United States Securities and Exchange Commission Washington, D.C. 20549 Form N-CSRS Certified Shareholder Report of Registered Management Investment Companies 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 (Address of principal executive offices) (zip code) Luke E. Sims, President and Chief Executive Officer Eagle Capital Growth Fund, Inc. 225 East Mason Street, Suite 802 Milwaukee, WI 53202 (Name and address of agent for service) Registrant’s telephone number, including area code: (414) 765-1107 Date of fiscal year end: December 31 Date of reporting period: June 30, 2025 1 ITEM 1. REPORT TO STOCKHOLDERS Eagle Capital Growth Fund, Inc. Semiannual Report June 30, 2025 2 Top Ten Holdings (as of June 30, 2025) Berkshire Hathaway Inc. B $6,072,125 12.7% Markel Corp. $3,335,591 7.0% Alphabet, Inc. A $2,995,910 6.3% T. Rowe Price Group, Inc. $2,258,100 4.7% Amazon.com Inc. $1,974,510 4.1% AutoZone Inc. $1,856,115 3.9% Stryker Corp. $1,780,335 3.7% Illinois Tool Works Inc. $1,730,750 3.6% O'Reilly Automotive Inc. $1,723,736 3.6% Diamond Hill Investment Group, Inc. $1,391,489 2.9% Dear Fellow Shareholders, For the first six months of 2025, our Fund was up 4%, compared to the S&P 500 (Total Return) Index of 6%. The first half of 2025 was a little volatile, with some big down months followed by some up months. The Fund's first half performance was negatively impacted by a decline in the market price of Berkshire Hathaway (BRK-B), triggered by Warren Buffett's decision, announced in April, to step down as CEO. We expected Berkshire's stock price to decline on this type of news, as the \"Buffett premium\" fades away. While Buffett is irreplaceable, we believe that he has wisely chosen Greg Abel to succeed him as CEO, and Buffett is still around to offer guidance as long as his health holds out. One of the most frequent questions we get from shareholders is about the structure of the Fund. Given the interest and our familiarity with the question, it makes sense to explore. Investment funds were created to offer efficiencies compared to individuals investing separately. By uniting and pooling investments, investors were able to lower costs and improve diversification. The community nature of investment funds remains to this day. Private funds are the oldest form of community investing, initially creating by groups banding together to make investments. Then came mutual funds, which offered the benefits to all investors. The closed-end mutual fund structure is an elegant, simple structure for community investing. Open-end and closed-end mutual funds are very similar. The key difference is that open-end funds make two daily offers to shareholders, one offer to create new shares at net asset value (NAV) and one to retire existing shares at NAV. This creates some risk to existing investors, largely via fire sale portfolio sales in the event that fellow investors decide all at once to sell their shares. Closed-end funds make no such offers, allowing existing investors to transfer their shares to new owners via a market price. With cash neither flowing rapidly in nor out, shareholders can be confident that investments can be held through market cycles. Exchange-traded funds (ETFs) offer some appeal, like tax-efficiency, though there are shortcomings which are not consistent with long-term investing. Unlike open-end funds, which redeem shares at the end-of-day NAV, ETFs update their NAV publicly on a real-time basis. For long-term investors, the only important prices are the one you pay upfront and the one you receive upon a sale, plus whatever dividends you receive while you hold the security. The second-by-second NAV is unnecessary, even bothersome. ETFs also have an unfair feature for retail investors where institutions holding large positions can redeem shares at above-market prices. The Fund was started in 1989, when the closed-end structure was the best option for long-term investors. In 2025, the world has changed. Most things have been improved upon; cars now have brains to drive themselves, phones are portable, and computers morphed into phones, among other things. However, the closed-end format which was simple, elegant, and the best format for investors in 1989 remains the optimal form for long-term investors in 2025. With a closed-end fund (like the Fund), think about it this way. The Fund recently traded at a 17% discount from NAV, which effectively means that a purchaser is paying 82 cents on the dollar for the underlying portfolio. For long-term investors, this is a wonderful deal. Yes, if you have to sell you run the risk that the current discount persists. However, in our experience, the discount-to-NAV bounces around and shareholders desiring to sell can often do so when the discount-to-NAV