SCHEDULE OF INVESTMENTS

Eagle Capital Growth Fund, Inc.

Portfolio of Investments (as of September 30, 2022) (unaudited)

Common Stocks (88.3% of Total Investments)					LEVEL ONE
Industry	Shares		Cost		Market Value		% Total Inv.
Advertising
Alphabet, Inc. A*		17,000	$	1,464,392	$	1,626,050
MediaAlpha, Inc.*		40,000		804,160		350,000
					$	1,976,050		5.4	%
Bank
JPMorgan Chase & Co		3,000		390,311	$	313,500
Wells Fargo & Co.		10,000		403,661	$	402,200
					$	715,700		2.0	%
Brokerage
Charles Schwab Corp.		10,000		337,286		718,700
					$	718,700		2.0	%
Consumer
Colgate-Palmolive Company		21,000		626,458		1,475,250
Kimberly-Clark Corp.		3,500		352,236		393,890
Procter & Gamble Company		2,000		145,879		252,500
					$	2,121,640		5.8	%
Credit Card
Mastercard Inc		1,000		219,636		284,340
Visa Inc.		1,500		225,957		266,475
					$	550,815		1.5	%
Data Processing
Automatic Data Processing, Inc.		3,000		82,775		678,570
Paychex, Inc.		6,000		140,075		673,260
					$	1,351,830		3.7	%
Drug/Medical Device
Johnson & Johnson		4,000		45,500		653,440
Stryker Corp.		4,500		19,055		911,430
					$	1,564,870		4.3	%
Food
Kraft Heinz Company		29,000		772,000		967,150
PepsiCo, Inc.		10,000		168,296		1,632,600
					$	2,599,750		7.1	%
Industrial
Danaher Corporation		1,000		254,997		258,290
Illinois Tool Works Inc.		7,000		295,051		1,264,550
Waters Corp.*		2,000		100,780		539,060
					$	2,061,900		5.7	%
Insurance
Berkshire Hathaway Inc. B*		26,500		4,320,855		7,076,030
Markel Corp.*		1,670		1,296,670		1,810,647
					$	8,886,677		24.4	%
Mutual Fund, closed-end
New Ireland Fund		10,200		90,905		67,014
					$	67,014		0.2	%
Mutual Fund Managers
Diamond Hill Investment Group, Inc.		9,576		1,338,331		1,580,040
Franklin Resources, Inc.		70,000		1,794,630		1,506,400
T. Rowe Price Group Inc.		17,100		2,257,154		1,795,671
					$	4,882,111		13.4	%
Restaurant
Starbucks Corp.		18,000		940,052		1,516,680
					$	1,516,680		4.2	%

Retail
Amazon.com Inc.	7,000	874,928		791,000
AutoZone Inc.*	600	319,026		1,285,158
eBay Inc.	3,000	68,886		110,430
O'Reilly Automotive Inc.*	1,500	305,534		1,055,025
			$	3,241,613	8.9	%
Total common stock investments			$	32,255,350	88.5	%
Money Market Funds (10.2% of total investments)
Morgan Stanley Inst. Liquidity Fund, Treasury, 0.01%				4,176,388	11.5	%
Total investments			$	36,431,738
All other assets less liabilities				9,758
Total net assets			$	36,441,496
*Non-dividend paying security

Footnote:

The following information is based upon federal income tax costs of portfolio investments, excluding money market investments, as of September 30, 2022:

Gross unrealized appreciation:	$	13,640,589
Gross unrealized depreciation:	$	1,840,544
Net unrealized appreciation:	$	11,799,875

Federal income tax basis: $20,455,476