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: (i) the Funds fourth quarterly dividend
distributions of $0.33 per share of common stock with respect to
FGF and $0.58 per share of common stock with respect to FGI,
declared on December 7, 2011 and payable on December 29, 2011 and
(ii) the cumulative dividend distributions paid year-to-date. The
following table sets forth the estimated amounts of the sources of
the dividend distributions for purposes of Section 19 of the
Investment Company Act of 1940, as amended (the 1940 Act) and the
Rules adopted thereunder. The table includes estimated amounts for
the fourth quarterly dividend distributions and the cumulative
dividend distributions paid year-to-date from the following
sources: net investment income; short-term capital gains; long-term
capital gains; and return of capital. The estimated amounts reflect
each Funds year-to-date cumulative experience through December 19,
2011 and the estimated percentages of net income, short-term and
long term capital gains and/or return of capital are applied
proportionately for both the quarterly and year-to-date dividend
distributions. The estimated composition of the dividend
distributions may vary from quarter to quarter because they may be
impacted by future income, expenses and portfolio realized gains
and losses on securities. FGF
Estimated Amounts of Current Quarterly Dividend Distribution per
share ($) Estimated Amounts of Current Quarterly Dividend
Distribution per share (%) Estimated Amounts of Year to Date
Cumulative Dividend Distributions per share ($)* Estimated
Amounts of Year to Date Cumulative Dividend Distributions per 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
$0.3268 99.04% $0.4754 99.04% Return of
Capital $0.0032 0.96% $0.0046 0.96%
Total (per common share) $0.3300 100.00%
$0.4800 100.00% FGI
Estimated Amounts of Current Quarterly Dividend Distribution per
share ($) Estimated Amounts of Current Quarterly Dividend
Distribution per share (%) Estimated Amounts of Year to Date
Cumulative Dividend Distributions per share ($)* Estimated
Amounts of Year to Date Cumulative Dividend Distributions per 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
$0.5784 99.73% $0.7280 99.73% Return of
Capital $0.0016 0.27% $0.0020 0.27%
Total (per common share) $0.5800 100.00%
$0.7300 100.00% ______________________ The amount payable by
the Fund for this fourth quarterly dividend distribution is higher
than the amounts payable by the Fund in the prior three quarters in
2011 because this fourth quarterly dividend distribution has been
increased to include an amount expected to satisfy the minimum
distribution requirements of the Internal Revenue Code of 1986, as
amended (the Code). The Fund is expected to reorganize into an
open-end fund in January 2012. * Includes each Funds first three
quarterly dividend distributions of $0.05 per share paid on March
30, 2011, July 6, 2011 and September 26, 2011, respectively, as
well as each Funds fourth quarterly dividend distribution of $0.33
per share with respect to FGF and $0.58 per share with respect to
FGI, paid on December 29, 2011. Shareholders should not draw any
conclusions about a Funds investment performance from the amount of
this distribution or from the terms of the Funds 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 Funds Board of Directors, subject to adjustment
in the fourth quarter, as necessary, so that the Fund satisfies the
minimum distribution requirements of the Code. The Fund estimates
that it has distributed more than its income and net realized
capital gains; therefore, a portion of the distribution may be
return of capital. A return of capital may occur for example, when
some or all of the money that you invested in the Fund is paid back
to you. A return of capital distribution does not necessarily
reflect the Funds investment performance and should no be confused
with yield, income or profit. 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 Funds
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 Funds total return performance based on net asset
value (NAV) over various time periods as well as the Funds
annualized and cumulative distribution rates. FGF
5-Year Average Annual Total Return on NAV as of 11/30/2011
3.51% Current Annualized Distribution Rate on
NAV1,2 6.86%
Year-to Date (1/1/2011 to 11/30/2011)
Cumulative Total Return on NAV -0.85%
Cumulative Distribution Rate on NAV2,3 2.49%
FGI 5-Year Average Annual Total Return
on NAV as of 11/30/2011 1.80% Current
Annualized Distribution Rate on NAV1,2 13.54%
Year-to Date (1/1/2011 to
11/30/2011) Cumulative Total Return on
NAV -1.70% Cumulative Distribution Rate on
NAV2,3 4.26% ______________________ 1 Based on
each Funds respective NAV as of November 30, 2011 and each Funds
most recent quarterly distribution of $0.33 with respect to FGF and
$0.58 with respect to FGI, declared on December 7, 2011. 2 The
amount payable by the Fund for this fourth quarterly dividend
distribution is higher than the amounts payable by the Fund in the
prior three quarters in 2011 because this fourth quarterly dividend
distribution has been increased to include an amount expected to
satisfy the minimum distribution requirements of the Code. The Fund
is expected to reorganize into an open-end fund in January 2012. 3
Based on each Funds respective NAV as of November 30, 2011;
includes each Funds first three quarterly dividend distributions of
$0.05 per share paid on March 30, 2011, July 6, 2011 and September
26, 2011, respectively, and each of FGFs and FGIs fourth quarterly
dividend distribution of $0.33 and $0.58 per share, respectively,
declared on December 7, 2011. While NAV performance may be
indicative of each Funds investment performance, it does not
measure the value of a shareholders investment in a Fund. The value
of a shareholders investment in a Fund is determined by the Funds
market price, which is based on the supply and demand for the Funds
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 earnedby the Funds, to be taxed atlower
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 Funds website:
www.sunamericafunds.com. SunAmerica Focused Alpha Growth Fund is a
non-diversified, closed-end management investment company. The
Funds 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 Funds 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 November 30,
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 Funds investment objective, strategies,
risks, charges and expenses before investing. EACH FUND SHOULD BE
CONSIDERED AS ONLY ONE ELEMENT OF A COMPLETE INVESTMENT PROGRAM.
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 Funds net assets. A decrease in a Funds net
assets may cause an increase in the Funds annual operating expenses
and a decrease in the Funds market price per share to the extent
the market price correlates closely to the Funds net asset value
per share. The Distribution Policy may also negatively affect a
Funds 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 Funds
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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