Like open-end mutual funds, closed-end funds provide investors with benefits such as portfolio diversification and flexibility.

Unlike open-end funds, closed-end funds issue a fixed number of shares, which are subsequently traded on an exchange at the share's market price. Because shares of closed-end funds are not purchased or redeemed directly by the fund, they may trade at a price above or below their net asset value. The market for closed-end shares is determined by supply and demand in the marketplace, and will fluctuate.

FAF Advisors, Inc. serves as the investment advisor to eight First American closed-end funds and manages fund assets in accordance with each fund's investment objectives and policies.

Investment products, including shares of closed-end funds, are not obligations of, or guaranteed by, any bank, including U.S. Bank or any U.S. Bancorp affiliate, nor are they insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency. An investment in such products involves investment risk, including possible loss of principal.