Strategy. The Fund pursues its investment goals by investing in a broad range of income-producing investments from throughout the world, primarily including debt obligations. The Fund expects, under normal conditions, to invest a majority of its assets in the debt obligations described below. The Fund may invest in debt obligations of any kind, of any quality, and of any maturity. The Fund expects, under normal conditions, to select a majority of its investments from among the following types of debt obligations: bonds and other debt obligations issued by domestic and foreign companies of any size (including lower-rated high yield or junk bonds) mortgage-backed securities and other asset-backed securities, including commercial mortgage-backed securities convertible debt obligations obligations issued by foreign governments (including … Show more… The Fund pursues its investment goals by investing in a broad range of income-producing investments from throughout the world, primarily including debt obligations. The Fund expects, under normal conditions, to invest a majority of its assets in the debt obligations described below. The Fund may invest in debt obligations of any kind, of any quality, and of any maturity. The Fund expects, under normal conditions, to select a majority of its investments from among the following types of debt obligations: bonds and other debt obligations issued by domestic and foreign companies of any size (including lower-rated high yield or junk bonds) mortgage-backed securities and other asset-backed securities, including commercial mortgage-backed securities convertible debt obligations obligations issued by foreign governments (including developing countries) collateralized mortgage obligations (CMOs), collateralized debt obligations (CDOs), collateralized bond obligations (CBOs), and collateralized loan obligations (CLOs) obligations of the U.S. government and its agencies and sponsored enterprises structured notes zero coupon bonds and stripped securities taxable municipal obligations and participations in municipal obligations The Funds investments are determined by individual issuer and industry analysis. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for debt securities, and analysis of specific issuers. The Fund ordinarily acquires and holds securities for investment rather than for realization of gains by short-term trading on market fluctuations. However, it may sell an investment prior to its scheduled maturity date to enhance income or reduce loss, to change the portfolios average duration or average maturity, to pursue other investment opportunities, in response to changes in the conditions or business of the investments issuer or changes in overall market conditions, or if, in Thornburgs opinion, the investment no longer serves to achieve the Funds investment goals. The objective of preserving capital may prevent the Fund from obtaining the highest yields available. Show less