# EDGAR Filing Document

**Accession Number:** 0001477597
**File Stem:** 0001580642-25-004716
**Filing Date:** 2025-8
**Character Count:** 68355
**Document Hash:** b58370e92f1221e41e7a8868ea0873a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004716.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001580642-25-004716

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Papp Investment Trust
- **CENTRAL INDEX KEY:** 0001477597

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22359
- **FILM NUMBER:** 251175418

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Papp Small & Mid-Cap Growth Fund (Series ID: S000027941)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000084913 | Papp Small & Mid-Cap Growth Fund | PAPPX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-22359

Papp Investment Trust <br> (Exact name of registrant as specified in charter)

2201 E. Camelback Road, Suite 227B Phoenix, Arizona 85016 <br> (Address of principal executive offices) (Zip code)

Timothy J. Bresnahan

Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 <br> (Name and address of agent for service)

Registrant's telephone number, including area code: (602) 956-0980

Date of fiscal year end: November 30 <br>Date of reporting period: May 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) ![Image](ia2923c805b5410233ed9fcab.jpg)

# Semi-Annual Shareholder Report - May 31, 2025

# Fund Overview

## This semi-annual shareholder report contains important information about Papp Small & Mid-Cap Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://www.pappmutualfunds.com/literature.html. You can also request this information by contacting us at (877) 370-7277.

# What were the Fund's annualized costs for the last six months?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Papp Small & Mid-Cap Growth Fund | $60 | 1.25% |

---

## How did the Fund perform during the reporting period?
For the 6-month period ended May 31, 2025, the Fund outperformed its benchmark, the S&P Mid Cap 400<sup>®</sup> Growth Index.

**What Factors Influenced Performance**

The uncertainty related to high tariffs had a negative impact on many industry groups in which the fund was underweight relative to the benchmark. This factor, plus some individual stock standouts in the Fund more than offset the Fund's holdings which were negatively impacted by the tariff uncertainty.

• Top Contributors

&nbsp;&nbsp;&nbsp;&nbsp;o Underweights: Consumer Discretionary, Building Supplies Companies

&nbsp;&nbsp;&nbsp;&nbsp;o Individual stock contributors: RBC Bearings, Inc., O'Reilly Automotive, Inc., Pegasystems, Inc., Ecolab, Inc.

• Top Detractors

&nbsp;&nbsp;&nbsp;&nbsp;o Overweight: Consumer Product Companies

&nbsp;&nbsp;&nbsp;&nbsp;o Individual stock detractors: IDEX Corporation, T Rowe Price Group, Inc., Church & Dwight Company, Inc.

**Discussion**

We are in a period of great uncertainty caused in large part by the radical and constantly changing policies of the Trump Administration. After a strong start for financial markets, we saw markets drop significantly after April 2, 2025 with the initial announcement of tariffs. Subsequently, they have substantially recovered. The mega-cap tech stocks were strongly out of favor, but they too have substantially recovered. Small & mid-cap stocks have trailed large and mega-cap companies as the market is concerned that small & mid-caps have less ability to deal with a volatile and potentially weakened economy. We continue to believe that the companies the fund owns are financially secure and well positioned to deal with the changing policy backdrop.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibf78f73b7cec71558f1255d9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Papp Small & Mid-Cap Growth Fund** | **S&P 500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Growth Index** |
| **May-2015** | $10000 | $10000 | $9999 |
| **May-2016** | $9953 | $10172 | $9989 |
| **May-2017** | $11501 | $11948 | $11684 |
| **May-2018** | $13191 | $13667 | $13615 |
| **May-2019** | $14388 | $14184 | $13021 |
| **May-2020** | $16382 | $16005 | $13826 |
| **May-2021** | $21589 | $22458 | $20167 |
| **May-2022** | $18357 | $22391 | $18001 |
| **May-2023** | $18601 | $23045 | $17771 |
| **May-2024** | $20698 | $29540 | $23252 |
| **May-2025** | $20809 | $33535 | $23151 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Papp Small & Mid-Cap Growth Fund | 0.54% | 4.90% | 7.60% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |
| S&P MidCap 400<sup>®</sup> Growth Index | -0.42% | 10.86% | 8.76% |

