# EDGAR Filing Document

**Accession Number:** 0001477597
**File Stem:** 0001580642-26-000577
**Filing Date:** 2026-1
**Character Count:** 79486
**Document Hash:** b8d56c3e8ac3bcae856aa68d4ee196e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000577.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001580642-26-000577

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**EFFECTIVENESS DATE**: 20260130

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22359
- **FILM NUMBER:** 26580967

**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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: November 30, 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](i166a397d5a86c8131de6c596.jpg)

# Annual Shareholder Report - November 30, 2025

# Fund Overview

## This annual shareholder report contains important information about Papp Small & Mid-Cap Growth Fund for the period of December 1, 2024 to November 30, 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 year?

### (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 | $125 | 1.25% |

---

## How did the Fund perform during the reporting period?
For the 12-month period ending November 30, 2025, the Fund was modestly ahead of its benchmark, the S&P MidCap 400<sup>®</sup> Growth Index.

**What Factors Influenced Performance**

The Fund saw a benefit from stock selection in the Industrials, Consumer Discretionary and Materials sectors which was offset by stock selection in Financials and Technology as well as sector allocation in Consumer Staples.

 **• Top Contributors**

&nbsp;&nbsp;&nbsp;&nbsp;o Individual stock contributors: RBC Bearings, Inc., O'Reilly Automotive, Inc., Expeditors International of Washington, Inc., Ecolab, Inc.

 **• Top Detractors**

&nbsp;&nbsp;&nbsp;&nbsp; o Overweight: Consumer Staples; Underweight: IT Hardware leveraged to Artificial Intelligence

&nbsp;&nbsp;&nbsp;&nbsp; o Individual stock detractors: FactSet Research Systems, Inc.

**Discussion**

U.S. financial markets remain exceedingly volatile due to the near daily presidential proclamations, policy changes and other things that disrupt business and investments. The markets continue to be driven by extreme enthusiasm about Artificial Intelligence (AI) in general and specifically companies supplying chips, hardware, electrical equipment and related products needed to build data centers. The economy remains strong due to the massive federal budget deficit and the other economic stimulus provided by the HR1 legislation. The president has also exerted enormous pressure on the Federal Reserve to cut interest rates even though growth is already accelerating and inflation remains above their target. We expect this volatility to continue. We also expect a substantial correction to the Artificial Intelligence stocks which we think are extremely overpriced.

## 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](i892ac9609da97f5e1f0b6cb1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Papp Small & Mid-Cap Growth Fund** | **S&P 500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Growth Index** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $10014 | $10806 | $10830 |
| **Nov-2017** | $12635 | $13277 | $13318 |
| **Nov-2018** | $13748 | $14111 | $13441 |
| **Nov-2019** | $16169 | $16384 | $14691 |
| **Nov-2020** | $19915 | $19244 | $17377 |
| **Nov-2021** | $22436 | $24617 | $21114 |
| **Nov-2022** | $19483 | $22350 | $18956 |
| **Nov-2023** | $19013 | $25443 | $19488 |
| **Nov-2024** | $22301 | $34066 | $26252 |
| **Nov-2025** | $22196 | $39175 | $26120 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Papp Small & Mid-Cap Growth Fund | -0.47% | 2.19% | 8.30% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |
| S&P MidCap 400<sup>®</sup> Growth Index | -0.50% | 8.49% | 10.08% |

---

##  ***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$45,037,767

* Number of Portfolio Holdings28

* Advisory Fee (net of waivers)$237,133

* Portfolio Turnover4%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0b4df17f982b34199cc6ca0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 93.9% |
| Exchange-Traded Funds | 2.3% |
| Money Market Funds | 3.8% |

---

### 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)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;O'Reilly Automotive, Inc. | &nbsp;&nbsp;8.7% |
| &nbsp;&nbsp;RBC Bearings, Inc. | &nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Mettler-Toledo International, Inc. | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Trimble, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;IDEX Corporation | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;CoStar Group, Inc. | &nbsp;&nbsp;4.0% |

---

### What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ia65c32f6b8052ef7610bb7b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash Equivalents | 3.7% |
| Energy | 1.5% |
| Financials | 5.7% |
| Materials | 6.1% |
| Consumer Staples | 6.7% |
| Consumer Discretionary | 12.8% |
| Health Care | 12.9% |
| Technology | 21.2% |
| Industrials | 29.4% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 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/](i5c8efd3ffed7cbd35a092fe8.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)

