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PAPP SMALL & MID-CAP GROWTH FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2000
Number Market
Common Stocks of Shares Value
- --------------------------------------------------------------------- --------- -------
<S> <C> <C>
Industrial Services (13.9%)
Catalina Marketing Corporation*
(Provider of targeted marketing products and services to packaged 800 $81,000
goods companies and retailers)
Cintas Corp.
(Leading uniform and textile rental company) 1,500 58,781
Expeditors International of Washington, Inc.
(International air freight forwarding) 3,400 135,150
Forrester Research *
(Leading provider of strategic technology research) 4,000 217,000
G & K Services, Inc. Class A
(Uniform rental service) 1,800 35,184
Young & Rubicam Inc.
(Worldwide advertising agency) 3,700 173,900
-------
701,015
-------
Investment Management (13.5%)
Federated Investors
(Major U.S. investment management company) 8,000 218,500
T. Rowe Price Associates, Inc.
(No-load mutual fund company) 5,000 197,500
U.S. Trust Corporation
(Provider of investment management, private banking,
and fiduciary services) 1,400 264,600
-------
680,600
-------
Electronic Equipment (12.3%)
American Power Conversion Corporation *
(Leading producer of uninterruptible power supply products) 6,000 257,250
Molex, Inc.
(Supplier of interconnection products) 5,000 221,875
Symbol Technologies, Inc.
(Leading manufacturer of bar code based mobile computing systems) 1,700 139,931
-------
619,056
-------
Financial Services (9.2%)
Bisys Group *
(Provider of administration and information services
to the financial services industry) 2,500 166,250
Concord EFS, Inc.*
(Electronic transaction authorization, processing and settlement services)5,000 114,687
Investors Financial Services Corp.
(Provides asset administration services to the financial
services industry) 3,000 176,625
-------
457,562
-------
*Non-income producing security.
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PAPP SMALL & MID-CAP GROWTH FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2000
Number Market
Common Stocks(continued) of Shares Value
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Telecommunications (7.7%)
ADC Telecommunications, Inc. *
(Manufacturer and developer of data and voice networking products) 3,700 $199,338
Plantronics, Inc. *
(Manufactures lightweight telephone headsets) 2,000 186,375
-------
385,713
-------
Medical Products (7.2%)
Del Global Technologies
(Designs, manufactures, and markets medical imaging systems) 17,000 144,500
ResMed Inc. *
(Developer and manufacturer of respiratory products) 2,000 142,750
Stryker Corp.
(Developer and manufacturer of surgical and medical devices) 1,000 69,750
-------
357,000
-------
Specialty Retailing (6.7%)
Dollar General Corporation
(Operates self-service discount stores) 5,000 134,375
Family Dollar Stores, Inc.
(Self-service discount store chain) 4,400 91,575
Office Depot *
(Leading retailer and direct marketer of office supplies) 9,500 109,844
-------
335,794
-------
Health Care Services (4.6%)
Express Scripts, Inc.*
(Leading independent pharmacy benefit manager) 2,000 84,000
IMS Health, Inc.
(Leading provider of information solutions and market research to
pharmaceutical industry) 3,000 50,813
Patterson Dental Company *
(Leading distributor of dental supplies in the U.S. and Canada) 2,500 95,625
-------
230,438
-------
Software (4.1%)
BMC Software, Inc. *
(Develops data and application management software) 2,000 98,750
SunGard Data Systems, Inc. *
(Develops software for investment support systems) 2,900 109,475
-------
208,225
-------
Biotechnology (3.7% )
Techne Corp. *
(Leading producer of biotechnology products) 2,700 186,300
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*Non-income producing security.
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PAPP SMALL & MID-CAP GROWTH FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2000
Number Market
Common Stocks(continued) of Shares Value
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<S> <C> <C>
Instruments & Testing (3.4%)
National Instruments Corp. *
(Supplier of computer based instrumentation products) 3,750 $176,016
Broadcasting and Publishing (3.2%)
Central Newspapers, Inc.
