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<CAPTION>
PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2000
Number Market
Common Stocks of Shares Value
- ----------------------------------------------------------------- ----------- ---------
<S> <C> <C>
Electronic Equipment (15.1%)
American Power Conversion *
(Leading producer of uninterruptible power supply products) 9,000 $385,875
Molex, Inc.
(Supplier of interconnection products) 5,000 221,875
--------
607,750
--------
Computer Equipment (14.4%)
Intel Corporation
(Manufacturer of microprocessors, microcontrollers, and
memory chips) 3,000 395,812
International Business Machines Corporation
(Global provider of information technology, hardware,
software, and services) 1,550 182,900
--------
578,712
--------
Industrial Services (12.1%)
G & K Services, Inc. Class A
(Uniform rental service) 9,000 175,922
Interpublic Group of Companies, Inc.
(Worldwide advertising agencies) 6,600 311,850
--------
487,772
--------
Financial Services (11.0%)
American International Group
(Major international insurance holding company) 1,737 190,201
State Street Corporation
(Provider of U.S. and global securities custodial services) 2,600 251,875
--------
442,076
--------
Investment Management (9.4%)
T. Rowe Price Associates, Inc.
(No-load mutual fund company) 9,500 375,250
--------
Specialty Retailing (8.8%)
Office Depot *
(Large retailer and direct marketer of office supplies) 15,500 179,219
Wal-Mart Stores, Inc.
(Leading discount retailer) 3,150 174,825
--------
354,044
--------
*Non-income producing security
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PAPP FOCUS FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2000
Number Market
Common Stocks(continued) of Shares Value
- ----------------------------------------------------------------- ----------- ---------
<S> <C> <C>
Software (5.8%)
Microsoft Corporation *
(Personal computer software) 2,200 $233,750
--------
Restaurants (4.7%)
McDonald's Corporation
(Fast food restaurants and franchising) 5,000 187,813
--------
Pharmaceutical (4.7%)
Merck & Company
(Prescription pharmaceuticals) 3,000 186,375
--------
Medical Products (4.4%)
Medtronic, Inc.
(Manufacturer of implantable biomedical devices) 3,400 174,888
--------
Biotechnology (3.6%)
Techne Corporation *
(Leading producer of biotechnology products) 2,100 144,900
--------
Total Common Stocks - 94.0% 3,773,330
Cash and Other Assets, Less Liabilities - 6.0% 243,006
--------
Net Assets - 100% $4,016,336
========
Net Asset Value Per Share
(Based on 270,816 shares outstanding at March 31, 2000) $ 14.83
========
*Non-income producing security
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