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 811-07177

Name of Fund: BlackRock Mid Cap Value Opportunities Fund of BlackRock Mid Cap Value
Opportunities Series, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Mid
Cap Value Opportunities Fund of BlackRock Mid Cap Value Opportunities Series, Inc., 800
Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ,
08543-9011

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

Date of fiscal year end: 01/31/2009

Date of reporting period: 02/01/2008 – 07/31/2008

Item 1 – Report to Stockholders

EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

BlackRock Mid Cap Value

Opportunities Fund

OF BLACKROCK MID CAP VALUE OPPORTUNITIES

SERIES, INC.

JULY 31, 2008 | SEMI-ANNUAL REPORT (UNAUDITED)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents
	Page
A Letter to Shareholders	3
Semi-Annual Report:
Fund Summary	4
About Fund Performance	6
Disclosure of Expenses	6
Portfolio Information	7
Financial Statements:
Schedule of Investments	8
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	18
Disclosure of Investment Advisory Agreement and Subadvisory Agreement	22
Officers and Directors	26
Additional Information	27
Mutual Fund Family	30

2 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

A Letter to Shareholders

Dear Shareholder

For more than a year, investors have been besieged by a weak housing market, the bursting of the credit bubble that has

troubled the financial sector, and surging food and oil prices, which have stoked inflation concerns. Healthy nonfinancial

corporate profits and robust exporting activity remained among the few bright spots, helping the economy to grow at a

modest, but still positive, pace.

The Federal Reserve Board (the “Fed”) has been aggressive in its attempts to stimulate economic growth and stabilize

financial markets. In addition to slashing the target federal funds rate 325 basis points (3.25%) between September

2007 and April 2008, the central bank introduced the new Term Securities Lending Facility, granted broker-dealers access

to the discount window and used its own balance sheet to help negotiate the sale of Bear Stearns. However, the end of

the period saw a pause in Fed action; the central bank held the target rate steady at 2.0% as it attempted to balance

weak growth and inflationary pressures.

The Fed’s bold response to the financial crisis helped mitigate credit stress and investor anxiety, albeit temporarily.

U.S. equity markets sank sharply over the reporting period, notwithstanding a brief rally in the spring and another in

mid-summer, and international markets followed suit.

Treasury securities also traded in a volatile fashion, but generally rallied (yields fell as prices correspondingly rose), as

the broader flight-to-quality theme persisted. The yield on 10-year Treasury issues, which fell to 3.34% in March, climbed

to the 4.20% range in mid-June as investors temporarily shifted out of Treasury issues in favor of riskier assets (such as

stocks and other high-quality fixed income sectors), then reversed course and declined to 3.99% by period-end when

credit fears re-emerged. Meanwhile, tax-exempt issues underperformed their taxable counterparts, as problems among

municipal bond insurers and the failure in the market for auction rate securities continued to pressure the group.

Overall, the major benchmark indexes generated results that reflected heightened risk aversion:

Total Returns as of July 31, 2008	6-month	12-month
U.S. equities (S&P 500 Index)	(7.08)%	(11.09)%
Small cap U.S. equities (Russell 2000 Index)	0.86	(6.71)
International equities (MSCI Europe, Australasia, Far East Index)	(5.04)	(12.19)
Fixed income (Lehman Brothers U.S. Aggregate Index)	(0.63)	6.15
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)	(0.85)	2.83
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index)	(0.80)	0.52

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

Shortly before this shareholder report mailing, the investment landscape was dramatically altered as the ongoing

credit crisis intensified, resulting in a widespread breakdown in the financial services sector and unprecedented govern-

ment intervention. Through periods of market turbulence, as ever, BlackRock's full resources are dedicated to the

management of our clients’ assets. For our most current views on the economy and financial markets, we invite you

to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and

we look forward to continuing to serve you in the months and years ahead.

THIS PAGE NOT PART OF YOUR FUND REPORT

3

Fund Summary

Portfolio Management Commentary

How did the Fund perform?
_{•For the six months ended July 31, 2008, Fund’s Institutional Shares}
outpaced the benchmark S&P MidCap 400 Index, however, Investor A,
Investor B, Investor C and Class R Shares trailed the index.

What factors influenced performance?
_{•Stock selection in financials—particularly within the insurance, real}
estate investment trust, capital markets and commercial bank sub-
sectors — was the primary detractor from performance relative to the
benchmark. Fund holdings in Conseco, Inc., HCC Insurance Holdings,
Inc., FelCor Lodging Trusts, Inc., Investment Technology Group, Inc., The
Colonial BancGroups, Inc. and First Horizon National Corp. had the
greatest negative impact on returns. In the materials sector, disappoint-
ing stock selection among container and packaging producers and an
underweight to the strong-performing chemicals makers also hampered
comparative results.

_{•On the positive side, specific stock selection in the information tech-}
nology (IT) and industrials sectors benefited performance. Top-performing
portfolio holding CNET Networks, Inc. was a significant contributor, as
shares rose following an announcement that it was to be acquired by
CBS at a significant premium. Stock selection and an overweight among
software makers also added value. TIBCO Software, Inc. and Parametric
Technology Corp. were among the standout performers in this area,
as both firms generated double-digit gains for the six months.
Semiconductor maker Broadcom Corp. enhanced returns as well.

_{•In industrials, the Fund benefited from solid stock selection, most}
notably within the aerospace & defense and machinery subsectors.
Curtiss-Wright Corp., a producer of highly engineered products for the

aerospace and defense industries, and agricultural machinery maker
AGCO Corp. were among the best-performing holdings. In addition, spe-
cialized industrial products and equipment maker Dover Corp. and waste
management company Allied Waste Industries, Inc. contributed favorably.

_{•An overweight in the energy sector, especially among energy exploration}
& production names, also proved advantageous, as crude oil and natural
gas prices continued their ascent. Cabot Oil & Gas Corp. and Plains
Exploration & Production Co. were the most notable contributors.

Describe recent portfolio activity.
_{•During the six-month period, we added to holdings in the consumer}
discretionary sector (especially the more defensive household durables
producers) and increased exposure to retail holdings with new positions
in Saks, Inc. and RadioShack Corp. We also increased the Fund’s weight-
ing in industrials, particularly within the construction & engineering and
machinery subsectors. New positions included URS Corp., Chicago
Bridge & Iron Co. NV and AGCO Corp.

_{•We reduced the Fund’s overall healthcare weighting, trimming exposure}
to the more volatile biotechnology and specialty pharmaceuticals areas.
Additionally, we reduced the weighting in energy, taking advantage of
strength in select holdings that approached our price targets.

Describe Fund positioning at period-end.
_{•The Fund ended the period with an overweight position in IT (especially}
software and electronic equipment), and underweights in healthcare
(namely healthcare providers and services and life sciences tools &
services), materials (in particular metals & mining and chemicals)
and industrials (mainly commercial services and road & rail trans-
portation companies).

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.

Expense Example

		Actual			Hypothetical2
	Beginning	Ending		Beginning	Ending
	Account Value	Account Value	Expenses Paid	Account Value	Account Value	Expenses Paid
	February 1, 2008	July 31, 2008	During the Period1	February 1, 2008	July 31, 2008	During the Period1
Institutional	$1,000	$1,006.40	$ 4.74	$1,000	$1,020.18	$ 4.77
Investor A	$1,000	$1,004.80	$ 6.48	$1,000	$1,018.44	$ 6.52
Investor B	$1,000	$1,000.60	$10.40	$1,000	$1,014.51	$10.47
Investor C	$1,000	$ 999.80	$11.19	$1,000	$1,013.71	$11.27
Class R	$1,000	$1,002.60	$ 8.46	$1,000	$1.016.45	$ 8.52

¹ For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.95% for Institutional, 1.30% for Investor A, 2.09% for Investor B, 2.25% for
Investor C and 1.70% for Class R), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).
² Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.
See “Disclosure of Expenses” on page 6 for further information on how expenses were calculated.

4 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND JULY 31, 2008

TOTAL RETURN BASED ON A $10,000 INVESTMENT

¹ Assuming maximum sales charge, if any, transaction costs and other operating expenses, including advisory fees.
² The Fund invests primarily in common stocks of mid cap companies.
³ This unmanaged Index is a market value-weighted index that consists of 400 domestic stocks and measures the performance of the mid-size
company segment of the U.S. market.

Performance Summary for the Period Ended July 31, 2008
				Average Annual Total Returns1
		1 Year		5 Years		10 Years
	6-Month	w/o sales	w/sales	w/o sales	w/sales	w/o sales	w/sales
	Total Returns	charge	charge	charge	charge	charge	charge
Institutional	0.64%	(5.76)%	—	11.06%	—	9.18%	—
Investor A	0.48	(6.08)	(11.01)%	10.77	9.58%	8.90	8.31%
Investor B	0.06	(6.81)	(10.40)	9.91	9.65	8.19	8.19
Investor C	(0.02)	(7.02)	(7.81)	9.85	9.85	7.98	7.98
Class R	0.26	(6.48)	—	10.44	—	8.65	—
S&P MidCap 400 Index	0.51	(4.96)	—	11.41	—	10.07	—

¹ Assuming maximum sales charges. See “About Fund Performance” on page 6 for a detailed description of share classes, including any related sales charges and fees.

