SunAmerica Closed-End Funds Announce Intention to Convert to Open-End Funds
18 Maggio 2011 - 2:45PM
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 after
considering the recommendations of management and all of the
surrounding circumstances, each Fund’s Board of Directors (“Board”)
has determined that it would be in the best interests of
shareholders for each Fund to be converted into an open-end fund
(the “Conversion”). 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 Board’s determination to implement the
Conversion, the Board has been advised that the shareholder
proposal to terminate each Fund’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Fund has been withdrawn.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. (“SunAmerica”) 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 Funds’ proxy solicitor, at
877-259-6290.
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,
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 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 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 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.
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