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SIGNATURE ROBERT L. MUELLER
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and Shareholders of
Papp Small & Mid-Cap Growth Fun
In planning and performing our audit of the financial statements of
Papp Small & Mid-Cap Growth Fun, for the year ended December 31, 1999, 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 Small & Mid-Cap Growth Fun, 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, 1999.
This report is intended solely for the information and use of
management, the Board of Directors of Papp Small & Mid-Cap Growth Fun and
the Securities and Exchange Commission.
Arthur Andersen LLP
Phoenix, Arizona
January 28,2000
