I am reading a bit more. Looks like allot of mortgage exposure. And this is not confirmed, I read this on another blog, majority of these mortgage related holdings are CMOs as opposed to pass-throughs. Eventhough the top 15 holdings are something like 14% that I just cited in that other message, it sounds like there is not much overall diversification as I originally thought. You should definitley dig in and look at the cumulative holdings in the fund.

Worth noting, I checked out the two major dips we had this past year. First late September/early October and your fund held up extremely well, barely flinched, and again same during that August scare too.