<PAGE>
[LOGO]
THE L. ROY PAPP STOCK FUND, INC.
A NO-LOAD FUND
ANNUAL REPORT
DECEMBER 31, 1995
Managed by:
L. Roy Papp & Associates
4400 North 32nd Street
Suite 280 Phoenix, AZ 85018
(602)956-1115
(800)421-4004
<PAGE>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
THE L. ROY PAPP STOCK FUND, INC. AND
THE STANDARD AND POOR'S 500 STOCK INDEX
===========================================
AVERAGE ANNUAL TOTAL RETURN
-------------------------------------------
Since
1 Year 5 Year Inception
-------------------------------------------
L. Roy Papp
Stock Fund 32.93% 15.13% 13.47%
-------------------------------------------
S & P 500 37.58% 16.60% 13.44%
===========================================
[PERFORMANCE GRAPH APPEARS HERE]
[PLOT POINTS TO COME]
2
<PAGE>
The L. Roy Papp Stock Fund, Inc.
Dear Fellow Shareholder:
Our Fund had fine results in 1995. On a total return basis, we were up 32.9%
for the year. Since inception, a little more than six years ago, we were up
114.8%. As the chart on the opposite page indicates, our long-term record
continues to surpass that of the Standard & Poor's 500 Stock Index.
In my last Annual Report to you, I noted that in 1994 we focused on building
meaningful positions in companies that are in the forefront of technological
innovation (Intel, Microsoft and Motorola) and reducing our holdings of those
consumer product companies which seem to rely more on price increases than
volume growth. We continued along this path in 1995 adding Verifone, which
makes the machine you slide your credit card into at the supermarket to record
your purchase, and Hewlett-Packard, which is already the fourth largest desktop
computer manufacturer despite having been in the business only for a few years.
Despite a weak fourth quarter occasioned by a spate of negative publicity, most
of these stocks outperformed the general stock market for the year.
Most important, however, was that we remained fully invested throughout the year
1995 and thus were able to fully participate in the remarkable increase in stock
prices. As you may have read in the newspapers, many of the market pundits
believed that stock prices would fall sharply and positioned themselves
accordingly. We disagreed with that assessment.
In my Views From Camelback Mountain letter dated December 31, 1994, I made the
following statement:
"I believe the economy will show a good steady growth for the next two or
three years. Interest rates will be more stable and climb less. I do expect
more inflation, but at a moderate rate. I continue to think stocks are
attractive for the long run and still offer the best long-term returns."
Even with the Federal Reserve cut in interest rates, I continue to believe that
our economy will grow only modestly this year. I think it will be slow with
many complaints. We expect next year to be up too, and perhaps a little bit
stronger. I am not upset with a small reduction in the budget deficit. I am
concerned that a couple years from now inflation will be a little bit higher as
will interest rates. The stock market has started the year very strongly, and I
feel hopeful that stocks will go up the rest of the year at a modest pace.
However, I would be very cautious about cyclical stocks and very long bonds.
Best regards,
/s/ L. Roy Papp
L. Roy Papp, Chairman
February 8, 1996
P.S. Today the per share net asset value of our Fund is $20.25. 3
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and Shareholders of
The L. Roy Papp Stock Fund, Inc.:
We have audited the accompanying statements of assets and liabilities of The L.
Roy Papp Stock Fund, Inc. (the Fund) as of December 31, 1995 and 1994, including
the schedule of portfolio investments as of December 31, 1995, and the related
statements of operations, and statements of changes in net assets for the two
years then ended, and the financial highlights for the three years then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The
financial highlights of The L. Roy Papp Stock Fund, Inc. for each of the three
years in the three-year period ended December 31, 1992, and the period from
November 29, 1989 (date of commencement of operations) through December 31,
1989, were audited by other auditors whose report dated January 29, 1993,
expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of December 31, 1995, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The L.
Roy Papp Stock Fund, Inc. as of December 31, 1995 and 1994, and the results of
its operations and changes in its net assets for the two years then ended and
its financial highlights for the three years then ended, in conformity with
generally accepted accounting principles.
/s/ Arthur Andersen LLP
Phoenix, Arizona,
January 19, 1996.
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Market
Number Value
Common Stocks of Shares (Note 1)
- -------------------------------------------------------- --------- ------------
<S> <C> <C>
ETHICAL DRUGS (12.5%)
American Home Products Corporation
(Ethical and proprietary drugs) 11,000 $1,067,000
Merck & Company
(Ethical drugs and specialty chemicals) 49,000 3,221,750
Mylan Laboratories, Inc.
