PAPP STOCK FUND
                            PAPP AMERICA-ABROAD FUND
                          PAPP AMERICA-PACIFIC RIM FUND
                        PAPP SMALL & MID-CAP GROWTH FUND

               SPECIAL MEETING OF SHAREHOLDERS - February 20, 2004

     This proxy is  solicited  on behalf of the boards of  directors  of each of
Papp Stock Fund, Papp  America-Abroad  Fund, Papp  America-Pacific  Rim Fund and
Papp Small & Mid-Cap  Growth Fund (each, a "fund") and relates to proposals with
respect to each fund. The undersigned hereby appoints Harry A. Papp and Julie A.
Hein or either of them,  as  proxies  for the  undersigned,  with full  power of
substitution in each of them, to attend the special meeting of the  shareholders
of each fund to be held at 2201 East Camelback, Suite 124B,  Phoenix,  Arizona
85016,  on February 20, 2004, at 10:00 a.m.,  local time, and any adjournment or
postponement  thereof,  to cast on behalf of the  undersigned all votes that the
undersigned  is entitled to cast at such meeting and  otherwise to represent the
undersigned  at the meeting  with all powers  possessed  by the  undersigned  if
personally present at the meeting.  The undersigned hereby acknowledges  receipt
of the notice of the special  meeting of  shareholders  and of the  accompanying
proxy  statement  and  prospectus  and revokes any proxy  previously  given with
respect to such meeting.

     The votes entitled to be cast by the undersigned will be cast as instructed
on the reverse side of this card.  If this proxy is executed but no  instruction
is given,  the votes entitled to be cast by the  undersigned  will be cast "For"
Proposals 1, 2, 3 and 4 and in the discretion of the above-named  proxies on any
other matter that may  properly  come before the meeting or any  adjournment  or
postponement thereof.


                 Date                               , 2004

                 PLEASE SIGN, DATE AND RETURN
                 PROMPTLY IN ENCLOSED ENVELOPE


                 [ box ]

                 ------------------------------------------------------------
                 Signature(s)              (Title(s) if applicable)
                 NOTE:    Signature(s) should agree with the name(s) printed
                 herein.  If joint owners, each holder should sign this
                 proxy.  When signing as attorney, executor, administrator,
                 trustee or guardian, please give your full name as such.  If
                 a corporation, please sign in full corporate name by
                 president or other authorized officer.  If a partnership,
                 please sign in partnership name by authorized person.


 YOUR VOTE IS IMPORTANT. PLEASE VOTE BY FILLING IN THE APPROPRIATE BOX BELOW

This proxy will be voted "For" Proposals 1, 2, 3 and 4 if no specification
is made below.

For shareholders of Papp Stock Fund:

Your board of directors recommends that you vote "FOR" Proposal 1.

(1)      To approve an Agreement and Plan of Reorganization between Papp Stock
         Fund (your fund) and Pioneer Papp Stock Fund.  Under this Agreement,
         as more fully described in the accompanying proxy statement and
         prospectus, your fund will transfer all of its assets to the Pioneer
         Papp Stock Fund in exchange for Class A shares of Pioneer Papp Stock
         Fund, a newly created fund with a substantially similar investment
         objective and policies as your fund.

         FOR      |_|              AGAINST  |_|               ABSTAIN  |_|


For shareholders of Papp America-Abroad Fund:

Your board of directors recommends that you vote "FOR" Proposal 2.

(2)      To approve an Agreement and Plan of Reorganization between Papp
         America-Abroad Fund (your fund) and Pioneer Papp American Navigator
         Fund. Under this Agreement, as more fully described in the accompanying
         proxy statement and prospectus, your fund will transfer all of its
         assets to Pioneer Papp American Navigator Fund in exchange for Class A
         shares of Pioneer Papp American Navigator Fund, a newly created fund
         with a substantially similar investment objective and policies as your
         fund.

         FOR      |_|               AGAINST  |_|               ABSTAIN  |_|


For shareholders of Papp America-Pacific Rim Fund:

Your board of directors recommends that you vote "FOR" Proposal 3.

(3)      To approve an Agreement and Plan of Reorganization between Papp
         America-Pacific Rim Fund (your fund) and Pioneer Papp America-Pacific
         Rim Fund.  Under this Agreement, as more fully described in the
         accompanying proxy statement and prospectus, your fund will transfer
         all of its assets to Pioneer Papp America-Pacific Rim Fund in exchange
         for Class A shares of Pioneer Papp America-Pacific Rim Fund, a
         newly created fund with a substantially similar investment objective
         and policies as your fund.

         FOR      |_|               AGAINST  |_|               ABSTAIN  |_|



For shareholders of Papp Small & Mid-Cap Growth Fund:

Your board of directors recommends that you vote "FOR" Proposal 4.

(4)      To approve an Agreement and Plan of Reorganization between Papp Small
         & Mid-Cap Growth Fund (your fund) and Pioneer Papp Small and Mid Cap
         Growth Fund.  Under this Agreement, as more fully described in the
         accompanying proxy statement and prospectus, your fund will transfer
         all of its assets to Pioneer Papp Small and Mid Cap Growth Fund in
         exchange for Class A shares of Pioneer Papp Small and Mid Cap Growth
         Fund, a newly created fund with a substantially similar investment
         objective and policies as your fund.

         FOR      |_|               AGAINST  |_|               ABSTAIN  |_|


(5)      To vote and otherwise represent the above-signed stockholder(s) on
         any other matter that may properly come before the meeting or any
         adjournment or postponement thereof.

                      We need your vote before __________, 2004.

           PLEASE DO NOT FORGET TO SIGN THE REVERSE SIDE OF THIS CARD.

                             THANK YOU FOR YOUR TIME