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PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Market
Common Stocks of Shares Value
- ------------------------------------------------------------------------- ------------- ------------
<S> <C> <C>
FINANCIAL SERVICES (16.6%)
American International Group
(Major international insurance holding company) 2,037 $177,092
State Street Corporation
(Provider of U.S. and global securities custodial services) 2,900 187,412
T. Rowe Price Associates, Inc.
(No-load mutual fund company) 9,500 260,656
------------
625,160
------------
COMPUTER EQUIPMENT (13.2%)
Intel Corporation
(Manufacturer of microprocessors, microcontrollers, and
memory chips) 3,400 252,663
International Business Machines Corporation
(Global provider of information technology, hardware,
software, and services) 2,000 242,750
------------
495,413
------------
SPECIALTY RETAILING (11.2%)
Office Depot *
(Large retailer and direct marketer of office supplies) 23,500 239,406
Wal-Mart Stores, Inc.
(Leading discount retailer) 3,850 183,116
------------
422,522
------------
INDUSTRIAL SERVICES (9.9%)
G & K Services, Inc. Class A
(Uniform rental service) 4,500 182,250
Interpublic Group of Companies, Inc.
(Worldwide advertising agencies) 4,600 189,175
------------
371,425
------------
ELECTRICAL EQUIPMENT (9.4%)
American Power Conversion *
(Leading producer of uninterruptible power supply products) 18,500 351,500
------------
CONSUMER SERVICES (9.3%)
Steiner Leisure Ltd. *
(Provider of spa services, beauty salons, and health
clubs on cruise ships) 14,000 350,000
------------
</TABLE>
*Non-income producing security
<PAGE>
PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1999
(UNADUDITED)
<TABLE>
<CAPTION>
Number Market
Common Stocks (continued) of Shares Value
- ------------------------------------------------------------------------- ------------- ------------
<S> <C> <C>
MEDICAL PRODUCTS (4.9%)
Medtronic, Inc.
(Manufacturer of implantable biomedical devices) 5,200 $184,600
------------
HEALTHCARE SERVICES (4.8%)
Techne Corporation *
(Leading producer of raw materials for biotechnology industry) 5,700 178,837
------------
RESTAURANTS (4.8%)
McDonald's Corporation
(Fast food restaurants and franchising) 4,200 180,600
------------
SOFTWARE (4.8%)
Microsoft Corporation *
(Personal computer software) 2,000 181,125
------------
PHARMACEUTICAL (4.7%)
Merck & Company
(Prescription pharmaceuticals) 2,700 174,994
------------
TOTAL COMMON STOCKS - 93.6% 3,516,176
CASH AND OTHER ASSETS, LESS LIABILITIES - 6.4% 242,289
------------
NET ASSETS - 100% $3,758,465
============
NET ASSET VALUE PER SHARE
(Based on 319,932 shares outstanding at September 30, 1999) $ 11.75
============
</TABLE>
*Non-income producing security
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