Past performance is not indicative of future results.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

5

About Fund Performance

_{•Institutional Shares are not subject to any sales charge. Institutional}
Shares bear no ongoing distribution or service fees and are available
only to eligible investors.

_{•Investor A Shares incur a maximum initial sales charge (front-end load)}
of 5.25% and a service fee of 0.25% per year (but no distribution fee).

_{•Investor B Shares are subject to a maximum contingent deferred sales}
charge of 4.50% declining to 0% after six years. In addition, Investor B
Shares are subject to a distribution fee of 0.75% per year and a service
fee of 0.25% per year. These shares automatically convert to Investor A
Shares after approximately eight years. (There is no initial sales charge
for automatic share conversions.) All returns for periods greater than
eight years reflect this conversion.

_{•Investor C Shares are subject to a distribution fee of 0.75% and a service}
fee of 0.25% per year. In addition, Investor C Shares are subject to a 1%
contingent deferred sales charge if redeemed within one year of purchase.

_{•Class R Shares do not incur a maximum initial sales charge (front-end}
load) or deferred sales charge. These shares are subject to a distribution
fee of 0.25% per year and a service fee of 0.25% per year. Class R
Shares are available only to certain retirement plans. Prior to inception,
Class R Share performance results are those of Institutional Shares
(which have no distribution or service fees) restated to reflect Class R
Share fees.

Performance information reflects past performance and does not guar-
antee future results. Current performance may be lower or higher than the
performance data quoted. Refer to www.blackrock.com/funds to obtain
performance data current to the most recent month-end. Performance
results do not reflect the deduction of taxes that a shareholder would
pay on fund distributions or the redemption of fund shares. Figures
shown in the performance tables on page 5 assume reinvestment of all
dividends and capital gain distributions, if any, at net asset value on the
ex-dividend date. Investment return and principal value of shares will
fluctuate so that shares, when redeemed, may be worth more or less than
their original cost. Dividends paid to each class of shares will vary
because of the different levels of service, distribution and transfer
agency fees applicable to each class, which are deducted from the
income available to be paid to shareholders.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) expenses
related to transactions, including sales charges, redemption fees and
exchange fees; and (b) operating expenses including advisory fees, distri-
bution fees including 12b-1 fees, and other Fund expenses. The expense
example on page 4 (which is based on a hypothetical investment of
$1,000 invested on February 1, 2008 and held through July 31, 2008)
is intended to assist shareholders both in calculating expenses based on
an investment in the Fund and in comparing these expenses with similar
costs of investing in other mutual funds.

The table provides 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 share class under the heading entitled “Expenses Paid During
the Period.”

The table also provides information about hypothetical account values
and hypothetical expenses based on the 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 this
Fund and other funds, compare the 5% hypothetical example with the 5%
hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the table are intended to highlight shareholders’
ongoing costs only and do not reflect any transactional expenses, such as
sales charges, redemption fees or exchange fees. Therefore, the hypotheti-
cal table is 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.

6 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Portfolio Information

As of July 31, 2008

	Percent of
Ten Largest Equity Holdings	Net Assets
OGE Energy Corp.	3%
Anixter International, Inc.	3
AGCO Corp.	3
TIBCO Software, Inc.	3
Wisconsin Energy Corp.	2
Tellabs, Inc.	2
Medicis Pharmaceutical Corp. Class A	2
Alliant Energy Corp.	2
RadioShack Corp.	2
Hercules, Inc.	2

	Percent of
Five Largest Industries	Net Assets
Multi-Utilities	8%
Electronic Equipment & Instruments	6
Software	5
Machinery	5
Oil, Gas & Consumable Fuels	5

	Percent of
	Long-Term
Sector Representation	Investments
Information Technology	19%
Financials	17
Industrials	17
Consumer Discretionary	13
Energy	9
Utilities	8
Health Care	8
Materials & Processing	6
Consumer Staples	3

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

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

7

Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Aerospace & Defense — 1.3%
Curtiss-Wright Corp.	83,300	$ 4,384,912
Capital Markets — 2.7%
Invesco Ltd. (a)	165,300	3,849,837
Investment Technology Group, Inc. (b)	57,400	1,707,076
TD Ameritrade Holding Corp. (b)	195,600	3,894,396
		9,451,309
Chemicals — 3.1%
Hercules, Inc.	359,500	7,207,975
Lubrizol Corp.	73,800	3,675,240
		10,883,215
Commercial Banks — 1.7%
Cullen/Frost Bankers, Inc.	42,000	2,215,080
First Horizon National Corp. (c)	230,200	2,163,880
Webster Financial Corp.	85,900	1,705,974
		6,084,934
Commercial Services & Supplies — 2.5%
Allied Waste Industries, Inc. (b)	394,600	4,774,660
Cintas Corp.	134,800	3,833,712
		8,608,372
Communications Equipment — 2.7%
Brocade Communications Systems, Inc. (b)	203,500	1,373,625
Tellabs, Inc. (b)	1,563,500	8,036,390
		9,410,015
Construction & Engineering — 4.0%
Chicago Bridge & Iron Co. NV	157,400	5,157,998
EMCOR Group, Inc. (b)	107,000	3,222,840
URS Corp. (b)	131,300	5,504,096
		13,884,934
Containers & Packaging — 1.3%
Smurfit-Stone Container Corp. (b)	801,200	4,574,852
Electrical Equipment — 1.9%
Hubbell, Inc. Class B	154,000	6,492,640
Electronic Equipment & Instruments — 5.5%
Anixter International, Inc. (b)	148,300	10,088,849
Ingram Micro, Inc. Class A (b)	350,300	6,456,029
Tech Data Corp. (b)	80,300	2,800,061
		19,344,939
Energy Equipment & Services — 2.7%
BJ Services Co.	162,300	4,771,620
Rowan Cos., Inc.	119,200	4,744,160
		9,515,780
Health Care Equipment & Supplies — 2.3%
Edwards Lifesciences Corp. (b)	85,700	5,371,676
Kinetic Concepts, Inc. (b)	70,900	2,477,955
		7,849,631
Health Care Technology — 1.8%
Cerner Corp. (b)	84,800	3,787,168
HLTH Corp. (b)	223,243	2,442,279
		6,229,447

Common Stocks	Shares	Value
Hotels, Restaurants & Leisure — 0.6%
Darden Restaurants, Inc. (c)	67,000	$ 2,182,190
Household Durables — 3.5%
Harman International Industries, Inc.	113,500	4,672,795
KB Home	91,000	1,600,690
Lennar Corp. Class A (c)	110,100	1,332,210
Newell Rubbermaid, Inc.	268,700	4,441,611
		12,047,306
Household Products — 0.9%
Clorox Co.	54,900	2,992,050
IT Services — 2.9%
Alliance Data Systems Corp. (b)	66,700	4,278,805
Convergys Corp. (b)	470,300	5,972,810
		10,251,615
Insurance — 4.6%
Conseco, Inc. (b)	791,400	6,631,932
HCC Insurance Holdings, Inc.	128,200	2,903,730
Reinsurance Group of America, Inc.	87,900	4,368,630
RenaissanceRe Holdings Ltd.	43,000	2,187,410
		16,091,702
Machinery — 5.3%
AGCO Corp. (b)	161,000	9,635,850
Dover Corp.	93,200	4,625,516
Timken Co.	63,600	2,100,072
Trinity Industries, Inc. (c)	60,100	2,262,164
		18,623,602
Media — 1.9%
Harte-Hanks, Inc.	524,600	6,510,286
Metals & Mining — 0.9%
Allegheny Technologies, Inc.	36,000	1,702,440
Reliance Steel & Aluminum Co.	23,900	1,509,524
		3,211,964
Multi-Utilities — 7.7%
Alliant Energy Corp.	228,522	7,365,264
OGE Energy Corp.	347,900	11,383,288
Wisconsin Energy Corp.	180,900	8,162,208
		26,910,760
Multiline Retail — 1.4%
Saks, Inc. (b)(c)	468,900	4,778,091
Oil, Gas & Consumable Fuels — 5.3%
Cabot Oil & Gas Corp. Class A	127,700	5,620,077
Newfield Exploration Co. (b)	111,900	5,480,862
Noble Energy, Inc.	9,000	664,830
Plains Exploration & Production Co. (b)	117,600	6,582,072
		18,347,841
Personal Products — 1.5%
Alberto-Culver Co.	199,900	5,363,317
Pharmaceuticals — 2.9%
King Pharmaceuticals, Inc. (b)	189,100	2,176,541
Medicis Pharmaceutical Corp. Class A	404,600	7,428,456
Sepracor, Inc. (b)	33,200	580,336
		10,185,333

See Notes to Financial Statements.

