UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21763

Name of Fund: Managed Account Series

Global SmallCap Portfolio

Mid Cap Value Opportunities Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2013

Date of reporting period: 01/31/2013

Item 1 – Schedule of Investments

  

 

Schedule of Investments January 31, 2013 (Unaudited)

  

 

Global SmallCap Portfolio

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

 

Argentina – 0.4%

  

  

Arcos Dorados Holdings, Inc., Class A

     39,700       $ 545,478   

 

 

Australia – 1.9%

  

  

Bank of Queensland Ltd.

     135,500         1,164,011   

Mirvac Group

     640,500         1,063,057   

Orocobre Ltd. (a)

     146,373         236,128   

Pancontinental Oil & Gas NL (a)

     2,022,600         232,387   
     

 

 

 
        2,695,583   

 

 

Austria – 0.3%

  

  

Schoeller-Bleckmann Oilfield Equipment AG

     4,100         410,772   

 

 

Belgium – 0.8%

  

  

Ageas

     33,800         1,116,416   

 

 

Bermuda – 0.7%

  

  

Hoegh LNG Holdings Ltd. (a)

     103,400         975,176   

 

 

Brazil – 0.6%

  

  

Santos Brasil Participacoes SA

     49,500         795,440   

 

 

Canada – 4.7%

  

  

Africa Oil Corp. (a)

     403,000         3,268,769   

Cathedral Energy Services Ltd.

     105,825         586,738   

Detour Gold Corp. (a)

     16,200         342,386   

Diagnocure, Inc. (a)

     810,926         280,499   

Dollarama, Inc.

     11,500         699,639   

Lundin Mining Corp. (a)

     145,900         750,418   

Painted Pony Petroleum Ltd. (a)

     59,487         596,421   

Sunshine Oilsands Ltd. (a)(b)

     573,331         233,608   
     

 

 

 
        6,758,478   

 

 

China – 1.1%

  

  

51job, Inc. - ADR (a)(b)

     7,700         415,800   

Daphne International Holdings Ltd.

     659,600         849,187   

Shenzhen Expressway Co. Ltd., Class H

     887,600         371,941   
     

 

 

 
        1,636,928   

 

 

Denmark – 2.7%

  

  

ALK-Abello A/S

     4,400         333,205   

Bavarian Nordic A/S (a)

     30,300         257,523   

Pandora A/S

     59,100         1,460,391   

Topdanmark A/S (a)

     3,600         789,533   

Tryg A/S

     10,200         801,566   

Vestas Wind Systems A/S (a)(b)

     47,423         287,533   
     

 

 

 
        3,929,751   

 

 

Finland – 0.4%

  

  

Ramirent Oyj

     62,350         605,493   

 

 

France – 1.7%

  

  

GameLoft SE (a)(b)

     127,600         876,256   

Ipsen SA

     12,000         422,174   

Nexans SA

     6,900         357,359   

Saft Groupe SA

     30,200         815,711   
     

 

 

 
        2,471,500   

 

 
Common Stocks    Shares      Value  

 

 

Germany – 3.1%

  

  

Celesio AG

     42,048       $ 763,747   

GEA Group AG

     12,950         469,219   

Gerresheimer AG

     13,100         673,530   

NORMA Group

     8,500         247,072   

Rheinmetall AG

     18,550         987,449   

Symrise AG

     21,100         745,860   

Wincor Nixdorf AG

     11,400         595,285   
     

 

 

 
        4,482,162   

 

 

Hong Kong – 3.3%

  

  

Chow Sang Sang Holdings International Ltd.

     256,000         677,843   

Clear Media Ltd.

     446,000         294,127   

Dah Sing Financial Holdings Ltd.

     224,000         1,179,908   

Ming Fai International Holdings Ltd.

     1,221,200         150,942   

Poly Property Group Co Ltd. (a)

     1,199,000         920,155   

Shimao Property Holdings Ltd.

     366,500         810,430   

Sitoy Group Holdings Ltd.

     575,400         336,690   

Techtronic Industries Co.

     176,200         357,203   
     

 

 

 
        4,727,298   

 

 

India – 4.2%

  

  

Container Corp. of India

     19,100         335,384   

DEN Networks Ltd. (a)

     133,600         571,360   

DLF Ltd.

     180,600         942,402   

Motherson Sumi Systems Ltd.

     192,600         715,144   

Oriental Bank of Commerce

     206,500         1,301,030   

Reliance Capital Ltd. (a)

     65,400         584,085   

Shriram Transport Finance Co. Ltd.

     39,505         586,596   

Sintex Industries Ltd. (a)

     421,500         495,737   

Zee Entertainment Enterprises Ltd.