---

##  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (877) 370-7277 or visit https://www.pappmutualfunds.com/pappx.html for updated performance information.*** 

### **Fund Statistics** 
* Net Assets$42,200,404

* Number of Portfolio Holdings29

* Advisory Fee (net of waivers)$101,683

* Portfolio Turnover0%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie7fa072f6ec0cf114ec53f8a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.5% |
| Exchange-Traded Funds | 1.6% |
| Money Market Funds | 1.9% |

---

### Portfolio Managers
Rosellen C. Papp, CFA, Partner and Research Director

Brian M. Riordan, CFA, Partner and Research Analyst

Greg S. Smith, CFA, Partner and Research Analyst

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| O'Reilly Automotive, Inc. | 8.3% |
| RBC Bearings, Inc. | 7.2% |
| AMETEK, Inc. | 6.7% |
| Ecolab, Inc. | 6.3% |
| Expeditors International of Washington, Inc. | 5.9% |
| FactSet Research Systems, Inc. | 5.5% |
| ANSYS, Inc. | 5.3% |
| Mettler-Toledo International, Inc. | 5.2% |
| IDEX Corporation | 4.7% |
| CoStar Group, Inc. | 4.6% |

---

### What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](iaabb540dcdad8a5ad31e73ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash Equivalents | 2.0% |
| Energy | 1.2% |
| Materials | 6.3% |
| Consumer Staples | 8.0% |
| Financials | 8.0% |
| Health Care | 10.6% |
| Consumer Discretionary | 11.7% |
| Technology | 25.7% |
| Industrials | 26.5% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

## Where can I find additional information about the Fund?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.pappmutualfunds.com/](ie1913a6b0aec4a308ca0d402.jpg)

Additional information is available on the Fund's website (https://www.pappmutualfunds.com/literature.html), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# Papp Small & Mid-Cap Growth Fund (PAPPX)

## Semi-Annual Shareholder Report - May 31, 2025
TSR-SAR 053125-PAPPX

(b) Not
 applicable

**Item 2.** **Code of Ethics.**

Not required

**Item 3.** **Audit Committee Financial Expert.**

Not required

**Item 4.** **Principal Accountant Fees and Services.**

Not required

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The
 Registrant's schedule of investments is included in the Financial Statements under Item 7 of this form.

(b) Not
 applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) **Papp Investment Trust**

**Papp Small & Mid-Cap Growth Fund**

![(PHOTO)](pa001_v1.jpg)

**Semi-Annual Financial Statements and Additional Information**

**May 31, 2025** (Unaudited)

**Investment Adviser**

L. Roy Papp & Associates, LLP

AZ

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 96.4%** | **Shares** | **Value** |
| **Consumer Discretionary — 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Leisure Products — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | 14900 | $455344 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 8.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 2570 | 3514475 |
| &nbsp;&nbsp;&nbsp;*Specialty Retail — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. <sup>(a)</sup> | 14750 | 510203 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | 1500 | 450885 |
| **Consumer Staples — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Food — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 17400 | 1265502 |
| &nbsp;&nbsp;&nbsp;*Household Products — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 17000 | 1671270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Company (The) | 3500 | 461580 |
|  |  | 2132850 |
| **Energy — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation | 40000 | 504400 |
| **Financials — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 11200 | 1048208 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 5100 | 2337126 |
| **Health Care — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corporation | 6700 | 324280 |

---

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 96.4% (Continued)** | **Shares** | **Value** |
| **Health Care — 9.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 9.0% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. <sup>(a)</sup> | 1885 | $2178155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 5300 | 1297387 |
|  |  | 3799822 |
| **Industrials — 26.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 15900 | 2841966 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>(a)</sup> | 8350 | 3055014 |
| &nbsp;&nbsp;&nbsp;*Machinery — 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corporation | 11000 | 1990010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 2500 | 795100 |
|  |  | 2785110 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 22100 | 2491333 |
| **Materials — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 6.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 10000 | 2656200 |
| **Technology — 25.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 4400 | 840972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. <sup>(a)</sup> | 7100 | 855763 |
|  |  | 1696735 |
| &nbsp;&nbsp;&nbsp;*Software — 12.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANSYS, Inc. <sup>(a)</sup> | 6820 | 2256192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. <sup>(a)</sup> | 10000 | 540100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Informatica, Inc. - Class A <sup>(a)</sup> | 38800 | 931588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 17130 | 1681310 |
|  |  | 5409190 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. <sup>(a)</sup> | 25500 | 1817385 |

