Replies to post #59142 on Biotech Values

[DewDiligence]

[OT] Re: Closed-end muni funds

>The auction-rate issues are probably not a NAV issue but are instead a dividend issue.<

True in the short run; however, the auction-rate loans must be repaid at some point. If not enough new buyers step up to the plate in future auctions, the loans will eventually have to be repaid by selling portfolio bonds for whatever they will bring.