1.   Charles River Laboratories, which creates genetically altered mice and rats, was one of the biggest holdings in the biotech fund last quarter.

2.   From Arkansas to Hawaii, Norfolk to Portland, dozens of states and cities already have created everything from biotech parks to biotech investment funds.

3.   If spooked investors withdraw money from biotech funds, it could deepen and prolong the slide in share prices.

4.   It is more diversified, and hence less volatile than the biotech fund.

5.   Last year biotech funds shot up.

6.   Miller concedes that attracting investors to the fledgling biotech fund has been slow.

7.   MPM Capital, the largest biotech venture fund in the world, has offices in Boston and San Francisco.

8.   But rather than ignoring the sector altogether, Dion said investors this year have sought exposure to the broad health care category by putting money in biotech funds.