29 (d)			22		21,691
Series 2006-SPS1, Class A, 1.44%, 12/25/25 (a)			2		1,981

Asset-Backed Securities	Par   (000)			Value
CWHEQ Home Equity Loan Trust:
Series 2006-S5, Class A4, 5.84%, 6/25/35		USD	14	$	14,163
Series 2006-S5, Class A5, 6.16%, 6/25/35			18		17,700
Series 2007-S1, Class A3, 5.81%, 11/25/36 (a)			16		16,115
CWHEQ Revolving Home Equity Loan Resuritization Trust, Series 2006-RES, Class 4Q1B, 1.29%, 12/15/33 (a)(b)(c)			30		25,810
CWHEQ Revolving Home Equity Loan Trust, Series 2005-B, Class 2A, 1.34%, 5/15/35 (a)			10		8,613
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (c)			108		109,484
First Franklin Mortgage Loan Trust:
Series 2006-FF17, Class A5, 1.37%, 12/25/36 (a)			51		42,483
Series 2006-FF5, Class 2A3, 1.38%, 4/25/36 (a)			9		8,440
Ford Credit Floorplan Master Owner Trust, Series 2012-5, Class C, 2.14%, 9/15/19			100		100,073
GE-WMC Mortgage Securities Trust, Series 2006-1, Class A2B, 1.17%, 8/25/36 (a)			113		71,760
GSAMP Trust:
Series 2006-FM2, Class A2B, 1.34%, 9/25/36 (a)			23		10,409
Series 2007-H1, Class A1B, 1.42%, 1/25/47 (a)			16		10,710
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 7/25/36 (d)			14		5,848
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, 1.88%, 4/15/36 (a)			19		17,085
JPMorgan Mortgage Acquisition Trust, Series 2006-WF1, Class A3A, 5.83%, 7/25/36 (d)			59		33,109
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 4/15/40 (a)			40		42,799
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 4.00%, 10/01/27 (b)(c)			85		83,509
Long Beach Mortgage Loan Trust:
Series 2006-1, Class 1A, 1.44%, 2/25/36-11/25/36 (a)			59		45,851
Series 2006-2, Class 2A3, 1.41%, 3/25/46 (a)			23		11,375
Series 2006-2, Class 2A4, 1.51%, 3/25/46 (a)			31		15,760
Series 2006-4, Class 2A4, 1.48%, 5/25/36 (a)			21		10,093
Series 2006-5, Class 2A3, 1.37%, 6/25/36 (a)			16		8,544
Series 2006-9, Class 2A3, 1.38%, 10/25/36 (a)			28		12,136
Madison Park Funding XIV Ltd., Series 2014-14A, Class A2R, 2.28%, 7/20/26 (a)(c)			250		250,193
Morgan Stanley ABS Capital I, Inc., Trust, Series 2005-HE1, Class A2MZ, 1.82%, 12/25/34 (a)			35		32,946
Mountain Hawk I CLO Ltd., Series 2013-1A, Class B1, 3.34%, 1/20/24 (a)(c)			250		250,244
Navient Private Education Loan Trust, Series 2014-CTA, Class B, 2.91%, 10/17/44 (a)(c)			100		95,881
OCP CLO Ltd.:
Series 2015-8A, Class A1, 2.69%, 4/17/27 (a)(c)			100		100,224

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 103

Schedule of Investments (continued) BlackRock Total Return Portfolio

Asset-Backed Securities	Par   (000)			Value
Series 2016-12A, Class A1, 2.73%, 10/18/28 (a)(c)		USD	180	$	181,059
OFSI Fund VI Ltd., Series 2014-6A, Class A2, 3.06%, 3/20/25 (a)(c)			150		150,136
OHA Loan Funding Ltd., Series 2013-2A, Class A, 2.46%, 8/23/24 (a)(c)			200		200,038
OneMain Financial Issuance Trust, Series 2014-1A, Class A, 2.43%, 6/18/24 (c)			14		13,986
Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class A2, 1.86%, 7/25/33 (a)			45		43,349
OZLM Funding II Ltd., Series 2012-2A, Class A1R, 2.61%, 10/30/27 (a)(c)			250		250,707
OZLM Funding IV Ltd., Series 2013-4A, Class A1, 2.30%, 7/22/25 (a)(c)			250		250,127
OZLM Funding V Ltd., Series 2013-5A, Class BR, 3.51%, 1/17/26 (a)(b)(c)			250		250,037
Pretium Mortgage Credit Partners I LLC, Series 2017-NPL3, Class A1, 3.25%, 6/29/32 (c)(d)			100		100,000
Progress Residential Trust, Series 2016-SFR1, Class E, 5.06%, 9/17/33 (a)(c)			100		104,362
RASC Trust, Series 2003-KS5, Class AIIB, 1.80%, 7/25/33 (a)			16		15,311
RCO Mortgage LLC, Series 2015-NQM1, Class A, 4.52%, 11/25/45 (a)(c)			10		9,746
Rockford Tower CLO Ltd., Series 2017-1A, Class B, 3.17%, 4/15/29 (a)(b)(c)			250		248,725
Scholar Funding Trust, Series 2013-A, Class A, 1.69%, 1/30/45 (a)(c)			132		130,126
Silvermore CLO Ltd., Series 2014-1A, Class A1, 2.63%, 5/15/26 (a)(c)			248		247,816
SLM Private Credit Student Loan Trust, Series 2004-B, Class A3, 1.58%, 3/15/24 (a)			23		22,728
SLM Private Education Loan Trust, Series 2013-C, Class A2B, 2.56%, 10/15/31 (a)(c)			85		85,774
Soundview Home Loan Trust, Series 2004-WMC1, Class M2, 2.01%, 1/25/35 (a)			6		5,526
SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 4/25/29 (c)			80		80,125
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, 1.52%, 1/25/35 (a)			36		34,181
SWAY Residential Trust, Series 2014-1, Class A, 2.51%, 1/17/32 (a)(c)			2		2,049
TICP CLO III Ltd., Series 2014-3A, Class AR, 2.34%, 1/20/27 (a)(b)(c)			250		250,133
Tricon American Homes Trust, Series 2015-SFR1, Class A, 2.42%, 5/17/32 (a)(c)			89		89,476
U.S. Residential Opportunity Fund III Trust:
Series 2016-1III, Class A, 3.47%, 7/27/36-8/27/36 (c)(d)			189		189,005
Series 2016-3III, Class A, 3.60%, 10/27/36 (c)(d)			93		92,550
U.S. Residential Opportunity Fund IV Trust, Series 2016-1IV, Class A, 3.47%, 7/27/36- 8/27/36 (c)(d)			167		166,630
Venture XIX CLO Ltd., Series 2014-19A, Class AR, 2.53%, 1/15/27 (a)(b)(c)			250		250,469

Asset-Backed Securities	Par   (000)			Value
VOLT LIX LLC, Series 2017-NPL6, Class A1, 3.25%, 5/25/47 (c)(d)		USD	97	$	97,341
VOLT LXI LLC, Series 2017-NPL8, Class A1, 3.13%, 6/25/47 (b)(c)(d)			100		100,000
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, 1.35%, 7/25/37 (a)(c)			29		27,240
Washington Mutual Asset-Backed Certificates Trust, Series 2006-HE5, Class 1A, 1.37%, 10/25/36 (a)			16		12,818
Total Asset-Backed Securities — 11.9%					6,525,567
Corporate Bonds
Aerospace & Defense — 0.4%
BAE Systems Holdings, Inc.:
2.85%, 12/15/20 (c)			12		12,164
4.75%, 10/07/44 (c)			3		3,250
Huntington Ingalls Industries, Inc., 5.00%, 12/15/21 (c)			5		5,175
Lockheed Martin Corp.:
3.55%, 1/15/26			14		14,507
3.60%, 3/01/35			19		18,747
4.50%, 5/15/36			5		5,453
4.07%, 12/15/42			16		16,354
4.70%, 5/15/46			6		6,742
Northrop Grumman Corp., 3.85%, 4/15/45			12		11,900
United Technologies Corp.:
1.78%, 5/04/18 (d)			58		58,074
4.15%, 5/15/45			19		19,672
4.05%, 5/04/47			50		51,215
					223,253
Air Freight & Logistics — 0.2%
FedEx Corp.:
4.90%, 1/15/34			22		24,488
3.90%, 2/01/35			15		14,889
4.10%, 2/01/45			20		19,621
4.75%, 11/15/45			21		22,677
4.55%, 4/01/46			13		13,656
4.40%, 1/15/47			24		24,685
					120,016
Airlines — 0.5%
American Airlines Group, Inc., 4.63%, 3/01/20 (c)			34		35,165
American Airlines Pass-Through Trust, Series 2015-1, Class A, 3.38%, 5/01/27			52		52,690
Delta Air Lines, Inc., 2.88%, 3/13/20			148		149,935
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 3/15/27 (c)			19		18,325
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			6		5,915
					262,030
Auto Components — 0.1%
Delphi Automotive PLC:
4.25%, 1/15/26			32		33,895
4.40%, 10/01/46			21		20,940
					54,835

See Notes to Financial Statements.

104 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds		Par   (000)		Value
Banks — 5.9%
Bank of America Corp.:
2.25%, 4/21/20	USD		107	$	107,044
3.30%, 1/11/23			76		77,497
3.88%, 8/01/25			38		39,311
3.50%, 4/19/26			53		53,181
3.25%, 10/21/27			25		24,158
4.88%, 4/01/44			5		5,598
4.44%, 1/20/48 (a)			80		84,614
BB&T Corp.:
2.45%, 1/15/20			40		40,447
2.75%, 4/01/22			240		243,546
Citigroup, Inc.:
1.80%, 2/05/18			58		58,044
2.50%, 9/26/18			106		106,718
2.50%, 7/29/19			78		78,701
2.90%, 12/08/21			321		324,253
3.50%, 5/15/23			25		25,364
3.88%, 3/26/25			25		25,155
4.13%, 7/25/28			90		91,361
4.75%, 5/18/46			70		73,479
HSBC Holdings PLC, 2.65%, 1/05/22			200		199,539
JPMorgan Chase & Co.:
2.20%, 10/22/19			35		35,112
2.75%, 6/23/20			7		7,117
2.97%, 1/15/23			168		169,998
3.88%, 9/10/24			29		29,921
3.90%, 7/15/25			64		66,744
4.25%, 10/01/27			30		31,293
3.78%, 2/01/28 (a)			110		112,488
Mizuho Financial Group, Inc., 2.95%, 2/28/22			224		225,929
Royal Bank of Scotland Group PLC, 2.65%, 5/15/23 (a)			230		231,863
Sumitomo Mitsui Trust Bank Ltd., 2.05%, 3/06/19 (c)			271		270,998
U.S. Bancorp:
2.95%, 7/15/22			50		50,858
3.15%, 4/27/27			20		20,033
Wells Fargo & Co.:
2.60%, 7/22/20			34		34,479
2.55%, 12/07/20			27		27,310
2.10%, 7/26/21			120		118,391
3.58%, 5/22/28 (a)			80		80,850
4.90%, 11/17/45			16		17,446
4.75%, 12/07/46			46		49,113
					3,237,953
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc.:
2.65%, 2/01/21			48		48,644
3.30%, 2/01/23			50		51,487
4.70%, 2/01/36			20		22,013
4.90%, 2/01/46			142		160,267
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42			12		11,614
					294,025
Biotechnology — 0.6%
AbbVie, Inc.:
2.50%, 5/14/20			56		56,649
2.90%, 11/06/22			20		20,188
4.50%, 5/14/35			39		41,131
Amgen, Inc.:
2.13%, 5/01/20			40		40,060
4.40%, 5/01/45			19		19,516

Corporate Bonds		Par   (000)		Value
Gilead Sciences, Inc.:
2.35%, 2/01/20	USD		10	$	10,095
2.50%, 9/01/23			23		22,659
4.60%, 9/01/35			9		9,650
4.00%, 9/01/36			80		79,551
4.50%, 2/01/45			13		13,476
4.15%, 3/01/47			13		13,061
					326,036
Building Products — 0.1%
Johnson Controls International PLC, 5.13%, 9/14/45			30		34,498
Capital Markets — 3.1%
Bank of New York Mellon Corp., 2.05%, 5/03/21			120		118,902
Credit Suisse AG, 3.00%, 10/29/21			250		254,761
Goldman Sachs Group, Inc.:
2.63%, 1/31/19			63		63,637
2.00%, 4/25/19			16		15,993
2.60%, 4/23/20			46		46,427
2.75%, 9/15/20			20		20,241
2.63%, 4/25/21			34		34,067
2.35%, 11/15/21			94		92,735
3.50%, 1/23/25			25		25,272
3.75%, 5/22/25			79		80,895
Jefferies Group LLC, 6.50%, 1/20/43			10		11,301
Lehman Brothers Holdings, Inc., 0.00%, 7/19/17 (b)(e)(f)			150		—
Moody’s Corp.:
2.75%, 12/15/21			38		38,319
3.25%, 1/15/28 (c)			50		49,232
Morgan Stanley:
2.80%, 6/16/20			76		77,105
2.63%, 11/17/21			175		174,742
2.75%, 5/19/22			240		239,948
3.75%, 2/25/23			58		60,309
3.70%, 10/23/24			56		57,470
Northern Trust Corp., 3.38%, 5/08/32 (a)			35		34,985
State Street Corp., 2.65%, 5/19/26			17		16,477
UBS Group Funding Switzerland AG, 2.65%, 2/01/22 (c)			200		199,575
					1,712,393
Chemicals — 0.2%
Agrium, Inc., 4.13%, 3/15/35 (g)			14		13,932
Dow Chemical Co.:
4.38%, 11/15/42			9		9,296
4.63%, 10/01/44			11		11,708
E.I. du Pont de Nemours & Co., 2.20%, 5/01/20			20		20,109
Eastman Chemical Co., 4.80%, 9/01/42			15		16,102
Monsanto Co., 3.60%, 7/15/42			14		12,177
Sherwin-Williams Co., 4.50%, 6/01/47			15		15,717
					99,041
Commercial Services & Supplies — 0.4%
Aviation Capital Group Corp., 2.88%, 9/17/18 (c)			55		55,529
Pitney Bowes, Inc., 3.88%, 5/15/22			140		139,964
Waste Management, Inc., 3.90%, 3/01/35			16		16,517
					212,010

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 105

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds		Par   (000)		Value
Communications Equipment — 0.1%
Harris Corp., 2.70%, 4/27/20	USD		14	$	14,145
Juniper Networks, Inc., 3.30%, 6/15/20			21		21,505
					35,650
Consumer Finance — 1.3%
American Express Credit Corp.:
2.25%, 8/15/19			28		28,241
3.30%, 5/03/27			15		14,988
Capital One Financial Corp., 3.75%, 3/09/27			60		59,782
Discover Financial Services, 4.10%, 2/09/27			13		13,022
General Motors Financial Co., Inc.:
2.63%, 7/10/17			100		100,010
4.75%, 8/15/17			90		90,307
3.10%, 1/15/19			13		13,178
3.70%, 11/24/20			23		23,797
3.20%, 7/06/21			76		76,854
3.15%, 6/30/22			205		205,317
4.00%, 1/15/25			29		29,123
Synchrony Financial:
2.60%, 1/15/19			36		36,192
2.70%, 2/03/20			19		19,096
4.50%, 7/23/25			19		19,539
					729,446
Containers & Packaging — 0.1%
Reynolds Group Issuer, Inc., 5.75%, 10/15/20			35		35,817
Diversified Financial Services — 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50%, 5/26/22			150		153,936
BHP Billiton Finance USA Ltd., 5.00%, 9/30/43			30		34,716
BP Capital Markets PLC, 3.22%, 4/14/24			70		70,691
Glencore Funding LLC, 4.00%, 3/27/27 (c)			70		68,873
Hyundai Capital America, 2.55%, 4/03/20 (c)			132		131,670
Shell International Finance BV:
4.13%, 5/11/35			36		37,482
3.63%, 8/21/42			16		14,968
Woodside Finance Ltd., 3.65%, 3/05/25 (c)			4		3,985
					516,321
Diversified Telecommunication Services — 1.2%
AT&T Inc.:
3.80%, 3/01/24			40		40,904
5.25%, 3/01/37			29		30,896
6.38%, 3/01/41			13		15,181
4.30%, 12/15/42			8		7,429
4.75%, 5/15/46			36		35,302
Orange SA, 5.50%, 2/06/44			18		21,489
Verizon Communications, Inc.:
1.72%, 5/22/20 (a)			410		410,307
3.85%, 11/01/42			7		6,103
4.86%, 8/21/46			81		81,014
					648,625
Electric Utilities — 0.6%
Baltimore Gas & Electric Co., 3.50%, 8/15/46			13		12,394
Emera U.S. Finance LP:
2.15%, 6/15/19			32		31,970
2.70%, 6/15/21			39		39,060
Exelon Corp.:
2.85%, 6/15/20			51		51,812
2.45%, 4/15/21			9		8,975
4.95%, 6/15/35			7		7,663
Great Plains Energy, Inc., 3.90%, 4/01/27			62		62,721
Southern California Edison Co., 1.25%, 11/01/17			19		18,989

Corporate Bonds		Par   (000)		Value
Electric Utilities (continued)
Southern Co. Gas Capital Corp., 4.40%, 5/30/47	USD		35	$	35,698
Trans-Allegheny Interstate Line Co., 3.85%, 6/01/25 (c)			57		59,110
					328,392
Electronic Equipment, Instruments & Components — 0.0%
Amphenol Corp., 3.20%, 4/01/24			19		19,194
Energy Equipment & Services — 0.2%
Halliburton Co., 3.80%, 11/15/25			40		40,993
Nabors Industries, Inc., 5.50%, 1/15/23 (c)			17		16,107
Schlumberger Holdings Corp., 3.00%, 12/21/20 (c)			48		48,873
					105,973
Equity Real Estate Investment Trusts (REITs) — 0.2%
American Tower Corp.:
3.30%, 2/15/21			23		23,601
3.45%, 9/15/21			22		22,687
3.50%, 1/31/23			8		8,205
5.00%, 2/15/24			8		8,839
4.40%, 2/15/26			5		5,241
Crown Castle International Corp.:
3.40%, 2/15/21			11		11,295
2.25%, 9/01/21			39		38,368
					118,236
Food & Staples Retailing — 0.1%
Walgreens Boots Alliance, Inc.:
4.80%, 11/18/44			61		64,913
4.65%, 6/01/46			2		2,093
					67,006
Food Products — 0.1%
Arcor SAIC, 6.00%, 7/06/23 (c)			5		5,313
Post Holdings, Inc., 6.00%, 12/15/22 (c)			33		34,980
					40,293
Health Care Equipment & Supplies — 0.7%
Abbott Laboratories:
2.80%, 9/15/20			26		26,406
3.88%, 9/15/25			9		9,257
Becton Dickinson and Co.:
2.13%, 6/06/19			100		100,152
2.68%, 12/15/19			34		34,416
2.89%, 6/06/22			70		70,219
4.69%, 12/15/44			8		8,239
Boston Scientific Corp., 2.65%, 10/01/18			28		28,257
Medtronic Global Holdings SCA, 3.35%, 4/01/27			60		61,168
Medtronic, Inc., 4.38%, 3/15/35			4		4,369
Stryker Corp., 4.63%, 3/15/46			16		17,480
					359,963
Health Care Providers & Services — 0.8%
Aetna, Inc.:
4.50%, 5/15/42			18		19,442
4.13%, 11/15/42			10		10,182
4.75%, 3/15/44			10		11,241
Anthem, Inc.:
1.88%, 1/15/18			70		70,058
2.30%, 7/15/18			86		86,484
Baylor Scott & White Holdings, 4.19%, 11/15/45			15		15,336
Catholic Health Initiatives, 4.35%, 11/01/42			10		9,026
Cigna Corp., 3.25%, 4/15/25			44		44,172

See Notes to Financial Statements.

106 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds	Par   (000)			Value
Health Care Providers & Services (continued)
HCA, Inc., 3.75%, 3/15/19		USD	35	$	35,700
Kaiser Foundation Hospitals, 4.15%, 5/01/47			21		21,759
Laboratory Corp. of America Holdings, 2.63%, 2/01/20			20		20,165
New York & Presbyterian Hospital, 3.56%, 8/01/36			9		8,735
Ochsner Clinic Foundation, 5.90%, 5/15/45			10		12,423
RWJ Barnabas Health, Inc., 3.95%, 7/01/46			5		4,920
Southern Baptist Hospital of Florida, Inc., 4.86%, 7/15/45			10		11,126
SSM Health Care Corp., 3.82%, 6/01/27			21		21,520
UnitedHealth Group, Inc.:
2.70%, 7/15/20			15		15,316
4.63%, 7/15/35			7		7,867
4.20%, 1/15/47			18		18,988
					444,460
Hotels, Restaurants & Leisure — 0.2%
Caesars Growth Properties Holdings
LLC/Caesars Growth Properties Finance, Inc., 9.38%, 5/01/22			35		37,975
McDonald’s Corp.:
4.70%, 12/09/35			8		8,830
4.88%, 12/09/45			9		10,034
4.45%, 3/01/47			27		28,401
					85,240
Household Durables — 0.1%
Newell Brands, Inc., 2.88%, 12/01/19			51		51,875
Independent Power and Renewable Electricity Producers — 0.0%
Genneia SA, 8.75%, 1/20/22 (c)			4		4,253
Industrial Conglomerates — 0.1%
Eaton Corp., 2.75%, 11/02/22			23		23,125
General Electric Co., 4.50%, 3/11/44			45		49,993
					73,118
Insurance — 0.3%
Allstate Corp., 4.20%, 12/15/46			24		25,020
American International Group, Inc.:
3.75%, 7/10/25			25		25,465
3.88%, 1/15/35			22		21,328
4.50%, 7/16/44			19		19,321
Aon PLC, 4.75%, 5/15/45			22		23,804
Marsh & McLennan Cos., Inc.:
3.75%, 3/14/26			6		6,247
4.35%, 1/30/47			10		10,687
Travelers Cos., Inc.:
4.60%, 8/01/43			23		25,653
4.00%, 5/30/47			30		30,689
Willis North America, Inc., 3.60%, 5/15/24			4		4,040
					192,254
IT Services — 0.2%
DXC Technology Co., 2.88%, 3/27/20 (c)			21		21,264
Fidelity National Information Services, Inc.:
3.63%, 10/15/20			4		4,190
4.50%, 8/15/46			55		56,420
Total System Services, Inc., 4.80%, 4/01/26			35		38,099
Visa, Inc., 4.15%, 12/14/35			16		17,335
					137,308
Machinery — 0.0%
Ingersoll-Rand Luxembourg Finance SA, 4.65%, 11/01/44			5		5,392

Corporate Bonds	Par   (000)			Value
Media — 1.7%
21st Century Fox America, Inc.:
4.75%, 9/15/44		USD	3	$	3,158
4.95%, 10/15/45			4		4,330
CBS Corp., 2.30%, 8/15/19			25		25,163
Charter Communications Operating LLC/Charter
Communications Operating Capital:
4.46%, 7/23/22			52		55,404
4.91%, 7/23/25			14		15,124
3.75%, 2/15/28 (c)			130		128,082
6.38%, 10/23/35			16		18,966
6.48%, 10/23/45			100		120,021
5.38%, 5/01/47 (c)			50		52,897
Comcast Corp.:
3.38%, 8/15/25			12		12,311
4.25%, 1/15/33			10		10,658
4.40%, 8/15/35			25		26,873
3.20%, 7/15/36			47		43,988
4.75%, 3/01/44			46		51,188
4.60%, 8/15/45			17		18,538
3.40%, 7/15/46			13		11,838
CSC Holdings LLC, 7.63%, 7/15/18			35		36,925
Discovery Communications LLC, 3.80%, 3/13/24			23		23,257
Interpublic Group of Cos., Inc., 4.00%, 3/15/22			22		23,070
NBCUniversal Media LLC, 4.45%, 1/15/43			25		26,542
Time Warner Cable LLC:
5.00%, 2/01/20			30		32,004
4.13%, 2/15/21			31		32,417
4.00%, 9/01/21			8		8,362
5.50%, 9/01/41			12		12,896
4.50%, 9/15/42			3		2,854
Time Warner, Inc.:
2.10%, 6/01/19			41		41,017
3.60%, 7/15/25			19		18,957
4.85%, 7/15/45			21		21,623
Viacom, Inc.:
2.75%, 12/15/19			6		6,068
4.50%, 3/01/21			24		25,490
					910,021
Metals & Mining — 0.3%
Barrick Gold Corp., 5.25%, 4/01/42			40		45,512
Newmont Mining Corp.:
3.50%, 3/15/22			40		41,365
4.88%, 3/15/42			30		31,699
Nucor Corp., 5.20%, 8/01/43			12		14,081
Rio Tinto Finance USA PLC, 4.13%, 8/21/42			20		20,638
Steel Dynamics, Inc., 5.13%, 10/01/21			14		14,378
					167,673
Multi-Utilities — 0.3%
Dominion Energy Gas Holdings LLC, 4.60%, 12/15/44			22		22,988
NiSource Finance Corp., 3.49%, 5/15/27			35		35,241
Pacific Gas & Electric Co.:
4.75%, 2/15/44			19		21,624
4.30%, 3/15/45			14		14,996
Virginia Electric & Power Co.:
3.50%, 3/15/27			49		50,384
4.45%, 2/15/44			7		7,648
4.20%, 5/15/45			20		20,997
					173,878

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 107

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds	Par   (000)			Value
Oil, Gas & Consumable Fuels — 2.2%
Anadarko Petroleum Corp.:
7.95%, 6/15/39		USD	18	$	22,659
4.50%, 7/15/44			8		7,331
Apache Corp., 4.25%, 1/15/44			16		14,987
Canadian Natural Resources Ltd.:
2.95%, 1/15/23			50		49,602
3.85%, 6/01/27			70		69,433
Cenovus Energy, Inc., 4.25%, 4/15/27 (c)			70		66,684
Devon Energy Corp.:
3.25%, 5/15/22			26		25,840
5.85%, 12/15/25			34		38,637
5.60%, 7/15/41			38		39,466
Enbridge, Inc.:
2.90%, 7/15/22			35		34,930
3.70%, 7/15/27			25		24,981
Endeavor Energy Resources LP/EER Finance, Inc., 7.00%, 8/15/21 (c)			35		36,225
Energy Transfer LP, 6.13%, 12/15/45			35		37,883
Enterprise Products Operating LLC:
5.10%, 2/15/45			8		8,785
4.90%, 5/15/46			32		34,411
EOG Resources, Inc.:
4.15%, 1/15/26			14		14,710
3.90%, 4/01/35			10		9,698
Exxon Mobil Corp.:
1.82%, 3/15/19			57		57,225
4.11%, 3/01/46			20		21,098
Halcon Resources Corp., 12.00%, 2/15/22 (c)			10		11,300
Hess Corp., 4.30%, 4/01/27			73		71,305
Kinder Morgan Energy Partners LP, 3.50%, 3/01/21			50		51,199
Kinder Morgan, Inc.:
3.05%, 12/01/19			21		21,365
5.05%, 2/15/46			20		20,084
MPLX LP, 5.20%, 3/01/47			12		12,358
NGPL PipeCo LLC, 7.12%, 12/15/17 (c)			35		35,656
Noble Energy, Inc., 5.05%, 11/15/44			17		17,459
Petro-Canada, 6.80%, 5/15/38 (g)			20		26,065
Pioneer Natural Resources Co., 4.45%, 1/15/26			10		10,515
Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25			20		20,500
Resolute Energy Corp., 8.50%, 5/01/20			35		34,825
Sabine Pass Liquefaction LLC, 4.20%, 3/15/28 (c)			26		26,268
Spectra Energy Partners LP, 4.50%, 3/15/45			30		29,567
Sunoco Logistics Partners Operations LP:
3.90%, 7/15/26			7		6,868
5.35%, 5/15/45			10		9,802
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.50%, 10/15/19			35		36,925
TransCanada PipeLines Ltd.:
1.88%, 1/12/18			18		18,024
2.50%, 8/01/22			26		25,968
Western Refining Logistics LP/WNRL Finance Corp., 7.50%, 2/15/23			35		37,713
Williams Partners LP, 4.00%, 9/15/25			50		50,920
					1,189,271
Paper & Forest Products — 0.1%
Georgia-Pacific LLC, 7.38%, 12/01/25			23		29,264

Corporate Bonds	Par   (000)			Value
Pharmaceuticals — 0.8%
Allergan Funding SCS:
2.35%, 3/12/18		USD	132	$	132,551
3.00%, 3/12/20			54		55,146
3.80%, 3/15/25			114		117,916
4.55%, 3/15/35			23		24,549
4.75%, 3/15/45			24		25,907
Mylan NV, 5.25%, 6/15/46			12		13,127
Pfizer, Inc., 4.00%, 12/15/36			34		35,919
Teva Pharmaceutical Finance Co. BV, 3.65%, 11/10/21			17		17,555
Teva Pharmaceutical Finance Netherlands III BV, 2.80%, 7/21/23			25		24,316
					446,986
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC:
4.15%, 4/01/45			4		4,181
4.70%, 9/01/45			10		11,262
4.13%, 6/15/47			20		21,031
CSX Corp., 4.25%, 11/01/66			13		12,815
Norfolk Southern Corp., 6.00%, 5/23/2111			11		13,245
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (c)			50		49,133
Union Pacific Corp., 3.88%, 2/01/55			20		19,305
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 5/14/26			51		51,796
					182,768
Semiconductors & Semiconductor Equipment — 1.5%
Analog Devices, Inc.:
3.90%, 12/15/25			7		7,276
3.50%, 12/05/26			50		50,389
5.30%, 12/15/45			7		8,018
Applied Materials, Inc.:
3.30%, 4/01/27			37		37,601
4.35%, 4/01/47			10		10,614
Broadcom Corp./Broadcom Cayman Finance Ltd.:
2.38%, 1/15/20 (c)			188		188,273
3.00%, 1/15/22 (c)			246		248,199
3.63%, 1/15/24 (c)			128		130,944
Lam Research Corp.:
2.75%, 3/15/20			19		19,242
2.80%, 6/15/21			27		27,389
QUALCOMM, Inc.:
2.60%, 1/30/23			30		29,891
4.80%, 5/20/45			13		14,268
Xilinx, Inc., 2.95%, 6/01/24			25		25,067
					797,171
Software — 0.8%
Autodesk, Inc., 3.50%, 6/15/27			65		63,920
Microsoft Corp.:
3.50%, 2/12/35			27		27,223
3.45%, 8/08/36			40		40,025
3.70%, 8/08/46			102		100,933
4.25%, 2/06/47			100		108,265

See Notes to Financial Statements.