8 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Real Estate Investment Trusts (REITs) — 4.5%
Alexandria Real Estate Equities, Inc.	35,800	$ 3,696,708
Boston Properties, Inc.	25,900	2,491,321
Brandywine Realty Trust	245,300	3,937,065
Cousins Properties, Inc. (c)	176,900	3,886,493
FelCor Lodging Trust, Inc.	228,900	1,828,911
		15,840,498
Semiconductors & Semiconductor
Equipment — 1.3%
Broadcom Corp. Class A (b)	62,800	1,525,412
Microchip Technology, Inc.	52,700	1,682,711
Micron Technology, Inc. (b)	239,000	1,154,370
		4,362,493
Software — 5.4%
Novell, Inc. (b)	647,700	3,607,689
Parametric Technology Corp. (b)	300,000	5,811,000
TIBCO Software, Inc. (b)	1,148,100	9,425,901
		18,844,590
Specialty Retail — 3.9%
The Gap, Inc.	395,600	6,377,072
RadioShack Corp.	438,000	7,305,840
		13,682,912
Textiles, Apparel & Luxury Goods — 1.1%
Jones Apparel Group, Inc.	224,900	3,764,826
Thrifts & Mortgage Finance — 2.1%
People's United Financial, Inc.	422,400	7,172,352
Trading Companies & Distributors — 0.7%
United Rentals, Inc. (b)	148,923	2,409,574
Total Common Stocks — 91.9%		320,288,282
Exchange-Traded Funds
iShares Dow Jones US Real Estate Index Fund	108,700	6,772,010
iShares Nasdaq Biotechnology Index Fund	24,600	2,189,154
MidCap SPDR Trust Series 1 (c)	18,800	2,746,492
SPDR® Gold Trust (b)	60,900	5,484,045
Vanguard Energy	30,900	3,459,564
Total Exchange-Traded Funds — 5.9%		20,651,265
Total Long-Term Investments
(Cost — $355,549,601) — 97.8%		340,939,547
	Beneficial
	Interest
Short-Term Securities	(000)
BlackRock Liquidity Series, LLC Cash Sweep
Series, 2.45% (d)(e)	$ 3,772	3,772,246
BlackRock Liquidity Series, LLC Money Market
Series, 2.63% (d)(e)(f)	20,989	20,988,800
Total Short-Term Securities (Cost — $24,761,046) — 7.1%		24,761,046
Total Investments (Cost — $380,310,647*) — 104.9%		365,700,593
Liabilities in Excess of Other Assets — (4.9%)		(17,068,658)
Net Assets — 100.0%		$348,631,935

* The cost and unrealized appreciation (depreciation) of investments as of July 31,
2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$ 386,880,558
Gross unrealized appreciation	$ 23,182,010
Gross unrealized depreciation	(44,361,975)
Net unrealized depreciation	$ (21,179,965)

(a) Depositary receipts.
(b) Non-income producing security.
(c) Security, or a portion of security, is on loan.
(d) Investments in companies considered to be an affiliate of the Fund, for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

	Net
	Activity	Interest
Affiliate	(000)	Income
BlackRock Liquidity Series, LLC
Cash Sweep Series	$ (2,474)	$ 80,848
BlackRock Liquidity Series, LLC
Money Market Series	$(19,113)	$179,439

(e) Represents the current yield as of report date.
(f) Security was purchased with the cash proceeds from securities loans.
_{• 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 Fund
management. This definition may not apply for purposes of this report, which
may combine industry sub-classifications for reporting ease.
_{• Effective February 1,2008,the Fund adopted Financial Accounting Standards}
Board Statement of Financial Accounting Standards No. 157, “Fair Value
Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, estab-
lishes a framework for measuring fair values and requires additional disclosures
about the use of fair value measurements. Various inputs are used in determining
the fair value of investments, which are as follows:
_{•Level 1 — price quotations in active markets/exchanges for identical}
securities
_{•Level 2 — other observable inputs (including,but not limited to: quoted prices}
for 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}
circumstance, to the extent observable inputs are not available (including the
Fund's own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to Note 1 of the Notes to
Financial Statements.

The following table summarizes the inputs used as of July 31, 2008 in deter-
mining the fair valuation of the Fund's investments:

Valuation	Investments in
Inputs	Securities
Level 1	$340,939,547
Level 2	24,761,046
Level 3	—
Total	$365,700,593

See Notes to Financial Statements.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

9

Statement of Assets and Liabilities
July 31, 2008 (Unaudited)
Assets
Investments at value — unaffiliated (including securities loaned of $18,088,735) (cost — $ 355,549,601)	$ 340,939,547
Investments at value — affiliated (cost — $24,761,046)	24,761,046
Investments sold receivable	7,415,058
Capital shares sold receivable	229,134
Dividends receivable	247,667
Securities lending income receivable	17,847
Prepaid expenses	22,322
Other assets	18,807
Total assets	373,651,428
Liabilities
Collateral on securities loaned at value	20,988,800
Investments purchased payable	2,004,854
Capital shares redeemed payable	1,430,629
Investment advisory fees payable	188,244
Distribution fees payable	142,714
Officer’s and Directors’ fees payable	252
Other affiliates payable	205,109
Other accrued expenses payable	58,891
Total liabilities	25,019,493
Net Assets
Net assets	$ 348,631,935
Net Assets Consist of
Institutional Shares, $0.10 par value, 20,000,000 shares authorized	$ 519,248
Investor A Shares, $0.10 par value, 40,000,000 shares authorized	710,827
Investor B Shares, $0.10 par value, 40,000,000 shares authorized	281,560
Investor C Shares, $0.10 par value, 40,000,000 shares authorized	591,540
Class R Shares, $0.10 par value, 40,000,000 shares authorized	382,596
Paid-in capital in excess of par	381,230,081
Undistributed net investment income	185,554
Accumulated net realized loss	(20,659,417)
Net unrealized appreciation/depreciation	(14,610,054)
Net assets	$ 348,631,935
Net Asset Value
Institutional — Based on net assets of $76,689,796 and 5,192,479 shares outstanding	$ 14.77
Investor A — Based on net assets of $102,866,827 and 7,108,274 shares outstanding	$ 14.47
Investor B — Based on net assets of $38,169,782 and 2,815,604 shares outstanding	$ 13.56
Investor C — Based on net assets of $79,054,107 and 5,915,400 shares outstanding	$ 13.36
Class R — Based on net assets of $51,851,423 and 3,825,963 shares outstanding	$ 13.55

See Notes to Financial Statements.

10 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Statement of Operations
Six Months Ended July 31, 2008 (Unaudited)
Investment Income
Dividends (net of $682 foreign withholding tax)	$ 2,571,938
Income from affiliates	81,472
Securities lending	179,439
Total income	2,832,849
Expenses
Investment advisory	1,168,061
Service — Investor A	126,745
Service and distribution — Investor B	210,881
Service and distribution — Investor C	411,630
Service and distribution — Class R	127,362
Transfer agent — Institutional	65,880
Transfer agent — Investor A	147,843
Transfer agent — Investor B	67,359
Transfer agent — Investor C	196,643
Transfer agent — Class R	107,041
Accounting services	77,320
Printing	41,012
Registration	35,103
Professional	30,787
Custodian	26,673
Officer and Directors	13,318
Miscellaneous	16,810
Total expenses	2,870,468
Net investment loss	(37,619)
Net Realized and Unrealized Gain (Loss)
Net realized loss on investments	(13,866,290)
Net change in unrealized appreciation/depreciation on investments	14,931,687
Total realized and unrealized gain	1,065,397
Net Increase in Net Assets Resulting from Operations	$ 1,027,778

See Notes to Financial Statements.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

11

Statements of Changes in Net Assets
	Six Months Ended	Year Ended
	July 31, 2008	January 31,
Increase (Decrease) in Net Assets:	(Unaudited)	2008
Operations
Net investment loss	$ (37,619)	$ (1,447,440)
Net realized gain (loss)	(13,866,290)	57,921,389
Net change in unrealized appreciation/depreciation	14,931,687	(79,473,487)
Net increase (decrease) in net assets resulting from operations	1,027,778	(22,999,538)
Distributions to Shareholders From
Net realized gain:
Institutional	(624,349)	(16,404,288)
Investor A	(824,034)	(21,699,293)
Investor B	(299,994)	(10,264,778)
Investor C	(618,544)	(17,255,111)
Class R	(428,161)	(9,034,045)
Decrease in net assets resulting from distributions to shareholders	(2,795,082)	(74,657,515)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions	(20,546,634)	20,597,208
Net Assets
Total decrease in net assets	(22,313,938)	(77,059,845)
Beginning of period	370,945,873	448,005,718
End of period	$ 348,631,935	$ 370,945,873
End of period undistributed net investment income	$ 185,554	$ 223,173

See Notes to Financial Statements.

