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PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
Number Market
Common Stocks of Shares Value
------------------------------------------------------------- ----------- ----------
<S> <C> <C>
Financial Services (14.5%)
American International Group
(Major international insurance holding company) 1,825 $ 174,630
State Street Corporation
(Provider of U.S. and global securities custodial services) 2,600 338,000
------------
512,630
------------
Industrial Services (12.2%)
G & K Services, Inc. Class A
(Uniform rental service) 6,200 173,988
Interpublic Group of Companies, Inc.
(Worldwide advertising agencies) 7,600 258,875
------------
432,863
------------
Investment Management (11.7%)
T. Rowe Price Associates, Inc.
(No-load mutual fund company) 8,800 413,050
------------
Electronic Equipment (11.1%)
American Power Conversion *
(Leading producer of uninterruptible power supply products) 6,600 126,638
Molex, Inc.
(Supplier of interconnection products) 6,400 265,200
------------
391,838
------------
Computer Equipment (6.3%)
Intel Corporation
(Manufacturer of microprocessors, microcontrollers, and
memory chips) 5,400 224,775
------------
Pharmaceutical (6.3%)
Merck & Company
(Prescription pharmaceuticals) 3,000 223,312
------------
Medical Products (5.0%)
Medtronic, Inc.
(Manufacturer of implantable biomedical devices) 3,400 176,162
------------
* Non-income producing security
<PAGE>
PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 2000
(UNAUDITED)
<CAPTION>
Number Market
Common Stocks of Shares Value
------------------------------------------------------------- ----------- ----------
<S> <C> <C>
Specialty Retailing (4.9%)
Wal-Mart Stores, Inc.
(Leading discount retailer) 3,600 $ 173,250
------------
Restaurants (4.9%)
McDonald's Corporation
(Fast food restaurants and franchising) 5,700 172,069
------------
Software (4.8%)
Microsoft Corporation *
(Personal computer software) 2,850 171,712
------------
Consumer Products (4.8%)
Clorox Company
(Manufacturer of bleach and other consumer products) 4,300 170,119
------------
Biotechnology (4.7%)
Techne Corporation *
(Leading producer of biotechnology products) 1,500 168,000
------------
Semiconductor Equipment (3.6%)
Applied Materials, Inc.*
(Leading developer, manufacturer, and marketer of
semiconductor manufacturing systems) 2,200 130,487
------------
Total Common Stocks - 94.8% 3,360,267
Cash and Other Assets, Less Liabilities - 5.2% 183,700
------------
Net Assets - 100% $ 3,543,967
============
Net Asset Value Per Share
(Based on 251,465 shares outstanding at September 30, 2000) $ 14.09
============
* Non-income producing security
</TABLE>
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