108 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

Corporate Bonds		Par   (000)		Value
Software (continued)
Oracle Corp.:
3.25%, 5/15/30	USD		14	$	14,068
3.90%, 5/15/35			13		13,396
4.00%, 7/15/46			35		35,346
4.38%, 5/15/55			9		9,451
					412,627
Technology Hardware, Storage & Peripherals — 1.0%
Apple Inc.:
3.00%, 2/09/24			48		48,728
2.85%, 5/11/24			175		175,848
3.45%, 2/09/45			12		11,276
4.65%, 2/23/46			116		130,027
Dell International LLC/EMC Corp.:
5.45%, 6/15/23 (c)			52		56,429
8.35%, 7/15/46 (c)			30		38,717
Hewlett Packard Enterprise Co.:
2.85%, 10/05/18			65		65,556
3.60%, 10/15/20			28		28,871
HP, Inc., 3.75%, 12/01/20			6		6,280
					561,732
Tobacco — 0.1%
Reynolds American, Inc.:
2.30%, 6/12/18			22		22,096
3.25%, 6/12/20			10		10,295
					32,391
Trading Companies & Distributors — 0.4%
Air Lease Corp.:
2.63%, 7/01/22			70		69,380
3.00%, 9/15/23			95		94,453
3.63%, 4/01/27			36		36,003
GATX Corp.:
2.60%, 3/30/20			26		26,269
3.85%, 3/30/27			16		16,103
					242,208
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc., 5.00%, 3/15/44			8		9,049
Vodafone Group PLC, 4.38%, 2/19/43			20		19,750
					28,799
Total Corporate Bonds — 28.8%					15,749,695
Floating Rate Loan Interests (a)
Capital Markets — 0.7%
LSTAR Securities Financing Vehicle:
3.50%, 5/10/25 (b)			197		195,573
2.00%, 6/16/25			190		188,138
Total Floating Rate Loan Interests — 0.7%					383,711
Foreign Agency Obligations
Argentina — 0.0%
Petrobras Argentina SA, 7.38%, 7/21/23 (c)			10		10,547
YPF SA:
8.88%, 12/19/18 (c)			13		13,928
8.50%, 3/23/21 (c)			2		2,225
					26,700

Foreign Agency Obligations		Par   (000)		Value
Brazil — 0.3%
Petrobras Global Finance BV:
5.75%, 1/20/20	USD		4	$	4,151
4.88%, 3/17/20			4		4,080
5.38%, 1/27/21			49		49,818
8.38%, 5/23/21			66		73,879
6.13%, 1/17/22			4		4,126
8.75%, 5/23/26			2		2,300
7.38%, 1/17/27			5		5,290
					143,644
Mexico — 0.1%
Petroleos Mexicanos, 6.50%, 3/13/27 (c)			47		50,490
Total Foreign Agency Obligations — 0.4%					220,834
Foreign Government Obligations
Argentina — 0.2%
Republic of Argentina:
5.63%, 1/26/22			59		60,416
7.82%, 12/31/33	EUR		19		22,577
7.13%, 6/28/2117	USD		16		14,520
					97,513
Colombia — 0.4%
Republic of Colombia, 4.00%, 2/26/24			200		207,600
Hungary — 0.1%
Republic of Hungary, 5.38%, 3/25/24			50		56,286
Indonesia — 0.2%
Republic of Indonesia:
8.38%, 3/15/24	IDR		148,000		12,056
8.38%, 9/15/26			797,000		65,961
7.00%, 5/15/27			405,000		30,768
9.00%, 3/15/29			49,000		4,187
					112,972
Lebanon — 0.0%
Lebanese Republic, 6.85%, 3/23/27	USD		28		28,190
Mexico — 1.9%
United Mexican States:
Series M, 4.75%, 6/14/18	MXN		12		64,798
Series M, 5.00%, 12/11/19			114		605,316
4.15%, 3/28/27	USD		343		355,177
					1,025,291
Russia — 1.0%
Russian Federation:
7.50%, 8/18/21	RUB		11,660		195,239
7.40%, 12/07/22			2,675		44,586
7.75%, 9/16/26			3,609		61,257
8.15%, 2/03/27			8,658		152,739
7.05%, 1/19/28			5,142		83,048
					536,869
South Africa — 0.2%
Republic of South Africa, 6.25%, 3/31/36	ZAR		1,656		89,358

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 109

Schedule of Investments (continued) BlackRock Total Return Portfolio

Foreign Government Obligations	Par   (000)			Value
Turkey — 0.6%
Republic of Turkey:
10.50%, 1/15/20		TRY	150	$	42,573
7.00%, 6/05/20		USD	39		42,644
9.20%, 9/22/21		TRY	210		57,089
11.00%, 3/02/22			430		124,535
8.80%, 9/27/23			110		29,130
7.38%, 2/05/25		USD	33		38,215
					334,186
Uruguay — 0.1%
Republic of Uruguay, 4.38%, 10/27/27			50		53,125
Total Foreign Government Obligations — 4.7%					2,541,390
Investment Companies — 1.0%	Shares
iShares iBoxx $ High Yield Corporate Bond ETF (h)			6,240		551,554
Non-Agency Mortgage-Backed Securities	Par   (000)
Collateralized Mortgage Obligations — 2.7%
American Home Mortgage Assets Trust:
Series 2006-3, Class 2A11, 1.67%, 10/25/46 (a)		USD	42		35,487
Series 2006-5, Class A1, 1.65%, 11/25/46 (a)			42		22,452
APS Resecuritization Trust:
Series 2016-3, Class 3A, 3.84%, 9/27/46 (a)(b)(c)			90		90,998
Series 2016-3, Class 4A, 3.59%, 4/27/47 (a)(b)(c)			85		85,564
Banc of America Funding Trust, Series 2016-R2, Class 1A1, 4.70%, 5/01/33 (a)(b)(c)			96		97,778
Bear Stearns ALT-A Trust II, Series 2007-1, Class 1A1, 3.31%, 9/25/47 (a)			32		22,980
Bear Stearns Mortgage Funding Trust:
Series 2007-AR2, Class A1, 1.19%, 3/25/37 (a)			9		7,568
Series 2007-AR4, Class 1A1, 1.22%, 9/25/47 (a)			31		27,183
Countrywide Alternative Loan Trust:
Series 2005-72, Class A3, 1.52%, 1/25/36 (a)			13		11,061
Series 2006-15CB, Class A1, 6.50%, 6/25/36			6		4,449
Series 2006-OA14, Class 1A1, 2.46%, 11/25/46 (a)			63		59,146
Series 2006-OA6, Class 1A2, 1.43%, 7/25/46 (a)			27		25,791
Series 2006-OA8, Class 1A1, 1.41%, 7/25/46 (a)			10		8,630
Series 2007-OA3, Class 1A1, 1.36%, 4/25/47 (a)			15		12,903
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, 1.69%, 4/25/46 (a)			87		45,058
Credit Suisse Commercial Mortgage Trust, Series 2014-9R, Class 3A1, 1.83%, 11/27/37 (a)(c)			35		33,573
Credit Suisse Mortgage Capital Certificates:
Series 2013-5R, Class 1A6, 1.24%, 2/27/36 (a)(c)			25		22,432
Series 2014-11R, Class 16A1, 3.17%, 9/27/47 (a)(c)			40		39,661

Non-Agency Mortgage-Backed Securities	Par   (000)			Value
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-RMP1, Class A2, 1.17%, 12/25/36 (a)		USD	81	$	70,275
GreenPoint Mortgage Funding Trust, Series 2006-AR2, Class 4A1, 2.73%, 3/25/36 (a)			8		6,837
GSMPS Mortgage Loan Trust:
Series 2005-RP1, Class 1AF, 1.57%, 1/25/35 (a)(c)			12		10,524
Series 2005-RP2, Class 1AF, 1.57%, 3/25/35 (a)(c)			14		12,568
Series 2006-RP1, Class 1AF1, 1.37%, 1/25/36 (a)(c)			10		8,837
Impac Secured Assets CMN Owner Trust, Series 2004-3, Class 1A4, 1.82%, 11/25/34 (a)			11		11,391
JPMorgan Mortgage Trust, Series 2017-2, Class A6, 3.00%, 5/25/47 (a)(b)(c)			99		100,345
LSTAR Securities Investment Ltd.:
Series 2016-3, Class A, 3.05%, 9/01/21 (a)(c)			64		63,529
Series 2017-2, Class A1, 3.05%, 2/01/22 (a)(b)(c)			93		92,833
Series 2017-3, Class A1, 3.05%, 4/01/19 (a)(b)(c)			97		96,333
LSTAR Securities Investment Trust, Series 2016-5, Class A1, 3.05%, 11/01/21 (a)(b)(c)			68		68,698
RALI Trust:
Series 2006-QO6, Class A2, 1.45%, 6/25/46 (a)			35		15,538
Series 2007-QH6, Class A1, 1.41%, 7/25/37 (a)			15		13,389
Series 2007-QH9, Class A1, 2.09%, 11/25/37 (a)			31		25,457
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 3A1, 3.50%, 4/25/47 (a)			162		126,650
Structured Asset Mortgage Investments II Trust, Series 2006-AR4, Class 3A1, 1.21%, 6/25/36 (a)			28		25,422
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF4, Class 2A1, 6.00%, 10/25/36 (c)			35		30,852
WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR15, Class 2A, 2.08%, 11/25/46 (a)			9		8,362
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class CRB1, 3.28%, 10/25/35 (a)			34		26,610
					1,467,164
Commercial Mortgage-Backed Securities — 3.9%
Banc of America Commercial Mortgage Trust: Series 2007-1, Class AMFX, 5.48%, 1/15/49 (a)			5		5,469
Series 2007-5, Class AM, 5.77%, 2/10/51 (a)			40		40,444
Bayview Commercial Asset Trust:
Series 2005-4A, Class A1, 1.52%, 1/25/36 (a)(c)			19		17,255
Series 2006-3A, Class A2, 1.52%, 10/25/36 (a)(c)			27		24,729
Series 2007-4A, Class A1, 1.67%, 9/25/37 (a)(c)			46		40,396

See Notes to Financial Statements.

110 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

Non-Agency Mortgage-Backed Securities	Par   (000)			Value
Commercial Mortgage-Backed Securities (continued)
BHMS Mortgage Trust, Series 2014-ATLS, Class AFL, 2.49%, 7/05/33 (a)(c)		USD	102	$	101,500
BWAY Mortgage Trust:
Series 2013-1515, Class A2, 3.45%, 3/10/33 (c)			230		235,961
Series 2013-1515, Class C, 3.45%, 3/10/33 (c)			100		99,703
BXP Trust, Series 2017-GM, Class D, 3.42%, 6/13/39 (a)(b)(c)			50		48,451
Chicago Skyscraper Trust, Series 2017-SKY, Class E, 4.46%, 2/15/30 (a)(c)			100		101,252
Citigroup Commercial Mortgage Trust:
Series 2016-P3, Class C, 5.00%, 4/15/49 (a)			10		10,546
Series 2017-P7, Class A4, 3.71%, 4/14/50			10		10,439
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2007-CD5, Class AMA, 6.51%, 11/15/44 (a)			46		46,385
Series 2017-CD3, Class A4, 3.63%, 2/10/50			10		10,410
Commercial Mortgage Pass-Through Certificates:
Series 2007-C9, Class AJFL, 1.68%, 12/10/49 (a)(c)			14		14,384
Series 2014-CR14, Class A4, 4.24%, 2/10/47 (a)			10		10,745
Series 2014-CR16, Class A4, 4.05%, 4/10/47			29		30,892
Series 2014-CR17, Class A5, 3.98%, 5/10/47			47		49,872
Series 2014-CR18, Class A4, 3.55%, 5/15/24			10		10,332
Series 2014-CR19, Class A5, 3.80%, 8/10/24			10		10,501
Series 2015-CR23, Class CMD, 3.81%, 5/10/48 (a)(c)			100		97,857
Series 2015-CR25, Class C, 4.70%, 8/10/48 (a)			20		20,151
Countrywide Commercial Mortgage Trust, Series 2007-MF1, Class A, 6.48%, 11/12/43 (a)(c)			3		2,608
Credit Suisse Commercial Mortgage Trust, Series 2015-DEAL, Class A, 2.48%, 4/15/29 (a)(c)			94		94,573
Credit Suisse Mortgage Capital Certificates, Series 17-1, Class A, 4.50%, 3/25/21 (c)			133		132,694
CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A4, 3.39%, 6/15/50 (b)			10		10,204
FREMF Mortgage Trust:
Series 2017-K64, Class B, 4.12%, 3/25/27 (a)(c)			10		10,066
Series 2017-K725, Class B, 3.88%, 2/25/24 (a)(c)			20		19,993
GS Mortgage Securities Corp. II, Series 2013-KING, Class E, 3.55%, 12/10/27 (a)(c)			180		179,123
GS Mortgage Securities Trust:
Series 2014-GC24, Class A5, 3.93%, 9/10/47			10		10,587
Series 2015-GC32, Class C, 4.56%, 7/10/25 (a)			10		9,922

Non-Agency Mortgage-Backed Securities	Par   (000)			Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2014-C21, Class A5, 3.77%, 6/15/24		USD	10	$	10,511
Series 2015-JP1, Class C, 4.90%, 1/15/49 (a)			20		20,949
Series 2015-JP1, Class D, 4.40%, 1/15/49 (a)			10		9,204
Series 2015-SGP, Class A, 2.86%, 7/15/36 (a)(c)			36		36,213
Series 2016-NINE, Class A, 2.85%, 10/06/38 (a)(c)			100		98,053
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C16, Class A5, 3.89%, 6/15/47			20		21,156
Series 2015-C25, Class D, 3.07%, 10/15/48			10		8,017
Series 2015-C26, Class D, 3.06%, 10/15/48 (c)			140		109,791
Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.00%, 7/27/49 (c)			4		3,791
Resource Capital Corp. Ltd.:
Series 2017-CRE5, Class A, 1.89%, 7/15/34 (a)(c)			10		10,000
Series 2017-CRE5, Class B, 3.09%, 7/15/34 (a)(b)(c)			10		10,000
STRIPs Ltd., Series 2012-1A, Class B, 0.50%, 12/25/44 (b)(c)			59		57,887
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFL, 3.02%, 10/25/46 (a)			89		89,973
VNDO Trust, Series 2016-350P, Class E, 4.03%, 1/10/35 (a)(c)			100		93,895
Wells Fargo Commercial Mortgage Trust:
Series 2015-C31, Class D, 3.85%, 11/15/48			10		7,606
Series 2017-C38, Class A5, 3.45%, 7/15/50			10		10,231
WF-RBS Commercial Mortgage Trust:
Series 2014-C21, Class A5, 3.68%, 7/15/24			10		10,426
Series 2014-C22, Class C, 3.91%, 9/15/24 (a)			20		18,868
					2,134,015
Interest Only Commercial Mortgage-Backed Securities — 0.4%
BB-UBS Trust, Series 2012-SHOW, Class XA, 0.73%, 11/05/36 (a)(c)			1,760		70,582
Commercial Mortgage Pass-Through Certificates:
Series 2015-3BP, Class XA, 0.17%, 2/10/35 (a)(c)			939		6,432
Series 2016-DC2, Class XA, 1.22%, 2/10/49 (a)			158		10,648
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49 (a)(b)(c)			1,800		91,260
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class XF, 1.34%, 12/15/47 (a)(b)(c)			100		6,346
Morgan Stanley Capital I Trust, Series 2017-H1, Class XD, 2.20%, 6/15/50 (a)(c)			100		16,088

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 111

Schedule of Investments (continued) BlackRock Total Return Portfolio

Non-Agency Mortgage-Backed Securities		Par   (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
One Market Plaza Trust:
Series 2017-1MKT, Class XCP, 0.22%, 2/10/32 (a)(c)	USD		1,000	$	6,300
Series 2017-1MKT, Class XNCP, 0.00%, 2/10/32 (a)(c)			200		—
					207,656
Total Non-Agency Mortgage-Backed Securities — 7.0%					3,808,835
Other Interests (i)		Beneficial Interest (000)
Capital Markets — 0.0%
Lehman Brothers Holdings Capital Trust VII (b)(e)(f)			55		—
Lehman Brothers Holdings, Inc. (b)(e)(f)			325		—
Total Other Interests — 0.0%					—
Preferred Securities
Capital Trusts		Par   (000)
Capital Markets — 0.1%
Bank of New York Mellon Corp., Series F, 4.63% (a)(j)	USD		54		54,464
State Street Corp., 2.25%, 6/15/37 (a)			20		18,413
					72,877
Multi-Utilities — 0.1%
Dominion Energy, Inc., 2.58%, 7/01/20			40		40,207
Total Capital Trusts — 0.2%					113,084
Trust Preferreds		Shares
Banks — 0.3%
Citigroup Capital XIII, 7.54%, 10/30/40 (a)			6,917		179,704
Total Preferred Securities — 0.5%					292,788
Taxable Municipal Bonds		Par   (000)
American Municipal Power, Inc. RB, 6.45%, 2/15/44	USD		5		6,536
Arizona Health Facilities Authority RB, 1.58%, 1/01/37 (a)			10		8,793
Bay Area Toll Authority RB:
6.92%, 4/01/40			25		35,103
7.04%, 4/01/50			15		22,952
Board of Water Commissioners City & County of Denver RB, 5.00%, 9/15/47			20		23,726
Brooklyn Arena Local Development Corp. RB, 5.00%, 7/15/42			15		16,799
Buckeye Tobacco Settlement Financing Authority RB, 5.88%, 6/01/47			30		29,216

Taxable Municipal Bonds		Par   (000)		Value
California Health Facilities Financing Authority RB, 5.00%, 8/15/33	USD		10	$	11,760
California Housing Finance Agency RB, 3.66%, 2/01/29			10		10,041
California State Public Works Board RB, 8.36%, 10/01/34			10		14,991
Central Texas Regional Mobility Authority RB, 5.00%, 1/01/45-1/01/46			20		22,547
Chesapeake Bay Bridge & Tunnel District RB, 5.00%, 7/01/51			10		11,174
Chesapeake Bay Bridge & Tunnel District RB AGM, 5.00%, 7/01/41			10		11,500
Chino Valley Unified School District GO, 5.25%, 8/01/47			10		11,994
City of Atlanta, GA Water & Wastewater Revenue RB, 5.00%, 11/01/37			10		11,864
City of Aurora, CO Water Revenue RB, 5.00%, 8/01/46			10		11,658
City of Houston, TX Combined Utility System Revenue RB, 5.00%, 11/15/35			10		11,722
City of Riverside, CA Electric Revenue RB, 7.61%, 10/01/40			10		14,751
Clark County School District GO, 5.00%, 6/15/23-6/15/27			20		23,922
Colorado Health Facilities Authority RB, 5.25%, 2/01/31			5		5,279
Commonwealth Financing Authority RB, 4.14%, 6/01/38			10		10,353
Commonwealth of Puerto Rico GO, 8.00%, 7/01/35 (e)(f)			240		145,500
Connecticut State Health & Educational Facility Authority RB, 5.00%, 7/01/45			20		22,221
Contra Costa Community College District GO, 6.50%, 8/01/34			5		6,454
County of Clark Department of Aviation RB, 5.00%, 7/01/21			10		11,309
County of Clark, NV RB, 5.00%, 7/01/28			10		12,507
County of Guilford, NC GO, 5.00%, 5/01/25- 5/01/28			75		94,117
County of Miami-Dade, FL Aviation Revenue RB:
2.50%, 10/01/24			15		14,525
5.00%, 10/01/38			15		16,932
County of Miami-Dade, FL GO, 5.00%, 7/01/35			5		5,844
County of Orange, FL Tourist Development Tax Revenue RB, 5.00%, 10/01/28			10		12,569
Dallas Area Rapid Transit RB, 5.00%, 12/01/41-12/01/46			20		22,892
District of Columbia GO, 5.00%, 6/01/34- 6/01/36			40		47,556
District of Columbia RB, 5.59%, 12/01/34			15		18,548
District of Columbia Water & Sewer Authority RB, 5.00%, 10/01/52			10		11,529
Dutchess County Local Development Corp. RB, 5.00%, 7/01/46			25		27,957
Eastern Municipal Water District Financing Authority RB, 5.00%, 7/01/47			10		11,784
Geisinger Authority RB, 5.00%, 2/15/45			10		11,445
Golden State Tobacco Securitization Corp. RB, 5.13%, 6/01/47			45		44,827
Grant County Public Utility District No. 2 RB, 4.58%, 1/01/40			5		5,174

See Notes to Financial Statements.

112 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

Taxable Municipal Bonds		Par   (000)		Value
Great Lakes Water Authority Water Supply System Revenue RB, 5.25%, 7/01/33	USD		15	$	18,119
Health & Educational Facilities Authority of the State of Missouri RB:
5.00%, 11/15/29			5		5,858
3.65%, 8/15/57			15		14,819
Horry County School District, SC GO, 5.00%, 3/01/25			5		6,121
Lone Star College System GO, 5.00%, 8/15/42			10		11,688
Los Angeles Community College District GO, 6.60%, 8/01/42			30		43,233
Los Angeles County Metropolitan Transportation Authority RB, 5.00%, 7/01/38			10		11,898
Los Angeles Department of Water & Power RB, 6.60%, 7/01/50			10		14,736
Los Angeles Department of Water RB, 5.00%, 7/01/44			30		35,227
Los Angeles Unified School District GO, 5.00%, 7/01/26			10		12,531
Massachusetts Clean Water Trust RB, 5.00%, 2/01/27-2/01/28			20		24,638
Massachusetts Development Finance Agency RB, 5.00%, 7/01/47			10		11,247
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB, 5.00%, 7/01/46			10		11,232
Metropolitan Transportation Authority RB:
5.00%, 11/15/35-11/15/47			30		35,212
6.69%, 11/15/40			10		13,668
6.81%, 11/15/40			20		27,933
5.25%, 11/15/57			20		23,523
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB, 7.46%, 10/01/46			10		14,580
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB AGC, 0.00%, 10/01/39 (k)			10		4,138
Miami-Dade County Educational Facilities Authority RB, 5.07%, 4/01/50			15		16,586
Michigan Finance Authority RB, 5.00%, 11/15/41			25		28,017
Mississippi Hospital Equipment & Facilities Authority RB, 5.00%, 9/01/46			10		11,076
Municipal Electric Authority of Georgia RB:
5.00%, 1/01/20			10		10,808
6.64%, 4/01/57			15		18,414
New Caney Independent School District GO PSF, 5.00%, 2/15/47			10		11,678
New Jersey State Turnpike Authority RB, 7.41%, 1/01/40			23		34,546
New Jersey Transportation Trust Fund Authority RB, 5.00%, 6/15/29			10		10,741
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 7/15/40			10		11,504
New York City Transitional Finance Authority Future Tax Secured Revenue RB:
2.28%, 5/01/26			10		9,341
3.05%, 5/01/27			25		24,727
5.00%, 2/01/35-2/01/43			40		46,609
New York City Water & Sewer System RB:
5.75%, 6/15/41			10		13,219
5.38%, 6/15/43			95		107,171
5.50%, 6/15/43			115		130,300
5.88%, 6/15/44			20		27,053
5.00%, 6/15/47			70		81,391
New York Convention Center Development Corp. RB, 5.00%, 11/15/40-11/15/46			20		23,105

Taxable Municipal Bonds		Par   (000)		Value
New York State Dormitory Authority RB:
5.00%, 3/15/29-3/15/32	USD		20	$	24,061
5.39%, 3/15/40			15		18,636
New York State Environmental Facilities Corp. RB, 5.00%, 6/15/46			20		23,591
New York State Urban Development Corp. RB:
2.86%, 3/15/24			30		30,299
5.00%, 3/15/25-3/15/27			30		37,213
New York Transportation Development Corp. RB:
5.00%, 7/01/46			10		10,847
5.25%, 1/01/50			50		54,717
Northwest Independent School District GO PSF, 5.00%, 2/15/42			10		11,576
Ohio Water Development Authority Water Pollution Control Loan Fund RB, 5.00%, 12/01/31			10		12,174
Orange County Local Transportation Authority RB, 6.91%, 2/15/41			25		34,577
Oregon School Boards Association GO AMBAC, 4.76%, 6/30/28			25		27,639
Oregon State Lottery RB, 5.00%, 4/01/30- 4/01/37			40		47,791
Oxnard School District GO BAM, 5.00%, 8/01/45			10		11,588
Pennsylvania Economic Development Financing Authority RB, 5.00%, 12/31/38			10		11,125
Pennsylvania State University RB, 5.00%, 9/01/42			10		11,751
Port Authority of New York & New Jersey RB:
4.96%, 8/01/46			30		35,615
4.46%, 10/01/62			20		21,790
4.81%, 10/15/65			10		11,539
Port of Seattle, WA GO, 5.00%, 1/01/33- 1/01/42			110		130,315
Regents of the University of California Medical Center Pooled Revenue RB, 6.58%, 5/15/49			25		33,963
Royal Oak Hospital Finance Authority RB, 5.00%, 9/01/39			10		11,092
Salt Lake City Corp. Airport Revenue RB, 5.00%, 7/01/47			50		57,605
Salt River Project Agricultural Improvement & Power District RB, 5.00%, 12/01/36			10		11,653
San Diego County Regional Transportation Commission RB, 5.00%, 4/01/48			20		23,276
San Diego Public Facilities Financing Authority Sewer Revenue RB, 5.00%, 5/15/39			25		29,188
San Francisco Bay Area Rapid Transit District GO, 5.00%, 8/01/36-8/01/47			20		23,999
San Francisco City & County Airport Comm-San Francisco International Airport RB, 5.00%, 5/01/41			10		11,351
South Carolina Public Service Authority RB:
2.39%, 12/01/23			19		17,934
5.00%, 12/01/49-12/01/50			20		21,695
State of California GO:
5.00%, 8/01/26-9/01/27			25		31,022
7.50%, 4/01/34			20		29,044
7.55%, 4/01/39			10		15,260
7.30%, 10/01/39			5		7,312
7.35%, 11/01/39			10		14,676
7.60%, 11/01/40			85		132,362
State of Georgia GO, 5.00%, 7/01/26- 2/01/33			65		79,796
State of Illinois GO, 5.10%, 6/01/33			80		74,870
State of Kansas Department of Transportation RB, 5.00%, 9/01/35			10		11,780
State of Maryland GO, 5.00%, 3/15/29			10		12,439
State of Ohio GO, 5.00%, 5/01/27-5/01/37			80		94,277