(Manufacturer of prescription generic drugs) 55,150 1,296,025
----------
5,584,775
----------
CONSUMER SERVICES (11.7%)
G&K Services Class A
(Uniform rental service) 75,000 1,912,500
Service Corporation International
(Funeral service; cemetery owner/operator) 75,000 3,300,000
----------
5,212,500
----------
DISTRIBUTORS (11.0%)
Marshall Industries, Inc.*
(Distributor of industrial electronic components) 109,000 3,501,625
W.W. Grainger
(Distributor and manufacturer of electric equipment) 21,200 1,404,500
----------
4,906,125
----------
FINANCIAL SERVICES (8.7%)
Northern Trust Corporation
(Bank specializing in trust services) 25,000 1,400,000
State Street Boston Corporation
(Provider of securities custodial services) 54,600 2,457,000
----------
3,857,000
----------
RETAIL STORES (8.4%)
Albertson's Inc.
(Regional retail grocery chain) 45,800 1,505,675
May Department Stores Company
(Department store operator) 20,000 845,000
Walgreen Company
(Retail drug store chain) 47,000 1,404,125
----------
3,754,800
----------
COMPUTERS AND SOFTWARE (7.8%)
Hewlett-Packard Company
(Manufacturer of printers, computers and medical
electronic equipment) 11,000 921,250
Intel Corporation
(Manufacturer of microprocessors, microcontrollers,
and memory chips) 20,000 1,135,000
Microsoft Corporation*
(Personal computer software) 16,000 1,404,000
----------
3,460,250
----------
CONSUMER PRODUCTS (6.9%)
Clorox Company
(Manufacturer of bleach and other consumer products) 14,600 1,045,725
Procter & Gamble Company
(Household, personal care, and food products) 14,700 1,220,100
Sara Lee Corporation
(International consumer products) 26,000 828,750
----------
3,094,575
----------
</TABLE>
*Non-income producing security.
The accompanying notes are an integral part of this schedule.
5
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
SCHEDULE OF PORTFOLIO INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Market
Number Value
Common Stocks (continued) of Shares (Note 1)
- -------------------------------------------------------------------- --------- ------------
<S> <C> <C>
TELECOMMUNICATIONS (5.9%)
Motorola, Inc.
(Manufacturer of electronic equipment) 46,000 2,622,000
-----------
ELECTRICAL EQUIPMENT (4.3 %)
Pitney Bowes, Inc.
(Manufacturer of postage meters) 14,600 686,200
Emerson Electric Company
(Manufacturer of electrical and electronic products and systems) 15,000 1,226,250
-----------
1,912,450
-----------
RESTAURANTS (4.0%)
McDonald's Corporation
(Fast food restaurants and franchising) 39,000 1,759,875
-----------
ENVIRONMENTAL/RECYCLING (1.9%)
Bandag, Inc. Class A
(Provider of tire retreading equipment and materials) 7,100 376,300
Intermagnetics General*
(Manufacturer of superconductive magnetic systems
and environmentally acceptable refrigerant) 22,500 472,500
-----------
848,800
-----------
MISCELLANEOUS (8.7%)
International Flavors & Fragrances, Inc.
(Creator and manufacturer of flavors and fragrances) 20,000 960,000
Mattel, Inc.
(Toy manufacturer) 64,000 1,968,000
Verifone, Inc.*
(Supplier of transaction automation systems) 33,000 944,625
-----------
3,872,625
-----------
TOTAL COMMON STOCKS - 99.3% 44,219,525
CASH AND OTHER ASSETS, LESS LIABILITIES - .7% 289,018
-----------
NET ASSETS - 100% $44,508,543
===========
NET ASSET VALUE PER SHARE
(Based on 2,307,757 shares outstanding at December 31, 1995) $19.29
===========
</TABLE>
*Non-income producing security.
The accompanying notes are an integral part of this schedule.