---

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 96.4% (Continued)** | **Shares** | **Value** |
| **Technology — 25.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Services — 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. <sup>(a)</sup> | 26250 | $1930950 |
| **Total Common Stocks** (Cost $13,002,444) |  | $40702698 |
| **EXCHANGE-TRADED FUNDS — 1.6%** | **Shares** | **Value** |
| **Health Care — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR<sup>®</sup> S&P<sup>®</sup> Biotech ETF (Cost $448,872) | 8300 | $657277 |
| **MONEY MARKET FUNDS — 1.9%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.19% <sup>(b)</sup> (Cost $799,985) | 799985 | $799985 |
| **Total Investments at Value — 99.9%** (Cost $14,251,301) |  | $42159960 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 40444 |
| **Net Assets — 100.0%** |  | $42200404 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of May 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **May 31, 2025 (Unaudited)** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $14251301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $42159960 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser (Note 4) | 3622 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 16349 |
| &nbsp;&nbsp;&nbsp;Other assets | 38753 |
| TOTAL ASSETS | 42218684 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 7790 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 10490 |
| TOTAL LIABILITIES | 18280 |
| **NET ASSETS** | $42200404 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $14603072 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 27597332 |
| **NET ASSETS** | $42200404 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 1417035 |
| Net asset value, offering price and redemption price per share (Note 2) | $29.78 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **STATEMENT OF OPERATIONS** |
| **For the Six Months Ended May 31, 2025 (Unaudited)** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income (Net of foreign tax of $1,338) | $177746 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 212375 |
| &nbsp;&nbsp;&nbsp;Legal fees | 55081 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 23250 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 18022 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 17765 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 8250 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 7630 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 7500 |
| &nbsp;&nbsp;&nbsp;Trustees' fees (Note 4) | 6800 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 6053 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 5063 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 1568 |
| &nbsp;&nbsp;&nbsp;Other fees | 6803 |
| TOTAL EXPENSES | 376160 |
| &nbsp;&nbsp;&nbsp;Less fee reductions by the Adviser (Note 4) | (110692) |
| NET EXPENSES | 265468 |
| **NET INVESTMENT LOSS** | (87722) |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions | 1909 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (2809812) |
| **NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS** | (2807903) |
| **NET DECREASE IN NET ASSETS FROM OPERATIONS** | $(2895625) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
| | **Six Months**<br>**Ended**<br>**May 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(87722) | $(186144) |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 1909 | 35425 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (2809812) | 6894683 |
| Net increase (decrease) in net assets from operations | (2895625) | 6743964 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 21302 | 1129831 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (433465) | (1454413) |
| Net decrease in net assets from capital share transactions | (412163) | (324582) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (3307788) | 6419382 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 45508192 | 39088810 |
| &nbsp;&nbsp;&nbsp;End of period | $42200404 | $45508192 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 701 | 37686 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (14197) | (48612) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (13496) | (10926) |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 1430531 | 1441457 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 1417035 | 1430531 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **FINANCIAL HIGHLIGHTS** |