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 113

Schedule of Investments (continued) BlackRock Total Return Portfolio

Taxable Municipal Bonds		Par   (000)		Value
State of Oregon GO, 5.00%, 8/01/42	USD		35	$	41,454
State of Texas GO, 5.00%, 8/01/42			10		11,825
State of Washington GO, 5.00%, 7/01/28-8/01/30			25		30,128
State of Wisconsin GO, 5.00%, 5/01/24-11/01/27			30		36,932
State of Wisconsin RB, 3.15%, 5/01/27			25		25,113
Texas A&M University RB:
2.76%, 5/15/26			25		24,855
2.84%, 5/15/27			10		9,962
Texas Private Activity Bond Surface Transportation Corp. RB, 5.00%, 12/31/55			5		5,435
Texas Water Development Board RB, 5.00%, 10/15/40-10/15/45			20		23,122
Tobacco Settlement Financing Corp. RB, 5.00%, 6/01/41			10		9,800
University of California RB:
3.06%, 7/01/25			10		10,072
4.86%, 5/15/12			15		15,491
University of Houston RB, 5.00%, 2/15/33-2/15/36			40		46,601
University of Massachusetts Building Authority RB, 5.00%, 11/01/31			10		11,829
University of New Mexico RB, 5.00%, 6/01/47			10		11,575
University of Virginia RB, 5.00%, 4/01/44-4/01/46			20		23,751
Weld County School District No. RE-4 GO, 5.25%, 12/01/41			10		11,907
West Virginia Hospital Finance Authority RB, 5.00%, 6/01/19-6/01/24			30		33,913
Total Taxable Municipal Bonds — 6.5%					3,522,261
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.6%
Fannie Mae:
Series 2013-C01, Class M2, 6.27%, 10/25/23 (a)			115		135,144
Series 2016-C06, Class 1M2, 5.27%, 4/25/29 (a)			20		22,058
Series 2017-C01, Class 1B1, 6.77%, 7/25/29 (a)			20		22,743
Series 2017-C01, Class 1M2, 4.57%, 7/25/29 (a)			20		21,121
Series 2017-C02, Class 2M2, 4.67%, 9/25/29 (a)			20		21,221
Series 2017-C03, Class 1B1, 5.87%, 10/25/29 (a)			50		53,495
Series 2017-C03, Class 1M2, 4.02%, 10/25/29 (a)			30		30,808
Series 2017-C04, Class 2M2, 3.89%, 11/25/29 (a)			40		40,562
					347,152
Commercial Mortgage-Backed Securities — 0.2%
Fannie Mae, Series 2017-M7, Class A2, 2.96%, 2/25/27 (a)(b)			16		16,192
Freddie Mac:
Series K059, Class A2, 3.12%, 9/25/26 (a)			30		30,668
Series K060, Class A2, 3.30%, 10/25/26			40		41,431
Series K061, Class A2, 3.35%, 11/25/26			20		20,792
Series K063, Class A2, 3.43%, 1/25/27 (a)			10		10,497
					119,580

U.S. Government Sponsored Agency Securities		Par   (000)		Value
Interest Only Commercial Mortgage-Backed Securities — 0.2%
Fannie Mae:
Series 2013-M5, Class X2, 2.25%, 1/25/22 (a)	USD		250	$	15,646
Series 2014-M13, Class X2, 1.29%, 8/25/24 (a)			1,817		16,232
Series 2016-M4, Class X2, 2.80%, 1/25/39 (a)			95		11,398
Freddie Mac, Series K064, Class X1, 0.75%, 3/25/27 (a)			300		14,837
Ginnie Mae:
Series 2012-120, Class IO, 0.79%, 2/16/53 (a)			390		18,892
Series 2016-110, Class IO, 1.05%, 5/16/58 (a)			95		7,374
Series 2017-69, Class IO, 0.80%, 7/16/59 (a)(b)			100		7,382
					91,761
Mortgage-Backed Securities — 44.7%
Fannie Mae Mortgage-Backed Securities:
2.50%, 4/01/30-7/01/32 (l)			610		614,303
3.00%, 4/01/29-7/01/47 (l)			5,403		5,435,993
3.50%, 7/01/26-7/01/47 (l)			3,011		3,112,674
4.00%, 2/01/25-7/01/47 (l)			1,652		1,751,828
4.50%, 2/01/25-7/01/47 (l)			510		548,677
5.00%, 2/01/35-7/01/47 (l)			282		308,876
5.50%, 2/01/35-9/01/39			346		386,461
6.00%, 4/01/35-7/01/47 (l)			406		460,008
6.50%, 5/01/40			105		117,788
Freddie Mac Mortgage-Backed Securities:
2.50%, 3/01/30-7/01/32 (l)			347		349,609
3.00%, 1/01/30-7/01/47 (l)			2,830		2,837,055
3.50%, 7/01/32-7/01/47 (l)			1,519		1,564,091
4.00%, 8/01/40-7/01/47 (l)			1,079		1,135,390
4.50%, 2/01/39-7/01/47 (l)			403		431,801
5.00%, 11/01/41			108		118,149
5.50%, 5/01/40-6/01/41			83		92,444
6.00%, 6/01/35			33		37,147
Ginnie Mae Mortgage-Backed Securities:
3.00%, 7/15/47 (l)			1,359		1,372,735
3.50%, 12/20/41-7/15/47 (l)			1,648		1,709,626
4.00%, 7/20/39-7/15/47 (l)			1,186		1,250,592
4.50%, 12/20/39-2/15/42			664		716,419
5.00%, 7/15/39-7/20/42			75		82,839
5.50%, 5/20/36			5		5,171
					24,439,676
Total U.S. Government Sponsored Agency Securities — 45.7%					24,998,169
U.S. Treasury Obligations
U.S. Treasury Bonds:
2.13%, 3/31/24			131		131,097
2.88%, 11/15/46 (m)			463		465,550
3.00%, 2/15/47-5/15/47 (m)(n)			1,619		1,670,650
U.S. Treasury Notes:
1.25%, 3/31/19-5/31/19 (m)			2,963		2,956,099
1.63%, 3/15/20			953		956,015
1.50%, 4/15/20-5/15/20 (m)			1,503		1,501,710
1.88%, 3/31/22-4/30/22 (m)			2,064		2,064,403
1.75%, 5/31/22 (m)			163		162,045
2.00%, 4/30/24-11/15/26			630		616,604
2.25%, 2/15/27			470		467,815
2.38%, 5/15/27 (m)			127		127,602
Total U.S. Treasury Obligations — 20.4%					11,119,590

See Notes to Financial Statements.

114 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

					Value
Total Long-Term Investments (Cost — $69,254,019) — 127.6%					$	69,714,394
Short-Term Securities			Par   (000)
Borrowed Bond Agreements — 0.4% (o)
Barclays Bank PLC, 0.14%, Open (p) (Purchased on 6/09/17 to be repurchased at GBP 107,001, collateralized by United Kingdom Gilt Inflation Linked Bonds, 0.13% due at 3/22/26, par and fair value of GBP 85,000 and $136,602, respectively)		USD		107		139,353
BNP Paribas Securities Corp., 1.20%, Open (p) (Purchased on 6/13/17 to be repurchased at $85,936, collateralized by U.S. Treasury Notes, 2.00% due at 5/31/24, par and fair value of USD 86,000 and $85,308, respectively)				86		85,892
						225,245
Money Market Funds — 0.5%			Shares
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (h)(q)				288,048		288,048
Total Short-Term Securities (Cost — $510,264) — 0.9%						513,293
Options Purchased
(Cost — $23,775) — 0.0%						10,963
Total Investments Before Borrowed Bonds, Options Written and TBA Sale Commitments (Cost — $69,788,058) — 128.5%						70,238,650
Borrowed Bonds	Par   (000)
Foreign Government Obligations — (0.2)%
United Kingdom Gilt Inflation Linked Bonds, 0.13%, 3/22/26		GBP		85		(136,602	)
U.S. Treasury Obligations — (0.2)%
U.S. Treasury Notes, 2.00%, 5/31/24		USD		86		(85,308	)
(Proceeds — $217,322) — (0.4)%						(221,910	)

Options Written				Value
(Premiums Received — $ 9,574) — (0.0)%				$	(3,239	)
TBA Sale Commitments (l)		Par   (000)
Mortgage-Backed Securities — (18.0)%
Fannie Mae Mortgage-Backed Securities:
2.50%, 7/01/32	USD		266		(267,016	)
3.00%, 7/01/32-7/01/47			3,641		(3,646,599	)
3.50%, 7/01/32-7/01/47			1,176		(1,213,575	)
4.00%, 7/01/32-7/01/47			501		(523,782	)
4.50%, 7/01/47			26		(27,873	)
5.50%, 7/01/47			182		(201,622	)
6.00%, 7/01/47			362		(407,309	)
Freddie Mac Mortgage-Backed Securities:
3.00%, 7/01/47			1,551		(1,546,479	)
3.50%, 7/01/47			361		(370,861	)
4.00%, 7/01/47			451		(474,313	)
4.50%, 7/01/47			149		(159,618	)
Ginnie Mae Mortgage-Backed Securities:
3.00%, 7/15/47			40		(40,403	)
3.50%, 7/15/47			57		(58,832	)
4.00%, 7/15/47			476		(500,544	)
4.50%, 7/15/47			359		(383,276	)
Total TBA Sale Commitments (Proceeds — $9,861,656) — (18.0)%					(9,822,102	)
Total Investments Net of Borrowed Bonds, Options Written and TBA Sale Commitments — 110.1%					60,191,399
Liabilities in Excess of Other Assets — (10.1)%					(5,544,391	)
Net Assets — 100.0%				$	54,647,008

Notes to Schedule of Investments

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

(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(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) 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. (e) Issuer filed for bankruptcy and/or is in default.

(f) Non-income producing security.

(g) Issuer is a U.S. branch of a foreign domiciled bank.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 115

Schedule of Investments (continued) BlackRock Total Return Portfolio

(h) During the six months ended June 30, 2017, 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, 2016		Shares Purchased		Shares Sold			Shares Held at June 30, 2017		Value at June 30, 2017		Income		Net Realized Gain		Change  in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		419,007		—		(130,959	)1		288,048	$	288,048	$	1,615		—		—
iShares iBoxx $ High Yield Corporate Bond ETF		—		25,190		(18,950	)		6,240		551,554		11,883	$	23,791	$	4,823
Total										$	839,602	$	13,498	$	23,791	$	4,823

¹  Represents net shares sold.

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

(j) Perpetual security with no stated maturity date.

(k) Zero-coupon bond.

(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.	$	(560,899	)	$	1,862
Citigroup Global Markets, Inc.	$	(400,979	)	$	1,870
Credit Suisse Securities (USA) LLC	$	(224,456	)	$	3,779
Daiwa Capital Markets America, Inc.	$	101,008		$	(680	)
Deutsche Bank Securities, Inc.	$	(138,929	)	$	626
Goldman Sachs & Co.	$	276,680		$	(2,326	)
J.P. Morgan Securities LLC	$	(251,439	)	$	1,691
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	(240,663	)	$	1,858
Mizuho Securities USA LLC	$	(119,515	)	$	548
Morgan Stanley & Co. LLC	$	(414,346	)	$	259
Nomura Securities International, Inc.	$	(52,348	)	$	200
RBC Capital Markets, LLC	$	322,618		$	(2,405	)
Wells Fargo Securities, LLC	$	(395,143	)	$	1,713

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

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

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

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

(q) Current yield as of period end.

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

• For Fund compliance purposes, the Fund’s industry classifications refer to 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 adviser. 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  Non-Cash Underlying Collateral		Remaining Contractual Maturity of  the Agreements
BNP Paribas Securities Corp.		1.03	%		6/30/17		7/03/17	$	128,385	$	128,396		U.S. Treasury Obligations		Overnight
Citigroup Global Markets, Inc.		1.45	%		6/30/17		7/03/17		1,875,500		1,875,727		U.S. Treasury Obligations		Overnight
Credit Suisse Securities (USA) LLC		1.48	%		6/30/17		7/03/17		545,681		545,749		U.S. Treasury Obligations		Overnight
Deutsche Bank Securities, Inc.		1.45	%		6/30/17		7/03/17		469,366		469,423		U.S. Treasury Obligations		Overnight
Deutsche Bank Securities, Inc.		1.45	%		6/30/17		7/03/17		1,224,080		1,224,228		U.S. Treasury Obligations		Overnight
J.P. Morgan Securities LLC		0.50	%		6/30/17		7/03/17		617,228		617,253		U.S. Treasury Obligations		Overnight
J.P. Morgan Securities LLC		1.38	%		6/30/17		7/03/17		1,038,165		1,038,284		U.S. Treasury Obligations		Overnight
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.18	%		6/30/17		7/03/17		162,593		162,608		U.S. Treasury Obligations		Overnight
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.30	%		6/30/17		7/03/17		366,625		366,665		U.S. Treasury Obligations		Overnight
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.35	%		6/30/17		7/03/17		960,395		960,503		U.S. Treasury Obligations		Overnight
Total								$	7,388,018	$	7,388,836

See Notes to Financial Statements.

116 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Contracts Long (Short)	Issue	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
(8)	Euro-Bobl	September 2017		USD	1,203,372	$	3,283
(4)	Euro-Bund	September 2017		USD	739,521		3,982
1	Long Gilt British	September 2017		USD	163,549		(2,801	)
6	U.S. Treasury Bonds (30 Year)	September 2017		USD	922,125		1,638
(28)	U.S. Treasury Notes (10 Year)	September 2017		USD	3,514,875		10,764
1	U.S. Treasury Notes (2 Year)	September 2017		USD	216,109		(267	)
24	U.S. Treasury Notes (5 Year)	September 2017		USD	2,828,062		(6,473	)
(3)	U.S. Ultra Treasury Bonds	September 2017		USD	497,625		(6,082	)
(4)	Euro Dollar	March 2019		USD	981,450		(3,331	)
Total						$	713

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	55,776		USD	16,800	BNP Paribas S.A.		7/03/17	$	24
USD	14,000		BRL	46,172	Barclays Bank PLC		7/03/17		73
USD	14,000		BRL	46,256	Citibank N.A.		7/03/17		47
USD	14,000		RUB	818,160	BNP Paribas S.A.		7/03/17		136
CNH	1,827,156		USD	269,000	HSBC Bank PLC		7/05/17		419
EUR	105,249		USD	120,000	Morgan Stanley & Co. International PLC		7/05/17		244
GBP	92,507		USD	120,000	Morgan Stanley & Co. International PLC		7/05/17		507
HUF	7,157,168		USD	26,374	Deutsche Bank AG		7/05/17		100
HUF	195,671		USD	721	JPMorgan Chase Bank N.A.		7/05/17		2
HUF	716,238		USD	2,637	Morgan Stanley & Co. International PLC		7/05/17		12
HUF	24,514,915		USD	90,268	Morgan Stanley & Co. International PLC		7/05/17		410
JPY	13,544,806		USD	120,000	BNP Paribas S.A.		7/05/17		453
SEK	1,021,096		USD	120,000	Deutsche Bank AG		7/05/17		1,240
TRY	428,544		USD	120,000	BNP Paribas S.A.		7/05/17		1,621
TRY	70,637		USD	20,000	HSBC Bank PLC		7/05/17		47
USD	120,000		JPY	13,250,640	Royal Bank of Scotland PLC		7/05/17		2,163
USD	3,400		TRY	11,963	Barclays Bank PLC		7/05/17		5
USD	17,000		TRY	59,797	Citibank N.A.		7/05/17		30
USD	120,000		ZAR	1,562,215	BNP Paribas S.A.		7/05/17		699
ZAR	1,591,734		USD	120,000	BNP Paribas S.A.		7/05/17		1,555
CLP	13,422,500		USD	20,000	Credit Suisse International		7/06/17		216
RUB	1,337,056		USD	22,400	JPMorgan Chase Bank N.A.		7/06/17		242
USD	120,000		BRL	395,340	BNP Paribas S.A.		7/06/17		832
USD	20,000		COP	58,175,000	Credit Suisse International		7/06/17		929
USD	40,000		COP	121,600,000	Barclays Bank PLC		7/07/17		143
USD	80,000		COP	242,333,360	BNP Paribas S.A.		7/07/17		569
CLP	14,259,000		USD	21,000	BNP Paribas S.A.		7/10/17		474
EUR	20,000		USD	22,764	Deutsche Bank AG		7/10/17		92
EUR	20,000		USD	22,576	Goldman Sachs International		7/10/17		280
RUB	886,614		USD	15,000	JPMorgan Chase Bank N.A.		7/10/17		1
RUB	650,320		USD	11,000	JPMorgan Chase Bank N.A.		7/10/17		3
TRY	20,514		USD	5,787	Deutsche Bank AG		7/10/17		27

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 117

Schedule of Investments (continued) BlackRock Total Return Portfolio

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
TRY	20,613		USD	5,813	Goldman Sachs International		7/10/17	$	28
USD	26,125		RUB	1,533,253	Credit Suisse International		7/10/17		183
USD	25,875		RUB	1,518,148	Deutsche Bank AG		7/10/17		189
JPY	2,589,213		USD	23,000	Goldman Sachs International		7/11/17		32
TRY	103,732		USD	29,336	Goldman Sachs International		7/14/17		26
MYR	51,660		USD	12,000	BNP Paribas S.A.		7/17/17		25
MYR	21,720		USD	5,000	JPMorgan Chase Bank N.A.		7/17/17		56
MYR	44,080		USD	10,000	JPMorgan Chase Bank N.A.		7/17/17		261
TRY	145,366		USD	41,000	BNP Paribas S.A.		7/21/17		63
TRY	64,060		USD	18,000	Citibank N.A.		7/21/17		96
USD	5,123		MXN	92,620	BNP Paribas S.A.		7/21/17		38
USD	12,877		MXN	232,812	JPMorgan Chase Bank N.A.		7/21/17		96
USD	1,000		ZAR	13,010	Citibank N.A.		7/21/17		9
USD	18,000		ZAR	231,710	Citibank N.A.		7/21/17		358
RUB	1,345,568		USD	22,400	BNP Paribas S.A.		7/24/17		297
RUB	1,336,384		USD	22,400	Deutsche Bank AG		7/24/17		142
TRY	20,647		USD	5,800	Deutsche Bank AG		8/04/17		8
USD	18,000		COP	52,812,000	BNP Paribas S.A.		8/09/17		773
IDR	134,650,000		USD	10,000	Bank of America N.A.		8/15/17		48
IDR	144,491,244		USD	10,732	Citibank N.A.		8/15/17		50
IDR	206,451,709		USD	15,332	Citibank N.A.		8/15/17		74
IDR	107,344,308		USD	7,975	JPMorgan Chase Bank N.A.		8/15/17		35
IDR	161,077,280		USD	11,960	JPMorgan Chase Bank N.A.		8/15/17		60
MYR	116,762		USD	27,000	Morgan Stanley & Co. International PLC		8/17/17		144
USD	20,000		COP	59,760,000	Barclays Bank PLC		8/22/17		536
USD	18,000		COP	54,639,000	Credit Suisse International		8/22/17		204
EUR	8,300		USD	9,385	JPMorgan Chase Bank N.A.		9/07/17		130
USD	55,012		RUB	3,192,493	BNP Paribas S.A.		9/15/17		1,761
USD	55,011		RUB	3,187,450	BNP Paribas S.A.		9/15/17		1,844
USD	137,024		RUB	7,973,237	Deutsche Bank AG		9/15/17		4,030
USD	138,456		RUB	8,027,464	Deutsche Bank AG		9/15/17		4,557
USD	20,276		RUB	1,203,725	HSBC Bank PLC		9/15/17		197
USD	124,311		RUB	7,209,027	JPMorgan Chase Bank N.A.		9/15/17		4,063
AUD	308,000		USD	232,854	Citibank N.A.		9/20/17		3,627
AUD	26,000		USD	19,663	Credit Suisse International		9/20/17		299
EUR	190,000		USD	216,751	Goldman Sachs International		9/20/17		1,215
EUR	170,000		USD	192,454	Goldman Sachs International		9/20/17		2,568
USD	35,562		MXN	646,438	Deutsche Bank AG		9/20/17		408
USD	34,857		MXN	631,421	Deutsche Bank AG		9/20/17		520
USD	142,248		MXN	2,586,069	Goldman Sachs International		9/20/17		1,615
USD	34,857		MXN	631,962	Royal Bank of Scotland PLC		9/20/17		490
USD	46,476		MXN	843,673	Royal Bank of Scotland PLC		9/20/17		596
USD	43,700		TRY	157,269	Citibank N.A.		9/20/17		45
USD	30,397		ZAR	400,733	Bank of America N.A.		9/20/17		192
USD	30,743		ZAR	404,410	Citibank N.A.		9/20/17		261
USD	30,907		ZAR	406,636	JPMorgan Chase Bank N.A.		9/20/17		258
USD	82,318		TRY	298,443	BNP Paribas S.A.		10/23/17		211
TRY	709,557		USD	183,313	BNP Paribas S.A.		6/25/18		4
									46,317

See Notes to Financial Statements.

118 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	36,725		USD	11,200	Deutsche Bank AG		7/03/17	$	(122	)
MXN	92,987		USD	5,143	Barclays Bank PLC		7/03/17		(22	)
MXN	92,976		USD	5,143	Deutsche Bank AG		7/03/17		(23	)
MXN	139,454		USD	7,714	Morgan Stanley & Co. International PLC		7/03/17		(34	)
RUB	808,500		USD	14,000	Deutsche Bank AG		7/03/17		(300	)
RUB	6,869,580		USD	120,000	BNP Paribas S.A.		7/05/17		(3,645	)
USD	269,000		CNH	1,827,156	Citibank N.A.		7/05/17		(375	)
USD	120,000		EUR	106,525	Deutsche Bank AG		7/05/17		(1,701	)
USD	120,000		GBP	92,857	Deutsche Bank AG		7/05/17		(963	)
USD	120,000		HUF	32,860,200	BNP Paribas S.A.		7/05/17		(1,546	)
USD	70,000		RUB	4,149,740	Deutsche Bank AG		7/05/17		(287	)
USD	50,000		RUB	2,961,165	JPMorgan Chase Bank N.A.		7/05/17		(156	)
USD	120,000		SEK	1,039,008	Royal Bank of Scotland PLC		7/05/17		(3,366	)
USD	120,000		TRY	423,789	BNP Paribas S.A.		7/05/17		(272	)
BRL	391,980		USD	120,000	Goldman Sachs International		7/06/17		(1,844	)
COP	29,240,000		USD	10,000	Royal Bank of Scotland PLC		7/06/17		(414	)
COP	29,230,000		USD	10,000	UBS AG		7/06/17		(418	)
USD	20,000		CLP	13,292,200	Royal Bank of Scotland PLC		7/06/17		(20	)
USD	22,400		RUB	1,345,344	Goldman Sachs International		7/06/17		(382	)
COP	146,800,000		USD	50,000	JPMorgan Chase Bank N.A.		7/07/17		(1,883	)
COP	205,520,000		USD	70,000	UBS AG		7/07/17		(2,636	)
RUB	765,746		USD	13,000	Barclays Bank PLC		7/10/17		(44	)
RUB	766,090		USD	13,000	Barclays Bank PLC		7/10/17		(38	)
USD	21,000		CLP	14,018,550	Deutsche Bank AG		7/10/17		(112	)
USD	22,446		EUR	20,000	Citibank N.A.		7/10/17		(410	)
USD	5,800		TRY	20,743	Citibank N.A.		7/10/17		(78	)
USD	5,800		TRY	20,503	Deutsche Bank AG		7/10/17		(10	)
USD	28,961		TRY	103,732	Bank of America N.A.		7/14/17		(402	)
USD	22,584		EUR	20,000	Goldman Sachs International		7/17/17		(281	)
USD	17,908		GBP	14,000	JPMorgan Chase Bank N.A.		7/17/17		(337	)
USD	27,000		MYR	116,505	Morgan Stanley & Co. International PLC		7/17/17		(120	)
MXN	325,113		USD	18,000	Barclays Bank PLC		7/21/17		(152	)
ZAR	167,535		USD	12,877	Barclays Bank PLC		7/21/17		(122	)
ZAR	13,013		USD	1,000	Barclays Bank PLC		7/21/17		(9	)
ZAR	66,676		USD	5,123	BNP Paribas S.A.		7/21/17		(46	)
IDR	253,460,000		USD	19,000	BNP Paribas S.A.		7/24/17		(37	)
IDR	667,000,000		USD	50,000	JPMorgan Chase Bank N.A.		7/24/17		(97	)
MXN	325,742		USD	18,000	Morgan Stanley & Co. International PLC		7/27/17		(136	)
CLP	2,321,055		USD	3,500	Bank of America N.A.		7/28/17		(6	)
CLP	6,630,350		USD	10,000	BNP Paribas S.A.		7/28/17		(20	)
CLP	6,633,000		USD	10,000	BNP Paribas S.A.		7/28/17		(16	)
CLP	994,800		USD	1,500	Goldman Sachs International		7/28/17		(3	)
RUB	1,660,960		USD	28,000	Deutsche Bank AG		7/28/17		(8	)
TRY	42,014		USD	11,901	BNP Paribas S.A.		7/28/17		(57	)
TRY	22,245		USD	6,297	BNP Paribas S.A.		7/28/17		(27	)
TRY	42,025		USD	11,901	Goldman Sachs International		7/28/17		(54	)
TRY	106,308		USD	30,000	HSBC Bank PLC		7/28/17		(31	)
TRY	49,607		USD	14,000	HSBC Bank PLC		7/28/17		(15	)
TRY	42,006		USD	11,901	JPMorgan Chase Bank N.A.		7/28/17		(59	)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 119

Schedule of Investments (continued) BlackRock Total Return Portfolio

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	110,703		USD	33,313	Barclays Bank PLC		8/02/17	$	(147	)
BRL	70,000		USD	21,109	BNP Paribas S.A.		8/02/17		(137	)
BRL	8,663		USD	2,641	Goldman Sachs International		8/02/17		(45	)
USD	16,800		BRL	56,144	BNP Paribas S.A.		8/02/17		(20	)
USD	56,727		BRL	189,366	BNP Paribas S.A.		8/02/17		(6	)
COP	54,792,000		USD	18,000	Barclays Bank PLC		8/09/17		(127	)
USD	4,965		EUR	4,551	Bank of America N.A.		8/11/17		(245	)
USD	17,362		EUR	15,453	Citibank N.A.		8/11/17		(328	)
USD	29,105		TRY	103,732	Goldman Sachs International		8/11/17		(13	)
USD	56,000		IDR	762,809,600	BNP Paribas S.A.		8/15/17		(924	)
USD	4,414		IDR	59,280,000	Barclays Bank PLC		8/16/17		(9	)
USD	4,261		IDR	57,220,000	Barclays Bank PLC		8/16/17		(9	)
USD	1,458		IDR	19,585,000	Barclays Bank PLC		8/16/17		(3	)
USD	4,853		IDR	65,075,000	BNP Paribas S.A.		8/16/17		(3	)
USD	4,684		IDR	62,815,000	BNP Paribas S.A.		8/16/17		(3	)
USD	1,604		IDR	21,505,000	BNP Paribas S.A.		8/16/17		(1	)
USD	5,252		IDR	70,570,000	Deutsche Bank AG		8/16/17		(14	)
USD	5,069		IDR	68,115,000	Deutsche Bank AG		8/16/17		(14	)
USD	4,940		IDR	66,350,000	Deutsche Bank AG		8/16/17		(10	)
USD	4,768		IDR	64,040,000	Deutsche Bank AG		8/16/17		(10	)
USD	1,735		IDR	23,320,000	Deutsche Bank AG		8/16/17		(5	)
USD	5,288		IDR	70,920,000	Deutsche Bank AG		8/16/17		(4	)
USD	5,240		IDR	70,285,000	Deutsche Bank AG		8/16/17		(4	)
USD	5,104		IDR	68,455,000	Deutsche Bank AG		8/16/17		(4	)
USD	5,058		IDR	67,840,000	Deutsche Bank AG		8/16/17		(4	)
USD	1,632		IDR	21,920,000	Deutsche Bank AG		8/16/17		(3	)
USD	1,747		IDR	23,435,000	Deutsche Bank AG		8/16/17		(1	)
USD	1,732		IDR	23,225,000	Deutsche Bank AG		8/16/17		(1	)
USD	2,942		IDR	39,523,454	Goldman Sachs International		8/16/17		(7	)
USD	2,839		IDR	38,147,044	Goldman Sachs International		8/16/17		(7	)
USD	972		IDR	13,056,267	Goldman Sachs International		8/16/17		(2	)
USD	4,904		IDR	65,865,000	JPMorgan Chase Bank N.A.		8/16/17		(10	)
USD	4,734		IDR	63,575,000	JPMorgan Chase Bank N.A.		8/16/17		(10	)
USD	1,621		IDR	21,765,000	JPMorgan Chase Bank N.A.		8/16/17		(3	)
USD	5,273		IDR	70,745,000	UBS AG		8/16/17		(6	)
USD	5,089		IDR	68,280,000	UBS AG		8/16/17		(6	)
USD	5,381		IDR	72,160,000	UBS AG		8/16/17		(4	)
USD	5,193		IDR	69,645,000	UBS AG		8/16/17		(3	)
USD	1,742		IDR	23,375,000	UBS AG		8/16/17		(2	)
USD	1,778		IDR	23,840,000	UBS AG		8/16/17		(1	)
USD	141,036		TRY	504,647	BNP Paribas S.A.		8/21/17		(185	)
COP	61,043,400		USD	20,000	UBS AG		8/22/17		(118	)
USD	65,120		MXN	1,234,378	JPMorgan Chase Bank N.A.		8/23/17		(2,296	)
USD	9,385		EUR	8,300	BNP Paribas S.A.		9/07/17		(130	)
USD	15,203		RUB	928,201	Credit Suisse International		9/15/17		(280	)
USD	5,006		RUB	301,705	Credit Suisse International		9/15/17		(26	)
USD	126,217		AUD	167,000	Goldman Sachs International		9/20/17		(2,004	)
USD	126,416		AUD	167,000	Goldman Sachs International		9/20/17		(1,806	)
USD	405,112		EUR	360,000	Barclays Bank PLC		9/20/17		(7,878	)

See Notes to Financial Statements.