(Newspaper publisher) 2,000 67,250
Saga Communications, Inc.*
(Owns/operates radio and television stations) 5,000 95,625
-------
162,875
-------
Consumer Products (2.2%)
Clorox Company
(Manufacturer of bleach and other consumer products) 3,500 113,750
-------
Educational Provider (2.2%)
Apollo Group, Inc.*
(Leading provider of higher education programs for working adults) 4,000 112,750
-------
Consumer Services (2.2%)
Steiner Leisure Ltd. *
(Provider of spa services, beauty salons, and health
clubs on cruise ships) 5,800 111,650
-------
Restaurants (1.5%)
Brinker International, Inc.*
(Owns and operates, and franchises casual dining restaurants) 2,500 74,219
-------
Event Services (1.4%)
VIAD Corp.
(Provider convention/tradeshow management services and provides
money orders and other cash access services) 3,000 68,625
-------
Total Common Stocks - 99.0% 4,981,588
Cash and Other Assets, Less Liabilities - 1.0% 48,813
---------
Net Assets - 100% $5,030,401
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Net Asset Value Per Share
(Based on 238,632 shares outstanding at March 31, 2000) $21.08
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* Non-income producing security.
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FACTS ABOUT THE FUND
INVESTMENT OBJECTIVE - The Fund, which commenced operations December 15, 1998,
invests with the objective of long-term capital growth in the common stocks of
United States companies that have substantial international activities and, to a
much lesser extent, in the common stocks of foreign enterprises that are traded
publicly in United States securities markets.
THE INVESTMENT ADVISER - The Fund's assets are managed by L. Roy Papp &
Associates, the largest investment counseling firm in Arizona, with over $1.2
billion in total assets managed for individuals, trusts, corporations, and
charitable and educational institutions. Founded in 1978, the Firm is solely in
the investment management business. The Firm is an independent general
partnership. Of its ten general partners, seven are Chartered Financial Analysts
(CFAs).
EXPERIENCED MANAGEMENT - The securities portfolio of the Fund is managed by L.
Roy Papp and Rosellen C. Papp. Mr. Papp, the founder of L. Roy Papp &
Associates, has over 45 years experience in the field of investment management.
Prior to founding L. Roy Papp & Associates, he was a senior partner of a large
investment counseling firm in Chicago, Illinois and the United States Director
and Ambassador to the Asian Development Bank, Manila, Philippines. He received
his M.B.A. degree from the Wharton School, University of Pennsylvania and his
A.B. degree from Brown University.
Rosellen C. Papp, the director of research at L. Roy Papp & Associates, has over
22 years experience in security and financial analysis. She holds a Master of
Management degree in Finance from the Kellogg Graduate School of Management,
Northwestern University and a B.B.A. degree from the University of Michigan. She
is a Chartered Financial Analyst and member of the International Society of
Financial Analysts.
"PURE" NO-LOAD - The Fund is a "pure" no-load fund in that there are no
"loading" charges or sales commissions paid in connection with the purchase of
its shares. In addition, there are no deferred sales loads, no redemption fees,
and no 12b-1 fees. The Fund's investment adviser receives an annual management
fee of 1%, which is based on the Fund's average daily net asset value. Other
expenses such as auditing charges, legal fees, and custodial expenses are
limited to 1/4% of the Fund's average daily net asset value; therefore, the
Fund's annual expenses may not exceed 1 1/4%.
SUITABILITY - The Fund is suitable only for long-term investors seeking capital
appreciation over time. Included are individuals of most ages, institutional
accounts such as pension and profit sharing plans, retirement accounts such as
IRA's, educational accounts for young children, and many personal trusts. The
Fund is not suitable for those with high current income needs, aggressive
investors who desire maximum short-term results and are willing to assume the
attendant risks, and those with relatively short time horizons who may require
their capital in the near-term.
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