     95,000         411,157   
     

 

 

 
        5,942,895   

 

 

Indonesia – 0.4%

  

  

Tower Bersama Infrastructure Tbk PT (a)

     910,300         551,338   

 

 

Ireland – 1.0%

  

  

Ryanair Holdings Plc - ADR

     35,800         1,394,410   

 

 

Isle of Man – 0.2%

  

  

Bahamas Petroleum Co. Plc (a)

     2,552,020         210,874   

 

 

Israel – 0.7%

  

  

SodaStream International Ltd. (a)

     19,300         928,137   

 

 

Italy – 1.0%

  

  

Mediolanum SpA

     156,600         977,356   

Salvatore Ferragamo Italia SpA

     20,300         518,051   
     

 

 

 
        1,495,407   

 

 

Japan – 4.9%

  

  

Aeon Credit Service Co. Ltd.

     38,900         807,090   

Asics Corp.

     37,650         536,208   

Bit-isle, Inc.

     12,000         127,653   

Credit Saison Co. Ltd.

     37,700         797,768   

Don Quijote Co. Ltd.

     16,200         645,000   
 

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:    ADR      American Depositary Receipts    JPY      Japanese Yen
   AUD      Australian Dollar    NOK      Norwegian Krone
   CAD      Canadian Dollar    SGD      Singapore Dollar
   EUR      Euro    USD      US Dollar
   GBP      British Pound        

 

                 
      MANAGED ACCOUNT SERIES       JANUARY 31, 2013    1

  

 

Schedule of Investments (continued)

  

 

Global SmallCap Portfolio

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

 

Japan (concluded)

  

  

Hisaka Works Ltd.

     36,400       $ 320,136   

Itoham Foods, Inc.

     51,400         232,948   

Mitsubishi UFJ Lease & Finance Co. Ltd.

     6,500         295,341   

NGK Insulators Ltd.

     41,000         476,874   

Rohm Co. Ltd.

     21,000         698,163   

Shionogi & Co. Ltd.

     46,600         832,850   

Tokyu Land Corp.

     176,000         1,253,709   
     

 

 

 
        7,023,740   

 

 

Luxembourg – 0.9%

  

  

Eurofins Scientific

     6,800         1,214,775   

 

 

Malaysia – 0.3%

  

  

AirAsia BHD

     486,250         434,599   

 

 

Netherlands – 0.4%

  

  

BinckBank NV

     61,200         592,370   

 

 

Norway – 0.4%

  

  

Electromagnetic GeoServices AS (a)(b)

     289,611         592,194   

 

 

Portugal – 0.2%

  

  

Banco BPI SA (a)(b)

     192,700         331,820   

 

 

Singapore – 2.0%

  

  

Avago Technologies Ltd.

     30,400         1,087,408   

Singapore Exchange Ltd.

     115,000         723,819   

Yanlord Land Group Ltd. (a)

     816,000         1,062,343   
     

 

 

 
        2,873,570   

 

 

South Korea – 0.8%

  

  

Kangwon Land, Inc.

     40,528         1,162,607   

 

 

Spain – 0.7%

  

  

Laboratorios Farmaceuticos Rovi SA

     118,999         938,756   

 

 

Switzerland – 2.1%

  

  

Addex Therapeutics Ltd. (a)

     15,700         170,620   

Aryzta AG (a)

     25,000         1,403,896   

Basilea Pharmaceutica AG (a)

     7,000         387,587   

Sulzer AG

     6,700         1,053,638   
     

 

 

 
        3,015,741   

 

 

Taiwan – 0.4%

  

  

D-Link Corp.

     1,018,000         634,247   

 

 

Thailand – 0.3%

  

  

Mermaid Maritime PCL

     1,499,460         490,028   

 

 

United Arab Emirates – 1.3%

  

  

Polarcus Ltd. (a)(b)

     1,481,400         1,864,762   

 

 

United Kingdom – 8.0%

  

  

Aberdeen Asset Management Plc

     113,200         722,465   

APR Energy Plc (a)(b)

     52,300         607,353   

Babcock International Group Plc

     68,100         1,121,355   

BowLeven Plc (a)

     368,200         405,902   

easyJet Plc

     81,312         1,199,858   

Filtrona Plc

     33,900         309,492   

Halfords Group Plc

     90,350         488,061   

Inchcape Plc

     102,660         770,333   

Intertek Group Plc

     22,200         1,094,539   

Invensys Plc

     130,000         711,736   

London Stock Exchange Group Plc

     58,700         1,121,159   

Manchester United Plc, Class A (a)

     22,238         373,598   

Michael Page International Plc

     110,000         710,300   

Ophir Energy Plc (a)

     101,844         826,882   
Common Stocks    Shares      Value  

 

 

United Kingdom (concluded)

  

  

Rexam PLC

     139,131       $ 1,034,248   
     

 

 

 
        11,497,281   

 

 

United States – 46.2%

  

  

Abercrombie & Fitch Co., Class A

     10,449         522,450   

Acxiom Corp. (a)

     24,084         427,009   

Aegerion Pharmaceuticals, Inc. (a)

     22,000         622,820   

Aeropostale, Inc. (a)

     31,700         428,901   

Affymetrix, Inc. (a)

     83,911         318,023   

AGCO Corp.

     6,000         318,000   

Albemarle Corp.

     19,100         1,171,021   

ALLETE, Inc.