---

**Per Share Data for a Share Outstanding Throughout Each Period:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months**<br>**Ended**<br>**May 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**Nov. 30,**<br>**2024** |<br>**Year**<br>**Ended**<br>**Nov. 30,**<br>**2023** |<br>**Year**<br>**Ended**<br>**Nov. 30,**<br>**2022** |<br>**Year**<br>**Ended**<br>**Nov. 30,**<br>**2021** |<br>**Year**<br>**Ended**<br>**Nov. 30,**<br>**2020** |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period | $31.81 | $27.12 | $27.79 | $33.82 | $30.68 | $25.65 |
| &nbsp;&nbsp;&nbsp;Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss <sup>(a)</sup> | (0.06) | (0.13) | (0.10) | (0.13) | (0.19) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.97) | 4.82 | (0.57) | (3.97) | 4.01 | 5.91 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.03) | 4.69 | (0.67) | (4.10) | 3.82 | 5.79 |
| &nbsp;&nbsp;&nbsp;Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions |  |  |  | (1.93) | (0.68) | (0.76) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period | $29.78 | $31.81 | $27.12 | $27.79 | $33.82 | $30.68 |
| &nbsp;&nbsp;&nbsp;Total return <sup>(b)</sup> | (6.38 %) <sup>(c)</sup> | 17.29% | (2.41%) | (13.16%) | 12.66% | 23.17% |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's) | $42200 | $45508 | $39089 | $40935 | $46414 | $43025 |
| **Ratios/supplementary data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets <sup>(d)</sup> | 1.77 % <sup>(e)</sup> | 1.69% | 1.71% | 1.75% | 1.56% | 1.65% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(d)(f)</sup> | 1.25 % <sup>(e)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets <sup>(a)(d)(f)</sup> | (0.41 %) <sup>(e)</sup> | (0.44%) | (0.36%) | (0.51%) | (0.57%) | (0.40%) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0 % <sup>(c)</sup> | 4% | 6% | 7% | 5% | 3% |

---

<sup>(a)</sup> Recognition of net investment loss by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. Had the Adviser not reduced its fees, total returns would have been lower (Note 4).

<sup>(c)</sup> Not Annualized.

<sup>(d)</sup> The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expenses of underlying investment companies in which the Fund invests.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Ratio was determined after fee reductions by the Adviser (Note 4).

See accompanying notes to financial statements.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **May 31, 2025 (Unaudited)** |

---

**1.** **Organization** 

Papp Small & Mid-Cap Growth Fund (the "Fund") is a diversified series of Papp Investment Trust (the "Trust"), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated November 12, 2009.

The investment objective of the Fund is long-term capital growth.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is L. Roy Papp & Associates, LLP (the "Adviser"). The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**2.** **Significant Accounting Policies** 

The Fund follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The following is a summary of the Fund's significant accounting policies used in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Securities valuation** – The Fund's portfolio securities are valued at market value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern time) on each business day the NYSE is open. Securities, including common stocks and exchange-traded funds ("ETFs"), listed on the NYSE or other exchanges are valued on the basis of their last sale price on the exchanges on which they are primarily traded. If there are no sales on that day, the securities are valued at the closing bid price on the NYSE or other primary exchange for that day. NASDAQ listed securities are valued at the NASDAQ Official Closing Price. If there are no sales on that day, the securities are valued at the last bid price as reported by NASDAQ. Securities traded in the over-the-counter market are valued at the last reported sale price, if available, otherwise at the

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

most recently quoted bid price. To the extent the Fund is invested in money market funds and other open-end investment companies, except for ETFs, that are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund's net asset value per share ("NAV") is calculated based upon the NAVs reported by such registered open-end companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. When using a quoted price and when the market is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities and other assets are valued at fair value as determined by the Adviser, as the Fund's valuation designee, as determined by procedures adopted by the Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act, and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Factors for determining when portfolio investments are subject to fair value determination include, but are not limited to, the following: the spread between bid and asked prices is substantial; infrequency of sales; thinness of market; the size of reported trades; a temporary lapse in the provision of prices by any reliable pricing source; and actions of the securities or future markets, such as the suspension or limitation of trading.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

The following is a summary of the Fund's investments and the inputs used to value the investments as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $40702698 | $— | $— | $40702698 |
| Exchange-Traded Funds | 657277 |  |  | 657277 |
| Money Market Funds | 799985 |  |  | 799985 |
| Total | $42159960 | $— | $— | $42159960 |

---

Refer to the Fund's Schedule of Investments for a listing of the common stocks by sector and industry type. The Fund did not hold derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the six months ended May 31, 2025.

**Share valuation** – The NAV of the Fund is calculated daily by dividing the total value of the Fund's assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of the Fund is equal to the NAV.

