November 2, 2015
Interim Stock Update-Valeant Pharmaceuticals International, Inc.
While we don't usually comment on individual portfolio holdings intra-quarter, we have received questions regarding Valeant Pharmaceuticals.  Valeant was a very profitable investment for our funds over the past four years.  As of the September quarter-end we had significantly reduced our positions.  Recent developments about the company’s pharmacy relationships, pricing policies and business practices led us to sell our remaining shares in late October.  We no longer own Valeant in our client portfolios or mutual funds.