12 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Financial Highlights
			Institutional
	Six Months
	Ended
	July 31, 2008		Year Ended January 31,
	(Unaudited)	2008	2007	2006		2005	2004
Per Share Operating Performance
Net asset value, beginning of period	$ 14.80	$ 18.79	$ 19.89	$ 19.58	$ 17.56		$ 12.38
Net investment income (loss)1	0.05	0.05	0.05	0.07		0.01	(0.01)
Net realized and unrealized gain (loss)	0.04	(0.81)	1.79	4.34		2.14	5.19
Net increase (decrease) from investment operations	0.09	(0.76)	1.84	4.41		2.15	5.18
Distributions from net realized gain	(0.12)	(3.23)	(2.94)	(4.10)		(0.13)	—
Net asset value, end of period	$ 14.77	$ 14.80	$ 18.79	$ 19.89	$ 19.58		$ 17.56
Total Investment Return2
Based on net asset value	0.64%3	(5.36)%	10.09%	23.90%		12.24%	41.84%
Ratios to Average Net Assets
Total expenses	0.95%4	0.93%	1.01%	1.01%		1.01%	1.09%
Net investment income (loss)	0.62%4	0.29%	0.28%	0.34%		0.04%	(0.09)%
Supplemental Data
Net assets, end of period (000)	$ 76,690	$ 78,988	$ 105,207	$ 114,921	$ 126,651		$ 91,845
Portfolio turnover	66%	148%	99%	110%		82%	86%

¹ Based on average shares outstanding.
² Total investment return excludes the effects of any sales charges.
³ Aggregate total investment return.
⁴ Annualized.

See Notes to Financial Statements.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

13

Financial Highlights (continued)
			Investor A
	Six Months
	Ended
	July 31, 2008		Year Ended January 31,
	(Unaudited)	2008	2007	2006		2005	2004
Per Share Operating Performance
Net asset value, beginning of period	$ 14.52	$ 18.49	$ 19.63	$ 19.33	$ 17.39		$ 12.29
Net investment income (loss)1	0.02	—2	—3	0.03		(0.04)	(0.05)
Net realized and unrealized gain (loss)	0.05	(0.79)	1.76	4.28		2.11	5.15
Net increase (decrease) from investment operations	0.07	(0.79)	1.76	4.31		2.07	5.10
Distributions from net realized gain	(0.12)	(3.18)	(2.90)	(4.01)		(0.13)	—
Net asset value, end of period	$ 14.47	$ 14.52	$ 18.49	$ 19.63	$ 19.33		$ 17.39
Total Investment Return4
Based on net asset value	0.48%5	(5.64)%	9.76%	23.66%		11.90%	41.50%
Ratios to Average Net Assets
Total expenses	1.30%6	1.24%	1.26%	1.26%		1.26%	1.34%
Net investment income (loss)	0.27%6	(0.02)%	—7	0.13%		(0.20)%	(0.34)%
Supplemental Data
Net assets, end of period (000)	$ 102,867	$ 110,362	$ 121,065	$ 98,343	$ 85,184		$ 62,061
Portfolio turnover	66%	148%	99%	110%		82%	86%

¹ Based on average shares outstanding.
² Amount is less than $(0.01) per share.
³ Amount is less than $0.01 per share.
⁴ Total investment return excludes the effects of sales charges.
⁵ Aggregate total investment return.
⁶ Annualized.
⁷ Amount is less than 0.01% .

See Notes to Financial Statements.

14 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Financial Highlights (continued)
			Investor B
	Six Months
	Ended
	July 31, 2008		Year Ended January 31,
	(Unaudited)	2008	2007	2006		2005	2004
Per Share Operating Performance
Net asset value, beginning of period	$ 13.66	$ 17.54	$ 18.73	$ 18.43	$ 16.72		$ 11.90
Net investment loss1	(0.04)	(0.14)	(0.14)	(0.13)		(0.17)	(0.16)
Net realized and unrealized gain (loss)	0.05	(0.74)	1.67	4.09		2.01	4.98
Net increase (decrease) from investment operations	0.01	(0.88)	1.53	3.96		1.84	4.82
Distributions from net realized gain	(0.11)	(3.00)	(2.72)	(3.66)		(0.13)	—
Net asset value, end of period	$ 13.56	$ 13.66	$ 17.54	$ 18.73	$ 18.43		$ 16.72
Total Investment Return2
Based on net asset value	0.06%3	(6.38)%	8.94%	22.69%		11.00%	40.50%
Ratios to Average Net Assets
Total expenses	2.09%4	2.04%	2.03%	2.04%		2.05%	2.15%
Net investment loss	(0.53)%4	(0.83)%	(0.75)%	(0.67)%		(0.99)%	(1.14)%
Supplemental Data
Net assets, end of period (000)	$ 38,170	$ 46,499	$ 78,174	$ 112,073	$ 125,145		$ 139,610
Portfolio turnover	66%	148%	99%	110%		82%	86%

¹ Based on average shares outstanding.
² Total investment return excludes the effects of sales charges.
³ Aggregate total investment return.
⁴ Annualized.

See Notes to Financial Statements.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

15

Financial Highlights (continued)
			Investor C
	Six Months
	Ended
	July 31, 2008		Year Ended January 31,
	(Unaudited)	2008	2007	2006		2005	2004
Per Share Operating Performance
Net asset value, beginning of period	$ 13.47	$ 17.36	$ 18.61	$ 18.39	$ 16.68		$ 11.88
Net investment loss1	(0.05)	(0.16)	(0.14)	(0.13)		(0.18)	(0.16)
Net realized and unrealized gain (loss)	0.04	(0.72)	1.65	4.07		2.02	4.96
Net increase (decrease) from investment operations	(0.01)	(0.88)	1.51	3.94		1.84	4.80
Distributions from net realized gain	(0.10)	(3.01)	(2.76)	(3.72)		(0.13)	—
Net asset value, end of period	$ 13.36	$ 13.47	$ 17.36	$ 18.61	$ 18.39		$ 16.68
Total Investment Return2
Based on net asset value	(0.02)%3	(6.50)%	8.90%	22.65%		11.03%	40.40%
Ratios to Average Net Assets
Total expenses	2.25%4	2.15%	2.04%	2.05%		2.06%	2.16%
Net investment loss	(0.68)%4	(0.93)%	(0.78)%	(0.67)%		(1.00)%	(1.15)%
Supplemental Data
Net assets, end of period (000)	$ 79,054	$ 85,547	$ 111,084	$ 103,468	$ 89,771		$ 84,755
Portfolio turnover	66%	148%	99%	110%		82%	86%

¹ Based on average shares outstanding.
² Total investment return excludes the effects of sales charges.
³ Aggregate total investment return.
⁴ Annualized.

See Notes to Financial Statements.

16 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Financial Highlights (concluded)
				Class R
									Period
									February 4,
	Six Months Ended			Year Ended January 31,					20031 to
	July 31, 2008								January 31,
	(Unaudited)		2008	2007		2006		2005	2004
Per Share Operating Performance
Net asset value, beginning of period	$ 13.63	$ 17.58		$ 18.81	$ 18.71		$ 16.87		$ 11.81
Net investment loss2	(0.01)		(0.07)	(0.05)		(0.02)		(0.08)	(0.09)
Net realized and unrealized gain (loss)	0.04		(0.74)	1.69		4.11		2.05	5.15
Net increase (decrease) from investment operations	0.03		(0.81)	1.64		4.09		1.97	5.06
Distributions from net realized gain	(0.11)		(3.14)	(2.87)		(3.99)		(0.13)	—
Net asset value, end of period	$ 13.55	$ 13.63		$ 17.58	$ 18.81		$ 18.71		$ 16.87
Total Investment Return
Based on net asset value	0.26%3		(6.02)%	9.55%		23.26%		11.68%	42.85%3
Ratios to Average Net Assets
Total expenses	1.70%4		1.64%	1.51%		1.51%		1.51%	1.53%4
Net investment loss	(0.11)%4		(0.39)%	(0.28)%		(0.11)%		(0.45)%	(0.58)%4
Supplemental Data
Net assets, end of period (000)	$ 51,851	$ 49,550		$ 32,476	$ 17,981 $			7,356	$ 467
Portfolio turnover	66%		148%	99%		110%		82%	86%

¹ Commencement of operations.
² Based on average shares outstanding.
³ Aggregate total investment return.
⁴ Annualized.

See Notes to Financial Statements.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

17

Notes to Financial Statements (Unaudited)

1. Significant Accounting Policies:

BlackRock Mid Cap Value Opportunities Fund (the “Fund”) of BlackRock
Mid Cap Value Opportunities Series, Inc. (the “Series”) is registered under
the Investment Company Act of 1940, as amended (the “1940 Act”),
as a diversified, open-end management investment company. The Fund’s
financial statements are prepared in conformity with accounting princi-
ples generally accepted in the United States of America, which may
require the use of management accruals and estimates. Actual results
may differ from these estimates. The Fund offers multiple classes of
shares. Institutional Shares are sold only to certain eligible investors.
Investor A Shares are sold with a front-end sales charge. Shares of
Investor B and Investor C may be subject to a contingent deferred sales
charge. Class R Shares are sold only to certain retirement plans. All
classes of shares have identical voting, dividend, liquidation and other
rights and the same terms and conditions, except that Investor A, Investor
B, Investor C and Class R Shares bear certain expenses related to the
shareholder servicing of such shares, and Investor B, Investor C and
Class R Shares also bear certain expenses related to the distribution
of such shares. Each class has exclusive voting rights with respect to
matters relating to its shareholder servicing and distribution expenditures
(except that Investor B shareholders may vote on material changes to the
Investor A distribution plan).