120 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	40,937		TRY	147,617	Bank of America N.A.		9/20/17	$	(39	)
USD	194,960		TRY	709,557	BNP Paribas S.A.		10/23/17		(252	)
TRY	298,443		USD	77,423	BNP Paribas S.A.		6/25/18		(319	)
									(40,624	)
Net Unrealized Appreciation								$	5,693

Exchange-Traded Options Purchased

Description	Put/ Call		Expiration Date	Strike Price			Contracts		Value
Euro Dollar 90-Day		Put	10/13/17		USD	98.00		52	$	5,525

OTC Barrier Options Purchased

Description

Put/ Call

Type of Option

Counterparty

Expiration Date

Strike Price

Barrier Price

Notional Amount (000)

Value

USD Currency

Put

Down-and-Out

BNP Paribas S.A.

7/03/17

TRY

3.50

USD

3.35

USD

34

$

27

OTC Options Purchased

Description

Put/ Call

Counterparty

Expiration Date

Strike Price

Notional Amount (000)

Value

USD Currency1

Call

Barclays Bank PLC

7/03/17

MXN

19.00

USD

17

—

USD Currency1

Call

Morgan Stanley & Co. International PLC

7/03/17

MXN

20.00

USD

43

—

USD Currency1

Call

Morgan Stanley & Co. International PLC

7/03/17

MXN

21.50

USD

15

—

USD Currency

Call

Barclays Bank PLC

7/07/17

JPY

111.00

USD

23

$

307

USD Currency

Call

Deutsche Bank AG

8/07/17

RUB

58.00

USD

18

594

USD Currency

Call

HSBC Bank PLC

9/01/17

TWD

30.50

USD

40

322

USD Currency

Put

Citibank N.A.

7/03/17

CNH

6.79

USD

1,088

2,993

EUR Currency

Put

JPMorgan Chase Bank N.A.

7/06/17

MXN

20.80

EUR

24

283

USD Currency

Put

Citibank N.A.

7/06/17

BRL

3.18

USD

28

—

AUD Currency

Put

Barclays Bank PLC

7/27/17

USD

0.75

AUD

33

36

AUD Currency

Put

JPMorgan Chase Bank N.A.

7/27/17

USD

0.72

AUD

33

1

EUR Currency

Put

BNP Paribas S.A.

8/25/17

USD

1.12

EUR

25

91

USD Currency

Put

Citibank N.A.

8/25/17

TRY

3.52

USD

56

531

EUR Currency

Put

JPMorgan Chase Bank N.A.

8/29/17

MXN

20.50

EUR

21

253

Total

$

5,411

¹  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Exchange-Traded Options Written

Description	Put/ Call		Expiration Date		Strike Price			Contracts		Value
Euro Dollar 90-Day		Put		10/13/17		USD	97.50		26	$	(325	)
Euro Dollar 90-Day		Put		10/13/17		USD	97.63		52		(975	)
Total										$	(1,300	)

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 121

Schedule of Investments (continued) BlackRock Total Return Portfolio

OTC Options Written

Description

Put/ Call

Counterparty

Expiration Date

Strike Price

Notional Amount (000)

Value

USD Currency1

Call

Goldman Sachs International

7/03/17

MXN

22.60

USD

30

—

USD Currency1

Call

Morgan Stanley & Co. International PLC

7/03/17

MXN

19.00

USD

17

—

USD Currency

Call

Citibank N.A.

7/06/17

BRL

3.31

USD

28

$

(157

)

USD Currency

Call

Deutsche Bank AG

7/17/17

ZAR

14.00

USD

14

(14

)

USD Currency

Call

Citibank N.A.

7/27/17

TRY

3.65

USD

56

(207

)

TRY Currency

Call

BNP Paribas S.A.

7/28/17

ZAR

3.68

TRY

66

(328

)

USD Currency

Call

Barclays Bank PLC

8/10/17

BRL

3.40

USD

16

(169

)

EUR Currency

Call

JPMorgan Chase Bank N.A.

8/29/17

MXN

21.50

EUR

21

(216

)

USD Currency

Put

Citibank N.A.

7/03/17

CNH

6.75

USD

1,088

(412

)

USD Currency

Put

Deutsche Bank AG

7/17/17

ZAR

13.00

USD

14

(115

)

AUD Currency

Put

Barclays Bank PLC

7/27/17

USD

0.72

AUD

33

(1

)

USD Currency

Put

Barclays Bank PLC

8/10/17

BRL

3.30

USD

16

(195

)

USD Currency

Put

HSBC Bank PLC

9/01/17

TWD

30.00

USD

40

(125

)

Total

$

(1,939

)

¹  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Centrally Cleared Credit Default Swaps — Sell Protection

Index

Receive Fixed Rate

Expiration Date

Credit Rating1

Notional Amount (000)2

Unrealized Depreciation

CDX.NA.IG.28.V1

1.00

%

6/20/22

BBB+

USD

188

$

(43

)

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	Expiration Date		Notional Amount (000)			Unrealized      Appreciation     (Depreciation)
7.36%1	28-day MXIBTIIE		1/28/19		MXN	4,421	$	(1,500	)
7.32%2	28-day MXIBTIIE		2/20/20		MXN	3,960		3,052
7.16%2	28-day MXIBTIIE		4/29/20		MXN	3,760		2,240
7.45%2	28-day MXIBTIIE		3/07/22		MXN	1,343		2,074
7.48%2	28-day MXIBTIIE		3/07/22		MXN	671		1,063
7.47%2	28-day MXIBTIIE		3/07/22		MXN	671		1,048
7.16%2	28-day MXIBTIIE		6/01/22		MXN	1,590		1,338
6.32%2	28-day MXIBTIIE		7/17/25		MXN	633		(1,617	)
2.13%2	3-month LIBOR		8/25/25		USD	20		59
2.27%1	3-month LIBOR		9/11/25		USD	31		(418	)
3.46%2	UK RPI All Items Monthly		10/15/26		GBP	137		907
3.43%2	UK RPI All Items Monthly		10/15/26		GBP	131		241
3.45%2	UK RPI All Items Monthly		10/15/26		GBP	133		615
7.41%2	28-day MXIBTIIE		5/25/27		MXN	912		849
7.38%2	28-day MXIBTIIE		5/25/27		MXN	148		116
7.82%2	28-day MXIBTIIE		3/04/37		MXN	322		458
7.92%2	28-day MXIBTIIE		5/01/37		MXN	419		834
7.95%2	28-day MXIBTIIE		5/01/37		MXN	386		834
Total							$	12,193

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

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

See Notes to Financial Statements.

122 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return Portfolio

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	$	(738	)	$	344		$	(1,082	)
United Mexican States		1.00	%		Bank of America N.A.		9/20/20		USD	66		(654	)		533			(1,187	)
Loews Corp.		1.00	%		Barclays Bank PLC		12/20/20		USD	35		(1,046	)		(856	)		(190	)
Valero Energy Corp.		1.00	%		Morgan Stanley & Co. International PLC		12/20/20		USD	35		(659	)		599			(1,258	)
Russian Federation		1.00	%		Bank of America N.A.		12/20/21		USD	5		111			264			(153	)
Republic of Argentina		5.00	%		Barclays Bank PLC		6/20/22		USD	37		(2,871	)		(1,688	)		(1,183	)
Republic of Argentina		5.00	%		Barclays Bank PLC		6/20/22		USD	10		(778	)		(740	)		(38	)
Republic of Argentina		5.00	%		Barclays Bank PLC		6/20/22		USD	6		(467	)		(490	)		23
Republic of Argentina		5.00	%		Barclays Bank PLC		6/20/22		USD	6		(467	)		(490	)		23
Republic of Argentina		5.00	%		Barclays Bank PLC		6/20/22		USD	6		(467	)		(482	)		15
Republic of South Africa		1.00	%		Bank of America N.A.		6/20/22		USD	30		1,289			1,464			(175	)
Republic of South Africa		1.00	%		Barclays Bank PLC		6/20/22		USD	21		902			1,013			(111	)
Republic of South Africa		1.00	%		Citibank N.A.		6/20/22		USD	70		3,007			3,415			(408	)
Republic of South Africa		1.00	%		Goldman Sachs International		6/20/22		USD	15		644			730			(86	)
Republic of South Africa		1.00	%		HSBC Bank PLC		6/20/22		USD	30		1,289			1,435			(146	)
Republic of the Philippines		1.00	%		JPMorgan Chase Bank N.A.		6/20/22		USD	104		(1,181	)		(257	)		(924	)
CMBX.NA.9.AAA		0.50	%		Credit Suisse International		9/17/58		USD	20		272			246			26
CMBX.NA.9.AAA		0.50	%		Deutsche Bank AG		9/17/58		USD	20		273			250			23
CMBX.NA.9.AAA		0.50	%		Morgan Stanley & Co. International PLC		9/17/58		USD	90		1,225			1,333			(108	)
CMBX.NA.9.AAA		0.50	%		Morgan Stanley & Co. International PLC		9/17/58		USD	10		136			123			13
CMBX.NA.9.AAA		0.50	%		Morgan Stanley & Co. International PLC		9/17/58		USD	10		136			123			13
CMBX.NA.6.AAA		0.50	%		Deutsche Bank AG		5/11/63		USD	40		(68	)		(30	)		(38	)
CMBX.NA.6.AAA		0.50	%		Deutsche Bank AG		5/11/63		USD	40		(68	)		13			(81	)
CMBX.NA.6.AAA		0.50	%		Deutsche Bank AG		5/11/63		USD	30		(51	)		6			(57	)
CMBX.NA.6.BBB-		3.00	%		Deutsche Bank AG		5/11/63		USD	20		2,327			1,837			490
CMBX.NA.6.BBB-		3.00	%		J.P. Morgan Securities LLC		5/11/63		USD	10		1,163			652			511
CMBX.NA.6.BBB-		3.00	%		J.P. Morgan Securities LLC		5/11/63		USD	10		1,163			652			511
CMBX.NA.6.BBB-		3.00	%		J.P. Morgan Securities LLC		5/11/63		USD	10		1,163			1,005			158
Total											$	5,585		$	11,004		$	(5,419	)

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 Ltd.		1.00	%	Goldman Sachs International	6/20/19		BB-		USD		50	$	(928	)	$	(616	)	$	(312	)
Transocean Ltd.		1.00	%	Goldman Sachs International	6/20/19		B+		USD		10		(186	)		(123	)		(63	)
United Mexican States		1.00	%	Bank of America N.A.	6/20/20		BBB+		USD		66		737			(399	)		1,136
United Mexican States		1.00	%	JPMorgan Chase Bank N.A.	9/20/20		BBB+		USD		66		654			(464	)		1,118
CMBX.NA.3.AM		0.50	%	Credit Suisse International	12/13/49		BBB+		USD		21		(103	)		(1,891	)		1,788
CMBX.NA.4.AM		0.50	%	Deutsche Bank AG	2/17/51		BBB-		USD		22		(127	)		(2,893	)		2,766
CMBX.NA.8.A		2.00	%	Goldman Sachs International	10/17/57		Not Rated		USD		10		(503	)		(570	)		67
CMBX.NA.9.A		2.00	%	Credit Suisse International	9/17/58		Not Rated		USD		10		(371	)		(520	)		149
CMBX.NA.9.A		2.00	%	Deutsche Bank AG	9/17/58		Not Rated		USD		10		(370	)		(517	)		147
CMBX.NA.9.A		2.00	%	Deutsche Bank AG	9/17/58		Not Rated		USD		10		(370	)		(499	)		129
CMBX.NA.9.A		2.00	%	J.P. Morgan Securities LLC	9/17/58		Not Rated		USD	��	30		(1,111	)		(1,558	)		447

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 123

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)
CMBX.NA.9.A		2.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	10	$	(370	)	$	(544	)	$	174
CMBX.NA.9.A		2.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	10		(370	)		(513	)		143
CMBX.NA.9.A		2.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	10		(370	)		(491	)		121
CMBX.NA.9.A		2.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	10		(370	)		(230	)		(140	)
CMBX.NA.9.BBB-		3.00%	Credit Suisse International		9/17/58		Not Rated		USD	10		(1,177	)		(1,057	)		(120	)
CMBX.NA.9.BBB-		3.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	20		(2,355	)		(2,566	)		211
CMBX.NA.9.BBB-		3.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	10		(1,177	)		(1,105	)		(72	)
CMBX.NA.9.BBB-		3.00%	Morgan Stanley & Co. International PLC		9/17/58		Not Rated		USD	10		(1,177	)		(1,078	)		(99	)
CMBX.NA.10.A		2.00%	Deutsche Bank AG		11/17/59		A-		USD	20		(610	)		(912	)		302
CMBX.NA.10.A		2.00%	Deutsche Bank AG		11/17/59		A-		USD	10		(305	)		(464	)		159
CMBX.NA.10.BBB-		3.00%	J.P. Morgan Securities LLC		11/17/59		BBB-		USD	10		(1,076	)		(895	)		(181	)
Total											$	(12,035	)	$	(19,905	)	$	7,870

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)
12.85%1	1-day BZDIOVER	JPMorgan Chase Bank N.A.	7/03/17	BRL	33	$	(26	)		—		$	(26	)
13.11%1	1-day BZDIOVER	Citibank N.A.	7/03/17	BRL	310		(361	)		—			(361	)
13.13%1	1-day BZDIOVER	Bank of America N.A.	7/03/17	BRL	258		(313	)		—			(313	)
9.50%1	1-day BZDIOVER	Bank of America N.A.	10/02/17	BRL	653		(18	)		—			(18	)
1.69%1	3-month KRW Certificate of Deposit	Deutsche Bank AG	11/10/17	KRW	100,213		(115	)		—			(115	)
1.92%2	3-month KRW Certificate of Deposit	Deutsche Bank AG	11/10/17	KRW	100,213		218		$	50			168
8.98%1	1-day BZDIOVER	Citibank N.A.	1/02/18	BRL	166		78			—			78
9.98%1	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/02/18	BRL	530		(363	)		—			(363	)
9.99%1	1-day BZDIOVER	Citibank N.A.	1/02/18	BRL	530		(554	)		—			(554	)
4.55%1	28-day MXIBTIIE	Barclays Bank PLC	3/21/18	MXN	408		462			6			456
4.85%1	28-day MXIBTIIE	Bank of America N.A.	11/01/18	MXN	358		578			1			577
7.06%2	28-day MXIBTIIE	JPMorgan Chase Bank N.A.	11/21/18	MXN	1,688		81			—			81
7.07%2	28-day MXIBTIIE	Citibank N.A.	11/21/18	MXN	1,406		102			—			102
6.98%2	28-day MXIBTIIE	Citibank N.A.	11/28/18	MXN	2,400		(68	)		(4	)		(64	)
6.98%2	28-day MXIBTIIE	JPMorgan Chase Bank N.A.	11/28/18	MXN	1,361		(38	)		(2	)		(36	)
9.25%2	1-day BZDIOVER	Citibank N.A.	1/02/19	BRL	453		427			—			427
9.28%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	1/02/19	BRL	430		446			—			446

See Notes to Financial Statements.

124 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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)
9.73%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.		1/02/20	BRL	317	$	324			—		$	324
3.27%1	3-month LIBOR	Deutsche Bank AG		5/16/21	USD	210		(11,887	)		—			(11,887	)
3.78%2	7-day China Fixing Repo Rates	Bank of America N.A.		6/02/22	CNY	143		30		$	(1	)		31
5.73%1	28-day MXIBTIIE	Bank of America N.A.		1/03/25	MXN	336		1,420			5			1,415
6.43%2	28-day MXIBTIIE	Bank of America N.A.		6/06/25	MXN	262		(558	)		(4	)		(554	)
6.33%2	28-day MXIBTIIE	Citibank N.A.		6/09/25	MXN	131		(324	)		(1	)		(323	)
6.33%2	28-day MXIBTIIE	Citibank N.A.		7/17/25	MXN	316		(797	)		(2	)		(795	)
6.31%1	28-day MXIBTIIE	Deutsche Bank AG		8/11/25	MXN	1,180		3,093			6			3,087
6.27%2	28-day MXIBTIIE	Bank of America N.A.		12/05/25	MXN	36		(105	)		(1	)		(104	)
Total							$	(8,268	)	$	53		$	(8,321	)

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

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

Transactions in Options Written for the Six Months Ended June 30, 2017

	Calls
				Notional (000)
	Contracts			AUD			EUR			MXN			TRY		USD			Premiums Received
Outstanding options, beginning of period		—			—			938			—			—		75		$	7,399
Options written		33			70			1,733			2,083			66		713			33,445
Options expired		(33	)		(70	)		(1,918	)		—			—		(409	)		(21,332	)
Options closed		—			—			(732	)		(2,083	)		—		(218	)		(16,451	)
Outstanding options, end of period		—			—			21			—			66		161		$	3,061

	Puts
			Notional (000)
	Contracts		AUD			EUR			MXN			USD			Premiums Received
Outstanding options, beginning of period		—		—			—			—			160		$	944
Options written		78		68			2,549			748			2,491			36,538
Options expired		—		(35	)		(463	)		(390	)		(1,220	)		(4,734	)
Options closed		—		—			(2,086	)		(358	)		(273	)		(26,235	)
Outstanding options, end of period		78		33			—			—			1,158		$	6,513

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
Futures contracts	Net unrealized appreciation1	—		—	—		—	$	19,667		—	$	19,667
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—		—	—	$	46,317		—		—		46,317
Options purchased	Investments at value — unaffiliated2	—		—	—		5,438		5,525		—		10,963
Swaps - centrally cleared	Net unrealized appreciation1	—		—	—		—		13,965	$	1,763		15,728
Swaps - OTC	Unrealized appreciation on OTC swaps; Swap premiums paid	—	$	26,700	—		—		7,260		—		33,960
Total		—	$	26,700	—	$	51,755	$	46,417	$	1,763	$	126,635

¹ Includes cumulative appreciation on 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.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 125

Schedule of Investments (continued) BlackRock Total Return Portfolio

Liabilities - Derivative Financial Instruments		Commodity Contracts	Credit Contracts		Equity Contracts	Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts	Total
Futures contracts	Net unrealized depreciation1	—		—	—		—	$	18,954	—	$	18,954
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—		—	—	$	40,624		—	—		40,624
Options written	Options written, at value	—		—	—		1,939		1,300	—		3,239
Swaps - centrally cleared	Net unrealized depreciation1	—	$	43	—		—		3,535	—		3,578
Swaps - OTC	Unrealized depreciation on OTC swaps; Swap premiums received	—		33,150	—		—		15,528	—		48,678
Total		—	$	33,193	—	$	42,563	$	39,317	—	$	115,073

¹ Includes cumulative depreciation on 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 six months ended June 30, 2017, 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
Futures contracts	—		—		—		—		$	160,509			—	$	160,509
Foreign currency transactions	—		—		—	$	(14,184	)		—			—		(14,184	)
Options purchased2	—		—		—		(38,029	)		(27,087	)		—		(65,116	)
Options written	—		—		—		17,049			8,351			—		25,400
Swaps	—	$	(28,771	)	—		(15,327	)		5,411			—		(38,687	)
Total	—	$	(28,771	)	—	$	(50,491	)	$	147,184			—	$	67,922
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	—		—		—		—		$	8,525			—	$	8,525
Foreign currency translations	—		—		—	$	(17,809	)		—			—		(17,809	)
Options purchased2	—		—		—		(8,148	)		(8,854	)		—		(17,002	)
Options written	—		—		—		(1,480	)		2,157			—		677
Swaps	—	$	(22,297	)	—		—			42,173		$	4,927		24,803
Total	—	$	(22,297	)	—	$	(27,437	)	$	44,001		$	4,927	$	(806	)

²  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

Futures contracts:
Average notional value of contracts - long	$	5,953,286
Average notional value of contracts - short	$	4,577,975
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$	3,573,495
Average amounts sold - USD	$	2,603,037
Options:
Average value of option contracts purchased	$	18,261
Average value of option contracts written	$	3,190
Credit default swaps:
Average notional value - buy protection	$	1,819,384
Average notional value - sell protection	$	485,500
Interest rate swaps:
Average notional value - pays fixed rate	$	1,901,404
Average notional value - receives fixed rate	$	2,397,167
Total return swaps:
Average notional value	$	914,784

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.

126 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (continued) BlackRock Total Return 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:
Futures contracts	$	9,605		$	7,074
Forward foreign currency exchange contracts		46,317			40,624
Options		10,963	1		3,239
Swaps - Centrally cleared		—			4,727
Swaps - OTC2		33,960			48,678
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	100,845		$	104,342
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(15,130	)		(13,101	)
Total derivative assets and liabilities subject to an MNA	$	85,715		$	91,241

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 Offset1			Non-cash Collateral Received	Cash Collateral Received	Net Amount of Derivative Assets2
Bank of America N.A.	$	5,666	$	(3,601	)	—	—	$	2,065
Barclays Bank PLC		2,636		(2,636	)	—	—		—
BNP Paribas S.A.		11,497		(7,974	)	—	—		3,523
Citibank N.A.		12,143		(4,479	)	—	—		7,664
Credit Suisse International		4,040		(3,894	)	—	—		146
Deutsche Bank AG		21,340		(21,222	)	—	—		118
Goldman Sachs International		6,561		(6,561	)	—	—		—
HSBC Bank PLC		2,420		(317	)	—	—		2,103
J.P. Morgan Securities LLC		3,936		(2,634	)	—	—		1,302
JPMorgan Chase Bank N.A.		8,057		(8,057	)	—	—		—
Morgan Stanley & Co. International PLC		4,170		(4,170	)	—	—		—
Royal Bank of Scotland PLC		3,249		(3,249	)	—	—		—
Total	$	85,715	$	(68,794	)	—	—	$	16,921
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset1			Non-cash Collateral Pledged	Cash Collateral Pledged	Net Amount of Derivative Liabilities3
Bank of America N.A.	$	3,601	$	(3,601	)	—	—		—
Barclays Bank PLC		15,193		(2,636	)	—	—	$	12,557
BNP Paribas S.A.		7,974		(7,974	)	—	—		—
Citibank N.A.		4,479		(4,479	)	—	—		—
Credit Suisse International		3,894		(3,894	)	—	—		—
Deutsche Bank AG		21,222		(21,222	)	—	—		—
Goldman Sachs International		8,218		(6,561	)	—	—		1,657
HSBC Bank PLC		317		(317	)	—	—		—
J.P. Morgan Securities LLC		2,634		(2,634	)	—	—		—
JPMorgan Chase Bank N.A.		8,221		(8,057	)	—	—		164
Morgan Stanley & Co. International PLC		8,494		(4,170	)	—	—		4,324
Royal Bank of Scotland PLC		3,800		(3,249	)	—	—		551
UBS AG		3,194		—		—	—		3,194
Total	$	91,241	$	(68,794	)	—	—	$	22,447

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 receivable from the counterparty in the event of default.

³ Net amount represents the net amount payable due to the counterparty in the event of default.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 127

Schedule of Investments (continued) BlackRock Total Return Portfolio

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 Investments1:
Asset-Backed Securities			—			$	5,047,351			$	1,478,216		$	6,525,567
Corporate Bonds			—				15,749,695				—			15,749,695
Floating Rate Loan Interests			—				188,138				195,573			383,711
Foreign Agency Obligations			—				220,834				—			220,834
Foreign Government Obligations			—				2,541,390				—			2,541,390
Investment Companies		$	551,554				—				—			551,554
Non-Agency Mortgage-Backed Securities			—				2,952,138				856,697			3,808,835
Other Interests			—				—				—			—
Preferred Securities			179,704				113,084				—			292,788
Taxable Municipal Bonds			—				3,522,261				—			3,522,261
U.S. Government Sponsored Agency Securities			—				24,974,595				23,574			24,998,169
U.S. Treasury Obligations			—				11,119,590				—			11,119,590
Short-Term Securities:
Borrowed Bond Agreements			—				225,245				—			225,245
Money Market Funds			288,048				—				—			288,048
Options Purchased:
Foreign currency exchange contracts			—				5,438				—			5,438
Interest rate contracts			5,525				—				—			5,525
Liabilities:
Investments:
Borrowed Bonds			—				(221,910	)			—			(221,910	)
TBA Sale Commitments			—				(9,822,102	)			—			(9,822,102	)
Total		$	1,024,831			$	56,615,747			$	2,554,060		$	60,194,638
1    See above Schedule of Investments for values in each industry.
Derivative Financial Instruments2
Assets:
Credit contracts			—			$	10,663				—		$	10,663
Foreign Currency Exchange Contracts			—				46,317				—			46,317
Interest rate contracts		$	19,667				21,157				—			40,824
Other contracts			—				1,763				—			1,763
Liabilities:
Credit contracts			—				(8,255	)			—			(8,255	)
Foreign Currency Exchange Contracts			—				(42,563	)			—			(42,563	)
Interest rate contracts			(20,254	)			(19,048	)			—			(39,302	)
Total		$	(587	)		$	10,034				—		$	9,447

² Derivative financial instruments are swaps, future contracts, forward foreign currency exchange contracts and options written. Swaps, 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.

See Notes to Financial Statements.

128 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (concluded) BlackRock Total Return 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, reverse repurchase agreements of $7,388,836 are categorized as Level 2 within the disclosure hierarchy.

