The City of Milwaukee Pension Fund earned a return of 8.8%, net of fees, in 2016. This return outperformed the Fund’s blended benchmark by 1.5%. The U.S. economy continued to look healthy in 2016 with reports of beneficial trends in GDP, unemployment, and consumer confidence. Overall, the Fund experienced positive annual returns for all asset classes. In addition, with the exception of private equity, all of the Fund’s assets classes outperformed their respective benchmarks in 2016. The Fund’s public equity allocation returned 9.4%, net of fees, the Fund’s fixed income return was 7.4%, net of fees, and the Fund’s absolute return allocation was up 5.1%, net of fees. Over the prior twelve months ending September 2016, the ERS’ real estate portfolio had a return of 11.4%, net of fees. The market value of the Fund on December 31, 2016 totaled approximately $4.9 billion.