SCHEDULE OF INVESTMENTS

Eagle Capital Growth Fund, Inc.

Portfolio of Investments (as of March 31, 2023) (unaudited)

Common Stocks (95.7% of Total Investments)					LEVEL ONE
Industry	Shares		Cost		Fair Value		Percent of Net Assets
Advertising
Alphabet, Inc. A*		19,000	$	1,643,795	$	1,970,870
MediaAlpha, Inc.*		40,000		804,160		599,200
					$	2,570,070		6.5	%
Bank
JPMorgan Chase & Co		3,000		390,311	$	390,930
US Bancorp.		12,000		503,758		432,600
Wells Fargo & Co.		10,000		403,661		373,800
					$	1,197,330		3.0	%
Brokerage
Charles Schwab Corp.		24,000		1,215,796		1,257,120
					$	1,257,120		3.2	%
Conglomerate
Berkshire Hathaway Inc. B*		26500		4,320,855		8,182,405
IAC Inc.		10000		486,155		516,000
					$	8,698,405		21.8	%
Credit Card
Colgate-Palmolive Company		21,000		626,458		1,578,150
Kimberly-Clark Corp.		3,500		352,236		469,770
Procter & Gamble Company		2,000		145,879		297,380
					$	2,345,300		5.9	%
Consumer
Mastercard Inc		1,000		219,636		363,410
Visa Inc.		1,500		225,957		338,190
					$	701,600		1.8	%
Data Processing
Automatic Data Processing, Inc.		3,000		82,775		667,890
Paychex, Inc.		6,000		140,075		687,540
					$	1,355,430		3.4	%
Drug/Medical Device
Johnson & Johnson		4,000		45,500		620,000
Stryker Corp.		4,500		19,055		1,284,615
					$	1,904,615		4.8	%
Food
Kraft Heinz Company		29,000		772,000		1,121,430
PepsiCo, Inc.		10,000		168,296		1,823,000
					$	2,944,430		7.4	%
Industrial
Danaher Corporation		1,000		254,997		252,040
Illinois Tool Works Inc.		7,000		295,051		1,704,150
Waters Corp.*		2,000		100,780		619,260
					$	2,575,450		6.5	%
Insurance
Markel Corp.*		1,670		1,296,670		2,133,275
					$	2,133,275		5.4	%
Mutual Fund Managers
Diamond Hill Investment Group, Inc.		9,576		1,338,331		1,576,018
Franklin Resources, Inc.		70,000		1,794,630		1,885,800
T. Rowe Price Group Inc.		17,100		2,257,154		1,930,590
					$	5,392,408		13.5	%
Restaurant
Starbucks Corp.		12,000		588,432		1,249,560
					$	1,249,560		3.1	%

Retail
Amazon.com Inc.	9,000	1,064,151		929,610
AutoZone Inc.*	600	319,026		1,474,890
eBay Inc.	3,000	68,886		133,110
O'Reilly Automotive Inc.*	1,500	305,534		1,273,470
			$	3,811,080	9.6	%
Total common stock investments			$	38,136,073	95.7	%
Money Market Funds (4.3% of total investments)				LEVEL ONE
Morgan Stanley Inst. Liquidity Fund, Treasury, 4.35%				1,705,493	4.3	%
Total investments			$	39,841,566
All other assets less liabilities				32,513
Total net assets			$	39,874,079
*Non-dividend paying security

Footnote:

The following information is based upon federal income tax costs of portfolio investments, excluding money market investments, as of March 31, 2023:

Gross unrealized appreciation:	$	17,174,013
Gross unrealized depreciation:		1,287,941
Net unrealized appreciation:	$	15,886,072

Federal income tax basis: $22,250,000