PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1999
Number Market
Common Stocks of Shares Value
- --------------------------------------------- --------- ----------
Financial Services (19.7%)
American International Group
(Major international insurance
holding company) 1,750 $ 211,093
State Street Corporation
(Provider of U.S. and global securities
custodial services) 2,500 205,468
T. Rowe Price Associates, Inc.
(Provides investment advisory and
administrative services to their family
of no-load mutual funds) 14,000 481,250
----------
897,811
----------
Industrial Services (13.6%)
G & K Services, Inc. Class A
(Uniform rental service) 4,800 221,700
Interpublic Group of Companies, Inc.
(Worldwide advertising agencies) 5,100 397,163
----------
618,863
----------
Specialty Retailing (10.5%)
Office Depot *
(Large office supply retailer and direct
marketer of office products) 13,000 478,563
----------
Consumer Services (10.1%)
Steiner Leisure Ltd. *
(Provider of spa services, beauty salons,
and health clubs on cruise ships) 15,000 461,250
----------
Medical Products (9.5%)
Johnson & Johnson
(Healthcare products) 2,300 215,481
Medtronic, Incorporated
(Manufacturer of implantable
biomedical devices) 3,000 215,250
----------
430,731
----------
Computer Equipment (9.1%)
Intel Corporation
(Manufacturer of microprocessors,
microcontrollers, and memory chips) 1,700 202,512
International Business Machines
(Global provider of information technology,
hardware, software and services) 1,200 212,700
----------
415,212
----------
*Non-income producing security
<PAGE>
PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 1999
Number Market
Common Stocks (continued) of Shares Value
- -------------------------------------------- --------- ----------
Pharmaceutical (5.3%)
Merck & Company
(Ethical drugs) 3,000 $ 240,563
----------
Healthcare Services (5.1%)
Techne Corporation *
(Leading producer of raw materials for
biotechnology industry) 8,000 231,000
----------
Restaurants (5.0%)
McDonald's Corporation
(Fast food restaurants and franchising) 5,000 226,563
----------
Software (4.7%)
Microsoft Corporation *
(Personal computer software) 2,400 215,100
----------
Electrical Equipment (4.4%)
American Power Conversion *
(Leading producer of uninterruptible power
supply products) 7,500 202,500
----------
Total Common Stocks - 97.0% 4,418,156
Cash and Other Assets, Less Liabilities - 3.0% 136,707
----------
Net Assets - 100% $4,554,863
==========
Net Asset Value Per Share
(Based on 359,223 shares outstanding at
March 31, 1999) $ 12.68
==========
*Non-income producing security