PORTFOLIO OF INVESTMENTS — September 30, 2007 (unaudited)

		Shares/
		Principal				Value
Security Description		Amount				(Note 1)
COMMON STOCK — 93.7%
Aerospace/Defense — 9.5%
General Dynamics Corp.			282,790			$	23,887,272
Lockheed Martin Corp.			195,225				21,179,960
							45,067,232
Casino Hotels — 15.4%
Boyd Gaming Corp.			250,000				10,712,500
Las Vegas Sands Corp.†			331,133				44,179,765
Wynn Resorts, Ltd.			115,000				18,119,400
							73,011,665
Casino Services — 1.6%
Scientific Games Corp., Class A†			200,000				7,520,000
Commercial Services — 1.1%
ChoicePoint, Inc.†			140,000				5,308,800
Computers — 11.3%
Apple, Inc.†			181,308				27,838,030
Hewlett-Packard Co.			515,454				25,664,455
							53,502,485
Data Processing/Management — 1.3%
SEI Investments Co.			230,000				6,274,400
Diversified Minerals — 1.5%
HLTH Corp.†			510,000				7,226,700
Electric-Transmission — 2.2%
ITC Holdings Corp.			215,000				10,653,250
Finance-Investment Banker/Broker — 5.9%
Jefferies Group, Inc.			300,000				8,349,000
The Goldman Sachs Group, Inc.			89,633				19,427,056
							27,776,056
Internet Security — 1.6%
CheckFree Corp.†			167,500				7,795,450
Investment Management/Advisor Services — 2.7%
Cohen & Steers, Inc.			100,000				3,703,000
Nuveen Investments Inc., Class A			150,000				9,291,000
							12,994,000
Medical Instruments — 1.3%
Edwards Lifesciences Corp.†			120,000				5,917,200
Medical-Biomedical/Gene — 5.9%
Genentech, Inc.†			361,030				28,167,561
Medical-HMO — 5.7%
UnitedHealth Group Inc.			559,433				27,093,340
Medical-Nursing Homes — 2.4%
Manor Care, Inc.			175,000				11,270,000
Oil Companies-Exploration & Production — 1.4%
Encore Acquisition Co.†			210,000				6,646,500
Retail-Automobile — 1.6%
CarMax, Inc.†			380,000				7,725,400
Retail-Restaurants — 6.2%
McDonald’s Corp.			541,885				29,516,476
Retail-Sporting Goods — 3.5%
Dick’s Sporting Goods, Inc.†			250,000				16,787,500
Schools — 2.7%
DeVry, Inc.			350,000				12,953,500
Soap & Cleaning Preparation — 1.0%
Church & Dwight Co., Inc.			100,000				4,704,000
Telephone-Integrated — 5.9%
AT&T Inc.			662,172				28,016,497
Transport-Services — 2.0%
Expeditors International of Washington, Inc.			200,000				9,460,000
Total Long-Term Investment Securities
(cost $348,555,155)							445,388,012
SHORT-TERM INVESTMENT SECURITIES — 5.4%
Time Deposit — 3.5%
Euro Time Deposit with State Street Bank & Trust Co.
3.55% due 10/01/07 (cost $16,621,000)		$	16,621,000				16,621,000
U.S. Government Treasuries — 1.9%
United States Treasury Bills
3.15% due 11/01/07			1,849,000				1,843,824
3.55% due 01/03/08			1,868,000				1,850,685
3.65% due 01/10/08			3,180,000				3,147,436
3.75% due 01/31/08			1,306,000				1,289,403
3.80% due 02/07/08 (cost $9,355,450)			1,241,000				1,224,102
							9,355,450
Total Short-Term Investment Securities
(cost $25,976,450)							25,976,450
TOTAL INVESTMENTS
(cost $374,531,605) (1)			99.1	%			471,364,462
Other assets less liabilities			0.9				4,079,850
NET ASSETS			100.0	%		$	475,444,312

NOTES TO PORTFOLIO OF INVESTMENTS — September 30, 2007 — (unaudited)

Note 1. Security Valuation

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Fund uses the exchange that is the primary market for the security. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price the Fund’s shares, and the Fund may determine that certain closing prices are unreliable. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If the Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board of Directors (the “Board”) to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Fund may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. For foreign equity securities, the Fund uses an outside pricing service to provide it with closing market prices and information used for adjusting those prices.

Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60^th day, are amortized to maturity based on the value determined on the 61^st day.

Securities for which market quotations are not readily available or where a development/significant event occurs that may significantly impact the value of the security, are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

Note 2. Federal Income Taxes

As of September 30, 2007, the amounts of aggregate unrealized gain (loss) and the cost of investment securities for federal income tax purposes, including short-term securities, were as follows:

Cost (tax basis)		$	374,555,570
Appreciation		$	103,877,391
Depreciation			(7,044,534	)
Net unrealized appreciation (depreciation)		$	96,832,857

Note 3. Other Information

The matter related to American International Group, Inc.’s (“AIG”) settlement with the Securities and Exchange Commission (the “Commission”) and other governmental authorities that was reported in recent shareholder reports has been resolved. With respect to such matter, in September 2007, the Commission issued a permanent exemptive order (the “Order”) pursuant to Section 9(c) of the Investment Company Act of 1940, as amended, to AIG and certain affiliated persons of AIG, including AIG SunAmerica Asset Management Corp (“AIG SunAmerica”). The Order permits AIG SunAmerica to continue to provide advisory services to the Fund. There has been no adverse impact to the Fund or the Fund’s shareholders.

ADDITIONAL INFORMATION

Additional information is available in the SunAmerica Focused Alpha Growth Fund, Inc.’s Annual and Semi-annual reports which may be obtained without charge from the EDGAR database on the Securities and Exchange Commission’s website at http://www.sec.gov.