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Maryland State Retirement and Pension System Exhibit 3 Assets by Manager As of 3/31/2016

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Maryland State Retirement and Pension System Exhibit 3 Assets by Manager As of 3/31/2016 Maryland State Retirement and Pension System Exhibit 3 Assets by Manager as of 3/31/2016 ** FIXED INCOME Program * Market Value (usd) Domestic Fixed Income Separately Managed Advent Capital Management Attucks 57,408,431.99 Separately Managed Chicago Equity Partners Attucks 20,519,648.23 Separately Managed Dolan McEniry Capital Management Northern 56,933,904.01 Separately Managed Garcia Hamilton Progress 78,908,165.67 Separately Managed LM Capital Group, LLC Attucks 42,868,579.21 Separately Managed Longfellow Investment Management Northern 75,330,733.03 Separately Managed New Century Advisors Progress 104,809,223.67 Separately Managed New Century Advisors Northern 36,935,855.47 Separately Managed Penn Capital Management Co Leading Edge 41,050,587.37 Separately Managed Piedmont Investment Advisors, LLC Capital Pros 34,949,458.94 Separately Managed Pugh Capital Management Inc Progress 137,488,810.69 Separately Managed SW Asset Management LLC Bivium 36,200,261.95 Separately Managed Valley Forge Asset Management Capital Pros 67,000.00 Separately Managed Aberdeen Asset Management (core plus) 648,033,024.28 Separately Managed Dodge & Cox FI Core 454,135,779.09 Separately Managed Goldman Sachs FI Core Plus 452,119,506.09 Separately Managed PIMCO 443,982,156.05 Separately Managed Principal Core Bond 1,282,690,295.39 Separately Managed Pyramis Global Advisors (core plus) 447,369,851.26 Separately Managed SSGA Bond Index Account 734,694,436.68 Separately Managed PIMCO Opportunistic Global Bond 9,842.29 Separately Managed Western Opportunistic Global Bond 22,531.78 Separately Managed Western Asset-Israel 21,766,103.74 Separately Managed Western Asset Management 2,594,857,742.02 Fixed Income - Credit/Debt Related Line Item Anchorage Capital 157,612,185.00 Line Item King Street Capital 147,953,533.87 Separately Managed KKR Flexible Credit 441,130,782.07 Separately Managed Mackay Shields 274,598,903.39 Separately Managed Neuberger Berman Flexible Credit 353,643,364.49 Line Item Perella Weinberg Partners 128,113,487.25 Line Item SSgA Emerging Market Debt (Rexiter) 183,704,397.97 Line Item SSgA Emerging Market Hard Currency 208,158,738.84 Separately Managed Stone Harbor Blended EMD 551,153,128.62 Line Item Distressed Debt LP Funds (5) 795,039,839.98 Line Item Mezzanine Debt LP Funds (6) 548,587,214.81 CASH COMPOSITE Other Equity Cash Benefits Reserves 214,969,474.45 Other Self Liquidating Account 306,569.64 Other MTA Cash Account 0.05 DOMESTIC EQUITY Separately Managed DE Shaw All Cap Core Enhanced 519,486,314.00 Separately Managed Relational Investors LLC 939,860.62 Separately Managed Rhumbline Russell 1000 1,568,213,281.44 Separately Managed SSGA Russell 3000 1,204,816.33 Separately Managed T. Rowe Price Enhanced 728,962,173.80 Other Domestic Equity Transition Account 1,877,053.32 Separately Managed Zevenbergen Capital Investments 88,782,255.29 INTERNATIONAL MKTS Separately Managed AQR Enhanced ACWI ex US 385,525,555.23 Separately Managed Artisan Partners 488,138,647.33 Separately Managed Brown Capital International 163,366,891.17 Separately Managed DFA GDP International Equity 318,753,810.75 Line Item DFA Small Cap Int'l 181,585,071.18 Line Item Genesis Asset Managers 198,462,522.68 Separately Managed Record Currency Management -19,612,674.25 Line Item SSGA Emerging Market Index Fund 592,654,439.51 Separately Managed SSGA MSCI World Index 1,481,393,792.09 Separately Managed Earnest Partners Int'l 238,163.36 Separately Managed UBS International Equity 290,540.35 Separately Managed DFA International Core 24,998.42 Other SRPS Temporary EAFE Account 43,643.82 GLOBAL & EMERGING Separately Managed Acadian Asset Mgmt. 478,626,129.72 Line Item Acadian Emerging Mkts. 202,993,200.00 Line Item Amici Qualified Associates 127,737,150.00 Separately Managed AQR Capital 738,879,205.65 Separately Managed Baillie Gifford 484,685,380.24 Separately Managed Ballie Gifford 480,989,399.47 Separately Managed Brown Capital Global 299,724,751.20 Line Item Criterion Capital 108,295,400.00 Separately Managed DE Shaw Capital Management 641,537,436.36 Line Item DFA Emerging Mkts 585,394,000.97 Separately Managed GMO Global All Country 417,506,689.66 Separately Managed GSAM Global Responsibility Equity 128,411.37 Line Item Hoplite Onshore 278,998,750.03 Line Item Indus-Pacific Opportunities Fund 123,487,900.00 Separately Managed Longview Partners Global Equity 500,545,542.35 Line Item Marshall Wace Eureka Fund 354,154,435.35 Line Item Neon Liberty Capital Mgmt. 96,609,500.00 Line Item Polunin Capital Management 35,000,000.00 Separately Managed Record Currency - Global -12,161,860.40 Separately Managed Schoder QEB Global Blend 435,895,648.75 Line