During the six months ended June 30, 2017, 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 period 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			Options Purchased			U.S. Government Sponsored Agency Securities			Total
Assets:
Opening Balance, as of December 31, 2016	$	1,579,936			—		$	566,628			—			—		$	2,146,564
Transfers into Level 3		—			—			196,549			—			—			196,549
Transfers out of Level 31		(1,179,245	)		—			(20,000	)		—			—			(1,199,245	)
Accrued discounts/premiums		150		$	32			1,444			—			—			1,626
Net realized gain (loss)		454			—			5,844			—		$	25			6,323
Net change in unrealized appreciation (depreciation)2,3		(730	)		(208	)		(7,921	)	$	(756	)		(223	)		(9,838	)
Purchases		1,098,750			195,749			367,982			756			33,896			1,697,133
Sales		(21,099	)		—			(253,829	)		—			(10,124	)		(285,052	)
Closing Balance, as of June 30, 2017	$	1,478,216		$	195,573		$	856,697			—		$	23,574		$	2,554,060
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 20173	$	(730	)	$	(208	)	$	(7,180	)	$	(756	)	$	(222	)	$	(9,096	)

¹ As of December 31, 2016, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2017, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

² Included in the related net 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 June 30, 2017 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. JUNE 30, 2017 129

Schedule of Investments June 30, 2017 (Unaudited)	BlackRock U.S. Government Bond Portfolio
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par   (000)		Value
Arbor Realty Commercial Real Estate Notes Ltd., Series 2016-FL1A, Class A, 2.86%, 9/15/26 (a)(b)(c)	USD		170	$	170,000
Bsprt Issuer Ltd., Series 2017-FL1, Class A, 2.43%, 6/15/27 (a)(b)(c)			170		170,213
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1L, 2.28%, 8/15/25 (a)(b)			500		500,445
Invitation Homes Trust, Series 2014-SFR3, Class A, 2.41%, 12/17/31 (a)(b)			19		18,717
OCP CLO Ltd., Series 2012-2A, Class A1R, 2.57%, 11/22/25 (a)(b)			600		602,303
Tricon American Homes Trust, Series 2015-SFR1, Class A, 2.42%, 5/17/32 (a)(b)			178		178,951
Washington Mill CLO Ltd., Series 2014-1A, Class A1R, 2.38%, 4/20/26 (a)(b)			400		399,801
Total Asset-Backed Securities — 3.5%					2,040,430
Corporate Bonds
Electric Utilities — 0.1%
Southern Co. Gas Capital Corp., 4.40%, 5/30/47			40		40,797
Foreign Government Obligations
Mexico — 1.1%
United Mexican States, Series M, 5.00%, 12/11/19	MXN		117		618,590
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 2.1%
BHMS Mortgage Trust, Series 2014-ATLS, Class AFL, 2.49%, 7/05/33 (a)(b)	USD		600		600,000
Credit Suisse Mortgage Capital Certificates,
Series 2016-MFF, Class A, 2.76%, 11/15/33 (a)(b)			100		100,312
GAHR Commercial Mortgage Trust,
Series 2015-NRF, Class AFL1, 2.29%, 12/15/34 (a)(b)			146		146,654
LMREC, Inc., Series 2016-CRE2, Class A, 2.71%, 11/24/31 (a)(b)			100		100,750
RAIT Trust, Series 2017-FL7, Class A, 2.10%, 6/15/37 (a)(b)			250		250,000
					1,197,716
Interest Only Commercial Mortgage-Backed Securities — 0.8%
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class XA, 1.92%, 5/10/58 (b)			630		71,523
Commercial Mortgage Pass-Through Certificates, Series 2015-CR24, Class XA, 1.01%,8/10/48 (b)			1,176		62,591
Core Industrial Trust:
Series 2015-CALW, Class XA, 0.94%, 2/10/34 (a)(b)			3,120		103,631
Series 2015-TEXW, Class XA, 0.90%, 2/10/34 (a)(b)			2,600		82,506
Series 2015-WEST, Class XA, 1.08%, 2/10/37 (a)(b)			1,300		78,088

Non-Agency Mortgage-Backed Securities		Par   (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
FREMF Mortgage Trust, Series 2015-K718, Class X2A, 0.10%, 2/25/22 (a)(b)	USD		18,595		69,150
					467,489
Total Non-Agency Mortgage-Backed Securities — 2.9%					1,665,205
U.S. Government Sponsored Agency Securities
Agency Obligations — 1.3%
Fannie Mae, Series 2011-8, Class ZA, 4.00%, 2/25/41			258		271,505
Federal Home Loan Bank, 4.00%, 4/10/28			400		442,434
					713,939
Collateralized Mortgage Obligations — 0.3%
Ginnie Mae, Series 2014-107, Class WX, 6.80%, 7/20/39 (b)			166		191,133
Interest Only Commercial Mortgage-Backed Securities — 1.7%
Fannie Mae, Series 2016-M4, Class X2, 2.80%, 1/25/39 (b)			541		64,968
Freddie Mac:
Series K064, Class X1, 0.75%, 3/25/27 (b)			1,200		59,347
Series K718, Class X1, 0.77%, 1/25/22 (b)			330		8,307
Ginnie Mae:
Series 2002-83, Class IO, 0.00%, 10/16/42-11/16/43 (b)(c)(d)			2,518		97
Series 2016-137, Class IO, 0.95%, 10/16/56 (b)			593		45,399
Series 2016-140, Class IO, 0.94%, 5/16/58 (b)			594		44,548
Series 2016-143, Class IO, 0.97%, 10/16/56			560		44,353
Series 2016-176, Class IO, 1.01%, 8/16/58 (b)			1,193		103,890
Series 2017-24, Class IO, 0.87%, 12/16/56 (b)			298		21,749
Series 2017-30, Class IO, 0.76%, 8/16/58 (b)			637		44,474
Series 2017-35, Class IO, 0.71%, 3/30/47 (b)			1,056		74,381
Series 2017-44, Class IO, 0.70%, 4/17/51 (b)			637		42,174
Series 2017-53, Class IO, 0.69%, 12/15/56 (b)			3,989		267,154
Series 2017-54, Class IO, 0.68%, 12/31/49 (b)			414		29,158
Series 2017-61, Class IO, 0.77%, 10/16/56 (b)			429		36,812
Series 2017-64, Class IO, 0.72%, 10/16/56 (b)			304		22,235
Series 2017-72, Class IO, 0.68%, 4/16/57 (b)			1,124		79,488
					988,534

See Notes to Financial Statements.

130 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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

U.S. Government Sponsored Agency Securities		Par   (000)		Value
Mortgage-Backed Securities — 74.3%
Fannie Mae Mortgage-Backed Securities:
2.50%, 4/01/30-7/01/32 (e)	USD		2,347	$	2,360,535
3.00%, 4/01/29-7/01/47 (e)			9,188		9,252,239
3.50%, 7/01/26-7/01/47 (e)			5,190		5,360,074
4.00%, 2/01/25-7/01/47 (e)			2,360		2,502,774
4.50%, 6/01/26-7/01/47 (e)			752		809,660
5.00%, 2/01/35-12/01/43			346		379,097
5.50%, 11/01/21-9/01/39			460		508,960
6.00%, 4/01/35-7/01/47 (e)			376		427,469
6.50%, 5/01/40			69		76,710
Freddie Mac Mortgage-Backed Securities:
2.50%, 3/01/30-7/01/32 (e)			546		549,918
3.00%, 1/01/30-7/01/47 (e)			6,763		6,767,606
3.50%, 7/01/32-7/01/47 (e)			2,394		2,465,011
4.00%, 8/01/40-7/01/47 (e)			1,657		1,744,416
4.50%, 2/01/39-7/01/47 (e)			517		554,483
5.00%, 11/01/41			162		177,223
5.50%, 6/01/41			152		168,982
8.00%, 3/01/30-6/01/31			16		16,639
Ginnie Mae Mortgage-Backed Securities:
3.00%, 7/15/47 (e)			2,082		2,103,036
3.50%, 12/20/41-7/15/47 (e)			2,598		2,694,349
4.00%, 10/20/40-7/15/47 (e)			1,858		1,958,262
4.50%, 12/20/39-7/15/47 (e)			1,600		1,721,818
5.00%, 7/15/39-7/20/44			119		130,869
					42,730,130
Total U.S. Government Sponsored Agency Securities — 77.6%					44,623,736
U.S. Treasury Obligations
U.S. Treasury Bonds:
2.13%, 3/31/24			1,621		1,622,203
2.88%, 11/15/46			1,427		1,434,860
3.00%, 2/15/47 (f)			1,382		1,425,619
3.00%, 5/15/47 (f)			892		920,572
U.S. Treasury Notes:
1.25%, 3/31/19-5/31/19 (f)			5,856		5,842,332
1.63%, 3/15/20			2,935		2,944,286
1.50%, 4/15/20-5/15/20			4,921		4,916,947
1.88%, 3/31/22-4/30/22			4,742		4,742,925
1.75%, 5/31/22 (f)			1,593		1,583,667
2.00%, 4/30/24-11/15/26 (f)			3,519		3,478,362
2.25%, 2/15/27			767		763,435
2.38%, 5/15/27 (f)			253		254,601
Total U.S. Treasury Obligations — 52.1%					29,929,809
Total Long-Term Investments (Cost — $78,798,432) — 137.3%					78,918,567

Options Purchased				Value
(Cost — $23,679) — 0.0%				$	15,348
Total Investments Before TBA Sale Commitments and Options Written (Cost — $78,822,111) — 137.3%					78,933,915
TBA Sale Commitments (e)		Par   (000)
Mortgage-Backed Securities — (32.5)%
Fannie Mae Mortgage-Backed Securities:
2.50%, 7/01/32	USD		597		(599,098	)
3.00%, 7/01/32-7/01/47			6,948		(6,995,310	)
3.50%, 7/01/32-7/01/47			2,513		(2,587,783	)
4.00%, 7/01/32-7/01/47			498		(522,822	)
4.50%, 7/01/47			87		(93,325	)
5.00%, 7/01/47			56		(61,171	)
5.50%, 7/01/47			74		(81,978	)
6.00%, 7/01/47			138		(155,272	)
Freddie Mac Mortgage-Backed Securities:
3.00%, 7/01/47			4,787		(4,774,516	)
3.50%, 7/01/47			550		(565,024	)
4.00%, 7/01/47			672		(706,737	)
4.50%, 7/01/47			148		(158,547	)
Ginnie Mae Mortgage-Backed Securities:
3.00%, 7/15/47			27		(27,272	)
3.50%, 7/15/47			111		(115,078	)
4.00%, 7/15/47			728		(765,538	)
4.50%, 7/15/47			459		(487,831	)
Total TBA Sale Commitments (Proceeds — $18,773,256) — (32.5)%					(18,697,302	)
Options Written
(Premiums Received — $3,675) — (0.0)%					(1,381	)
Total Investments Net of TBA Sale Commitments and Options Written — 104.8%					60,235,232
Liabilities in Excess of Other Assets — (4.8)%					(2,756,182	)
Net Assets — 100.0%				$	57,479,050

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) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) Zero-coupon bond.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 131

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

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

Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	(1,223,839	)	$	4,835
Citigroup Global Markets, Inc.	$	(1,403,299	)	$	6,923
Credit Suisse Securities (USA) LLC	$	(747,185	)	$	8,365
Daiwa Capital Markets America, Inc.	$	202,016		$	(1,359	)
Deutsche Bank Securities, Inc.	$	(205,247	)	$	935
Goldman Sachs & Co.	$	(149,633	)	$	(2,578	)
J.P. Morgan Securities LLC	$	394,408		$	(1,689	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	(212,620	)	$	3,401
Mizuho Securities USA LLC	$	(173,110	)	$	792
Morgan Stanley & Co. LLC	$	(594,149	)	$	1,170
Nomura Securities International, Inc.	$	(31,157	)	$	87
RBC Capital Markets, LLC	$	714,572		$	(4,996	)
Wells Fargo Securities, LLC	$	(399,065	)	$	2,814

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

• During the six months ended June 30, 2017, 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 Held at December 31, 2016		Net Activity		Shares Held at June 30, 2017		Value at June 30, 2017		Income
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		—		—		—	$	2,650

• 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 adviser. 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 Non-Cash Underlying Collateral		Remaining Contractual Maturity of  the Agreements
BNP Paribas Securities Corp.		1.03	%		6/30/17		7/03/17	$	256,163	$	256,185		U.S. Treasury Obligations		Overnight
Deutsche Bank Securities, Inc.		1.45	%		6/30/17		7/03/17		927,680		927,792		U.S. Treasury Obligations		Overnight
J.P. Morgan Securities LLC		0.50	%		6/30/17		7/03/17		1,464,168		1,464,229		U.S. Treasury Obligations		Overnight
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.18	%		6/30/17		7/03/17		1,589,018		1,589,174		U.S. Treasury Obligations		Overnight
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.30	%		6/30/17		7/03/17		1,447,645		1,447,802		U.S. Treasury Obligations		Overnight
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.35	%		6/30/17		7/03/17		1,089,898		1,090,021		U.S. Treasury Obligations		Overnight
Total								$	6,774,572	$	6,775,203

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Contracts Long (Short)	Issue	Expiration		Notional Value			Unrealized Appreciation (Depreciation)
(8)	Euro-Bobl		September 2017		USD	1,203,372	$	3,283
8	U.S. Treasury Bonds (30 Year)		September 2017		USD	1,229,500		11,276
3	U.S. Treasury Notes (2 Year)		September 2017		USD	648,328		(300	)
11	U.S. Treasury Notes (5 Year)		September 2017		USD	1,296,195		(3,692	)
(37)	U.S. Treasury Notes (10 Year)		September 2017		USD	4,644,656		23,446
(14)	Euro Dollar		June 2018		USD	3,442,775		1,995
(13)	Euro Dollar		March 2019		USD	3,189,713		(2,941	)
Total							$	33,067

See Notes to Financial Statements.

132 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	7,500		RUB	438,300	BNP Paribas S.A.		7/03/17	$	73
EUR	105,249		USD	120,000	Morgan Stanley & Co. International PLC		7/05/17		244
GBP	92,507		USD	120,000	Morgan Stanley & Co. International PLC		7/05/17		507
HUF	7,157,168		USD	26,374	Deutsche Bank AG		7/05/17		100
HUF	195,673		USD	721	JPMorgan Chase Bank N.A.		7/05/17		2
HUF	716,235		USD	2,637	Morgan Stanley & Co. International PLC		7/05/17		12
HUF	24,514,915		USD	90,268	Morgan Stanley & Co. International PLC		7/05/17		410
JPY	13,544,806		USD	120,000	BNP Paribas S.A.		7/05/17		453
SEK	1,021,096		USD	120,000	Deutsche Bank AG		7/05/17		1,240
TRY	428,544		USD	120,000	BNP Paribas S.A.		7/05/17		1,621
USD	120,000		JPY	13,250,640	Royal Bank of Scotland PLC		7/05/17		2,163
USD	120,000		ZAR	1,562,215	BNP Paribas S.A.		7/05/17		699
ZAR	1,591,734		USD	120,000	BNP Paribas S.A.		7/05/17		1,555
CLP	7,382,375		USD	11,000	Credit Suisse International		7/06/17		119
RUB	716,280		USD	12,000	JPMorgan Chase Bank N.A.		7/06/17		130
USD	120,000		BRL	395,340	BNP Paribas S.A.		7/06/17		832
USD	11,000		COP	31,996,250	Credit Suisse International		7/06/17		511
USD	40,000		COP	121,600,000	Barclays Bank PLC		7/07/17		143
USD	80,000		COP	242,333,360	BNP Paribas S.A.		7/07/17		569
RUB	502,520		USD	8,500	JPMorgan Chase Bank N.A.		7/10/17		2
USD	13,565		RUB	796,112	Credit Suisse International		7/10/17		95
USD	13,435		RUB	788,269	Deutsche Bank AG		7/10/17		98
JPY	1,350,894		USD	12,000	Goldman Sachs International		7/11/17		17
MYR	17,220		USD	4,000	BNP Paribas S.A.		7/17/17		8
MYR	21,720		USD	5,000	JPMorgan Chase Bank N.A.		7/17/17		56
MYR	22,040		USD	5,000	JPMorgan Chase Bank N.A.		7/17/17		131
TRY	78,001		USD	22,000	BNP Paribas S.A.		7/21/17		34
TRY	32,030		USD	9,000	Citibank N.A.		7/21/17		48
USD	2,561		MXN	46,310	BNP Paribas S.A.		7/21/17		19
USD	6,439		MXN	116,405	JPMorgan Chase Bank N.A.		7/21/17		48
USD	9,000		ZAR	115,855	Citibank N.A.		7/21/17		179
RUB	720,840		USD	12,000	BNP Paribas S.A.		7/24/17		159
RUB	715,920		USD	12,000	Deutsche Bank AG		7/24/17		76
USD	9,000		COP	26,406,000	BNP Paribas S.A.		8/09/17		386
IDR	67,325,000		USD	5,000	Bank of America N.A.		8/15/17		24
IDR	75,386,742		USD	5,600	Citibank N.A.		8/15/17		26
IDR	107,713,941		USD	8,000	Citibank N.A.		8/15/17		39
IDR	56,005,714		USD	4,161	JPMorgan Chase Bank N.A.		8/15/17		18
IDR	84,040,320		USD	6,240	JPMorgan Chase Bank N.A.		8/15/17		31
MYR	60,543		USD	14,000	Morgan Stanley & Co. International PLC		8/17/17		75
USD	10,000		COP	29,880,000	Barclays Bank PLC		8/22/17		268
USD	9,000		COP	27,319,500	Credit Suisse International		8/22/17		102
EUR	8,800		USD	9,950	JPMorgan Chase Bank N.A.		9/07/17		138
AUD	324,000		USD	244,950	Citibank N.A.		9/20/17		3,815
AUD	28,000		USD	21,176	Credit Suisse International		9/20/17		322
EUR	185,000		USD	211,047	Goldman Sachs International		9/20/17		1,183
EUR	180,000		USD	203,775	Goldman Sachs International		9/20/17		2,720
USD	37,497		MXN	681,618	Deutsche Bank AG		9/20/17		430

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 133

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

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	36,754		MXN	665,784	Deutsche Bank AG		9/20/17	$	548
USD	149,989		MXN	2,726,808	Goldman Sachs International		9/20/17		1,703
USD	36,754		MXN	666,354	Royal Bank of Scotland PLC		9/20/17		517
USD	49,005		MXN	889,588	Royal Bank of Scotland PLC		9/20/17		629
USD	43,445		TRY	157,512	BNP Paribas S.A.		10/23/17		111
TRY	374,488		USD	96,748	BNP Paribas S.A.		6/25/18		2
									25,440
MXN	46,493		USD	2,571	Barclays Bank PLC		7/03/17		(11	)
MXN	46,488		USD	2,571	Deutsche Bank AG		7/03/17		(11	)
MXN	69,728		USD	3,857	Morgan Stanley & Co. International PLC		7/03/17		(17	)
RUB	433,125		USD	7,500	Deutsche Bank AG		7/03/17		(161	)
RUB	6,869,580		USD	120,000	BNP Paribas S.A.		7/05/17		(3,645	)
USD	120,000		EUR	106,525	Deutsche Bank AG		7/05/17		(1,702	)
USD	120,000		GBP	92,857	Deutsche Bank AG		7/05/17		(963	)
USD	120,000		HUF	32,860,200	BNP Paribas S.A.		7/05/17		(1,546	)
USD	70,000		RUB	4,149,740	Deutsche Bank AG		7/05/17		(287	)
USD	50,000		RUB	2,961,165	JPMorgan Chase Bank N.A.		7/05/17		(156	)
USD	120,000		SEK	1,039,008	Royal Bank of Scotland PLC		7/05/17		(3,366	)
USD	120,000		TRY	423,789	BNP Paribas S.A.		7/05/17		(272	)
BRL	391,980		USD	120,000	Goldman Sachs International		7/06/17		(1,844	)
COP	14,620,000		USD	5,000	Royal Bank of Scotland PLC		7/06/17		(207	)
COP	17,538,000		USD	6,000	UBS AG		7/06/17		(251	)
USD	11,000		CLP	7,310,710	Royal Bank of Scotland PLC		7/06/17		(11	)
USD	12,000		RUB	720,720	Goldman Sachs International		7/06/17		(205	)
COP	146,800,000		USD	50,000	JPMorgan Chase Bank N.A.		7/07/17		(1,883	)
COP	205,520,000		USD	70,000	UBS AG		7/07/17		(2,636	)
RUB	397,599		USD	6,750	Barclays Bank PLC		7/10/17		(23	)
RUB	397,778		USD	6,750	Barclays Bank PLC		7/10/17		(20	)
USD	14,000		MYR	60,410	Morgan Stanley & Co. International PLC		7/17/17		(62	)
MXN	162,556		USD	9,000	Barclays Bank PLC		7/21/17		(76	)
ZAR	83,767		USD	6,439	Barclays Bank PLC		7/21/17		(61	)
ZAR	33,339		USD	2,561	BNP Paribas S.A.		7/21/17		(23	)
IDR	146,740,000		USD	11,000	BNP Paribas S.A.		7/24/17		(21	)
IDR	333,500,000		USD	25,000	JPMorgan Chase Bank N.A.		7/24/17		(49	)
MXN	162,871		USD	9,000	Morgan Stanley & Co. International PLC		7/27/17		(68	)
CLP	1,237,905		USD	1,867	Bank of America N.A.		7/28/17		(3	)
CLP	3,536,178		USD	5,333	BNP Paribas S.A.		7/28/17		(11	)
CLP	3,316,500		USD	5,000	BNP Paribas S.A.		7/28/17		(8	)
CLP	530,560		USD	800	Goldman Sachs International		7/28/17		(1	)
RUB	889,800		USD	15,000	Deutsche Bank AG		7/28/17		(4	)
TRY	22,007		USD	6,234	BNP Paribas S.A.		7/28/17		(30	)
TRY	11,652		USD	3,299	BNP Paribas S.A.		7/28/17		(14	)
TRY	22,013		USD	6,234	Goldman Sachs International		7/28/17		(28	)
TRY	56,697		USD	16,000	HSBC Bank PLC		7/28/17		(17	)
TRY	22,003		USD	6,234	JPMorgan Chase Bank N.A.		7/28/17		(31	)
COP	27,396,000		USD	9,000	Barclays Bank PLC		8/09/17		(63	)
USD	29,000		IDR	395,026,400	BNP Paribas S.A.		8/15/17		(478	)
COP	30,521,700		USD	10,000	UBS AG		8/22/17		(59	)
USD	9,950		EUR	8,800	BNP Paribas S.A.		9/07/17		(138	)

See Notes to Financial Statements.

134 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation   (Depreciation)
USD	133,019		AUD	176,000	Goldman Sachs International		9/20/17	$	(2,112	)
USD	133,228		AUD	176,000	Goldman Sachs International		9/20/17		(1,903	)
USD	410,738		EUR	365,000	Barclays Bank PLC		9/20/17		(7,987	)
USD	102,896		TRY	374,488	BNP Paribas S.A.		10/23/17		(133	)
TRY	157,512		USD	40,862	BNP Paribas S.A.		6/25/18		(168	)
									(32,765	)
Net Unrealized Depreciation								$	(7,325	)

Exchange-Traded Options Purchased

Description	Put/ Call		Expiration Date		Strike Price			Contracts		Value
Euro Dollar 90-Day		Put		10/13/17		USD	98.00		55	$	5,844
Euro Dollar 90-Day		Put		10/13/17		USD	98.13		24		4,800
Euro Dollar 90-Day		Put		10/13/17		USD	97.75		24		4,200
Total										$	14,844

OTC Options Purchased    

Description

Put/ Call

Counterparty

Expiration Date

Strike Price

Notional Amount (000)

Value

USD Currency

Call

Barclays Bank PLC

7/07/17

JPY

111.00

USD

12

$

160

USD Currency

Call

Deutsche Bank AG

8/07/17

RUB

58.00

USD

9

297

EUR Currency

Put

BNP Paribas S.A.

8/25/17

USD

1.12

EUR

13

47

Total

$

504

Exchange-Traded Options Written

Description	Put/ Call		Expiration Date		Strike Price			Contracts		Value
Euro Dollar 90-Day		Put		10/13/17		USD	97.50		28	$	(350	)
Euro Dollar 90-Day		Put		10/13/17		USD	97.63		55		(1,031	)
Total										$	(1,381	)

Centrally Cleared Credit Default Swaps - Buy Protection

Index	Pay Fixed Rate	Expiration Date		Notional Amount (000)			Unrealized   Depreciation
CDX.NA.IG.28.V1	1.00%		6/20/22		USD	328	$(1,216)

Centrally Cleared Interest Rate Swaps

Fixed Rate	Floating Rate	Effective Date	Expiration Date	Notional Amount (000)			Unrealized Appreciation (Depreciation)
7.36%1	28-day MXIBTIIE	N/A	1/28/19		MXN	2,579	$	(828	)
7.32%2	28-day MXIBTIIE	N/A	2/20/20		MXN	2,083		1,589
7.16%2	28-day MXIBTIIE	N/A	4/29/20		MXN	1,970		1,168
1.37%1	3-month LIBOR	N/A	11/30/20		USD	930		12,567
7.45%2	28-day MXIBTIIE	N/A	3/07/22		MXN	711		1,092
7.48%2	28-day MXIBTIIE	N/A	3/07/22		MXN	355		238
7.47%2	28-day MXIBTIIE	N/A	3/07/22		MXN	355		237
7.16%2	28-day MXIBTIIE	N/A	6/01/22		MXN	846		703
2.13%2	3-month LIBOR	N/A	8/25/25		USD	10		28
3.45%2	UK RPI All Items Monthly	N/A	10/15/26		GBP	142		657

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 135

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

Fixed Rate		Floating Rate	Effective Date	Expiration Date			Notional Amount (000)		Unrealized Appreciation (Depreciation)
	3.46%2	UK RPI All Items Monthly	N/A		10/15/26	GBP		146	$	966
	3.43%2	UK RPI All Items Monthly	N/A		10/15/26	GBP		140		258
	7.41%2	28-day MXIBTIIE	N/A		5/25/27	MXN		485		452
	7.38%2	28-day MXIBTIIE	N/A		5/25/27	MXN		79		62
	7.82%2	28-day MXIBTIIE	N/A		3/04/37	MXN		171		154
	7.92%2	28-day MXIBTIIE	N/A		5/01/37	MXN		223		421
	7.95%2	28-day MXIBTIIE	N/A		5/01/37	MXN		205		444
	Total								$	20,208

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

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

OTC Credit Default Swaps - Buy Protection

Index

Pay Fixed Rate

Counterparty

Expiration Date

Notional Amount (000)

Market Value

Premiums Paid

Unrealized Depreciation

Republic of the Philippines

1.00

%

JPMorgan Chase Bank N.A.

