Item 1. Schedule of Investments.

SunAmerica Focused Alpha Growth Fund, Inc.
PORTFOLIO OF INVESTMENTS — September 30, 2011 — (unaudited)

		Shares/ Principal				Value
Security Description		Amount				(Note 1)
COMMON STOCK — 91.7%
Apparel Manufacturers — 2.0%
Under Armour, Inc., Class A†			78,000			$	5,179,980
Athletic Footwear — 4.4%
NIKE, Inc., Class B			133,919				11,451,414
Auction House/Art Dealers — 3.7%
Sotheby’s			348,184				9,599,433
Casino Hotels — 4.3%
Wynn Resorts, Ltd.			97,001				11,162,875
Coffee — 4.5%
Green Mountain Coffee Roasters, Inc.†			125,830				11,694,640
Commercial Services-Finance — 4.2%
Morningstar, Inc.			74,483				4,203,821
Verisk Analytics, Inc., Class A†			187,182				6,508,318
							10,712,139
Computers — 7.5%
Apple, Inc.†			50,899				19,401,681
Decision Support Software — 1.3%
MSCI, Inc., Class A†			113,301				3,436,419
Diagnostic Kits — 1.6%
IDEXX Laboratories, Inc.†			61,413				4,235,655
Distribution/Wholesale — 2.4%
Fastenal Co.			189,382				6,302,633
E-Commerce/Services — 5.1%
priceline.com, Inc.†			28,938				13,006,473
Electric-Transmission — 4.5%
ITC Holdings Corp.			150,470				11,650,892
Engines-Internal Combustion — 4.7%
Cummins, Inc.			147,348				12,032,438
Hotel/Motels — 2.3%
Hyatt Hotels Corp., Class A†			185,000				5,803,450
Insurance-Property/Casualty — 1.9%
Arch Capital Group, Ltd.†			150,210				4,908,112
Investment Management/Advisor Services — 0.7%
Eaton Vance Corp.			76,313				1,699,490
Medical Instruments — 3.5%
Edwards Lifesciences Corp.†			125,000				8,910,000
Metal-Diversified — 1.8%
Molycorp, Inc.†			140,000				4,601,800
Multimedia — 1.3%
FactSet Research Systems, Inc.			38,848				3,456,306
Oil Companies-Exploration & Production — 1.9%
Concho Resources, Inc.†			67,000				4,766,380
Oil-Field Services — 5.5%
CARBO Ceramics, Inc.			38,848				3,983,085
Halliburton Co.			330,876				10,098,336
							14,081,421
Resort/Theme Parks — 2.2%
Vail Resorts, Inc.			150,000				5,668,500
Retail-Restaurants — 6.3%
Starbucks Corp.			435,590				16,243,151
Retail-Sporting Goods — 3.2%
Dick’s Sporting Goods, Inc.†			250,000				8,365,000
Schools — 1.3%
DeVry, Inc.			91,004				3,363,508
Soap & Cleaning Preparation — 3.4%
Church & Dwight Co., Inc.			196,760				8,696,792
Transport-Services — 1.9%
Expeditors International of Washington, Inc.			120,652				4,892,439
Web Portals/ISP — 4.3%
Baidu, Inc. ADR†			102,743				10,984,254
Total Long-Term Investment Securities (cost $208,436,950)							236,307,275
SHORT-TERM INVESTMENT SECURITIES — 8.3%
Time Deposits — 8.3%
Euro Time Deposit with State Street Bank and Trust Co. 0.01% due 10/03/11 (cost $21,260,000)		$	21,260,000				21,260,000
TOTAL INVESTMENTS (cost $229,696,950) (1)			100.0	%			257,567,275
Liabilities in excess of other assets			0.0				(12,163	)
NET ASSETS			100.0	%		$	257,555,112

ADR — American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of September 30, 2011 (See Note 1):

		Level 1 - Unadjusted Quoted Prices				Level 2 - Other Observable Inputs				Level 3 - Significant Unobservable Inputs				Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Computers		$	19,401,681			$	—			$	—			$	19,401,681
E-Commerce/Services			13,006,473				—				—				13,006,473
Oil-Field Services			14,081,421				—				—				14,081,421
Retail-Restaurants			16,243,151				—				—				16,243,151
Other Industries*			173,574,549				—				—				173,574,549
Short-Term Investment Securities:
Time Deposit			—				21,260,000				—				21,260,000
Total		$	236,307,275			$	21,260,000			$	—			$	257,567,275

See Notes to Portfolio of Investments

NOTES TO PORTFOLIO OF INVESTMENTS — September 30, 2011 — (unaudited)

Note 1. Security Valuation Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded. 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 SunAmerica Focused Alpha Growth, Inc. (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 do not reflect the fair value of the security. 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 if a development/significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

The various inputs that may be used to determine the value of the Fund’s investments are summarized into three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors, etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the inputs used to value the Fund’s net assets as of September 30, 2011 are reported on a schedule following the Portfolio of Investments.

Note 2. Federal Income Taxes As of September 30, 2011, 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)		$	229,696,950
Appreciation		$	47,786,581
Depreciation			(19,916,256	)
Net unrealized appreciation (depreciation)		$	27,870,325

ADDITIONAL INFORMATION

Additional information is available in the Fund’s Annual and Semiannual reports which may be obtained without charge from the EDGAR database on the Securities and Exchange Commission’s website at http://www.sec.gov.

Item 2. Controls and Procedures.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as
Exhibit 99. CERT.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SunAmerica Focused Alpha Growth Fund, Inc.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.