     20,300         936,642   

Alpha Natural Resources, Inc. (a)(b)

     39,900         353,514   

American Superconductor Corp. (a)

     43,700         115,805   

Arris Group, Inc. (a)

     47,500         784,700   

Aruba Networks, Inc. (a)

     29,000         668,160   

Atmel Corp. (a)

     55,100         369,170   

Axiall Corp. (a)(b)

     17,900         1,005,622   

Bankrate, Inc. (a)

     24,528         303,411   

BBCN Bancorp, Inc.

     48,000         580,320   

Bill Barrett Corp. (a)

     24,000         383,280   

BioMarin Pharmaceutical, Inc. (a)

     5,800         318,362   

Bravo Brio Restaurant Group, Inc. (a)

     37,200         554,280   

Bright Horizons Family Solutions, Inc. (a)

     3,800         106,400   

Cadence Design Systems, Inc. (a)

     46,650         649,834   

Celanese Corp., Class A

     19,400         909,472   

The Children’s Place Retail Stores, Inc. (a)

     11,100         553,224   

Constant Contact, Inc. (a)

     93,074         1,401,694   

Covanta Holding Corp.

     37,050         730,626   

Cytec Industries, Inc.

     8,600         630,380   

DDR Corp.

     61,100         1,013,649   

Deckers Outdoor Corp. (a)

     9,200         367,540   

Discover Financial Services

     18,500         710,215   

Drew Industries, Inc.

     13,800         505,356   

DSP Group, Inc. (a)

     85,300         559,568   

DuPont Fabros Technology, Inc.

     18,319         433,061   

Electronic Arts, Inc. (a)

     86,400         1,359,072   

Express, Inc. (a)

     43,400         797,692   

F5 Networks, Inc. (a)

     13,000         1,363,440   

Flowers Foods, Inc.

     5,300         142,464   

Foot Locker, Inc.

     23,900         820,965   

Forest City Enterprises, Inc., Class A (a)

     61,731         1,043,871   

The Fresh Market, Inc. (a)

     1,300         63,557   

FTI Consulting, Inc. (a)

     4,522         146,965   

Guess?, Inc.

     14,550         394,160   

Hancock Holding Co.

     16,839         508,875   

Hanesbrands, Inc. (a)

     10,900         408,532   

Hospira, Inc. (a)

     23,705         808,815   

IAC/InterActiveCorp

     7,200         297,000   

IDEX Corp.

     21,500         1,072,635   

Informatica Corp. (a)

     18,700         692,087   

j2 Global, Inc.

     33,700         1,072,334   

Kennametal, Inc.

     12,600         516,726   

The KEYW Holding Corp. (a)

     60,653         779,998   

Kindred Healthcare, Inc. (a)

     60,478         651,953   

LKQ Corp. (a)(b)

     39,000         873,210   

MAKO Surgical Corp. (a)

     31,388         363,787   

Manpower, Inc.

     22,200         1,143,300   

Merit Medical Systems, Inc. (a)

     32,602         452,190   

Mistras Group, Inc. (a)

     18,000         396,360   
 

 

                 
2       MANAGED ACCOUNT SERIES       JANUARY 31, 2013   

  

 

Schedule of Investments (continued)

  

 

Global SmallCap Portfolio

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

 

United States (continued)

  

  

Myriad Genetics, Inc. (a)

     40,272       $ 1,089,760   

Nordson Corp.

     15,900         1,075,158   

NorthWestern Corp.

     17,600         651,024   

Nuance Communications, Inc. (a)

     59,448         1,429,724   

NuVasive, Inc. (a)

     36,723         632,737   

NV Energy, Inc.

     37,300         706,089   

Oasis Petroleum, Inc. (a)(b)

     29,000         1,040,520   

Omnicare, Inc.

     20,700         806,265   

Packaging Corp. of America

     10,400         399,672   

Pinnacle Financial Partners, Inc. (a)

     18,200         390,754   

PMC - Sierra, Inc. (a)

     153,300         886,074   

PNM Resources, Inc.

     32,200         687,792   

Polycom, Inc. (a)

     84,500         932,035   

PVH Corp.

     7,800         927,186   

Regis Corp.

     32,846         583,017   

ResMed, Inc.

     12,662         554,596   

Responsys, Inc. (a)

     86,200         657,706   

Rock Tenn Co., Class A

     6,300         497,385   

SciQuest, Inc. (a)

     29,054         480,553   

Shutterfly, Inc. (a)

     11,700         387,036   

SM Energy Co.

     9,600         558,336   

Spirit AeroSystems Holdings, Inc., Class A (a)

     57,100         910,174   

Steel Dynamics, Inc.

     44,400         675,324   

Support.com, Inc. (a)

     141,650         590,681   

Teleflex, Inc.

     13,400         1,005,000   

Tenet Healthcare Corp. (a)

     26,285         1,020,647   

Terex Corp. (a)

     17,100         553,698   

TIBCO Software, Inc. (a)

     46,900         1,099,336   

Timken Co.

