SunAmerica Closed-End Funds Announce Appointment of New Director and Chairman of the Board
01 Aprile 2011 - 12:39AM
Business Wire
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”) announced today that Mr.
Richard W. Grant has been appointed by the Board of Directors of
each Fund to serve as a director and chairman, effective April 1,
2011. Mr. Grant is being appointed to fill the vacancy created by
the retirement of Mr. Samuel M. Eisenstat, which became effective
as of the close of business today. Mr. Eisenstat served as a
director and chairman of each Fund since each Fund’s respective
launch in 2005. In addition, Mr. Grant has been nominated to stand
for election as a Class III director of each Fund at the 2011
annual shareholder meetings.
Mr. Grant was previously a partner at the law firm of Morgan
Lewis & Bockius LLP and has more than 25 years of business and
corporate governance experience serving as legal counsel to a
number of registered investment companies and/or their independent
directors/trustees, including to the independent directors of the
Funds.
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 February 28, 2011, SunAmerica managed and/or administered
approximately $45.2 billion of assets.
Marsico, BAMCO and Blackrock are not affiliated with
SunAmerica.
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 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.
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