## Annual Shareholder Report - November 30, 2025
TSR-AR 113025-PAPPX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

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

The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Cynthia P. Hubiak. Ms. Hubiak is "independent" for purposes of this Item.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's
 annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements were $14,000 and $13,500 with respect to the registrant's fiscal years ended November 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. No fees were billed in the last fiscal year for assurance and related services by the principal accountant that are reasonably
 related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this
 Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice,
 and tax planning were $3,250 and $3,000 with respect to the registrant's fiscal years ended November 30, 2025 and 2024, respectively.
 The services comprising these fees are the preparation of the registrant's federal income and excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant,
 other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Less
 than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most
 recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During
 the fiscal years ended November 30, 2025 and 2024, aggregate non-audit fees of $3,250 and $3,000, respectively, were billed by the registrant's
 principal accountant for services rendered to the registrant. No non-audit fees were billed in the last fiscal year by the registrant's
 principal accountant for services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily
 portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by,
 or under common control with the adviser that provides ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not
 applicable.

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

Not applicable

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

(a) The Registrant(s) schedule(s) 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** |
| ![(LOGO)](pa001_v1.jpg) |
| **Annual Financial Statements<br> and Additional Information** |
| **November 30, 2025** |
| **Investment Adviser**<br> L. Roy Papp & Associates, LLP AZ |