     27,500         1,474,275   

TRI Pointe Homes, Inc. (a)

     10,600         201,930   

Trimble Navigation Ltd. (a)

     6,800         425,000   

UGI Corp.

     20,800         732,992   

United Therapeutics Corp. (a)

     13,218         712,318   

Urban Outfitters, Inc. (a)

     26,100         1,116,819   

Vera Bradley, Inc. (a)(b)

     33,100         837,099   

VeriFone Systems, Inc. (a)

     24,694         857,376   

WebMD Health Corp. (a)

     27,500         454,575   

Western Alliance Bancorp (a)

     110,821         1,363,098   

Whiting Petroleum Corp. (a)

     7,200         342,576   

Wolverine World Wide, Inc.

     14,900         640,700   
Common Stocks    Shares      Value  

 

 

United States (concluded)

  

  

Wright Medical Group, Inc. (a)

     41,686       $ 881,242   
     

 

 

 
        66,190,776   

 

 

Total Long-Term Investments

     

(Cost – $111,080,961) – 98.1%

        140,530,802   

 

 

    

     
     
Short-Term Securities    Beneficial
Interest
(000) 		     Value  

 

 

Money Market Funds – 4.1%

  

  

BlackRock Liquidity Series, LLC Money Market Series, 0.28% (c)(d)(e)

   USD 5,896         5,896,321   

 

 
    

Par

(000)

        

 

 

Time Deposits – 1.4%

  

  

Canada – 0.0%

  

  

Brown Brothers Harriman & Co., 0.20%, 2/01/13

   CAD – (f)         251   

 

 

Europe – 0.0%

  

  

Brown Brothers Harriman & Co., (0.04)%, 2/01/13

   EUR 1         942   

 

 

Norway – 0.0%

  

  

Brown Brothers Harriman & Co., 0.30%, 2/01/13

   NOK 1         134   

 

 

United Kingdom – 0.0%

  

  

Brown Brothers Harriman & Co., 0.06%, 2/01/13

   GBP 1         1,136   

 

 

United States – 1.4%

  

  

Brown Brothers Harriman & Co., 0.06%, 2/01/13

   USD 1,994         1,993,718   
     

 

 

 
        1,996,181   

 

 

Total Short-Term Securities

     

(Cost – $7,892,502) – 5.5%

        7,892,502   

 

 

Total Investments (Cost – $118,973,463*) – 103.6%

  

     148,423,304   

Liabilities in Excess of Other Assets – (3.6)%

  

     (5,194,824)   
     

 

 

 

Net Assets – 100.0%

      $ 143,228,480   
     

 

 

 
 

 

Notes to Schedule of Investments

* As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 123,388,289   
  

 

 

 

Gross unrealized appreciation

   $ 31,025,690   

Gross unrealized depreciation

     (5,990,675 ) 
  

 

 

 

Net unrealized appreciation

   $ 25,035,015   
  

 

 

 

 

(a) Non-income producing security.
(b) Security, or a portion of security, is on loan.
(c) Represents the current yield as of report date.
(d) Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

 

                 
      MANAGED ACCOUNT SERIES       JANUARY 31, 2013    3

  

 

Schedule of Investments (continued)

  

 

Global SmallCap Portfolio

 

(e) Investments in issuers considered to be an affiliate of the Fund during the period ended January 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliate    Beneficial
Interest Held
at April 30,
2012 		    

Net

Activity

     Beneficial
Interest Held
at January 31,
2013 		     Income  

BlackRock Liquidity Series, LLC Money Market Series

     $4,308,771         $1,587,550         $5,896,321         $84,411   

 

(f) Amount is less than $500.

 

—  

Foreign currency exchange contracts as of January 31, 2013 were as follows:

 

Currency

Purchased

  

Currency

Sold

     Counterparty    Settlement
Date 		   Unrealized
Appreciation
(Depreciation) 		 

AUD              80,619

   USD 84,207       UBS AG    2/01/13      $    (138 ) 

JPY        16,705,093

   USD            184,647       Deutsche Bank AG    2/01/13      (1,968 ) 

SGD              61,604

   USD 49,763       Bank of America Corp.    2/01/13      12   

USD            153,151

   GBP 97,000       Bank of America Corp.    2/01/13      (690 ) 

JPY          9,354,000

   USD 102,365       Citigroup, Inc.    2/04/13      (75 ) 

AUD              65,000

   USD 67,694       BNP Paribas SA    2/05/13      –   

EUR              11,000

   USD 14,905       Citigroup, Inc.    2/05/13      –   

Total

              $(2,859 ) 

 

—  

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

 

  —  

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

 

  —  

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

 

  —  

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

 

                 
4       MANAGED ACCOUNT SERIES       JANUARY 31, 2013   

  

 

Schedule of Investments (continued)

  

 

Global SmallCap Portfolio

 

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2013:

 

          Level 1        Level 2        Level 3      Total  

Assets:

                   

Investments:

                   

Long-Term Investments:

                   

Common Stocks:

                   

