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      <liveTestFlag>LIVE</liveTestFlag>
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      <investmentCompFileNo>811-22359</investmentCompFileNo>
      <registrantCik>0001477597</registrantCik>
      <registrantLei>5493003YT5D3OH7HI658</registrantLei>
      <registrantstreet1>225 Pictoria Drive</registrantstreet1>
      <registrantstreet2>Suite 450</registrantstreet2>
      <registrantcity>Cincinnati</registrantcity>
      <registrantzipCode>45246-1617</registrantzipCode>
      <registrantstate>US-OH</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>513-587-3400</registrantphoneNumber>
      <websites>
        <website webpage="www.pappmutualfunds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>U.S. Bank, N.A.</officeName>
          <officeAddress1>425 Walnut Street</officeAddress1>
          <officeCity>Cincinnati</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>45202-3956</officeRecordsZipCode>
          <officePhone>513-632-4234</officePhone>
          <booksRecordsDesc>Accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Ultimus Fund Solutions, LLC</officeName>
          <officeAddress1>225 Pictoria Drive</officeAddress1>
          <officeAddress2>Suite 450</officeAddress2>
          <officeCity>Cincinnati</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>45246-1617</officeRecordsZipCode>
          <officePhone>(513) 587-3400</officePhone>
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      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
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          <directorName>Rosellen C. Papp</directorName>
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        <director>
          <directorName>Harry A. Papp</directorName>
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        <director>
          <directorName>Carolyn P. O'Malley</directorName>
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        <director>
          <directorName>Jean C. Bingham</directorName>
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            <fileNumberInfo fileNumber="N/A"/>
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      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Julie A. Hein</ccoName>
          <crdNumber>002116306</crdNumber>
          <ccoStreet1>2201 E. Camelback Road</ccoStreet1>
          <ccoStreet2>Suite 227B</ccoStreet2>
          <ccoCity>Phoenix</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-AZ"/>
          <ccoZipCode>85016-9028</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Ultimus Fund Distributors, LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>008-52643</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000104177</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-OH"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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        <publicAccountant>
          <publicAccountantName>BBD, LLP</publicAccountantName>
          <pcaobNumber>552</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-PA"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Papp Small and Mid-Cap Growth Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000027941</mgmtInvSeriesId>
        <mgmtInvLei>5493003YT5D3OH7HI658</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Papp Small and Mid-Cap Growth Fund" sharesOutstandingClassId="C000084913" sharesOutstandingTickerSymbol="PAPPX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Other</paymentToAgentManagerType>
          <otherFeeDesc>N/A</otherFeeDesc>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>L. Roy Papp and Associates, LLP</investmentAdviserName>
            <investmentAdviserFileNo>801-35594</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105130</investmentAdviserCrdNo>
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            <investmentAdviserStateCountry investmentAdviserState="US-AZ" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
            <transferAgentFileNo>084-05829</transferAgentFileNo>
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            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services Limited</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
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            <custodianName>U.S. Bank, N.A.</custodianName>
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            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
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            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
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            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
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            <shareholderServiceIdNumberDesc>SEC file no.</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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            <adminName>Ultimus Fund Solutions, LLC</adminName>
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            <idNumberDesc>SEC File No.</idNumberDesc>
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            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>CHARLES SCHWAB &amp; CO., INC.</brokerName>
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            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>44.55000000</grossCommission>
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        <aggregateCommission>44.55000000</aggregateCommission>
        <principalAggregatePurchase>0.00</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>31952081.82000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
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    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Papp Investment Trust" signedDate="2019-02-08" signature="Benjamin V. Mollozzi " title="Secretary"/>
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