Washington, D.C. 20549



Investment Company Act file number 811-21770



(Exact name of registrant as specified in charter)

Harborside Financial Center,
3200 Plaza 5 Jersey City, NJ 07311

(Address of principal executive offices) (Zip code)

John T. Genoy
Senior Vice President
SunAmerica Asset Management Corp.
Harborside Financial Center,
3200 Plaza 5
Jersey City, NJ 07311

(Name and address of agent for service)

Registrant’s telephone number, including area code: (201) 324-6414


Date of fiscal year end: December 31


Date of reporting period: September 30, 2010



Item 1. Schedule of Investments.



SunAmerica Focused Alpha Growth Fund, Inc.
PORTFOLIO OF INVESTMENTS — September 30, 2010 — (unaudited)

    Principal     Value  
Security Description   Amount     (Note 1)  
Apparel Manufacturers — 1.5%
Under Armour, Inc., Class A†
    117,400     $ 5,287,696  
Cable/Satellite TV — 5.8%
    475,329       19,787,946  
Casino Hotels — 5.7%
Wynn Resorts, Ltd.
    223,493       19,392,488  
Commercial Services-Finance — 3.3%
Morningstar, Inc.†
    97,600       4,349,056  
Verisk Analytics, Inc., Class A†
    250,000       7,002,500  
Computers — 5.9%
Apple, Inc.†
    71,657       20,332,674  
Decision Support Software — 1.5%
MSCI, Inc., Class A†
    150,000       4,981,500  
Diagnostic Kits — 1.4%
IDEXX Laboratories, Inc.†
    80,000       4,937,600  
Distribution/Wholesale — 1.9%
Fastenal Co.
    125,000       6,648,750  
Diversified Minerals — 5.6%
BHP Billiton PLC ADR
    298,072       19,052,762  
E-Commerce/Products — 6.5%
Amazon.com, Inc.†
    141,519       22,226,974  
E-Commerce/Services — 6.6%
priceline.com, Inc.†
    64,986       22,637,223  
Electric-Transmission — 3.6%
ITC Holdings Corp.
    200,000       12,450,000  
Engines-Internal Combustion — 4.9%
Cummins, Inc.
    183,598       16,630,307  
Finance-Investment Banker/Broker — 1.3%
Jefferies Group, Inc.
    200,000       4,538,000  
Hotel/Motels — 1.6%
Hyatt Hotels Corp., Class A†
    150,000       5,608,500  
Insurance-Property/Casualty — 1.6%
Arch Capital Group, Ltd.†
    65,000       5,447,000  
Internet Content-Information/News — 5.4%
Baidu, Inc. ADR†
    180,828       18,556,570  
Investment Management/Advisor Services — 0.8%
Eaton Vance Corp.
    100,000       2,904,000  
Medical Instruments — 3.9%
Edwards Lifesciences Corp.†
    200,000       13,410,000  
Medical-Hospitals — 1.8%
Community Health Systems, Inc.†
    200,000       6,194,000  
Multimedia — 1.2%
FactSet Research Systems, Inc.
    50,000       4,056,500  
Oil Companies-Exploration & Production — 8.1%
Anadarko Petroleum Corp.
    338,902       19,334,359  
Concho Resources, Inc.†
    125,000       8,271,250  
Oil-Field Services — 1.2%
CARBO Ceramics, Inc.
    50,000       4,050,000  
Retail-Restaurants — 4.8%
McDonald’s Corp.
    222,334       16,566,106  
Retail-Sporting Goods — 3.3%
Dick’s Sporting Goods, Inc.†
    400,000       11,216,000  
Schools — 1.7%
DeVry, Inc.
    120,000       5,905,200  
Soap & Cleaning Preparation — 2.5%
Church & Dwight Co., Inc.
    130,000       8,442,200  
Transport-Services — 2.2%
Expeditors International of Washington, Inc.
    160,000       7,396,800  
Total Long-Term Investment Securities
(cost $245,461,798)
Time Deposits — 4.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 10/01/10 (cost $15,499,000)
  $ 15,499,000       15,499,000  
(cost $260,960,798) (1)
    100.1 %     343,112,961  
Liabilities in excess of other assets
    (0.1 )     (171,985 )
    100.0 %   $ 342,940,976  
  Non-income producing security
(1)   See Note 2 for cost of investments on a tax basis.
ADR — American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of September 30, 2010 (See Note 1):
    Level 1 -
Unadjusted Quoted
    Level 2 - Other
Observable Inputs
    Level 3 - Significant
Unobservable Inputs
Long-Term Investment Securities:
Common Stock:
Cable/Satellite TV
  $ 19,787,946     $     $     $ 19,787,946  
Casino Hotels
    19,392,488                   19,392,488  
    20,332,674                   20,332,674  
Diversified Minerals
    19,052,762                   19,052,762  
    22,226,974                   22,226,974  
    22,637,223                   22,637,223  
Internet Content-Information/News
    18,556,570                   18,556,570  
Oil Companies-Exploration & Production
    27,605,609                   27,605,609  
Other Industries*
    158,021,715                   158,021,715  
Short-Term Investment Securities:
Time Deposit
          15,499,000             15,499,000  
  $ 327,613,961     $ 15,499,000     $     $ 343,112,961  
*   Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments.
See Notes to Portfolio of Investments


NOTES TO PORTFOLIO OF INVESTMENTS — September 30, 2010 — (unaudited)
Note 1. Security Valuation Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges for which 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 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 60th day, are amortized to maturity based on the value determined on the 61st 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, 2010 are reported on a schedule following the Portfolio of Investments.
Note 2. Federal Income Taxes As of September 30, 2010, 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)
  $ 260,960,798  
  $ 83,716,171  
    (1,564,008 )
Net unrealized appreciation (depreciation)
  $ 82,152,163  



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.
a)       An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.
b)      There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
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.
By:     /s/ John T. Genoy
    John T. Genoy 
Date:   November 24, 2010
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.
By:     /s/ John T. Genoy
    John T. Genoy 
Date:   November 24, 2010
By:     /s/ Donna M. Handel
    Donna M. Handel
Date:   November 24, 2010