The length of time between the issue of a bond, note or other fixed income security and the date on which it becomes payable in full. Most bonds are issued with a fixed maturity date. The shorter the maturity the more predictable and less risky the investment. Therefore, interest rates are generally higher as the longer the time to maturity. Durations are broken down into the following ranges:Less than 1 year - ultra short term, including money market investments 1 to 3 years - short term3 to 5 years - short/intermediate term5 to 10 years - intermediate term10 to 20 years - long term20 to 30 years - long termGreater than 30 years - long termOther - bonds that do not have a specified maturity