6/20/22

USD

231

$(2,617)

$(570

)

$(2,047)

OTC Interest Rate Swaps
Fixed Rate	Floating Rate		Counterparty	Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
13.13%1		1-day BZDIOVER	Bank of America N.A.		7/03/17		BRL	140		(170	)		—			$    (170	)
13.11%1		1-day BZDIOVER	Citibank N.A.		7/03/17		BRL	168		(197	)		—			(197	)
12.85%1		1-day BZDIOVER	JPMorgan Chase Bank N.A.		7/03/17		BRL	11		(8	)		—			(8	)
9.50%1		1-day BZDIOVER	Bank of America N.A.		10/02/17		BRL	342		(10	)		—			(10	)
9.99%1		1-day BZDIOVER	Citibank N.A.		1/02/18		BRL	280		(293	)		—			(293	)
8.98%1		1-day BZDIOVER	Citibank N.A.		1/02/18		BRL	86		41			—			41
9.98%1		1-day BZDIOVER	JPMorgan Chase Bank N.A.		1/02/18		BRL	280		(192	)		—			(192	)
7.07%2		28-day MXIBTIIE	Citibank N.A.		11/21/18		MXN	820		15			—			15
7.06%2		28-day MXIBTIIE	JPMorgan Chase Bank N.A.		11/21/18		MXN	984		189			—			189
6.98%2		28-day MXIBTIIE	Citibank N.A.		11/28/18		MXN	1,400		(56	)		$    (3	)		(53	)
6.98%2		28-day MXIBTIIE	JPMorgan Chase Bank N.A.		11/28/18		MXN	794		(32	)		(2	)		(30	)
9.25%2		1-day BZDIOVER	Citibank N.A.		1/02/19		BRL	238		224			—			224
9.28%2		1-day BZDIOVER	JPMorgan Chase Bank N.A.		1/02/19		BRL	226		235			—			235
9.73%2		1-day BZDIOVER	JPMorgan Chase Bank N.A.		1/02/20		BRL	170		174			—			174
3.78%2		7-day China Fixing Repo Rates	Bank of America N.A.		6/02/22		CNY	74		15			(1	)		16
6.32%2		28-day MXIBTIIE	Goldman Sachs International		8/06/25		MXN	511		(1,315	)		(3	)		(1,312	)
6.31%1		28-day MXIBTIIE	Deutsche Bank AG		8/11/25		MXN	640		1,679			3			1,676
Total									$	299			$    (6	)		$    305

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

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

      Transactions in Options Written for the Six Months Ended June 30, 2017

	Calls										Puts
				Notional (000)									Notional (000)
	Contracts			EUR			USD			Premiums     Received	Contracts		EUR			USD			Premiums Received
Outstanding options, beginning of period		—			—			6,080		$    35,685		—		—			6,080		$	30,326
Options written		37			730			11,930		81,158		83		730			12,994			82,949
Options expired		(37	)		—			—		(9,365)		—		—			(1,064	)		(2,956	)
Options closed		—			(730	)		(18,010	)	(107,478)		—		(730	)		(18,010	)		(106,644	)
Outstanding options, end of period		—			—			—		—		83		—			—		$	3,675

See Notes to Financial Statements.

136 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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
Futures contracts	Net unrealized appreciation1	—		—	—		—	$	40,000		—	$	40,000
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	—		—	—	$	25,440		—		—		25,440
Options purchased	Investments at value — unaffiliated2	—		—	—		504		14,844		—		15,348
Swaps - centrally cleared	Net unrealized appreciation1	—		—	—		—		19,155	$	1,881		21,036
Swaps - OTC	Unrealized appreciation on OTC swaps; Swap premiums paid	—		—	—		—		2,573		—		2,573
Total		—		—	—	$	25,944	$	76,572	$	1,881	$	104,397
Liabilities - Derivative Financial Instruments
Futures contracts	Net unrealized depreciation1	—		—	—		—	$	6,933		—	$	6,933
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	—		—	—	$	32,765		—		—		32,765
Options written	Options written, at value	—		—	—		—		1,381		—		1,381
Swaps - centrally cleared	Net unrealized depreciation1	—	$	1,216	—		—		828		—		2,044
Swaps - OTC	Unrealized depreciation on OTC swaps; Swap premiums received	—		2,617	—		—		2,274		—		4,891
Total		—	$	3,833	—	$	32,765	$	11,416		—	$	48,014

¹  Includes cumulative appreciation (depreciation) on 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 six months ended June 30, 2017, 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
Futures contracts		—		—			—		—		$	(144,666	)		—	$	(144,666	)
Foreign currency transactions		—		—			—	$	21,046			—			—		21,046
Options purchased1		—		—			—		(22,885	)		(40,728	)		—		(63,613	)
Options written		—		—			—		(2,059	)		46,021			—		43,962
Swaps		—	$	(7,252	)		—		(9,054	)		(42,323	)		—		(58,629	)
Total		—	$	(7,252	)		—	$	(12,952	)	$	(181,696	)		—	$	(201,900	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		—		—			—		—		$	98,952			—	$	98,952
Foreign currency translations		—		—			—	$	(11,512	)		—			—		(11,512	)
Options purchased1		—		—			—		(7,627	)		(8,515	)		—		(16,142	)
Options written		—		—			—		—			(4,399	)		—		(4,399	)
Swaps		—	$	(1,252	)		—		—			55,326		$	5,246		59,320
Total		—	$	(1,252	)		—	$	(19,139	)	$	141,364		$	5,246	$	126,219

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.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 137

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

      Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts - long	$	3,207,621
Average notional value of contracts - short	$	15,752,304
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$	1,817,185
Average amounts sold - USD	$	1,651,828
Options:
Average value of option contracts purchased	$	17,291
Average value of option contracts written	$	691
Average notional value of swaption contracts purchased	$	350,000
Average notional value of swaption contracts written	$	12,080,000
Credit default swaps:
Average notional value - buy protection	$	559,000
Interest rate swaps:
Average notional value - pays fixed rate	$	4,624,264
Average notional value - receives fixed rate	$	4,395,813
Total return swaps:
Average notional value	$	968,124

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:
Futures contracts	$	11,340		$	6,429
Forward foreign currency exchange contracts		25,440			32,765
Options		15,348	1		1,381
Swaps - Centrally cleared		—			3,917
Swaps - OTC2		2,573			4,891
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	54,701		$	49,383
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(26,184	)		(11,727	)
Total derivative assets and liabilities subject to an MNA	$	28,517		$	37,656

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 Offset1			Non-cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets2
Bank of America N.A.	$	40	$	(40	)		—		—		—
Barclays Bank PLC		571		(571	)		—		—		—
BNP Paribas S.A		6,568		(6,487	)		—		—	$	81
Citibank N.A.		4,387		(546	)		—		—		3,841
Credit Suisse International		1,149		—			—		—		1,149
Deutsche Bank AG		4,468		(3,128	)		—		—		1,340
Goldman Sachs International		5,623		(5,623	)		—		—		—
JPMorgan Chase Bank N.A.		1,154		(1,154	)		—		—		—
Morgan Stanley & Co. International PLC		1,248		(147	)		—		—		1,101
Royal Bank of Scotland PLC		3,309		(3,309	)		—		—		—
Total	$	28,517	$	(21,005	)		—		—	$	7,512

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 receivable from the counterparty in the event of default.

See Notes to Financial Statements.

138 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Schedule of Investments (concluded) 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
Bank of America N.A	$	184	$	(40	)		—		—	$	144
Barclays Bank PLC		8,241		(571	)		—		—		7,670
BNP Paribas S.A		6,487		(6,487	)		—		—		—
Citibank N.A		546		(546	)		—		—		—
Deutsche Bank AG		3,128		(3,128	)		—		—		—
Goldman Sachs International		7,408		(5,623	)		—		—		1,785
HSBC Bank PLC		17		—			—		—		17
JPMorgan Chase Bank N.A		4,968		(1,154	)		—		—		3,814
Morgan Stanley & Co. International PLC		147		(147	)		—		—		—
Royal Bank of Scotland PLC		3,584		(3,309	)		—		—		275
UBS AG		2,946		—			—		—		2,946
Total	$	37,656	$	(21,005	)		—		—	$	16,651

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			—			$	1,700,217			$	340,213		$	2,040,430
Corporate Bonds			—				40,797				—			40,797
Foreign Government Obligations			—				618,590				—			618,590
Non-Agency Mortgage-Backed Securities			—				1,665,205				—			1,665,205
U.S. Government Sponsored Agency Securities			—				44,623,736				—			44,623,736
U.S. Treasury Obligations			—				29,929,809				—			29,929,809
Options Purchased:
Foreign currency exchange contracts			—				504				—			504
Interest rate contracts		$	14,844				—				—			14,844
Liabilities:
Investments:
TBA Sale Commitments			—				(18,697,302	)			—			(18,697,302	)
Total		$	14,844			$	59,881,556			$	340,213		$	60,236,613
Derivative Financial Instruments1
Assets:
Foreign currency exchange contracts			—			$	25,440				—		$	25,440
Interest rate contracts		$	40,000				21,725				—			61,725
Other contracts			—				1,881				—			1,881
Liabilities:
Credit contracts			—				(3,263	)			—			(3,263	)
Foreign currency exchange contracts			—				(32,765	)			—			(32,765	)
Interest rate contracts			(8,314	)			(3,093	)			—			(11,407	)
Total		$	31,686			$	9,925				—		$	41,611
1    Derivative financial instruments are swaps, futures contracts, forward foreign currency contracts and options written. Swaps, futures contracts and forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.
The Fund may hold liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $6,775,203 are categorized as Level 2 within the disclosure hierarchy.
During the six months ended June 30, 2017, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 139

Statements of Assets and Liabilities

June 30, 2017 (Unaudited)	BlackRock Advantage Large Cap Core Portfolio		BlackRock Balanced Capital Portfolio		BlackRock Capital Appreciation Portfolio		BlackRock Global Allocation Portfolio1
Assets
Investments at value — unaffiliated2,3	$	174,045,951	$	494,955,601	$	156,811,053	$	203,099,657
Investments at value — affiliated4		14,882,647		56,705,338		8,757,205		12,702,662
Cash		34,612		1,437,576		—		3,619
Cash held for investments sold short		—		—		—		1,488,522
Cash pledged:
Futures contracts		103,000		1,824,000		—		177,000
Centrally cleared swaps		—		152,182		—		103,750
Foreign currency at value5		—		1,863,174		—		131,993
Receivables:
Investments sold		944,971		2,425,164		719,816		1,772,384
Securities lending income — affiliated		1,605		2,787		20,116		6,550
TBA sale commitments		—		30,623,466		—		—
Capital shares sold		2,650		—		—		3,739
Dividends — unaffiliated		107,448		187,079		16,345		180,835
Dividends — affiliated		6,451		24,376		954		3,484
Interest — unaffiliated		—		928,526		—		520,348
From the Manager		35,783		84,424		24,462		49,109
Swap premiums paid		—		36,780		—		—
Unrealized appreciation on:
Forward foreign currency exchange contracts		—		289,296		—		36,916
OTC swaps		—		60,891		—		392,023
Variation margin receivable on financial futures contracts		681		24,378		—		5,530
Variation margin receivable on centrally cleared swaps		—		—		—		1,107
Prepaid expenses		423		1,259		650		8,239
Other assets		—		18,474		—		—
Total assets		190,166,222		591,644,771		166,350,601		220,687,467
Liabilities
Investments sold short at value6		—		—		—		1,697,917
Cash received as collateral for OTC derivatives		—		—		—		700,000
Borrowed bonds at value7		—		1,098,961		—		—
Collateral on securities loaned at value		8,091,363		10,284,931		8,688,157		4,797,793
Options written at value8		—		9,025		—		323,698
TBA sale commitments at value9		—		30,496,501		—		—
Reverse repurchase agreements		—		10,017,553		—		—
Payables:
Investments purchased		5,865,924		38,334,525		784,464		1,050,553
Capital shares redeemed		112,192		247,759		2,698		102,719
Deferred foreign capital gain tax		—		—		—		24,439
Foreign taxes		—		233		—		—
Interest expense		—		885		—		—
Investment advisory fees		52,990		148,244		47,444		63,625
Officer’s and Directors’ fees		1,156		2,386		1,130		1,402
Other affiliates		1,343		5,386		1,231		1,787
Swap premiums received		—		66,735		—		—
Unrealized depreciation on:
Forward foreign currency exchange contracts		—		119,059		—		105,822
OTC swaps		—		65,369		—		1,439
Variation margin payable on financial futures contracts		—		199,585		—		2,248
Variation margin payable on centrally cleared swaps		—		12,453		—		—
Other accrued expenses payable		121,669		358,527		111,662		409,043
Total liabilities		14,246,637		91,468,117		9,636,786		9,282,485
Net Assets	$	175,919,585	$	500,176,654	$	156,713,815	$	211,404,982

See Notes to Financial Statements.

140 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Statements of Assets and Liabilities (continued)

June 30, 2017 (Unaudited)	BlackRock Advantage Large Cap Core Portfolio		BlackRock Balanced Capital Portfolio		BlackRock Capital Appreciation Portfolio		BlackRock Global Allocation Portfolio1
Net Assets Consist of
Paid-in capital	$	123,001,128	$	408,240,898	$	110,258,959	$	199,081,403
Undistributed net investment income		1,207,084		4,761,170		179,444		374,773
Accumulated net realized gain		39,310,574		66,820,114		10,880,140		253,448
Net unrealized appreciation (depreciation)		12,400,799		20,354,472		35,395,272		11,695,358
Net Assets	$	175,919,585	$	500,176,654	$	156,713,815	$	211,404,982
Shares outstanding, $0.10 par value10		5,914,423		27,724,019		3,964,400		13,430,300
Net asset value, offering and redemption price per share	$	29.74	$	18.04	$	39.53	$	15.74
1       Consolidated Statement of Assets and Liabilities 2      Investments at cost — unaffiliated	$	161,638,013	$	474,330,867	$	121,415,086	$	191,538,925
3      Securities loaned at value	$	7,929,856	$	10,090,791	$	8,569,000	$	4,663,334
4      Investments at cost — affiliated	$	14,883,280	$	57,217,234	$	8,757,900	$	12,808,761
5      Foreign currency at cost		—	$	1,847,828		—	$	131,323
6      Proceeds from investments sold short		—		—		—	$	1,535,060
7      Proceeds received from borrowed bonds		—	$	1,084,779		—		—
8      Premiums received		—	$	27,297		—	$	402,403
9      Proceeds from TBA sale commitments		—	$	30,623,466		—		—
10     Authorized shares		100 million		300 million		100 million		100 million

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 141

Statements of Assets and Liabilities (continued)

June 30, 2017 (Unaudited)	BlackRock Government Money Market Portfolio		BlackRock High Yield Portfolio		BlackRock Total Return Portfolio		BlackRock U.S. Government Bond Portfolio
Assets
Investments at value — unaffiliated1	$	69,161,800	$	32,303,065	$	69,399,048	$	78,933,915
Investments at value — affiliated2		—		981,988		839,602		—
Cash		261,953		—		432,356		145,214
Cash pledged:
Futures contracts		—		2,000		—		33,540
Centrally cleared swaps		—		31,190		54,500		49,000
Foreign currency at value3		—		—		123,926		130,846
Repurchase agreements at value4		45,200,000		—		—		—
Receivables:
Investments sold		—		454,340		218,118		286,673
TBA sale commitments		—		—		9,861,656		18,773,256
Capital shares sold		139,649		—		—		1,206
Dividends — unaffiliated		—		1,108		—		—
Dividends — affiliated		—		275		352		677
Interest — unaffiliated		45,975		479,260		340,805		237,111
From the Manager		36,835		7,892		14,445		13,835
Swap premiums paid		—		195		16,105		3
Unrealized appreciation on:
Forward foreign currency exchange contracts		—		13,045		46,317		25,440
OTC swaps		—		34		17,855		2,570
Variation margin receivable on financial futures contracts		—		281		9,605		11,340
Variation margin receivable on centrally cleared swaps		—		535		—		—
Prepaid expenses		299		90		157		172
Other assets		—		—		1,211		48,070
Total assets		114,846,511		34,275,298		81,376,058		98,692,868
Liabilities
Borrowed bonds at value5		—		—		221,910		—
Bank overdraft		—		8,512		—		—
Options written at value6		—		245		3,239		1,381
TBA sale commitments at value7		—		—		9,822,102		18,697,302
Reverse repurchase agreements		—		—		7,388,836		6,775,203
Payables:
Investments purchased		1,000,000		600,203		9,017,589		15,320,888
Capital shares redeemed		540		579		2,962		155,362
Foreign taxes		—		—		87		—
Income dividends		—		154,665		131,344		104,623
Investment advisory fees		34,275		23		—		4,948
Officer’s and Directors’ fees		1,011		699		810		830
Other affiliates		969		284		505		545
Swap premiums received		—		2,345		24,953		579
Unrealized depreciation on:
Forward foreign currency exchange contracts		—		12,786		40,624		32,765
OTC swaps		—		1,287		23,725		4,312
Variation margin payable on financial futures contracts		—		—		7,074		6,429
Variation margin payable on centrally cleared swaps		—		—		4,727		3,917
Other accrued expenses payable		23,956		55,906		38,563		104,734
Total liabilities		1,060,751		837,534		26,729,050		41,213,818
Net Assets	$	113,785,760	$	33,437,764	$	54,647,008	$	57,479,050

See Notes to Financial Statements.

142 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Statements of Assets and Liabilities (concluded)

June 30, 2017 (Unaudited)	BlackRock Government Money Market Portfolio		BlackRock High Yield Portfolio			BlackRock Total Return Portfolio			BlackRock U.S. Government Bond Portfolio
Net Assets Consist of
Paid-in capital	$	113,785,261	$	38,077,710		$	57,671,327		$	59,559,733
Undistributed (distributions in excess of) net investment income		—		(182,155	)		(77,974	)		113,341
Accumulated net realized gain (loss)		499		(5,120,652	)		(3,452,952	)		(2,475,168	)
Net unrealized appreciation (depreciation)		—		662,861			506,607			281,144
Net Assets	$	113,785,760	$	33,437,764		$	54,647,008		$	57,479,050
Shares outstanding, $0.10 par value8		113,785,266		6,177,143			4,665,998			5,273,826
Net asset value, offering and redemption price per share	$	1.00	$	5.41		$	11.71		$	10.90
1      Investments at cost — unaffiliated	$	69,161,800	$	31,640,519		$	68,953,279		$	78,822,111
2      Investments at cost — affiliated		—	$	981,988		$	834,779			—
3      Foreign currency at cost		—		—		$	123,002		$	130,597
4      Repurchase agreements at cost	$	45,200,000		—			—			—
5      Proceeds received from borrowed bonds		—		—		$	217,322			—
6      Premiums received		—	$	649		$	9,574		$	3,675
7      Proceeds from TBA sale commitments		—		—		$	9,861,656		$	18,773,256
8      Authorized shares		2 billion		100 million			100 million			100 million

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 143

Statements of Operations

Six Months Ended June 30, 2017 (Unaudited)	BlackRock Advantage Large Cap Core Portfolio			BlackRock Balanced Capital Portfolio			BlackRock Capital Appreciation Portfolio			BlackRock Global Allocation Portfolio1
Investment Income
Dividends — unaffiliated	$	1,612,431		$	2,837,654		$	528,549		$	1,531,718
Dividends — affiliated		15,595			301,615			2,679			13,977
Interest		230			2,337,743			—			841,572
Securities lending — affiliated — net		9,097			16,300			32,727			22,417
Foreign taxes withheld		(14,184	)		(26,018	)		(4,121	)		(103,081	)
Total investment income		1,623,169			5,467,294			559,834			2,306,603
Expenses
Investment advisory		318,609			911,250			274,322			385,268
Transfer agent		118,396			347,606			102,282			149,638
Professional		35,656			28,812			26,178			50,556
Accounting services		20,631			55,593			18,152			30,265
Printing		11,044			19,316			10,488			12,583
Officer and Directors		10,101			12,496			9,927			10,404
Custodian		6,965			59,001			12,463			146,439
Pricing		1,952			25,093			1,214			49,283
Miscellaneous		3,684			11,048			3,752			12,868
Total expenses excluding dividend expense and interest expense		527,038			1,470,215			458,778			847,304
Dividend expense		—			—			—			28,536
Interest expense		—			50,470			—			—
Total expenses		527,038			1,520,685			458,778			875,840
Less:
Fees waived by the Manager		(3,628	)		(19,273	)		(318	)		(104,269	)
Transfer agent fees reimbursed		(87,342	)		(246,851	)		(69,914	)		(146,822	)
Other expenses reimbursed		(2,582	)		—			—			—
Total expenses after fees waived and/or reimbursed		433,486			1,254,561			388,546			624,749
Net investment income		1,189,683			4,212,733			171,288			1,681,854
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		34,904,479			58,971,945	2		6,898,005			6,751,988
Investments — affiliated		(1,055	)		(183,372	)		148			8,176
Futures contracts		108,049			1,412,779			—			(572,628	)
Forward foreign currency exchange contracts		—			(114,084	)		—			592,462
Foreign currency transactions		—			166,164			(59	)		(1,384,156	)
Options written		—			70,810			—			250,121
Short sales		—			—			—			(11,424	)
Swaps		—			(19,362	)		—			51,625
Borrowed bonds		—			(31,402	)		—			—
		35,011,473			60,273,478			6,898,094			5,686,164
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(20,368,012	)		(31,648,451	)		17,014,530			9,461,680	2
Investments — affiliated		(263	)		468,513			(636	)		40,960
Futures contracts		10,773			29,176			—			26,496
Forward foreign currency exchange contracts		—			101,407			—			(1,438,022	)
Foreign currency translations		—			17,587			—			13,879
Options written		—			2,825			—			234,039
Short sales		—			(4,832	)		—			(102,639	)
Swaps		—			(16,440	)		—			197,694
Borrowed bonds		—			(23,227	)		—			—
		(20,357,502	)		(31,073,442	)		17,013,894			8,434,087
Total realized and unrealized gain		14,653,971			29,200,036			23,911,988			14,120,251
Net Increase in Net Assets Resulting from Operations	$	15,843,654		$	33,412,769		$	24,083,276		$	15,802,105
1    Consolidated Statement of Operations
2    Net of foreign capital gain tax		—		$	(338	)		—		$	(21,467	)

See Notes to Financial Statements.

144 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Statements of Operations (concluded)

Six Months Ended June 30, 2017 (Unaudited)	BlackRock Government Money Market Portfolio			BlackRock High Yield Portfolio			BlackRock Total Return Portfolio			BlackRock U.S. Government Bond Portfolio
Investment Income
Dividends — unaffiliated		—		$	13,820		$	6,928			—
Dividends — affiliated		—			1,269			13,498		$	2,650
Interest	$	440,858			1,018,798			845,907			720,377
Foreign taxes withheld		—			(9	)		(26	)		—
Total investment income		440,858			1,033,878			866,307			723,027
Expenses
Investment advisory		212,021			61,602			102,963			108,467
Transfer agent		121,383			25,733			40,833			43,960
Professional		24,364			27,059			34,886			35,258
Custodian		12,150			18,024			43,399			32,553
Printing		10,011			7,962			8,810			8,558
Officer and Directors		9,726			9,106			9,286			9,312
Accounting services		2,322			6,372			8,959			9,356
Registration		28			—			—			—
Miscellaneous		3,962			11,662			26,401			13,723
Total expenses excluding interest expense		395,967			167,520			275,537			261,187
Interest expense		—			—			19,060			22,872
Total expenses		395,967			167,520			294,597			284,059
Less:
Fees waived by the Manager		—			(59,916	)		(95,041	)		(71,534	)
Transfer agent fees reimbursed		(107,836	)		(23,253	)		(38,354	)		(41,480	)
Other expenses reimbursed		—			—			(1,463	)		—
Total expenses after fees waived and/or reimbursed		288,131			84,351			159,739			171,045
Net investment income		152,727			949,527			706,568			551,982
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		499			545,755			(175,628	)		(864,143	)
Investments — affiliated		—			2,494			23,791			—
Futures contracts		—			(26,653	)		160,509			(144,666	)
Forward foreign currency exchange contracts		—			21,719			(14,184	)		21,046
Foreign currency transactions		—			879			10,357			(1,340	)
Options written		—			13,120			25,400			43,962
Borrowed bonds		—			—			(21,214	)		(149	)
Swaps		—			39,679			(38,687	)		(58,629	)
		499			596,993			(29,656	)		(1,003,919	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		—			81,626			834,339			1,189,262
Investments — affiliated		—			(1,138	)		4,823			—
Futures contracts		—			(1,072	)		8,525			98,952
Forward foreign currency exchange contracts		—			6,145			(17,809	)		(11,512	)
Foreign currency translations		—			5,605			1,233			332
Options written		—			(6,617	)		677			(4,399	)
Swaps		—			(19,537	)		24,803			59,320
Borrowed bonds		—			—			(5,900	)		(51	)
		—			65,012			850,691			1,331,904
Total realized and unrealized gain		499			662,005			821,035			327,985
Net Increase in Net Assets Resulting from Operations	$	153,226		$	1,611,532		$	1,527,603		$	879,967

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 145

Statements of Changes in Net Assets

	BlackRock Advantage Large Cap Core Portfolio						BlackRock Balanced Capital Portfolio
Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income	$	1,189,683		$	2,175,951		$	4,212,733		$	8,292,344
Net realized gain		35,011,473			13,875,708			60,273,478			33,164,356
Net change in unrealized appreciation (depreciation)		(20,357,502	)		93,987			(31,073,442	)		(1,754,877	)
Net increase in net assets resulting from operations		15,843,654			16,145,646			33,412,769			39,701,823
Distributions to Shareholders From1
Net investment income		—			(2,163,153	)		—			(8,250,008	)
Net realized gain		—			(10,752,453	)		—			(27,748,529	)
Decrease in net assets resulting from distributions to shareholders		—			(12,915,606	)		—			(35,998,537	)
Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(7,911,153	)		(4,416,028	)		(23,677,700	)		(12,700,405	)
Net Assets
Total increase (decrease) in net assets		7,932,501			(1,185,988	)		9,735,069			(8,997,119	)
Beginning of period		167,987,084			169,173,072			490,441,585			499,438,704
End of period	$	175,919,585		$	167,987,084		$	500,176,654		$	490,441,585
Undistributed net investment income, end of period	$	1,207,084		$	17,401		$	4,761,170		$	548,437

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

See Notes to Financial Statements.

146 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Statements of Changes in Net Assets (continued)

	BlackRock Capital Appreciation Portfolio						BlackRock Global Allocation Portfolio1
Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income	$	171,288		$	308,556		$	1,681,854		$	3,479,951
Net realized gain (loss)		6,898,094			5,410,955			5,686,164			(4,100,832	)
Net change in unrealized appreciation (depreciation)		17,013,894			(5,505,546	)		8,434,087			9,211,000
Net increase in net assets resulting from operations		24,083,276			213,965			15,802,105			8,590,119
Distributions to Shareholders From2
Net investment income		—			(329,224	)		—			(3,425,008	)
Net realized gain		—			(3,243,851	)		—			—
Decrease in net assets resulting from distributions to shareholders		—			(3,573,075	)		—			(3,425,008	)
Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(6,388,598	)		(14,343,991	)		(10,922,209	)		(28,288,889	)
Net Assets
Total increase (decrease) in net assets		17,694,678			(17,703,101	)		4,879,896			(23,123,778	)
Beginning of period		139,019,137			156,722,238			206,525,086			229,648,864
End of period	$	156,713,815		$	139,019,137		$	211,404,982		$	206,525,086
Undistributed (distributions in excess of) net investment income, end of period	$	179,444		$	8,156		$	374,773		$	(1,307,081	)

¹  Consolidated Statements of Changes in Net Assets.

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

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 147

Statements of Changes in Net Assets (continued)

	BlackRock Government Money Market Portfolio						BlackRock High Yield Portfolio
Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income	$	152,727		$	3,280		$	949,527		$	1,870,604
Net realized gain (loss)		499			216			596,993			(1,067,419	)
Net change in unrealized appreciation (depreciation)		—			—			65,012			3,677,847
Net increase in net assets resulting from operations		153,226			3,496			1,611,532			4,481,032
Distributions to Shareholders From1
Net investment income		(152,727	)		(3,280	)		(977,579	)		(1,884,996	)
Net realized gain		—			(706	)		—			—
Decrease in net assets resulting from distributions to shareholders		(152,727	)		(3,986	)		(977,579	)		(1,884,996	)
Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(8,272,036	)		(3,582,913	)		(990,450	)		(589,632	)
Net Assets
Total increase (decrease) in net assets		(8,271,537	)		(3,583,403	)		(356,497	)		2,006,404
Beginning of period		122,057,297			125,640,700			33,794,261			31,787,857
End of period	$	113,785,760		$	122,057,297		$	33,437,764		$	33,794,261
Distributions in excess of net investment income, end of period		—			—		$	(182,155	)	$	(154,103	)

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

See Notes to Financial Statements.