6
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995 AND 1994
<TABLE>
<CAPTION>
1995 1994
----------- -----------
<S> <C> <C>
ASSETS
Investment in securities at market value (identified
cost $29,651,819 and $32,814,161 at December 31,
1995 and 1994, respectively) (Note 1) $44,219,525 $36,288,475
Cash 411,707 269,856
Dividends and interest receivable 63,889 78,710
----------- -----------
Total assets $44,695,121 $36,637,041
=========== ===========
LIABILITIES
Redemption payable $ 186,578 $ 59,282
----------- -----------
Total liabilities 186,578 59,282
----------- -----------
NET ASSETS
Paid-in capital applicable to 2,307,757 outstanding
shares at December 31, 1995 and 2,500,328
outstanding shares at December 31, 1994 29,940,837 33,104,504
Undistributed net realized loss on investments - (1,059)
Net unrealized gain on investments 14,567,706 3,474,314
----------- -----------
Net assets $44,508,543 $36,577,759
=========== ===========
Net Assets Value Per Share (net assets/share
outstanding) $ 19.29 $ 14.63
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
<TABLE>
<CAPTION>
1995 1994
----------- ----------
<S> <C> <C>
INVESTMENT INCOME:
Dividends $ 622,720 $ 763,730
Interest 23,975 17,599
----------- ----------
Total investment income 646,695 781,329
----------- ----------
EXPENSES:
Management fee (Note 3) 404,846 375,888
Filing fees 21,032 28,722
Accounting 12,700 13,625
Transfer agent fees 7,907 9,242
Directors' attendance fees 5,250 6,000
Custodial 8,281 5,831
Printing and postage 5,858 5,811
Legal 1,049 1,477
Other fees 5,393 1,762
----------- ----------
Total expenses 472,316 448,358
----------- ----------
Net investment income 174,379 332,971
----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Proceeds from sales of securities 12,294,010 9,421,746
Cost of securities sold 12,115,564 9,422,805
----------- ----------
Net realized gain (loss) on investments sold 178,446 (1,059)
Net change in unrealized gain (loss)
on investments 11,093,392 (921,745)
----------- ----------
Net realized and unrealized gain (loss)
on investments 11,271,838 (922,804)
----------- ----------
Net increase (decrease) in net assets resulting
from operations $11,446,217 $ (589,833)
=========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1994
<TABLE>
<CAPTION>
1995 1994
----------- -----------
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 174,379 $ 332,971
Net realized gain (loss) on investments sold 178,446 (1,059)
Net change in unrealized gain (loss) on investments 11,093,392 (921,745)
----------- -----------
Increase (decrease) in net assets resulting
from operations 11,446,217 (589,833)
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income (174,379) (332,971)
Net realized gain on investments sold (177,387) -
----------- -----------
Total distribution to shareholders (351,766) (332,971)
----------- -----------
FROM SHAREHOLDER TRANSACTIONS:
Proceeds from sale of shares 2,657,765 3,951,287
Net asset value of shares issued to shareholders
in reinvestment of net investment income and
net realized gain on investments sold 310,260 287,472
Payments for redemption of shares (6,131,692) (6,260,616)
----------- -----------
Decrease in net assets resulting
from shareholder transactions (3,163,667) (2,021,857)
----------- -----------
Total increase (decrease) in net assets 7,930,784 (2,944,661)
Net assets at beginning of the year 36,577,759 39,522,420
----------- -----------
Net assets at end of year $44,508,543 $36,577,759
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
(1) SIGNIFICANT ACCOUNTING POLICIES:
The L. Roy Papp Stock Fund, Inc. (the Fund) was incorporated on September 15,
1989, and is registered under the Investment Company Act of 1940 as an open-end
diversified management investment company. Operations of the Fund commenced on
November 29, 1989. The Fund invests for the long-term in good quality common
stocks. For the most part, the companies in which the Fund invests occupy a
dominant position in their industry and are purchased at prices which, in the
opinion of the Fund's management, do not reflect their superior long-term growth
of earnings and dividends.
The policies described below are followed by the Fund in the preparation of its
financial statements in conformity with generally accepted accounting
principles.
(a) Investment in Securities
For purposes of computing the net asset value of a share of the Fund, securities
traded on securities exchanges, or in the over-the-counter market in which
transaction prices are reported, are valued at the last sales prices at the time
of valuation or, lacking any reported sales on that day, at the most recent bid
quotations. Other securities traded over-the-counter are valued at the most
recent bid quotations. Securities for which quotations are not available and
any other assets are valued at a fair value as determined in good faith by the
Board of Directors. The price per share for a purchase order or redemption
request is the net asset value next determined after receipt of the order.
The net asset value of a share of the Fund is determined as of the close of
trading on the New York Stock Exchange, currently 4:00 p.m. New York City time,
on any day on which that Exchange is open for trading, by dividing the market
value by the number of shares outstanding, and rounding the result to the
nearest full cent.
Investment transactions are accounted for on the trade date (the date the order
to buy or sell is executed). Dividend income is recorded on the ex-dividend
date and interest is recorded on the accrual basis. Realized gains and losses
from investment transactions and unrealized appreciation or depreciation are
calculated on the identified cost basis.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of increases and decreases in net assets from operations
during the reporting period. Actual results could differ from those estimates.
