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SIGNATURE ROBERT L. MUELLER
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
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<SHARES-COMMON-STOCK> 944,775
<SHARES-COMMON-PRIOR> 1,135,717
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<OVERDISTRIBUTION-NII> 0
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</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and Shareholders of
Papp America-Pacific Rim Fund, Inc.:
In planning and performing our audit of the financial statements
of Papp America-Pacific Rim Fund, Inc., for the year ended
December 31, 1998, we considered its internal control, including
control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control.
The management of Papp America-Pacific Rim Fund, Inc., is
responsible for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits
and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control to future periods
is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
that might be material weaknesses under standards established
by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions.
However, we noted no matters involving the internal control
and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as
defined above as of December 31, 1998.
This report is intended solely for the information and use
of management, the Board of Directors of Papp America-Pacific
Rim Fund, Inc., and the Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Phoenix, Arizona,
January 21, 1999.
