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The City of Milwaukee Pension Fund had a return of 3.4%, net of fees, in the second quarter of 2019. This return underperformed the Fund’s blended benchmark by 0.5%. This brings the Fund’s first half of 2019 return to 11.1%, net of fees, compared to 10.0% for the benchmark. The U.S. Federal Reserve signaled it was open to interest rate cuts amid downside risks associated with slowing global growth and trade disputes. Most central banks eased monetary policy or signaled their intention to do so in the second quarter, supporting markets. U.S. labor conditions remained resilient during the quarter with the unemployment rate falling to 3.6%, the lowest level since 1969. Against this backdrop, the Fund reported positive second quarter returns for all asset classes. The Fund’s public equity allocation was up 3.2%, while the Fund’s fixed income return was 3.5%, and the absolute return asset class return was 3.5%, all net of fees. Real estate was up 1.1%, net of fees, in the first quarter of 2019, which is the most recent quarterly data available. The market value of the Fund on June 30, 2019 totaled approximately $5.37 billion.