AUGUST 28, 2024
 |
Summary Prospectus |
BlackRock Mid-Cap Value Series,
Inc. | Investor, Institutional and Class R Shares
●
BlackRock Mid-Cap Value Fund
Investor A: MDRFX
• Investor C: MCRFX • Institutional: MARFX • Class R: MRRFX
Before you invest, you may want to review the Fund’s prospectus, which contains
more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders and other information about the Fund, including the Fund’s statement of additional information, online at
https://www.blackrock.com/prospectus. You can
also get this information at no cost by calling (800) 441-7762 or by sending an e-mail request to prospectus.request@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of additional information, both dated August 28, 2024, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.
This Summary
Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.
The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.
Not FDIC Insured ● May
Lose Value ● No Bank Guarantee
Summary Prospectus
Key Facts About BlackRock Mid-Cap Value Fund
Investment Objective
The investment objective of BlackRock Mid-Cap Value Fund (the “Fund”), a
series of BlackRock Mid-Cap Value Series, Inc. (the “Corporation”), is to seek capital
appreciation and, secondarily, income, by investing in securities, primarily equity securities that Fund management believes are undervalued and therefore represent an investment
value.
Fees and Expenses of
the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell
shares of the Fund. You may pay other fees, such as brokerage commissions
and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional
(including BlackRock Advisors, LLC (“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least
$25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the
“Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 24 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-90 of Part II of the Fund’s Statement of Additional Information.
| Shareholder Fees
(fees paid directly from your investment) |
|
Investor A
Shares |
|
Investor C
Shares |
|
Institutional Shares |
|
Class R
Shares |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage
of offering price) |
|
5.25% |
|
None |
|
None |
|
None |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) |
|
None1 |
|
1.00%2 |
|
None |
|
None |
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|
Investor A Shares |
|
Investor C Shares |
|
Institutional Shares |
|
Class R Shares |
| Management Fee3 |
|
0.64% |
|
0.64% |
|
0.64% |
|
0.64% |
| Distribution and/or Service (12b-1) Fees |
|
0.25% |
|
1.00% |
|
None |
|
0.50% |
| Other Expenses |
|
0.20% |
|
0.24% |
|
0.18% |
|
0.28% |
| Acquired Fund Fees and Expenses4
|
|
0.01% |
|
0.01% |
|
0.01% |
|
0.01% |
| Total Annual Fund Operating Expenses4 |
|
1.10% |
|
1.89% |
|
0.83% |
|
1.43% |
| Fee Waivers and/or Expense Reimbursements3,5
|
|
(0.10)% |
|
(0.14)% |
|
(0.08)% |
|
(0.18)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements3,5
|
|
1.00% |
|
1.75% |
|
0.75% |
|
1.25% |
1
A
contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales
charge was paid at the time of purchase as part of an investment of $1,000,000 or more.
2
There is no CDSC on Investor C Shares after one year.
3
As
described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 39, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets
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, through June 30, 2026. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2026. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.
4
The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to
average net assets given in the Fund’s most recent annual report, which do not include Acquired Fund Fees and Expenses.
5
As
described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 39, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund
Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses)
as a percentage of average daily net assets to 0.99% (for Investor A Shares), 1.74% (for Investor C Shares), 0.74% (for Institutional Shares) and 1.24% (for Class R Shares) of average daily net assets through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.
2
Example:
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all
of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Investor A Shares |
$622 |
$847 |
$1,090 |
$1,786 |
| Investor C Shares |
$278 |
$580 |
$1,008 |
$1,994 |
| Institutional Shares |
$77 |
$257 |
$453 |
$1,018 |
| Class R Shares |
$127 |
$435 |
$765 |
$1,698 |
You would pay the following expenses if you did not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Investor C Shares |
$178 |
$580 |
$1,008 |
$1,994 |
Portfolio Turnover:
The Fund pays
transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
Example, affect the Fund’s performance. During the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 62% of the average value of its
portfolio.
