9AT: L. ROY PAPP & ASSOCIATES, LLP

Adviser Profile

As of Date	05/27/2026
Registration	SEC, Approved, 10/01/1989
ADV Location	PHOENIX, AZ, United States
Contact Info	602 xxxxxxx
Websites

AUM^*	1,621,804,561 6%
of that, discretionary	1,357,971,475 6%
Number of Employees	10
of those in investment advisory functions	10
Private Fund GAV^*	0
Avg Account Size	878,075 5%
% High Net Worth	47.92% -4%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Investment companies
- Pension and profit sharing plans
- Charitable organizations
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for businesses
- Pension consulting services

Compensation Arrangments

- A percentage of assets under your management

Accounting Firm Name	Filing Date	Form ADV-E
Accounting Firm Name COHEN & CO	Filing Date03/11/2026	Form ADV-E View Report
Accounting Firm Name THOMAS ZOLLARS & LYNCH LTD	Filing Date09/29/2025	Form ADV-E View Report
Accounting Firm Name THOMAS ZOLLARE & LYNCH, LTD.	Filing Date04/09/2025	Form ADV-E View Report
Accounting Firm Name THOMAS ZOLLARS & LYNCH	Filing Date03/13/2024	Form ADV-E View Report

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser SYNTAL CAPITAL PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM60.3m	#Funds-
Adviser COOPER/HAIMS ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.2b	#Funds-
Adviser ALLEY COMPANY	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM907.2m	#Funds-
Adviser KLINGMAN AND ASSOCIATES, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM5.7b	#Funds-
Adviser SUNESIS ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.5b	#Funds-
Adviser LEGACIES WEALTH LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM505.4m	#Funds-
Adviser CLIENT FIRST CAPITAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM269.7m	#Funds-
Adviser KRAL FINANCIAL ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM247.4m	#Funds-
Adviser JFG FAMILY OFFICE	Hedge Fund-	Liquidity Fund-	Private Equity Fund5.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.4m	AUM4.5b	#Funds1
Adviser CHEQUERS FINANCIAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.3b	#Funds-

Brochure Summary

Overview

LRP primarily provides customized investment management services to high-net worth individuals and associated trusts, estates, pension and profit sharing plans, a registered mutual fund, and other legal entities. LRP generally invests client assets in domestic stocks, bonds, exchange traded funds (“ETFs”) and mutual funds. LRP manages portfolios for clients based on the goals and objectives of each individual client. Clients are assigned to a portfolio manager and each portfolio manager considers the client’s investment time horizon, risk tolerance, cash flow needs and other personal preferences when designing an investment portfolio. Portfolio managers design more conservative investment allocations for clients who are more risk adverse or more aggressive investment allocations for clients that desire a more growth-oriented portfolio. Portfolio managers analyze existing holdings and make recommendations for purchases and sales based on market conditions to increase the probability of achieving the client’s goals and objectives while seeking to minimize risks and expenses. Clients may impose restrictions on investing in certain securities or types of securities within their portfolio. For ERISA and IRA accounts: If the Account is part of a pension or other employee benefit plan (a “Plan”) governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or an Individual Retirement Account (an “IRA”) governed by the Internal

Revenue Code, LRP acknowledges that we are a “fiduciary” within the meaning of Section 3(21) of ERISA (but only with respect to the provision of services described in our Advisory Agreement). LRP represents that we are registered as an investment adviser and duly qualified to manage Plan assets under applicable regulations. Pursuant to an investment management contract with Papp Investment Trust (“Trust”), LRP serves as the adviser to the Papp Small & Mid-Cap Growth Fund (“Fund”). As the adviser to the Fund, LRP determines what securities shall be purchased for the Fund, and what securities shall be held or sold by the Fund. LRP provides investment advice and recommendations consistent with the investment policies, objectives and restrictions of the Fund. Consistent with its fiduciary duties, from time to time LRP may recommend that its clients buy or sell shares in the Fund. Clients are not charged any investment management fees on assets in the Fund. LRP waives any investment management fees relative to the Fund at the separate account level. However, clients are responsible for paying the advisory fees and other expenses charged by the Fund. LRP does not participate in wrap fee programs. LRP was founded in 1978 and is primarily owned by Harry Papp, Rosellen Papp and Victoria Cavallero. As of December 31, 2022, LRP managed $1.05 billion on a discretionary and $215.8 million on a nondiscretionary basis.

L. ROY PAPP & ASSOCIATES, LLP

L. ROY PAPP & ASSOCIATES, LLP

L ROY PAPP & ASSOCIATES

L. ROY PAPP & ASSOCIATES

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Form ADV-E Surprise Examination Reports

Similar advisers

Brochure Summary

Overview

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L. ROY PAPP & ASSOCIATES, LLP L. ROY PAPP & ASSOCIATES, LLP L ROY PAPP & ASSOCIATES L. ROY PAPP & ASSOCIATES

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Form ADV-E Surprise Examination Reports

Similar advisers

Brochure Summary

Overview

L. ROY PAPP & ASSOCIATES, LLP

L. ROY PAPP & ASSOCIATES, LLP

L ROY PAPP & ASSOCIATES

L. ROY PAPP & ASSOCIATES