13F-HR 1 aic1qtr06.txt 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE "Report for the Quarter Ended: March 31, 2006 Check here if Amendment [ ]; Amendment Number: ________ This Amendment (Check only one.): [ ] is a restatement [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Argus Investors' Counsel, Inc. Address: 100 Prospect Street, South Tower Stamford, Connecticut 06901 13F Filing Number: 28-542 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all requirements, statements, schedules, lists and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Stewart P. Zobian Title: President Phone: (203) 316-9000 Signature, Place and Date of Signing: /s/Stewart P. Zobian Stamford, Connecticut April 25, 2006 [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here is a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None FORM 13F SUMMARY PAGE Report Summary: Number of other included Managers: None Form 13F information Table Entry Total: 450 Form 13F information Table Value Total: 550792000 List of other included managers: None Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M Co Com COM 88579Y101 9600 126830 SH SOLE 126540 290 Abbott Labs Com COM 002824100 9174 216020 SH SOLE 215570 450 Air Prods & Chems Inc Com COM 009158106 9098 135400 SH SOLE 135000 400 Alcoa Inc Com COM 013817101 10196 333624 SH SOLE 332899 725 American Express Co Com COM 025816109 8977 170835 SH SOLE 170415 420 American Intl Group Com COM 026874107 15545 235215 SH SOLE 234915 300 Amgen Inc Com COM 031162100 11388 156540 SH SOLE 156240 300 Archer Daniels Midland Com COM 039483102 1203 35760 SH SOLE 35760 Automatic Data Process Com COM 053015103 14966 327635 SH SOLE 327085 550 BP Plc Sponsored Adr COM 055622104 557 8080 SH SOLE 7640 440 Becton Dickinson & Co Com COM 075887109 12784 207592 SH SOLE 207092 500 Caterpillar Inc Del Com COM 149123101 16457 229180 SH SOLE 228780 400 Cisco Sys Inc Com COM 17275R102 9231 426000 SH SOLE 424900 1100 Coca Cola Co Com COM 191216100 710 16950 SH SOLE 16950 Dell Inc Com COM 24702R101 8276 278075 SH SOLE 277425 650 Disney Walt Co Com COM 254687106 8724 312790 SH SOLE 311740 1050 Dow Chem Co Com COM 260543103 8402 206945 SH SOLE 206945 Emerson Elec Co Com COM 291011104 16172 193375 SH SOLE 193375 Exxon Mobil Corp Com COM 30231G102 11704 192303 SH SOLE 192303 FedEx Corp Com COM 31428X106 17896 158459 SH SOLE 158149 310 Federal Natl Mtg Assn Com COM 313586109 7403 144035 SH SOLE 143535 500 Gannett Inc Com COM 364730101 6216 103740 SH SOLE 103390 350 General Dynamics Corp Com COM 369550108 11626 181710 SH SOLE 181260 450 General Elec Co Com COM 369604103 8575 246546 SH SOLE 245826 720 Home Depot Inc Com COM 437076102 14484 342400 SH SOLE 341825 575 Illinois Tool Wks Inc Com COM 452308109 12263 127325 SH SOLE 127005 320 Ingersoll-Rand Company Cl A COM G4776G101 9696 232020 SH SOLE 231320 700 Intel Corp Com COM 458140100 9224 474000 SH SOLE 473000 1000 International Bus Mach Com COM 459200101 16038 194470 SH SOLE 194220 250 Intl Paper Co Com COM 460146103 9948 287770 SH SOLE 287770 JP Morgan Chase & Co Com COM 46625H100 1209 29033 SH SOLE 28433 600 Johnson & Johnson Com COM 478160104 8778 148230 SH SOLE 147810 420 Kimberly Clark Corp Com COM 494368103 7284 126020 SH SOLE 125620 400 McDonalds Corp Com COM 580135101 15152 440970 SH SOLE 440230 740 Mcgraw-Hill Cos Inc COM 580645109 14241 247152 SH SOLE 246552 600 Microsoft Corp Com COM 594918104 16071 590620 SH SOLE 589820 800 Morgan Stanley Coms COM 617446448 15814 251741 SH SOLE 251341 400 Nucor Corp Com COM 670346105 19617 187205 SH SOLE 186855 350 Pepsico Inc Com COM 713448108 13105 226775 SH SOLE 226325 450 Pfizer Inc Com COM 717081103 8440 338700 SH SOLE 337800 900 Procter & Gamble Co Com COM 742718109 12465 216291 SH SOLE 215765 526 Qualcomm Inc Com COM 747525103 16862 333170 SH SOLE 332490 680 Royal Dutch Shell Plc Spons Ad COM 780259206 990 15900 SH SOLE 15900 Schlumberger Ltd Com COM 806857108 16951 133925 SH SOLE 133700 225 Staples Inc Com COM 855030102 16043 628625 SH SOLE 627425 1200 Stryker Corp Com COM 863667101 1238 27930 SH SOLE 27480 450 Time Warner Inc Com COM 887317105 12048 717570 SH SOLE 716370 1200 US Bancorp DE Com COM 902973304 9300 304905 SH SOLE 304205 700 Unilever NV NY COM 904784709 11914 172115 SH SOLE 171765 350 Union Pac Corp Com COM 907818108 1707 18290 SH SOLE 18290 Valero Energy Corp New Com COM 91913Y100 341 5700 SH SOLE 5700 Verizon Communications Com COM 92343V104 9065 266141 SH SOLE 265481 660 Wal-Mart Stores Inc Com COM 931142103 7497 158710 SH SOLE 158130 580 Walgreen Co Com COM 931422109 8128 188445 SH SOLE 187795 650