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Privacy Statement

The Funds managed by Breeden have an obligation under Title V, Subtitle A of the Gramm-Leach-Bliley Act (“GLB”) and the financial privacy rules adopted by the Federal Trade Commission (16 C.F.R. 313) to protect personally identifiable, nonpublic information that it receives from investors and prospective investors (referred to in the regulations as “customers” or “consumers”).  The terms “consumer” and “customer” do not include entities; they only include natural persons.  Any Funds organized outside the United States are not subject to these provisions. 

As a registered investment adviser, Breeden is subject to GLB and the SEC’s privacy rules, Regulation S-P.  However, since the Funds and their investor(s) are not considered customers or consumers of Breeden under GLB or the FTC or SEC privacy regulations, Breeden currently has no customers or consumers.  On the other hand, to the extent any U.S. Fund has individual investors, it would have customers or consumers to whom these privacy rules would apply.

Breeden has adopted a policy of protecting personal financial information about any Fund investor and prospective investors, such as account numbers and social security or employee identification numbers (“Personal Information”), from being disclosed except under certain limited circumstances, regardless of whether, as a technical matter, the SEC or FTC regulations apply to them.  Each employee is responsible for safeguarding confidential information, including Personal Information (“Confidential Information”), obtained during employment in accordance with the terms of the employee’s non-solicitation, confidentiality agreement (“Employee Confidentiality Agreement”).  One of the purposes of this agreement is to enable Breeden and the Funds to comply with GLB, Regulation S-P and the FTC privacy regulations, as applicable.

Non-Disclosure of Confidential Information
  • Neither Breeden nor the Funds share Confidential Information with any third parties, except in the following circumstances:
  • As necessary to provide the service that the client or investor requested or authorized, or to maintain and service the client’s or investor’s account.  Breeden will require that any financial intermediary, agent or sub-contractor utilized by Breeden or a Fund (such as brokers or fund administrators) comply with substantially similar standards for non-disclosure and protection of Personal Information and use the information provided by Breeden or a Fund only for the performance of the specific service requested by Breeden or the Fund.
  • As required by regulatory authorities or law enforcement officials who have jurisdiction over Breeden or a Fund, or as otherwise required by any applicable law or for routine matters such as the delivery of addresses to a printer for a mailing on behalf of Breeden or a Fund.  In such instances, Breeden and the Funds reserve the right to disclose the information without notice to investors.
  • To the extent reasonably necessary to prevent fraud, unauthorized transactions or liability.
  • A Breeden employee is permitted to disclose Personal Information only to such other Breeden employees who need to have access to such information to deliver Breeden’s services to the client or investor.

    Security of Confidential Information

  • Breeden restricts access to Personal Information to those employees who need to know such information to provide Breeden services to clients.
  • Any Breeden employee who is authorized to have access to Personal Information in connection with the performance of such employee’s duties and responsibilities is required to keep such information in a secure compartment or receptacle on a daily basis as of the close of each business day. 
  • Breeden employees are prohibited from making unauthorized copies of any documents or files containing Personal Information and, upon termination of their employment with Breeden, must return all such documents to Breeden.
    Breeden employees are prohibited, either during or after termination of their employment with Breeden, from disclosing Confidential Information to any person or entity outside Breeden, including family members, except under the circumstances described above. 
    Under the supervision of Breeden’s Compliance Officer or pursuant to policies of an authorized third party vendor in possession of such information on Breeden’s behalf, records containing Personal Information or other sensitive consumer information, including records maintained in electronic form, shall be disposed of in such a manner so as to ensure that such information can not be read or reconstructed.  Appropriate methods for disposal of Personal or other Confidential Information may include burning, pulverizing or shredding of paper documents and destruction or erasure of electronic media containing such information. 
    Any Breeden employee who violates the non-disclosure policy described above will be subject to disciplinary action, and including possible discharge, whether or not he or she benefited from the disclosed information.

    Privacy Notices

  • Breeden shall provide each client and investor with initial notice consisting of this Joint Confidentiality and Privacy Policy, as in effect at the time the client or investor relationship is established.
  • Breeden shall provide each client and investor with a new notice of the current Joint Confidentiality and Privacy Policy at least annually.
  • If, at any time, Breeden adopts any material changes to the Joint Confidentiality and Privacy Policy, Breeden shall promptly provide each client and investor with a revised notice reflecting the new policy.

Enforcement and Review of Privacy Policies and Procedures

Breeden’s Compliance Officer is responsible for reviewing, maintaining and enforcing these policies and procedures and may delegate this responsibility to another employee of Breeden.  She or such employee may take any disciplinary or other action as they may deem appropriate.  The Compliance Officer is also responsible for overseeing appropriate employee training so that employees adhere to these policies and procedures.


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