13F-HR 1 aic13f3q06.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: September 30, 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 October 26, 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: 540003000 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 11361 152655 SH SOLE 152365 290 Abbott Labs Com COM 002824100 12874 265120 SH SOLE 264670 450 Air Prods & Chems Inc Com COM 009158106 14190 213802 SH SOLE 213402 400 Alcoa Inc Com COM 013817101 10442 372385 SH SOLE 371660 725 American Express Co Com COM 025816109 11125 198385 SH SOLE 197965 420 American Intl Group Com COM 026874107 11167 168535 SH SOLE 168235 300 Amgen Inc Com COM 031162100 11445 160000 SH SOLE 159700 300 Archer Daniels Midland Com COM 039483102 945 24960 SH SOLE 24960 Automatic Data Process Com COM 053015103 11018 232735 SH SOLE 232185 550 BP Plc Sponsored Adr COM 055622104 523 7980 SH SOLE 7540 440 Becton Dickinson & Co Com COM 075887109 15815 223792 SH SOLE 223292 500 Caterpillar Inc Del Com COM 149123101 12087 183700 SH SOLE 183300 400 Cisco Sys Inc Com COM 17275R102 12005 522400 SH SOLE 521300 1100 Coca Cola Co Com COM 191216100 1216 27207 SH SOLE 27207 Dell Inc Com COM 24702R101 10502 459800 SH SOLE 458800 1000 Disney Walt Co Com COM 254687106 13811 446821 SH SOLE 445771 1050 Dow Chem Co Com COM 260543103 10889 279345 SH SOLE 279345 Emerson Elec Co Com COM 291011104 10279 122575 SH SOLE 122575 Exxon Mobil Corp Com COM 30231G102 12274 182921 SH SOLE 182921 FedEx Corp Com COM 31428X106 11470 105535 SH SOLE 105285 250 Federal Natl Mtg Assn Com COM 313586109 11493 205560 SH SOLE 205060 500 Gannett Inc Com COM 364730101 10237 180140 SH SOLE 179790 350 General Dynamics Corp Com COM 369550108 12262 171089 SH SOLE 170639 450 General Elec Co Com COM 369604103 10207 289146 SH SOLE 288426 720 Home Depot Inc Com COM 437076102 11522 317660 SH SOLE 317085 575 Illinois Tool Wks Inc Com COM 452308109 11127 247810 SH SOLE 247260 550 Ingersoll-Rand Company Cl A COM G4776G101 10859 285920 SH SOLE 285220 700 Intel Corp Com COM 458140100 11508 559450 SH SOLE 558300 1150 International Bus Mach Com COM 459200101 11018 134470 SH SOLE 134220 250 Intl Paper Co Com COM 460146103 10623 306745 SH SOLE 306745 JP Morgan Chase & Co Com COM 46625H100 1302 27729 SH SOLE 27129 600 Johnson & Johnson Com COM 478160104 13324 205180 SH SOLE 204760 420 Kimberly Clark Corp Com COM 494368103 13243 202620 SH SOLE 202220 400 McDonalds Corp Com COM 580135101 13636 348570 SH SOLE 347830 740 McGraw-Hill Cos Inc COM 580645109 12404 213760 SH SOLE 213160 600 Microsoft Corp Com COM 594918104 11707 428040 SH SOLE 427240 800 Morgan Stanley Coms COM 617446448 18444 252966 SH SOLE 252566 400 Nucor Corp Com COM 670346105 12836 259360 SH SOLE 258810 550 Pepsico Inc Com COM 713448108 10139 155365 SH SOLE 154915 450 Pfizer Inc Com COM 717081103 13908 490400 SH SOLE 489500 900 Procter & Gamble Co Com COM 742718109 13167 212441 SH SOLE 211915 526 Qualcomm Inc Com COM 747525103 10531 289710 SH SOLE 289030 680 Royal Dutch Shell Plc Spons Ad COM 780259206 969 14657 SH SOLE 14657 Schlumberger Ltd Com COM 806857108 13881 223775 SH SOLE 223325 450 Staples Inc Com COM 855030102 11128 457375 SH SOLE 456325 1050 Stryker Corp Com COM 863667101 1586 31980 SH SOLE 31430 550 Time Warner Inc Com COM 887317105 11339 621970 SH SOLE 620520 1450 US Bancorp DE Com COM 902973304 14159 426205 SH SOLE 425505 700 Unilever NV NY COM 904784709 12897 525545 SH SOLE 524495 1050 Union Pac Corp Com COM 907818108 1687 19170 SH SOLE 19170 Valero Energy Corp New Com COM 91913Y100 510 9900 SH SOLE 9900 Verizon Communications Com COM 92343V104 14039 378091 SH SOLE 377431 660 Wal-Mart Stores Inc Com COM 931142103 11446 232085 SH SOLE 231505 580 Walgreen Co Com COM 931422109 13303 299695 SH SOLE 299045 650