The following is a summary of significant accounting policies followed by
the Fund:

Valuation of Investments: Equity investments traded on a recognized
securities exchange or the NASDAQ Global Market System are valued at
the last reported sale price that day or the NASDAQ official closing price,
if applicable. For equity investments traded on more than one exchange,
the last reported sale 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 are valued at the last available bid
price. If no bid price is available, the prior day’s price will be used, unless
it is determined that such prior day’s price no longer reflects the fair
value of the security. Investments in open-end investment companies
are valued at net asset value each business day. Short-term securities
are valued at amortized cost.

In the event that application of these methods of valuation results in
a price for an investment which is deemed not to be representative of
the market value of such investment, the investment will be valued by a
method approved by the Board of Directors (the “Board”) as reflecting

fair value (“Fair Value Assets”). When determining the price for Fair Value
Assets, the investment advisor and/or sub-advisor seeks to determine
the price that the Fund might reasonably expect to receive from the cur-
rent sale of that asset in an arms-length transaction. Fair value determi-
nations shall be based upon all available factors that the investment
advisor and/or sub-advisor deems relevant. The pricing of all Fair Value
Assets is subsequently reported to the Board or a committee thereof.

Investment Transactions and Investment Income: Investment transactions
are recorded on the dates the transactions are entered into (the trade
dates). Realized gains and losses on security transactions are deter-
mined on the identified cost basis. Dividend income is recorded on the
ex-dividend dates. Interest income is recognized on the accrual basis.
Income and realized and unrealized gains and losses are allocated daily
to each class based on its relative net assets.

Dividends and Distributions: Dividends and distributions paid by the
Fund are recorded on the ex-dividend dates.

Securities Lending: The Fund may lend securities to financial institutions
that provide cash or securities issued or guaranteed by the U.S. govern-
ment as collateral, which will be maintained at all times in an amount
equal to at least 100% of the current market value of the loaned securi-
ties. The market value of the loaned securities is determined at the close
of business of the Fund and any additional required collateral is deliv-
ered to the Fund on the next business day. The Fund typically receives
the income on the loaned securities but does not receive the income on
the collateral. Where the Fund receives cash collateral, it may invest such
collateral and retain the amount earned on such investment, net of any
amount rebated to the borrower. The Fund may receive a flat fee for its
loans. 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 Fund may pay
reasonable lending agent, administrative and custodial fees in connec-
tion with its loans. In the event that the borrower defaults on its obliga-
tion to return borrowed securities because of insolvency or for any other
reason, the Fund could experience delays and costs in gaining access to
the collateral. The Fund also could suffer a loss where the value of the
collateral falls below the market value of the borrowed securities, in the
event of borrower default or in the event of losses on investments made
with cash collateral.

18 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Notes to Financial Statements (continued)

Income Taxes: It is the Fund’s policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its taxable income to its sharehold-
ers. Therefore, no federal income tax provision is required. Under the
applicable foreign tax laws, witholding taxes may be imposed on interest,
dividends and capital gains at various rates.

The Fund files U.S. federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Fund’s U.S. federal tax returns remain open for the years
ended January 31, 2005 through January 31, 2007. The statutes of limi-
tations on the Fund’s state and local tax returns may remain open for an
additional year depending upon the jurisdiction.

Recent Accounting Pronouncement: In March 2008, Statement of
Financial Accounting Standards No. 161, “Disclosures about Derivative
Instruments and Hedging Activities — an amendment of FASB Statement
No. 133” (“FAS 161”) was issued and is effective for fiscal years begin-
ning after November 15, 2008. FAS 161 is intended to improve financial
reporting for derivative instruments by requiring enhanced disclosure that
enables investors to understand how and why an entity uses derivatives,
how derivatives are accounted for, and how derivative instruments affect
an entity’s results of operations and financial position. The impact on the
Fund’s financial statement disclosures, if any, is currently being assessed.

Other: Expenses directly related to the Fund or its classes are charged to
that Fund or class. Other operating expenses shared by several funds are
pro-rated among those funds on the basis of relative net assets or other
appropriate methods. Other expenses of the Fund are allocated daily to
each class based on its relative net assets.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

The Fund has entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned
subsidiary of BlackRock, Inc., to provide investment advisory and admin-
istration services. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The
PNC Financial Services Group, Inc. (“PNC”) are principal owners of
BlackRock, Inc.

The Advisor is responsible for the management of the Fund’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such servic-
es, the Fund pays the Advisor a monthly fee at an annual rate of 0.65%
of the average daily value of the Fund’s net assets.

The Advisor has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC (“BIM”), an affiliate of the
Advisor, under which the Advisor pays BIM for services it provides, a
monthly fee that is a percentage of the investment advisory fee paid by
the Fund to the Advisor.

For the six months ended July 31, 2008, the Fund reimbursed the
Advisor $2,930, for certain accounting services, which is included in
accounting services in the Statement of Operations.

The Fund has also entered into separate Distribution Agreements and
Distribution Plans with FAM Distributors, Inc. (“FAMD”) and BlackRock
Distributors, Inc. and its affiliates (“BDI”) (collectively, the “Distributor”).
FAMD is a wholly owned subsidiary of Merrill Lynch Group, Inc., and BDI
is an affiliate of BlackRock, Inc.

Pursuant to the Distribution Plans adopted by the Fund in accordance
with Rule 12b-1 under the 1940 Act, the Fund pays the Distributor ongo-
ing service fees and distribution fees. The fees are accrued daily and
paid monthly at an annual rate based upon the average daily net assets
of the shares as follows:

	Service	Distribution
	Fee	Fee
Investor A	0.25%	—
Investor B	0.25%	0.75%
Investor C	0.25%	0.75%
Class R	0.25%	0.25%

Pursuant to sub-agreements with the Distributor, broker-dealers, including
Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a wholly
owned subsidiary of Merrill Lynch, and the Distributor provide share-
holder servicing and distribution services to the Fund. The ongoing
service fee and/or distribution fee compensates the Distributor and
each broker dealer for providing shareholder servicing and/or distribu-
tion-related services to Investor A, Investor B, Investor C and Class R
shareholders.

For the six months ended July 31, 2008, the Distributor earned under-
writing discounts and direct commissions and its affiliates earned
dealer concessions on sales of the Fund’s Investor A Shares, which
totaled $4,750, and affiliates received contingent deferred sales charges
of $7,844 and $1,514 relating to transactions in Investor B and Investor
C Shares, respectively. Furthermore, affiliates received contingent
deferred sales charges of $807 relating to transactions subject to front-
end sales charge waivers on Investor A Shares. These amounts include
payments to Hilliard Lyons, which was considered an affiliate for a
portion of the period.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

19

Notes to Financial Statements (continued)

PNC Global Investment Servicing (U.S.), Inc., formerly PFPC Inc., an
indirect, wholly owned subsidiary of PNC and an affiliate of the Advisor,
serves as transfer agent. Each class of the Fund bears the costs of trans-
fer agent fees associated with such respective classes. Transfer agency
fees borne by each class of the Fund are comprised of those fees
charged for all shareholder communications including the mailing of
shareholder reports, dividend and distribution notices, and proxy materi-
als for shareholders meetings, as well as per account and per transaction
fees related to servicing and maintenance of shareholder accounts,
including the issuing, redeeming and transferring of shares of each
class of the Fund, 12b-1 fee calculation, check writing, anti-money
laundering services, and customer identification services. The Fund may
earn income on positive cash balances in demand deposit accounts that
are maintained by the transfer agent on behalf of the Fund.

For the six months ended July 31, 2008, the Fund earned $624, which
is included in income from affiliates in the Statement of Operations.

Pursuant to written agreements, certain affiliates provide the Fund with
sub-accounting, recordkeeping, sub-transfer agency and other adminis-
trative services with respect to sub-accounts they service. For these
services, these affiliates receive an annual fee per shareholder account
which will vary depending on share class. For the six months ended
July 31, 2008, the Fund paid $533,848 in return for these services,
which is a component of the transfer agent fees in the accompanying
Statement of Operations.

The Advisor maintains a call center, which is responsible for providing
certain shareholder services to the Fund, such as responding to share-
holder inquiries and processing transactions based upon instructions
from shareholders with respect to the subscription and redemption of
Fund shares. For the six months ended July 31, 2008, the Fund reim-
bursed the Advisor the following amounts for costs incurred running the
call center, which are a component of the transfer agent fees in the
accompanying Statement of Operations.

	Call Center
	Fees
Institutional	$ 439
Investor A	$2,391
Investor B	$1,166
Investor C	$1,511
Class R	$ 435

The Fund has received an exemptive order from the Securities and
Exchange Commission permitting it to lend portfolio securities to
MLPF&S or its affiliates. As of July 31, 2008, the Fund loaned securities
with a value of $5,872,990 to its affiliates. Pursuant to that order, the
Fund has retained BIM as the securities lending agent for a fee based
on a share of the returns on investment of cash collateral. BIM may, on
behalf of the Fund, invest cash collateral received by the Fund for such
loans, among other things, in a private investment company managed by
the Advisor or in registered money market funds advised by the Advisor
or its affiliates. For the six months ended July 31, 2008, BIM received
$44,555 in security lending agent fees.

