PORTFOLIO OF INVESTMENTS — March 31, 2007 (unaudited)

		Shares/				Value
Security Description		Principal Amount				(Note 1)
COMMON STOCK — 96.5%
Aerospace/Defense — 9.1%
General Dynamics Corp.			282,790			$	21,605,156
Lockheed Martin Corp.			186,326				18,077,349
							39,682,505
Agricultural Operations — 4.5%
Archer-Daniels-Midland Co.			536,009				19,671,530
Cable TV — 10.1%
Comcast Corp., Class A†			1,692,243				43,913,706
Casino Hotels — 12.8%
Boyd Gaming Corp.			250,000				11,910,000
Las Vegas Sands Corp.†			331,133				28,679,429
Wynn Resorts, Ltd.†			160,000				15,177,600
							55,767,029
Casino Services — 1.5%
Scientific Games Corp., Class A†			200,000				6,566,000
Commercial Services — 1.2%
ChoicePoint, Inc.†			140,000				5,240,200
Data Processing/Management — 1.6%
SEI Investments Co.			115,000				6,926,450
E-Commerce/Services — 0.9%
Emdeon Corp.†			250,000				3,782,500
Electric-Transmission — 2.1%
ITC Holdings Corp.			215,000				9,307,350
Finance-Investment Banker/Broker — 6.2%
Goldman Sachs Group, Inc.			89,633				18,520,867
Jefferies Group, Inc.			300,000				8,685,000
							27,205,867
Hotel/Motel — 2.8%
Four Seasons Hotels, Inc.			150,000				12,045,000
Internet Security — 1.7%
CheckFree Corp.†			200,000				7,418,000
Investment Management/Advisor Services — 2.6%
Cohen & Steers, Inc.			100,000				4,308,000
Nuveen Investments Inc., Class A			150,000				7,095,000
							11,403,000
Medical Instruments — 1.4%
Edwards Lifesciences Corp.†			120,000				6,084,000
Medical-Biomedical/Gene — 5.0%
Genentech, Inc.†			264,675				21,735,111
Medical-HMO — 9.3%
Centene Corp.†			100,000				2,099,000
UnitedHealth Group, Inc.			729,185				38,624,929
							40,723,929
Medical-Nursing Homes — 2.2%
Manor Care, Inc.			175,000				9,513,000
Networking Products — 4.6%
Cisco Systems, Inc.†			789,715				20,161,424
Oil Companies-Exploration & Production — 1.2%
Encore Acquisition Co.†			210,000				5,079,900

Retail-Automobile — 1.1%
CarMax, Inc.†			200,000				4,908,000
Retail-Sporting Goods — 3.3%
Dick’s Sporting Goods, Inc.†			250,000				14,565,000
Schools — 2.3%
DeVry, Inc.			350,000				10,272,500
Transport-Rail — 7.5%
Burlington Northern Santa Fe Corp.			405,946				32,650,237
Transport-Services — 1.5%
Expeditors International of Washington, Inc.			160,000				6,611,200
Total Long-Term Investment Securities (cost $347,615,409)							421,233,438
SHORT-TERM INVESTMENT SECURITIES — 5.7%
Time Deposits — 5.7%
Euro Time Deposit with State Street Bank & Trust Co. 2.80% due 04/02/07		$	3,992,000				3,992,000
Euro Time Deposit with State Street Bank & Trust Co. 4.05% due 04/02/07			20,978,000				20,978,000
Total Short-Term Investment Securities (cost $24,970,000)							24,970,000
TOTAL INVESTMENTS (cost $372,585,409) (1)			102.2	%			446,203,438
Liabilities in excess of other assets			(2.2	)			(9,716,924	)
NET ASSETS			100.0	%		$	436,486,514

See Notes to Portfolio of Investments

NOTES TO PORTFOLIO OF INVESTMENTS — March 31, 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 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 of Directors.

Note 2. Federal Income Taxes

As of March 31, 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)		$	372,585,409
Appreciation		$	78,415,065
Depreciation			(4,797,036	)
Net unrealized appreciation (depreciation)		$	73,618,029

Note 3. Other Information

On February 9, 2006, American International Group, Inc. (“AIG”), the parent company and an affiliated person of AIG SunAmerica Asset Management Corp. (“the Adviser”), announced that it had consented to the settlement of an injunctive action instituted by the Securities and Exchange Commission (“SEC”). In its complaint, the SEC alleged that AIG violated Section 17(a) of the Securities Act of 1933, as amended, Sections 10(b), 13(a), 13(b)(2) and 13(b)(5) of the Securities Exchange Act of 1934, as amended, and Rules 10b-5, 12b-20, 13a-1 and 13b2-1 promulgated thereunder, in connection with AIG’s accounting and public reporting practices. The conduct described in the complaint did not involve any conduct of AIG or its subsidiaries related to their investment advisory or distribution activities with respect to the assets of the fund.

AIG, without admitting or denying the allegations in the complaint (except as to jurisdiction), consented to the entry of an injunction against further violations of the statutes referred to above. Absent exemptive relief granted by the SEC, the entry of such an injunction would prohibit AIG and its affiliated persons from, among other things, serving as an investment adviser of any registered investment management company or principal underwriter for any registered open-end investment company pursuant to Section 9(a) of the Investment Company Act of 1940, as amended (“1940 Act”). Certain affiliated persons of AIG, including the Adviser, received a temporary order from the SEC pursuant to Section 9(c) of the 1940 Act with respect to the entry of the injunction, granting exemptive relief from the provisions of Section 9(a) of the 1940 Act. The temporary order permits AIG and its affiliated persons, including AIG’s investment management subsidiaries, to serve as investment adviser, principal underwriter or sponsor of the Fund. The Adviser expects that a permanent exemptive order will be granted, although there is no assurance the SEC will issue the order.

Additionally, AIG and its subsidiaries reached a resolution of claims and matters under investigation with the United States Department of Justice (”DOJ”), the Attorney General of the State of New York (“NYAG”) and the New York State Department of Insurance (“DOI”), regarding accounting, financial reporting and insurance brokerage practices of AIG and its subsidiaries, as well as claims relating to the underpayment of certain workers compensation premium taxes and other assessments.

As a result of the settlements with the SEC, the DOJ, the NYAG and the DOI, AIG made payments totaling approximately $1.64 billion. In addition, as part of its settlements, AIG has agreed to retain for a period of three years an Independent Consultant who will conduct a review that will include the adequacy of AIG’s internal controls over financial reporting and the remediation plan that AIG has implemented as a result of its own internal review.

Subject to receipt of permanent relief, the Adviser believes that the settlements are not likely to have a material adverse effect on their ability to perform its investment advisory services relating to the Fund.

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.