SunAmerica Focused Alpha Growth Fund, Inc. (NYSE:FGF) and
SunAmerica Focused Alpha Large-Cap Fund, Inc. (NYSE:FGI), (each a
“Fund,” and collectively, the “Funds”), today announced the
estimated amounts of the sources of each Fund’s third quarterly
dividend distribution of $0.05 per share of common stock declared
on September 15, 2011 and payable on September 26, 2011 and the
cumulative dividend distributions paid year-to-date.
The following table sets forth the estimated amounts of the
sources of the dividend distributions for purposes of Section 19 of
the Investment Company Act of 1940, as amended (the “1940 Act”) and
the Rules adopted thereunder. The table includes estimated amounts
for the third quarterly dividend distributions and the cumulative
dividend distributions paid year-to-date from the following
sources: net investment income; short-term capital gains; long-term
capital gains; and return of capital. The estimated amounts reflect
each Fund’s year-to-date cumulative experience through September
15, 2011 and the estimated percentages of net income, short-term
and long term capital gains and/or return of capital are applied
proportionately for both the quarterly and year-to-date dividend
distributions. The estimated composition of the dividend
distributions may vary from quarter to quarter because they may be
impacted by future income, expenses and portfolio realized gains
and losses on securities.
FGF
Estimated Amounts ofCurrent
QuarterlyDividend Distributionper share ($)
Estimated Amounts ofCurrent
QuarterlyDividend Distributionper share (%)
Estimated Amounts ofYear to DateCumulative
DividendDistributionsper share ($)*
Estimated Amounts ofYear to Date
CumulativeDividend Distributionsper share (%)*
Net Investment Income $0.0000
0.00% $0.0000
0.00% Short-Term Capital Gains $0.0000
0.00% $0.0000
0.00% Long-Term Capital Gains $0.0500
100.00% $0.1500
100.00% Return of Capital
$0.0000 0.00% $0.0000
0.00% Total (per common share)
$0.0500 100.00%
$0.1500 100.00%
FGI
Estimated Amounts ofCurrent
QuarterlyDividend Distributionper share ($)
Estimated Amounts ofCurrent
QuarterlyDividend Distributionper share (%)
Estimated Amounts ofYear to DateCumulative
DividendDistributionsper share ($)*
Estimated Amounts ofYear to Date
CumulativeDividend Distributionsper share (%)*
Net Investment Income $0.0000
0.00% $0.0000
0.00% Short-Term Capital Gains $0.0000
00.00% $0.0000
0.00% Long-Term Capital Gains $0.0500
100.00% $0.1500
100.00% Return of Capital
$0.0000 0.00% $0.0000
0.00% Total (per common share)
$0.0500 100.00%
$0.1500 100.00%
______________________
* Includes the Fund’s first quarterly dividend distribution of
$0.05 per share paid on March 30, 2011, the Fund’s second quarterly
dividend distribution of $0.05 per share paid on July 6, 2011 and
the Fund’s third quarterly dividend distribution of $0.05 per share
paid on September 26, 2011.
Shareholders should not draw any conclusions about a Fund’s
investment performance from the amount of this distribution or from
the terms of the Fund’s dividend distribution policy (the
“Distribution Policy”), which is to make a level dividend
distribution each quarter to shareholders of its common stock at a
rate that is based on a fixed amount per share as determined by the
Fund’s Board of Directors, subject to an increase in the fourth
quarter, as necessary, so that the Fund satisfies the minimum
distribution requirements of the Code.
The amounts and sources of distributions reported in this
press release are only estimates and are not being provided for tax
reporting purposes. The final determination of the source of
all dividend distributions in 2011 will be made after year-end. The
actual amounts and sources of the amounts for tax reporting
purposes will depend upon a Fund’s investment experience during the
remainder of the fiscal year and may be subject to change based on
tax regulations. Each Fund will send shareholders a Form 1099-DIV
for the calendar year that will tell shareholders how to report
these distributions for federal income tax purposes.