---

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.0%** | **Shares** | **Value** |
| **Consumer Discretionary — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Leisure Products — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | 14900 | $618052 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 38550 | 3920535 |
| &nbsp;&nbsp;&nbsp;*Specialty Retail — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. <sup>(a)</sup> | 23750 | 743613 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | 1900 | 462840 |
| **Consumer Staples — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Food — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 17400 | 1174152 |
| &nbsp;&nbsp;&nbsp;*Household Products — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 17000 | 1447720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Company (The) | 3500 | 377790 |
|  |  | 1825510 |
| **Energy — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation | 47000 | 681030 |
| **Financials — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 11200 | 1146656 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 5100 | 1414077 |
| **Health Care — 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 10.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corporation | 9800 | 632198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. <sup>(a)</sup> | 1885 | 2783617 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.0% (Continued)** | **Shares** | **Value** |
| **Health Care — 10.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 10.6% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 5300 | $1355899 |
|  |  | 4771714 |
| **Industrials — 29.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 15900 | 3146451 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 8.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>(a)</sup> | 8350 | 3715500 |
| &nbsp;&nbsp;&nbsp;*Machinery — 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corporation | 11000 | 1913230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 3000 | 1238910 |
|  |  | 3152140 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 22100 | 3246490 |
| **Materials — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 10000 | 2751600 |
| **Technology — 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | 4400 | 857736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. <sup>(a)</sup> | 7100 | 905818 |
|  |  | 1763554 |
| &nbsp;&nbsp;&nbsp;*Software — 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. <sup>(a)</sup> | 24000 | 1069440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 34260 | 1876420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. <sup>(a)</sup> | 2318 | 968947 |
|  |  | 3914807 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. <sup>(a)</sup> | 25500 | 2076210 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.0% (Continued)** | **Shares** | **Value** |
| **Technology — 21.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Services — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. <sup>(a)</sup> | 26250 | $1806000 |
| **Total Common Stocks** (Cost $13,652,782) |  | $42330931 |
| **EXCHANGE-TRADED FUNDS — 2.3%** | **Shares** | **Value** |
| **Health Care — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street<sup>®</sup> SPDR<sup>®</sup> S&P<sup>®</sup> Biotech ETF (Cost $448,871) | 8300 | $1022228 |
| **MONEY MARKET FUNDS — 3.8%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 3.86% <sup>(b)</sup> (Cost $1,711,204) | 1711204 | $1711204 |
| **Total Investments at Value — 100.1%** (Cost $15,812,857) |  | $45064363 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (26596) |
| **Net Assets — 100.0%** |  | $45037767 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of November 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **November 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $15812857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $45064363 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 19273 |
| &nbsp;&nbsp;&nbsp;Other assets | 13057 |
| TOTAL ASSETS | 45096693 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable to Advisor (Note 4) | 32891 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 7850 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 18185 |
| TOTAL LIABILITIES | 58926 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 6)** |  |
| **NET ASSETS** | $45037767 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $14605685 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 30432082 |
| **NET ASSETS** | $45037767 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | 1422520 |
| Net asset value, offering price and redemption price per share (Note 2) | $31.66 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended November 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income (Net of foreign tax of $2,677) | $373338 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 433762 |
| &nbsp;&nbsp;&nbsp;Legal fees | 87743 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 47359 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 4) | 36140 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 35922 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 16882 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 16451 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees (Note 4) | 15000 |
| &nbsp;&nbsp;&nbsp;Trustees' fees (Note 4) | 13600 |
| &nbsp;&nbsp;&nbsp;Custody and bank service fees | 10308 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 9986 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 3087 |
| &nbsp;&nbsp;&nbsp;Other fees | 12591 |
| TOTAL EXPENSES | 738831 |
| &nbsp;&nbsp;&nbsp;Less fee reductions by the Adviser (Note 4) | (196629) |
| NET EXPENSES | 542202 |
| **NET INVESTMENT LOSS** | (168864) |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions | 1402555 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1466965) |
| **NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS** | (64410) |
| **NET DECREASE IN NET ASSETS FROM OPERATIONS** | $(233274) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30,**<br>**2025** | **Year Ended**<br>**November 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(168864) | $(186144) |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 1402555 | 35425 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1466965) | 6894683 |
| Net increase (decrease) in net assets from operations | (233274) | 6743964 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 481120 | 1129831 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (718271) | (1454413) |
| Net decrease in net assets from capital share transactions | (237151) | (324582) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (470425) | 6419382 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 45508192 | 39088810 |
| &nbsp;&nbsp;&nbsp;End of year | $45037767 | $45508192 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 15372 | 37686 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (23383) | (48612) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (8011) | (10926) |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 1430531 | 1441457 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 1422520 | 1430531 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **FINANCIAL HIGHLIGHTS** |
| **Per Share Data for a Share Outstanding Throughout Each Year:** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**Nov. 30,**<br>**2025** | **Year**<br>**Ended**<br>**Nov. 30,**<br>**2024** | **Year**<br>**Ended**<br>**Nov. 30,**<br>**2023** | **Year**<br>**Ended**<br>**Nov. 30,**<br>**2022** | **Year**<br>**Ended**<br>**Nov. 30,**<br>**2021** |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of year | $31.81 | $27.12 | $27.79 | $33.82 | $30.68 |
| &nbsp;&nbsp;&nbsp;Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss <sup>(a)</sup> | (0.12) | (0.13) | (0.10) | (0.13) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.03) | 4.82 | (0.57) | (3.97) | 4.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.15) | 4.69 | (0.67) | (4.10) | 3.82 |
| &nbsp;&nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions |  |  |  | (1.93) | (0.68) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of year | $31.66 | $31.81 | $27.12 | $27.79 | $33.82 |
| &nbsp;&nbsp;&nbsp;Total return <sup>(b)</sup> | (0.47%) | 17.29% | (2.41%) | (13.16%) | 12.66% |
| &nbsp;&nbsp;&nbsp;Net assets at end of year (000's) | $45038 | $45508 | $39089 | $40935 | $46414 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets <sup>(c)</sup> | 1.70% | 1.69% | 1.71% | 1.75% | 1.56% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(c)(d)</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)(c)(d)</sup> | (0.39%) | (0.44%) | (0.36%) | (0.51%) | (0.57%) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 4% | 4% | 6% | 7% | 5% |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **<br> PAPP SMALL & MID-CAP GROWTH FUND** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **November 30, 2025** |

---

**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").

**New Accounting Pronouncement** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

---

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

---

**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 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

---

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

---

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.

The following is a summary of the Fund's investments and the inputs used to value the investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $42330931 | $— | $— | $42330931 |
| Exchange-Traded Funds | 1022228 |  |  | 1022228 |
| Money Market Funds | 1711204 |  |  | 1711204 |
| Total | $45064363 | $— | $— | $45064363 |

---

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 year ended November 30, 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 years ended November 30, 2025 and 2024.