Argentina

     $ 545,478           –         –      $ 545,478   

Australia

       –         $ 2,695,583         –        2,695,583   

Austria

       –           410,772         –        410,772   

Belgium

       –           1,116,416         –        1,116,416   

Bermuda

       –           975,176         –        975,176   

Brazil

       795,440           –         –        795,440   

Canada

       6,758,478           –         –        6,758,478   

China

       415,800           1,221,128         –        1,636,928   

Denmark

       257,523           3,672,228         –        3,929,751   

Finland

       –           605,493         –        605,493   

France

       –           2,471,500         –        2,471,500   

Germany

       –           4,482,162         –        4,482,162   

Hong Kong

       –           4,727,298         –        4,727,298   

India

       1,301,740           4,641,155         –        5,942,895   

Indonesia

       –           551,338         –        551,338   

Ireland

       1,394,410           –         –        1,394,410   

Isle of Man

       210,874           –         –        210,874   

Israel

       928,137           –         –        928,137   

Italy

       –           1,495,407         –        1,495,407   

Japan

       –           7,023,740         –        7,023,740   

Luxembourg

       –           1,214,775         –        1,214,775   

Malaysia

       –           434,599         –        434,599   

Netherlands

       –           592,370         –        592,370   

Norway

       –           592,194         –        592,194   

Portugal

       –           331,820         –        331,820   

Singapore

       1,087,408           1,786,162         –        2,873,570   

South Korea

       –           1,162,607         –        1,162,607   

Spain

       938,756           –         –        938,756   

Switzerland

       170,620           2,845,121         –        3,015,741   

Taiwan

       –           634,247         –        634,247   

Thailand

       –           490,028         –        490,028   

United Arab Emirates

       –           1,864,762         –        1,864,762   

United Kingdom

       861,659           10,635,622         –        11,497,281   

United States

       66,190,776           –         –        66,190,776   

Short-Term Securities:

                   

Money Market Funds

       –           5,896,321         –        5,896,321   

Time Deposits

       –           1,996,181         –        1,996,181   

Total

     $ 81,857,099         $ 66,566,205         –      $ 148,423,304   
                   
          Level 1        Level 2        Level 3      Total  

Derivative Financial Instruments 1

                   

Assets:

                   

Foreign currency exchange contracts

     $ 12           –         –      $ 12   

Liabilities:

                   

Foreign currency exchange contracts

       (2,871 )         –         –        (2,871 ) 

Total

     $ (2,859 )         –         –      $ (2,859 ) 

 

  1  

Derivative financial instruments are foreign currency exchange contracts which are valued at the unrealized appreciation/depreciation on the instrument.

 

                 
      MANAGED ACCOUNT SERIES       JANUARY 31, 2013    5

  

 

Schedule of Investments (concluded)

  

 

Global SmallCap Portfolio

 

Certain of the Fund’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of January 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

          Level 1        Level 2      Level 3      Total  

Assets:

                   

Cash

     $ 21,947         –      –      $ 21,947   

Foreign currency at value

       169,254         –      –        169,254   

Liabilities:

                   

Collateral on securities loaned at value

       –         $(5,896,321)      –        (5,896,321 ) 

Total

     $ 191,201         $(5,896,321)      –      $ (5,705,120 ) 

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of April 30, 2012, there were securities with a value of $2,095,231 that were systematically fair valued due to significant market movements, but were not valued using systematic fair values as of January 31, 2013. Therefore, these securities were transferred from Level 2 to Level 1 during the period April 30, 2012 to January 31, 2013.

 

                 
6       MANAGED ACCOUNT SERIES       JANUARY 31, 2013   

  

 

Schedule of Investments January 31, 2013 (Unaudited)

  

 

Mid Cap Value Opportunities Portfolio

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

 

Aerospace & Defense – 1.4%

  

  

Alliant Techsystems, Inc.

     6,500       $ 420,680   

Curtiss-Wright Corp.

     17,400         620,310   

Spirit AeroSystems Holdings, Inc.,
Class A (a)

     60,500         964,370   
     

 

 

 
        2,005,360   

 

 

Air Freight & Logistics – 0.3%

  

  

UTi Worldwide, Inc.

     24,800         366,048   

 

 

Airlines – 1.1%

  

  

Delta Air Lines, Inc. (a)

     122,000         1,694,580   

 

 

Auto Components – 0.5%

  

  

Lear Corp.

     15,200         744,800   

 

 

Automobiles – 0.4%

  

  

Thor Industries, Inc.

     12,208         513,713   

 

 

Biotechnology – 0.8%

  

  

United Therapeutics Corp. (a)

     22,178         1,195,172   

 

 

Capital Markets – 1.8%

  

  

Eaton Vance Corp.

     33,400         1,209,080   

Federated Investors, Inc., Class B

     22,600         534,716   

Jefferies Group, Inc.

     42,400         845,032   
     

 

 

 
        2,588,828   

 

 

Chemicals – 3.3%

  

  

Albemarle Corp.

     23,300         1,428,523   

Axiall Corp. (a)(b)

     16,200         910,116   

Cytec Industries, Inc.

     6,900         505,770   

Huntsman Corp.

