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Institutional Investment Manager
L. Roy Papp & Associates, LLP
L. Roy Papp & Associates, LLP (CIK: 0000809339) incorporated in Arizona, located at 2201 E. Camelback Road, Phoenix, AZ. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q1)
Portfolio Summary: 133 holdings with a total value of $429,099,000.
#
Name
Shares
Value ($)
%
Options
Notes
101 BOEING CO 3,866 485,000 0.11%
102 VANGUARD SPECIALIZED FUNDS 6,378 480,000 0.11%
103 FULLER H B CO 9,480 458,000 0.11%
104 ISHARES TR 3,766 438,000 0.10%
105 CONTINENTAL RESOURE 3,450 429,000 0.10%
106 WELLS FARGO & CO NEW 8,314 414,000 0.10%
107 Kinder Morgan Inc. 5,575 412,000 0.10%
108 PFIZER INC 12,775 410,000 0.10%
109 HOME DEPOT INC 4,924 390,000 0.09%
110 STRYKER CORP 4,680 381,000 0.09%
111 ISHARES MSCI BIC ETF 10,500 380,000 0.09%
112 VANGUARD INTL EQUITY INDEX F 9,315 378,000 0.09%
113 ABBOTT LABS 9,591 369,000 0.09%
114 AUTOZONE INC 687 369,000 0.09%
115 Oil and Gas Exploration SPDR 5,025 361,000 0.08%
116 ISHARES TR 5,151 346,000 0.08%
117 UNION PAC CORP 1,780 334,000 0.08%
118 VANGUARD WORLD FD 3,535 324,000 0.08%
119 KINDER MORGAN MANAGEMENT LLC 4,442 318,000 0.07%
120 PRAXAIR INC 2,365 310,000 0.07%
121 CNO FINL GROUP INC 17,000 308,000 0.07%
122 DU PONT E I DE NEMOURS & CO 4,253 285,000 0.07%
123 KIMBERLY CLARK CORP 2,569 283,000 0.07%
124 BERKSHIRE HATHAWAY INC DEL 2,178 272,000 0.06%
125 SPDR INDEX SHS FDS 9,000 265,000 0.06%
126 WOLVERINE WORLD WIDE INC COM 9,186 262,000 0.06%
127 CHURCH & DWIGHT 3,681 254,000 0.06%
128 WASTE CONNECTIONS INC COM 5,568 244,000 0.06%
129 CENTRAL FD CDA LTD 17,600 242,000 0.06%
130 BLDRS INDEX FDS TR 6,059 220,000 0.05%
131 BB&T CORP 5,349 215,000 0.05%
132 VANGUARD INTL EQUITY INDEX F 3,495 209,000 0.05%
133 BAXTER INTL INC 2,837 209,000 0.05%
Page 3 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001172661-14-000980, filed 2014.05.12).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.