148 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Statements of Changes in Net Assets (concluded)

	BlackRock Total Return Portfolio						BlackRock U.S. Government Bond Portfolio
Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Operations
Net investment income	$	706,568		$	1,380,272		$	551,982		$	980,610
Net realized gain (loss)		(29,656	)		(27,831	)		(1,003,919	)		830,361
Net change in unrealized appreciation (depreciation)		850,691			478,593			1,331,904			(730,707	)
Net increase in net assets resulting from operations		1,527,603			1,831,034			879,967			1,080,264
Distributions to Shareholders From1
Net investment income		(737,550	)		(1,496,303	)		(644,842	)		(1,238,736	)
Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(3,540,698	)		(4,939,015	)		(3,261,795	)		(5,598,780	)
Net Assets
Total decrease in net assets		(2,750,645	)		(4,604,284	)		(3,026,670	)		(5,757,252	)
Beginning of period		57,397,653			62,001,937			60,505,720			66,262,972
End of period	$	54,647,008		$	57,397,653		$	57,479,050		$	60,505,720
Undistributed (distributions in excess of) net investment income, end of period	$	(77,974	)	$	(46,992	)	$	113,341		$	206,201

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

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 149

Financial Highlights BlackRock Advantage Large Cap Core Portfolio

	Six Months Ended June 30, 2017			Year Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period	$	27.15		$	26.53		$	28.11		$	27.50		$	20.70		$	18.65
Net investment income1		0.20			0.36			0.32			0.29			0.27			0.34
Net realized and unrealized gain (loss)		2.39			2.47			(0.15	)		3.23			6.82			2.07
Net increase from investment operations		2.59			2.83			0.17			3.52			7.09			2.41
Distributions from2:
Net investment income		—			(0.37	)		(0.33	)		(0.32	)		(0.29	)		(0.36	)
Net realized gain		—			(1.84	)		(1.42	)		(2.59	)		—			—
Total distributions		—			(2.21	)		(1.75	)		(2.91	)		(0.29	)		(0.36	)
Net asset value, end of period	$	29.74		$	27.15		$	26.53		$	28.11		$	27.50		$	20.70
Total Return3
Based on net asset value		9.54	%4		10.69	%		0.60	%		12.79	%		34.29	%		12.95	%
Ratios to Average Net Assets
Total expenses		0.61	%5,6		0.60	%		0.60	%		0.59	%		0.60	%		0.56	%
Total expenses after fees waived and/or reimbursed		0.50	%5,6		0.50	%		0.50	%		0.49	%		0.49	%		0.48	%
Net investment income		1.37	%5,6		1.36	%		1.14	%		1.03	%		1.12	%		1.69	%
Supplemental Data
Net assets, end of period (000)	$	175,920		$	167,987		$	169,173		$	184,854		$	179,261		$	151,411
Portfolio turnover rate		90	%		48	%		31	%		47	%		39	%		115	%

¹  Based on average shares outstanding.

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

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

⁴  Aggregate total return.

⁵  Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

⁶  Annualized.

See Notes to Financial Statements.

150 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Financial Highlights (continued) BlackRock Balanced Capital Portfolio

	Six Months Ended June 30, 2017			Year Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period	$	16.87		$	16.74		$	17.81		$	18.26		$	15.51		$	14.33
Net investment income1		0.15			0.29			0.28			0.33			0.31			0.36
Net realized and unrealized gain (loss)		1.02			1.16			(0.19	)		1.67			2.83			1.19
Net increase from investment operations		1.17			1.45			0.09			2.00			3.14			1.55
Distributions from2:
Net investment income		—			(0.30	)		(0.30	)		(0.36	)		(0.35	)		(0.37	)
Net realized gain		—			(1.02	)		(0.86	)		(2.09	)		(0.04	)		—
Total distributions		—			(1.32	)		(1.16	)		(2.45	)		(0.39	)		(0.37	)
Net asset value, end of period	$	18.04		$	16.87		$	16.74		$	17.81		$	18.26		$	15.51
Total Return3
Based on net asset value		6.94	%4		8.65	%		0.52	%		11.07	%		20.29	%		10.79	%
Ratios to Average Net Assets
Total expenses		0.61	%5,6		0.62	%5		0.61	%		0.57	%		0.61	%		0.55	%
Total expenses after fees waived and/or reimbursed		0.51	%5,6		0.52	%5		0.50	%		0.48	%		0.51	%		0.48	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		0.49	%5,6		0.49	%5		0.49	%		0.47	%		0.49	%		0.47	%
Net investment income		1.70	%5,6		1.72	%5		1.54	%		1.72	%		1.83	%		2.36	%
Supplemental Data
Net assets, end of period (000)	$	500,177		$	490,442		$	499,439		$	546,054		$	537,641		$	496,992
Portfolio turnover rate7		177	%		264	%		340	%		345	%		349	%		499	%

¹  Based on average shares outstanding.

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

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

⁴  Aggregate total return.

⁵  Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

⁶  Annualized.

⁷  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended June 30, 2017			Year Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012
Portfolio turnover rate (excluding MDRs)		134	%		188	%		240	%		259	%		252	%		398	%

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 151

Financial Highlights (continued) BlackRock Capital Appreciation Portfolio

	Six Months Ended June 30, 2017			Year Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period	$	33.61		$	34.32		$	34.75		$	38.16		$	28.43		$	25.13
Net investment income1		0.04			0.07	2		0.05			0.07			0.08			0.31
Net realized and unrealized gain		5.88			0.07			2.45			3.33			9.74			3.33
Net increase from investment operations		5.92			0.14			2.50			3.40			9.82			3.64
Distributions from3:
Net investment income		—			(0.08	)		(0.05	)		(0.07	)		(0.09	)		(0.34	)
Net realized gain		—			(0.77	)		(2.88	)		(6.74	)		—			—
Total distributions		—			(0.85	)		(2.93	)		(6.81	)		(0.09	)		(0.34	)
Net asset value, end of period	$	39.53		$	33.61		$	34.32		$	34.75		$	38.16		$	28.43
Total Return4
Based on net asset value		17.61	%5		0.40	%		7.09	%		9.12	%		34.53	%		14.48	%
Ratios to Average Net Assets
Total expenses		0.61	%6		0.62	%		0.61	%		0.60	%		0.62	%		0.56	%
Total expenses after fees waived and/or reimbursed		0.52	%6		0.53	%		0.51	%		0.51	%		0.53	%		0.50	%
Net investment income		0.23	%6		0.21	%		0.14	%		0.19	%		0.26	%		1.11	%
Supplemental Data
Net assets, end of period (000)	$	156,714		$	139,019		$	156,722		$	157,387		$	158,051		$	130,685
Portfolio turnover rate		27	%		86	%		71	%		99	%		151	%		61	%

¹  Based on average shares outstanding.

²  Net investment income per share and the ratio of net investment income to average net assets includes $0.03 per share and 0.08%, respectively, resulting from a special dividend.

³  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

152 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Financial Highlights (continued) BlackRock Global Allocation Portfolio

	Six Months Ended June 30, 2017			Year Ended December 31,1
	(Unaudited)1			2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period	$	14.60		$	14.25		$	15.55		$	16.97		$	15.03		$	13.80
Net investment income2		0.12			0.23			0.24			0.31			0.24			0.25
Net realized and unrealized gain (loss)		1.02			0.37			(0.35	)		0.12			2.00			1.19
Net increase (decrease) from investment operations		1.14			0.60			(0.11	)		0.43			2.24			1.44
Distributions from3:
Net investment income		—			(0.25	)		(0.30	)		(0.43	)		(0.30	)		(0.21	)
Net realized gain		—			—			(0.89	)		(1.42	)		—			—
Tax return of capital		—			—			—	4		—			—			—
Total distributions		—			(0.25	)		(1.19	)		(1.85	)		(0.30	)		(0.21	)
Net asset value, end of period	$	15.74		$	14.60		$	14.25		$	15.55		$	16.97		$	15.03
Total Return5
Based on net asset value		7.81	%6		4.17	%		(0.74	)%		2.52	%		14.94	%		10.46	%
Ratios to Average Net Assets
Total expenses		0.84	%7,8		0.83	%		0.77	%		0.72	%		0.69	%		0.61	%
Total expenses after fees waived and/or reimbursed		0.60	%7,8		0.58	%		0.58	%		0.57	%		0.56	%		0.53	%
Total expenses after fees waived and/or reimbursed and excluding dividend expense, broker fees and expenses on short sales, interest expense and stock loan fees		0.57	%7,8		0.57	%		0.57	%		0.57	%		0.56	%		0.53	%
Net investment income		1.61	%7,8		1.62	%		1.52	%		1.81	%		1.49	%		1.73	%
Supplemental Data
Net assets, end of period (000)	$	211,405		$	206,525		$	229,649		$	257,696		$	276,622		$	268,888
Portfolio turnover rate		60	%		134	%		89	%9		70	%		56	%		44	%

¹  Consolidated Financial Highlights.

²  Based on average shares outstanding.

³  Distributions for annual periods determined in accordance with U.S. 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  Aggregate total return.

⁷  Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.02%.

⁸  Annualized.

⁹  Includes mortgage dollar roll transactions. Excluding these transactions the portfolio turnover would have been 87%.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 153

Financial Highlights (continued) BlackRock Government Money Market Portfolio

	Six Months Ended June 30, 2017			Year Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0013			0.0000	1		0.0000	1		0.0000	1		0.0000	1		0.0000	1
Net realized gain		0.0000	1		0.0000	1		0.0001			0.0001			0.0000	1		0.0000	1
Net increase from investment operations		0.0013			0.0000			0.0001			0.0001			0.0000			0.0000
Distributions from2:
Net investment income		(0.0013	)		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3		(0.0000	)3
Net realized gain		—			(0.0000	)3		(0.0001	)		(0.0001	)		(0.0000	)3		(0.0000	)3
Total distributions		(0.0013	)		(0.0000	)		(0.0001	)		(0.0001	)		(0.0000	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return4
Based on net asset value		0.13	%5		0.00	%		0.01	%		0.01	%		0.00	%		0.00	%
Ratios to Average Net Assets
Total expenses		0.69	%6		0.54	%		0.54	%		0.49	%		0.55	%		0.50	%
Total expenses after fees waived and/or reimbursed		0.50	%6		0.42	%		0.22	%		0.23	%		0.25	%		0.29	%
Net investment income		0.26	%6		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Supplemental Data
Net assets, end of period (000)	$	113,786		$	122,057		$	125,641		$	138,033		$	148,485		$	163,347

¹  Amount is less than $0.00005 per share.

²  Distributions for annual periods determined in accordance with U.S. 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.

⁵  Aggregate total return.

⁶  Annualized.

See Notes to Financial Statements.

1544 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Financial Highlights (continued) BlackRock High Yield Portfolio

	Six Months Ended June 30, 2017			Year Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period	$	5.31		$	4.91		$	5.44		$	5.69		$	5.50		$	5.06
Net investment income1		0.15			0.29			0.28			0.32			0.34			0.36
Net realized and unrealized gain (loss)		0.11			0.40			(0.52	)		(0.21	)		0.21			0.43
Net increase (decrease) from investment operations		0.26			0.69			(0.24	)		0.11			0.55			0.79
Distributions from net investment income2		(0.16	)		(0.29	)		(0.29	)		(0.36	)		(0.36	)		(0.35	)
Net asset value, end of period	$	5.41		$	5.31		$	4.91		$	5.44		$	5.69		$	5.50
Total Return3
Based on net asset value		4.86	%4		14.43	%		(4.65	)%		1.88	%		10.28	%		16.17	%
Ratios to Average Net Assets
Total expenses		1.00	%5		0.99	%6		0.91	%		0.84	%		0.89	%		0.82	%
Total expenses after fees waived and/or reimbursed		0.50	%5		0.50	%6		0.50	%		0.51	%		0.52	%		0.50	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		0.50	%5		0.50	%6		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		5.66	%5		5.64	%6		5.30	%		5.54	%		6.01	%		6.72	%
Supplemental Data
Net assets, end of period (000)	$	33,438		$	33,794		$	31,788		$	39,081		$	48,523		$	49,756
Portfolio turnover rate		42	%		101	%		84	%		78	%		102	%		102	%

¹  Based on average shares outstanding.

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

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

⁴  Aggregate total return.

⁵  Annualized.

⁶  Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 155

Financial Highlights (continued) BlackRock Total Return Portfolio

	Six Months Ended June 30, 2017			Year Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period	$	11.55		$	11.50		$	11.76		$	11.34		$	11.83		$	11.37
Net investment income1		0.15			0.27			0.27			0.33			0.33			0.38
Net realized and unrealized gain (loss)		0.16			0.07			(0.23	)		0.45			(0.45	)		0.49
Net increase (decrease) from investment operations		0.31			0.34			0.04			0.78			(0.12	)		0.87
Distributions from net investment income2		(0.15	)		(0.29	)		(0.30	)		(0.36	)		(0.37	)		(0.41	)
Net asset value, end of period	$	11.71		$	11.55		$	11.50		$	11.76		$	11.34		$	11.83
Total Return3
Based on net asset value		2.71	%4		2.95	%		0.29	%		6.90	%		(1.05	)%		7.78	%
Ratios to Average Net Assets
Total expenses		1.05	%5,6		1.04	%6		0.94	%		0.84	%		0.85	%		0.80	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.57	%5,6		0.62	%6		0.54	%		0.57	%		0.53	%		0.52	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense		0.50	%5,6		0.50	%6		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		2.52	%5,6		2.28	%6		2.33	%		2.86	%		2.85	%		3.25	%
Supplemental Data
Net assets, end of period (000)	$	54,647		$	57,398		$	62,002		$	68,069		$	72,505		$	83,353
Portfolio turnover rate7		336	%		595	%		783	%		762	%		806	%		952	%

¹  Based on average shares outstanding.

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

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

⁴  Aggregate total return.

⁵  Annualized.

⁶  Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

⁷  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended June 30, 2017			Year Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012
Portfolio turnover rate (excluding MDRs)		222	%		400	%		548	%		556	%		582	%		731	%

See Notes to Financial Statements.

156 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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

	Six Months Ended June 30, 2017			Year Ended December 31,
	(Unaudited)			2016			2015			2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period	$	10.86		$	10.90		$	11.07		$	10.67		$	11.27		$	11.56
Net investment income1		0.10			0.17			0.17			0.20			0.16			0.22
Net realized and unrealized gain (loss)		0.06			0.00	2		(0.11	)		0.43			(0.49	)		0.07
Net increase (decrease) from investment operations		0.16			0.17			0.06			0.63			(0.33	)		0.29
Distributions from3:
Net investment income		(0.12	)		(0.21	)		(0.23	)		(0.23	)		(0.25	)		(0.25	)
Net realized gain		—			—			—			—			—			(0.33	)
Tax return of capital		—			—			—			—			(0.02	)		—
Total distributions		(0.12	)		(0.21	)		(0.23	)		(0.23	)		(0.27	)		(0.58	)
Net asset value, end of period	$	10.90		$	10.86		$	10.90		$	11.07		$	10.67		$	11.27
Total Return4
Based on net asset value		1.46	%5		1.54	%		0.54	%		5.95	%		(2.99	)%		2.55	%
Ratios to Average Net Assets
Total expenses		0.96	%6		0.94	%		0.81	%7		0.76	%		0.78	%7		0.67	%
Total expenses after fees waived and/or reimbursed		0.58	%6		0.59	%		0.53	%7		0.53	%		0.50	%7		0.50	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		0.50	%6		0.50	%		0.50	%7		0.50	%		0.50	%7		0.50	%
Net investment income		1.87	%6		1.50	%		1.58	%7		1.79	%		1.44	%7		1.86	%
Supplemental Data
Net assets, end of period (000)	$	57,479		$	60,506		$	66,263		$	74,925		$	80,302		$	99,492
Portfolio turnover rate8		548	%		1,004	%		1,421	%		1,374	%		2,125	%		1,572	%

¹  Based on average shares outstanding.

²  Amount is less than $0.005 per share.

³  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

⁵  Aggregate total return.

⁶  Annualized.

⁷  Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

⁸  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Portfolio turnover rate (excluding MDRs)		356	%		631	%		891	%		723	%		1,614	%		1,194	%

See Notes to Financial Statements.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 157

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, as a “Fund”:

Fund Name	Herein Referred To As	Diversification Classification
BlackRock Advantage Large Cap Core Portfolio	Advantage Large Cap Core	Diversified
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 Total Return Portfolio	Total Return	Diversified
BlackRock U.S. Government Bond Portfolio	U.S. Government Bond	Diversified

Effective June 12, 2017, the BlackRock Large Cap Core Portfolio changed its name to BlackRock Advantage Large Cap Core 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.

The Government Money Market Fund operates as a “government money market fund” under Rule 2a-7 under the 1940 Act. The Fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in the Fund’s weekly liquid assets.

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 and other derivatives. The Subsidiary enables Global Allocation 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 $10,338,703, which is 4.9% 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:

Investment Transactions and Income Recognition: 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 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 an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. 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 trading on the New York Stock Exchange (“NYSE”). 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.

158 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

Each Fund does not isolate the portion of the results of operations arising as a result of 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 U.S. federal income tax purposes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., dollar rolls, TBA sale commitments, futures contracts, forward foreign currency exchange contracts, options written, swaps and short sales) or certain borrowings (e.g., reverse repurchase transactions) 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.

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 Advantage Large Cap Core, Balanced Capital, Capital Appreciation and Global Allocation, 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 and made at least annually.

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 U.S. 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, which are measured on a tax basis, will 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 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.

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 Global Allocation’s ordinary income and/or capital gains for that year.

Recent Accounting Standards: In November 2016, the Financial Accounting Standards Board issued Accounting Standards Update “Restricted Cash” which will require entities to include the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the beginning and ending cash balances in the Statements of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is evaluating the impact, if any, of this guidance on the Funds’ presentation in the Statements of Cash Flows.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

SEC Reporting Modernization: The U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended other rules to enhance the reporting and disclosure of information by registered investment companies. As part of these changes, the SEC amended Regulation S-X to standardize and enhance disclosures in investment company financial statements. The compliance date for implementing the new or amended rules is August 1, 2017.

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 the 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.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 159

Notes to Financial Statements (continued)

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Funds may incur charges on certain uninvested cash balances and overdrafts, subject to certain conditions.

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 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. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of each 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 oversee the pricing function for all financial instruments.

Government Money Market’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 (“NAV”) 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 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 closing price each day, if available. For equity investments traded on more than one exchange, the official closing 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.

• Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading 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 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 trading 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.

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

• The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their 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.

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

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading 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

160 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

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.

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

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, 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”). The fair valuation approaches that may be used by the Global Valuation Committee include Market approach, Income approach and the Cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and typically used in determining fair value. 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 and consistent with the principles of fair value measurement.

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 each Fund’s pricing vendors, regular reviews of key inputs and 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 Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

For investments in equity or debt issued by privately-held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by third party pricing services utilize one or a combination of, but not limited to, the following inputs:

Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i	)	recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
	(ii	)	recapitalizations and other transactions across the capital structure; and
	(iii	)	market multiples of comparable issuers.
Income approach	(i	)	future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
	(ii	)	quoted prices for similar investments or assets in active markets; and
	(iii	)	other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i	)	audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
	(ii	)	changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
	(iii	)	relevant news and other public sources; and
	(iv	)	known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 161

Notes to Financial Statements (continued)

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

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 each 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 each 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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s 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.

As of June 30, 2017, certain investments of the Funds were valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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 (the “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

162 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

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”), including 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 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 (other than municipal inflation-indexed and certain corporate 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 (other than municipal inflation-indexed and certain corporate 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. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

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 prepayments of principal, a Fund’s initial investment in the IOs may not fully recoup.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically 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. Stripped mortgage-backed securities may be 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. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon 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 these 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. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

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Preferred Stocks: 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.

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 strike 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 or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being 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. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a Fund to the extent that it invests in floating rate loan interest. 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, a Fund may be required to pay more at settlement than the security is worth. In addition, a 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, a Fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

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Notes to Financial Statements (continued)

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 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, re-pledge 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, a 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 a Fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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 collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Pursuant to the custodial undertaking associated with a tri-party repurchase 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, repledge 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

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Notes to Financial Statements (continued)

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 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, a Fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a Fund.

For the six months ended June 30, 2017, 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	$	3,654,011		$	4,192,883		$	7,117,121
Daily Weighted Average Interest Rate		0.90	%		0.65	%		0.57	%

Borrowed bond agreements and reverse repurchase transactions are entered into by a Fund under Master Repurchase Agreements (each, an “MRA”), which permit a 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 a Fund. With borrowed bond agreements and reverse repurchase transactions, typically a 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, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by a Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a 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			Fair Value of Non-cash Collateral Pledged Including Accrued Interest		Net Collateral Pledged		Net Exposure Due (to)/from Counterparty3
Balanced Capital
Barclays Bank PLC	$	404,942		—		$	(397,592	)	$	7,350			—		—	$	7,350
Barclays Capital, Inc.		703,000		—			(702,415	)		585			—		—		585
Credit Suisse Securities (USA) LLC		—	$	(2,559,300	)		—			(2,559,300	)	$	2,555,652	$	2,555,652		(3,648	)
Deutsche Bank Securities, Inc.		—		(2,841,394	)		—			(2,841,394	)		2,824,642		2,824,642		(16,752	)
J.P. Morgan Securities LLC		—		(3,492,678	)		—			(3,492,678	)		3,491,764		3,491,764		(914	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.		—		(1,124,181	)		—			(1,124,181	)		1,113,645		1,113,645		(10,536	)
Total	$	1,107,942	$	(10,017,553	)	$	(1,100,007	)	$	(10,009,618	)	$	9,985,703	$	9,985,703	$	(23,915	)
Total Return
Barclays Bank PLC	$	139,353		—		$	(136,834	)	$	2,519			—		—	$	2,519
BNP Paribas Securities Corp.		85,892	$	(128,396	)		(85,399	)		(127,903	)	$	127,671	$	127,671		(232	)
Citigroup Global Markets, Inc.		—		(1,875,727	)		—			(1,875,727	)		1,874,256		1,874,256		(1,471	)
Credit Suisse Securities (USA) LLC		—		(545,749	)		—			(545,749	)		544,952		544,952		(797	)
Deutsche Bank Securities, Inc.		—		(1,693,651	)		—			(1,693,651	)		1,682,876		1,682,876		(10,775	)
J.P. Morgan Securities LLC		—		(1,655,537	)		—			(1,655,537	)		1,652,720		1,652,720		(2,817	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.		—		(1,489,776	)		—			(1,489,776	)		1,484,158		1,484,158		(5,618	)
Total	$	225,245	$	(7,388,836	)	$	(222,233	)	$	(7,385,824	)	$	7,366,633	$	7,366,633	$	(19,191	)

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 $4,931 and $323 for Balanced Capital and Total Return, 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.

166 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

Counterparty	Borrowed Bond Agreements		Reverse Repurchase Agreements			Borrowed Bonds at Value Including Accrued Interest		Net Amount before Collateral			Fair Value  of Non-cash Collateral Pledged Including Accrued Interest		Net Collateral Pledged		Net Exposure Due (to)/from Counterparty1
U.S. Government Bond
BNP Paribas Securities Corp.		—	$	(256,185	)		—	$	(256,185	)	$	254,773	$	254,773	$	(1,412	)
Deutsche Bank Securities, Inc.		—		(927,792	)		—		(927,792	)		922,377		922,377		(5,415	)
J.P. Morgan Securities LLC		—		(1,464,229	)		—		(1,464,229	)		1,463,266		1,463,266		(963	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.		—		(4,126,997	)		—		(4,126,997	)		4,106,620		4,106,620		(20,377	)
Total		—	$	(6,775,203	)		—	$	(6,775,203	)	$	6,747,036	$	6,747,036	$	(28,167	)

¹  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 from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a Fund’s obligation to repurchase the securities.

Short Sale Transactions (Borrowed Bonds): In short sale transactions, a Fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a Fund makes a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal to the proceeds received by a Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. A Fund is required to repay the counterparty interest on the security sold short, which, if applicable, is shown as interest expense in the Statements of Operations. A Fund is 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 an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a Fund sold the security short. A realized gain or loss is 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 that a Fund will be able to close out a short position at a particular time or at an acceptable price.

Short Sale Transactions (Equities): In short sale transactions, a Fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a 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, a 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. A 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. A 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. A Fund is required to repay the counterparty any dividends received on the security sold short, which, if applicable, is shown as dividend expense in the Statements of Operations. A Fund may pay a fee on the assets borrowed from the counterparty, which, if applicable, is shown as broker fees and expenses on short sales in the Statements of Operations. A Fund is 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 an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain, limited to the price at which a Fund sold the security short. A realized gain or loss is 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 that a Fund 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, the Funds are entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. 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/investment companies 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

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Notes to Financial Statements (continued)

and/or U.S. Government obligations. 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:

Advantage Large Cap Core
Counterparty	Securities Loaned at Value		Cash Collateral Received1			Net Amount2
Citigroup Global Markets, Inc.	$	3,820,441	$	(3,820,441	)		—
Goldman Sachs & Co.		105,546		(105,546	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,794,326		(1,794,326	)		—
Morgan Stanley		2,209,543		(2,209,543	)		—
Total	$	7,929,856	$	(7,929,856	)		—
Balanced Capital
Counterparty
Citigroup Global Markets, Inc.	$	2,931,087	$	(2,931,087	)		—
Goldman Sachs & Co.		180,042		(180,042	)		—
JP Morgan Securities LLC		527,028		(527,028	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,577,174		(2,577,174	)		—
Morgan Stanley		3,634,955		(3,634,955	)		—
State Street Bank and Trust Co.		240,505		(240,505	)		—
Total	$	10,090,791	$	(10,090,791	)		—
Capital Appreciation
Counterparty
Barclays Capital, Inc.	$	576,139	$	(576,139	)		—
Citigroup Global Markets, Inc.		1,761,544		(1,761,544	)		—
Deutsche Bank Securities, Inc.		173,373		(173,004	)	$	369
Goldman Sachs & Co.		404,256		(404,256	)		—
JP Morgan Securities LLC		4,251,329		(4,251,329	)		—
State Street Bank and Trust Co.		1,402,359		(1,402,359	)		—
Total	$	8,569,000	$	(8,568,631	)	$	369

¹  Collateral with a value of $8,091,363, $10,284,931, and $8,688,157 has been received by Advantage Large Cap Core, Balanced Capital and Capital Appreciation, 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.

²  The market value of the loaned securities is determined as of June 30, 2017. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

168 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

Global Allocation
Counterparty	Securities Loaned at Value		Cash Collateral Received1			Net Amount
BNP Paribas S.A.	$	227,941	$	(227,941	)		—
Citigroup Global Markets, Inc.		498,220		(498,220	)		—
Credit Suisse Securities (USA) LLC		26,154		(26,154	)		—
Deutsche Bank Securities, Inc.		660,715		(660,715	)		—
Goldman Sachs & Co.		491,589		(491,589	)		—
JP Morgan Securities LLC		2,195,514		(2,195,514	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		99		(99	)		—
Morgan Stanley		260,378		(260,378	)		—
State Street Bank and Trust Co.		302,724		(302,724	)		—
Total	$	4,663,334	$	(4,663,334	)		—

¹  Collateral with a value of $4,797,793 has been received by Global Allocation 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 the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a 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 in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations 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 futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to 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 specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. 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.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 169

Notes to Financial Statements (continued)

Options: Certain Funds purchase and write call and put options to increase or decrease their exposure to the risks of 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.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value — unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations 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 typically “covered,” meaning that they 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.

• Swaptions — Certain Funds purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Funds’ holdings, as a duration management technique or to protect against an increase in the price of securities they anticipate purchasing at a later date. The purchaser and writer of a swaption is buying or granting 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.

• Foreign currency options — Certain Funds purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

• Barrier options — Certain Funds may purchase and write a variety of options with non-standard payout structures or other features (“barrier options”) that are generally traded OTC.

• The Funds may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option’s expiration date. One-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

• Structured options — Certain Funds invest in structured options to increase or decrease their exposure to an underlying index or group of securities (equity risk).

These options may consist of single or multiple OTC options which are priced as a single instrument. They may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on the specific index with an initial reference strike price. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Funds will receive a payment from, or be required to remit a payment to, the counterparty depending on the value of the underlying index at exercise.

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 they 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: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty 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”).

