13F-HR 1 aic13f1qtr07.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, 2007 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 23, 2007 [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: 402 Form 13F information Table Value Total: 607512000 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 13253 173400 SH SOLE 173400 Abbott Labs Com COM 002824100 12782 229065 SH SOLE 229065 Air Prods & Chems Inc Com COM 009158106 13629 184275 SH SOLE 184275 Alcoa Inc Com COM 013817101 11890 350735 SH SOLE 350735 American Express Co Com COM 025816109 14488 256880 SH SOLE 256880 American Intl Group Com COM 026874107 14206 211335 SH SOLE 211335 Amgen Inc Com COM 031162100 12475 223240 SH SOLE 223240 Archer Daniels Midland Com COM 039483102 11240 306260 SH SOLE 306260 Automatic Data Process Com COM 053015103 11418 235905 SH SOLE 235905 BP Plc Sponsored Adr COM 055622104 582 8990 SH SOLE 8990 Becton Dickinson & Co Com COM 075887109 13452 174945 SH SOLE 174945 Caterpillar Inc Del Com COM 149123101 12320 183800 SH SOLE 183800 Cisco Sys Inc Com COM 17275R102 11827 463240 SH SOLE 463240 Coca Cola Co Com COM 191216100 1236 25740 SH SOLE 25740 Dell Inc Com COM 24702R101 10932 471005 SH SOLE 471005 Disney Walt Co Com COM 254687106 14883 432280 SH SOLE 432280 Dow Chem Co Com COM 260543103 12135 264600 SH SOLE 264600 Emerson Elec Co Com COM 291011104 10429 242030 SH SOLE 242030 Exxon Mobil Corp Com COM 30231G102 13568 179823 SH SOLE 179823 Federal Natl Mtg Assn Com COM 313586109 14221 260560 SH SOLE 260560 Fedex Corp Com COM 31428X106 11283 105025 SH SOLE 105025 Gannett Inc Com COM 364730101 12762 226710 SH SOLE 226710 General Dynamics Corp Com COM 369550108 12917 169065 SH SOLE 169065 General Elec Co Com COM 369604103 10172 287666 SH SOLE 287666 Home Depot Inc Com COM 437076102 12774 347685 SH SOLE 347685 Illinois Tool Wks Inc Com COM 452308109 11637 225530 SH SOLE 225530 Ingersoll-Rand Company Cl A COM G4776G101 11598 267430 SH SOLE 267430 Intel Corp Com COM 458140100 13547 708150 SH SOLE 708150 International Bus Mach Com COM 459200101 12457 132160 SH SOLE 132160 Intl Paper Co Com COM 460146103 11998 329625 SH SOLE 329625 JP Morgan Chase & Co Com COM 46625H100 1140 23563 SH SOLE 23563 Johnson & Johnson Com COM 478160104 12766 211845 SH SOLE 211845 Kimberly Clark Corp Com COM 494368103 14775 215720 SH SOLE 215720 McDonalds Corp Com COM 580135101 14776 328000 SH SOLE 328000 McGraw-Hill Cos Inc COM 580645109 14023 223010 SH SOLE 223010 Microsoft Corp Com COM 594918104 13723 492385 SH SOLE 492385 Morgan Stanley Com COM 617446448 12735 161690 SH SOLE 161690 Nucor Corp Com COM 670346105 14839 227830 SH SOLE 227830 Pepsico Inc Com COM 713448108 10479 164865 SH SOLE 164865 Pfizer Inc Com COM 717081103 10836 428985 SH SOLE 428985 Procter & Gamble Co Com COM 742718109 14488 229385 SH SOLE 229385 Qualcomm Inc Com COM 747525103 14353 336460 SH SOLE 336460 Royal Dutch Shell Plc Spons Ad COM 780259206 683 10300 SH SOLE 10300 Schlumberger Ltd Com COM 806857108 12754 184575 SH SOLE 184575 Staples Inc Com COM 855030102 11750 454725 SH SOLE 454725 Stryker Corp Com COM 863667101 1935 29180 SH SOLE 29180 Time Warner Inc Com COM 887317105 11848 600825 SH SOLE 600825 US Bancorp De Com COM 902973304 14701 420400 SH SOLE 420400 Unilever NV NY COM 904784709 15266 522445 SH SOLE 522445 Union Pac Corp Com COM 907818108 1705 16790 SH SOLE 16790 Valero Energy Corp New Com COM 91913Y100 593 9200 SH SOLE 9200 Verizon Communications Com COM 92343V104 11507 303456 SH SOLE 303456 Wal-Mart Stores Inc Com COM 931142103 11716 249545 SH SOLE 249545 Walgreen Co Com COM 931422109 12011 261740 SH SOLE 261740