THE L. ROY PAPP STOCK FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1999
Number Market
Common Stocks of Shares Value
- --------------------------------------------- --------- -----------
Financial Services (22.7%)
General Electric Co.
(Diversified financial and
industrial company) 45,000 $ 4,978,125
Northern Trust Corporation
(Bank specializing in trust services) 34,000 3,019,625
State Street Corporation
(Provider of U.S. and global securities
custodial services) 109,200 8,974,875
T. Rowe Price Associates, Inc.
(Provides investment advisory
and administrative services to their
family of no-load mutual funds) 145,000 4,984,375
-----------
21,957,000
-----------
Industrial Services (14.9%)
Automatic Data Processing, Inc.*
(Leading provider of computing and data
processing services) 10,000 413,750
G&K Services Inc., Class A
(Uniform rental service) 103,000 4,757,313
Interpublic Group of Companies, Inc.
(Worldwide advertising agencies) 90,000 7,008,750
Omnicom Group, Inc.
(Worldwide advertising agencies) 28,000 2,238,250
-----------
14,418,063
-----------
Software (12.7%)
BMC Software, Inc.*
(Develops, markets, and supports
data and application management
software) 30,500 1,130,406
Microsoft Corporation*
(Personal computer software) 124,000 11,113,500
-----------
12,243,906
-----------
Computer Equipment (11.4%)
Hewlett-Packard Company
(Manufacturer of printers, computers,
and medical electronic equipment) 58,000 3,933,125
Intel Corporation
(Manufacturer of microprocessors,
microcontrollers, and memory chips) 51,000 6,075,375
International Business Machines
(Global provider of information
technology, hardware, software
and services) 5,800 1,028,050
-----------
11,036,550
-----------
Pharmaceutical (9.9%)
American Home Products Corporation
(Prescription pharmaceuticals) 30,000 1,957,500
Merck & Company
(Prescription pharmaceuticals) 95,000 7,617,812
-----------
9,575,312
-----------
*Non-income producing security
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1999
Number Market
Common Stocks (continued) of Shares Value
- --------------------------------------------- --------- -----------
Medical Products (6.9%)
Biomet, Inc.
(Developer and manufacturer of
surgical and medical devices) 40,000 $ 1,677,500
Medtronic, Inc.
(Manufacturer of implantable
biomedical devices) 70,000 5,022,500
-----------
6,700,000
-----------
Consumer Products (5.8%)
Clorox Company
(Manufacturer of bleach and other
consumer products) 29,200 3,421,875
Mattel, Inc.
(Toy manufacturer) 88,000 2,189,000
-----------
5,610,875
-----------
Restaurants (5.3%)
McDonald's Corporation
(Fast food restaurants and franchising) 112,000 5,075,000
-----------
Electrical Equipment (4.4%)
American Power Conversion*
(Leading producer of uninterruptible
power supply products) 98,000 2,646,000
Emerson Electric Company
(Manufacturer of electrical and
electronic products and systems) 30,000 1,588,125
-----------
4,234,125
-----------
Retail Stores (2.3%)
Walgreen Company
(Retail drug store chain) 80,000 2,260,000
-----------
Consumer Services (1.8%)
Service Corporation International
(Funeral service; cemetery owner/operator) 122,000 1,738,500
-----------
Telecommunications (1.1%)
Motorola, Inc.
(Manufacturer of communication
equipment) 15,000 1,098,750
-----------
Total Common Stocks - 99.3% 95,948,081
Cash and Other Assets, Less
Liabilities - 0.7% 693,430
-----------
Net Assets - 100% $96,641,511
===========
Net Asset Value Per Share
(Based on 2,629,752 shares outstanding
at March 31, 1999) $ 36.75
===========
* Non-income producing security