The following tables provide information regarding each Fund’s
total return performance based on net asset value (NAV) over
various time periods as well as the Fund’s annualized and
cumulative distribution rates.
FGF
Average Annual Total Return on NAV Since
Inception (7/29/2005) to 8/31/2011
7.33% Current Annualized Distribution Rate on
NAV1 0.97%
Year-to Date (1/1/2011 to 8/31/2011)
Cumulative Total Return on NAV 5.53%
Cumulative Distribution Rate on NAV2 0.73%
FGI
Average Annual Total Return on NAV Since Inception
(12/28/2005) to 8/31/2011 4.57% Current
Annualized Distribution Rate on NAV1 1.09%
Year-to Date (1/1/2011 to
8/31/2011) Cumulative Total Return
on NAV 4.48% Cumulative Distribution Rate on
NAV2 0.82%
______________________
1 Based on the Fund’s NAV as of August 31, 2011 and the most
recent quarterly distribution of $0.05 declared on August 24,
2011.
2 Based on the Fund’s NAV as of August 31, 2011; includes the
Fund’s first quarterly dividend distribution of $0.05 per share
paid on March 30, 2011 and the Fund’s second quarterly dividend
distribution of $0.05 declared on July 6, 2011 and the Fund’s third
quarterly dividend distribution of $0.05 per share declared on
August 24, 2011.
While NAV performance may be indicative of each Fund’s
investment performance, it does not measure the value of a
shareholder’s investment in a Fund. The value of a shareholder’s
investment in a Fund is determined by the Fund’s market price,
which is based on the supply and demand for the Fund’s shares in
the open market.
Pursuant to an exemptive order (the “Order”) granted to each
Fund by the Securities and Exchange Commission (“SEC”) on February
3, 2009, the Funds may distribute any long-term capital gains more
frequently than the limits provided in Section 19(b) under the 1940
Act and Rule 19b-1 thereunder. Therefore, dividend distributions
paid by the Funds during the year may include net income,
short-term capital gains, long-term capital gains and/or return of
capital. Net income dividends and short-term capital gain
dividends, while generally taxable at ordinary income
rates, may be eligible, to the extent of qualified dividend
income earned by the Funds, to be taxed at lower
long-term capital gain rates. If the total distributions made in
any calendar year exceed investment company taxable income and net
capital gain, such excess distributed amount would be treated as
ordinary dividend income to the extent of the Funds’ current and
accumulated earnings and profits. Distributions in excess of the
earnings and profits would first be a tax-free return of capital to
the extent of the adjusted tax basis in the shares. After such
adjusted tax basis is reduced to zero, the distribution would
constitute capital gain (assuming the shares are held as capital
assets). Shareholders will receive a notice (the “Notice”) with
each dividend distribution, if required by Section 19(a) under the
1940 Act, estimating the sources of such dividend distribution and
providing other information required by the Order. The Notice will
also be made available on the Fund’s website:
www.sunamericafunds.com.
SunAmerica Focused Alpha Growth Fund is a non-diversified,
closed-end management investment company. The Fund’s investment
objective is to provide growth of capital. The Fund seeks to pursue
this objective by employing a concentrated stock picking strategy
in which the Fund, through subadvisers selected by SunAmerica Asset
Management Corp. (“SunAmerica”), actively invests primarily in a
small number of equity securities (i.e., common stocks) and to a
lesser extent equity-related securities (i.e., preferred stocks,
convertible securities, warrants and rights) primarily in the U.S.
markets. Marsico Capital Management, LLC (“Marsico”) is the
large-cap stock subadviser and BAMCO, Inc. (“BAMCO”) is the small-
and mid-cap stock subadviser.
