High-quality bonds, in particular, have historically been used as “anchors to windward” in conjunction with other assets. While the total return from most bonds is typically lower than that from equity-type assets, the opportunity cost incurred by holding bonds can be offset by a number of potential benefits. These advantages are pronounced for bonds issued by the U.S. Treasury, and long-term Treasuries have heightened impact due to their longer duration. In this paper we will describe the primary benefits that Treasuries, as a special type of high-quality fixed income, can contribute at the total portfolio level.