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 each Fund’s second quarterly dividend distribution of $0.05 per share of common stock declared on June 15, 2011 and payable on July 6, 2011 and 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 second 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 Fund’s year-to-date cumulative experience through June 27, 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.

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* Includes the Fund’s first quarterly dividend distribution of $0.05 per share paid on March 30, 2011 and the Fund’s second quarterly dividend distribution of $0.05 per share paid on July 6, 2011.
† It is currently estimated that this portion of the distribution may not exceed the Fund’s current and accumulated earnings and profits for tax purposes and, therefore, may be taxable as ordinary income. In addition, it is also currently estimated that this portion of the distribution is in excess of the amount required to be distributed under the Internal Revenue Code of 1986, as amended (the “Code”). The final determination of the source of all dividend distributions in 2011 will be made after year-end.

Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s 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 Fund’s Board of Directors, subject to an increase in the fourth quarter, as necessary, so that the Fund satisfies the minimum distribution requirements of the Code.

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 Fund’s 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 Fund’s total return performance based on net asset value (NAV) over various time periods as well as the Fund’s annualized and cumulative distribution rates.

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1 Based on the Fund’s NAV as of May 31, 2011 and the most recent quarterly distribution of $0.05 declared on June 15, 2011.
2 Based on the Fund’s NAV as of May 31, 2011; includes the Fund’s first quarterly dividend distribution of $0.05 per share paid on March 30, 2011 and the fund’s second quarterly dividend distribution of $0.05 declared on June 15, 2011.

While NAV performance may be indicative of each Fund’s investment performance, it does not measure the value of a shareholder’s investment in a Fund. The value of a shareholder’s investment in a Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s 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 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). 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 Fund’s website: www.sunamericafunds.com.

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 May 31, 2011, SunAmerica Asset Management Corp. managed and/or administered approximately $46.0 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 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 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 Fund’s net assets. A decrease in a Fund’s 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 a Fund’s 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 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.