In addition, MLPF&S received $192,896 in commissions on the execu-
tion of the portfolio security transactions for the Fund for the six months
ended July 31, 2008.

Certain officers and/or directors of the Fund are officers and/or directors
of BlackRock, Inc. or its affiliates. The Fund reimburses the Advisor for
compensation paid to the Fund’s Chief Compliance Officer.

3. Investments:

Purchases and sales of investments, excluding short-term securities, for
the six months ended July 31, 2008 were $237,283,721 and
$262,887,233, respectively.

4. Short-Term Borrowings:

The Fund, along with certain other funds managed by the Advisor and its
affiliates, is a party to a $500,000,000 credit agreement with a group of
lenders. The Fund may borrow under the credit agreement to fund share-
holder redemptions and for other lawful purposes other than for lever-
age. The Fund may borrow up to the maximum amount allowable under
the Fund’s current Prospectus and Statement of Additional Information,
subject to various other legal, regulatory or contractual limits. On
November 21, 2007, the credit agreement was renewed for one year
under substantially the same terms. The Fund pays a commitment fee of
0.06% per annum based on the Fund’s pro rata share of the unused
portion of the credit agreement, which is included in miscellaneous in
the Statement of Operations. Amounts borrowed under the credit agree-
ment bear interest at a rate equal to, at each fund’s election, the federal
funds rate plus 0.35% or a base rate as defined in the credit agree-
ment. The Fund did not borrow under the credit agreement during the six
months ended July 31, 2008.

20 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Notes to Financial Statements (concluded)
5. Capital Share Transactions:
Transactions in shares of capital for each class were as follows:
	Six Months Ended			Year Ended
	July 31, 2008			January 31, 2008
	Shares		Amount	Shares	Amount
Institutional
Shares sold	420,321	$ 6,261,691		759,760	$ 13,996,980
Shares issued to shareholders in reinvestment
of distributions	41,113		590,260	952,586	15,787,671
Total issued	461,434		6,851,951	1,712,346	29,784,651
Shares redeemed	(606,035)		(9,000,058)	(1,975,610)	(35,480,385)
Net decrease	(144,601)	$ (2,148,107)		(263,264)	$ (5,695,734)
Investor A
Shares sold and automatic conversion of shares	1,004,862	$ 14,713,065		2,508,506	$ 45,861,040
Shares issued to shareholders in reinvestment
of distributions	55,323		778,362	1,256,230	20,391,674
Total issued	1,060,185		15,491,427	3,764,736	66,252,714
Shares redeemed	(1,550,033)		(22,479,579)	(2,713,211)	(48,364,071)
Net increase (decrease)	(489,848)	$ (6,988,152)		1,051,525	$ 17,888,643
Investor B
Shares sold	93,728	$ 1,282,732		247,707	$ 4,330,349
Shares issued to shareholders in reinvestment
of distributions	20,760		273,808	599,653	9,243,706
Total issued	114,488		1,556,540	847,360	13,574,055
Shares redeemed and automatic conversion of shares	(703,739)		(9,585,865)	(1,900,057)	(32,227,289)
Net decrease	(589,251)	$ (8,029,325)		(1,052,697)	$(18,653,234)
Investor C
Shares sold	536,078	$ 7,260,244		1,194,420	$ 20,139,951
Shares issued to shareholders in reinvestment
of distributions	44,752		581,752	1,059,172	16,067,913
Total issued	580,830		7,841,996	2,253,592	36,207,864
Shares redeemed	(1,014,291)		(13,764,796)	(2,301,942)	(38,923,786)
Net decrease	(433,461)	$ (5,922,800)		(48,350)	$ (2,715,922)
Class R
Shares sold	965,042	$ 13,230,967		2,168,206	$ 37,016,938
Shares issued to shareholders in reinvestment
of distributions	32,466		427,903	596,521	9,023,516
Total issued	997,508		13,658,870	2,764,727	46,040,454
Shares redeemed	(806,295)		(11,117,120)	(977,406)	(16,266,999)
Net increase	191,213	$ 2,541,750		1,787,321	$ 29,773,455
6. Subsequent Event:

On September 15, 2008, Bank of America Corporation announced that it has agreed to acquire Merrill Lynch, one of the principal owners of
BlackRock, Inc. The purchase has been approved by the directors of both companies. Subject to shareholder and regulatory approvals, the
transaction is expected to close in the first quarter of 2009.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

21

Disclosure of Investment Advisory Agreement and Subadvisory Agreement

The Board of Directors (the “Board,” the members of which are referred
to as “Directors”) of BlackRock Mid Cap Value Opportunities Fund (the
“Fund”) of BlackRock Mid Cap Value Opportunities Series, Inc. (the
“Corporation”) met in April and June 2008 to consider the approval of
the Fund’s investment advisory agreement (the “Advisory Agreement”)
with BlackRock Advisors, LLC (the “Adviser”), the Fund’s investment
adviser. The Board also considered the approval of the Fund’s subadvisory
agreement (the “Subadvisory Agreement”) between the Adviser and
BlackRock Investment Management, LLC (the “Subadviser”). The Adviser
and the Subadviser are referred to herein as “BlackRock.” For simplicity,
the Fund and the Corporation are referred to herein as the “Fund.” The
Advisory Agreement and the Subadvisory Agreement are referred to
herein as the “Agreements.”

Activities and Composition of the Board

The Board of the Fund consists of fifteen individuals, twelve of whom
are not “interested persons” of the Fund as defined in the Investment
Company Act of 1940, as amended (the “1940 Act”) (the “Independent
Directors”). The Directors are responsible for the oversight of the operations
of the Fund and perform the various duties imposed on the directors of
investment companies by the 1940 Act. The Independent Directors have
retained independent legal counsel to assist them in connection with
their duties. The Chairman of the Board is an Independent Director. The
Board established four standing committees: an Audit Committee, a
Governance and Nominating Committee, a Compliance Committee and
a Performance Oversight Committee, each of which is composed of, and
chaired by Independent Directors.

The Agreements

Upon the consummation of the combination of BlackRock’s investment
management business with Merrill Lynch & Co., Inc.’s investment man-
agement business, including Merrill Lynch Investment Managers, L.P., and
certain affiliates (the “Transaction”), the Fund entered into the Advisory
Agreement with an initial two-year term and the Adviser entered into the
Subadvisory Agreement with the Subadviser with an initial two-year term.
Consistent with the 1940 Act, prior to the expiration of the Agreements’
respective initial two-year term, the Board is required to consider the
continuation of the Fund’s Agreements on an annual basis. In connection
with this process, the Board assessed, among other things, the nature,
scope and quality of the services provided to the Fund by the personnel
of BlackRock and its affiliates, including investment management, admi-
nistrative services, shareholder services, oversight of fund accounting
and custody, marketing services and assistance in meeting legal and
regulatory requirements. The Board also received and assessed informa-
tion regarding the services provided to the Fund by certain unaffiliated
service providers.

Throughout the year, the Board, acting directly and through its committees,
considers at each of its meetings factors that are relevant to its annual
consideration of the renewal of the Fund’s Agreements, including the
services and support provided to the Fund and its shareholders. Among
the matters the Board considered were: (a) investment performance for
one, three and five years, as applicable, against peer funds, as well as
senior management and portfolio managers’ analysis of the reasons for
underperformance, if applicable; (b) fees, including advisory, administra-
tion, if applicable, and other fees paid to BlackRock and its affiliates by
the Fund, such as transfer agency fees and fees for marketing and distri-
bution; (c) Fund operating expenses; (d) the resources devoted to and
compliance reports relating to the Fund’s investment objective, policies
and restrictions, (e) the Fund’s compliance with its Code of Ethics and
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;
(h) BlackRock’s implementation of the proxy voting guidelines approved
by the Board; (i) the use of brokerage commissions and spread and
execution quality; (j) valuation and liquidity procedures; and (k) periodic
overview of BlackRock’s business, including BlackRock’s response to the
increasing scale of its business.

Board Considerations in Approving the Agreements

The Approval Process: At an in-person meeting held on April 10,
2008, the Board reviewed materials relating to its consideration of
the Agreements. At an in-person meeting held on June 5 – 6, 2008,
the Fund’s Board, including the Independent Directors, unanimously
approved the continuation of the Advisory Agreement between the
Adviser and the Fund for a one-year term ending June 30, 2009 and
the Subadvisory Agreement between the Adviser and the Subadviser for
a one-year term ending June 30, 2009. In considering the approval of
the Agreements, the Board received and discussed various materials
provided to it in advance of the April 10, 2008 meeting. As a result of
the discussions that occurred during the April 10, 2008 meeting, the
Board requested and BlackRock provided additional information, as
detailed below, in advance of the June 5 – 6, 2008 Board meeting.
The Board considered all factors it believed relevant with respect to the
Fund, including, among other factors: (a) the nature, extent and quality
of the services provided by BlackRock; (b) the investment performance
of the Fund and BlackRock portfolio management; (c) the advisory fee
and the cost of the services and profits to be realized by BlackRock and
certain affiliates from the relationship with the Fund; (d) economies of
scale; and (e) other factors.