     25,600         451,328   

Rockwood Holdings, Inc.

     28,400         1,554,332   
     

 

 

 
        4,850,069   

 

 

Commercial Banks – 4.9%

  

  

Associated Banc-Corp.

     61,700         880,459   

First Niagara Financial Group, Inc.

     109,500         858,480   

FirstMerit Corp.

     55,400         843,742   

Fulton Financial Corp.

     88,300         961,587   

Hancock Holding Co.

     27,700         837,094   

Synovus Financial Corp.

     358,300         924,414   

TCF Financial Corp.

     58,956         805,339   

Webster Financial Corp.

     26,900         598,525   

Zions Bancorporation

     25,700         599,324   
     

 

 

 
        7,308,964   

 

 

Commercial Services & Supplies – 0.8%

  

  

ACCO Brands Corp. (a)

     147,600         1,229,508   

 

 

Communications Equipment – 0.7%

  

  

Polycom, Inc. (a)

     87,100         960,713   

 

 

Computers & Peripherals – 1.4%

  

  

Diebold, Inc.

     29,400         865,536   

NCR Corp. (a)

     42,302         1,174,727   
     

 

 

 
        2,040,263   

 

 

Construction & Engineering – 1.3%

  

  

Jacobs Engineering Group, Inc. (a)

     15,700         755,327   

KBR, Inc.

     35,600         1,111,432   
     

 

 

 
        1,866,759   

 

 

Construction Materials – 0.4%

  

  

Martin Marietta Materials, Inc.

     6,400         631,872   

 

 
Common Stocks    Shares      Value  

 

 

Consumer Finance – 0.4%

  

  

Discover Financial Services

     16,400       $ 629,596   

 

 

Containers & Packaging – 2.4%

  

  

Owens-Illinois, Inc. (a)

     50,500         1,201,900   

Packaging Corp. of America

     11,500         441,945   

Rock Tenn Co., Class A

     23,200         1,831,640   
     

 

 

 
        3,475,485   

 

 

Diversified Consumer Services – 0.4%

  

  

Regis Corp.

     33,709         598,335   

 

 

Electric Utilities – 3.1%

  

  

Hawaiian Electric Industries, Inc.

     20,600         555,582   

NV Energy, Inc.

     95,600         1,809,708   

OGE Energy Corp.

     14,800         868,908   

PNM Resources, Inc.

     59,700         1,275,192   
     

 

 

 
        4,509,390   

 

 

Electrical Equipment – 0.6%

  

  

AMETEK, Inc.

     20,925         857,716   

 

 

Electronic Equipment, Instruments &
Components – 1.3%

   

  

Arrow Electronics, Inc. (a)

     26,000         998,920   

Ingram Micro, Inc., Class A (a)

     53,315         969,267   
     

 

 

 
        1,968,187   

 

 

Energy Equipment & Services – 3.7%

  

  

Dresser-Rand Group, Inc. (a)

     13,000         793,650   

McDermott International, Inc. (a)(b)

     87,300         1,062,441   

Oil States International, Inc. (a)

     15,000         1,163,700   

Patterson-UTI Energy, Inc.

     51,700         1,051,578   

Superior Energy Services, Inc. (a)

     57,100         1,425,787   
     

 

 

 
        5,497,156   

 

 

Food Products – 2.4%

  

  

Flowers Foods, Inc.

     5,500         147,840   

Ingredion, Inc.

     11,900         786,233   

The J.M. Smucker Co.

     7,400         655,862   

Smithfield Foods, Inc. (a)

     51,700         1,205,127   

Tyson Foods, Inc., Class A

     36,400         805,168   
     

 

 

 
        3,600,230   

 

 

Gas Utilities – 1.2%

  

  

UGI Corp.

     50,700         1,786,668   

 

 

Health Care Equipment & Supplies – 3.0%

  

  

Alere, Inc. (a)

     71,550         1,521,153   

CareFusion Corp. (a)

     71,460         2,218,118   

Teleflex, Inc.

     9,697         727,275   
     

 

 

 
        4,466,546   

 

 

Health Care Providers & Services – 7.2%

  

  

Omnicare, Inc.

     72,099         2,808,256   

Owens & Minor, Inc.

     64,460         1,973,121   

Tenet Healthcare Corp. (a)

     89,349         3,469,422   

Universal Health Services, Inc., Class B

     42,547         2,409,862   
     

 

 

 
        10,660,661   

 

 

Hotels, Restaurants & Leisure – 0.8%

  

  

Wyndham Worldwide Corp.

     20,500         1,143,695   

 

 
 

 

                 
      MANAGED ACCOUNT SERIES       JANUARY 31, 2013    7

  

 

Schedule of Investments (continued)

  

 

Mid Cap Value Opportunities Portfolio

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

 

Household Durables – 1.6%

  

  

Jarden Corp. (a)

     12,620       $ 742,561   

Lennar Corp., Class A

     17,190         714,073   

NVR, Inc. (a)

     920         947,287   
     

 

 

 
        2,403,921   

 

 

Household Products – 1.2%

  

  

The Clorox Co.