170 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

For OTC swaps, any upfront premiums paid and any upfront fees received 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 contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations 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 contract, the swap contract is novated to a central counterparty (the “CCP”) and the Funds’ counterparty on the swap agreement becomes the CCP. The Funds are required to interface with the CCP through the 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 in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

• Credit default swaps — Credit default swaps are entered into 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 singlename issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise 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 acceleration, repudiation, moratorium or restructuring). 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 — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one market (e.g., fixed-income) with 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 (distributions plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. If the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements 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, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

• Currency swaps — Currency swaps are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange 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.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 171

Notes to Financial Statements (continued)

• Forward swaps — Contracts entered into forward interest rate swaps and forward total return swaps. In a forward swap, each Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

• Interest rate floors — Interest rate floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or “floor.” The maximum potential amount of future payments that a Fund would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by the difference between the interest rate index current value and the value at the time the cap was entered into.

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.

Master Netting Arrangements: In order to define their 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 the 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 counterparty is subject to a certain minimum transfer amount threshold 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, the 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, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from their counterparties are not fully collateralized, they 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, they 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 for 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.

Investment Advisory: The Company, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

172 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

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.

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, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Subsidiary.

Distribution Fees: 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.

Transfer Agent: On behalf of the Funds, the Manager 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 six months ended June 30, 2017, the Funds did not pay any amounts to affiliates in return for these services.

Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). These amounts are included in fees waived by the Manager in the Statements of Operations. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation caps, as applicable, will be reduced by the amount of the affiliated money market fund waiver. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with the Government Money Market Fund’s investments in other affiliated investment companies, if any. For the six months ended June 30, 2017, the amounts waived were as follows:

Advantage Large Cap Core	Balanced Capital	Capital Appreciation	Global Allocation	High Yield	Total Return	U.S. Government Bond
$1,847	$7,263	$318	$1,454	$350	$192	$377

BlackRock has voluntarily agreed to waive the management fee with respect to any portion of each Fund’s assets (other than the Government Money Market) estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee. Effective May 1, 2017, the waiver became contractual through April 30, 2018. Effective June 12, 2017, for Advantage Large Cap Core, the contractual waiver was extended through April 30, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Company or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended June 30, 2017, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Balanced Capital	Global Allocation	High Yield
$12,010	$3,271	$1

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 173

Notes to Financial Statements (continued)

For the six months ended June 30, 2017, the Funds reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations. The reimbursements were as follows:

Advantage Large Cap Core	Balanced Capital	Capital Appreciation	Global Allocation	Government Money Market	High Yield	Total Return	U.S. Government Bond
$889	$2,677	$815	$1,183	$643	$189	$336	$363

The Manager has contractually agreed to reimburse transfer agent fees in order to limit such expenses as a percentage of average daily net assets as follows:

Advantage Large Cap Core	Balanced Capital	Capital Appreciation	Global Allocation	Government Money Market	High Yield	Total Return	U.S. Government Bond
0.04%	0.04%	0.04%	0.04%	0.02%	0.05%	0.05%	0.05%

The Manager has agreed not to reduce or discontinue this contractual expense limitation prior to April 30, 2018 for each fund except Advantage Large Cap Core. The contractual cap for Advantage Large Cap Core is in effect through April 30, 2019. The contractual agreement may be terminated, with respect to each Fund, upon 90 days’ notice by a majority of the non-interested directors of the Company or by a vote of a majority of the outstanding voting securities of the Fund.

For the six months ended June 30, 2017, the following amounts are included in transfer agent fees reimbursed in the Statements of Operations:

Advantage Large Cap Core	Balanced Capital	Capital Appreciation	Global Allocation	Government Money Market	High Yield	Total Return	U.S. Government Bond
$87,342	$246,851	$69,914	$146,822	$107,836	$23,253	$38,354	$41,480

With respect to each Fund, 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 each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:

Advantage Large Cap Core	Balanced Capital	Capital Appreciation	Global Allocation	Government Money Market	High Yield	Total Return	U.S. Government Bond
0.50%	0.50%	0.57%	0.57%	0.50%	0.50%	0.50%	0.50%

The Manager has agreed not to reduce or discontinue these contractual expense limitations through April 30, 2018 for each fund except Advantage Large Cap Core. The contractual cap for Advantage Large Cap Core is in effect through April 30, 2019. The contractual agreement may be terminated, with respect to each Fund, upon 90 days’ notice by a majority of the non-interested directors of the Company or by a vote of a majority of the outstanding voting securities of the Fund.

The following Funds had waivers that are included in fees waived by the Manager in the Statements of Operations. For the six months ended June 30, 2017, the amounts were as follows:

	Advantage Large Cap Core		Global Allocation		High Yield		Total Return		U.S. Government Bond
Fees Waived by Manager	$	1,781	$	99,544	$	59,565	$	94,849	$	71,157

In addition, the following funds had expense reimbursements that are included in other expenses reimbursed in the Statements of Operations. For the six months ended June 30, 2017, the amounts reimbursement were as follows:

	Advantage Large Cap Core		Total Return
Other Expenses Reimbursed	$	2,582	$	1,463

The Manager and BRIL voluntarily agreed to waive a portion of their respective management and service and distribution fees and/or reimburse operating expenses to enable Government Money Market to maintain minimum levels of daily net investment income. For the six months ended June 30, 2017, there were no fees waived and/or reimbursed by the Manager. However, the Manager does not waive its investment advisory fees by the amount

174 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

of investment advisory fees paid in connection with the Fund’s investments in other affiliated investment companies, if any. The Manager and BRIL may discontinue the waiver or reimbursement at any time.

Securities Lending: The SEC 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 adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Funds. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% on the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds.

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, Advantage Large Cap Core, Balanced Capital and Capital Appreciation 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, Advantage Large Cap Core, Balanced Capital and Capital Appreciation, 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, 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 expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2017, each Fund paid BIM the following amounts for securities lending agent services:

Advantage Large Cap Core	Balanced Capital	Capital Appreciation	Global Allocation
$3,543	$6,394	$12,972	$5,604

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the six months ended June 30, 2017, the Funds did not participate in the Interfund Lending Program.

Officers and Directors: 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.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 175

Notes to Financial Statements (continued)

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended June 30, 2017, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 of the 1940 Act were as follows:

	Purchases		Sales		Net Realized Gain
Advantage Large Cap Core	$	6,321,602	$	18,438,663	$	5,642,506
Balanced Capital	$	10,276,895	$	33,192,337	$	9,730,183
Capital Appreciation		—	$	255,455	$	56,974
Global Allocation	$	155,808		—		—
Total Return	$	110,962	$	13,906	$	640

7. Purchases and Sales:

For the six months ended June 30, 2017, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities, were as follows:

Purchases
	Advantage Large Cap Core		Balanced Capital		Capital Appreciation		Global Allocation		High Yield		Total Return		U.S. Government Bond
Non-U.S. Government Securities	$	152,399,644	$	766,383,799	$	39,644,181	$	42,025,164	$	13,960,303	$	162,753,789	$	257,622,612
U.S. Government Securities		—		70,286,073		—		68,391,788		—		32,495,293		84,012,690
Total Purchases	$	152,399,644	$	836,669,872	$	39,644,181	$	110,416,952	$	13,960,303	$	195,249,082	$	341,635,302
Sales
	Advantage Large Cap Core		Balanced Capital		Capital Appreciation		Global Allocation		High Yield		Total Return		U.S. Government Bond
Non-U.S. Government
Securities (includes paydowns)	$	155,293,986	$	802,779,204	$	45,366,674	$	56,667,792	$	15,192,254	$	169,759,511	$	276,483,233
U.S. Government Securities		—		75,452,445		—		54,944,736		—		36,833,792		84,139,878
Total Sales	$	155,293,986	$	878,231,649	$	45,366,674	$	111,612,528	$	15,192,254	$	206,593,303	$	360,623,111
Purchases and Sales - MDRs									Balanced Capital		Total Return		U.S. Government Bond
Purchases									$	200,509,740	$	66,418,543	$	119,650,184
Sales									$	200,492,445	$	66,411,197	$	119,698,413

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 U.S. 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 generally remains open for each of the four years ended December 31, 2016. 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 June 30, 2017, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

176 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

As of December 31, 2016, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires December 31,	Global Allocation		High Yield		Total Return		U.S. Government Bond
No expiration date1	$	4,147,012	$	2,526,746		—	$	1,368,130
2017		—		3,081,614	$	2,918,439		—
Total	$	4,147,012	$	5,608,360	$	2,918,439	$	1,899,590

¹  Must be utilized prior to losses subject to expiration.

As of June 30, 2017, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

	Advantage Large Cap Core			Balanced Capital			Capital Appreciation			Global Allocation
Tax cost	$	177,007,648		$	532,762,775		$	130,208,531		$	205,485,289
Gross unrealized appreciation	$	14,007,320		$	23,941,387		$	36,461,767		$	17,828,607
Gross unrealized depreciation		(2,086,370	)		(5,043,223	)		(1,102,040	)		(7,511,577	)
Net unrealized appreciation	$	11,920,950		$	18,898,164		$	35,359,727		$	10,317,030

	High Yield			Total Return			U.S. Government Bond
Tax cost	$	32,732,810		$	69,999,366		$	78,998,965
Gross unrealized appreciation	$	1,036,679		$	569,359		$	222,125
Gross unrealized depreciation		(484,436	)		(330,075	)		(287,175	)
Net unrealized appreciation (depreciation)	$	552,243		$	239,284		$	(65,050	)

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 this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.6 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.12% 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 2018 unless extended or renewed. Participating Funds paid administration, legal and arrangement fees, which, if applicable, are included in miscellaneous expenses in the Statements of Operations. These 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 six months ended June 30, 2017, 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.

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 and/or social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 177

Notes to Financial Statements (continued)

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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. Government Money Market 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.

On October 11, 2016, BlackRock implemented certain changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments and may experience difficulty in selling those investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. 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 approximately 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 in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds 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. The Funds may be exposed to counterparty credit risk with respect to options written to the extent the Funds deposit collateral with their counterparty to a written option.

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). 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

178 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Notes to Financial Statements (continued)

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.

Concentration Risk: As of period end, Advantage Large Cap Core and Capital Appreciation invested a significant portion of their assets in securities in the Information Technology sector. Changes in economic conditions affecting such sector would have a greater impact on a Fund and could affect the value, income and/or liquidity of positions in such securities.

Certain Funds may invest in securities that are rated 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. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

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 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.

The United Kingdom voted on June 23, 2016 to withdraw from the European Union, which may introduce significant new uncertainties and instability in the financial markets across Europe.

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.

11. Capital Share Transactions:

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017						Year Ended December 31, 2016
Advantage Large Cap Core	Shares			Amount			Shares			Amount
Shares sold		41,493		$	1,195,598			62,426		$	1,687,050
Shares issued in reinvestment of distributions.		—			—			470,523			12,915,606
Shares redeemed		(314,953	)		(9,106,751	)		(721,835	)		(19,018,684	)
Net decrease		(273,460	)	$	(7,911,153	)		(188,886	)	$	(4,416,028	)
Balanced Capital
Shares sold		40,478		$	709,491			176,003		$	2,945,318
Shares issued in reinvestment of distributions.		—			—			2,118,248			35,998,538
Shares redeemed		(1,383,156	)		(24,387,191	)		(3,056,344	)		(51,644,261	)
Net decrease		(1,342,678	)	$	(23,677,700	)		(762,093	)	$	(12,700,405	)
Capital Appreciation
Shares sold		50,527		$	1,879,350			72,552		$	2,401,843
Shares issued in reinvestment of distributions.		—			—			105,814			3,573,075
Shares redeemed		(222,279	)		(8,267,948	)		(608,686	)		(20,318,909	)
Net decrease		(171,752	)	$	(6,388,598	)		(430,320	)	$	(14,343,991	)

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 179

Notes to Financial Statements (concluded)

	Six Months Ended June 30, 2017						Year Ended December 31, 2016
Global Allocation	Shares			Amount			Shares			Amount
Shares sold		101,510		$	1,553,772			148,875		$	2,143,612
Shares issued in reinvestment of distributions.		—			—			233,630			3,425,008
Shares redeemed		(815,780	)		(12,475,981	)		(2,354,671	)		(33,857,509	)
Net decrease		(714,270	)	$	(10,922,209	)		(1,972,166	)	$	(28,288,889	)
Government Money Market
Shares sold		25,308,648		$	25,308,648			77,420,244		$	77,420,244
Shares issued in reinvestment of distributions.		155,695			155,695			4,438			4,438
Shares redeemed		(33,736,379	)		(33,736,379	)		(81,007,595	)		(81,007,595	)
Net decrease		(8,272,036	)	$	(8,272,036	)		(3,582,913	)	$	(3,582,913	)
High Yield
Shares sold		237,348		$	1,274,579			1,010,801		$	5,165,372
Shares issued in reinvestment of distributions.		182,121			980,751			369,169			1,880,450
Shares redeemed		(605,049	)		(3,245,780	)		(1,489,676	)		(7,635,454	)
Net decrease		(185,580	)	$	(990,450	)		(109,706	)	$	(589,632	)
Total Return
Shares sold		54,358		$	631,073			299,460		$	3,523,264
Shares issued in reinvestment of distributions.		63,481			736,994			127,400			1,497,549
Shares redeemed		(421,352	)		(4,908,765	)		(849,198	)		(9,959,828	)
Net decrease		(303,513	)	$	(3,540,698	)		(422,338	)	$	(4,939,015	)
U.S. Government Bond
Shares sold		102,006		$	1,109,610			285,061		$	3,170,627
Shares issued in reinvestment of distributions.		59,054			641,909			113,486			1,259,212
Shares redeemed		(460,409	)		(5,013,314	)		(906,785	)		(10,028,619	)
Net decrease		(299,349	)	$	(3,261,795	)		(508,238	)	$	(5,598,780	)

12. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

Certain Funds paid a net investment income dividend in the following amounts per share on July 21, 2017 to shareholders of record on July 19, 2017:

	Advantage Large Cap Core		Balanced Capital		Global Allocation
Investment income distribution	$	0.001350	$	0.020501	$	0.057123

Certain Funds paid a short-term capital gain and a long-term capital gain distribution in the following amounts per share on July 21, 2017 to shareholders of record on July 19, 2017:

	Advantage Large Cap Core		Balanced Capital		Capital Appreciation
Short-term capital gain distribution		—	$	0.057927		—
Long-term capital gain distribution	$	0.811351	$	0.216830	$	1.021578

180 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Disclosure of Investment Advisory Agreement

The Board of Directors (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Series Fund, Inc. (the “Corporation”) met in person on April 6, 2017 (the “April Meeting”) and May 9-10, 2017 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Advisory Agreement” or the “Agreement”) between the Corporation, on behalf of BlackRock Balanced Capital Portfolio (the “Balanced Capital Portfolio”), BlackRock Capital Appreciation Portfolio (the “Capital Appreciation Portfolio”), BlackRock Global Allocation Portfolio (the “Global Allocation Portfolio”), BlackRock Government Money Market Portfolio (the “Government Money Market Portfolio”), BlackRock High Yield Portfolio (the “High Yield Portfolio”), BlackRock Advantage Large Cap Core Portfolio (the “Advantage Large Cap Core Portfolio”), BlackRock Total Return Portfolio (the “Total Return Portfolio”) and BlackRock U.S. Government Bond Portfolio (the “U.S. Government Bond Portfolio”) (each, a “Fund,” and collectively, the “Funds”), each a series of the Corporation, and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), each Fund’s investment advisor.

Activities and Composition of the Board

On the date of the May Meeting, the Board consisted of thirteen individuals, eleven of whom were not “interested persons” of the Corporation as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Funds and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Board Member. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Performance Oversight Committee and the Executive Committee, each of which also has one interested Board Member).

The Agreement

Pursuant to the 1940 Act, the Board is required to consider the continuation of the Agreement on an annual basis. The Board has four quarterly meetings per year, each extending over two days, a fifth one-day meeting to consider specific information surrounding the consideration of renewing the Agreement and additional in-person and telephonic meetings as needed. In connection with this year-long deliberative process, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; administrative and shareholder services; the oversight of fund service providers; marketing; risk oversight; compliance; and ability to meet applicable legal and regulatory requirements.

The Board, acting directly and through its committees, considers at each of its meetings, and from time to time as appropriate, factors that are relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreement.” Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, ten-year, and/or since inception periods, as applicable, against peer funds, applicable benchmark, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analysis of the reasons for any over-performance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective(s), policies and restrictions, and meeting regulatory requirements; (e) each Fund’s adherence to its compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (k) an analysis of management fees for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreement

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreement. The Board is continuously engaged in a process with its independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the April Meeting included (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) on Fund fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds as determined by Broadridge¹ and, with respect to Capital Appreciation Portfolio and Advantage Large Cap Core Portfolio, the applicable Morningstar Classification; (b) information on the

¹  Funds are ranked by Broadridge in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 181

Disclosure of Investment Advisory Agreement (continued)

profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, sub-advised mutual funds, ETFs, closed-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; (f) a summary of aggregate amounts paid by each Fund to BlackRock; and (g) sales and redemption data regarding each Fund’s shares.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board, including the Independent Board Members, approved the continuation of the Advisory Agreement between the Manager and the Corporation, on behalf of each Fund, for a one-year term ending June 30, 2018. In approving the continuation of the Agreement, the Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s costs to investors compared to the costs of Expense Peers and performance compared to the relevant performance metrics as previously discussed; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of its relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates, securities lending and cash management, services related to the valuation and pricing of Fund portfolio holdings, and materials submitted for the Board’s review. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services to be Provided by BlackRock:

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, a relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance and each Fund’s investment objective(s), strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) preparing disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) preparing periodic filings with regulators; (iv) overseeing and coordinating the activities of other service providers; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing other administrative functions necessary for the operation of each Fund, such as tax reporting, fulfilling regulatory filing requirements and call center services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of each Fund and BlackRock:

The Board, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of each Fund’s performance. The Board also reviewed a narrative and statistical analysis of the Broadridge data that was prepared by BlackRock. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to other funds in its applicable Broadridge category as well as, with respect to Capital Appreciation Portfolio and Advantage Large Cap Core Portfolio, the applicable Morningstar Classification. The Board was provided with a description of the methodology used by Broadridge to select peer funds and periodically meets with Broadridge representatives to review its methodology. The Board was provided with information on the composition of the Broadridge performance universes and expense universes. The Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of each Fund throughout the year.

182 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Disclosure of Investment Advisory Agreement (continued)

In evaluating performance, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. Further, the Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect long-term performance disproportionately.

The Board noted that for the one-, three- and five-year periods reported, the Balanced Capital Portfolio ranked in the second, first, and first quartiles, respectively, against its Broadridge Performance Universe.

The Board noted that for the one-, three- and five-year periods reported, the Capital Appreciation Portfolio ranked in the fourth, third and third quartiles, respectively, against its Morningstar Performance Universe. BlackRock believes that the Morningstar Performance Universe is an appropriate performance metric for the Capital Appreciation Portfolio. The Board and BlackRock reviewed the Capital Appreciation Portfolio’s underperformance during these periods.

The Board and BlackRock discussed BlackRock’s strategy for improving the Capital Appreciation Portfolio’s investment performance. Discussions covered topics such as: investment risks undertaken by the Fund; performance attribution; the Fund’s investment personnel; and the resources appropriate to support the Fund’s investment processes.

The Board noted that for the one-, three- and five-year periods reported, the Global Allocation Portfolio ranked in the third, second and second quartiles, respectively, against its Broadridge Performance Universe. The Board and BlackRock reviewed the Global Allocation Portfolio’s underperformance during the one-year period.

The Board noted that for each of the one-, three- and five-year periods reported, the Government Money Market Portfolio ranked in the third quartile against its Broadridge Performance Universe. Additionally the Board noted that the Government Money Market Portfolio performed within the one basis point threshold of its Broadridge Performance Universe peer median for each of the one-, three-, and five-year periods. The Board reviewed the Government Money Market Portfolio’s performance within the context of the low yield environment that has existed over the past few years.

The quartile standing of the Government Money Market Portfolio in its Broadridge Performance Universe takes into account the Fund’s current yield only. BlackRock has reviewed with the Board that a money market fund can only be understood holistically, accounting for current yield and risk. While the Board reviews the Government Money Market Portfolio’s current yield performance, it also examines the liquidity, duration, and credit quality of the Fund’s portfolio. In the Board’s view, BlackRock’s money market funds have performed well over the one-, three- and five-year periods given BlackRock’s emphasis on preserving capital and seeking as high a level of current income as is consistent with liquidity while simultaneously managing risk.

The Board noted that for the one-, three- and five-year periods reported, the High Yield Portfolio ranked in the second, second, and first quartiles, respectively, against its Broadridge Performance Universe.

The Board noted that for the one-, three- and five-year periods reported, the Advantage Large Cap Core Portfolio ranked in the third, second, and third quartiles, respectively, against its Morningstar Performance Universe. BlackRock believes that the Morningstar Performance Universe is an appropriate performance metric for the Advantage Large Cap Core Portfolio. The Board and BlackRock reviewed the Advantage Large Cap Core Portfolio’s underperformance during the one- and five-year periods. The Board also noted that effective June 12, 2017, the Advantage Large Cap Core Portfolio had undergone changes in its investment objective, investment strategy and portfolio management team, and in connection with such changes, the Fund changed its name from BlackRock Large Cap Core Portfolio to BlackRock Advantage Large Cap Core Portfolio.

The Board noted that for each of the one-, three- and five-year periods reported, the Total Return Portfolio ranked in the second quartile against its Broadridge Performance Universe.

The Board noted that for the one-, three- and five-year periods reported, the U.S. Government Bond Portfolio ranked in the first, first and second quartiles, respectively, against its Broadridge Performance Universe.

C. Consideration of the Advisory/Management Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with each Fund:

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with the other funds in its Broadridge category. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of other funds in its Broadridge category. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2016 compared to available aggregate profitability data provided for the prior two years. The Board reviewed BlackRock’s profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 183

Disclosure of Investment Advisory Agreement (continued)

methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, the Board considered the cost of the services provided to each Fund by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and distribution of each Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology in allocating its costs of managing each Fund, to each Fund. The Board may receive and review information from independent third parties as part of its annual evaluation. The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Balanced Capital Portfolio’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Fund’s Expense Peers. The Board also noted that the Balanced Capital Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the Fund, combined with the assets of the other Series Funds, increase above certain contractually specified levels. The Board further noted that BlackRock has contractually agreed to a cap on the Balanced Capital Portfolio’s total expenses as a percentage of the Fund’s average daily net assets. Additionally, the Board noted that BlackRock has contractually agreed to a cap on certain operational and recordkeeping fees for the Balanced Capital Portfolio.

The Board noted that the Capital Appreciation Portfolio’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Fund’s Expense Peers. The Board also noted that the Capital Appreciation Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the Fund, combined with the assets of the other Series Funds, increase above certain contractually specified levels. The Board further noted that BlackRock has contractually agreed to a cap on the Capital Appreciation Portfolio’s total expenses as a percentage of the Fund’s average daily net assets. Additionally, the Board noted that BlackRock has contractually agreed to a cap on certain operational and recordkeeping fees for the Capital Appreciation Portfolio.

The Board noted that the Global Allocation Portfolio’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Fund’s Expense Peers. The Board also noted that the Global Allocation Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the Fund, combined with the assets of the other Series Funds, increase above certain contractually specified levels. The Board further noted that BlackRock has contractually agreed to a cap on the Global Allocation Portfolio’s total expenses as a percentage of the Fund’s average daily net assets. Additionally, the Board noted that BlackRock has contractually agreed to a cap on certain operational and recordkeeping fees for the Global Allocation Portfolio.

The Board noted that the Government Money Market Portfolio’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile, relative to the Fund’s Expense Peers. The Board reviewed the Government Money Market Portfolio’s expenses within the context of the low yield environment and consequent expense waivers and reimbursements. The Board also noted that the Government Money Market Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the Fund, combined with the assets of the other Series Funds, increase above certain contractually specified levels. The Board further noted that BlackRock has contractually agreed to a cap on the Government Money Market Portfolio’s total expenses as a percentage of the Fund’s average daily net assets. Additionally, the Board noted that BlackRock has contractually agreed to a cap on certain operational and recordkeeping fees for the Government Money Market Portfolio. The Board also noted that, to enable the Government Money Market Portfolio to maintain minimum levels of daily net investment income, BlackRock has voluntarily agreed to waive a portion of its fees and/or reimburse the Fund’s operating expenses as necessary. This waiver and/or reimbursement may be discontinued at any time without notice.

The Board noted that the High Yield Portfolio’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Fund’s Expense Peers. The Board also noted that the High Yield Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the Fund, combined with the assets of the other Series Funds, increase above certain contractually specified levels. The Board further noted that BlackRock has contractually agreed to a cap on the High Yield Portfolio’s total expenses as a percentage of the Fund’s average daily net assets. Additionally, the Board noted that BlackRock has contractually agreed to a cap on certain operational and recordkeeping fees for the High Yield Portfolio.

184 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

Disclosure of Investment Advisory Agreement (concluded)

The Board noted that the Advantage Large Cap Core Portfolio’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Fund’s Expense Peers. The Board also noted that the Advantage Large Cap Core Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the Fund, combined with the assets of the other Series Funds, increase above certain contractually specified levels. The Board further noted that BlackRock has contractually agreed to a cap on the Advantage Large Cap Core Portfolio’s total expenses as a percentage of the Fund’s average daily net assets. Additionally, the Board noted that BlackRock has contractually agreed to a cap on certain operational and recordkeeping fees for the Advantage Large Cap Core Portfolio.

The Board noted that the Total Return Portfolio’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Fund’s Expense Peers. The Board also noted that the Total Return Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the Fund, combined with the assets of the other Series Funds, increase above certain contractually specified levels. The Board further noted that BlackRock has contractually agreed to a cap on the Total Return Portfolio’s total expenses as a percentage of the Fund’s average daily net assets. Additionally, the Board noted that BlackRock has contractually agreed to a cap on certain operational and recordkeeping fees for the Total Return Portfolio.

The Board noted that the U.S. Government Bond Portfolio’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Fund’s Expense Peers. The Board also noted that the U.S. Government Bond Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the aggregate assets of the Fund, combined with the assets of the other Series Funds, increase above certain contractually specified levels. The Board further noted that BlackRock has contractually agreed to a cap on the U.S. Government Bond Portfolio’s total expenses as a percentage of the Fund’s average daily net assets. Additionally, the Board noted that BlackRock has contractually agreed to a cap on certain operational and recordkeeping fees for the U.S. Government Bond Portfolio.

D. Economies of Scale:

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, as well as the existence of expense caps, as applicable. The Board also considered the extent to which each Fund benefits from such economies in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate. In its consideration, the Board Members took into account the existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.

E. Other Factors Deemed Relevant by the Board Members:

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from their respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

Conclusion

The Board, including the Independent Board Members, approved the continuation of the Advisory Agreement between the Manager and the Corporation, on behalf of each Fund, for a one-year term ending June 30, 2018. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for each Fund reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. As a result, the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

BLACKROCK SERIES FUND, INC. JUNE 30, 2017 185

Officers and Directors

Robert M. Hernandez, Chair of the Board and Director

James H. Bodurtha, Director

Bruce R. Bond, Director

Donald W. Burton, Director

Honorable Stuart E. Eizenstat, Director

Robert Fairbairn, Director

Henry Gabbay, Director

Lena G. Goldberg, Director

Henry R. Keizer, Director

John F. O’Brien, Director

Donald C. Opatrny, Director

Roberta Cooper Ramo, Director

John M. Perlowski, Director, President and Chief Executive Officer

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Fernanda Piedra, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

Investment Adviser 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	Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019	Distributor BlackRock Investments, LLC New York, NY 10022

¹  For all Funds except BlackRock Global Allocation Portfolio.

²  For BlackRock Global Allocation Portfolio.

186 BLACKROCK SERIES FUND, INC. JUNE 30, 2017

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 the operation of the Public Reference Room or 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

upon request and without charge (1) 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 safe-guarding 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 law or 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. JUNE 30, 2017 187

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.

Series8-6/17-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

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

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 – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(b) –    Certifications – Attached hereto

2

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:	August 28, 2017

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:	August 28, 2017
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Series Fund, Inc.
Date:	August 28, 2017

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