In accordance with the Securities and Exchange Commission regulations and certain other state laws, we are providing the following privacy notice of First Pacific Advisors, LP (“FPA”) and the funds it manages (collectively, the “FPA Funds” or “we”). A complete list of funds is provided below.
Obtaining Personal Data. While providing clients, investors and/or prospective clients or investors (collectively, “clients and/or investors”, as applicable) with products and services, FPA, the FPA Funds, and certain service providers, such as the FPA Fund’s Transfer Agents and/or Administrators, may obtain personal data about such clients and/or investors, which may come directly from the client, investor or their intermediaries from sources such as: (i) account applications, subscription agreements and other forms, (ii) written, electronic or verbal correspondence, (iii) client and/or investor transactions, (iv) a client and/or investor’s brokerage or financial advisory firm, financial advisor or consultant, and/or (v) from information captured on applicable websites, including information you may voluntarily provide when you subscribe to receive FPA’s quarterly updates or request us to mail you information about the FPA Funds. In addition, FPA and the FPA Funds may collect additional personal data from different sources, such as affiliates or their service providers; public websites or other publicly available sources such as government records; or from credit reporting agencies, sanctions screening databases, or from sources designed to detect and prevent fraud.
The personal data collected about a client and/or investor may include: (i) identifiers and similar information such as the client and/or investor’s name, address, tax identification number, birth date, driver’s license number, and potentially email address and phone number (if provided); (ii) certain information protected under other federal or state law, like a client and/or investor’s signature or bank account information; (iii) characteristics of protected classifications under federal or state law, like gender or marital status; (iv) commercial information like an investment selection, beneficiary information, or transaction and account history with FPA and the FPA Funds; (v) internet or other electronic network activity like interactions with the FPA website; (vi) professional or employment-related information like a client and/or investor’s occupation and job title; and (vii) inferences drawn from the other categories to build a profile on a client and/or investor to, for example, gauge a client and/or investor’s potential interest in investing in new funds or products.
Respecting Your Privacy. FPA and the FPA Funds do not disclose any personal data provided by clients and/or investors or gathered by FPA and the FPA Funds to third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to FPA and the FPA Funds. Non-affiliated companies may from time to time be used to provide certain services, such as maintaining client and/or investor accounts, preparing and mailing prospectuses, reports, account statements and other information, and gathering shareholder proxies. In many instances, the client and/or investor will be clients of a third party, but FPA and the FPA Funds may also provide a client’s and/or investor’s personal data and account information to the client’s and/or investor’s respective custodian, brokerage or financial advisory firm and/or financial advisor or consultant.
Sharing Information with Third Parties. FPA and the FPA Funds reserve the right to report or disclose personal data or account information to third parties in circumstances where FPA and the FPA Funds believe in good faith that disclosure is required or permitted under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by FPA and the FPA Funds in which a client and/or investor has invested. In addition, FPA and the FPA Funds may disclose information about a client and/or investor or a client’s and/or investor’s accounts to a third party at the client and/or investor’s request or direction or with the consent of the client and/or investor.
Procedures to Safeguard Private Information. FPA and the FPA Funds will take reasonable steps and use security measures appropriate to the nature of the information and that comply with applicable laws to protect client and/or investors’ personal data against unauthorized access and exfiltration, acquisition, theft, or disclosure. In addition to this policy, FPA and the FPA Funds have implemented internal procedures that are designed to help guard clients’ and/or investors’ personal data. Given the nature of information security, there is no guarantee that such safeguards will always be successful.
Rights Applicable to California Residents. For purposes of the CCPA, FPA and the FPA Funds are a business. Certain California residents as defined under the CCPA may have certain rights concerning their personal information, subject to applicable exemptions and limitations, such as the right to: (i) be informed, at or before the point of collection, of the categories of personal information to be collected and the purposes for which the categories of personal information shall be used; (ii) not be discriminated against because they exercised any of their rights under the CCPA; (iii) request that FPA and the FPA Funds delete any personal information about them that FPA and the FPA Funds have collected or maintained, subject to certain exceptions (“request to delete”); and (iv) request that FPA and the FPA Funds, as a business that collects personal information about them and that discloses their personal information for a business purpose, disclose to them (“request to know”): (a) the categories of personal information FPA and the FPA Funds have collected about them; (b) the categories of sources from which FPA and the FPA Funds have collected the personal information; (c) the business or commercial purpose for collecting or selling the personal information; (d) the categories of third parties with whom FPA and the FPA Funds share personal information; (e) the specific pieces of personal information FPA and the FPA Funds have collected about them; and (f) the categories of personal information FPA and the FPA Funds have disclosed about them for a business purpose.
For purposes of this CCPA section only, references to personal information relate to the definition of that term under the CCPA. Personal information does not include deidentified information, aggregate consumer information or publicly available information (as defined in the CCPA).
We may disclose for a business purpose all or just a few of the categories of personal information collected from California residents identified in the section “Obtaining Personal Data” to our service providers or other entities listed in the paragraph labelled “Sharing Information with Third Parties” that have agreed to limitations on the use of your personal information or that fit within other exemptions or exceptions in or are otherwise permitted by the CCPA or other applicable laws.
We also may collect and use personal information from California residents for the following business or commercial purposes: (i) performing services on behalf of FPA, including, for example, maintaining or servicing accounts, providing customer service, processing transactions, verifying information, processing payments, or providing similar services; (ii) performing our contractual obligations, including processing initial subscriptions and providing updates on our performance and other operational matters; (iii) detecting security incidents, protecting against malicious, deceptive, fraudulent, or illegal activity, including, preventing fraud and conducting “Know Your Client,” anti-money laundering, terrorist financing, and conflict checks; or (iv) enabling or effecting commercial transactions, including, using bank account details to remit funds and process distributions.
The CCPA does not restrict our ability to do certain things like comply with other laws or comply with regulatory investigations. In addition, the CCPA does not apply to certain information, including, generally, personal information collected, processed, sold or disclosed pursuant to the Gramm-Leach-Bliley Act and its implementing regulations. We also reserve the right to retain, and not to delete, certain personal information after receipt of a request to delete from a California resident where permitted by the CCPA or another law or regulation. We do not sell California resident personal information except as permitted by the CCPA.
California residents may contact us in order to exercise any of your rights under CCPA, to the extent any are applicable, by calling this toll-free number, 1-800-982-4372, Option 3, or by emailing us at email@example.com. This toll-free number and email address can be found on our website at https://fpa.com/privacy-policy.
FPA and the FPA Funds are required to provide certain information or to delete personal information only in response to verifiable requests made by a California resident or the legally authorized agent of a California resident. Any information gathered as part of the verification process will be used for verification purposes only.
Funds Managed by FPA. FPA Crescent Fund, FPA New Income, Inc., FPA Flexible Fixed Income Fund, FPA U.S. Core Equity Fund, Inc., FPA Queens Road Value Fund, FPA Queens Road Small Cap Value Fund, Source Capital, Inc. and certain private vehicles managed under the Contrarian Value, Multi-Advisor, Private Credit, and Direct Lending Strategies.
Revised: February 2021