<PAGE>
PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
Number Market
Common Stocks of Shares Value
- ---------------------------------------------------------- --------- ---------
<S> <C> <C>
Financial Services (17.6%)
American International Group
(Major international insurance holding company) 1,000 $125,938
State Street Corporation
(Provider of U.S. and global securities custodial services) 1,700 115,706
--------
241,644
--------
Computers and Software (14.6%)
American Power Conversion*
(Leading producer of uninterruptible power supply products) 4,800 137,700
Intel Corporation
(Manufacturer of microprocessors, microcontrollers, and
memory chips) 800 62,450
--------
200,150
--------
Health Care (12.8%)
Johnson & Johnson
(Healthcare products) 900 65,981
Merck & Company
(Ethical drugs and specialty chemicals) 850 109,119
--------
175,100
--------
Direct Marketing (8.8%)
Viking Office Products*
(Direct international marketer of office products to small and
medium sized businesses) 5,200 120,900
--------
Industrial Services (7.6%)
Interpublic Group of Companies, Inc.
(Worldwide advertising agencies) 800 49,700
Manpower, Inc.
(Provider of non-government employment services) 1,350 54,506
--------
104,206
--------
Distributors (7.5%)
Arrow Electronics, Inc.*
(Distributor of electronic components and computer products) 1,600 43,300
Molex, Inc.
(Distributor of electrical, electronic, and fiber optic interconnection
products and systems) 2,200 58,988
--------
102,288
--------
Restaurants (5.28%)
McDonald's Corporation
(Fast food restaurants and franchising) 1,200 72,000
--------
Consumer Products (4.6%)
Mattel, Inc.
(Toy manufacturer) 1,600 63,400
--------
Electrical Equipment (4.4%)
General Electric Co.
(Diversified industrial company) 700 60,331
--------
</TABLE>
*Non-income producing security.
<PAGE>
PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
Number Market
Common Stocks (continued) of Shares Value
- ---------------------------------------------- --------- ----------
<S> <C> <C>
Consumer Services (3.7%)
Service Corporation International
(Funeral service, cemetery owner/operator) 1,200 $ 50,925
----------
Miscellaneous (4.1%)
Steiner Leisure LTD*
(Provider of spa services, beauty salons, and health
clubs on cruise ships) 1,100 55,894
----------
Total Common Stocks -- 90.9% 1,246,838
Cash and Other Assets, Less Liabilities -- 9.1% 125,050
----------
Net Assets -- 100% $1,371,888
==========
Net Asset Value Per Share
(Based on 132,654 shares outstanding at March 31, 1998) $ 10.34
==========
</TABLE>
*Non-income producing security.