Principal Investment Strategies of the Fund
The Fund seeks to achieve its investment objective by investing primarily in a
diversified portfolio of equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in equity securities of mid cap companies. Under normal market conditions, the Fund intends to
invest primarily in dividend-paying securities. Equity securities include common stock, preferred stock, or securities or other instruments whose price is linked to the value of common stock. The Fund may also purchase convertible securities.
Mid cap companies are companies that at the time of purchase have market capitalizations in the range of companies included in the Russell Midcap® Value Index (generally between $408 million and $61.9 billion as of July 31, 2024, although this range may change from time to time). The Fund will focus on issuers that have good
prospects for capital appreciation and current income. Although the Fund invests primarily in dividend-paying securities, portions of the distributions paid by the Fund may not be subject to the lower income tax rates applicable to dividends.
While the Fund will invest at least 80% of its assets in mid cap securities, the Fund may invest in securities of companies with any market capitalization. The Fund’s portfolio, in the aggregate, will be structured in a manner
designed to seek long-term capital appreciation as well as net portfolio yield in excess of the average yield of mutual funds invested primarily in U.S. equities.
The Fund may also invest in securities convertible into common stock and
non-convertible preferred stock. Convertible securities are generally debt securities or preferred stock that may be converted into common stock. Convertible securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A
convertible security’s value usually reflects both the stream of current income payments and the market value of the underlying common stock. Preferred stock is a class of stock that often pays dividends at a specified rate and has
preference over common stock in dividend payments and liquidation of assets. Preferred stock may also be
convertible into common stock.
The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities
from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies. The 80% policy noted above is a non-fundamental policy of the Fund and may not be changed without 60 days’ prior
notice to shareholders.
3
Principal
Risks of Investing in the Fund
Risk is inherent in all investing. The value of your investment in the Fund, as well as
the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a
summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may change over time and you should review each risk factor carefully.
◼
Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s
financial condition and overall market and economic conditions.
◼
Mid Cap Securities Risk — The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and
less predictable price changes than the securities of larger capitalization companies.
◼
Investment Style Risk — Under certain market conditions, value investments have performed better during periods
of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different
investment styles.
◼
Income Producing Stock Availability Risk — Depending upon market conditions, income producing common stock that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a
few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.
◼
Foreign Securities Risk — Foreign investments often involve special risks not
present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:
◼
The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be
recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.
◼
Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.
◼
The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to
such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.
◼
The governments of certain countries, or the U.S. Government with respect to certain
countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer
currency, securities, derivatives or other assets.
◼
Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same
extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.
◼
Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of
securities not typically associated with settlement and clearance of U.S. investments.
◼
The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of
foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,
which will adversely affect the Fund’s net asset value.
◼
Convertible Securities Risk — The market value of a convertible security
performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and
their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be
converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.
◼
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the
possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic
trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.
Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its
investments. Selection risk is the risk that the securities selected by Fund management will underperform the
4
markets, the relevant indices
or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
An outbreak of an infectious coronavirus (COVID-19) that was first
detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various
governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations,
individual companies and the market in general ways that cannot necessarily be foreseen at the present time.
◼
Preferred Securities Risk — Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to
issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company
makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred
securities of smaller companies may be more vulnerable to adverse developments than preferred securities of
larger companies.
◼
Risk of Investing in the United States — Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has
exposure.
Performance Information
The information shows you how the Fund’s performance has varied year by year and
provides some indication of the risks of investing in the Fund. The Fund’s total returns prior to June 12, 2017 as reflected in the bar chart and the table are the returns of the Fund when it followed different investment strategies under the name “BlackRock Mid Cap
Value Opportunities Fund.” The table compares the Fund’s performance to that of the Russell 1000® Index and the
Russell Midcap® Value Index. The Russell Midcap® Value Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. To
the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and
distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown.
However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower.
Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.