---

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

---

**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 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 November 30, 2025:

---

| | |
|:---|:---|
| Tax cost of investments | $15812857 |
| Gross unrealized appreciation | $29775803 |
| Gross unrealized depreciation | (524297) |
| Net unrealized appreciation | 29251506 |
| Undistributed long-term capital gains | 1362176 |
| Accumulated capital and other losses | (181600) |
| Distributable earnings | $30432082 |

---

Qualified late year ordinary losses incurred after December 31, 2024 and within the taxable year are deemed to arise on the first day of the Fund's next taxable year. For the year ended November 30, 2025, the Fund deferred $181,600 of late year ordinary losses to December 1, 2025 for federal income tax purposes.

During the year ended November 30, 2025, the Fund utilized short-term capital loss carryforwards of $40,379 to offset current year capital gains. As of November 30, 2025, there are no additional CLCFs available to be utilized in future years.

---

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

---

For the year ended November 30, 2025, the Fund reclassified $172,399 of distributable earnings against paid-in capital on the Statement of Assets and Liabilities due to net investment loss. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, had no effect on the Fund's net assets or NAV per share.

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 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.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended November 30, 2025, the Fund did not incur any interest or penalties.

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

During the year ended November 30, 2025, cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $1,583,149 and $2,333,459, 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

---

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

---

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 $196,629 during the year ended November 30, 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 time the expenses to be repaid were incurred. As of November 30, 2025, the Adviser may in the future recover fee reductions and expense reimbursements totaling $565,455. The Adviser may recover a portion of this amount no later than the dates as stated below:

---

| | |
|:---|:---|
| November 30, 2026 | $182815 |
| November 30, 2027 | 186011 |
| November 30, 2028 | 196629 |
|  | $565455 |

---

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.

---

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

---

PRINCIPAL HOLDER OF FUND SHARES

As of November 30, 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) | 69% |

---

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 November 30, 2025, the Fund had 29.4% of the value of its net assets invested in common stocks within the Industrials sector.

**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,

---

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

---

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 except for the following:

On December 26, 2025 the Fund declared a long-term capital gain distribution of $0.9600 per share to shareholders of record on December 24, 2025.

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** |

---

**To the Shareholders and Board of Trustees of Papp Investment Trust**

*<u>Opinion on the Financial Statements</u>*

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Papp Small & Mid-Cap Growth Fund (the "Fund"), a series of Papp Investment Trust, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended November 30, 2022, and prior, were audited by other auditors whose report dated January 19, 2023, expressed an unqualified opinion on those financial highlights.

*<u>Basis for Opinion</u>*

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting

---

| |
|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** |
| **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)** |

---

principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![(SIGNATURE)](pa002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 22, 2026

---

| |
|:---|
| **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**

Not applicable.

---

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

---

A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-877-370-7277, or on the SEC's website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge upon request by calling toll-free 1-877-370-7277, or on the SEC's website at www.sec.gov.

The Trust files a complete listing of portfolio holdings for the Fund with the SEC as of the end of the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These filings are available upon request by calling 1-877-370-7277. Furthermore, you may obtain a copy of the filings on the SEC's website at www.sec.gov and on the Fund's website at www.pappmutualfunds.com.

(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.**

Not applicable

**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.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

---

| | |
|:---|:---|
| Exhibit 99.CODE ETH | [Code of Ethics](code-of_ethics.htm) |
| Exhibit 99.CERT | [Certifications required by Rule 30a-2(a) under the Act](ex-99cert.htm) |
| Exhibit 99.906CERT | [Certifications required by Rule 30a-2(b) under the Act](ex-906cert.htm) |

---

**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.

---

| | | |
|:---|:---|:---|
| (Registrant) | Papp Investment Trust |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Harry A. Papp |
|  |  | Harry A. Papp, President and Principal Executive Officer |
| Date | January 30, 2026 |  |
| 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. | 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. | 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. |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Harry A. Papp |
|  |  | Harry A. Papp, President and Principal Executive Officer |
| Date | January 30, 2026 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Angela A. Simmons |
|  |  | Angela A. Simmons, Treasurer and Principal Financial Officer |
| Date | January 30, 2026 |  |

---

 

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

## Ex-99.Code

**PAPP INVESTMENT TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**PRINCIPAL FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code** 

The code of ethics (this "Code") for Papp Investment Trust (the "Trust") applies to the Trust's Principal Executive Officer(s) and Principal Financial Officer(s) (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered
Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust or the Trust's investment adviser (the "investment adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and an investment adviser or a third party service provider of which a Covered Officer is also an officer

or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust and/or for the investment adviser or third party service provider) be involved in establishing policies and implementing decisions that will have different effects on the investment adviser(s) or third party service provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

● report at least annually any affiliations or other relationships that could potentially present a conflict of interest with the Trust.