10
<PAGE>
(b) Federal Income Taxes
The Fund's policy is to comply with the requirements of the Internal Revenue
Code which are applicable to regulated investment companies. The Code requires
that substantially all of the Fund's taxable income, as well as any net realized
gain on sales of investments, is to be distributed to the shareholders. The
Fund has complied with this policy and, accordingly, no provision for federal
income taxes is required.
(2) DIVIDENDS AND DISTRIBUTIONS:
Dividends and capital gain distributions are reinvested in additional shares of
the Fund unless the shareholder has requested in writing to be paid by check.
On December 21, 1995, a dividend of approximately $.029793 a share, aggregating
$68,704, was declared from net investment income earned during 1995. A
distribution was also declared from net realized long-term capital gains of
approximately $.076922 a share, aggregating $177,387. The dividend and
distribution were paid on December 29, 1995, to shareholders of record on
December 20, 1995.
On June 21, 1995, a dividend of approximately $.044 a share, aggregating
$105,675, was declared from net investment income earned during 1995. The
dividend was paid on June 30, 1995, to shareholders of record on June 20, 1995.
On December 21, 1994, a dividend of approximately $.061835 a share, aggregating
$154,296, was declared from net investment income earned during 1994. The
dividend was paid on December 30, 1994, to shareholders of record on December
20, 1994.
On June 22, 1994, a dividend of approximately $.0686 a share, aggregating
$178,675, was declared from net investment income earned during 1994. The
dividend was paid on June 30, 1994, to shareholders of record on June 22, 1994.
Dividends and distributions payable to its shareholders are recorded by the Fund
on the ex-dividend date. At December 31, 1994, there was an undistributed net
realized loss on investment transactions of $1,059. This loss was offset
against the net realized gains which were distributed in 1995.
(3) TRANSACTIONS WITH AFFILIATES:
The Fund has an investment advisory and management services agreement with L.
Roy Papp & Associates (Manager). The Manager receives from the Fund, as
compensation for its services, a fee accrued daily and payable monthly at an
annual rate of 1% of the Fund's net assets. The Manager will reimburse the Fund
to the extent the Fund's regular operating expenses during any of its fiscal
years exceed 1.25% of its average daily net asset value in such year. The Fund
incurred fees of $7,907 and $9,242 in 1995 and 1994, respectively, from the
Manager for its services as shareholder services and transfer agent.
11
<PAGE>
The Fund's independent directors receive $750 for each meeting of the Board of
Directors attended on behalf of the Fund. Certain officers and/or directors of
the Fund are also partners of the Manager and shareholders in the Fund. The
Fund made no payments to its officers or directors, except to independent
directors as stated above.
(4) PURCHASES AND SALES OF SECURITIES:
For the year ended December 31, investment transactions excluding short-term
investments were as follows:
<TABLE>
<CAPTION>
1995 1994
----------- -----------
<S> <C> <C>
Purchases at cost $ 8,953,222 $7,423,574
Sales 12,294,010 9,421,746
</TABLE>
(5) CAPITAL SHARE TRANSACTIONS:
At December 31, 1995, there were 5,000,000 shares of $.01 par value capital
stock authorized. Transactions in capital shares of the Fund were as follows:
<TABLE>
<CAPTION>
Proceeds Shares
------------ ---------
<S> <C> <C>
Year ended December 31, 1995
Shares issued $ 2,657,765 155,585
Dividends and distributions reinvested 310,260 16,810
Shares redeemed (6,131,692) (364,966)
----------- --------
Net decrease $(3,163,667) (192,571)
=========== ========
Year ended December 31, 1994
Shares issued $ 3,951,287 268,337
Dividends and distributions reinvested 287,472 19,941
Shares redeemed (6,260,616) (425,997)
----------- --------
Net decrease $(2,021,857) (137,719)
=========== ========
</TABLE>
(6) UNREALIZED APPRECIATION:
Unrealized appreciation of portfolio securities for both financial statement and
federal income tax purposes is as follows:
<TABLE>
<CAPTION>
1995 1994
----------- ------------
<S> <C> <C>
Market value $44,219,525 $36,288,475
Original cost 29,651,819 32,814,161
----------- -----------
Net unrealized appreciation $14,567,706 $ 3,474,314
=========== ===========
</TABLE>
As of December 31, 1995, gross unrealized gains on investments in which market
value exceeded cost totaled $14,619,841 and gross unrealized losses on
investments in which cost exceeded market value totaled $52,135.
