<PAGE>
PAPP AMERICA-PACIFIC RIM FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
Number Market
Common Stocks of Shares Value
- ---------------------------------- ----------- -----------
<S> <C> <C>
Industrial Services (21.4%)
Air Express International
(Air freight forwarding) 23,000 $ 610,937
Expeditors International of Washington, Inc.
(International air freight forwarding) 10,500 450,188
G & K Services, Inc. Class A
(Uniform rental service) 19,000 833,625
Interpublic Group of Companies, Inc.
(Worldwide advertising agencies) 20,000 1,242,500
----------
3,137,250
----------
Computers and Software (15.1%)
American Power Conversion*
(Leading producer of uninterruptible power supply products) 26,000 745,875
Hewlett-Packard Company
(Manufacturer of printers, computers, and medical
electronic equipment) 9,500 602,063
Intel Corporation
(Manufacturer of microprocessors, microcontrollers,
and memory chips) 11,000 858,687
----------
2,206,625
----------
Telecommunications (11.6%)
L.M. Ericsson Telephone AB
(Manufacturer of telecom systems and cellular handsets) 16,500 784,781
Hong Kong Telecommunications Ltd.
(International telecommunications services) 21,000 439,688
Motorola, Inc.
(Manufacturer of communication equipment) 7,700 466,813
----------
1,691,282
----------
Medical Devices (10.2%)
Medtronic, Inc.
(Manufacturer of implantable biomedical devices) 14,400 747,000
Stryker Corp.
(Developer and manufacturer of surgical and medical devices) 16,000 750,000
----------
1,497,000
----------
Financial Services (10.1%)
American International Group
(Major international insurance holding company) 6,000 755,625
State Street Corporation
(Provider of U.S. and global securities custodial services) 10,500 714,656
----------
1,470,281
----------
Restaurants (5.7%)
McDonald's Corporation
(Fast food restaurants and franchising) 14,000 840,000
----------
</TABLE>
*Non-income producing security.
<PAGE>
PAPP AMERICA-PACIFIC RIM FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
Number Market
Common Stocks (continued) of Shares Value
- -------------------------------------------- ----------- -----------
<S> <C> <C>
Pharmaceutical (5.7%)
Eli Lilly and Co.
(Healthcare products) 7,200 $ 429,300
Warner-Lambert Company
(Pharmacuetical and consumer products) 2,400 408,750
-----------
838,050
-----------
Electrical Equipment (5.7%)
General Electric Co.
(Diversified industrial company) 9,600 827,400
-----------
Distributors (5.5%)
Molex, Inc.
(Distributor of electrical, electronic, and fiber
optic interconnection products and systems) 30,000 804,375
-----------
Consumer Products (5.2%)
Colgate-Palmolive Company
(Household and personal care products) 2,200 190,575
Mattel, Inc.
(Toy manufacturer) 14,500 574,562
-----------
765,137
-----------
Miscellaneous (3.0%)
Callaway Golf Company
(Manufacturer of golf clubs) 15,000 435,000
-----------
Total Common Stocks - 99.2% 14,512,400
Cash and Other Assets, Less Liabilities - 0.8% 116,085
-----------
Net Assets - 100.0% $14,628,485
===========
Net Asset Value Per Share
(Based on 1,099,228 shares outstanding at March 31, 1998) $ 13.31
===========
</TABLE>