SCHEDULE OF INVESTMENTS

Eagle Capital Growth Fund, Inc.

Portfolio of Investments (as of March 31, 2020) (unaudited)

Common Stocks (92.4% of Total Investments)
Industry					LEVEL ONE
Automotive	Shares		Cost		Market Value			% Total Inv.
General Motors Company		30,000		1,000,547	$	623,400
					$	623,400			2.1	%
Bank
Wells Fargo & Co.		10,000		403,661		287,000
					$	287,000			1.0	%
Brokerage
Charles Schwab Corp		20,000		807,900		672,400
					$	672,400			2.2	%
Credit Card
Mastercard Inc		1,000		219,636		241,560
Visa Inc.		1,500		225,957		241,680
					$	483,240			1.6	%
Consumer
Colgate-Palmolive Co.		24,000		810,965		1,592,640
Kimberly-Clark Corp.		3,500		352,236		447,545
Procter & Gamble Company		2,000		145,879		220,000
					$	2,260,185			7.5	%
Data Processing
Automatic Data Processing, Inc.		6,000		169,333		820,080
Paychex, Inc.		20,000		628,288		1,258,400
					$	2,078,480			6.9	%
Drug/Medical Device
Johnson & Johnson		4,000		45,500		524,520
Stryker Corp.		6,400		27,100		1,065,536
					$	1,590,056			5.3	%
Food
Kraft Heinz Company		29,000		772,000		717,460
PepsiCo, Inc.		10,000		168,296		1,201,000
					$	1,918,460			6.4	%
Industrial
Illinois Tool Works Inc.		9,000		379,352		1,279,080
Waters Corp.*		6,000		302,341		1,092,300
					$	2,371,380			7.9	%
Insurance
Berkshire Hathaway Inc. B*		32,000		5,477,937		5,850,560
Markel Corp.*		1,300		831,360		1,206,257
					$	7,056,817			23.5	%
Mutual Fund Managers
Diamond Hill Investment Group		13,711		2,097,120		1,237,281
Franklin Resources, Inc.		77,500		2,311,283		1,293,475
T. Rowe Price Group Inc.		13,800		960,374		1,347,570
					$	3,878,326			12.9	%
Restaurant
Starbucks Corp.		22,000		1,212,734		1,446,280
					$	1,446,280			4.8	%
Retail
AutoZone Inc.*		750		398,782		634,500
eBay Inc.		42,900		1,072,753		1,289,574
O'Reilly Automotive Inc.*		2,000		407,379		602,100
					$	2,526,174			8.4	%
Software
Alphabet, Inc. A*		500		583,844		580,975
					$	580,975			1.9	%
Total common stock investments					$	27,773,173
Money Market Funds (7.6% of total investments)					LEVEL ONE
Morgan Stanley Inst. Liquidity Fund, Treasury, 0.64%					$	2,277,458			7.6	%
Total investments					$	30,050,631
All other assets						78,349
Accrued investment advisory fees						(21,005	)
All other liabilities						(9,593	)
Total net assets					$	30,098,382
*Non-dividend paying security

Footnote:

The following information is based upon federal income tax cost of portfolio investments, excluding money market investments, as of March 31, 2020:

Gross unrealized appreciation	$	9,041,184
Gross unrealized depreciation		3,080,570
Net unrealized appreciation	$	5,960,614
Federal income tax basis	$	21,812,558