Investor A Shares
ANNUAL TOTAL RETURNS
BlackRock Mid-Cap Value Fund
As of 12/31
ANNUAL TOTAL RETURNS
BlackRock Mid-Cap Value Fund
As of 12/31
During the ten-year period shown in the bar chart, the highest return for a quarter was
24.23% (quarter ended December 31, 2020) and the lowest return for a quarter was -30.21% (quarter ended March 31, 2020). The year-to-date return as of June 30, 2024 was 4.32%.
5
| For the periods ended 12/31/23
Average Annual Total Returns |
1 Year |
5 Years |
10 Years |
| BlackRock Mid-Cap Value Fund — Investor A Shares |
|
|
|
| Return Before Taxes |
6.40 % |
12.15 % |
7.73 % |
| Return After Taxes on Distributions |
5.41 % |
10.52 % |
5.19 % |
| Return After Taxes on Distributions and Sale of Fund Shares |
4.37 % |
9.26 % |
5.27 % |
| BlackRock Mid-Cap Value Fund — Investor C Shares |
|
|
|
| Return Before Taxes |
10.39 % |
12.50 % |
7.65 % |
| BlackRock Mid-Cap Value Fund — Institutional Shares |
|
|
|
| Return Before Taxes |
12.57 % |
13.64 % |
8.60 % |
| BlackRock Mid-Cap Value Fund — Class R Shares |
|
|
|
| Return Before Taxes |
12.00 % |
13.08 % |
8.02 % |
| Russell 1000® Index1 (Reflects no deduction for fees, expenses or taxes) |
26.53 % |
15.52 % |
11.80 % |
| Russell Midcap® Value Index (Reflects no deduction for fees, expenses or taxes) |
12.71 % |
11.16 % |
8.26 % |
1
The
Fund has added this broad-based index in response to new regulatory requirements.
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary.
Investment Manager
The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as
“BlackRock”).
Portfolio Managers
| Portfolio Manager |
Portfolio Manager of the Fund Since |
Title |
| Tony DeSpirito |
2017 |
Managing Director of BlackRock, Inc. |
| David Zhao |
2017 |
Managing Director of BlackRock, Inc. |
Purchase and Sale of Fund Shares
You may purchase or redeem shares of the Fund each day the New York Stock Exchange is
open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762, by mail (c/o
BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums
generally are as follows, although the Fund may reduce or waive the minimums in some
cases:
6
| |
Investor A and Investor C
Shares |
Institutional Shares |
Class R Shares |
| Minimum Initial
Investment |
$1,000 for all accounts
except:
•$50, if establishing an Automatic Investment Plan. •There is no investment
minimum for employer-
sponsored retirement
plans (not including SEP
IRAs, SIMPLE IRAs or
SARSEPs).
•There is no investment minimum for certain fee- based programs. |
There is no minimum initial investment
for: •Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. •Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund’s distributor to offer Institutional Shares through a no- load program or investment platform. •Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record- keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and “Institutional
Investors,” which include, but are not
limited to, endowments, foundations,
family offices, local, city, and state
governmental institutions, corporations
and insurance company separate
accounts who may purchase shares of the
Fund through a Financial Intermediary that
has entered into an agreement with the
Fund’s distributor to purchase such
shares. $1,000 for: •Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. •Tax-qualified accounts for insurance
agents that are registered
representatives of an insurance
company’s broker-dealer that has
entered into an agreement with the
Fund’s distributor to offer Institutional
Shares, and the family members of such
persons. |
$100 for all accounts. |
| Minimum Additional Investment |
$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum). |
No subsequent minimum. |
No subsequent minimum. |
7
Tax
Information
The Fund’s dividends and distributions may be subject to U.S. federal income
taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S.
federal income tax when distributions are received from such tax-deferred arrangements.
Payments to Broker/Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a Financial Intermediary, the Fund and
BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.
These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial
professional to recommend the Fund over another investment.
Ask your individual financial professional or visit your Financial Intermediary’s
website for more information.
8