     5,900         462,619   

Energizer Holdings, Inc.

     14,900         1,296,449   
     

 

 

 
        1,759,068   

 

 

Insurance – 6.9%

  

  

Alleghany Corp. (a)

     2,069         746,061   

American Financial Group, Inc.

     14,700         625,632   

Arthur J Gallagher & Co.

     18,600         687,270   

Everest Re Group Ltd.

     10,400         1,204,424   

Fidelity National Financial, Inc., Class A

     38,100         956,310   

HCC Insurance Holdings, Inc.

     23,300         901,244   

Kemper Corp.

     33,600         1,119,216   

Old Republic International Corp.

     107,200         1,222,080   

Protective Life Corp.

     51,942         1,643,445   

W.R. Berkley Corp.

     26,800         1,103,356   
     

 

 

 
        10,209,038   

 

 

IT Services – 1.5%

  

  

Acxiom Corp. (a)

     24,893         441,353   

Amdocs Ltd.

     24,200         863,698   

VeriFone Systems, Inc. (a)

     27,100         940,912   
     

 

 

 
        2,245,963   

 

 

Leisure Equipment & Products – 0.8%

  

  

Mattel, Inc.

     32,700         1,230,501   

 

 

Machinery – 5.0%

  

  

AGCO Corp.

     11,200         593,600   

Crane Co.

     9,924         498,979   

Dover Corp.

     20,200         1,397,436   

Kennametal, Inc.

     13,900         570,039   

Navistar International Corp. (a)

     11,200         292,208   

Parker Hannifin Corp.

     16,700         1,552,599   

SPX Corp.

     18,100         1,350,803   

Timken Co.

     22,000         1,179,420   
     

 

 

 
        7,435,084   

 

 

Metals & Mining – 0.9%

  

  

Carpenter Technology Corp.

     16,900         884,377   

Cliffs Natural Resources, Inc.

     13,000         485,030   
     

 

 

 
        1,369,407   

 

 

Multi-Utilities – 0.4%

  

  

MDU Resources Group, Inc.

     26,300         613,316   

 

 

Oil, Gas & Consumable Fuels – 5.8%

  

  

Africa Oil Corp. (a)

     159,136         1,290,766   

Arch Coal, Inc.

     70,200         499,824   

Bill Barrett Corp. (a)(b)

     34,900         557,353   

Oasis Petroleum, Inc. (a)(b)

     49,874         1,789,479   

SM Energy Co.

     34,900         2,029,784   

Ultra Petroleum Corp. (a)

     31,100         566,642   

Whiting Petroleum Corp. (a)

     37,000         1,760,460   
     

 

 

 
        8,494,308   

 

 
Common Stocks    Shares      Value  

 

 

Paper & Forest Products – 0.5%

  

  

MeadWestvaco Corp.

     21,800       $ 683,430   

 

 

Pharmaceuticals – 2.9%

  

  

Endo Health Solutions, Inc. (a)

     70,621         2,235,861   

Hospira, Inc. (a)(b)

     58,825         2,007,109   
     

 

 

 
        4,242,970   

 

 

Professional Services – 0.8%

  

  

FTI Consulting, Inc. (a)(b)

     4,251         138,157   

Manpower, Inc.

     19,600         1,009,400   
     

 

 

 
        1,147,557   

 

 

Real Estate Investment Trusts (REITs) – 3.9%

  

  

American Campus Communities, Inc.

     14,278         664,926   

BioMed Realty Trust, Inc.

     44,281         901,118   

CommonWealth REIT

     40,451         665,014   

Corporate Office Properties Trust (b)

     41,859         1,107,589   

DuPont Fabros Technology, Inc. (b)

     77,549         1,833,258   

Omega Healthcare Investors, Inc. (b)

     25,740         657,914   
     

 

 

 
        5,829,819   

 

 

Real Estate Management & Development – 1.8%

  

  

CBRE Group, Inc., Class A (a)

     30,103         649,623   

Forest City Enterprises, Inc., Class A (a)

     115,866         1,959,294   
     

 

 

 
        2,608,917   

 

 

Road & Rail – 0.8%

  

  

Con-way, Inc.

     38,400         1,204,992   

 

 

Semiconductors & Semiconductor Equipment – 3.1%

  

  

Atmel Corp. (a)

     54,200         363,140   

Fairchild Semiconductor
International, Inc. (a)

     70,900         1,047,193   

Microchip Technology, Inc.

     33,500         1,120,575   

ON Semiconductor Corp. (a)

     146,400         1,149,240   

RF Micro Devices, Inc. (a)

     187,900         939,500   
     

 

 

 
        4,619,648   

 

 

Software – 4.6%

  

  

Check Point Software
Technologies Ltd. (a)(b)

     27,400         1,370,000   

Compuware Corp. (a)

     94,600         1,099,252   

Electronic Arts, Inc. (a)

     78,100         1,228,513   

Informatica Corp. (a)

     25,400         940,054   

PTC, Inc. (a)

     57,300         1,328,214   

Synopsys, Inc. (a)

     26,700         892,848   
     

 

 

 
        6,858,881   

 

 

Specialty Retail – 4.9%

  

  

Abercrombie & Fitch Co., Class A

     14,623         731,150   

Aeropostale, Inc. (a)

     29,108         393,831   

American Eagle Outfitters, Inc.

