The City of Milwaukee Pension Fund had a return of 7.4%, net of fees, in the second quarter of 2021. This return outperformed the Fund’s blended benchmark by 2.7%. In the U.S., strong earnings and GDP growth, continued monetary support from the Federal Reserve, and market optimism (at the time) that the re-opening of the economy would go smoothly, provided an environment that supported a continued rally in risk assets. The second quarter return for the Fund’s public equity allocation was 6.9%, net of fees, while the Fund’s absolute return asset class was up 0.7%, net of fees. Falling interest rates caused bond prices to rise, leading to a return of 2.2% for the Fund’s fixed income allocation. Private equity results were very strong. As is typical because of the extra time it takes for private companies to complete their year-end reporting, both Q4 2020 and Q1 2021 private equity values were reflected this quarter, and the combined return was 33.5%. Real estate was up 2.8%, net of fees, in the first quarter of 2021, which is the most recent quarterly data available. The market value of the Fund on June 30, 2021 totaled approximately $6.01 billion, and the YTD return was 11.2%, net of fees.