Item Scopia Capital Management 241,229,400.00 Line Item SSgA MSCI ACWI Minimim Volitility 529,428,463.11 Line Item Stelliam Fund 255,800,500.00 Other Templeton Global Equity 564,857,635.98 Other Transition 695,524,382.23 EQUITY - DEVELOPING MANAGERS Separately Managed Thomas White International Ltd. Emerging Attucks 8,175,668.67 Separately Managed Ativo Capital Management -Emerging Emerging Attucks 25,958,756.53 Separately Managed Aristotle Capital Management - Russell 3000 Global Bivium 22,102,827.38 Separately Managed Globe Flex Capital LP International Attucks 20,473,375.08 Separately Managed Lombardia Capital Partners LLC International Attucks 19,953,923.64 Separately Managed Paradigm Asset Management Company, LLC International Attucks 9,185,252.56 Separately Managed ARGA Investment Management, LP International Bivium 24,145,315.17 Separately Managed Bailard, Inc. International Bivium 23,537,117.39 Separately Managed Chautauqua Capital Management, LLC International Bivium 25,140,825.74 Separately Managed Cheswold Lane Asset Management International Bivium 55,343,960.59 Separately Managed WCM Investment Management International Bivium 26,028,117.19 Separately Managed Arbor Capital Management LLC International FIS Group 36,502,815.77 Separately Managed Ativo Capital Management International FIS Group 56,779,252.17 Separately Managed BlackCreek Investment Management, Inc. International FIS Group 36,417,191.78 Separately Managed Greenfield Seitz Capital Management LLC International FIS Group 34,592,861.60 Separately Managed Martin Investment Management International FIS Group 52,135,464.28 Separately Managed Reed, Conner & Birdwell, LLC (Aristotole) International Leading Edge 21,769,037.75 Separately Managed Driehaus Capital Management International Leading Edge 31,387,059.98 Separately Managed Gratry & Co International Leading Edge 32,218,614.74 Separately Managed Herndon Capital Management International Leading Edge 27,194,994.17 Separately Managed SIT Investment Associates Inc. International Leading Edge 16,715,427.38 Separately Managed Clari Vest Asset Management LLC International Northern 44,282,102.79 Separately Managed Strategic Global Advisors International Northern 47,566,958.50 Separately Managed Apex Capital Management Domestic Attucks 19,379,062.56 Separately Managed Brown Advisory-Equity Domestic Attucks 20,831,182.74 Separately Managed Campbell Newman Asset Management Domestic Attucks 17,404,783.69 Separately Managed Chicago Equity Partners Domestic Attucks 32,955,006.05 Separately Managed GW Capital Inc Domestic Attucks 121.52 Separately Managed Hanseatic Management Services Domestic Attucks 22,108,483.89 Separately Managed Mar Vista Investment Partners Domestic Attucks 22,142,679.31 Separately Managed Nicholas Investment Partners Domestic Attucks 21,327,148.25 Separately Managed Opus Capital Group LLC Domestic Attucks 20,231,946.84 Separately Managed Seizert Capital Partners LLC Domestic Attucks 21,785,417.89 Separately Managed Fourpoints Asset Management (Philippe) Domestic Attucks 2,456.40 Separately Managed The Edgar Lomax Company Domestic Attucks 38,410,162.09 Separately Managed Cornerstone Capital Management Domestic Bivium 19,979,880.41 Separately Managed Cupps Capital Management LLC Domestic Bivium 23,394,243.16 Separately Managed Phocas Financial Corporation Domestic Bivium 32,829.97 Separately Managed Vulcan Value Partners Domestic Bivium 57,917,107.32 Separately Managed AH Lisanti Capital Growth, LLC Domestic Capital Pros 29,854,748.54 Separately Managed Bernzott Capital Advisors Domestic Capital Pros 30,031,536.10 Separately Managed Herderdon Geneva Capital Management Domestic Capital Pros 31,632,775.57 Separately Managed InView Investment Management, LLC Domestic Capital Pros 27,697,025.77 Separately Managed Lesa Sroufe & Co. Domestic Capital Pros 9,295.73 Separately Managed Matrix Asset Advisors, Inc. Domestic Capital Pros 29,783,586.13 Separately Managed Next Century Growth Investors LLC Domestic Capital Pros 37,279,292.92 Separately Managed Paradigm Asset Management Company, LLC Domestic Capital Pros 37,469,777.48 Separately Managed Profit Investment Management Domestic Capital Pros 25,451,742.29 Separately Managed Redwood Investments LLC Domestic Capital Pros 35,592,819.39 Separately Managed Twin Capital Management, Inc Domestic Capital Pros 51,561,205.90 Separately Managed Walthausen & co. LLC Domestic Capital Pros 29,729,210.41 Separately Managed Channing Capital Management Domestic FIS Group 16,178,227.60 Separately Managed Hanoverian Capital Management Domestic FIS Group 54,120.55 Separately Managed Seizert Capital Partners Domestic FIS Group 88,949,183.53 Separately Managed Apex Capital Management Domestic Leading Edge 12,297,578.96 Separately Managed Kirr, Marbach & Company, LLC Domestic Leading Edge 30,507,137.85 Separately Managed Markston International Domestic Leading Edge 36,556,119.61
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