Papp Small and Mid-Cap Growth Fund gets interim adviser agreement

By Toni Weeks

San Diego, Feb. 21 - L. Roy Papp & Associates, LLP, the investment adviser to the Papp Small and Mid-Cap Growth Fund, underwent a change in control due to the recent death of L. Roy Papp, co-portfolio manager of the fund, according to a 497 filing with the Securities and Exchange Commission.

The change in control has caused an automatic termination of the investment advisory agreement with the Phoenix-based adviser. Shareholders of the fund must approve a new investment advisory agreement with the adviser for it to continue services to the fund.

The board of trustees of the trust approved the new agreement at a meeting on Jan. 12. It also approved an interim advisory agreement with L. Roy Papp & Associates, which will terminate on the earlier of May 14 and the effective date of the new advisory agreement.

Brian Riordan has been named assistant portfolio manager of the fund. He joins Rosellen C. Papp, the existing portfolio manager. Riordan has been a research analyst with Roy Papp & Associates since 2004.

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