     36,537         738,413   

Ascena Retail Group, Inc. (a)

     44,800         759,360   

Chico’s FAS, Inc.

     42,200         756,646   

Dick’s Sporting Goods, Inc.

     22,200         1,056,498   

Foot Locker, Inc.

     19,400         666,390   

Ltd Brands, Inc.

     8,985         431,460   

Signet Jewelers Ltd.

     9,200         575,736   

Staples, Inc.

     84,800         1,143,104   
     

 

 

 
        7,252,588   

 

 
 

 

                 
8       MANAGED ACCOUNT SERIES       JANUARY 31, 2013   

  

 

Schedule of Investments (continued)

  

 

Mid Cap Value Opportunities Portfolio

(Percentages shown are based on Net Assets)

 

 

 

 

Common Stocks    Shares      Value  

 

 

Textiles, Apparel & Luxury Goods – 2.2%

  

  

Hanesbrands, Inc. (a)

     29,100       $ 1,090,668   

PVH Corp.

     12,300         1,462,101   

Wolverine World Wide, Inc.

     15,600         670,800   
     

 

 

 
        3,223,569   

 

 

Thrifts & Mortgage Finance – 1.6%

     

New York Community Bancorp, Inc.

     106,700         1,424,445   

Washington Federal, Inc.

     55,200         970,968   
     

 

 

 
        2,395,413   

 

 

Total Long-Term Investments

     

(Cost – $114,022,310) – 96.8%

        143,018,704   

 

 

    

     
     
Short-Term Securities    Beneficial
Interest
(000) 		     Value  

 

 

Money Market Funds – 5.4%

  

  

BlackRock Liquidity Series, LLC Money
Market Series, 0.28% (c)(d)(e)

   $ 7,930       $ 7,930,453   

 

 
    

Par

(000)

        

 

 

Time Deposits – 2.3%

     

Brown Brothers Harriman & Co., 0.06%, 2/01/13

     3,470         3,470,073   

 

 

Total Short-Term Securities

  

  

(Cost – $11,400,526) – 7.7%

  

     11,400,526   

 

 

Total Investments
(Cost – $125,422,836*) – 104.5%

   

     154,419,230   

Liabilities in Excess of Other Assets – (4.5)%

  

     (6,672,011 ) 
     

 

 

 

Net Assets – 100.0%

  

   $ 147,747,219   
     

 

 

 
 

 

Notes to Schedule of Investments

* As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 126,445,689   
  

 

 

 

Gross unrealized appreciation

   $ 31,583,806   

Gross unrealized depreciation

     (3,610,265 ) 
  

 

 

 

Net unrealized appreciation

   $ 27,973,541   
  

 

 

 

 

(a) Non-income producing security.
(b) Security, or a portion of security, is on loan.
(c) Represents the current yield as of report date.
(d) Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.
(e) Investments in issuers considered to be an affiliate of the Fund during the period ended January 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliate    Beneficial
Interest Held
at April 30,
2012 		     Net
Activity 		     Beneficial
Interest Held
at January 31,
2013 		     Income  

BlackRock Liquidity Series, LLC Money Market Series

     $4,496,641         $3,433,812         $7,930,453         $10,626   

 

—  

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. These definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

 

—  

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  —  

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

 

  —  

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

 

  —  

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

 

                 
      MANAGED ACCOUNT SERIES       JANUARY 31, 2013    9

  

 

Schedule of Investments (concluded)

  

 

Mid Cap Value Opportunities Portfolio

 

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 the Fund’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of January 31, 2013:

 

         Level 1        Level 2        Level 3      Total  

Assets:

                   

Investments:

                   

Long-Term Investments 1

     $ 143,018,704           –         –      $ 143,018,704   

Short-Term Securities:

                   

Money Market Funds

       –         $ 7,930,453         –        7,930,453   

Time Deposits

       –           3,470,073         –        3,470,073   

Total

     $ 143,018,704         $ 11,400,526         –      $ 154,419,230   

 

  1  

See above Schedule of Investments for values in each industry.

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of January 31, 2013, collateral on securities loaned at value of $7,930,453 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended January 31, 2013.

 

                 
10       MANAGED ACCOUNT SERIES       JANUARY 31, 2013   

Item 2 – Controls and Procedures

 

2(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.

 

2(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

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.

Managed Account Series

 

By:         

    /s/ John M. Perlowski

   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   Managed Account Series

Date: March 26, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:         

    /s/ John M. Perlowski

   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   Managed Account Series

Date: March 26, 2013

 

By:         

    /s/ Neal J. Andrews

   Neal J. Andrews
   Chief Financial Officer (principal financial officer) of
   Managed Account Series

Date: March 26, 2013

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