# EDGAR Filing Document

**Accession Number:** 0001477597
**File Stem:** 0000910472-26-005715
**Filing Date:** 2026-4
**Character Count:** 25083
**Document Hash:** 0990ab093b0761e1c28a52217e53c49d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005715.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000910472-26-005715

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**PERIOD START**: 20261130

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22359
- **FILM NUMBER:** 26896761

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** | **PAPP SMALL & MID-CAP GROWTH FUND** | **PAPP SMALL & MID-CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **COMMON STOCKS** - **95.5%** | **Shares** | **Value** |
| **Consumer Discretionary** - **12.2%** | **Consumer Discretionary** - **12.2%** | **Consumer Discretionary** - **12.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Products - 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Products - 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Products - 1.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;14900 | &nbsp;&nbsp;$651279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 7.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 7.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 7.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;38550 | &nbsp;&nbsp;3619074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Retail - 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Retail - 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Retail - 2.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. <sup>(a)</sup> | &nbsp;&nbsp;23750 | &nbsp;&nbsp;897750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 0.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 0.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Discretionary - 0.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | &nbsp;&nbsp;1900 | &nbsp;&nbsp;431642 |
| **Consumer Staples** - **7.6%** | **Consumer Staples** - **7.6%** | **Consumer Staples** - **7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 2.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 2.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 2.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | &nbsp;&nbsp;17400 | &nbsp;&nbsp;1236096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 4.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 4.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Household Products - 4.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | &nbsp;&nbsp;17000 | &nbsp;&nbsp;1782620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Company (The) | &nbsp;&nbsp;3500 | &nbsp;&nbsp;445060 |
|  |  | &nbsp;&nbsp;2227680 |
| **Energy** - **1.9%** | **Energy** - **1.9%** | **Energy** - **1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.9%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corporation | &nbsp;&nbsp;47000 | &nbsp;&nbsp;859630 |
| **Financials** - **4.7%** | **Financials** - **4.7%** | **Financials** - **4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 2.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;11200 | &nbsp;&nbsp;1059856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;5100 | &nbsp;&nbsp;1105731 |
| **Health Care** - **9.8%** | **Health Care** - **9.8%** | **Health Care** - **9.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 9.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 9.8%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 9.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corporation | &nbsp;&nbsp;9800 | &nbsp;&nbsp;578200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1885 | &nbsp;&nbsp;2576211 |

---

---

| | | |
|:---|:---|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** | **PAPP SMALL & MID-CAP GROWTH FUND** | **PAPP SMALL & MID-CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS** - **95.5% (Continued)** | **Shares** | **Value** |
| **Health Care** - **9.8% (Continued)** | **Health Care** - **9.8% (Continued)** | **Health Care** - **9.8% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 9.8% (Continued)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 9.8% (Continued)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 9.8% (Continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;5300 | &nbsp;&nbsp;$1358178 |
|  |  | &nbsp;&nbsp;4512589 |
| **Industrials** - **33.8%** | **Industrials** - **33.8%** | **Industrials** - **33.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 8.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 8.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 8.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;15900 | &nbsp;&nbsp;3803598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 10.5%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 10.5%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 10.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;8350 | &nbsp;&nbsp;4808932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 8.0%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 8.0%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 8.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corporation | &nbsp;&nbsp;11000 | &nbsp;&nbsp;2304170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;1379790 |
|  |  | &nbsp;&nbsp;3683960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 7.0%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 7.0%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 7.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;22100 | &nbsp;&nbsp;3205163 |
| **Materials** - **6.7%** | **Materials** - **6.7%** | **Materials** - **6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 6.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 6.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 6.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;10000 | &nbsp;&nbsp;3083500 |
| **Technology** - **18.8%** | **Technology** - **18.8%** | **Technology** - **18.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 5.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 5.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 5.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | &nbsp;&nbsp;4400 | &nbsp;&nbsp;998844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7100 | &nbsp;&nbsp;1452163 |
|  |  | &nbsp;&nbsp;2451007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 7.2%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 7.2%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 7.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. <sup>(a)</sup> | &nbsp;&nbsp;24000 | &nbsp;&nbsp;862080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;34260 | &nbsp;&nbsp;1498190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2318 | &nbsp;&nbsp;959652 |
|  |  | &nbsp;&nbsp;3319922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 3.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 3.7%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 3.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. <sup>(a)</sup> | &nbsp;&nbsp;25500 | &nbsp;&nbsp;1705185 |