22 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

Prior to the April 10, 2008 meeting, the Board requested and received
materials specifically relating to the Agreements. The Board is engaged
in an ongoing process with BlackRock to continuously review the nature
and scope of the information provided to better assist its deliberations.
These materials included (a) information independently compiled and
prepared by Lipper, Inc. (“Lipper”) on Fund fees and expenses, and the
investment performance of the Fund as compared with a peer group
of funds as determined by Lipper (“Peers”); (b) information on the prof-
itability of the Agreements to BlackRock and certain affiliates, including
their other relationships with the Fund, and a discussion of fall-out bene-
fits; (c) a general analysis provided by BlackRock concerning investment
advisory fees charged to other clients, such as institutional and closed-
end funds, under similar investment mandates, as well as the perform-
ance of such other clients; (d) a report on economies of scale; (e) sales
and redemption data regarding the Fund’s shares; and (f) an internal
comparison of management fees classified by Lipper, if applicable. At
the April 10, 2008 meeting, the Board requested and subsequently
received from BlackRock (i) a comprehensive analysis of total expenses
on a fund-by-fund basis; (ii) further analysis of investment performance;
(iii) further data regarding Fund profitability, Fund size and Fund fee
levels; and (iv) additional information on sales and redemptions.

The Board also considered other matters it deemed important to the
approval process, such as payments made to BlackRock or its affiliates
relating to the distribution of Fund shares, services related to the valuation
and pricing of Fund portfolio holdings, and direct and indirect benefits
to BlackRock and its affiliates from their relationship with the Fund.
The Board did not identify any particular information as controlling,
and each Director may have attributed different weights to the various
items considered.

A. Nature, Extent and Quality of the Services: The Board, including the
Independent Directors, reviewed the nature, extent and quality of services
provided by BlackRock, including the investment advisory services and
the resulting performance of the Fund. Throughout the year, the Board
compared Fund performance to the performance of a comparable group
of mutual funds as classified by Lipper and the performance of at least
one relevant index or combination of indices. The Board met with
BlackRock’s senior management personnel responsible for investment
operations, including the senior investment officers. The Board also
reviewed the materials provided by the Fund’s portfolio management
team discussing Fund performance and the Fund’s investment objective,
strategies and outlook.

The Board considered, among other factors, the number, education and
experience of BlackRock’s investment personnel generally and the Fund’s
portfolio management team, BlackRock’s portfolio trading capabilities,
BlackRock’s use of technology, BlackRock’s commitment to compliance
and BlackRock’s approach to training and retaining portfolio managers
and other research, advisory and management personnel. The Board
also reviewed BlackRock’s compensation structure with respect to the
Fund’s portfolio management team and BlackRock’s ability to attract
and retain high-quality talent.

In addition to advisory services, the Board considered the quality of the
administrative and non-investment advisory services provided to the
Fund. BlackRock and its affiliates provide the Fund with certain admini-
strative, transfer agency, shareholder and other services (in addition to
any such services provided to the Fund by third parties) and officers
and other personnel as are necessary for the operations of the Fund.
In addition to investment advisory services, BlackRock and its affiliates
provide the Fund with other services, including (i) preparing disclosure
documents, such as the prospectus, the statement of additional infor-
mation and shareholder reports; (ii) assisting with daily accounting and
pricing; (iii) overseeing and coordinating the activities of other service
providers; (iv) organizing Board meetings and preparing the materials
for such Board meetings; (v) providing legal and compliance support;
and (vi) performing other administrative functions necessary for the
operation of the Fund, such as tax reporting and fulfilling regulatory
filing requirements. The Board reviewed the structure and duties
of BlackRock’s fund administration, accounting, legal and
compliance departments.

B. The Investment Performance of the Fund and BlackRock: The Board,
including the Independent Directors, also reviewed and considered the
performance history of the Fund. In preparation for the April 10, 2008
meeting, the Board was provided with reports, independently prepared
by Lipper, which included a comprehensive analysis of the Fund’s per-
formance. The Board also reviewed a narrative and statistical analysis of
the Lipper data that was prepared by BlackRock, which analyzed various
factors that affect Lipper’s rankings. In connection with its review, the
Board received and reviewed information regarding the investment per-
formance of the Fund as compared to a representative group of similar
funds as determined by Lipper and to all funds in the Fund’s applicable
Lipper category. The Board was provided with a description of the
methodology used by Lipper to select peer funds. The Board regularly
reviews the performance of the Fund throughout the year. The Board
attaches more importance to performance over relatively long periods
of time, typically three to five years.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

23

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

The Fund ranked in the second, second and third quartiles on a net
basis against its Lipper peer universe for the one, three and five year
periods ended December 31, 2007, respectively. The Board noted that
for the five year period, the Fund’s third quartile performance was near
its Lipper median.

C. Consideration of the Advisory Fees and the Cost of the Services
and Profits to be Realized by BlackRock and its Affiliates from the
Relationship with the Fund: The Board, including the Independent
Directors, reviewed the Fund’s contractual advisory fee rates compared
with the other funds in its Lipper category. It also compared the Fund’s
total expenses to those of other comparable funds. The Board consid-
ered the services provided and the fees charged by BlackRock to other
types of clients with similar investment mandates, including separately
managed institutional accounts.

The Board received and reviewed statements relating to BlackRock’s
financial condition and profitability with respect to the services it provided
the Fund. The Board was also provided with a profitability analysis that
detailed the revenues earned and the expenses incurred by BlackRock
and certain affiliates that provide services to the Fund. The Board
reviewed BlackRock’s profitability with respect to the Fund and each
fund the Board currently oversees for the year ended December 31,
2007 compared to aggregated profitability data provided for the year
ended December 31, 2005.

In addition, the Board considered the cost of the services provided to
the Fund by BlackRock, and BlackRock’s and its affiliates’ profits relating
to the management and distribution of the 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 to the manage-
ment of the Fund and concluded that there was a reasonable basis
for the allocation. The Board also considered whether BlackRock has
the financial resources necessary to attract and retain high quality
investment management personnel to perform its obligations under
the Agreements and to continue to provide the high quality of services
that are expected by the Board.

The Board concluded that the Fund’s advisory fee structure was reason-
able and that it would continue to review fees in connection with future
renewals of the Agreements.

D. Economies of Scale: The Board, including the Independent Directors,
considered the extent to which economies of scale might be realized as
the assets of the Fund increase and whether there should be changes
in the advisory fee rate or structure in order to enable the Fund to
participate in these economies of scale. The Board, including the
Independent Directors, considered whether the shareholders would
benefit from economies of scale and whether there was potential for
future realization of economies with respect to the Fund. The Board con-
sidered that the funds in the BlackRock fund complex share common
resources and, as a result, an increase in the overall size of the complex
could permit each fund to incur lower expenses than it would otherwise
as stand-alone entities. The Board also considered the anticipated
efficiencies in the processes of BlackRock’s overall operations as it
continues to add personnel and commit capital to expand the scale of
operations. The Board found, based on its review of comparable funds,
that the Fund’s management fee is appropriate in light of the scale of
the Fund.

E. Other Factors: The Board also took into account other ancillary or
“fall-out” benefits that BlackRock may derive from its relationship with
the Fund, both tangible and intangible, such as BlackRock’s ability to
leverage its investment professionals that manage other portfolios, an
increase in BlackRock’s profile in the investment advisory community,
and the engagement of BlackRock’s affiliates as service providers to
the Fund, including for administrative, transfer agency and distribution
services. The Board also noted that BlackRock may use third party
research obtained by soft dollars generated by transactions in
the Fund to assist itself in managing all or a number of its other
client accounts.

In connection with its consideration of the Agreements, 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.