There are some conflict of interest situations that should always be discussed with the Counsel to the Trust if such situations might have a material adverse effect on the Trust. Examples of these include:

● service as a director on the board of any public company;

● the receipt of non-nominal gifts from affiliates of the Fund or the Fund's service providers;

● the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

III. Disclosure
and Compliance

● Each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust;

● each Covered Officer shall not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's management and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Trust and the investment adviser and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

● it is the responsibility of each Covered Officer to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting
and Accountability

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read and understands this Code;

● annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations of this Code that are made in good faith; and

● notify the Counsel to the Trust promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Counsel to the Trust may counsel the CCO regarding specific situations in which questions are presented under the Code and has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>1</sup> will be considered by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

● the Counsel to the Trust shall upon request of the CCO take all appropriate action to investigate any reported potential violations;

● if, after such investigation, Trust Counsel believes that no violation has occurred, Trust Counsel shall report to the CCO and no further action is required;

● any matter that Trust Counsel believes may be a violation will be reported to the Trustees of the Trust who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Trust (the "Independent Trustees");

● if the Independent Trustees concur that a violation may have occurred, it will inform and make a recommendation to the Trust's Board, which will consider appropriate action, which may include a review of, and appropriate modifications to, applicable Trust policies and procedures; notification to appropriate personnel or the board of the investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other
Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and the investment adviser's and the principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

<sup>1</sup> For this purpose, the term "waiver" includes the approval by the Trust of a material departure from a provision of this Code or the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Trust's management.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of trustees of the Trust who are not "interested persons" of the Trust, as defined by the Investment Company Act.

VII. Confidentiality

All reports and records of the Trust prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the investment adviser, Board and Counsel to the Trust.

VIII. Internal
Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: February 3, 2010

**Exhibit A**

Effective January 19, 2022

<u>Persons Covered by this Code of Ethics</u>

Angela A. Simmons

Harry A. Papp

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE** 

**AND** 

**PRINCIPAL FINANCIAL OFFICERS**

**CERTIFICATE OF COMPLIANCE**

As a Covered Officer as defined in the Code of Ethics For Principal Executive and Principal Financial Officers of Papp Investment Trust (the "Code"), I hereby certify that I have received and have read and fully understand the Code, and I recognize that I am subject to the Code. I further certify that I will comply with the requirements of the Code.

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| |
|:---|
| Signature |
| Name (Please Print) |
| Date |

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## Ex-99.Cert

EX-99.CERT

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

I, Harry A. Papp, certify that:

&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;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;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;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;(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;(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;(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;(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;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;(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;(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.

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| | |
|:---|:---|
| Date: January 30, 2026 | <u>/s/ Harry A. Papp</u> |
|  | Harry A. Papp, President and Principal Executive Officer |

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

I, Angela A. Simmons, certify that:

&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;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;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;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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of 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;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;(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;(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.

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| | |
|:---|:---|
| Date: January 30, 2026 | <u>/s/ Angela A. Simmons</u> |
|  | Angela A. Simmons, Treasurer and Principal Financial Officer |

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## Exhibit 99.906

EX-99.906CERT

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

Harry A. Papp, Principal Executive Officer, and Angela A. Simmons, Principal Accounting 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 November 30, 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.

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| | |
|:---|:---|
| CHIEF EXECUTIVE OFFICER | CHIEF FINANCIAL OFFICER |
| Papp Investment Trust | Papp Investment Trust |
| <u>/s/ Harry A. Papp</u> | <u>/s/ Angela A. Simmons</u> |
| Harry A. Papp, President and Principal Executive Officer | Angela A. Simmons, Treasurer and Principal Accounting Officer |
| Date: January 30, 2026 | Date: January 30, 2026 |

---

***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.