ALKS Amp Update & Upcoming Catalysts

10/31/18 Amp cut its positions in ALKS in various AMP funds today by 1/2 after careful review of FDA briefing document for tomorrow's FDA Adcomm for 5461 revealed that the FDA is much more negative on its interactions with ALKS and ALKS trial design for 5461 than our prior understanding based on ALKS public investor calls. However, much of downside risk is already in low stock price (large financial institutions who have much more access to the company were not surprised by the very negative FDA document), and the Adcomm could be much more positive about trial design, which could lift the stock price after tomorrow's Adcomm meeting. The FDA will take the Adcomm comments into consideration when it makes its final decision on 5461 by the end of January PDUFA date. Other reasons we remain investors in ALKS, just at a lower level, are that there is an event with a higher likelihood of success coming later this quarter for another ALKS asset, 3831 (anti-schizophrenia with less weight gain), more data coming this quarter for 4230 (oncology), and recent quarterly financials indicate that the ALKS marketed products are doing well in the marketplace. The above is provided for informational purposes only. Please do you own diligence and work with your investment professionals to make your investment decisions.