SunAmerica Focused Alpha Large-Cap Fund is a non-diversified,
closed-end management investment company. The Fund’s investment
objective is to provide growth of capital. The Fund seeks to pursue
this objective by employing a concentrated stock picking strategy
in which the Fund, through subadvisers selected by SunAmerica,
actively invests primarily in a small number of equity securities
(i.e., common stocks) and to a lesser extent equity-related
securities (i.e., preferred stocks, convertible securities,
warrants and rights) of large capitalization companies primarily in
the U.S. markets. Marsico is the large-cap growth stock subadviser
and BlackRock Investment Management, LLC (“BlackRock”) is the
large-cap value stock subadviser.
For more information about the Funds, please visit
www.sunamericafunds.com
As of August 31, 2011, SunAmerica Asset Management Corp. managed
and/or administered approximately $42.0 billion of assets.
Marsico Capital Management, LLC, BAMCO, Inc. and BlackRock
Investment Management, LLC are not affiliated with SunAmerica Asset
Management Corp.
Investors should carefully consider the each Fund’s investment
objective, strategies, risks, charges and expenses before
investing.
EACH FUND SHOULD BE CONSIDERED AS ONLY ONE ELEMENT OF A COMPLETE
INVESTMENT PROGRAM. EACH FUND’S EQUITY EXPOSURE AND DERIVATIVE
INVESTMENTS INVOLVE SPECIAL RISKS. AN INVESTMENT IN THIS FUND
SHOULD BE CONSIDERED SPECULATIVE.
There is no assurance that Funds will achieve their investment
objectives. The Funds are actively managed and their portfolio
composition will vary. Investing in a Fund is subject to several
risks, including: Non-Diversified Status Risk, Growth and Value
Stock Risk (FGI only), Key Adviser Personnel Risk, Investment and
Market Risk, Issuer Risk, Foreign Securities Risk, Emerging Markets
Risk, Income Risk, Small and Medium Capitalization Company Risk
(FGF only), Liquidity Risk, Market Price of Shares Risk, Management
Risk, Anti-Takeover Provisions Risk and Portfolio Turnover Risk.
The price of shares of each Fund traded on the New York Stock
Exchange will fluctuate with market conditions and may be worth
more or less than their original offering price. Shares of
closed-end funds often trade at a discount to their net asset
value, but may also trade at a premium.
The payment of dividend distributions in accordance with the
Distribution Policy may result in a decrease in a Fund’s net
assets. A decrease in a Fund’s net assets may cause an increase in
the Fund’s annual operating expenses and a decrease in the Fund’s
market price per share to the extent the market price correlates
closely to the Fund’s net asset value per share. The Distribution
Policy may also negatively affect a Fund’s investment activities to
the extent that a Fund is required to hold larger cash positions
than it typically would hold or to the extent that a Fund must
liquidate securities that it would not have sold, for the purpose
of paying the dividend distribution. The Distribution Policy, may
under certain circumstances, result in the amounts of taxable
distributions to exceed the levels required to be distributed under
the Internal Revenue Code of 1986, as amended (i.e., to the extent
a Fund has capital losses in any taxable year, such losses may be
carried forward to reduce the amount of capital gains required to
be distributed in future years; if distributions in a year exceed
the amount minimally required to be distributed under the tax
rules, such excess will be taxable as ordinary income to the extent
loss carryforwards reduce the required amount of capital gains in
that year). The Funds’ Board of Directors has the right to amend,
suspend or terminate the Distribution Policy at any time without
notice to shareholders. The amendment, suspension or termination of
the Distribution Policy could have a negative effect on the Funds’
market price per share which, in turn, could create or widen a
trading discount. Shareholders of shares of the Funds held in
taxable accounts who receive a dividend distribution (including
shareholders who reinvest in shares of a Fund pursuant to the
Fund’s dividend reinvestment policy) must adjust the cost basis to
the extent that a dividend distribution contains a nontaxable
return of capital. Investors should consult their tax adviser
regarding federal, state and local tax considerations that may be
applicable in their particular circumstances.
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