12
<PAGE>
(7) SELECTED FINANCIAL HIGHLIGHTS:
The following selected per share data has been calculated using revenues and
expenses for the periods indicated, divided by the weighted average number of
shares outstanding during the periods. The ratios are calculated using the
revenues and expenses for the periods, divided by the weighted average of the
daily net assets of the Fund.
<TABLE>
<CAPTION>
Years Ended December 31, Period Ended
---------------------------------------------------------------------------------- December 31,
1995 1994 1993 1992 1991 1990 1989 (A)
------------ ------------ ------------ ------------ ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
beginning of period $ 14.63 $ 14.98 $ 14.96 $ 13.45 $ 10.42 $ 10.38 $ 10.00
Income from Investment
Operations:
Net investment
income .07 .13 .13 .13 .15 .16 .02
Net realized and
unrealized (loss)
gain on investments 4.73 (.35) .11 1.68 3.46 .09 .38
----------- ----------- ----------- ----------- ----------- ---------- ----------
Total from Investment
Operations 4.80 (.22) .24 1.81 3.61 .25 .40
Less Distributions:
Dividend from net
investment income (.07) (.13) (.13) (.13) (.15) (.16) (.02)
Distribution of net
realized gain (.07) - (.09) (.17) (.43) (.05) -
----------- ----------- ----------- ----------- ----------- ---------- ----------
Total Distributions (.14) (.13) (.22) (.30) (.58) (.21) (.02)
Net Asset Value,
end of period $ 19.29 $ 14.63 $ 14.98 $ 14.96 $ 13.45 $ 10.42 $ 10.38
=========== =========== =========== =========== =========== ========== ==========
Total Return 32.93% (1.46)% 1.65% 13.54% 33.79% 2.60% 3.99%
=========== =========== =========== =========== =========== ========== ==========
Ratios/Supplemental
Data:
Net assets, end of
period $44,508,543 $36,577,759 $39,522,420 $22,874,733 $13,367,176 $6,104,345 $1,322,532
Expenses to average
net assets (B) 1.17% 1.19% 1.25% 1.25% 1.25% 1.25% 1.25%*
Net investment income
to average net
assets (C) 1.60% 2.08% 2.22% 2.28% 2.46% 2.82% 2.23%*
Portfolio turnover rate 22.39% 20.00% 15.00% 11.00% 4.00% 28.00% 0.00%
</TABLE>
* Annualized
(A) From the date of commencement of operations (November 29, 1989).
(B) If the Fund had paid all of its expenses and there had been no reimbursement
by the investment adviser, this ratio would have been 1.25%, 1.26%, 1.35%,
1.92% and 1.80% for the years ended December 31, 1993, 1992, 1991, 1990 and
the period ended December 31, 1989, respectively.
(C) Computed giving effect to investment adviser's expense limitation
undertaking.
13
<PAGE>
THE L. ROY PAPP STOCK FUND, INC.
DIRECTORS
James K. Ballinger L. Roy Papp
Amy S. Clague Rosellen C. Papp
Robert L. Mueller Bruce C. Williams
Harry A. Papp
OFFICERS
Chairman - L. Roy Papp President - Harry A. Papp
VICE PRESIDENTS
Victoria S. Cavallero Robert L. Mueller
George D. Clark, Jr. Rosellen C. Papp
Jeffrey N. Edwards Bruce C. Williams
Robert L. Hawley
SECRETARY - Robert L. Mueller
TREASURER - Rosellen C. Papp
ASSISTANT TREASURER - Julie A. Hein
INVESTMENT ADVISER
L. Roy Papp & Associates
4400 North 32nd Street, Suite 280
Phoenix, Arizona 85018
Telephone: (602) 956-1115
CUSTODIAN
First Interstate Bank of Arizona
100 West Washington Street
Phoenix, Arizona 85003
SHAREHOLDER SERVICES AND TRANSFER AGENT
L. Roy Papp & Associates
4400 North 32nd Street, Suite 280
Phoenix, Arizona 85018
Telephone: (602) 956-1115
(800) 421-4004
INDEPENDENT PUBLIC ACCOUNTANTS
Arthur Andersen LLP
2 North Central Avenue, Suite 1000
Phoenix, Arizona 85004
LEGAL COUNSEL
Bell, Boyd & Lloyd
70 West Madison Street
Chicago, Illinois 60602
This report is submitted for the general information of the shareholders of the
Fund. The report is not authorized for distribution to prospective investors in
the Fund unless it is accompanied or preceded by a currently effective
prospectus of the Fund. No sales charge to the shareholder or to the new
investor is made in offering the shares of the Fund.
