A horizontal stacked bar chart compares bond allocations across two portfolios: the Unconstrained portfolio and the Constrained portfolio. The Unconstrained portfolio is 34% U.S. aggregate, 2% U.S. short-term Treasury, 7% U.S. long-term Treasury, 2% U.S. intermediate credit, and 15% international. The Constrained portfolio is 25% U.S. aggregate, 2% U.S. short-term Treasury, 5% U.S. long-term Treasury, 2% U.S. intermediate credit, and 11% international.