**Investment income** – Dividend income is recorded on the ex-dividend date. Interest income is accrued as earned. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the security received. Withholding taxes on foreign dividends have been recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Investment transactions** – Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**Distributions to shareholders** – Distributions arising from net investment income and net realized capital gains, if any, are paid to shareholders at least once each year. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date. There were no distributions paid to shareholders during the six months ended May 31, 2025 or during the year ended November 30, 2024.

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal income tax** – The Fund has qualified and intends to continue to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). By so qualifying, the Fund will not be subject to federal income taxes to the extent that it distributes its net investment income and any net realized capital gains in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended November 30) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of May 31, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $14251301 |
| Gross unrealized appreciation | $28396640 |
| Gross unrealized depreciation | (487981) |
| Net unrealized appreciation | 27908659 |
| Accumulate ordinary loss | (272857) |
| Capital loss carryforwards | (40379) |
| Other gains | 1909 |
| Accumulated earnings | $27597332 |

---

As of November 30, 2024, the Fund had short-term capital loss carryforwards ("CLCFs") in the amount of $40,379 for income tax purposes. These CLCFs, which do not expire, may be utilized in the current and future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions taken on federal income tax returns for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Fund identifies its major tax jurisdiction as U.S. Federal.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended May 31, 2025, the Fund did not incur any interest or penalties.

**3.** **Investment Transactions** 

During the six months ended May 31, 2025, cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $0 and $0, respectively.

**4.** **Transactions with Affiliates** 

Certain Trustees and officers of the Trust are directors and officers of the Adviser or of Ultimus Fund Solutions, LLC ("Ultimus"), the Fund's administrator, transfer agent and fund accounting agent, and Ultimus Fund Distributors, LLC (the "Distributor"), the Fund's principal underwriter. These Trustees and officers are not compensated by the Fund for their services as Trustees and officers of the Trust.

INVESTMENT ADVISORY AGREEMENT

The Fund's investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. For its services, the Fund pays the Adviser a management fee, computed daily and paid monthly, at the annual rate of 1.00% of its average daily net assets.

The Adviser has contractually agreed to reduce its management fees and to reimburse the Fund's operating expenses to the extent necessary so that the Fund's annual ordinary operating expenses (excluding brokerage costs, taxes, interest, costs to organize the Fund, acquired fund fees and expenses and extraordinary expenses, if any) do not exceed an amount equal to 1.25% of its average daily net assets. This Expense Limitation Agreement ("ELA") remains in effect until at least April 1, 2026. Accordingly, the Adviser reduced its management fees by $110,692 during the six months ended May 31, 2025.

Under the terms of the ELA, advisory fee reductions by the Adviser are subject to repayment by the Fund for a period of three years after the date of which such fees and expenses were incurred or reduced, provided that the repayments do not cause total annual fund operating expenses (exclusive of such reductions) to exceed the lesser of (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

time the expenses to be repaid were incurred. As of May 31, 2025, the Adviser may in the future recover fee reductions and expense reimbursements totaling $588,430. The Adviser may recover a portion of this amount no later than the dates as stated below:

---

| | |
|:---|:---|
| November 30, 2025 | $108912 |
| November 30, 2026 | 182815 |
| November 30, 2027 | 186011 |
| May 31, 2028 | 110692 |
|  | $588430 |

---

OTHER SERVICE PROVIDERS

Ultimus provides administration, fund accounting and transfer agency services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out-of-pocket expenses including but not limited to, postage, supplies and certain costs related to the pricing of the Fund's portfolio securities. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

PLAN OF DISTRIBUTION

The Trust has adopted a plan of distribution (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund may incur certain expenses related to the distribution of its shares. The annual limitation of payment of expenses pursuant to the Plan is 0.25% of the Fund's average daily net assets. The Board of Trustees has not authorized the payment of any fees pursuant to the Plan.

TRUSTEE COMPENSATION

Each Trustee who is not an interested person of the Trust ("Independent Trustee") receives from the Fund a fee of $1,000 for each Board meeting attended, except that the Chair of the Committee of Independent Trustees receives a fee of $1,400 for each Board meeting attended.

