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PAPP STOCK FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2000
Number Market
Common Stocks of Shares Value
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<S> <C> <C>
Financial Services (19.3%)
General Electric Co.
(Diversified financial and industrial company) 40,400 $6,269,575
Northern Trust Corporation
(Bank specializing in trust services) 68,000 4,594,250
State Street Corporation
(Provider of U.S. and global securities custodial services) 106,200 10,288,125
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21,151,950
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Computer Equipment (18.7%)
Hewlett-Packard Company
(Manufacturer of printers, computers, and supplies) 54,000 7,158,375
Intel Corporation
(Manufacturer of microprocessors, microcontrollers,
and memory chips) 95,000 12,534,062
International Business Machines Corporation
(Global provider of information technology, hardware,
software, and services) 8,600 1,014,800
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20,707,237
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Industrial Services (12.2%)
Automatic Data Processing, Inc.*
(Leading provider of computing and data processing services) 21,500 1,037,375
G&K Services Inc., Class A
(Uniform rental service) 90,000 1,759,221
Interpublic Group of Companies, Inc.
(Worldwide advertising agencies) 175,000 8,268,750
Omnicom Group, Inc.
(Worldwide advertising agencies) 27,000 2,522,813
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13,588,159
-----------
Software (12.0%)
BMC Software, Inc.*
(Develops data and application management software) 31,500 1,555,313
Microsoft Corporation*
(Personal computer software) 111,000 11,793,750
-----------
13,349,063
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Electronic Equipment (7.8%)
American Power Conversion*
(Leading producer of uninterruptible power supply products) 204,000 8,746,500
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*Non-income producing security.
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PAPP STOCK FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2000
Number Market
Common Stocks(continued) of Shares Value
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<S> <C> <C>
Medical Products (6.3%)
Medtronic, Inc.
(Manufacturer of implantable biomedical devices) 137,000 $7,046,937
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Pharmaceutical (6.1%)
American Home Products Corporation
(Prescription pharmaceuticals) 17,500 938,438
Merck & Company
(Prescription pharmaceuticals) 95,000 5,901,875
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6,840,313
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Investment Management (4.7%)
T. Rowe Price Associates, Inc.
(No-load mutual fund company) 132,000 5,214,000
Specialty Retailing (4.2%)
Walgreen Company
(Retail drug store chain) 80,000 2,060,000
Wal-Mart Stores, Inc.
(Leading discount retailer) 47,000 2,608,500
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4,668,500
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Restaurants (3.9%)
McDonald's Corporation
(Fast food restaurants and franchising) 115,000 4,319,687
Consumer Products (2.0%)
Clorox Company
(Manufacturer of bleach and other consumer products) 70,000 2,275,000
Telecommunications (1.5%)
Motorola, Inc.
(Manufacturer of communication equipment) 12,000 1,708,500
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Total Common Stocks - 98.7% 109,615,846
Cash and Other Assets, Less Liabilities - 1.3% 1,412,999
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Net Assets - 100% $111,028,845
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Net Asset Value Per Share
(Based on 2,460,876 shares outstanding at March 31, 2000) $ 45.12
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*Non-income producing security
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