| PAPP SMALL & MID-CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS |
| August 31, 2026 (Unaudited) |
| COMMON STOCKS - 95.1% |
Shares |
Value |
| Consumer Discretionary - 10.3% |
| Leisure Products - 1.3% |
| YETI Holdings, Inc. (a) |
13,601 |
$ 558,321 |
| |
|
|
| Retail - Discretionary - 7.3% |
| O'Reilly Automotive, Inc. (a) |
35,188 |
3,124,694 |
| |
|
|
| Specialty Retail - 1.7% |
| Valvoline, Inc. (a) |
21,679 |
695,029 |
| |
|
|
| Consumer Staples - 5.6% |
| Food - 2.0% |
| McCormick & Company, Inc. |
15,883 |
861,176 |
| |
|
|
| Household Products - 3.6% |
| Church & Dwight Company, Inc. |
15,518 |
1,548,386 |
| |
|
|
| Energy - 2.3% |
| Oil & Gas Producers - 2.3% |
| Permian Resources Corporation - Class A |
42,901 |
999,164 |
| |
|
|
| Financials - 6.1% |
| Asset Management - 2.7% |
| T. Rowe Price Group, Inc. |
10,224 |
1,137,727 |
| |
|
|
| Institutional Financial Services - 3.4% |
| FactSet Research Systems, Inc. |
4,656 |
1,459,889 |
| |
|
|
| Health Care - 9.5% |
| Medical Equipment & Devices - 9.5% |
| Bio-Techne Corporation |
6,700 |
484,477 |
| Mettler-Toledo International, Inc. (a) |
1,721 |
2,418,246 |
| ResMed, Inc. |
4,838 |
1,161,604 |
| |
|
4,064,327 |
| PAPP SMALL & MID-CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 95.1% (Continued) |
Shares |
Value |
| Industrials - 32.9% |
| Electrical Equipment - 8.0% |
| AMETEK, Inc. |
14,514 |
$ 3,413,257 |
| |
|
|
| Industrial Intermediate Products - 6.9% |
| RBC Bearings, Inc. (a) |
5,979 |
2,955,181 |
| |
|
|
| Machinery - 9.0% |
| IDEX Corporation |
10,041 |
2,295,774 |
| Valmont Industries, Inc. |
3,286 |
1,543,303 |
| |
|
3,839,077 |
| Transportation & Logistics - 9.0% |
| Expeditors International of Washington, Inc. |
20,173 |
3,825,809 |
| |
|
|
| Materials - 7.0% |
| Chemicals - 7.0% |
| Ecolab, Inc. |
9,128 |
2,585,050 |
| WD-40 Company |
1,800 |
385,470 |
| |
|
2,970,520 |
| Technology - 21.4% |
| Semiconductors - 6.4% |
| Lattice Semiconductor Corporation (a) |
1,700 |
196,078 |
| MACOM Technology Solutions Holdings, Inc. (a) |
750 |
197,872 |
| NXP Semiconductors N.V. |
4,017 |
902,379 |
| Silicon Laboratories, Inc. (a) |
6,481 |
1,419,663 |
| |
|
2,715,992 |
| Software - 9.5% |
| Agilysys, Inc. (a) |
4,500 |
523,845 |
| Dynatrace, Inc. (a) |
26,471 |
1,445,052 |
| Pegasystems, Inc. |
31,272 |
1,151,122 |
| Synopsys, Inc. (a) |
2,116 |
930,173 |
| |
|
4,050,192 |
| Technology Hardware - 3.7% |
| Fabrinet (a) |
450 |
185,819 |
| Trimble, Inc. (a) |
23,276 |
1,395,163 |
| |
|
1,580,982 |
| PAPP SMALL & MID-CAP GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 95.1% (Continued) |
Shares |
Value |
| Technology - 21.4% (Continued) |
| Technology Services - 1.8% |
| CoStar Group, Inc. (a) |
23,961 |
$ 768,429 |
| |
|
|
| Total Common Stocks (Cost $12,918,055) |
$ 40,568,152 |
| |
|
|
| |
|
|
| EXCHANGE-TRADED FUNDS - 2.9% |
Shares |
Value |
| Health Care - 2.9% |
| Biotech & Pharma - 2.9% |
| State Street® SPDR® S&P® Biotech ETF (Cost $418,028) |
7,577 |
$ 1,231,263 |
| |
|
|
| |
|
|
| MONEY MARKET FUNDS - 2.0% |
Shares |
Value |
| Fidelity Institutional Money Market Government Portfolio - Class I, 3.56% (b) (Cost $846,323) |
846,323 |
$ 846,323 |
| |
|
|
| Total Investments at Value - 100.0% (Cost $14,182,406) |
$ 42,645,738 |
| |
|
| Liabilities in Excess of Other Assets - 0.0% (c) |
(6,453 ) |
| |
|
| Net Assets - 100.0% |
$ 42,639,285 |
| |