24 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (concluded)

Conclusion

The Board approved the continuation of the Advisory Agreement between
the Adviser and the Fund for a one-year term ending June 30, 2009 and
the Subadvisory Agreement between the Adviser and the Subadviser for
a one-year term ending June 30, 2009. Based upon their evaluation of
all these factors in their totality, the Board, including the Independent
Directors, was satisfied that the terms of the Agreements were fair and
reasonable and in the best interest of the Fund and the Fund’s share-
holders. In arriving at a decision to approve the Agreements, the Board
did not identify any single factor or group of factors as all-important
or controlling, but considered all factors together. The Independent
Directors were also assisted by the advice of independent legal counsel
in making this determination. The contractual fee arrangements for the
Fund reflect the result of several years of review by the Directors and
predecessor Directors, and discussions between the Directors (and
predecessor Directors) and BlackRock. Certain aspects of the arrange-
ments may be the subject of more attention in some years than in
others, and the Directors’ conclusions may be based in part on their
consideration of these arrangements in prior years.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

25

Officers and Directors

Robert M. Hernandez, Chairman of the Board, Director and Member of
the Audit Committee
Fred G. Weiss, Vice Chair of the Board, Chairman of the Audit Committee
and Director
James H. Bodurtha, Director
Bruce R. Bond, Director
Donald W. Burton, Director
Richard S. Davis, Director
Stuart E. Eizenstat, Director
Laurence D. Fink, Director
Kenneth A. Froot, Director
Henry Gabbay, Director
John F. O’Brien, Director
Roberta Cooper Ramo, Director
Jean Margo Reid, Director
David H. Walsh, Director
Richard R. West, Director and Member of the Audit Committee
Donald C. Burke, Fund President and Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian . Kindelan, Chief Compliance Officer of the Fund
Howard Surloff, Secretary

Custodian
The Bank of New York Mellon
New York, NY 10286

Transfer Agent
PNC Global Investment Servicing (U.S.) Inc.
Wilmington, DE 19809

Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540

Independent Registered Public
Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540

Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019

26 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND JULY 31, 2008

Additional Information

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and
former fund investors and individual clients (collectively, “Clients”) and
to safeguarding their non-public personal information. The following infor-
mation 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 appli-
cations, forms or other documents; (ii) information about your trans-
actions 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 proce-
dures relating to the proper storage and disposal of such information.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

27

Additional Information (continued)

Availability of Additional Information

Electronic copies of most financial reports and prospectuses are available
on the Fund’s website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospectuses
by enrolling in the Fund’s electronic delivery program.

To enroll:

Shareholders Who Hold Accounts with Investment Advisors, Banks or
Brokerages:

Please contact your financial advisor. Please note that not all investment
advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1) Access the BlackRock website at
http://www.blackrock.com/edelivery

2) Click on the applicable link and follow the steps to sign up

3) Log into your account

Householding

The Fund will mail only one copy of shareholder documents, including
prospectuses, annual and semi-annual reports and proxy statements, to
shareholders with multiple accounts at the same address. This practice is
commonly called “householding” and it is intended to reduce expenses
and eliminate duplicate mailings of shareholder documents. Mailings of
your shareholder documents may be householded indefinitely unless you
instruct us otherwise. If you do not want the mailing of these documents
to be combined with those for other members of your household, please
contact the Fund at (800) 441-7762.

28 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

Additional Information (concluded)

Availability of Additional Information (concluded)

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling toll-free (800) 441-7762;
(2) at www.blackrock.com; and (3) on the Securities and Exchange
Commission’s (the “SEC”) website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Fund votes proxies relating to securities
held in the Fund’s portfolio during the most recent 12-month period
ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s
website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedule

The Fund files its complete schedule of portfolio holdings with the SEC
for the first and third quarters of each fiscal year on Form N-Q. The Fund’s
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, D.C. Information on the operation of the Public Reference
Room may be obtained by calling (800) SEC-0330. The Fund’s Forms
N-Q may also be obtained upon request and without charge by calling
(800) 441-7762.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 8:00 AM to 6:00 PM EST to get information
about your account balances, recent transactions and share prices. You
can also reach us on the Web at www.blackrock.com/funds.

Automatic Investment Plans

Investor Class shareholders who want to invest regularly can arrange to
have $50 or more automatically deducted from their checking or savings
account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor Class shareholders can establish a systematic withdrawal plan
and receive periodic payments of $50 or more from their BlackRock
funds, as long as their account is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional,
Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

29

A World-Class Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed income and tax-exempt investing.

Equity Funds
BlackRock All-Cap Global Resources Portfolio	BlackRock Global Opportunities Portfolio	BlackRock Mid Cap Value Opportunities Fund
BlackRock Asset Allocation Portfolio†	BlackRock Global Resources Portfolio	BlackRock Natural Resources Trust
BlackRock Aurora Portfolio	BlackRock Global SmallCap Fund	BlackRock Pacific Fund
BlackRock Balanced Capital Fund†	BlackRock Health Sciences Opportunities Portfolio*	BlackRock Science & Technology
BlackRock Basic Value Fund	BlackRock Healthcare Fund	Opportunities Portfolio
BlackRock Capital Appreciation Portfolio	BlackRock Index Equity Portfolio*	BlackRock Small Cap Core Equity Portfolio
BlackRock Equity Dividend Fund	BlackRock International Fund	BlackRock Small Cap Growth Equity Portfolio
BlackRock EuroFund	BlackRock International Index Fund	BlackRock Small Cap Growth Fund II
BlackRock Focus Growth Fund	BlackRock International Opportunities Portfolio	BlackRock Small Cap Index Fund
BlackRock Focus Value Fund	BlackRock International Value Fund	BlackRock Small Cap Value Equity Portfolio*
BlackRock Fundamental Growth Fund	BlackRock Large Cap Core Fund	BlackRock Small/Mid-Cap Growth Portfolio
BlackRock Global Allocation Fund†	BlackRock Large Cap Growth Fund	BlackRock S&P 500 Index Fund
BlackRock Global Dynamic Equity Fund	BlackRock Large Cap Value Fund	BlackRock U.S. Opportunities Portfolio
BlackRock Global Emerging Markets Fund	BlackRock Latin America Fund	BlackRock Utilities and Telecommunications Fund
BlackRock Global Financial Services Fund	BlackRock Mid-Cap Growth Equity Portfolio	BlackRock Value Opportunities Fund
BlackRock Global Growth Fund	BlackRock Mid-Cap Value Equity Portfolio
Fixed Income Funds
BlackRock Emerging Market Debt Portfolio	BlackRock Inflation Protected Bond Portfolio	BlackRock Short-Term Bond Fund
BlackRock Enhanced Income Portfolio	BlackRock Intermediate Bond Portfolio II	BlackRock Strategic Income Portfolio
BlackRock GNMA Portfolio	BlackRock Intermediate Government	BlackRock Total Return Fund
BlackRock Government Income Portfolio	Bond Portfolio	BlackRock Total Return Portfolio II
BlackRock High Income Fund	BlackRock International Bond Portfolio	BlackRock World Income Fund
BlackRock High Yield Bond Portfolio	BlackRock Long Duration Bond Portfolio
BlackRock Income Portfolio	BlackRock Low Duration Bond Portfolio
BlackRock Income Builder Portfolio	BlackRock Managed Income Portfolio
Municipal Bond Funds
BlackRock AMT-Free Municipal Bond Portfolio	BlackRock Intermediate Municipal Fund	BlackRock New York Municipal Bond Fund
BlackRock California Insured Municipal Bond Fund	BlackRock Kentucky Municipal Bond Portfolio	BlackRock Ohio Municipal Bond Portfolio
BlackRock Delaware Municipal Bond Portfolio	BlackRock Municipal Insured Fund	BlackRock Pennsylvania Municipal Bond Fund
BlackRock Florida Municipal Bond Fund	BlackRock National Municipal Fund	BlackRock Short-Term Municipal Fund
BlackRock High Yield Municipal Fund	BlackRock New Jersey Municipal Bond Fund
Target Risk & Target Date Funds
BlackRock Prepared Portfolios	BlackRock Lifecycle Prepared Portfolios
Conservative Prepared Portfolio	Prepared Portfolio 2010	Prepared Portfolio 2030
Moderate Prepared Portfolio	Prepared Portfolio 2015	Prepared Portfolio 2035
Growth Prepared Portfolio	Prepared Portfolio 2020	Prepared Portfolio 2040
Aggressive Growth Prepared Portfolio	Prepared Portfolio 2025	Prepared Portfolio 2045
		Prepared Portfolio 2050
* See the prospectus for information on specific limitations on investments in the fund.
† Mixed asset fund.

BlackRock mutual funds are distributed by BlackRock Distributors, Inc. and certain funds are also distributed by FAM Distributors, Inc. You should consider the investment objectives, risks, charges and expenses of the funds under consideration carefully before investing. Each fund’s prospectus contains this and other information and is available at www.blackrock.com or by calling (800) 882-0052 or from your financial advisor. The prospectus should be read carefully before investing.

30 BLACKROCK MID CAP VALUE OPPORTUNITIES FUND

JULY 31, 2008

This report is not authorized for use as an offer of sale or a solicita-
tion of an offer to buy shares of the Fund unless accompanied or
preceded by the Fund’s current prospectus. Past performance
results shown in this report should not be considered a representa-
tion of future performance. Investment return and principal value of
shares will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Statements and other informa-
tion herein are as dated and are subject to change.

BlackRock Mid Cap Value Opportunities Fund of

BlackRock Mid Cap Value Opportunities Series, Inc.

100 Bellevue Parkway

Wilmington, DE 19809

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 – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations that include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.

Item 11 – Controls and Procedures

11(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.

11(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

12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

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 Mid Cap Value Opportunities Fund of BlackRock Mid Cap Value Opportunities
Series, Inc.

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock Mid Cap Value Opportunities Fund of BlackRock Mid Cap Value
Opportunities Series, Inc.

Date: September 19, 2008

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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock Mid Cap Value Opportunities Fund of BlackRock Mid Cap Value
Opportunities Series, Inc.

Date: September 19, 2008

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Mid Cap Value Opportunities Fund of BlackRock Mid Cap Value
Opportunities Series, Inc.

Date: September 19, 2008