---

---

| | | |
|:---|:---|:---|
| **PAPP SMALL & MID-CAP GROWTH FUND** | **PAPP SMALL & MID-CAP GROWTH FUND** | **PAPP SMALL & MID-CAP GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS** - **95.5% (Continued)** | **Shares** | **Value** |
| **Technology** - **18.8% (Continued)** | **Technology** - **18.8% (Continued)** | **Technology** - **18.8% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.6%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. <sup>(a)</sup> | &nbsp;&nbsp;26250 | &nbsp;&nbsp;$1171537 |
| **Total Common Stocks** (Cost $13,652,781) | **Total Common Stocks** (Cost $13,652,781) | &nbsp;&nbsp;$43834131 |
| **EXCHANGE-TRADED FUNDS** - **2.3%** | **Shares** | **Value** |
| **Health Care - 2.3%** | **Health Care - 2.3%** | **Health Care - 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street® SPDR® S&P® Biotech ETF (Cost $448,871) | &nbsp;&nbsp;8300 | &nbsp;&nbsp;$1057171 |
| **MONEY MARKET FUNDS - 2.2%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 3.55% <sup>(b)</sup> (Cost $994,091) | &nbsp;&nbsp;994091 | &nbsp;&nbsp;$994091 |
| **Total Investments at Value - 100.0%** (Cost $15,095,743) | **Total Investments at Value - 100.0%** (Cost $15,095,743) | &nbsp;&nbsp;$45885393 |
| **Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup>** | **Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup>** | &nbsp;&nbsp;15119 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$45900512 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of February 28, 2026.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Papp Investment Trust

- **b. Investment Company Act file number:** 811-22359

- **c. CIK number of Registrant:** 0001477597

- **d. LEI of Registrant:** 5493003YT5D3OH7HI658

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2201 E. Camelback Road

  - **City:** Phoenix

  - **State:** AZ

  - **Foreign country:** US

  - **Zip / Postal Code:** 85016

  - **Telephone number:** 602-956-0980

**Item A.2. Information about the Series.**

- **a. Name of Series:** PAPP SMALL & MID-CAP GROWTH FUND

- **b. EDGAR series identifier (if any):** S000027941

- **c. LEI of Series:** 5493003YT5D3OH7HI658

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $45949391.49

**Total Liabilities:** $48879.13

**Net Assets:** $45900512.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000084913 | -0.84%               | 2.66%                | 1.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-399132.27                                |
| Month 2  | $0.00                    | $1203348.06                                |
| Month 3  | $0.00                    | $733927.58                                 |

### Schedule of Portfolio Investments

| Name                                        | Title                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Expeditors International Of Washington Inc. | Expeditors International of Washington, Inc.             | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     22100 | NS      | $3205163.00   | 6.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.                    | Valmont Industries, Inc.                                 | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      3000 | NS      | $1379790.00   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Price T Rowe Group Inc.                     | T Rowe Price Group, Inc.                                 | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |     11200 | NS      | $1059856.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                    | O'Reilly Automotive, Inc.                                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     38550 | NS      | $3619074.00   | 7.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Idex Corporation                            | IDEX Corporation                                         | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     11000 | NS      | $2304170.00   | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ametek, Inc.                                | AMETEK, Inc.                                             | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     15900 | NS      | $3803598.00   | 8.29%             |  |  |  | No            |                  1 | On Loan: No      |
| The Clorox Company                          | Clorox Company (The)                                     | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |      3500 | NS      | $445060.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                                 | ResMed, Inc.                                             | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      5300 | NS      | $1358178.00   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                            | Pool Corporation                                         | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      1900 | NS      | $431642.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                 | Ecolab, Inc.                                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     10000 | NS      | $3083500.00   | 6.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                               | Dynatrace, Inc.                                          | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     24000 | NS      | $862080.00    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                           | SPDR S&P Biotech ETF                                     | CUSIP: 78464A870<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      8300 | NS      | $1057171.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                | Synopsys, Inc.                                           | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      2318 | NS      | $959652.00    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                      | Permian Resources Corporation                            | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     47000 | NS      | $859630.00    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                            | RBC Bearings, Inc.                                       | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8350 | NS      | $4808932.00   | 10.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Costar Group Inc                            | CoStar Group, Inc.                                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     26250 | NS      | $1171537.50   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc.                     | Church & Dwight Company, Inc.                            | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |     17000 | NS      | $1782620.00   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust            | Fidelity Institutional Money Market Government Portfolio | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |    994091 | PA      | $994091.24    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc            | Mettler-Toledo International, Inc.                       | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      1885 | NS      | $2576210.65   | 5.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories, Inc.                  | Silicon Laboratories, Inc.                               | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |      7100 | NS      | $1452163.00   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                             | Pegasystems, Inc.                                        | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     34260 | NS      | $1498189.80   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                 | Trimble, Inc.                                            | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     25500 | NS      | $1705185.00   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated           | McCormick & Company Inc Non-Voting Shares                | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |     17400 | NS      | $1236096.00   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                             | Bio-Techne Corporation                                   | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      9800 | NS      | $578200.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                               | Valvoline, Inc.                                          | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     23750 | NS      | $897750.00    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                           | YETI Holdings, Inc.                                      | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     14900 | NS      | $651279.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                       | NXP Semiconductors N.V.                                  | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      4400 | NS      | $998844.00    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.               | FactSet Research Systems, Inc.                           | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      5100 | NS      | $1105731.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-28

**Name of Applicant:** Papp Small & Mid-Cap Growth Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** VP, Fund Accounting