The City of Milwaukee Pension Fund earned a return of 3.9%, net of fees, in the third quarter of 2017. This return outperformed the Fund’s blended benchmark by 0.3%. GDP growth in the U.S. was sluggish, but still positive, and unemployment remained low. The Fund reported positive returns for all asset classes. Public equity markets across the globe continued their strong performance, recording their eighth consecutive quarter of positive returns. The Fund’s public equity allocation had a 5.6% return for the third quarter, net of fees. The Fund’s fixed income return was 1.2%, net of fees – outperforming the benchmark return of 0.9%. The Fund’s alternative asset classes continued to perform well. Absolute return was up 0.9%, net of fees, in the quarter, and real estate was up 2.0%, net of fees, in the second quarter of 2017, which is the most recent quarterly data available. The market value of the Fund on September 30, 2017 totaled approximately $5.25 billion.