POLICY REGARDING THE TREATMENT OF NONPUBLIC PERSONAL INFORMATION OF OUR CLIENTS AND THE HOLDERS OF THE FPA FUNDS

No director, officer or employee of our Company will disclose any nonpublic personal information and account information about clients and the holders of the FPA Funds to anyone unless one of the following conditions is met:

• We receive their prior written consent;
• We believe the recipient is their authorized representative;
• We are permitted by law to disclose the information to the recipient in order to service account(s); or
• We are required by law to disclose information to the recipient.

Even if a client or shareholder decides to close their account(s) or becomes an inactive customer, we will not disclose any personal information unless one or more of the above conditions are met.

All reports and documents containing nonpublic personal information about our clients and the holders of the FPA Funds will be safeguarded. Access to this nonpublic personal information shall be restricted to those employees who need to know that information to provide clients and the holders of the FPA Funds our products or services.