<Li> The maturity of the bonds held (i.e., short -, intermediate - or long - term) </Li> <Li> The country of issuance of the bonds (such as U.S., emerging market or global) </Li> <Li> The tax treatment of the interest received (taxable or tax - exempt) </Li> <P> In the United States at the end of 2016, assets in bond funds were $4.1 trillion, representing 22% of the industry . </P>

Characteristics of open-ended investment companies (mutual funds) include