The equity and bond markets both continued to enjoy significant positive momentum during the quarter. Equity indices continued their parabolic rise since making a low on March 9th of this year. Year to date, international markets (EAFE up 29%) have outperformed the US (S&P +19%). Bonds have performed well with the Barclays Aggregate up 6% for the year. Spreads on bonds have tightened dramatically and have contributed largely to the robust returns in that market as Treasuries are largely flat.  Returns from high yield bonds have outpaced most equity indices.