Instuitional Investor - Rowland & Co Investment Counselv

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Progressive Corp	PGR	112,871	$31,943,684	6.72%
2.	Apple Inc.	AAPL	136,268	$30,269,241	6.37%
3.	Microsoft Corp	MSFT	50,871	$19,096,661	4.02%
4.	Automatic Data Processing Inc	ADP	61,530	$18,799,297	3.96%
5.	Walmart Inc.	WMT	189,030	$16,594,954	3.49%