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Beginning in May, portfolios were allocated closer to the middle of prescribed ranges for stock and bond exposure as data showed signs of slowing. Bond allocations were modestly raised, defensive sectors were added, and domestic large-cap value was re-introduced into portfolios. Greek and European debt issues have been the focus of investor attention in recent weeks. Although we have no direct equity exposure to Greece, Ireland, Spain, or Portugal, we discuss the potential for Europe to find a “fix” to a difficult set of issues.