On June 14, 2007, Thomas F. Marsico, the founder and Chief Executive Officer of Marsico, and Marsico Parent Company, LLC, a company controlled by Mr. Marsico, entered into a definitive agreement to repurchase Marsico from a subsidiary of Bank of America Corporation ("BofA") (the "Transaction"). Marsico has been a wholly owned, indirect subsidiary of BofA since 2001. Marsico does not anticipate any change to its portfolio management team, other personnel, investment processes, day-to-day operations, or the services that Marsico currently provides to the Fund to occur as a result of the Transaction. The Transaction is expected to close during the fourth quarter of 2007, although there can be no assurance that the Transaction will be consummated as contemplated.

Upon completion of the Transaction, the current subadvisory agreement between the Fund, AIG SunAmerica and Marsico will automatically terminate under a provision in the agreement that requires the termination of the agreement in the event it is “assigned,” as required by Section 15 of the Investment Company Act of 1940. The Transaction is a change in control of Marsico that is deemed to be an assignment of the current subadvisory agreement. In order for the management of the Fund to continue uninterrupted after the consummation of the Transaction, the Fund issued a proxy statement dated October 1, 2007, in which shareholders were asked to approve a new subadvisory agreement among the Fund, AIG SunAmerica and Marsico to be effective upon the consummation of the Transaction.

The 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 AIG SunAmerica Asset Management Corp., 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 stock, convertible securities, warrants and rights) of large-capitalization companies primarily in the U.S. markets. Marsico Capital Management, LLC (“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 SunAmerica Focused Alpha Large-Cap Fund and other offerings from AIG SunAmerica Asset Management, please visit www.sunamericafunds.com

AIG SunAmerica Asset Management Corp. is the mutual fund and asset management business of AIG SunAmerica Retirement Services, Inc. and a member company of American International Group, Inc. (AIG). As of October 31, 2007, AIG SunAmerica Asset Management Corp. managed and/or administered nearly $58.1 of assets including approximately $10.3 billion in mutual funds and closed-end funds.

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Paris, Switzerland and Tokyo.

Marsico Capital Management, LLC and BlackRock Investment Management, LLC are not affiliated with AIG or AIG SunAmerica Asset Management Corp.

Investors should carefully consider the SunAmerica Focused Alpha Large-Cap Fund’s investment objective, strategies, risks, charges, expenses and Distribution Policy before investing.

THE SUNAMERICA FOCUSED ALPHA LARGE-CAP FUND SHOULD BE CONSIDERED AS ONLY ONE ELEMENT OF A COMPLETE INVESTMENT PROGRAM. THE 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 SunAmerica Focused Alpha Large-Cap Fund will achieve its investment objective. The Fund is actively managed and its portfolio composition will vary. Investing in the Fund is subject to several risks, including: Non-Diversified Status Risk, Growth and Value Stock Risk, Key Adviser Personnel Risk, Investment and Market Risk, Issuer Risk, Foreign Securities Risk, Emerging Markets Risk, Income Risk, Hedging Strategy Risk, Derivatives Risk, Preferred Securities Risk, Debt Securities Risk, Small and Medium Capitalization Company Risk, Leverage Risk, 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 the 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.