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SunAmerica Closed-End Funds Announce Intention to Convert to Open-End Funds

^{Published on 2011-05-18 05:55:50 - Market Wire}
 

JERSEY CITY, N.J.--([ BUSINESS WIRE ])--SunAmerica Focused Alpha Growth Fund, Inc. (NYSE: FGF) and SunAmerica Focused Alpha Large-Cap Fund, Inc. (NYSE: FGI) (each a aFunda and collectively, the aFundsa) announced today that after considering the recommendations of management and all of the surrounding circumstances, each Funda™s Board of Directors (aBoarda) has determined that it would be in the best interests of shareholders for each Fund to be converted into an open-end fund (the aConversiona). Accordingly, the Board will consider the best manner in which to accomplish the Conversion (which may involve merging the funds, together or separately, into a new or existing open-end fund) and intends that the Conversion of each Fund will be effective by the end of the 2011 calendar year. The Board believes that converting each Fund to an open-end fund would accomplish the goal of allowing shareholders to achieve liquidity for their shares in a manner that is consistent with the interests of all shareholders of each Fund. Regardless of the method chosen by the Board, the Conversion of each Fund will require shareholder approval.

In light of the Boarda™s determination to implement the Conversion, the Board has been advised that the shareholder proposal to terminate each Funda™s management agreement that was to be considered at the 2011 Annual Meeting of Shareholders of each Fund has been withdrawn.

The Board of each Fund wishes to thank SunAmerica Asset Management Corp. (aSunAmericaa) for its stewardship of the Funds, and to emphasize the importance of continuity of management during and after the Conversion process. Shareholders that have questions about voting their shares at the Annual Meeting should contact Okapi Partners LLC, the Fundsa™ proxy solicitor, at 877-259-6290.

SunAmerica Focused Alpha Growth Fund is a non-diversified, closed-end management investment company. The Funda™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) primarily in the U.S. markets. Marsico Capital Management, LLC (aMarsicoa) is the large-cap stock subadviser and BAMCO, Inc. (aBAMCOa) is the small- and mid-cap stock subadviser.

SunAmerica Focused Alpha Large-Cap Fund is a non-diversified, closed-end management investment company. The Funda™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 (aBlackRocka) is the large-cap value stock subadviser.

For more information about the Funds, please visit [ www.sunamericafunds.com ].

As of April 30, 2011, SunAmerica managed and/or administered approximately $46.5 billion of assets.

Marsico, BAMCO and BlackRock are not affiliated with SunAmerica.

Investors should carefully consider each Funda™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 FUNDa™S EQUITY EXPOSURE AND DERIVATIVE INVESTMENTS INVOLVE SPECIAL RISKS. AN INVESTMENT IN EACH FUND 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 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, Hedging Strategy Risk, Short Sale Risk, Derivatives Risk, Preferred Securities Risk, Debt Securities Risk, Small and Medium Capitalization Company Risk (FGF only), Liquidity Risk, Market Price of Shares Risk, Management Risk, Anti- Takeover Provisions Risk, Portfolio Turnover Risk and Non-Investment Grade Securities 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.