PRINCIPAL HOLDER OF FUND SHARES

As of May 31, 2025, the following shareholder owned of record 25% or more of the outstanding shares of the Fund:

---

| | |
|:---|:---|
| **NAME OF RECORD OWNER** | **% Ownership** |
| Charles Schwab & Company, Inc. (for the benefit of its customers) | 68% |

---

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

A beneficial owner of 25% or more of the Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**5.** **Sector Risk** 

If a Fund had significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund's portfolio would be adversely affected. As of May 31, 2025, the Fund had 26.5% and 25.7% of the value of its net assets invested in common stocks within the Industrials and Technology sectors, respectively.

**6.** **Contingencies and Commitments** 

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**7.** **Subsequent Events** 

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **ADDITIONAL INFORMATION (Unaudited)** |

---

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

L. Roy Papp & Associates, LLP (the "Adviser"), 2201 E. Camelback Road, Suite 227B, Phoenix, Arizona 85016, serves as the investment adviser to the Papp Small & Mid-Cap Growth Fund (the "Fund"). The Adviser provides the Fund with a continuous program of investing the Fund's assets and determining the composition of the Fund's portfolio. In addition to serving as the investment adviser to the Fund, the Adviser provides investment advisory services to individuals, trusts, retirement plans, endowments, and foundations.

The Adviser is subject to the oversight of the Fund and the Fund's board of trustees (the "Board"). The Adviser serves as investment adviser to the Fund pursuant to a written investment management agreement between the Adviser and the Fund dated May 1, 2012 (the "Advisory Agreement"). The Advisory Agreement provides that the Adviser shall not be liable for any loss suffered by the Fund or its shareholders, except by reason of its own willful misfeasance, bad faith or gross negligence, or from its reckless disregard of its obligations and duties under the Advisory Agreement. The Advisory Agreement is terminable by the Fund at any time, without penalty, either by action of the Board or upon a vote of the holders of a majority of the outstanding voting securities of the Fund upon 60 days' prior written notice to the Adviser. The Advisory Agreement is also terminable by the Adviser with 60 days' prior written notice to the Fund, and will terminate automatically in the event of its "assignment," as defined in the Investment Company Act of 1940 (the "1940 Act"), including in the event of a change of control or sale of the Adviser. The Advisory Agreement's initial two-year term ended May 1, 2014, after which it may be continued from year to year thereafter only as long as such continuance is approved annually by (a) the vote of a majority of the Board, including a majority of the Trustees who are not "interested persons," as defined by the 1940 Act, of the Trust (the "Independent Trustees"), or (b) the vote of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act).

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |

---

The Board, all Trustees present, including the Fund's Independent Trustees voting separately, reviewed and approved the continuance of the Advisory Agreement for an additional term of one year. The Board approved the Advisory Agreement at an in-person meeting held for that purpose on April 16, 2025, at which all of the Independent Trustees were present. In the course of their deliberations, the Independent Trustees were advised by their independent legal counsel of their obligations in determining to approve the Advisory Agreement. The Board received and reviewed a substantial amount of information provided by the Adviser in response to requests of the Board and counsel.

In considering whether to approve the Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as determinative, and each Trustee weighed the various factors independently as he or she deemed appropriate. The Board considered the following matters, among other things, in connection with its approval of the continuance of the Advisory Agreement.

*<u>Nature, Extent and Quality of Services</u>*

The Board received and considered various information, which it had previously requested from the Adviser, regarding the nature, extent and quality of services provided to the Fund by the Adviser. The Board specifically reviewed the qualifications, backgrounds and responsibilities of the key personnel that oversee the investment management and day-to-day operations of the Fund, including the support resources available for investment research. The Board noted that Rosellen C. Papp, Brian M. Riordan, and Greg S. Smith are responsible for the day-to-day management of the Fund. The Board noted that the Adviser had previously served as the investment adviser and investment sub-adviser to other open-end registered investment companies with similar investment objectives and strategies. The Board considered that the Adviser has a staff of skilled investment professionals who provide research, trading and compliance support services to the Fund and determined that the Adviser possesses adequate resources to manage the Fund. The Board also considered the Adviser's compliance program and noted the resources it has dedicated towards compliance. The Board also considered the overall investment management capabilities of the Adviser and its ongoing financial commitment to the Fund. The Board considered the Adviser's responsibilities with regards to brokerage selection and best execution and noted that the Adviser does not enter into any "soft dollar" arrangements.

