|
|
|
|
|
|
|
|
|
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
Number Market
Common Stocks of Shares Value
- ------------------------------------------------------- --------- -----------
<S> <C> <C>
Computers and Software (17.8%)
American Power Conversion*
(Leading producer of uninterruptible power supply products) 98,000 $ 2,811,375
Hewlett-Packard Company
(Manufacturer of printers, computers and medical
electronic equipment) 58,000 3,675,750
Intel Corporation
(Manufacturer of microprocessors, microcontrollers,
and memory chips) 51,000 3,981,187
Microsoft Corporation*
(Personal computer software) 64,000 5,728,000
-----------
16,196,312
-----------
Financial Services (16.1%)
Northern Trust Corporation
(Bank specializing in trust services) 36,000 2,691,000
State Street Corporation
(Provider of U.S. and global securities custodial services) 109,200 7,432,425
T. Rowe Price Associates, Inc.
(Provides investment advisory and administrative
services to their family of no-load mutual funds) 64,000 4,504,000
-----------
14,627,425
-----------
Industrial Services (14.9%)
G&K Services Inc., Class A
(Uniform rental service) 103,000 4,519,125
Interpublic Group of Companies, Inc.
(Worldwide advertising agencies) 90,000 5,591,250
Manpower, Inc.
(Provider of non-government employment services) 84,000 3,391,500
-----------
13,501,875
-----------
Distributors (8.9%)
Arrow Electronics, Inc.*
(Distributor of electronic components and computer products) 43,000 1,163,688
Marshall Industries, Inc.*
(Distributor of industrial electronic components) 109,000 3,637,875
Sigma-Aldrich Corp.
(Develops, manufactures and distributes specialty chemicals) 66,000 2,458,500
W.W. Grainger
(Distributor and manufacturer of electric equipment) 8,000 822,500
-----------
8,082,563
-----------
Pharmaceutical (8.3%)
American Home Products Corporation
(Ethical and proprietary drugs) 15,000 1,430,625
Merck & Company
(Ethical drugs and specialty chemicals) 47,500 6,097,813
-----------
7,528,438
-----------
</TABLE>
*Non-income producing security.
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
Number Market
Common Stocks (continued) of Shares Value
- -------------------------------------------------------- --------- -----------
<S> <C> <C>
Consumer Products (7.0%)
Clorox Company
(Manufacturer of bleach and other consumer products) 29,200 $ 2,502,075
Mattel, Inc.
(Toy manufacturer) 98,000 3,883,250
-----------
6,385,325
-----------
Electrical Equipment (6.8%)
General Electric Co.
(Diversified industrial company) 45,000 3,878,438
Emerson Electric Company
(Manufacturer of electrical and electronic products and systems) 35,000 2,281,563
-----------
6,160,001
-----------
Consumer Services (5.9%)
Service Corporation International
(Funeral service; cemetery owner/operator) 127,000 5,389,562
-----------
Restaurants (3.7%)
McDonald's Corporation
(Fast food restaurants and franchising) 56,000 3,360,000
-----------
Telecommunications (3.1%)
Motorola, Inc.
(Manufacturer of communication equipment) 47,000 2,849,375
-----------
Retail Stores (2.9%)
Walgreen Company
(Retail drug store chain) 75,000 2,639,062
-----------
Miscellaneous (3.5%)
Medtronic, Inc.
(Manufacturer of implantable biomedical devices) 61,000 3,164,375
-----------
Total Common Stocks - 98.9% 89,884,313
Cash and Other Assets, Less Liabilities - 1.1% 1,000,713
-----------
Net Assets - 100% $90,885,026
===========
Net Asset Value Per Share
(Based on 2,714,662 shares outstanding at March 31, 1998) $ 33.48
===========
</TABLE>
|
|