The total number of different holdings of a fund. This figure is meant to be a measure of portfolio risk. Specifically, the lower the figure, the more concentrated the fund is in a few companies or issues, and the more the fund is susceptible to the market fluctuations in these few holdings. This figure also provides a context for the importance of % assets in top 10 holdings. The figure is calculated from the most recent available fund holdings. It does not include a fund's short positions. This number can be quite useful for gaining greater insight into the portfolio's diversification. At Morningstar, we make every effort to gather the most up-to-date portfolio information from a fund. By law, however, funds need only report this information two times during the calendar year and they have two months after the report date to actually release the shareholder report and portfolio.