*<u>Investment Performance of the Fund</u>*

The Fund's returns were compared to the returns of its benchmark, the S&P MidCap 400 Growth Index (the "Index"), comparable private accounts managed by the Adviser, and other domestic equity funds of comparable size with similar investment styles. In reviewing the comparative performance, the Board considered the Fund's average

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |

---

annual total return compared to the performance of the "Mid Cap Growth Funds Under $50 Million" and "Mid Cap Growth Funds" categories as derived from Morningstar, Inc. ("Morningstar"). The Board noted that as compared to the "Mid Cap Growth Funds Under $50 Million" category, the Fund's performance trailed the peer group average for the one-year period and exceeded the peer group average and for the three-year period, each ended January 31, 2025. The Board further noted that the Fund's performance trailed the peer group average for the five-year period and exceeded the peer group average for the 10-year period ended January 31, 2025.

The Board also considered the Fund's average annual total returns compared to the returns of the Index for the one-year, three-year, five-year and 10-year periods ended January 31, 2025. The Board noted that the Fund's performance trailed the Index for the one-year and three-year periods ended January 31, 2025. The Board also noted that the Fund's performance exceeded that of the Index five-year and 10-year periods ended January 31, 2025.The Board noted the consistency of the Adviser's management of the Fund in accordance with the Fund's investment objective and principal investment strategies. The Board further noted that the Adviser has been managing the Fund, predecessor funds and private accounts using the same investment philosophy for more than 20 years and that the Adviser's investment process and long-term performance record over a full market cycle were important factors in the Board's evaluation of the quality of services to be provided by the Adviser under the Advisory Agreement.

*<u>Expenses</u>*

The Board considered statistical information regarding the Fund's expense ratio and its various components, including the contractual advisory fee and fee reductions and/or expense reimbursements. It also considered a comparison of these fees and expenses to the expense information for other domestic equity funds of comparable size with similar investment styles. The Fund's overall expense ratio, after contractual fee reductions, was compared to funds within its relevant Morningstar peer group, "Mid Cap Growth Funds Under $50 Million." The Board noted that the overall expense ratio of the Fund, after fee reductions, was lower than the average expense ratio as compared to the funds in the "Mid Cap Growth Funds Under $50 Million" category, as derived from Morningstar. The Board also observed that the expense cap arrangement agreed to by the Adviser will be maintained until at least April 1, 2026.

*<u>Investment Advisory Fee Rates</u>*

The Board reviewed and considered the proposed contractual investment advisory fee rate payable by the Fund to the Adviser for investment advisory services. Additionally, the Board received and considered information comparing the Fund's advisory fee rate with those of the other funds in its relevant Morningstar peer group, as defined above, and private accounts managed by the Adviser with a comparable investment strategy.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |

---

The Board noted that the advisory fee rate for the Fund was higher than the average rate as compared to the funds in the "Mid Cap Growth Funds Under $50 Million" category, as derived from Morningstar. The Board then discussed the differences in the Fund's advisory fee rate and the advisory fee rate charged to private accounts managed by the Adviser with a comparable investment strategy. The Adviser discussed the reasons for lower fees for the private accounts in some instances, noting that the applicable accounts have lower operational and compliance costs relative to the Fund.

The Board reviewed the Adviser's financial statements and discussed its financial condition. The Board noted that the Adviser is operating at a loss in providing services to the Fund because of the fee reductions and expense reimbursements it has incurred since the Fund's inception. The Board discussed the level of Fund assets necessary for the Adviser to break even, the projected profits of the Adviser and the other ancillary benefits that the Adviser may receive with regard to providing advisory services to the Fund. The Board further considered the Adviser's commitment to grow the Fund's assets and the Adviser's representation that it has adequate financial reserves to cover its anticipated losses from providing advisory services to the Fund for several years.

*<u>Economies of Scale</u>*

The Board noted that the investment advisory fee schedule for the Fund does not contain breakpoints, but further noted that shareholders have benefited from the lower expense ratios that resulted from the fee reductions and expense reimbursements. The Board noted that the Fund's assets have remained steady in the preceding 12 months and have not grown to an extent that permits the Adviser to realize any meaningful economies of scale. The Board observed that as the Fund grows further in assets, this factor will become more relevant to its consideration process.

