  Disk-halo models of the Galaxy and LMC are constructed and used to analyse
the microlensing data-set. Deflectors in the LMC bar, disk and halo provide an
optical depth to microlensing of $\sim 2 \times 10^{-7}$. Deflectors in the
Galactic disk and halo contribute $\sim 5 \times 10^{-7}$. The extent,
flattening and velocity anisotropy of the dark objects in the Galactic halo are
unknown. So, it is crucial to analyse the microlensing data-set with families
of models that span the viable ranges of these structural parameters. Also
uncertain is the contribution of the Galactic disk to the local circular speed,
which affects the normalisation and size of the Galactic halo. Despite all the
unknowns, a robust conclusion is that the Galactic and LMC haloes cannot be
primarily built from objects in the mass range $10^{-7} \, \msun$ - $0.1 \,
\msun$. By contrast, calculations of the baryon mass fraction of the Galactic
and LMC haloes are very sensitive to details of the adopted models. This
parameter is not constrained by the existing data-set. In particular, it is
still possible for the halo to be entirely baryonic and composed of high mass
compact objects, like $10^6\, \msun$ clusters or black holes.
