United States
Securities and Exchange Commission
Washington, D.C. 20549

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered
Management Investment Company
Investment Company Act file number: 811-05807
Eagle Capital Growth Fund, Inc.
(Exact name of registrant as specified in charter)
 
225 East Mason Street, Suite 802, Milwaukee, WI 53202-3657
(Address of principal executive offices) (zip code)
Luke E. Sims, President
Eagle Capital Growth Fund, Inc.
225 East Mason Street
Suite 802
Milwaukee, WI 53202-3657
(414) 765-1107
(Name and address of agent for service)
Registrant's telephone number, including area code:
(414) 765-1107

Date of fiscal year end: December 31, 2020

Date of reporting period: March 31, 2020

ITEM 1.
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
 

ITEM 2.
Controls and Procedures
 

(a)
As of April 5, 2020, an evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) was performed by management with the participation of the registrant's President and Chief Executive Officer (who is the principal executive officer of the registrant) and the registrant’s Chief Financial Officer (who is the principal financial officer of the registrant).  Based on that evaluation, the registrant's President and Chief Executive Officer and Chief Financial Officer concluded that the registrant's disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the registrant is recorded, processed, summarized and reported within the time periods specified by the Commission's rules and forms, and that information required to be disclosed by the registrant has been accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, or persons performing similar functions as appropriate to allow timely decisions regarding required disclosure.
 

(b)
Fair Value Accounting—Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provides a framework for establishing that fair value.  The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.
 
In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly.  These Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.
 
Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset.  These level 3 fair value measurements are based primarily on management’s own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the asset.


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