*<u>Conclusion</u>*

The Board determined that the information provided by the Adviser was sufficiently responsive to permit the Board to make a determination regarding the advisory contract. The Board determined that the overall arrangement between the Fund and the Adviser, as provided in the Advisory Agreement, was fair and reasonable and that approval of the continuation of the Advisory Agreement was in the best interest of the Fund and its shareholders.

(b) Included
 in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The registrant's Committee of Independent Trustees shall review shareholder recommendations to fill vacancies on the registrant's board of trustees if such recommendations are submitted in writing, addressed to the Committee at the registrant's offices and meet any minimum qualifications adopted by the Committee. The Committee may adopt, by resolution, a policy regarding its procedures for considering candidates for the board of trustees, including any recommended by shareholders.

**Item 16.** **Controls and Procedures.**

(a) Based
 on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal
 financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to
 ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others
 within those entities, particularly during the period in which this report is being prepared, and that the information required in filings
 on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There
 were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
 Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not
 applicable

(b) Not
 applicable

**Item 19.** **Exhibits.**

(a)(1) Not required

(a)(2) Not applicable

(a)(3) A separate certification for each principle executive officer and principle financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 270.30a-2(a)): [Attached hereto](ex-99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 207.30a-2(b)): [Attached hereto](ex-906cert.htm)

Exhibit 99.CERT Certifications required by Rule 30a-2(a) under the Act <br>Exhibit 99.906CERT Certifications required by Rule 30a-2(b) under the Act

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;Papp Investment Trust |  |
| &nbsp;&nbsp;By (Signature and Title)\* | &nbsp;&nbsp;By (Signature and Title)\* | &nbsp;&nbsp;/s/ Harry A. Papp |
|  |  | &nbsp;&nbsp;Harry A. Papp, President and Chief Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;August 1, 2025 |  |
| &nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | &nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | &nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| &nbsp;&nbsp;By (Signature and Title)\* | &nbsp;&nbsp;By (Signature and Title)\* | &nbsp;&nbsp;/s/ Harry A. Papp |
|  |  | &nbsp;&nbsp;Harry A. Papp, President and Chief Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;August 1, 2025 |  |
| &nbsp;&nbsp;By (Signature and Title)\* | &nbsp;&nbsp;By (Signature and Title)\* | &nbsp;&nbsp;/s/ Angela A. Simmons |
|  |  | &nbsp;&nbsp;Angela A. Simmons, Treasurer and Principal Financial Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;August 1, 2025 |  |

---

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Harry A. Papp, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Papp Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: August 1, 2025 | &nbsp;&nbsp;<u>/s/ Harry A. Papp</u> |
|  | &nbsp;&nbsp;Harry A. Papp, President and Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Angela A. Simmons, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Papp Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: August 1, 2025 | &nbsp;&nbsp;<u>/s/ Angela A. Simmons</u> |
|  | &nbsp;&nbsp;Angela A. Simmons, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**<u>CERTIFICATIONS</u>**

Harry A. Papp, Chief Executive Officer, and Angela A. Simmons, Chief Financial Officer, of Papp Investment Trust (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended May 31, 2025 (the "Form
 N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the
 Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| &nbsp;&nbsp;CHIEF EXECUTIVE OFFICER | &nbsp;&nbsp;CHIEF FINANCIAL OFFICER |
| &nbsp;&nbsp;Papp Investment Trust | &nbsp;&nbsp;Papp Investment Trust |
| &nbsp;&nbsp;<u>/s/ Harry A. Papp</u> | &nbsp;&nbsp;<u>/s/ Angela A. Simmons</u> |
| &nbsp;&nbsp;Harry A. Papp, President and Chief Executive Officer | &nbsp;&nbsp;Angela A. Simmons, Treasurer and Principal Financial Officer |
| &nbsp;&nbsp;Date: August 1, 2025 | &nbsp;&nbsp;Date: August 1, 2025 |

---

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Papp Investment Trust and will be retained by Papp Investment Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

 ****

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.