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 that their
respective Boards of Directors approved the declaration of a
dividend distribution in accordance with each Fund’s level dividend
distribution policy (the “Distribution Policy”) and approved a
dividend distribution of $0.33 per share of common stock with
respect to FGF and $0.58 per share of common stock with respect to
FGI. The declaration date is December 7, 2011, the ex-dividend date
is December 15, 2011, the record date is December 19, 2011, and the
payable date is December 29, 2011.
Under the Distribution Policy, each Fund intends to pay level
quarterly dividend distributions and increase, if necessary, the
amount payable for the fourth quarter to an amount expected to
satisfy the minimum distribution requirements of the Internal
Revenue Code of 1986, as amended. Each quarter, the Boards of
Directors will review the amount of any potential dividend
distribution and the income, capital gains and capital available.
The Distribution Policy and dividend distribution rate set forth
above may be terminated or modified at any time.
Shareholders will receive a notice (the “Notice”) with each
dividend distribution, if required by Section 19(a) under the
Investment Company Act of 1940, as amended (the “1940 Act”),
estimating the sources of such dividend distribution and providing
other information required by an exemptive order (the “Order”)
granted to each Fund by the Securities and Exchange Commission
(“SEC”) on February 3, 2009, pursuant to which 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. The Notice will also be made available on the Funds’
website: www.sunamericafunds.com. In addition, the Funds will issue
a press release at the time the Notice is mailed to shareholders
containing the same information that is included in the Notice. The
amounts and sources of dividend distributions reported in the
Notice are only estimates and are not 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 the Funds’ investment experience during the remainder
of the fiscal year and may be subject to change based on tax
regulations. The Funds will send shareholders a Form 1099-DIV for
the calendar year that will tell the shareholder how to report
these dividend distributions for federal income tax purposes. You
should not draw any conclusions about the Funds’ investment
performance from the amount of this dividend distribution or from
the terms of the Distribution Policy.
Pursuant to the Order, dividend distributions paid by the Funds
during the year may include net income, long-term capital gains,
short-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). A return of capital may occur, for
example, when some or all of the money invested in a Fund by a
shareholder is paid back to the shareholder. A return of capital
distribution does not necessarily reflect a Fund’s investment
performance and should not be confused with “yield,” “income” or
“profit.”
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. 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. 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 Asset
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 SunAmerica Focused Alpha Growth
Fund and the SunAmerica Focused Alpha Large-Cap Fund, please visit
www.sunamericafunds.com.
As of November 30, 2011, SunAmerica Asset Management Corp.
managed and/or administered approximately $42 billion of
assets.
Marsico, BAMCO, Inc. and BlackRock are not affiliated with
SunAmerica Asset Management Corp.
Investors should carefully consider each Fund’s investment
objective, strategies, risks, charges, expenses and Distribution
Policy before investing.
EACH FUND SHOULD BE CONSIDERED AS ONLY TWO ELEMENTS OF A
COMPLETE INVESTMENT PROGRAM. THE FUND’S EQUITY EXPOSURE AND
DERIVATIVE INVESTMENTS INVOLVE SPECIAL RISKS. AN INVESTMENT IN
THESE FUNDS SHOULD BE CONSIDERED SPECULATIVE.
There is no assurance that the Funds will achieve their
investment objectives. The Funds are actively managed and their
portfolio composition will vary. Investing in the Funds 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 the Funds 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 the Funds’ 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 the Fund’s
investment activities to the extent that the Fund is required to
hold larger cash positions than it typically would hold or to the
extent that the 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 the 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). Each Fund’s 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 a Fund’s market price per share
which, in turn, could create or widen a trading discount.
Shareholders of shares of a Fund held in taxable accounts who
receive a dividend distribution (including shareholders who
reinvest in shares of the Funds 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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