NPORT-EX 2 egf_nportex-09302021.htm SCHEDULE OF INVESTMENTS

SCHEDULE OF INVESTMENTS

Eagle Capital Growth Fund, Inc.

Portfolio of Investments (as of September 30, 2021) (unaudited)

Common Stock (79.8% of total investments)
Industry			Shares				Cost				Market Value			% of Total Investments
Advertising
Alphabet, Inc. A*			500			$	583,844			$	1,336,760
MediaAlpha, Inc.*			40,000				1,164,268				747,200
										$	2,083,960			(4.8	%)
Bank
Wells Fargo & Co.			10,000				403,661			$	464,100
										$	464,100			(1.1	%)
Brokerage
Charles Schwab			10,000				337,286			$	728,400
										$	728,400			(1.7	%)
Consumer
Colgate-Palmolive Company			21,000				626,458			$	1,587,180
Kimberly-Clark Corp.			3,500				352,236				463,540
PepsiCo, Inc.			10,000				168,296				1,504,100
Procter & Gamble Company			2,000				145,879				279,600
										$	3,834,420			(8.8	%)
Credit Card
Mastercard Inc			1,000				219,636			$	347,680
Visa Inc.			1,500				225,957				334,125
										$	681,805			(1.6	%)
Data Processing
Automatic Data Processing, Inc.			3000				82,775			$	599,310
Paychex, Inc.			6000				140,075				674,880
										$	1,274,190			(2.9	%)
Drug/Medical Device
Johnson & Johnson			4000				45,500			$	646,000
Stryker Corp.			4500				19,055				1,186,740
										$	1,832,740			(4.2	%)
Food
Kraft Heinz Company			29000				772,000			$	1,067,780
										$	1,067,780			(2.4	%)
Industrial
Illinois Tool Works Inc.			7000				295,051			$	1,446,410
Waters Corp.*			2000				100,780				714,600
										$	2,161,010			(4.9	%)
Insurance
Berkshire Hathaway Inc. B*			28,000				4,626,534			$	7,642,320
Markel Corp.*			1,300				831,360				1,553,669
White Mountains Insurance Group, Ltd.			2,100				1,785,903				2,246,181
										$	11,442,170			(26.2	%)
Mutual Fund Managers
Diamond Hill Investment Group			13711				2,097,120			$	2,408,474
Franklin Resources, Inc.			69500				1,908,256				2,065,540
T. Rowe Price Group Inc.			3500				243,573				688,450
										$	5,162,464			(11.8	%)
Restaurant
Starbucks Corp.			18,000				940,052			$	1,985,580
										$	1,985,580			(4.5	%)

Retail
AutoZone Inc.*			600				319,026			$	1,018,794
eBay Inc.			3,000				68,886				209,010
O'Reilly Automotive Inc.*			1,500				305,534				916,590
										$	2,144,394
Total common stock investments										$	34,863,013
Money Market Funds (20.3% of total investments)											LEVEL ONE
											Market Value			% of Total Investments
Morgan Stanley Inst. Liquidity Fund, Treasury, 0.01%										$	8,860,166
										$	8,860,166			(20.3	%)
Total investments										$	43,723,179
All other assets										$	7,091
Accrued investment advisory fees										$	32,114
All other liabilities										$	4,797
Total net assets										$	43,693,358.03
*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, 2021: 

Gross unrealized appreciation:		$	16,577,101
Gross unrealized depreciation:		$	523,461
Net unrealized appreciation:		$	16,054,012

Federal income tax basis: $18,809,002