is narrower. There have been a number of times that Fund shares have traded at a premium to NAV (totally irrational!). The stock market can be irrational for extended time periods, and long-term investors should take advantage of the foolishness. On to the normal business in 2025. The majority of the transactions in the first half were sales. We sold our position in Waters Corporation (WAT), due to valuation, above $400 a share. Recently, Waters announced an acquisition, prompting the decline of the shares below $300. Sometimes it’s better to be lucky than good. The sale of Waters had an element of each. We remain big fans of AutoZone (AZO) and O’Reilly Automotive (ORLY). The companies were available near 14x earnings when we bought them; recently, the valuations were almost double. The businesses are great; managements are top-notch. We trimmed the positions because of valuation. Schwab (SCHW) remains a core part of our portfolio. We were big buyers in 2023 when the market panicked about the impact of rising interest rates on brokerages and regional banks. We bought in at panic prices near $60. Two years later, the price for Schwab shares has normalized, rising near $90 where we sold some shares. We continue to like Schwab for its asset-gathering and custody capabilities. Some shareholders may note a familiar name in the portfolio: White Mountains Insurance (WTM). We have owned WTM in the past and bought shares in the first half of 2025. WTM is an insurance holding company which buys small insurance operations, applies its expertise in management, grows the companies, and ultimately takes the portfolio companies public or sells them. The market for WTM shares is prone to misvaluation, due to accounting rules and limited liquidity. We are glad to have WTM back in the portfolio. As always, we love hearing from our Fund shareholders. As we constantly remind you, we won’t comment on any Fund portfolio purchase or sale that hasn’t been publicly reported, or that is contemplated. With that one caveat, all other topics are on the table. Luke E. Sims David C. Sims Email: [email protected] Email: [email protected] Phone: 414/530-5680 Phone: 414/765-1107 July 24, 2025 Eagle Capital Growth Fund, Inc. Statement of Assets and Liabilities As of June 30, 2025 (unaudited) Assets Common stock--at market value (cost $15,885,869) $37,806,906 Money market funds 9,899,533 Dividends receivable 81,674 Prepaid fees 14,399 Total assets $47,802,512 Liabilities Accounts payable $39,789 Investment advisor fee payable 30,125 Total liabilities $69,914 Total net assets $47,732,598 Shareholders' Equity Net Assets are Comprised of: Paid-in capital $0.001 par value per share; authorized 50,000,000 shares, outstanding 3,967,836 shares 23,560,335 Accumulated earnings 24,172,263 Total net assets $47,732,598 Net asset value per share $12.03 See Notes to Financial Statements. Eagle Capital Growth Fund, Inc. Statement of Operations For the Six Months Ended June 30, 2025 (unaudited) Investment Income Dividends $305,714 Interest 192,786 Total investment income $498,500 Expenses Advisory fees $174,199 Legal fees 9,580 Insurance 6,726 Transfer agent 26,053 Directors’ fees and expenses 51,368 Custodian fees 9,669 Listing fee 7,489 Other fees and expenses 8,430 Total expenses $293,514 Net investment income $204,986 Realized Gain and Change in Unrealized Appreciation on Investments Realized gain on investments: Net realized gain on investments $1,955,317 Unrealized appreciation on investments: Net change in unrealized appreciation on investments $(207,728) Net realized gain and change in unrealized appreciation on investments $1,747,589 Net increase from operations $1,952,575 See Notes to Financial Statements.

Form N-CSRS EAGLE CAPITAL GROWTH For: Jun 30

Eagle Capital Growth Fund, Inc. reports a 4% return for the first six months of 2025, outperforming the S&P 500 Total Return Index by 2% despite market volatility. The fund's performance was negatively impacted by a decline in Berkshire Hathaway (BRK-B) shares following Warren Buffett's announcement to step down as CEO, though the fund maintains confidence in Greg Abel as his successor. The fund highlights its closed-end structure as optimal for long-term investors, currently trading at a 17% discount to net asset value (NAV), which it views as a favorable investment opportunity. Key portfolio transactions include the sale of Waters Corporation (WAT) due to valuation concerns, a reduction in AutoZone (AZO) and O'Reilly Automotive (ORLY) positions due to rising valuations, and the addition of White Mountains Insurance (WTM). The fund also notes the recovery of Schwab (SCHW) shares from $60 to $90, and continues to hold it as a core holding for its asset-gathering and custody capabilities.