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PAPP SMALL & MID-CAP GROWTH FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Market
Common Stocks of Shares Value
- ------------------------------------------------------------------------- ------------- ------------
<S> <C> <C>
FINANCIAL SERVICES (18.7%)
Bisys Group *
(Provider of administration and information services
to the financial services industry) 3,000 $140,719
Federated Investors
(Major U.S. investment management company) 9,900 170,775
Investors Financial Services Corp.
(Provides asset administration services to the financial
services industry) 3,000 103,125
T. Rowe Price Associates, Inc.
(No-load mutual fund company) 5,000 137,187
U.S. Trust Corporation
(Provider of investment management, private banking,
and fiduciary services) 1,400 112,525
------------
664,331
------------
INDUSTRIAL SERVICES (18.4%)
Cambridge Technology Partners, Inc. *
(International professional services business) 6,200 89,900
Expeditors International of Washington, Inc.
(International air freight forwarding) 4,400 141,213
Forrester Research *
(Leading provider of strategic technology research) 4,500 175,500
G & K Services, Inc. Class A
(Uniform rental service) 2,800 113,400
Young & Rubicam Inc. *
(Worldwide advertising agency) 3,000 132,000
------------
652,013
------------
HEALTH CARE SERVICES (9.9%)
Covance, Inc. *
(Leading contract research organization to the drug industry) 6,000 58,125
Patterson Dental Company *
(Leading distributor of dental supplies in the U.S. and Canada) 2,500 123,906
Techne Corp. *
(Leading producer of raw materials for biotechnology industry) 5,300 166,288
------------
348,319
------------
ELECTRICAL EQUIPMENT (9.0%)
American Power Conversion Corporation *
(Leading producer of uninterruptible power supply products) 10,000 190,000
Molex, Inc.
(Supplier of electrical, electronic, and fiber optic
interconnection products and systems) 4,000 129,500
------------
319,500
------------
MEDICAL PRODUCTS (9.0%)
Del Global Technologies
(Designs, manufactures, and markets medical imaging systems) 17,000 133,875
ResMed Inc. *
(Developer and manufacturer of respiratory products) 4,000 132,250
Stryker Corp.
(Developer and manufacturer of surgical and medical devices) 1,000 51,125
------------
317,250
------------
</TABLE>
*Non-income producing security.
<PAGE>
PAPP SMALL & MID-CAP GROWTH FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Market
Common Stocks (continued) of Shares Value
- ------------------------------------------------------------------------- ------------- ------------
<S> <C> <C>
SOFTWARE (8.0%)
BMC Software, Inc. *
(Develops data and application management software) 2,500 $178,906
SunGard Data Systems, Inc. *
(Develops software for investment support systems) 3,900 102,619
------------
281,525
------------
SPECIALTY RETAILING (7.1%)
Dollar General Corporation
(Operates self-service discount stores) 5,000 154,375
Office Depot *
(Leading retailer and direct marketer of office supplies) 9,500 96,781
------------
251,156
------------
TELECOMMUNICATIONS (6.6%)
ADC Telecommunications, Inc. *
(Manufacturer and developer of data and voice networking products) 3,200 134,200
Plantronics, Inc. *
(Manufactures lightweight telephone headsets) 2,000 99,500
------------
233,700
------------
CONSUMER SERVICES (4.1%)
Steiner Leisure Ltd. *
(Provider of spa services, beauty salons, and health
clubs on cruise ships) 5,800 145,000
------------
COMPUTER EQUIPMENT (3.8%)
National Instruments Corp. *
(Supplier of computer based instrumentation products) 3,750 132,539
------------
PERSONAL CARE/COSMETICS (2.1%)
Helen of Troy Ltd. *
(Designs, develops, and markets personal care accessories) 7,700 74,113
------------
MISCELLANEOUS (1.9%)
Symbol Technologies, Inc.
(Leading manufacturer of bar code driven mobile computing systems) 2,000 67,250
------------
TOTAL COMMON STOCKS - 98.6% 3,486,696
CASH AND OTHER ASSETS, LESS LIABILITIES - 1.4% 50,391
------------
NET ASSETS - 100% $3,537,087
===========
NET ASSET VALUE PER SHARE
(Based on 237,426 shares outstanding at September 30, 1999) $ 14.90
===========
</TABLE>
* Non-income producing security.
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